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f"*W**??*m U\.-- No- 27,481 


B0E1S 


dAL TIMES 


Thursday February 9 1978 


* 15p 


& 

<8> 


LaINC 

THE 

COMPLETE 

CONSTRUCTION 


” SERVICE 

q^|MB<t AL_^SaLP*6. raiC gl .JWmUA Sdffifc'- MUSm K Fi>.*5i DENHABK KrJ.S:' FRANCE PrJ.Ol GERMANY DM2.0; ITALY L.500: NETHERLANDS FI.J.Oj NORWAY KrJ-S; PORTUGAL Ek.20j SPAIN " Ptaf.40- SWEDEN KrJ.lSf"’SWITZERLAND FrJJIj EIRE 15p' 







S PER£ 


STERLING 


=«'i! : tl ^i -■■■• 
: -3.- V 

.... ‘■ r nr- i ■ 


10% ^ TUC 

criticises sanctions 




• EQUITIES fbaproved steadily 
during theday; "the FT 


ia carried. Its Hom o! ... I 

offensive into Somalia 1 ' ; 1 

So v t>1 lay with air attacks ~tm 468 ~ fljftfflfgrif m 

J northern regional capital of « : j J Mjjpw. 1' 'A 

^ M. 'J:isa and the -Red Sea port.\' ^ ^ 

‘.'"v J ‘i!fo-!^;jrbera,. a former Soviet ' ff*r 

, n ~ *-Somalis claimed that . Uieir - 464 J~~ 

j . . -aircraft drove' back the •-• ■ 

- , . v •. : } fi^-rSoviei MIG 2is-and Uj5. • • * • K .' *•; f. 

■ r:- ? ; i*r, •- Ethiopia's National - . . L;_f, ••-•;' 

;fo ^(ionary Operations .-<Jonr- "T" “T ^ ‘ 

v..; , called on Somali-forties to lr l ' i 
•i.-3n- '‘dor peacefully or >face «— 

ilaiion and . colossal T . FEBRUARY $, 1978. - ~ 

limit , ® tion ' *^ Ee - 3 - ordbiary share ind« i*tt^ 4.7 

t ,. r i a - to seek • ■. - : • • • .,• p ~... .-•• ./,■■: .... 

-r'^ fi. ■ . ■ •;•=: :-j 0 OLTS staged^-raaiy-telate 

ft.‘I"© Soviet arms ' amd' longs., put son ■I! 

' r ’ J .‘ '^ront Assad" or S>ria is Uf In atfter. hours tradiDrg,«a sood 
rr) '^ho.Soviet Union.nersci week labour^ 


BY CHRISTIAN TYLER, LABOUR EDITOR 

Tbe Government's rigorous defence of its informal 10 per cent, earnings limit 
paid off yesterday when miners’ negotiators gave up their attempt to ivring a 
better offer ont of the Coal Board. 


' xv-attempt, to tmy mare arms, feeurttiei index-'dosed/dJfB.np 
:T5; r a.irul,:30 people were-, killed ^ 74.41.". :'•* l.' ■ 

<rj.^rtlier': clashes took"- place - " ' - . v- •. ^•'V 
: r.- -y- ^en ■. Syrian ' peace-keeping © STERUhfG rlosed ^ Sl^335, 
;.... s and The. Lebanese Army.j.fbr a ioss of W poi4ts. Ifs trade- 
T ; . " .Washington, tithe«als : said weighted indexTvas^J^)- 

. -v,., 7 . f ul ' 1 W8 l Ss lea ^ in &'The: dollar's depreciation was 

• vlie- h- tnwartia fhp sain nf--ahmitr • 


ste r - murefe^^^'p® r -■ 

r '--.'Ulster Del£nce^ReginMUit.«TTHECtfTTCEof FairTSadiwi 

. a')i-al and : ,his. ll-year-bld ha^pro&iced a neyr guide-to The 

. .. ...... ^hter were■■.JiUJed^jUap'.hfe lirpaduiceSldf : tlrfr : „Fair, T |™hg 


hterwere 


U the miners' deal goes 
through without further trouble, 
that would leave the power 
workers — whose militancy 
already has shown itself—with 
little visible support for un 
assault on the wage luhiL Power 
workers' leaders, who meet the 
Electricity Council again next 
wwk, are bidding for produc¬ 
tivity bonuses to maLch those 
bein-.j paid to miners. 

Earlier yesterday, TUC leaders 
criticised the Government's use 
of threats against companies to 
force employees* wage deals into 
line, and Mr. Albert Booth, Em¬ 
ployment Secretary, defended his 
department's role in the vetting 
of uhai he insisted was still a 
voluntary' incomes policy. 

By a comfortable majority, the 
miners' 14 negotiators voted io 
lake a straightforward 10 pev 
ecm. in addition to the wage bill 
from March 1, to last for 12 
months. They are challenging the 
board’s wage hill figure of 
£74Sm.. bui negotiations are 
expected to be complete within 
i two weeks for ratification by the 
’ full executive of the National 
Union of Mineworkers. A ballet 
of the 280.000 members may 
follow, but is not automatic. 

The miners’ unexpectedly rapid 
acquiescence to limits sot hy the 
Government came only 24 hours 
after the announcement that 
future Government " contract 
-with private companies would 
include a clause stipulating strict 
conformity with the pay ceiling. 

| So far action has been lafcen 
[against 23 companies for break¬ 
ing the guidelines, the Commons 


THERE was uide.spreud con¬ 
demnation yesterday from 
trade and other organisations 
of the Government's intention 
to use public sector contracts 
to enforce pay policy. But 
some companies suggested 
that the Confederation of 
British Industry had over¬ 
reacted. The Government is 
to keep its options open on 
whether dividend control 
would go on beyond the end 
uf July. Back Page. The 
undvrlying rale »r inflation 
has reached a plateau at about 
ii i»«w cenL. the Price Com- 
missjou said. Page 6. U.S. tax 
plan. Page 4; Parliament, 
Page I»: Ed i In rial comment, 
Page *20: Economic View- 
pmnt. Page *21. 


was told in a written answer. 

At its Iasi meeting with the 
Board, the miners' union had 
complained that the JO per cent, 
was being rigidly enforced in 
the public sector hut not in the 
private sector. 

Yesterday, Mr. Ju c tinrmley. 
union president, revealed that 
he had given a warning lu the 
Chancellor and other Ministers 
on Tuesday that the Government 
would lose many workers* votes 
at an election if it continued to 
present itself as the only poli¬ 
tical party intent to fixing wage 
levels from on high. 

A more guarded nbjeetion to 


the Govern men i'.v handling of 
pay came earlier m Ihe day 
from the TCP. d-nunnc com¬ 
mittee whirh briefly discussed 
the latest initiative against the 
private sector. It said that 
sanctions were n»i the way to 
create the climate m which re¬ 
sponsible. v >1(1101 arv collective 
bargaining cmild lake Place. 

A move to m-c the Prime 
Minister abmii .-.auctions was not 
taken up and the issue will gu 
before the general council lale 
this month 

Mr. David Basnctt. TUC chair¬ 
man, said after'vnids: “We have 
avoided a wage explosion hut the 
longer you go on with an in¬ 
comes policy, the more difficult 
it becomes and ihe mure difficult 
lo get hack tu flexibility in 
bargaining without a wage 
explosion." 

TUC leaders nr>- by nn means 
unanimous about sanctions— 
*?ome of I hove in the- public 
sector, fur instance, are in 
favour of them. The same 
ambivalence i.-- apparent in 
attitudes to the lb per cent, 
limit. One mnmlior 0 f the 
economic commillee yesterday 
described the Tl’C’s reaction to 
What is in elDM a Phase Three 
of the incomes policy as “a 
conspiracy of silence." 

Mr. Len Murray. TUC general 
secretary, said that people 
resented the kind or treatment 
and threats being used by the 
Government and gave a warning 
that it could be counter¬ 
productive. He said the TUC 
had no been consulted 

Continued on Back Page 


v.s„.i as*-, undgi^tbe 

blasts ^ ' role uf the 




at 


::^uy Duncan Nflhfei ;4R^^wh'0:Ne^ AjB*ty.os, page 24 
•: v 1 V>tUi een sousHt by poticein.edhr y‘.? ..l-t;- - j 
2 .• r- ton. writh- a uationwh^e hu«f ffi RfHffl ... 
a man who has t been 

.. rred to in the Press av Dr, ^ poRD's ' tfv^week strike by 
... lb was .arrested'' in •‘RhyU -pressroom metrat-Halewood will 
..-tb Wales, , and is to appear have 7 more than 20.000 
. ’/.'.‘.-’•re a Derbyshire Crown Escorts :wurii:; '£45ra. by lo- pj 

i^rt judge, to-, answer a bench< morrow nlglht. The company has m 

• rant issued . last ...October already laid off 10,000 workers pe 

' r m he -failed to.^gswer ba\l. at, '[’HaleKOdd and ' 1,700 at re , 
. - !??• respect -or 'thrtie burglary SdQthkmptTO aixd tbe strike may jj, 

. .-fj-s-irges. - V. 1 -.' ■■•*'? soon affect 7 , the .main Dagenham 

7;.;^plant.F»*e. £ .... . fo 

-.!*•- 37,0b0^fta®BS • TANKER drivers id the Westl Kt< 

p; ormer Scotlabd ^ard^Special pdlantis iwye threatened tp halt -. 

.nch sergeant- -/who was ^ei-supplies to public buildings 

-— ^uiUe.d 7t^Ur?-OW'' ; fiail£y in Jf the Government implement m< 

or lodec&q^^and'Jn^ery . pay s 111 ^ 11 ®^^ 005 ' 8 

:rges. was\a!ward^- :£ 37 . 000 _T ' .; U 

;h Court r tlam'ages -’ for ncDCV ex 

lieious prosedaflbn.f 0 

.sysndw;ci^^'^^ Gas. •: S 

?s!dem Carter;deci^Kf:Kbode. _ ■' ^ ' ■ - Ija 

and. Connwficut -MjSsspvC^PfiCtS 
5S- iwtts disaster .areas:-boeansg•:-V' *;• . ■ . •- OT 

ilie blizzards' which'.bit -thein ' nrnfltC 

rd after moving up frdm New ; XlUUUf. - piUlila tb 

•re called out to curb looting. p ro fij o£‘at least XlOOm. ot 

; . • - in/the correal .financial year;, pfi 

iospital fire v. Cold wealher in The next two fo 

than 2 Sfl usvehiatric monttf cmJlci 'hoost profits to 

rKoni n , 

-:ght when fire swept thraugh ? 3 ^-^ 1 - - ac ^ \* Se - .. - e 

■ p Tlnllowuy SahatoriMd;_:._art 4 ^ SfiUEIi. and JEsso are to com- *. 
- : rgjnia Watcr. Surrey . ; ■. ^ iManit >terijpB for a steel pro- 

lUdscti^;- platform for develop- 
• * • su, , • ment of: Its Jfortb Cormorant 

SrieTBy • * • aeW.’ -'nie. companies expect-tn 

^ . .j r>„,^ spend ^SflCter. on' exploiting tl^. ... 

- (□dents picketed the: Depart- p^jre $-• - 

ent of-Education and;Science ■:« • '..•. "■y' 


ion levels 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


I PRICES OF British exports com- 
I pared with those of its main com- 
'petflors have risen sharpJy in 
recent months and are now rela¬ 
tively .higher than at any time 
since the f967 devaluation. This 
follows the recent sharp rise in 
sterling. 

. This is shown by new Treasury 
estimates published in a Com¬ 
mons written reply and discussed 
in detail in the February issue of 
its Economic Progress Report. 

< The adverse trend ip relative 
export prices is likely to rein¬ 
force concern about the impact 
of the appreciation of sterling on 
export prospecls. A near-record 
number of companies in the 
January CBI survey considen-d 
export prices a likely constraint 
on sales overseas. 

? .. -The Treasury, however, argues 
that this measure should not be 
considered on its own and that 
other indicators—rfor relative im¬ 
port and wholesale prices and 
fdr unit labour costs—should 
also be examined. 

Indeed, officials stress Jnat if 
» single ’indicator is needed. 
Relative unit labour costs 


fadjusted for variations in pro¬ 
ductivity) should be used in most 
contexts. 

In 1976. all the measures im¬ 
proved substantially as. sterling 
fell and last year the opposite 
occurred. For the three relative 
price indicators, the whole of the 
I9T6 competitive advantage has 
now been eroded and the rela¬ 
tive export price index is now 
back to its 1966-67 leveL 

However, the indicator of 
relative unit labour costs has 
deteriorated much less than the 
others because of pay restraint 
and it is still significantly more 
favourable than in the earJy 
1970s. 

There is considerable contro¬ 
versy over the importance of the 
exchange rate for export per¬ 
formance. Mr. Denis Healey, the 
Chancellor, has said in the Com¬ 
mons that he helieves the im¬ 
pact uf the exchange rate on 
trade tends to he exaggerated. 
He noted that the improvement 
in the volume of export 0/ manu¬ 
factured poods prpdalcd the fall 
in sterling in 1976. * 


COMPETITIVENESS OF 

U.K. EXPORTS OF 

MANUFACTURED GOODS 


1970=100 


Relative 

export 

Relative unit 


prices 

labour costs 

1970 

100.0 

100.0 

1971 

103L2 

103.1 

1972 

102-6 

100.8 

1973 

94.1 

91.8 

1974 

93.1 

97.9 

1975 

96.5 

99.2 

1976 1ft * 

1 99.2 

99.0 

2 nd 

94.4 

91.8 

3rd 

9S-0 

90.1 

4th 

90.4 

82.4 

1977 1st 

955 

85.1 

2 nd 

97.7 

85.2 

3rd 

99.9 

84.7 

4th 

104.1 

88.3 

In general the lower the index, 
the better the competitive posi¬ 
tion. Indices measure U.K. and 

main competitors 

relative per- 

formance. 


Source: Trrtuury 


I Days I | y 

( Close j , r 

6 Y ' s" 

FEBRUARY 1978 


Boost 
for the 
pound 

BY MICHAEL BLANDEN 


THE STUCK market and ihe 
pound recovered yesterday 
a tier noun with the help of thc 
miners* pay decision. It had 
come under pressure earlier 
in the day. 

The uncertainly in the 

markets reflected concern over 
the pay policy and fears of an 
increase hi interest rates after 
ihe disturbing hanking figures 
published on Tuesriaj. 

Short-term rales in Ihe 

moucj markets wciti up 

yesterday. Rales on Treasury 
hills were pointing to a pos¬ 
sible rise of 1 or i Per cent, in 
tbe Bank of England's mini¬ 
mum lending rate to-morrow. 

Early in the day. tbe pound 
suffered from selling pressure 
in active markets. It dropped 
against the dollar to a low 
point of 61.9225, with the trade- 
weighted index nf its value 
against a basket of currencies 
railing to K5.S at noon. 

Laier, sterling picked up. 
with the market reporting that 
the authorities might have 
intervened at the tower levels. 
At the close, it stood at $1.9335. 
a fall of 10 points, with the 
index down from 66.3 to 66.0. 

Similarly, prices of gilt-edged 
securities and of ordinary 
shares showed a marked turn- 
round during the day. Tbe 
Financial times Ordinary 
share index ended wilh a gain 
or 4.7 at 466.4. 

Gilt-edged prices were lilt 
particularly hy anxiety nvea. 
possible moves by the authori¬ 
ties to tighten their control of 
the -money supply, a tier ihe 
January hanking figures had 
indicated a farther substantial 
rise. 

At one stage, Jong-dated 
stocks were showing falls nr up 
to S, hut they rallied later, 
with sains of up to i at Hip 
official close and further rlM* 
in late trading. The Financial 
Times Government Securities 
Index gained 9.36 at 74.41. 

£ in New York 

(■V-J.riinii V. ! I'rf. i.-u* 

> [. .1 J -i I .*i' 1*>. L-4u 1 s 1 .• j 

1 iii»nrh ‘X'ii-O.CC•!>- • 3.>v->li- ml 

’■ in.mill. \ti. •• ■* 1 - 

1C pi..Hi0.9 Wi.»e> .li- 


Japan rejects 
U.K. plea on 
car imports 

BY CHARLES SMITH IN TOKYO AND TERRY DODSWORTH 
IN LONDON 


I THE Society uf Motor Manufac- 

■ turprs and’ Traders failed to 
[obtain an undertaking that 
Japan-would freeze its 197S car 
'exports to Jhe U.K. at last year's 
j levels during one and a half 
I days of talks which ended in 
j Tokyo yesterriav. 

| The Japanese reply, sot out in 
i a joint com muni hue issued in 
iTokyo by tin- SMMT and the 
'Japanese Automobile Manufac- 
1 turers* Association, says that " it 
[ is impossible 10 make commti- 
: men is 10 any form of restriction 
jin terms uf quantity or market 
j share." 

I However. Japan's negative 
| reaction seems to have been 
tempered l>\ the admission ihnt 
1 the increased share captured by 
.Japanese producers in the U.K. 
[during 1977 was Inflated by 
special conditions that should 
jnoi recur in 197S—specifically 
jlhc labour troubles which cut 
I Britain's production by an esti¬ 
mated 400.000 cars. 

I The adoption of this loughter 
[line by Ihe Japanese after rwo- 

■ jnd-a-haif years of relatively 
! successful restraint, can be 
! expected to reactivate Parlta- 
: mentary and trade union 
[ pressure in Britain for import 
.controls on Japanese cars. There 
j a known to he- a group within 

! British Ley land which is pressing 
| for such restrictions. 

The news Trom Tokyo came 
just as U.K. registration figures 
for January were issued by the 
SMMT showing that Datsun, the 
biggest Japanese importer, had 
1 token ihe third position in the 
U.K. sales league with sales up 
from 4.600 Iasi year to 13.200— 
an increase from 4.0 to S.7 per 
cent 

Datsun easily outsold Chrysler 
1 (S.200: 5 4 per cent.) and Vnux- 
hail (fl.fiOn; 6A per cent). With 
lColt and Honda also making up 
'around in the month, the total 
! Japanese market share rose to 
[13 rr cent from 7.6 per cent 
in January 1977. 

The expans.'m in Japanese 
i sales from 8.700 cars to 19.900 


combined with sharp growth in 
registrations of Continental-made 
vehicles tup from 36.709 uniis 
to 50.800/ £0 push British car 
imports over the 50 per cent, 
mark for the first lime since last 
Sepiemhcr. 

These figures were greatly 
boosted by Ford's import uf 
15.000 vehicles from Ireland. 
Spain. Belgium, and Germany, 
which enabled it to retain 
market leadership wilh 30 per 
cent, against Leyland's -1-4 pel - 
cent. 

Asked in Tokyo whether he 
was satisfied with the results uf 
his talks with JAMA. Mr. David 
PI as tow. the president nf SMMT. 
said that he did nrtt know what 
more he could realistically have 
hoped For other than gener-.it 
undertakings hy (he Japanese 
not to cause trouble for the 
British industry. 

The outcome of ine talks, m 
the simplest terms, would seem 
to l>e that Japan has moved away 
from its previous willingness to 
give unofficial commitments 
1 usually described as forecasts) 
about its future export per¬ 
formance in Britain and is now 
willing to say only that it will 
be careful nut r«» let its sales do 
“ serious" damage to ihe U.K. 
industry. 

The Japanese are. however, 
showing increasing awareness of 
the need for caution in overseas 
markets. Mr. Seisi Kato. presi¬ 
dent of Toyota Motor. Japan’s 
largest vehicle manufacturer, 
was reported yesterday in the 
West German magazine Ann* 
Zeitung. us saying that J a pan 
would have no choice but to 
accept a reduction in exports. 

The SMMT. having failed to 
lie down Japan on (he question 
of market shares, now has the 
choice between accepting JAM .Vs 
general expressions of good 
faith or renewing its attempts tn 
get the British Government to 
put up import barriers. 

T he shadow of protectionism. 

Page 20 


U.K. CAR REGISTRATIONS 
January 

1978 % 1977 

Ford' 45,735 30.02 29.223 

British Lcyland* .32JS22 21.35 32,572 

Vauxhall* 9.574 6.28 9,123 

Chrysler* * 8.219 5.39 5,841 

Total British _76.116 49.96 _64266_ 

Datum 13.229 8.68 4.583 

Renault 6,831 4.48 5,709 

Fiat 6,707 4.40 6.597 

J/W/Audi _ 5,829_3.83_ 3 _* 2 ® 5 __ 

Totaf importst 76.234 50.04 49.830 

Gran d total_152,350 100 .00_114,096 

• Figures tedndc ears frarn companies' Continental associates which 
included in the total British figure. t Rg ure* include imoorts 

sources. Including Continental associates of British companies. 


are not 
from all 


1 London as part of a protest ENERGY Investment ia the. 
ith ieachers* and pnblic -em- UJv. is expected to remain at 
loyecs* unions against the tm- around f3.7bn, a year.for ihe next 
.ending closure of 21 teacher- few years, according roan Energy 
naming colleges. " Commission report Page 6 : 

jiddle class worowi are feeling .9 ROLLS-ROYCE heads a cort- 
;ie Snanciatp^ncS in'inereasing sortiunr which” is lo bnild -,a 
j/umbers, accbrdtag.'tii'-a. Romes pressurised water nuclear 

- - nd Gardens survey;, .-. . reactor for the Navy in the north 

!orc hits* of Tadtiuuirve Soviet’ Scotland ;Baek and Page-39 
atellite dfcbr&have'been found c % '•: '-V. 

. n northern Caoad?.; : / .7'; COMP&SIES 
France exported < .42A92.024 j. HOUSES FORTE 

• *ottlcs of ch5Mnp3gne..last.yeiLr. reports .a 60 per cent. rise..in 
^ ton jo O'Neil} scorecTjiifc f/LStest-prc^laxprsfliM for the year-to 
century of winners jtt NatronaT GcMher 31, to £3Sm. i£23-7m.) 

' \-litnt racing aboard.Sw.eet JQHiie' after an expansion in 
r...' ',1 Hay dock. Today’s .racihg,proflTfrara £40.6m. to £54 Jm. 
.-• ’Pace JS Page 22 and JLex. - 

' ..' Arnold U°ng» former Sturey ^ JJECCA-consumer goods opera- 
■vicrkel kuepcr. is t^'Suc«cd Tor^ . ti ^ ^ erei 3 a .. £i_31m. turn, 
' Greig as captain Of.Sfcfssex. . ; - &&&<& a £555,000 less, leaving 
Soccer: League . Cup 1 semi-final^: gro^PreJ-tax. profit tor the ^ 
first Jce: Leeds 1, Nottiagham; months;to September 3U at tbuiaL, 
’Forest 3 ' v i£5^m-), riPage 23 and Lex- 


| CHIEF PRICE CHAHGES YESTERDAY 

Sr (Prices in pence uhle»cthdrwise Snia Viscosa -- 

indicated) . : . . Trust : Hoosas Forte.« 

.... •• - ■ Panconanentai . 

. / • rises • —• ■'*-•' ]'■'{~^ -' 

Treasury 3pc.JMxJ +7 U;-;^ .: ; V : FALLS 

Treasury ISlpc M*?»JE110> .i T . ’, Deeea -- ---- -. 

Bewham . Z r -H4«band MamnsOO... 

Be,- ara . .f7- ■* :#.'■■■ *unmei.Snppilea ,— 

^Caledonian Cinemas .365 ^^25 :'Recd.IntnL ..— 

1 r FIbons - -.. 373 Uaited. Scientific ... 

^ /Hawker Siddeley'” - P st - - 

v":imiicrfaV Group Randfonfield":... 

*-.^1 ?Z :• RustenbWE . . 

- -Sks and Spencer;.;J4S^,--->^ 

' Slifla and Ali^tt fij ■ -Umpn:.Co*pEat|oiT..... 


OPEC turning away from dollar 

BY MARY CAMPBELL AND FRANCIS GHILES 


THE MAJOR oil-producing 
countries started to diversify 
I their international hank deposits 
1 otit .of dollars and into other 
■currencies more than four 
imoAtbs ago. This was before the 
[doirar's precipitous slide on the 
foreign .exchange markets. 

'- ‘According to-information on 
'International bunk deposits and 

: loans released yesterday by the 
Basle-based Bank for inter- 
: national Settlements, OPEC 
-members cut their dollar: 
'denominated dcposils with tnti*r- 
national banks by at least Slbn. 
jin.the third tiuarter of last year. 


At the same time they built up 
their non-doliar deposits with 
European banks by about SL4bn. 

It is unclear from the figures 
which currencies the funds were 
moved into. However, ihe funds 
are thought to have been in¬ 
vested fairly evenly in several 
currencies. 

The oil producers' decision 
could have played a part in 
precipitating the dollar's slide on 
the foreign exchange markets 
last autumn.. 

The*.BIS figures further confirm 
a shirt in tbe deployment of 
OPEC members' revenues from 


hank deposits to other invest¬ 
ments. 

Although surplus revenues of 
OPEC members in the third 
quarter are thought to have been 
about 88bn., their deposits with 
the banks which report figures 
to the BIS-(all ihe world’s mosl 
important commercial banks) 
rose by only S400m. 

For the first time since the 
ori priee rises of 1973, OPEC is 
borrowing more than it deposits 
with the international hanking 
system For, by comparison with 
the S400m. of new deposits, bor¬ 
rowing rose by $2.2hn 


GREAT DOVER ST. 

LONDON S.E.l 

(Close to London Bridge Station) 

A SELF-CONTAINED 

OFFICE 

BUILDING 

37,000 SQ. FT. 
TO LET 

AT LESS THAN 


CONTENTS OF TO-DAY’S ISSUE 


■European hews'... 2 

American news ..-•? 4 

Overseas hews. " 

World trade news .J 

Home news—general ... 6-5-29. 

.—labour .. 8 

—Parliament ... 10 


Japan's. ear exports and • 
shadow of protectionism *8 
Economic- Viewpoint: The 
\ English sickness .. 21 


Technical page .9 

Marketing. 17 

Arts page .;..19 

Leader page .20 

U.K. Companies.22-25 

Mining . 25 

FEATURES 

Comecon: The consumer's 

growing discontenf. 2 

Business and (he coorts: 

The fisheries dispute . 18 


« -ElUKUSli a^V AJ1MV .. ----- r -— - 

f^w Zealand economy. 2 U.S. securities industry ... 26 


lntl. Companies.26-27 

Euromarkets .26 

Wall Street. .“... 32 

Foreign Exchanges .32 

Farming, raw materials ... 33 

UJv stock market. 34 


Japanese bankruptcies .27 

Navy reactor supplier bids 
for the civil market 30 

Dutch warn British farmers 
over costs.33 


£ 5-50 


PER SQ.FT. 



'AftnrtirtiiKinis .- 31 

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Financial' .Times TJnixsdaj February 9-197$ : ^; v 7 


/MHOPEAN NEWS 


West German printing dispute ultimatum 


BY ADRIAN DICKS 


Iceland 
devalues 
the krona 
by 13% 

ft... r'«i.»n.i D- n i, r .t , tough terras of their statement Is-Druck asura i«i --.-— —.— -----—■ 

voSOtiai innoulSd a devafua i of com P uter,sed * «°ld-type tech- l(Hiay strongly suggested that negotiations and has raised eight take it or leave it as a whole, of the n. 
tin’n nr the krona bv n nor tent n °l°sy in place of hat metal. they are now preparing to isolate new points on which it -wants to Ig-Druck wants stronger assur- expected 

111,11 1,1 1,11 Kruiid O) Irt Utr ieuui £. . ' _ _ _, j: _- mnse nn mnnniTiD si's lot *nrl nn tnau twi 


BONN, Teb. 8. 


THE WEST German printing secured the support of two of when it had been put to the generous than any comparable Wltat has evidently eucoiir- 



asked 


new to their demand that the unions yesterday and by the HBV to-day 

new agreement, and - it is 
to be signed by at least 


Yp.n j' rono rrs-7rom*R evkiaviiT ~it I Thf nn nters’ uninn IG-Druek /G-Druck and to press ahead reopen discussion. The em- ances on manning scale? and on these two. The DJV, represent- 

also sakt h S < reversed ?V fl’o a i - 1 , o rill h with the introduction of the new plovers' leaders m>v say they will the future status of its members mg most, though not' aU 

awo am na. re.cr.eo it. noai uad papier. ordered a fresh technolog) . without the printers’ not return to talks with lg-Druek once electronic, cold-type setting journalists, is expected.to reach 


in? rate policy and, unless there 
arc unforeseen difficulties, the 
parity will be fixed. 

The dollar will now be valued 
at lKr.253. compared with IKr.220 
Iasi Friday before foreign ex¬ 
change transactions were 
temporarily suspended pending 
toe announcement. 

The Central Bank also 
announced that commercial banks 


series of limited protest 


Tr-i-L-’ That JuTXn Sh\iZ" co-operation. until these points are dropped- is introduced. a meaum uexi wees, 

strikes 1M1. WH1 :Stop puouca- The 0mp | 0yers * leaders said They also issued a warning to The employers’representatives • Shipbuilding and engineering 

t'on Ut most oi trie country S thls mornin3 that they believe th e journalists’ union, the issued a thinly veiled warning, companies in Hamburg and 


a decision next week. 


leading djl > newspapers to^ ^ jc-Druck president. Herr Deutsche Jo urn a Listen verb and however,, that if need be. the elsewhere in North Germany 
m0 7°^ : A ° nF m ‘ U anrf Leonhard Mahlein, and his col- (DJV), the fourth union con- industry will go ahead without were hit by protest strikes to- 
proauenon or raa b n 2 ines ana ^ eagues on national execu- cerned in the draft agreement, the men who are now iG-Druck's day. as the metal - industries 3 
periodicals. t[ ve were coming under pressure that there could be no question members. Herr Eckhard Pohle, union, IG-Metall, stepped up 

1G-Druck made clear it was from “ forces which want to pre- of reopening discussion oE mat- head of the Magazine Publishers’ pressure on employers to" im- 
hitting back after the three main vent at any cost the breakthrough ters of substance in providing Association, said that the set- prove their 3 per-cent, pay otter 

... , . . , , employers’ federations in the <>£ a realisticaly grounded com- “ darificatioTis and additions" ting of copy on computer ter- this year. 

w!ii not be„in currency trading | j7ldus i r j- had announced here promise.” which the DJV has renuested. minals was a job for white- At the same time, IG-SetalTS 

rnvirMmJni Tn th« uih'n I this morning that they will not According to the emplovers, At the heart of the draft collar, clerical stafF. and that separate negotiating committee 

jmernmeni m me. .\iio»ng j £ nter anv new round of nego- this compromise was the work agreement is a scheme for re- this had been agreed by the two for the steel industry called for 

tiations with the union on a draft of the IS months of negotiation defining the role under the new unions representing them, the a ballot On whether to take strike 

agreement nn the new technology w ,th the unions, in which 1G- technology of men with highly Union of Commercial. Banking action, after the steel employers 
that the lG-Druck national execu- Druck took part and to which, paid skilled jobs in hot metal and Insurance Staffs (HBV) and had declared wage bargaining to 
live has refused to adopt. the employers believed, its nego- printing. The employers insist the German Salaried Staffs' be deadlocked on Tuesday-even- 

However, the employers have tiations fully subscribed. Yet that the agreement' is more Union (DAG). ing. 


l Parliament) yesterday has been 
passed. The Bill establishes a 
currency trading differential 
account, to be used to aid the 
fishing industry- which is facing 
difficulties because of inflation 
and high wage increases. 


Full Cyprus federation 
"not immediate aim’ 


A Turkish legal expert said yes¬ 
terday that constitutional 
proposals t« be presented by the 
Turkish side in the Cyprus dis¬ 
pute would not aim at the im¬ 
mediate creation of a fully- 
fledged federation, Reuter reports 
from Nicosia. Instead they would 


Orders increase 4% New Bill aims to save energy 


BY OUR OWN CORRESPONDENT 


BONN. Feb. 8. 


BY JONATHAN CARR 


BONN. Feb. S. 


Trofessor Mumtaz 


NEW ORDERS to West German in business activity from the THE WEST GERMAN Govern- Hntil now the Social Democrat- with the Lander called upon to 
industry-rosp bv 4 ner cent dur- stagnation of the late summer ment to-dav made a further led Government has sought to provide the same sum. The 

ins December, acco^.o pre- a "™ s “>road were 'T* S"Sf 22 "SS - .? ffSS 

, . , . .... . liminary figures issued by the u 0 ,.,_ fer down hv 0 5 oer cent natlon ‘ wlde Pros 1,3 ™ 1116 to save administrative agreement, under involved In introducing double 

such a federation w "evolv^oie^ Eonnomi ' s Ministr >’ t °- da >*- This in December o've?ati though e " er »’ in buddings Wilo luck, which Bonn would supply half glazing, lagging pipes, insulation 

' healthy increase took place, how- export orders for ennsumer goods the programme could be in force the necessary- finance and the and so on. 

ever, from the base of a Noveui- showed a 4 per cent, increase, in by the summer. Lander the other half. But the The bill must go before the 

her performance which was apparent defiance of the general The absence of such measures Lorarctani government of Boadent--which f^o^epr^ 

idiusiert downwards bv some *» trend and of the effective re- so far has caused Bonn some Baden-Wuertteraberg refused, sentatxves of the Landep—but at 
adjusted downwards by some - valuation of lhe D _ marb . embarrassment. -German Minis- saying it had betterthings to do requires only a majority, not a 

. . .... P er cenl - from preliminary A two-month comparison ters have repeatedly stressed with its money. The state of unanimous vote, to gain passage, 

northern areas. Both sides have l figure for that month. showed new orders up by 5.5 that the United States must take Lower Saxony seemed to share Further, if a state opposes the 

agreed thjt the problem should j December preliminary per cenl. in Noveuiber-Deceraber effective steps to save energy, this view. bill and makes no um of tte sum 

figures show a 5.5 per cent, in- from September-October. By reduce reliance on imported oil. To-day, the Bonn Cabinet on offer from the Federal Govem- 


lh*? years. 

Soy S31 said. 

The present Cyprus problem 
stems Trom the Turkish invasion 
of the island irt T97-J. during which 
the Turks seized most of the 


he settled on the basis of a bi 
communal federation but there is 
a 

federation 
Cypriots 
for 

Cypriots want a strong central 
government. 

Meanwhile in Paris. President 
Spy ms Kyprianou of Cyprus was 
quoted to-day as saying that 
international mediation through 
the United Nations offered the 
best way toward* a solution to 
the Cyprus problem. 


can be 



this gentle 
overall 

in demand For capital goods. This cated that new orders during the even relatively limited steps to hoping to implement by other acceptance. The whole affair 

development appears to bear out last quarter dE 1977 as a whole cut energy wastage in the home means. serves to-illustrate the problems 

the confidence of leading were well above the average for because of opposition in. at most. The Federal Government is involved in the_ German federal 

economic officials that the end the first three quarters, for both two of the Lander, the Federal ready to put up a total, of system, and the ingenuity needed 

of 1977 saw a marked recovery domestic and export customers, states. DM2J2bn. between now and 1982, to get round them. 


Kreisky leaves Moscow 

Dr. Bruno Kreisky, the Austrian 
Chancellor (above), left Moscow 
last night at the end of a three- 


Ireland’s 

Cabinet 

abandons 


pay guide 


By Giles Merritt 

DUBLIN. Feb. 


S. 

THE IRISH Government has 
abandoned its 5 per cent, guide¬ 
line on pay awards this year. 
Although the budget strategy it 


FRENCH CURRENCY RALLIES 


Mitterrand accusation on franc 


BY ROBERT MAUTHNER 


PARIS, Feb. 8. 


M. FRANCOIS MITTERRAND. The franc also firmed to 2.31 The Socialist leader claimed 
the French Socialist leader, to the D-Mark against yesterday’s that the run on the franc had 
to-day sharply attacked the dose of about 2.3375; to 2.48 been started by the massive sale 
Government for its purported against the Swiss franc from of the French currency by a 



M. Mitterrand aiso called on 

...._„_ __ _ _ _ the Government to take stringent 

failure to stop the depreciation yesterday’s 2.5125; and to about small number of “very power- measures to prevent the illegal 
of the franc over the last week 9.33 against sterling from 9.5375. ful French residents" operating flight of capital from the country, 
and accused it of complicity with Thp „ p _ thp evf . ha _ ne through L-.S. banks, and had sub- He claimed that as much as 

,-urrencv *■ -speculators ” , the ext han^e se quently- been amplified by for* Frs.400bn. (about £40bn.). a sum 

Hk 1 ..S not verv m, ? e i' d,d S“!l M ‘ J ,ltt,r - «■«>» cover operation, by e<,ual to . the whole national 

--- „ ^ t s tj *!?i^ however since the rand ,. fr0ui homing th^-jgoyern- importers and exporters. • budget, had been deposited by 

unveiled’last wqek relied heavilytuned, however, since the meats economic and industrial Faced with this “offensive French citizens in Swiss 
on severe wage restraint, thei franc staged am a rked recovery _ pol j L .y responsible not Oily, for against our national money." the numbered bank accounts. It was 
Government has decided to relax | on the Paris Toretgn exchange.the depreciation of the franc Government had failed to do its intolerable that the' authorities 
its limits in order to secure a j market to-day^ after starting to 0 ver the last week, but during duty instead of taking the should permit such a situation. 


national wages agreement. 

After a lengthy Cabinet meet¬ 
ing yesterday to discuss dead¬ 
locked employer-union talks on 
a pay pact there arc indications 
that Mr. Jack Lynch's govern- 


day vSit during which thet^l^nt will endorse a wages deal 
sides discussed possibilities fori of m<ire • f*°r cent. When 


expanded 
Satter in 


trade, writes David 
Moscow. Dr. Kreisky, j 


pay negotiations broku up at the 
end of last week, ihe employers 


however, refused to be drawn into i were offering 61 per cent, and 


the Soviet campaign against lhe 
neutron bomb. At a news confer¬ 
ence he said he told President 
Leonid Brezhnev that the issue 
of neutron bomb deployment was 
best resolved by the superpowers. 


the 90 union-strong Irish Con¬ 
gress of Trade Unions was 
insisting on S per cent. 

With the pay talks due to 
resume oo Friday there is con¬ 
siderable optimism in Dublin 


'Va* 11 ,je ' n2, specific, he said j {h a t a W ages deal will be struck 
that there were good prospects for , u : th ;n a fnrrniohr 


prospects 

irade expansion. Austria was 
interested in construction projects 
within the Soviet Union, and the 
sale or consumer goods and sugar. 
Jt was also ready to co-operate 
with the Soviet Union in Third 
World development projects. 


French price rise 

The French CGT trade union said 
the retail price index which it cal¬ 
culates rose 1 per cent, in January. 
Reuter reports from Paris. The 
official January index is not ex¬ 
pected until around the end of 
this month. The union index is 
usually higher than the official 
index, which in January is widely 
expected to show a rise of around 
O.fi per cent., compared with 0.3 
per cent, in December. 


Romanian warning 

A former lop Romanian Com¬ 
munist .Mr. Karoly Kiraiy has 
warned the Bucharest leadership 
that the policy of forcibly assimi¬ 
lating national minorities was 
causing widespread dissatisfaction. 
Paul Lcndvai writes from Vienna. 
A letter which has now become 
available indicates that not only 
Mr. Kiraiy. a former Politburo 
member, but also other members 
of the nationality council have 
criticised the Romanian nation¬ 
ality policy. 


within a fortnight. Officials 
representing the public service, 
which accounts for about a third 


regain yesterday some of the the past 20 years. In 1958. he numerous measures at its dis- 



rise of about four points on the meant that Frenchmen had to the rapid depreciation of the defended because the purchasing 

the day. This compared with a work twice as long as their West franc to the alleged lack of con- power of Frenchmen and the 

low point during the latest flurry- German counterparts to buy the fidence of the French people in economic independence of the 

of 4.95. same foreign goods. a future left-wing government, country is at stake." 


Car sales in Holland up by 8.6% 


BY CHARLES BATCHELOR 


AMSTERDAM. Feb. S. 


DLTCH CAR sales rose by S.6 The top Japanese make was insurance policies which gave 

per cent, last year to a record Toyota with 5.3 per cent. Total particular tax advantages to 

level of 55193°' Sales this year sales Ja P anese cars rose 2S those on high incomes just before 
of the 440,000 workers involved I , _ nt ’ t " rt to riiffpr mueh P?r cent to 109.19S. Their com- plans for a Bill aimed at reduc- 

in a national deal, ar c also duel?"- ^ expected to differ much bmed market share was 19g per iQg ^ advan tages was 

from this figure, the Dutch motor cent, compared with lfi.7 per announced, the Association of 
industry association said. cent, in 1976. Tax Inspectors claimed. 

Volvo, the ooiy company which 0 Dutch politicians is used fore- The standing parliamentary 
manufactures cars in Holland, knowledge of a change in tax committee on finance will decide 
saw total sales of its Dutch- and laws to gain an “improper” to-morrow whether to recommend 
Swedish-produced models fall to advantage, senior lax inspectors an investigation into these 
20.844 from 21,967 in 1976. and have claimed in a letter to claims. The committee's chair- 
its market share decline to 3.7 Parliament. 1 man, Mr. Then Joekes, a Liberal 


to take part in the new round of 
talks. This is being takeo as an 
indication that the Government 
would be satisfied with a settle 
ment of 7-S per cent, 


Probe ordered 
into black-out 


By Our Own Correspondent 

DUBLIN. Feb. S. 
THE IRISH Post and Telegraphs 
Department has ordered an 
inquiry into the blacking out of 
Telex and computer circuits yes- 


disrupted the country’s tele¬ 
communications network. Hint¬ 
ing at possible sabotage, the Irish 
authorities said a number of 
Telex routes and vital telegraph 
and data circuits, iocludiing alt 
those for Aer Lingua, the 
national airline, were found to 
he -out of order. The circum¬ 
stances of this "abnormal" 
blackout would be specially 
investigated, a spokesman said. 


Portugal plan 
criticised by 
opposition 


per cent, from 4.3 per cent 

Sales of the Daf Marque, 
which is now represented only 
by the Daf 66, fell to 2,926 from 
7,749. 

British Leyland sales fell 
below the 5 per cent, level for 
the first time in a number of 
years, selling 22.647 cars com¬ 
pared with 25.665 the year before. 


Members of Parliament and MP. said he thought some form 
of the last Government took out of investigation was unavoidable. 


Hungarian output higher 


BY PAUL LENDVAI 


VIENNA, Feb. S. 


terday, when renewed strike jits share of the market fell to THE HUNGARIAN economy last rose faster than planned. Real 

action by technicians seriously j4.1 per cent, from 5 per cent. year surpassed planned output wages were up by 3.5 per cent in 

General Motors remained at targets in all major fields accord- spite ° f a 3 - 9 . per cent - in « ,ea s® 111 
the lop of the list, selling 76,408 lnK t *»,- detailed annual renort ca ? sur *?T P nc , es - 
cars, nearly 5,000 more than in ' F S rh ° nS. J" Investment last year jumped 13 

1976 But its market share oE tiie Cemra 0ffice for btafcsucs p er cent, as against the originally 
slinn’ed sliehtlv tn 13 8 oer "cent ,ust Published in Budapest, planned 4 to 5 per cent. This in 
from 141 Der cent Ford National income last year was up turn caused delays in the com- 

rennined’in second olace with 11 7 5 8 pe J cent - as a ? ainst pletion of investment projects and 

'*? nf the Projected 6 to «.o per cent., a General rise in eosts. 

per cent, of loe market. II: was with industrial output rising 7 per Overall foreign trade increased 

followed by Volkswagen (S.b per cent., up 1 per cent, on the in both directions by about 16 per 

cent.), Renault iS.l per cent.), original target. '< cent. However, the hard currency 

Chrysler ( 6.6 per cent.) and Productivity improved bjr ; 7 to deficit was larger than last year's 
Feugeout (6.5 per cent). 7J2 per cent., and consumption shortfall 


By Jimmy Burns 

LISBON. Feb. 8. 

PORTUGAL'S MAIN opposition 
party, the Social Democrats, to¬ 
night put the new Government 
to its first serious test by urging 
Parliament to reject the pro¬ 
gramme which Prime Minister 
Mario Soares presented last 
week. • 

Parliamentary debate on the 
new programme began this morn¬ 
ing with a bitter attack by Sr. 
Octavio Pato, a leading member 
of the Communist Party. He was 
warmly supported by his col¬ 
leagues as he criticised what he 
called the shameful alliance in 
government between Socialists 
and Christian Democrats. 

The speech followed a com 
munique issued by the Com¬ 
munist Party's central committee 
which described the programme 
of austerity measures as being 
inappropriate for the political, 
economic, financial and social 
situation in the country. 

The only defence for the Gov¬ 
ernment programme to-day came 
predictably from Professor 
Freitas do Amaral, the leader 
of the Christian Democrats, who 
said that the programme was 
capable of bringing the country 
out of its economic crisis. 


Andreotti 
makes 
headway on 
programme 



NEW ZEALAND*? 


ECONOMY 


if*' 



crisis 


By Dai Hayward in Weffingfc 


A SEVERE economic crisis j 
New Zealand, despite deliB 
government austerity pofi 
There is little -'prospect 


By Paul Betts . - 

ROME. Feb. 8. 

THE ITALIAN Prime Minister 
designate, Sig. f Ginjo 
Andreotti, said to-night he 
hoped to conclude his nego¬ 
tiations with other political 
parties next week in. his 
attempt to form a new govern¬ 
ment 

At the end of his second 
round of consultations with 
political forces,. Sig. Andreotti 
indicated to-nighE there was 
a degree of agreement ever the 

formulation "of . a-' common _ _ _ 

* government programme, flow-■ {recovery for many months $ 
ever, he acknowledged:-there •' 
were still difficulties in resolv¬ 
ing the governmept. crisis, 
especially over' the ISstfft of 
what he called a “ parllaihent- 
"ary agreement” to enable the 
formation of a new administra¬ 
tion. *\__ 

Although a solution stm 
appears distant, there Is now 
cautious optimism following 
the Communist Party's decision 
last night to hack.-down^ from 
Its earlier intransigent line. 

Sig. Enrico Bertingner, the 
Communist' leader, said -last 
night after talks with Sig. 

Andreotti that his party was 
willing to enter Into an “emer¬ 
gency pact” and renounce, at 
least temporarily, its demands 
for direct participation in a 
new government, and, "hence, 
the Inclusion of Communist 
Ministers in a new administra¬ 
tion. 

However, the Communist 

Unemptoymirt 

programme," supported by a / A" survey .fey the Austral 
clear and open new paxUa- New Zealand ' Banking G 
mentary majority in which 
they would he associated, was 
still being rejected to-night by 
some 100 Christian Democrat 
deputies and the small liberal 
Party* ■ - 

But, as Republican Senator 


New ."Zealand's 
groaning under a daunting^ 
ailments, : -postwar records 
ployment, inflation runafcft 
154 per mounting ^ 

piles of unsold cars and coast 
goods.' a. Stagnant hufl 
industry, a shortage of marl 
finance, tight liquidity, deteri 
ing balance of payments ~j 
Jems and-pressure-ontera 
trade., . : ■■■ 

: Two:recent confidential rej 
on the' economy, produced 
Government, .advisers, pair 
picture which f Prime Min 
Robert Muldooh. . admits 
gloomy. \ 

The most depressing prob 
are inflation and the balam 
payments,.- vditie, un employ: 
is now at a. reebrd post war.; 
as school leavers and seaf 
workers failed;, to find job 
January, ^ , • 


last week, forecast that next, 
tor’s un^nployrrtont -rate- < 
exce.ed.-3 .per .cent. This 4s 
precedented for a country v 
only three -;yeazs._agq regi 
full emptoyment is -the ai 


Sig Giovanni SpadoUu! 3®?- goverm: 


day after consultations with 
Sig. Andreotti,-the resolution 
of the crisis was now firmly in 
theJiands of Italy’s two. major 
parties — the : Christian 
Democrats and the Com¬ 
munists. 

Many political commentators 
here pointed out to-day that 


insistence -_oir. full employ® - ■ 
created - wer-employment '.;' 
internal " j ills such as- infl' 
wage levels and overhigh 1e' .. 
of civil service manning. :. r - % \, 
In its efforts to curb infla 
over the :past- 18 months 
go v ern m ent; hasIntrock 
various measures to re^ 
internal spending and dea 


the real negotiations for an __ ___ 

agreement were only begin- 4 fdTImported goods. A slowcf 
ning now and the Ontcome was ij a imports was necessarv if il 
by no means decided. Negotia¬ 
tions are ejected to cqh.tfnue 
next week. - 

Although the Communists 
have to a certain extent 
cleared the situation," their de- 


was to be any success in a ah 
ing the balance of payny 
deficit.. 

Part of this . policy war 
reduce the’ overall standaid 

mands for a negottoted Mia- ■ (^^5 ^^Minisfq? 


associated; could 'cause so rioas 
difficulties for Sig: Andreotti. 

So far. the Christian 
Democrat Party has insisted on 
negotiating aa agreement on a. 


juggling economic problems}* 
this has • now^been achieved^ 
there ls'n6"need to'reduce 
standards further. 

Consumer demand and spur 


common Government pro- slowed, then stopped. Ah 
gramme, but not a politjcaJ traders, taking an optimistic n 


accord, which is ImpUed^by the 
new Communist: proposal. 

It how remains to be seen 
whether Sig. Andreotti has a 
sufficiently elastic mandate to 
reach an accord acceptable to 
both the Communists and to 
his own party. Sig. Andreotti 
is proposing the establishment - 
.of an interim Christian 
Democrat Government with a 
commonly agreed programme 
to serve until (he end of the 
year, when there will- be 
Presidential elections. 

A large vocal faction of the 
Christian Democrat Party 
would undoubtedly resist 
strongly any formal political 
association with the Com¬ 
munists.- They are also likely 
to reject Sig Berlingueris de¬ 
mands that his Party be con¬ 
sulted over the structure of any 
new Government. 


Production 
falls 13.3% 

By Our Own Correspondent 


based. on .continual expansion 
the past were'., slow to read! 
signs. - Massive stocks bixflts 
with/ unsold goods on shefl 
before order level were trims 
Almostpanic cancellation 
orders .accelerated lay-offs i 
unemployment levels. 

- The motor.car industry-ref 
sents the position, welt _ fl 
Zealand has one of the bigb 
levels of car ownership. in 
world, even though ^prices: 
among the highest in the woi 
blew, assembly plants, espi 
ally for Japanese cars, sprang 
as sales expanded. But .® 
peaked at about 70,000 neis t 
per year, While the industry i 
capacity for 100,000 cars. - - 
Some months ago Mr. Mul(B 
warned the car assembly mdns 
it was overproducing, but ;l ■ 
was ignored. New cam pi 
up in showrooms and.giant ■ 
parks at all assembly plants^ 
the year's end manufactor 
were left with ahbut I4_per « 
of new cars unsold, welL bffl 
the economic break, even pw-r ’ 
Car plants were forced to t ^, 
miss large numbers of wort* ' * 
thus adding -to . unemployjffl-; ; 
and the economic do.wnturn. 


SOME, Feb. 8. 

THE CONTINUING decline in 
Italy’s' economic momentum i Prif P lflcrPacAC 
was confirmed by official * 


statistics to-day showing a fall' 
in industrial production of 
13^3 per cent in December 
compared with a year earlier. 
However, the Government 
statistics bureau, Istat. said 
that the December "fail had to: 
be considered against an 
unnsnally -high output figure! 
in December, 1976. 

Lart'year, Italian Industrial , 
production registered an over¬ 
all increase of 0.8 per eeaL.. 
over 1976, Istat reported;. 


Housewives were, at the^ 
time, hit by hundreds 
Increases. Sales : of .-'domes 
appliances, furniture, : ctatta" 
and . non-essential - artK 1 
slumped. Most recent 
show inflation, running, at * 
per .*enL, bar Robert.'-Mnw 
takes'issue with this figure:--! - 
says the ’ December quarW 
price index and infiatidnvS 
contained . many.. nno^'etiffn 
items, and should therefore- 
taken out of the .' index. W 
economists stick: toulhe. 


Comecon: the consumer’s discontent grows stronger and louder 


EAST EUROPEAN officials 
report there is growing dis¬ 
content in a number of 
Comecon countries with bad 
economic conditions which could 
lead to popular protests if the 
situation worsens. 

The two countries singled out 
as the most volatile in Eastern 
Europe at present are Poland 
and Romania. However, officials 
from Warsaw and Bucharest 
strongly deny this. They argue 
there is far more serious dis¬ 
content in East Germany or 

Czechoslovakia 

But East German communist 
officials are especially concerned 
about what they describe as the 
“chaotic supply situation" in 
neighbouring Poland. Like a 
seismograph. East Germany is 
currently registering every new 
shortage in Poland of basic food¬ 
stuffs and consumer goods. 
Polish shoppers often cross the 
border, where no visas are 
required from them, tn converge 
on better stacked East German 
stores. 

East Germans tell of angry 
scenes in East German butcher 
shops .where-Bales, axe being re« 


fused more than two saiamis 

each. 

East Germans who have just 
returned from Poland speak of 
empty meat counters and the 
frequent absence of coffee and 
staple foods from supermarket 
shelves. They go so far as to 


tartly that the only reason why 
East Germany is economically 
better off than Poland is the 
“ well-known trading relation¬ 
ship they have with West Ger¬ 
many." The Poles also refer to 
the introduction of shops selling 
goods for West German money 


BY LESLIE COUTT IN BERLIN 


recall the 1970 riots aver food 
price increases which toppled 
the former Polish communist 
leader, Wladysiaw Gomulka. 

East Germans bare a healthy 
respect for Polish public opinion 
because, as one East German 
official explains, “ Poles react 
more spontaneously than we 
Germans do." They suggest that 
Poland’s current party leader, 
Edward Gierek, is largely re¬ 
sponsible for tbe economic re¬ 
versals his country has suffered. 
The East Germans note that it 
was he who placed Poland into 
heavy debt to the West by 
importing everything from the 
capitalist countries- 

Polish officials in their con-* 
yersatiaus with westerners reply 


in East Germany, without which 
many East Germans would not 
be able to buy the goods they 
want 

In fact, the typical East 
German is described by the Poles 
as being filled with envy for his 
West _ German counterpart and 
dissatisfied with having to wait 
at least five years in East Ger¬ 
many for a car. Tbe Poles note 
how poor services are in East 
Germany und how difficult it is 
for young people to get a flat. 
The Pales, In fact, -are throwing 
back at the East Germans many 
of tbe same charges the Germans 
level at Poland. 

Other East Europeans are even 
more critical of the Inability, of 
the East German authorities 


to live with non-conformist 
writers and other intellectuals 
who are being forced to emigrate. 
This is felt to be leading to even 
greater disillusionment among 
young East Germans. The critics 
say that the East German com- 
munists have failed to raise a 
new generation of convinced 
socialists but instead, have 
produced “ highly trained auto¬ 
mata.” Young people in other 
East European countries, they 
assert, are far more open-minded 
and better able to cope with the 
world because they are not 
locked inside their country. 

Virtually all the East Euro¬ 
peans, except for the Romanians 
themselves, agree that Romania 
faces trouble if there is no'let-up 
in the present economic strains. 

As evidence of the growing 
militancy of Romanian workers, 
the Comecon officials point to the 
coalminers' revolt this past 
summer In the Western Carpa¬ 
thians. Some 30,000 miners work¬ 
ing in the Lupeni mines near the 
district capital of Petroseni 
demonstrated at party head¬ 
quarters against new Government 
regulations depriving miners-Of 
the right to early retirements A 


number of high level officials in November to quell ’ dissatls- 
from Bucharest were sent to deal faction over the implementation 
with the demonstrators but were of his earlier ’ measures- Local 
taken hostage. functionaries received a tongue- 

President NIcolae Ceausescu lashing and he promised the 
broke off his holiday to negotiate miners their workload would be 
with the miners and he assured reduced, 
them their pension benefits Those East Europeans, whose 
would be improved. He also governments have been forced 
held out the promise of a 5 per in recent years to pay far more 
cent, wage rise and better sup- attention to the economic needs 
plies of food and consumer of the population, see- more 
goods as well as improved trouble brewing If there is no 
housing at no increased rent shift of emphasis away from 
The Romanian leader then heavy industry in Romania. They 
sacked a number of deputy note that Romanians have the 
mining ministers from their lowest wages in Eastern Europe, 
posts and this month fired the the longest working hours, the 
minister himself, Constantin poorest consumer goods and 
Babalau. some of the most crowded living 

The Romanian army was conditions, 
moved into the Jiu.valley where Elsewhere in Eastern Europe, 
the miners live. Secret police wages have risen steadily since 
arrested workers who were pro- the Polish riots .of 1970. The 
mlnent in the three-day anti- increases, in fact, have out- 
Government demonstration and stripped the ability of. Eastern 
resettled other workers io economies to supply goods in 
various parts of tbe country, demand, especially in Poland.- 

Sources in Berlin speak of a j n East Germany, the excess 

rash of other strikes tout took income is being absorbed bv 
place in Romanian industrial imported Western products, such 
cities. as cars. 

President Ceausescu was Under the new five-year plan, 
forced' to return to the miners Comecon countries, are being 


figure, however. 

Last October theVgaverinK 
reversed some .of itseartifir {& 
fries by introducing -measures, 
provide a mild. stimulus-.'to;-® 1 
| internal economy* -'-ThlsiDriaflj 
| a 5 per cent- tot cut -aeross-tk 
! board which '.came ' into' :tfoP 



whfci ffit0 - 

matena^. ,-prices -. to ;5 cut-hack: --early 
oh personal Income mereas^ stpcL agedtfreslriimjort: i 
to -link' tfiein tiTgains m many types': prStisinCss. 

tivity.- ’ In return .for tois. East measures,-, have 

Gennauy has premised jisTpopit 

Mon thatpriefes for roms. tasio ^USSPSL * 

foodstuffs- and public transport S work for stSSo^duW j. _ 
wui^nain frozen at-the -levOl Jgf 

or ■ additions: farm ... labour. , Ta. 

' The fact that .the Polish leader- had only a marginal effe^ oh JP"- 
ship .riidse -at -Ito-l-reccnt Party employment levels. ■ • 

Conference to postpone . yet T^ast weeki : the .goveraD® 
again rises in; retail 1 prices is moved againi ftlir-tin&-taSt^. 
taken .as„a_' sign . t hat; .jotiflcal : late - consumer . -apemUng; . 
rather than economic conadera- asrist the hartHpressed farm# 
tions now ^prevxIL : \And thifc sector. '. ■ 

trend may he.*ffffiected. elsewhere In -radditibn, $25hL : - of --■ 

In the Woe. “Apart .from‘.the retention fundshas been release 
Soviet -Union;..which - ie facing; to sheep farmers. This ,mo 1 ?, 
serious echnomto difficulties^ fhe hah been-compulsorily taken b- 
preUnrins^y-.rindicatfons ^qf.^the the-government 1 .in the. past.t* .' 

East; • Eprbp^n'; ; 197$ "YMohomic years, " wiule:".wdcl. prices ■ ; 

plans-point-to 'a. slight! aecel&rs- been-:high, and" farm Ihri®, - 
tion-in'ttferise of wages and of good. - This>: year. they f wUl’ w- 
consumer-<gapda supplies. This by-.up to 46 i^r^enL as re^P!?-."- 
trend motodes^Romanja., where from i'dalry.-preduce and wqff. 
extra- investment is being pome-" under pressure. i " i^sjv 
ploughed mto food and eoiisTuner >: It Is jffifficnlt- Jtr.avpid toe N^w 
goods. /Kiese change .-'almost riustontoatNewi-E^Ian^s ecc 1 ^ 
certainty reflect stronger concern mic''prop-tons_will A- • 

in toe priikical^ ga dgsfei p ; for ihe 

POpuSar mood*- - ■ •" -TscttivlM- vrV«M*fOMTt.-takK.! - i 





















jfc, -y ?}.'*& y■.'■■ 1 ! u : ■ .' 

-February 9 I9^g 


OVERSEAS NEWS 


^jriaii troops 



Rhodesian 
nationalists 
offered 
new role 

By Our Foreign Staff 



Britain's Resident Commis¬ 
sioner would be obliged to 


force • .and•’ ■- Lebanese C{p48ti^;qaizte&: : ?aea as Sin I advice — during Rhodesia's 
' " . . . - - i transition to Independence 

under modified settlement pro¬ 
posals now being put forward 
by the UJK. Bat the Commis¬ 
sioner would stin retain total, 
control over the Key question 
of defence and internal 
security. 

These are the central points 
put forward by Or. David 
Owen, the Foreign Secretary, 
in talks in Malta last week 
with the" Pairiotie Front 
nationalist alliance and subse¬ 
quently circulated lo other 

.. » ^ ■ **• t>le President Sarkis talked several 1 parties in the Rhodesia dispute. 

£rc “ D, sDWay to Damascus. ttme- by telepbtme vitb Synan j The lest of the additional 

r ‘ •-.nS? “°oP£ surrounded the President Hafez Assad to-day British proposals, already 
where Lebanese* and. a number of. high-ranking;, known in outline, were leaked 
" .--=■ «- -- Reuters in Salisbury yester- 


^ -*? n between tbe jSyripos and Syrian troops also BUS evening 
<■-. - J j. ht-wihg Christians.' : : V attacked tH% ceiidn^urters of the 

: ‘ j r^.ywtritoeases-sm'd _ihe"dashes NationalUbenti 3?airty''(NLP> of 

v' l/ ">. e much more. t esit$risive than Mr. CaCTJll ChampM .ih Ashra- 
yesterday^ with heavy fiyah, ‘ the : ViadSi£'^quarter of 
;-. riar -guns [ ha<J- tanks “ being: Christian pyfBeirirt.- Ballets hit 
" Tbe situafion is now more Mr. Chamotin’s ofifcfr but he was 
l ..; r |u than .it has been since the . not there. S^r.* Chamoun is a 
• ui. '* * btar, ended 15.titouths ago. former President, and criticised 
„ ® sbow-down was the 'security measure taken by 

: ; tbemflitary academy at the Syrian'troops, earlier in the 
"v? • ya ” «*bout three miles week.. w . • 

^ the centre of town on the President AarJtri talked 


racks 


* • p . 1 . _-* MUU UUUIL/Ll. weft. UigU'i«JiiO|ii s ( 

■ ;'*!■,. J,er * uuaer the-comtnaai .of “Syrian-offieerswereisaid/to have; to B 

t r.I. ^:; onel Antoine Barakat are been seat here to.deaj wHh ihe; day. 

: ■ _ e renened and pounded them situation. The security hieasu rc-s I However 
Y e tS 1 ' ®n directions, the witnesses .in the downtown section were! British pli 
-pv • , _ , ■ seep., as a piVCBUti^t f . against! somewha 1 anulnnir. since the 

r r """' W j il11 * lt ^ raSlS - y t° lry parlies involved In soparale 

' '• • v JS™*??* uuimas during to any. out actiotr titers. - internal ” settlement talks in 


the modified 
British .plan is at present 
somewhat academic, since the 


Salisbury have already dis¬ 
missed it. 

The new British ideas depart 


.... , Smoke • could he seen effective'way& and- this, is what 

"Li, 1 l0W1 pS from. the Fayadiyah- we are doing -In cooperation with 
-' i.;.rracka as Syrian positions the •’‘legitimate■■ uttihdrities in 

-• - > T.-otjnued to pound them with Lebanon,” Mr/ L A*»d told 
v-W'ac^rtar. : reporters. . 


tr-.r. 


says door still open 
for Israeli peace talki 


WASHlNGXOI^rteb. 8. 


" civil war here two years ago. The troops hswe taken rooflop 

~e-- ^JfBciat sources said that In positions. There have -been no 
r - .... ^-‘terday’s clashes five were reports on to-day’s easaalties but 1 
■f'V 5?®* ? nd 17 wounded, but: it is believed; they ifrff more than from'the 'Anel^Ainerlcu' nirih 
...;-onnal reports put the-number th< ?y were yesterday.'^- posals unveiled last September 

IJir j. "• 2L - '. Reuter reports friim Damascas". in one significant respect, 

-yrian remfoFcements this" President Hafez atAisad of Whereas the initial proposals 

^ oyed '^ t0 Beirut’s Syria said to-day- the clashes in only envisaged the esiablish- 

iipiU^ntown area,. took..control of Lebanon .betweee" Syrian and meet bf advisory councils to 

■ . Jn - : j OS 1 and otijer huUd- Lebanese trnops *‘sbpuJd not be assist the Resident Commiz- 

• an apparent security pre- ?ivon undne importance.*’ sioner, who would have lo»a! 

: v^. :I u 11 38 ^ ast confmued “We should edntinde dealing! power and could ignore their 

. e °ho_t° the sound of mortar’with them in all -pOffilble andi advice, the new suggestions 
! ~ s - SnmkP-mifiM j.*. ««■--#i.iw • — 1 **- r - * 1 talk uf a M governing council.** 

The new proposals slate: 
"The transitional constitution 
will establish a governing 
council which the Resident 
Commissioner will he obliged 
lo consult in the exercise of 
his powers, except those relat¬ 
ing to certain specified sub¬ 
jects, which will in any case 
include external - affairs, 
defence and internal security 
• and the recommendations of 
the electoral commission 
which will prepare for pre¬ 
independence elections. 

** In any case where he is 
required to consult the coqncil 
he will be obliged to act in 
accordance with its advice ir 
ft represents the view of two 
thirds of its membership (not 
including the Commissioner) 
but be will be free lo disregard 
the council’s advice where, in 
his judgment, to act in accord¬ 
ance with it would he incon¬ 
sistent with the effective 
discharge of his responsibility 
for one of the specified matters 
reserved to him. 

The governing council would 
be empowered to forward 
draft legislation to the Resident 
nommi&rionrr. but he would 
have to agree before this 
became law. 

Below the governing council 
the Commissioner would 
establish committees with 
responsibilities in specific 
fields, such as health, educa¬ 
tion, development and racial 
‘discrimination. 

The proposed council would 
be presided over by the 
Resident Commissioner and 
would be composed of 10 other 
members. It is understood that 
. Britain is suggesting four 
from the Patriotic Front and 
two from each of three parties 
involved in the “ internal ” 
settlement talks—the Rhode¬ 
sian Government, Bishop 
Mnzorewa’s UANC and the Rev. 
Sitboie’s party. There would 
be no seats Tor the fourth 
party to (he Salisbury talks. 
Chief Chirau’s ZUPO. 

The Patriotic Front has put 
forward its own proposals for 
a governing council greatly at 
variance with the British plan. 
Under Its scheme, the Front 
would have four seats on the 


- r:=5flE WHITE House said to-day. ® The U.S. wiU repj^a r faithful ’ 

Egyptian Premier Anwar to ft^ commianents- .la the' 
, -adat had informed President security.of Israel and the right 

; -ljumy Carter that the door, re- of every Middle East state to live 
’ Gained open for 'a; resumption' in; peace within sertire and 

■ the stalemated Egyptian-..recognised bounttaries. 1. . 

sraeJi peace negotiations. .,■••* • A-Middle East-peace was of 

: v A statement issued after the the highest importance for U.S, 
"... -vo presidents completed talks-policy and Mr. Gather i. would 
• - • • -n the Middle East also eald tbat, spare no effort to help>nr achieve 
settlement must be based bn iU.. .. . • .*. .7.77 

-j --n Israeli. , . withdrawal'; iron*. .# A peace- settlement-must pro- 
.occupied ^territory -in.'returit''ftir^ «fle for : the establishment- of 
, ' . v .^cure an'd xeco'ghfeed''hordem -.-VjtPEmaLTrelations betwpan : Israel 
-. -i-’ It disclosedthat' Mr. Carter, add each of its neighbours. 

ad stressed to Mr. Sadat hfs • A settlement most be based 
" """onviction. that Israeli "settle- on 'all... the■ principles 0f : UN 
~ ? "-tents on occupied territory were Resolution 242, including an 

•"- r C ontrary to interBatiohal law andAjsraelrwithdrawal.-from occupied 
'■'-“-'n obstacle to peace-;. ; ■= - territory. 

■- In. a reference to political:There...can : 'be no just and 
■>-iegntiations .with Israel which lasting pence -without a. resolu- 
.'.!j?s3gypl suspended last month, the -tion of- the Palestinian problem. 

■ >.. :.:^hite -House statement said: Jlbuter . .. ; "‘ 

- ■•■.‘■President Sofiat affirmed "that David Bell adds: - Mr. Sadat 

: he door remains open to nego- wU> return home pleased with 

ialions and (hat-Egypt .wfi.l con- the considerable impact he has 

- -r.'inue to. do "its part to assure .-made on -US. public opinion, 

.. . . ..continuity fn the hegotiatlng pro^ < with .the expected U.S. decision 
..'".J'-ess in ah atmosphereeonductive •- tB sell-Egypt 60 F-5E aircraft. 

‘ “ o ~ Lo tangible progress". • and with his warm .reception, on 

. It was announced eariier ihat Capitol Hill ■ 

the two JPresidents .had agreed 1 At the same time the Adminis- 
; ^asi weekend that AisJslant Sec- tration feels it has a bener idea 
J 7 retary of Stafp Alfred. Atherton of his thinking~a&d has banded 
' would .go tu Tthe.-Middle Eart bftn. more by design than by 
soon to'resume*shuttle diplomacy accident, ini additional “propa- 
with, the ; aim ; ;of- brtoiti.ng the fianda bonus.” Yesterday, the 
i. *_two sides back To- the 'negotiating White Rouse took the unusual 

‘ ; ; ; T’ 'i - : ' ■'.'?• step of- releasing a detailed 
The - whlte vRpuse said Mr. chronology of President Carter’s 
Carter had reaffirmed the breed repeated letters to Mr. Men ahem 
. principles underlying .US. parti-^Begin, , the Israeli' Prime Minis- 
cipalibn in the. search, for peace, ter. protesting at the estaWish- 
s D listed .these, principles' as'znehi of hew sertlements in 
follows: .. . . .. •' -t\ •, ' Sinai. 

: . j< ; • - • . ■' .‘ Saa -•_ 

: : *. Kuwait Prince made PM 


BY RTCHARO jOHNS, MtODUE EAST €DiTOR 


ee incf^ 


j " r. 


, .‘w-*'.-; 

•- i- 

e. ; * " ‘■-f '. 

•/ 

I- l ' r . ?■ 


SHEIKH Saad al AbdaHalr al- 
Sabah, the Crown Prince . .of 
Kuwait, was lo-day : given : the' 
additional title of Prime Minister 
by the Ruler. 1 This, appointment 
thus follow^ the ; present-'of* 
Sheikh Jataer al Ahmed' 4fl;Sabahi 
who before: his. acceisfon gt^.the 
lurn of the year' also- btUd .Both., 
posts and in addition undertook 
overall governmental-'responsi¬ 
bility as his predecessor's health 
declined. 

To-day’s annoMncement was 
made al the end of the 4CMay 
period of mourning following the 
death of the late Ruler Sheikh 
Sabah al Salem al Sabah: . Sheikh 
Saad is-expected to-finalise the 
ministerial team.wRfiSh the- next 
few days. 

At the'tbp oflheWerarcbytwo 

major related issues have to be 


KUWAIT, Feb. 5. 
solved,: The first is who will take 
over the portfolio of Sheikh Saa'd. 
a "sturdy .and'..popular figure 
among,- Kuwaiti traditlonffiists. 
wha'.had been both Minister, of 
Defence and the Interior..7 The 
second is what role will l»e given 
to hi 5 cnusln. Sheikh Jaber al 
Ati‘ ar-"Sabah; hitherto -Deputy 
premier anfi-BlInister of-lnfo>jB- 
ation. 

There had been some specula¬ 
tion that the traditional link 
between the posts of Grown 
Prince - and - Prime Minister 
would - be split, - leaving the >ay 
open for... Sheikh Jaber al. Ali, 
who has his own particalar_fot- 
louring. to become Premier.;' In 
this way he- would have, been 
compensated for having b^en 
passed over for the secondLPQsl- 
tioiJ in the hieraehy. - •!; - 


council, the Resident Commis¬ 
sioner would have one seal and 
Rhodesian whites one. There 
would be no place for other 
nationalist organisations. 
Under the Front’s proposals, 
the council as a whole would 
he the commander-in-chief of 
the armed forces. 


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No citizenship 
for blacks in 
S. African plan 

CAPE TOWN, Feb. 8. 
NO BLACK person will have 
South African citizenship when 
the Government’s homelands 
policy has gone into effect. 
Dr. Connie Mulder, the Mini¬ 
ster of Bantu (black) Admini¬ 
stration. told Parliament here 
to-day. 

The newly - appointed 
Minister’s statement brought 
an immediate riposte from the 
opposition leader, Colin Eglin, 
who .said nothing could pose a 
greater threat to the country’s 
stability and security (ban 
“ this dangerous dream.” 

Dr. Mulder, speaking yesler- 
' day in the first parliamentary 
session since elections last 
November, said that when the 
ruling National Party’s policy 
had been carried ont fully, it 
would not be South Africa's 
responsibility to accommodate 
blacks politically. He said he 
did not wish to bide this fact— 
“ that is the mandate we got” 

- Another opposition figure. 

- Mr. Vause Raw, leader of the 
small New Republic Party 
i(NRP), interjected: “ That’s 
your dream, that's your night¬ 
mare.” t 

. South . Africa has already 
declared that two black home¬ 
lands, • . Transhel and 
Bdphathatswano, are com¬ 
pletely independent eoontries. 
Reuter 


ETHIOPIA’S RUSSIAN-BACKED OFFENSIVE INTENSIFIES 

Red Sea port ‘under attack’ 


BY OUR FOREIGN STAFF 


ETHIOPIA CARRIED its offen¬ 
sive in tbe Horn of Africa into 
Somali territory yesterday with 
air attacks on the northern 
regional capital or Hargcisa and 
the Red Sea port of Berbers, 
according to tiic official Somali 
news agency Sonnn. 

Regional officials reported that 
four Soviet-made MiG 2l’s and 
American-built F-5*s strafed the 
port and iwo attacked Hargeisa 
but there were do reports of any 
casualties. In Washington, the 
State Department said that 
Russian pilots were known to be 
among 1,000 Soviet military per¬ 
sonnel in Ethiopia. 

The raids were the first 
reported ones since the start of 
the major Ethiopian thrust to 

regain Somali-held territory. 

It Is fihe second time the 
Ethiopians have raided Berbera 
hut the seventh attack on Har- 
geisu. Earlier attacks were 
sporadic and said to have caused 
little damage. 

Somali official*! said ihc 
raiders were repulsed by Somali 
air defences but the raids are 
further evidence of the lotal 
superiority of Ethiopian foms 
in the air, reinforced, according 


to Western intelligence sources, 
by the arrival of a further 40 to 
60 Russian-built aircraft 
The accuracy of tho shelling 
in the latest air raids and the 
heavy artillery bombardment on 
Sunday is duo to the presence of 
Russian and Cuban pilots, claim 
the Somalis. 


The Somali forces admit that 
they have been dislodged from 
some positions in the Ogaden 
after the six-month war which 
left them in command of some 
80 per cent, of the area but with¬ 
out tile strategically vital towns 
of Harar and Dire Dawa. The 
Somalis claimed that 42 


Terror toll put at 700 


6T JAMES BUXTON 

AN ETHIOPIAN official to*day 
rejected claims that human 
rights had been violated in a 
campaign of “ red terror ” which 
is believed u» have led to the 
deaths of 700 people in Addis 
Ababa in the past three months. 

The red terror campaign was 
officially declared last November 
in response tu a wave of what 
is called here “while terror”— 
a wave nf assassinations of 
Govern men i ofiu-ials and mem¬ 
bers of political organisations 
supponinc ihe ruling military 
council, or Derg. Though the 
red terror Hjs diminished in 
intensity in the past few weeks, 
killings, arrests and a process of 
rehabilitating former “counter 


ADDIS ABABA. Feb. 8. 

revolutionaries and reaction¬ 
aries” are continuing. 

Yesterday. 1 saw the body of 
a young man who bad been shot 
in the head and chest lying on 
the pavement of one of the city's 
main streets. He had apparently 
heen left there as a warning to 
others. Each nigh! one can hear 
a few burst of gunfire. 

Although official figures are 
not available, diplomatic sources 
estimate that as many as 700 
people have died and several 
thousands have been arrested in 
the campaign which is the latest 
of several in the pasi year or so. 
Many of those arrested have 
reportedly been released, how¬ 
ever. 


Ethiopian tanks of Soviet origin 
were destroyed m battles to the 
north of Dire Dawn. 

The Western Somali Libera¬ 
tion Front < WSLFJ has confirmed 
earlier reports that the Ethiopian 
forces had launched a two- 
pronged offensive out of the 
ancient city of Harar, which 
commands the main pass through 
the mountains, and the industrial 
centre and airbase of Dire Dawa. 
It suid that its men in the 
Ogaden made tactical with¬ 
drawals under bombardment by 
jets, tanks, artillery and “Stalin 
organ” multiple rocket launchers. 
• Johu VVorrall adds from 
Nairobi: Brigadier Joseph Garba. 
Nigerian .External Affairs com¬ 
missioner took Ethiopian peace 
proposals to Mr. Siad Barre the 
Somali president yesterday. 

Brigadier Garba is the actinc 
mediator for The Organisation of 
African Unity. Asked what 
success be had in mediating he 
>aid: ‘‘.At least both sides are 
talking to me.” 

The U.S. and the other four 
members of ;he UN Security 
Council favour an internal 
African settlement negotiated by 
tbe OAU. 


Cambodia in 
new fighting 

BANGKOK. Feb. S. 
CAMBODIA REPORTED to-day 
it had repelled a major Viet¬ 
namese attack across its border 
and scorned the latest ceasefire 
call from Hanoi. 

In one uf the biggest battles 
in the border war between the 
two Communist States, Cambodia 
said several hundred Vietnamese 
troops were killed or wounded 
and 17 tanks destroyed yester¬ 
day in the Mekong delta. 

Phnom Fenh Radio said Viet¬ 
namese troops were supported 
by Soviet-built MiG fighter 
places and helicopters when 
they penetrated about A kilo¬ 
metres along the Bassac river. 

Reuter 


Australia payments rally 


AUSTRALIA had a balance of 
payments deficit of SA67m. 
(£39.4m.) in ihe 1977 December 
quarter, down from a $A736m. 
deficit in the September quarter 
but up from a SA9m. deficit in 
tbe 1976 December quarter, the 
Statistics Bureau said to-day. 

The bureau said the trade 
account showed u surplus of 
§A446m., up from SA187m. in the 
September quarter and $A39Sm. 
in the 197H December quarter. 
The de6eu on invisibles was 
$A746m. compared with $A916m. 
in the September quarter and 
SA66Sm. in the 1976 Deeeraher 
quarter. 

The current account recorded 


CANBERRA, Feb. S 

a deficit of SA300ni. compared 
with deficits of SA729m. in the 
Sepiember quarter and $A270ro. 
in the 1976 December quarter. 

The bureau also reported that 
Australia's trade surplus nar¬ 
rowed to $A22m. in January, 
from $A231m. in December and 
SAlOOm. in January of Iasi 
year. Ii said that exports 
were valued at SAlbn., up 
from $A9S9m. in December 
and $A9S4m. in January last 
jear. Imports were valued at 
SA983m. up from $A75$m. in 
Decern be r and 8 ASS4 m. in 
January last year. 

Agencies 


Iran spending 
targets doubt 

By Our Own Correspondent 
TEHRAN. Feb. S. 

AFTER ANALYSING the huge 
Iranian deficit budget issued on 
Sunday, ecormmisis and banker* 
here predict that spending tar¬ 
gets arc unlikely lo he met. and 
ihat Iran will not be borrowing 
as much as ihe new document 
indicates. 

The natiunul budget for the 
Iranian year, beginning on March 
21. initially surprised Western 
economists here by calling for 
borrowings nf 8S.7bn.. in addi¬ 
tion lo an unfinanced deficit nf 
$2bn.. as part of a record spend¬ 
ing target of S59.2bn. 


s 


More snags 
for planned 
$3Q0m. loan 
to Pakistan 

By David Houscgo 

A SiUHJm. commercial hank 
lo.in tu Pakistan lo have been 
provided under a Government nf 
Iran guarantee, winch ihe Pakis¬ 
tan regime has been counting un 
lo ease its balance or j.ciymcnis 
crisis, appears to have cud imo 
furtiicr snags. 

Senior officials in Islamabad 
were last week confidenl that the 
loan, for which Citibank i*i tin? 
lead manager, was going ahead. 
Banks invoked in the syndievaon 
say their understanding is that 
it has again been shelved. 

An indication of ihe serious¬ 
ness nf Pakistan’s present pay¬ 
ments position is that the Govern¬ 
ment has asked Western donors 

whft arc members of the Aid to 

Pakistan consortium Jor a further 
debt rescheduling. The tunsnr- 
tium a-a reed io debt relief 
measures in 1976 and 197-L 
At the week-end Iran :tls«‘i 
acceded la Pakistan's rcniti-si in 
reschedule the first uajment due 
un a >;57Hiii. loan made to Pakis¬ 
tan in 1974. 

Tin; initial delay :n the com¬ 
mercial bank loan occurred 
earl:, last year when banks drew 
hack from the deal because of 
the mounting political violence in 
the country before the March 
general election. 

Further difficulties oro.-e ever 
the Shah's insistence that the 
loan he on the >ame term?, as 
an;, other bum ti» the Govern¬ 
ment of Iran. ’Ihcse were over¬ 
come when Pakistan agreed to 
pay each bank a special fee 
equivalent to a premium of about 
' per cent, above current Iranian 
state risk. 

Tiie most hfipelui fe.aur? in 
Pakistan's balance of payments 
account has been the steedy in¬ 
ert-se in ivr.itilances from Pakis¬ 
tanis .ii. road, which an* now 
running at an annual rate of 
■SIbn. a year Including ibes** as 
par', el foreign exchange receipts, 
(lie debt servicing ratio has none¬ 
theless risen from 14 per cent, 
for the 1975 calendar >e:«r in 
about IP per cent, m the current 
financial year. 


Fima-wcim. Tihf*. pdWthetf sally rann Son- 
dip* arul hollAiy*. U S/ MnmcrliXKn JglW on 

iJUr -fiduhll S.VO.IW tab maill per shihko. 
Scwtid dan huw wld at Ncv YtfL N.Y. 

’ ' * • ; \' ■ 


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Slnandal - Times TEiirscEay Fefcmrjr 9197s 


AMERICAN NEWS 


BiU to control exports of 
nuclear technology passed 


Guatemala 

favours 

Belize 


BY DAVID BELL 


WASHINGTON, Feb. 8 - 


A NEW BILL which seb strict negotiations with other countries conference committee between 

criteria tor the Gxnott oE nuclear about the establishment oE an Senate and House, to iron out 

technology was overwhelminclv international nuclear fuel stock- differences between the versions 
vetnnoiQe,y was overw neimingiy pjJe lvhich would provide fajl . of Bm which bas come £n,m 

approved by the L.b. senate sa f e supplies for member coun- each chamber, to give more 
yesterday. The House has already tr i es and thus encourage the power in awarding licences to the 
approved a similar Bill and it acceptance of strict international State Department than to the 
is expected to he signed soon s t aP dards to curb proliferation. NRC, which has traditionally 
by President Carter. Thib Bill is a cornerstone of applied tougher criteria than 

The Bill is part of the Carter the Administration's policy on has State. 

Administration’s effort to control the spread of nuclear weapons Once signed into law, the BiU 
the export of technology in and technology. Senator John would initially do little more 
order to reduce the risk oF Glenn, the floor manager of the than regularise existing nuclear 
nuclear proliferation. It sets Bill in the Senate, said last night export controls. But, after IS 
tough export standards to be that it would “reduce the months, countries receiving 
applied by the Nuclear Regula- uncertainty surrounding U.S. nuclear fuels or technology from 
tory Commission (NRC), but nuclear export policy." The the LLS. must agree to “ full 
allows the president to over-ride Administration also hopes that scope” safeguards, including 
them “in the national interest" this will shorten the time needed detailed inspection of all their 
jf Congress agrees. It also pro- to obtain Government export nuclear facilities. At present a 
vides for an automatic ban on approval, but the nuclear in- number of countries—including 
exports of nuclear technology to dustrv does not share this India. Israel, and Egypt—refuse 
countries which develop or test optimism. to allow such inspection. Under 

atomic bombs, or help other However, the expected opposi- the new U.S. legislation, if they 
nations to develop such bombs tion to the Bill from the industry continued so to do, they would 
or weapons. did not fully materialise. The in- risk a ban by Washington on 

At the same time, it empowers dustry is still hoping that any further nuclear trade with 
the President to take part in Congress will agree, in the joint the U.S. 


cession 

By Martin Dickson 


Ford to appeal against damages 


BY JOHN WYLES 

KURD .MOTOR Company i? to ment. reduce the dam 3 ges or to from 


NEW YORK, Feb. S. 
television 


-appeal against a SVJS.fim. damages order a new trial. 

award in California stemming The case was brought on 


be- 


coverage last 

night. 

The court jury awarded him 
S-Bin. in compensatory damages 



The award 


was one of the stalliD 5 on a freeway near San ages, 
highest ever in a -lersmai liahii Bernardino. California. In the The plaintiffs alleged that Ford 
in,nest e er in a personal iudii subsequent fixe, the driver Mrs. had internal test results which 
iiy case, and a Ford spokesman Lily Gray (aged 5U), was killed revealed that there was a safety 
claimed yesterday that it was “ so and her passenger, Richard Grim- risk attached to the design of 
unreasonable and unwarranted shaw ta^cd 131 suffered burns Pinto fuel tanks. 



Superior Court in southern Cali- 60 operations and may need applicable federal safety stand- 
fornia. Ford says it plans to ask another 30. The extent of the ards” and that it was not defec- 
the judge to overturn the judge- boy’s facial scarring was evident tive in design or construction. 


Cut-price fares 
extended by 
U.S. air-lines 


Nicaragua strike ending 


BY ALAN RIDING 


MANAGUA. Feb. S. 


i A. NATIONAL strike in tions" to the crisis. 

Nicaragua by anti-government spokesman admitted, “for us to 
! businessmen slowly petered out express concern about a situa- 
. Ibis week, but it left President tion is not to suggest that we 
THE PHENOMENON nFL-m.nrirp Anastasio Somoza facing an un- have a solution for it" 

™«« a '>« >»* Wlw of .he .wo- 
has come much nearer to realisa - 1 **L JLUiM ueek strike to budge General 


By Our Own Correspondent 

NEW YORK. Feb. $. 


introduce discounted tickets on 
all their internal routes. 

Bran iff International to-day 
joined American Airlines and 
United Airlines in extending the 
cut-rate fares to all its routes. 
This move by the three com¬ 
panies makes it virtually inevit¬ 
able that most of the other eight 
hunk line? will follow suit over 
the next few weeks. 

In le^ than a year, discount¬ 
ing has displaced steaks and free 
drinks as the main competitive 
■ 4 ambit m the U.S. air travel 


is 


strike, the 
the best 
opposition 


participation in the protest cam- tunately^th? position of the 

£|g workers'ce^usin'Mo’returQ <«>/ iLerSla* to 

to ft«r jobs dcmonstmt“" ”“« r'f “fljf 

taking place in poor and middle- unlfp^nffpnsiw^F'hiiciTiPccmSf 
class districts, and left-wing ““JgL off( *“ S J V ' B °«i£5i 
guerillas promising to strike once rS vi oipnrp P °ic fi iii 1 thlt ^ 
more against the National Guard JjjjS* ™ olence is a11 ^at 
—the police-cum-army. ** # . 

General Somoza. whose family sandinist^ renmin 
has ruled Nicaragua since 1933, “"*'£2* 
claimed to have won an import M 

ant victory, because he resisted D 4 
the opposition pressure on him neuter add*. 

.. an ,hii in the us nir travel w step down. But it has been authorities to-day warned that 
m-luslrv Since American «tXd! emphasised' that the main sus- people caught erecting street bar- 

i-ance to his regime is the ncades would face an automatic 

u,re ornmte^ betwceK lhe e^t 7.500-man National Guard. six-month prison term. The 

and Jisi ctoii the uther ifneJ' Pressure on the Somoza warning was issued after a night 
hive ^radiam fallowed regime from Washington also or disturbances m which a 

have ^uaujii. .idiiowu - Ir I mounted, after a State Depart- number of vehicles were burned. 

ment spokesman called for The Union of Radio Journalists 

“ moderation and conciliation in said that 40 buses bad been des- 

tbe search for peaceful solu- troyed. 


A PACKAGE of proposals put 
forward by Britain for a solution 
to the Belize issue is “broadly 
acceptable ” to Guatemala, which 
would be prepared to drop any 
further claim on the colony if 
au agreement can be reached 
along the lines suggested by the 
UJv. This was said yesterday 
by two Guatemalan Foreign 
Ministry advisors vis tins London. 

They indicated that the central 
suggestion put forward inform¬ 
ally by Britain was for the 
cession of about 300 square miles 
of land in southern Belize to 
Guatemala, plus some small off¬ 
shore islands and a substantial 

^Howeverfilr. George Price, the 
Premier of Belize, bas repeatedly 
rejected any cession of land- His 
stand this week received fresh 
support from the Prime Ministers 
of the Bahamas, Barbados, 
Grenada. Guyana and Trinidad 
and Tobago. Britain, for its 
part, has stressed that it will do 
no deal which is not approved 
by the people of Belize. 

The two Guatemalan officials 
—Sr. Luis Rend Mendoza and Sr. 
Jorge Skinner-Lee, members of 
the Guatemalan negotiating 
team—said that their'Govern¬ 
ment was waiting to receive a 
modified set of British sug¬ 
gestions 

These modifications were 
understood to include a British 
suggestion, raised in talks in 
Washington last week, for a 
group of countries to lake on 
responsibility 'for guaranteeing 
the territorial integrity of an 
Independent Belize. 

The two officials said that their 
Government was anxious for an 
early solution to the Belize issue, 
in the final months of the presi¬ 
dency of Gen. Kjeli Laugerud. 
because a new Government would 
take office in July and might 
adopt a tougher stance. 

They argued that the fact that 
a presidential election was to 
take place shortly was evidence 
that Guatemala was not a re 
pressive military dictatorship 
However, a report released in 
London this week by the Latin 
American Bureau research 
organisation said that part of 
the motivation behind Guate¬ 
malan threats against Belize was 
But the | the regime's need to ** create an 
issue to distract the Guatemalan 
people from the repression and 
injustice in their own country.’* 
The report claimed that Gen. 
Laugerud had come to office 
through electoral fraud, and that 
people who protested against the 
Government “ disappeared " or 
were tortured and murdered— 
the victims of “ Right-wing death 
squads whose activities are offici¬ 
ally condoned.” 


design 

but nothing 



Eximbank probed on loans s Korea 

r ! to ease 

for steel, nuclear plants 


BY DAVID BELL 


WASHINGTON, Feb. S. 


THE POLICIES of the UJS. “economic isolation" of South opposite effect 
Export-Import Bank, which pro- Africa* In the past five years Exim- 

vides loans and guarantees lo The nearing to-day was also bank has given some $400m. to 
countries burins American ex* concerned with a $644m. loan to several nations which are on 
port, came under investigation the Philippines to finance the the verge of becoming a major 
to-day at the start of wo days construction of a nuclear -power threat to the domestic steel in- 
of Congressional hearings into plant. ...... ■ dustry. They include. Mexico,- 

bank loan practices. It is oeing challenged by the Brazil Argentina and Taiwan. 

This morning a House oE Mr. Clarence Long, the chair- 

Representatives appropriations MraTlit ““ °f the subcommittee, said 

sub committee concentrated on ^ K JSSff S?? 2 ? that he favoured free trade, but 
the banks-loans to a small group “the Proposed rttoKsor- ^ toere ^ no doabt that 

nations But tho iair.interest centred jSPTggtfiSfjS. 
to buy U.S. steel making equip- on steel and highlighted what }!** 

ment and develop their own steel many officials regard as a grow- SiS's tteS 

industries to the point where the P™Neo in international -“ 2 “ auB# . me m U - S ’ ■“ 

products are competing with trade. _ = imports, 

ibose of U.S. steel makers. Eximbank was set op after the A case in point is tfat of a 

Another House sub committee war t0 provide more jobs for proposed steel mUi -m TrmidacL 

to-morrow will exam ine the u * s * workers by guaranteeing The government wants, .more, 

bank's policy on South Africa. IoaDS t0 countries to enable them than S15Gm- of Eximbank fin- 
Last month, a Senate committee t0 bn >‘ American plant equip- ance to help build the plant and 
called on the Carter Administra- ment and products. aim its products at the Amen- 

tion, which is reviewing its policy Committee staff say that the can market, 
towards the Pretoria Govern- bank has been lending money The staff say that the threat 
ment, to stop Exim bank assis- to developing countries to build of the plant has cost at least 
tance as part of a campaign of plants which are having the 400 LLS. steel workers their jabs- 


Tokyo, Peking technology talks 


BY CHARLES SMITH 


TOKYO, Feb. 8 . 


import cur 


SEOUL, Feb. 


SOUTH KOREA bag set 
special government bod 
study import Uberalisatioi 
official of the Cental 
industry Ministry saift 
decision to appoint a cocuc 
was made at a meetin 
economic ministers eariiei 
week. 

The committee, which 
have Us first meting; latei 
month, will lay down % 
lines and select Items od» 
to -ease import restriction 

On a customs clearance! 
the Government plans 
increase imports to $ij 
from 510.5bn. last year 
exports to $12.5bn. from S 
Kt plans to balance Us at 
payments account, which 
year showed a S32m. surpi 
. Foreign Exchange bdh 
rose 45 per cent, to 54 ; 
at the end of 1977, comi 
with 1976. - 

Reuter 


Insurance foi 


NIPPON STEEL, Japan’s largest might generate from Japan. . -China in 1974. The installation 
steel maker, confirmed than it One estimate says ’ that the of it is almost complete, 
will send two technical missions 6 m. tons plant would cost around But Nippon’s rivals in the 
to China later this month to dis- Y50Qbn. - industry’ c laim that the contract] 

cuss know-how exchanges with U seems certain that China is price was below commercially 

_ _ __ attractive levels. 


Chinese steel industry. 

The first mission, leaving next 
Monday will discuss the supply 
of fechaology for an integrated 
steel plant which China is 
believed to be planning near 
Shanghai. 

The second mission, leaving on 
February 20, will visit the 
Anshao works, in the north east, 
and will discuss renovation of 
existing icl3nd steel works. 

Japan Is the main exponent of 
large-scale steel manufacture on 
coastal sites and almost certainly 
holds the key to the success of 


Mr. Roy Jenkins, president of 
the European. Commission, has 
written to Japanese Prime 
Minister Takeo Foknda urging 
him to take all possible 
measures to reduceIds 
country’s heavy trade- surplus 
-with the EEC, AP-DJ repeats 
from Brussels. The deficit- ip; 
trade with Japan, ft readied 
about $5bn. last year^againrt: 


Price will be a crucial factor 
in negotiations on future -steel 
plant exports, . s j 

0 The U.S. has approved the 
sale of three Japanese; bom-: 
puters to China, but is Insisting 
on a number of safeguards.' 

.. e 


Nicaraguan 


Wallich seeks 
tax penalty on 
wage raisers 


WASHINGTON. Feb. S. 


Fears of eroding established busi¬ 
ness. and have introduced dis¬ 
counts on many routes. 

American. United and Braniff 
are seeking approval by the Civil 
Aeronautics Board for discounts 
of up to 40 per cent, on their 
existing routes. To protect their 
lucrative business travel, how¬ 
ever. the airlines are insisting 
that chejper tickets should be 
purchased 30 days in advance 


Senate begins debate on Panama 


BY OUR OWN CORRESPONDENT WASHINGTON. Feb. 8 . 


THE U.S. Senate to-day began its amendments, which would fur- 
and that the traveller should not (formal debate on the Panama ther strengthen the °-S. position 
use a return half of a ticket until i r-inal t rea tv. The Carter Ad- w ' ien formal U.S. control oyer 
seven to 45 days have elapsed. | minist ratio n hope; that it will end ,s to CQd d * eneration 

The proposed fares, which: some weeks from now in a first Although od in ion in the Senate 

wnuUl end af terUorlo ™nths. unqualified foreign policy sue- by two thirds of 

look likely to win CAB approval., cess. those voting w ill be necessary to 

-i For the first lime, the debate ratify the treats', has been swing- 

. was carried on '.he non-cotnmer- mg perceptibly in favour of the 
Icial public radio network across treaty, most surveys of senatorial 
j the country, as sunporlers and opinion suggest that the Adininis- 
(opponents of the treaty argued tration does not yet have enough 
I its merits and the case for new votes for ratification. 


IT and T ahead: peak sales at 
Standard Brands; upturn con¬ 
tinues at CBS: other U.S. 
company news Page 2t> 


MR. HENRY WALLICH. 
Federal Reserve Board governor, 
asked the Congressional joint 
economic committee to consider 
enacting a lax penalty on U.S. 
businesses which grant wage in¬ 
creases in excess of a guideline. 

Speaking as an individual, and 
not as a Fed governor, Mr. 
Wallich detailed un anti- 
inflation plan which be had de- 
vased with Mr. Sidney Weintraub 
of the University of Penn¬ 
sylvania. Under the plan, the 
emphasis would be on restraint 
of wages, rather than of prices. 
But, he said, a corporation would 
have to pay the tax so that even- 
handedness was maintained. 

Mr. Wallich said that the pl30 
co'uld also be adapted to include 
a restraint on profit.', should that 
prove necessary. His testimony 
came as the joint economic 
committee reviewed alternatives 
to the Carter Administration's 
proposed anti-intlatinn pro¬ 
gramme. w-bich urges only- volun¬ 
tary restraint in wage and price 
increases. 

Agencies 


The U.S. Embassy dfdiot 
details but it is understood 
the conditions include a reductioa 
in the computers’ capacity to eo- 

suthn 107 *: Mkh sure they could ijot be put to 

Silbn. in 1976 and fU^L-W^miutaiy'uae. 

■’ •: The U.S. also insists that the 

' . . n "... ■ 7 "" - *- computers be ‘ manned or the 

China’s plans for building such aware of the need to modernise first three yearn by Japanese 
a plant near Shanghai. The' its steel industry and would like technicians,'end after that China 
Japanese press has begun pub- Japan to help. ' \ submit three-monthly reports to 

lishing estimates of the total Nippon steel was the-.main the manufacturers on. the 
cost of the Shanghai plant and supplier of a rolling 'zodH and machines' programming. 


one 


the amount of exports that it silicon sheet mill bought, by source said. 


Japan to build U.K. designed trucks 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


PRODUCTION of British- bigger machines — capable of It approached LancerBoss 
dPsj<rn<Hl lift trucks in Jacan will lifting up to 60 tons —^ wfcJcn about a licensing deal after Ihe 
begin this snamer under the 1™ assembled et lighten ^ “nrem won its fifth Design 

_ " . r ,,__ j _, Buzzard. Council Award last year — the 

S The Japanese group, one if the award went to the LancerBoss 
LancerBoss of tne UJ\, and feeding integrated produce® and an ^ 700 sidellfts with 

Japan Steel Works. fabricators of steel in Japmwith capacities from 8,000 kg to7^00 

Pre-production models rolled products ranging from steel bast- kg. . : _ 

off the assembly line this week i»5» and forgings to indnstrial Thmjs the sixth Ucendng 
- Tll , ^ ccomKI _ . machinery, also specialises in the arrangement completed . by 

and full-scale as.emb.y starts in pr0< jaction D f high quality large* LancerBoss to coyer markets’ 
May or June. sized items such as generator - ’Which arie\ either, completely 

JSW will be making the rotor shafts for power stations dosed ,to tracks'exported from 

smaller-capacity lift trucks, from and reactors for nuclear power, Britain or arextoo far away to 

two to seven Ion* capacity, and chemical and / petrochemical make the export of smaller and 

LancerBoss hopes that this will plants. Sales / top £20Qm. iessexpensive vehicles, wortb- 

even’.ually create demand for the fY113,000m.). v while. * C 


WEST ' ^ERi9A?^;ioai 
in' 

experi^^^lttsiiSdni^ 

• lastyBaa^h^SYjper^eaL >' 
DM34bii^£d: 197G x tiic econw 
miirfs&l^said.^ v; 

:*W> at • Xnt n r *A i Vi ; . m i A < 

matcrial vatne of ;the: ex* 


In sored t0*aUrf'fia93.71in. i 

DSI26Jba. V - . .. 1 

.. Applications -woe rece 
for 38,300 proj«fe for a, 
age a fall.of 5.7 ^tr cent • 
-Tfae • .ministry -, said • : 
greatest share »f ontstai 
guarantees are:; with - O' 
nations comprising 48.7 - 
eent. or DB135JRni, 

Guarantees on: exports 
Eastern Bloc eoantries f 



some - DBUL3bn.. or 17.4 


[j 


cent of fast yearis total aga 
a 19^ pec cent share hi I 
AP-DJ '•’ 


Mideast hoi 
food supplies 


Financial Times Reporter 


New Leyland drive into Europe 


BY STUART ALEXANDER 


BOOM AT PUNT A DEL ESTE 


Foreigners spend in Uruguay resort 


AMSTERDAM, Feb. S 

LEYLAND is to devote more pea a commercial vehicle sales major penetration, ip Germany 
resources to marketing its truck from i,700 units in. 1975 to just and.Italy, 
and van range in Europe. Mr. under 5,000 in 1977. it is aiming While it will continue to 
Bert Lawrence, director of the to increase its dealer and service market some of ife exigting UJK,‘ 
European Division of Leyland network to 450 outlets over the models, tite company is also con- 
InternationaL said here to-day. next three years from its present sidering the possibility of build- 
speaking at the opening of 300. ing other models, specially for 

the RA 1 Commercial Vehicle And it has plans where neces- the European market or sections 
Exhibition, he said: ‘ Leyland's sary to go into joint dealer of it ; 

European companies are only at franchises with other raanufac- It 1ms also been holding, talks 
the beginning of a programme turers. But this would be nego- with some other European maim 
which will involve increasing the dated with the dealer concerned faetdrers as part of its tech-, 
number of markets where and would not be on a European- nology and component research. 
Leyland commercial vehicles are wide basis with any one other No decision has yet been 
sold. manufacturer.’ announced about the structure of 

“This in turn will involve At first Leyland expects to Leyland’s commercial .vehicle 
building up a strong and profes- build on its present sales in sales force In Europe. At 'the 
sional dealer network across France, Belgium, Holland, Den- moment, overall marketing, is 
Europe.” mark, Portugal and Greece, while *till handled by Leyland Inter* 

Leyland has increased Euro- at the same time preparing for national. 


COBELLON OF the U.K. . 
been awarded a £65,000 cf 
to supply all the start-up ft 
stocks Seat /Ho liday Inn’s a 
fiv&star rlmra'wbfch opens, 

Sharjah te.'‘fte J tJnlted M 

Emirates oo’-'H^reh X. X 
supplies include'dry goods i 
fsmeu foods ^as wefl #s> ' 
meat—Scottish.' : Aiwmk 
which will be air-frefghted 
Since it was^iyfoar 
ago Cohelldh. Iras 4>eeoi 
major supplier ot foods 
hotels in the. Middle 
including - several ~ta •, 
Gulf, Hilton,:. Intercootinefig 
ftamada and Sheraton 
The hoik of. Its business, u 
last year produced * 
of around fifo* is supp 
fresh meat to hotels in 
Mideast area, the meat 
provided hy Shiiiips TB 

CTwiebenham), 



Poland seeks 
$250m. credit 



ROME. Feb. & 


POLAND is seeking a forth 
3250m. trade credit to finaa 
Imports from Italy, Heirt 
- reports. 

• Pye TVT has been award 
contracts with tbe Italian sta 
broadcasting network, BAI, f 
colour televislen eadneras ai 
transmitters, totalling^£3m.2i 




MAN-MADE FIBRES 


BY ROBERT LINDLEY IN BUENOS AIRES 


PUNTA DEL ESTE—“ East 
Pfiint," the Atlantic resort 85 
miles east of Montevideo in 
u ruguay—is not only undergoing 
a building boom without prece¬ 
dent. it is also the spot where 
land values have increased more 
than anywhere else on earth in 
Ihe last two years. 

Statistics speak for themselves. 
On Ihe 20-block-Iong punla. or 
headland, ilself. which offers an 
excellent view of the River Plate 
estuary, the price of building 
sites has increased six-fold since 
the end of the 1975-76 Summer 
holiday season. 

The red-roofed chalets which 
once characterised the headland 
have all but disappeared to make 
way for blocks of Mats—which, 
as from last September are pro¬ 
hibited by ordinance (o rise 
higher than three storeys. A 
$711,000 Punta del Este chaleL 
and the land it is on. sells for as 
much as $450,000—for the value 
of the land only, of course. A 
$ 1,000 a square metre is tbe 
current price for a headland site. 

Several factors have converged 
lo create the Puma del Este 
boom—social, political and econ¬ 
omic. Walter Pintos Risso. a 
former (1967-1972) public works 
minister of Uruguay who is to¬ 
day (he biggest builder in Punta 
del Este. explains why. 

" A kind of lethargy which 
>otiled on the resort after 1971 
was dispatched by a sudden 
affluence of investors, especially 
.European investors.” Sr. Risso 
says. 


“Prices were low, considering 
wbat Punta del Este bas to offer. 
Alsn the exchange market was 
freed in Argentina. A buyer’s 
market came into being. Punta 
del Este was sleeping and woke 
up two years ago.” 

As for tbe European investors, 
another Punta del Este builder, 
Albino Musante, says they are 
mostly Germans and Italians. 



cent of investors in tlie area. 
Punta del Este has been an 
“Argentine resort” for a very 
long time, having very little to 
do with the rest of Uruguay. 

Punta del Este is about equi¬ 
distant between Argentina and 
the other rich South American 
giant, Brazil. Now that Uruguay 
has completed its Ruta 9 to the 
border with Brazil, tourists can 
drive to the Uruguayan resort 
on first-class highways all the 


The purchasing power of 
Urngnyan workers fell by 8 
per cent, in 1977, tbe sharpest 
decline in three years, the 
economic bulletin Oikos re¬ 
ported yesterday, AP-DJ re¬ 
ports from Montevideo. On 
. average, Uruguayan workers 
earn the equivalent of $ 100 - 
S120 a month. Their purchas¬ 
ing power has been declining 
steadily since 1968. It fell by 
7.7 per cent, in 1976, when in¬ 
flation was officially reported 
as 40 per eent. 


Argentines and the Brazilians, 
are the Paraguayans. The Para¬ 
guayan dictator, Alfredo Stroess 
ner—who will be elected presi- 
deut-for-llfe next Sunday, is 
frequent visitor. 

Value estimates of buildings in 
construction or planned for im¬ 
mediate construction on the 
headland, and on the wooded 
approaches to it, range from 
S220m. to S500m. Construction of 
four tourist villages near the 
headland is about to begin. The 
promoters of one of these, called 
Terrazas de Man antiales.. 15 
minutes by car rrom Punta del 
Este, arc emphasising its 
privacy and isolation—and 
superb golf links, two casinos, 
and house parties enlivened with 
French ebampagae. 

Builder-architect Pintos Risso, 
at the age of 70, bas plans for 


the resort's future. An airport 
which could take big jets is 


The Arabs have also gone in as 
early as 19BS, in fact, when Arab 
money financed the construction 
of Opus-Alfa building in Punta 
del Este. 

The biggest investors in Punta 
del Este. however, are still the 
Argentines, who once all but 
monopolised the resort. They 
apparently make up about 75 per 


way. from tbe North of Brazil: 
Brazil's Ruta Internadonal 471, 
part of the Panamerican High¬ 
way, links up with Uruguay’s 
Ruta 9 at ChuL 

Brazilian-made cars, especially 
with licence plates from the 
southern Brazilian cities of Sao 
Paulo and Porto Alegre, are now 
much in evidence in and around 
Punta del Este. The third big¬ 
gest investors there, after the 


sorely needed, he says. Then the 
big European companies such as 
Bayer. Philips and Mercedes- 
Benz could send their personnel 
to Punta de! Este on holiday in 
shifts during the European 
winter—Uruguay's summer*—and 
keep their factories working the 
ycar-round. 

Many are asking whether the 
resort — which -bas 7,000 
permanent residents and was 
visited hy 150,000 tourists last 
season—might not soon turn into 
a boomerang for those who have 
invested there. Land values are 
still increasing, but at a slower 
rate. Sr. Risso thinks they should 
level off in about two more years. 


Europe’s share dwindles 


js&T-' 


BY RHYS DAVID, TEXTILES CORRESPONDENT 



OUTPUT OF manmade fibres 


• - . . - r-. 

. The biggest growth, however, by the European fibre industry, of last year bV-Rhdiie''S 

around the world is continuing has come from producers in the is the loss of markete in Europe- tbe big Freni* 'teXfi0S-‘ _ 
to grow, reaching a new record rest of the world where output, where imports of textile -proabets- Tha mate d timMmp htecfc 
last year of 12.9m. tonnes, but largely as a result of new in fibre equivalent bave grown' been Ttatian reluctance to * 

Western Europe is not sharing capacity commissioned over the to - exceed Exports" by 560,900 go major capacity add! 

increase. past two to three years, has tonnes over the past five years, planned, for the next few yei 

This is the picture which jumped from 3.6m. tonnes in equivalent to around 15 per cent bat following discussions ' sn 


emerges from statistics for last 
year and the explanation for the 
talks on capacity reduction which 
the EEC Commission looks close 
to concluding with 13 leading 
European fibre groups. 

Figures collected by Enka; tbe 
Dutch-German fibre producing 
ami of the AkzO group, show 
total production of ail manmade 
fibres isynthetic and celiulosic) 
was last year up 6 per cent on 
the 12 . 2 ra. tonnes for the pre¬ 
vious year, which ilself marked 
a sharp rise from the. very low 
level of 10.67m. tonnes in the 
recession year of 1975. 

Output in Europe where the 
domestic textile industry-—the 
main customer for-the fibre pro¬ 
ducers—has been under severe 
pressure from imports, is down 
by 5 per cent, ar just under 3m. 
tonnes. In 1976 it stood at 3.164m. 




WORLD PRODUCTION 

. -- 




(W 0 metric tons) 

• - 



W. Europe 



Rest of . ^ 


Year 

(total) 

U5- 

japan 

v/orid 

Total ^ 

1970 

2,622 

2^68 

1^11 . 

1,987 v . 

V 8^94 / 

1971 

3U882 

2,572 

7,633 

■ 2^38 

9325 Ft 

T972 

3,049 

3,032 

1,601 

2^65 

10347 w 

7973 

3,420 

■ 3/135 

'■ ijn? ■ 

2,97 V - ■. 

11384 > 

1974. 

3,171 

3477 

war-’ 

3,202 - .. 


797T 

2,671 

2,938. 

1/05 • 

3,645 . . 

10,674 

1976 

3,764 

3327. 

. 1,616 . * 

4,092 

K.199 

7977 

2,995 

3,643 

V07 

4^55 ; 

12,900 

Change 




*. '• ■ 


1976/77 

“5% 

■ +»%'■ 

+ 6 % 


; **% _ : 






■*-; .. ' 


the' EEC Commissioner f 
Industry M. Etienne payfeni 
the Italians have moderated tf 
stand over recent weeks » 
.haYe. Indicated their wilflngn? 
to agree' to. a lower oulp 



X'It- .; seems likely some m 
plahts; T coiistruction"of which b 
tidt - jet started, win nor i 
- embarked upon..’, at press 1 

Cfir already under way JW 


capacity -elsewhere win be-. r 
moved. ■ Rising. -Italian indnsO 
a more efficient structure *it 
a smaller -overall capacity. , 
The result could be to bn® 
about a reduction in capaol 
to armmd 500,000-tonnes, a drq 
of 100,600. tonnes Mirier the pu 


again, to dve* 600,000 tonnt£* 
new plant is commissioned. Toi 


tonnes a recovery from the total 1975 to 4.1m. tonnes in 1976 and of the totd market in. Westera ^mpW bowSer irith 
of only — 6 m. tonnes in 19,5. but 4J>m. tonnes in 1977. Europe..;.- ’ -planned growth originally 

sb.l way below the record figure ___ ____Th« rA^ntiv^nnehidpri RnlH m»» tfi.pi OSA _ 


nave had a murh mare caittUranr iu fvc cent, iu ~ ■■ - 7 ; w www jwuiiudu b.-m— 

recoTprv from fhT tmnoh 1977, that of the United States tte Jbre prCfditoetS are not such as poiyestqr,; .oyjon a£ 

In tbe United States ontnut Iasi ^ as remained broadly the same ^ pec benefits acrylic — now account for 

- stssjs w 

9 per cent- on the 35m. vonnes n tm»t wnt whiia engaged in-a major; programme ' of Tw^n -niad'c ' filTrgs 

Irnripf'fim.r 6, ^ nd 2 SSn ?- 0 f rest 0 f wor ]ri w °f rationalisiiig 3 production to cellolosies suijft as rayon tidd 5 

19, °’ J j Pan f increased from 23 ner cent tn brin 5 capacity closer to market percent of themarketPoly^ 

i ^ I,St year , n -fu d , u 5 ed 35 n^r cenL ^ P Wt 1 demand, with the mam producers has alsoieentreatingiSshm 

Li in. tonnes compared with L6m. per cent ] n Germany, Britain and the of the total symhetlcs' marine 

6 per cent 


The main cause of the dedin- Netherlands-already cutting back increasing from' 34. per cent ifl 
ing share of world output held substantiaUj^-fnllowedat the^nd 1970 tO tt per cenL last year,: 


t 
















•ft* Xarha d^^^rM^^ otiiiite to a sudden demand for cars, and had to travel 


?2*Vr 

- 


•SSfc v^pr; l iwmfTieriurnea up ai our unusguw u« pw «. uwi\. 



^msrnw 


Universiy.No Msburm^vailabl^so one of our Avis girls lent 



^"Vv.. 


^ j f I 


. ■ 

i r «*£ 

«**>£ 



























Financial Times TfciasdayFebruary- 9 1978 - 








iTiiiTT 


insianTiTrmn 


BY RAY DAFTCR, ENERGY CORRESPONDENT 


Minister’s 
bid to 
reassure 


community 


plea to 


com 


l i. I raw.!- *>iuih 

NOT 

-k-k-TRS®*' 




■ 15 m 

'&vs BMnnrau 

“/■ *Aum 

\ v ■ i 


* /• J* Jpnucc 

/ ««« •/» 

[/ 4*,^ 

>; ■ Ur «iDHi 
■> OUWHMD. 


SHELL and Esso have taken an of 160 metres of water, with Corporation, a Marathon Oil sub- ‘ _ 

important step towards the large piles. It is expected that sidiary, has released details of r==—r™——jzS \ T 

development of the North the platform will he floated in two encouraging oil wells sunk r” " \ \ 

Cormorant oil field north-east of its location on a barge and oa the Brae field structure in I I'L.t ' 1 

the Shetland Islands. installed in late 19S0 or early block 16/7. I 1 

The companies are expected 1981. Well number 10 drilled in the p™, 

lu spend foOOm. on .exploiting the North Cormorant is rated as block, tested five intervals rSJfeiS-- 

northeny field which should a medium-sized field hy North within an S67 feet gross section ’an k 

begin boosting Britain's offshore s ea standards. Its estimated of oil-bearing rock. Production -</7) 

?noo Pr0duch0n late in 1981 or recoverable reserves are some tests of three of the intervals klrW^ ?/ •Aims 

198i “ 400m. barrels, while peak output .produced flow rates of 3,750. / a \ 

Allhough the Boards have yet should be around 180,000 barrels 5,950 and 2,560 barrels of oil , \ 

lo sanction the project it has a day. a day respectively. Tests of >Hi: , j_ f • 

d _ ecid,1 d to conlIIli5S j on Oil from the field will be the other two intervals were con- Je “M'Ti " * / -1* ip™" 1 

CJB-Ean and i\ right to design transported to Sulloxn Voe in the ducted for reservoir engineering / 

a steel production platform. Shetland Islands via the Brent purposes; these yielded only / “P'-k/i ““ 

Jf plans are approved by the pipeline network. It will be small volumes of oiL /. L ij™® 

Department of Energy the order carried a few miles in a spur The eleventh well drilled in : /\ 

for the: £5Qra. platform-support line to the Cormorant field plat- the block was also sunk on the_ 4 ■ ' itc r4? Hig*l ~ 

structure should be awarded late form where it will be mixed with southerly portion of the Brae *~ l n 1 — I—LJ— 

this year. It is thought that the 0 il from other fields, including structure. This produced even 

work could go to a Scottish Brent. Dunlin, Murchison, and more encouraging results. South Brae structure as a con- 

builder. Thistle. Production tests were con- tinuation o£ the 1 evaluation 

Shell, who has also used Shell and Esso,-partners in ducted on five intervals within programme, 

concrete platforms for exploiting North Sea operations, are among an 837 feet gross hydrocarbon The group is operator for a I fruitlhl co-operation. 

nil in nnrlharlr watorc .1_■_•_._....._ ■ .1_rr . - __ a.v.. c ’ 




imiJTT 


By Peter Riddell, j BY ANTHONY MOREFON, REGIONAL AFFAIRS EDITOR 

Economics Correspondent ^ STRONG plea for badness to with-the overall figure of 145 in 

AN ATTEMPT to improve the invest more in Northern Ireland the.UJC 
relationship between Govern- was made in London yesterday -ftfi-'part of his campaign to 

— __ __ ,1.. umnAmT Ur 


Inflation 

levels 




Affairs Correspondent 



I uat] J\T7 





ifl 



SouthEra, structure us a con-| 

tinuation o£ the evaluation j planning agreements, 




Vi i Mi * 


oil reserves in northerly waters, the busiest operators in the U.K. section. These flowed at maxi- consortium that includes Ash- 
aid yesterday that a steel struc- offshore sector. Apart from mum rates of 740. 5.704, 3,958, land Oil, British National Oil; 


tuce was now being evaluated developing Brent, Cormorant, 6,643 and 7.073 barrels of oil a Corporation, Bow Valley neeft 

because of the characteristics of Dunlin, and Auk fields, they day respectively. There was a Exploration, Canadian Ashland Tlr 1 . iWntMrprriiv about 
North Cormorant and because of have recently committed them- large amount of gas found in Oil, Louisiana Land and Explore- »» 

sea-bed conditions. selves to exploiting the Fulmar both wells. tion. Saga Petroleum, Siebens re » aoD s m P s ‘ . 

The steel platform will be field in the central North Sea. Pan Ocean said that a twelfth Oil and Gas- and. Sunningdale '‘,,j5iP dgers ,.,,P°t ni -~*: n 
pinned to the sea-bed, in a depth Meanwhile Pan Ocean Oil well would be drilled on the Oils. ™ a :L H* 1 * natI0 ° a ! 


ment and induslxy was made by Mr. Boy Mason, Northern- fcjwstJhe pnmnee’s ecqnomy Mr. 

]«t 6, Mr. Wfflium Ireland.Secreto. f 

Rodgers,, the. Transport Secre- “The best financial- Induce- petsiraded Du Pont'not to shut 
tary. ment package of any country: in a factory j n Londonderry, 

Be said lhat “ industry must Western Europe was available 1 . Mr.M&SDn reported that -last 
recognise the legitimacy of a **s a fP ur 1° incoming business, ye*r total investment in mams*; 

Government role In its affairs, he told-a conference on mvest- factoring industry in Northern 
while at the same time Govern- ment in the province organised ireiaim from public and 1 piivatfe 
ment must so-define and exer- by t he C onfederation of British sources was almost HTOhl^v ^ 
cise that role as not to hamper Industry. Future investment commit- 

business efficiency.” In areas of particularly bad. moots in the same year amounted 

'Mr. Rodgers, who was speak- unemployment—which ranges to a further £67m. “These are 
log at the annual dinner of between 25 per cent and 35 per no mean achievements, and they, 
the Institute of Petroleum, cent, among men in some towns add up to a picture of continuing 
argued that the Government's —the inducements range ; to half economic vitality,” he said, 
industrial policies, including the cost of buildings and'plant The Secretary "vt State 

proposals for industrial demo- 31 r. Mason said that the best admitted that the province's 

cracy and planning agreements, facilities available in the rest of ima S e of violence was a dete^ 

were Intended to promote Britain were the 22 per cent reutto the potential inv estor a iwi _ 

fruitful co-operation. available in the relatively-small i® 3 *- 9^*^ the most; attiaetrve lines would lead to companie- 

He also defended the Govern- number of special development’ ^ t0 notifying price increases ti 

menfs stance on pav sanctions areas. - ' in the province.___ recover the costs incurred. Thi- 

which highlighted -the need The region also had would lead, in tarn, to a rise ir 

to think carefully about advantages: since 1969 manufao- warfmar* the Index, he said, 

relationships and roles” turing output had. risen. ; bj 14 . Tbe i‘ s based ™;Prkt 




Recession 
cuts State 
revenue 

By Peter Riddell, 
Economics Correspondent 

RE RECESSION in 


when there is an overwhelming for eveiy 1,000 workers through it. does i 
need to bring high and un- industrial stoppages compared rewarded.” 
acceptable levels of inflation 


BY RAY DAFTER, ENERGY CORRESPONDENT 


gwsrajzs -.ff.sra.tfM SgBrasjas 

.ji would oe onued on tne uus. M the Government is entitled 104 per cent All these figures-^tfronnSt in which industiy of three to fom montts of move 

-to define it, does not always were better, he said man For Wq operate profit ably in the meats m the Retail Price Index 

_ e * lend itself to such precision, the UJC as a whole. region. The rate of increase fell steadil} 

InVAprmATI^ HW* The management of the Industrial relations had been "At tbe same time, private in- for *e nine-.--.months - tc 

ill lisltirSJV ffl W% 11 CC^TS economy requires executive consistently better than in the dustry must play its part. I hope November. 

JL£Jl ’ mJL*& Sr^- action. This is partcoiarly so UJv.; last year 91 days were lost it win take op die challenge. If - Tie underlying rate in Decern 

when there is an overwhelming for eveiy LOGO workers through it. does it will he -amply showed a small rise whid; 
• mrs need to bring high and un- industrial stoppages compared rewarded.” S was maintained m January, in 

to remain at £3.7 dd. a year ss?“ r “ n ~—_—.— 

•7 Throughont the speech, he _ ._- - • . per Cent: . . 

tried to answer Industry’s con- "FVrv—TT IT ' '1^. ' >’ an an nu al rate, 

»««« sansiSrsrr-sas rord s plants'-'- 4 -«t^sss?«ssi»s 

volume of industrial invest- -..V. . , r badex W.how nmning-at 6 per 

bn., -depending on the com- areas where it would later be ment will continue to be ^ a -a S ■■ . • m ■}■ cent-—same as m December, 

exity of the system. needed. privately managed and funded. nun Sf c ? J1 0;pr,ce 

In addition it is estimated that The Commission is likely to -i t means that the decision UOl 1CSS DFOCIIICHY 1 B; ofowaSer 

the Government agrees tn the B P_ en d some time discussing the about which, goods to nrodnce '..... Tjy^at nte of Purchasing 

FINANCIAL TINES REPORTER and Supply,, which represents 

* vdvccttdv _buyers,in large companies, said 


under control/* 

Throughont the speech, he 
tried to answer Industry’s con¬ 
cern about Government inten¬ 
tions, arguing that a massive 
volume of industrial invest- 


pponomv probablv has accounted ENERGY investment in the UJC. £5bn.. -depending on the com- areas where it would later be ment will continue to be 

for more than a third of the is expected to remain about plexity 0 f the system. needed. privately managed and funded, 

recent public sector deficit by a n ffi~_ * ew In addition it is estimated that Commission is likely to u It means that the decision 

cutting revenue and boosting ex- y eaI ^. according to a Govern- the Government agrees to the ®P en 9 some time discussing tbe about wlilch. goods to psodnee 

penditure. according to a ment re P orT - construction of a Severn Barrage JL elatIv e prices of various fuels, and market, where, and how 

Treasury estimate published yes- After declining slightly in the e i ec txictv generation scheme the 0nce again the pricing policies intensively, will be taken 

terday. early 1980s. spending on energy cost cc , u ‘i d toe in th e re gi on 0 £ of „ B "9 sh Gas "I 11 Probably be within the firm as a response 

For tbe first time the Treasury Projects should rise again to £3bn. to £4bn. called into question by those in to consumer needs. It means 

has attempted to show the de- “°r? 111111 £5bn - a Y* 31 111 t“ e Annihor mnnrt m thp m. ? , electricity and coal indus- that our'tax system must he 

tailed impact on public sector m ission states'that enerev nrices tneS * made to recognise the role of 

finances of changes in the level The figures, all in September JJ”j5 n -fSJivinSoondcf n CoaI and electricity producers initiative and enterprise. 

.,f economic activity-. But it re- 1976 prices, are in a report to be cosS in orSr to “ulri™ n^nSf.rc have claimed that gas is being «Above all. we must welcome 


Ford’s U.K. plants 
‘not less productive 1 



FINANCIAL TINES REPORTER 


British plant as productively as apply greater pressure mi its still made worrying reading. 

nuances ur cuauges m me iev« *?<= shouid reflect, long-term trends in uu *u auu enri»riiaiy proaucers uuwire uuu ninvmb its other facilities in Europe, British workforce. “Ford’s own Th e average price rise notified 

•;f economic activity . But it re- 1976 pnees. are ui a report to be cosLs in order to guide customers h ^ e , clai “ ed T ihat gas _ 15 being ** Above all, we must welcome despite the company's constant calculations assume no more to its members was 10.16 per 
mains sceptical about.the useful- dismissed b> the; Eneri^^9°™- on equipment investment and too cheaply and that in order profits as a good thing, as - claims to the contrary. stoppages in Britian than in cent,, against-S^ per cent in 

"nv* ri U |S e twhi? peC13lly vestenent which aMo^ntprt 7 for 1Qdl cate to energy producers tbe J? “^f, tain m ° r ® a com P etl - long as they are not achieved Counter Information Services, France or Spain and an achieve- December. 

dn> P»ecii,e calculations. 3 ”5™ oer cen? amount of production caoncity JJJJ to? encourage by any abuse of monopoly j n a new Anti-Report on Ford ment level only 3 per cent. The institute’s figures are not 

The idea of a full employment domestic ornrinct in inSS? needed . conservation, gas prices should power.” published yesterday, said that-below that of the Germans.” -weighted to take account of the: 

budget balance had been widely should return in thJ^fate lSanc ™nnrt «v S th* be iri ^ reased ; . . He said he could not see even now, after years of low The report suggested that importance of the price rise 

urged by academic economists f 0 ^ annual average 3Bntl ^ h ^ as has strously w hy Industry should be a investment in Britain, the labour Ford’s transfer pricing policies notified or of prices which do 
and other commentators, includ- 2 to 5 ner cent of Vnp nr^ op 9°® e 9 . such a move, however, reluctant partner in planning cost of each Ford car produced were dictated by the desire to not g0 up so they give a cruder, 

inj; the National Institute, as a vailina in*the Derinri frnrn iQfin ™ a, ,?S ini 9f tbal: Jt 15 ciar S in S agreements “if they are in Britain was lower than in any take its profits in certain coon- picture than some other state*: 

measure of the underlying stance to 1973 P d r ° m 1960 ing place in the costs and pattern realistic prices. approached as a means of deep- other Common Market country, tries. “The financial flows often tics-of what is happening to infla- 

of the Governments fiscal poli- ___ .?■ °i n *.- .Sfi’ s ?°9!r _ Ene *!0M Investment, Energy ening and formalising the close The company was exporting bear no resemblance at all, to tion. • , 

ties. nil Commission Paper No. 7; and relationships which already 1 Cortinas from the Continent the reality of cars and parts The" levelling^® in the under* 


equivalent to full employment. th ® n com P enaa te. 

This measures the balance which For example, spending 00 oil 
would occur with the same an 9. gas production (excluding 
nominal tax rates and public British Gas Corporation’s off- 
spending plans if private sector shore investment) is now run- 
demand was just sufficient to nln 8 a * some £2bn. a year, 
bold activity at a constant level. Bv the mldrl980s offshore 
The illustrative estimates have work could be accounting for 
been calculated for 1976 on the less than £lbn. annual!v, at 1976 


This shows that receipts would the mid-1990s 
have been about £2.Sbn. higher. 


_ -:------———-- ■ *•. Wholesale * Output Price index. 

Nuclear power expected Plant to Close aS ICI 

to gam cost advantage , ^ SSsfflrK 

by roy hooson o Wc ih$ifkpt on tv' ^ijsrwss-.^ 

THE DEPARTMENT oE Energy the key factors for nuclear 1UM1 AVI' MX 1V1. JLt< T agreed to limit its gross margins 

believes that nuclear power will power stations are construction . ...... on. certain _ big selling coflee 

be significantly cheaper than the costs and the performance of the by KEVIN DONE, CHEMICALS CORRESPONDENT ' ;,n 3S -i *2f aereed 

output of coal-fired power station. Tlie two sides have now agretai 

stations during the next 22 years. The department says nuclear IMPERIAL Chemical Industries about 20 per cent of the world’s at Maydown in Northers Ireland, that there is no point in continu* 
Central to the department's Power stations must have an j s to close down a plastics inter- capacity for MDI with plants at About 100 people are employed ing the stheme. 

calculations is tbe assumption mediates plant at Burn Hail in R°z en burg, Holland and at a at ^ plant scheduled for — -- 

thqt thp mists of ill fn»»is upp 111 ih e ‘nture unless coal costs T recentiv - modernised 40,000 , . rm .. , 

J'SS *!? are kent verv low. Lancashire at tbe end of the tnnTlp ‘ a n1ant RlirT , closure, but ICI said yesterday ■ " 


Plant to close as ICI 
alters market priority 


Sow ^nVthe 1 ar°>000 belWeen To arrive at 'a comparison year because of ICI’s decision Rigid polyurethane foam - FnOlUPPr^ 

lower. an Jmponaai xacror win oe tne The larger‘the increase the between coal and nuclear station lo pull out the market for toluene markets have been growing far Sq? 6 !JSSSiS? JLL/lJ^lUVVl 

So. the public sector deficit total cost of developing different more the comparison favours costs the department.considered di-isocyanate, the key inter-more quickly than the markets « . 

wouId have been about £3bn. less energy resources. nuclear power, the department the investment decision on a mediate for the production of for flexible foams, with new i, CThllT ^17^1* 

than the figure of £SJ3bn. For the first time Government says in its Coat and Nuclear f lfl f! e imaginary power station flexible polyurethane foams. applications appearing in the aml ^ 0001cea 1 Ier 1015 year * ■■ v T Vl 

actually recorded. spending projections include Potrer Station Costs paper pub- 100KlD S at alternative nuclear The plant, which has a capacity building, construction and auto- Meanwhile, ICI has won a £4m. * ■ • _ 

Tbis is revealed in an article investment in a North Sea gas- lished yesterday. and coal designs. of 15.000 tonnes a year, has fallen mobile industries. World MDI a year contract with Australia ATI 

in tbe Treasury's monthly gathering system. Such a net- The research confirms that for , r e P°, rc c ^ Q v, l -v ^ behind the economic size of demand could be 500.000 tonnes for the supply of caustic soda. ICGlMlallUU 
Economic Progress Report, based work of gas-collecting pipelines coal-fired power stations the kev nuclear 33 a *? ss estaDtished tech- WO rld-scale plants. by I9S0. The contract, initially for three " 

on a Treasury Working Paper, could cost between £2bn. and cost factor is coal. In contrast noloey ***“. 1S . mor®dependent There are about 20 other manu- ICTs decision to close the TDI years, is with Queensland 

" - - -*— - ■ .. _ upon achieving its design f ac t urers 0 f TDI around the plant leaves Du Pont as the sole Alumina, one of the biggest users 

. _performance. world with the West German supplier in the UK from its plant world-wide of caustic soda. 

I . re P0rt „? res 1 se , s that major. Bayer, holding about one- --- 


lefact that you're reading 
! Financial Times suggests 
you should also read 


although coal and nuclear are ^ ' oi lnsta ii ed WO rld capacity-, 
are treated m the analysis _ as The market is currently suffering 

,S " Stoemento S SS” s 0 ' eK “ p!lcity and depressed 

in the Government's power Rat h er tl]aD c0aU nuiD 2 to 

pa ”P; _. r. „ compete with small resources, 

X Li ICI has decided to concentrate 


Ladbroke to operate 
U.S.-type lottery in U.K. 


’ By Kenneth Gooding, 

Industrial Correspondent 

SIR MONTY FTNNISTON'S 
Government - sponsored Commit 
tee of Inquiry into the engineer¬ 
ing profession has received 
conflicting recommendation? 
from three major institutions 
about tbe statutory registration 
of chartered engineers. 



You read the Financial Times because you need to make decisions 
based on sound information. For the selfsame reason Trade and Industry 
should be part of your business week. Its wealth of relevant vital news 
gives you a weekly update in depth on the many factors which can affect 
your profits and performance. 

Checkout the features which give unique access to 
industrial Whitehall. theEumpain f frmmnriit yand 
overseas l cade developments. 

And statistics. Here’s one of the finest _ 

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ond distribution figures fora host of industries. . •’ 

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free sample copy. Simplyphonfi'01-215 5021or post 

3fc could be themorf; worthwhile m;-V; v - > 


mm 

iY' \ 


Station Costs, Energy Commts - its e ff 0r t s j n s ector on MDI LADBROKE GROUP, the UK. of New Jersey, one of the first This became clear yesterday 
sion Paper No. o. fmethylene di-para-penylene hotels and gambling organisa- successful state lotteries in the after the Institution of .Civil 

- isocyanate», the intermediate tion, has signed a two-year agree- U.S. Since then, lotteries have Engineers gave some details of 

j| > « chemical for rigid polyurethane ment to market and operate spread rapidly with states such its evidence to the FInnistnn 

1 ObIO 71 foams. instant lotteries in Britain as New York. Ohio and Delaware Committee and said that it hau 

a. vunvnuu The Bum Hall TDI plant near designed by Mathematica, a New as well as New Jersey raising major reservations. 

t* i Fleetwood, which is to close, Jersey-based consultancy, writes tens of millions of dollars of The two other main profes- 

f"lf fippr represents only about 2 per cent Stewart Fleming from New York, revenue each year through the sional engineering institutions 

vrj. mVvi W orId capacity. But ICI In 1971 Mathematics designed sale of tickets. have come out strongly m favour 

ij II estimates that it currently holds the weekly lottery for the state One .popular system Is the of statutory registration bat 

T5) IIQ -- instant lottery. The purchaser differ on how it should be regu- 

A4tuJ - ¥TT . « . • buys a ticket and uncovers lated- The Institution of Mechani- 

BEER PRODUCTION fell for W QTT1PV l*P€fTlf'lC TIFIPP hidden numbers on it which tell cal Engineers . suggested that 

the first time since 1965 last ** flllitj A voll IW/U Ml IV<v him immediately whether he has compulsory registration snoum 

year. The fall was 0.6 per cent. won a prize. be supervised by the Council ot 

bn the record 1976 level to j _-d ^ _ __- -J- Mathematica, has designed com- E^ineertog^ListitirtiQns. 

39.S6m. bulk barrels or 11.4Sbn. n^IPm. ffi I Tl 51 Til Til puter systems and accounting Institution of 

pints, writes Kenneth Gooding. HiJviij ar ^ methods for operating lotteries Engineers, in what was wide! 

This is more or less in line BV KSWMI rru moniNr. ' although according to the com- 2j£ a Y®gL2®'. b ® a TOSLiliK 

with a Brewers' Society forecast KENNETH GOO NG pany the business accounts for qn .-independent 

made in January last year that WATNEY-TRUMAN. the Grand sion gives the go-ahead, will <mly about 10 per cent of its the Civil Ed- 

ou r , W0Uld faU ab0Ut 1 - »Wdto. *u T tt e agreement, iaiir 

Production received a boost in Pnsed the brewing jnduktty by J ^bSSb oK TShS -cent broke will market and^operate 
the last two months of 1977 restricting most of the price in- t0 ^ beer revemic : and are “slant lotteries in.: the UJL, 

because there was some stock- creases it hopes to implement we il below the “safeguard” Mathematica systems. 

piling ahead of price increases later this month to Ip a pint provisions of the new prices The agreement calls tor the 

^ 6C i e 5 e ^ rly year and this The major brewing groups system. »^P 1 ? oft nunimum of ^ 

ported the outcome to some wU ich have so far gone ahead with The major question remainmg of seM^ ir^Sce ^ - 

"The Society- is looking for an greases have put vp-prices by SSSK*?^ 1979. *** & ^ 

Increase in output in 197S, par- 2p a pmL Bass Chariington and commission will decide ' to Ladbroke estimates that sal® 

ticularly towards tbe end of tbe Whitbread, which like Watney investigate another group along- c °vl& reach 200m. tickets In the 

year, as long as there is no rise has proposals before the Price side Allied Breweries which, was first full, year of operation.' earineer*tfertn^’irlrtnTipmi- 

m beer duty or VAT and tbe Commission at the moment are last month referred for invests Mathematica saystb3t in theU;S:. OTtsunervisorvbodv wrmM hare 

Chancellor reduces direct taxa- also believed to have opted for gatioti but subsequently went the sale of 5pm. tickets brings troubl^fimtinerenoaeb neoole 

tion, thus putting more spare 2p a pint. ahead with price rises under the into the company - between -competent to lud^e orofesaionaii 

cash in peoples pockets. Watney, If the Price Commis- “ safeguard * provisions. 8500,000 and $Im: -in L revenues, “engineering standanS^^^^'- 


cash in people's pockets. 


. decision you.make today. ^ 

Post coupon or 
jv^phone 01-215 5021/5786 

| Yes, please send me a free copy of Trade and Industry. 


To Trade and Industry, 
Room439,1 Victoria Street, 
London SWlH QET. 


Altman denies protecting 

THE HEAD of a finn of stock- ing fund exchange control fraud rene Exchange Control Regula- conceal the same 1 bf Bij^tock dealings In 1974 invhivine the- 
brokers, Mr. Lewis Altman, Involving £ 6.6m. of foreign cur- tions in 1974-75. from the authorities In ' 

denied at the Guildhall Court!- rency Passed off as investment Mr. Altman replied that there way?" ™iS^^SlSndoiSrAlK 

London, yesterday that he or any currency. after h e realised that he-and his Mr. AltmaoliepUed that there -aKreed that tor 

of his codirectors deliberately Mr. Altman said his firm took firm had been . “conned and was no suchSe^e. He ill 

concealed the name of former legal advice after the Treasury deceived by Binstoek and his that Mn Btokod^s ■ was ; Ziiriii baSk^£ithouf-Sthauce 

T.nnrtnn finanriBY- Mr .Turtah In moire innulriec Jntn tontT*’ ho crilt AiA nnt t* rf ~ nanx = eXCnaBB" 


Company___ 

Address_ 


—.Tel Nc 


of isngiand omciais investigat- controlied by Mr. Binstoek. “in or Mr. Binstock’s involvement after - the financier' had been 'overseas client Sold shares hi? 

ing a- large international cur- the eyes of our lawyers, it was Ha added that ho did not con- searched by Costoms. offldais at firm could send tbe money to 

rency fraud. not thought necessary to include attempt by me or my co-diree-.Heathrow Airport in September, him. The transaction was not a 

He was being questioned by the name of Mr. Binstoek in our tors ro deliberately conceal the 1976. boms one nScStion 

Mr. Michael Wars ley. prosmn- answers to the Treasury." name of Mr, Binstoek.” he added that he did not con- aileaed. and there was no attemDt 

*f 8 V'SL£ n r?* J firm 5S? 1 A ^> 2 ^ an ’ S* and ..^5‘ Worsley ti 1 ™ suggested: sider himself a co-conspirator of to forge the documentation at a 

of Lewis Altman and Company partner. Mr. Robert Carnes, 31, “There was pressure bearing on Mr. Binstoek nor did he hope to later daie. 

have denied conspiring with Mr. you, which you are.not prepared save the financier from “the. The case was adjourned until 

the ”ewi genius behind a revolt Binstoek and others to contra- to tell us about, to cause you to wreck,’* Questioned about share Monday^ • 






























Your sales ditecior can sell them. export finance to bridge the gap between 

buripiSducfiortiiredor can mate them.Your manufacturing and getting paid; even 
iliSocacandeliverthem. vetting local agents in your P^cipaHoreign 

w|||anyQutffatfalhem? markets and insuring your products till they 

Talk to your local Midland Bank manager get there. 

J 2 his team can give yourteam Your local Midland manager can help 

md see r>ow ms Team cun yv y you answer all these business questions, and 

^SiSfems may be anywhere ■ more. He gains additional strength from 

fa|Srs ofaeditfrom buyers ove^eas. companies sparidismg ,n businesslike 

-• You’ll find your local Midland manager solutions for industiy 

MM onateam whose answer may , And they re all as accessible to your 

include factoring to speed up your cashflow,- business team as a call to your loca 
leasing to accelerate expansion plans; Midland Bank. 

It’s time your business team met the Midland’s 


Your problems maybe anywhere 


between 


rs of credit from buyers overseas, 
find your local Midland manager 
on a team whose answers may 

. . . iA l _... 





■y- 


' Y--A >r 




V : 



.. 

- r*vVV, 





.* V ?l 


LA- ' 
























3 



Financial Times- Thursday Febraary 9 197S-; 


home m:\vs • ^ 


r LABOUR NEWS 


Underwriters issue 


writ for £1.6m. 


January 

housing 

starts 


Ford 


BY PHILIP BASSETT, LABOUR 


BY JOHN MOORE 


F. H. SASSE. the Lloyd's under¬ 
writing syndicate suspended last 
December, has issued a writ, to 
the state-owned Brazilian re¬ 
insurance group Institute de 
Reaseguros do Brazil tIFJJ) 
claiming S3.14m. t£Lt>ra.J« 

Mr. "Frederick Hush Sasse. 
suing on behalf of himself and 
his syndicate, issued a High 
Court writ last Friday. The claim 
is alleged to arise owt of 1.300 
contracts made through the syn¬ 
dicate's Florida agents, Den-Har 
Underwriters, by which clients 
were insured against damage to 
iheir buildings up to the "first 
$500,000. 

The syndicate "has met valid 
claims under some of the 
policies, and aifleges that IKB, 
under the terras of reinsurance. 


now has to meet its share of the 
liability. 

The move- follows the suspen¬ 
sion of Lloyd’s syndicate 7611. 
F. H. Sasse and Others, last 
December until the disputed 
claim between. Sasse and ERB 
is resolved. Lloyd's insist on a 
strict annual audit where the 
accounts of each member must 
show that the value of his 
underwriting assets is sufficient 
to meet all classes of business. 

IRB has declined to pay the 
Sasse syndicate until a complete 
report ha 5 been prepared by 
Graham Miller and Co., leading 
international loss adjusters and 

insurance investigators. Mr. Bob 
Bishop of Graham Miller and Co. 
said yesterday that a report 
would be completed towards the 


end of this month. 

“We have been working .on 
this case since the end of 
November." Mr. Bishop added. 
“ Our overall mandate was to 
look at the entire situation." 


up 10% 


By Michael Cassell, 
Building Correspondent 


IRB's solicitors, Elborne 
Mitchell, said yesterday that they 
were reserving rRB's legal posi¬ 
tion until the report was com¬ 
plete. “We will not make an 
attack on the validity of the 
reinsurance until the investiga¬ 
tion is complete,” said senior 
partner Mr. Stephen MitchelL 
Any insurer can deny liability 
if material information has not 
been disclosed. 


PRIVATE housebuilding output 
in 1978 got off to a good start, 
according to the National House 
Building Council. 

The figures come as a welcome 
contrast to the private housing 
sector’s performance towards the 
end of 1977, a year in which 
house building output fell to one 
of its lowest points for over a 
decade. 


FORD wfll have lost more than 
20,000 Escorts worth £45 m. by 
to-morrow night because of a 
strike by 1,000 press room 
workers at its Halewood plant on 
Merseyside. 

Ford has laid off 1Q.0QQ men at 
Hale wood and a further 1.700 at 
is Southampton factory. If the 
strike, now drawing to the end 
of its fifth week, goes on, it will 
affect Ford’s main UJi plant at 
Dagenham and could cripple 
Ford’s efforts to maintain its 30 
per cent share of the UJv. 
market 


Nine points 


The president of IRB, Dr. Jose 
Lopes de Oliveira, is expected in 
London later this month. 


The NHBC says that contrac- 
) tors began tvork on 10.84S homes 
'during January against only 
18,300 in the previous month and 
17.500 in the same month of 1977. 


Claim about safety 
review of gas plant 


BY RAY PERMAN. SCOTTISH CORRESPONDENT 


According to the NHBC, the 
performance represents the best 
January output since 1973 and is 
10 per cent above the January 
average for the last five years. 
It remains, however. 13 per cent, 
below the average January out¬ 
put recorded in the preceding 
five year period. 

The NHBC estimates that 
private sector completions dur¬ 
ing January totalled 122S5. com¬ 
pared with 12.400 in December 


The issue behind the stoppage 
is. for the employees, the classic 
one of production line tedium. 
Ford management sees it as one 
of stamping out “inefficient and 
counter-productive ” customs and 
practices. 

The strike started on January 
9 after the breakdown of six 
weeks of talks on a Ford plan 
designed to end certain work 
practices in the body plant press 
shop. 

The nine-point Plan, described 
by Ford as “a set of working 
guidelines," is: 

1— The men must work to the 
speed of the production lines; 

2 — No automatic rest period 
every hour. Prodoction iines 
are to stop only when the rafe 
for the line is achieved.: 

3— No changing round of jobs 


every hour. Only one job rota- their- current state, and' -have 
don per shift is acceptable;. turned it down. - - 

4— Working . ahead after the - Ford says it has gone as far 
first five hours—building up Tvork a$ it can. If all 350 men bn each 
■to give longer rest periods—can press shop shift change" jobs 
remain but is to be reviewed; -every hour, it says, there would 

5— Line operators will not be chaos and a. lfss ot one hour’s 

leave their place of work without work in every eight-hour shift 
permission; * •' The unions regard the body 

6 — Operators are responsible plant press shop as the plum job 
for Quality and must be told by at Halewood- It is a progres- 
their supervisor to watch for sion area "—workers move into it 
faulty panels, parts missing, etc.; only, from other .parts a£ -the 

7— Hourly counts of pieces ot phmt, No-one is recruited Son 

work done must be factual; - , outside the Halewood . labour 
booked down in minutes; *' force. \‘1 ' 

9 —Any failure to achieve the Earning s are high—most of the 
line rate will be booked to pro- men are on time and a half for 
duction inefficiency and must be .the three shifts. A sixth of their 
recovered before the operator is. which 15 week 

allowed to stop work. . ^, basic,' comes from •shirt 

The erndal clause is paint Premiums. -- 1 .’^ : 

three, on job rotation. At one ’ r\ j _ * 

stage in talks during the strike, UUtpQt 
agreement was reached on all' Overtime earnings are high 
other points, though agreement because the shop makes com- 
on points two and nine haanow ponenls 'for other, factories, 
been withdrawn. • Because the shop is the first stage 

Parts of the Halewood plant of -the building of ff : car. the 
work a job rotation system workers are seldom laid off. 
already, changing jobs every'- But production line rates 
hour to vary the hardness and have »hh dropped. Halewood 
monotony of the work. Hie plant produced 160,000 cars last year, 
management wants co end this a 12.5 per cent drop on the-total 
practice—but the men would : 22 ke for .the previous year.’ 
to see it extended to cover the - The 1977 figure comes dose to 
rest of the planL • the plant’s worst-evec year in 

Ford has offered to . allow 1975 when only 154,000 cars were 
hourly job rotation.after the first made in a plant ’ which has a 
four hours of each shift—but"the production capacity of 1,500 cars 
men see that as a worsening of a day. 


. The Halewood shop gw \ 
have applied to the TraBsrjV:' - 
and .General Workers’ Uniacui 
make the strike official* Mr,® 

Evans, TWGU - general seem 
elect, has - asked for ' jJ 
Information as he considers 
application. - • ...4 

A decision may come i 
week, hat the" issue ir coa 
cated by the 14-week-dd a 
at British Leyhind's Mmsss 
plant-at.Speke. 1 -: - 


That, .toft, : is ; Junoffidai •- 
members of the same onion <£ 
broadly similar work and '- 

over work -practices and a£ 
'mentis. : , .. 

. Union officials feel.that if . 
strike is made official-the jo 
will havfr ..to ijfe. -In Leyiai 
care; £&a-day dispute pay -i 
backdated to when . tbe-^jj 
started would total £170$QB 
large sum, even for the TG$ 
Suspicion dogs industrial -r 
Hons at Halewood. Mr. n 
Palmer, north-west - rede 
officer for- the TCTWtT. s 
"There seems to. be a. res 
Interest ip Ford .;in lab 
unrest” - 


But a Fort .official said: “Tj 
seem to want a type or Dijr 
Halewood.” ; % . /v. 


There seems little hope 
things getting -better. As 1 
Palmer said: “pod knows -Tj 
to improve'-labour'relations ' 1 
Ford." 


anti 10.200 in January, IS77. 

A SUBMISSION from a protest In the report, the Aberdour after hearing of studies being The NHBC commented:" These 
ynyjp that radio transmissions and Balgety Bay Protest Group undertaken to assess the effect encouraging January starts indi- 

•■r/ul d pose a safety risk if a said there were a number of of the Navy radio base at cate that builders are now 

Sbell-Esso proposal to site a transmission stations in the Crimmond. Grampian, on the responding to the ready avail- 

North Sea gas separation plant Forth estuary run by the armed gas terminal being constructed ability of mortgage funds and 

in Fife is approved has led the services as well as commercial nearby at St. Fergus. the strong underlying demand 

Government to look again at the broadcasting organisations. Ships The Sheli-Esso project was for home ownership, 

plan. going up the river to Grange- first delayed when the partners «The mo<it important factor 

A lengthy public inquiry was mouth also sent out signals decided to abandon a site at aow w - 0 rkine aeainst revival 

held last year and in a Commons The level of transmissions Peterhead and transfer to Fife. cp Pmt - rn h* n,**- 

answer Mr. Bruce Millan. Scot- could thus be above that record- They have a contract to export shortages may forep un orfop- 

risb Secretary, indicated that he mended by the British Standards butane and propane from the once a *^j_ •• p p 

ttould give a decision by Christ- Institution as safe in areas where plant to the U.S. 0 

mas. there were hazardous installs- Protests against the Fife site,, Estimates suggest that private 

No decision has been an- tions, and could ignite any have also been raised by farmers j housing starts this year should 


Toolroom 
leader 
to campaign 
for Wright 


Oil boycott threat 
to public buildings 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


nounced. however, and the inflammable material that leaked living along the proposed pipe-j fl** t0 around 155,000 against _ ... ... 

admission yesterday that Mr. from the plant or the tanker line route from St. Fergus to 1 13^.000 in 19<.. If average MR. ROY FRASER. leader of j firms breaking the 10 per cent. “We- will stop all deliveries top CiVTL Service is refnair 1, 

Millan was considering the re- terminal. the site. A decision on whether! prices do rise substantially, how- the British Ley land toolroom pay guidelines. of petrol, diesel and beating oils t0 finanoo-the JntrodncdSiwf^'** 

port sent to him by protesters Mr. Dick Mehta, a member of a public inquir;. -Iiould be held; c ' er . and demand is maintained, workers’ committee, is to j The move was prompted by; to- army camps, town .halls, reDresentatives in- Govern w 

last month, and consulting other the eroup. said that they had into the pipeline project bas not I then builders may be encouraged campaign m support of Mr. Bob , withdrawal of a Ministry of social security office*and schools, departments when the^n* 

Government departments altera- become concerned about the yet been made by the Depart !by the prospect of healthier Wright in next month’s elec- -Defence contract, worth ajrotmd Only hospitals will be exempt” safety committee': become Ti 
lions could explain the delay. effect of radio transmissions merit of Energy. ! profits to step up output beyond tion for the presidency of the | £12.000, from T. Baker and Sons, ' Some 10,000 drivers in.-the this year ; ■ .-•• 

the levels currently anticipated. Amalgamated Union of Engi- !a Tipton haulage company said West Midlands have already won ^ y _ .. 

“ - neering Workers. ! to have paid drivers an extra 15 per cent, wage increases in The extra cost of the safet 

-Mr. Wright, assistant general 1 15 per cent. - breach of the Government pay representatives will have to t 

Of •_ __ < /''I _ _____ I . . . secretary, faces Mr. Terry j Mr. Geoff Parkes. secretary of policy. ■ paid for by rats in other ;arta 

Shipowners 1 Consumers may be given Minister to sat, ssrs I - - ■ ——— ’. . g^arsaruftta 

1 • I _ _ . the contest 10 decide who I nirntt vAi'nA^n nnvr "" The exact number and cost 50 ' 

complain more light hull? facts °P en § ram so «^4sgr«.e! Crovan rejects pay-otts . ■ r:,& a jxT&tJz f % 


By Alan Pike, 

Labour Correspondent 


| TANKER drivers in the West the committee co-ordinating. 
1 Midlands threatened yesterday action by drivers in suppori^-of 

ito halt fuel supplies to public'l- 4 ? 1 a fc we€k: w u c! ™’ s ^ | 
i h»tMiner., if »h a ^ 0 rr,m<«, Tuel embargo would be impo^d 
buildings ti the Government if^jy other local companies were 
; implements sanctions blacklisted. . •. J 


BY DAVID CHURCHIU. 




W «', W S» THE CIVIL Service is refuslr , .- ) 


'jovernment departments altera- become concerned about the yet been made by the Depart !by the prospect 


Hons could explain the delay. effect of radio transmissions ment of Energy. 


Shipowners 

complain 


Consumers may 
more light bulb j 


Minister to 
open grain 
silo 


BY LYNTON MdJtlN i 

_ j By Rhys David 

CONSUMERS MAY be given approved advice in an Energy. 
dllQ more informatlcio on light bulbs. Department booklet that fluores-jA NrAV 33.000 tonnes grain silo 

: the Department of Prices and cent tubes should be replaced 121 the Royal Seaforth grain 

By Lynton McLain, Industrial Suff i Consumer Protection told the just before the rated lamp life I toroinal is to be opened in 

I House of Commons' committee was reached, even though nolv [Liverpool Docks to-monw, by 

IRC llinlTW WART Min-ictPl’I inniliru intri l-jmn i)nr,hilih- •?__ -c .i i_ _ i'j Hr Alhppf Cni'par»rv f,ir 


are given a similar deal. Sccrefery. fair trading division. Ted Leadbi f t ' er . Ap. a .number 3"?* 

Peter 6 Walter^ president of the British’lamp makers have no of the c ” mmtltee ' said " 'at Royal Seafoi 

General Council of British Ship- statutory duty to declare lamp The whole area uf lamp tiTe, operated by Kell 
ping, are demanding, in effect, life or light output but in I he an <* replacement costs was-Mills, 
free shins in response- to the ■ U.S. the information is required jaa«e. «*<• Mr. Arthur Palmer] The silo is 27' 


Duffy, ' Midlands executive { _ ' _1___ T of departmental - budgets,' Civi 

member, ia the final round of * . . . Service unions have been toK 

the contest 10 decide who I PnirnM i«ninn*n nmr ‘ "" The exact number and cost.< 

succeeds Mr. Hngh Scanlon. I \jrOV3.Il FGIGCtS D3.V"0IIS ' ’ «P«sentativ» in th. 

Only 356 votes separated the ; - Civil Service is not known, be 

I wo men at the end of the first i GOVERNMENT PLANS for March 1. - ”, rtiwe this depends on loo# 

round ia October, with Mr. ■ redundant shipyard workers’ They also want an adequate negotiation s. But : tare cofe-^ 

Duffy slightly ahead. j golden handshakes were rejected death and retirement scheme SfS 

In October, Mr. Fraser was unanimously by the 5,009-strohg The Govan men have agreed pnt “S“-;t 

himself a candidate and. with/workforce at Govan Shipbuilders to accept their stewards’ reconir 

19.071 votes, topped the list of yesterday. mendation that they -OMipe'rafe- - The Society pf Civil and PuS 

eight eliminated contenders.] At a-mass meeting the Upper in building the last three Polish He Servants, one of'.the union 

His decision to involve himself [ Clyde men reaffirmed their total bulk carriers, transferred to-the Involved in negotiating broajl 

in the second round should ] opposition to any redundancies yard from Swan Hotter after guidelines for safety committees 

help to transfer many of these Jin the industry, whether-volun- the Tyneside boiler-makers xe- at nation^ level, said yesterday 
votes to Mr. Wright. ; tarv or compulsory. fused to give - the necessary.-'it was astonished at'the Cl# 

Ballot papers in the election. 1 Mr.- James Airlie, shop guarantees of flexible woiidng. Seryice decision. - - 

which is by postal vote, go oat stewards’ convenor, spoke of the Meanwhile, the Clyde port “ Incredibfly it came just as 
early next month. The winner dangers of “selling jobs” and authority is to make a fresh pay the two-sides had reached final 

should he known by the end bringing about a serious con- offer to their 4SQ dockers to- agreement-on the terms of the 

of April. traction of shipbuilding in the morrow The port was closed yes- official circular which will 'ten 

OAUEW members at Ley- UJf. ' teniay for the second .time this departments of the arrange 

land’s Cowley body plant. ! He said later: “We are not week by an unofficial -24hbbnr ments; for the' appointtaent of 


where Sir. Fraser is convener, j opposed to any individuals who strike. r 


safety representatives.: 


0 feet inn» and have rejected ihe company's .have had a lifetime of service Shipyard unions will not he- •Six unions represeufiag 

1 - - 1 ' u 5 “ ,,u nm.- .-nmini.. ..f _I. ■ I _ * I : 1 » i.:.._i__ nAnt onfnrAQi) rp^iinrfun/nac at OQIAIUl flinil etnuinh Uoctdhlgl 


decisionbv ilrsHart to oer-1 by law following a Federal MP. the committee chairman. He|n->o feet tail ardts linked to thf securiiy of esrnrr^ pack- : in the industry seeking early cept enforeed .redundancies- at 250JMH) ctyil^servants .yesfertfl 
suade India to buv British ships i Trade Commission ruling in described the 1.000 hour life of'main si Ip bv oierhc&d conveyors ?* e J a S proiei1 bv seni , or Le - V * ! retirement with a D adequate the Tyneside shtpbmlders Swan opened talks- with’ the Cfni 
us in® British overseas-aid. Sn * pS j 1971. domestic tungsten filament | controlled from the main con ^nrishop stewards earlier this j lump sum. but vve are vigorously Hunter, following the loss of the. Swvke Department on a new 


i opoosed to younger men selling Polish orders. .. pay deal to run from AprILv..-.. 

their jobs." This - warning came in York # The National Union of Bank- 

The Govan stewards will be last night from Mr. John Chair Employees said earlier this ■ 
pressing their case against the mers after presiding at a meeting that new shift allowances nego- 
proposed payments of up tool the, siupbuflding committee dated Tor - computer staff 
£10,400 at a national conference of the .Confederation of Ship- Lloyds B.ank will be back-datrt. 
of sbipbuUdlng delegates being building > and • Engineering The increases will be paid from 
organised in Newcastle on Unions. . ... '* ;J7uly this 1 : year.'- ' 


Six ships are to be ordered. Tbe ruling states tbat it would lamps as an “arbitrary choice" trol room. Land is available for wcek - j opposed to younger “en selling Polish orders.. . ' . v --. '2*21®®?}. H* ru P 

usin* British foreimtaJd to India be an “unfair method of com- which bad been decided years a third silo. - tbeir jobs." Tins -waramg came in York • The National Union ^ Bank 

which was undersneotbv £'*Oni petition and an unfair and ago. The terminal bn- an the new T L J J The Govan stewards will be last night from Mr. John. Chair Employees said earUer this week 

in 1976/77. "* deceptive act" not to disclose These questions had not been year by discharging the biggest J()bS dCDlHOd pressing their rase against the _ at *^ sff*^t 

rpL_ _ t..:n .^n thic infnf matinn investigated llV Hip Prjm PVer sifl^lp chiniripnt aF errain proposed pAyiQCDtS Of Op tO Of tllft. Httpbufluill? COUffllitteC uStefl lot " COinpQtBT Sisfl 

Hart it welcomes British Ship- Lamp replacement costs also Department and’there was "no to arrive 3 in the United King- Kv flflion £10.400 atanationalcanference of^tee_ Confederation Tp^ S *.2™* ¥ 2*ii*h’*nS^S 

builders’ successes overseas. came in for questioning at yes- reason why it should look at the dom—65.590 tonnes of wheal 001011 jJjjJjjjS * & be paid from 

"But the Ind/an deal is a tenJav's meeting. Tbe Property 1.000-hour standard lamp life or and yellow American corn. THE GENERAL and MnnfMnal or * anised m Newcastle on UmonB; r . . . JW ttl$ v y?ar.- ..... 

different matter "Mr. Walters Sendees Agency which looks at technical considerations about Throughput at the terminal Workers. Britain’s third biggest ' : ' " “ _ . .' 77~7t ■ ‘ v''-> 

sajd. “There may be short term after. Government buildings, had long life bulbs, 1 Mr. Byrne said, for 1977 beat the year's target trade union, last night called for P AtrArnmanf ftllllllcIlDC tlDW IaIiC KIiI ' 
benefits for British yards, hut figure of 1.5m. tonnes bv 90.000 more work-sharing and job vjO ▼ (^lTIIQlvul, DltfJLftjSllvN Tv DLU 

these will create lasting damage ■ tonnes and was almost*400,000 creation as a way of curing un- Jr . ■ . «r. 

to Britain s shipping indusirj;. b tonnes higher than 1976. employment THE ENABLING Bill which will be able to continue the tem- the -.temporaiy -^qbsldyy mter. 

In 1976. this earned £1 bn. in. I I V cnpLc tflnlfcPr 5lSrif*rflft ___ ' The executive, meeting in make it possible for the Govern- porary employment suhsldy r ex-' complaints thattt; is 

ii re STd CU riT5f C teJ“RiSmoJi 1 C aJm C Ain.Mil London, decided to urae officials! men t to continue Its temporary pandtheamajlflrms employment 

th .® ..9.°_ V -* rn .^"J I BY MICHAEL DONNE. AEROSPACE CORRESPONDENT -_ l0 . aim 3t creatms more jobs.,- SIinnnPj and intro- sMivrfriv. and fnrrodu^ more 


Government publishes new jobs 801 


foreign currency. Mrs. Hart will 
be told that the Government 
should give an assurance when 


should give an assurance when L ® Y ” IC ™ EL AEROSPACE CORRES, ' ONDENT iChanee of name »!>»«wd mw 

allocating foreign aid that this | THE GOVERNMENT is consider- tankers in the U.K. to enable! ® UflalC employers. Mr. David Basnett. - ^ uce aew ones was ^published yes- schemes to. deal .-with unam^iloy* .modification tbe Governraentwfli* 

invisible rj-adc should be given j>ng a request from the U.S. Air it to refuel aircrafi en route T, rnfl the general secretary, said the' lerday. mea -" use the new Bill tg intr^dudgab —& 

ihe same consideration as [Force to use the RAF airfield between the U.S. and parts ofllUl J. y IlC Government must direct more' Under the Employment-Sub- Tbe Government and the EEC-alternative scheme to compensate^::..,., 

visible exports. jat Greenham Common- near NATO Europe. | * money to creating jobs. <sidies Bill the Government:will are discussing the future use o^ employees on short-time wcirldng; "' 

Meanwhile. Mr. Michael Cry 11 s, j Newbury in Berkshire, as a base Tb e airfield is no longer used CninVfiirfl _ ■ _-_ •'•>' - .. 7 ~' .. v 

MP, viue-chyirman of the Conser-jfor up to 15 long-range KC-135 for regular RAF flying because 411 *+ : ' . . “ ■ : lI -J. . - - • 

vative induslr> - committee, said tanker aircraft of successive defence cuts aod a TYNE shipyard has changed TETHER CONTINUES EVIDENCE TO TRIBUNAL 

the it*oncy would be better spent these aircratt—oumary ver- the rundown in the armed its title. Swan Hunter Shin ■ .*•■ .... . . 

for ?ndi?. r Th^s ^oild^eir^e ^re used to refuel Hghters^d ^At^one stage, it was used by ■^part'o^the'swim Hunte^group X ^WHU 51 rPTIllf il All ^ 

ss 2 i^ r »,r would , “ ,p £L V * ^iiis-JL/Umudril wun 4 repilldiiOu , 


Lombard ‘won a reputation’ 


Work begins 
at fifty 


REDUNDANT businessmen in fr*****-*-*^- 0 - ^ J * 

their fifties and older are being v 

nlTered a new lease of working THE GOVERNMENT advertising 
life by the Department of Indus- campaign for premium bonds Is 
try as part-time counsellors to "misleading," according to 
small businesses. "Which the Consumers’ Asso- 

Tbe Department wants to ciation watchdog magazine, 
recruit 20 redundant or retired It giTCS a false impression by 
executives for its counselling suggesting that investors in 
scheme for small businesses in premium bonds cannot lose their 
the West Midland. stake money. 

More vacancies could occur But that is the wrong approach, 
shortly in other parts of *the th e magazine says. Since 
country, since national coverage premium bonds pay prizes, but 
for the scheme is planned by this not interest. Investors are not 


'Which?’ says premium hood 
publicity misleads public 


GORDON TETHER, the “It must he.evident that if I June, 2975, telling him he was to see Mr. Fisher tp discuss tfi'efe 1 : 


.: V‘* . . Believe it ornot; v '“ “•" -- 

sesne people don t give you wur money back 
: whenyou fose 


col umn, told an industrial tri- editorship." said Mr. Tether; tages and disadvantages, of;mem- tion-.. disputes procedure-. yrtS-;.*v... 

bunal yesterday that Lombard The Financhti Times had not bersbip of the European Com- formally > invoked-.by^-the.NWv- ■'■'-££' 

would not have won the reputa- produced any independent evi- munity "gave the lie" to the chapel-nt the Fmdhrial Times. 

Uon it did if he had written in dence. to show that the quality claim that Mr. Fishef never, tee last-week-of-ISTS'-tbe hand-' 

a stvle manifestly short of the of bis writing outside the scope interfered with bis_ right tp.'ling of the dispute was not h^ ^ . 
requirements of a quality news- of the directive was incompatible express his own . views 'in' • -71* '" - 

oaper.. with the standards of a quality column: .. ; T • ... - ...... \- v 

Mr TPthor R 4 wrntP th*» newspaper. Mr. Fisher bad Mr. Fishers intention . 

Lombard cofurnn in the Finan^ re,ied 00 the theoretical ar^u- to prevennhe raking over 

cial Times for °1 vears and seeks ment that it was not possible to arguments but to exploit" the- "Earlier, "the . tribunal, reject^".iX'f *ji _ 
reinstatement**He claims be was successfully on as wide a fact that-EEC referrado^^a.rs^estidavriti^-Mrilffprri^n.v M* f fj 
unfairly dismissed and has ra ?£ e ?? he had in his column. vva s over^in' order. tty stop him ^aid^.was-based-oB.;the * v 


Financial Times Reporter 


summer. betting their stake money, but 

__the interest they could have 

earned - by putting money in 
175ret winnor banks or building societies. 

Jl 1151 YrlUilCX Premium bonds are “a gamble 

and nothing but a gamble." like 
OT POmitIPrCP greyhounds or even Russian 

U1 roulette, contrary to suggestions 

j in the advertisements. 

award But need to hold bonds 

“for hundreds, even thousands. 
Financial Times Reporter of years to be reasonably sure 

„ , ... . of getting close to the average 

MISS LORNA Duncan s swift rise ration oE prizeg « or just under e, a 
through the ranks of commerce g per cenL re turn 
made her the first winner of the The likelihood* of winning 
Westminster Chamber of Com- nothing with 10 bonds i s vir- 
meree Silver Jubilee Award tualiy “foolproof"—almost 99 In 
presented to her yesterday by ioo > the magazine says over a 
Lord Creighton, Chamber Presi- year. 

de . nt - _ . . ... tJ Getting the biggest prize of 

In 18 months, the 21-year-old noO.OOQ with a £10 stake is like 
cx-debutante from central Lon- winning a raffle in a competi- 
don rose from secretary to s^les tion with the combined popula- 
director or Sinclair Equipment uons of Wales. Scotland and 
International. Northern Ireland. 

The annual award is given for But the odds improve with 
outstanding contributions to more bonds, and as a gamble, 
commerce by voung business premium bonds are a better- het. 
people. Three other entrants re- at current rates of interest, than 
wived certificates of merit. football pools. 





- v 




A 

f-h 


npportant development in the would, he said, have- ■ been hfid. fostered thfr If-' 

dispute between them. This D „shwi sion that -thnragheut’tiie ' 

directive, he alleged, constituted ^ 

a fundamental- change in his A DltV . invitation^ from Mr..Fisher ~£ ^ i 

terms of empiovmenL „ * . ■ see him Lo- discuss his column, ' iiSS? 6 " N 

It was “absolutely clear” aid-^- Jethei; .there But this'Twas>untrue. . 

From ftio rinos nt orfinin. u_ would be Inrtenflnripnt -Avtd»nM ,taeH,‘O0 8.W6 J?. 


-S®P! 



auuiorny to matcn tne ;news- apparent-tea 
paper's standards. That,;how- wSe cotmter- 

ever, did nnt mean thar tin imitinnii) ctnn> - ^ - .■- Waa. uot tne. prune jiurpose auv 




dismissal. 

The Financial. - T 
stated that one reason 


Mr Tether, repllrt: “l am te? was no V 

Times had sure he would have been on my an . edJto&i'of- qxodny-^>eisbn wfrV'tiieV: : shDUk! not re 

m Mr. Fisher side." pap^.sbowW ^velalittie.'Xaiteui^fe.^ - 


instate 


^ •'-vv 


FRE3V0UM BONDS 


'lacked expertise outside the'paper.” he added, 
defined areas. A letter Mr. Fi 


PT33 


iper.” he added. . dqrthk'- -1.3gte' : AflfabwieS- Ugti 1 

A letter Mr. Fisher wrote-in Fisher's editorship-ditLherrefpse - ^ : 
















* 

*■:<. n ••mtf 


Improved contact lenses 


ooimig^ad into 


-t »r. 

Vi i:i 


mm*-;- ■■■■: 


>' V2 likely tFevi^Is'.'m - Jp.-tXlrect beam 

. p&ar.. business •ieeri' , vSa$>g'£»b tile water surface. 

• at ‘V** Public-by Motorola's.-J^o^r: awe.' ot this is 

Tz-.j ‘^' v inarfcetirig"' dlrettoi^r^ es^ex^^'- to ■ protect the semi- 
of which pciut, iipJ.the l^ c^4w5<it:'-nMiiistry Jrom its ups 
jsJp^ s.V togly cruciil^rote .. semi- -“an^ ^wr^Europeau roarketiag 

K. > 'ill— jlfrtfc Di'am Mfnrtt rtAt+i ir nn» 


-. . ■= r ft ■ »* vuvuiij .muuii.uum aiMut . ■ •. - .- 

• ■‘>w. i to 1S72 went frem «1 to *V auother;in, .1^3; ^JotoroJa 
i; a ^i Win be taking “ another expects'-to^weatbej- such storms 
bge bytfieearty 8tts.Tinis,.a with: advanced tgcbnStogy. reduc- 

-.9 H 1 ! lIVI ' ' »v- a_ ih4 rnota T -aiUf nrranrfinp hinh 


■ta&nd to a mere 5100 at today’s, teen lookin'?, 'sit "JOew ' silicon- 
1 . jQpi?Sj -- -■ . based-product : areas': and. is to 

teV*'5 'as others -have Minted soISr ceiya^pagels- 
«-*,■ .fhe orobl«B h^ihpn wHi nrtt An early offering Will be a 

5‘ / A ■ p^ ^iZBfSttssi 

IS- 

° 5 *" ; Vssac suggests that people’^£2.' lb 

.'!* re «** l5S e d P 5S?5 m ?a-5 , Sf-i{£ - Cost is 1 to-be abotxti,$12/watt, 

achieved with increased produc- 
~ r -- 1 ® will jbe uo justifiable and ^ 0Q Hnnaz this, year.. - " 

to lute ia a standard The company" admitir-'* this is 
i ^oi^ 3S m * mpl °n 1 u S too expensive. even for the 

-_ high level languages will.-be specialised applications-in which 

, a ii5 v ? r ' • „: -' solar panels -cun be used. But 

ten firmware -Will be silicon-, n eV y. ideas are: in the; pipeline. 
Li /v, ient and might, for example, mostlv centred around redneing 
L\ 11W f ? he form of x Phig-mmatch- - the amount of processed silicon 
v ?! [size unit: by .1982 Motorola ^sed. Ldberatoiy pilot -plant al- 
rcts a 256k HAM to - 'be avail- re ady exists- to '-rripmw-depos 11 
t for -about $ 16 . or about T ».08 sl jicon in a fl.004 inch thick poll -. 
,, nLi a per bit. “. crystalline ribbon, converted to | 

*?| Iflhhancing its arm to 1985. the monocrystalline foori-:by a i 
**■* VUpany predicts- there‘will be scanned. laSer mebin^iyStein- 

million elements- .on a -• chip - Main" objective:- iY.td . reduce ; 
■* opposed to'about 20.000 at the cost to about $5/Wattby 1981. 

1 j- moment), making a 32-bit Bjr them it >s likely-that solar! 

sfl!rtfiP )coinputer P QS sihIe. cells wiH have became-a signi -1 

then, circuit imaging'.Will ■fiCaht.'Trtbportion'.of-^tbe- com-1 
e progressed from projection panes'total business^ . 
r nilmn »tW8 through .electron beam CEOFPREV iStAHLISB j 


A HARD contact lens that is 
gas-permeable has come through 
a serifs of laboratory and user 
tests in the u.K. and is expected 
to be more widely available 
through opticians this spring. 

The lenses, which are claimed 
to be more durable than soft 
lenses but more comfortable and 
less prone to causing irritation 
than ordinary hard lenses, are 
being made under the brand 
name of Hartflex by the German 
company Woblk-Contact-Lifisen. 

They use cellulose acetate 
butyrate (CAB) which is claimed 
to have superior “wetting" 
characteristics, be less brittle, 
and have greater thermal con¬ 
ductivity than its competitors. 

The life of these lenses is ex¬ 
pected to be as long as an ordi¬ 
nary hard lens, but the slightly 
softer surface means that more 
care has lo be taken in hand¬ 
ling to avoid scratching—the 
surface is slightly hydrophilic, 
absorbing about 2 per cent, 
water. 

Prices are likely to fall be¬ 
tween those for hard and soft 
lenses. There are expected to be 
four competitors in the field this 
year, three from Germany and 
one from the U.S. 


Because of the hydrophilic 
quality of CAB Haridex, the 
developer has devised a com¬ 
puter-calculated table of revised 
fitting measurements which allow 
for the change in shape of the 
lens on the eye when it tabes up 
the water content. 

The combination of the wet¬ 
ness and permeability with Lbe 
durability of CAB is thought to 
be an important factor, particu¬ 
larly when fitting patients with 
sensitive eyes or subject to higher 
than normal irritation due tu 
oxygen deprivation of the cornea. 

The difficulty wj fh CAB has 
been the changes in dimensions 
of the finished lens which could 
lead to large alterations m curva¬ 
ture with latbe-cut lenses of 
normal thickness as they under¬ 
went hydration. The new lenses 
are manufactured by compression 
moulding between quartz glass 
dies ‘ to a thickness pre¬ 
programmed to take account of 
subsequent hydration. 

Because of the water content 
the lenses are expected to be 
suitable for all-day wear. 

Wohlk Is at 2301 Schon- 
kirschen. Sohven -1-6. Poslfach 
4520. 2300 Kiel, West Germany. 

STUART ALEXANDER 


• OFFICE EQUIPMENT 

Desk-top copier 


FOR USERS needing from 200 
to 1,500 copies a month, 3M 
United Kingdom has launched a 
cassette-fed automatic desk-top 
copier. 

First copy is produced in eight 
seconds and the rest at 7/minute. 
The 150-sheet cassettes are in 
two sizes—A4 and foolscap. 
Copying is by-3Mb Magne-dry 


cool pressure bonding process, 
and copies can be made from a 
range of originals including half¬ 
tones. photographs and colour 
work. 

Details of the machine, which 
measures 44 x 101 x 15V inches 
wide, from the maker at PO Box 
1, Bracknell, Berks., RG12 1JU 
(0344 26726). 


Has twin 

information 

processors 

LEVEL 66/DPS describes a new 
large Honeywell computer which 
includes twin information pro¬ 
cessors in one cabinet, a new 
systems comru! unu. an input/ 
output multiplexer and one 
megabyte of 4K chip MOS main 
memory. A single GCOS operat¬ 
ing system controls both infor¬ 
mation processors. 

Each Level 66/DPS system 
also consists of a 64 kilobyte 
mini-tectimilogy integrated net¬ 
work processor |INP> that ac¬ 
cepts up to 06 communications 
lines. These uve Honeywell's 
newly announced general remote 
terminal supervisor/1 1 (CRTS/ 
II) software or the network pro¬ 
cessing supervisor fMPSi. 

Performance increases are 
achieved through the addition 
Of options to the centra! system. 

Main memory can be added in 
increments of 512 kilobytes to 
the two-megahyte level, then in 
one-megab_\te increments to a 
maximum of eiyht megabytes. 

Upgrades to network proces¬ 
sor performance. additional 
main memory to jsl» kilobyres 
jnd use or the more ilexible 
NPS software, can increase 
commu nicji inns processing 

power by as much as seven times 
that of 111- fir.-t level I\'P. 

Honeywell's Scottish computer 
factory at NV who use. Lanark¬ 
shire. is io butM the new Level 
66/DPS along with the other 
models in the larce systems line, 
and the new system will be 
available, with all iu perform¬ 
ance options, in January next 
year. 

More on 01-568 9191. 


Vacuum pump fluid test 


INDEPENDENT service trials at utilisation. 1 
AERE Harwell have shown that at Har 

Fombiin. a new vacuum pump JJSon* to°For 
fluid, is far more resistant to the the test 
action of corrosive materials The AERE 
than conventional fluids. lin in diffi 

A report states that in an ion g^Se/oM 
implantation system under con- ^ lanler xhj 
ditions where conventional fluids for experinie 
typically lasted only a day, duction imp! 
FombJin lasted at least a year. se mi-conducto 
Considerable savings have source materi 
been achieved through reduced and boron 
fluid replacement and pump rapidly rei 
servicing costs and Fombiin has vacuum fluids 
also made an important eontri- Edwards Hi 
bution to productivity by sub- Royal. Crawl 
stanDaily increasing machine RH10 2LW. 

• HANDLING 

Transported on air 


utilisation. The reporting sec¬ 
tion at Harwell is converting 
both its ion implantation instal¬ 
lations to Fombiin as a. result of 
the test. 

The AERE group tested Fomb¬ 
iin in diffusion and rotary 
pumps fitted to the source 
chamber of its Mark 4 loo Im~ 
planter. This machine is used 
for experimental and pre-pro¬ 
duction implantation work on 
semi-conductors. The main 
source materials are phosphorus 
and boron trichlorides which 
rapidly render traditional 
vacuum fluids useless. 

Edwards Hish Vacuum, Manor 
Royal. Crawley. West Sussex*. 
RH1Q 2LW. 


TRANSFORMERS 1VHICH weigh 
from 50 to 600 tonnes are being 
moved at GEC Power Trans¬ 
formers' Stafford factory* on air 
cushion transporters specially 
built by Rolair Systems (U.K.). 

Two transporters were sup¬ 
plied, one with a capacity* of 350 
tonnes, and one of 250 tonnes. 
They can be used singly with 
their own remote control con¬ 
soles. or in tandem from one 
console. 

Fitted with forward, reverse 
and transverse air motor drives, 
which can be operated in¬ 
dependently at variable speed, 
the transporters are used to 
carry transformers between 
bays: into a horizontal loading 


vapour phase drying oven: when 
fully assembled.'into a test bay, 
and finally outside the building 
to a storage area. 

Each transformer is built on 
a steel skid, which enables the 
transporter to be driven under¬ 
neath it. Lift is about 4 inches. 
Movement is controlled by one 
operator, and the transporter 
can rotate on its own axis. Far 
these transporters high tempera¬ 
ture bearings were developed, so 
that they C3n be used even when 
the oven is operating at full 
temperature. 

Normally the transporters are 
powered by the factory air line 
at SO to 90 psi. but in suitable 
locations water can be used. 

Details from the maker. Penta 
House. Basingstoke Road. Read¬ 
ing RG2 OHS )0734 B2551). 


GENERATING SETS 

For prime power, 
standby, and the 
construction industry. 

Dale Electric of Great Britain Ltdi 
Electricity Buildings. Filey, 
Yorks. Y014 9PJ.UK. 

\ Tel: 0723-514141 Telex: 52163 / 

• INSTRUMENTS 

Measures 
stresses 
in steel 

EQUIPMENT developed by the 
Central Electricity Generating 
Board for making accurate 
measurements of residual 
stresses in steel and many other 
materials, is being manufactured 
by Fra nkl in-St oiler. 

It makes measurements by 
centre-hole technique using 
Micro - Measurements residual 
stress rosette gauges. The 

required hole depth is less than 
I.S mm. thus measurements can 
be made on many operational 
components as well as experi¬ 
mental structures. 

Accuracies better than ±S per 
cent in equal biaxial stress 
fields reducing to ^4 per cent, 
in uniaxial stress fields are 
normal. The high accuracy is 
achieved by using an air-abrasive 
process to cut circular holes and 
a high quality optical hole align¬ 
ment and measuring unit. 

Equipment is portable to meet 
site requirements. Depending nn 
application, between four and 
eight measurements can be made 
per day. 

Further from Franklin-Stnller, 
Dafford Works. Larktaall. Baih, 
Somerset BA1 6SW. Bath 314013. 


inane;- 


r CAVIBce 


• 1 !L 


METALWORKING 




1 

• v:-’ ENG A- specially -designed Tolerances are «sily held 1 

. ractable . toolpost Pilcon Smhih ; JBritish Standards * or I 

Steering, .Basingstoke, has thread.nutting., ' 'A.--'; r y?." 

7, ,; i5 ‘-ved the problem-of cutting ’ The unit- eonsistSvibf four 
fJ! j ; ide and - outside diameter, items—a retractable toolpost, 
.*-; nfr ^ : ew threads without an under-; control unit control bar,, and 


| 




■ n—- t:.. 






: -^rel casings are 's ft lohg and externaDy. with great acctiracy. 

5 or 10 Inches in diameter, with 7ft: jwiir return. automatically, to 
> . r,f4 inch thick wait ... the threading posftionvwJieR the 

c- * s0 that the-casings can te saddled, turned to thejstarf of. 

^ed .in’.J^tte'nP'^^Wiih^ffipeaav! 
:,^dred fefet, they .K^ ; e.;h male : .Advantages of the ubit nre in- 
cr., .7-:r ea ^ 00 end, ana a female creased. If .it i$ used in cbnjunc- 
.:- c .:C- : d%d the qther. To prevent tjon with-a-highspeed threading 
V^; 7;'"? casing breaking- m - attachment which provides syn- 
•*• ir.rr -° und ^ ere 'chrpniMd engagement and disen- 

v.,^,at the run out 0 J. ttei ttaead..^^^agemeht of the t 3eadscrew nut 
V| "7 Uucads.i.4 Tt ran be usetf for all norma' 

.7*-s'.® inch, square) wi&_ turning end Wring operations. 

'. r \ imd can be-ito-permanently on 

- ,*-Ie dueto jengthy production the lathe place of the normal 

• ;a ^ fiupply il 

; •; ; _ieumatically, operated retract, 7 ^ pUcon En 5 i neer - 

' ' :: iJ£i2S2 PO V®S5iSS^Swf llllt feS oik 0?» 3861 and Dicksons 

' ™ in P ^?firSr5n single ^Brigineering) on 02513 21291 (a 

- --ive now been fitted to single ___ /v n) g n ' ra i nD «ji V \ 

; na '*‘08$ slide - centre lathes and tp-^ uroup company). 

. ..! r.i I'-' twin saddle machine. _. Tbe • 

..--d rJital aspect of the .unit is that <| By agreement between "ffie 
. 21 / :>»e tool is retracted before the' Financial Times and the BBC, 
- r.w-^ut on the leadscrew is' released- information from The Technical 
iiU his has eliminated undercut, Pape'is avaUble for use by the 
,-' a - yjmd tool breakages;,''and has*.CorporotSdn’s External Services 
?duced. ^production time- per as source material for its over - 
1 * '"' tread to about hajf nh hour. seas broadcasts. 


Mi 


we 


Now we lead them up the Khyber. 





Rivet setting. aiitorriatJc,p!arts feeding and assembly 
net weighing rnach«ies~all make an essential 
contribution to efficient production. For this cost 
saving equipment wisg.executives<um to one 
source of supply- therheimbers of the BE Group. • 
Are you keeping pacein these competitive times? :; 


The traffic-snarled Edgware Road was one of 
the routes chosen by Truck Magazine J ast year for a 
test on the Sherpa van and four principal rivals. 

- The overdrive Sherpa clocked up a remarkable 
SLlmpg—miles ahead of its nearest competitor. 

In second place was the standard Sherpa. 

Other magazine road tests confirmed the 
Sherpas unique ability to sip where others gulp. 

Taking the rough with the rough. 

More recently, the Sherpa scaled new heights 
of endurance for a van. and proved that it can 
take more punishment than even its Leyland 
designers suspected. 

The Carlisle Mountaineering Club drove a 
pair of two-year-old standard Sherpas to 
the Kishtwar Himalayas and back—a distance 
equivalent to half way round the world. 

Both vehicles were fully-loaded with burly 
team members, stores and climbing 
gear, and had to surmount some of 
the toughest terrain that 


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Europe and the "Middle East can offer. 

There, were gradients as steep as 1 in 4. 

There was a desert temperature that exploded 
a thermometer in ihe cab. 

There were rivers to ford, and roads where the 
underbellies of the Sheipas grounded again 
and again. 

There were freezing nights and oxygen-thin air. 

And yes, there were problems with the Sherpas. 

The extraordinary thing is that they were so 
minor and so easily fixed. 

Overall petrol consumption was 19.02 mpg. 
which, considering the loads and the roads, was no 
less remarkable than the Truck Magazine figure. 

Oil consumption was a little over one gallon 
per vehicle throughout the whole trip. 

Team member. Peter Thornton, summed it up* 
“Both vehicles were verv comfortable to drive. 


and eveu after our longest day—over 1,000 Km 
tlirough Afghanistan—there was no fatigue due to 
the seatiug arrangements.. -I was sad to part 
with such reliable vehicles that had served the team 


so well 


One of those Sherpas is now part of a mobile 


It still carries Britain’s best warranty. 

After all that, it’s not surprising that no other 
van carries a warranty to rival the Sherpa s. 

Like all vehicles from Leyland Cars, it comes 
with Supercover. 

And that includes a years free no-mileage limit 
with parts and labour; a year s 24-hour roadside 
assistance from the A A.: ayear's A A. Relay 
Recovery Service (approved conversions and U.K. 
mainland only); a 69 point pre-sale checkout, and the 
opportunity of renewing it all for a second year. 

Some warranty! 

The Sherpa body options include vans.mini- 
buses,crewbuses,chassis-cabs.and pick-ups. 

Engine options include a 1622cc and 179Sccpetrol 
and 1798cc diesel. 

Overdrive is an optional extra on the 179Scc 
petrol and diesel. 

For further information please visit your 
nearest dealer, or write to; 

Light Commercial Vehicle Sales.LevIand Cars, 
Grosvenor House. Prospect Hill, Redditch, 
Worcestershire B974DQ. 


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10 


Financial Times Thursday Tebruaiy 9 1978 


A 


PARLIAMENT AND POLITICS 


Tories beaten in 



or wider Euro-vote 


Ministers hit snags 
in search for new 
referendum formula 


Fierce attack oii Executive attitudes 



to ‘ 



BY IVOR OWEN, PARLIAMENTARY STAFF 


BY RICHARD EVANS, LOBBY EDITOR 


AN OPPOSITION bid to give 
British businessmen working in 
other EEC countries, and their 
wives, who have previously heen 
entitled to vole in Parliamentary 
elections in the U.K. an oppor¬ 
tunity lo participate in Britain’s 
first Euro-poll failed in the 
Commons last night. 

After a debate which cut 
across party lines, a Conserva¬ 
tive amendment to the European 
Assembly Elections Bill, which 
would have extended the fran¬ 
chise to indude British business 
communities in other EEC coun¬ 
tries. was defeated by 160 votes 
to 149. Government majority 11. 

Mr. Douglas Hurd, u Conserva¬ 
tive spokesman on European 
affairs, speaking on the final day 
uf the Bill’s committee stage, 
described those covered bv the 
amendment as the “spearhead” 
of the British effort in Europe. 
“On their efforts depend, in part, 
our chances of making a success 
of the partnership in Europe to 
which we now belong. Tbov feel 



Air. Hard ...” wrong to 
allow this discrimination-” 


z? stm ,h frL sh0 .^ voies 

ffinrW«o" for the lotus eaters. 

Ai 'iran-emen's now stood Mr. Hurd said that the Labour 

Eritish servicemen in Europe,' i f °a Amnions'* SelSS 

together with diplomatic staffs 

in the various embassies, would r ! 

h.-. entitled to vote in th** Euro- would be in the hest interests of 
t--n A2 iblv dec-ions' But EEC development if nationals of 
worker^ employed by British ^ember State were allowed 
companies or international or- l0 . m . 
ganisations and based in any of el * c %™ 5 

the other eight EEC member r f 11,30 JO the2r 
States would have no such country oE origin 
entitlement. One estimate of the numbers 


Mr. Hurd maintained that it of people involved had been as 
would be wrong to allow such high as 270.000, hut it was not 
a discrimination to continue, clear whether this also included 
Bui he stressed that the Oppo- Britons in Europe who were not 
sition had not sought to extend working, 
the franchise to British subjects *"■ , Co ‘* n . Ph *PP s i (Lab., 
living in retirement in other Dudley), who described himself 
EE(" countries as a pro-European and an un- 

Tois. he said, met the objec- ashamed federalist, supported 
tions raised by the Government tiie amendment. He spoke of his 
in 1975 when MPs. who argued own experience of being 
that British citizens living in re- deprived of the right to vote in 
lirement in European countries British elections while working 
should be able to take part in the-abroad. 

referendum on Britain's mem- It was wrong that British 
bership of the EEC, were told people who had spent a large 


part of their lives working in 
the U.K. should be barred from 
voting in the elections for the 
European Assembly because 
they were now working abroad 
in another EEC country. 

Mr. Nicholas Budgen (C., Wol¬ 
verhampton SW). said he would 
vote against the amendment, 
because, if approved, it would 
clearly be seen as an important 
step along the road towards a 
federal Europe. 

He wanted to see the elec¬ 
torate for the European 
Assembly elections voting for 
people whose primary duty was 
to uphold the interests of the 
British nation state. 

Outright opposition to the 
amendment was also expressed by 
Mr. Enoch Powell (UXJ Down S.). 
who said it raised the question 
of whether an attempt should 
be -made to introduce, however 
partially, the principle of terri¬ 
torial voting. If the amendment 
were approved, it would inevit¬ 
ably reliect on the law govern¬ 
ing' Parliamentary representa¬ 
tion at Westminster. 

Mr. Brynmor John, Home Office 
Minister of State. ur?ed MPs to 
reject the amendment on the 
grounds that it was an attempt to 
change the electoral law without 
reference to the well-tried pro¬ 
cedure of a Speaker's conference. 

He insisted that it would be 
impossible to make the change in 
respect of elections to the Euro¬ 
pean Assembly without having 
some “ potential repercussions on 
the internal franchise.” 

There was ironic laughter from 
both sides of the House when 
Mr. John stated: “It is not that 
I have taken a fixed view against 
the extension of the franchise.” 
He went on to explain that the 
Government's fixed position was 
that such a change should have 
proper consideration by the nor¬ 
mal process. 

It was because of the potential 
domestic repercussions that the 
Government believed it would be 
wrong to try to have a “ one-off 
job " in relation to the elections 
for the European Assembly. 




BY RUPERT CORNW&Lp LOBBY STAFF 


MINISTERS are campaigning In Scotland will be bleak, 
actively among Labour anti- The other major reversal 
devolutionists for a reduction in during the committee stage — 
the voting figure for a Scottish to give the Orkneys and Shet- WESTMINSTER'S campaign to for Crosby w*U bolster tie Con- Secretary of State was “ effec- 

But'"there are sign, that the f'cS™ SdS the* ft? bS“ol *•; 

Government Whins have heen lems For Ministers. accusing Ministers and Sidelines. _ about W hiteh all s babit of 

0 or™" fc * r - Brc “„ Siaii^Selr'tLttSt'S’llSftn i/taS. £wftf“ti.e 

S“ Ul ?t,e“ U e e °^ “ ent — .Sm-B aJSLgJZSm 

STS Sfss SttSEfi S£i!SSV,t«“ 

sr-cs* 40 KL?.: % s ssrs 

support toe proposals for them reverse it until the Bill reaches Stw^iiSrumentef o?d*creI refere^to P “the aftanisbSgly T&e committee-meets weekly 

to take effect. the Lords. 353- aSJon ifflEKj and examjnesTmtween 1,000 an? 

- ' toe Executive" on the vexed L600 nub- instruments, every 

question of late publication, year. . After , examining -drip 



Mr. Cunningham. MP for Mr. Millan painted out that - . _. 

Islington South, strongly denies if the Bill went through in. its Parliament; are in °™ e _r. 


be * « ^SS^intCon S*e foce of 

C "S * » e 


does 


servants!,. it reports back u> 
Parliament on average, more 
than one tostnnnent a week. : 

Yesterday’s report fs indignant^ 
at the way -In. which 'debates tra 
not Instruments under, 'consideration 


any change of attitude and is present form, there would 
threatening to raise the matter an interim period, while 

in the Commons if his name is mission was considering the - , -— ,. 

used to canvass support for a future, when vital services would bypass Parliamen t by omitting’. 

lower figure. have to continue.to be operated details from an instrument ; . Llnvihip 

A Government amendment, from London, rather tbnp Ed in- thereby conferring unjustifiably, • AlvAIIMv 

either on the basis of 33} per burgh. But ail the Civil Service wide powers on a Minister. : The- committee u»» —^ 

cent or some other compromise now operated by the Scottish « protests at the delay, in question the basic need for the crarnmnee are. timed !n 

found to be more acceptable. Office would have been with- printing and publishing Minis- delegated powers afforded by ™ e . Lonm ons. ;*t 'mentions 1 the 

will be debated in the Cmmoos drawn. terial Orders, which, in theoiy^ statutory instruments. The jeeti- ^TV ^-p e neflt 5 Uprating 

next Wednesday during the Mr. Millan hopes to find a should be done 21 days before Executive, it says, must be able orderor 1B77, wzuch 4he depart- 
report stage of the Scotland Bill, formula that- will allow the they come into force. Instead; to:: be flexible and to ad just unoe ^ suspicion 

Ministers fear that without Orkneys and Shetiands to departments were often coin- legislation to changing circum- by tne committee of being ultra 

a change in the BiiL the pros- operate under the Scottish placently aware that a citizen stances without- always coming • 7 i r ^ s » *> u t saw to it that the 

pects for devolution are gloomy Assembly and to meet their could be legally obliged to obey back to Parliament for a new tostrument came up for debate 


Th 1 


and Labour's election chances anxieties in another way. 


Audit committees call 


BY MARGARET REID 

A PRIVATE member's Bill vious Bill brought to by Sir 
requiring large companies to set Brandon, who has been urging 
up audit committees of directors legislation on audit committees 
to keep to touch with both for several years, 
management and the auditors The new Bill also provides that 
has been introduced in the there should be at least three 
Commons by Sir Brandon Rhys non-executive directors on the 
Williams. Conservative MP for Boards of public companies with 
Kensington. assets of over £5m. or more than 

The proposed measure calls for 1,500 workers, 
such committees to some 200 of The role of non-executive 
Britain's largest public quoted directors and the idea of audit 
companies, with assets of over committees was favourably com¬ 


an order without having, a "Act. 1: first in the Commons. ' 

chance of knowing what it said. ; Bat the report neatly illiis- “This makes a farce of the 
The findings of the committee, strates. the problem of abuse appointment of a: scrutiny com- 
whose members are drawn - by quoting the example Of mittee to assist the House in 
equally from the Commons iand certain Scottish education regu- its consideration of. Statutory 
Lords, under the chairmanship lations in 1976. where the..die- Instruments," the report com- 
of Mr. Graham Page, Tory MP cretion conferred on the meats. 


North Sea oil revenue 

out soon 





BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


22^"5A.*S* *BSE 22E: ™E WHITE PAPER conumi*. in private consue.ptioi. claimed: that !&; Anthoey Wedg.: 


olovecs This is a more wcfriptPd menT White Paner “ The rnnHm-p Zv ^ ‘ mcrease in pi«a«s TOuauuipuuu ciaunea mat JUT. Antnony WMg- 

».«“ a o»™™“iis.o7Bss & :rfe"ss«s- 


where audit committees would not. however, propose legislation m revem,« win he n,,hH^ - P ™ T was - American cmn- 

have been required under a pre- on the subject Zl JJEJ*- • 10 ^ * British 



very soon indeed,” Baroness strengthen the economy..; • ones in .. the: development of 


Blrk, Under Secretary for. the ' “if we fritter it away on con- North Sea oiL 
Environment, told the Lords last jmption we wiU suddenly find ^ wanted to know 

She added, however, that the nothing to show for it," she went « wStzi^'hamd-in-hand 5 ! n te°Sl 

a specific North Sea oil food, in rigid formula tSr the%e„f tte g»»“- & ^““1“ 
order to have a separate account- revenues and to forget our real uu ’ “ e AmencaD 

ing for the revenue. “This is economic problems. company. . 

something which the Govern-- Many had infeed. that -the At this. Lord Balogh (Lab),; 
ment is currently cohsidering. m 0Hey ahould he Wd to reduce fonn61 Minister of State for . 
and on which it has not yet income-tax and the Government Energy^ protested that what Lord 
reached a final view," she accepted that tax rates were too Cowrie .was saying about Mr. 
declared. . Wgh on ^ ]evels of Beon wa5 “just and in cor re cl .. 

Lady Birk said that the oET-should be reduced. Ministers had But Lord Gowrie vetorted that 
would make a relatively small ^already .indicated : that the tax when. British applications were’ 
increase in total national- ourden would be reduced to tne made . for development blocs, 
resources of 5 per cent by 1985. coming Budget But most import- Mr.: Benn continued to hand 
This wonid equal less than two «nt of all was.the need to sustain them over'to Dr. Hammer and 
years' economic growth, esti- growth of investment and not. tr his colleagues. He emphasised 
mated at a rate of 3.5 per cent a- have a ahort-Jived consumer that he was not saying that 
year. / spree. ■. . Occidental was not worthy jf 

It would not be enohgb by From the' Conservative front them. . Bat there did seem to be 
itself to allow a substantial bench,, the Earl of Gowrie a considerable imbalance. 


$ 






Union links Aid for storm damage 






based on 


FINANCIAL TIMES REPORTER 


trust our 
aim-Prior 


A hearth-warming stray 
in six languages: 
itis Metal Box%; business. 


You’ve heard of Metal Box as the group that manufactures packaging 
for just about any consumer product in the world But did you realise that 
one of its most important activities is “packaging 5 ’hot water? 


Stelrad, a Metal Box subsidiary makes central heating boilers, 
and is the largest manufacturer of radiators in the world It is fast expanding 
throughout Europe -known on the mainland as Ideal Stelrad - 
and has factories in Belgium, Holland and Austria, as well as in the UK. 


It’s just one more example ofthe way Metal Box 
puts its technical and marketing skills to work over a wide range 
of products and processes that people need 


By Philip Rawstorne 
PERSUASION and trust would 
be the main basis of the next 
Conservative Government's 
approach to industrial relations, 
Mr. James Prior, the party’s 
employment spokesman, said yes- 
erday. 

The Conservatives would want 
to amend specific aspects 
present law but only after close 
consultation with those affected, 
he told a London seminar 
organised by Opinion Research 
Centre. 

“ Our approach will be even- 
handed and the key components 
. . . will be persuasion, educa¬ 
tion, debate and trust,” Mr. Prior 
declared. 

The unions, like management, 
now faced a period in which 
they would have to adjust to 
change, be said. The implica¬ 
tions of the labour laws passed 
between 1974-76 had yet to per¬ 
meate through to most trade 
unionists and a real debate was 
now developing on tbe Future of 
pay bargaining. 

With the rapid growth of 
white-collar onions, the composi¬ 
tion and nature of the union 
movement itself was in a state 
of flux. 

Mr. Prior said that the real 
question was no longer whether 
the next Conservative Govern¬ 
ment could work with the unions 
but- what future role the unions 
saw for themselves. 

He added: "This raises a whole 
host of related issues, from the 
closed shop to wildcat strikes, 
from mass picketing to restric¬ 
tive practices, and from second¬ 
ary blacking to secret, ballots for 
union elections. 

But the unions are unlikely 
to come up with constructive 
answers to these problems if 
any Government hunches sweep¬ 
ing legislative changes, whether 
these reforms affect industrial 
relations law or employee partici¬ 
pation.” 


Overseas aid 



Bill defeated 


Metal Box 

A good business to be in 


A TORY Hip’s Bill to cut aid to 
countries which nationalise the 
assets of UJL fi^ns was rejected 
to the Commons yesterday.-The 
proposal, by Mr. VIetor Good- 
hew (St. Albans) failed by 219 
votes to 141, majority 78.. 

Mr. Goodhew argued that If 
any country-receiving British aid 
expropriated the -assets of a 
British firm or a British'subject 
and refused to pay compensa¬ 
tion, it should be mandatory that 
aid was reduced by an equal; 
amount. 


A SCHEME to compensate local 
authorities hit by recent gales 
and storms was announced by 
Mr. Peter - Shore, Environment 
Secretary, to the Commons 
yesterday. . 

He told VPs that local authori¬ 
ties which have had to spend 
more than-the product of lp rate 
on the damage would be able to 
claim 7fi-per cent of toe extra 


cost from the Government. 

Mr, Shore advised MPs not to 
jump to quick calculations about 
~hbw much compensation would 
be. available, as more details 
would be. provided to local 
authqritiesL - 

Ttos scheme covers mainly 
domestic property and speci¬ 
fically excludes damage to sea 
walls, t*. .. v 


“I 


AHNANCIALTIMES S13K® 





March 14 1978 


The Fhtondal Times proposes to publish a survey 
on Overseas Construction The main headings of 
the -provisional editorial synopsis are set out 
below. 


INTRODUCTION The, search by- builders aijd: civil 
engineers for work hi overseas markets cbniiiiues 
unabated. There is evidence to. surest ^lajt while; 
the biggest 1 instructors coritSi^e-^^to d,onrinate 
field, smaller companies: 
ence erf working . abroadV have. heeii'' ' 4 *' 
considerable headway. .- 


IJKConstructorsAbroad 




Th&ffitemticmal X36nfiactors : i\^ 

Provision, of finance -i-rf- 

Provision Of Labour i.*--’-; 


Insurance; :_ % ■.; •, ; .! ‘y :: 

Joint yentores aiid Consortia - • 
BuSding:MateriaIs- r T- i-.-! '~v\. 
Foreign Constructors yBritain .: 7 -. : - - 
Obvirnm&'tSupport f;:' :-' - 
Coasifitsints,- 
.O^S^BhlSawt^f: 
Th^;M^^a^.Contra^ Cohdfltiwis 
Maiiefe: '■ r -: : 


For editorial; content and 

adveitish^'rratM )pIeaSe: <^^ Isin. McLaren or 
Robert Mnrelt FinandaJ Times, Bracken House, 
10. ^London EC4P 4BY. TeL* 01-248 

8000. Exths_ 360 toid 246 respectively. - 


EUROi^SBOSINESSNEWSPAPER , 


The conten^-Ah3 publication JLates. of • Surveys:4n the 
PlnanciaL-^5me« lare-subject to-.chang© at-the' dixdreti ba 
V- ,r *v_-• v 'of fBeEditor• 



























sine 


f 


rf 










■ 




■'/a 






i it 


rff 

'* *'■//?• y*. 


'■ff* 




'/:-r 




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: 'K- 






'JVy 


'f, 


v- 






\ 


An afternoon. 


A couple of months. 


Several. 
dinnerparties. 


A lifetime 

Building a pen that will last many years is a slow 
and expensive process. 

As a result, the Parker Insignia above costs £20 
over the counter.Though rather less when bought direct 

from us as a business gift. . . 

And if you wish, we will engrave the barrel by hand 

with initials or a company name. 

We have prepared a booklet that illustrates the 

various styles of engraving and other ways that we can 
personalise a pen. 

We’ll be pleased to send you a copy, together with 
photographs and prices of all our range. 

Just ask your secretary to ring John Beckett on 
07912 3233 or post your business card to Business Gifts 
Division, Dept 3 ,The Parker Pen Co. Ltd, Newhaven, 

East Sussex, BN9 OAU. t n A D Y E P fli 

Telex 87158 (Parker G). T iAKKlIV 

PARKER PENS ARE ALSO AVAILABLE AT QUANTITY DISCOUNTS THROUGH OUR ACCREDITED DEALERS. 


























THE JOBS COLUMN 


Financial Times Thursday February': 9 1978' 

' -V -L 


Selector, with sideline • Private-eye promoter etc. 




BY MICHAEL DIXON 


£F YOU happen to be expert weeks home leave—for which 
at growing grass on sand, and do they'll be paid something like 
not mind having your master' 12-2,500 tax-free, and probably 

pieces kicked about by foot- a loyaity bonus \ 

bailers, Erie Jameson might well How did he feel about extend- 

b e interested in exporting you ing into the f /rowing 
* i ■« United States market for foot- 

for a couple of years. The same 

applies to football eoaches, .. 0| ^ rd d „ that as 

referees, physiotherapists, dieti- we ,jj v he replied- “But if we 
cians and suchlike. did, the whole lot would still be 

Mr. Jameson does not care only a small bit of our business 
for football much. Since he compared with straightforward 

stopped being marketing direc ekeeutlve-selectiortinJfcis eoun- 
. ,7 _ . . ® ., try. To give an idea, we 14 finish 

or of general Foods to Ure nod- ^ ^ taTing plsred 

1960s, he has heen a Midlands- mana g ers with combmed salar- 
based management consultant \ es 0 f around £lm. 
specialising more and more in «. w . ith my background, we’ve 
recruiting executives of normal ten ded to specialise in jobs for 
kind. But about IS months ago marketing and sales managers, 
be sold his business to a neigh- but we're getting an expand- 
bouring advertising agency, in? lot of work in other fizac- 
Cogent Elliot of Solihull, which tions, and that s why we’re 

chanced to know a Mr. Jimmy decid ® d its u t rac ^increase our 

. . . . , ... consultancy team. Weve 11 

Hill, who is associated with a staff aH in \ t pres „ nt- but 0111jr 

company called World Athletics four are consultants.” 

Overseas, which is helping Saudi Thfi addition he ls seeki 
Arabia with its ambitions to will probablv be aged 32-42. and 

become a leading football cou id we ll bave a degree in one 

natIon ' of the behavioural subjects. 

finn* "nmn^v P * TTh? The essential. however, is ex- 

tion compan>. of which Mr. ience of personne i manage - 

Jameson remains chairman, has h ® # 

a sideline tif no. a earner) in 

recruiting supporting staff for bu^ ability to advise clients 
Saudi soccer. on the tangle of legislation 

“There's no problem in get- covering employment. Respon- 
tin«r people to fill the vacan- sibility will be to Jim Allen, the 
cies." he said. “ They tend to managing director of Personnel 
go out there on two-year assign- Selection. The base can be 
meots—15 weeks away.then five either Solihull or London, with 


fairly frequent shuttling from 
one to the other. 

Salary will be about £10,000 
plus, the chairman added, “a 
decent car like an Audi 100 LS. 1 ' 
After the first year, the new¬ 
comer would also become 
eligible for profit sharing. 


Applications, giving outline of 
career, to Mr. Jameson at 4B 
Drury Lane. Solihull B91 3BG. 
Telephone inquiries to 021-705 
7399. 


The business started some 11 
years ago as a franchise opera¬ 
tion in the south of England 
for the surveillance equipment 
of the identically named U.S. 
company. Then managing 
director Peter Goddard and his 
fellow executive directors, who 
together hold about 70 per cent, 
of the British concern’s shares, 
gradually took over in other re¬ 
gions until in 1971 they held the 
franchise for the whole of the 
ir.K, 


age our sales development,’ 
Mr. Goddard said. 


“In fact, the principal task of 
the job will be to help us to 
grow farther into retailing. 
We'll also want whoever comes 
to look into likely future needs 
of security systems for manage¬ 
ment control of various kinds, 
but that will rank very much 
second to the main task.’’ 


more depending on qualifica¬ 
tions. Perks include a car and 
membership of BUPX .Profit- 
sharing in due course. Although 
the company is based at Sun- 
bury, the sales development 
manager will be working mostly 
away from the office and so 
would not need to live in the 
London area. 


senior-consultant to work on be* 
Jhal'f ; -of; clients in .“business 
development and strategic plan¬ 
ning in the commercial sense.; 
Look at it this way,” he added. 1 . 


Salary is not stated, but* 
would estimate at least £ 20 , 0 $ 
Some overseas travel from fig 
.London base. •?* 


“One more thing before you 
go.” I said to him. "Are you 
serious about grass-growers?” 


*• They're called agronomists,” 
he snorted, “ and of course I'm 
serious. The Saudis do most of 
their footballing on artificial 
pitches so far, but they’re very 
keen to develop proper grass 
ones.” 


They have since diversified 
into other kinds of security de¬ 
vice, still importing equipment 
from—for instance—Japan, but 
designing the systems and 
manufacturing certain key com¬ 
ponents themselves. 


Responsible to marketing 
director Maurice Doran, the re¬ 
cruit is unlikely to have any 
supervisory duty for the sales 
force, at least for a while. This 
will be an individual contribu¬ 
tor's job, involving a good deaL 
of contact work at top level 
with retail groups. 


Outline qualifications to Mr. 
Goddard at Photo-Scan, Dolphin 
Estate, Windmill Road. Suxibury 
on Thames, Middlesex, TW16 
7HG. Telephone inquiries to 
Sunbuzy on Thames 8974L. . 


a .‘If what you are Concerned: 
about is oil production moving 
from East to West, : then that is 
strategic planning, right? And 
if what you’re working on is 
market , study to see . if you 
should change the colour of 
your packaging to green, that is 
detailed planning, isn't it? • 


Outline applications to 
Allen at BfC, Suite 2$; 140 ] 
Lane, London W1Y -5AA/2 
phone inquiries to 01-499 { 


I ,-ir 

IS*'?' 


45 and over 


This suggests that, given the 
possibility of a Labour electoral 
defeat, Mr. Jameson might fruit¬ 
fully offer a retainer to Bir¬ 
mingham MP Denis Howell, 
Football League referee from 
1956 to 1970 and. as Minister for 
the Drought in 1976, rain-maker 
extraordinary. 


With a subsidiary in.Ireland 
and another to open soon in 
Holland, the 11-yearold pri¬ 
vate company is expected to end 
the current year with a turn¬ 
over of £lm. for the first time, 
roughly a fifth of it in overseas 
business. 


Storeminders 


IF WHEN walking round a 
supermarket or big store you 
see a thing like a space satellite 
keeping several beady eyes on 
you. I am told the chances are 
that it was supplied by Photo- 
Scan. of Sunbury on Thames. 


About another fifth will come 
from the relatively recent diver¬ 
sification into industrial security 
systems, mainly of the closed- 
circuit television type. But the 
remaining 60 per cent or so of 
turnover is still in the Sunbury 
concera’s original market—the 
larger retailing establishments 
of this country. 


“So I think the person we 
want will probably have had 
good experience of the retailing 
business from the inside, and 
preferably at the level of gen¬ 
eral management Naturally it 
would be handy to have know¬ 
ledge of security problems in 
stores, supermarkets and the 
like; and some background in 
selling capital equipment or 
systems to the retail sector is 
desirable too. 


IT IS a rare pleasure to intro¬ 
duce an employer who positively 
wants to hear from candidates 
aged at least 45. He is Peter 
Allen, who leads the London- 
based operations of the United 
States group,’International Man¬ 
agement Consultants. 


"Well then, we operate be- 
tween'thQse two extremes,.get¬ 
ting in^he economic and other 
- evidence and helping our clients 
to develop their own corporate 
plans, iperhaps on a three-year 
j}T a five-year basis. . And our 
specialism is in what I call 
trans-border operations^-help- 
ing - companies to plan the de¬ 
velopment of their business in 
other, areas and countries. 


Defence work;# 

THE CIVIL Service 
coining to market soon.for 
25 assorted youngish enghasemr' 
to work on advanced air-de&ftjial 
projects,- most.working ; 
London. They will - add VtijsiEc. 
special skills—whether feieetfSi' 
cal , electronic*-, aeronautics^, 
mechanical or production-^’ 1 •“ 
teariis -developing. foe-frnstr-atraii^ 
complexities from feasih^^' 
study- to installations '-Sometf^^s 
they will be working-with 
alists from other nations. laE 


‘‘And I'm sure that the retail 
sector has plenty of scope left 
for us. which is why we’re want¬ 
ing to appoint someone to man¬ 


age -doesn’t matter really, 
though I’d think 30 to 40-year- 
olds would be the most obvious 
candidates. And sex wouldn't 
matter even if there weren’t any 
equality law: I'd say that a 
woman with good experience 
and contacts in retailing could 
very well be the right person.” 

Salary offered is £6,000 or 


Although the group has a dis¬ 
tribution and marketing subsi¬ 
diary employing towards 400 
people in New York, its manage¬ 
ment consultancy activity is far 
less populous, and much more 
dose-knit. The London office, 
for example, typically has some 
eight staff of whom about half 
are consultants. The founder 
and president of the group, Dick 
Farkas spends about 40 per cent 
of his working time over here; 
“so we’re all of us responsible 
to him,” Mr. Allen said. 


He is now’ seeking another 


" That’s the sort of work the 
person we want will be doing, 
and that’s why we need. some- 
.oneV'with a Jot of senior ex¬ 
perience, you see.” 

-, Candidates, Peter Allen said, 
need to be experienced business 
gener alis ts, having demon¬ 
strably' managed resources to 
good effect They should also 
have played an executive part 
in aii organisation with opera¬ 
tions in more than one country, 
and-preferably a commercial 
organisation. Foreign language 
skills, would be a help, bat are 
not essential. 


The tasks . involved . 
dude ensuring quality, f /* f 

costing, resource allocation, amf’^0? &■ 
co-ordinating, product . 


Professional study 
level and training over at.ldist: 
five years is requirecLSalaries- 
up to £5,700 (which does mot - 
seem much tame, and may helg ; . 
to explain why about. three in^. •. 
every five people offered-seter^ 
tific posts in the rGivii Service 
turn them down)./-;' : V 

Application fbrnfe v ,*pnr:tbte 
Civil Service Commission,. AT fig i' 
con Link, Basingstoke.RG21 JjJB-. ... - 
“telephone -.Basingstoke' 6855L: 
Quote Teference-T/85/10;.; .- ,: i-v 4 . : ’’ 





International Limited 


Antony Gibbs &Sons, Ltd 1 


Senior Eurobond Executives 
London 


Corporate and 
Project Finance 
Executives 


ASSISTANT TO THE 
EUROPEAN FINANCIAL 
CONTROLLER 

- RecentlyQualified ! 




yy* 


London SW1 


to £7500 


Unn 


On 22nd December, 1977 Chemical Bank acquired the whole of 
the issued share capital of London Multinational Bank Limited, now 
renamed Chemical Bank International Limited (CBI). Chemical Bank 
\vi 11 concentrate its international merchant banking activities in its new 
subsidiary, which will continue to be active in international loon 
syndication and international investment banking. 


nroTagementTepo^forttieEurop^ ; 

American corporator. Heorshe will participate ctoselytn budgefBng 
and longterm plannlnia. and. working wffhttwFInahckalDirectorin ' 
investigating expansion opportunities and problem aceas.-will 


mu 


At a senior level, the Investment Banking Department of CBI seeks 
the following: 


Antony Gibbs and Sons. Limited, whose 
parent company is a member of the Accepting 
Houses Committee, ami is an associated company 
of the Hongkong Bank Group, is looking for 
chartered accountants to join its small but 
expanding Corporate and Project Finance 
Department. 


Theleadefsindn^jidlyexparxjlngsectorpffheeqgirieerihg '' ' 
industry, the Londortiaased head office of our clterif icbrtrols companies 
in the UK. Germany and France with a turnover in excess of £7miWon. 


telephone ariivritefoStephenBfaney B.Cor^.;A^. , qacSkigre^ence 
i/1654. r ■ . ' 


EM A Management Personnel Ltd; 
BumeHouse,88/89HighHolborn,London,WC1V6LR -/ 
Telephone: 01-242.7773• 


international corporate finance executives experienced in the 
solicitation, negotiation, structuring and documentation of 
Eurocurrency public issues and private placements 


a sales orientated executive combining new issue syndication 
experience with fixed interest investment expertise and a close 
knowledge of the international investing co mm unity 


Successful applicants will preferably be 
graduates aged 24-28. Relevant experience in 
banking, industvyor with an international him of 
chartered accountants will be considered au 
advantage. 


a top professional to develop and head the bank’s securities trading 
and market making activity. 


In each case the exact responsibilities and the remuneration 
package are negotiable and should attract those already well established 
in this market. 


The- work will cover all aspects of Corporate 
andVruiect finance and prospective candidates 
shuulil lx- willing to travel, both on short-term 
alignments ami on longer-term secondments. An. 
increasing prut of the Deiximuent's work is 
concerned with the Middle East. 


The British National Oil Corporation 


Applications in confidence to: Peter Karl Schumann, Executive 
Director, Chemical Bank International Limited, 1 Union Court, 

Old Broad Streer, London EC2N1EA. Tel: 01-283 8171 


An attractive salary, which will depend on 
experience, will be negotiated. Additional 
benefits include a mortgage subsidy scheme. 


CHEMICALBAINK feMTERIMATTOIMAL. LJMIT! 


Applications, which will be treated in 
complete confidence, should be scut wick a brief 
curriculum vitae to: 

C. E. Fidclian-Green, 

Antony Gibbs Administration Services Ltd., 
Blomfield Street, London. EC2iI 7XL. 


LEGAL ADVISERS 

EX 


-r. 


PRODUCTION 


TAX & FINANCIAL SERVICES 


YOUNG ENTREPRENEUR 


City neg. widely around £10.000 


Foreign Currency 
Trader/^Vrbiter 


Our client is a division of a rapidly expanding financial services group whose activities include 
the provision of a wide range of legal, banking, taxation and other specialist financial services. 

The successful candidate will work in a small team assisting with the development ol personal 
tax planning schemes. He/she will also have responsibility for marketing the company's activities, 
servicing a portfolio of clients and generally developing and administering the tax function. 

Applicants will be chartered accountants probably-aged between 26 and 32 who have 
experience of a large professional practice. They should have at least 18 months experience of 
personal and dose company tax work and should combine this with a strong outgoing personality 
and an interest in business development. 

For more detailed inf o rm ati on on this appointment and a personal history form please 
contact Nigel V. South, A.C.A. quoting reference No. 2076. 


Commeraal/I^^ 


Douglas Llambias Associates Ltd., 

410. Strand. London WC2RONS.T«lophoM: 01-8369501. 

121 St. Vincent Stiml, Glasgow G2 5HW. Telephone: 041-226 3101. 

and in Edinburgh. 



We are a national financial firm with an 
immediate opening in our Chicago of¬ 
fice for a highly qualified professional to 
function as our foreign currency arbiter. 

Salary range for this position is 
$35-50,000, plus profit-incentive 
program. 

Please send a detailed resume with 
emphasis on your qualifications and 
experience in foreign currencies. All 
replies will be held in confidence. 


BNOC invites applications from _ 
persons with appropriate experience 
for a substantial and responsible 
involvement in a wide range of explor-; 
3tion and development activitie&bn • 
the UK Continental shelf. BNOC has- 
many jointoperating agreements and • 
joint venture arrangements with major, 
oil companies. BNOC's rolcin the ' 
development of Britain's oil resources 
makes this a unique opportunity to '. 
develop a most interesting career.- 
Applicants, male or female, should 
have general experience in the oil 
industry, preferably as a solicitor, :• 
barrister or advocate. Other applicants 
will be considered who have sufficient 
experience in complex joint venture 


grange ments- which' tie mand high' 
intellectual ability combined with : 
drafting-arid negotiating skills. '• 


araipng-ana negotiating 5 skills.. - 
- Salary will be negotiable .and 
attractive. BNOG has a good pension. 

. scheme and offer's appropriate financial 
aMistance on relocation, if necessaiy. 
Posts are required to be filled in both 
Glasgow and London. 

Please apply with full education' 
and. career details and. current salary 
-quoting Ref: LA/FT to:- 




. "He 


The Recruitment Manager, 
The British National On Gc 


The British National On Corporation, 
150 St.-Vincent Street, 


Glasgow, .G2 


32 54- 
: 041-2 CM 


042525 


Write Box F.600. Financial Times, 
- 10. Cannon Street, EC4P 4BY. 



Financial Controlle r 

c £9,500 


u 


major engineering compan _ rm _ 

/| there is a requirement for t&e key position of financial controller." 

Responsibility will be to the finance director for the efficient operation of the finance and accounting 
functions, and for spearheading a major systems deve lopment progra mme within this area so that the 
department can effectively contribute' in practical terms to the company's profit improvement 
planning. 

A qualified accountant is required with sympathy for things mechanical and with broad Iina 
experience of financial and staff management at a senior level in a major Industrial undertaking. 

Age under45. Salary negotiable around £9,500. Car provided. Location Thames Valley, 

Please write in confidence for a job description and an application form to David Prosser, 
Price Waterhouse Associates, Southwark Towers. 82 London Bridge Street, London SEl 9SY, 
quoting MCS/3653. 


Company 

Secretary 


Major U.S. Film Company invites applications 
from qualified accountants for the position of 
Company Secretary /Director of Administration 
to its U.K. subsidiaries. 


Knowledge of the .film industry would be an 
advantage but is not essential. Location 
London, W.l. 


Write with full details of career to date and 
salary required to Box A.6254, Financial Times, 
10, Cannon Street, EC4P 4BY. 


nf] CIO 

‘ 74 Londdn : Wall, LONDON EC2M.5NE 
requires the following: ' ' .-vV ; ' • • 


FOROOV BAfMP STAFI 


—Experienced person 


—Experienced person for an ^^»dhig|etliSmehts Department 


Candidates should be willmg ^ i^spqMibility and ideally- 
agea 43 / 0 *. ■ ■. ■. x - ■ ic-■ .. . 

. U.'-" :,V --■>' 


Applications' giving detaiis of ^erience, -present.and expected 
salary to: , ; 


Mr. S. A. JOYCE, Staff Manager,, ..J~.■ v/->*' 


i 74 London Wall, London 4 v - : 





































t^i 


The Specialists in Executive and Management Selection 

UK Qualified Accountant 

Germany -'< ;Yf-. ' 7 c £12,000+relocation expenses 

THE CpMPANVT-|i??Si(fiay of anAiriKicai multinational; supplying specialised fastening systems to Europe and the Middle East; seeking lo augment 
Its management tean^recdgni^ of a UK accounting quafifkation. THE JOB—specifically concerned with the development of costing 

and Jwdgetlng tect^ge^ftartly compufwfeed systems) and profit pfenning. THE CANDIDATE—aged 26-33; possessing sound costing experience in 
an engineering enwronm^ Tt fm DiastMt pfQb^y an ACMA); ambitious with a taste for International business; ability to speak German advantageous 
but nof essenbat." PR0S 3 £crre-“exc8fl^t wah opportunities in many countries. 

TemoneOI-9351707iZ4hrfs^^}jquotin a Ref: 0513/FT. Reed Executive Selection Limited, 55-56 St Martin’s Lane, London, WC2N4EA. 


Group Financial Controller 

' Lon don -{. ■ ; V, C £10,000 + car 

:' A raf^-expandfrig and profitable UJC'Eu&Bfr Group with a fumover 
.'‘exceeding £30M is engaged&f manufacturing and distribution. 
Reporting to the; Chairman; you wiii asserttfte Board in investigating- 
expansion ‘prefects, work ctosafy wtfciheManagement of subsidiary 
companies, and take responsS^for.fig Grqup Accounting matters. 
■You 1 WOT be a qualified acdountant,:prdtoabb/ in your 30's, with 
.. previous industrial or commercial experience. Above all, you must be 
able to contribute to trie'tutors pro#ifet^^ c#the Group as a-seat on 
the Board Is envisaged. CorKfitk^ of.^en^oyrnent are good and 
relocation expenses are avaifebfe^ L.Y &.- . 

Telephone 0532- 459181(24 fir. softhe) gating Rgf; 3276/FT ,1 
Reed Executive "Selection Untied, 24 - 28 -Lahds Lane, Leeds. LSI 
■ e lb. ■■■• • ' - ' . 


Corporate Profit Planning 

Central London ' - " - :v 


to £9,000 


Following a major restructuring of its activities into profit-accountable 
operating groups, this UK-based worldwide; manufacturing group Is 
now placing major emphasis ‘at corporate level on sound financial 
planning and control. A QuaMedAccountantor Business Graduate 
with high analytical skffls is sought, to leading role in formulating 
corporate budgeting aid reporting-procedures and monitoring 
performance against group plans. You w(8 be actively involved in 
developing ami using financial, models to assist In medium and longer 
term pfenning. Applicants should have at lefl& three years’ experience 
in a manufacturing industry, IdeaBy but not necessarily involving the 
use of computer mocWs. ' - 

Telephone 01-836 1 707 (24 hr. service) putting Ref: 0445/FT. Reed 
Executive Selection Untied. 55-56 St Matin’s Lane. London WC2N 
4EA. . - v-s, . . 


Financial Manager 

Publishing — Central London 


to £9,000 


Publishing is a fast moving, exciting but exacting business requiring 
top-claSs people. One of Britain's largest and most successful 
groups requires a high calibre Qualified Accountant aged 28+ to lead a 
team responsible tor producing monthly and annual accounts, 
forecasts and key management information. You will also be closely 
Involved in the development of the group's computerised accounting 
systems and procedures. You will need high technical skill, drive and 
good staff management ability to be able to meet the demands of top 
executives intent on achieving individual profit objectives. Excellent 
conditions of employment are offered. 

Telephone 01-836 1 707 (24 hr. service) quoting Ref: 0444/FT. Read 
Executive Selection Limited, 55-56 St Martin’s Lane. London WC2N 
4EA. 

Talented Accountant 

for Development Pole to £8,000 + 6 mth review 

This position has arisen in a highly successful supplier to the energy 
industry. The person appointed — probably around 30, and with an 
industrial accounting background — will be given a wide brief of largely 
ad-hoc responsibilities. These will include investment, production, 
shop floor liaison and EDP development. A qualified Individual, keen to 
add experience of rather more diverse management problems, will 
relish the opportunities provided. We shall be extremely interested in 
the ability to appreciate the overall business viewpoint whilst retaining 
a financial Mas. Removal costs to N.Kent will of course be met. 


Telephone 01-8361707 (24 hr. service) quoting Ref: 0529/FT. Reed 
Executive Selection Limited, 55-56 SL Martin's Lane, London WC2N 
4EA. 


International Banking 
opportunities with 
Lloyds Bank International 

LBI has vacancies both overseas and in the City for 
junior andmiddlemanagement Thesevacancies result 
from LBI’s rapid growth in recent years demonstrated 
by the Bank’s presence todayin44 countries. 

Applicants, preferably aged 35 and under,wiilideally 
have the following qualifications and experience: 

■ Atleastfiveyearsbankingexperience 

■ Corporate and international lending skills 

n Marketing and negotiating skills gained in dealing 
with corporate customers 

■ Knowledge of foreign exchange operations 

fl Appropriate professional qualification or degree 

■ Fluencyinatleastoneforeignlanguage 

Successful candidates should be prepared to assume 

executive posts in London or overseas after an induction 
period in Head Office. Future career prospects 
internationally are excellent 

LBI has a competitive salary structure and, overseas, 
pays appropriate salaries according to the conditions in 
each country, plus special provisions for mobile staff. 

Please write giving full details of your experience, 
qu alifi cations, age and salary to Richard Dowler, 

■ Manager, Manpower Planning, Lloyds Bank International 
Limited, PO. Box241,40-66 Queen Victoria » 

Street, London EC4P4EL. 

LLOYDS BANK INTERNATIONAL oC m 

40.'66 Queen Victoria Street, London EC4P4£LTe!ephme 01-2439322. Amemberofthe Lloyds Bank Group. 


The,above vacancies are open to both male and female candidates 


London Birmingham • Manchester Leeds 



The Depaftmerirof Industry's. .- 
responsibilities embraceboth 
the national anctregiobal aspects ' 
afMft^i^pbfit^w^Crtiirig .... 
-fipanaa; assistance to-industry.: 
The Department sponsors . 
individual manufacturing 
industries including iron and. . £ 
steel, aircraft and shipbuilding. 
t * The Co rp orate Ptoner wili^; 
head a branch vvrthihthe ■ jf- ■' 
Department's Industrial Pluming 
Division, whoseintereais^nckide 
- the Department's statutory and 
finaridalrelationshipjwiththe' 
National Enterpri^eBoard, pol fey- 
planning in relation to industry," 
and trie promotion of interest in 
educatiqnandtraining as aboost . 
.tomaripbwerresources:Amajor 
rolevyill be to initiate and take 
jtirtid-^scusM6nsfKilSi.^8riing . 
companies and trade unions.on 
business strategy jn the light of 
governmentppix^The 
successfulcancfidate wj!I also - .. . 
participate in conferences, 
Seminars aridtraining courses 
^'relating tp Corporate planning,' 


- and be concerned with the 
: development of the 
Department's interest in 
managamentaducation and 
relations with theBritish Institute 
of Management and 
. professional marketing bodies. 

Candidates, preferably aged 
between 40 and 55, must have a 
wide knowledge of industry, 
including practical experience at 
a senior level in the corporate 
planning function of a major 
industrial organisation. Overseas 
industrial experience would be 
an advantage- 

Salary for this London post 
starts at £9.320 and rises to 
£11.670; non-contributory 
pension scheme. 

For further details and an ■ 
application form (to be returned 
by 2 March 1978) write to the Civil 
Service Commission, Alencon 
Link, Basingstoke, Hants, RG21 
iJB, or telephone Basingstoke 
(0256) 68551 (answering service 
operates-outside office hours). 
Please quote ref: G1970911. 


Deportment of industry 


’illni 




.’. This isapgwappoititment necessitated by the growth of the Centre, which is 
associated withthe Administrative Staff College at Henley. • 

Tbe successful candidate, who will probably be aged 40^45, will be responsible for the 
day-to-day operations ofthe Centre, mriudmg all aspects of administration, finance, 
sales, planning and control of the office staff! HcorsbewiQ need to show evidence of the 
flexibility necessary to work fe a small organisation with ahlgh proportion of professional 
stuff. Experience oflinemanageHant is required. Analytical and consultancy experience 
wOI also be helpful - 

Salary wffl be negotiable and Kfceiy to be bfinteresttatfcose already earning £11,000 pa 
proven, 

■ Write in confidence, enclosing details ofyourcareertpdate^to: Mrs. Teresa Davis, The 
Hentey Centre for Fonacasiing, 27 St Johns Square, limdohllCl. 





MANAGING DIRECTOR 

EXECUTIVE SEARCH-LONDON 


A leading international group of management consultants 3s 
seeking a top calibre executive to run its international executive 
search operations, based in .London. 


prOTeSSlOIRu SKUli), WILD &OWC euu ct'icireiu Jill uou. xubfJCi J5IIVC VL 

senior hianagementrecruitment desirable, but of greater interest 
is a successful record At board level in a. substantial company, or 
in corporate consulting or counselling. 

The salary and benefits are extremely attractive, as would be 
expected in one of the world’s leading consultancies. 

Replies in strictest confidence to: 

" BoxA6258 . 

KnancialTimes, 10 Cannon Street, LondonEC4P 4BY 


Financial Analyst 

£7000 negotiable 

As part of the expansion and re-organisation of a multi¬ 
national group. a vacancy has arisen for a fully qualified 
Accountant, probably aged under 30. to operate within a 
new division, with particular responsibilities for monthly 
consolidation of accounts, financial analysis, forecasting. 
and planning and special projects. 

Reporting to the Divisional • Controller, the position 
offers an excellent opportunity Co develop within an 
international company. Some foreign travel will be 
involved. • 

Please submit brief details of qualifications and 
experience to: 

Ray Dtekins Director—Personnel and Industrial Relations 
Cutler Hammer Euro pa Ltd 

Srtow Road Bedford MK42 9LH Tel: Bedford (0234) 47433 
CUTLER-HAMMER EUROPA 

a member of the Catfar-Hammer World Trade Group 


Chief 

Accountant 


' •'A.' "• : v ; '■ 



tM 1 M 


up ^ AQ M a % 


Lyons Tetley Ltd., is one of the largest 
and most successful grocery 
manufacturers in the UK employing over 
4,000 people in its four major factories. 

You will be responsible to the Financial 
Director for the entire financial 
accounting function with a staff of 120, 
including four departmental heads. 


positive communicator with proven 
management skills. 

Ideally aged 30-40, you should be 
qualified with a number of years post¬ 
qualification experience within a 
manufacturing environment. Experience 
in the use of computers and in cash flow 
planning are essential requirements. 


You wili be joining a young management Relocation expenses will be offered 
team in a fast moving demanding - where necessary and fringe benefits 

industry and will need to be a fluent, reflect the importance of this appointment. 


Please contact: 

John Eldridge, London (01) 235 7030. Ext 253. 
PER, 4/5 Grosvenor Place, London SW1. 




Professional 
& Executive 
Recruitment 


Applications are welcome from both men and women 


ACCOUNTANT 

Accountant required by a large 
West End clothing manufactur¬ 
ing company to take control of 
the Finance Department, to 
report and be directly respon¬ 
sible to the Board for all finan¬ 
cial information. Good prospects 
for the-' right person. Salary 
commensurate with ability. 

Writ* firing full detail, to 
Box A.6157, Financial Tima*. 

10, Cannon Street, EC4A-4&Y 





STATIONERY 

Progretstve public company in the 
CBtieneiy field operating direct to 
consumer require two tele* people (or 
die Home Coonrict to axpend existing 
important • terrisoriet. The loccenfql 
candidate will be mature and experi¬ 
enced in this (told, and thou Id be 
currently naming £7,000. Ponibly 
wiH suit a person running diefr own 
busines, who now leeks die security 
of a public company. Company car 
(Cortina 1.61. expense*, generous pen- 
slon «ch»"ic. Sonui"'. etc. 

Ring Hr. Bill Jones 
Tel: Crawley, Sussex, 22215 


Assistant Director of Internal Audit - Europe 

London Base c. £12,000 plus bonus and car 


Our client is one of the world’s largest and most successful installations and development of EDP auditing techniques, 
corporations in the entertainment, music, publishing and Promotional prospects are exceptional — in finance or 
communications industries. The Assistant Director will general management. Candidates, aged 30 - 40, will be 
help in managing a growing department, responsible for qualified accountants speaking German and French, 
the audit of the corporation's many interests throughout with considerable experience of U.S. and International 
Europe and certain other countries. Due to outstanding accounting and auditing standards, and EDP techniques, 
world-wide growth, key tasks include high level operational Overseas travel can be expected and company conditions 
and financial advice, review of new and existing computer and fringe benefits are excellent. 

G.E. Forester, Ref: 78735(FT 

Male or female candidates should telephone in confidence fora. Personal History Form to: 
LONDON: 01-734 6852, Sutherland House, 5/6 Argyll Street, W1E 6EZ. 




Executive Selection Consultants 

BIRMINGHAM, GLASGOW, LEEDS, LONDON. MANCHESTER. NEWCAS I’LL :md SHEFFIELD 


Stockbrokers 


MONTAGU LOEBL STANLEY 


are expanding their Research Department and are 
seeking an analyst (20’s/30’s) to improve their 
coverage of financial sectors, including the Discount 
Houses where they already transact substantial 
business. Since up-to-date knowledge of taxation 
and accounting practices is essential the successful 
applicant will probably be a qualified accountant with 
some experience of the stock market. Remuneration 
will be competitive and depend on applicant’s 
experience and qualifications. 

Please reply in writing to: 

C. J. R. Sharman, F.CA., 

Montagu, Loebl, Stanley & Co., 

31, Sun Street, 

London EC2M 2QP. 


I Jonathan Wren * Banking Appoiri^e^its | 


i 

1EI We are the leading and longest-established specialists in banking appoint- 

ments. Currently we can offer over 300 vacancies with our merchant and 

international banking clients, of which a small selection is mentioned below:- 

F.X. DEPOSIT BROKER 


(Knowledge of French/German} 

c. £10,000 

TRAINEE F.X. DEALER 

to £4.000 

F.X. ADMINISTRATION 

to £5,000 

EUROBOND SALES EXECUTIVE 

to £7,000-7- 

FINANCIAL ANALYST 

c. £7,000 

CREDIT ANALYSTS 

£5.000/£7,000 

CHARGED SECURITIES 

£3,500-1- 

GRADUATETRAINEE 

£2,750-T-bonus 

SENIOR ACCOUNTANT (A.C.A.) 

c. £9,000 

MANAGEMENT REPORTS ACCOUNTANT 

c. £6,000 

INTERNAL AUDITOR 

c. £6,000 

D.P. MANAGER 

c. £6,0004- 

COMPUTER PROGRAMMER/ANALYSTS 


(IBM System 1(1} 

£4,000/£6,000 

DOCUMENTARY CREDITS 

£5,000 

RECONCILIATIONS CLERK 

to £3,750 

STOCK EXCHANGE SECURITIES 

c. £3,200 

For further details, please contact RICHARD MEREDITH or SOPHIE CLEGG 

| 170 Bishopsgate London EC2M 4LX 

0I-623fl266i:7/8/9^ 












































Financial Times Tliursday February 9 1978 


... 



EUROPEAN ACCOUNTANT 

Age 25-27 

Brussels £9000 + bonus 

The position is twofold involving actfng as Belgian controller 
and as European Group Accountant. Working closely with local 
staff, he or she will control the head office ana its SI million 
expenditure. In the group accountant capacity the accountant will 
monitor and investigate the European operations, and assist In 
further business development. 

Marketing high volume consumer products our client is 
undergoing rapid expansion. The European head office in Brussels 
controls 10 subsidiaries with five more opening in 1978. Applicants 
should be French speaking qualified ACA/ACMA/ACCA/ACIS in 
the profession or industry and should telephone or write to David 
Hogg ACA, quoting reference 1/1658. 

EMA Management Personnel Ltd. 

Burne House, 88/89 High Holbom, London, WC1V 6LR 
Telephone: 01-242 7773 


SCANDINAVIAN BANK LIMITED 
BAHRAIN BRANCH 

GENERAL MANAGER 

We require an experienced Euro-currency banker for our branch in 
Bahrain to take over from the existing General Manager when he 
i eturns to London. 

The appointment carries responsibility for the effective overall 
supervision of all activities of the branch and requires a sound 
knowledge of aU aspects of Euro-currency lending and foreign 
exchange. Experience in Middle East and international capital market 
activities of a bank would be an advantage. 

Candidates should be between 35 and 45 years of age and will be 
expected to reside in Bahrain for two to three years. 

Salary is negotiable with free accommodation, transport and medical 
facilities and an excellent and attractive remuneration package is 
envisaged. 

Applications with full C.V. in strictest confidence should be forwarded 
to:— 


in London 

D. J. Hughes. 

Managing Director, 
Scandinavian Bank Lid., 
Leadcnhall Street, 
London ECO A IBli. 


In Bahrain 

R. F. N. Clark, 

General Manager, 
Scandinavian Bank Ltd., 
Pearl of Bahrain Building, 
Government Road, 

P.O. B 0 X 5345 , 

Manama State of Bahrain. 






Euro Currency Banker 

Southern Europe 

Due to the expansion of overseas interests.ourclient-a major New 
York-based bank-is looking for an experienced man or woman to complete 
a smali. professional team specialising in Southern Europe. 

This is a new appointment, and you will be active in all aspects of 
the team's operation: from the maintenance of existing relationships to 
involvement in Eurocurrency Loan Syndications. The position is based in 
London, and you will be expected to assume reasonable responsibility 
within a very shod time. 

You should have at ieast 2 years’relevant experience iri Eurocurrency 
banting and legal documentation.Fluency in Spanish, French or Italian is 
an advantage. 

An attractive salary, fully commensurate with your qualifications 
and e-.penance v/:i? be supported by all the fringe benefits normally 
associated with a nrst-clais banking institution. 

Please write in strictest confidence enclosing a full curriculum vitae, 
including present income, together with a recent passport photograph to: 
l.W.G.Ciuett.at the address below,quoting ref. EC/T16/FT. listing any 
companies to which your application should not be forwarded.Alt replies 

will be answered. 


CONFIDENTIAL REPLY SERVICE 
Benton & Bowles Recruitment Limited, 
197 Knightsbridge, London SW7. 




FIRST-CLASS OPPORTUNITIES 

available to qualified, student and 
experienced accounting personnel. 
Centos* Ala x Moore or Brian Coznet 
on C1-62B 2691. 





/% 


DRAKE 

ACCOUNTING 

.** «*■«■* 


Ve&tric Ltd., a subsidiary of Glaxo, is.the largest Pharmaceutical 
Wholesaler in the United Kingdom, and distributes to Retail 
Pharmacies and Hospitals from its 40 branches using a large and 
developing on-line computer system. 

The present Financial Director is returning to New Zealand on 
completion of 3 years' secondment. A replacement is required to 
take charge of the Accounting and Computer activities of the 
Company and to participate in the formulation of policy at Board 
level. 

The successful candidate will probably be aged between 35 and 
45 and be both broadly educated and well qualified professionally. 
Several years' experience m commerce outside the profession 
would also be helpful. Knowledge of the Distribution or 
Pharmaceutical industries - or both - is desirable, as is experience 
of advanced Computer Systems in the communication field. Above 
all. evidence of ability to bring an analytical and objective approach 
to bear on Company problems is required. 

A five figure salary will be offered and a Company car will be 
provided as the Financial Director is required to visit each Branch/ 
Depot at least once a year. Residence will be required within 25 
miles of Runcorn, where the Head Office is situated. 

Applications should be made in writing to 

The Managing Director, Vestric Limited, 4 Chapel Street. Runcorn, 
Cheshire, WA7 5AP. 

Each one will be treated in strict confidence and no enquiries made 
of present or past employers without a candidate's permission. 


Financial 

Director 


Southern Home Counties £15,000- 


A quoted UX engineering group with a £40m. 
turnover seeks a Chartered Accountant to be 
responsible to the Group MD for all accounting, 
control, reporting, systems and treasury matters 
in the LUC and overseas. There is scope for 
improvement both in profit performance (in some 
subsidiaries) and in current asset control. Salary 
is negotiable and other conditions are realistic. 

Candidates (male or female) will probably be 
35-50. Ideally, their experience should cover the 
flnaocial control of an industrial (engineering) 
profit centre, corporate banking practice, monitor¬ 
ing overseas subsidiaries and a group staff 
appointment The personal qualities appropriate 
to a Board appointment in an independent quoted 
group should be self-evident. There will be some 
overseas travel. Prospects are not confined to the. 
finance function. 

For a fuller job description write to John Courtis 
at J.C.&P. Ltd., Selection Consultants, 78 Wigmore 
Street, London W1H 9DQ. demonstrating your 
relevance briefly but explicitly and quoting 
reference 7007/FT. 


JC^P 





" ' ; • ■ i V ’v***;* 

International 

Persotlnel 

Exediitive 

Based in London 


Our dJent is a major rmjlti-oauoruti 
engineering organisation operating through¬ 
out the world, with a company headquarters 
in London and there are Personnel and 
related departments in several major hjcatiuns 
to serve the needs of local management. This 
senior appointment based in London carries 
responsibility for the overall co-ordination 
and direction of the European departments 
with particular emphasis on maintaining tbe 
company’s present excellent record' of inter¬ 
national industrial relations. 

The appointment calls for a man or 
woman, between 4* .ind 55, with experience 
covering the whole range of pcrauncl 
management, particularly Industrial Rela¬ 
tions, in a njuiti-tutional environment 
Applicants should h:,\ e held senior .ipp- lini¬ 
ments within major unionised and n>'H- 
unionfccd oreanisati< -u> and theseshouIJ have 
included management ot administrative 
departments other than Personnel. The 
necessary deprh of experience and maturity 
‘required to tackle this challenging role will 
appeal particularly to in-.^c wishing 10 
develop, rather than maintain, high pro- 
fcssiunal star.danJs. 

An attractive salary with excellent fringe 
benchts will be negotiated. 

Write with full curriculum vine to 
T. C. Aljli.tr, Director. Ref CGI 654* 
Austin Knight Limited, London \\ tA iDS. 
Ail applications will be forwarded t" the 
-client coacemcd, therefore companies in 
which you arc not interested should be listed 
in your covering letter. 


(ak) advertising 


£7,500 p.a. plus 

Manager- 

Financial Applications 

LONDON 

International Computer 
Manufacturer 

Good academic qualifications or a 
professional qualification plus accounting 
systems design and development 
experience. Familiarity with:interactive 
systems essential. Development of 
manufacturer or bureau package systems 
desirable. Outstanding career opportunity 
for man or woman with a company offering 
excellent fringe benefits which include 
bonus, car allowances, pension scheme 
with life cover. BUPAand re-location 
expenses. 

Suitably qualified candidates please phone 
01 -493 7117 for application form quoting 
MRDS002 (24 hour answering service). 


IWRD 


Management Recruitment Division 
JBOYDEN INTERNATIONAL LTD. 

11/15 ARLINGTON' STREET. LONDON. SWIA 1SD. 
LONDON. PARIS. BRCSSEIS GENEVA ROME. MILAN. 
MADRID BA RC FI .ON A TOKYO, HONG KONvi CARACAS. 

M FA ICO Cl TV SAOPAU.0 .AUCKLAND. MF.LBClLTl.VE. 
SIDNEY, JOH AN-NESSL'RC AND 1HROLCHOLT THE LSJL 


r A 

Nationwide 

Buficfing Society 

Nationwide Building Society. 3 leading financial imatudon chroughoui 
the-Unlted Kingdom with iuto in excess of £2,800 million. 11 
seeking an assistant for 

INVESTMENT MANAGEMENT 

within its Head Office. Finance Division in Holbom. The successful 
candidate will join a small team responsible for cash flow budgeting 
and providing accounting and managomenr services on liquid funds 
which now exceed £500 million. 

The in wresting range of duties will appeal ra thoie with good 
previous experience of aceouncing/adnnniitrauve procedures relating 
co investment portfolio management. 

Commencing salary in the region of £4.500 ptr annum on a jcalc 
rising to. £5.800 Subject to job performance. The concessionary 
mortgage facility applie- »ruj ocher fringe benefits include irasen 
ticket loam and tour weeks annual holiday entitlement. The Society 
has its own Superannuation and Sickness schemes. 

Applicationi, giving detaf/i of age. experience and salary expectations 
should be sent to.*— 


/TTTiie Barclays Group of Banks is keenly aVare of the increasing 
§ need for creative consideration and control of the tax amors of 
JL the Group/ Ilec^it reviews have indicated the benefits ot 
strength ening- and. rnnanl^ nring the . internal tajt function to, 
complement the. counseJ.of professional- advisers. The Group is, 

AfOmsinTY»vstinn nfcreativemind 


ana oi tne mgnest technical standing to ieau 

importance placed by the Group upon this appointment will be seen from 
the fact that the Riirr^sssfiil nrmlir^int will reoort directly at Group Vice- 


Chairman leveL 


main lunctioDs wm mciuae advice to umt owuu. uu ~ ~ 

tax policies to pursue, iheundertaking of creative tax pl a irn mg and 
conducting research info -the effects of recent and likely , future 
legislation! He — or■ sha —'wTll lead for the Group in all important tax 
negotiations. ; .. V’ 

ViTTporrifiia in financialant) skill in articulate presentation are 
key requirements. •- v- ‘ 


higher. The benefits axe impressive, location London. _ : 

Please write in confidence for a description of this job. and far .an .*j 
application form-to iDaiVid Prosser, 'Price' ^Waterhouse- Associates, ^/ 
Southwark Thwers^Sgli fmrifm Bridge Street, London SB19SY, quoting 
MCS/3651. , 



FINANCIAL EXECUTIVE 


FOR SALDI ARABIA £ 

. . • _• •*•*■*. 

Tax-Rree Salary and Pacfli.tles Negotiable 

A recently-established investment company owned by prbminent-;.Ssfiidi: 
businessmen seeks general ^manager to. develop the company's potential.' 
In close collaboration with an international bank with Middle East/Amcan 
orientation in which the new. entity is a. shareholder^ the general manager- 
will be responsible for; profitable development ol' tbe new company’s 
activities in Saudi Arabia, including:— ■* v; > ‘ :i ’>V; , 

— Investment intthagement and advice- -; : 0" " 

— Idenfificatioh^ and packaging of viabjelpii^^ .p^ecte^V^. : . 
— Marketing and promotion of sound financing; proposals; - 

The successful candidate would be an acUve fiUianc^^&ecuffvein pe 35-W 
age group, resourceful Jand a proven ^should' 

include knowledge of real estate financmg,; inoi^ages . and. foreighV- 
exekange./inter-bank markets. Experience, hi Arab countries d^sirablg hut ; 
not essential. 

All applications will b^. treated in sUlt^ri coiifidence’ and ^ 

addressed to Box A.625&', Fmancial Times- 


Trust Law and Administration, preferably with an mtemafcraifUwdufiTheideal 
candidate will be aged between25and 35 arid hold tfeABTrustee Diploma. 

A competitive salary is offered together with a Comprehensive package of;... 
benefits. Assistance with housing aind relocation is avaflable- ApplKiaiiOns -> 
including a comprehensive C.V. shoiiklbes^ttpi^' .■: 

The Personnel Officer, 

THE ROYAL TRUST COMPANY OFCANAPA(CJ.) LTD^;> 
P.O. Box 194, RoyalTrust House, Cpipitmerie/_ : f' : 

St.Hefier,Jersey,C.f. • *" • * ’ ’■ 


CHEMICALS 

We wiih co appoint one or pouibla 
two executive* of Sales Manager 
calibre, luring tome experience in 
exporc.import-traitfit business and pre¬ 
ferably but not essentially within the 
spheres of bulk drugs, chemicals and 
Hired materials. The positions are. 
lully responsible and should provide 
aoportumtic* for unlimited stature and 
ben-rfits in an organisation poised lor 
rrorlC-wide development and growth. 
Salaries arid other benefits are nego¬ 
tiable and appropriate to the import? 
incc of the appointments. There are 
no reasonable age limitations although 
applicant of between 26 and 34 
mijht prove more suitable. 

Eor application form, olrase .contact.* 
I. P. MARTIN, 

ANDARD-MOUNT LTD., 
24/2S London Road, 
Wembley, Middlesex. 

(01) 903 638$ 


HAMBROS 


mm 

ihli 


BANK 




■ H Phillips ACCA IPFA HEIM 
Gcflcrel Mnger (Finance) 
Nationwide Building SoriKy 
New Oxford Haase 
Hlgfi Hotborn 1 widen WCIV iPW 


Leasing Executive 

The Equipment Leasing Department of Hambros 
Bank has a vacancy for a marketing executive, aged 
between 25 and 35, with good commercial experience 
and sound knowledge of the leasing industry. 

The successful applicant must have a proven 
record of financial marketing at the highest .corporate 
levels, and will have the ability to combine negotiating 
skills with a high standard of technical competence in 
financial, legal, accounting and tax matters. 

Salary commensurate with ability and experience, 
is negotiable, with good fringe benefits. 

L Applications may be submitted in strictest A 

confidence to: Mr. A. F. Steel, 

Manager, Hambros Bank . 

Equipment Leasing Department, 

41B ^ gat ^ 


Lending Officer to £7^p’ 

An as yet relatively small U.S. Bank seeks- an - equally 
ambitious yoUhg hanker'-with the capacity to' contribute 
towards its growing: reputation for'Innovative, “ made- 
to-measure ” Internaticnai financing. *• Essential require¬ 
ments are a good degree^. sound': Credit experiericeyaad 
the ability to-negotiate, at senior level. . - ; - 

Credit Analyst £6000 - £70ti« 

This is'_an apppinfmenf with'a, good oanie' eonstirtniQ^ 
Bank offering' a,genuinely well-train"ed,> experienced^ 
Analyst every opportunity to develop his/her'Skilla^- od ; 
the basis of . which to progress to Widen, rcepbnsibilftiek' 

Bank Accounting c.£4750 

2 extremely active International Banks oaeh ‘*£ek a 
really capable person to assist with wide ringing aspects" 
of F/X and Deposits accounting, with sirihe emphasis 
on Management information, ’ GiiiTency. r -revaldatfoos, 
Positions,'etc. _.. ..v,. 

Trevor WiUtoma . -. Tr-rAwMTTlL 

David White Associates Ltd. 

lampded , Honse, ’- 84, . • KSngsway, London, W.C2. 


The iBVMtenr'CardhfcIe has vacancies’for Senior 
Fin andaL Writer experienced over a wide'-range of 
investaient; and businesfs topics and-Toe a .-junior' 
Financial Writer: A trainee might be considered for 
the sccondVpOSt;. . . ‘ -.v - ‘ ' ; 

Applicatuyas, vi writing^ -marked . “ Private and C<m- 
^ . : z. _ 

Mleluei Brett, Editor, Investors Chronicle, - 
GreysffiJ^;FfaCc*.T€tt^ 











































Amaj ar engineering business and a substantia! 
e^rtet^snbadiaryof one of the U-Kftfleading 
^^^^daiology^pwi^s-rankediiLtheTiDiestop 
,inmared(^paxu^ 

3&61 re^ Qgsib iHty .for the firm-runni nnri data, 
fi mcti t ms. The initial cm pfraroq xyrH 
«an: me further development of well established 



1 k'i 

f7T7aT3# a ja 


IF# ( ■ I 


tmm 

5 



Amajor American Bawsfodkingfora man orwoman 
with a legal or acOTuntancyquafification to till the post of 
SenrorOfficer in the proWemloan department of its City based 
headquarters- '.'r\ 

Vtorfcing in this ratherde&afearea, you wifi need 
diplomacytohack substantial’expehence in banking and/or 
fnsofvencyand inrealestate-'A knowledge of German, Spanish 
orfrench wouidalso be helpful- - 

We offer an attractive salary, plus all the benefits norma! 
in a major bank inc&ding.5$moagage scheme. 

fnlhefirst instance please'wrfle in the strictest 
confidence, with fullcareer details to N. S. Holker, at the 
address below quoting reference LA/217/FT. List separately 
any companies to which your application should not be 
■forwarded. Ail repliesWaibe answered. 


CONRDENTIAL REPLY SERVICE 
Benton&^Bowles Recruitment Limited, 
197 Kr^gfitebridge, London S W7. 


Northern Ireland Economic Council 

Research Officer 
£5,500 - £7,500 

Deputy 

Research Officer 
£3,000 - £5,500 

The Northern Ireland Economic Council Invites applica¬ 
tions for the posts of Research Officer and Deputy 
Research Officer. 

The Council has been established by the Secretary of 
State for Northern Ireland to provide Government with 
advice on economic policy for the Province. It is com¬ 
posed of representatives of employers* organisations, 
trade unions and independent persons, and is chaired 
by Sir Charles Carter, FBA. 

The persons appointed will report to the Director of 
the Council. Their duties will relate to economic planning 
and, inter alia, to the development of a programme of 
studies and research leading to recommendations to 
Government on means of improving the economic per¬ 
formance of Northern Ireland. 

Candidates for these posts should hold an honours degree 
of good standard in economics or related studies such as 
statistics accountancy, business management or adminis¬ 
tration. Candidates for the senior post should have 
substantial experience of the successful application oF 
their discipline in the private or public sector. 

Both posts arc pensionable. The Research Officer will 
be paid within the range £55QQ-l7,5Q0 and the Deputy 
Research Officer £3.000-15.500. Commencing salary for 
both posts will be dependent on qualifications and 
experience. In addition to the salary scales quoted, pay 
supplements of between £310 and £522 are payable. 
Applications, supported by a curriculum vitae and the 
names of three referees, should be made to the Director. 
Northern Ireland Economic Council. Room 105. Parliament 
Buildings, Stormont. Belfast BT4 3TT. so as to arrive 
not later than 1 March 1978. 


Banking 

Eurobond Manager c£15,000 

A professional Eurobond executive aged around 30 is required to assist in the 
development of a rapidly expanding institution. 

RefNCP 

Credit Management c£9,000 

This senior position in the Loans Department of a major international bank calls for 
substantial experience of credit analysis and loan documentation. 

RefAJT 

Investment Accounting £5,750 to £7,000 

Leading investment bank requires an effective administrator, 25-35, with 
accounting experience and a knowledge of international securities markets. 

RefAJT 

Credit Analysis c£7,000 

A strong background in -credit analysis is essential for this developing career 
opportunity with a consortium bank of impeccable parentage. Idea! age 25-30. 

RefAJT 

Syndications Executive c £7,000 

Prominent Merchant Bank requires an intelligent banker. 26-28. with good all¬ 
round credit experience, to play a significant part in the expansion of its 
Syndications Department. 

RefNCP 

Credit Assistant c £7,000 

Major international bank seeks two young executives. 27-32. with all-round 
international banking experience and a sound knowledge of credit analysis and 
administration. 

RefTOK 

InvestmentAssistant to £5.000 

A rare opportunity to join the Investment Division of a well-respected US bank. 
Candidates. 25-35. should have a sound knowledge of the administration of UK 
and foreign securities. 

RefTOK 

For further details, telephone 01-248 3812 in confidence. 


NPA Recruitment ServicesEtdv. 

60 Cheapside- London EQ2- - T€leph6ne?-Q-l :: 2^g-^l:20^^?^ij|^| 



r* 


TOUCHE. REMNANT & CO. 

V\\ InvestmentStaff 

Lata 20 s ' r% ■■■•' London 

- Touche, Remnant & Co., provide Investment management and secretarial services 
. -to a group of investment trust companies and pensiorvfunds. Total funds currently 
-‘ under management exceed £700m and the company ^planning to increase its 
. _ ' ^experienced investment staff. 

7 . The new member of staffwill be primarily responsible for reviewing portfolios managed 
' Tby tf>e Group. Keftlte wTIT organise and plan thtfwori: ofsome other members of the 
Investment Services Department. 




knowledge, acquired through practicafexperience in portfolio management or 
investment researchy - 

A highlYcompetitiyesalaiy'willlj^ierBd and thispost should lead Id responsibility 

jri Fund Management? • 

Please write or telephone for art application form, quoting ref. 908 to: 

• V Sj ’ W. LTah, A \ 

Touq&5 Ross & Co.. Management Consultants, fc'VT //, 
4 LdpdonWall Buildings, London, EC2M 5UJ. Uj 

.'X \. . Tel:OT -588 6644. 


55 


UNIVERSITY Of MALAWI 
THE POLYTECHNIC 

Application! ire invited for the 
following pots in che BUSINESS 
STUDIES DEPARTMENT tenable u 
toon n potiible. 

SENIOR LECTURER/LECTURER IN 
ACCOUNTANCY. Applicants should 
have i good degree from a recognised 
Institution and a professional quali¬ 
fication in Accountancy with teaching 
and/or relevant Commercial experi¬ 
ence. Possession of a higher degree 
would be an advanago. The appointee 
will be expected to teach students 
reading for a three years University 
Diploma in Busmen Studies and 
degree studies in Accountancy. 
SENIOR LECTURER/LECTURER IN 
BUSINESS STUDIES (TWO POSTS). 
Applicants should have at lease a good 
honours degree from a recognised 
institution and/or professional quali- 
fications with relevant teaching or 
rommereij) experience. A higher 
degree would be an advantage. For a 
Somor Lectureship appointment some 
administrative experience trill be an 
advantage. Appointees should be 
capable of offering at least two of 
che following subjects at degree and/ 
or diploma levol: Economics. Accoun¬ 
tancy. Business Administration. Law. 
and Financial Accountancy. Salary 
scales: Lecturer K3500.Rfifi00 P-a. 
Senior Lecturer K6500-KS000 P.a. (£1 
scerfing^Kf.67). 

The British Government may supple¬ 
ment salaries in range C3.450-C4.17C 
p.a. (sterling) for married appointees 
and £2.1B4-C2.B62 p a- (sterling) for 
single -appointees (reviewed annually 
and normally iree of all tax) and 
provide children's education allowances 
and holiday visit passages. 

If no British Government supple¬ 
ment m available, the University may 
pay an addition of boiwern K1320- 
R1656 p.a. far Lecturer and between 
K1M0-K1690 p.a. for Senior Lecturer 
(taxable in Malawi). Family passages: 
superannuation scheme: Gratuity 15^- 
25*; biennial overseas leave: bousing 
and various allowances. Detailed appli¬ 
cations (2 copies) with curriculum 
vitae and naming three referees to be 
sene to Registrar, University of 
Malawi. P.O. Box 278, Zombi, 
Malawi, by 1st March. 1978, Appli¬ 
cants resident in U.K. should send 
one copy to Intcr-Univeraicy Council. 
40/91 Tottenham Court Rood, London 
WIP 0DT. Further details may be 
obtained . from either address. 










Finance Director 


Essex 


up to £12,000 


The responsibility is for the accounting function 
of a manufacturing and trading company with a 
turnover in excess of £20m. 

The company operates independently from its 
parent group and, therefore, requires creative 
financial information and guidance internally, 
coupled with the timely preparation of 
management and financial accounts. 

The job calls for a qualified accountant, aged over 
30, with experience of developing standard cost 


accounting systems and working with others to 
improve profitability, and making best use of the 
company's assets. Career prospects are within an 
international group of companies either in finance 
or general management. 

Applications, which will be treated in strict 
confidence, should contain relevant details of 
career and salary progression, age, education and 
qualifications. Please write to Dr. I. Bowers 
quoting ref 676/ FT on both envelope and letter. 



Deloitte, Haskins & Sells , Management Consultants, 
P^O. Box 207,128 Queen Victoria Street, London EC4P 4JX- 


' - ■ ' . > • . -WH :• .>/- - 


vr id 


A leading- firm o£ Stockbrokers with an 
active corporate finance business and u sub¬ 
stantial' list Of: comp^qy .clients requires an 
experienced executive to play* key role in 
the planned -expansion of this side of the 
find's business. ^ 

The successful candidate is likely to have a 
legal' -or accountancy qualification and to 
have had? practical' experience of" corporate 
finance work in a merchant bank or major 
siockbroking firm. The preferred age bracket 
Is 30 to 40, but an exceptional candidate out¬ 
side this ra nge would be considered. 

The position has very considerable potential 
for 'progress in a profitable and ambitious 
firm and. will be' rewarded on a fully com¬ 
petitive basis. - 

Applications will be forwarded direct to our 
cheats, and you shoald indicate in a covering 
letter any firms to whom you do not wish to 
apply. Please apply in writing quoting refer-, 
ence 909. giving particulars 'of career, in 
confidence, to: ‘ 


SB 


W. L, Taft 

.ToucheRossSt Co. . .. 
Management Consultants 
4 London Wall Buildings 
London EC2M5UJ 



DEPOSIT CORPTN. 

require ' • 

ID BROKERS FOR NEW YORK 

TWO -YEARS' EXPERIENCE MINIMUM' 

INITIAL APPIiCATIONS IN CONFIDENCE 
PLEASE. TO: 

I. A. ROWE, Director, 

- ... Meridian Deposit Brokers Ltd. • 

. 35 London WaS, E.C.2. ; 

. .. •: TeL:jEWi 58$ 1*31 ; i , 


Treasury 

Management 

Area Manager. 

A vigorous and successful City based bank of long 
standing wishes to appoint an experienced manager 
to service its numerous industrial and - commercial 
clients located in West and North London. 

This will entail visiting Companies at a senior level, 
identifying their requirements and helping to supply 
these in a cimtive manner. The job w active, varied 
and stimulating, and requires initiative, drive and a 
h igh level of intelligence. 

Desirable specifications: . 

Banking. Accounting or Legal background. 

Ind ustria l / Commercial! Treasu ry experience. 
Ability to get Business. 

Age 30}35. 

Remuneration around £8,500 with car and other 
benefits. 

Please apply in strict confidence, quoting reference 
1759 to Clive and Sto/ccs, 14 Bolton Street , London 
W1X8JL. 

Clive&Stokes 

Appointment* <£ Pensorme/Oonsu/faDte 


CAMPBELL NEILL & CO. 

INVESTMENT ANALYST 

An Analyse is required to join our Research Department. The 
successful applicant will require to produce evidence of a 
thorough analytical training supported by an ability to produce 
and market high-qaailcy work for institutional consumption. A 
record featuring specialisation In brewing, engineering or paper 
and packaging would be ideal although applicants with experience 
of other sectors, or a sound basic training, will also be con¬ 
sidered. A professional or academic qualification » preferred but 
is not essential. Terms will be competitive in line with age and 
experience and all applications will be treated in strictest con¬ 
fidence. 

Initially, please write or telepiume to the following, giving 
a brief outline of past career: 

James C. Hardie, 

MESSRS. CAMPBELL NEILL & CO n 
Stock Exchange House, 

69 5b Georges Place, 

Glasgow G2 1JN. 

' Tel: 041-248 6271 . 


STOP PRESS! 

OUR CURRENT CITY AND 
FINANCIAL. OPENINGS 
INCLUDE:— 

STOCKBROKING 
INSTITUTIONAL SAUES 

Widi wi'tor boiwe. 24/30, 
rottarch background an advan- 
c*jo. Bin to leicurc and retail 
area* preferred. Salary n>g. 
Accountants. £6/8.000. OpRor- 
tunitict in internal consultancy 
and mirucetncne accountancy in 
major trading and consumer 
goods multinational. Outgoing 
and high flying personalities 
sought. 24/28. 

Accountants lor major oil com. 
pany tor treasury department. 
Coniidcrabie travel and prospects. 
CC7.000. 

Please contact Colin Barry at 
Overton, Shirley and Barry 
IManagcment Consultant*). 17. 
Holywell Row. London, ECZA 
4)B. Tel: 01-247 8274. 

Overton Shirley 
rry 


WEST END 

SURVEYORS AHD 
ESTATE AGENTS 

have vacancy for an ambitious 
assistant, whose talents and 
creative ability will be met by 
Future prospects. 

Write Box A.6259, 
Fincmdat Times, 

10, Cannon Street. E.C4P 4BY. 


Age 30-40 


OPERATIONS MANAGER 

BANKING 


£ 12,000 + 


AN OUTSTANDING OPPORTUNITY OFFERING A CHALLENGING 
LONG-TERM CAREER 

A leading International Bank with major expansion plans seeks an 
innovative, ambitious Manager with both commercial and technical experi¬ 
ence, to control the daily banking operations. Specific responsibility for 
Documentary Credit, Bills and Foreign Transfers means that the successful 
applicant will be fully conversant with these areas, with experience gained 
from within a recognised Banking name. The possession of the Bankers' 
Diploma is mandatory, and personal qualities must include the ability to 
fulfil a practical and demanding managerial role. 

Salary is negotiable around the above figure, and benefits befit the con¬ 
siderable importance attached to this appointment. 

Please telephone, in strict confidence. Rod Jordan 

§& BANKING PERSONNEL 

*H/-42 London Wall'London EC2-Telephone: 01-5BB D7B1 
(Recruitment Consultants) 




EVANS EMPLOYMENT 
AGENCY LTD. 

Will welcome your-enquiries in 
Strict confidence about- positions 
In stockbroking. 

15. CopthaJJ Avenue. 

. London EC2. 01-628 0985. 


I HAVE EARNED £2.800 KT month since 
replying to a Similar aoverttsement In 
1975, I am looking lor a dynamic 
Dersofi to loin mn at Hambro Lite. Tno 
ivork Is itiried and extremely rewarding. 
Location London Area. The person 
must have successful baeurauird. age 
25-55. Telephone Barry Wmser 437 
Q145I549 SI 79 or write S/6 Argyll 
Street. London. W,1. 

INTER-BANK dealer circa tfl.OOQ required 


Employment lAgy.j. 

INTERNATIONAL BANK nwiin> fully 
e*p. FX supervisor to head deot. Resoon- 
Uble to Deot. manager, circa 15.000. 
22+, Resumes oreierabiy. V.p.n. 
employment, 6, Utcrpool SL. E.Ci 
01-2D3 CO22, 

RETIRES BANKER required bv small 
Private comoany In Kensington as One, 
Manager ol property development com- 
Sajarv c.. £5.50 O. Write Box 


OPPORTUNITIES 

FOR 

NEWLY QUALIFIED 
ACCOUNTANTS 



MARCH 9 1 


The Financial Times proposes to publish, within its regular Thursday 
Appointments columns, on March 9 1978, a section headed “ Newly 
Qualified Accountancy Appointments.” This section is timed to 
appear following the results of the Finals, when several thousand 
newly qualified accountants will be in search of career opportunities. 
For fuB details of advertising in this section contact: James Jarratt 
on 01248 8000. Ext 539. 

FINANCIAITIMES 

EUROPE’S BUSINESS NEWSPAPER 































































Me 


c.£l 0,000 


One of the world's largest commercial banks 
has established a significant and profitable 
subsidiary which specialises in providing loans 
and services to the property and construction 
industries. An executive is now required who 
will report to the Managing Director and 
■ contribute to the expansion of the business but 
with a new emphasis on developing a corporate 
finance function. Using outside professional 
help 8S necessary, the person appointed will 
conduct investigations, make 
recommendations on acquisitions and advise 
on investment and disinvestment Candidates 
ideally aged under 30 should be accountants or 
graduates. Their experience gained in a' 
merchant bank or property company should 


cover me preparation of loan documents or 
other contractual obligations. They must also 
be able to negotiate and progress business at 
senior levels. Salary is negotiable at about 
£10,000 plus attractive fringe benefits. Location 
Central London. 

PA Personnel Services Ref: GM34/6309/FT 

Initial interviews are conducted by PA 
Consultants. No details are divulged to clients 
without prior permission. Please send brief 
career details or write for an application form, 
quoting the reference number on both your ' 
letter and envelope, and advise us if you have 
recently made any other applications to PA 
Personnel Services. 


PA Personnel Services 

Hyde Pari House, 60a Knighlsbridge, London SW1X 7LE. Tel: 01-235 6060 Telex: 27674 



Planning 

Officer 


Financial Times Thurs day February. fr1978 •: ; 




A member o? P4 ln>*r national 


Financial 

Controller 

Nigeria 

£18,000—20,000 equivalent 

NORTHERN NIGERIAN INVESTMENTS LIMITED 
(NNIL), a finance development company established in 
1959, is concerned with the promotion and expansion of 
a wide ran*e of agricultural, commercial and manufacturing 
industries in Nigeria. 

Applications are invited for the vacant post of Financial 
Controller to be responsible to rhe General Manager for 
advising on the financial and investment policies of the 
Company, as well as the management of the entire account¬ 
ing function. Examination ‘of proposed new business invest¬ 
ments will involve a certain amount of travel. 

Candidates for this key appointment should be fully 
qualified Accountants IACA or ACCA} in their mid-thirties 
with a strong background of previous experience in invest¬ 
ment and development finance. Preference will be given to 
those with additional experience of overseas employment. 

The appointment in the First instance will be for a 
period of 2 years but will carry good prospects of contract 
renewal by agreement. The salary and terms of service 
reflect the significance of this senior post. Benefits include 
comfortable, rent-free, furnished housing, educational assist¬ 
ance. free family passages and medical attention, and annual 
home leave. 

Applicants should write giving full personal particulars 
and derails of experience to Head of Personnel. Common¬ 
wealth Development Corporation, 33 Hill Street. London, 
WIA 3AR, quoting serial number 2003. 


£DC 


COMMODITIES 


s 


COMPLETE WORLD¬ 
WIDE SERVICE IN 
COMMODITY 
FUTURES 

Bache Halsey Stuart 
(London) Ltd 

Plantation House 
Fenchurch Street 
London E.C.3 
01-623 4646 

5 The Wool Exchange 
Bradford BD1 1LD 
Yorks. 

0274-26472 

NEW 

Ring 01-623 8236 as from 
Monday, 13th February, and 
every day for closing London 
and American commodity 
market prices, plus comments. 


REGIONAL 

CONSULTANT 

£6,500 p.a 
+Profit share 

A. rapidly expanding 
national company 
requires immediately a 
self-motivated 
professional to 
implement planned 
regional expansion. The 
successful candidate will 
possess experience of 
man management and 
training, speciality sales 
and thrive on autonomy, 
flexibility and Ions hours 
in the field. Responsible 
directly to the Board 
this is a key position 
in the company and 
benefits include company 
car, expenses and profit 
share related to 
performance. 

To arrange an early 
Interview phone: 

W. A. Burke, 

Managing Director, 
Promotacar (U.K.) Ltd. 
Tel: 01-697 5000/9. 


. Grindlay Brandts Limited is the 
merchant banking arm of the Grmdlays _ 
Bank Group and covers a range of activities 
including Eurocurrency loans. Shipping 
Finance, Export Finance, Leasing and 
Corporate Finance. . 

Owing to internal promotion, an 
opportunity has arisen for a Planning • 
Officerto assist the Managing Director in 
developing the strategy and long-term 
plans of Grindlay Brandts. 

Key tasks will include: ■ 

* Setting and reviewing objectives 
.* Assisting in the preparation of long¬ 
term plans 

* Undertaking specific studies into 

existing and prospective areas of 
- business, leading to strategic 
recommendations 

You will probably be aged 25-30years 
and have a good degree or professional 
qualification. A post-graduate degree or 
diploma in business studies would be a 
decided advantage, and a knowledge of 
accounting would also be very valuable. 
You should have at least two years’ work 
experience, not necessarily in planning but 
in a related activity such as economic or 
financial analysis. A keen interest in the 
international and domestic economic/ 
financial environment and a proven ability 
to make clear and useful written andverbal 
presentations are essential. 

Salary will be negotiable from £6500 
and excellent benefits include assistance 
with house mortgage and non-contributory 
pension scheme. 

Please write giving full career details to: 

Grindlay 

Brandts 

R.J.E. Barker, 

Group Appointments Manager, 

Grindlay Brandts Limited, 

36 Fenchurch Street, London EC3P 3AS. 


EUROBOND 

DEALER 

required by leading French bank. Aged late 20s 
early 30s. Good knowledge of primary and 
secondary markets. Mother tongue English with 
working knowledge of French. German an added 
advantage. Position is Paris-based with attractive 
salary and career prospects. 

Write in complete confidence to Box A.6260, 
Financial Times, 10, Cannon Street, EC4P 4BY. 



£3.500 verme*' far 


IfiM 



Our client is a. majot manu&ctnrhig company — 
part of on International Group and a worldwide 
leader in its field. . ■ 

The successful candidate wiffbel responsible far 
the entire accounting function-at the Nigerian 
factory. '' V 

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

There will be a short train in g programme in the 
U.K. followed by a longer spelt at the Company’s 
European H.Q. before taking up thepost. 

A substantial salary wiD.be paid, phis 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, Hagtey Hotise.Hagley Road, 
Birmingham B16 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. - 



COBEC (U.K.) LTD. 

FINANCIAL MANAGER 

£10,000 to £11,500 

Companhia de Entrepostos e Comercio 
— COBEC — 

is a mixed private and Government capital trading companv based in Rio 
de Janeiro. Their exports in the first half of 1977 totalled 473.7 million U.S. 
dollars which exceeded the whole value of all 1976. They have just estab¬ 
lished a Commodities branch in London. 

They now seek to recruit a Trading unit with full Administrative support, 
the first appointment of which will be for a Financial Manager who will 
immediately become a member of the management team. 

Applications are required from people aged 3CH15 who are financially fully- 
qualified, and who can demonstrate practical experience in the Commodity 
Trading world, or from a related position in Merchant Banking. This new 
venture offers a real career prospect for people who are imaginative, flexible 
and methodical. The successful person will be responsible for creating the 
financial frame-work of a new Commercial System to include Budgets, 
Controls, Treasury, monthly balances, and Foreign Exchange but, as in the 
initial stages of any small team, compatibility and whole-hearted effort will 
rank high. Languages, especially French or German, would be an asset. 
Meeting this unusual challenge will merit extra rewards, apart from the 
conventional “social package” benefits. 

Applications, with a detailed curriculum vitae, should be made imm ediately 
in writing to: 

Kenneth Spence, Robin Marlar and Associates 
14 Grosvenor Place, London SW1X 7HH 


MALAYSIAN BASED 
COMMODITY MANAGER 

A major international commodity trading group is in the process of forming a Joint 
venture company which will be based in Kuala Lumpur. Malaysia. The objective of this 
company will be to trade metals (but primarily tin) into the London Metal Exchange, 
and also to deal in rubber and ocher commodities. 

A suitably experienced person is required to take charge of all aspects of the 
Malay sun company s operations. Although a knowledge of L.M.E. and commodity dealing 
techniques would be useful, this is not considered essential. Tbe primary requirement 
will be an ability to grasp and communicate the fundamental factors governing a com¬ 
modity and to deal in rapidly moving markets. Experience in the currency and/or stock 
markets could be useful as would a knowledge of the Far East, particularly Malaysia and 
m!fc?° re ' Sa,ary Md frins * bfinefi£s wil1 b * generous and negotiable. (Preferred age 

Please write giving full details of age. qualifications and career history to: 

Box A.6253, Financial Times, 

10. Cannon Street, EC4P 4BT. 


Stockbmking 

Electrical Analyst 
c£6500 

phis bomis and fringe benefits 

Our client is a well-known Firm. with, 
a first-class reputation for research. 
They ore looking for an additional 
analyst to join their researcb/sales 
team covering the Electrical sector. 

Applicants (preferred age 22-30) 

• should have at least two years 
experience covering the Electrical 
sector, be able to write clear and 
concise reports and. preferably, have 
experience of discussing their' 
research with Fund Managers and 
Institutional Analysts. 

Tbe position should appeal to an ‘ 
ambitious individual. who is now . 
looking for the opportunity for career 
advancement in a specialist Firm. 

Please contact F. J. Stephens who will 
treat all enquiries; in the strictest 
confidence. 

Stephens Selection 

33 Dover Street, London Wl 01493 0617 

« Recruitment CtHisukants— 


TAXATION 

ACCOUNTANT 

Tate and Lyle is an Iniemational Company with a turnover in 
excess of El .000 million, engaged in a very wide range of 
operations including sugar refining, sugar production, trading and 
handfing commodities, transport and distribution. 

In order to establish further the group lax function, we are 
seeking a young taxation accountant who wiflbe responsible to. 
the group taxation manager for the preparation and supervision of 
the annual taxation provisions of UK- -group companies tor 
submission to and agreement with the UK tax authorities. In 
addition there will be close involvement in UK and international tax. 
planning. . •. ■ — ’ 

Candidates must be qualified accountants (ACA, ACCA) with a 
minimum of two years corporation tax experience:. Salary is 
negotiable c. £6,500 dependent on age and-experience and the 
generous tnnge benefits include a non-con tribe lory, pension, 
scheme. 

Please telephone or write for an application form to:- 




Mrs J. M. Matthias. ■ - 
Tate and Lyle Limited, . ‘ 
Sugar Quay. 

Lower Thames-Street, 
London EC3. 

Telephone 01-626 6525 


Country oil the- 

don Floor. 
exp.. - • 

Allan Robson of. 

C. B. PersgBflei Consultants, 
: 01-4S3 5641 " ^ 


APPOINTMENTS 

WANTED 



LEGAL NOTICES 


no. mas ot isra . ■ 

In The. HIGH COURT OP JO BHCg - * 
Chancery DorMftra- Companies. jC®rt.'- ia - - 
the Mam* of KAREBGK.UMrlXD and / 
is due Matter of The* Cdnottattx her •' 
tm. ■*- • 

NOTECE IS HEREBY Cjjftft- that — - 
Petition for the irindlnK-w ^ the *bcv£^~ 
named . Compare - , hr u»t rEHsSs - court, irf-- 
Justice-vras on tbs' 

tflTB. presented to tbs- -,'hiterri5nir : fer ' 
THE .COMMISSIONERS.:ORf fTOrn wg; ' 
AND EXCISE of JOnBlirBttaP ; 
39-U. Marfr Lane. ILomfcfe;'BSBJlt 

and - that the ttid Petition - 

be heard before che’Com-aKUns at&e \ 

Royal Courts of Justice. sites, Land®. 

. WCSA. 2LL, on:--the Sfft day ot fiSanSt.-- '- 
3978. and uf creator ter tfinuSMtky 
of ihe saM. Cam pan; .tiestrotix.fe «bpowtC,"- 
or oppose the '’maMnr'itf Ortet on*-' 
(he said Petition mar -appeal .si-a* 
time - of' hcarimr in- penm., b». 
Counsel , tor . (hat dwoosb: and . t how.- 
or ih^. Petition rtli ■te . runddifil fey Bur.r 
iinders&ned 'to' -any.* ctWHar 'or co nti 
torp of Ute-Mld COftuwny requbfas neb"'-'.' 
Mw do- payment Of .the rfe&Oated dtaxm-r.: 
for the. 

• •. ra« : a^^^ru<«re. ■ J 

*-.* 8M1. M ailt Lo ne. ' . v.'-V 

'. Loaflttl-EQH THE. 1 . • 

Solicitor to the FetatanCT .' ■': " 
NOTt—Any. person.- who ' intends. . 
appear or Hie hearing of ®e 'saW. prititicin; V . 
mast serve on. or-reinf by post to. 
-above-named notice In writing ol Jtir‘7- 
intentmaso to da. .'The mticc-miK 
the.name and addresa dt The.ncreun.. 

If a Oai^.'atitf address ot.tbir ^. 

arm. and. mast'be signed by Jthe perinair. ■ 
or firm, ar-Jte or their StAichnr tit asSh^ 
and mirii be served; or, It-MStad. ntmVr -. 
he sent'bp'poet in . vafSdooi. .time-'io :. 
reach the above-named not .briar than, o: 
four A'ctodc in: the agemeoa-Vot. 

3rd day of.March 1973, - • •' -.*•••'- 


Kuwaiti Dinars 5,000,000 . 

9% Guaranteed Notes due l381 .: 

Kuwait Foreign Trading Contrecting & Investment Co. (S.A.K.) (Fiscal Agent and'Princtpal PayW 
Agent) announce lhat Notes tor the principal amount of K01.250,000 have been drawn by lot in a manner 
d&emed by Kuwait Foreign Trading Contracting & investment Co. (SAK.) to be appropriate and fair for 

the redemption instalment due 16th March 1978.' . \ n . 

The numbers of the Notes sodrawn areasfollows:— . . •»-. _. ; . - i V;’.' 



2 

10 

14 

15 

38 

38 

42 

53 

97 

98 

99 

124 

145 

14S 

148 

151 

172 

175 

183 

184 

20B 

208 

234 

235 

260 

265 

266 

269 

233 

234 

235 

299 

320 

323 

326 

327 

351 

352 

356 

357 

389 

390 

391 

396 

424 

441 

462 

459 

477 

479 

480 

481 

504 

508 

512 

513 

538 

540 

541 

545 

559 

560 

561 

570. 

eto 

818 

642 

653 

681 

682 

683 

686 

722 

724 

725 

726 

74B 

753 

757 

758 

766 

767 

768. 

769 

833 

838 

~ 840 

841 

877 

879 

882 

8B8 

SG9 

910 

9T1 

914 

342 

943 

944 

945 


397 

398 

403 - 

'410 

460 . ' 

461 

463 

.465 

485- 

■488'- 

.‘-■489 

: 497 

SIS..”'. 


'.520'; . 

631 

546- 

sb 2> 

554 . 

555 

592 

.594 

r-eoo •: 

‘ 501 

654..' 

656 

■ 661 ; 

662 

6B7' 

'698 " 

.699' 

. 700 

727 

728; 

•729 

• 734« 

760;. v\ 

.761: 

- ■ -762 

•■768' 

773 - • 

782 

. 786-. 

790 

85i 

8S3 - 

865 • 

. 856 

891 7-v- 

895 . 

898 

901 

92T : ' 

822 

" 828- 

' 932 

950;:.. 

954. 

'- 866 ' 

■'9B7; 


. . 38.- 

■ -Si/' 

f3S 

.. lea.:- 

19Z 

256 

■ .'2^1 , 
•-314^ 

-.3*5•. 

. 370 
■ 418, 

., ^473 . ., 
- .>• 439 
532- 
J5BB 
:..'604V 
. ‘677 
,717. 
-73S; 

* 764- 
791 
8€1 

.:. . rS 02 ■; 

938- 

aai;. 


.'. • -3T: 

y .95 
il4T 
-•'169 
' . 205- 
259 
292 
.319 
346-'' 
377 
419 

*.-474 • 
503-' 
538 . 
'657 - 
£09- 

ere 

- 7T8.. 
"737 
: 765 
• 823 
871 
sor 
-940 1 
885 


International Group requires General Manager in its Head¬ 
quarters in Lagos, Nigeria, responsible to the Chairman for 
development of new business and expansion of existing business 
and co-ordinating business with Marketing Boards in other 
Commodity States within Nigeria. This is a challenging oppor¬ 
tunity for a hardworking candidate with administrative ability, 
initiative, management skills and experience in international 
commodity trading. A Substantial salary will be paid with 
customary benefits. Write with full C.V. and current earnings 
to Box A.6261, Financial Times, IQ, Cannon Street. EC4P 4BY. 


SENIOR 

EXECUTIVE 

Offers long trading experience 
in international non-ferrous 
metal commodities. 

Writ* Be* A.$25?, Financial Timer, 
10, Cannon Street, BC4P IBf. ^ 


COMMODITIES 

ADVERTISEMENTS 
APPEAR EVERT THURSDAY 

For details contact Steve Ner'rtt 
01-245-8000 Ext 591 


..I iwaiu 11 ...we win oecome dueana^JBypoie omBach^-Note.drawn fof redemption, the 

prmapal amount (hereof, together with accrued imerostto that eteteat theoffic8sofeithdr'>-i - ■ 

• Si a ^ankS./Lbixembouriieol«i: t 

5D-lS-AK.), „... ..- 1 - '57 rue Notre-Dame, ■- - * . 

Al Mulls Buildings. ... Luxembourg 

KhaiedBinAI-V/aleedSireaL *' J_ .. 

P.0. Box 5665, . '• ; 

Sara:. • -^7. ; c/: J '. . ■ ' ' 

Kuwait City, .. . j-'• 

Kuwait. •• : . - - ■■■ 'r"; 

mtatest will cease to accrue on the Notes calledforrVderhptfqn on Of after 15th Match197B and Notfis 
so presented lor payment must have attached all coupons maturing Bfterihat date. -. ' .< - 

KD 3,750.000 principal amount of Notes remaiq Outs^pdmB.afterl 5thMarch 1978. - ’ : ‘ ~ - - 

Al Mulla Buildinos. Khaled Bin Ai-uu^io^ri e, ? 2 •' - V: 


Al Mulla Buildings, Khaled Bin Al-Waleed Street. . : .“ 

P.O. Box 5665, Safat, Kuwait City, -Kuwait. . " '. ' 














































































































00 hQ Financial. 35mes Thur^ay February 9 1978 



!> x French 


Getting the name right 






BY MICHAEL THOMPSON-NOEL 


BREViAi icarroa 


OVALTINE, PERSIL, Lux, Luco- pany which had adopted a name cluttered markets like soft fruit crush. "At the time, 
zade. Brand names and trade-, fw a new product supplied by its drinks, food and pharmaceuticals, Schweppes had very powerful 
marks have an important role to advertising agency. At ihe last can be a tortuous and m some brands in mixer drinks but it 
: play when it comes to launching moment someone thought to do cases an expensive one. didn't have mieraauooa! 

product or marketing an -some checkins, and the brand Typically. in e client company strength in pop or colas or soft 


■-C..ter cent, istakR in Crehalet, -nfetit t+45 per eenti and house- j p 
V-st,.'Robert ‘ ^d.^-PXrtdert.^hld ajlpBahres (+5?per ceaLi.j“ g** 
ribed aa'ane.oE ; ihe.fjjstest* Tim .molest gains were seen in ei,snn 
'mg advertisingVagencies ia-'Utoa&bfi £+3- per cent.) and 
fs ‘‘v s, for an. .undisclosed sum.' ;■ iaiietftgs ^ud «osra$ti« ( t 7 per 
mAJ »TVRP was fortned in.1973 and .. 

PlOKd PrsJMm » vpfthw-Pin 75 w 1 sca s a»y real grasp ui me irapw says Murpny. "incy naa spent up to *-uuu names may ne pro- seven reany 

*£2 ^ nc ? oE brand nam« or of the £150.000 on packaninc and duced by the ideas team, all of national marks 
^plcxities oftbe inler-E>Q,ooo on a TV commercial, them hopefully rellect.nc the -Caribashov 
*, la st naUonal name game. Further. Then they discovered these 26 planned character and position 

? c gs VjgaSd” ye ajr _ ;Says Murphy, companies in this names. The company’s lawyers mg of the product 


fendtae 


©bernai 

( /Q/%yr i 


existing one. Yet according to name that had been chosen was starts by working out its market- drinks. We put together a port- 
John Murphy, managing direc- found to conflict with no fewer ing 1 strategy for the product and folio of international soft drink 
tor of London's -Novamark Inter- than 26 U.K.*registered names, deciding exactly where and how names suitable Tor 20 major 
national, too few companies pos- "They were really panicking," it wants to position it. Initially, countries and finished up with 
sess any real grasp of the impor- says Murphy. “They had spent up to 4.000 names may he pro- seven really powerful inter- 


.French » ETOtETTS. vihich;has put on 


l. J rauBi £400,009; to new -biliings, so far 

V- and Fisods. ms year .to V^ch^9m.. has 

i, J '- T.*iVjp.ex. Said.-yesMriUy _tbat th& appoli«ed sIx seniar executives 
of-CFRP represented-to the'new vpoffr* w associate 
-i'Vi i*>irther .-step-in'Mis. European dlrectdrt. Bob: Connor, Carolyn 


Cariba showed up extremely 
well in consumer research. It 
Aovamark- WJS thought to have an Alpine 


— OU.VtOI* 

DENOVO 


country at any rate often display advised them to scrub the name then whittles the list down to 500 onalirv vet at 
remarkable laxity when it comes antf start again, which would checked names and the company rnnsidered w: 
to protecting the rights to the have involved a total write-off of itself ibeo reduces the list lu 


more than £250.000 They asked around HO. At the end of a 


the same time was 
warm and exotic. It 
was easy for children to pro¬ 
nounce and works in all 



specialises for my advice. 1 told them; ‘Take tenglhy process'. Novamark aod i a ncua"es 
- deep breath and plunge in', its client may be left with only " 


Some or the brand names developed by Novamark. 

from £2,000 to £25,000 to develop a name. 


it can cost 


brand names they own. 

Novamark, which 

its, European direcWrt .Bob : Connor,. Carolyn I in researching, devising! register-a deep t-- .. ,,,. „„„ _. . _ .. 

■•s' ,, -: j ,^4??9Pment.pi i o*ramme.. tn the Ciithbert, > DOUing, Bobiing and then helping to proteci a good name savsMr Murphy, half-a-dozen which work and are , Nnt that Canba was totally employees, offering a cash prize and would cost £2.000-£2.500- To 
where .ft has five general Hunter.' Jobs: ;Rahertson and 1 brand names, was set up in i s iuioortani in ceiting a product available. At present Novamark tree. Beecnam was found to f or a suitable name. The workers cover the EEC it would cost 

.... 1974, when it was considered started. ** Names cannot be is researching a name Tor a ® wn . tiie ri Shis to the trade name got excited, sending in 9.000 around £10,000. and to produce 

€AliAGHER, 48. is {something of an odd ball. changed and a good product with European confectionery product. L3 |! lla * so t0 he3d off c a J*- r D11S ’ entries which included ad jingles, a name for world-wide use in at 

T1T ^ - - - . — stopping as presi-l However since then says Mr a good name will almost always Of the 50n names it firm sent the layouts, poems and drawings- least 25 major markets—a project 

tv, - viiT ^*5*Recruitment, dent ep) 0 yte Dane-Bernb&cb inlMurphv %‘mpanies have a\ Icait sell better from the start than client, only three have proved 5yj» h /ft- * 2 Some of the names that turned involving at least a years work 

ycar ‘ exciud- Ncw York but will remain with I started to come to the view that a good product with a bad name." registerable. -HW- r( fi* n r * H 5 u ^5«J a fe?ni«S ”P. displa S :d real zeal; Jack the —the bill would be more like 

we ^_the agency as a Board member, i trademarks ought to be made to There are approximately 500.000 J “ lt 15 oC,ct1 Lhc case that pro- ^*50 000 Kr^he r!Lh£ S nPP m Ere,;,Ia ' of ^ he ^-OOO-f.o.OOO. 

•*'**. • GaHagber hecame DDB>residem >ork harder in the marketing of registered brand names in the ducts get on to the market with th-,7 pops ' Flat - v P u s and Wmdbag. But it sounds like money well 

- ■ - idVMits/mtarests to groups- in 1S74^; Formerly,, he. had been a product, and his company has U.K. Names arc registered for badly chosen names that are ™ L ™> n *> l “ a J ,l F J2S v met . lhe marketing and spent As Novamark says: “It is 

Holland, Belgium;-France'and a bounding partner.of-Gallagher • collaborated with numerous big seven years to start with and arc simply mappropri^ie.” says Mr. cn 3 n e.e iw o-%n name io c.xxon.> legal C r;terta. so Dunlop turned significant that the most success- 

'-v}th Africa as well as tbe U.Kv.SntaiL whlch-DDB iaimred and I names like Dunlop and Cadbury renewed every 14. Registration Murphy. In the lager field, for Mr. Murphy first came across to Novomark which after five and ful consumer product companies 

—■* »•*•*»—a— Schweppes. costs approximately £J00. Of the example, he reckons names like Novamark from the client end a half months produced the name are those who take the greatest 

To illustrate the importance 18.000 applications received each Norseman and Viking to be while working for Dunlop oa the Denovn. The cost: £5.000. interest in brand names. They 

U.K. managing director. His-of' properly researching a name ve'ar, 10.000-12.000 mishl >ucecvd. banal and anti-positional. launch of a new safety tyre. The Costs vary. Mr. Murphy says recognise the importance of the 

STOCKS of at least successor as DDE president will i for a new product, be tells how but the process by which the A name he is rather fond of search for the right came had it would lake tour to five weeks brand name in their marketing 


, - - ™ ■-I--.-""* guto 4 L VVMWti 

\ F l .group billings a grossed- roerged iaio its Looftoa office 
r, basis, jndudtofi marketing, W here G allay her became DDEs 
^ f vices, are now £90m. - - ■ - - 


3 cars and a still-falljng be Neil AifstTfari.-^Wi joined! he waj, once approached, in con- best names arc reset 
of market, British Leyland flie agency'in 1974-from a pn-jsiderablc panic, by a food com- devised, particularly 


researched and is t'-ariha. the Cadbury meandered on for two years. At to research and clear a brand programme—and the cost of a 

in name- Schweppes pineapple and grape- one point Dunlop turned to its name for use in the U.K. only marketing failure." 



£500.00$. for Lad- 
Instant 


Should the professions advertise? | Bloeh Re P° rt attackL 'd 


J.^ing-.ft can at ;ieast partially this year ajf_ 

. the success of its Soper- broke's • Cashesde 
v ';" promotion , two years : ago Lotteries. -"-t iw-.r 

improved its share of # THE NATIONAL - Magazine 
\ i* ?rket from'27 per cent, to .40; Company is launching 
: cJJ promotion^ said , to he monthly woman’s ■! 

.--il-;®*! iaraest-ever individual cam- called Company hi •'■September: OVER RECENT years there has rising. For example, the Com- Given this, academics from the 
‘ ifn by. a U;K. motor man a- aimed at the. 18-to-24 age group. ^ a Broal deal of discussion mission’s repon on solicitors Universities of Chicago and 

- - ■ J i; '- t I ure ri Is peiog-' handled. hy : initial print xuni^tf jeist 300,000. between the Goveromcnt and stated unequivocally that a mono- Arizona have contrasted price/ 

.*•. ^“®5“ s town ^agency, Saa.f chi. ^ KEITH WILLIAMS'lias been I professional bodies on the res- poly situation existed in favour quality relationships in states 

^Garland Compton^ appointed to.' the / Board of ■ tnciions which the professions of solicitors that resulted in dis- which allow advertising with 


a new ' BY MIKE WATERSON 
magazine 


SaWchi . .....-- 7 _. ... . _ ______ 

aiso just-woit th'e'£lm. Beverley Fowler-^ iappiy^to their~members. One of advantages to the public interest those that do nut. In 1972 Pro- dangers of advertising, even for; 

*• - VOunt for^ the wall Coverings q tot; NOISE .ABATEMENT; these in particular—the ban on in that existing restrictions on fessor Ben ham found ih 3 t “the 

. .. • Society and eight memhers of j advertising — has. perhaps sur- the advertising of solicitors' estimates of eyeglass prices alone 

from the [public, objected , to Pj’e's | prifinely, received 


ifketing Board. . . 
LATEST FIGURES 




idia Expenditure Analysis Black Box - phrase, “Sound. 
>. j'-^ow that the total spent on dis- enough to fill your ueighbour's 
. advertising last year-—at. lounge, as wen as-your own.” as 

'.' •. : -te card costs—improved 22 per being anti-social and the Adver- 
• '^nt. to £8S4m. (£ 6 S 5 m.). Spend-'rising; Standards^^dbority has 

• - ^.-S in the Press was 23 per cent agreed with them. .. The ASA 

• ?i:gher at £406m. with the fbllow- eon cl tided 70 cases in-December 
"’-?R sectors showing the greatest (excluding mail ordert. Fiftv 

••-..-sUcreases: women’s weekly maga- complaints were upheld either 
' ' • ‘ ':oes (+32 per cent.); weekend wholly ^>r in part. '.vV •' 

;-~-dour supplements (+28 per # ITT BUSINES5 SYSTEMS has 
™’nt.» and 


Shelton 


0 DRAWS 


■ >'Ok nasu*] 
tliSItJDOM 
1-^:3 
.:sv 
\rt - 


aitaf. 


-i-T 


Who's looking after the phone? 



Agovox C380 • a 

the latest phone-answering v * • 
machine from ibeZeiss group -. 
of West Germany . • Jf 
•competitive rates forl-ypar rental 
• availableImmediately j . 

RING 01-778 7255ji^time! 

Agovox Answering, J’. _ 

4 Sydenham Road, fcbndon, SE26 5QW. I 


Agovox Answering! 


• ; ; -i-ii - * 1 B vhrrra w 4 





Tfeie^ar that never ends 

; V/eRckisharea pcaccfuI people. When a war is 
^ overwelike to consign it to the history books -and 

.C.forgef.it. . ‘ ‘ ': ; i 

^ - But for some fheivays live on. The disabled from 
^ bpth.'Wodd Wars and-frorplesser campaigns, now all 
too easily forgotten ;tfw widows, the orphans and the 
children -for them their vear lives on, every day and : . 
C.^aH day. 

'j In manycaka, of course, there is help from a 
^.pension. Baft here is'ilarfit to what any Government 
“ i-Depart raept can do.'’- , 

" ’ This is where AnnyBenevolence steps in. With ■ * 
undcrstariilmg. With asense of urgency... and with 
1 ph)biia>};fmanmathc]p. - 

Tcrtts4iIs a juivilegpito help iheSe brave men-and 
i*men. idoIFlia^ewsflyou hefp us to do more'- W© 
Tniist hot let oar Sbidfets down. J : 

The Army Benevolent Fund y 

for soldiers, ex-^dUHers amd their famOics in distress 
Depri KT,; J3^ike rirVofk*+ HQ. ; London SW3 4SP -i V.v; 


THE INCORPORATED Society that existing restrictive laws 
I of British Advertisers has taken should be repealed. This is our 
> a firm stand against recoin- interpretation of the 1 harmonisa- 
• mendations in the Bloch Report lion * or freedoms." 
concerning the value of adverris-. t hat Britain should adopt more Mr. Lamb says that publication 
ing. coupled with Government ‘ restrictive laws relating to sales of the Bloch Report does not 
pressure, will evenrually lead to ; promotion practice. necessarily mean tbar legislation 

advertising by professionals he-, . _ , is imminent. "But we believe 

coming more widespread. The. Pr of- Bloch, of Strasbourg that ISB\ should protest 

University, was commissioned vigorously whenever recom- 
the medical profession, have been ' 10 report on existing laws on mentations arc made which 
greatly exaggerated. Nobody is premiums and promotions wou!d be t ‘ 0 ^ disadvantage of 

considerable services prevented the public, as suggest thai advertising restric- advocating total freedom: there ^“J 1 .' 0 ".the marketing interests of 

are already stringent rules in the: l0aI ,J iie in B P lain “f re British industry, or. as in this 

Code of Advertising Practice, and |?° asi “® ra ‘ , !- v * e ss stringent than cage< 0 f British consumers too." 
special regulations will un-| in oth®r member states. He SO ciety points out that 

doubtably come into effect when i recommended that they be s j nce 1974 . the U.K.'s self- 
3 particular situation calls for!®™ 1 ^ 11 * line wl ™ 1136 rest disciplinary code of sales pro- 
extra care. i of thc tE C. motion practice has been further 

The advertising industry and! Gilbert Lamb, the ISBA direc- strengthened. Regular monitor- 

legal systems have shown that tor. said yesterday: "We totally ing of promotional practice had 

they can handle advertising for | reject these recommendations, been instituted and steps were 

banks, insurance companies, in-;The ISBA stand on this issue taken against companies that 

vestment trusts and medical pre -1 remains unchanged since we transgressed the code, 
parations without disastrous 1 published our memorandum on At the same time, says the 
results. The major question i the subject in 1974. Our posi- society, an inquiry had been 
now is bow long it will be;rion is quite clear. We believe carried out through Strasbourg 
. i-HHior. in advances nutweieh the advan **“ T*~ before the professions take more,that if the EEC laws on sales University which concentrated 

of the prnfcssmris to imtulgc in d | s t e ^ °“* g . ^« °. r Pharmacies in states ser iousiy an activity they have ■ promoiional practice have to be on premium promotions, 

competitive activities, the vages to tne public interest. regulating prescriptive drug f or too long regarded with l harmonised. harmonisation Although the report had not 

Dresent is as good a time as any kssentiaily the Commission pr j ce advertising than in non- suspicion and distrust. j should not mean the automatic been circulated, it was reportedly 

to reassess the Dossihle costs and was recognising that advertising r PS m Ia ..* rv elates . .. , 

benefits of a change in attitude is one facet of competitive re ^ 1,Jl ‘ >r> siaies ' Nike Water.«m ts director of 

in the U.)w both to-the com.-, market - behaviour. ...and that... It-would appear likely, there-, research at the Advertising 
mivnlty jjnd the profession: because or the importance ofjore. that the weight of evidence Association. 

Th*» ball really first started market information ip bringio 


criticism from Ministers, the 
Monopolies Commission and the 
Office of Fair Trading. 

Although some professional 
bodies have relaxed or even 
abandoned the ban recently, 
many professions, still show a 
. marked reluctance to accept the 
i benefits that might accrue from 
a more active competitive stance. 
With evidence now accumulating 
in the U.S.. where more rapid 


well as potential new entrants to rioru in this market increase the 
the profession, being given prices paid by 25 per cent, to 
information about the services more than 100 per cent. Further- 
offered by individual solicitors, more, these estimates are likely 
and that the restrictions were to understate the total savings to 
likely to have disadvantageous consumers occasioned by adver- 
effecls on the profession's general rising since the search process 
competitiveness and efficiency as itself is less expensive when 
well as. on the introduction of information is more readily aod 
new methods and practices. cheaply available." 

“We considered the ln a s i u{ j y of pharmacies by 

various benefits claimed to result Professor ody the conclusion 


. _ . — popular , national ‘appointed Fletcher: 

“lies (+27 per cenL), Higher Delaney. The account, to be! pn£ess"hzs been’ made in over- from the restrictions." said the ^‘tScprk-wWre si^SifiSJ 


adoption of the most stringent based on incomplete survey 
restrictive laws within member work and appeared to be both 
i states. It is perfectly reasonable biased and inadequate. 


rotlirt* in 1970. when the together buyers and sellers, it 
Monopolies Commission reported was one that should not be din- 
on the professions. The Com- couraged insofar as certain rules 
mission stated categorically that of behaviour were observed. The 
it could see no reason why the Commission also explicitly 
competition that was supposed to recognised that advertising was 
be so healthy in othei business one of the more controllable 
areas should have the opposite forms of selling activity because 
effect - on solicitors, architects, of its inherently public nature, 
accountaints, doctors. and Only two further arguments 

management consultants, nor are worth adding to the very 
indeed on any of the 150-plus comprehensive Monopolies Corn- 
professions. mission summary. First, adver- 

The Commission followed up Using is one of the most cosi- 
Ihe . argument with detailed effective ways of communication, 
reports on. individual pro- and in this sense may lower 

fessions that concentrated on the costs since some form of selling 
supply of various services, speci- activity is necessary in most pro- 
fically in relation to the restric- fessions.. Second, greater infer- 
tions on advertising imposed by mation about sellers will lead 
the bodies concerned. to greater specialisation in the 

In putting forward evidence to provision of services. Abhorrent 
the Commission, most of the pro- though the thought may be to 
fessions had claimed that to gome professionals. greater 
permit advertising would pro- specialisation should lead to 
duce an undignified scramble for greater expertise, lower costs, 
business which would lead to lower prices and/or greater 
lower professional standards and profits. 

enable unscrupulous practi- This last argument is most im- 
tioners to deceive potential portant because it provides the 
clients. They also claimed that basis for rejection of the 
since advertising has a cost, it favourite anti-advertising argu- 
would inevitably lead to higher merit of academics—that adver- 
prices and/or poorer quality tising js simply an additional cost 
work. with a zero social product Even 

Although allowing that such if the introduction of advertising 
arguments were sincerely beid were to leave market shares un- 
by many professional people, the changed within a profession, a 
Commission's findings In general major benefit to customers (a 


were in favour of allowing adver- 



MARKETING APPOINTMENTS 



Head of Marketing & Promotions 

£10^000-£12,000 


The.Platuunn Guild, sponsored by the Western World's large* producer of 
' platinum, has. beot-hstaUished within . J- Thompson London to 

encourage wider use,of the metal in jewellety design and m a nufa cture 
mtheuK. _ V 

A verv senior msx&tikgbhd promotions executive fcreqiored who will liaise 
between the advertising a^ncy, the Sauth AfiW 
UK mar keting -agents and fabricators, and the market Substantial budgets 
have been appropriated +0 service this operation as part of a multi-mtilioit 

pound cap^sugn whidi is being undertak«n in other major countries as 


well as the 


be involved in promotions, indudiag exhibitions, trade press and technical 
information services in the.UK.to achieve substantially increased volume. 


in 

product manag ement and marketing with a consumer bias, a lively 
.iiib>Higp»n i>«> ;g~ pjg&y nreseotabie personality, goad administcative skills and 
thelEiUtv to'take the initiative, are mom important than formal 
qualififfltiom- Strong motivation to achieve a real and lasting commercial 
success isvital andwiUbe well rewarded. 

Thepoaztios^ based b London and will involve considerable travel in theUK, 
as well ash familiarisation visit to South Aftica. 

CandidofesshooM sendd detailed career history to the consultant advising on 
this position, quoting reference 621 FT- 

f:.' • JWTKeamitmentLumtedL ■ - 
^BerkeleyS4aai»,l^ncUHiW3XSAB. 


tSEOJir.t sccfiyiafiNi 1 


positive social product) would 
undoubtedly arise since in all 
probability customers would 
have greater market knowledge 
and would therefore tend to 
“ consume ” services with charac¬ 
teristics which better served their 
oceds. 

Wbat could the professions 
themselves expect to gain? 
Given the very nature of most 
professions it is unlikely (hat 
major changes would occur over¬ 
night. It is likely that the most 
efficient. Innovator)- professional 
practices would gradually' take 
business away from the more 
moribund organisations and in¬ 
dividuals. However, opportuni¬ 
ties would exist for much faster 
growth by new entrants to the 
market, or organisations able to 
bear the undoubted strains of 
rapid expansion. 

One possible approach when 
looking at possibilities in this 
area is to examine the experi¬ 
ence of the U.S„ where the 
Supreme Court ruled recently 
that a ban on advertising by 
lawyers was unconstitutional 
The New York Board of Regents 
has gone even further by ruling 
that doctors and dentists can 
advertise as well, and the New 
York papers have written about 
some quite spectacular success 
stories since these rulings took 
effect. One New York dentist 
was quoted as saying: “Since I 
began advertising my practice 
has increased by a least 500 per 
cent.” 

The theoretical benefits to the 
cusromer have already been dis¬ 
cussed, but what hard evidence 
is there that prices would really 
Fall without impairing quality of 
service and other non-price 
benefits? Again, we have only 
tbe U.S. experience to act as'a 
guide, but same quite detailed 
conclusions can be drawn from 
this. 

Some States in the U.S. have 
allowed advertising by opticians 
and pharmacists for many years: 
others have banned advertising. 


A FINANCIAL TIMES SURVEY 

WORLD DEFENCE INDUSTRIES 

MARCH 1 1978 

The Financial Times proposes to publish a survey on World Defence Industries on March 
1st, 1978. The provisional editorial synopsis is set out below. 

Despite attempts by some countries to cut defence spending, directly, and to reach strate¬ 
gic arms limitation agreements; defence remains one of the world’s biggest industries, col¬ 
lectively accounting for outlays of well over $300bn. a year. Demand especially for 
conventional weapons, continues to grow', especially in tbe countries of the Third World, 
and there is fierce competition for these markets. 


THE BIG BUYERS AND SPENDERS The shift 
In emphasis In recent years towards conven* 
tional, as opposed to nuclear weapons has 
created major new opportunities for the world's 
big armaments manufacturers. In the UK., the 
effect of cuts in home defence spending and 
limitations on some overseas markets, such as 
South Africa, has forced the defence industries 
to seek new business elsewhere, such as the 
Middle East, South America and South-East 
Asia. 

THE PRESSURES AND PROBLEMS IN NATO 
Deep concern has been expressed about the cuts 
in U.K. defence spending, and their effect on 
the Alliance, at a time when the Warsaw Pact 
is building up ; its conventional forces. At the 
same time, NATO has a major problem in seek¬ 
ing greater standardisation, both to get the best 
value for money and to improve military 
efficiency. 

THE U.S. POSITION While seeking a new SALT 
agreement with the Soviet Union, the U.S. 
remains the Western World’s biggest arms 
builder and supplier. The restrictions on arms 
sales imposed by President Carter do not yet 
seem signidcantly to have diminished the 
overall volume of business in weapons of all 
kinds, which is likely to rise this year. 

THE WARSAW PACT Defence spending 
remains very high, especially on conventional 
weapons, on which there has been great 
emphasis in recent years. The shift has caused 
a considerable reappraisal of Western defence 
thinking, and forced a comparable shift in 
emphasis towards conventional forces. 

THE STRATEGIC ARMS LIMITATION TALKS 
What progress has there been so far in the 
search for a new SALT agreement? What has 


happened to earlier ideas for Mutual and 
Balanced Forces Reductions (MRFRi? What 
would the likely effect of such an agreement 
be on the world’s defence industries? 

THE MIDDLE EAST This continues to be an 
area of keen competition for the major arms 
manufacturers, and some major new develop¬ 
ments are in prospect for example, the creation 
bv the Arab Military Industrial Organization of 
an indigenous arms-production capability. At 
the same time, some Western countries, such 
as the U.K. and the U.S., are helping substan¬ 
tially to develop the Royal Saudi Air Force 
and other armed forces in the area. 

CHINA’S GROWING ROLE Although little is 
heard of China’s armoury, it is substantial, ami 
growing, with the help of Western countries. 
AFRICA The emphasis upon the establishment 
of weU-equipped and well-trained military 
forces has been a feature of many of the 
rapidly developing countries in Africa’, and the 
uncertain situation in some parts of the 
continent has led to a substantial arms trade. 
NEW TECHNOLOGY IN DEFENCE — 
NUCLEAR WEAPONS In recent years, there 
have been some significant new developments 
in nuclear weapons, with increasing capability 
to provide smaller, tactical, weapons whilst 
increasing the destructive potential of bigger 
missiles. 

NEW TECHNOLOGY IN DEFENCE — 
ELECTRONICS Spearheading much of the new 
developments in defence engineering and tech¬ 
nology has been the development of new 
electronic techniques which are developing into 
major markets for the world’s defence indus¬ 
tries. Many of the techniques coming out of the 
electronics industries are themselves developed 
from the necessities of defence research. 


For further details on the editorial content and advertising rates please contact Nicholas Whitehead, 
Financial Times, Bracken House, 10 Cannon Street, London EC4P 4BY. Tel: 01-24S 8000. Ext. 7112. 


FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


The conicor and oubUcauan daips or Sorvess pub lisa cd in tbe Financial Times an subject to duoac ai ihe discretion of tbe tdilw. 











13 

LOMBARD 


BUSINESS AND THE COURTS 


. Financial' Times Thursday February 9 f 4 } \ 


Not so bad for 
German exports 


Ripples from the 




U£IIf£all CAUUila By A. H. HERMANN, Legal Correspondent ;C; / ^ " 

FISHING, as Dr. Owen, the talks. Mr. John* Silkin, Minister laterally by the UJC The Irish coast The skippers' ntaio.and wine which result in bene- than that—indeed ^fir one~ 
Foreign Secretary, reminded a of Agriculture and Fisheries. Opinions submitted by the defence is that Irish sovereignty fits to. France and loss > to can atms •-- 1 '? 

BY JONATHAN CARR Brussels audience earlier this declared in Parliament: “Our Advocate-General deserve, there* extends only to 12 miles and that Britain. These matters are not lows from 016 ve ^^ture;-i6f^ 

week, is a matter on wbtcb the right to take further appro-fore, the greatest anention. any conservation measures for'a - question of biology but .of-the suiyect^nianertnat the 
Onp of the favourite W>st fair picture ran only emerge island-countries of the Com- prlate unilateral conservation Their argument is, unfortun- the 200-mile zone can be^ taken ^onomlcs, and in the last resort making -authority ? 

German visions of economic by looking at the real movement raumty may have an outlook of measures is, of course, un-ately. difficult to follow, at only by the EC Council Of'Of . hbrae-trading between- the muTUty also exTenas. lorfi saag^ 

doo mi this year runs like this, of the Deufschemark—that is. their own, no less justifiable impaired.” least in the English version of Ministers and that, therefor^ member States. Second, should -an the high seas in so tar as the .c 

The counlr> is more dependent the notnioal rate adjusted for than France’s own well- documents which were origin- the Irish measures are iUegaL M.-be wrong in the first, is the-Member States iiave. simflai^s 

ihan e\er on export business, international differences in infla- safe2uar ded position on agncul- . _■ aUv written in German, and the The Advocate-General ; does'European Court really equipped authority under pubke latent 

The slur,-, rise in the Deutsche- tiotii rates. And the Germans. ture . AiinmVPfl Advocate-General seems to hesi- not exclude the right of a memr at -present to decide what is tioaal law.. . . ; 

.‘in r |or. m ,f uuwardlrend^xist- lliss* in^ihei^ "apacltyto^k^p One could hardly put the V. ... tate at certain crucial points, ber State to. take measures, MtWologicaily needful? • It is-to beh<q)ed:that4r^ 

nu fclr ^Lweall? is the straw fheir inflaUon down. The upshot essence of the matter more But «really? On the same However, his conclusions come concludes that these particular: .*■ . forthcoming. judgments of th^| . 

which will break'the German is that even last year the clearly. Unfortunately, the pro- day as Mr. Silkin spoke m the out o.uite clearly in favour of Irish measures are illegal-b^. r • •. - Court in the Irish cases will 

c>:noiut-h back. Markets will be Deutschemark actually devalued cess by which such simple and H ? u ® e of Commons, the Com- the Commission and against Ire- cause they hit p rim a ril y. the* ISlPHITinstlrifi tluce to reasonable tfitaensionj ^- 

1'xst — or at least profit margins in real terms asainst several dear ideas strive for recogni- 011551011 spokesman in Brussels land and, in consequence,-also fleets of the distant member fuwiupftuu this doctrine, which.is an ex,);- 

uiii be cut and if business plans other major currencies. Admit- tion fends to obscure them with claimed that, under the Treaty against the UJC. countries, consisting of I«rgft’-rlTo.demonstrate the-practical pression o£ the 

In invest anywhere it will be tedly it did not do so against a web nf arguments which then of Accession and The Hague . - .... . a boats, and hardly affect the Irish; importance of whatever de- ambition, to rule tbe waves 

whe - r ? wa *f £° S \IJZ the t d 5 l,ar arid SZtL be laboriously dismantled Resolutions of. Council of JJ.J* ’“J fleet dsions the European Court wiU -as Prafes$or:R R^SimmSs 

iime *ndihc? Governrnem will maVkete™ 3 a re?l sneeze d *rhev- in order t0 reconcile administra- Ministers, member countries can 1 ° ?^ Llmid 1 tiie SwSte- TbeL Advocate^eneral pro- 'adOpt J -it is enough . to quote pointed out in his iiraigurar^: 
face an even more volatile situa- L -an at least 3 comfort themselves lors and lawyers with the reali- mtroduce only such coastal G , „ roiK15 L tQ t ” he Court pDSes ***** the Court should ;from tbe^second proposition of - ture at the-^Bivefsity^cf i: • 

non than the present one with with the recollection that the lies of life - The fisheries issue, wators conservation measures^ it Should declare that esttMteb the rule that a-, the , v Advocate - General: - London last yrr;- 

1.2m. unemployed. United Stales greatly increased which earlier was considered by as do not discriminate between T re i aild has failed to fulfil its EC na ^ ona ^ measure for the conser-.** National measures which-are be interpreted - as the' Gota-^^ 

The argument may be temp- its imports front West Germany the European Court in the EC member Stales, are demon- 0 hiio a tinn«: hv srionfino rpi-rain v *ti° n Ash stocks is dis-^.Incompatible with that principle munities claim^to’tule 
nrarily a useful one to ware in !aSt year. Dutch Fisheries cases (Nos. 3. strabl ? necessary and are criminatory, and therefore cannot be applied and must hot, bed aha^mihierkl 

• he face nf ih t - Americans After Before angry German ex- 4 . and 6/76) returned to the ^Proved by the Commission. pIES mv is 197?”andlnnlv iUe sal. "if without there being therefore, form the basis nf a This, as welk te \AitfrdlsteHt3 ■ _ 

had ll aSe C J a, rrVr f M SET I™*'? cpurt^st year in the guise of °***™'»#!«* generally any compelling biological ne^erhninij conviction.” .; - • 'naning.&rm^lB^.^,^ 


• It is-to be htqjed . that 
forfheoniing. judgments of 
Court in the Irish cases will Yg■'£ 
duce to reasonable xthnension^^- 
this doctrine, which .Is an 


nrarily a useful one to ware in j aS t year, 
ihe face nf the Amerlrans. After Before 


.11 mn>-. ne ii«bi export competitiveness—but ■■■ - t ;, Gltyi Before wtuch masters of k tn^ Kegulatlon 101 /Yb esiaousn- two tmngs- are dear: •suc]i'?>- 

D-marl: would have been ess rarher that the effect is less December 22. 19m. there was 15 now cons^enog ten Dutch trawlers are pro . fshed jn the area affected by i n g a common structural policy doctrine-can" 

mten?*? and ns current level less rhan it is often SU zzested to be. some hope Lhat the issue would two Qp^niom, presented in the seLllted for havll) g contravened tbB measure are considerahly ; f(jr ^ indus try deals character tb T all 'hQifer?Si?®- 

ou'lifieaVkins niust be'ii^de^ 63 '^ T here is a,s0 evidence ih^t the be settled politically, as It ™phenes cases by Mr. SitaSfSES ^in »«• fg **™: ,° n Ji Sy^tTS 

1 5 1 e ,n, P acl even nf t an upwa . rd f cur - should be. and the court was in Advocate-General ReischL lhe fonn . of ^ orders made by fleet of the member ?tate which ^e: ■ The Advocate^leneraL munit^ 

WpaL' pjirrpnnip^ Fs del.™S ein a1iowin- the aWle nn c a "y de « isi ° na - Whatever judgment the Court the Irish Minister for Fisheries adopts the measure. . . -f&wtiot this was extended adoption 

™ tdK LUlItllLlw _. ' _ ... p .. Since then the fisheries talks passes in the Irish Fisheries nnripr the PkhpriM /Amend. Two difficulties snrinn lmme- to 2 nOmii»e hppnn«p *THe Ftamie /nr 


The groat majoriU' of We 
Germany’s export business 
(■.included in Deutschemark^ 
yes even now — while much 


ns import hill is in weaker cur- 1FO Economic ‘ Institute' oF fisheries. Returning from the enforce measures adopted uni- of between 25 and 2S miles from ing high'.-the prices of olive oil Juiy-14 1976 wentcTne farther hjjSwrtArfn •" 

pencil'. The initial effect of the Munich shows just this trend in -—-----^----- ->-v . 

/l-jrD rr-c.*nt rise or !he Dcu'-sclic- the West German capital goods _ ' - ....... ; - - • jy /*“' ., 7 " ?‘ 

sector - Mi AAA I Tohorlv ■ 


furlher increase in our old t'riend 

the West German trade surplus J7nrpinrn nlsinfc 
t..nd incidentally less pressure *■ UlClgll |HdUlh 


from imoorivd inflationsi. 


It may be complained that the 


Brueghel makes £24,000 


future expnrl< lost 


or held 


None of that suggests that were unsold. 


dance outside an Thrace. Lysimachus. 323-281 BC. glass table bmp fl905) produced 
Brueghel the tetradrachm, and Baldwin. Lon- the highest price of £3.S00 from 
for sale by don. paid £900 for an Anglo- Martins Forrest A Galle carved. 
• fetched £24.000 Saxon penny of Harthacanut applied and internally decorated 
j English buyer arm and sceptre type of 1040- glass vase went to Kurimoto. 
London yes ter- 1042. Japan, for £2.000 and the same 

of old masters i n the afternoon. Lehmann, price was given for volumes of 
0 and 34 works Germany, gave £3.000 for an The Studio, an illustrated raaga- 


Tabarly 

ruling 

dispute 

fades 


for 100 winners 




JONJO O'NEILL, one of the ButTor the' fabt that jB^cTRum ^. 
most likeable young Irish-riders is one.of Britma’slew sborGher'- 
to have ‘ joined the ranks of .heroes,, there is little-dnhMCtSt-^ 
British-based jockeys since, the Donald MeCaia wo^-lShg 'smce ^ 


'r, n “. wm b,™,n litfimrS will not 


more than 40 nor cent since lu. ?r, d _ ? F side an inn. attributed to Fran- 


extensive series, of German oa ^?i , A? n ^_ a . ppi . le ^, art :^.^ 11 1 AFTER THEIR five-week battle fumnSS li. ’ 


n^n.Vs- 22 major trading partners that the upward 'moveraent of 
■iv'ierai wringing of hands. SeveSpment. Ts nn ” one Recto? S dlan ?U London ' ? a 7 £ ?;°° 0 fpr - dining chairs went for £2.400, calm of Rio de Janeiro during the Fud^NSonTTriX “S 

vtr-i-lin-'^slikp M B not“" 3 iIwt ™° n L man ^ A 1 d if foreigT7 A MoliST pair^F mountain metal,lc not S e,d comprising Jetaire SSe m^de £lS Sd pre “ Leat caraival * and Lhe storm beating a long-standing record freqrienU?'S,/ vmV r^' V- 
> h,^ 'unnit If German > nvestm f nl does increase that 5ii£cape? br P Pfeter Xite? emer 3 ency prisoner-of-war and j a y SI £flS0for a Loitis su ™mdin2 the disqualification «dth plenty of time. In hand, when nowhere, near ready- 

.^n“™n«"uon2Sn £7o" 1SS TXSTfll JHSdT T&JTv'TnM SS?r.5«"’ Eric Tabarlv-s French hetch, wtajn winning on the 


SALEROOM 


early 
lamp 1 
Hilton 


cois Duchatel. went for £6.400. 
Onians. London, save £6.000 for 


PAMELA JUDGE 


pinch of salt. If the nominal Sften draws homo-made‘Gem an a Girl > n a park Land ^pe, by ™ fl ’ ve ™£ equipment, totalled OJJ. An 


id uujuipto »/.» I ICICI 41LUJ1CI . .fcV— ‘ .»ICH * il «Jd 

cal!ed_ _U_ Te pipes to. were sold ?l an ’ XAl^yle 


ilechanical of Eric Tabarly’s French ketch,twhpn winning on the five-year-old himsplf foil justice. 


hagen 1S04; and Ritter gave 


Pen Duick VI, seems to have 
blown over. 


__;_ • This appeared .tp happen y^-,. f 

. terday. Starting-, at .20-1.- 

w% m i.i/v 1 . opening at: considerably shorteci~:--'‘L ^ 

IvAUINu ' ’' - odds'Tor the flve-ruhher : MaJcolm. V.-/‘ " 

Fudge Trial. . Red Rum tired if V- 
BY DOMINIC WIGAN long, way from . home, to finish - 

" . _ almost last of the four finishers; - ' ' 


van^hing fre,n SiXl" = itThi^^uTth^ KseSton^Spink and Songave A ^7 m^e molel of ■ - 

And even the Germans arc always needed constant foreign £1.100 for a 1729 Geo^ell five whichi made XTOMflivrftt.18 per the HMV dog .Wcwrf 2i SL ,,e ^.^ 


prepared tn allow that that is reminders ahout bow successful guineas. Ritter. Germany, was lots unsold. A Wiener Werfe 


uver'dating it a hit. A relatively they really are. 


successful at £920 for a Kings of statte electroplated metal and 


l SK... sliver version ™.t”for %-Jiil 

" «»• WJ.’t^.tSudownr nn ;? arc ? tt 



YACHTING 


BY AUC BE1LBY 


f Indicates programme in fi.45 To-morrows World, 

black and white. 7.10 Top of lhe Pops. 

| 7.40 The Good Life. 

I S.J0 Win us. 

n.4l a.in. For Schools. Colleges. 9.00 News. 

1^.r>5 p.m. un the Aloie. 12.45 9.23 Cannon. 

News. i.U» Pebble Mill. 1.45 10.15 Omnibus. 

Trump ion. 2.00 You and Me. 2JG 11-03 To-night. 

For Schools, Colleges- 3.53 11.45 Weather/Regional News. 

Regional News for England All Regions as BBC I except . 


All Regions as BBC 1 except at 


11.45 News and Weather for 
Scotland. 

Northern Ireland — 11.30-11 jO 
a.m. For Schools (Ulster in 
Focus). 3.53-3.55 p.m. Northern 
Ireland News. 5.55-G.20 Scene 
Around Six. 11.05 I Didn't Know 
You Cared. 1135 News and 
Weather for Northern Ireland. 


There 7 seems every rlflkriiheqd 
. —unless ‘ morning or- ’Sunday 
/ racing . is- Introduced —-that 
O’Neill's, record ■ will stand 
indefinitely; .w 
The. County ^Cork-born riefer 


- 2A5—Emperor's GUt 
-245-^Jbhn Cheny* 


11.45 What the Papers Say: Joe 5-J5 Hara-aicar KubL & 2 D Crossroads ■ ■ - F ■ sa i d a V ♦!«, start the r ~~ - - 3!5 -^< iM WaijiDr v" ; - ' - 

Haines Harold Wilson's 600 R eM" w -st. 608 R-pan Wales. r f., . 1 la g. st V l ^ f me season. ' G- 

one time ASs aide on ^ ,n ^ The valid certificate never “Lester j Piggott -turned W : •; 3 > • 

Prin“llntaSs aid' Z LSJt JSE "“teri.llseil, and amid predial- lyce with peat succe ss. H T ■ - HONTCTCPON «•. ^ 

Press. m Con..en. ’U_a) Terror: •■Macabre!" able protest from across the can be a fraction as successful, .. • lj^Jgefcedem . . 

12.00 Close: Mahdav Sharma . HTV cjrmni.-w*ie»-As htv General Channel, tiie yacht, already half- 1 will, be very happy. .. He js. ' ' 2J^p-^tannigbn'fIf './iT'?} 
reads some sayings from vvu^.^v'nvdfVjB to Cape Horn, was declared 5 0W lon g.-od dwwiitqjgrack “Ron A' ** '■ ' ^ .- 

Tao Te Chin? to celebrate i£^nSJiiSa - Stwoa y dS a non-renner. Barry^s record of_ 125 'sjp^^orfolk Air*- fr . • 

the Chinese New Year. fcjs- 7.05 * VO iu arm. . for a season, set in the 197^7^:^ Si ;,„• a. -i-l _ 


i vxccpt London i. 3^5 Play School the following times:— 

i.is BBC 2 11.01.1 a.m.). 420 Wales—1.45-2.00 p.m. Barnaby. 

Winsome Witch. 425 Jackanory. 4.40 Crystal Tipps and Ali-aair. 


eatherfor' Northern Ire and the Chinese New Year. 6 -H- 7.05 Spons a™,. Vn n .. .. .. for a season, set in -the 1972-7^:-j ; . t; 

eatner tor Northern ireiana. A|I ^ Regions as London wtv wes-.vs htv General sen-iec Now an international juiy of season. r ..' - ■ ub- to complotinK a hat-trick 

England—a^a-620 p.m. Look except at the following times:— «««: ijb-uo p. 1 ". Repon w«i Head- the Offshore Rating Council has Not onlv do I esnect him to the ealnahl* “ Sfdnpv 

wSd.'KSfy"faiSlISS.-.m; u.K »w-w u.„IS5?2SHn-. »SSSStra.**.“L^wteSSLSe 


020 Nationwide. 


5J5-620 p.m. Reporting Scoiland. 


F.T. CROSSWORD PUZZLE No. 3.589 



11.00 a.m. Play School. Word. "The Skvu." siarrfna Pvm CUS1U/4J. 

6.10 p.nu Open University. ATV SOUTHERN 

7.00 News on 2 Headlines. l.a p.m. A TV Xuwsd«atk. 3J0 Beryl's L 20 V-T- Soutiiern News 2J» Women 

7.05 Your Move L«i. 3jq Houseparir. 505 Happy Days. C ,n Ir- Betty EooP- 508 Lrowroads. 

7 TO Newsriav i'nr-liiHinn Phinn ‘- 00 ATV Todw. 7.M EmraorHale Tann. WW Oay By Day. 6J0 Unircrsdcr Cbal- 

■ 3U ^„ n , a 7.30 The Bionic Woman. SJ0 ftwlna -Jenso. 7JW Emmerdale Farm. 7 JO 

ana me Worm (discussion). Damp. 10JO Police Wuman. UJQ Masi-.r UawaJi Kive-O. 8J0 Risms D.rup. 1030 

8.05 Beyond the Great Wall. Golf. Elaine, the Smecr ot the Sons, uon 

8^55 World of Difference: The RflRDFR Yonr aicn at WMiminstcr. UJO 

Racing Drivers with „ a.m. iis um*. JL™ ' ! * u ’ Tcce 

Raymond Mays and Gunnar Looharound Thursday. 7.00 Emmerdaie TYNE 1 LtS 

Nilsson. Farm. 7J0 Mr. and Mrs. LOO The Str. eis ojo a-m. -m e Good Word followed by 

9.00 One Man and His Dos. °. f ® an .. ^rancisco. 10J0 Police Woman, jrorib Easr News HeadJmes. 1J0 pjr. 

925 Sweet Arlelines if--® Yo u w ^»r Here .... 1 12.00 North East News and Look around. 5JS 

, n 9(i air.n r.f Iripii Bor<,tr News Summary. The Brady Bum*. 6.00 Northern Ufe. 

in v ° 3S ' .. rHAMNFI 780 Emnierdalc Farm. 7J0 Rlsins 

11 .III l*3t6 iiCWS on LnAlilILL Dsftip. SJOO Dancer io Paradise. 211.30 

11^0 Darts: Embassy World Pro- l-l* P-m- Channel Lunchtime News ana what Fettle. DLLS Rich Man. Poor Man. 

fessiona] Darts Chatsnion- what£ 0n where, tjo Dianne! Nows. 12J5 ua. EpiIosuc. 

Tn Rn^' 1 ' ULSTER 


shore Rule again. 


jumpixjg does not let him .dojvb/;^^. 
— ' ' '• - ' ' • " ‘ 


I Squabbles ^ the ■' 

EVERY CLOUD is supposed to do instead there would still have tnale^er.Kt^ad^artebsJ^iuto^i 
have some sort of silver lining have to be -a- national, team nf Removed from the teamr: 

and nno nF tho mnn> nleieanf comn ,nrf Vnunn attilata, in amr annii'- i.izix, __ -• ti.-! ••. 1 . •• 


11J0 Whh You were Here- 
Border News Summary. 


: riioo Nurih East News and Look around. 545 British weather was that so need heroes - to adUure,.r-need-to^-£raIn’':w5th "the restof^the^ 
7 .n oS«& fJS So^Rianjf “W* domestic sport suffered objectives fqr whicb- to aim. H squad as long,^ 

n__ a Aft a... __ i* uin that toiPincmn nan in olinnuto n Vrtll nAvnina tho tnn* ttiore nn u.l.j ji.l.' 


I ONDOIV Niws- 10-32 “Our Dear Channel Islands 

Q ,„ „ np _ . . shoekinn 12J0 N'ewV^nd House on the Prairie. 64H) Ulster woria cnampionShip& at wm go a long jway lawaTOS re-, alter DtOShfes with a .V45e r je 

Help? a So F «s s s?. ««•- a- ssr a rfgu A 

if Count.' ?.oo News “2 aSSni-RnTS-SSS ufcSt <*& “ suffer from udnUninrative » Sfother .^SK: -f SB& SfeiS:' 

cLr" dl!5: 5 orf Aner P '' Nofn Cr ° i T s ™» 'SSJTiXZ WESTWARD S,r b . b oS S 'd^r.er Pla SSderiS S^Sd'tMSiSSf Vr' - 

IS. of'Greep^aO aTtlrk fn J^w^ rt C “s^%SoS" M SSi th. difficulties thit a ^{MLtTS^hSgSS S3^^«.»SSSSSS^ ' 

S& as- House u Granada STB. ^ .SPjEjSf SS %S'Z m S££ £oZ%t$& ;.; 

5 13 Mr and Mrs L2Q P-m- This Is Your Ridti. a.M Morphy. 1048 Westward Low News. „_"T *T, “* e .. • .--^a nee,; ; Defeat SB-Austriao. -and .%■.? - 

tjsnpws W Code R s- 1 ” Th,s 1,5 VuUr ra=hi ia is jo wear ward Report, iris tv Movie: cash and facilities upon their It is not an argument that.we.fber& are ^Hnore'tb'-ta^'hir^'+*-’ 

snftKci .1 R * ia>nd ctl “ 1 " e r “ fT -> ord winstanieys im'i it shodang.-' 1230 a.m. Faith skiers, but we have come to should withdraw from top class .place mirir’mI-Mil 

6.00 Thames at 6. programme I. 5.15 Crossroods. 6.no For Life. hone for more Wp mioht pnmnpti tio,, honn,onTuonl/7o» ■ VVnjcnmay even DetrOet., . 

6J3S Crossroads. nranada Reports. 6JO Emmerdaie Farm. YORk'SlHTRF hnn! J w nnZl ,k Of KIammer. - ' .> r -4>'^ 

7.00 Wish You Were Here ... ? 7 Bfl “ A F ,m? aiadness." siamna sean , _ . J V,5*h?«,« ta ijMt h ,®, pe Jo , r 3 bit niore peace » n the winning medals—if that were the . ; -T& e coundness or the AHStrian" '-. '' - 

a ssy^asdis- -acSHEwTasH ^ 


from administrative tiatrooncT cu^euil, - 

ling. The placings were alpine race squad could- be. ‘ 

tal disaster, considering parted to other .purposes:. Ir Thg, Aua riana .. 

acuities that a lowland ls d °ubtfuT whether sponsors ^ ■ 

r n ... _WO Lilli 'Snrtfiflpf Ipcc erffiMnnrmie tOWSI^S 


ACROSS 6 Unqualified but not in one 

1 SpileFul woman with a hair- „ li re ? t ? on . .. 


450 Little House on the Prairie. 
5.15 Mr. and Mrs. 

5.45 News. 

6.00 Thames at 6. 

6.35 Crossroads- 

7.00 Wish You Were Here ... ? 
7J0 Mystery Movie: McCoy. 

9.00 George and Mildred. 

9.30 This Week. 

10.00 News. 

10.30 Time for Business. 

11.15 Kitcben Garden. 


hope for more. We might also competition because we are hot of-Klammer V 


tho Papers Say. ujb Police ’woman. cJtehMMn“w“ wSSli It. was' apt that while the Canadians woiriff; have-'pnlied 
„ HIV editions'). 7 jo Emmerdaie Farm, j jo British team was in Garmisch back into their own-mountains a 

L20 P.m. Rcpon We« Headltoos. us Rlgina Damp. 8.00 The -StroeiB of San *»,- S DQr «c Council rpvpjtled ite Ions time aeo—hm rherfl i « 

Report Wales Headlines. 2.00 Horn, n Francisco. UJO The FranWe vaushau uounen reVMiea JtS tneEfi -.IS, 

only. L5o Beryl s Lot. <L2o Dynomuit show, luo wish vou were Here . .. ? decision to grant the National some justification for.a hope that 

—lhe Dos Wonder. 4.45 Breakume. 12M Man and Woman. ■ we Should have One : 0F'-tW€r 


dresiev in underground store 4 Bj^ckleg and P 06 t should 
,•%}, cover tbe point (8) R A Din 1 S47m 44® Bradford Midday Concert, ZJH Operas 6J0 Top of lhe Form 7.09 News. 7.05 The 

_ 1 , .... ... R Thmioht -ihiinf nnnl h»rnra 4 . , ^ Of the French Bcvoluuon (Si Tht-rew '■ Archers. 7J0 Checkpoint. 7^5 Kmc and 

5 Go smith and drink with 8 P 001 Qe£ °re (S) stereophonic broadcast by Massenet. Act l. 2.40 Words ruillci. Country: That IU-slarred Resolulloo: ro 

Chatterbox IB) ulVing initially IB) jjjq a.^,. .43 Radio 2 7.02 Noel 2 j* 5 “Therese" A« 2 iS>. 3JB Violin assessment of the Oxford Union's debate 

q Unhhich ,>r.llerinrs in narv>r W Passing unusual trains to Edmunds. 4-W Simon Bales. 1L51 Paul and Plano Recital 1 S 1 . 4.05 Itnproslsaiion oi 1M3. BJ 0 John EtidoD with the BBC 

. t\unni..n Loiiociors in paper ra ;j wav /inj Burnett lucJndjPS 12-3B P-m. Nctrstwat. Workshop fS). <50 Bccihoveo Piano Strand Archives. 145 Analysis: Mr. DesaJ's 

j:id scrap (S) f . , 2.00 Tony Blackburn. 4J1 Dave Lee Sonatas. 5.® Homcu-ard Bound iS». 6J5 Indian Summer, pan I. 0J0 Kaleidoscope. 


WINTER 

SPORTS 


railway fill) Burnett ibcJuiijps UJ 

j:ld scrap (S) __ , Kratt Tony Blackburn, 


tui tc _L mi , <-uu may Duutuuru. hm wb*c lvp nuiutwjiu dwiuq '3». iqoiui buuiiucr, pan i. naiu>jwvuyv 

■ 1ft Mulodv tO force unnaturally Maue a point -aDOUl cnuTCh Travis including 5,30 NewAciL 74W News. 64fl Homeward Bound (con- 9J9 Weather. WM The World To-nighi. 

» (U. * and dried up (S) . Country club »SJ (loins Radio 2*. ULW LUellnes: Tile Wider World. 10JO Any Answerer 1L00 A Book at ■■ _ n , i.* . 4 . u ., u v L « HUaoeeL nave wt To HIWX ujb r vs . 

11 une who Is no longer a collier 16 ^ ^ 1Z "‘ 1Z “ * J "" As mouth e syra^onr /orehesira.^rokK tmK Sm ToSar ’^“pariiamSJ Ski Federation more than long been lacking. Ski 'FedoK key ' ■ P-. ^ * *• '" 1 

P tiirdSIfriver (6) r pr -« "a’SSU c™ ^ ..«w4a« ^41 year- tion policy, mg S^rt Council • 

Ii attack « for •&*&*?«■*.>• ££££ London SKJ 

th;.t could rum the battery 19 pTh^Coulree for a new RADIO 2 LSQOm and VHP BBC RadJ ° SUm and 94.9 YTTF ^deration plans to spend. Van- expansion oe.SvgicUiti^ inv-:... V 2 Oftgtli ^ -‘. 

to c"^ a i » * version of old ideas (6) wo a.m. News sinnmory. 642 Ray MSe*’* s . Scl l a8 l' n So,o: Loo a^n. \3 Radio ^ 6Jo Rush Hour ac tivities other than the Scotland, and rapid development SUtetf*-. 

18 Find copper making tinpot ^ j n8D€Ct rj-onns or soldiers on Moore <s> with The Early snow, including JatfJo 5 vhf ooiy.-6j6-74» p.m. opco 9J0 carry on Councillor. 54M London Alpine race team are funded, of dry ski slopfislhfougbout tiie - v 1-* -j&Xd '. • 

, u „ nictore' Srt 9n m» pawiwiirteBfci. l-MTwywwan . jw. il» in Tnm, 12J3 p.m. can including cross country and nation; and- tKe:'-oontinued Andeniratti..^fi$ m G'ooA-^^H : ■ 

« s55«^««« .8. 21 ^kardian'atbree-polatattempt “.ttf-iSa. W “©& 

• ?r Tv S 0 LVT T S ° S V VZZLE SSssLss ^ 

G \.rf„n„ t nrrmn bk« ,«m.. IK^S miTuC “““‘“•f 26 im and 97J vhf Britain has such a strong served to stWate'Wc Interest ' 


BY ARTHUR HANDLES 


we should have one pr-two : -- L Jave-rseen r some of the':.--} 
people up in .the top 15 of the'eftonhous effort^that the Ashen- .--v? j 0 *. te 
various events. cans have bee it; putting into their; | } 

■ Perhaps V * 

so much, of-.«..dream-B b at first £?rlw > - 

■ appears. For aH 'the i- w-^n f mn-' ^i'* far ^.-flie ■•: results tec .. bee n - i- 

cern about- the;-top - ; -men- anrf 

women, it is;: clear .that-Rrltain 

ia beginning. ; to develop, a dentil : ^T^.^!TlB :sk|; ractit? : ■« 

of vnunr* cki .-iiiMii which hn* 1 saspeeti have -yet to find » >.r • 


"l_v—' SirJ 

•-rj'ij'sfW. 


j.l Virtuous person takes exami- 


No. 3.5R8 


nation in a fog (Si 
2U Showing excessive rondness 
can put dog outside (B) 

27 Incidentally it's at the road¬ 
side (2, 3, 3) 


DOWN 

1 Chest lhat sounds bronchitic 
( 6 ) 

2 Meal to catch coes in the pot 
(3-3) 

3 Perpetrate and learn If it’s 

PUt ID 111017101? (6) 

4 Chap on French work right 
for a sirali‘gi.%t (10; 


naEEIQIHnEHEH . EH m 
52 -a D . ET’ H- H H Q 
9Q055a-asEgHssaE 
m m a a a a a i 
qgaa^anaa heseb! 
n B . e. a 0 a i 

F2QE5HH0 BEKS . 

a a h ■ ra ra b 

HEBa EQHQB0&I 
ci a a a a s a 
asaraa saasonuraa 
3QQQ EBEE 
3EQHHEECIS : 0HQ0E3 

am a a an no 

HEIH 0H3EHEBEHEQ 


Desk. 4.47 John Dunn iS* lnctaitne s.ss ^ a,w ' M « rfrt, i« 1 Music. 6« A.M tradition in the world 

Sports p«k. 6.05 Sports Desk- 7.02 WgjM MW nuwo bcadlmm. wA(rHH\ non-stop nm«. travel, man. revtm«. In- and gUj „ g ♦_ 

Country Cluh <S>. 0J2 Folftwcave tS». Jr *^Jr*1S£?S fomarkm. uu» Brian Hares. L« pjb. 


SF&SlSt, £ s Withdrew^ f 


10J0 Srer Sound'Extra. 1L02 CrlckM- SS£L,£SJ^ laSn^arSL^® tSrae O'cloek Call. MO Aftrr 8 with Ian j tematlonal 

ffiK.t T„.-p_V.«B Tup hnii u R-noiin.t UWTCSIlOlldylM. IB JO _D3ilp Service. 710.45 CBchrlSt. 8JI0-Z.BB a.m. Nlfihtline. TinlhinlmM. 


First Test-New Zealand v Eoa^ed MeS stora. 'ljLM ^wr' JUK Unthinkable. But the COrt of * SO SKUDg «UM 

Ijrcwriv il» Brian Matthew wiih Tiie pawn Ytmr war visits codaJmtim. sum-j. Capital Radio maintaining a full blown squad. ^ u P da tion foY ® -nii 

Sit ^'(rur^^rtr- H^ 5 FMU ^ Dr J u ™°*- «•"«» I94m and 95.8 VHF which can marshall sufficient national squati. -OT0 

rirsi iki "inner renu i2J>2 wn. ^ou and Yours. X2J7 The ah un. Graham Dene's Breakfast haaria ri- - ,,. c 1 nicked- from an'olil 

RADIO 3 464m. Stereo & VHF B«rid«s ww. pass weather, programme snow (Sk un Michael Aspei is>. luo e^Hre-ri-Sj 555Lin5f WI ? B raSer than nSe-wi 

IfJ news. VHF (ezeepi London and S.E > DflW Cash with Cash on Dei)very (S». Switzerland numerically in tbe ^ 0D ^_r W 

world at One. 3.n pjh. Roger sewt with his Three World Championships, is such c “?. Se itself - _:fil£c8t 

464m. Sieroo and VHF 1J0 The Arehcra. L«S woman's Hour o'clock Thrill tSi. 7J» Lord Cmnre- that the miPxTinn of “ i« it ability.- - r 

; 6^1 a.m. Weather. 7J» News. 7415 Over- •; from 2.00). includlna 2 JB- 2.02 Nows, Rrowa's Capital Commentary (S). 74fl ;??.,! W“tlOn O' IS It worth 3 

rare )51. 8.08 Nows. B.85 Morning Conecri tWS Listen with Moiher. 3JO News. London Today. TJO Adrian Love's Open '* ' Clearly has 10 be raised It 15 unfortt&Stl 

)Si. <9.00 News. B.05 This Week's Composer LOS Alkrooon Theatre is«. 3JQ Jack Line «St 4410 Nicky dome's Your Moiher from time to time. British team should 

Puaniol tSi. ULM Scoulsh University de Manio Predsoly. lncjudma 4004.05 Would'Ol Like It (S'. D-M Tony Unu'B The nreatest single arffitmettr h. 

Concen )Si. 18-55 The Harpsichord in .News. 4J5 Slury Time. 5JJ Reoons. S.40 Late Show (Si Includmo LLSS Mameni a r n “ ■ a rRU«ietlt be uie SUDjat yOi 

France 'S».‘ LL48 BBC Northern Sj-m. Serendipity. Weaihtrr. uraarammo of Terror. Z.00 a-m, Duncan Johnson's ,n r ftV0llT 0*^ Continuing the pre 1 - domestic difl5euitieS. 

phony Orcheaua (Si. LW p.m. News. news. VHF Kcsionai News. LOO News. Might PUsht. Sent System -IS that whatever yoil fuss last anrifea rtv^ 


a powd 
e Heavj 








?lnancM .4mie$ ' Sefcn 


jeamv v \ : .-, : . r .rJ .^:\-;•• 


'9 1973 


"‘■Vv. n 6 left;Bj^ Sbav^s iffi^\Myw 6 f ^b 3 ^;.‘ 5 ip. Howell is 


"X t J 1 ' u, ■■ w&s paired wWx iSlrsvin- txmbre^ m .admtJon; ne aetueves 
.: . .'^:^ 3 edipus'fre=c-^ ah ectmwny io£'8e8tuT e and res- 

.; 4 “Vj. -•ful arii ' :v c$Haatiefced train*..' of ' bearing' which his 

■"••’■ e. •' kiii -if wf nW'AWjim ' .TurHtH ' wWk 1 -' taw-JTussv little 




Theatre Royal, Nottingham 

I Ken Dodd 


bv MICHAEL COVENEY 


Another chapter m the life of first professional engaseraent. in wjtjite 


^.pulHngohfe 


.v u r ^- £ has teen rtvivatf -Jn .tan.- beard.-, to® -instruinimtal tracery 
v'vith a sew productlort of that colotus each-.-stage of the 
Vs Gidvm^dhic/Ati. The “ton aiven ipnre vivid, more 


!, ... ‘ i!U brilliant “«* ns own way wy-swiarying. 

comedy ■ bittt- : :works • By Colin-Graham, &avM Collis 

r-** y&mB. •»« ^“"SwaP jess 


; f *.-; 1 l^yet balan'itd-bran equsfly -^wrginiento- Yfer^s.ttora»h 
e-V. v -^l realisation ,o£ Pnecant I.-l--: jjjj®?* 110 
. " ,. iyara Show’s, staging fflbw. ceptihle good. , j^ters 

■ raasasses 



: he*n alter Frank MalCham's 1S96 “ absolutely cooliHefl u> oe nerc. suDmission. goes lor nine. *«•« 
: Sfitations of Phipps’s original and for all Those who like good, ibosc delicious tales of grand-dad 
i Mrehiteciure The Corinthian clean, wholesome entertainment hairing in Mansfield and funny 
i nnrticn is an elegant prelude to we have the exit-" Foreigners who prefer sex’ to lelc- 

• spacious bars and wide staircases. The show is superb whenever vised football on Sunday after 
ilnn" mirrors and comfortable Dodd is onstage for more than noons have more impact when 


■ on a dominating background of surmounted whenever he Dodd to enif.y in toe snnrr 
•restful olive green. TCow run by rca p p(U irs. It is a serious tactical bursts: Harold Wilson is siill 
:»hn w.ttineham Council with Pr rnr for him in spread himself going into hospital to have his 


'muss'E mpire* as chief booking t hj n throughout the evening mac off. but we now learn that 
iicents, the theatre is a triumph instead of. as at the Palladium in he was given a knishThoodT’ tn 
■ of constructive preservation by jgjj allowing the singers, keep his ears warm in bed. 
thp architects"—the Renton dancers and ventriloquists to Like all ereut British comedian*. 

, Howard Wood Levin partnership have lhe fi rst half to themselves. Dodd touches something pro- 
and their consultants. Theatre ^Tiat j( . missing is that sense of found in our national psyche. 
I Projects. roller-coaster crescendo you get articulates Tor u.s a way of 

: u A , h,rct time when Dodd has been on for 90 looking at the world which 

: ^.nfSwni s ^ k 

j£&EJS^ndlSh! ^ 1 »pp™. » totjwje our rood will lo «per .. our 
j pressure over the distance. Hu who bave to catch the last bus behalf. 


German theatre 


Heinrich Heine Revue 

j by RONALD HOLLOWAY 

'■ Th , hier.rv ,evuA has only a favourite of the Nazis-- Hemes writings on the human 
* , . ,* J , credited to an “Unknown Poet.” foibles and pious muralwm& of 

icne log to stand on. me pen o. c r.rnr*timllv insti- von it-moo ran society. And the 


Thomas Hemsley Henry Howell and Joy Roberts in * Gianni Schicchi “ 


Keyboard masters 

by DOMINIC GILL 


. , n - -i •- • of its dramatic movements. Lasi 

*Dk Reviews are on .night there was-nrach. broad 
"• -‘ Pap-ft 28 -• playing—the invention--of a bit 

i; Vr _ o£ ncmveat .jsjeptowwua. for 

■ : ^ v- v John Tranter’s Betto was typical 

- J -i ^ lighting., both the outlines _ but visible .'energy ex- 

interhM: of Bartok’s rich pended on:-stage was not very 
:.. r ‘ '^;ieeply moving drama .find. ofteB -rewarded by -a.rise in the 

■ ' iSslon . and do 550 witb comic temperature.' Sir.. ColUs's 
? : ji. ''i-jSrful .succinctness, • The sets' won- a round of^ipplaiisc 
y r ..wants a balance of realism when :the curtain- rose fnasty 

Symbolic: suggestion in its habit); : but ■ its ' architecture 
• , 'ae?‘*don. That balance Is here seemed to me - awkward, with 
■; TjJ^ed by the patterns 6f light imie .obvioas gwh:.in-the miss- 
's-^Slver screens ..In . which is tng wail, uncoinfortahle in Us 
. "i'id but tiie unlocking of the- perspective, and-cluttered in its 
doors- Perhaps ffrom, row detail. 1 . ' ; .iS .:.-. - 

•— ~ s i[ a the stalls! e&e screens look = Mr. Elder charges - , into tno 

varswirt*aw*#«3* ————- - ■— ■ ■. g?g?B &3SSB5ESSSSC6 

s MSSttaisgas&weJ-!) - . iss^»B^*issa'»v»* , v?asS5-.«* 

4 -breadth i ReCOrd reV ieW ll-roof for any scoffers is in the complerc pSsS fFom Kammerspiele revue. Gunther 

Tjaciousness. Otherwise, the their camic .effec^ unajgfra in : 1 iein rich Heme Rerue. also ti Jed . Book with Helmut Strass- Neumann's Ncfucnr.vr Jahnnarkt 

picture is not only con- the btle role .Thomas - J T Jt ^-4-/-v/-i Denk' ic!i an Deutschland . . - bu L ..„ e 4n lhf . 0 f t jj e poo t, had a lencrthv run at the Hehhel- 

PfC* usly fascinating to look at, P»iw*» - j 1^ 7 O T^jfa r U'hen l Think of Certnnnj . . .a f HeineV l-irthdav Theater in \v>st Berlin. Thi< 

^4 5 affords a remarkably iust Wg of it M ha ^ j\tjy \J\JCX- JL vA AAACLOLwi r.w in iti fifth season at the ; prompted lhe larger, subsidised 

poetic ' reflection of ihe » r - ®Sg?S«I«5S ; ‘ Kammerspiele Dusscldorf and Hie Hemrf.-h Heine Rente fits [^.J cs tl , £el in on the kill. 

- -... • . isfin the score. - ' : npened loiOa&^L and origin a , . destined f«>r the ma?ic figure r.f cosily into the intimate J2£seat but lbt . staging of all the sub- 

Elizabeth Connell and c ? mi p J Jic? 1 hv DOMINIC GILL ;”00 performances in reoermry Kammerspiele Dusseldorf. Peter Set|Uen . revues (including Xeu- 

; iv--, ne Howell-the music is should ,do likewise^ . i y ; theatre. The " Heine-Le'ue Thomas, lniendant of the Kam- nia nn'») has been tainted with 

. i : r *wy . sung, and by' Charles '■ roster 1 --- Gnuld's senes or Bach record-just rather vpMrely mu.wed, also fathered a whole series »f mervple l e. Mened theslate Dieter lhc s0 ,einni,.v of an expan- 

it ^securely:.conducted, .“g?* J Beethoven: Sonata in E llat up. , n « s ,* a two^i ts^. b*j^ of tht. six for .oiii. T he. i.i ji . Icti..—t • - .. * « .upp'i .«j ^. j. ... n jr *.j ■..v.■ ...i*,fi H-hii ^ . __ - l 

- - - ' ae opening of the fifth door, ^ rather 31 no. 3. Scbumanu: Fantasies- Enclish Suites (sequel to the scented ;>luni%—<..R*.i;*in s “,p. -'a tugeiher and lesurrtctedI nod* to 7 uted theatre wbwz:kid who with nostalgia remember 

,J ‘ Connell unleashes, atop C SPSSSd” B ut i tuecke op. 12. Rubinstein. Krench Suite* the Gold her? C sharp minor Etude, for' Bert ho It Brecht. alter M eh ring, introduced Peter Haadke to Erecht ? Tucholsky ? Hollander . 

is one-of the moat thrilliM ^ Srtbb busy RCA RL 12397 (£3.99). Varbtions the Partitas, and a example, or tm- Skrjahm B Mat i Kurt Tuclwlslg-. tuntocr SSSliam- M eh «“SV The Roarin’ Twen- 

. . - ds to be heard, -in this : ?hUhne’s Bach: The English Suites. GJenn monumental set. recorded with minor Emd,- iron, up S: the Neumann, and Frederick Ho^- h,4 p ^ P w P Rnlf t,es , ? L - -.h 

v • - atre for some .while.. But beT. to ° - .boisterous. Enc^Sntihngs Gould CBS 79208 (2-disc box. scruoulous devotion over - a charge should be electric, but! lander—-which haven t a* jet from Claus Bremer and Rolf Nothing to compare with 

vvag is.more tban-brUliant^ eweUwrty '5 der ^S a ,^ a n S S £S«,‘ ne od of nl^s t n years, of nonetheie^ more the charge of.piven any evidence of outlasting Becker's D«eftter unbefeannf senuine lyrics interpreting life 

i -,r- . ■ j _i ATYi^ntm whiH nravine. -a model_ p '. [Wiiuu .iiiu.-m. icn J-' _„ ... . .. ... m-,cmr c-.unci ftf thfni all. pnlleelion. Music W3S COtnDO»ea ..„j r*r> ,nH nnhf'w mme 


;the hearts of readers to insure a ovi j e ,. ich 53 ^^ copy for a doned Deutschland. Tro 
grain or immortality. Hetnricn tj ozeD reV ues- in fact, the Volks- sniffy Prussian bourgeois 
j Heme. German lyric poet and b hnes tinv armex Theater ira atheistic Communist, 
r. was oneof tnem: the Ari „ M i 


from the 
ois to the 


Privates on 


by Rakhroaninov. Chopin 
Prokofiev, Skryabin etc. CBS 
76612 (£4.29). 


V~ - by B; :A. YOUNG JT«K,*^SS^i«r»d'^ iSfc r v. A-»* * aypi ft n™»- »jj “»««« 'HS.nS.'rtSK 

• r* - - • r -’ . —made by the best known and vincinc recreations of baroque of bon-bons strongly and I lyrics in this collection have in- ueorge Sand at then salon to his hgure or reamej,s e 

,ae Royal Shakespeare Com- Major Flact, the mmcular mQSl wid ely.loved living master argument, as well as of baroque securely played: but m some, spired composers up to our own S“» h ^ngs and the party-gain es JJJUfjJ^ecentiv ?hen 

• r*• ’rv’s productions always seem Christian officer m command of Qf aIL n was taped soon timbre and texture, ever con- strange way also without complex j day. and one of them, Ich irejss are bkeJL? L vc tlla ^ the University of Dusseldorf con- 

>• ’ .t L* r .a. second visit, no theunft. always readyi to- §ainto fl Rubinstein’s last recital in ceived on a modern talbeir a resonance—lacking some subtle, nichf was sail es bedeuten vn\h witty aphonsniMave tiiat t ne l n e ^ 

: “G t because -they- open cold, an improv.ing speech to his men Cainegie Hall, in April 1977. and somewhat specially engineered) vital ounce of perio d perfume. about Lorelei and the Rhine, was the tric k i> 10 comment from sm«rea Borrowing nam e- 

_ ■ • a. .a. . . - _ « >knii4 tViair min/. tO ItHIiv 71 Till «._aZ n_ ■ ._ a TUEATDCC 


!.r.v'' RCA's Beetnoven and Schumann 

. I disc is one of the last record* 
.. ! ings—perhaps the last recording 


>. ’ £rer-« a. second visit, no theunit.alwaysre*ay u*.go»u^ afler Rubinstein’s last recital in ceived on a modern talbeit a resonance—lacking sonic suduc,; 

■ j-rot because -they - open cold, an imprcrvuig speech to his men CaiBeg i e Hall, in April 3977. and somewhat specially engineered) vital ounce of period perfume. . 

-it best only with^e*'cHilf duty to Goa^jwa before hi s final public appear-instrument ruTrnTAauiurMT 

:i.;)lwfS Let me now-s^that-Peter hang, his^gently rolling P- cn ^® a nce, a “farewell -recatal hi the Even lhe most notable idio- ENTERTAINMENT 

Bi -v;! &« ,ols’s Privates' i>n : ■'Parade'^ven sudden: empnasis^on tpe wigmore Hall later the same syucnieies, as time passes, cease fMGinir 

r;„. \ii.fcur t surely be the happiest words ef. each si^cn. ana y ^ aXm But it arrives in no sense to sound sirange, and become wUILPt 

l,n:.-vcridling in the London’theatre larded .with the pnrases ne flS a va j e dictory offering: one instead moments to treasure: the ci'h«tr« 

.Kn-av ' - • > r imagines will apmal to the accepts as another small marvellous semi-staccato articu- “ * 

f:„,T wiwmit seems to bave bnggeff s l° h a ® miracle merely to add to the jation of tbe Courante of the OPERA & BALLET 

•HUlast vear was a melodramatic Cr° ws - Too ba^ that when he C anon of miracles spelled by that first -A major Suite; the exqui-| CCLISEUM . oeou cmo- oi-» 4 o szsb. ! 


THEATRES • THEATRES THEATRES 

0RURY LANE. 01^36 BIOS. Every [ NATIONAL. THEATRE. 938 2252- VAUDEVILLE. |3f 9986. EyRS. 

mom. B.OO share. Ma:me« WeO. and OLIVIER looen sta^ ; ( CHERRY Dnijn Sh’erTdjnl Duie'ie Gray. 

. nfru a vn* kj 1 rhokhm' tran . uy Michael Eldar,or Summerhcld. James Gr< 

A CHORUS LINE ORCHARD by Chekhov inn*. »* »«™! « MURDER IS ANNOUNCED 

"VOTED BEST MUSICAL OF 1976" F-«rn. Tomw. 7.30 The CIOUBh and THE NEWEST WHODUNIT 


E«9&. at S. 
and S. 


Sac 3.00. 

A CHORUS LINE 
BEST MUSICAL I 


VOTED BEST MUSICAL OF 1976 


A rare, devastating, lovaui. aitantMung J n w Sta rs 


LYTTELTON iproscen.um staoei; Tmn“t A 
Tomor. 7 .4 5 THE GUARDSMAN bv 


Eldar,Dr Summerheld. James Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT 
b* AGATHA CHRISTIE 
*“ Re-enter Agatha with anolncr whe- 


uocluttered expressive 


t \TIVJWeoMiins the . Kun-runninS. us o of i 4iia sproUing players be : a decade or so Jess than a century imr* and startling late-romantic 
q. rrvdo Jk-mirkeW Sewnt-^ajoc. should operationjn | ofj?uslc> _ harmonies (never oyer-weighted) 


R.'^.jry.UiDns 01-6.5 3161. "The Nudity 14 Stunning" 

ENGLISH NATIONAL OPERA e , n SENSATIONAL T! 

TONIGHT AT 7 00: CARMEN ■ ~L -T7 

also S.t. & Tuo. MU at 7 OU Tomor- DUKE OF YORK S. 0> 

ran 7.30 Iasi perl, o! Rl-iolelto: wed. Evenings,8.00 Met. Woe 


_ • MAIIV LVILCHL-III UHBM J . k-ib *'VI VOI« rHLflbL. PJ4 

01-626 5122.1 day of perl. Carpark Restaureni 9»3 Un „| Feb. 13th. E*s. 7.0 Wed. 4.JS 
ce 3.03. ; 2033. Credit card bttos. 92B 305». a „d 7.30. Sus. 2.30 and 7.0. 


^/pnmres we follow- for: his a&:a simple, normal man accept- yy. o* - lQVer of muSK .. me souna- A.t, 

■ : ^ nchantremsuks on the politics mg.-the ministrations of his gay Ru binste 1 ns f a vo □ ri t e fcjjjen quality is good, close and clear: ln G .ii«ns 

SmSEi? 19«: iSod: Corporal Bishop (Tim rnmm, Hd J*.**^ 0 ^* though on my review copies 1 ™ gonch 
. - .rSA tnr hi«t- nimble talent for Wylton) out'of loneliness and Dften. uere iue Tajnuus hci' founiJ a shade more surface hiss __ 

ml lrtSSstiAi ■ 1»S ol imagination. Stave; Rr~«» j d. g w»md;,l»g net , han #ne mi?ht cspccl . and „ 

__ Ghn«,nLp. fhn vnnnndpr with embalmed—for the life in rni ■ annnvine nre-prhneiL 


THE ROYAL OPERA Tneairo Production A dM: e w 

. A Mon. 7.20 P m. Anadie aul! comtdy." IJ C Tie«nn». lni«an. Lr«o. 

65 AifiDhk' iCJts tor oil ports card reservations. Dinner and top price 
l o Trom 10 ,i m. on aav of pert. £7.OP. 

RS WELLS THEATRE. Rosebery FORTUNE. 836 , J ‘2 e - ^ I 

E.C.1. 837 1672. Last 2 weehs. _ s “- 5.00 a " d l cf MARPLE in 

D*OYLT CARTE OPERA Mur.el Pa»l 0 « M MISS MAHrLC in 

Ibert A Sullivan. Evs. 7.30 Mas*. THE VICARAGE ' 

i Sat 2.30. Until Wed. ne«I MURDER AT THE viwka« 

GONDOLIERS. i Thl.d Gre M l rear-. | 

-—-I GARRICK THEATRE. t S v}' i 

l EvflS- B.O. Wta. Mai. 3 0. Si.. S.15* . 

THEATRES I “ill martin-.Juli^sutton. ] 


-—- c ,- T c,A TONY BLACKBURN ;n 

“■ D 'prospect AT THE OLD VIC 6 ' - CNPERBLLA - 

Spring season Jan 16-March 25 WAREHOUSE Oonmar Thealrc S36 6B0S. 

In red.: Royal Shakespeare- Company. Ton's BIS 

HAMLET returns Feb. ti. MACBETH. ;S;ld out., Ad» Bkgs. 

ALL FOR LOVE relurns 6 l, Aidwvch. 

"SSBS JOAEt'tomQhL Friday ^07 ' WEMBLEY EMPIRE POOL. Lai: 3 weeks. 
SA‘NT JOAN tonight, hnaav w LAVISH ICE PANTOMIME 

s™WaK - JI 7.30 HUMPTY DUMPTY 

rur uDiimnut REGIMENT Nl..hllv 7.4S. Sats. 2. 5 4 8. Special 

-i.T? IE i..* 0 ^S5 0 aa.cnael^WMliams. HALF-TEPM MATINEES Mon. to Thur. 
with Judi Dench. Micnaci w»■ 3 cnWn . i Senior Cits, hall »ri:« 

OPEN SPACE- 3B7 6969. Tues.-Sun B D. except S^ts. at 2 A S. Pav at poors. 
A DAY FOREVER bv MtCfi ael Sharp . Spacious ca r park. EnoulrJc* 902 1234. 

PALACE 01-437 6834 WESTMINSTER THEATRE. CC. 01-834 

Mon.-Thurs. S.OO. Fr(, sat 6.00 S 8.4U 02a3 Etfgi. 8.00. Mat. Thurs. 3.0. 

JESUS CHRIST SUPERSTAR _ Sat. 5 and S. 

puoFM itT-01^836 8611 T.CLCS tl.SO to £4.00. 


nis Quilley has slready had Vo.vbsick. conjurer^ ^evin ™ ^■ fiVJSt ained with a , . 

aids for this glittering per- Vright, who wanted to be a ^^ficA impulse. w,rh ,he EL ^- -J? 6 * 

_- .LJ- ■ R -fylif+atyc- hamW naViPatur. BfO SITU- .7 * ....... WPrF SIJ SUOd that thlS lalCsl 


ADELPHI THEATRE. CC. 01-836 7611. 
Eva-.. 7 30. Mall. Thuri 3 O. Sara. 4.0. 
-LONDON'S 8£s1 NIGHT OUT. 

THE MUSICAL MUSICAL 
IREN E 

SPECTACLE. CAPTIVATING TUNES 
and RACV COMECY." S PeOO'e. 


EPIC FLYNN ar-0 ROSIN RAY 
in the 

-■ BRILLIANT MUSI-ftl 

ENTERTAINMENT. PeiP_e 

SIDE BY SIDE BY SONDHEIM 
•GO TWICE S Msrie» Purer _ 
GO TH REE TIMES.' L. Barnes. N TT 

nnr. re 01-4 37 1592 Eve'.nssS.lS 


PHOENIX. . 

Opening March 1 
FRANK FINLAY In [ 

The Leslie Bricusse Mvjj'® 1 i 

KINGS AND CLOWNS 
Directed by Mel Shapiro. I 

Reduced price oteeiewt irom ..Fg°.._j;-; 


Sat. S ana S. 

Ticket £1.50 to £4.00. 

PAUL JONES in 
, . . DRAKE'S DREAM 

England s Greatest Musical Adventure. 
I ” E.riting, 1 ' Fin. Times ” Many Merry 

Rf-lraiM - F Mm.., - Rn.Ml....... " 


Relrains," E. Nows. • Bouncing Vigour." 
E. Standard. 


S36 107 1 . gvgs “mar 3 -9.Q, The Sensational Set fteyue ol the 

“SJHT OF THE YEAR p, u , 

Er. Sid. Award and DEEP THROAT 

PARADE - ^NC.« Live on ..Stage Bovh N:*i lor 

PRIVATES ON PARAD OpeD*iW n,gn{. Limned Season. 72-wcefc 

•• hugblv'entertaIn.ng - --i”W". £f!*£ w w?fld T °i^- 


S Tel. Talented JOAN TURNER." Dly. 
Mail ■' Capital Fun . • ■ the show IS a 

dciient" D. Tol. -OLIVER RETURNS 
TRIUMPHANTLY . . . CONSIDER YOUR- 
SELF LUCKY TO BE ABLE TO SEE IT 
AGAIN.- Dally Mirror 


"‘'Vsonef.themselvescontain the. setsi record vlvidiy reca .^ ls movemeat with many quiet varia- — 

- !■: coupled, wth the .aogemousi wte -1 mowi o nt — a oroud and electrify- tinng nf Ipmnn. and cenlle bounce I AL S] 


■Daily Mirror 

f BOOKING THROUGH 1978 


DONALD GEE. JEREMY IRONS and 
SIMON WARD m 

.THE REAR COLUMN 
a Ne* Pi*y uy Simon gray. 
Directed or HAROLD PINTER. 


8 ESI COMEDY OF THE YEAR 
E* Sid. Award and SV;ET Award 
Roval Shakespeirc Company *" 
PRIVATES ON PARADE —- 
hr Peter Nichols 

I "HUGELY ENTERTAINING 

. EXTRAVAGAN ZA " S Times 

! PRINCE OF WALES. CC. 01^920 5681 
1 Maodav to Fndav at 8 p-m- 

Sat. 5.30 and 8.45. Mat. Thurs. 3.0 
J ■ THE iTAGE IS AGLOW.™ 

i Daily Telearaph. 

RICHARD BECKIN5ALE 


EXTRAVAGANZA." S Ti mes WINDMILL THEATRE. CC. 437 6312. 

—- - . ~ - —__ 1 _, a 7 hi ««;«• Twice Nightly 6.00 and 10.DO. 

RINCE OF WALES. CC. Dl-920 ana. OPENS SUNDAYS 6.00 A 8.00. 

Maodav to Friday at 8 p.m. PAUL RAYMOND presents 

Sal. 5.30 and B.45. Mat. Thurs. s.u. RIP OFF 

-THE .STAGE IS AGLOW. THE EROTIC EXPERIENCE OF THE 

Daily Telegraph. MODERN ERA 

RICHARD BECKINSALE "Takes ro unorer-edenred limits what It 

In permissible on our stages. ■ E»g. News. 

I LOVE MY WIFE You may drink and smoke in tha 

*■ NAUGHTY BUT NICE. WITH A lot Auditorium. 


and 7.30. Mon -.30'. RSC alw- at, 
WAREHOUSE nee under Wl and 
tcadllly and Sa«nv Theaires. [ 

SSAOORS. 01-436 1171 

8.00 M>tS. Tues. 3.0u bats S.OO 
5IOBAHN McKENNA 
, Sarah Bcmnard in MEMOIR 


K!" 5 TB , s v E°£ u fi H°i» s c!K? N p,A B A’L_ 7 SS‘d .... r 05s . c,»„ «« 

ough , 978 . .._ 3£ — E °° KINGS °" '"■’““‘ nr SS."*s“‘,n'";L Hat 

-Eras 7.30. Mat Sats. 2 30 AN IDEAL , q UE eN'S THEATRE. _ D V.734 1 1 66 "ENORMOUSLY RICH. 

imo. 836 5332. HUSBAND by Oscar Wilde. WC .-toolaud EvBSi u^j, Sat._ 6.0 S. 30 . Mat. WCd. 3., VERY FUNNY Evening N<ws 
. COMPANY _ a i BEST OF N T^“yEAP j ^ 

kjsasrre i "csrvss? 2.v 0 -*Ur-, 9 \*i° t; : j yTungvicwo,. vtJ 

-s With: Con. i rimes ol ■vtt oertormantes from Feb. 13 , A New Play bv ALAN BEMNETT Tor't T.4S THE IMPORTANCE OF 

4E WORLD iSali T,,nCS 0 4.30 and E.00. Directed bv CLIFFORD WILLLIAMS BEING EARNEST. 

n.. we- .. ! INGRID 869GMAN «ct m iv nr THE YEAR I- 


lUGRlD BtHBMan BEST PLAY OF THE YEAR |—--- 

WbNDY HILLER EDA NCES ' plav ' ana Wavers London critics awh ro. YOUNG YTC STUDIO 
DORIS FRANCES ; RAYMOND REVUEBAR. CC. O'— a4 1593. | Dannie ABSU i GOP 


• .Tam ^^ a-*m, it- oil ncor UicatuiaMiiii --. rtUKhlUH |Jiitiiibt ljui nriiiiau a. bar an Bcrniwm in ratM 

Nigel Hawthorne repeats -his m my seat a see it au over speed> by ^ me tronome a quite 0 ff e rs a display or precisely the .. PcrlM “"iT 4 on»‘‘di "VSSJ.'™ 
* r ;>:-jtstandihg ? performance as again... ... - .. leisurely tempo, as for its flue kind of playing be is best at—a a H- „ 

• % .‘: r : ‘ outkme and spurkling impetus. A ^tractive sequence of grand- —d_sea 5 on. last w 


DEREK 

GODFREY 


p.m. 9 p.m.. 11 P.m tatwn* Suns.'i Tan.ght at H. 

PAUL RAYMOND present* -- 

THE FESTIVAL OF 


310. P2B J363. 

GONE IN JANUARY 


WATER5 OF THE MOON THE FESTIVAL OF j 

ra afate^-ui^'v^lanle char^ma _ “'J 1 * 1 '; ! Fully AIR CONDITIONED. t ! 3u u JJ' aV ! CINEMAS 

• Wenov Miller is s upera. b- M.rro .. 3r ,m, and smoke in tne aug i^anum.^. ^ ^BC 1 ft 2. SHAFTEsBURY. AV. bJ6 3E6t, 
- ~^'.7."T7 C «.,C r r 01-930 6bOB. ; „ n „ynumicf 267 2564.1 S«P. Peril- ALL SEATS BKBLE. 

"“jrass™, y..™.--u •, iu> - 

GLVNIb i 13-18 Februarv 2: THE GAUNTLET IM. 


: memorable recital, to take its romantic technical wizardry and A **. LLO ,\,„ ° u f*l 5SS- 

Alfred BeckCentre, Hayes ■ place beside a score of others, salon sieight-of-hand. The manner d'onald Vinden 

- ' The most recent of Glenn l find a little heavyweight tor i"^jP^Ygdr.-^^ndard. 

Latraviata 

... ’ .7-. • TOM STOPPARD'S 

. r - . - : i .. ^ _ . _ . - DIRTY LINEN 

..! by E.tiZA-BETH .FORBES . "IVTf PlITICll s HI?,''" a 

- .' ' - . ni-.-L;- J.T-A.-L.* X W11V1X ASTORIA THEATRE. Charms Cress Road 

> TT-i.,ay«iTV m-nurkK' whD choose maa!s overtly- emotional lilorgiq T 0l-7M 4 J 91 . Nnrm Tube Toiwnnam 

y University groups wno moose pomes out . ... , „ ct ro Mtm.-Th urJ . e 0 P.m. Fn. * sat. 

,',0 Stage operas-.as’■■ v(®ll"toved bb and neithCT charac,er couiesou^ ^ conce rt given by the Fires diabolical accompaniment. Mary 6.00 and b.4 S 

.cm traviata .invite mmpansoil oiE-the eschange jna P “ . 7 0 f London last night under their Thomas did all the voices, in best musical of the year 

•vith grander, director Peter Maxwell Davies her fashion very fetchingly (her .^"U- 

joerformancesl on the other hand, Violettas own ^generos 1 . ... . . . ^ wor k Mr. Punch part was notated in a sort of hrenuw Rmauram gr Buffet B#r imp- 


LEE MONTAGUE. ”ELEN LIND5AY 
in TERENCE RATTJGAN S 
CAUSE CELEBRE 


j RHV3 BOV OfficeJg r_g£lj^- Wk and Sun 2 „ s 0 3 . 0 <(JSt 7 oafSI> 

5 MASTERY." ROY ^^t°ft R Tnma? 'V^vFJzS* 1 *' CAMDEN PLAZA cp. Camden lo.n Tu«. 
■■EM Tont wJ?d pJonT.cre Ol Tavlanii PADRE PADRONE 

ii£S!ll£-I* \*'- f £*?.cs n 'f£ n rso 77 - Must cntl 

01-930 6605. From 20 Frt _. -me Bear py ChekhovlThe classic T. 2. 3 4- oilord Si. .Cpp. 


La traviata s 

by E.LIZ ABE TH FORBES . 

''-l University groups who ehoose man!s overtly- emotional fiiorgiq T 
4 tace ooeras aS' weli-loved as and neither character comes out 
traviata invite mmpartson oE;the eschaoge jn a particuhffly 
; V im grander, iuly professional flattering light as u *“ ai . ? J* 
■....■.-■■Wormuicaiohtt.other 


*-Actor ol th<* Year." E. Standardi 
"•IS SUPERB” N. «X W. 

SHUT TOUR EYES AND 
THINK OF ENGLAND 
“WICKEDLY FUNNY." Time*. 

ARTS THEATRE. 01-856 2!32. 

TOM STOPPARD'S 
DIRTY LINEN 

Hilarious . . . oec n ■■ Sunday Time* 
Mam-lav lo Thur mis y 3.30. Friday and 
6^1 in dav at 7.00 and 9-15. _ _ 

ASTORIA THEATRE. Charing Cress Road | 
01-7M 4291. Nearest Tube Tottennam 
Ct Rd- Mon.-Thur*. B 0 p.m. Fn. A Sat. > 
6.00 and 8.45 | 

ELVIS , 


■•RATTJGAN REVEALS H‘S _Mj,STERY. 

S.T. -• PowMInl drama. E N 
-GiYNlS iOHNaPiaysBr.iii34.lv. o-J- 


- GlyNIS JOHNS plays 
; HER MAJESTY’S. CC. 


CAMDEN PLAZA op. ComOcr. Town Tune. 
425 2443 Tavlani& PADRE PADRONE 
iXi. Grand Pna Canne* '77, Must end 
15 FEO. 4.05. 6.25 . 8.SO. 


Opening March 23 I Krcutzl 

BRUCE FORSYTH j-- 

ln Leslie Br.eusw? an®. s ROYALTY. . 


' TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 
Directed by BURT SHEVELOVE 
Previews irom Mareb 16._ 


Krcutzer Sonata bv T oistav | 

■ TV. . CC. 01 --0S 8004. | 


Tottenham Court Rd. Tube i 636 0310. 
1: YOUNG FRANKENSTEIN fAA) 1.45 
5-20 B.SCl. ADVENTURES OF SHER- 


Monday-Thursday Evenings . F ^ 0 y LOCK HOLMES' SMARTER BROTHER 
5.30 and 8.45. Saturday 3-00 ana u.uu. lA| 3 3S 7 1D La:o , haw 10.20 p.m. 


London critics . „ 

BUBBLING BROWN SUGAR 
Bau Musical ol 1977 


2: THE HIDING PLACE IA1. Sen. Perl*. 
2.00 S.OO 6.00, Laic Snow 11 p.m. 


y-neaire mHoastJrb MUIIC 7, ZA »r I i npj hv hv Mirhael Finnissy. me piece u,uu s u JW, ,n adraio;. Cjmb.nea D.nner ana 1 and ANIH3NT vALtNMNs 1 

CSJiefe-tyjjFFgjyF’ jfflfc* 952 SS^otSp«I&S' te Intended by the composer lo it nuld jnsi as u-e I have been «««• •> «■„»■ .. DAZZL.N^gct^^H COLOUR- \ 

Brunei Theatra-.. Arts drew */Helen Uawrences sjmpuinTOy is lmenoea uy material written on a single line and ■■ mr«t»ui. apwjHng* n 0 i. S :an»p.n B and ful musical, real family enter-. 

■espectably sized audieMe to tie perfoonance. . - marked -with ifvely expres- «« Ai. 

X^lfred a ^ into “a more personal sion -J. The piece was un- %* a £S&\ 

pp()P* ruesday *L u l Macbeth for Brunei two years Vision, being the sieve through nouncod as a first purfoi-nianLC ¥en , c and wecucic * »t.- sun. th. | ^> N oon palladium, cc. 01-437 7373 .! 

t r duction -of. Verdi s.wera, but.»*c. y with .the, S ,, , e k ii lim i 3nd exten- staged -but what .kind, of sti BQC nn al , E X s «^‘‘ T,m«. , 


duction Ol . vertub . .JiK r afiSpipntlv With the . Cilv «c fluornrf -»nrt pxten- Slaaeu — out wnai Kina 01 

i ne vitably th er esu tt was antTre- e oahielf^co^tesa n f the'first There are. effect could it possibly have 

V*2S5f HgTSeSSf acTbUt is more eomfortuble ^ ^ ely ca r ^ asine , a thousand without puppets? 

.-•rS!5!S oSsantiauditorium is the. 1 young woman » n ways t0 filter and re-mould; Mr. The Fires ended their evening 

1 Centres pteasa u r^on- whether happily or unhappily- Fi i llSss y’ s choice was in offer with another pei-roiniancc (after 

j^greater hawficap is.Bhe:^n?a her share of the dnet nurxesy of Barry Smith's the Orkneys and the Bonn* 
'ance. out * S _ .. *.*,.*,* -wnth Ormont nersuaBivclr. and __ . mnii' verv ttmisp and a fnunfrvwide tour) 


B W---I f “c R«k -nlK.IM-i.M-._ ; ^ROYALSH AKE5PE A RE^MpANV r | 7. CJ . B.BB _J-areB y OVOIV n. C m 11 Ml. 

ELVIS ,--- -- Tl -RICHARD PASCO. SUSAN HAMPSHIRE. [ CURZON. Curton Sired. W.l. 459 3737. 

BEST MUSICAL OF THE YEAH | LONDON PALLADIUM. CC. jj 37 7 a73. | JAt ^es COSSINS in BernarP Slums: PARDON MOM AFFAIRE -X>. lEnghsn 
vrrv ll-u-Hlll-lv i iiitr EVENING STANDARD AWARD i LAST j WEEKS ENOS FEB. 25. MAN-AND SUPERMAN. Directed 6» j suMItlK-l "A soarkl.ng New French 

YIIJ ILILHIUCIJ IULI Tlcl<-!I il 50-CS SO. Eai m dur fully-! Evas. 7.30 Md 14. W W Sa«. 2.45. CLIFFORD W1UIAMS. "I iJl ?. I Camed*. Olreited with nnrjse by Yvrt 

totaled in a sort or licensed Re?t»urani gr Buffet Ber lunch- cloud of loy Irom beginning to end. , Robert." Sunday Express Progs at 2.00 

... f —* iKnunh I'me and before and auci- siibur—book. | ., SALLY,, ANN. HOWES,.^ _ Si Times. R5C al»8 >*i Aldwvcn_ ana | mot Sun i. 2 05. b.i 5 and a.30. 

,y On staves- inougn JW, .n Munor. combined Dinner and i AND ANTH3NY VAlENTIN- i» Piccadilly Theatres. Crca«i Card LEICESTER SOUAR r THEATRE 1930 S’S’l 

st as well have been «<««'.« «v« ta so •• oazzlin^c^^h «« ”««»• La a week. Scosgn_ ^.^t. j ^cktermuar.^theatre , 9^0 5 ^ 5.1 

a single line and -d ful musical real b famh.y enter...^^ 15|b ”-*&**$ , &&&&&*&££ 

with lively expres- * an rl,| l mp 1 , iO rPyiS Gnaa Mats ava.labio now at Theatre ana | 5aL 5.0D. 8.00 w ! wks i all oronv Sa: A Sun SEATS 

The Piece was an- &g|g?t many PER p S . 


ELVIS tsDaa wjra avani^o nsw ji mwir; dm 

■■ l aosoluipiv cauunt up ,n 11 . car-ipd Agcnis. -«ac l -i 
ulcnq bv it. reinyigaraied By tne sheer CREDIT CARD BOOKING 0i-734 8961 


stiBaenno'y^pffenwe." T.m«. from may zb to aug. is. i Antmwuai pi«y » N««" tl * r g 

■'Pcrtorman with a .erve rare in Bris.sh L YR|C THEATRE. Q1-437 3686. EyS. SO. 1 orices £4-£1. Credit boSk.ng acceoied. 

musicals. Tne mow literally n„d fht MjlSi Thurs. 3.0. Sats. 5.0 and 8.30.1=^^---— n t.3BflT394. 

aud'Cnre dancing in (he *-Sle5 T>'S jOAN PLOWRIGHT 5MAW L.»» ts— -n...™, r,, ■? 10 

' El«i5 Is marvellous. 5. Express. COLIN BLAKELy 1 Mbcl Thure.. rr> - 


at S.OOT MaLJWM. Up/S«. S.OO. 8 DO. ( f,y RBy , 

JOHN FRASER 6dEON HAYMARKET .920 :735-:?71l 

LADY HARRY Jane Fonda Vaiicrss Red9ri»*e ■" a Fred 

An unusual play by Norman Krasna 2>nnemann him JULIA <ai S:; prigs 
Preyiews and Wed. Mali £3-tl. ?, r Dl» 2 SO 5.45 8.45. Feauire Dl». 2.45. 


EEST MUSkSl OF THE YEAR 
EVENING STANDARD AWAPD . 
j, nr. before show any available top-price. 


COLIN BLAKELY 1 Mou. I1KV. Tnura.. rn - « 

™ “SKe$ VES I E 'S» 7 .*rSrar«i;S '- 

rlkUWEriA J Ly I B BaUKlInv 

by Eduardo a* Fiilippg. I - Highly entertaining '' D. Tel. 

Oirecied b» FRANCO ZEFFIRELLI -_ - -—- 

"TOTAL TRIUMPH. 1 * Ey. Ncw>. "AN! STRAND. B1-S36 2660- Evemngs S 00 
EVENT TO TREASURE,* - D. M-r "MAY! Mat. TI arc SOP Salurdav* 5 30 and 0.s» 
IT FILL THE LYRIC FOR A HUNDRED! NO SEX PLEASE— 

_TEARS-I-Sunoav T,m e >-; 7r(E ^ D f'L rEATEST 

MAY FAIR. CC 629 3036.1 LAUGHTER MAKER_ 


ii. BtaziuK. in simnle is an : esceaent, -- ' _ instruments and began it with two other uavies s - !may fair. cc 629 3026. r_ laughter maker _ Late sue* Fr._j »_»i ^ - 

Jf'iJiSSb'.fflSp... ■ N ™"i ssbaI sn wwafsatt 1 & 


• i- !rtlv adequate setting-Gaston, Avnue momw emission pieces—a une. pungent pen or m- —- 

•> ■> j Ut . riavid Groves: ewi*'HJis.'ma'kes sn agreable Doctoc pora „„?*!«' tt3 c -ittractivc. but ante of Hymnns fur clarinet and sen 

:: ’ The Shff ■ Pi«n.» S»v?n by the Fires* new 

T. to ^HiPt'anv moral blame-enjoy .Floras -party n_t _ •_ 0 „„ f ij,fFa-t c 9 nd instrumen- clurinettist D*dvul Campbell c *» 0 - 


i £4-£l. Credit boew.ng accept ed. e . 0Bi 9 . 0 Q La i e lf ,,* Fn and Si« Prr-o. 

----—01.388 1394. Comm. 11.45 Feature 12.00. Al, teals 

Mats. Tliev. Thurs.. Fr* 2 W -—.. .—- -- 

E«gs 7 30 IN6. pert Man. 1 . OOEON LEICESTER SQUARE i930 filill. 

AN INSPECTOR CALLS THE DEEP 'Ai See orMS. nYerv day 

_ W1 “T J. B. PrjeKl.ey. - Soj:s m.iv be bemked Deers onen jt 

Highly entertaining. D. T ci^_ 1 ?fl _ j ?B T ., p Late- Shaw* Fri ft 

90 01-336 2660. Evenings 8 00 SatS; poors 1 1.15 __ _____ 

Tf nrl »«> 0 «j? a w?EABE — 30 anl1 a ' 3 ° ODEON MARBLE A»CH 1723 2011-31. 

WE’M nlfiTISH AUDREY ROSE 'AA,. S*P eroas IVke. 

THE WORLO'I 15 GREATEST 2.?0. 5.!30 3 30 Sun C.20 8.15. 

E LAU§HTER MAKER __ Late shew Fr, ft Sat J2 00 ° _ 

Jinin-c rr nxc. u'ax Fvs. 3 00. I PRINCE CHARLES. Le.C Sa. 4 37 8181. 


,?■trJ S> shift any Ifldral Wiune-mjoy Floras -Pjny 0 f sound-effects and instrumen- clarinettist David Campbell 

* ' nS>^PrehviranBtent:M m^ Violette’Sj-and BO the.nna e to w sou u which, with Stephen Pruslin; and a "gSft 

* ■ * 7 original slant to the - production*.- Act - Two 8°®® • u e0DS hardly ever juanagod to achieve senile, house-warming account M un 

a Jf?n the'characters Of Hayward, the «f5 n C-0 /‘ n 3 oromfnence ^mong. let alone of Davies's arrangenient of the - 

a reversaj . the score on the move, n-ntiy p*v***» uic,.-,! ttunKtable motet ”Ven sancte criterion. 


Scat oners £2 00 and £S 00. 
i ncr and tgp-pnee £ 6.2 j l "c. 

:0V. □ 1-9 30 2578- 

OPENNG TUESDAY FEB 21 


THE ELOCUTION OF , 

BENJAMIN FSANKUN | 

by St<vrc J. Spears 

■■A rompatsionatc. tunny, fierce!* elcqueni I 
Dia»." Gdn. -Hilariqus.'* E. St -*V/ick«lly I 


AGATHA CHRISTIE'S 

TOE MOU5ETRAP __ 

WORLD'S LONGE5T-EVEH RUN 
26th YEAR __ 


which with Stephen Pruslin: *and a MOIRA lister. TONY BRITTON j am uilna and wlkUr Berycrled." e News. 

. _‘_ 11 hM„„. u...nnin,, ••itnl 1 MargarM COURTENAY. Per-inCI WALSH I M __ u ' n d,u 2 dB 23’ 


i TALK OF THE TOWN. CC. 734 SOS! 


1 KITTY 1 X 1 Sea Per,-.. ON. !lnc. Sun.l. 
■2 4H. 6.<5- 9 0 n Laie Show Fr,. and Sal. 

11 .S S Seats Bkbl* UC d Bar._ 

— jsCFNE 1 A 2. Lnc. Sq. iWardOUr St. 1 . 


MURDER AMONG FRIENDS 
* NEW COMEDY THRILLER 


mraK* ah "this, week, jgtt ■ 

»» on alternate msht& 


after all. lo a inily effective, of water. 


DOMINIC GILL 


CRITERION. CC. 01-930 3216. t >n n , LLSC'«i s 

E^nings S Sat*. 5.30 S.SO. Thurs. f 00 j JiJro^n M,rror 

riSffi- s. nm e . Stall 

ln SEXTET t dinner.tneaire tlcLei £5.9|. 

** HILARIOUSLY FUNNY." N. of World. I RUN EXTENDED 18 EE- - s -"- 


_ c . e ,«.,e 8.00 Dining Oanrinp 9.30 Suwr RCiue SCENE Is A 8PIOGE TOO FAR 'Ai 

MERMAID. 248 JBSB. Rest. 2« 2335 RA22LE DA2SELE | p rog , USO 4 10. 7.40. Late Shovr 

Man.-Sat. 8.t5 Mar. Wed sne Sal. 5.30 and at Tt- o.m. I p r ; , rr < c«. ii.oo 

DAVV , n J 2«nnv M inM'«nN°q. LEN “ VINCE HILL _I SCENE 3! THE PINK PANTHER 5TRIKF5 

in M *"” V pJJ l Ai S0N 5 THEATRE UPSTAIRS? 730 2 534. AT-AIN ■ LO - 'un.-Thiir. 1 30 5-3*5. 

THE POINT .. - „'i u Vubi. 9 SS. Fr, and 5»r. i2.4n 4 ss. r js 

[ 1149 THE PETU"N OF TOR PINK 
PANTHER fUl. jun.-Thur. 3.2 5. 7.S0. 
I Fn. and Sal. 2.35. 6.40. 10 40. 


and at 11 - o.m. 

_ VINCE HILL 

THEATRE UPSTAIRS. 

Pre,lews Ews. 7 30. Mr.n. al 
e»s. ?.30. 

IN THE BLOOD 
by Lcnks jamurck 







20 

financial times Japanese cars and T 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY ‘ ' 4- 

TWIeerramc- Flnaniimn I.anrfnii PSA. TflPE 886341/2. 883897 4 * 81 _^ 

the growing shadow, 


Financial Times Thursday Februaiv 9 1978. 


- nrilftoff 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Thursday February 9 197S 


k« JiV: 


of protectionism 

BY TERRY DODSWORTH, Motor Industry Correspondent 


worse 


THE MINERS' decision to settle 
their wage claim within the 10 
per cent guidelines is a con¬ 
siderable triumph for the Gov¬ 
ernment's counter - inflation 
programme. The policy of firm¬ 
ness in the public sector appears 
to be paying off. though the 
challenge from the power 
workers is still on the table. By 
contrast tile Government's 
approach to the private sector, 
involving a series of improvisa¬ 
tions to suit particular situa¬ 
tions, is increasingly open to 
question. The latest ot these 
improvisations, which has raised 
a predictable storm of protest, 
is presumably intended not only 
lu make its policy more effective 
but to make it appear more 
reasonable. 

Ministers can argue that they 
are free to chouse from the 
various competitors for a state 
contract the firm which best 
conforms to their conception of 
the national interest, in particu¬ 
lar with respect to iis readiness 
to observe the incomes policy 
guidelines. They can point out. 
too. that, here as in the U.S., 
scale contracts often contain 
clauses requiring the contractor 
tn observe certain statutory re¬ 
quirements. At present, fur 
example, they regularly demand 
observance of the 12-month rule. 

Whether or not the new pro¬ 
posal increases the Govern¬ 
ment s ability to control infla¬ 
tion remains to he seen. What 
seems beyond doubt is that it 
will aggravate in rv.o ways the 
main disadvantages ««f exist'nj 
practice. It will rend to make 
the pay structure of industry 
more rigid still, and it will 
increase the arbitrariness with 
which the slate dispenses its 
benefits to industry. 

Inflexibility 

The gradual return to greater 
flexibility of pay structures, 
which was expected and in¬ 
tended to be the characteristic 
feature of the current bargain¬ 
ing season, has been largely 
frustrated by the way in which 
Ministers themselves empha¬ 
sised the 10 per cent, figure. 
This was meant to be an 
average increase in earnings. It 
has come instead to be regarded 
as a minimum inerease'in basic- 
pay and. because so few people 
have been willing to settle for 
less, the Government has come 
to insist that nobody for. at 
least, not many people) should 
settle for more. 


The effect of this has been to 
narrow differentials: freeze ex¬ 
isting pay structures whether or 
not they are satisfactory; create 
labour shortages: and encourage 
artificial movements of employ¬ 
ee? from one firm to another— 
quite apart From forcing em¬ 
ployers to devote more time 
than they can spare to thinking 
out ways of limiting the damage 
likely to be done to their busi¬ 
nesses. But now the Govern¬ 
ment is apparently determined 
To enforce the 10 per cent, 
figure on its suppliers more, 
rigidly than ever. With more’j 
and more talk of a continuing! 
pay policy, moreover, the appli- : 
cation of such a condition 
beyond raid-1978 becomes a 
question of some importance. 
The maintenance of a flat norm 
for pay increases would do im¬ 
mense damage. The policing 
of a more flexible norm, on the 
other hand, wmi'd present great 
administrative difficulties. 

Precedent 

The second way in which the 
Government is proposing to 
make a bad situation worse, 
however, is more fundamental. 
The White Paper of last 
summer did not lay down guide¬ 
lines for increases in individual 
wage rates or earnings, ad¬ 
mitted that tin- was not pos¬ 
sible. yet threatened sanctions 
against firms which entered into 
settlements quite dearly incon¬ 
sistent with the policies set out 
in the White Paper. The evil 
implicit in this approach has 
aimed out as expected: dis¬ 
crimination between one firm 
and another on grounds that 
cannot be questioned because 
they are not published but are 
determined ad hoc by bureau¬ 
cratic or political process 
behind dosed doors. 

The new proposal will in¬ 
crease the scope of the state 
to take arbitrary decisions 
against which there is no 
appeal. Although it has been 
conceived in the context of the 
current wage bargaining round, 
moreover, there is no obvious 
reason why the principle behind 
»r should .tot be exlended—to 
future phases of pay policy, 
perhaps, or to planning agree¬ 
ments. or to almost anything 
in the industrial field which the 
government of the day would 
like to achieve without having 
siatutory powers to do so. The 
da.iger of the precedent itself 
is so great that one should 
expect Ministers to acknowledge 
it. Having done so. they should 
have the courage to retreat. 


India and Iran 
get together 


Y ESTERDAY’S announce¬ 
ment from Tokyo indicat¬ 
ing that the Japanese car 
manufacturers will not accept 
any informal agreement to 
limit the. export sales to the 
U.K. this year, has both a par¬ 
ticular and a general signifi¬ 
cance. For the two main pro¬ 
tagonists, the Japanese and 
British motor industries, it 
means another period of acute 
trading uncertainty with the 
shadow of Government-backed 
import curbs looming in the 
background. But for the world 
car manufacturers, who have 
been watching developments 
with increasing fascination, it 
signifies another tottering step 
towards protectionism. 

Talks between the two coun¬ 
tries have taken on this dimen¬ 
sion because of the positions of 
Japan and the U.K as leading 
trading nations with a commit¬ 
ment to liberal trade policies. 
What is at stake is whether the 
L T .K.. under the threat of an 
imminent collapse of its own 
vehicle manufacturing sector, 
can head off the fast-growing 
.Japanese industry through 
diplomacy alone. If it cannot, 
jnd if the British Government 
.s forced to step in with restric¬ 
tive import measures, the whole 
sensitive structure of world car 
trading developed in the past 
20 years is threatened. 

Not all car manufacturers 
would be uphappy about a 
return to more restrictive trad- 
,pg patterns. Indeed, many 
;ook back to the way in which 
the motor industry was 
developed behind barriers of 
une kind or another with a 
;reat deal of nostalgia. Until 
the 1950s, this pattern of trad¬ 
ing was the norm for the 
industry. In Britain, for 
example, tariffs were introduced 
in 1915. and apart from a brief 
spell in the 1920s. stood -at 
between 22 per cent, and 33i 
per cent until the Kennedy 
Round negotiations. Japan, 
which had no car industry to 
speak nf at all until the 1950s. 
only began dismantling Us own 
tariffs in 1967. Although these 
are now down to zero, foreign 
manufacturers still complain 
about hidden barriers such as 
unnecessarily complex local 
regulations. 

Despite these trading limita¬ 
tions, there were plenty of op¬ 
portunities for overseas busi¬ 
ness after the last world war. 
European countries led by 
Britain, which emerged with the 
most intact vehicle industry, 
still had their old colonial terri¬ 
tories available, and gradually 
U.S. customers began to take 
note of the smaller. European- 
type vehicle. A great deal of 
the new capacity put down in 
the 1950s and 1960s. and in¬ 
creasingly in Japan during the 
later period, was dependent on 
these export markets: indeed, 
the disappearance of much of 
Volkswagen’s market in the U.S. 


in the early 3970$ almost with a 200 per cent import tax. : '.."'“"B: 

crippled the company in 1975. We used to sell .50 to 200 cars 2*0 'i foiffimrara ■ • i 

Man y of these overseas mar- a year in Mexico. We cannot now . I 

kets, however, have taken on a get one import licence. In South . a. 

totally different character in the Africa, where we used to sell § , 

last decade or so. While the big 150 cars a year, we are now 1 

trading nations were dis- exposed to the same problems ■/ -. g L 

mantling their barriers, the de-as in Mexico — they follow the ' # . •. . . ‘ . , : 7 (.I 

veloping world was putting up local manufacturing principle, K ’ 

new ones. As a result it is now but what you build up in these v ' s ; " 

impossible to export built-up countries is no longer a real jpssxifiasai " - 1 = 

cars at a profit to many of these Porsche car. We have had |j 

territories because of high im- similar problems in Portugal, | 

port duties—South America be- Australia and Spain, and it took «’5 | - '- S 

ing the classic example of this us eight months to get into i . v j| 

trend. In other markets, such as Japan.” ] * ; 1 ;: . • | 

South Africa and Australia. This poiat is echoed by Sig. n _ i '••••'' ___—L-- "p. • j 

manufacturers have to assemble Umberto Agnelli, managing iggq •EJ 7 Q 1071 • 1972 1973 1974 1975 . -'S7& - W7 ; ' 

locally and use very high levels director of Fiat: “ I don’t think ——- - . ^ 

of locally-made components. In Europe is going to remain a " 

both these countries, this re-very bi° exporting area,” he markets for these extra vehicles, to be allowed to trade freely because »e U 3 C and Cjk 
quirement now stands at about “Developing countries — 311(3 the most obvious area is again and utilise their assets, tineutal manufacturershat 

80 per cent. Other countries, wm try to expand their own Europe- • . • In.addition, the agreement has Receipted. community^v.i 

like Iran, parcel out their local industries in the future, and The other major complaint of proved more and more difficult interest as partnei? who-traii 
manufacturing business to a there are not going to be the the European manufacturers, fe topolice.-Three years ago, when no t 

few chosen producers, which saTOe opportunities for overseas that the Japanese do not hive Toyota and Datsun dominated ponents^ JvvJhthistt 

also have to fulfil certain '‘local growth as there used to be. a truly open market either ftor Japanese export sales, they, argues tha^-^his as why'tt-ea. 
content regulations. “There is going to be some car imports or foreign invest: could act with a certain amount accept 

The motor industry has been possibility for from menL These questions have of cohesion — indeed there is of Continently,manufashfc 

used in these countries to pro- Europe t0 the richer coupes been the subject of deep dis- evidence that they each took cars on a different-basis;tfca 
vide industrial growth. In small of ^ w - orid But that means agreement during the past- few certain countries as their main the Japanese, •;,. 
markets like, for example, mainlv us « ve ars. ^6 tfj ere is no foubt area of influence when they ‘ One restnetivethrove wh» 

Kenya or Thailand, local manu- T * te ^ ^ ^ that the Japanese are creating- c^c to Europe, But Japan also has been:•^privately-iaaoted- \ 

markets hare closed down in more opportunities now fur-."has .the most diverse and com- the industrywhich.cotii 
sense because the product is t v others have opened foreigners to enter (importers Petitiv*. domestic motor industry attract sapport^pold be to** 
bound to be more expensive The dd] f face no ^ Mve ^ in ,-fte world. As new manu- the.Japanese^-mor 

/mHpprl .SmMnniM has non' ‘ ... ... Vaona sanu. nlnnn -n,.;_... 


ironies, which can be exported>. exarn pi e 0 f (h e remarkable cult market to tackle than P QS hed themselves Into export improbable to softxiBe 
But the industiy does provide v i ta ij^. ant j flexibility of the either the U.S. or Europe Jharkets, great rifts have.jajkTs Speke;piam mightvb 
a catalj'st for developing mdus- jap^ese exporting machine, because it is so homogeneous: in the Japanese camp, available for tins within 

iapani cuadb np BimriPPAM which has snapped up a vast - — The Japanese also have a foreseeable ' &ture. : if • BCi 

MARKETS proportion of the available VEHICLE OUTPUT IN 1977 . deep, legitimate fear at. the Michael- Edwardes; .the'^nw 

Norway 26.3 -2.0 trade. % gain' .moment that if they go on chairman,. pushes ahead ‘ wifl 


Norway 

26.3 

— 2.0 

Finland 

22.5 

-0^ 

Netherlands 

20.0 

-33 

Belgium 

19.1 

-1.1 

Denmark 

17.4 

—0.9 

Ireland 

15.1 

— 3.6 

Portugal 

13.0 

-6.3 

Switzerland 

12.1 

-*-33 

UJC. 

10.9 

-1.4 

Sweden 

103 

-r2.1 

Austria 

6.4 

-0.8 

France 

2.7 

same 

West Germany 

2.5 

-t-0^ 

Italyt 

— 

— 

Spairtf 

— 

— 

Total 

6.5 

-rO.8 


proportion of the available 
trade. 

Nevertheless, the big markets 


VEHICLE OUTPUT IN 1937 

%g3in 

Units on!97ir 

Toyota 

2,720.758 

9A 

Nissan 

2378.051 

1.1 

Toyo Kogyo 

800,003 

115 

Mitsubishi 

776,412 

19.9 

Honda 

664.931 

187 

Others 

1.274347 

133 

Total 

8514322 

85 


TOP TEN CAR MARKETS 
in 1976 


UJA. 

Australia 

7b ^7 a claims of the U.K. the main U.K. 

, | . ' complaints of the European .. 

( v Figures show Japanese share of m - n , lfartIIW _ gaaimer thP Netherlands 

car market in first ten months of manufacturers against the Bd iu|tl 

1977, compared with full year 1976) Japanese fall into two main Saudi Arabu 

t Japanese imports into Italy and categories. The first, and prob- France 

Spain are restricted and represent ably most important, is that the West Germany 


Japanese are still putting down 


r? untary curb on their U.K. sales Another possibility is straight 

1 L 6 il wUI lead to other coontries forward quotas. v. 

39.9 asking for similar arrange- Perhaps tie most persaahti 
I8j ments and hence to ba^-dbor solution, however, would beTf 
13J import restrictions.'Scnne of the-encourage the Japanese to ut— 
' w companies, particnlarly' ameuig vest, directly ‘ in. the Euro peat 

- the importers, would like to community and open up Japas 

KETS : -'bring the position out into the for more Investment from the 

: n 1976 ' open and compel the British West. This, after all. ft. the 

1,050,685 authorities to bring in formal modus rirendi which has.feed' 

MS^aa restrictions rather than’to con* reached with the U.S. ■'SiiKS" 

JJf'w? tinue °P eratin S hi a twilight-the last war America^. 
103,^41 world of hints and nidges- pariieshave consolidated 
99,069 ; The failure of .the talks in panded their hold both in fl« 

74/167 ' Tokyo clearly makes siich an Vehicle assembly and componeat 

72,124.. overt move more probable,' al- sectors in Europe. The- expaa- 
r -53,707 though no-one Is likely ■ to act rion ■ has. been conducted wifli 
until the first quarter sales ar& virtuaUy;no. fus^! and there $ 


a negligible market share. Japanese are still putting down South Africa 49AM - t j, e first Quarter sales ar& virtually no. fuss, and there 44 

~ 77 " I T~ new manufacturing capacity ■ 7 , ■ ■ ■ ■ ■■ ■ •’’ r * " ~ “ T/ over and it is clear- how the .now a.di^ irf Vestment in.tljtt 

tnal skills and creates emploj- whicdi of its very nature can * he components manufa^ j apaJDese a re progressing. The bth^rdii^t^onaax^ the Atja»= 

“The effect of these newfy- ^.^Kd^hisW 

S ta hm he ut i?Dortin" F °r example, could well produce create ^ manoeuvfe^During 1975 it could Japanese would face more 

to shut out the older exporting additional 200.000 cars each cr f 3t ® openings m Japan. find no grounds .'for proceeding ^ than . the U^. companies, 

trend* 15 recenth^^H^rr^^Heinz -' ear ' and boti S ^ru. 'J *5* ! -^i«?2TSSBE ^ 

trend recentli, H*.rr Heinz .. . loosely with'*n the Lhat the s<hca * le<3 ''Oluntary f 0rwar d anti-dumnihs erounds- wthdrstwal of Hitachi 1 ’s plans^ 

Porw^^the^C^i^an^snorts car ***» a^d 'u K^caL^^o and itwould the^ 

Sactirer^^ff^say: ^^su Part of the Toyota 

'It is often argued that we sell ^ere of influence, are expand- s/ far t his poticy has worlfed Sent 

too large a part of our output ^ reasonabI - v well. Most analysts co£teJr4str£ : ^ ^ aiead - In the worts 

in the U.S.' In a normal free Moa of these companies have believe that if there had been \ ■ : ** 0 f Umberto Agnelli, “the aoto. 

trading climate this would be a ^ n0 understandin ff at a11 - 4 , •. .. ^ . rrYr 'mobUe indastrjr Will become i 

legitimate criticism. But in our 106 U.S. let the u.b. manufac- j apan ese share of the British On the other hand, the uiR- continental industry. SodA 
view we have come to the turers themselves are novv market would have expanded to is now receiving greater snp^ America is indeuendent . mid 


resort' to restrictions . on - the Epropean-campanies themselycs 
grounds of damage to a domes- EL ® W - that- overseas inv^ 
tic industry—a measulre. which'. n* en ^ rather than^- direct exports 

would . invite counter-restr ai l ead 'i,? n ,??f W01 ? 
tions of Umberto Agnelli, the aoto- 

„ ’ . K • . •. . ^ . Tr v- jnoblle industry Will become al 

On the. other hand, the UiK--. continental Industry. South 


trade all over the world. u;mnes to rahe on suen it pas come under increasing tnree years ago. unis is partly dependent entities. There wH' 

“We have lost ten markets in foreign competition. If they strain as the problems of British because-they are also coming ha some jinkg in know-how '^ 11 ^- 

the last few years. We are now have aoy degree of success it Leyland have continued. The under pressure from tire technology for some time, Pat 

out of Latin America because means that the Japanese will Japanese — not least their Japanese in their home and ex- each area will be more or les» 

they have closed the market have to find new export British dealers — are fretting port markets, and partly self-euffirient/* '. 


MEN AND MAHERS 


ATTEMPTS by Middle East or 
Asian slates to combine their 
economic muscle in some 
regional alliance have so often 
come unstuck that it w-nuld be 
premature to herald any new- 
grouping in South West Asia. 
But the partnership that seems 
to be developing between Iran 
and India makes a lot of sense 
and has broader political impli¬ 
cations. 

Iran is a major oil producer 
with the wealth to carry 
through its ambitious indus¬ 
trialisation programme but des¬ 
perately short of skilled man¬ 
power as well as key natural 
resources from iron ore to food. 
It is geographically' isolated in 
That it has a hostile Communist 
neighbour to the north and a 
suspicious Arab world to the 
south. There is no obvious ex¬ 
port market at its backdoor for 
the output of its new industries. 
India, with its 600m. population, 
abundantly of trained man¬ 
power. shortage of energy but 
considerable natural resources 
and (at the momentl consider¬ 
able excess capacity in its en¬ 
gineering industry is in many 
ways a complementary power. 
In his recent visit lo Delhi, the 
Shah's main concern was to 
press this marriage forward. 

Future supplies 

The immediate outcome has 
been an impressive list uf agree¬ 
ments that at face value assure 
India large quantities of oil at 
no foreign exchange cost Iran 
will invest the receipts in Indian 
projects such as the develop¬ 
ment of the Rajasthan desert as 
a grain producing region and 
the setting up of a pulp and 
paper factory with a view to 
assuring itself of future supplies 
of these commodities. Beyond 
this India’s engineering indus¬ 
try will get a larger slice nf 
rail and power generation con¬ 
tracts in Iran of the type for 
which it has been competing 
elsewhere in the Gulf. Logic 
would suggest that the two sides 


could tarry these links much 
further by jointly developing, 
for instance, their car and trurk 
industries both of which are 
immensely inefficient. Iran also 
ha.? in India a ready market for 
its petrochemical goodv 

All this goes far heyunrl the 
tie-up between Iran. Pakistan 
and Turkey in the abortive 
Regional Co-operation for De¬ 
velopment (RCD). Repeated 
attempts to make this effective 
have foundered on the rivalry 
of competitive industries and a 
reluctance to take the risk of 
reducing tariff barriers. On the 
other hand it falls short of the 
Shah's much touted Asian Com¬ 
mon Market linking up South 
East Asia with the Middle East. 
Such a grand design is in any 
case too ambitious and too ob¬ 
viously a vehicle for enhancing 
the Shah’s own power. But a 
potential Irano-Indian axis does 
create a new bridge between 
the Middle East and South Asia 
that could strengthen the econ¬ 
omies of both and change the 
political and military balance of 
the region. 

Image of failure 

The loser from such a con¬ 
stellation is Pakistan. In the 
1960s it held its head high as an 
economic success beside both 
Iran and India. Now. Pakistanis 
see reflected in the mirror an 
image of political and economic 
failure and are understandably 
anxious at being reduced to a 
dependency of their two larger 
neighbours. Because of this 
there is strong hostility in 
Pakistan to granting Iran and 
India road and rail transit 
rights tlirough its territory that 
could further advance the 
growth of these economies. This 
is a short-sighted view in that 
Irano-Indian co-operation is 
likely to proceed apace what¬ 
ever stance Pakistan may take. 
Sadly it has been the tragedy 
of Pakistan’s history that too 
often it has turned its back on 
reality. 


Salad days 
are here again 


f/mwEwr jjrj 


. . and add the usual 
blackmail clause.” 


Prior to the referendum on ■ — I 

British membership nf the Com- ^rrr&cr?. | 

nion Market, a heated exchange 

took place in the House of ^^11 

Gimmons as tn the voting rights . , AjvTOl 

of British subjects resident out- iwiP 
side these sceptred isles. Should L .aaM i/iWi Wsn 

they or should they not be able 

to cast their vote on this \{ 

momentous occasion The nffi- ^—* 

ciaJ Tory view was that they ^ 

should, but this was swamped 

by the Government's line that 4 1 • 

such people were mainly " lotus %'• ■ ■' 

eaters” who had somehow for- \' •.; 

feited their rights to decide V '•*...V; 

Britain’s future by having opted V- 'S • ; Jr'mfumt ’ ’ 
instead for a sybaritic life of fy. 

sun. wine and beautiful women. „ , , ^ 

^ . "... and add the usual 

The debate was. apparently. blackmail clause.” 
followed with some interest in 

the foreign, particularly French_ 

Press. What they made of it 

is open to question, as one cor- but is eagerly awaited 

respondent reportedly trans- as dawn of a new era in 
lated “ lotus eaters ’ as “ lettuce F renc h cultural life by many 
eaters.” French film makers and artists. 

Fortunately another chance At least, that was what 1 was 
to put the record straight is assured by film director Jean- 
now at hand. Yesterday in Par- Daniel Simon. His film about 
liament, opposition speaker the black, beautiful — and 
Douglas Hurd put forward an Marxist—Angela Davis called 
official Tory amendment to the "I’Enchainement” was shown 
European Assembly Election last night at the National Film 
Bill, urging that British sub- Theatre as part of the third 
jects living and working in EEC annual week of French films, 
countries, including presumably . Simon, together with fellow 
both lettuce and the occasional Rector Jeao-Louis BertueeUi 
lotus eater, should be able to and Jacques Nicaud. President of 
vote in the ddreot elections. The U°iffance, were in London to 
Government view is still that Publicise he* latest U-film offer- 

such rights belong only to those in^di^tore 0 ' 1118 
masochists who remain rest- _ .. 

dents of the U.K, salad lovers „ Compared with the hapless 
or n0t _ British independent film indus¬ 

try, still awaiting a shot in the 
- arm from Sir Harold Wilson and 

his film committee, French film 
Dorfir*a| makers have little to complain 

naaicai TUCK about even .under the present 

The prospect of a leftwing vie- regime, 1 suggested, 
tory at the forthcoming French Unifrance, the organisation 
elections might send shivers which largely concerns itself 
through the foreign exchange with getting French films known 


and sold abroad, receives for ex- fVahhiACt’ frihu+o 
ample 9m. francs annually from wauuiw ir,wulc 
tlie French government com- On Saturday a tornado in the 
pared with the 130.000 francs shape of a 67-year old Chicago 
contributed by the film-makers lawyer named Charles A. Bane 
themselves. will descend on London. He is 

Simon agreed it was easier chairman of the. American foun 
for independent French film t l a ^ on sdt on raising $500.00( 
make re to make films than their b >' August to bring Temple Bar 
British counterparts, who are back to the City from Its pre- 
largeiy dependent on TV films P lace “ a . Hertfordshire 
or making American super-pro- “, e , Bane will be met at 
ductions like Star Wars and Heathrow by the stiver-■Jubilee 
Superman ^ a b "—which London's taxi- 

What was wrong with the Bri- f°^ hIs 

tish film industry? I asked. vistt; the cabbies 

“Films are both industry and w 

art" he told me. “The British f? f S 

appear to have concentrated too hac S coaches* 1 ' 500 1 ^ 
much on the industry side. Art, DacKne y ™ acQ es. 
and all the talent which exists On Monday, Bane will do 
here has been neglected. We are 501116 f a s£ talking at a “ solicita- 
determined that this should not t* 00 lunch-'’ American lawyers 
happen in France.” working in Europe will be in- 

vited to pledge anything from 

- - — S5Q upwards ‘ (ail strictly tax- 

deductible) to tiie Bar cam 

A Hiffprpnt firm paisn - 111 ^ Bane expects to 
« umcreni uon have *50.000 pledged by the end 

The search is on for a professor °f various activities next week, 
of a kind never seen in Britain Later, British firms will be in- 
before. He win occupy the vite d to contribute—through 
Chair of Export Management at U.S. subsidiaries, for tax 
London's City University—and reasons. Next atop for Bane 
is most unlikely to be at W *H be New Zealand, to lobby 
a university now. The Midland at a legal conference there. 
Bank thinks that the country's Then he will solicit-Indian law- 
need is so acute that ii has given y ers > reminding them that 
£250,000 to sponsor the Chair. Gandhi was in the Inner 

I' asked Dr. John Treasure, Tem P ie - 
dean of the university’s Business 

School, whether it was hoped to —— 

turn out export whizz-kids. 

Although advertising man Third deffree 
Treasure only took up his own & 

job last month, and spoke to From Chicago comes the, story 
me after emerging from a of a customer in a back-street 
J. Waiter Thompson Board meet- cafe who called to a waitress 
log, he.shied away from such after he had sniffed the food 
unacademic language. “We be- she had brought hkn. " Hey,” 
lieve there ig a need for some- he said, “ do you know what the 
body with time and capacity to cook did to this fish?" "Sure,” 
do research and consider such the waitress said, “she grilled 
matters as management struc- n." “So now you should take 
tures." But Treasure agreed j. t back to her.” said the custo- 
that someone wuh “a record of me r,"-ithready i„ talk." 
achievement in the field of 
exporting” could pass on some 

vital skills to his students. twoe# UK>§ 



$ cL jg aft, 

'So ciety* $ 

W&eh you've once known a reasonai?le sfhn^d ^ : ;0 
have 4 aved,fbr;your ; retirement, what can voii-do ^citv^si 
inflation, rriakes a mockery of all your carefti t-pl a nni n g7- ',«■ -Vf^ 

You * cart torn to the Distressed .Gentfcfolfes ''Aii 
AssociatioiL 

To b^iri with, the.DGA A ■will understand. Althot^L ; 
they have-13-Residential and'Nursing. Hoin«; they kdOW’X^ 
that'people.wajit to stay in the ir own homes fo^as Ioh^ -V: 


have-put down oven the years. . 

So, the t)GAA helps With anovrances.They Send cfoEheif -J 
•parcels.. They : rememberBirthdaysaad 
help ■w^fea'httle .Gsfrd.'wheaaoriiis upsefti’Siy^buJJpfc^ 
PleaseheTp the DGAA-Vrith a ddnationr And do A- 

rememiiertfepGAAwheninakingditt-ybiitWiih:^ •>" ::^V* 












% 

T 


TWO 

'StW'Ttouy Estimates 


ECONOMIC VIEWPOINT 


figures and fantasies 


i piTlYJl'baxe fad «sp- conswoer poWeii r was. only 

j to pul together a., large sightly higher, fea&itfte OECD 

eodbondr; Although goods,:<tf^3pt d ^ er 

5 6f what £hflV • xewesi : is rauch betwe« under 

——^ r-the Bretton.Wo*ds r system. The 

J .^^S ,ar en 9 °fl^ «JWO is not; big divei*eocB-ocfiir»d Hi the 
; J , e a* . even beliefs -which are l97 0 s, when in sthC eight .years 
aw-ly correct are often to ;i977 the.BntisVtevel more 
r'-i put. It therefore than doubled. . . ,. 

y. v_J 2d , worthwhile, to share .Unemployment figures mean 
f ~y ; r? of **“• information with Cerent ithings in- different 

j: ‘ '-*5 ,e tabular material.' r .: . ■*■**? .**“*. on *; sMOtaxduxd 
Ie __^ K -t coatpkrisoij. the .UlC.vrjfc doing 

^5?* sUghtiy-better than. n^. other 

jin 3 ie?2^ countries, up to.1873, &Ut a good 

sparest. S? deal'wdrse by-lKV&vniis is 

‘ e . ***)? srewtb worth ■, bearing iri jnfiid in rela- 

.**•3 22b tioa to.the raOst.sopKstidated 

;cc -^. defence of 1 incdm&T^c^- 

*'• ya te•• - co mpared-.yith which re that relying ort mon e t- 

cause 


!es the 
stop-go 


J,,e -» ”wm a statis- maau f ac tu r j n b jo vestment, the 

*■«* 9***SS m J&*-V* t **"‘ UJC. lhas bera .in-^middle. 
a “ Ec-jkjjj- ^ not the bottom df'lhe iuter- 

* c ml p 2 % ^ 3aa Jallenbehind. . . .-, national league, -in 

Caused ~ i * en it comes to thb-Tread- the bottom' left-hand table. 
r.er nt^.v issuer .Of unemploytnetrt-Where-the U.K.- hasten- bot- 
ird qr 0:a ; “ ;i inflation, Britain's, inferior;-tom is in" the effertfvehess of 
"’i»« V - tion is " mac ^ recent new investment- nsi 'showi by 

, r 7 first table shows .that ujTfb the amount oL.eiitpi^jter- mtit 


:r --v :iii Jr ■ 


the increase: io. British of new investment' 


A more sophisticated analysis 
of investment net of retirements 
in the last National Income Blue 
Book, suggests a more recent 
drop in quantity as well- as 
effectiveness of new investment 
since the middle 1970s, but data 
arc not available for inter¬ 
national comparison- It can 
hardly be a coincidence that 
while profitability has fallen in 
most countries, U.K. profit¬ 
ability has experienced a more 
spectacular downward leap than 
profitability elsewhere, and has 
at nearly all stages been bottom 
of the international league 

Is public spending (he culprit? 
The top right-hand table shows 
how many different plausible 
definitions of public spending 
there are. It could be argued 
that collective expenditure was 
anywhere between 20 per cent, 
and 70 per cent, of the national 
product. The trend movement 
shown in the second chart is 
more revealing. It suggests little 
overall upward movement since 
the late 1960s, but an acute 
bulge in 1973-75. which could 
not have come at a worse lime, 
as it affected the economy just 
when- the oil price explosion 
had reduced the real national 
income available for all pur¬ 
poses. 

International comparisons 
suggest that share of taxation in 


the U.K. national product is 
pretty similar to the share in 
countries such as France or 
Germany and has been so far 
some years. But where there is 
so much smoke there usually is 
fire. The real cause for com¬ 
plaint is the very high rates of 
marginal tax both at the bottom 
and the top of the income scale. 
Reform at the top would cost 
nothing except political pride, 
and reform at the bottom much 
less than across the board re¬ 
ductions in the basic rate. 

Policy errors 

If I had to give a brief diag¬ 
nosis, it would be that deep- 
seated problems, which might 
have been on the way to gradual 
alleviation, wore aggravated 
afresh by the Great Inflation of 
the mid-1970s. Most policy 
errors, from the effects of nun- 
indexation on taxes, to mis¬ 
guided pay policies that 
squeezed differentials and 
priced people out of jobs, the 
massive subsidy of laine ducks, 
and the unemployment 
deterioration itself, sprang from 
the massive and unexpected 
nature of th3t price explosion. 

Why did -the money supply ex¬ 
plode? Not, ultimately, because 
of Competition and Credit Con¬ 
trol, but because of the mistaken 


establishment helief that U.K. 
economic problems were due to 
a mysterious affliction known as 
the balance of payments or the 
■■problem of sidling,” and that 

inflation was a political prob¬ 
lem to be tackled by controls 
or government-union diplomacy. 

The inuMTiational position of 
sterling magnified the lags be¬ 
tween cause and effect in fiscal 
and monetary policy, and thus 
made it easy to create a myth 
of malign international influ¬ 
ence leading to stop-go and low 
investment, and a misconceived 
view.that devices such as float¬ 
ing rates or sterling balances 
agreements i welcome »n their 
own right) would allow us a 
dash, for growth the easy way. 
by expanding “demand." 

Is North Sea oil to take their 
place in the new mythology? Or 
will the much more rapid re¬ 
action of the foreign exchange 
and domestic financial markets 
to monetary exce-s bring an 
influence for .-.anify which 
libraries fail or economic reason¬ 
ing could not hope to achieve? 

Samuel Brittan 

Samuel tall be leav¬ 

ing short lit ror it term as Visiting 
Professor ».ti the Chicago Law 
School. Ilf util be writing 
articles from Washington and 
ini! resume In* regular cot unbu¬ 
ttons in hue sfiriug. 


THE INFLATIONARY RECORD 
Consumer Prices 
Average percent increase pjl 
1953 1969 

_to 19 69 to 1 977 

OECD* 33 83 

U.K. 3.3 12.6 

U3. _ LI _ 6A _ 

* Weighted average 

Source: OECD Economic Outlook. 
July 1972. and Month!/ Indicator! 


UNEMPLOYMENT IN 
AND U.K. 
Unemployment % M 
Main OECD 
Countries 

OECD 

U.K. 

1962-73 av. 2.8 

2.4 

1973 

33) 

2.8 

1974 

33 

2.9" 

1975 

5.4 

5.1 

1976 

5.4 

7.0 

1977 

5.6 



PUBLIC EXPENDITURE AS A PERCENTAGE OF GDP 

197&-9 

1965-6 1975-6 forecast 


On goods and services at 

market price s_ 71* _26|_ 73-24 

Goods and services at 

factor c ost __ 34* _30_ 1 7 

Total public spending at 

market prices 354 46 42-43 

Total public spending at 

factor co st _ 40} _51}_ 48 

Total public spending at 
factor cost, pre-1977 

definition ^_ 45} _ 5&f* _nA 

Total including tax 

allo wances _ na. _ 701 _ nj - 

* Estimated. 

Source: The Government'* Expenditure Won*. Cmnd 672t (HittSO. 
January 1977/ and Trcaturr estimate*. Expenditure Committee 
(General 5nb*ComroitteeJ Memoranda, February 1977. 


MAXIMUM MARGINAL TAX RATES 


definition. 

Source: 0£CD Economic Outlook 
_ July 1976 and December 1977 

- INVESTMENT IN 
MANUFACTURING 1958-1972* 
Increase in 
Net Output^ 
Per Unit 

Invest- of Investment 
ment Index Nos. 
Ratio? U.K. = 100 

U.K. 13.0 100 

U3. 12.2 145 

Germany _13. 0 19 0 

Sweden 14.4 145 

France 16.3 163 

japan 24-6 157_ 

* Or nearest comparable period 
to eliminate cyclical distortions, 
t Manufacturing Gross Invest¬ 
ment as per cent, of Value 
Added. 

£ Incremental Output to Capital 
Ratio (ICOR). 


Earned 


Max. rate 

_ % _ 

Belgium 72 (75.6) 

Denmark 39.6 ( 63.8) 

France 5 4 

Germany 56 

Ireland 60 

Italy 72 

Luxembourg 58^4__ 

Netherlands 72 
U.K. 83 

US. 50 

U5. including 
California 
State tax 553 

japan 67J (83.7) 

Australia 65 


Income 
Income at 
which max. 
rate starts 

_ £ _ 

65,975 

11,100 

_53.375 

65375 
8,630 
374,000 
_28,450_ 

40,000 

12,821 

27,900 


Investment Income 

Income at 
which max. 
Max. rate rate starts 

__£_ 

72 (75.6) 62,800 

39.6(63.8) 10.900 

60 38,900 


56 

60 

72 (76) 

58.4_ 

72 

98 

70 


64,000 
8380 
346,000 
_27,000 

38300 ‘ 
22,821 
114.550 


State tax 553 28.050 733 114.550 

Japan 67.5 ( 83.7 ) 204.650 75 (93) 180.1SO 

Austr alia_65__ 19,575 65_ 19.575 ^ 

Figures in brackets include local income taxes, for Belgium, 
Japan and Denmark. 

Exchange rates are as at November 4th. 1977. except 

Australia: November 7th, 1977. . 

Source: Hansard, November 7 6. 197/ 


,r v.3 Lettefs to the Editor 

xAnir -in A : . •dfa’-ubiislc priaclpler'-i6«t if a training, reward, status and 
i-» I Y Ulg XU IJUC ■ . -highly indastriaEsed nation is to proper use of secretaries, and 
j. : : jp x_ • ■ - 4-eatinua to enjoy^ ^. high the short-comings of management 

• h-.e ,-4*Jltlir6 ' ' ' . ' standard^of only in these areas. The debate so 

< ■ ^ be baaed .upon high^tefchiiology far. however, assumes the con- 

J ^"'.r■-.iad high .-‘producfldlSf-iltfier tinuatioo of some underlying 
^ - junmys, ■ wages flow from the-- higher status quo. aod the diagnoses 

: tr,—iour article .regarding prt^uctlvjty. v-V , -y s.' •• ... submitted are aimed at coping 

c .With the new ajrpo'rtS. p<fiicy with, rather than changing condi- 
•sjiiiifs'y & and the ^ W.iteidat.riianeft Uons of work fimdamcntaliy un- 

toSthe?^ ^ mainSi -a worthwhile^si- satisfying to managers and secre- 

in-SjLh tSn fotaHv ; &** ia aero engine and *bro- Mnes alike. 

•Hthough covering-wo ^otaay. industry; hbth are to The The evidence makes it clear 

• . : T ent ^ high '.technology, 'that conditions acceptable to the 

-'""rfStteRSoyS&S- N « Ver ' before, has; the aerospace kind of women essential to sue- 
: “ c ‘ Znl 1 odustry 1 been given on- a plate cessful business management-- 

•'-*2 «5 m a £ 2 Jbn. order for civif airliners experienced, educated, loyal, 

»■ j.: >P ® .'inff.for tbe first tim^we have a adaptable—are becoming bard to 

.--...^ntiai grm^lLboth.Jy.incnBas--.^ e {^ < ^engineT empty fac- find. It is not so much “the 
~ V " t k J? w tories.^Mle dSaff teams and a ease of the vanishing secretary," 


_.;>i A f ;;rJs airliner using:the engine, in; 


e II.TM nhattoa o*iitr«-and'fit an ACrti-UP dill*. viu UIB cuiuput, U 5 pi.uiuia Wi 

,•*: ^' e J 3 • nAitS airliner. to- xaeet- the require- tunist legislation chasing these 

- of marltirae recon- and similar egalitarian trends 
/: ' y« . aero^ngne. naifcadee. :> r has effectively smothered initia- 

jwl d - h®.-V r ..key!ere-.ff«to.C I -*l-v/.-For'.those who.gre consld«ing tive, opportunity. mobility. 

h«twbn : t W» «hat to do with Qie North Sea change—nowhere more obviously 
Th ^ ^ MwflF. Jbay l suggest they than in general management, in 
r? SSfff locus their attention as to how. the service industries—and, not 

: wrtJw *unS£ 5 i»t we can : diVerr £2 i bn^ that only for secret ary/shorthand 
’veremenL . perhMS jj .^^ t ;; i we' a ie’now-committed to spend, typists. 

i^io&R Brifishnnfltistry, higher em- Mr. R. S. Shannon fFebruary 

^ technology. 3) has the right approach- 

'higher; V- productivit>% higher service, rather than cost or profit, 
C ?r,r W siandard : of. centres; high quality, integrated 

^^ 2 S e -iw-Si 5 ^n 6 inii-.v^As a'by-product it would working teams; flexible job 
oduced-a demand by Kriusn .mm, ,h» n^ko apmnrpatinn' r»tinnal ciunmum. 


'ante and - foreign. .f-foghSo-.-.' is - 


presentation 


arts will also be purchased in. 5SSS Ti-ZL* 
ireign currency'-ind at Vbest 
ritain win be' redefeed to.'pto- Horl£y, Surrey .. 

iding a few; nimor parts of . . # . \ ■ —- 

lectronic equipment, aircraft • 

eats and catering equipment. .T , ||0 VaiUSJlin 2 
This brings me to what f, con- v'“/ r ■. • - * 
ider to be a national, disease: 
have long been convinced that lluuiogvf 
0 is great, nation of . ours «ui Front ifr.'D. OgiUie. 


little or no say in choice of 
..f assistants, secretary, or cquip- 
^■"ment? What secretary would 
---.choose to make a career on that 
-•-I. team? 

-■■'••I' .There is evidence that the 
v-genuine demand for reliable 
: - secretarial staff is much smaller 
7 , than the statistics suggest. 
J. “ Permanent ” vacancies are fre- 


P o base our economy on cheap than-his dear description of. tlae xiitions unattractive to the very 
abour and. low productivity. We few visible, srinptoms' can sag- p^,pi e mos t needed, and remain 
ire all to.Jrianfc; {tie Govern- ; gest .. ils.. Sanders,. Garratt, permanently unfilled—at any 
nent,. management . and- -the-.Winieekl (February 3) make price. There is no evidence that 
rabour force. -We must accept:necessary and valid points about inct:ea ’ S e in vacancies from one 

* n.rLl m : year to the next reflects a 

wr The leyel pi immigration 

flnrt&frrom Mr.-Sf. Alison,~MP. *■ - Furthermore, on the iraporbmt wastage of valuable staff, who 

IS P* Sir,—The array of .statistics' question of Lord Franks’ ftbport opt out, permanently. Such ex* 


.i'-' ■ '.-frhardiy a pertihent fespoHse to that Ftanks. .while commenting-the age groups where- all the 
. ■ Mrs. Tbatclieris.observations on on the difficulties of compiling qualities needed are unlikely to 

this subject. Tbat:4ionje*r-or .even a coihjHti«>ry register, did jjqt found In one individual. 

. >o: - v a large number of-—statistics axe himself ~ dismiss it as either It Bruce Ogiiine. 

available on any question dj6M'ini^$sible or.-iwdesirable. J^ms Robey Clayton Durand, 

. ,jinot mean’ that serious areas of net:'everyone in Britain eaa £8, Emerald street, W.C.l. 

. . ^uncertainty do not exist. ."Mr..Necessarily ^iarc Mr. Rogaly's . 

.-.Rogaly himself went-onto anude certainty in this area. .V p nn J CA11TPP AT 
several in- his article.. , -■ -Mrs.-Thitcher's-initiativeiwas vJUUU WU 1 LC vl 


.u immigration running 


ir.i. iw r in IVJ O. . 11 -■acr.l^TmE 01 a UUinw* ^ -Rnaalv 1 Tnrtilftrv 111 

P° iDted oufthat NCWP. ijmiCT8- wfaleh caa impose severe^sttsans. ^dSbes aSor 

- 11 «Y'‘ ^ tion in the years since lffEX.has oo getod race relations, and good accurately a^ermes a major anu 
averaged about 4flUW0 >agaInM. relations in ihjs area are the growing ^ 

^ jast ovw 32.000 in l^.-theflrst ^on gosl/rf aU our major .*’*> wrong to 

year of,operation pf fhf^/jKaUpartfes. To ignore U<K t0 

vuv- r aervatlve Act; - 6 r th^^wfthjH Sisqulet-?wfiatever ones wj^!xV?^tom ers have 
.( Mr. Rogaly’s qttinqu^nifla^^ejtg justification — would beto this subieriv^y effect 

./Jl total in 1976 was Z^l^on Tbr p i ay mto' the- hands^of those adgessed this subject very ene^ 

funt double that' of-l973;--^WheIher political, extremists who arenow 

Fr UK this proves anything'other than, threatening ici gain a foothoM in ^p p ^ e to d ra a ^ier P and ProftfJ 
> that immigration rules can. be raany of our great cities. - ' 


.M applied with-varyingMichaeUKsoo. . 

■I I ' ' severity . I would w-not* nete• . . _ . • c ..., 

|v / venture to; speciMato,;^ S. \V ^ 


sionals. Results have been very 
convincing;, they have contained 
-and in some areas reduced the 


number of secretarial and typing 
jobs, while at least maintaining 
the level of support. 

Secretaries and typists are 
probably tbe most non-profes- 
sionally managed group in busi¬ 
ness to-day—it is essential that 
they are managed professionally, 
which invariably increases their 
persona] job satisfaction, self- 
fulfilment and effectiveness. 

We now believe it is no longer 
simply a matter of cost and avail¬ 
ability of secretaries. One un¬ 
mistakable trend in all the 
advanced Western countries is 
the shift of employment from 
the land and manufacturing into 
offices. This is a direct result 
of increases in competitiveness, 
in the pace of change and 
development, and -in the produc¬ 
tive capacity of each industrial 
worker. All these generate a 
need for more and better in¬ 
formation, which is collected, 
evaluated and used by office 
employees of various types. 

There is a widely recognised 
need for better management, 
which implies providing man¬ 
agers with better support and 
facilities as well as training and 
development. 

In this environment the role 
of the Secretary as an "office 
wife ” which Mr. Rogaly so 
accurately describes, is a waste¬ 
ful anachronism. In many busi¬ 
nesses it is also a boring and 
frustrating way to earn money 
We have found that properly 
managed, motivated, trained and 
equipped, secretarial staff can 
make a significant positive con¬ 
tribution to the work of man¬ 
agers and professionals; more¬ 
over, contrary to any “ psycho¬ 
logical barriers," they are a very 
good source of recruitment for 
professional and managerial 
staff. 

D. R. Kohler. 

359. Chistoicfe High Rood, IV.4. 

Secretary finds 
Dutch courage 

From Joan Talboys. 

Sir.—What a beautiful article 
on secretaries (January 3D. 
Many a time I have been up to 
my ears and had to stop every¬ 
thing to make coffee. Yet while 
doing a few weeks temporary 
work in a very go ahead place 
I found the man 1 was working 
for quite capable of pouring hot 
water on to coffee. He was 
Dutch — are we going wrong 
somewhere? 

Joan Talboys. 

4. Arlington Road, 

Southgate, N.14. 

What it costs 
to buy petrol 

From the General Secretary, 

The Steel Industry Management 

Association 

Sir,—Your correspondent Mr. 
M. A. Finlay (February 7) may 
be interested to know that in 
April. 1977, an assistant blast 
furnace manager in the U.K. 
steelmaking industry had to 
work for some 25 minutes in 
order td earn enough to buy one 
gallon of 4-star petrol, whereas 
his opposite number in West 
Germany worked for some 131 
minutes, and Ip France [or some 
18 minutes. 

My Association would whole¬ 
heartedly support Mr. Finlay's 
submission that guidelines for 
managerial pay should be in line 
with the Common Market; in the 
steelmaking industry, the U.K. 
average middle management 
salary In 1976 was 80 per cent, 
midi in 1977 this had dropped 
to 69 per cent, in terms o( pur¬ 
chasing power of time worked. 
Robert A. C. Muir. 

Leet Court, 14 , Kinp Street, 
Watford, Herts. 


GENERAL 

President Suilal of Egypt arrives 
in U.K. for lalks with Prime 
Minister. 

Mr. Denis Healey, Chancellor 
of the Exchequer, attends work¬ 
ing dinner v.iili Sir Derek Ezra, 
chairman, ami other senior repre¬ 
sentatives tff the British Institute 
of Management. Management 
House, WC2. 

Confederation of Shipbuilding 
aod Engineering Unions meet on 
pay. Station Hotel. York. 

Water industry supply pay 
talks. 1 Queen Anne's Gate. SW 1 . 


To-day’s Events 


Court of the City or London 
Corporation to vote on £7m. 
scheme for redevelopment of 
Mermaid Theatre. 

Mr. Gordon Richardson. 
Governor, Bank of England, gives 
Mais Lecture on Reflections on the 
Conduct of Monetary Policy, City 
University, ECl. 

Sir Peter Vanneek. Lord Mayor 
of London, attend* dinner and 
gives lecture to Cambridge Union 


Society, Cambridge University. 
PARLIAMENTARY BUSINESS 
House of Commons: Inner 
Urban Areas Bill, second reading. 
Motion on Medicines (Exemptions 
from Restrictions on the Retail 
Sale of Veterinary Drugs! Order. 

House of Lords: Education 
tNorthern Ireland) Bill, report. 
Slaughter of Poultry Act, 196*. 
Extension Order, 197S. Debate on 


British helicopter industry. De¬ 
bate on Option .Mortgage Scheme. 

OFFICIAL STATISTICS 
Central Government financial 
transactions (including borrow¬ 
ing requirement) (Jan.). Finished 
steeJ consumption and stock 
changes (4th qtr.-prov.L Pro¬ 
visional figures of vehicle pro¬ 
duction (Jan.). 

COMPANY MEETINGS 
Arbour Court Investments. 5 
High Timber Street, EC.. 12. 
Arthur Guinness. Park Royal 
Brewery. NW„ 2.45. Hawkins and 
Tipson, Grosvenor House Hotel, 



y 







■ 








-s ‘> -T7*v 


• *•■>$£*' /r .. ti 

£rrvv-♦ V. v s ~%LL^ 


Or how to 
schedule yourself 
some relaxation 


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'! .. ,jfJJ Australia* stopover in Malaysia. 

'S' V' v No matter how tight your 
' '•■'vlVr schedule, it’s a relaxing and 

./ !s inexpensive break in an 

' • • ;$ /; arduous journey. 

v' For as ,on 9 as f ’ ve days. 

JiM f°r just £4 per night, you can 
discover fascinating Kuala 
" v Lum P ur - 0r for a ,ittle extfa 

• (airfares only) explore the 

' ^ MU sweeping beaches of Penang, 

• or the swirling, busy, multi- 

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At the end of it all you 

• • /SB settle back relaxed and 

»S|| refreshed in the roomy MAS 

s ^ flight. And enjoy all over again 

famous MAS Golden Service. 

Ask your Travel Agent or 
office for the exclusive 
details of our Stopover Holidays. 


"With connections at Kuala Lumpur 


— Sr- 




■ : myl 




ft- 


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malaysian airline system 

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IHtt 





Trust Houses Forte soars to £38m. 


WTH EXPANSION in trading 
profit from £40.6m. to £54.3ra.. 
hotels, catering and leisure group 
Trust Houses Forte achieved a 60 


to £38m., against £2S.7m. 


fuJ year. 


they now report. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Page 

Col. 

Allied Breweries 

23 

2 

Good merger guide 

24 

6 

Anglo-Am, Secs. 

22 

4 

Govett European 

22 

8 

Bonser 

22 

5 

Hardy ft Co. 

22 

4 

Braid Group 

22 

2 

Hirst ft Mallison 

22 

3 

Burton Group 

22 

S 

Lloyds & Scottish 

25 

• 1 

Capitol-EMI 

23 

2 

Mining Supplies 

22 

4 

Clifton fnvs. 

25 

2 

Redfeam 

23 

1 

Decca 

23 

1 

Rix (Oliver) 

22 

1 

Dun liar 

25 

1 

Stewart W right son 

25 

2 

English & NY Tst. 

23 

2 

Trust Houses 

22 

1 

Fourth City 

23- 

1 

UDT 

21 

7 

Fluidrive 

22 

3 

Western Selection 

22 

6 


group profits this September 50 
year. 

Meeting. Isle worth, Middlesex, 
March 2 at 2.30 pjn. 


Downturn 
at Mining 
Supplies 

£2S3.000. against £199,000, taxable 
earnings of Mining Supplies 



n 9194n nuranve j neaern detection la o 

Exchange movements durirn? the ^^—— , The fall, was due mainly to a 

year produced an unrealised £4.9m. - loss . _ from . mInin S machinery 

reduction in book value of over- ' 1 ' necessary capital expenditure, de- manufacturing, 

seas assets. An adjustment of r%| £fl(l mand a reappraisal .of financial The directors anticipate some 

this amount has been set against policy, they say. restoration in the level of profits 

retained profits, while a release j • j 'At January 31. 1978, Avondene in the second half-hut its unlikely 

of £13.2.m. deferred tax provisions Pfinl"1Y'lll£2f| Securities held 29.92 per cent, of that the fulltime figure will be as 

no longer required has been ^vFJLIX.i.I.A AAV/U. the issued Ordinary capital. A i|L*h as the record £L 75 m. 

added. . v statement of source-.and applies-. achieved for 1976-77. 

A partial revaluation of pro- f-ri*d"hV57Tl'l-■- tl0n of funds shows an increase fav /™-owwi 

perry has increased capital re- JjrUWUl ■ « cash and bank balances of lh ^ ft !L r t?3t 

serves by £ 3 Sm. The company's . £13.009 against a .decrease of SL-K 1 ,«Sft£R f“« r * ed a i 

policy is to review all properties PlANS FOR the current year at £102.514. XlaS.000 (£228.000). Last year a 

St intervals of not more than Braid Crou P embrace, a'rontlnu- Meeting. Chester, on March 2, ri, 'idend of l.lp net per lOp share 
seven years.' >ns upward trend In profit, Mr. at 12 .15 p.m. * as paid - 

At year end. net liquid funds P- C. Bazxtford, the chairman, says ._ Subsidiaries increased their 

stood at £43.7m. (£25.3m.) and loan in his annual statement, and he a. ■ ft contribution to proGts. but Mech 

capital amounted lo £212 Km. has every hope that subject to |ll*Cf Alt' ' Electric found low demand for 

i£207.7m). Net assets per share circumslanitfs outside the group s W\, diesel generators and showed a 

were higher at 191p fl25p). control, theywill be fulfitlcd-. i-a* loss for. the period.. Production 


The fall, teas due mainly to a 
, loss' from mining machinery 
necessary capital expenditure, de- manufacturing, 
mand a reappraisal .of financial The directors anticipate some 
policy, they say. restoraUon in the level of profits 

At January 31. 1978. Avondene in the second half-hut its unlikelv 
Securities held 29.92 per cent, of that the fulltime figure will be as 
the issued Ordinary capital. A ,|i-h as the record £L75m. 
statement of source-.and applica-. achieved for 1976-77. 
tion of funds shows ao increase 4ft _, . av f»t*nnn /^v-owvn 
m cash and bank balances of. 

£13.009 against a decrease of “f 1 emerged at 


PRE-TAX profits-of international 

hanking and finance , group BOARD MEETINGS'! 

United_ ^Domhiioa^ half- The Joltowinc comnasies have, adoa^ 

: from, &£Ul to nm ^ Boartf .meetings-. to .ite steS 

year to December JI. ir 1 - --SKhxasK -sock meenSgs are imago 

after a lower tax Charge of £3m._ peu for the sorposa of consIdartflF 
'asaliKt' S3 5 m. net profit emerged (lends. : Official uahe anoas are oat .amt 
with £2 Sm.- able whether dMdends taaceroed 
as £ 6 .Inu compared with. J, te rtns or. finals and the sntHikisjtTO 

Profit for the 1976-77 year Was tmldw are based -mainly ftp - 

£12!2m. against £4-Im. and a^oss yoart tiineable. ^' ' 

Qi i SZ^ ior the two previous 

Tears, . ._m.L; floMlnas, Monwn^Edwartfc-.w^ta 

Directors say that: prospects charts. shape, s, w, •wmtz . 

generally are brighter .and Steps „ noats-Aaroww 
taSen to consolidate the ® S'bS 

:pairt ™position and. jx&nve “2f*“ “• Tr “"" ■.**$% 
earnmg capacity are shotffog the • future dates- :-Vc* 

desiredresults; "the ship’^.now ^bittfim^-' 

^zssr==mB% 

■to progress.*’ . . Settable ProflfirtiM . m- -FAf# " 

■ The intake of new busvness at itoyai.ipsuram* --—***-}!«£:; 

satisfactory 'levels has continued 

to.' improve in the afield, of. Instal- . ■* " k ..*■.• . '• 

.ment credit with an increase- m on that date. The last Ordiaarj 
demand from industrial connec-j payment was 2-822p : net ffid . 
tions and an expansion, of■ the 1973 . 74 . . . .. 

motor ^vehicles'portfolio, they-add-: . in 1 U5.and : Ireland- 
Subsidiary UDT , Iirteroatioogl material progress, has be5h^it' 

_ Finance again, played a corded, but ..in South 'Afrfca^ai# 

Term xirk role but profits of International Australia problems arising- frotr 
■; m ^Commodities Ctearing^^ House feu tbe abnonhalv faH- in -prppfe^ ■ 

Burton Group chairman Mr. Ladtslas Rice (Tight;,-who (foe- to greatly reduced activity Miave demanded---^pecue 

yesterday forecast a return to profitability for the group.: and:.prices on the London com- attention and support, director 
seen with Mr. Cyril Speneer, managing director and chief -^odity exchange ^markets,-, -ana state. '- 

PYPPtrfiifr qf fho annual meptin? ---V lower interest rates. . The industrial group has^agair 

executive, ai me annua l meeting. . ;. n the .nro- ..,^1 .w 


Sale*: 51! 0 

Trading profii . 54 * 

Financial chorees . lfi.3 

Fro-tax profit ....... 3S.0 

Tas 12.8 

Xcr profit . 23 2 

To minoriuos . 0 7 

Ertra-ord. tredit . <— 

Bpiu^bi forward ..... 15.1 

Provision iv'easef . IV.’ 

Exchanae loss . .. 4.3 

.4 va liable . 3-'.l 

Ordinary Trust dtTs. s 1 

RrtJiEkHl . 41. S 

t Di.-fcrix-d lu provision no 
required. 

See Lex 


., ntrol 6 , fulimrt Hirst & . _ ........... af ^ credit 1Maine tM „ .. 

conuol. they ^ill bt fulCTc^- Th'/jr II• L oss f u r L ? e pot ?°^..Production year losi £!3m. as a result ol o requires for retad purposes have L-i^Twas' ahle to reduce Extraordinary debt® :s. 

I97S.W , L ■ fVl Q liinCAn •-• H re been scaH5d down con- decline in demand for traditional beeo~rejeefed bjrLeeds planning SSJun? ha^rawfoa from iSS a. 

£o ' n alllliMjil ' stderabl.v but the directors believe men's wear, will take a modest authority. . ' dirine tiw KT <UvWeml ? r— j 

4 i H ". 7S , > t ar - m — - the machine has potential when profit in the first half of ibis year. The site, which with develop- friends dur ng tile Beutacd —A 

16 3 hc r ’.h or]I/oViV*DC- trade improves. Mr.' Ladislas Rice, the chairman, meat permission is thought to be f tn *»,*»■ sale <ft Henrv 

Lronfidem oMts’abiSfy l^out- HQ V HO CCS -Heavy development eipenditure told the annual meeting in Leeds worth possibly £2m.. is zoned for and Son Holding in ; . 

s SSJr IS SAs=s sBSiS. Miaw#:i^e 

Mn^d arSJS m ufc ^oS?s tho OclSer vV wHh Sfi 0 ^ 8 ?? t0 <>P««Uon to cut down oo surplus JSKritiS aty iblch reused a '“satisf’actory f 

s7 Other activities „'b, r^m fi 75 M 0 *** KC ? for testing. Its prodtic- capacity in its manufacturing authonues. surplus on our book value." lOl VjOVHl 

r . As reported on January 17. pre- ? 0 K30 100 tlon ould , 8ta . n sho ? l, y a f nd division and to reduce the num- . • mWdends on the three classes • 

7 .* tav nrnfiis for the vear to Sentem* capacity is already available for ber of marginally profitable shops, -w-w 7 . 0 r 315 Der cent. Cumulative |i lirnDPSlD . 

her MlfiTT. ofthiTcomnTrSSl tSnEJ V&SST anTfoe lhis ’ U,e directors ^ the company claims that the Wocf pi'll - WeteSnsertockft? fte half year 

10 " r -vehicle bodies manufacturer and J2I5. k tefore n credit of ^ performance of the slimmed down ▼ T C31C1II • period were paid on December 31 After tar of! £220,000 t 

vehicle distributor rose from ynj, Earoincsner^Oo • Comment opera Lon is now encouraging .. -and on January 3. 1978..the<Hvi- £ 127 , 000 ^ a TOfiaWei-reveh, 

£613.253 to a record £906.576 on SJ* i™ ahS,H from 4 7 d to 84 d HininE SuddHcs' first half fie,re*; Pre-Christmas sales are said to . VpIpf^firiTl dend on the 10 per cent.-Fourth Govett BurOp«ta Triist exj 

turnover up by fo.Im. to £25.85tn. v7 f^SaJwed' £ ^Lif-way ha Y e ^ e ° 0 ? £ U OCICtUUU ... Preference stock, for the 12 from £m,789:t^£2J4j857.4 

The dividend is stepped up to SfS $£h £ foll - owed ** , u. ’ . , v>nonths from July 1..1978, was half-year.-tefiMr M, 


was paid. *" r K ” Burton expects ‘modest -with net^reduction of a further “ ‘ r ^T*^n^^ar 

co^s«, ssa iS Drofit 9 in first half _ — I.. .5 

Electric found low demand for vlU ill Hi ol UOU brighter. • Tax ....--— aaj . a: 

diesel generators and showed a . jhe Burton Group, which last develop space which it no longer of iSment credte^epdfoa the StoortuS "'Z~~t7SSi ii'Xu 
loss for the period. Production year lost £!3m. as a result of a requires for retail purposes have o.-iTTw,, ahle to reduce Extraordinary deWts :s .7 ’ft 

here has been scaled down con- decline in demand for traditional beetf rejecTed by-Leeds planning mat ^i a n v borrowings from lead- pEffffL-j.' TuSoom ?^—H - ^ 

siderably but the directors believe men's wear, will take a modest authority. ' EStin?^frtendf durine 5 » -CSES" flivW<JM ? r— “ - 

the machine bas potential when profit in the first half of ibis year. The site, which with develop-; ££. n ? nk, - 0a ' frteDds d 06 ^ BetaUied —rtim” - * . **■ 

trade improves. Mr.' Ladislas Rice, the chairman, meat permission is thought to be , t SJJ i e „• Henrv . . 

Heavy development eipeuditure told the annual meeting in Leeds worth possibly £2m.. is zoned for ” d c OB Holding in _ ' 

was incurred by the group on yesterday. housfog or opgn space, but Burron q ^ ggy that the 


lower interest rates. ^ . The industrial group has^agab 

The improvement In the-pro- performed they add^lwuhj 
per^- lending portfolio. at home substantially' improved contrifib 
has .been well maintained during tloh^ ’ rncluding -: record- - profita 
toe half year the directors state, f r om the car hire companies. ’-' 
■with net reduction of a further •■*-.. Haifj^ar 

£ 12 m, in total advances, and pros- i>77 in 

pe<as for the future are much ^__ 

brighter. t»x ....- aJj'.-«5 


CrOOd first il~"^'' , p) with a w 4 fb pressure on margins, while per cent.) look pretty miserable ” 

0 . 34^1 ip net final. overseas the group has been by comparison with recent results R 

AIlQrfpr cat T hc ch “‘™? an sla,cs t4 ? at ■« successful, directors say. from Dobson Park and Dowty— ^ 

UUallCl al major activities performed sabs- The 6na , dividend or 0 . 9 p whose raining equipment divisions " 

/-Vi* ^ pi* _ factorlly during the year with car | 0 . 97 pl takes the total to a maxi- probably showed growth of be- Z 

Oliver KlX ?“ los Predommatins. Coachbuild- mum permitted l.Sp net against tween 10 and 15 per cent, over a " 

v mg profits increased and contract 1 g 3p similar period. The loss from a 

At the AGM of Oliver Rix hire and leasing, particularly ' The company's interests include mining machinery was not helped “ 

Mr. A. K. L. Stephenson, the short-term hire. made, a very catering equipment distribution, by the BOC strike, which affected 
chairman, said that the degree of [tnporiant and increasing contri- pbarmaceuticads, textiles and Production, while profit margins 


0 .5 .- fc* 

s.7 6 

w m 

.iT- _ 

17 1U 


t turnover in tne year enmoea t [us. the directors say. and the company claims that the 

a ' from XlLam. to £l4.olm. and the performance of the slimmed down 

■ S ASK W i • comment JLTJTSSS’. 

" share are ahead from 4.7p to 8.4p. Mining Supplies’ first half figures have ugg,. E0Dd th 0U -Th this was 
\- -Vs foreshadowed at half-way. (pre-tax profits down 26 per cent SiLed by a fall awa? S tride 
0 the home market remained fiat against a turnover increase of 26 D °‘f“ “ Demand for mdetth 
a with pressure on margins, while per cent.) look pretly miserable Se 2 S?^ult*ri 2 taw on ShS 

"S 5 H.. «*. ssyta Sjs-Ksssr SSSS.ttUSS w 


Western 

Selection 

declines 


which realised a “satiidactory £ rimfbft- ' 

surplus 00 our book value.” It/I VJ-f/rUHv 

Dividends on the three classes • « 
of 3.15 per cent. Cumulative KlirOBfeSlI : ^ - 

Preference stock for the half year v : •., : , 

period were paid on December 31 After tax -of i £J20,009 -against*.VI ■' 
and on January 3. 197fi. the mvl- £127,000. ; a^Bal^iTeyehua ;^'> * 
dead on the 10 per cent.- Fourth Govett European Tnfet expanded 
Preference stock, for ihe 12 from £124,789:.tb k S44^57^f<mnthe, ’ft*.-I 
months from July l,_1976,- way half-year -tep December SI, IWt' 1 , ; 
also paid. The dividend on-this Total in corat;. v-was - higher ■ -a(' 
stock for the six months to. Decern- £542,106 compared with 

1 _.-^11 TVTa* n« 7MUA 


from Dnh*on Park rnTniSv Burton's business wa* founded. bar.‘31. 1977, will be considered Net SSsel value Was S3Jp fS9p> 

who» mining equipment divine 2 “J 2 ^LT 2 L? itor-payment with the: dieidend in per 23p: 


optimism 


. “ ^ ATKTSiS spsKWJSS JRSESJi 1 looiir wriiio « M "n nriiuaaruT^ 

z°i contr " bssst 1 * ISSUE NEWS AND COIVIMEiiT^ 


- hi _ -_-„_i e ,.„. The group is to rationalise the 

expressed in his annual state- Lj verpoo | activities of its sub- m comment 
ment has been confirmed by -Mi-rv. n«riirk- Riirreii » n ,\ w comment. 


sidiary. Gurlick. Burrell 


r.ie-mhpr*; were told The last commne me ousmess mere -mw.b cent. 

n laJor earaEe property at Preston vv|th the business at present car- pressed level profits are »U» 
major garage property at nreston rjed QT1 at Renshaw STreet and over 40 per cent, below the peak 

is still subject to a conditional p e;jent street Road. These two 19i4-ia level, and the company n/% /% A * ■ 

contract but should be completed later premises will be disposed of will have to fight hard for any 4 - ■* /ylyyi FlTr 

during the year when planning and as ir is intended to establish progress this year. With the U \ 

consent is granted to the pros- t n e group's headquarters at Derby home market still very sluggish. « , . v 

pective purchaser. The prospect Road, this will mean the release much will again depend on exports f\ nrrlri \ ^1 
of selling Columbus House has of Bedford House. Chester, T:r and here the increase in the value /xlllllll* III * 
improved and it has been placed sale or redevelopment. Construe- oF sterling will put further pres- _ , 

on the market. tion work is estimated to he r*nm- sure on already strained margins; VA/inm^-iinn 

M _ v pleted in the summer of 1979. exports rose (50 per cent, last year illli IcS : ' 

In order to cany out a planned Directors have negotiated with to account for one-third of group ^ 

expansion of the group, upon ^eir bankers a seven-year loan sales. Most of that increase came REVENUE FOR the year to Janu- 
whicb depends an acceptable 0 f yo.75m.. and have also arranged from big catering equipment con- ar y 15. 1978. of Anglo-American 
future dividend policy, steps to increased overdraft facilities. The tracts in West Africa and thc Securities Corporation amounted 
strengthen the executive man- impact of inflation upon the Middle East while the now less- to £SJ4m.. compared with £2.76m. 
agement may be necessary. Mr. financing of current assets, and important textile division also subject to tax of £12i9nL, against 
Stephenson told the meeting. th e provision of funds m meet showed some progress, particu- fl-Ilm. 

. . ’ 1 1 If rl > in France and Germany. Net earnings were £l. 86 ra. 


siblv reflMiinT faSL'iS open thb year. £249.000. ■ * -’* •. . . .. . ” 

development expenditure) and The internal re-organisatfon The directors state, however 

anticipated turnover has not been «’lth Burton involved the closure tnat tney. expect the current ■ •. —^ __ . . 

achieved. Meanwhile the shares of four factories cutting manu- year’s pront from the subsidianes • A|. ’U pn llr TAI* +1 III OH fl 1’; 

slumped Sp yesterday to 57 p fa during capacity by 33 per to show a marked improvement iUl 1 JUX Lll •. Mil (X : .i' 

which on a maintained dividend cent, and 90 shops, resulting in Mated earnings are lower at ■ . ■ * _ : . . . -W-’? 

gives a yield of just under 3 per 3 reduction in the total number - 43 p (a-3p) per 20 p share, while. • 14 t#T TtFA'H'f -inri/v. • 

cent. of employees from 18.750 a year the net dividend total is stepped . fniCLHSIS [liv DFlHJl TlSCv.'vi'- 

ago to the present 16.400. up to 2.1p (L98p). with a 1.225p. A V* if^ * ^ X'-'k 

p/> /% A v - alternaSre^use^oMts big Hudson Profit was subject to tax of AGB Research, timbtily fluoted second interifn'divtddid.; '■“a 

T -> 7/1 yyi |-|v R 0a d i^ds rite, formerlv one of £138.493 (£129.100) — the 1975-76 market research group in the UJv.,,. Dealings in the new shares start 

U V itfSaifStoriw Su b u °" D0 “ charqe havins been reduced b, « prDpo 5 m g i 0 ?U sc around llm. „„ FabruaW 13: Grqnfell art 
1 , . occupied mainly by group ad- £106,012. in accordance with, a by a rights issue.. , . .. .- Colegtaye are stockbrokers to tte 

| 1 (tIa_ \ fn ministrative personrteL The site change of accounting policies . Terms Of the issue are one New teue and they win underwrite the 

-cAJJsiAU rlllli of around 40 acres Including play- relating to depreciation _ atid Ordinary -&are for every fourOM ep - 

m m ing fields is close to the city deferred tax, resulting in restated; owned..at a price of 65p.each: In _ 

XDAlinfiar centre, but plans by the group to comparisons. '-the market the shares dosed, -lp^COmineri t-. ; . 

kJCLUllllC3 : . : .lower at 83p. AGBidhesiiprldpk.like ini obvious 

FOR r A ^^ u ’ T owrvprs InntilKT of CFV of the rights^Sue^wl^^ISyfn Sght- ^aroounts the - 

SeenriUes 9 CorndratiS! 1 ^!£S J-iH WV vliS lUUILIil^ HL b the expansion of the - company's Mmpany had net cash of nearly 

fo SSm ° / . existing, continuous &yndicated;JE740.000 and cash.flow is runnins 

suh^fi?n SaSi fiTurlin/rc An Datidai* services and,in a broadening pf. nt some £|m.i,n year...However 

subject to tax of _1_9 ol, against Tlf|fflfl2S OH jKOHSCr 11,6 company’s; iiiforination-based the gtxJup"tssf)encUhg heavily, to! 

*0 services in the U.K;-and fiirfope.widen,its-researfih base. The new,. 


PECCA LIMITED 

INTERIM REPORT 
Half year to 30th September , 1977 

The profits of the Group for the half year to 30th September 
1977. based on unaudited accounts, are set out below compared 
with the corresponding period of 1976 and the year 19<b/77. 


Six months 

Six months 

Year to 

to 30lh Sept, lo 30 to Sept 31st March 


1977 

1976 

1977 


JTOOO 

£•000 

£'000 

GROUP TURNOVER — 


49.400 

102.900 

Capital Goods . 

49.400 

Consumer Goods . 

35.100 

35.900 

78.500 

TOTAL . 

84,500 

85,300 

1S1.400 



_ . — 


TRADING PROFIT before 




charging Depreciation. 
Interest and Taxation .. 
Less Depreciation aud 

9.700 

9,816 

24.582 

5,574 


2.870 

Amortisation . 

3J101 

PROFIT BEFORE IN- 




TEREST AND TAXA¬ 
TION . 

6,499 

6,946 

19.00S 

Less Interest Payable 




inel) . 

L275 

1,447 

3,120 

PROFIT BEFORE TAXA- 




TION . 

5,224 

5,499 

15.888 

Provision for .taxation 

3,200 

3.100 

8,753 

PROFIT AFTER TAXA- 




TION . 

Attributable to Minority 

2,024 

2,399 

7.135 

Shareholders. in Sub¬ 
sidiaries . 

. 359 

395 

422 

PROFIT ATTRIBUTABLE 




TO DECCA LTD. BE¬ 
FORE SPECIAL ITEMS 

L665 

2,004 

6.713 

Special items — net effect 




of changes in Foreian 
exchange rates on net 




current assets . 

— net costs of re-location 

(139) 

7 

15 

and loss on disposal 
of a trading activity 

(317) 

-p 

(229) 

—surplus on trade in- 




vestment sale, less dry 
wells costs . 

— ‘ 


121 

NET PROFIT ATTRIBUT- 




ABLE TO DECCA LTD. 

1,209 

2.011 

6.620 

Comparative figures for 




profit/(loss) before in¬ 
terest and taxation are: 
Capital Goods . 

7,054 

6,196 

15,959 

Consumer Goods . 

(555) 

750 

3.049 


6.499 

6,946 

19.008 


«*TS5,rt.3K«5.^a;T « WVArc lnnlrina at QFV 

SSSSaQ® ^ a ^yers looking at wl s 

ssiijsr^st 'Szs % gg to srsaa; s& findings on Bonser 

showed some progress particu- .lllIULll^O Vii UVUJV1 services in the U.K. and Eitfope. widen .its-res wcfihbifse. The new,, 

wi . m F rance_ and Germany. Net earnings were £l. 86 ra. A DRAFT announcement con- result that two of the directors To back'lip the Tights call the INDEX system, which xrtonitotfc. 
Elsewhere in the group, pnar- (£i.57m.), while a final dividend taining the findings of a Slock involved have already resigned, company u forecasting pj-ofits for private expenditure arid'savfogr is 

maj-euiica-H is holding its own of 2p makes a total of 3p (2.64p) Exchange investigation into the Mr. Edmund Smeetb, the chair- the year, to end April 30. tfiTS,-of fairly costly l<i set up-£609.089 

"Jl-b prescription sales steady but net, costing £1.69ra. (£1.43m.). circumstances surrounding ihe man. who sold 335.000 shares, has £l.35m. pre-tax—an Increase.of'34 <has already been' spent on the- 
Ihe international removals Gr0S3 revenue was f3g9m change of ownership of a block said that he will leave by the percent over the £lm. reported-project Also'ACIB will brmgbh. 
division is suffering the effects (£ 339^1 before expenses’ of of 250.000 shares in Bonser En- end of the financial year next for last year. : stream, -four continuous ' pri^- 

of lower emigration and job- £u,is m . (£0 16m i and interest gineering last year is understood month. Also, the directors.are forec4st<.graminie research systems over tfift 

switching. The p/e stands at 3.1 £0.47m. t£ 0 . 4 Sm.). After dividends to be in the hands of lawyers. fog a total dividend of S.4pperTiext six-months. Including motor-, 

wnue the yield is 8.8 per cenL the surplus remaining was £ 0 . 17 m! Subject to clearance, it is the pp 1 ‘ a s !} ar * (eqmvaleht to 5.15p per ing. and, health/ products., .whiles. 

(£0.l4m.). intention of the Stock Exchange |\pw OlT^hAm share mm) ior the current year, not as big .aa INDEX- wiB- stiff 

J J Net assets value ner “> 5 n char** CouncH to publish the report l UA JUVUV For the year end^_^ April a ^t fato the eonMnny’s finariciaT 

Orders down .MS ^ h X™ h i s qn a ’ s ,? for NEI 

at Fluidrive ^WSSfe ffS sWskl’SSSX l" E ”T fS 

Engineering Revenue fi;ures are nol com- ^u^SSThS receive?^» bid %, ra f l, “ n E , °L a < ” P “J! j° ^ ffnS. SSp Per .Mim Srtt IS-^d^iScaUoSUf WmSaSft 

Ljllgiutumg . parable due t0 a d0l)3r , oan of A«w»* that it had received a Did called NEI ..Overseas,-which will July. -growth next year. At 8 Sn the; 


Unless there is an increase in 
order intake at Fluidrive En¬ 
gineering Company. Mr. D. U rr j p • Board considered the ' matter 

Donne, chairman, says it is diffi- lliiruY OC \^0. closed. The original announce- 

cult to see further growth in •* ment, made through merchant 

profits in the current year en last CpIlC 11J1TT OT ' hankers S. G. Warburg, complied 

years record £0.92m. pre-tax yeti t ui wjth Stnck Exchange regulations 

figure ' r^rnvHnn °' er e3rly d's^osure. 

He says in his statement with v-IUJ UVU ollv The decision as to boiv the 

accounts that despite strenuous P3rt nf th _ itiS Stock Exchange should proceed— 

efforts, the continuing depression OCC u Died J v Hnrdv and 0 ™?^ that is - wh ^ ther t0 niake lhe fin ' 3 - 

rn its sectors of the international at iiy 1 ?/ nkh' in Ss on Senior public, or pass the 

capital goods market means a *Vm 45 ,i„V 4 evidence on to any other official 

slightly lower order book than at a Z£. ^ t 3 d T o iSS body-has not yet been taken, 

the same time last year. JfS 

Action has been taken to price of Ilffni. The book value reached with the ED ott Group of 

adjust the change in order mix of these assets based on the last * ,e fo r " oro,, E“ probe. Senior 

without harming the company's audited accounts was some management oF the company was 
long-term growth objectives. £673.000. . interviewed by both the Stock 

Mr. Donne says 1976-77 was a Th _ hQ i n:ieo j f t , 0 Bwhange and the Take-Over 

year of consolidation, but even so The , co le ?“ d th ® Pane' last year after it came to 

the company purchased a further P.D-F 11 ^ 5 fadCk frorn Liverpool [j § ht that certain directors had 
lOJJm of machine tools. V ictoria for a term of 3a yeare go j d large numbers of shares 

The newly acquired Allan Ben- a t an annual rental of £70.000 with pr i or to the announcement that 
nett did not contribute to profits rent reviews e v ery five years. a £ 54 m. deal in Saudi Arabia had 
last year but the reorganisation The funds generated by thc sale fallen through. The company 
I at that subsidiary is almost com- will be utilised for the general has since undergone a major 
plete and it should contribute to purposes <?f the business. management reshuffle with the 


£0.47m. (£0.4Sm.)! After dividends, to be in tbe hands of lawyers. fog a total .dividend of S.4p .per;riext sixjnooths, Induding motor-: 

the surplus remaining was £0.17m! Subject to clearance, it is the T «« ■' . share- (eqmvalent to..5.15p per ixig.-and., health, products,, r.wbils:. 

(£0.l4m.). intention of the Stock Exchange [\pw OlT^hAm share .grort) :£or the current year, .not',a* biff .as INDEX- wiB- stiff 

Net assets value ner 25 n ^hsre Council to publish tbe report For the year ended_fost April a eat fato the company's finaociaT 

g ^ e reS“. c S SfWJart for NEI 

^Snwssiaff jt SSASSSs s» fra ^ E ”T sr£te&£ ssssatss- 

ST Revenue fi;Bre5 „ „ M « SsSS S^SK.'S ^ 

parable due to a dollar loan of ar SJ,-h hu ^eauentlv riafid ? Ued Oveweas,^which will Ju^ .. -.growth next. year. At 8 Sp tb« 

U.S.S6.75m. raised in August, 1977. ? h T' in;.; in m Pa ninS in^fr ** responsible for the manage- This rewesents m increase In' shares after the big ilividerid hSt* 

SoLn h- "2 « a 22El.- ,n !E mem - 30(1 development of the dividends:for the year ended 1977- yield 6 } percent fbx-rights) while- 
__ , _ 5f*“5 n ,hi • P? up * ov ® rs ? as manufacturmg 1978. of 85 per cent - The new:toe p/o ■'(fully taxed) is &3 5n5 

Hardv & Co. 'SSS. '"ain.! ,,,leresteand ,n ’“ ,, " e " K - •» ^ - 


ment, made through merchant 
hankers S. G. Warburg, complied 
with Stock Exchange regulations 
over early disclosure. 

The decision as to boiv the 


This advertisement complies with the requirements of The Council of The. Stock Exchange, in London' 


. c 

. t ...-•:. _ .;± ^ ^ V 


Sears International Finance N. V. 

(Incorporated as a company ttitH limited lability in the Netherlands Antilles) "• / ’•'•\' - 

£1S^,0(WI 

10 !4 per cent. Sterling Foreign Currency Bonds 1988 : 


ie 


The Directors have declared an interim dividend of 3.3p 
per share (last year 3.0p) on the Ordinary and “A” Ordinary 
Shares, each of 25p, to shareholders on the register at ihe 
close of business on 31st March 197S. payable on 28th April 
1978. absorbing £620,719 (last year £564.290). 

Navigator and radar profits increased, though loweV profits 
on survey and records, a loss on T.V. and currency changes 
resulted in group pre-tax profits falling marginally below those 
of the corresponding period last year. Exports at £27.5 million 
were up by 21%. Profits for the 6 months do not include 
the group’s share of the results of associated companies. 

Present indications are that these trends, and especially 
the influence of the increased strength of sterling, will result 
in group profits of the year to March 197S being below ihose 
of the previous year. Large orders for electronic systems 
were received during thc firsr half year. The rate of inflow 
of such orders, which will bring substantial benefit in future 
years, has subsequently increased. 

8 th February, 1978. 



Rise in interest rates 



Bank of Ragland Minimum 

Lending Rate 6 $ per cent, 
(since January 6, 1978) 

Day-to-day credit was in 
adequate supply in the London 
money market yesterday, but con¬ 
ditions remained confused, with 
short-term fixed period interest 
rates rising quite sharply in early 
trading. Discount houses buying 
rates for toree-montb Treasury 
bills rose above 61 per cent, 
during the day. but eased to &rV 
6 i per cent, at the close, still 
pointing towards a small rise in 
Bank of England Minimum Lend¬ 


ing Rate at this week's Treasury 
bill tender. 

Banks are expected to carry 
over a slight surplus, since the 
authorities did not intervene. 
Discount houses paid up to ? per 
cent for secured call loans at the 
start, but closing balances were 
taken at 2f3 per cent Longer 
terra rates remained firm how¬ 
ever. reflecting the nervousness 
induced by the latest banking 
figures that suggest a further rise 
in the money supply. 

The call on 19J per ccnL- 


Treasury 1999 was toe only factor 
against the market, and this was 
outweighed by surplus balances 
carried over by the banks, a very 
large excess of Government 
disbursements over revenue pay¬ 
ments.to the Exchequer, and a ( 
fall in the note circulation. 

In the interbank - market over¬ 
night rates opened at 4$-5 per 
cent, and eased to 3-3J per cent., 
before rising to around 5 per cenL 
at the close. 

Rates in the tabic below are 
nominal in some eases. 


Feb. 8 

Sterling i 

Certificate i lulcrbanh 

Ln.-ai 

Anihnritj- 

Looti A u Hi 
oceana bn? 

l?7b 

•if ilepnulw | 


bum* 



7dxv* notice... 

— 

One niod th_ 

613-64 

L’wft m.-inth«..j 

7 6fi 

1'hi-ee m-.mibej 

7,; 

Six mnoths.... 

7re-7,t. 

Mine mnnrb.... 

77 fl .7i 8 

One veer.—.... 

8 7- 

r«o . 

— 


Payment of principal, premium (ifany) aufjmerest onthe Sonds is^nconditUinaUyanddrefocedtl^ - 

. -guaranteedby “■ 

Sears Holdings Limited • ^ 

. {Incorporated In England with 

IssueRriceiOO EetCe&i.'- : 


Hill Samdel & Go. limited .*'' • Li;-X ' Algemene Bank Nedertend KiV. 
Banqne de Paris et des Pays-Basv. - Com 
Societe Generate de Banqne SJ&; 


The 15,000 Bonds of £ 1,000 each 

Stock Exchange in London. Particulars of the fiondsar&availahfc In the statisticalsemc&df&iteEStafitoCdlr. 

S?rvin>! I andnrniM >«•.,L. _■ ■ ' ■ -■’*- -* «-- _j ■ -• -.•• 


Local aoihoritics and Qnanuc boiuea seven dan* notice, otfivrs seven dais' axed. * Loose r-lcrni local authority mortSase 
rate ngminnily mrw years 10J-I0J per pent.; four rears I0J-U pvr cent.: fiv c years IBJ-11 per Cent, 4< Bonk bttJ rates id tabic 
arc Duyiiu; rates for prime paper. Buyins rales for four-moTUfi bank bills €15to-7* per cent.; four-month trade trills (£-71 per 
cent. 

Approximate srlllzu: rate for one-month Treasury bills 5i-5i per cent.: two-month 5 Kk per cent.: and three-month 61 k per 
cent. Approximate selihu rate (or ono-modih bank bills 6 per cent.: two-month CtSi per cent.: and threc-mrarth 61-6: per cenr. 
Onc-munth trade bills di-T! per ccut.: lwo-month 61-73 per cent.: and also thrw-month £1-74 per rent. 

Finance House Base Rates ipublished by the Finance Houses Assodadoni- 7 per cent, from February I. 19JSL □ raring Bank 
Deposit Rates dor small sums at seven days' notice) 3 per cent. Clearing Bank Rates for lending Ej per cent. Treasury Bills; 
Avcrase tender rales at disomnl 6.8273 per cunt. 


: obtained durfai^ffsballjusmesrhoursBp to and incttidlnJ^Sht February, 

-1978from.the&o&m.^. T ' . 

Joseph s^bagico^. ..'-"’v:' 

Bu^lerstanxHbtse'^ ^ -X J :\'■ -?J 

3Ob«b victbtia^rtct j:'• '■? 

LOofotfOtNSDX ££ L;&. r 


4 




































lb»I j ~» >bii 


WliTt 


friS 


, «. w** 




IfUS?!! 


iWPWiiBW WmTi b rain 

r^ r y* i ?V , ! r*V! fo wSs gfwM I 


Eiffi 


- •-•^- . '■ • andtbe^teotbrdefsbAs 

-, / ^iently increased.-VThis Wifl, 
'^nr-. ’* *?, .ubsuntiar benefit to-future 
; imV ^ '-bo dlrectorssay.. '- V : ' , 

• •_ ■ ^ '^■he October' /pOM-:profit* 
c "- c^-able with ... the .first* is}* 

: r.rn*. ' r - <?£ last year' were. pre- 
r -V- ,r 4!v arid, further , i-growth, in 
.-.‘V'O V ‘.V- ■"-... 1977 we 
/••»-:• i-'f. £m soon' 

. '!-ir 5 . ‘ ..—' •ttjj/in 

!:j< ... ' > Mods .. 49.4»-«:«W 

*“* •'-t «*r S00d9 • :•— 33,109 a.MD 

prom ... .. s.rso 9JQO 

lion, amortisation 3»fi\ j.sfo 

^ - I .— . ..X 743* : 0.106 

... «7 ........... *336- 7a 

■; -.. ..W...~..« 13TJ--LW 

. , * ton tax--, UV S.VH- 

-■ *W .-.. 3.289 S.lftj. 

, . -fit .._;..L.:..^.r.. 2.tt?4 T.SM 

- • -s .. 3W:. . 393. 

rfi'hlis .....» -458 -■ - to 

•_.., U>lB -...... 1.209" 3.011 

c . b . ..-V-: 821 *4. 

«* U - — - SS8 -U447 


down from "$W.Bnt td-J7.W5ni. in 
the sir - rnohths‘lo T>ec&»ber 31, 

1077. . •• • 


• ton tax 


t Loss.' 

was expected for. the full 


ft was expected for. the full 

U " 3J‘ jr tax of. I?An. f £3.1mi). 

r ttea o£ £3sa,m (sm.my 

1 \jOYP|lP®cial debits of £4564KX) 
l| w> attributable % profit 
ir0pea D « weU down •'from £ 2 . 0 Im. j 


Second-quarter; : saldt- were 
ms?ra. acainst-JSj^tast. year. 

taking, the sa-znonth/'-iOtel to 
SllQ.GTin. comparedwjth ? H2 2m. 
Net earnings- Mr;, the - ; half year 
after, tax of ,52.98m/ f4#n.> are 
given' mt $Ut pt^/sforc*-4Sl^>2). 
An 8e qiUrte3y diidSewa is to be 

paid. '•■ ;v; : v';'\,y •• ' 

Dlrtrtori- . iay.' . saHSf" 1 - were 
Adversely affected hi .the.'recorded 
music-division ■*■'*-, He*wt;o£'.nf- 
“scbeduKng new- album reuses by 
.a number «£ key.-artists. Jnttfeaas 
mrecdKTing rend laleirt develop¬ 
ment costs and higher maiflcetiUR 
'expensed- farthest_de?B*esseti 
income,. -A' . separately .-managed 
record label, £>0 America. w;a 5 
formed" in December.'to parallel 
Capitol to enhanceih&^mip-s 
overall .'market shartt, .;';- 1 ;- 

-The 'magnetic product'and retail 
dfvfcldns TMuTonnW.ibet^ than 
in the previous yeanViftboush 
currency devaluation and-' general 
'economic . conditions - “adversely 
affected Canadian yesuli&-'. - 


• • 'Siiibit . 




>oT probes FourthGity 


mment -■**? 

. r.xty V85 also -^oJd in.;i.tber.^? aer “. .; ; • ' "■ .■ *., 

' • "f;. .year/- mdJtin«r.‘..ft>r' a ^Wl^. r " - '■■ • • .. 

-~lal inflow of lundi Fourth, ’■.w^ ■ fi" .n '' - 

Tontinues. to diow this invest- . H nO'llCB't /fT 
- " : \-J at cost, having' recently. '. JUllfelliJU 
■ '-■-■'•ved a conditional : offer .at . -W t- w 

7_ book value. ■; - . : :=';jVI jpTjR' . 

~' r ::e other comp&ny in' ^be ' l : *y VT JfUlA . 

• • ^ jet, Cambraraam. is a private : # - . ’-p 

' • 'dment company in’which Mr.; nDC 
Wheeler, chairman of Fourth J lil |^l jO V vJ 

^ i ' revenue higher at 

■ 2 latest ^annual ^report and £2 023^88 ■ compared with 

fl.TSWlg' net hwnings of the 

_/e-tax loss .of £2^S3. for tnei amt • New York Trust 

^ J«ne frem £868521 

-w2l 9fLiSS2S®*5Li.£?5 ' far the _whole of 


jthe diminution : in value -of ,i 


■■ ‘-noted investments . and P 
’ 1 n for Irrecoverable loans, add 

_- noonA fTba A final oivl 


i net assets were down to^ 


iedfearn chief hits out 
>n bid defence costs 



till 


i ■ TuVyi 


in 


GROUP 

LIMITED 







rTl 



Statement by the Chairman, Sir Edgar Beck,C.BJE. 


/ § Iter members complaints 

"'LAINTS BY ; shareholders stantial : pbeitivc - cash- ^ow .' is 


i are Fourto Ctty and Com- j>ate . . . any shortage .#; working 
pi Investment Trust (a pain capital" : ' 7--. 

jmpany - whose listing.-was’..r-Then in ' the , 1377*^accounts, 
tided last • Jnlyl, Cam bra- .which were Quah6ed‘.by ‘account- 
, and Excelads.-The fourth ants M^in Judd, ihe ^directors 
my Is Systematic Tooling commented: ^Whilst fulltprovision 
■all of . them are inter- has.beeh made above o?i i ^wrrtnip 
cted. .. . “'.'.'.off 

rth City is a'holding com* as yet been taken for-any value 
I whose major Investment^, attributable to remairtsig invest- 


j ity stakes m Aerovap Horn- - me present composraon or wei 
I i 11 fi TKland Excelads. A subsjdfsury Board According, to. thb. report Js 
wait fli farmer. Svstomatir^T'bolft»»^.fii J.-'-Wheeler • fchairnKCn). 5tr.' 


v A14 llVformer SystematicTooIhlg^ & J.^Wheeler .• (t^iairrton}, Sfr. 

t engineering company, went C: X. Argent, and- Mr/'S- N. C 
roluntary iiquidatioti in July Wheeler. ®ut during-the course 

..year. The u-hole of ToUrth of 1977, four.directors.departed. 

• A ,: investment in Aerovap has' The inspectors appointed by-Mr. 
' V; written off. ' '•• Bdmund DeU,: Secretary of State 

■ . ^ ;for Trade, to investigate the com- 

- ^ panics. are Mr.’ John Blofeld, QC, 

>nd Tdr. Brian Currie. FCA; of 
__ .r the. business was wld_-Ip an 'uAmunCirH* firm -Arrtuir 


jC377; je^u*valent..to.S.68p against 


ors amounted to £58^89. The ,r A *?*>' fiWdmid of L55 p raiws 


• ■ Earnings, • were - struck after 
“-ijtpite the problems- -of the management..rae.nses and Joan 

. -.j '-^uoted ihrertments.: the-- <?»«!-. S SS’Sn 

’• .:'■ - of Fourth City have'remained’.=(£204457J, taxation of £632560. 

..x.i-?ful ,i ntheir recent reports,to .(£554512/ and the Preference 
- -ehoWers:. In Xhe 4076 report, dbfUehd _ - absorbing \ £1/^00 

. . •£?. chairman commented that (£18.125). 

outjh cash flow, had been aNet assets are shown as 96.5P 
jilem in 1975 aod fOrB.^aTaui^ (85.5p> per share. 


STANLEY RACE,'chairman Caledonian/, ^Timber Restore-' 
T t T Redfearn National Glass,', said tiQiuO. Berlemont and Turner, CB. 

V terday at thev ACM .that sn/fthjimwell) Motors. c 
T# 1'it of the investigation being- Kairtara-Pmiting, S 3 c -^T t S l^“"' 
" ried out by the Monopolies ties, Millom Fasteners, TJ Guest 
- 1 mnis 5 ioh. it^ was .inappropriate. (London Frqit Supply). Sy-Marlec 

provide sharehoJders -with aby ntortteting, Bestyle-Models, ^ans- 
ecast for this financial' year Atco, - Astro Valientc Companla 
fond the note, of confidence Naviera SA- ■:. ■ . ... w! 

»adv expressed, ijy his statement Alcanna (Haulage!, Armtik Be 
« h -^-^v.International; HIW (Properties), 
lUSS Mid that the .' defence K- B. Jtushes.X. Marchant and 
m JLtthJ Rheenri and Rock ware; Grayresh 

^tnSr 2 ■ made orders for the compulsory 

are now being wfhdtng up of Multinational Gas 

SwaF 5 ’ -a 2 ns«r % 

•noptdies . Commission in its . - : : 

itigation into the Rheem and A | (ipr| 

ekivare bids, which now also.jn-^- FAA 11 VM. . j. 

it?-- v - e4 Breweries 

..jjnagement time away ^SaUo? Jr their practice of 

v- ima I? task-of rumung t±te com-: consoHdating.group borrowings. hi 

«i%«i* **«** 


directors 


“What I regatdas veauy «nju«. j- rt e holdempf ■' 

t[]3t U6 should W JlSKftj. W. d* ---i, n^hpnlurfi ctdpjr - 


tehtas to .aton 

S -5-g 'Selg 

enr, had just been comrossioned.^^ JjIfSmilar Dcftenfurl 

,> stoek of-Aliled and In the Teacher 

., 41 companies: ,T^ v^’k 

iirAiinfl lin ■■■■■ Cbangfr Of. the Han.-ey Debcolttfe 
WOUna Up.. stock, V,111 be for every 1100 

Orders for the compufeory nommal of Ci- per cent. Stock, 
-l’indinc ub of 4t companies were OBO :nominal of > per Lent, stock 

. jiuuui^ “J" , pi.j. IBOTO- ^ A HiaX • 


jVjade by Mr. Justice Slade in.the l^S7 ef Amed. 

_. Cham- far'every £ 10 D nominal oi 1 pet 


dearway fContracfisl; . Chant- for'every 1100 nominal of ./ per 
^ ',^all Contracts, A^ns-Laras, rent: stock, £25 in cash^ogether 

1 iotherkarn Transport; .Reliant;,with the a lt rued interest to^vhe 

- ,lawlen Services, 'S, Burrow* date:of repayment, and for every 

mSo? ^dyBuliderS) ,^V T^fePiSJflO nominal of JO per cent stock. 
U /Uis (Menswear), DPP Sdtepan* »5 In cash, together w.ih-accrijdd 
.- b an 4 1 Constructional SemCB^ interest to the date o£ repai’awnt- 
. j -’aM Developments. Hnoy GMlr, m- x. ' 

- W. Hosti^; «jSp fS 

BEG fBullders),; Ham Pye.Pro- Nortli West Europe headquarter 
)actions. Studto f^kma.: Ginty into . one,manawmentopereJig 
and Kbehan, MES'ElCeBlca^-Bew- wi '-f^ondon -durmK^ IflTS -to be 
M«tas£meS.-Swi .^ver. kaown ai. bverecas division- ,. 


Turnover and profits 

The profit before lex of the 5GB Group for the 
year ended September1977 was a record £8,247,000 
compared with £5.714,000 in 1976. Turnover 
increased to nearly £80 million compared with 
£63 million in 1976. 

The majority of the improvement in profit has 
been achieved from our U.K. operations, partly due to 
diversification into new fields. Overseas, the volume' 
of business has continued to expand and the total 
profit is up from £1.485 million to £1.550 million. 

Dividend Policy 

At the annual general meeting to be held on 
14th March 197 8. a final dividend of 2.754p per 
share will be recommended, payable on 11 th April 
1978, to shareholders on the register on 10th March 
1978. This, together with the interim dividend of 2.5p 
per share paid In October1977, results in a total 
dividend of 5.254p per share, the maximum allowed. 

It is regretted that the benefits of dividends are. 
Under the Government's present taxation system, 
shared so inequitably among our shareholders. Some 
institutional shareholders receiving a cash dividend 
of £1,000receive a total income of £1,515, whereas 
some individuaisharehalders with the same dividend 
'from the company receive an income of £30 only. The 
taxation of savings at up to 98% would be an iniquity 
even if there was no inflation. Whh inflation running 
at its present level, the tax charge is a severe and 
unfair wealth tax on the capital of individual 
shareholders. Steps should be taken immediately by 
the Government to reduce substantially the higher 
rates of tax, to abolish the investment income 
surcharge, and to Index fink capital gains tax. The 
present taxation system is a positive disincentive on 
individuals participating In equity investment. 

- The present limitation on dividends has 

resulted in the 1977 dividends being covered 3.78 
times. If Government restrictions are relaxed and 
; profits justify it it will be the board's intention to 
recommend a dividend with a lower cover for 1978. 

Reserves 

Group reserves are increased by £3,244,000, 
and in addition deferred tax which Is not expected to 
become payable in the foreseeable future has 
increased by over £3 million. The shareholders' funds 
and deferred tax now amount to almost £31 million 
even on an historicalaccounting basis. 4 

Consolidated Balance Sheet 

The group balance sheet shows a further 
'improved position with total assets increasing by £10 
million to £64 million. To obtain this increase, it was 
only necessary to finance £2.5 million from outside 
borrowings. 

In looking at the individual figures on the 
=consolidated balance sheet there appear to have been 
significantly disproportionate increases in associated 
companies and in debtors, while materialsand 
equipment have increased by only 10 percent. In 
feet, these three sets of figures are not individually 
comparable from one year to the next, since 
; Substantial stocks of materials and equipment shown 
m the balance sheet in 1976 were sold to associated 
companies in 1977. This change in trading structure 
' resulted in some £2 million being transferred from 
' materials and equipment to debtors and investment in 
associated companies, and may be regarded as 
merely a difference in accounting treatment rather 
than a significa/n shift in balance sheet ratios. 

Provision for Bad Debts and 
Overdue Accounts 

. . Although the group results haveshown such ■ 

an encouraging improvement, the construction 
industry in most parts of the world where we bperatar 
is still in a depressed state, and there has again been a 
-distressingly high number of failures of building 

contractors. The group has had to absorb its share of 

such failures, although our insurance arrangement, 
credit sanction, and control procedures have stood 
up to the strain well. 

Inflation Accounts 

1977 sawthe rejection by the Institute of 
- Chartered Accountants of the Accounting Standards 
Committee's exposure draft 18 as an obligatory form 
of presentation for inflation accounts. 

This set-back for the movement towards 
Improved accountancy reporting is regretted, 
particularly as its replacement—an interim 
recommendation by the Accounting Standards 
• Committee—is an insipid and watered-down 
recommendation which is unlikely to satisfy anyone 
who is conscious of the seriousness of the situation. 

It is particularly disappointing that no 
recommendations on balance sheet presentation are 
now included,and thatlhe suggested gearing 
adjustment gives no indication of the real change in 
the yalueof shareholders'funds. 

In these circumstances, we believe it rightto 
continue to publish current cost accounts, developing 
the format we introduced last year, a presentation 
which meets the requirements both of exposure draft 
~1 Band the tetestinterim recommendation. 


Year in Brief 


Group turnover 

Group profit after interest and before tax 
Group profit after tax and minority interests 


Shareholders’funds including deferred tax 


Return on shareholders’ funds measured by 
group profit before tax 


Earnings per share measured by group profit before tax 


Earnings per share measured by group profits after 
tax and minority interests 


1977 

1976 

£’000 

£’000 

79,736 

62,919 

8,247 

5,714 

4,111 

2,525 

30,955 

24,539 

26.6% 

23.3% 

39.9p 

27.8p 

19.9p 

12.3p 


While our historic profits were £8.25 million 
our current cost profit on trading wou|d have been . 
£5.26 million. However the CCA profit for the year, 
together with the net surplus forthe year on the 
revaluation of assets, would have provided 
£7.304.000. After transferring £2.733,000 to 
revaluation reserve to maintain the real value of the 
group's assets, there would have been £5,484,000 
available for distribution, compared with £4,111,000 
in the historic accou nts. The earnings per share under 
current cost accounting would have been 26.5p per 
share (historic 19.5p) and the CCA dividend cover 
would have been 5.04 (historic 3.73). 


Accountancy Pronouncements 

There are now thirteen statements of standard 
accounting practice and five further statements 
which are expected to become mandatory in the near 
future.These requirements are placing a significant 
additional burden on the company and appear to be 
drafted without appropriate allowance being made 
for the special circumstances which arise in the 
construction and hiring sectors of the economy with 
which we are involved.The difficulties of presenting 
our business within the rigid classifications set out in 
the various pronouncements are significant and 
represent a real riskthat the ‘’true and fair view" 
concept will be sacrificed in favour of a formalised 
and perhaps inappropriate accounting presentation. 


Peter Cox Limited 

The stone-cleaning and restoration division 
regained its impetus of work after the severe effect of 
the drought in 1976 when a great deal of business 
was lost, curtailed or postponed. The i nternal cleaning 
of Canterbury Cathedral was a major contract 
undertaken this year. The damp proofing and 
woodworm division suffered from pressures on 
margins and produced lower results in consequence 
of this. 


Productivity/Profit Sharing 
Plan 

The company’s employee Own As You Earn 
Scheme has been so successful that the directors had 
to declare that there were no shares available forthe 
scheme in 1977. As only a ve/y limited number of 
shares will be available in future years, the directors 
are now considering a longterm productivity/profit 
sharing plan. 


Hire Service Shops Limited 

Excellent results were achieved by Hire Service 
Shops Limited fully justifying the rapid build-up in 
trading outlets over the past few years, and the 
considerable funds committed to this company. 
Return on capital is now high and the company is. as 
predicted last year, contributing an important part of 
group profits. Further expansion is now under review 
consistent with maintaining a sound profit 
performance. 


Review of Operations 
United Kingdom Companies 

Scaffolding (Great Britain) 
Limited 

Scaffolding (Great Britain) Limited, our main 
operating company in the United Kingdom, had a 
much improved year. In the building equipment 
division, results were well maintained with the help of 
the successful introduction of our new scaffolding 
- system, Cuplok, both for hire and sale. 

In the contracts division, the improvements 
seen last year were further consolidated in the year 
under review with a significant increase in the volume 
of work obtained forthe petro-chemical and North 
Sea oil related industries. 

The results were a particularly good 
achievement, as in both divisions the amount written 
off profits for bad debts during the year was 
exceptionally high, reflecting the large number of 
failures in the construction industry at the present 
time. 


Overseas Companies 
Europe—Building Equipment 
Europe (Holdings) Limited 

There was the expected decline in profits from 
Europe this year although all companies performed 
well up to budgeted levels. SSH. our Dutch company, 
suffered from the continued decline in shipbuilding in 
Holland and also from a marked reduction of work for 
Hoogovens.the Dutch steel works. However, 
supplies for the building industry were well 
maintained and a creditable result was achieved 
tinder the prevailing conditions. 

Handep B.V., our small manufacturing 
company, which produces mobile towers, is making a 
successful entry into the non-operated plant hire 
business in Holland and recently the firm of Custers 
B.V. was acquired which produces hydraulic 
platforms, a product which is complementary to our 
existing tower production. Our German branch in 
Dortmund had a good year with increased 
profitability. 


Youngman Group Limited 

This group of companies had an excellent year 
with profits double those of last year. 

W. C. Youngman Limited did exceptionally 
well with Improvement in both volume and margin. 
Youngman System Building Limited were working 
throughout most of the year below the full capacity of 
their factory at Thame, but nevertheless increased 
their profitability. Youngman Fork Truck Hire Limited 
had an exceptional year. Their fleet of trucks was 
further expanded and utilisations were welt 
maintained. 


France—SGB S.A. 

This company continued to penetrate the 
French market and increase its volume of business 
substantially both in Paris and Marseille, our two 
operating depots. Profits were, however, reduced by 
two large bankruptcies—we have now obtained 
credit insurance in France. 

The share of our minority partner, Outinord 
S.A., was acquired during the year, making the 
company now a wholly owned subsidiary. 


Contractors' Services Group 
Limited 

Our plant hire group of companies made 
excellent progress with exceptional contributions 


North America—SGB 
Universal Builders Supply, Inc. 

The company had a good year abroad in its 
activities in both Iran and Saudi Arabia. The homo 
market was still dull but there have recently been 
signs of a revival and better utilisation of our hire 
Slocks. 


Copies of the Report and Accounts maybe obtained from SGB Group Limited, 
' Mitcham, Surrey, CR44TQ.Tef:01-640 3393. 


South Africa—SGB Building 
Equipment (Pty.) Limited 

Despite difficult trading conditions the 
company did well to maintain a similar result to last 
year. The hire shops subsidiary there, although small, 
doubled its profits in the year, trading out of four 
locations. Schemes ro assist black employees to 
purchase their own homes and payfortheir 
children's education are being introduced. 


Australia—SGB Building 
Equipment Pty. Limited 

The building industry in Australia was 
bedevilled by strikes, particularly in Melbourne. The 
operations of our company were severely disrupted 
and a significant trading loss for the year resulted. 


Channel Islands—SGB 
(Channel islands) Limited 

The company traded satisfactorily during the 
year. The opportunitiesfor expansion in the islands 
are limited but a successful entry was made into the 
business of the hire of refuse skips in Jersey. 


from MCC Plant Hire Limited which operates from 
Cornwall and also from those companies operating in 
London and the South East. 

Demand for the large operated machines 
remains active and there has recently been some 
improvement in the demand for smaller non-oparated 
plant. 


Republic of Ireland—Scafco 
Limited 

This company returned to profitability in 1977 
and this improvement should be maintained. Ther' 
are signs of some resurgence in the general 
construction climate in Ireland, although tiiere are 
few major projects being undertaken at present. 


Sika Contracts Limited 

The company had a poor year with pressure on 
margins and work in the U.K. somewhat patchy 
geographically. The Scottish region had a particularly 
bad trading year. 


SGB Export Limited 

Direct exports from the U.K. were nearly 
double those of the previous year and profitability 
was well maintained, major direct export markets 
being the Middle East, Scandinavia and West Africa. 

Our joint ventures in the Gulf and Saudi Arabia 
continue to be established with increased staff, 
facilities, and stock. In the Gulf area, Quebeisi SGB, 
whose main operation is in the United Arab 
Emirates, increased its business although there is 
increased local competition and some difficulty is 
being experienced in collecting money because of 
cutbacks in Government funds available for building. 

In Saudi Arabia, SGB Dabal Limited is now 
successfully operating in Dammam and Riyadh and 
SGB Export are developing a joint venture with their 
agents in Jeddah. 


Nationalisation 

Proposals have recently been put forward 
recommending the nationalisation of a substantial 
portion of the construction industry. 

In my view, these proposals would have a 
disastrous effect on our industry which in its present 
form provides a flexible and effective service to the 
nation, and is an increasingly important contributor to 
the balance of payments through its overseas 
activities. Nationalisation may be appropriate for 
social service type functions which cannot be made 
cost effective. However, it would be quite 
inappropriate for the highly competitive construction 
industry, which is in the main involved in unique "one 
off" projects and where there is no shortage of 
capital or labour to meet the widely varying 
demands. Apart from other considerations, it would 
increase enormously the cost to the country of 
building and civil engineering work, and have a 
seriously damaging effect on the export performance 
of the industry. 

It is hoped that the public will come out firmly 
against any form of Government participation in the 
industry. The only thing the Government needs to do 
is to establish a long term consistent policy for 
construction, with a view to eliminating the "stop/ 
go*' tactics adopted by successive governments on 
capital expenditure on construction, cutting out such 
needless irritants as Office Development Permits, 
Industrial Development Certificates, and policy 
changes such as those which one year encourage 
people ro disperse away from city centres and the 
next attempt to attract them back. 


Staff and Prospects 

In 1977 the Group has made a significant step 
forward in both turnover and profits. This has not 
been an easy year for the industry and the results 
have only been achieved through the loyalty and hard 
work of all our employees, both at home and 
overseas, and I am sure the shareholders will join me 
in thanking them once again for their efforts. 

In these days of uncertainty, both in the U.K. 
and abroad, it becomes increasingly difficult to look 
into the future. There area number of overseas 
territories where substantial improvements in our 
profits could be made if political and economic 
factors change for the better. 

At home, f hope that we have seen the worst of 
the building recession a nd that the good results we 
have had in 1977 will continue, and that 1978 will 
show further growth. Overall, however, the progress 
0 ! the group does depend on a morestable and 
improving world trade in the construction industry. 


























Notice of Redemption 


To the Holders of 


KINGDOM OF DENMARK 

9 r /c Twelve Year External Loan Bonds of 1970 due March 1,1982 


NOTICE IS HEREBY GIVEN that, pursuant to the provision? of the Bonds of the above-described 
5«»ue. Morgan Guaranty Trust Company of New York, as Fiscal Agent, ha* selected through operation, 
of the Sinking Fund for redemption on Marrh 1. 1978 at the principal amount thereof together with 
a it rued imereM to ihe date tiseJ for redemption S-.0(K),(K}0 principal amount of said Bonds hearing 
the following distinctive serial mimiier?; 


COUPON BONDS OF S1,000 each 


M B 

1237 

25TS 

MSB 

5126 

6397 7G53 

8728 

9584 

R 

1312 

2587 

387*> 

5127 

6420 7654 

8723 


21 

1320 

2515 

3830 

5128 

6433 7683 

8729 

1*805 

37 

1328 

26!fi 

2895 

St 53 

G434 7685 

H734 

OTJO 

53 

1335 

2fi5?. 

,1906 

5152 

6435 7689 

8756 

9918 

54 

1348 

2894 

3051 

5158 

E454 7690 

8767 

9947 

&H 

1382 

2713 

.1953 

5170 

6461 7706 

8777 

9950 

ftT 

1387 

2718 

3964 

5171 

6468 7735 

3787 

9357 

73 

1383 

2718 

3977 

5178 

6474 7751 

8793 

9962 

81 

1409 

2720 

3986 

5124 

6486 7753 

8801 

KIM 

91 

1414 

2724 

S9P0 

52112 

6500 7764 

8803 

9993 

94 

1425 

2736 

3993 

5205 

6510 7774 

3813 

10011 ) 

113 

1439 

2743 

4008 

5244 

6519 7783 

8829 

1001 J 

122 

1440 

2752 

4009 

5254 

6529 7790 

8843 

10016 

334 

1447 

2791 

"4012 

5267 

6537 7797 

8357 

10033 

135 

1452 

2793 

4013 

5275 

6555 7798 

6858 

10036 


JS5 1473 2S03 4014 MBS 6556 7812 8861 100M 11243 

135 1477 2811 4032 5M9 6563 7315 8809 lOt'62 1 '253 

22R 1493 2821 4049 5293 6596 TXWi 8906 10063 11273 

231 1523 2fl25 4056 5306 6C13 7339 8911 lOOfiS 11284 

241 1524 2660 4<I60 5.J39 C617 7641 8?17 10106 112SB 

25U 1529 2365 4081 5342 «iG26 7857 8528 101 IS 11334 

264 1530 2873 4086 5344 6632 7658 8931 lullffl 11326 

271 1575 2874 4089 5346 6635 7661 RU33 10124 11355 

272 1531 3661 4112 5376 6666 7876 8934 10129 11301 

277 1601 2388 4114 5:>7* 0694 7957 8945 10138 11362 

281 1603 2834 4127 5334 6698 7958 8958 10148 11369 

2‘JU 160 7 2895 4131 5394 6099 7963 6973 70252 7 237a 

304 1014 2898 4141 5422 6704 7965 8974 10165 11380 

306 l«2fi 2904 4173 5423 6720 7979 8983 10181 11387 

321 1033 2931 4186 S441 f-722 7994 3996 10193 11393 

3G:i 1634 2965 4137 5442 8727 7995 9UU1 10209 11407 

375 1635 2970 4195 5444 G750 8U19 9005 10312 11418 

389 1638 29H6 4199 5472 6777 8035 9008 10214 11433 

394 1630 2£>8H 4200 5489 0782 803C 9024 10217 114S8 

404 1671 3019 4201 5513 0785 8037 9025 1C232 11464 

407 1672 3049 4211 5515 6787 8045 9046 10233 11465 

408 1074 3055 4214 5541 6794 8050 9049 19237 1M77 

422 1704 3061 4217 5552 G834 8062 9061 10255 11483 

427 1739 3065 4219 5535 6639 3075 9063 10267 114B4 

44j 1745 3068 4226 556 1 .* «41 8083 9071 19277 11488 

... .-..x 42^y B57C 6«53 8039 9076 10785 11492 

4237 5579 6864 8090 9084 10301 11499 
497 1795 3094 4259 5X1 f-enu 8114 9085 10311 11317 

524 1797 3008 4263 5595 0882 8133 9093 10315 11524 

4279 55'.'7 r.POS 8155 9094 10323 11526 
546 1824 3146 4298 55H3 6918 H171 9112 10332 11334 

562 1330 3154 4324 5il20 69m k!T7 3113 10346 11545 

583 1842 315k 4328 5625 6947 8183 9118 10355 11554 

590 185'! 3165 43G2 5631 *VV>4 R205 9127 10362 1I5T2 

603 I8S2 3166 4365 5636 6M57 3207 9153 10366 11580 

438k 5033 7007 SHUK 9171 10370 11593 
4394 5G32 7014 6215 9166 10373 11601 


1750 30*:: 424U 
1735 30S7 4237 55 
1795 3094 4259 5X1 
1797 3098 4263 559 

1823 ?U9 4279 55'. 

1824 3140 4298 5593 

1330 3154 4324 5il20 
1842 315 k 4323 5625 
165U 3165 4302 5631 
1832 3166 4365 56?fi 
less 3in:: 438 k so:<3 
1 F.67 3139 4334 5<*J2 

18*58 3225 440i.i 56'J6 
I860 3226 4412 5*’1>7 
1684 3255 4415 5719 
1H2G 325'* 4420 
1fi“S 3270 4427 
1003 3271 4437 

1922 3276 443y 5 
132b 3273 4455 3<t>* 
1.032 3X3 4493 5745 
1930 3299 4403 5 
19w0 3333 4520 5761 
Ul'tt 3362 4340 5 
1990 3364 4541 5 
2001 3370 4546 5813 
201E 3381 4554 56: 
2033 3363 45G2 5635 
2040 3336 4563 5851 
2054 3389 456'J 5364 
2059 3395 458! 58 

2070 3397 4589 58 

2071 3399 4598 5880 
2116 3442 4631 5901 

144 3451 4648 5911 

148 3435 4665 5919 

149 3459 4671 SU34 
151 3466 4679 5948 

163 3468 4664 5360 

164 3475 46£7 59 
2166 3477 4896 59 

175 3492 4698 5985 
2180 3501 4711 ftUO 
2299 3502 4731 0026 
2240 3505 4754 6028 
2253 3508 4767 C032 

2271 3519 4769 6U34 

2272 3520 4780 6040 
2275 3522 4800 6056 
2282 3526 4815 6057 
2309 3561 4828 6062 
2311 3562 4632 610 
2320 3563 4833 6126 
2343 3574 4844 6148 
2349 3585 4R 64 615T 
2354 3617 4870 6157 
2361 3638 4377 6169 
2378 3640 4R79 6176 
2403 3647 4920 6180 
2405 3655 4923 6184 
2411 3669 4954 6230 
24-17 2C7I 4955 6232 
2440 3695 4962 6243 
2448 3096 4980 6257 
2457 3704 49R3 6260 
2476 3722 498:* 6292 
2481 3735 5*309 830 
2484 37H3 5018 6316 
2487 3799 5029 631S 
2508 3R0O 5*X«2 6322 
2514 3803 5042 6333 


7>i21 6216 9189 10412 11615 
7022 8222 9196 UM2l 11S1B 
7fH6 H223 9203 10432 I 1624 
7*.S9 8225 9204 10425 11639 
7074 3223 9218 1M29 11670 
TiifcT 6230 9225 10442 11871 
7097 8236 9245 10447 11676 
TViG 8253 9246 10453 11690 
7130 8253 9X1 1043ft 11703 

7140 8274 9268 1 04(41 11716 

7141 8306 9294 10471 11733 
7130 3321 9295 10496 11735 
7160 8327 9303 10498 31738 
7171 6329 9314 1 0318 11740 
7181 8335 9321 10525 11756 
7187 8352 9326 10529 11770 
T1U9 8366 9333 10534 11786 
7204 8372 9336 1 0542 11790 

7228 8377 9393 10544 11809 

7235 8382 9370 10551 11831 
7253 8388 9374 10575 11822 
7271 8394 9401 10586 11824 

7276 8397 9403 IOSCO 11827 
7289 8405 9412 10616 11H6C 
7296 6413 9413 10625 11868 
7319 K421 9424 10640 11903 
7324 8431 9456 10641 11906 
7328 8435 9457 10651 11906 

7229 8450 9470 10652 11916 

7351 3460 9478 10655 11916 
7366 3484 9479 1 0670 11922 
7375 8491 9430 10684 11927 
7377 8493 94R4 10714 11932 
7388 8404 9514 1 0719 11933 
7396 8496 9530 10720 11997 

7402 B4Q7 9540 10730 12003 

7420 8502 9565 10759 12011 

7426 8506 9567 10793 12016 

7429 8510 9572 10794 12042 

7439 8529 9588 10801 12054 

7455 8537 9608 10803 12058 

745B 8540 9628 10819 12060 

7462 8554 9635 10822 12071 


2019 3314 5061 
2529 3819 0091 
2543 3822 5097 
2550 3824 5101 
2569 3853 5117 


7458 8540 9S20 10819 12060 

7462 8554 9635 10822 12071 

7471 8558 0648 1O&30 12094 

7483 8564 9650 10837 12100 

7486 S5fi7 9882 1TO44 12U3 

7494 8568 9684 10855 12116 

74S* 8509 9600 1 0871 12121 

7523 8578 9697 10874 12124 

7524 8094 9701 10UIH 12144 

7530 8612 9703 1 0911 12163 

7535 H614 9752 10915 1217B 

7564 8637 9753 10928 12191 

7579 8642 9767 10355 1 22U 

7588 3651 9788 10963 12223 

7589 8658 9 703 10966 12233 

7592 C666 0BI4 10998 12241 

7600 B670 9825 11000 12246 

“60S 8076 9827 11008 13248 

7608 8077 9829 11018 12264 

7612 8691 9831 11020 12268 

7617 8692 9832 11038 12279 

7630 8703 9841 U046 12286 

7636 8720 9842 110 


12326 13427 14479 .15995 1 6736 

12342 13430 14480 1S602 16752 

12344 13432 14490 15608 16758 

12354 33433 14498 15617 16763 

12384 13437 34510 15621 16767 

12371 13459 14524 15631 16784 

12383 13463 14548 15633 16783 

12414 1 3491 34551 15«4 36795 

12415 13499 14557 15670 16807 

12424 18510 14573 1SG77 16823 

1-2433 13511 14587 15679 1 6840 

12440 13522 14595 15682 36843 

12447 13540 14612 15695 16840 

12459 13545 14616 15706 16847 

12480 13557 14635 15708 16853 

12476 13561 14640 15710 16860 

12489 13567 14649 13742 16863 

12490 13574 14663 15756 16866 

12495 13575 14667 15700 26B74 

12500 13579 14S71 15769 16882 

12517 13583 14676 15774 16884 

12522 13592 14680 15781 16890 

12550 13604 14681 15796 16893 

12559 13605 14713 15811 16897 

125*37 13630 14719 15813 16904 

12575 I3631 14720 15815 16920 

12582 13G42 14723 15830 16922 

12583 13635 14738 15838 15924 

12599 13662 147S8 15851 16941 

12602 13665 14770 15855 16982 

12504 1367H 14776 15869 16977 

12613 13682 14777 15877 16978 

12633 13689 14736 15888 16979 

1ZG47 13098 14790 15891 16988 

12655 13720 14793 15895 16989 

12656 13740 14806 15933 16991 

12657 13741 14808 15935 17020 

12661 13744 14819 15946 17028 

12668 13766 14823 15955 1 7030 

12579 1377G 14830 1595G 17033 

12685 13773 14855 1 5960 17042 

12686 13781 14860 15964 17055 

126B9 13796 14872 3598D 17064 

12696 13797 14878 15985 17065 

12722 13803 14000 15994 17078 

12724 138(4 14905 16032 17083 

12740 1 3830 14908 1603G 17086 

12742 13840 14917 16048 17101 

12756 1 3842 14924 16055 17104 

12758 13850 24926 18066 17137 

12776 13857 14930 16057 171*7 

12793 13861 14932 16074 17149 

12804 13875 14936 16076 17156 

12811 13879 14958 16081 17175 

12819 IRKhO 14982 16089 17178 

12320 13881 14988 16095 17177 

12822 13886 15004 10101 17187 

12841 13909 15013 I6Z03 17192 

12846 13910 15024 16105 17220 

22851 13911 15047 18148 17340 

12864. 13912 15076 16153 17242 

22892 25924 13079 16197 17246 

12893 13918 15082 16210 17299 

12895 13922 15087 16214 17310 

12904 13923 15099 16215 17315 

13906 13949 15109 18216 17316 

12911 13959 15110 16228 17319 

12915 13962 1513G 16228 3 7333 

12921 13975 15140 18232 17345 

12922 13976 15141 16234 17350 

12923 13979 15144 18281 17359 

12925 13983 16145 18285 17368 

12945 14002 15158 16297 2 7394 

12948 14012 15172 16306 17396 

12948 14015 15184 1 6310 17407 

12966 14029 15190 18320 17417 

12909 14049 15195 18336 17432 

13021 14053 15206 18343 17440 

13034 14056 15216 16344 17459 

13042 14064 15231 16353 17477 

13072 14065 15233 18356 17496 

13083 14080 15240 16260 17498 

13094 14089 15247 10363 17500 

13098 14118 15251 16391 17507 

13101 14126 15257 16411 17539 ' 

13103 14139 1S268 16429 17542 

13111 14145 15277 16430 17546 ! 

13112 14151 15283 16450 17347 ! 

13125 14156 15217 16466 17546 ' 

13144 14168 15345 16469 17549 

13145 14174 15347 16483 17557 : 

13162 14197 15351 16488 17562 : 

13172 14200 15370 16498 17570 ‘ 

13174 14211 15380 16508 17S75 : 

13176 14317 15335 16525 17576 : 

13183 14251 15387 16528 17599 J 

13192 14259 15398 16540 17618 1 

13195 14261 18399 16541 17E20 : 

13206 14268 15405 16550 17628 ] 

132 IB 14270 15413 16563 17651 : 

13221 14298 15427 16567 17654 1 

13230 14312 15455 16607 17678 : 

13238 14314 15468 16618 17685 1 

13240 14352 15475 16619 17705 1 

13263 14362 15489 18C29 17709 1 

13332 J4371 15104 16830 17717 I 

13334 14376 15502 16633 17719 1 

13339 14382 15516 1SG3S 17728 1 

13340 14384 15520 16637. 17734 1 

13353 14386 15523 16658 17735 I 

13357 14401 15524 18683 17736 1 

13363 14403 15530 16675 17738 ] 

13366 14413 15539 16687 17746 1 

1340! 14420 15543 16638 17773 1 

18406 14437 15552 1 6702 17778 1 

13412 14457 15571 16708 17787 1 

13420 14474 15581 16714 177B9 1 

13425 14475 1 5585 16723 17792 1 


3283 2569 3853 5117 6394 7647 8723 9878 X10T3 12304 13425 14475 15585 16723 17792 18923 
On March 1. 197?, the Bond* designated above will became due and payable at the redemption price 
aforesaid in such coin or rurrem-y of the United Slates of .America as at the time of payment is legal 
tender for the payment of public ami private debts therein, and will be paid, upon presentation and 
surrender thereof in a negotiable form with all coupon* appertaining thereto maturing after the. 
redemption date, at the option of the holder either ial at the Corporate Trust Department of 
Morgan Guaranty Tru-t Company of New York, 15 Broad Street, New York. N.Y. 10015, 
nr 4 !• t subject to applicable law* and regulations, at the mam office of Morgan Guaranty Trust 
Company of New York in Brus*<-ls. Frankftm/Main. I.ondon. nr l’.iri* or at ihe main office of 
I'riva than ken AS. Den Datifke LamlniandsbanL Kjnhenhavn* Handel,bank or JI. Henrique* jr. in 
Copenhagen. Payments at the office-- referred to in tbl al*ove will lie made by a check drawn on. nr 
by a transfer to. a I. nited Slate* dollar account maintained with a hunk in New York City. Coupons 
due March 1. 1978 «hntild be detachi-d and collected in the n-nal nun tier. 

From and after Mnp-1* I. 1973 intere*t shall rea*e to accrue on the Bonds herein designated for 

redemption. 

Ministry of Finance of the Kingdom of Denmark 
by; Morgan Guaranty Trust Company 
OF NEW YORK. Fiscal Agent 

January ‘-6.1973 


NOTICE 


The following Bonds previously called for redemption have not as yet heen presented for payment; 


M 126 

1124 

1407 

1730 

2383 

COUPON" 

2548 3294 

BONDS OF SI.000 EACH 

3985 5947 7680 9427 10531 

11190 

13939 

14665 

17053 

127 

1213 

1436 

1756 

2357 

2552 

3314 

4892 

6546 

7701 

9445 

10631 

12319 

13940 

14873 

17522 

175 

1237 

1578 

1731 

2358 

2554 

3674 

5030 

6590 

7781 

9465 

10763 

12384 

13941 

14876 

17579 


1222 

1600 

1846 

2380 

2692 

3785 

8070 

7290 

8325 

PS70 

1O7B0 

12648 

13942 

14921 

17560 

1003 

1324 

1649 

1842 

2419 

2493 

3789 

5106 

7391 

843J 

10059 

10850 

12765 

14023 

15429 

17932 

1036 

1353 

1652 

2013 

2435 

3017 

3033 

5109 

7532 

8683 

10082 

10877 

12994 

14117 

15431 

19636 

1065 

1354 

1657 

2198 

2542 

3024 

3970 

5185 

7546 

8838 

10137 

10951 

13513 

14154 

15487 

19892 

1066 

1368 


2215 

2544 

3038 

3971 

58 SO 

7577 

8904 

10459 

11171 

13515 

14740 

16524 

1085 

1381 

1673 

2347 

2546 

3293 

3976 

5916 

7678 

9017 

104B3 

11189 

13742 

14802 

17056 



BRINMEX 


announces its first Anglo-Mexican 
joint venture; the creation with ICL 
of a new company in Mexico to 
market computer systems. 


ICL S.A.,MEXICO CITY 
incorporated September 1977 


Brinmex is the Trust Fund set up by 
Nacional Financiera S.A. and Grindlay Brandts Limited 
to promote Anglo-Mexican joint ventures; 

The participation of Brinmex in a joint venture ensures 
maximum flexibility and best possible operating conditions. 


Grindlay Brandt* Limited, 

23 Funchurrfj Street, London EC3P 3ED 
Tel: 01-526 0$4* 


Grindlay Brandts 

A member of the Grindlays Bank Group. 



Nacional Financiera S.A., 
Floor 17, 99 BIshopsgace, 
London EC2P2LA. 

Tel: 01-628 0016/7 


© 


DIVIDENDS ANNOUNCED 


Financial Times TBursday.; February. 9.1978 

• NEWS ANALYSIS-FAIR TRADING AQT 


Current 


Anglo-American Secs, 


Drayton Premier .. 

English and N.Y. Tst ... 


Trust Houses Forte . 5216 

Western Selection . 1.23 

Wiggins Construct . 0.77 


yraent 

payment 

div. 

year 

year 

2 

— 

1.64 

■» 

u 

2.64 

Z2 

April 28 

3 

— 

10.65 

5.3 

April 4 

4.6 

6.7 

6 

1.55 

April 19 

L23 

2.6 

2,15 

4£&t 

_ 

4jSS 

— - 

1SBS 

0.9 

April 10 

0.07 

1.S 

L63 

10 : 

Mar. 21 

25 

45 

70 

5.96 

April 7 

5.6 

S.21 

7.35 

1.23 

April 3 

1.31 

2J 

L9S 


The 




BY ELINOR GOODMAN, CONSUMER -AFFAIRS CORRESPONDENT 'j 
ONE OF THE City's grouses about the public interest policy on the : distribution. 


April 21 0.74 — 




BIDS AND DEALS 


A. Monk in £0.7m. 
Welsh purchase 


A. Monk, the-Midlands civil an associate 5.000 Provincial 
engineering company which is re- Laundries Ordinary shares at »sP- 
sisting attempts by SL Piran 


virtually impossible to fcaow referred increase according to marketing, and administration.' . 
which proposed merger will be s ize. Roughly, the OFT says. There may also, it says, be ques-. 
referred to the Commission in if; the ■ companies involved to- tiousQn the effect on the inter- - 
the first place. ^ _ _ ' getter have a 25 per-'cent national competitiveness of :tbe ■ 

The Lonrtao Dunford and market share and assets of merged firms. " '■- ••-* 

Elliott deal was not referred..to ground £ 10m _ f the chances of - _ 

the Comn^Iontomat between being referred are only IS per"' Conglomerate 
the Fruehauf Corporation and cenL If assets exceed £25m. „ 7® : * r... 

Crane Fniehauf vas; Tate and ^ odds shorten to one in five. The 'balance of payment*- 
Lyle’s bid for Manbre and Garton _ effects, it says,.are likely to-be”- 

was not but the proposed merger Hie OFT does not only recom- 0 j importance -where-Ihe-" 

of the two films of jobbers, mead - references, it stresses, adq^ji-ihg company is a foreign/ 
Smith Bros, and Bisgood Bishc^, ■wlhere-** “2™^ compand Such mergers, it poffi- 

was. that the dangers outweigh the ^ the possibility of ' 

The reasons for these decisions advantages. Nor it says. ^ ‘t .the allocation of export marteS* 
vary and given the nature of influenced by whether the j,gtween the group’s subsidiaries^ 
British competition policy there parties to the deal are m agree-. -JJ thTobtigation to buy rerS/ 
are never going to be any hard ment or flgbtmg .it out in .tbe- m^emls from withihS-' 
and fast rules. Each case which columns of the Press. • g>oup ' s 

falls within the scope of the Fair its aim is to single but those The which the Office^ 


catchall phrase 


suffer, ' significantly ?” - This ' 


embraces everything from em- £e- 

ployment to the balance of pay- ge Qe jU Be ed in the Act for Se'.- 


(which holds 20 per cent of the e Drincnv , c „ ir . are never going v*. ■ ... raw materials from within -thtr;- 

shares) tD obtain a seat on the S. PEARSON S BLD and fast rules. Each case which columns of the Press- group. v •' 

Board, has just bought a group FOR TUSSAUD’S falls within the scope of the Fair its aim is to single out those ^Thh . test .which the - Office^ 

of three Welsh companies. jc iiNrONOfTlONAL Traihng Act—-that is. those m* mergers for detailed cousidera.-.™^^ ^_ nQt; “is the merger- 

Monk is paying £878-11 in cash IS VNCOISUiUWiAL living assets of Sm or more tion which are of economic .im- Sy to be 1P the.b'aladre.of^T- 

for three private companies owned S. Pearson and Son's takeorer °r a sh ^f? Jv portance and ■ which raise dients? ”; but rather: “ Is tbe^. 

by Mr. Geruyn Davies which of .Madame Titssaud’s is now vir- 25 per cent.—will be deaaea on cant questions of public interest balance of payments likely- to " 
operate in West Glamorgan. The tually accomplishes*!. Yesterday, its own merits. —the catchall phrase which suffer • significantly 9 '• TWs ”• 

terms are just under £400,000 on Lazard Brotiiers, Pearson's mer- .. _ embraces everything frond em- line' with 't*n- 

completion, £94,000 for D3LJ., one chant bank, announced that S2.1 Responsibility ployment to the balance of pay- Snm3™a-'ta the Act Tor thV- 

of the companies in the group, de- per cent, of Tussaud’s stockholders r meets. . - kVia *,7^ - ' 

pendent on its recouping certain had accepted Pearson’s offer. But a new guide to the pro- The-OFT’s first job is td estab- 

sums from clients, and £184.750 Together with the 7.3 per cent, cedures of the Fair Trading Act, ij B h whether the orooosed mereer- would operate against 

with respect to Gerwyn Davies, which Pearson had already bought published by the Office of Fair „ within the scone of- the. P 11 ^® interest ratter than, to, 
another of the companies if and through the market this raised Trading vesterday. does put some, Tn .,,1 show-that it wouldf. positively 

when it obtains planning per- Pearson’s bolding to S9.4 per cenL flesh on the vague criteria “ enhance the public interest : ~T.. 

mission for iand which it owns, and its offer has now gone included in the Act and gives a Co ngiom era to., mergers may 

Pre-tax profits of the three com- unconditional prerty go 0d idea of the Kind of T™ the bave no d4rect on CQmp t -' 

panies for the year to May were Dea ings in the new partly con- q Uest ion any company proposing ™ff it wton ti ti(m but the OFT; points out; ■ 

£166.810 and net assets at that vertible Pearson Loan stock. ^ ]arge merger is jikely to be that these mergers may never-' 

date were said to be £509,000. In- which Pearson offered as an alter- a g kefl> tte starts protouag -fctrLbcr features -which:' 

terim pre-tax profits for Monk in native to cash, uih begin on The secretary of State for ® b S n i, the f ^ 1 have an indirect effect on compje- ^ 

the six months to August were Friday. Prices has ultimate response *5® jSLSiij“™S 'tfflon. Anyone proposing such'A..’" 

virtually double at £%7.000 and bility for deciding whether a merger can. expect barrage ot;.^ 

for the last fuU year they reached NEWMAN GRANGER merger reference should be booklet.!» parti: questions-about the^^motives:for' - 

£2 - 3m - made but it is tte OFT which culariy hetpfuL • the merge^rfijaahcial, growth: 

The offer by Bunough for a ct s as his advisor in this respect. •. o, » for growtt^s-S^ei 'defenSive—as^. - 

ASSAM 2NV MERGER N ewman Granger industries has OFT investigates all AJOuay areas well as tpreatinns^botii the effect -. 


unic ivctc odiu j.<ivO|Uuv. i*' .- - ... , _. 

terim pre-tax profits for Monk in native to cash, will begin on 
the six months to August were Friday, 
virtually double at £967.000 and 

fo^the last full year they reached NEWMAN GRANGER 


ASSAM INV. MERGER 
APPROVED 


The directors of ton, Invest- presenting Ordinary withirJ scope of the legisla- Sta a^iSt when framins^c-manUgemeut; tte reWe.per, 

ments announce that pursuant to shares 193.4 per cent). tion. To do this it has a small SA?^raS^f Stat 0 fororiiae' of different divisions; 

the provisions of the India mergers secretariat which pro- d th _ tj nrt 0 f oue stions it a£k-^ ie Hiinitty. of ■ management; 

3 0 7cberae XC o7 n me^ef h^ 0n heen EVERED EXPANDS duces information for the t0 ^ Jld-tte queSo^s asked power .influenced by sharer^ 
aVSSS e b ; f «L Smol . TTte key and Jock making activl- b f°re'm ° f otter a - r # l»rthqhSw stage. mL™ 

Under the scheme, the Indian tie acquired by E rered ,n |e«iritv Goverament departments. The commission tdl ttvt^f- NeW legislation 

of ^ ^ a, the !*L& 


|businesses of the company^ .six on °uinb'le"Evered‘to Director General who submits a s T; e of the3( , -.-i. ,, The; Questions .listed in the.; 

SiLTS" 8 . "iWiffl.: '" a ub e . £S& or report to Ute Secret of Price, dl |5fVfll on^mpSun" 

.Idiary, A»m Compaoy t.ndial, T. L James Glbfaoos employee, __ fairly jmedtctable. though tte ESiSiS:- 


Deliberations 


AURORA 

In connection with the acquisi- 


sunary, Assam company (inoiai, *• *- «»-'■»<■*» - iairiy jjibuikuujic uiuuga ui«s from ninfcm® acaubntinnH which ' 

which will become the sole Deliberations booklet makes it clear that even oMhe^ \ct ' 

AURORA The work of this mergers the OET insists that there is - - 

Indian re,idea!. Certain for- la connection with tte acquis.- * cret ?Jj!' a“ r din^‘m d fieSres pcMamption ttar mer*ers are:; 

malities await completion, they tion of Lervbe Machine Tools, tne years. According to But the booklet !s most useful bai -^ -.themselves. -Many, it, 

state. Aurora Holdings announces that produced this-week by he OFT. it come?to expandinT on sas ^ can he to the country*a m-_ 

Directors say that for 1977 a a loan to a director of Lerche it examined 187 cases last year J™" cloudv areas soch^T the L erest at ^ ofl,ers havo no signi-.r 

repetition of the exceptional 1976 amounting to £10.041 has been as against 124 in 1974. The full ggSi on rfBtSmcv emnln^npnf ficant effect on the ;, 

net profit, a record £l.59m., cannot discharged by the issue of 10.623 panel only studied 24 of these tJ-hSSS ”■ public interest 
be expected. Nonetheless present new Aurora shares. in detail. Another 100 or so were 31,0 136 ai ^ ncB ox paymenis. At present tte whole question- * 

indications are that results will the subject of papers written by It makes it clear that employ- of competition policy is finder 

be satisfactory. c-liaoi: cTit cc secretariat and merely read by ment implications are important, review and. ft may. be that within "- 

But with some 50 per cent, of onAKt MANL3 t h e paiie L The remaining 60 or especially if they'occur in parts the next uiree years newTegix -' 

fha I.pnn erf ill Kq cnU that- .. ... r,r_.ril ' .1 ■ __ 1 * .. __ ...1. _- _.1 . . • . V _ > K__. Til'“ ■ 


be expected. Nonetheless present new Aurora shares, 
indications are that results will 

be satisfactory ouatiit ct 4 l*cc 

But with some 50 per cent, of oHAKt ilANtb 


continue the practice 
declaring an interim c 
The tingle I97« payment 
net per £1 share. 


>1 i| . cirvlfvfi n.J fTiactAH '»* “'v ''Uivi*. .nvtfiM vu .1 uu.'itHru CiriLfrC t IfW ri#w TrfldtWfc?- 

•SSG ACOCJIRES J F Ferry Trust purchased ?0,000 but raise no major ^^ons. counter, to . tte Government's Act M>?3. SP^-vv , . 

VV tATHERSHIELDS Ferry, director, has a beneficial ^,7 

BSG International has bought Interest in this trust. " r ' " 

H'cattershields. a private company vVitan Investment Company Wlinyp c^-oL;pC - . ■. 

based in Birmingham, for £041.500. holds L962.021 Lowland Invest- autlkca . - - . i 

The consideration has been 1116131 Company shares (25 per , . .. ... " V,*? 

satisfied by the issue of 2.712.76S rent.). WHIis Faber Mr. J. D. Prentice 74,314 shares and now holds flarcros lirvestnieiit TYnsts 1 ': 

New Ordinam- shares of top each Monk and Company: St. sold 25,000 Ordinary shares on 1,075.186 (5.53 per cent) shares. Hothschild fiavestment’- 1 Trust 

in BSG The New shares have Piran holds 2.367,500 Monk shares December 16,. and sold a further Rentokil Group: Mr.- P. J* now beneficially interested in '? 
been placed by Samuel Montagu following purchases of 130.000 25,000 shares on December 20. Bulgin. a director, has sold '69.012 2A51,B00 sMres <7M per cent), J 
and Co. in conjunction with *»eti*'een January 26 and February Associated Sprayers: Mr. shares. Derritron: Amalgamated Tn-£ 

Sheppards and Chase and Smith 2 v, j r- .« R '- V '. P*- Be . ney ’. a rerentiy Change Wares: Scottish dustrrals Holdings has purchased;; 

Keen C.utlcr with the exception Electric and General Investment appointed director, has acquired Northern Investments Trust has a further 5.000 Ordinary shares,* 
of 116.694 shares which have heen Company: Post ufiice Staff Super- a further 45.000 shares bringing purchased 1m. Preferred Ordinary bringing fts total holding lo * 
retained by the vendors The new annuation Fund now holds his total interest to 791.S75 (21.8 shares (11.44 percent.). 9.924595 (82.9 per cent.). - ) 

shares have been admitted to the -■'WS-ST3 Clrdmary shares dS. 0 per per cent.) shares. Kenning Motor Group: Pruden- Tr.eentrol Internatiopat % 

Ufficial List cent.). . . Armour Trust: Mr. P. R. Bond, tial Assurance Company’s holding Bricomin Investments - has^ 


BSG ACQUIRES 
WEATHER SHIELDS 


Harcros Investment 


Trust:': 


Ufficial List ceiu. 1 . , _ Armour irusi: ;ur. r. n. cuna, tiai Assurance uompanys holding Bricomin Investments - has-* 

The profit before taxation nf Vtauon and Pb/lip: bcotnsh a director, has purchased 23,000 of 1.488.198 Ordinary shares now acquire# a further --125.000^ s 

Wcaihershields for the year ended Amicai ’ le L j r ? A«u«nce ^nciely Ordinary shares. represents 5.09 per cent of the Ordinary shares and now: holds-'y : - * 

September 30 . 1977 . amounted to n .°\ beneficially owns 4&0.000 Robert Kitchen Taylor and Com- Ordinary shares as a result of the ,3.923.000 (3.18 per cenLi; v 
m4,136 and the book -alue of Ordinary shares. pany: The London Tnist Company recent rights issue. Union Discount Company of.-4 

net tangible assets at that date Tavener Rutledge: Mr. J. has purchased a further 100.000 Hawkins and Tlpsoir. Elierman London: Kuwait Ibveshnent Office £ 

was £493 4S1 or £3iti 481 if de- Tavener, a director, held 13a.019 Ordinary shares and now holds Lines has disposed of 50,000 acquired on January 27 20JWO'£lv- 

ferred taxation of £66,000 is in- sb 2, res aT December 3L 400.000 (ll.al per cent) shares. Ordinary shares reducing its hold- stock units thereby increasing 

eluded Crescent Japan Investment Aaronson Bros. Wltan Invest- mgs to 1499.1S4 shares (24.47 per interest to B70.000 t8J»3 per 

Trust: Commercial Union Assur- ment Company has disposed of cent.). stock units. ' ■ •>' . : _, 


ance Company has acquired a 
ASSOCIATES DEALS further 100,000 Ordinarj- shares 
K u - nnn makin S total interest 13.29 per 
L. Messel and Lo. bought o.OOO cen - 

ad broke Group Warrants at 94tp T. C Harrison: Mr. R. G. Read 


Ladbroke Group Warrants at 94Ip 




on behalf of an associate of has sold 10.000 Ordinary shares. 


Ladbroke. 

Hill Samuel bought 40.000 
Thomas Tilling at 103p for a 
discretionary investment client. 


Hume Holdings: Mr. J. G. 
40.000 Wallace, a director, has purchased 
for a i.ono "A" Ordinary shares I 

ent. Wood and Sons (Holdings): 


On February 2. Barinu Bros. Newman Industries has an 
purchased 20.000 Ordinary shares interest in 367,300 Ordinary shares 
in .McKechnic Bras, at 90p for 19 .IS per cent.), 
discretionary investment clients. Intcreuropean Property Hold- 
On February 3. Beardsley ings: Mr. J. H. Cnrre, a director. 
Bishop purchased on behalf of has purchased 20.000 shares. 


V 


' ALCAN ^ 

ALCAN ALUMINIUM (U.K.) UMITED 




FIDELITY PACIFIC FUND S.A. 

CJODSfORATED WJOen TV*e LAi,'/i cf FATaK.'A 
The address given in the Dividend Notice published on ii.e 
Bch February 1978 for Julius Baer International Limited was 
incorrect. It should read: 

3 Lombard Street. London. EC3V 9ER. 

Apologies are made for any inconvenience. 


Summary of Results 




NOTICE TO HOLDERS OF 


THE DAIEL, INC. 

CKL4BUSHIKI KAISHA DAJEI) 


6% CONVERTIBLE DEBENTURES 

DUE AUGUST 31, 1991 


Pursuant to Section 3.Q4 of the Indenture dated as of Jttne 
30,1976 under which the above Debentures were issued, notice 
is hereby given as follows: 


1. On February 3.1978 .the Board ol Directors of the Com¬ 
pany resolved to make n free distribution of shares of iU 
Common Stork to shareholders nf rerord as of February 28, 
3978 in Japan (February 27 in New Y’ork City, London and 
Luxembourg), ot the rate of 1 share for each 10 shares held. 


2. Accordingly, the conversion price of the TJebentnres will 
be adjusted effective immediately after such record date. 


3. Dehenttireholders or holders of Receipts of Deposit de¬ 
siring to become shareholders of record entitled to receive 
such free distribution of shares must exercise their conver- 
. sion right by depositing their Debentures (or Receipts o£ 
Deposit) together with a Dehenmreholder's Notice of con¬ 
version. with The Bank of Tokyo Trust Company, 100 Broad- 
way. New York, New York aa Custodian, or any of the 
CostodianV agents, not later than the close of business on 
February 27, 197S. The Custodian 5 agents arc The Bank of. 
Tokyo Trust Compuny,_ London; The Tokai Bunk. Limited, 
Frankfurt/Main; The Sanwa Bank. Limited, London; Fuji 
Bank (Schweizi A.G_ Zurich; The Bank of Tokvo. Ltd., 
Paris, Brussels and Milan; The Bank of Tokyo 1 Holland) 
NA - Amsterdam; and Kcedielbank S.A„ Luxembourgeoise, 
Luxembourg. 

THE DAIEI, ENC. 

February 9,197S 


Sales 

Added value 
Profit before taxation 

Profit attributable to Ordinary 
Shareholders' 

Funds generated from operations ■ 
Average capital employed ‘ ' 

Pre-tax return on capital erfipJoyed 
(unlevered and excluding exceptional items) 

Earnings per £1 Ordinary Share 
Recommended dividend per ' 

£1 Ordinary Share : ' 

Numberof employees at year end - • -k 


1977 

million 

266.9 
: - 82.4 
24.7 


.1976 
£ million 
;• 227,3- 
•' 7 •. 65.3' ; 
10 . 0 ; 


11.1 

-30.1 

176.0 


2.6 

2l:tf 

164.6- 


J//'- S. 

-~. y. ■ 

a- 


1 7:0% 
32.8p 


12.8%' 

' 7.6p 


9 9p 
9195 


,N}| 

'.3022'. 


tm 




1977 has shown a marked improvement In restjJts continutfigtha’recoyery of' -\'.£* 
1976. High sales volumes and better margins in the.first.qforter wvere followed 
by lower volumes in succeeding quarters, reflecting low S^oWth ia UiC.manur 
facturmg output and some customer destocking. Coststiontinudd to^reftebt high ;■ 

domestic inflation and margins were being eroded in the yireal6marketcbnditibns •• 

of the latter part of the year. A major programme of investment-far {fee modernise - 
tion and improved reliability of our plants, and in particular ou/ semi-fabricating 
planrs, is now under w ay and capital expenditure of oVer 'f24 million; is farecsst*^ 'if 
for 1978. The outlook for 1978 is one of some recovery from the depressed levels 
of the second half of 1977, and this will be necessary to maintain'^h'e 1977 fevel v ‘ 
of profitability. The directors recommenda.netdjviden'cTpf9i9p. , v 

• • ' 1 s' 

The toll Repoc and Account fonlic yoar^ded 31 December TS77 WiBbeavuiUbid AflW f March j 9T& oil.-./-vT 
reaucsMo the Company, A(w<t Aluminium tU.K.) Ltd; PubJitaliaiB Dspj..Sckiiharied^Sa'ribiwy, 0vfwdshjjw.'i^'. 

- - . ...1_JSy^EsS'-. 


The toll Report and Account tor the yoar^ded 31 December tS77 WiBbeavuiUbie After f March j 97e oii.-..''-vT 
refluen to the Company, AJojit Aluminium CU.K.) Ltd ; PubfiMtiww Oepv. SoulhanffldwSa'ribtoy,-^0rfpnWuwt’X-'- 


n 























I c k ■ > f-M ? ;VflI i7¥» HI 


! I 


i r?At •'T*.*. ‘c .. tZT^.- - i 


■ ! sV 


■■ : -r.ji «'*CWKW.MARSTON, MINING EDITOR 

r» ^naS? P *M r 7 *$*??** from-lx cprrte, reports 

CotiiJ J} 5 ou £ SaUabitfy -correspondent. 

..SkS-SffiSLSJSJS! 


... Mnts V*?*#*: The Intt^.^-wt i 

.-,._ r ' • --^r* *■&■ .-■ ■ fie nd to •only 8 , cents from ; 

’Zr*. “ ■’wiZ!.*’. y ." ' ,, * 1 ‘' *977 ‘■'UK'S'. fVRto -'• • ■*■• ^ ■* 


Earnings rise 
at Cominco 


... “■ ’• i!;i.." vJJTOflt — - - -- 

• ; --.i' ■■■} . vnifS^ih a} 

' •* C«cbJ«j 

:• . ***'«* ---■» 

• • •!.. iyab!o .—.. . - 


■mff cents. 

Kw. 

4M . -T* 


•'.■ rn £s THE DIVERSIFIED- Canadian 
’•• r .\ t ' -- . 12 .?. iaj metals and fertiliser group,. 

• , • * - ?• Cominco. lias reported & Si per ■ 

rise In net earnings for 1877, i 
:v c ®jmcaimdDe, wWch reports John SoganJch. from I 
: » by " T° rom °- Net profit?' , were 1 

PaJabora 13 now *Can.62.2m. (£28M) compared 

• •>.-- . going more difficult; with $Can.4?.7m. in 4975 .- 

: ’• „ ween . operating Although sates were 5 per cent 

I-,.**.”* current low level up lost year at SCan. 759 - 2 in_ ip. 

••’•.irpnew mast be getting vestment income slipped II per 
•. - cent -to- SCaniem., - -, * ■ 

L . 111116 w ? en J 03 "* ad'production was-faoosted to 

.Ppejvmlnes are raced with meet significantly, higher prices 
. > on cntbacXs, Palanora is over last year, bin zinc output .was 

'•* * jKS- ®w I 0 --Sf*™? at ? held back in the face of the stack 
” 7 '- =-ik?SLS--w S,f “" f - racket, low prices and high, world 
Ssfi S ***[$*??* m Palahora, the inventories. Cominco said'that it 
' *'■=-- r itl? u ?- We ^ e unchan B ed received higher prices ■ for gold,! 


~ 'yesterday. ■ silver and tin thaairbiflTS. 

-;;^!T; r MllSEMAN ended 

DOES WELL profit of SCanJKiflL R^sbS^Md 

^-tlla's Central -Norseman ">C 0 toe taxes . took . lCSua.6.7m. 
the- Western Mining C(>r ? inM has taken the'matter up 
ms-lifted its net profit for 1116 Gorertiflaent bAl-has so 
"t- <■ *js.weeks to' January 10 to * a ?.* en unsuccessful in obtaining 
<£2.25iUj from SA2.4Sm. relie *- • . • 


;"rV. a :^^T. : Norseman 
,;» : 5 : rSj> does WELL 


r • i^ame-period of last year. A nniiv n T m rr’ 

~';;Vv Tl of 50 cents-(M.4p) makes KUUIv|/?U“ ' 

'• "■•‘^rW , IS T -J2“ , i J 5 c * nt£ Australia's Wcsrern Mfoing says 
'--t- -ho cents last time^ . that the environiucintal'.lhvestiga- 
■ c ie a lower gold recovery tion recar diiig -the' rproposed 
\ Plr increase in costs,- profits development ■ of * *$efrn 40 
’*« l 6 Jpy*anc®d. m line with, the uranium deposit Was nearing-com- 
Prices.. T3» average, p let I on at the'end of the: quarter 
I""' sa * ls . ,n the past half- to January 10. An environroeota! 
. - oenod. was SA142 per impact statement on the proposal 

■' ■/.compared .with 5A104 a to locate near Kalgoorlia asnall- 

" scale research plant fornietallur- 
• "•'. /■ 'z* .-he current half-year the gicai testing of Yeelirrie'dre has 

' •..•FT ' production is been submitted to the 'Western 

: '.3 to be slightly lower but, Australian state goveratneht-and 
; - ..,T,'he effects, of this-should the CommonwealBh government. 

.-■eighed by the further rise * . 

- Coal production p 1 ans>£-Shell 

eql,a ^-' to SA153 Per.Mifobaatir in south-Sumatra.have 
, . beeivpostponed until 19^.^because 

-... ^ 1 Sumatran coid would not b^ com- 

_l • t0 - ma ^' petitive at current markfet rates, 


APPOINTMENT OF ASSOCIATION 
AMEUR CONSULTANTS INC., 

575 Madison Avr^ Suite 1006, New York 10022. 
Have pleasure in announcing the appointment as their 
associates of 

ALEXANDER LAW EXPORT SERVICES LTD., 
114 Eglantine Ave^ Malone Road, Belfast BT9 6 EU, 
Northern. Ireland. Telephone: (0232) 6634-10/663439 
Telex: 747538 BELCOM G. 

All interested parties should send copies of letters, 
back-up material brochures, etc., to them as well as 
Am ear Consultants Inc., New York 


BUSINESS NOTICE 

The main principals of Amcur Consultants Inc* New York, 


nrouoiit IattoIc rlnrima >Ka P 1#uu * 1 ' vi***vm uminw 1 UC illUili piUJUfiaiQ MX ruuvui vwuaiuiHma ■*» 

' '• according ,to a, company spokes- will be making a business trip to Europe in March. They 

industrial demand for : V'^' .. / • ^ will be available specifically to conduct cross-table discussions 

.r- 4 ,n «usn-jai aemana lor * - . * cth u,n<k tqv« im-inc.v„ 


_"tal, declining world pro- 
and international 


The Gonsoiidated. Gold .Fields 


. y u^wurbances. .. has now completed the sinking 

V nUTTOCwrrF ot surface shaft svsteh^ * The 
OK UN^ WILIk . • headgear portion, of.. tbe^ snh- 
. :r Y HAPrC : .vertical shaft, which Is being sunk 
» t-j rtxjr co - - -.as a continuation of No: 2 shaft. 
Surgical testing of the has been completed and .sinking 
•' mum-tungsten .potential operations are continuing between 
. - /: swtek Tin BHned-at the 13 and ''W-levela. 'The 'R125m. 
concentrator, in Newc4-2OT.),-_mfne is expected?*to 

-“ck -' could lead -to a reach production in 1980. . 

n. (£13J9m.) development .. * 

jjjjI? &2!2! e JS TVvrnr^ T *» General Mining,' group’s 

0Uf T oro ® to South. African Trans.-Natal Coal 
JJJS? Tin !c BO Tvn. had- a net income la$t quarter of 

,., r hr l Sr l Vi5 B ASSliS e MSEES R4.18m.. (f2.4Sm.),.^king a total 
■; 5 J”S* for the half-year:arm 02 m. which 

S BnTH^^ compares with TbK4m. In the same 
■ v ^ period of 1878. TThe past quarter’s 

■ ^' - WhS - 1161 toe 0 ™* oFCaydesdale (Trans- 

T , “?. .^^ rte ~JS®. 5® -vaal> CoDtertes-was.R0.IWm. which 

: - W0Ul ? Jraakw a Mtf-vear total of R1.5Bm. 

• •> . Into production and that• 


in Rome from Sth-17th March 197S inclusive. 

Executives at decision and policy-making levels ONLY of 
these groups, companies or parties who have already contacted 
Ameur Consultants Inc., New York, or other parties interested 
in discussing business or projects personally with Ameur 
Consultants Inc.. New York, on the terms of business as 
announced above and who wish to be considered for an 
•appointment with no obligations should contact as early as 
possible ALEXANDER LAW EXPORT SERVICES LTD., 
: 114-Eglantine Ave., Malone Road, Belfast BT9 6 EU, Northern 
Ireland. Tel: (0232) 663430/663439. Telex: 747538 Belcom G. 


•. Into production and that -sraimr.Ri.6m. 
ant profits would accrue 

group. •• = ■ • • MINING ■ BRIEFS 

i:«*l • ' ■.CtUUWS ' iMeERIA—^Prodocdun of 

: ' :7 L RHODESIA -.-Ufr.OJre /or_J*Dnary S7 umnes iDewuitJcr 

. . ; Vrofits of Kio Tin to RhodeslaF^TMMAmm TTN_H«if _y ear coded 
’ . .jar fell IS Per cent:- to - SonttODter- W, W75 TrUurte ore wld 
' ; Wt—wl-.Mii IE.531. Bevenne ES.OOT 

,J-:'ana the mc- 9. in»;e«n. iwbrtdng wofii •ezi.is* 

' ■ . .. . -dl total has been reduced to Pre-c^^iraai < 49 . 0001 . 


PUBLIC COMPANY 

Wishes to acquire companies in the following fields: 

ENGINEERING, FABRICATION, 
CONTRACTING, SERVICES 
We are interested in profitable companies or com¬ 
panies experiencing financial difficulties that would 
benefit from the stability of a larger group where the 
policy is to back individual company management to 
achieve maximum potentials. Strictest confidence 
observed. 

Write Box G1414, Financial Times 
10 Cannon Street, EC4P 4BY 


itimiem qf ■ Thc"i investment division 
IlULULiolll al - ': increased, the number of port- 

j . ' folios handled by 36 per cent, and 

DVfK anil . * €hp-,iwtal value of portfolios grew 
■7 J ua - ’ 74 per cent..’Demand for some of 

rkf4-{cli ■ -V,'; ’ ...2hehank’s.specialised services was 

MIL19JU. ' : r considerable and revenue from 

G. Duncan, chainnan -'of '^^ sources-improved, 
and Scottish raid gt the™ Guernsey, because 
hat the group continued to of, « reduced call on services the 
from Satively low coS fompany is to operate there at a 
ney comoareTwith S small 

JSStSWmoanS 

Sl?hn22!?5taISi-S' -wpe With the growth-in the 
size and number of ihve^ment 
V transactions and at the .Pair Mall 

for Premises, more sophisticated eleo- 

1 /tronic equipment is being intro- 
ly described as satisfactory-- duced . to. handle ..the increased 
• . — • r : activity in the banking division 

^ Sco,cher 


CONFIRMING HOUSE 
REQUIRED 

LONDON — SIZE IMMATERIAL 

existing management to remain or adequate succession assured. 
Contact in complete confidence. 

Write Box G.1396, Financial Times, 10, Cannon Street, EC4P 4BY. 


mbar shows 
rther growth 
£230,000 

further expansion 
all. sections of the groui 
es, bankers Dunbar and i 


Heavier loss 
by Clifton 
Investments 


ACQUISITIONS URGENTLY SOUGHT 

1 . LABEL PRINTING or ocher specialised print maoufactoNng busuicsa. 
1 DIY/HOME DECORATION Consumer Company, Manufacturing or 
-*'■ Dtoirtbonon. 

In tmh cases T/O £*-im., good existing mnnasemem and opponunliies for 
expansion. 

We are part of a Public Oompany and regarded as leaders In our lndnsWcs. 

Write ’* Confidential" Mamong Director. Box C.1308, 

Ftnanctal Times. 10, Cannon Street. EC4P 4BY. 


an. sections of the group’s CJlfton Investments incurred an 
es. bankers Dunbar and Co. increased deficit of £41,559, 

. Mdtaxable profits by £54889 against £tK557. in the year to 

■ 1,879 in-1977. V -Mafrh 31,1977, after a ux charge 

the banking side. the-« f ^^£204. compared with a credd 
•ir of accounts showed a ^ '£7,981. Turnover fell from 

ctory risd: and. siuas, J ? 7, 3J 2 - . j«.how« 

' post and current accounts The- loss pec I0p share is shown j 
,-ihead 10 per cent at £4^6®. 0.7»p flMfip)'^antf agatr 1 there 4 

.•ar end group cadi and is no dividend. The. Iasi pa>ment 
'• at short-term with banks: was 0.7035p net.per share for 
''•cal authorities was down at 1975-74. 
l (£321m.). , . 

average annual, increase m ./■. Jl/r2: VtOU 

■ mpany profits, over the last - _ r • 

.ears has been.'SS per celbu. PriaxillPr lin 
enting a 20 per eent. return - .*■ IWIUH U|J 
'anbers' funds. Utis tate. of .■ A final dividend, o£ 5.SP net per 
;.jss is not easy to maintain 25p share for 1977 lifts the total 


HOTEL PROJECT 


Arab Finance Co. planning to build horeis in Egypt and Indian 
sub-continent require collaboration with experienced hotel 
operators. 

Finance not required. 

Write Box G.M16, Financial Times, 

.10. Cannon Street, EC4P 4B Y. * 


it juiir 




U.S. $2.5 BILLION CASH 
TO INVEST 

Our Client, a Middle-Eastern Private Monetary Pool with 
U.S.S2.5 billion cash to invest wishes to contact industrial and 
Professional Groups capable of providing the following:— 

1. Torn . Key Project (inrlndtng personnel training)—Textile 
Spinning Mill Id Sudan—100,005 spindles, 2,000 looms. 

2. Turn Key Project—Cone Sugar Refinery in Sudan. 

2. Turn Key Project—Hospital Projects throughout Arab 
cotmtries. 

4. Twelve new general Cargo Freighters 14/18,000 tonnes. 
5- Turn Key Project-Four Hotels of 400-bed capacity each 
in Arab Peninsula. 

6. Turn Key Project—Radio and T.V. Broadcasting Station, 

7. Turn Kny Project—Consullancy for the establishment of 
Dairy Farms. 

8. Joint ventures licensing and technical know-how proposals 
will he'welcome with no obligation In the following areas: 
Telecom muni cations. Petrochemicals. Fertilisers, Cement 
Plants, Water Purification, Food Processing, Mono Rail 
Systems or other suitable economic units. 

9. Complete automobile commercial vehicle plants including 
body building and finishing workshops. 

TERMS OF BUSINESS 

Afl our present projects are to be purchased against cash, 
services and equipment and no terms. Selection of suppliers 
subject 10 observation of the pa6t performances by the users 
of their equipment and services by way of specialists. Tbe 
specialists fees to be borne by the interested parties and not 
by our Clients nor ourselves. Should you wish to take pari 
in any of these Projects especially in the manner mentioned 
above, then we will be pleased to put you on the list of 
suppliers of Turn Key Projects with no obligation, no favours 
and no commitment. Wi- will choose the business groups 
around the world who arc genuinely capable of performance. 
Executives at decision and policy-making levels only, should 
contact fur appointment. 

AMEUR CONSULTANTS INC., 

575 Madison Avenue, Suite 1006, 

NEW YORK 10022 
Phone; 212-486-1487. 

Telex: 237699 and 125864. 


Lloyds Broker 
Diversifying 

Our client is a successtu! insurance broker at Lloyds who 
is undertaking a diversification programme with a strong 
service industry bias, and who has: 

■* ca»-h 

+ proven service marketing expertise 
+ excellent corporate contacts in the UK 
+ international service contacts, particularly 
in North America 

working facilities and support services. 

Potential Managing Directors — with or without existing 
businesses — are required who have imaginative and 
workable service industry ideas and who can develop 
viable businesses from these. 

The rewards will combine good basic salaries, profit and 
growth related bonus schemes, as well as equity 
participation tailored to the individual ventures. 
Applications lor a discussion nilI be forwarded dire cl/v to 
otlr client. P/ease list anv companies ro whom your 
application should not be passed. Rei. C22.TT. 

SWT Recruitment Ltd 

LvocuUve Recruitment & Selection 01-629 949G 
40 Berkeley Square. London W1X6AD 


,;tainnaiL ' ' f 1.88m. after tax took £l.47ht : 

• iddition, although the bank'compared with £L39m- 


MylEi-nabonil company expert In the 
Setting in4 marketing of consumer 
products In tbs pharmacy trade seek* 
.full marketing and/or manufacturing 
tecnccs far. high quality cpftpaohJe 
product. Products chat are m ihc 
general area of healthcare, personal 
'hygiene, and nutrition are sought (or 
■ our consumer product divisions in the 
-major European markets. U.R-. franc, 
-Germany, Italy. Spain- •' 

Write In confidence to Box G.I417. 
Financial T/mra. *0. Cannon Strew. 

EC4I® «y. 


START AN IMPORT/EX PORT AGENCY. 
No cjoiuI required. Established over 
large SA-E.—Wade. DeeT. f. P.O. Bw 
30 voara. Clients m 62 countries. Send 
9, MarlBareuBh. Wilts. 

SUCCESSFUL MARINE TRADER sejtos 
additional capital. M.OOD-£5aOOO. 

Is based m the heart d! Hie Continent. 
Firtiv secured, omen results, 01 9S4 
6142. 

OVER- 00.000 SCHOOLS AMD EDUCA¬ 
TIONAL ESTABLISHMENTS can be 
reached by nwiL The Educational 
Adarectlpo and Mailing service. Dertr 
House. RedMlI, Surrov- RH1 SOM. 
htmtlram £223. 

MAIL ORDER Company Has ul« and 
marketing I ad L tire and capacity, in- 
turen w Importers to ora male pro¬ 
ducts on direct sale basis, write Box 
G.1406. Hiuuidal Times. 10, Can¬ 
non Slr«t. KdPABY. 

TAX LOSS COMPANY REQUIRED. Up to 


iuu.uuu, aiuiyugu (in; IMUK —“l— --- • 

■ me slack yet fo take up, the Net. asset value per share is 
• « sheet . figure . are given as 246Jp (231p). 
aching the roaxhiiinta .gear- ^ 
ormulae approved ' by the vFntirn rf 

of Engaahd.' relating to (JlvirdH - ^ 0**1 nr «,,Q- «wrtM 

ng capllal, d^x>sits ^ and WrifThfCATI phOMa. tdex — tusm'ier under M wk! 

.- pubhc liabilities and loans W *1201500 From El seoareteir. 01-6ZB 4SS4. 

.-dvaaces, etc. . . ... . . i^e Stewart Wrfehtson inter: * . 

these reasons it-Is-dearly national insurance broking Jjronp qiaaiv Aur\ MArillUPDV 
to be hsid ta^astign profit" has. format anew subsidiary com- IfLAIH I Aril# lVIAvIllrIK.lt Y 


£50.0&0 irv the Prooertv Denlnpmenti 
C«v|l Engineer!no field. Phutc enaulre tfl 
R. Buitan, Wheelev Paute & Co- 
SO. Parlutone Road. Poole, Dorset. Tet 
Poole 3344. 

£1.000 REQUIRED for ZOAb equity In 
U.5.-proven automotive business Idoa 
using new market)no strategy. Write 
Box G.1415. Financial Times. 10. Can¬ 
non Street. EC4P «Y- 


h at'present levels,-but the pany, Stewart Wrightson fEnersjy 
,.:mrs are confident of healthy-Resourcesh to briny all Its. ou. 


‘.ontinuing devekipmenr with, gas; petrochemical and enerey,; . 

; '‘ tiler broadening' of the ipoxn* related insurance sen-fees uoderj KIPVI 

... v r s fields of profitable opera- one roof. ' 

•- ..the chairman comments. .Mr. Peter Methley, chairman of 
., •: : : for the-year took £114^48 Stewart. - Wrighison <Ener©- Ol 

.. • 561) leaving net profit ahead; Resources'), said Thai traqi- Capacities 

: > . 18,031 (£72,729). Dividends' tionaUy. insurance brokers nave., . . . 

" .■’by the company which has preferred'to; draw on the expei^; from steel 

• * ’ “Status, absorbed . £43,532 tige <rf their-separate special«eo Oterdture 1 

•-V ,-'-,S25), and .£74,449 ' <£39JKH) divisions instead of attempting to, ; . ■ 

• retained. " miPror the riequirefnents of the ou ALCOS E 

canital was up €412045 indtt«ry- So we feel we are break- Airfleot I 
'V 738)and™ advances . and rag new. ground by 
.. •' vd advance, were^: higher -at marine, '-mMJfJfPf 

bl. (£3.Wxn.) t ,_ ;ah^e ftuiotiflns_J»tD one jnut . . .j| 


NICKEL CADMIUM 
BATTERIES 

Capacities from 2 to 500 AH 
from stock. Please send for 
ptermorir ■ and price list. 

alcos batteries LIMITED, 

' Airfle«t House, Sulivan Road, 
London SW6 3D3C. 

01-731 4191 


GENERATORS 

Over 400 sets in stock 
lkVA-700kYA « 

whrijr from the Banufncturtr* 
with full after-»le» nrvhM. 

CLARKE GROUP 
01^985 7581/0019 
Telex 897784 


qcmerators 2 - 2 uo 0 KVA «r*» n"d used 
Imipndlawiy avallabin. Keen compewtlre 
mien. Ctncru LM. (673SZ3) POS3. 
Tcta S4&4S37. 


FLEXIBLE 

WORKING HOURS SYSTEM 

Major Swedish Hectronics com pa ny wishes Tu appoint on 
agent.to market 115 flexible workiny'hours system in tbe L'K, 
The agenL should preferably have extensive experience in 
personnel 111 an j cement systems and data processin? equipmenL 
Contact m icriling ghnnp complete company details to: 

The Swedish Trade Commissioner's Office 
Mrs, L. Wirsen 

73 Wclbcck Street. London \V1M SAX 


URGENTLY REQUIRED 

By specific cuitonirrt csu6Lth»d tempinici cr>j»ged m import and wtafeu/nj 
—shipping and loi-ardinj. Atrehousin{ and dutribuiisn of consumer joads-— 
electronics, injuran^e broking—plane hire—engineering own produce, c.g. 
agricultural -:duipment—D.I.Y. distributers in kitchen and bathroom equipment 
_Toys—Betting Shops—Leisure Bingo—Timber and Builder's Merchants— 
Publishers. 

REQUIRED SPECIFICALLY IN HOLLAND. GERMANY AND UJC. 

Manufacturers of corrugated or mird packaging and materials—mufciwai! paper 
sacking—car acceisories and lighting—metal screw caps and closures. 

Write in confidence to the profesiiomifs in tokeovers and merger:: 

ST. MARTIN LE GRAND SECURITIES, 

71 Baker Street. London. W.l. 01-B15 31H/3I77 

Licensed Deoirri in Securities 


OWNERS OF TWO MODERN FACTORIES 

of approxmiareJy 5.000 and 18,000 sq. ft. in Middlesex area, operating 
as manufacturers and finishing of mecal parts of all description to a» 
trades ranging from 5 ton-200 ton single and double action press 
work and auxiliary equipment with full supported cool-room 
facilities. Turnover 1977 £500.000. We would consider sale of 
all plant contents at £150.000 as one lot or plant and factories 
combined. £450.000. Motorways. M4 M40. M3 and Ml easy access. 
Principals only write Box G.I397. Financial Times. 10. Cannon Street. 
EC4P 4BY. 


£50,000 AVAILABLE 

For purchase of Company 
(London area) where sales 
ibilicy is required. 

Write Box G.1363, Financial 
■Times. 10, Cannon Street, 
EC4P 4BY. 


ESTABLISHED COMPANY 
IN SURREY AREA 

with large expert market would like 
to acquire interest in press and sheet 
meul working company. New com¬ 
pany will take over existing contracts 
amounting to £100,ODD per annum 
and tool for additional products ax 
present being developed. 

Write flo« G.T3A9, Financial Time*. 
to. Cannon Street. EC4P 4BY. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
br IBM. Buy. save up ro 40 p.e. 
Lease 3 yean from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-441 2365 


LIMITED COMPANY 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. City Road. E.C.I. 

01-628 5434/5/7361, 9936. 


FOR SALE AS 
G0INR CONCERN 

Property Management Company, estab¬ 
lished 10 yean. Grou annual fees/ 
commission £30,000 p.a. Accounts 
available. Suitable acquisition for 
existing management csmpany/esBte 
agents. 

Write Box G.1409. Financial Times, 

■ ffl. Qtanon Street, FC4P 4BT. 


END OF MANUFACTURE 
CLEARANCE 

25,000 high elset "Bretico* 1 engineers 
spinners for disposal. Variety of sizes 
and typ« In Whic, BSF. UNr, Ameri¬ 
can and metric. Company willing to 
dlscots |ob lot sale or arrangement 
with engineer’s agenL 

For /uniter detail! write to Box 
0,1410. Financial Timet, TO, Cannon 
Street,- EGIP 4BY. 


SHALL TO MEDIUM 
RECOGNISED ■ 
ADVERTISING AGENCY 

with many years successful trading: 
profitable and efficiently managed, 
wishes « hear from interested and 
prospective purchasers. 

Write Box G.ldlt, Financial ffmes, 
TO, Cannon Street, EC4P 4BY. 


ADVERTISER 

with «ompl«» freight forwsding organi- 
sscion interested m Co-operating with 
companies who ire lutwomelsl 
Enportem/impwieN on mutually agree¬ 
able ba»«- . 

Principals only write-in strictest con¬ 
fidence to Menanglng Director. Box 
GJ412. Financial Tima. 10, Cannon 
BC*P 4BY: 


ENGINEERING 

FACTORY 

i 0.000 sq. ft approx. 5.W. Essex. 
With cap*an, turret and centre laches, 
milling, planing, boring and grinding 
machine*, ecc. Plane and lease for 
tale- workforce of ten and regular 
orders available. Principals only. 
Write Box G. 1413. Financial Times. 
10. ConOM 5 1 root. EC4P 4BY. 


YOUR MAN IN EUROPE 

Is tailed In the heart of the Continent. 
Hit team provides prompt international 
:o>erage from its communications and 
finance centre: Frankfurt, negotiates 
and corresponds for vou ,n Englisn. 
German. French. Suanisti. Dutch and 
Japanese. Available: Comprehensive 
international Papcnence. Euronc-widc 
contacts, legal and tax exoerts. set re- 
lariai and conlerence facilities. Open 
■o any serious proposals, flexible and 
adaptable. Initial entwines to 

Mr. Mem. Tel. (61031 64041 
Telex 417354. P.O.B. 201161, 6072 
Franktvrt/DrcieJch. W. Germany. 


ESTABLISHED AGENTS 
WITH 

SUITABLE CONNECTIONS 

Required to sell patented range of 
hind washing and hand drying 
machines in the South and West of 
England f excluding London area). 
Additional territories available later. 
First-class product carrying good com¬ 
mission. 

Apply G. R. Kay. Maniging Director. 
C. A. Wallgate & Co. Ltd.. Crow 
Lane, Wilton, nr. Salisbury, Wiltshire. 
SP2 0HD. 


PRESTIGE CARS WANTED 

TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the beat price for 
your low-mifeagc prestige motorcar I 
We urgently require Rolls-Royce, 
Mercedes. Daimler, jaguar, Vanden 
Plaa. BMW, Porsche, Ferrari. Maicrali. 
Lamborghini. Jensen Convertible, 
Rover. Triumph and Volvo Cars. 

Open 7 days a week 
Collection unrwhorc bi U.K. Cash or 
Rankers* draft available. Telephone us 
for a firm price or our buyer wID call. 

ROMANS OF WOKING LTD. 

Brookwood (04847) 4547 


ARABIC 


TRANSLATION-TYPESETTING 
Qualified Arab Translator? 
Typesetters and Printing for Sales 
Literature. Exhibition Material for 
the Middle East. 
Pan-Arab Publications Limited 
Telephone oi-353 8316 


DESPITE THE RECENT 
RECESSION 

In certain sections or fire shipping 
industry, sound long-term Investment 
opportunities still exist. Old established 
operating subsidiary of major British 
shipping group can offer one or two 
investment prelects complete with 
management or will manage your 
vessels on world-wide basis with same 
care and thought as entrusted to their 
Own fleet. 

Write Box G.1275. FinanC.Jl Times, 
10. cannon Street. EC4P 4BY. 


VENTURE CAPITAL 
AVAILABLE 

Minimum package £800.000 for new 
or expansion projects. Brief details 
only markrd CONFIDENTIAL in first 
Instance. Principals only, 13 

EURO-CAPITAL FUNDS ASSOCIATES 
Box GJ256. Financial Times. 

10 Cannon Street. EC4P 4BY. 


or in other words 

ARABIC TRANSLATION 

also 

Interpreters, Typesetting, 
Leal, Technical & General 

Contact; ANGLO-ORBAN. 

8. Portland Road. London. W.I1. 
Telephone: 01-221 7825. 


FOR SALE IN 
CENTRAL LONDON 

Newly 'established ' pel/ol station and 
car park with long lease. Car ipaeei 
Lee with an income in excess ol 
£50,000 p.a. Future additional space 
possible. Excrllenc petrol profit 
potential. 

Ring: 01-23S 7942 


Finance 
for Growing 
Companies 

If you area shareholder in an established and 
growing company and you. (ir your company, 
require between 4f5ti,Ouil and C 1.(XH.i,ikhi for any 
purpose, ring David Wills. Charterhouse Devd< »pment. 
. Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. We are prepared to 
invest in both quored and unquoted tvwnpjnfes 
currently making over C'tCM.KKI per annum 
pretax protits. 

m CHARTERHOUSE 

Churtcrhfiuic Dt.-velopmt.nr. 1 P.ircnn »srcr Ri <\v. Sr. J '.mis, 
Lomti *n i:C-iM ?DH. Tt-It-phi *m.- ni-J ijs y * \ 


WANTED TO PURCHASE 

Established leasing company, with lease receivable* of between 
£100.000 and £1.000.000. ideally a company unable to utilise first 
year allowance:. 

Please write in confidence to Box G.J399. Financial Time:, 

10, Cannon Street. EC4P 4BY. 


FOR SALE 

Long-esiabILshcd, medium-sized South Yorkshire-based Building 
Company with :jood asset i)a«\ including own modern premises 
Small land hank available wifh benefit of proposed develnp- 
ments and existing detail’d planning permission. Experienced 
management learn. Turnover approximately iT.-J50.u0i> 
£1.500.000 Enquiries fo: 

Atkin, Macreatlie & Co. (Ref. K.J.J, Chartered Accountants, 
Barkers I'ool House. Burges^ Street, SheRieUL SI ^HF. 


GENEVA 

Full Service is our Business 

• Law and Taxation. 

• Mailbox, telephone and 
telex services. 

• Translations and secre¬ 
tarial services. 

• Formation, domiciliation, 
and administration or 
Swiss and foreign com¬ 
panies. 

Basinets Advisory Semico 
J me Pierre-FMlo. 12004 Geneva 

Tel: Sil 03 40. Tvlus: --1*:. 


£1 


iTi/IJ 


AIR FREIGHT 
COMPANY 

Required for ash by substan¬ 
tia' forwarding group. Min. 
orofii net pre-tax £25.000. Must 
have Heathrow premises. 

Write Box G.140I. Financial 
Times, 10. Cannon Street. 

E CAP 4BY. 


FOR SALE 

LIGHT PRODUCTION 
ENGINEERING COMPANY 
Situated in Hampshire 

Engaged in manufacture of precilion 
components, with regular contracts and 
full order book. 

Turnover £250,000 

Managing Director wishing to retire. 
Write Bor G.M0D, Financial Times, 
10. Cannon Street. EC4P 46*. 


£50/500,000 

Private Group of Companies arc wish¬ 
ing to diversify and, therefore. Jrc 
seeking to purchase a company in 
the pctro-chomical. electronic, light 
engineering or properly field. Existing 
management could br retained on 
mutually acceptable terms. 

Pleuie write In strictest confidence to 
Box G.1334. Financial T/mri. 10. 
Cannon Street. EC4F <Br\ 


su 

AT BLAENAU FFESTIKfiOG 

Super 51.000 «q fit factory 
ready lor occupation, rent tive 
I lor live \tirs I'.jvini; il I-.uOif 1 , 
in ;i Mipcr area «'f North W.ilc--. 
Many additional Niiper financi.il 
incentive* art- .naiJaWc ion. Cuin.ict 
the IVvclopmeni Dircuor now! 
IH-vriupnieni Board fur 
Rural Walts 

l.udyivcll House Newtown 
! Powys SY16 ]JB 
Telephone.* OfxSf. 2oV»5 



3 

51 



BMW 3.Osi 
1974 

I owner. Atlantic Blue/Grer. Sun 
roof. ■f-ipoaS.ee radio. Absolutely 

immaculate. Washed d.-ily. lice 
sera ccticd. Undersealed iroip new. 
New engine, gcj.-ooa. d>3. uni:. 
Caravan tow hitch. Spare Battery 
charger. New Michelm XWX tyres 
all round. Aosolute:-/ first class con¬ 
dition inside and out. Want co sell 
privately at fair price of £3.500 o n o. 
with six m;nths mechanical guarantee. 
Full service history available. Cherished 
number PJG 1 not available —10 bo 
transferred to new ear on arrival. 
PETER j. GARRINI & ASSOCIATES 
LIMITED. 

130a Burnt Oak Broadway. 
Edgware, Middlesex. 

Tel: 01-952 6626 - Telex: 923578 


I OXBRIDGE 

; Highly successful Preparatory School 
established over 50 yean lor sale 
due to owner's approaching retirement 
Approximate!/ 200 puniis. Modern 
purpoEe-buile buddings and full cqui?- 
I merit. Long leasehold. Eaccptionel 

I profits justifying substantia 1 p-«ce. 
Principals or their Adviser; or. 1 /. 
Write Box N. 10245. William's Adver¬ 
tisement Offices Ltd., I. Piccadilly. 
| Endfo-d. BOi 3NG. 


BRAIN FOR HIRE 

Free spirit, but with feet on 
the ground and solid experience 
in advertising. PR and sales, 
seeks link w'th like minds and 
an idea that will click. Write 
Box G.1395. Financial Times. 
10. Cannon 5treet. EC4P 4BY. 


SMALL EN6. CO. 

IN MANCHESTER AREA 
FOR SALE 

Owner wishing to rcLnc. Own pre¬ 
mises. Excellent position lor access to 
motorways, rail and docts. Products 
include proprietary as well as general 
products used in Chcm. Ind. All 
replies will be considered. 

Write Box G.1402, Financial Time*. 
10, Cannon Street. EC«P dBV. 


SALES IN JAPAN 

Executive moving between U.K. 
and Japan, with top contacts, 
interested in handling exports 10 
Japan of quality British products. 
Wrfte Box G.fJOT, Financial Time*. 
10. Cannon Street, £C4P < B '’- 


1N.SI RANCE 3K0KERAGE 
WANTED 

Sm.ill tiro up of Ci>n>j«.iii!,s m c.--ii, t 
indu-JTry nish m ■•spuinl i.j- Ijuyi'is- 
an irj^uranti- broki-r.i>,iin- 
misxlun (ncunii.- up 10 /iuu mm r-.j. 
Reply in idijiiili'iiiv to ih-.. Lhnmiin. 
Rox ri.l-Kiv. i-'in nivul t mi.. *.. 10 . 
L'.IIIIIOII Slp.-I.-I. EC4P 1F-V 


PROPERTY FINANCE 

Long term in:creic-only (non-endo.v. 
mencl- institutional mortgages now 
available at 

11 i% PJ- 

lor good-, quality fanunii.-ul and 
industrial properties tor investment or 
owner occupier. 

SEYMOUR ADELAIDE £ CO. LTD., 
01-935 2382 

18 Seymour Street. London. WI. 


MOTEL 

Adjacent M6 highly progressive 
populated area. Being con¬ 
structed now. Of interest to 
hotel / property companies / 
investors. Please reply to Box 
G.M06. Financial Times. 10, 
Cannon Street. EC4P 4BY 


Become a Polaroof Contractor 
—and get the Seal of Approval 

POLAROOF b the leading 
plastic roof coaling chat «top» leak* 
once and -for all. Ai an Approved 
Polaroof Contractor you could be 
winning 1 big sharp of the roof 
maintenance market. Write or 'plwne 
for details to: 

PLASTICS AND RESINS LTD.. 

Cleveland Road, .Wolverhampton 
WV2 1BU. Phone: MB 53315 


DO YOU NEED MONEY ? 

.We can arrange -finance from both 
institutional arid private sources for 
all typos of Industrial and commercial 
property including hotels. Factoric*. 
nomo and overseas developments, com- 
iiny acquisitions, corporate finance etc. 
G. j. DARBY CO. 

Suit* 29, 78 Budciimiiam Gate, 
London 5WI. Tel; 2 Z 2 4843 


ISLE OF MAN 

OFF5HORE TAX SAFEGUARD 
Grasp the opportunities in a low iar 
area. Wo sncdalise in me lormatlun 
of sompanios Including nominee 
appDnunonu. uxretarlaf serv-se*. 
general agency work, ttlex and genera 
consultancy including commercial 
placement. Full details irom: 

R. A. Brown, BROWN BROTHERS 
LTD.. Victory Hnoa, Prospect Hill. 
DMBbu. Isle to Mon. Tai. 0642 
25661. Telex 626241. 


SMALL NATIONALLY-KNOWN 
MANUFACTURING COMPANY 
S£. LONDON 

Heat intensive process, tucks others 
with similar requirement, good manu¬ 
facture. storage and parking space. 
Modern buildings. Merger or partner, 
ship considerd. Principals only. 

Write Bor G.1405. Financial Times. 
10. Cannon St reef, £C 4P tBf. 


IlilUilimi 


Cinema 5-W York; available. 
Enquiries to Box G.M04, 
Financial Times. ID. Cannon 
Street. EC4P 4BY. 


LARGE FO0C 
DfSTRSBUTSGH 

with £3DDm. buying pojver. currently 
exporting food, non-food, riii, tuga-, 
booze, phirmaceuticals and ccileU'e* m 
large quantities. Wc itc interested in 
expanding thu side of the business. 
Those interested write Scr 6.1403. 
Financial Times, 10. Ccnnon Street, 
EC4P 4B1. 












































































































Financial Times. Hraisday ^February .9) 197S -'A* ? 


CII Honeywell Bull rise 




AMERICAN NEWS 


BY DAVID WHITE 


PARIS. Feb. 8. 


THE FRANCO-U.S. computer expecting." trad noted that the following year to Frs.lOOra., after 

group, CII Honeywell Bull, growth rate was well above the which they are due to stop, 

to-dav announced increases in market average. Above all. new Thu programme, however, 
turnover, profits and new orders orders had increased by 33 per depends somewhat on the out- 
whicb. it said, set it in good cent, enmpared with the joint come of the March elections. Cii 
stead to dispense with injections figure for CII and Honeywell Honeywell Bull being on the lost 
of French Government aid. as g u u in lflTtS. when orders wore of companies which the French 
planned, in 19S0. reported as totalling Frs.3.4bn. Left wants to nationalise. 

fn the first full calendar year But despite the reasonably The group's capital expendi- 

nince France's CII and the optimistic tone oF M. Brute's tures in 197< totalled Frs.751ra., 


New crude 
supplier 
for Corco 


slow advance at 


Brands 


NEW YORK, Feb.-8. 


By Teny Byland 


of French Government aid. as p u u in 1976. when orders wore of companies which the French *T n L ^ . - by OUR OWN CORRBPONDENT » . NEW YORK, Feb.-.8. By Terry Byland 

planned, in 19S0. reported as totalling Fns.3.4bn. Left wants to nationalise. NEW YORK, Feb. 8 - ........ . .... ’ 

fn the first full calendar year But despite the reasonably The group's capital ex pendi- rOWMOMWFALTW nil Refin- -CBS INC the world's lars^ or ?L82 a share, compared Witt -been" as much as 510m. down on SALES for 1977 rweby'17^)- 
fince France's CII and the optimistic lone of M. Brule's tures in 1977 totalled Frs.751ra.. , u “. h fI D ? hroadea ctin" comoanv returned 5*7*^ or $1.68 per share. - 1976, but it did-Stress- that its cent tD^a recorf.^-lbrn,.^ 

hi-national Honeywell Bull were Press conference, the group faces and some Frs.450in. was spent on J. * < alternative to tt . hat it M iied a “modest” 11 Der Sales for the quarter were' other divisions, includins records Staadard Brands Ihc^mahuft 

brought together in 1976. net a tough job to stay in profit this research and development accord- 5 « 2 - « 5 ? f JiJISS 1 „ ! what it called a modest 11 per_;_^— and publishing, had had'a record turer of. food and eonfectidQe 

E2* » as ..rr S l« m .about vear. because of a drop in ine to company officials. _ . TSZJTjESffL £■ A Ml ^ -to dun W & 


i .oilu or vA,vo per snare. *- abiu, due a uiu su«a- w*i. n* - .- -—- — ----- 

Sales for the quarter were other divisions, including records Standard Brands lnc„ mahuft 
' ■ and publishing, had had a record tnrar of. "food and confectitipe 


I’lum wiaa * tdi/uui >car. UCCUUW.- Ui a Mia 111 uruu 111 iu luiupuu; uuiiium. I J „ »«h 

$29.4x11.). a 60 per cent, increase ’the amount of state aid due to M. Brule said the group had JJJJ 1r gJ crude 


»m the joint figure for the be pumped into it.- 


previous year. 


m. -oruie sam me group nau lajM| qu ^ppUer of crude for tie company. 
™” e lo ihe end of stsfl reduc- oU for i(J PlI ™„ Mcln re . .““rT J . „„ 


■ent, increase m profits last year , motlnB m « ftr A fc ano « .-ve4r . ‘. products, wines . aqd.--.mh- 

■/hich was. nevertheless, a record A reason '^However, since the CSSS TV; a I C ahoiic fae/erag&-Biit 

or the comoany. SD reaerai regulation or tnoi.___ , v'lti'Am than' HlMifln flnr'enmtnno 


Under a four-year programme lions—begun in 1976 and eon-1 R n ^ r ;^ g 


CBS implied in its announce- 


mdnstar 


Including the results of the endins in I9S0 CI7 Hnneywell Untied at a slower pace Iasi:year Corco announced today that ™“» don this 


Bullje receiving Fr, 1 . 2 bn. !L n when.« cut hurt. nn_per S onnet| JSStSSTTSmSi ZXZSSTJXSg. '2 


and consolidated results for the subsidies from the state, which replacements—and would begin ^ toc ff OUs ton-based cora- 
fiecond half, preliminary turn- is a shareholder in the majority to increase its workforce again agreed to supply 

over figures showed a 14 per partner. Compagnies Machines to cuter for the expected expan- S« Veonlrod omonnin of crude 
cent, increase to Frs.3.7Sbn. Bull. sion of activity this year. 1 

($775m.i. SlighUy more than of this, Fr$.5Q0m. was The soup’s turnover remained 
half of this came from outside ploughed in between March, equally divided between equip- 
France. despite a stronger i97g ( and March, 1977. and ment sales and rentals and ser^ 


“significant increase in the rer^^ fnmi P“d investor and brought tte Mimcenait of net moome;.: 

programme casts of its Droad- SnnTh/share .price hear a two-year low. SS6.6m. or.$2-« a^sharoTffiri; 

casting division and a weakness rS» ><JBS topped lie network iat- year against S67.6m. 0r S2.|fc 


sian of activity this vear ^ -«*«*—»« «* in spot advertising rates which ““sut compiamea tor f _ r moxe than 20 years until the previous year. . ^ 

was The EttWt tucoove, remained SSh *F. 


tegs n,SntS Se 

six mouths from to-day. stations stneuve Federal regulations. r,,_z _ _ 


France, despite a stronger 1976 “ and March. 1977. and ment sales and rentals and ser- “h”r^Jihiiitv stations. smeuve reoenu nsguiaaims. igi^ t0 av0 ia^^ third .place, bdfirad in the third quarter, after shg 

tendency in orders from the Frs.450m. is coming in the vices. The increase in the order 0 f its fiW for Drotection At S2_776bn. CBS' sales were ■. NBC.. _ . . ^ . declines In the first two. f 

home market, according to the Government's 1977-78 financial book would mean a further under Chanter 11 of the Fed- 24 P er cenL U P 011 1976 * 26 P«r cent np onthe pluvious' This has undoubtedly, affected Net Income for the four 

Croup's chairman. M. Jean-Pierre vear increase in turnover this year, mi tadniut* h« Corco returned a net income-of S182 iil, year and totalled S832Bm. . -the company's attractiveness-to .quarter came out 26 pep,■co 

Rrilfp " r _ n kt. _ lUln ir n u .i __J IA m nl-A . 9 nn QR VI nor clievn nnmno va/ 1 PBC ■ J 4inf nAtifl »«m Analwefr** 1 nHno^Hcore STtH llTTllfprf tbp. n *k eh rw - • 


tendency in urders from the Frs.450m. is coming in the vices. The increase in the order! 0 f its Mine for protection 

Kami a rti 4 fL'ot 'iPi'firfi inn m Inf* _ _ ■ * _ 4 a* »*■ r m /■ «^ .. i _._u _ r. _ z_ _ I B* » _ _ 


t^tmloHnnc wucu wu ***** aiMig- iuouiuuucu upumu.icwni 

g .- gling to avoid'third .place, behind in the third quarter, after isle 

NBC.. declines.In the first two;/.. 


Brule. ■ f n ' t he 12 months from this M. Brule said, declining to make stressed that the agreement °r 58.50 per share compared CBS did hot confirm ahalystsV advertisers and limited the.-wgher than - the^compare* 

M. Brule said 1977's results March, state subsidies are due to any more detailed forecast for coastal States would be with S163-9iru or S5.75. Fourth speculation that profits froth its charges it can make for apot period at - 520.6 m. . Share; eat 


were “good, what we were drop to Frs.lSOm^ and in the the year. 


Migros above 
expectations 


EUROBONDS 


By John Wicks 

ZURICH, Feb. S. 


Fall in sterling sector 


BY FRANCIS GHILtS 


tain its operations through any 
bankruptcy process. T r I 1 O 

Ashland bad been supplying ■ 9 

Corco with crude and other -*- “ 

oil products for most of last 
year under a series-of agree¬ 
ments which eventually ex¬ 
pired on February 3. Coin- INTERNATIONAL 


an important step in ensuring quarter net income was $50J6rn^ broadcasting division may have ; advertising. ings'.muvecL.'up from ■24 cents• 

that the company would main- ----- : -/ . ' .. : tfoS^vanlSd 

T earnings ahead by 14% 

° . T . / \r\ he- expected. Standard- Braui 

NEW YORK, Feb. 8. - • itpwardiid>iBeihBm;-to- ; «pidir- 
■ into 1978, commentii^; that,oi 

Telephone set a record at about $l3;lbn.-previously repotted extra-' prodpets were the keystone'- 


IT & T earnings ahead by 14% 


cidentally. it bad been ue- and Telegraph Corporation said against $lL8bn. a year ago. . . ..ordinary gain of 14 cents per the group's growth.plan, ■- s' ■ 

_■ = _>.= n_ __a r T^ourtmA Krtfnvrt -mrtvniwu^ATiaivn a 4 iama mm fViA f-ilA At TT*TV fiml 1 j 3« YPJir 1CTW- AraTInAFII mn 


Tho P ^ ^ rnT i cVlmc planne d _ Prices recovered in the »»*- sidlary 

J[L J I afternoon after the result nf the The A»15m. issue For Citicorp storage 

occurred despite an increase in | m i ner s’ vote became known. was priced at par. with condi- Guayai 
rhe chain s overall prices of only .... . _■ . tions otherwise unchanged 


0 9 pe^cent^and compared with The WA bond was priced at ,io , ns otherwise un chanced, 
an fmnrnvrtmrtni h. SrnJr cenL par. as expected, but well ahead _ In the_Sw,ss franc sector, one 


sidlary dock facilities, lank 
storage and pipelines ai its 
Guayanilla Bay refinery in 
Puerto Rico. 


Sales for 1977 are expected to provision, together with - the AP-DJ 


growth/ 


an improvement by 3.3 per cent W “ expeaem out wen aneao V- 

for the Swiss retail trade as a of the planned date. More than V ie _ c ® 1 2 1 F-“i es _’ 


for the Swiss retail trade as a oi toe pianneu aate. more tuan V i i * 

whole ‘ the rise in Eurosterling rates, the ^ bas arranged a 

• Micros Bank, the commercial managers. Blyth .. Eastmann. 2™--: 


O Migros Bank, the commercial ^uuan i, COUQOn 4 i ^. r ct . nf and thp 

bank affiliated to Switzerland's may have feared the posable ““P°p 4 * ^5 Si 

retail-based Migros Cooperative announcement of a new sterling 

showed a 4.i per cent, growth issue. to tao th -. s mar t e t is New 

in total assets for 1977 to Trading in the doUar sector Zealand, which is expected to 
Sw.Frs.l.68hn. t-i«58m.>. Deposits was quiet, with prices essentially raise Sw-Frs 120m for 15 years 
by the public increased by some unchanged. with the Union Bank of Switzer- 

S>w.Frs.72m. over the year, while The European Coal and Steel j and as j ead manager, 
on the other side of the balance Community is making a S20m. j>— ______ 

sheet. loans outstanding were up private placement of 12-year i n a.u 

hv Sw.Frs.63.8ui. An unchanged bonds with an S.5 per cent. Bondtradc Index 

5 per cent, dividend is to be paid ™“Pon and an issue price of 99 - 

from net profits of Sw.Frs.T.lm. P cr CTnt - Joint lead managers Yesterday Tuesday 

f83.6m.). which compare with are Sociele Generate de Banque Medium 99.76 99.75 

the previous vear's Sw.Frs.6.5m. an d Salomon Brotliers. Long 93.65 93.66 


Marshall Field 
in talks on 
take-overs 

CHICAGO, Feb. S. 


Pan Am tumround to $45m. 


intehded to 'suppiort'Van Ne! 
te-the -area- of financing ai 
exchanged of expertise- • ' 

• Another purchase cdmplet 


- Another purchase cdmplet 
•last'year that of Pina 

Foods Inc. and S. and W. Fk^rH "“ J i 1 

- - Fodds? ‘3nd H 'j from - -Imasco 

' • v ' r Standard"'put : a value of S38 

- on this deaL 


BY GEORGE M1UJNG-STANLEY - on this deaL 

AGAINST ANALYSTS' projee- S478.3m. In the same period a to $L06 per share or^''» : -«wEr'l^S; 
tions of net profits of some S59m. year ago, the net loss was fully diluted. Fourth quarter net 

for 1977, Pan American World 8100,000 on revenues of $403.6m. t loss was equal to 22 cents per tnMftihe •mnn > i!S 

Airumie mario nnanrinx r-.ot K.if nr. n .rvr.a. rk.r. OeSignea tO SlllIL me group S tra 


Yesterday Tuesday 


Zurich Insurance 
sells Gerling stake 


Eurex in link with Telekurs 


ONE HALF of the Zurich Insur- 


BY MARY CAMPBELL 


uamcj nut, mv a tdiwurr- snivelaeij diiK-ieu ut au mm present legisiauou oeen restateo, exemoe-^au extra- ^b n f- «,«< balance ha«! hw 

ing acquisitions as a means of 5>S.4m. adjustment which recorded permitting airlines to offset ordinary gain from, a aebenturfe *6? 

becoming a national concern, the effect of capitalising finance income taxes completely against exchange of $117.5m..~less income 

said Mr. Angela R. Arena, leases in accordance with FAS 13. available tax credit, no federal taxes of S2S.2m.. and a gain fronr SV'i^t nf^arr^Sv-*nJ ^ 

president and chief executive Excluding this adjustment, which income taxes were provided for a tax loss carry forward of of aales^ ’ 

officer. had no effect on the company's in 1977. HoVever, the 1977 S23.6m. for a total of $2:67 per intW 

Mr. Arena said Marshall cash flow, net income would have results do provide for foreign, share. With the Inclusion of th« ^.^ThTVirth nrine nr 

Field is “involved in some been S53.4m. state and local taxes of S6An„ extraordinary-gains. Pan. Am’sTS, 1 r a S^s£5JdSn?J 

conversations with others.'’ ne The company recorded a net while the 1976 full year had a 1976 net loss hecame a net ^Jruns hSS 

declined to identify any o/ t\K loss in the fourth quarter of net tax credit of SL4m_ : • , of S99.9m. (52.36 per share, .or S'te hreatdeS 

acquisition possibilities. S9.am. on operating revenues of The 1977 net profit was equal $1.50 fully diluted).- PwnmSSS! 

He snid the company was not _____ ' • - _ ./ ' • . .sugar -bribes fell a wav an 

currently negotiating with B. . .. " - -StendardS ^Smines tor the S 

Borg-Waraer World Bank borrowing ; 


ance Company's stake in the EUREX and Telekurs have So far the London dealing com- acquisition possibilities. 39.5m. on operating revenues of The 1977 net profit was equal $L50fuIjydiiuted).- 

German Gerling concern is to be jmade an agreement whereby riuilty has been notable for its He said the company was not '■. ^ - 

sold to the German holding com-;customers of either will be able l ac,i of enthusiasm for the currently negotiating with B. ~ “ 6 

pany. Versicherungs-Holding der t0 get both services through the system. However, a large num- Altman about acquiring the U^wr IT T _11 T* 11 ' T_• 

Deutschen Industrie GmbH. This! same terminal. Eurex is the be r of dealers have apparently New York retailer, though the oOrg-Warfler WOTln KflIIK llHilTffcWIfl & 

transaction will permit the fusion computerised trading system for b een attending the presentations, two companies have had some 1 . rrv^i TT vliU A/iUlii MVfXJ. vr TT JXl.^ 

ZnFsstiasssr.« ss ss s jsss ssz a: ^ sales at $ 2bn - « w^ton. ™ 

ESjafa. aisti m sis,era .”®. rl 7 s r ms _rr s i ssats 

Insurance Group. i 1_....analysis and programming, as time and . bar ii« nresent <all« higher in all its maim nraduntR 1 ™. w>r a year^lie 


BY DAVID BELL - WASHINGTON, Feb. 8. 

THE WORLD Bank has com- Bank Sn July 1977, which means 


Eaton buys up 


finalised. “It is covering sidering acquisitions Tor some BORG-WARNER reports sales SSd its SSt $Sfh toanSk SttS KSeSS KpilWSIV 

analysis and programming, as time and that ils present talks higher in all its majoi products aS six montts ahSd of 2Sd5SS£ A “ nWa J 

J a* complete data: processing are not in response te the bid areas for both the fourth quarter schedule, and hnmvwed ST ■' ' •PKEVET AND Feh^R-_ 

1 of the system hv IBM on their j, v Carter Ha wlev Hale. and year with the air conditioning 1 5JJJ“Lf 1a L S g e ^ tor “y outside.. • CLEWBLAND, Feb. 8. 

da La centre.’ Eurex says, “for a air. Arena said the com- sector recording the largest gain. fSjSJJuJVi S EATON CORPORATION -.hr-' 1 ' 

- period of two years after pany’s plans ter its southern “ Problem areas continue to be HSffS 3® »”fT? e fc h -? UBene ' acquired Kenway, of Boimtifu 

i January, 19<9. when operations division currently envisaged chemicals and plastics and auto- ? or L‘?i! of non “ u - s - borrowang m Bank s treasurer, said this after- Utah, for cash and conversion < 

• start." five stores in all to be opened raatic transmission operations in ‘H,, 01 ! 5 '- . . noon that this underlines we Fenway shares into Eatt 

- in the next five years. Europe, both of which lost money Beleastng mese figures to-day, considerable, liquidity in . the common shares. Value of-'ti 

, a _ , The company is considering in 1977 because of sluggish Bank said mat the cost of world in general-aita, in partteu-.transictJon was not disclosed.: 

Loss provision hits Gotabanken SuSi 11 Kf£ orfeaS d t 2£ econo .^-- an i, pIam „°Y er - ^ “ 


STOCKHOLM, Feb. S. 


and Kansas Cily. It has plans 
in train Tor a Houston store. 
Marshall Field is also con- 


geographical areas. 
Agencies 


..■trims — wno imu duiu do of. eurex is currently in me pro- period or two years after pany's plans for its southern “FrobU 
per cent, share in the bank — ,cess of a week-long presentation January, 1979. when operations division currently envisaged chemicals 
had to sell 51 per cent, of the, of the system to London dealers, start." five stores in all to he opened matic tra) 

7nrteh 3 In Jirnnpp^nri vShl-in the next five years. Europe, b 

ZliriCD insurance drid V ^rsicn - THb* ^ntYiYiinv f*(infiprin ** in 1077 

rlrman YndustriTisK ' LOSS DrOVisiOD tlltS Got^bunkcil stores in such cities as Dallas economies 

HIUVWIUU IU13 UUldUdllKCU AUanta Nw Orleans. Tulsa capacity.” 

acquired this majority and agreed | Kansas Cilv It has olans Th«. ei 

0 I BY WILUAM DULLF0RCE STOCKHOLM. Feb. S. store oamigs 1 

The divestment of half the!PRELIMINARY FIGURES From earnings to Kr.l39m. The con- Marshall Field is also con- JJ.21 on* 
Zurich shareholding has been! 1977 from Gotabanken, Sweden's solidated balance sheet at the end sidering expansion into other t-l bbbn. 1 

necessary in view of German fourth largest commercial bank of the year totalled Kr.15.68bn. geographical areas. 831 .um. a 

cartel law. since the Swiss com- with headquarters in Gothen- Despite the setback in earn- Agencies Agencies 

panv would olherwisc have burg, show a profit decline of ings the Board proposes to pay __ 

clearly dominated the joint 51 10.6 per cenL. or Kr. 13.2m. an unchanged dividend of 

per cent, capital share, control (82.8m.). The setback—against Kr.16 per share on the Ordinary SECURITIES INDUSTRY 

of this majority holding also^be general trend for Swedish stock, which was increased by a 

being tantamount to control of(banks—is due entirely to the rights issue last year. The 1976 

the Gerling group as a whole. | allocation oF Kr.35m.. which the dividend was equivalent to "HA /T 

Zurich Insurance, which sees I bank has had to make, to cover Kr.14.88 a Fter adjustment for the J^/Jj 

the laying together or its stake I the loss from irregular currency new share issue. The Preference IT ICi ” FT ] 

with that of Versicherungs-, speculation by one of its officials, shares get an unchanged Kr.6.25. w v 

Holding as a further step in! The bank reports an operating The bank’s currency loss 
their co-operation will remain j profit of Kr.llIra. (.S23.9m.). The provoked a warning from the 
the biggest single shareholder;group as a whole, including the bank inspectorate to the Swedish 

in the 51 per cent, combined factoring and teasing companies, hanks to tighten control of their wwitf PRfiFFqgTfiNATT V th-»r in th 

* har e _ ! shows a 2.S per cent, drop in currency transactions. JESS, vTuh r^ate Sst year 

America's “ bottom line," the fits had ti 


Atlanta. New Orleans, Tulsa capacity.” Borg-Warner added, average life of nine years — Bank has had in its owni invest-'and net income of $L9ro. for tl 


The company reports 1977 surprisingly low at some ment diversification policy. fiscal year ended April 30.. 
earnings of 84.93 a share against ®-83 per cent., and that the Bank He said that the relatively low. designs and makes automate 
$4.21 on sales of $2.03bn. against does not plan to return to the interest rate on the money iBus-. storage and retrieval systems • 
Sl.Sfibn. Total net earnings were market until June 30. tra ted that there was still a fair will continue to operate as?i 

$31.5m. against $2L7m. The-last U.S. bond issue, for amount oL “pretty dieap” Eaton subsidiary. 

Agencies about $750m, was made by the money to be had Reuter . 


pau« miuiu uii^niiov navi: 7 - ——v v. -a-' --- 

clearly dominated the joint 51|H>.6 per cenL. or Kr.l3.2m. an unchanged dividend of 

per cent, capital share, control| (82.8m.). The setback—against Kr.16 per share on Ihe Ordinary SECURITIES INDUSTRY 


Mergers fail to halt slide in profits 


BY JOHN WYLES IN NEW YORK 


We are -pleased to announce the 
following have joined our firm 


WHILE PROFESSIONALLY that in the first nine months of The full impact of the aboli- by announcing that .it would Opinion on ■'Wall. Street . 
obsessed with corporate last year average quarterly pro- tion on May 1. 1975, of fixed com- almost certainly abandon its role generally sceptical as.to\whetlM 
America's “bottom line," the fits had tumbled to 8109m. from mission charges is only now as a “third market” maker Donaldson can hold the"line c 
U.S. securities industry is S246m. the year before. starting to become evident The because losses were reaching its new charges unless the in'da 

notably reticent about its own Such volatility is not, of competitive scramble which was unacceptable levels. An almost try "leader, Merrill'Lynch,, ft 
profitability. The vast majority course, new to the industry. The unleashed has brought allega- Maverick-.member of the -broker- lows suit. Merrill.-Lynch -te 
of companies are privately- after tax return on equity* for tions that some brokerage houses age world, Weeden • has for been resoundingly. sleta^na'i-tL 
owned and will not. therefore, example, has ranged from a have practised “ payola " in order many years, traded New York subject,: -but ■ Docaldsott'SJKPC" 
make public their balance negative figure in 1973 to a high to sweeten institutional money Stock Exchange listed stocks-over pects may'have been siibstantj' 
sheets, but all the indications of 1S.5 per cent, in 1976. and managers, but more specifically the counter;.' Institutional bust-: ally improved! by ; annbuiLceiB? n ^; 
are that the industry as a whole then down to 721 per cent, in discounted commission charges ness .was its main prop, but tire within the Iast'24 1 hours thabhdl : 
suffered a very poor year in the first nine months of last appears likely to have cost the heavy discounting by • other Mitchell Hutchins,.which'merge 
1977 and that many of its mem- year. industry up to Slbn. in lost brokerage "houses has under with'Paine Webber last May^an 


bers are now desperately short ^ ig _ 7 fisures highIight the 


mined the modus operand! of Shearson Hayden Stone ar? «« 

1- thp third msrkpl tnaltPr.whll'h ie .inn thal* Tr.no tn .Inflrihrtiftnii- 1 ' 


LONDON* 


of capital and anxiously trying fact th- t a S eri flus nrohip m f„r The , resu,t for , several com- the third market maker which is ing their fees to institution* 
to cut their costs. industry is ^Stine panies has i eath ^. y no *°- based J < l n a t a, sufficient -| £ the . ^ wall 

On the basis of recent results, revenues for which theTecSSI f*®* 1 ffJSSi'SS El? 

few of the publicly held com- in the average share price traded Sakerae^ firni ^hSe^eased hasl-oreed^Weeden to^n^S?^' Pr^a t; 3fscount lev^s, tiie^ v --._. 

nanrpq ivmilH hp rprnmin^.ndp.d lad vatu* frnvri Mn frt COd DrOKeiage nnil5 nuYB Cwbcu DUS lOrCcu Wmien tO DarrOW-.ltS rvirtn urill-Mfiea littlfrju ^ 


Anthony C. Thorne 

Vice President and Director 


William H. Torier 

Vice President 


panies would be recommended last year from S30 to around S24 tefslnesTin thh lartriro s^adaS S?eSent tbSySavf mer ^ er pace wfll lose ' 

by their own anabsts as wortb- is only partially responsible. With 2nd a-jSSyeSs while a^member th? riimnany ^momeatunL .since tbereaS^ 

while short-term investments, costs increasing at between 7 and rSSrch^boutianes^ ,,n ^vic- refntiw ^ the riste of^dotec Jitlie P«»peri::nf a substontu 

Merrill Lynch and Company, the n per cent, the need to expand f n , ^titu tions ha“e beS burinSs have bemme vS? improvement in the stock, aj 

worlds largest securities flrtn. the revenue base was a powerful JJ“ Ied or have mereed with naSowand unnro^S? ” ; Ased.-iacome ;maricets this W 

returned a net income which factor in the merger mania K‘* d and mora SverJfied ^though toer^KdVertMn- securities -finn^ must- bUP^ 

was 59 per cent down on the which gripped Wall Street last and I ? ore ■ an . e ^ 1 ne Jfion ^wSdJnV Protte.in-:order-to 

Kssr&sj? in* pei wm eoB,ta " gg^ a 

rene's «- « * §» bM W leyied on tSK £ 28?' ’“fi ^ J X 


Hagen H. Luetzow 

Vice President 


NEW YORK 


Joel N. Levy 

Vice President 


Smith Barney, Harris Upham International 

Incorporated 

New York * London * Paris • Geneva • Zurich • Tokyo 


from 63 per cent, of total income piation of their most recent minimum ot n .per cent, irom enaztge comnussiOQ aas sotn^F 

Taking the industry as a in 1967 to. 44 per cent, last year, balance-sheets is prompting some next -week.Donaldson's, dis- somfe.of the impulse to : , 

whole. Value Line, the investor's diversification through merger companies to say “thus far and counts- h3&.reached .46 .per .cent. - postponing .the- remefftl-.PfcJS' 

guide, estimates that the 360- is not yet generating sufficient no further.'* In the past ten of the old fixed schedules'-and NYSE's ...Rule,..390- 

odd members of the New York extra revenue to compensate for days, three events have under- the company has. decided "that members from .trading seeffuti* 
Stock Exchange which deal with loses last year on companies' scored tile seriousness of the not only, must it,stem /thejtide, off . the^floor ■ of the 

the public have suffered a drop holdings of equities and fixed situation and the possible enter- but alsbtfaat discounts bn .trades the conviction that strength®- 

in pre-tax profits "in excess of income securities, trading deficits gence of a new mood on. Wall where it acts as a principle mast .security .stems from 
55 per cent.” The industry’s and, finally, for the savagely re- Street. be brought to an end ■-because of activity and . coneentranw 

own organisation, the Securities duced income from institutional Ten days ago, Weeden and Co. the risks have become nnaecept- through merger is now deep*. 

Industry Association, reckoned business. staggered many on Wall Street able. - * :ingramed within the industry.'V! 


U.S. QUARTERLIES 


ANDERSON CLAYTON 


GANNETT 


9 Basinghall Street, London EC2V 5 HL 
01-600-5633 
Telex; 886595 


1345 Avenue of the Americas 
New York, N.Y. 10019 

(212) 399*6000 


Second quarter 5 

Revenue . 243.0i 

Net profits. 

Net per share... ' 0. 

SI* months 

Revenue .417.0* 

Net profits . 21-7t 

Net per share... 1J 
t Not given. 


S S ■ I Fourth quarter 

243.0m. 246.0m. j Revenue .. 

f t Net profits .... 
' 0.75 0.77 Net per share. 

Year 

417.0m. 412.0ra. Revenue . 

21.7m. 2L7m. Net profits .... 
1.56 1.63 Net per share. 


22.0m. 

0.83 


Net profits 


COMINCO 


1.63 j Net per share. 
GENESCO 


69.0m. 

2.60 


Sacoud quarter - « 

Revenue . 2S0.0m. 265.0m. 

759.0m. 725.0m. I Net profits . 6.0m. 7L4m. 

62.2m. 47.7m.! Net per share... 0.40 — 


Revenue . 

Net profits . 

Net per share... 


JOHNS-MANVILLE 

Tear 

1VJT MTO 

s s 

Revenue .. 

1.46bn. 1^1 bn. 

Net profits . 

1025m.' -53.4m. 

Net. per share,.. 

4.78 ' 2.64 

ELI LILLY 

. 

Fourth quarter 

Revenue . 


Net profits .. 

Net per sbare... 

Year 

Revenue ./.. 

Net profits . 

Hi 




Fourth-Qoarar 


19TT . < „T»|S 

;-.S ■-'"S'-.' fFourth 


e... ' 651' •• 0 jS1 


TOUT . - „ : 

Revenue .L0Sm. : LOlbn. 
Net Profits a«£- ■ 57Ji9m. 56.48^ 
Net Per Share..,.:. 3.50 3,47 


Revenue 199.0m. 

Net.profits ...:4 B3m. 
Nrt.per sfiare-. ; ' 057 

V«M!. 

Seven ne- :748.0m. ■ 

Net proflts -:.,;.> 367m - 

Net per-share^ 255 . 






























-s***;*fe t 


9 1978 


XTKRN.Vl IQN'AL FTNANfm AND 


ANESE (C^PORATE BANKRUPTCIES 



• 'V 



*>W I. - * Jr*}- M BY CHARLES SMITH IN TOKYO 

ri^S V, _cent. of all bank- business failure accounted for The rhaln rearfinn tvn* rtf Japanese companies are facing Most of the big corapanieb 

S»^V J »^SK?rt7!2LS l S t *' t 5* - ftrst n »ne 12 per eenL of aP baSruotciS bsrokniotcv kdmkS tSFmost problems which might force them which fail in Japan, and quite a 

or ^ were'o^ny-montts of 1977, whereas “slack regSterS in 1977 but ?ouS KSSl Z?omeMn to start “dumping" subsidiaries number of medium-sized failures. 

-I *’4 » nndoubfedly have3CCo2nte??or of JaSSS « affiliates. But at least 60 qualify for reconstruction under 

"i"'^,* • | ^.'bohiod .theta >;¥2ffljtftPL'jlagatknt l or -another 22 pee more if the Government bad future *economic health for the concerns, listed on the nation’s the Company Rehabilitation Law 
rf'''?"'.:;,’- :cfeflt~~;This situation-.is the re- not adopted effective counter Rimole reason that it could at stock exchanges—according to a (a process whieh was described 

measure£ sSalr coiSaniS ?«« ir^SSrThJSS tmS recent estimate by a Tokyo in a previous article and which 


recession is taking its toll 


.; r 

'-v ■; 


BY CHARLES SMITH IN TOKYO 


•/’ it.anios 


r.:-3<s:n, S»o) w 

;-’V: ..-fibred 

•V; -behiai 


Better margins 
boost Protea’s 
half-year profit 


BY RICHARD ROLFE 


JOHANNESBURG. Feb. 8. 


" ;Iast.September. in' one'.qf•_while pver onwhird were attri- 


prevlons January—according 
to Tclkokn KoshUisbo Ltd., 

: - a rt r >‘^ Vhicb “ the ■ economy wair cbmate. r ri - : -.’-V - ” the private credit inquiry 

10 Pick up'steam after The menace of fatting sales Agency, reports AP-DJ. Ua- 
■'■‘r.rj ..° £ s “d recession) there ..were has ' been-'T W afoHj M : l-Fn the hi lilies left-by the bankrupt- 
vSi ^ bantouptcy cases with total recent past "by tWq Oftier threats C i es totalled Y177J>bn. 

- t °f Y438bn.—in other words to the survivalof^suiair (and (sTasmj i Q show a fall of 

r:*; 1u :■slumber of individual busl- sometimes t*n- ritidlUMlzcdi ^ aU ’ 10 sb » w a ral1 of 
hires five years ago was Japanese companies': .One is the 
•C~ - '1 r cent, of. what it “was .-last danger .of. getting caught up in 

,-Vy- Joiijf. while tne amount , of debt' a- '• chain' reaction of business failure of a larger concern can 


36.7 per cent, from December 
and of 12.1 per cent from 
January, 1977. The agency 
said that failures last month 
were restricted by seasonal 
factors, and by 3 loosening of 
credit over the past few 
mouths. January showed the 
lowest number of bankrupt¬ 
cies in one month since 
February, 1976, when 1.088 
firms went under. It was the 
first month-to-month drop 


research agency, are currently in means that the majority of the PROTEA Holdines. the con- Protea shares fell to 58 cents 

workers involved do not even P j oa j prale 2rouD *ith interests at one lime last year, recovering 
lose their jobs). What happens spread j Dg through the chemicals, when it became clear that the 
dntt* Julv iff lac* vMr Bv t0 90 per centi of^maU rom- engineering and electrical dividend would be maintained. 
**** Julj './J, 7 P»'« , wh “ h o ffi « al, y i]S ~ sector! has turned in a good set They are now 10S cents, and have 

sector, corporate failures in appear" after bankruptcy lor J^Steriai 3 SS for the six been one of the best stock 

rather to the hundreds Of thou-_ .. ‘j n .,. m |.aF Th» market nprfr»rmr»rs amnnd the 


since July of last year. By 

sector, corporate failures in 

the construction industry 
were reduced sbarply from 
the previous mnnl brand those 
in manufaemring industry, 
wholesale retailers and trans¬ 
portation industry also fell. 
But corporate bankruptcies in 
shipping, shipbuilding, foods, 
textiles steel and .machinery, 
are continuing high. reflect¬ 
ing the prolonged recession. 


rather to tne nunareas ot mou- mQntb$ w e nd-December. The market performers among the 
sands of people who work for . *h e results is improved local medium-sized industrials, 

them) is one of the more profitability. Protea's answer to Even so. the yield is still 12 per 
tnmauing uiyslenes of Japans kih rmm a«<;iiminr« thr» oresent 


inmsuing mysteries of Japans unsuccessful bid from cent., assuming the present 

economic system. Ahercom last May. year's dividend total is again 

Tbe soluuon to the mystery Turnover rose from RS3-Sm. to 13 cents, 
appears to be that a very large R85.7m. ($9S.5m.) but elinuoa- Along with the superior trad- 
number of small companies tion of loss-makers ^tid a - j.pcu)is has °one an improved 
which go bankrupt are replaced reduced level of debt helped to 7 h t D T h P Roar’d savs 
sooner or later by a new com- push pre-m profits up from , sheet - ^ 


the unsuccessful 
Ahercom last May. 


appears to be that a very large R85.7m. ($98.5m.) but eliraioa- 
number of small companies tion of loss-makers and a 


sooner or later by a new com- push pre-la. 
pany employing the same staff R5.7m. to 
and run by the s 3 me manage- Attributable 
nient, but with a relative or col- risen from 


R 6 . 8 m. t$7.Sm.i. that return on shareholders’ 

earnings have funds has risen from 15.7 per 

[I cents to 13.2 cent, to an annualised IS.5 per 


league of the original proprietor cents, and the interest dividend cent., while group borrowings 
j, , "standing in” as company presi- has been raised 0.5 cents to 3.5 have dropped from 72 p..-r cent. 

taher- ticnJ —usually with the conntv- cents, though this ostensibly is to to 67 per cent, of shareholders’ 
tn ihi, anceof the bank. even out the discrepancy funds. These ratios-»re regarded 

. hr.-.-ii.ri 17 *n rr.m. between last year’s interim and as appropriate for a grour. whose 
SJ 5 E »„., fe«e? ih a „ 20 the 10 cenu to*. hu S ,ne SS is Pneur.ly indins, 

ritic-s. workers at the end of 1972 and 

Spanish banking purchase 


BY ROBERT GRAHAM 


MADRID. Ft-b. S. 


^ while the amount Of debt ^btloV-of ^business failure of a larger concern can Japanese industry, typically, a situation or chronic and nstSblvisto riX/Sstoaff 

;v:. a mere 15 per wpl_ of the faUUres-seroff by a.thajOr con- claim access to special Govern- consists of groups of related excessive indebtedness where h h eve?’ ^out* the ^SiSenancv funds P The>erjtios r t - re-arded 

f.. .‘figure. .. ; ceim, wfijcb'juay Jtavd>!dinncrous ment-financcd lines of credit in companies clustered around a their survival depends on the J " lC of the bank ‘ fit viLr's Sm and u aBnoiSSe for a -roun^ whose 

‘.'/j - -tat has caused - so 'many smalleT’^dSpende'ntSJi;Japan if the parent company nucleus made up of a trading willingness and ability of their Japan boasted 3.7sn. com- in rent* An-ti bu^ness^s orinwrih’tradin'’ 

ai. ij-t.‘^nese companies tp. collapseThe second, '':even ', newer has been designated by the small company, a bank, a major manu- banks to waive interest payments panics with fewer than 20 ^ 1 

past year or two?. And prenace. is the revalued-yen and and medium industries agency faeturer or perhaps a cnmbina- or stretch out debi myiuritic-s. workers at the end of 1972 and 

-does-ft all mean in terms the effect It has been, having on of the Ministry of international tion of all three. If tbe company The number of large or rela- -l.lni. at the end of 1975. even • V I _ __I • __ __ j-. B, _. 

health or sickness of the ,tbe profits of. companies which Trade and Industry as a “ dcserv- or companies at the centre of lively law i-om panics fi no ring though hanki-uptcies had been ^T|Qr|]C|l ||Q|aKlglCT 

«:S 7 1 VJ'^.nese economy?. . . derive a Urge ’ part-flf. their iny case.” In the 1976 fiscal such a group begin to sei into in the bankruptcy statistics them- taking an increasing toll during 

?e first question is easier to income ; from exports.Yen year. 13.1 such companies were difficulties the effects on their selves ha< also been growing each uf the intervening years. bqrfrt m ah am 

-^t.jt e u ^ j er than the socoodi Byfar appreciation) Is -.credited: by one so designated (meaning that affiliates can be caiastrophic: fairly steadily from year to year: There was a very siigh: fall in 6T KUC,K1 u MADRID Feb S 

“'commonest cause of business major. .Tokyo ..research^agency many times, that number of there were no fewer than 18 im 1977 there were 26 eases of the small company ** population " * ‘ 

■.. r.m-i' V ;?tre up to the middle of last with direct responsibility, for 69 affiiiates or subsidiaries qualified related bankruptcies when business failure* involving in 1976. which may suggest that, AGREEMENT HAS been reached that they waive their new share 

i= and probably beyond, was business failures slnco .last- July for special help), compared with Japan’s tenth-ranking general liabilities «if i*‘*cr Y!0lm per com- fur the first time in many years, for the purchase by Spain’s third subscription rights. This will 

V.;-.-_ f '- pimple failure to find enough —a Telativefair small nainber. but 96 in the previous fiscal year, trading concern. Ataka and Co. pany compared with 16 eases in the natural optimism of the industrial bank. Bankunion. of a allow Bankuniun to_ cover 80 per 

rs for whatever the company with, the certain project of The figures for fiscal 1977. which had to be wound up and partially the previous year and 4IS average Japanese businessman majority stake in Banco de cent, of the subscription and so 

i KfBrhed happened to be - pro- many:more' yen-related .failures ends on March 31. will un- absorbed into another trading failures w here the liability was at last being defeated by the Credos, one of the commercial hold 40 per cent, of the new 
IM i. : ag. v •’ ' ' -‘ . during 3978. doubtedly turn out to be a good company during 1976 and 1977. exceeded Ylbn. (322 cases in near impossibility of making a banks most affected by the col- fully paid up capital. 

- J sluggish sales’’ . accounted The' chain-reaction.-type of deal larger Nokjoc knows how many big 1976). profit. lapse in mid-January'of Banco The Bankunion move will also 

, " . ■ ■ — . . .. . . —“— ---— de Navarra. Originally Gredos be combined with the incorpnra- 

ftV . ... \ | had Pesetas 750m. ($180.4m.) tion uf u small hut nUl established 

iw. M . . ' ■ • — ■ m m- i • gu» n 1 f * • j A CLn^.’nL _ MA £:f owed by Navarra but at the time Catalan bank. J over, in which it 

;;.v More Bahrain offshore banking interest Sharjah protit \o kA 

International Income "■ BY DO,NA THOMAS BAHRAIN, Feb. S. exceeds $Sm. ! ,n nVpu k rc^?‘hM been faclli- a Tp»renHy'BankuSo” h ho P e* 

r -iril ' A NEW WAVE of interest in for over half the market, with SMbn. to S3 91m. i tated by an investment company, to he able to recover some 70 per 

—J:-aaaa.; ■ ~ I |V .the Bahrain offshore banking liabilities in Guif currencies. Business with die Asian dollar Michael Blanaen jlnvev. holding 10 per cent, of cent uf Navarra's outstanding 


>• id* j.-ag. •, ■■ 

-‘■ V A - J Sluggish -sales 
. * -— 

of »r 

far 

i-^C; i r . 1 ....... ...• 

fntei 

v:-aaaa.; t 

5’it- : 

-. j^.r;' 

"-■-ft ::i“ '.. »j 


during 3978- ,■ ... 

. accounted The' chain-reaction 


To the Holders of 

International Income 
Fund - • 

•• . " -.\ ■••.v— 

• ■■ • •> Unite ■ ; 1 ; ‘• V \r:i^ 

.. Notice-of Dividend Payment 


doubtedly turn out to be a good company during 1976 and 1977. 


of deal larger 


No-one knows how many big 1976). 


More Bahrain offshore banking interest Sharjah profit 

BY DOiNA THOMAS BAHRAIN. Feb. S. I exceeds $5m. 


m r ~; Midlanri BankTrust Companyi fCbanner islandsJ Umited as ^ totaJ ass 

r < : - liiVr-'-" Trustee of the above mentioned fund hasdedared adhjWpgttjpf; year-old offsho 
U.S, ^.00 per Unit lor the financial yearended 31st Dep^ptberr Bahrain reached 

: ;-j 1977, payable on.the l^th'February. 197?, iiy respedt.pl all end of Dcccmbe 

■y Units in issue on 3Tst Decemher,:l 977. Unit holdere shobld orT^ 6 ? °accordir 

- send coupon No, 17 to. tWarTrusiee-at : 28/3^-.Hill S^igat^St. released by 

!r Helier. Jersey, Channel-1stands. A^rangemeois have beeh.made- Monetary Agehc; 

- : whereby holders of zlf Units m issue^t : l’3thrF^bruary,; l977. offshore hankin'? 

.. - v —t-'[ may reinvest''the dividend paid i AMlvatdate m udditional Units ^ c, peratmn at 

J at a purchase priceequrtto the net asset v^Sue per.Unit j;13Jh npened, or will s 

.! ’: v- r:: February. 197S: This nghtwill terminateattbe closest bu 5 tne» year ' *• 

. on 10th March;.1978. pnil.Jididers who desire to reinvest their ’ Reginnal ai«tivi 

V dividend shouW advise the Trustee accoidrngiy when presenting: 

" ' " '"Midland Bank Trust Company .... . . 

To fan hr -V ■. -< : iChinnel Islands) trailed "J * 


A NEW WAVE of interest in for over half the market, with SMbn- to 83 9bn. i tated by an investment company, to he able to recover some 70 per 

the Bahrain offshore banking liabilities in Guif currencies. Business with die Asian dollar I Michael Blanden ; Invev. holding 10 per cent, of cent of Navarra’s outstanding 

market, has emerged in the past particularly the Kuwait dinar market alsu showed a consider-! SHARJAH GROUT* the ^rab-.^ an ^ un ’ on - an ^ per t,ent - °f debt, leaving some Pis. 130 m. un- 
few weeks. A number of and the Saudi rtyal, reaching the able increase, with assets in'.. . J .' ' . n mn-, n \ !^ re dos. Under the terms of the covered. Ten bunks and two 

Arabian and European financial equivalent of $3.6bn. compared Hong Kong and Singapore reach - 1 ° aCK : d . ‘“^suncni _ tompan>i agreement, Gredos will increase savings institutes were owed a 
institutions have shown an in- with $ lJibn. at the end of 1976. ing SlJlbn. from 8300tn. at tbe'® ase ” ,D Emirate of its capita} on a one- for-one basis total of Pts.3.03bn. on the inter- 

terest in the terms of offshore Liabilities to Arab countries (in end of 1976. [ Sharjah, reports that its total, by Pta.l. 6 bn. to Pta.3.4bn.—the bank market when the Bank of 

and investment banking licences all currencies) reached S8.2bn. The offshore bunking units in revenues > n its first period of, difference being a marginally Spain intervened to rescue 

on tbe tax-free island. <S2.6bn. in 1976). and loans Bahrain at present' include ■ operation were 472m. dirham altered share valuation. Navarra on January 17. 

The total assets of the two- totalled S7bo. (S2.Sbn. in 1976). branches of the major British «si°im) • ® an * U j . n ^ as ^ eeD ^ e Jting The Bank of Spain has yei to 

vear-old offshore market in However, in terms of currencies, and American clearing hanks, as " f t0 expand into commercial bank- reach agreement on the terms of 

Bahrain reached $15.7bn at the the dollar comprises 72 per cent, well as the big Euro-Arab con- Arter “ducting Dn-. . 9 m. oi mg and the move is seen as a takeover of Navarra by the 

end or December Iasi year, com- of all liabilities. sortlum bank* and leading Euro- expenses and other charges, the; logical integration. Bankunion financial institution which was 

pared to the *63bn. at the end Outstanding foreign exchange P«n banking houses. Sn, S?"S r iS fim ! *?“L ais *fr 


of 1976 according to figures just contracts rose to $2!3bn. I$500m. The investment banking Dece 

released -by the In 1976). which, the BMA points licences. crc.:ied lust i.i.-luhcr. i077. 

Monetary Agency. A total of 33 nut, reflects the increased use of about a year afier tie- .->nnounce- „. 

offshore banking uni ls were in Bahrain made by companies and rnenf of (he offshore Iirent*e&. .In 


shareholders, including In vex. so week-end. 


Tbe group was -iet up late in! 


M . • , , Da III dill maul- If) Jim Ull-lll m I'l.wii ■■■ -rm-.o. In-, c.,u_- 

ull operation at the cud of 1977. banks hjvjn „ husinCss in Arab demand ihai liqiurl equal J® * *“ h ' n<? . 

nd a further seven have nirren cies. Liabilities to Euro- 25 per cent, nr depots received J' er . ,.?* rrtnl.h 

r-oned. or will shortly open, ibi, ppan markPts rosc from S23bn. he mainlined, and monthly J . s LharS e'tehisivclv o 

C3r ‘ • to «5bn. over the year, while team mi»l he snbmmed w the JJ™ SuSSI^Jf T %ro 

Regional activity now accounts assets in Europe rosc * from BMA. holders include a crura of some 1 


Loss for Tinto Industries 


BT TONY HAWKINS 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Eaton be 
Kenm 


Administrative Aggrtr: - 

European Banking Company Limited 

- Trustee: . ■- 

Midland Bank trusLCompany _ 
(Channei; isianaB)Lnnffed 


. -f r /i ^hanwhslanrhOUmited : • y ’ JS* ,6 »? raUa Mpc t „ ^ 

:• AMEV Spv 19S7 . ... M* 

2/ r Australia «pc 1992 . . B3 

■ ■.. r.Dit^jteh^brui^wTa.:; fSSSNL t &?&‘. W 

■ n ■ ■■ ■ m il II I m i rtT I I . . Homier 9!DC 1B92 ... 974 

, ■ - . _ • ■■ . ;■ r- *' J - M- Raflway SJpt: isss bm 

International Income F&nd ^ SWZ'JSF ,SOT 

- ■ j - U'.iimjr* a .pl ijm • >nii 

. (JIEV- ecs »pc jwa .. w* 

.M'fF * ECS SJ*b 1*17 .. *14 

• . - :J; ... .«■ . EtB Eiac ... 984 

. -. AdministrativeAg^dt:- j* 

European Banking Company Limited I IUL Caht-s Paper «!pl- Its* M 

■ . ... - " • Rydni-Onebcr: 9w "-'■5 

.■•••. - .Trustee: ici sipc iss7 . !»«i 

. .. , ' ..1. - ' . !SB Carwda 9)pc 19«: . lOJl 

Midland Bank Trust.Company _ !SST 

(Channel Islands) Limited . aSSSiST^w** *8 

’ • • • •, 1 - " ' ' - 1 National Coni Bd «pc 1*17 ‘ 044 

■ - .. - - : ■ ■ ; . - - Nana Wsimnsir. 9pc HIM MIS 

. . . ' ' ' ■ ' ' • i i ; » — . Newfoundland 9pr I9Q< *P. 

• Norses Kom. Bank s*pe'BJ 93S 

Nonripe Stpe »*W *jj; 

Weekly net asset value %g k -£ y ms Slpe ! iw{ 

on February 6th, 1978 -. y mm 

. ■ . .. ...' ■ i; RlTd Imwn»«*witl 9pc 1**7 

Tokyg Pacifk: WoUfings N,V: «»" ■ 9?fH . t? 

•- • x - sfcanrt. FjvklMa Sim twi p c 4 

U.S S43:05 _ : : ' skf ir hr •• •"* 

Sweden iKdoim 8}pr 19S7 «K« 

• . .. , .. Unjtrd BWcldre 9pr 1989 .. B84 

Tokyo Pacific Holdings (Seaboard) N,y. «>tcs 

_ ^ ^iKtrsIlo 7*DC TB«4 95 

U.S.S31.38 ..'ai-: . ; - .. Ben Canad» 7JDC W7 « 

■ - / Sr. Colombia Hyd 7?j»r •«5 

' ■ --- - - v ran. pwr. Mpc 19M 99 

Listed on the Amsterdam:StockExchange ,. j-. SSS ^ 6tK • S 

ECS 71 PC Wv ••••<* • *** 

i-i——UfMertW JLfHflnom BLtf.. Hft/Anorxch!2l4. Amslerdarn; BCS Slpc 1MB . 


Weekly net asset value 


on February 6th, 1978 
=2= T okygT^c^lTcHo^ngs^.^ 


U.S. S43-05 


U.S. SSI.38 ' - V. Ben Canada 7JDC W7 . 

■ . . Colombia Hyd 7?j»r *5 

' :.-V r*n. Par. Mpc 19M . 

Listed on the Amsterdam:StoqkExchange ,. j-. soc ism . 

Iniamwllon: pivaofi. BiWune AtHowon N.V.. Hwdngrachtgu. Amsten^i,.: ETO Hpc ^ 

?-■■■ . ' ■! . * .* ' ■ — KBC 7!pc 1984 ' . 

i ' ' i ' ' i i i i ; i . 1 , En*> Rnnrli Mpc ISM ...» 

' ' ■ ' • '-- --• • ~ Coraverken T!pt- 1W2 


VONTOBEL EUROBOND INDICES 
i43i76s4too%' 


PAICL INO€X 7.1 7S 

DM Sends {S??! 

HFl Bo>-di S Note* ID 4 .** . 
U.S. 5 Sin Bond* 99.99 


7.2 78 51.4 TO 
i0r.9J 107,75 


AVQtAGE TIEtO . . 7.2-78 3>.f.78 

DM Bond* 8 .M 9 o. 3«6 

: HFL Bonds & Wort* 7:554 7 686 . 

MIS SStfi. Bcmdr 8.674 8.»21. 


Korkoms 8pc IBM ... ... »7j 

MlcJu-Iln Slcr 19 IS 1 ... m 

■Montreal Urban BJpc 1981 1™ 
New Hronswlek 8pr 19M M| 
Mew Brtmi Prof. «pc ■**« 1014 
Nttt* Z-'alond Ripe I9S8 974 
N'prdlc Tmr Bank 7*w "M 851 
Non* Hr rim 7»pc I 1 ® 97 

Norwav 7 1 pc UWS .. W4 
/Warm ITyrtro 4pr lWn rr. 


CIMPOR- 


US 512,000,000 ; 

. V medium term loan . 

Managed by u 
Amex Bank Limited. 

arid provided by : ^ 


Amex Bank limited 


Caniuititft Imperial Batik of Commcfce 
kA-G. SoafteGdaerale deBanque S.A. 


Tn vg^atioas-gtiS Handds-Bank A.G. ~ Soaete Gdaexple deBanque 2 

• XopijoaBranch I" . 1 : 

UnitedInteoa^naljBank limited* 


AgentBaak 


American 






971 Singer Blpc 1983 . 1001 4 

974 S. of Scot. Ek-c. 8|pc 1K1 OBJ 1 

951 Sweden iK'dotm 7Jpc 1982 97 
9BJ Swedish S«aie Co ripe '81 961 
B7J Tclmex 9iPC 1984 . 984 

98 Tcmcro 7?pc I9R7 Mar — K! 

974 Volltswaiwii 75pc 1987 . 93* 

m STERLING BUNDS 

1004 Couriaulds Blpc IM .. 9i! 

99 ECS 9!pr 1989 * . . ..... 99 

971 EIB Jt;pc 19>8. 9SJ 

99 EIB 9!pc 1992 . 971 

*s: Klnantv for Ind 9ipc 1987 Wl 

97 pnojh injpc low inn t 

1011 RDVHlW lOipc 1988 . 9 j «4 

Ml Toial Dll Blpi 1384 .. 971 

ion DM BONDS 

»6l Afednn sjpc 1953 -... 1«U 1 

97f BPPE 7pr 1987 _ 1 

lull Di iimark 6?PC 1983 10UJ 1 

■h.: EIB 6Jpc 19SM . 107i 1 

103 llrand .MM. 7pi- 19M . IK 1 

im nydro-Ourlv'c 6>pc 1987 ioi; 1 

97i 1C1 «Inc 1W7 •. 105 1 

05 Momn-af 7pc fss7 . lOJf 1 

ion Norst-a lias 7pc 1939 .. .. IM7S I 

1IM4 Norsk Hydro «jpc 1989 ... IM! 

9i.4 Norway Slpc WSJ .. 10s ’ 

Oil! Shell BtPC 1988 . UN 

904 Spain Mpc 1984 . .....— lur. 

101 Sweden «pc 1KW .... l«3 

Ml World Bank «!De 1K7 . 1034 

9(11 FLOATING RATE NOTES 

100 Bank or Tokyo ‘54 7l3|apc W 

•95 BFCE IM4 7pv . 9«» 

K P NP 1963 7 pc .—. 99: 

MJ CCFrtftS 5pe . 99! 

Ml CI1MK 1981 72ru-. m 

Ml CrotHaorJali 19M 7»oc . 9R1 

p«4 Cmdll Lyonnais I9S2 9iw Ml 
BO'. DC Rank 19K 7iitfcpc M! 

RZB 1981 7* pc IM| 

„. Im*. Wsimn<tr. "M 7l5|«pr !»t 
22: Uonts 19S3 7*Dt- . 100 

21 t-Tri* I®” . 

2? Midland IM? Spc - inn 

”} Midland un? 7 u la pc .— m: 

*2; OBR I98S 7}pp . 994 

"2 1 SNCF 1985 Ripe ... . Mi 

Sid and ctmd -84 tiiiapc Ml 
»Z* vrma. and Clrns 1984 7pr Ml 
2*. Sourer: While Weld Securities. 

2™ CONVERTIBLES 
*2* American Express 44pc *87 804 

Ashland Spc IBM eg 

Babcock * Wilcox «tpc *97 87 

Bratrlrr Foods 4?nt- IM-.- 044 

Beatrice Foods -ITnc 199-.' IH3 
3 r|. Brrrham CJpe 1997 97 

22* Bordrn 5m- 1993 100 

25 Broartu-ay IT ale 47pc 1087 75 

il 1 Tarnation 4pc 10S7._. 7S 

JTi, Ch«-\ron Spc 1988 _ 1-H 

aj - Pan 4:pc IW7 79 

Ra^-man Kodak 4’pr 1M8 Ci 
Economic Labs. 4Jpc 1DS7 78 
M 1-lrVMnnr Srn 1968 M 

" Fonl Ape IMP . hi* 

iSelicral Eb-cirlc 4!pc 19S7 PI 

Uillrii.. 4Jp t J887 . 77 

i:ouid 5m- 1987 118 

iTialf and Wcsi.-m Spc 1988 78 

Harris 5 pc 1993 134* 

Hoiu-v-wl-II nur 1R8G . BM 

rri a«oc 1993 . wi 

fNA ffpe 1W7 93 

inrhcape fi.’pc 19K . 10! 

ITT 4Jpc 1997 .. 711 

•IH5cn HlK* 199!. 105* 

Komaisn 71 pc 1900 1071 

J. ha? MrDcnnpii 4!pc "87 162 
Malsmhlla Igpc 1990 .... 134 
Mitsui 71 pc 19M ... IM! 


NOTICE TO THE HOLDERS OF 

ITO-YOKADO C0. f LTD. 

SFr CONVERTIBLE 
DEBENTURES 
- DUE AUGUST 31,1992 

Pursuant to Section 3.05. of this 
Company’s indenture dated as ot 
June 15, 1S77 under whieh the 
ebove Debentures were Issued, 
notice Is hereby given as follows: 

1. On February 1,1978 the Board 
of Directors of the Company re¬ 
solved to moke a free distribution 
of diares of it* Common Stock to 
shareholders of record ss of Feb¬ 
ruary 28,1078 in Japan (February 
27 in New York Cityi, at die rate 
ol 1 share for each 10 shares held. 

' 3. Accordingly, the conversion 
price ol the Debentures will be ad¬ 
justed effective imniodiniel? after 
such i ward date. The conversion 
prim- in effect prior to such ad¬ 
justment ir. Yon 1.590 per share Of 
Common Slock, and the adjusted 
conversion price is Yen 1,445.5 per 
share of Common Stock. 

ITO-VDKAD'O COn LTD. 
by Th: Bank ol Tokyo 
Trust Company 
oj Trite tm 

February 9.1978 



Bid 

oner 

J. P Mvrcin 4*pc l«7 ... 

J3 

97 

Nablsru :.|pc I9j& 

mi 

192* 

Owens ilti!NJi2> 4.pc hist ... 

lu 

117 

J. C. lvn*-» 4 pc IMG 

754 

774 

Revlon -I'.pc U»S7 

107 

109 

Reynold* McUN ?pc l9b-S 

S5 

87 

Sondvik n:pc i^-> 

10.-.4 

107 

Sperry Hand 4.'nc 19*7 - 


S|» 

Squibb JIPl 19S7 . 

2 

(SO 

Tl-XXCTi 45|II IVM .. . . 

77 

79 

Toshlhj li'pi IM.’ 

iO.’t 

ICil 

Union '.'jrbid- l:in- IM3 

HI 

<r. 

Wanu-r Laminin 4 'pr I.M7 


a: 

Warn.-r l.anif» ri 4Jp.- I9is 

74 

rn 

Sour. • Knl'l-T P» nbndv 

?. .-Utllus 


Arab nationals, and ii- .share- SALISBURY. Feb S 

holders include a croup of some TINTO Industries, the industrial Turnover fell by nearly 
65 founding shareholders, senior arm of the RTZ Group m Rhodesian $2ra. tS3m.) and TIL 
members uf the Arab ruling Rhodesia, to-morrow becomes says sales were lower than ex- 
faniifics and trading companies, the second Rhodesian engineer- peeted in the latter half of the 
together with a total of 35.000 mg company within a week to year, when there is traditionally 
others. announce substantial 1977 losses, a seasonal upsurge in agricul- 

At the end of last year, the Earlier this week More Wear rural purchasing. As a result, 
group's balance sheet totalled industries announced a loss of manufacturing activity continued 
Dh52I.7m.. with more than half j-^O.OOO ($125,000) and to-day well below economic levels, but 
of this representing shareholders* j Tinto Industries, wmch manu- the scale of losses was much 
equity of Dh’271.9m. The group failures equipment for tbe reduced. 

has concentrated in its first year lining and agricultural indus■ . th i attpr i.-if nf thp v „_ r 

on short-term investments, hut i tries, repons that .s profit of , *V ne ,an "V*‘* 10f A. 1 

has also formuhiied a policy for .Rhodesian 3152.000 (S237.000) in ti‘ a “ jn e- conditions remain 

long-term investment and has! 1976 was converted Into a loss of depressed and until there is some 

undertaken feasibility studies Rhodesian S493.000 f?7-JO.OOO) in significant improvement, ihere 
1 inin pr:»i**i-ts o* nnlential interest.! the year to' December 1977. will he m» dividends. 1IL says. 









it 


SECOND PROGRESS Ri 

tf77-78 


HDL_Oir-JGS 

LIMITED 


,*r7*3l 


EARNINGS 

The unaudited net earn- 
ings for the first 24 
weeks ol 1977/78 were . Ih .V, 

S27 089 000 which H 

includes a S7 OOO OOO 
capital gain from the sale 
ol Ihe MfM shareholding 
in Thiess Holdings Linn- 
led. Excluding ihis cao'- 
tal gam the net earnings ; 
were S20 089 OOO which Mi . : 

reoresenls a 9 2'-. 
increase cn ihe 
SI 8 400 000 earned m 
Ihe corresponding period 
of the previous year 

Net earnings for Ihe sec- 
ond twelve weeks of the 
period were ?f -' 

S 11 291 000 compared u -"‘ 

wilh S 8 798 000 lor tne 31 li« 

first twelve weeks i«»! 

(excluding (he capnaf jitm 

gain). This improvement mtei 

was mainly a result ol 
increased metal sales. “" LM 

The improved safes Col g* 

volumes were, however. t* 

largely offset by a pro- 
portional increase in the ^ “ 
cost of sates. 7 **- f 

An interim dividend of 3 ‘"^r" 

cents per share (1976/ -, ‘' p 

77 3 cenls per share) 
absorbing $8 6 million p ' 

has been declared This PRODUi 

dividend will be paid on c:cp*< 

April 3 , 1978 in respect u m n« 

of all shares on the Aus- Total cn 
Iralian registers and on BiiMer c 
April 10,1978 in respect r-u.ie 11 
of shares on the London »mc .-or 

register. The registers of , n 

members will be closed Lm 
from 1 February 17 up lo 
and including February sales 




24 «eks 

24 weaks 

X2 weeks 

12 weeks 



10 

to 

to 

to 



18.12.77 

19.12.76 

18.12.77 

19.12.76 

FINANCIAL SOOO's 






. .mcoliijjieij :iei -j-.jings 
t jimnr.s a.5.l.«ble lot 


r?u3Mi) 

12 400(3) 

11291 

7 693 i 3) 

appropnjlion 


21 4;0I2) 

17 22813} 

10«5 

7 10713) 

jtes 


177 «78 

16051) 

95 863 

74 829 

’ iSl t-1 


130 o9l 

110 568 

71 002 

51 334 

■_ IL-T 111 I'MIH 


6 r 79 

3 576 

3 159 

2 250 

.'TliO' ■?.,».-.-5 


r*.i2 

15 237 

9 250 

7 779 

Pm.-o- k,i, I. 1 : u 

L , il> n*s 


15.57 

2ii 382(3) 

7 43! 

10 771(31 

l. iIh ? ji . -i' r * • «: * ..V- *'if 


7 ;-q 



1 

• hi i*. 






; 


i. 1 

477H') 

12 

7i.ii J 

Mi’ ..r.\ ii 

Iil •i.> ; .«i • — 


— 

1231 

— 

i-H' | 

i ■ |ir i it-i 


i: :* r . 

t! 

6 V'5 

5 9!-.- ! 

K. : ..-iil. - 


•' l m * m j 

ii 5.’>ri 

3i>7- 

j 0 j-.i | 

1- ■ :■■■ * | i'»>|l 



‘1-J i 

SW 

T 511 I 

!I 111 .. ...i. ui<; t. nV-‘. 

ri" n.i r..._.ri 

cjj- 'ji ,' en Irom li e-.jleol die M 1 W chjren.'ldiiu' 1 

ii 1 Ills*--,. Hi-ii.'in.i- I.iicIm: 






Jl t?.i .< >•;«.; i i.mJ if.rt- r j 

Ti_f.ji DM 10 ' 

c-!Pvgri.-:-ni out ol '.lie current twvnlv four week period's ejnmiKS jHe» 
■'.’■iin,; iifirk .aiuaiion reserve’. 

3) 1 l.v-cts jn'.'dills differ f?orr. ii. 

jtfci pieaea* published to rellecf the increase in ihe company m-:rw 

l-i* !ium 4’ ‘j per 4f, 

oer ce"’ jn-l |-j 

Like account of Ihe eMecl nf ;ne hadinr. stccV vjluahon 1 

jii- •• In dflililuvi pr.'-.hi 

•n lor .ncoine L 

■ in 19?fi iwi high due |q ihe unusual level 

j! pu'lil kfl I 

1 mfei t.iiiijunj IumjcI ions ji Wat t.flK- Ahidi letumed t& normal early in 

ulendar >-eai 19. 7 7. 1 

SALES 

Copori — tcfmf". 


65 63 7 

63 m 

34 771 

23 "65 

Av price iA tonne — 






! v.i , e&jr 


i to: 

t :?3 

l '> ‘3 

1 175 

Lrad — lonne'j 


7613-1 

64 451 

4U 2 to 

7v4 0.T 

«i prize SA torute 


Md 

395 


J'.rJ 

;nic -- w; 


•ri 0V5 

50 517. 

44;-' 

24 l-i* 

Ai- p::-:e SA tonne 


fit? 

650 

r-v 

7li- 

Silrtrr — kik^:.inij 


lot) ISl 

137 973 

93 635 

St. !« 

nv. price SA. wtogrjfB 


UJ 

u; 

ii'j 

113 

PRODUCTION 

C.:pper ore lr*jted 

(?wwd 

2333 578 

2214 467 

1171 5?S 

115:923 

U id we treated 

Crones) 

1 108 050 

1046660 

545 576 

3% 619 

Total ere heated 

k.vmes) 

33516:3 

3 261 127 

1 717114 

1 649 442 

Bi'.ter cowjer produced 

(lonnev) 

63300 

64120 

30 660 

52 330 

C'u-V? l ejd pi.iduced 


59 920 

61000 

29 320 

7h 3?U 

?im; cunrenfiate produced 

fipwies) 

9)596 

873(3 

4.1 17 J 

-JtJ-'bfc- 

ilv» m pr^un: 

iMr-rwnsi 

IS?4)7 

183 586 

% 309 

?2 554 


PRODUCTION 
Blister copper produc- /J 
tion and copper ore ■*. 
treated increased over ; .-V 
the corresponding period i 
last year bv 6 5“^ and 
5 8 n « respectively. The ■’/ 
increases are attribut- 
able partly lo increased 
productivity and partly 10 
ihe lower man normal 
blister production in Ihe ; 1 
previous year. . 

A i S". drop in crude lead 
production was due to 
reslnciions resulting 
from environmental con- V.: 
sideraiions. maintenance | 
program requirements 31 
and minor operating 
breakdowns. 

Silver and zinc produc- 
tion levels showed a ' - 
small improvement on ■ 
the corresponding period : 
Iasi year. 


OUTLOOK 

Since Ihe end of the 
period under review 
there have been only 
slight fluctuations m the 
prices received for cop¬ 
per. silver and lead, and a 
further fall in the price of 
zinc. No substantial 
improvement can be 
expected until industrial 
activity in the major 
economies revives. 


received 


substan- 


23. 1978 to allow com- Sates revenue during the tially. Revenue from cop- 
pleted transfers received 24 weeks increased by per and zinc sales how- 


decline 

relieved 


partially 
a 4 -J n 


increase in metal sold. 


by the company up to 10.8*6 from the corres- ever continued to reflect Sales of zinc concen- 
5.00 p.m. on February ponding period last year, poor market conditions. Irate were down 10 8" U 


16; 1978 to'be regis- This increase was mainly The average copper from the corresponding 
tered before entitlements due to improved lead and price declined by 9.9 l, „ period last year and 
lo the dividends are silver markets with both from the corresponding accompanied by a small 


R.8. BYERS 
SECRETARY. 


determined. 


volumes sold and prices period last year, but this 


reduction in the price 
received. 
















28 


'Financial-^iies ;9 ^1978 




BOOKS 



v; 


Under fire 


BY C. P. SNOW 


— -———r—- —than he is usually given credit war, except fcy great mass battles 

Britain and the Origins of the f or> jj e ^xdn’t want war: yet he, of attrition an the west That is. 
First World War by Zara S. 0r an ygne in bis position, or any how the war was fought. Prob- 
Steiner. Macmillan^ £7.95 conceivable government, was ably with any warlords, and any 
(£3.50 paperbaeki. 305 pages bound to walk into iL Granted commanders in the field; it 

Kitchener bv George H Gasser ihe degrees of freedom, which would have been fought that 

WiLliam kimber 5 £9 95 573 were ia reaI terms minute, tbe way, and it now seems another 
nAes £9 *' 3 same was true in Germany, example of weird inevitability. 

___ Zara Steiner writes without ex- The German command was 

The Road to Passchendaele by travagance, but she carries a much more sophisticated in [ 

John Terraine. Leo Cooper, sad conviction. . military thinking than the 

£11.50. 365 pages When the war duly happened, British, but, though the German 

Thn «r i n 1*1 all concerned were caught in a army they were leading was as 

of ^Unoleon bv 5imilar N ° ' taubt » s “> *“?“"• tiey could ? t 

RnfbAfiWB 0D R a £rnr* revf thought that they were in con- imagine anything else to do. 

S ’ Batsford * £6 ’ 95 ’ trol of the situation, and some Certainly Haig couldn’t. John 

-i- pages ~ _ thought, as Churchill did, and, Terraine’s Hie Road to 

There is a weird inevitability with less military passion but PaxsdiemJoele is another nf his 
about it all, said Einstein, with more realism, as Lloyd George attempts to make something of 
brooding prophet-ic resignation, did, that they had bright ideas: a hero of Haig. Here Terraine 
reflecting on the making of the hut no one could escape from overstates his case. His account 
hydrogen bomb, and certain that trap. That is, that the war of the Flanders campaign is, in pr. 
it would one day be -used. If he was imposing its own way of its dolorous fashion, excellent, 
had ever had any faith in human being fought. One is prepared to believe that 

wisdom or the ‘intervention of Kitchener was the first British perhaps any other British corn- 
human will, he had by that time warlord, not over-intelligent, mander-in-chief might have 
lost it. He might as well have knowing much less of modern been driven to something similar 
been thinking about how the two war than his German counter- —that is, because of the French 
world wars came to happen, or parts, but with flashes pf penetra- mutinies, some strategy of this , 
the manner in which they were tion. As someone said, he was kind was forced. But the record L. 
fought. The first three books like a " searchlight swivelling doesn't suggest that was bow | 
above teach the same lesson. It is round, leaving great patches of Haig was justifying it. He 
a dark one—how very little in- darkness in between the beams. waSi as always, invincibly confi- 
dividual men matter, how the Before anyone else, he had dent invincibly optimistic, in- 
events take charge, how insight, realised that this was going to vj nt ibiy complacent. Even if, 
gond feeling, humanity, are b* a mass war. and that it would ant | when, he was in the grip { 
powerless against the pressure of * ast a t}™*- i * e was not a of weird inevitability, that atti- i_ 
the collective Tolstoyan forces, specially amiable character and ^ uc j e j a hard for a detached 
Maybe we ought to have accepted Peculiarly acquisitive. Professor spectator nowadays to find con- ^ 
that by now. Cas ?.^? may .^ave . d ° ne genial: and it was hard for men 

Zara Steiner’s book is a sober, slightly more than justice. His more intelligent than Haig him- 
sensible account of how this S a ? 1 ° et J colleagues nearly all self at ^ ^e. 



Burma to 


BY ALAN HODGE 


“—; - rrz ,—' a — he had his hand on. her knee?’ ; ; Bonnes* terras and. villages in 

Maurice CoUls, Dxari«, IMWW ‘si nce the' soup.’ 'In that case,* whichhehddfought'Oa meet 

edited by_Lomse Collis, Heme- the Duke, ‘let it rest,' ” . lag King Gustav YE. of Sweden 
mann, £5.50.215 pages - * • When Maurice Cbllis was going who was a keen .amateur of 
~ I „ ... 7. trough Lady Aster’s visitors’ ‘ceramk^afteE a dinner of soup. 

Maunce Co Ills spent much or hooks, jhe pideed.up.one.for 1906. lobster,? .grewse, an iced-sweet 

his early working life in Butxm W hich included, the- pames of the savoury, .fruit -and. coffee,'.- & 
as a magistrate and adminis- Archduke Thjtnz Ferdinand, Kit- found aii bpportunity to cw- 

SSm b « t - 1 ! e diMCT, Dr. Jameson, Henry-him^^the .red, -silver and :«ii| 

British o ffici als by the nmge-pf ^ many Yairopean’royal ch’ien -: Lung " bowls" 7 he - 

his mtereste m Burmese history figures. “Yes, yes,", . die. ss^s&quired.ra -Burraa. and to to 
and in Buddhism Aftw nearly “Everybody was here. Tinreein scribeto^im his-book on Gorin 
twenty ye^s, ^ Retired to mytime been csUed The friend and Maateztcmuj 
London in 1934 and aevoted mni- D f the'- coor Tint as you can «ee : ; Naturally Maurice Collis 

«aBy, of "the Arabian^ 

friend ofthe nch. > . cesstifcwitii whom-heoccasiwagi 

di.anre begin in 1949. he had Lady Astor was always a fierce; m Londonl- B& hai!^ 
aiready- published j^Jjooks. critic of alcohol and its- evil curious -LOdiig for "the -W(Ss V 

“ family life, :whiett she ^SvS Peak!. Among 
, expenenrad -at ; home m poets he admired. sS 
had been his piratical Virginia,'but she did .not "totally Spencer about whom he wriik 
century predecessor at Mergui, abstmencevon her^^. a voU^WS l. S. Lowc ^I 

“wS. h2*f Srf- 0,110 wss wrpnrei-to ree tint X. S "Eliot with some ion*. 

D ^ net ‘” «*>''■)*,*«•if '\ uttooS? 1 when' 

said, “if people accuse me of The diarist believed he had a literary and arbstrc: scene 
adultery because it is not true, special capacity ".for cultivating Britain during IhesC two decade 
but I do care if they accuse me an army of acquaintances and and, emler^ reads' as a work :p 
of talking too much because it'is "he .would converse with anyone eccentric oddity. ■ It gains fror 
true.’" She exemplified herself at a party or an interview, When his; 0ft for recording convert 
bv a story about a dinner party ho metLorii AleSanderhe talked tiohal ; stories,;- and ..from .th 
“where Lord X says to the Duke, to him about the Burma . cam- admirable editing of the diarie. 
of Z: *The Prame. Minister bis-paign and was impressed when by : hir daughter Lomse, who.ya 
his hand on my wife’s knee^ .the ■ Field-Marshal remembered often, a t»mpamon'5m his loun 
What should I do?* *How long has the exact pronunciation of - the . of incessant, .visits, " 


Kitchener leaves the Foreign Office in June 1916. He is the subject 
of a new biography reviewed to-day 


of 20th 


century war, Gunther the other side, in particular the § VJ SlwlCY 1 FT~- - TIP Si 

irg s 77ie .trt 0 } War- commander-in^liief. ■ ‘ ° 1 * v 


...j t, : _ ..... _ annul ine war wnicn mev were — i —-a --— —--— lari' in mt nuc ui Napoleon is Rothenberg gives us various ... _. • . %■■■ 

w i fh supposed to be runnmz As well H the politicians had trusted him something of a relief. Not that kinds of interesting technical in- -r — -■r. ——- 577 section entitled .“Do lie worth? work,.,j t t remains.iamatisfactor 

\ ithprpJ^nf^" asking a misogynist (not a “ore. Tbe only difference that u, e casualties, relative to the formation-—about arms (surpris- ^ Forest DweBexsi Stella matter?” he states that “ Scnbes r on many f other terms for the put 

civilised Jiumatf bSnT'bu? in homosexual, in Ser*s view) he would have made would be to num ber of troops engaged, were ingly uniform all over Europe), Collins. £5-^5- 245 librettos are ti» ^radigms_tff HcmSjide-feMJB. .-Geam 

the end ^wirhout emphasis in 1 ? bad securitv objections to the b av « provided him with perhaps light in the major Napoleonic medical services (French much _ _ _ grand opera,?. - wWle another .iqartjir-tto^tt ft, Am erican ispei 

tne _enn. wunoui empnasising __ " _fhre<» more divisions. Then rhe um,... than, th., wn /TTnrriich ,nri • «hgnior ic headed ** Waemer -as torV_' .'andcwvenne. nvpr 40 


Frtwlrd Grev had British fiI^e/o„ enc e wtth various loved ones, more complete command, had Napoleon and Wellington con- ought have realised from S tend- f ° r s* 1 ?- M ° n ®y ^“Sed qualities which can also beBbglt ^CaOerVa:-muai JvUg, n 

noiii v roni-entrateri in hie own doesn’t seem quite so unreason- much more real independence sidered that it was distinctly hal’s experience). The book is hands, and for Stella Brewer, f 0un d in many of their leaser Dantag^s-Ropes of Time, Bejart’ 
Vepuin* i-S decent humane able. from "the politicians/’ than any had form—and presumably an very attractively illustrated, with ammaJ ?“*se extraordinary, the contemporaries. " TfevertiieleiK, Nffms^/^CZowrkoJ'God, or Job 

not an” intellectual, but a far Kitchener hadn't the faintest commanders in the second war. undesirable precedent — to pictures collected from esoteric great adventure began. . nearly four centuries of 'operatic Bt^ej/sv ' After ; Etten—all 0 


accomplished politician idea how to fight a great mass After these lugubrious studies attempt to kill senior officers on sources. 


r sraeli Foreign Minister speaks 


BY RICHARD JOHNS 


William was soon joined by history emerge with great imnie-:which T ? would, pay good mone 
other underprivileged apes, and diacy from the book, while never : to see again. The inclt 
Miss Brewer, daughter of a cer tain composers, UTagner. Verdi slon.of ^uch^ frail but intricuin . 
Gambia forester, found her ad- and Strauss among them (bot itemsns VAmour et son Aman 
venture turning into a crusade— neither Puccini nor Debussy) are is curious- since I. had suppose 
a kind of chimps' Born. Free, presented with particular .iOr.it sunk vwtiiout trace in 1951: 
Now it rates as an official Re- sight. The descriptions .. of Further, the book is not to 5 
habilitation Project with modern operatic productions, are: trusted- on facts or opinions 
Gambian Government backing, less Interesting. ' -. Raymonda is not .set in Hungary 

Laboriously, she had to teach BJZAAETiil FORBES hot in Provence: :the inclusion 0 

her charges how to make nests, • ~ ■ ir~ thornaghly confusing reviei 


at SL Olave's School he was to international size." He be- 
Be/erring to President Lisen- j ncu i ca ted with the Classics and came deputy premier to Levi 


1 strains caused oy Hen-ounon s tne uctooer war ot ana tne their diet. To-day those chimps ^ Alexey Bulgakov was the firs 

- resistance to demands for with- one-eyed warrior’s shameless ^e. to all Intents and purposes, ^oupiettay Kastchey . j n firebird no 

i drawal from Sinai in 195&57. to refusal to take Ministerial wild agaln. york. $15.00. (Avallahle ’ 


hewer’s fluent inarticulateness E n g^‘ Literature while at Eshkol Ln 1963 and Foreign aiign solid support for Israel responsibility, ke attacks Dayan ^* 171 ^forest Dweller* neatlv " 5 an £F Books- Ltd.,^,. CecQ t Anfi vet there is -m 
J w r " E K a ? ? r '!ki l 1 week-ends his grandfather sub- Minister in 1966. a position he from American Jewry, and to and other .hard-liners on the r jdes upon the recent tide of ' W-C3L, , at 0 ther comprehensive" analyti* 

S?. a iu. ah ,L y /. iff mitted him t0 nine years of held until excluded from Mr. mobilise what is now an almost settlement plan of 1973 that in- animal books. Its double bonus . £10-50). 838 pages... . >. g<WW n» J^o many ballets cm 


-r V 7. . . ria«s upon me recent aae 01 nn qto nnert*; •.umer', cumpreaenMve ansuyui 

it an almost settlement plan of 19i3 that in- animal books. Its double bonus . **- 0 -* WJ *' r aiwuiwj; pf so. many ballets cor 

ional lobby eluded the decision to establish —sincerity and the never-ending 1 ™,!* “ rebtlv available; "' So. ‘recohi' 


expression'' rvnical critics and P urs " e -“ a b - riUia ff c - areer a j 19 ?' t f in its favour. tne town of Yamit in Smai-now appe al of monkey tricks-could o r^ndanJ JESfiui-***** somewhat by default 

enemies in Israel mlSt Su it Cambndge in Classics and Resentment of a precocious His countryQien should owe proving one of the bones of we n send Miss Brewer’s happy S™ce^to^ 1 ^ ^rather tbo many reser 

-Saritablv and unfairlf-ihe ?. nea ; al Languages that yon successi rtorj* by the veteran ^ some ^tute for his c0 ^ n ?° n ^ in ° eS °S a ?° nS ", v band scampering along in the somSt mLed WesST to ’ atlon s for comfort, the book ii 
other wav round as far as their 5^ rare distinction of a establishment may account for effort an d endurance at the UN Eban observes, "internal poll- tracks of a well-known Yoric- Eurooean readers Invaluable 315,1 necessSuyt and Balanchine 

rong-serring ex-Fore^ Mini- ?**}* £ l Jff.T aS ,„ h l e “P ha !^f *2? before, during and in the long ^’J^lf.l^re vet and a certain rabbit ^SSS\ t ^^s Balahchihe is, essential, 

from Watership Dowu 7 chtae . g -^ 6w n comments upon! Ms .**; v " CLEMENT CTUSI 


,11 n r hnrHar 5n| P as wen as d Knowieage oi congratulatory teiegram or roap- inriionantU- anH tifith * v ‘ cl S“ ua au xuo onen 

Ids do thp'rtortd and pretentious, S 1 A u l“ l: Sj , j51 Son'active’ln ler/'uno/otei 01 F Keonedv weinin s iuitiilcatlon. the “tion's ht e abnitv Pe to°Eet Hs own Shaw's Champions: GBS and 
S”.JS" “ S/ Z"'£ the^z’onist’movernent bTfrom igaSTSS d' &£ST t faefo? ^ ' ™ ^» 

^tin/leDlnn/le n thloretn er- ^ two Palestinian Zionist raUy; it was “the ™minS 2 fte “nreimn^ 5 den ' C n™ ^ MurviUe and 8?™ to Gene Tonney by 

ship 0 Ehanha/neen S students, becante^aware.unl^ M.time M.eaulart UU.ta STSTta Spier- Benny Greea Ehn Tree Books. 


UN ECONOMIC INDICATORS 


than a full Israeli His sonhisti- striving tor rutuiraeni in tne spirit of Israel so Abba Eban ^rari°anrf U ^ri K hnt 111 ^ au |benticity/’ ham Hotspur, Edmund Blunden, 

SSd and wsmopolitan* 0 image «» country." has been its voice.” The Times Zm hes Veen SSSed^ what cloring^not^Slelm^e is afitSS about 

could not be in greater contrast It is an intriguing thought that Literary Supplement compares Waiter Laqueur has described i e ft with tbe distinct inmression P^tiT and there was 

to the virile, tough sot*- and he might have become a British *“» Jo Cicero and Burke ,F^rtu- as special virulence of {bat Eban'StTriS ° a tKmal newspaper drama 

daughters (with a oologies to Cabinet Minister. In his tenn n t ate . l y* ^ 1S sojnewhat nauseous politicaJ i ife .» Most S cSnin'- ambSl b« T . wh f,, 0111 *; P as ?> 011 

Mrs. Golda Meir)—of the kihbutz as first principal of the Middle obvious is his animosity towards coloured An** Autobiography aD - d dlsims | e ^Jbe 

that until recently have domi- East Centre for Arabic Studies a °«dotes, trenchant ohserva- Mr Rabin 3Tld of lopical relev . S re “ hethelStw-ord ^uicourt scene in a production 

nated the Israeli political estab- fthen based in Jerusalem and no ?. . and * frequentiy ance (wisdom of hindsight J n a distin wished poUtlcS ?- Hen P* V ^ S e .words: 

lishment. ironically ever since regarded as maIlcl0US ’ Wlt - also?) his charge that the ex- career A geS moderation f Slde "-\ ,? e 

Returning from his rhetorical a hot-bed of Arabism) Harold More important is the account premier concentrated too heavily and liberalism do filter through S kli° v ■ C i ““Ir" 

triumphs at the UN where in Laski proposed he contest a seat of an important role in Israel's on Israeli-Egyptian detente at the injured pride and egoism. His r; a {, s . WU1 barn pnyncai sport is 

194S he did much to secure in the 1945 general election, formative years which earned the expense of the more conten- implicit message seems to be that j* 0 ™® n e w ana s° to bhaw and 

Israel's independence and mem- He chose instead to join the Ben-Gurion's acclaim in 1959 of tious west bank. Significantly, when the time is ripe the triple D0 ?r mg r . IMi • 

bership Eban recalls the ecstatic political department of the Eban as “ the most distinguished he omits any mention of' the first from Cambridge with his ^. yreen nas written a mgnjy 

relief of the local newspapers Jewish agency, thus starting a emissary of the Jewish people well-known, and for him galling, understanding of the Arabs must r ® a ° a01 ® and likeable book. He 

that he actually spoke Hebrew, meteoric rise to the post of its in our generation." _ fact that Mrs. Meir as premier be the man to conclude peace. p 1 S^S u,3 bis story with tne young 

Aubrey Evans, as be was known chief representative at the U.N. Assuming his political career dealt over his head on the most Few Israelis are ever likely to lessons at 

»a fact he strangely does not then Ambassador to the new to be at an end historians will vital foreign policy issues by see the situation that way. But f“ e Haymarket gymnasimn run 

mention !, arrived late on the State there, and from 1950 to probably judge his 11-year dealing directly with Rabin at least Eban's memoirs, despite >* etl f! 06 , * 

Palestinian scene as a member 1959 was concurrently head of period in New York and Wash- when the latter was Washington the irritations, are very much professor of boxing, bnawput 

of a special operations executive Israel's mission in Washington, ington as his most valuable envoy from 1968 to 1973. more entertaining, informative Honneilly into bis novel, Caswet 

team liaising and assisting with After a brief spell as Presi- contribution to Israel. Apart Now freed from the burden of and distinguished than those in °irrons Profession, wrnen was 

the training bf the Haganah lor dent of the Weizuiann Institute from the early battles at the office though still on the Knesset recent years of Mrs. Meir and a b° u t a brainy pnzeHgnter wno 

Jewish Self-Defence Force) in he became Minister of Educa- UJf. his three greatest achieve- benches, Eban is forthright in General Dayan. mamed above ms station, but 

& won in the end wjth a knockout, i 

-—*--From "there we move on to two 

_ real-life Cashel Byrons. Gentle 1 

raction _ man ji m Corbett who played 

Cashel in a New York dramatisa¬ 
tion of the novel and thrashed 
John L. Sullivan, and amateur 
philosopher,. Gene Tonney, who 
chatted with Shaw about boxing 
and other aspects of the human 
condition and beat Jack 
Dempsey. This record of .the 
triumph of brains over brute 
force could be carried right 
through to Mohammed All. of 
course, but it would be difficult 
to get worked up about Ali's 
poetry. 

Away from the boxing ring, 
Mr. Green's book contains splen¬ 
did material on Shaw as 
novelist Collectors of Shavians 
will love it: boxing fans, how¬ 
ever. may start feeling punch- 
drunk halfway through. Xt sent 
me searching out Shaw's novels, 
which I’ve only skipped through 
before, and I enjoyed them more, 
than T expected. 

The publisher’s blurb informs 
us that Mr. Green is how in the 
process of turning Shaw’s life 
into a musical Frankly, I ain 
not surprise! 

ALAN FORREST 


Jewish Self-Defence Force) in he became Minister of Educa- U.N. his three greatest achieve- benches, Eban is forthright in General Dayan. 

Fiction 

Men trapped among matters of great moment 

BY ISABEL QUIGLY 

Refiner's Fir#» hv Mirk Ueinrir, w,I0se circumstances are so feeble is his handling of the sexual violence of various kinds, 

Hamish Hamilton w curlicued that ’•romantic" novel’s form, the panoramic and incest, and an atmdsphere of 

naEe _ ’ seems too pale a word to the enormous which he seems to cruelty, psychological or physi- 

■... B 1—_describe them. Bom during a crave, and the way coincidence cal. 

Double Decker by Eva Jones, naval battle in post-war Israel strangles credibility, showing up Levanter the Americanised 

Bachman and Turner, £4.50, to a “ immigrant who has a novelettish plot. j ewish Russian who has escaped 

— — - multiple rape and much etee he Deeper also deals with ££ 

Biind Date by Jerzy Kosioski i s adopted by Americans (since a classic escape story of our °“ e a is £a t( *Si £? d deadwS? 

Hutchinson, £4.9o, 236 pages she dies giving birth), returns to ^“e, adventures outsize yet this 

£ The National Interest by J™- AS*** Si SS 

Marvin Kalb and Ted Koppel. ? a ? y „ hS 1 d J f batUe - Rprifn th«n m, there’s much talent in the writ- 

Bodley Head. £4.50. 371 pages In , b P twee °- h ^ 1 * 3 ? Ioits , are s „° to £?S£i in S but its ceatral “Waning is 

- 1 vaned. so tuppence-coloured, war-time el u sive Levanter’s attemnts to 

Refugees, internationals: in all and he himself is so grandiose, ^land and the post-war dol- dQ gQ0 ^ seem doomed (in 




flung about by political circum- There’s a travelogue air, too, Sebastian: after whom all others gjstentlv successful as he slips 
stance. AU the novels are about his doings in so many must fail, all else seem in- from 0 ‘ ne comfortable berth to 
talented, yet none is satisfying, corners of the world, the exotic adequate. Bourgeois life in anothei^from his mother’s bed 
The size of events seems to have being one of the hardest in- England is flat, husband Alan adolescence to that of an 
swamped the size of each talenL gradients to mix with others in flatter until . . . again, colnci- enormously rich widow he mar- 
A1I are ambition, adventurous fiction. The author’s short dence raises its novelettish head, jjgg j n nnjiMje aee 
and far-fetched. Life’s been far- stories have been highy praised: Ev a Jones has probably more 6 " 

fetched this past half-century, understandably. For he's often natural talent than anyone else The central episode, the “blind 
they might retort. splendid on detail, using close this week, but this second novel date,” is an elaborately planned 

RefinePa Fire, a first novel by scrutiny. In small-scale action of hers, thongh vivid, often rape he carries out for which 
a young American, has a hero and description. What seems feverish in tone, is self-indulgent, a friend is blamed and im- 

/ arch and posturing, an irritat- prisoned. This, like much'else 



In Defence of Opera by Hamish 
F. G. Swanston. Alien Lane, 
£6.50. 314 pages. Pelican 

(paperback) £L50 


ingly hysterical treatment of its in the book, reads like some black Heiprm. Israeli hero 

hysterical heroine’s state of fantasy, lengthy, dreamlike, 

mind, heart and action. A pinch hurtful. American Secretarv nf *tatn 

nrte^n^f ,^® taciimeilt k what After this In the National Why is his kidnapped wife 

mugs ior. Interest, the most straightfor- returned without payment of __ 

Blind Date; by contrast, is cool ward, the least metaphysically; ransom or prisoners freed? man~never ’foTsot ’While his 
and considered, with the chili s ?em s plain as dajiight Because a Palestinian leader is grandfather considered .opera as 

realism of a bad dream. It is an lts . complex plot: a brought right into Jerusalem for «. e most suitable MtertaimneS 

anecdotal book, a series of hap- thriller set in the Middle East a top political meeting and sud- r or - e 0 ecial occasion Professor 
peninas, illustrative points made that happens to be published denly there’s close contact where Swanston spends nearly half his 


Brittan 


Tascinating . . . Mr Brittan has always written with 
intellectual honesty and without fear or fhvour.* 
Lord Barber, Financial Times. ‘It is a tribute to the 
quality of this work that these writings can come 
together into a coherent view of the way our society 
is moving.’ Guardian. Thoughtful and thought- 

provoking_full of originality.’ Jock Bruce-Gardyne r 

Daily Telegraph 


THE ECONOMIC CONSEQUENCES OF DEMOCRACY 
temple smith, paperback £3, cased £7.50 


UnKtiff honour with douWe-deaBngTlove Se h!B.n caTfti^d^ both 

Lindbergh, Svettena Alliluyeva, [ ('®^ b e lf 1 ^^ nk foL.ettab.e Wllh betrayal; death silent, of them are correct. In opera, 
--f 1 *? 6 * 1013 ' Sharon Tate—yet ■ efficient, tidy. I wouldn't, like as indeed in all forms of drama, 

everything seems an excuse for The joint authors are high- the blurb, call it “ the ultimate “ each man's situation may be 

stones, the sort recounted to powered journalists who know political novel,” but of Its kind, an acceptable paradigm of 

repel, mock, perhaps interest, exactly what they’re up to when the sort for a snowed-up evening, another’s.” 

Tnese are often of a vicious dealing with Klssinger-style trips a journey or the last day of flu, Paradigm is one of Professor 

kind, involving rape, killing, to the danger spots by an it isn’t bad at ail. Swanstotfs favourite words; in a 




In the preface to his stimulat¬ 
ing apologia, Hamish Swanston 

relates how his father, then aged I INFLATION—-Indices .t: of. . 'earnings .(Jan, ...;1976=lfl&) r • 

IT takn, h— h.'a <nhn I. s ■ T_ a _ 1 1 ■ ' » _ - _ la uImR. 

























































29 







_ 1 mn—''-.r- - * j* »>■ PlM. ^ ' # \ T ■ . * " “ 



BRITISH RAIL 


the right track 


CONTRACTS AND TENDERS 







BY JOHN L1.0VD 


.__ %•**«- *«t .wiiuv ':w. un: jr^/iwth _ ______ 

i ;v M' that '‘the decade- of nage carried hy:'• tbe-'mefiy-so- 
^ ' ;.3i5i< r raUways^iS 'Over.'’" 


roiiadsu-' 



' ; ibid*-are worth £ 24 m.r a' ridl JrafficnPbfffe trains, -or targe ** 
c^ :< Brttlsh Raii--Mr. Parser .septtoiris dt tnuiis, dedicated to 
.... ■- ^ lit Im. tonnes of if could Carrying, for example* anthracite 

' ; Thai .ri&k'.comes tro.m Souih Wales tolw^edepots 

-“'hi'^ e NCB. ?: r :•"''!n ring cities; ‘ But rd 1 : sisafficant 
m ? %oai- antf/rail .indnstties ProyrU on-^an d g.jtr cent- 
- J ai historically' close—as °T lai. tonnes-^ Oflfc- or. two- 

,‘iV’t v^arker »%d*r: his f a *<* deliveryStirMA has 
^ ,V ---.the "’.first Strain to be-|Mjostaiuagy^ted from 




Mf. Peter Parker . 
tonnes of coal “at 


Ira. 


risk." 


prices due to transport costs are 
evened out across the counlry. 
The EEC says they must go; and 
go (hey -wilt, by next April. 

This means that pithead prices 
wilt he charged lor aJ] domestic 
coal, and will make the more 
cosily British Rail transportation 
of coal look even less attractive. 

■ NCB officials concede that road 
transport may not continue to 
offer better rates: an enforced 
reduction in drivers' hours, or 
sharp rise in fuel prices, might 
suddenly destroy its allure. For 
the moment, however, com¬ 
mercial logic is on its side. 

For the coal merchants, the 
discussions bode both good and 
ill. They are naturally keen to 
sec transport costs lowered: but 
the NCB proposed rationalisation 
of loading facilities, und of coat 
depots themselves, might mean 
added difficulties over supply. 

Many of the yards are 
British Rail land, and BR charges 
a negotiable premium of at least 
10p a tonne on lorry-delivered 
roal coming into these yards. It 
continues to do so as a deterrent 
to more coal being moved 
road. 

Mr. Parker has taken on board 




‘-sr»tri* V, r *£rains stilt mave most of coal can be mowl up 10 13 a - . _ _ 

:? r .’s coal output; more than t°nne cheaper by Toad ihan it between £L5m. and £2m. 

n- -"V°r rvnnes^-about half of the can by raU-a significant margin , A rapid loader requires coal 

jteniftaSSrS on for merchants, and .for the NCB. grains to operate efficiently: it 

. j,'.'/' -- Tiii^o-round" trains from ar ®i ous to find markets for Its £ uni ? ot . individual trucks. ranter nas taKen nn nnara 

■- ^ to Sower stations growing Volume of output More So the NCB is busy removing the , h “ r ; ™™£ r t n ?.| taKen on ooara 

•*5teL! .. conclusively, the facilities for h he Se hv Heine ?nSti?(vc 

loading-it on .to wagons at the m-enmery which bad been 
JOmeStlC . ... -pit. bead are fast disappearing, ^luired to load individual 
... . _ ,. thanks largely, and irimicaJly. to iT u *! B ' . Q“ lte soon. British 

of the remainder is the success ot the transportation Rai1 * mineral wagons will not be 
/ « n coal trains trim pit to sy slems installed for .movius ablc 10 lo ad up in most pits. 

Cl S !ftli?* 2?? pDwer station and industrial coal. , , 

WOfi &wSI e&5S,S Logical 

i 1 

- , ".. sSverihvrliL ’ despatch points- The centrepiece the NCB has operated what are some 


been ifle trade by being competitive 
idual Rc told the Coal Industry 
Rritich Society: “ We’ve certainly goi to 
be more competitive 
price. and we've got 
look again at the market situa 
tion to ensure that we remain 
competitive for these flows which 
can he carried profitably nn rail. 
In the long term, however, 
unlikely that be can avoid 

served bv raiL pumm. iue wuuwwvc ,y(.b nas eperareu wnui arc some loss: the very efficiency of 

rt s - _ irr each case was the rapid-load' known as regional zoning agree- the railwavs’ hulk delivery 

• ^ .df the proportion of coal ing bunker., which can discharge ments with the domestic coal service moans that it is bccom 
~" a ^ ra,J "** s " Qne °p coal into coal trucks fri a ora Her trade; these are the means by inc less and less geared to small 

r. ijT -m recent years. For some of • - - . - 

'iai ---:—:—r- 

’He ===== ..— 


on 

to 


it 


seconds. Earh one. -costs which the variations in coal deliveries. 


, ' : 9 i 


Redemption Notice 


m 4 P- 


1 ";:^v 

" A "'■'Ll - 

Jr 


City of Oslo (Norway) 

-9 % .Sinlcimg Fnncl Extonwl Loan Bondi due March 1,1985 


l i r TICE IS HEREBY GIVEN, pursuant to Fiscal Agency Agreement dated as of March 1 ,1976 under which the above described Bonds were 
hat Cilihank. X.A.. Fiscal Agtrit. has selected.hy lot iorredemption on March 1, 197S through the operation of the Sinking Fund, S.UjQO .000 
'.? ri & : .l amount of said Bonds at the Sinking'Fund redemptiiin pdee of 100^ of lhe principal amount thereof,-together with accrued interest to the 
C-t cd for redemption. The-serial numbers of -the-Bonds.selected by lot for redemption are as follows: 


-:.Vi 

- e 

!•“ 0 
, ”2' 0 
‘ '3 

*. .. a 

— '*i 

-3 

■5 

■8 

4 * --a 


676 MS 

SS! iB 

683 1003 

S- 1S8§ 

B91 - 10U 
1013 
.1015 


WB 


1016 

101B 

1020 

1022 

1025 

1026 
1028 
1029 
1032 
1034- 
1036 
If 


689 
701 
703 
706 
708 
710 
713 

716 

720 i 
722 I 
725 3044 
728 . 1045 
720 1047 

^ ffi 

737 10S4 

733 1056 

740 1<H8 

744 1062 


1203 

1204 

1205 

1206 

1207 

1208 
1211 
1215 
1218 
1213 

1222 - 

33- 

1225. 

g?.* 

1249 

1250 
1251- 
123» 
.1263 
1»4 
1255 
1258 
1257 

?s- 

1261 
1262 . 
1263 
2264 
1265 
1288 
1267 
2268 


1476 1687 2088 2281 

1480 1098 . 2069.2282 

1481 1699 2090 2284 

1482 1700 2091- 2385 

1483 1701 '2091 2286 

1484 1702 2093 2287 

1488 1703 2084 228ft 

‘.I486 1704 . 2035 2288 
1487 1705 2096 J229Q 

149S -1706- ‘2097. 2231 
1484 1707 . 2098.. 2292 

149* 1708 2099 2293 
1496. 1709. 2106 2294 

1497 mO 2101 2300 

HR SB'£8. « 
■W-ML-ML-m- 

1502 -• 1735 -2110 2303 
7503 1716 2111.2306 

1504 1717 2112 2307 

a*- mi M-m 

1507.1720 - : -2U5-- 3310 
1508' 1721 ■ gU6, 23H 
1509 1722 - 2?17- 3312 

1510' 1723 . 2118 3313 
1511 1724 ; 3119 2314 

1725 2120 -2313 

1728 ' 2121' .2316 

172T 2123 2317 

1723 "2123 2318 

1729 212A- 2319 
-1730 2125 2320 

1731 .• 2126--2321 

1732 2127 2323. 

1733 2128 2323 

1734 2129 2324 

1735 2130 2325 

2738 2131 2328 

173? '. 2132 ■ 2327^ 


245ft 

§J| 


1738 2132 3338 

1739 2134 2229 

2740 -2333 2330 

1741 2138 ; 2331.' 

1742 S1W-- -2332 

1743 2138 - 2333 
1744. 3138 2334 

1745 • .2140 -28S5 

1746 2141 2336 

1747-. 2145 2337 

_ ' 2143 2338 

2144 2339 

3146 23*0 




BOND Nt’MBERS 
3846 3021 3184 


„ 2730 2890 
25 UT 2711 2891 

2M8 2712 2392 
*14 -2713 2893 

<3515 2724 2894 

2519 . -2715 2895 
2590 2718 2896 
2521 2717 2897 
3522 2718 3838 

2523 3719 2900 

2524 2720 2901 

2525 3721 2902 

2526 3722 2903 

3327 2733 290* 

2528 2724 2905 

2529 2725 29D6 

2530 =729 2W7 

2531 2730 £9 OB 

253Z 2731 2909 

2533 2732 2910 

_ 2534 2733 2911 

2342 2535 2734 2912 

2344 3536 2735 2913 

2345 2537 2736 2914 

2348 .2533 2737 3915 

2347 2539 2741 2SU« 
234B 2540 2742 2917 

2541 - 2749 2018 

3744 2919 
2745 2920 


2746 - 2921 

2747 2922 


2578 2768 

2579 2769 

2580 2773 

2581 2774 
2662 .3775 

_ 3776 

2887 2777 
2588 2778 

2779 


_ 1152 - 1580 _.___ _ _ _____ _ 

890 1153 1381 1587 2023 2220 2386 239* 2787 2960 819* 3295 3*72 2080 

11M 3382 3538 3025 mi SM9 2599 2788 29813135 3^6 3477 3661 

896 1156 1384 


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1177 1405' 1G71 2062 

1178 1408 1672 2063 

1179 1407 1673 - 20fl* s 

1160 3408 1674 ' 2065 
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1877- 2088 
18TB 2009 
1879 ZOTO 
1680 2071 
3681 2072 
1682 2073 
M38 2074 
1684. 2075 
3883 2075 



2390 

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2224 - 

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WM 
2227 
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2230 

2231 

2232 

2233 2420 

2234 2421 

2235 -2422 

2238. £423 
£237 2434 

2425 
£299- 243ft 
£240 3427 

2MK 2428 

2253 2429 

£254 . £430 

2255 2431 

2256 =432 

2257 2433 

mo 2434 

2259 2436 

23«P 2436 

2201 =437 

£362 W -Sfi3* 

2268 2439 .3635 

2264 3440 2638 

2441 3637 

2442 3838 

2444 2639 

2443 2643 
2289 -2*40 S8d? 



330* 
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2620 * 2813 S9W -3155 ■ 33=3 

26=1 2814 2385 3X56 83=4 

2Q£2 2935 2988 . ,3157 3325 

2323 2816 2989' . ai!Bl 3320 

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2625 2818 » -3100 3328 

2530 2819 =99= 3101 MSS 

2531 2820 2OT3 . 316= 3330 

ift32 2821 MM £163 3331 

2883 382:1 SS 31Bi 3332 

2825 £990 

2839 2987 
28Z7 2908 


3831 

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2=73 3*49 2049 
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2061 2374 3451 =648 
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2378 2455 2057 

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2280 2457 2058 


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2839 

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2841 
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38*3 
=844 
28+5 



SAUDI ARABIA 

WAREHOUSE CONSTRUCTION TENDERS 

Alrajhi Company wants to build new modern warehouses in Jeddah, 
Riyadh, Dammam, Gassim, Hayil, Medina, Mecca, Taif, Gizan, Abha 
and Khamis Mushait to store building materials such as cement, steel, 
timber, plywood, etc. 

The warehouses must have cranes for loading and unloading from and 
to the trucks and complete lighting arrangements, etc. 

Any company experienced in building these warehouses must send the 
detailed plan and estimate, picture and the cost per sq. metre in U.S. 
dollars on turnkey basis. The estimate must be valid for six months. 
The floor to be in cement, roof aluminium and walls aluminium or 
brick. 

You must note that we absolutely do not accept any brokers in this 
regard and each company must contact our company direct to present 
the offer, in the name of: 

Alrajhi, Company for Currency Exchange and Commerce 
Attention Mr. Mohammed A. Alrajhi 
Jeddah, Saudi Arabia 
P.O. Box 1087 
Telex: 40058 SJ Alrajhi 
Cable: Mwadbena 
. Telephone .-32149,46461,38034 

N.B.: 1) There is no possibility to return back the offers. 

2) The offers are free of charge. 

3) We can refuse any offer without giving reasons. 

4) We accept offers till end of April, 1978, only. 




LEGAL NOT8CES 


3083 

3084 
3005 
£089 

3090 

3091 

3092 

3093 

3094 

3095 

2923 
3924 
29=5 
2929 

it? 

2534 
2935 
=936 
£937 
=938 
2939 
=940 
=9*1 

294= __ 

2044 * 3115- *275 
=9*3 - r 3119 . 3379 
294B 3120 S2BO 


No. 00W> or 1978 

In the HIGH COURT OF JUSTICE 
CbaocoTT Division Companies Court. In 
Uiv Manor or PERIGaN TRADE INTER¬ 
NATIONAL;" LIMITED and in the Mailer 
of The Companies Act. 1948. 

NOTICE JS HEREBY GIVEN Hut a 
Petition for the u-imline-tip of lhe above- 
named Company by inc Hit* Court of 
Justice was on the 3Bih day of January 
IKT. presented to. lhe said Court by 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE of Kind’s Beam Bouse. 
89-41. Mark Lane. London EC7R THE. 
and that the said Petition Is directed to 
be heard before the Court silting at the 
Royal Conns of Justice, strand. London 
MT2A 21L. on lhe Sib day ot March 
1978. and any creditor or ooaiiibniorr 
of the said Company desirous to support 
or oppov ihe making of nn Order on 
the said PetIMon may appear at ihe 
lime of h.-anns In person or by uis 
Counsel for ihai purpose: and a copy 
of the Pk'ition will be fnmlshed by the 
under..■ pm d io am- creditor or contribu¬ 
tory or the said Company requiring such 
copy nn p.iyinint of the regulated charge 
for the same. 

ft F. CLOAK. 

Kmc's Beam House, 

39-41. Mark Lane. 

London EC3R THE. 

Solicitor io the Petitioners. 

NOTE.— Vny p-.-raon who Intends to 
appear on tlu- bearing or the said Petition 
must M.-r»-e on. or send by post ro. the 
above-named notice tn wriiuut of his 
intennon so ro do. The notice must stale 
the name and address 0 1 the person, or. 

a Arm. lhe name and address of the 
firm, and must be sinned by Ibe person 
or firm, or his or iticir Solicitor * if anyi. 
nod musi ho served, or. if posted, roust 
be suit by post in mflictcnr umo io 
reach the a how-named not later than 
four o'llork io ihe afternoon of the 
3 rd day of Mar ch 197«? 

No. 003*0 of 1874 

In lhe TtlGB COURT DF JUSTICE 
Chancery Division Companies Court. In 
the Matter of TER5TOW LIMITED and 
ihe Matter of The Companies Act. 
IMS. 

NOTICE IS HEREBY GIVEN that a 
Petition for the winding-np of the above- 
named Company by the High Court or 
JiiRiico was on the 33rd day of Janusry 
1878. presented to the said Coun he 
THE COMMISSIONERS OF CUSTOMS 
AND F.XCISE or Hints’* Bc-am House, 
3941. Mark Lane. London EC3R THE. 
and that the sold Petition l£ directed to 
be heard before she Court sitting at the 
Royal Courts of Justice. Strand, tendon 
WCSA ILL. on the 2Ttb dar or February 
1975, and any creditor or contributory 
of the said Company desirous to support 
or oppose the molting of an Order on 
the said Petition may appear at the 
time of hearing In Person or by his 
Counsel far that purpose: and a copy 
of ihe Petition will be furnished by ibe 
undersigned to any creditor or contribu¬ 
tory of ibe said Company requiring such 
copy on payment of the regulated charge 
tor the same. 

G. IvRIKORIAN. 

King's Beam House, 

-7941. Mark Lone. 

London EUR THE. 

Solicitor to the Petitioners. 

NOTE.—Any person who intends to 
appear on Ihe taarmn of the said pL-litian 
must serve on, or send by post to. the 
above-named notice io writing of his 
Intention bO m do. The notice most atai* 
the name and address of the person, or. 

^ Arm. ibe tume. and address of the 
Dm. and must bp signed by the person 
or dm. or bis or llictr Solicitor nf any>. 
and musi be served, or. if posted, must 
sent by post In sufficient time to 
reach lhe aborf-pqmrd no: laivr than 
row O'clock In ihe afternoon of the 
54th day of February W8. 


No. UttIM 01 I9TS 

In the HIGH COURT OP JUSTICE 
Chancery Division Companies Court. In 
the Mailer of BRUCE FOWLER * CO. 
limited and in the Matter of The 
Companies Aci. IMS. 

NOTICE IS HEREBY GIVEN lb»t a 
Petition for the winding-up ot the above- 
named Company by the Nish Court of 
Justice was on the 3Hb day of January 
1979. presented to the said Coun by 
TFIE COMMISSIONERS OF CUSTOMS 
AND EXCISE of King - * Beam House. 
39-41. Mark Lane. London EC7R THE. 
and that the said Petition Is directed to 
be heard before ibe Court silting at lhe 


In the HIGH COURT UK JUSTICE 
Chancery Division Companies Court, la 
the Mailers of 

_ No. otnos or ws 
AVON ENTERTAINMENT LIMITED 
No. MBIT of 197V 
TAL LEISURE LIMITED 
and in the Matter ol The Companies 
Act. I9*s. 

NOTICE IS HEREBY GIVEN that 
Petitions for the Wlndtne-np of the above- 
aamed Companies by the ffigh Coon of 
Justice were, on the 30ih day of January 
197S. presented to the said Conn by 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE of Ring's Beam Bouse. 


Royal Courts ot Justice. Srrand. London 18941. Mark Lane. London EC3R THE. 


VC2A =LL. oa the #ti» day or March 
19TS. and any creditor or cornnhUTory 
or ihe said Company desirona to support 
or oppose the making of nn Order on 
ihe said Pennon may appear at ihe 
time of hearing in person or by his 
Counsel for that purpose: and n copy 
of ihe Petition will be furnished by thu 
undersigned to any creditor or Lontnbu- 
lory of the said Company reouirlpg such 
copy on pavment of ibe reguloicd charge 
for the Rome. 

r. t. CLOAK. 

Klnc'K B.’aru House. 

3941. Mark Lane. 

London EC3R TirE. 

Solicitor Io ibe Prntioners. 

NOTE.—Any person who ink-nd<: to 
appear on the bearing of ihe said Petition 
must serve on. or send by post W. the 
above-named notice in writing ot bis 
m ion lion so to do. The notice must sia:e 
tile name ami address of the person, or. 
if a firm, the name and address of ihe 


and ibai the said Petitions are directed 
to he heard before the Coun sliilna ai the 
Royal Courts of Jtutlre. Strand. London 
WC2A ILL. on the 6ih day of March 
197V. and any creditor or conmbuTory 
or any or the said Companies desirous to 
support or oppose the making of an Order 
on any of the said Petitions may appear 
at the time Of hearing in person or by 
his Counsel for dial purpose: and a copy 
of lhe Petition n-fll be Turnlsbed by ibe 
undersigned to any creditor or canrribu- 
lory of any of the said Companies requir¬ 
ing such cony on payment of the regu¬ 
lated ehdrcc Tor the same. 

. G. F. CLOAK. 

King's Beam House, 

3941. Mark Lone. 

. London ECSR THE. 

Solicitor to the Petitioner:. 

NOTE.—Any person who intends To 
appear on the hearing of any of the said 
Petitions musi serve on. or scad by post 
to the above-named, notice in umiinc of 


firm, nod must be signed by tbr- person ibis intention so to do. The notice must 
or firm, or his or their Solicitor > ! f any-, i state the name and address of ihe neraon. 
sod must be served, or, if positd. must I or. If a firm, the name and addrrss of 
hr senr by post in KufDciec: time io I the firm, and must he signed by ilu- 
reach the above-named not later than , jvrson or firm, or his or th'.-ir Solicitor 
four o'clock in the afternoon of the tit anyi. and must be served, or. Jf 
3rd day nf March T9TS. pnned. must be sent by post in sufficient 

-—-vcuiTftb'nf <v^r -““— . unis io reach the above-named not laivr 

In the HIGH COURT OF JUSTICE J .^/a^'op'uarcIl^XSTS * t " :n>a0 ” 01 ,hL ' 
Chancerv Division Compnnics Conn. In the 7 to ca I9TS. 

Matter of M. D. CITROEN •DL4MDNPS> 

LIMITED and in ihe Matter of TTic 
'^jmoames Art. I*4S 

NOTICE IS HEREBY GIVEN that a 
Petition for lhe winding-up of the above- 
nam-rt Company by the High Court or 
Justice was on the 3flih day of Januarr 
19TS. presented to the said Court by 
TnE COMMISSIONERS OF CUSTOMS 
*ND EXCISE or King's Beam H nuse . 

:194L Mark Lane, tandon ECIR THE. 
and that the said Petition Ik directed to 
be heard before the Court sitting at the 
Royal Courts of Justice. Strand. London 
WCA 2LL. oh the 6(h day or March 
19iS. and any creditor or contributory 
of the said Company desirous to support 
or oppose rbe making of an Order an 
the said Petition mar appear at the 
time of hearing in person or by his 
Counsel for that purpose: and a copy 
of the Petition will be furnished by the 
undersigned to any creditor or contribu¬ 
tory of the said Company requiring such 
copy on payment of the regulated charge 
for the same 

G. F. CLOAK. 

King's Beam Rouse, 

3941. Mark Lasc. 

London EC3R THE. 

Solicitor io the Petitioners. 

NOTE.—Any person who Inlands to 
appear on the bearing of the said Petition 
musi serve on. nr send by past io. the 
above-named 'nutiw in writing or his 
InientiOD so to do. The notice must si ale 
the name and address et rbe person, or. 
if a firm, the name and address nf tit? 
turn, and must be signed by ihe person 
or firm, or his or ibeir Solicitin' 'if anyi, 
and musi be served, or. if posted, must 
be sent by post in sttfficlcn! lime io 


In the HIGH COURT OF JUSTICE 
Oianeerv Division Companies Court. In 
the Matters ol 

No. 00343 OT 1975 

ALLDAY.BUILDING MAINTENANCE 
< LONDON i LIMITED 
No. 0034* or 1D» 

APPLF STAFF BUREAU LIMITED 
and in the Mailer ol The Companies 
Art. 1913. 

NOTICE IS IIEREEY GIVEN that 
Petitions for the WiiuUnc-up or the above- 
named Companies by ihe High Conn of 
Justice were, nn Ihe 30th day of January 
3976, presented fo the said Court by 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE at King's Beam House. 
3941. Mark Lane. London ECU* THE. 
and thai the Bald. Petitions art- directed 
to bo beard bofbrc ibe Court sitting at 
Rovat Courts of Justice. Strand. London 
WC2A 2LL. on ibe 8th day of March 
1*T8. and any creditor or eonrrlbmorv 
or any of Ihe said Companies desirous 10 
support or oppose the making of an Order 
on any of the said Petitions may appear 
at the time of heanag in person or by 
hlj Counsel for that .purpose; sod a row 
of Ihe Petition will be iurmshed hy the 
undersigned to any creditor or conrnhn. 
ion - of any ol lhe said Companies rennlr- 
inu such rtpy On payrnem Of lilt reEUialed 
charge for ihe same. 

G F. CLOAK. 

Ring's Beam House. 

3941. Mark Lam- 
London ECTIR mE. 

Solicitor to the peittionert. 
aOTC.—A ny person wno micnds io 
app'j'ar on the hoarlnc of am - of the sjld 

— — — — — .. Pennons musr serre on. or send by pom 

reach the above-named not laser than i in ihe aboriMMiRed. nomv in urrtme of 


In Ibe HIGH COURT OF JUSTICE 
Chancery Division Companies Coutl la 
the Matter of 

No. 003B1 or I07S 
M. C. PLASTERING LIMITED 
NO. 00362 or 19TS 
Z.LMPET LIMITED 

and In lhe Manet of The Companies 
Art. 19tt. 

NOTICE IS HEREBY GIVEN thai 
Prtiiioos for the Winding-on of the above- 
named Companies by Ibe High Coun of 
Justice was on the 25tii day af January 
1975. presented io lhe said Court by 
THE COMMISSIONERS OF CUSTOMS 
AND EXCISE of King's Beam Home. 
U94f. fjart Lane. London EC3R THE. 
and tfaar the said Petitions are directed 
to be heard before ibe Coun sitting at 
Royal Courts or Justice. Strand. London 
IVC2A =LL. on ihe 27th day or February 
1978. and any crediior or contributory 
of ibe said Companies desirous to support 
or oppose ihe making or an Order on 
any of (he sold Petitions may appear 
at the lime of hearing in Deraon or by 
bis Counsel for that purpose: ana a cony 
of the Petition will be rurnished by the 
undersigned to any creditor or contribu¬ 
tory or ibe said Companies reaninng such 
copy on payment or tbe regulated charge 
for tbe same. 

G. KRJKOR1AN. 

King's Beam Hons*. 

39-41. Mark Lan». 

London ECSR THE. 

Solicitor to the Petitioners. 

NOTE.—Any person who mi ends ro 
appear on the hearing of any of the said 
Petitions musr serve on. or send by post 
io the above-named, notice in writing of 
bis intention so to do. The notice must 
stale the name and address of the person, 
or. if a firm, the name and address of 
ihe firm, and musi be sinned bv the 
person or Brni. or ms or their Solicitor 
lit a ay*, and rnnsi be srrr.yj. or. if 
named, musi he sen! hv post in sufficient 
nmi* ro reach the above-named noi later 
•h.m rour nvinek In tin- afternoon or tile 
=*tfl day of February J9TS 


four o'clock Io the afternoon of the 
3rd day of March 1KB. 


COMPANY NOTICE 


5301 

5307 


On March 3,19?S there wUI heojiae due and payable upon each Bond selected foriedemplion the said redemption price, together with interest 



iJl ‘ 


5i 


..ixembour& ftpment-- —---- .. - . . . v , - T , 

a transfer io. a ilallar.accoiintmauiuined.liK the payee ivHh a bank in New lark Uty. . „ P 

On and after the date-fixed for rwkfOpQpn interest on said Bonds wll .cease to accrue. Coupons due March 1, 1978 should be detached from the 


■ jnds and presented foe payment inlhauami maancr. 


•^hiiary 2(5, i9?S 

rr s r f 


For the CITY of OSLO (NORWAY) 
CITIBANK, N«A. 
u Fiscal Agent 


WANKIE COLLIERY COMPANY LIMITED 

(Incorporated In Rnonesia) 

NOTICE TO HOLDERS OF 5* PIER CENT FIRST 
MORTGAGE DEBENTURE STOCK 1962/1978 

INTEREST PAYMENT NO. 49 

Notice ts hereby stveu chat no transfer* of flahenturc stock wftf be registered 
bv the Company daring the period 11th to 28th February, 1978. both dates 
inclusive, ana that warrants In payment ol Interest due In rasnect oi tho 
halt year ending Zflth February 1978 are due to be paid on that date to 
oebantu ro stockholders r cal aie red at the close of business on 10th February 1978- 
I merest u payable in United Kingdom currency and payment will be 
made from Salisbury and Johannesburg In the Rhodesian or South African 
equivalent ot the sterling value at the rate ot exchange ruling at the dose' ol 
business on 2Bth February. 1978. Cheques In payment ol Interest will be 
despatched as soon as possible thcreattcr. 

in terms of exchange control regulations payment ol interest to Stockholders 
resident la tfio United Kingdom. Zambia or Tanzania, must be oafd Into a 
blocked account In the shareholder's name with a rogtstered commercial hank 
In RhodMiB. Arrangements are being made fur stockholders formerly paid 
tram the United Kingdom and who are not resident in the united Kingdom. 
Zambia or Thnuata to be mW their interest from Rhodesia. 

By order ol the Board 
ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED 

Sr*r«ari*» 
per J. ft. Parker 

London OMck OAct of the United Kingdom Transfer Secretaries: 

M. NDjtarn viaduct. Charter Consolidated Limited. 

EC1P 1AJ FJ3 . Box 102. 

Charter House- Park Stmt. 

M* January. ,97*. K «*’ ™ 24 fiEQ 


his mientiDU so to do. The oolicv mus- 
*faie ihe name ana address of ihe grreon. 
w. If a firm, the name and address or 
ihe Ann, and musi be signed bv ihe 
person or firm, or his or their Solicitor 
(if anyi. aaa mast be served, or. If 
imust be sent by pasf in sufflelenr 
irnic io reach the abovc-nanud not later 
than four o'clock ih ihe aficniooii of ihe 
3rd day of March 1973. 


ART GALLERIES 


OMELL GALLERIES, Fine British and 
French MODERN PAINTINGS and 
Wodyn. British, MARITIME PICTURES. 
40. Albemarle Street, Pkcadlllv. W.i. 


THACKERAY GALLERY. 73 Thackeray 
Strew. Kri«lnatOfi Sq^. W.8. . Q1-9S7 


5383. SUS 


HAWKER until =*th Fee. 


AGNEW l^LLEBY. 43. Old 0OPd Sl« 
W.T, 01-329 8175 lOSth ANNUAL 
WATERCOLOUR EXHIBITION. Until =4 
Feb. Mon.-Frl. 9-30-5.30 Thors, until 7. 


ART FOR INVESTMENT; "FOUP YOUNG 
REALISTS- at the RAOLETT GAU-ERY. 
J 4 . 1 wwJJnB.St.. Radleit Herts. Tue- 
S»t- 10-5. doses 2Slh February. Sun 
acrylics oils and watercolours Irgm 
£35-5300. 


COLNAGHI. 14 Old Bono St.. W.I 491 
740B. A Loan Exhibition o< Works by 
5EBA5TIANO RICCI in Bniam. m aid 

Ol uie UDINE ART RESTORATION 
FUND, until 8 March. Mon.-Fn. 9.30-6. 
Sate 10-1. 


MALL ART GALLERIES, The Mall 5.W.I. 
PAINTINGS BV SHEILA NOBLE. 10-5- 
Siu. 10-1, Until Feb. 10 


Nn 011315 of 19TS 

In ihe mi;n COURT OF JUSTICE 
rhani-ery Division Cnmnanlox. Court. In 
Ihr- Manor of S1LVERDALR SECUR1TIFS 
LIMITED and In the Mailer of The 
Companies Aei. I9*S. 

NOTICE IS HEREBY GIVEN lhal a 
Po|ition for rile winding-up of iho above- 
named Company by ihe High Coun of 
Justice was on ihe aoih day of January 
isvs. presented io lhe said Coon by 
THE COMMISSIONERS OF CUSTOMS 
\ND EXCISE ot King's Beam Bouse. 
3941. Marie Lane. London EC.R THE. 
and ihai lhe said Petition Is dlrerted to 
be heard b'lore ibe Coun smlns ai ibe 
Roval Conns of Justice. Sfraud. Loudon 
WC2A 2LL, on Ihe fiih day Of March 
lore and any creditor or conrrlbuiorv 
or ihe said Company desirous to support 
or oppose ihe making of au Order on 
ihe said Petition may appear ai Ihe 
lime of hearing in person or by hix 
Counsel far ihai purpose: and a copy 
of lhe Petition will be rurnished by Ihe 
undersigned io any crediior or conunhii- 
mry or ihe said Company requiring such 
copt on payment ol lhe regulated chareo 
for tile same. 

G. F. CLOAK, 

Kina's iu-am House, 

.1941. Mark Lan.'. 

London EC3R THE 
Solidior ro tiie Peiinnners. 

XOTE -—Any person uho )na?nds fs 
appear on ih<< hesnng of lhe said Povltien 
musi serve on. or send by post to. the 
above-named notice in n-rilinu of his 
initiation so to do. The nonce must state 
ihe name and address of iho person, or. 
If a Brnii lhe name arm address or ihe 
firm, and wbh be slimed by fbc person 
or firm, or his or their Solicitor nr anyi. 
and must be senvd. or. if posted, must 
he seni by POSI in sufficient ume to 
■racb the above-named nw later than 
four o'clock in the afternoon of lhe 
ird day of March 19TS. 


COMPANY 

NOTICES 


CARLSBERG — TUBORG. 

THE UNITED BREWERIES 
LIMITED 

81% BONDS 1986 

Horifan Grenfell £ Co. Limited hereby 
Cives notice that $100,000 nominal of 
the above Bonds have been purchased 
in part satisfaction of the redemption 
of $1.000.000 due In April 1978- 
In accordance with the Conditions of 
the luue of the Bonds s drawing for 
the balance of $900,000 nominal 
Bonds will die re fore take place and 
a lisc of the Band numbers drawn 
will be subsequently published. 


EXHIBITIONS 



LONDON COIN FAIR. Cumberland Hotel. 
Morale Arch. W.I. SaL 11th February. 
50 Worldwide dealers. Admission 25p. 



























































so 


Rolls’ bid for PWR power 


finandal Times 




By DAVID FISHLOCK, Science Editor 



ROLLS-ROYCE, playing bc«st to 
the Prime Minister in Derby in 
December, took the opportunity 
to brief him of one of Britain's 
most secret technologies: the 
nuclear reactor it builds for the 
Navy. Sir Kenneth Keith, 
Rolls-Royce’s chairman, told Mr. 
Callaghan that from a bilateral 
agreement negotiated with the 
U.S. in the late 1950s Britain 
had already developed a series 
of pressurised water reactors. 

These " British PWRs.” manu¬ 
factured wholly in the U.K., are 
in service to-day in- 13 sub¬ 
marines, the latest of which— 
Sceptre—joins the fleet next 
week.. A new generation of 
PWR is in prototype at HMS 
Vulcan, a reactor test station in 
Scotland run by Rolls-Royce for 
ihe Navy. Construction of the 
prototype of a fourth genera¬ 
tion of British PWR will begin 
there next year. 

Sir Kenneth's purpose in 
briefing first the PM then Mr. 
Anthony Wedgwood Benn, 
Secretary for Energy, was to 
make a strong bid for a role in 
Britain’s new nuclear power 
programme. Where in the past 
Rolls-Royce s nuclear activities 
have been almost exclusively 
for the Navy, which has 
jealously husbanded the experi¬ 
ence. the company now wants to 
enter the market for civil 
reactors with its experience of 
fhe PWR. Moreover, it is claim¬ 
ing a track record unrivalled in 
the civil nuclear sector, for a 
type of reactor which the elec¬ 
tricity supply industry is eager 


to have available as an alterna¬ 
tive to the advanced gas-cooled 
reactor. 

Behind these claims stands 
one of the least-publicised com¬ 
panies of its size in Britain: 
Rolls-Royce and Associates, a 
consortium of about 1.300 staff, 
comprising a 54 per cent. Rolls- 
Royce shareholding, with the 
balance shared equally between 
Babcock and Wilcox. Foster 
Wheeler, and Vickers. It was 
originally set up by the Min¬ 
istry of Defence in 1959 to man¬ 
age the procurement of a 
Westing house reactor from the 
U.S. for Dreadnought. Britain’s 
first nuclear submarine. At the 
same time it built Britain's first 
PWR, at HMS Vulcan — named 
after the lame god who never 
went to war — for development 
and training, and for ihe 
simulation of nuclear propul¬ 
sion problems at sea. 

Rolls-Royce and Associates 
does not try to minimise the 
fact that it had plenty of prob¬ 
lems with its early PWRs. But 
as it learned the difficult new 
technology and as it gained the 
Navy's confidence, the Ministry 
of Defence delegated more and 
more responsibility. “ We 
taught ourselves the funda¬ 
mental technology that was not 
part of the package the Govern¬ 
ment bought from Westing- 
house,” says Mr. Peter Goodwin, 
managing director. To-day his 
company has total responsi¬ 
bility for the submarine reactor 
programme " from cradle to 
grave.” It has provided the 


Navy with 16 reactors and 30 
reactor " cores ’’—the heart of 
the system, which includes the 
fuel—and has another three 
reactors under construction. 
Moreover, as manager of HMS 
Vulcan, it is the only private 
company in Britain operating a 
power reactor. 

To-day the company claims to 
build PWRs on schedule, to the 
price quoted, and to the per¬ 
formance stipulated by its cus¬ 
tomer, the Navy’s Ship Depart¬ 
ment at Bath. (Incidentally, the 
customer supports these claims.) 
Its turnover is around £25m. 
The four shareholders account 
for more than 50 per cent of the 
value of a nuclear package 
which costs the Navy about 
£10m. Rolls-Royce itself makes 
the core, about 23.5 per cent of 
the value (excluding the highly 
enriched uranium fuel, which is 
supplied by the Ministry of 
Defence). Babcock supplies the 
50-ton reactor pressure vessel, 
about 7 per cenL of the value. 
Foster Wheeler provides the 
two 25-ton steam generators, 
another 18.5 per cent.: and 
Vickers provides the core bar¬ 
rel. emergency cooler and the 
complete shipboard installation. 

Compared with a civil power 
reactor of the size the Central 
Electricity Generating Board 
wants to order, around 1.200* 
1.300 MW, the submarine reac¬ 
tor is small. It is smaller in 
power output than Britain's 
first electricity-generating reac¬ 
tors. the four gas-cooled reactors 


of Calder Hall. Bat the sub¬ 
marine PWR technology—except 
for the design of its very 
highly rated core—has remained 
fundamentally unchanged. 

Moreover, because of the 
stresses a mobile military 
reactor must be designed for, 
such as shock and sudden 
demands for peak power, the 
submarine reactor must be very 
robustly constructed. For 
example, the steel pressure ves¬ 
sel, about the height of a double- 
decker bus. is two-fifths as tall 
as, and weighs about one-eighth 
of. that for a civil PWR. The 
steam generator, of a design 
which has found no acceptance 
yet in civil reactors, has avoided 
all the vexing corrosion prob¬ 
lems experienced in PWR power 
stations, as well as being “ aston¬ 
ishingly free” from the bug¬ 
bear of all big boilers—tube 
weld leaks. 

A major part of the company's 
activity is devoted to develop¬ 
ment From the original pack¬ 
age provided by Westinghouse 
it developed the first British 
submarine core, longer-lived and 
providing more power. The 
combined effect is almost to 
double the energy supplied by 
a core—for a 19 per cent 
increase in application cost. 
This core has been in sendee 
since 1973 and is capable oF 
being “ backfitted" to all the 
submarines except Dreadnought 

The next development step 
involved more widespread 
changes for the goal set by the 
Navy was a still longer life com¬ 


bined with much less reactor 
noise. This project, begun in 
1966. has not only met the 
Navy’s tough specification for 
noise but has produced a reac¬ 
tor capable of almost doubling 
again the output 

To test the new system they 
had to use radical surgery at 
HMS Vulcan. In what is known 
locally as the “ bicycle shed 17 — 
a reflection upon its unpre¬ 
possessing appearance-—the com¬ 
pany operates what is effectively 
half a nuclear submarine: PWR, 
steam turbine, electricity gene¬ 
rators about 10 per cent, of the 
reactor's output together with 
nuclear facilities for handling 
and storing spent fuel red 
radioactive components. In a 
refit that started in 1972 the 

company virtually rebuilt the 

reactor, leaving little unchanged 
except the pressure vessel and 
some pipework. 

The new reactor has been 
operating for almost a year. 
This has demonstrated that the 
fresh g ains in power output and 
reduced noise have been 
achieved for an increase in esti¬ 
mated application cost of 16 per 
cent. The new core is expected 
to enter service with the fleet 
in early. 19805. 

Each of these steps in PWR 
technology has been achieved 
for a design and development 
cost of about £6m.-£7m., exclud¬ 
ing the cost of prototype testing, 
estimates Mr. Peter Jones, the 
director responsible. About 
one-third of the company's staff 
comes under his control. His 




resources include Neptune r a 
“zero-energy” experimental 
actor, and large loops for testing 
full-scale components and sub¬ 
systems. 

He build's perspex models 
roughly one-third of the size of' 
the submarine PWR, in order to 
see precisely how the coolant ■’ 
water is behaving as it is farced 
through the densely-packed 
fuel.- 

The big project with Mr. 

Jones's department now is the 
design and development of the 
fourth generation of British. 

PWR. This is planned as a : 
bigger step forward than its 
predecessors; too big to be back¬ 
filled. It is expected to enter , 
fleet service in the early 1990s. 

The first big step in the - 
project, however, will be to . 
build a new prototype sub¬ 
marine at HMS Vulcan, at a cost 
Mr. Goodwin estimates “some 
tens of mill inns of pounds.” 

After 35 years of operation, the ; 
present prototype is growing- 
tired. he says, and if the com¬ 
pany is to continue developing . ■ _ ..... 

the PWR for the Navy it needs Prototype operated by Rolls-Royce at Dmmreay : effectively 
a new one for the 1980s. . . half a submarine, including all main and stan db y prop ul sion 

But this instead of machinery for a nuclear submarine.:_1: 

adapting the Dreadnought de- . 7 '* 

sign, he plans to design the mortem on such parts as the industry standards.. ' It h* 

PWR “from scratch.” It will reactor pressure vessel, seeking backed up its programme with 

be the biggest single contract any signs of deterioration after a major research and develop 
the company has undertaken. 20 years of irradiation. meat effort which, has kept-Che 

- And we’ll end up with a safer. But what does aU ms add cosbeffectiveness of the reactoi 

more reliable plant to meet a - t0 in terms of a role for ^ progressing, steadily -for the 

more, stringent set of military c in lhe civil reactor Navy.. It has developed reU- 

objectives.’ The scientists are amme ? The onus is upoa hops. wlth > : .ae -400 sub- 
eager to dismantle tile present lt show nol just wliat itmight contra^Ps;-who.. participate ir 

nmtntvnf* and hold a DOST- ... tmmianiia .QUia unn* 


prototype 




hold a P0St- e0ntT ^ hllte t0 civil sector. t*esnhw^-PWTt“not dis- 
but how . similar from our-relations witii 

_ ' , . . „ . our customer,” sass Mr. Nick 

Peter Goodwin admits mas- Warms; the director respohsiblr 
sive gaps in the company’s ex- for procurement; - 
penence relating to civil The daily, ibgsheet of everj 
reactors. For one thing, it has readtor ^ returned to Derby .as 
no experience of dealing with part o£ ar dQss ier on PWR de- 
overseas suppliers, much less fects—operational - as well u 
vrit-h the electricity industry. desigrL *• We know whero the- 

It sees the Navy as a specially defects are in otir. reactors— 
“enlightened customer” which, there aren’t.many and we know 
to quote Peter Jones, has them intimately,''* he says, 
“created an environment in ‘On one politically.'contrdVer- 1 
which we can thrive.” Its sial point the Rolls-Royce and 
“ cradle-to-grave ” involvement Associates directors and the 
with the Navy's reactors implies CEGB are already in complete 
a much bigger effort on product accord: the Westinghouso.tech- 
support than is expected from nology is the, one on wh ich 
the nuclear powder industry. . * • Britain' should base any ..big 
What die company appears British PWR. As the original 
to have to offer is 19 years of designers of the PWR,;Westing- 
experience with the reactor house has a fund of experience 
system which bath the elec- that cannot be tapped, through 
tricity supply industry and a any other licensor. Beyond 
substantial section of the that, the company believes it 
nuclear design and construction has experience to offer the 



iternation45yackn()wledged 
See the fines|eigarette in the world 


HP 









r ■- • 

.; v.' y-y, — - 

Wfei - 




The liiosttetinKUlshed tobacco house i n the world 


• - '.Mi-'aS l;*:' 







@MIDDLK TAR A s d efiM e ct i rrlH. $8 








r. > ‘ r .,--:v 




ieni-Tables.- ■ ' ' - - T — 


industry- 

adopted 


believe should 
by -Britain as 


be present nuclear design and con- 
an struction industry, unrivalled 


alternative to the AGR. The even by the pooling of all other 
company has procured one and industrial and development ex- ■ 
delivered anolher 15 PWRs. perienee '.of water-cooled 
albeit small ones by electricity reactors available in the UX 


9F 




EASY WAY 

through the Charities lid 
Foundation to ALL year 
favourite charities , 

The aged, the disabled, the menially handi¬ 
capped, child care, your church, animat 
welfare, the arts, nature preservation, even 
disaster appeals... 

You can support all these causes, and 
■ many others, by having _ one deed of 
covenant with the Charities Aid Foun¬ 
dation. Then, the charities you choose mil 
benefit from the full advantages of tax 
concessions. 

^ By giving out of income in this'way; you 
mil have at lease half as much, again to 
distribute at no additional cost to ycffase& 

Other easy ways to give '•** 
The FOUNDATION BUND For th* 
expert management of liferime gifts and 
bequests, permanently safeguarded by 
Trustees of the highest standing, 
sJc PERSONAL TRUSTS to suit ymzr needs 
with no setting-up costs or administrative 
charges, 

* TRUSTS BUILT UP FROM INCOME 
producing surprising capacity for support¬ 
ing y our favourite charities. 

Charity Credits * : 

All account holders, with the CAF are given ja. 
book of Charily Gredife. Y<pi write thsmji^t 
like a cheque to benefit anycharity yoii choose 
from your balance of tax-privileged money 
with the Charities Aid Foundation, 

Please write forfiaifterinformadoiu 


I ToCHAEimSMDFOirm 

48 Pembtay Hoad Tonbridge Kent TN9 33D 
| Please sendmethefcdlowingboQldfits:- 

THEFACTUTIES OF THE CHARFIHiiS ATHi f ' L.. 
FQPNDA-Ftmrrnrtn rTinrUji ■ • 

PERSONAI^CHAMTABLSTBOSaS- 
a gsyetfretbweisia wish to eira capital. t ’■— 

PERSONAL CHARTTABIS GIVING-1 

atfowiflfKindiridnaldoiuBs. J - ' ' — 

COMPAOTCHAR3TAB3CE CamNe-^ ? ‘ : 

a girjda for eoiyaratB donprs. — 

CHAMTY CREDITS— 

PROFESSIONAL MANAGEE35SENT OF 
COVENANT INCOME - a tovaiumtBgrricft^y- AsrltW. - 

















































31 


Financial Times;;Thoife&ay; Kabyiiary 9.1978 




•-W .- K ^ - •4WttC< cf/fwfi/iurfHM l 




VTtAraL 

ronpg^ Bggtfgy; 


corporation 

>aa March 15,15&G 


afc’tb.ibe i_ 

fare lmma. 




K^aogqBttayg^Bea^d^^wgtfcigSgSS^itiny;-r ffinSor aSSg^^L^Sajtatr 1 JM ^ men ^ **»wwObiob 

? \^jl,1 ?Wcm'Nm>m‘ ‘ -• . • 

w 3 =*? ?«s 

.ftKOTMOTjlfY** MS, igg^ggi >§g as ipg iSSSffiS iS3 

^Sfi SS 3!S itSHti? Mg* 

'*7422 10633 latH 13SB9 iSS issl 32555 H8K JjSS 

Jgg.jgw t§3f jffS 3S 1% SSX 8f?f 

x8S..@[g ||§§$ i*** 1 “*“* ™» ■ , " w » 


® sk IP i» IP Krttafas- 

HtSE m m m m its 



rfft-r__ 

W-H38 

tl-lll46'j2«XC 

wft uK actt-- 
170 1133 

BUB. 

2M 2=54. 2685- 

RU: r 

2\g 
017, 



18640 17*55 16801 


mmssrs 

negf 



Jr&S 

053= -7C26 9114 ID 


16707 27825 18673 

ii<m ,'i3i37 iSeo iSS iim? JSS? 3X|32 1 M?§ 

Tifrt r Toq^r “5511 18721 17935 15089 

4£ biS ia§£ 31512 1222 ibts* itsu ibou 

1UB7'12140-isau 352S W6S8 16731 1TBS5 18013 
11069 12142 ImS 31S5 It® 38 lam 17974 19032. 

iffit lS&.g£3 ^ ^ w«g ags 

jgg yn .%8 ess ss 

^ s§*g H» 18033 *** 

» SH 

J4570 15770 
14588 157B6 
14504 15789 


.Si»j 8 UBiUP 


mm iM^ 
10084'.HU 


Sffll/B 


11137 lasts*'- 

llUttiVOU 


—■——1^ 6533 :7638 fll*Q 10140 
P-SWffi 3»4 MOO «53* 767«|MH|B| 
I 37M. -MH.T 3301 6548 TBTSHi__ _ 

.2778-4^0 53oa «s3S readme* imm 

■rvrn-mss aW5..659*-7W£*iKy020ai 

m% S SI 

I.4065 3335 MM 


mn.-wm 10136 USDS-' 
-p=3g ; 


13351 

13354 
15353 
13389 
18370 
13372 

_ _ __ 13397 

-11134 - MMB 13401 
- nm 1224? 13402 14CU 
11162 223*1 '33403 24629 
.11170. 12272 13439 14638 
11175.00283 13449 14648 
11188 13286 13475 1*632 


14606 


7701.9189 10212 


'"4075 5546 . 
■ .4090. 5560: 


330-. 


SflB-'lSOl-'SNT'^K W&1}wm 


771* 9190 10218- 

rarjjl«jic| | 


. ___ 8781 • 7842" 93M 

377 UU M10 4337 5509 8787 “7859 0323 
383..3543 2918.4382 5802 8788 7B80. 8337 



14570 

_ Xgtil. 13527 14703 

11284 ua*3 13539 14707 

SKBSi 

■;£§| : IBUs jgg iffi 5SS§ M Btf 

,;ggg Jggg 5 m5» ——- 18016 18207 19270 


15808 

15818 

15824 

15833 

25846 

15AS0 

li 

15974 


16786 18046 19141 
16786 18052 19142 
16793 16056 M148 
1B6QZ 1B058 1S149 
1KS04 16066 191ST 
36816 18068 19172 
18818 18009 19173 

16827 18083 19176 

16828 18109 1818* 
16838 18113 19187 
18840- 18134- 19192 
1685S 18137 19203 
16864 19144 19211 

10885 18148 1022S 

18880 1 *169 19329 

leasi iaa» 20239 
18895 16293 19249 
18897 It 


19259 


3543 2918-4362 
3gB 1548 2919 4373 
387-1556 2920 4385 
383-1559 2942 4386 

389 1632 2947 4400 

390 1640 2952 4401 
398 1840 2968 4404 
422 1085. 2972 4*13 57 
430 1890 2973 4414 9717 


Sm-TO B^wSS 

m^s mi 

urn* 

-10336 

^■ToSnSSs 10340 
6841 7979-9405 10341 

f»42 798a 9407 10342 



437 im.MM 4419 BT2* 6«4 79*4 Mil M34S 
444 1003 3012 4433 5743 6840.7985 9412 10344 

446 17D0 3022 4434 5781' 6870 7997 9418 HB47 

455 1702 3043 4438 6769 P8B3 7948 3*19 10358 

*78 1703 3048 4446 3787 SHflO WWl 9444 10362 

4S* 1731 3048 4431 5733 68» 8002 9446 10388 

505 1764 3052 4454 5812 6S15 8009 9458 10383 

509 1789 3062 4485 5817 6920 8010 MBS 103B3 

510 1778 3064 4470 5818 8923 WCZ 9499 M397 

540 ISIS 3078 4471 5825 0M4 *046 8514-10413 

548 1815 3080 4473 5832 6953 8961-95S 10421 

568 1818 3082 4482 5837 6937 8081 0345 20*25 

BOB 1831 3083 4485 5848 0052 8003 9537-10*27 

578 1858 3087 4487 5853 «9S3 8071 9563' 10433 

” 4488 5855 B95B 8U73 0571: 10*43 

4494.5868 • 0964 808a 9585 10404 

4495 5892 69G6 SOM 3588.-10473 

4*96 3887 6980 8118 WKH. 10475 

4497 5899 6998 8119 9808 10481 

- 3900 7004 Siai 9621 10484 

.3915 7010 8201 9S22 30490 

5910 


399 


1880 

600 1935 

Ml' 1938 
eia 1M7-si 
617 1958 

631 I960 _ 

63S 1973 3129 
630 1980 3131 
1998- 2136 
3141 


3111 4512 
3123 4532 


_ss 

637 3998- .3136 4536 

638 2011 3141 4374 
633 2042 3145.4823- 
654 2055 3150 4690 
656 2058 3151 4655 


7031 8205-9630 10498 

7033. 8211 


13919 

13324 



WOT 10*33 

£S-S£lg?SSS 

8234-.9664 .KBIT 

9701 10529 

__ ...._ 9703- 10531 

670 2W0 3133.4605 5954 7078 8364 .9704 10332. 

— - •- 685 20?S 3173 -4671 5900 7UB5 8267 9705 10348 

alcn ■?-. 711 2076 *173 4670 5964 7113 8277 9706 10552 

-1 _ 2r° 2078 3174 «79 MTg 7114 6287 9710 10572 

73 2i5f 722 2084 31B2 4726 @82 7120 S335 9714 10574 

- 728-3088 3283 4227 5993- 7133 *373 9722 -38383. 

9723 10A11 

9124 10619 

9727 10620 
8042 -7162 8405 9?2B 10C39; 

9063t 


■v&w 

___ 5683 7122 _ 

' : ti; 730 2106 3193 4731 0001 7129 8386 

* ... .-’ : 731 2123 -3208 4733 6027.7143 838T 
732 2127- 3212 4747 6033 7159 8392 
,e.{< 3~- 734 2141 3266" 4755 8042 -7162 8405 



■7170 

Bjs 

Wmm 


9U 3332 3589 _ 

9X2 2334 3588.4804 

.J.'--:. 923 2357 3598 

935 .2368 38CB 

•KT 977.2433 38U? 


tfWB 

ASS.B 



19733 10S35 

9743 10640 
9747 10662 
9758 10668, 
9774 .1 0670 

■m 1M 

m 9778B 




_XMZB 

iai2,2MU 
^UML-'lSSJ 13587 
Iis52^l3*ai- 135S4J 
.11330 “13464 13015 
11338 12460 13023 
-.11879>3347* 13628 
11883 -12*80 13656 
11394 -32482- 33657 
U408 12488 13066 
1MZT 13*90 13B 93 

11449 '.12508 13702 

II4S9 13K5 ISpS 

11*70-12537 13740 
1M7B 12543 13741 
11477 12648 1374B 

21 SIS 22339 33784 

12508 13765 
12572 13783 
12593 137BK 
3X01 13803 

Sl5 13806 

12017' 13813 

12024 13818 

12030 13834 

_ 32838 13857 

1U10 12862 13858 
11633 12082 13861 

11608. >32090 13802 

UeOtf-lXflS 13863 
11083 12718 13865 

11606 1271T 13871 

S 703 12732 18873 

n». 12744 13877 

11TOL '3Z773 18908 

11722-1379* 

11734 
11725 

11730 1»W 

11732 iSrt 

11783 33853 

317S5 

11749 

11760 

11788 

11788 

11784 

11785 __ 

. 1179V 12938-14075 

. 22797 1293* 14092 
11823 12936 14097 
1182* 12946 14103 

11830 12947 14109 

11837 '12961 -14317 

11838 12965. 14128 

11840 12907 14127 

11847 1*971 14147 

11857 1S893- 14167 

11370.33005 14182 
11871.38020 -14194 

.11887 -13035 34199 

11090-23031,14200 
noas 13078 -34316 

11899 13030-14224 

11905 13088 14225 
11925 ISOHa 14244 
11928 13095 1427* 
11933' 13112 14281 

11947 •33114 14289 

1196D 13124 14300 

1X07313133-14301 
11978 13134-14310 

_ 1X977 1*139 14311 

10788 ' 11978 nun -14324 
10860- 11988 13155^14325 
10951 12002 13159 14334 
10657 1*028 13162 14305 



34753 

14756 

14764 

14770 

14792 

14807 

14826 

14834 

34847 

14852 

14862 

14R65 

14888 

14894 

14909 

14915 

14917 

24922 

14926 

14938 

14942 

3494* 

14949 

1495L 

14952 

34965 

14968 

14984 

14985 

14986 

15023 

15025 

15024 

15045 

15047 

15050 

15052 

3.1000 

15000 

15091 

15094 

35120 

15130 

35132 

15179 

15183 

151BS 

15204 

15206 

15215 

35216 

15219 

15221 

15233 

15234 

15235 

15238 

15238 

15240 

15247 

15270 

15275 

15323 

153X7 


ZS9X5 

15821 

15926 

1593X 

15937 

35948 

15965 

15970 

15964 

15994 

15896 

1G007 

16010 

10018 

10035 

10069 

10084 

most 

30092 


19906 18230 19275 
38872 18230 18285 
16979 18258 19308 
17003 10203 19379 

17020 18274 19393 

17021 18278 1939* 
17032 18323 19397 
17058 18332 19405 

17107 18337 1M10 
17100 18340 19421 
17122 18342 19428 
17140 18353 19439 

17157 18359 19441 

17167 18364 19447 

17108 18370 19452 

17187 18379 394CO 

17X89 18382 19402 
17196 Z6419 19476 
_ 17201 1B423 19433 

1(1099 17206 10424 19496 

16100 17221 16431 19497 
17237 18432 10514 

17245. 18435 1965* 

17248 18436 19340 

17250 18438 19545 

17290 10439 19551 

17292 18453 19553 
17296 1846L 19550 

17200 134C7 10502 

17306 18475 135M6 

17324 18491 19605 

17331 1B509 19608 

17334 18513 19011 

1734D 18515 19623 
17396 10910 10044 
17366 18517 10649 

17378 18521 19675 

17379 18323 19700 

17387 18524 19701 

17380 18532 19702 

17400 18536 19703 

17407 18560 1970S 

17411 16563 1973® 

17454 19575 19744 

17477 18617 19773 


10211 

16123 

16124 

10125 

16137 

10142 

16146 

1B189 

16202 

10203 

16210 

18224 

10231 

10269 

36278 

16286 

16290 

16310 

16321 

16325 

16340 

10353 

16359 

16380 

16371 

10375 

16370 

16380 

10384 

16333 

10395 

16397 

10398 

10400 

1M19 

16428 

16441 

30449 

16452 

16458 

16483 

16465 


Z7509 

17510 

17513 

17517 

17519 

17523 

17524 


15329 16473 

15330 10482 


1646& 17095 

17708 


15338 

15342 

15359 

15365 

15369 

15392 

15305 

15438 

15439 


.5464 

15475 


16483 

16491 

16508 

16518 

16521 

16526 

16538 

16551 

18566 

16581 

16602 

16605 


18825 19781 

38028 JB7S7- 

18633 19790 

18642 19792 

18043 19794 

38644 19802 

18646 19817 

1B0O4 10822 

17525 1B675 19830 

17528 18700 39858 

17551 18702 10857 

17536 18706 19658 

17561 18709 19876 
17580 18715 19879 
17606 18720 198B2 
17613 18724 19910 
17625 1B726 

17692 18737 
18754 

_ Z87M 

17716 18756 

17730 18757 
17736 16786 
17747 18777 

17752 

17753 

17770 18808 

17791 16815 
17800 18816 

17814 18837 

17815 18845 

17816 18863 

17829 18871 


19916 

19917 
19923 
19934 

19943 

19954 

19977 

19981 


18802 1008S 
18805 19993 

19996 


X.lii; 


Caapooa 

nvr-t-y 


4898 6101 7295 

73X9 .... 

0187-;2S2T- 8735 3882 

a) at ‘WCQ-Corporata Bond Services Department 
! to above,.Ill Wall Street. 2nd Floor—Bond Window, 
regulations,applicable tbertto. at the main offices oC 
il plttfrffl flr u| AotrterduvFrank/artfMalii, London "(Cittbanfc House), Sfelnn, Paris, Citibank: (Belgium) S.A. 
•sd Citl frank rLuxcm boury) &*_ Payments at the offices referred' loin 0» above will be made by united 

JBurtes dollar xoeefc drawn on a-baok In-Ztaw York; Clty-.or by a transfer .to a United states dollar account 

amlnlalned by tha- payee with a banfc In New. York: City, on Martdi 15, 1978, the date on which they shall 
become-due. and payable, nt tba ndenxpOonr price ol 100 perceat4>t the principal amount thereof, together 
with accrued-interest to the -date- fixed for redemption. On and-after the redemption date, interest on the 
said Debentures wOl-.oease to acccue, and- upon presentation -and surrender ox such Debentures with all 

appertaining thereto maturing after the, date fixed forredemption, payment urn he made at the saia 

out of funds to be deposited with' the Trustee.- ' 


coupons-: 


redemptton prtco out of fund* to be deposited -.. „ 

Coupons due March 15,1978 flbonj doe detached and prraegtect for payment in the uauu manner. 




sjr 


Coming International Corporation 


pebruary 9,1978 


HE 

VAT 




. . r • -'.w - • 


r-- _ . .. ... 






Sieslii ;; 
Lyeni - ; 



m 

«?K2iir .£' 

rrtiervaaa;- 

***.&§' 

■ a iraa:a^ fr 5H 


COAL MINING COMPANIES’'REPORTS FOR THE QUARTER 
:-ENDED 31 DECEHUER, -197? ; . 

. tBoth^^otnpunJcs-are-incorporated in-die Republic of Soutfi Africa) 

-(^t ^biWBre K^ect tjs gu^it) 

TRANS-NATAL COAJ- CORPORATION LIMITED 






. Topv S}W-> 


GROUP INCOME v ^ ! T- t' 

Net moon)e from mining and allied 

-JCtlvitiM - 


OeducK, Flrandnyand sundries . . 

s;"^SG - 


og i re 


TDjduct: --TaxatJori.—: 
' . .. '/7Outside^Interest 


•rr^r* VA. 



:JSl£T X5ROUr.WGC)ME :; 


'OLWtAjLdEXfeNDiT^^ 


- Comparative 
- . Quarter 

' ' Quarter ended -- previous year 
3LJ2L77 30.9J7 3UZ76 

5240300 5.282.]00 5,026.700 

6 months 
to 

31.1277 

10322.900 

R{000) 

R(000) - 

11(000) 

R(000) 

8.429 

6,959 - 

• 8.0 H 

15.388 

. 360 

<324) 

126 

36 

8.069 

7383 - 

7385 - 

15352 

2357 

2006 . 

824 • 

4763 

‘ 1328 

642' 

1716 

1.970 

: 4,184 

4i43S • 

5345 

8,619 

2392 

J352- 

3.006 

3344 


i:x?0^ ^ T: 


;-7 


A 




- ■ • . 7 . 

' -cents per share w» declared 'ntf 8 December 1977 and is 

‘.7; .-payable o'n.23 tpfibiuary J?78. ' 

Th« n December ,1977 net income indudes a non-recurring adjustment of R580.000 in 
^,^J^p-^^® i>revicius quarter. Tax is unaffected. ,*■ 

_^Cn behalf of . Board . 

!. ^ Kfd« viUtewl Directors 

TWr^^D^DAl:E{TRANSVAAL) COLLIERIES LIMITED 






'.‘..'Comparative 

Quarter 6 months 
' Quarter ended ; '- previous year to 
31.1177 305J7 .31.1176- 31.1177 



.'INCOME'* 

NOT>^or^e -froin minmg zmd .allied 

actWiMS 

1 " S -I * i, “* 


1 .179,400 

AfOOO) 


l.iOI^Op .1^09^00 2180,600 


WOOD) WOOD) R{W0) 


V % ” - ,1 


'“Deduct: Taction . M .V«.,.w»--~ 


"NEr rNCpME AFTTR TAXATION v. 



CAPITAL EXPENDITURE 
CAPITAL. RECQUP«NTS •i^Uieiuie 




1398 


2304 

.114 


U64 

534 


1618 

1D24 


830 


1J94 


439 


.483 


NOTE: 


Dividend'No. -12F'oF' 6 c 0 aig T -p 6 r share/wax' declared on; 8 -December -1977 and is. payable. 
on 23,Pejmary i?78- ; - 


On behalf-oF the Board;. 


" D, GtJKDON^'vf 

G. CtARK X ; ./ . 


Secretatfeir -- -. . ... 

Geoeffil^rnlng ft-ftnanee Corporaaon Limited, 
.6 HWIard Street- Jobam^eshorg 200L - - . 

_:9 -Felw^aiV.;A97!5 r f ;^: r 7;-; .- 


Leaden OffleiK 
-. Princes House, 

-95 GreSham Street, 
London^" EC2Y7EN. 


*' -. V^‘7 i?: ■ • ' r ~- m -• .■; 7 ~ r *- m '■/ ^ 

' - : . V. - vt •' •* -H " '' .- ' 

. l ■ - f • " -I. 1 : y~.;...- '- ' •* ■ '•• 



APPOINTMENTS 


Division merger at 
Commercial Union 


COMMERCIAL UNION AS- Mr. M. C Bevas, a director of 
SURANGB COMPANY is to con- Klelmvort Benson, lias been 
solidale its overseas and a pointed a director of the 
international risks divisions and FAMILY INVESTMENT TRUST. 
North West Europe headquarters -4 

into one management operation in Mr. D. C. Green has been 
London during 1978, to be known appointed a director of ECC 
as overseas division. Mr. A. QUARRIES and has become .-wile 
Wilson-Smith, at present general managing director of ASSO 
manager, overseas division and CIATED ASPHALT, following the 
Mr. A, F. Burdett, general mana- death of his brother, col. R. W. 
ger, intornstional risks division, Green. The parent concern is 
wiH join international manage- English China Clays. 
raen( in their capacities as * 

general managers 0 n the consoli- Mr. Alike Rixson has been 
dation of the now administration, appointed executive director of 
Mr. M. A. 6. LufCft, deputy general ATLANTIC COMPUTER LEASING 
mannRer, overseas division, will regponsibie for purchasine 
be general manager of the new bro jterase. M d European leasing 
overseas division. Mr. A. J. sniltb, operations, 
deputy general manager, inter- + 

national risks division and Mr. ^ D . w> ForsvDi. Mr. D. W. 
C. 0. Rowe auufant general cnerin, Mr. K. j. Nonoan, Mr. 
manager of that division, are to ^ j. Payne, Mr. M. B. Presence 

srff jaffi’SRSi."■are: ~* e & a - ^ 

de Hullo, general manager. North e"n*vii 
West Europe, will continue to be 
resident in Amsterdam, retaining 


of 


his present responsibilities 
Holland and will also act in a 
liaison capacity with international v‘ nVpn 
management and overseas division ur-KUhi rb). 


.. to the Board 

S. DAVALL AND SONS. 

* 

. Mr. E. G. Jeffs has been 
, appointed an associate director 
of UD1SCO BROKERS (CUR- 


In regard to territories in 
Northern Europe. 

Mr. Douglas G. Owen has been 
appointed a nonexecutive direc¬ 
tor or McCLEE BY L'AMTE GROUP. 
Mr. Owen was with ICI for 30 
years, and from 1971-7C he was 
choimian of ICI companies in 
India. Previously, he was deputy 
chairman of the ptaslics division 
of ICI from 19GA-71. 

ir 

The next chairman of the 
GREATER LONDON COUNCIL is 
to be Mr. Harold Mute, 5s. at 
present chairman of the GLC’s 
London Transport committee. Mr. 
Mote, an electronics engineer and 
managing director of several com- 



t* v- 

S!*.* 



★ 

Sir Eric Norris has been 

appointed a director of ASSAM 
INVESTMENTS. Sir Walter 
Coutts ha’ retired from the 

Board. 

■* 

Mr. Nigel TutiniciffTe has been 
appointed a director of VOSPER 
THORNYCROFT (U.K.)= 

■fc 

Mr. Philip Rose has been 

appointed general mnnaeer of 
AVIS RENT A CAR UK in suc¬ 
cession to Mr. John Prire. who 
has left the company for a 
position outride the vehicle 
rental industry- 

■*■ 

Mr. Jim Shaw has been 
appointed managing direcior ol 
McLSAN UOMUS MIDLAND, suc¬ 
ceeding Mr. Ernest Powell, who 
has retired. 

* 

Mr. John E. Raw ling has been 
appointed director nf operations 
for the CAM GEARS GROUP. 

•k 

Dr. John P. V. Gracey has been 
appointed denmy managing direc¬ 
tor of WHITE STE\*ENSON, of 
the Pauls and Whites Group. 


Lake District 
water ski-ing 
ban approved 


Water ski-ing is to be banned 
on all lakes in the Lake District, 
except Windermere, in live years’ 
time. 

The decision was announced in 
the report of the Three Lakes 
Equity, held in 1976. released by 
the Home Office yesterday. 

•The-Home Secretary says he 
panies which he has built up him* y^u allow the Lake District 
self since the war, wUl take over special planning Board to make 
from Mr. Lawrence Jams at the by . to ^ pntt i D g a 10 mp h speed 

CTr!«c anniml on M,* Ifi ^ „„ Derwen! Waler> lhe 


Mr. Harold Mote 


GLC's annual meeting on May 16, 
During the war Mr. Mote was a 
Lieutenant-Colonel at 22 and saw 


same limit on Coniston except 

active aervlce in Europe. AMca, ^ te ™f}L re a C v " d J^ d on *"* 
and the Far East. wa -" r “ wr nve years - 

* 


The XJlswater concession is be- 


Mr. Gordon A. England has been ^e water ski-ing is well estah- 
appoinred dlrectorT U.K., of SRI ]} shed there and the skiers will 
INTERNATIONAL, previously have to fand alternative sites. 
called Stanford Research Institute. 


Notice: of RcJemPtfon 


Beatrice Foods Overseas Finance N.V. 


9% Guaranteed Debentures Due 1985 


ftOTICt! IS HERESY OTTER that, pursuant to the provisions of the Indenture dated ni of February 15 .1S70. 

.ignated r 


Deforotures of (he foUoYinE distinctive numbers has been dim for redemption on March 15, 1578 (herein 
fiottetuaes referred to m the redemption date); 


SI ,000 Coupon Pebentnres Beulnc the Ertfls letter 3X 


M-32 490 

37 491 

38 494 

39 495 

48 508 

49 513 
SI SIS 

54 S17 

35 520 
60 538 


961 1*71 1897 229* 2691 4415 5874 730S 8281 
964 1472 1900 2295 2698 44X6 5876 7320 S28S 

97S 1476 1902 2303 2694 4420 5880 7324 8288 

988 1481 1903 2316 2666 4426 5681 7325 8290 
990 1482 1904 2317 £899 4427 5975 7328 8291 
995 1465 1913 £322 2703 4428 5977 7339 8293 
998 I486 101S £327 2705 4525 5982 7340 8308 

1003 1487 1925 2329 2706 4528 6001 7341 8299 

1007 1488 1927 2531 2708 4531 6004 7342 8394 

_ 1009 1490 1931 2334 2715 4533 6005 7340 6397 

68 530 1012 1494 1932 2337 £716 4565 6008 7352 8398 

77 540 1021 1496 193S 2347 2720 4567 6007 7354 8399 

81 543 1032 1500 1938 2352 2721 4568 6009 7355 8402 

87 555 1034 1502 1941 2354 2723 4577 6020 7357 6480 

102 574 1027 1506 1942 2355 2726 4579 6 021 7358 9)83 

109 579 1035 1514 1943 2357 £780 4B8Q 6022 7359 8483 

110 980 1037 1515 1960 2353 2733 4681 6133 7361 8404 

313 582 10*5 1517 1964 2364 =735 4720 6135 7362 6548 

119 583 1050 1510 1975 2565 3756 4721 6127 7371 0552 

121 584 1051 152= 197? 2387 2773 *724 6201 7471 8336 

122 585 1055 1531 1978 £379 2776 4743 6207 7482 8559 

1X7 595 1069 1534 1979 2360 £780 4841 6208 7559 bSBl 

JOB 598 1073 1535 1990 2382 2784 4842 6=49 7560 SOU 

132 599 1082 1538 1991 S383 2785 4845 6351 7561 8C13 

133 607 1091 1539 1994 £384 £790 4846 6253 7363 8615 

134 609 1092 1546 1995 2395 2TOG 4849 6276 7617 8017 

342 614 1096 1549 £005 £396 2797 4650 6278 7618 6618 

145 617 1098 1553 2010 2401 £799 4887 6283 7619 6603 

158 621 3100 1558 2012 2402 £801 4889 6295 7620 8604 

157 625 1115 1562 2019 £403 2807 4893 8298 7621 8665 

361 631 1127 1569 2027 2406 2800 4915 6299 7623 B696 

363 838 1136 157S 2029 2408 £809 4918 6301 7625 BOOT 

106 G38 1139 1589 2032 2411 £836 4920 6308 7668 8698 

169 641 1143 1593 2033 2*16 2641 5017 6318 7667 8701 

170 644 1191 1594 2035 2417 £344 5019 6322 7673 3702 

175 645 1153 1597 £03* 2421 2845 5021 8421 7702 8727 

177 Si 1154 1607 2039 2422 =854 5066 6496 7703 8730 

378 653 3156 1608 2044 2423 2857 5069 6499 7707 8740 

382 854 1157 1609 2050 2428 2858 5070 6541 7708 8753 

189 657 1175 1612 2053 2431 2860 5073 6543 7756 8754 

192 660 1182 1014 2054 3433 2863 5091 6544 7757 8758 

396 663 1187 1617 2062 2441 =901 5092 6548 7763 8761 

197 668 1191 1622 2064 2443 2S02 5096 0547 7765 B766 

£02 671 1X99 1620 2067 2444 2903 5106 0543 7770 8778 

203 673 1209 1635 207£ 2432 £904 5107 6549 7771 8779 


9366 10126 10962 11802 12507 13138 13947 34531 
10130 10964 11807 1=509 13141 139S6 145*0 


9370 10131 30965.11609 12510 13144 13992 14541 

9372 10X33 10067 11810 123X1 13145 13995 14547 

9373 10134 Iran 11812 12512 13146 33996 14550 
9391 10136 10975 31813 12513 13157 13999 14555 
S3B5 30142 10879 11814 12514 2315B 14040 14562 
9388 101*3 20981 HK6 12589 13159 14041 1*566 

9390 101*5 109S3 11820 1257* 13160 14042 14569 

9391 10146 10998 11835 12579 1=161 14051 1-1570 
9395 10156 11000 11837 12631 13165 14052 14575 
8396 10157 11001 11638 12640 13160 14053 14576 
9397 10139 31003 11B42 12642 13172 14060 34579 
940* 10182 11004 11848 12857 13173 14070 145S5 
9411 10165 11005 11883 12688 13178 14094 14588 

9413 10170 11007 11869 12091 13181 14097 14590 

9414 10172 11012 11870 12893 13184 14102 1*591 

9415 10173 11013 11B71 12695 13188 14104 14592 

9423 10174 11016 11873 12897 13189 14114 14595 

9424 10179 110X7 11874 12699 13191 14142 14597 

6437 10180 11022 11887 12741 13195 1-U43 14602 

9439 10182 11023 11888 12744 13200 14148 14005 

-9440 10163 11025 11689 12749 13*03 14149 14609 

9443 10184 71030 11892 12750 13204 14150 14616 

9444 10187 11034 11334 12751 13200 1-U51 14617 

9458 10168 11035 11835 12786 13208 14152 14619 

9453 10193 31045 11898 12787 13212 14153 14820 
9456 10196 11046 11907 12789 13215 14155 14S21 
9458 10197 11048 11908 12791 13217 14159 14622 
9462 10198 31050 11909 12795 13218 14185 14627 

9465 10199 31051 11022 12796 13219 14187 1*631 

9466 10204 11052 11928 12801 13222 14192 14632 

9467 10207 11064 11929 12811 13224 14196 14635 

9468 10212 11065 11936 12830 132=8 14199 14640 
9478 10398 11154 11338 12831 13232 14213 14645 

9481 10401 1X157 21939 12833 13234 14217 J4646 

9482 10402 11159 11943 32835 13255 14235 14647 
9578 10405 11162 11945 12838 13239 14228 14650 

9580 10411 11104 11947 12839 13243 14233 14655 

9581 10(86 11X65 11948 12842 13246 24234 14663 

9583 10487 11166 11953 12672 13248 14235 14665 

9584 10488 11170 11954 12873 13250 14239 14668 
9588 10550 11254 11955 128T4 13251 14261 14670 

9672 20556 21255 11956 22079 13252 14205 24073 

9673 10558 11256 11964 12880 13253 14286 14674 


207 674 1217 1641 2061 2454 £906 5205 6577 7773 8783 9674 10562 11258 11966 12883 13254 14267 14680 

209 589 1220 1645 2032 2458 2910 5207 6S78 7770 0785 9670 10364 11259 11989 12890 13200 142G8 14684 

211 702 m* 1647 £094 M63 2912 5209 6579 7762 8794 9679 20568 11266 22970 22896 23265 14 273 24686 

£14 707 1228 164E 2087 24G4 =312 5210 6381 7783 879S 

£17 TIB 1329 1652 £088 £479 29!B 5211 6582 7787 8796 

220 730 1245 1658 2089 2480 £919 5261 6601 7788 8801 

222 732 1247 2658 2095 2483 2968 5262 6602 77W M03 

227 735 1254 1G82 2097 £489 2969 5M4 6604 7795 8807 

329 738 1256 1675 2101 £431 2971 5266 6606 7796 8611 

234 741 1281 1676 21C2 £495 2972 528S 0615 7797 8822 

235 750 1274 3669 2103 2503 £977 5289 6616 7798 8823 

240 753 1277 1EM 2100 25M 2980 5291 6621 7799 8828 

241 756 1279 1691 2107 2507 3038 5302 6623 7303 8830 

243 759 1281 1696 2113 £508 3037 5300 8028 7804 8BS3 

245 760 1283 1697 £110 2509 3038 5307 6627 7BOG 8834 

£43 781 1283 1658 2118 3510 3039 5309 6629 7803 8835 

249 786 1292 1705 £120 £511 30*0 5315 6S31 7810 8839 

351 769 1234 1718 £!21 £512 3041 5410 6632 7813 8841 

263 774 1297 1724 £122 £515 3044 5411 6635 790S 8843 

204 776 1302 1720 £123 £510 3107 5412 6638 7918 8844 

£uJ 778 1303 17=3 2126 £517 3108 5414 6639 7B91 8847 

270 779 1305 1732 £127 2518 3109 5415 C734 7992 8851 

275 782 1314 1734 £140 £519 3254 5416 6739 7993 8949 

277 785 1322 I7SS 2143 2522 3256 5M7 6740 7997 8053 

282 736 1227 1743 2144 2524 3357 5469 6812 8057 W57 

2b5 788 1339 1746 £145 2528 3358 5170 6814 8059 9034 

3<xi 792 1330 1750 £140 2533 3332 5471 0816 8001 9037 

3X2 794 1335 2753 £154 £534 3533 5472 SSI8 8120 9039 

315 796 1330 1754 2158 2535 3335 5473 C866 8111 9040 

310 802 1337 1758 £170 2543 3336 5474 8867 8117 9041 

319 803 1348 1764 =172 £548 3337 5500 6869 8118 9043 

324 8ZU 1350 1705 £!79 £552 3416 5503 6870 8251 90*6 

325 811 1351 17G3 £133 2559 3420 5517 0902 8157 9m . _ _ . _ .. ... . _ . 

332 813 1357 1778 2:84 £H’J 3593 55IB 6903 8189 9U5 30005 10839 11611 13054 13052 13643 14434 14743 

339 SIS 13lil 1781 =187 £561 3595 5520 6905 8193 9117 1000G 10841 11620 12062 13053 13644 14435 14745 

349 817 1365 1788 2191 £502 3596 5522 6908 8195 9120 10010 30844 11649 12067 13000 13645 14437 1*752 

354 821 1372 1790 £196 2565 3597 5530 G910 8211 9177 10011 10847 11653 12009 13063 13646 14439 14641 

361 S£9 1381 179S 2201 £573 3598 5631 6933 8212 9179 10015 10852 11656 12161 13064 13647 14440 14642 

374 834 1382 1794 2202 2591 3692 5633 6939 8214 9180 10020 10867 11657 12164 13069 13652 144*1 14043 

398 830 1386 1795 £209 2593 3694 5634 6951 B215 91B1 10038 10668 11660 12168 13071 13653 14452 14846 

400 C40 1390 1796 2320 £598 3794 5637 6966 8219 9183 10039 10369 11662 12171 13075 13655 14453 14856 

404 846 139L 1799 2=11 £599 3837 5093 6907 82=1 9227 10041 10876 11696 12173 13076 13721 14454 14858 

409 8*7 1293 1803 £213 2606 3990 5694 6970 8333 9233 10042 10877 11702 12174 13077 13722 1445S 14335 

415 356 1396 1316 221? =008 3907 5396 6975 8239 9238 10045 10887 11705 12175 13078 137=5 14462 14941 

421 858 1408 1820 2KC1 2010 4011 5697 6977 8241 9371 1004B 10893 11706 1=261 13079 13765 14473 14944 

4L2 804 1413 18=1 2=25 2816 4023 5698 6978 8246 9276 10063 10895 11734 1Z2C3 13083 13796 1*484 14945 

42>i 866 1419 1K!7 2=3 261? 4025 5730 6980 8251 9277 10065 10896 11737 12265 13084 13799 144B5 14948 

433 SG8 14=3 lb=8 2=33 26=0 4026 5750 6983 8=5= 9278 10067 10899 11738 12286 13086 13801 14*87 

43* 881 1435 1834 2=38 26=0 4125 575! 6984 8254 3309 10075 10902 31739 12=69 33087 13805 14489 

435 888 1440 1635 =42 2033 4126 575= 7087 8258 9310 10082 10903 11741 1=270 13091 13806 14493 

444 889 1443 1836 =45 =650 4146 5754 7088 8258 9315 10088 10909 11742 12272 13096 13B13 14500 

445 894 1450 1838 =64 2653 4150 5765 7094 8264 9316 10089 10918 11744 12349 13100 1386* 14502 

448 904 1453 1849 =65 2655 42S2 5767 7163 8265 9317 10094 10920 11745 12350 13110 13865 14506 

451 914 1453 1855 =67 =862 4276 5768 718? 8268 9339 10101 10921 11747 12353 13116 13666 14508 

453 918 1456 1859 £=S8 2666 4279 5769 7168 8209 9340 10107 10941 11757 12358 13117 13872 14509 

458 9=8 1*59 1805 2270 2669 4281 5771 7222 8270 9341 10109 10942 11764 1=302 13118 13876 14510 

401 929 1461 1871 2272 2676 *236 5772 722S 8271 9342 10112 -10943 11771 12430 13119 13926 14518 

463 933 146= 1873 =76 2679 4287 5775 7226 8273 9345 10115 10945 11774 12*31 13123 13329 1*522 

471 935 1404 1880 22S0 2080 4384 5776 7226 8274 9347 10116 20947 11779 12431 13124 13330 14524 

477 944 1*67 1891 2283 2087 4365 5872 7=97 8275 9349 10117 10949 11781 12438 13120 13938 1*528 

481 958 1403 1892 2204 2690 4387 5873 7299 8277 9350 10118 10952 11793 12504 13133 13939 14530 


9748 10618 11267 11973 12906 13267 1427* 14687 

9749 10619 11268 1197* 12909 13268 14279 140.6 
9752 10620 11337 11981 12910 13269 1*304 1*690 

9755 10626 11338 11983 12912 13273 1*306 1*69= 

9756 10628 11342 1198* 12914 13=7* 14312 14703 

9757 10631 11345 11987 1=916 13276 14313 1*704 
9814 10633 11414 11990 12942 13363 1431? 34707 
9821 10673 11421 11992 1=944 13366 1*319 1*703 
98= 10674 114= 11995 12945 13371 1433* 1-3709 
9823 10675 11426 12000 1294C 13372 1433S 1471■ 
9825 10680 11427 12002 1=948 13373 14337 14710 
6873 10682 11482 12006 12950 13377 14301 1*718 
9874 10883 11*8* 12007 129S2 13379 1*388 24719 
6877 107= 11*88 12009 12953 13381 14370 147=0 
9879 10725 11489 1=013 12956 13382 14371 147= 

9881 10726 11490 12014 12972 13467 14376 1*7= 

9882 10729 1I49S 1201S 12074 13468 14377 1472S 

9883 10730 11*96 12023 12981 13469 14378 147=0 
99=5 10739 11497 12024 12988 13*73 1438* 1*7=8 
99=6 107C5 11500 120=7 12993 13475 14393 14729 
99=9 107S7 1X5-13 13030 1300* 13*77 24397 2*730 
9930 10769 11549 12032 13007 13478 14398 1*732 

9932 10773 11551 12033 13014 13479 14404 24733 

9933 10775 11598 1=035 13031 13*80 14405 I*73S 
9966 10803 21602 12037 J3032 23561 1*406 2*738 

9968 10604 11604 12040 13033 1356* 14*07 1473? 

9969 10807 11605 13044 13036 13506 14*39 14738 

9970 10808 11607 12045 13039 135C9 1**1Q 1*733 

9975 10824 11609 2205 0 23l>41 12570 144=5 1*740 

9976 10637 11610 1=053 1304* 13571 14*33 14741 


The Debentures acetified above are to be redeemed for the Sinking Fuad fa'i at the W. c. G. Bond Windows— 
find Doer of Citibank. X. A_. Trustee under the Indenture referred to above. So. Ill Wall Street, ia the Boronrh 
of ManhalUn. the City of »* Torb, or lb; subject to any laws or regulations applicable thereto, at the main 
officer of Citibank. N.A. In Amsterdam. Franklurt. Main. London iClcy Office i. Milan, Pans, and Citibank 
I Belgium) S.A. in 3rursels. and Banque Internationale a Luxembourg in Luxembourg. Payments at the office-: 
referred to In tb i above win be made by a United States dollar check drawn on a bank In New York City or b? 
a transfer iti a United States dollar nceoont maintained by the payee with a baDk m New York City on March 
15. 1978, the date or. which they shall become due and payable, at the redemption price of 100 percent of the 
principal amount thereof, together with-accrued Interest to the date fixed for redemption. On and alter the 
redemption date. Interest on the said Debentures will cease to accrue, and. upon presentation and surrender of 
auch Debentures with ail coupons appertaining thereto maturing alter the dale fixed lor redemption, payment 
will be made at the said redemption price ont of lands to be deposited with the Trustee. 

Coupons due March 15,197e should be detached and presented for payment la the usual manner. 


Beatrice Foods Overseas Finance N.V. 


February 9.3978 


By; CITIBANK, JU., as Trustee 


He will be based at the London 
office. Mr. H. F. Robert Perrin 
has become director, management 
and economic divisions in Europe. 
Middle East and Africa, and will 
operate from Croydon. 

* 

Mr. Ronald A. Muckiest on has 
resigned as director, education 
and training with the ASSOCIA 
TION OF INSURANCE AND RISK 
MANAGERS IN INDUSTRY AND 
COMMERCE and has been re 
placed by Mr. Hugh R. Loader, 
group Insurance manager, Assq 
ciated Television Corporation. Mr 
Muckleston has left because of 
demands on his time following 
changes within IncoEurope. 

* 

Mr. Robin J. C. Pugsley has been 
appointed marketing director of 
C. BRYANT AND SON (Bryant 
Holdings) and takes up his new 
post after over five years as sales 
director of Bison Concrete (Mid 
lands). 

★ 

Sfr James Starrfft, retired 
Deputy Commissioner of the 
Metropolitan Police, has been 
appointed a director of PRIT¬ 
CHARD SECURITY SERVICES. 

* 

Mr. P. G. E. N. Scbag-Montefiore. 
managing director of Joseph 
Sebag and Co., has been appointed 
a director of SEBAG UNIT TRUST 
MANAGERS. He has been manag¬ 
ing director of the Sebag Group 
since December, 1976. 

ilr 

Mr. Robbie Sherrell has re¬ 
signed as claims director for the 
EXCESS INSURANCE GROUP and 
bis position has been taken over 
by Mr. Brewster Rlghter, director 
of operations staff. 

* 

Mr. H. J. A. Johnson has re¬ 
signed from the Board of TUBE 
INVESTMENTS because of ill- 
health. 

* 

Mr. Stephen 1 -ewis is to join 
the Board of INTERNATIONAL 
DISTILLERS AND VINTNERS 
HOME TRADE as marketing 
director in AprfL Be is at present 
marketing director of Wainey 
Mann and Truman Brewers, and 

will reualn a non-executive mem¬ 
ber of the WMTB Board for a 
transitional period. 

★ 

The Secretary of State has ap¬ 
pointed the following as members 
of the ORDNANCE SURVEY 
REVIEW COMMITTEE: Mr. J. A. JU 
Barber, Dr. D. A, Bassett, Lord 
Chorley, Professor J. T. Cop pock, 
Mr, J. R. ffollwey, Mr, K. J. 
O'Shanghnessy and Mr. A. J. 
Perry. 

it 

NATIONAL ■ WESTMINSTER 
BANK has appointed Mr. Arthur 
Williams, head of department of 
management studies at the Royal 
Agricultural College, Cirencester, 
to succeed Mr* Peter dery as the 
bank's agricultural unit manager 
from the beginning of April. As 
reported Is December. Mr. Clery. 
who has worked in that capacity 
for over ten years, is to become 
managing director of the Lands 
Improvement Company. NatWesi 
is to expand its agricultural de¬ 
partment and Mr. Harry Sander- 
eock has been appointed 
assistant manager. Mr. Sander- 
cock joined the agricultural unit 
in 1970 for a year and more 
recently he has been assistant 
area manager, inner city area In 
London. 


This appears as a matter of record only. 


Manufacturers Hanover Leasing 
Coiporation 


is pleased to announce 
the $25,000,000 financing for 
the 50,000 DWT forest product carrier 


“M.V. Thamesfield” 

to 

Westfield Shipping Company Limited 


Arranged by 

W.R.B. Colegrave Limited 

London, England 


Affiliate Representative Office 

Manufacturers Hanover Leasing 
Corporation 


22 Austin Friars 
London EC2N2EN 
Tel: 01-628-3833 


January 1978 












































































































































































































































































































































































































ow 3.8 higher but below day’s best £ recovers 


GOU>-«IARiKETx^ V \ 


BY OUR WALL STREET CORRESPONDENT 


XETVV YORK. Feb. S. 


Sterling lost ground in early from 3-49 per cent in the 
trading in the foreign exchange national market, 
market yesterday, following- fears . 


YESTERDAY'S GOOD recov.O' improved Mrninss. CBS added | Mineral*, rose 7.1 to 826.5 Banks SlVnZtMLAuND - PnceS took ^ ^f^iSg^oWtotiOT 

nn Wall Street was extended at S4o; and Caonett picked up ! 1J51 to 234.9S, and Papers 0.7b to a turn for the better, sentiment „Eined « points ^ > T0{ . iuni:ine fimrex Th^ 

to-day but ioSs fintlied below To S3C.‘ Pan Wricai? on report- 95.69 Golds in contract, fell 15.3 Wng helpjd by Wall Street's another^firn, spot was Doro Fell- 

.ho day’s boat levels lellowing a ins a proSt lor 1877 foUomng a further lo 1507.0. .vbUe Utilities overnight advance. *«"■1® 15 “ Sr™ buSss but traded around 

fair husinew year-ago loss, put on £ to $5i. declined 0.i4 to I39.s4. Among Financials, laterfood MILAN , , B recent rallying 0250 for most of the morning 

The Dow Jones Industrial Aver- Some energy-related issues were Censtar, wb;vh * 100 to Sw^.3 630 cn following intervention by the 

aue. up 10 points on Tuesday, again strong, reflecting hopes that *1,P urch ®*? °^ v a ^ fn e ^ eclatMms °f S° od endm lower for choice after 3 Bank of England to help sterling, 

ml li<*rl further to 7<!742 hefnre a compromise on natural gas services companj, put on i to results for this year. fair trade. _ ■ • ■ ■—.'. 

^idin-- 3 S 1 hi-her on the day a’ pricing will be reached shortly 3191, while Maritime Telegraph Elsewhere, Sandoz appreciated Au»n«a declined ^ to Ufe Sfew that the miners have 

7S2W° T if- TO \1 Common by the Congressional Energy Con- gamed 1 to $21* on higher 50 to swFrs.4,125, GeorgeFischer and Bastogt * to W2S. although accepted the pnmaple of a wage 

Inde\ re"istered a fresh imorovi ference Committee. Superior Oil earnings. 25 to SwFrs.790, and file -A" 13 Srna Viscosa advanced 29 more settlement within the Goyeni- 

mem nr 27 ^ncs nt^03r P whiI^ rose 7 to S274. and General PARIS—The francs continuing to SwFrs.1.780. to Ui9 and Olivetti Pnvfleged mem's pay policy was behind ttie 

gains led losses by 920 to 490 at American Oi} and1 G.as 5 to M2. firmer tone on the Foreign Bonds were active, with Domes- ^usnULLIA^ Markets were Kd at sAsaSSSSTfall of 

the close Turnover amounted to MarshaU Field, which has been Exchanges helped the market tic issues higher and Foreign nanmu-lvirtisod hut with a Arm 4*oriiwv3« 

sjsV’Jss riKS rw ara-jr 

14 ..3m. yesterday when ihe scs- ™21. mot -JKHHLJiSiL 7.nIV, “ Sb ? r . e . P"«? on special situations and stocks aaaLisr a basket of currencies: 


SMnrlfc^MftanWT 


ingTprofit for ISTtI following* a further to W07.9, while Utilities overnight advance. gam up « at S buSsTbut traded^reund 

year-ago loss, put on { to $5i. declined 0.74 to lo9.a4. Among Financials, laterfood MILAN — The recent rallying ^ f of the morning 

’ ' Genstv, which is. negotiating “B” rose 100 to SwFrs.3,650 cn movement faltered with stocks ggrg * or 2* 


lome energy-reiaiea issues were w*».vu * « ,niw to owtxs.s.rw on monciucm **i» « following intervention by the ■ 

in strong, reflecting hopes that the purchase of a lv.S. financial market expectations of good ending lower for choice after 3 ~nk of En<*knd to help sterling. 70? - 
compromise on natural gas services company, put on i to results for this year. fair trade. . - - “ .'* 

cin" -will be reached shortly 319J, while Maritime Telegraph Elsewhere, Saodoz appreciated Ausotua declined 2* to Ufe Jfews that the miners have- ■ 
the Congressional Energy Con- gained J to «2lj on higher 50 to swFrs.4,125. George Fischer and Bastogi 1 to L42S, although accepted the principle of a wage gS) - 

?nce Committee. Superior Oil earnings. 25 to SwFrs.790, and BBC -A" 13 Swa Yiscosa advanced 29 more settlement within the Govern-.. - 

e 7 to $274, and General PARIS—'The francs continuing to SwFrs.1,'780. to L579 and Olivetti Privileged mem's pay policy was behind the!- -• ' 

prlf*an Oil and Gas 2 to M2, firmpr trmp nn the Foreign Rnnric M'orp BBTivB wiM, TVifflM. ssuneds at L799. .. . . pound’s late improvement. It; IhM_ 


SWISS 

franc 


-.-V '• \a£^ \ 

Gokdjfaillwn^ ; ' i* r ■ S*"’ „ - 

e inter- imtiumuK^i. i.i.' v’..! i.i ,i.w 

Ul-. ;s 174 14 - 3 Vb- :M75.13883., 

asassasKr^effi®r r 

AAam'nfiVgrit 174,70 . i»375jMviv 
- ■ [lESOJSOOJ >({£90,%^i 
Gold Culn.' -.i - 1 ’2 

“ dfimMUmOy; ■'-'i' :-" i : 

»■ XraffHT8JHL>fl84-l86: $134486^ 

If • ; --7 : : • 

It_ SetrSoVgOjuSSSifl-STle* 

r . r r i {S28bSO» •_.:(22SW0> 

OUSovttgiWSSS^ v 

•• • •• ffigmi-aam 

. .cjaert»4 ; . 


ih^diSKfli-ln" 


dend announvemems, to indica¬ 
tions 1 hat Congress may be 
reach in-4 n Lomprnmise on an 
energy conservation Bill, and aisu 
to a survey showing that con¬ 
sumer confidence is continuing to 
improve. 

Among companies reporting 

WEDNESDAY'S ACTIVE STOCKS 

Cbancv 

Sfoti-s Cinsi n -4 an 
irJ'J-i pn-v div 
r.i., 111 -- .. . - 11 ! Jil .1 Jl: —; 

’.Iir«!ia]l .:n* i,Gn ■■C. —21 

l=Jm» rv (nrlu«rn> ^ . 2>'l.7n«j _'i; -r' 

llm-. jr<l lohnsun ... 2 -:n.|rj>i ITi 

lfi'nijrai Motiirs . . !?--.r,nii t>» — : 

■Tiiir ond Wosi. m .. ir-jjiwi 11 , -r' 

P. p-sico . . . 121.MO W — 

■Siinv ... ;|VM1 ' +'. 

Pi'V-jl D:|lih 145.'JH 5 

Sew I Pjp>. r .It: 9»n 1 - ■ 


to S25i. 

THE AMERICAN 


Market 


[FrJFrs.-LSS/a against the dollar. 


- 4^118771 \ 

SEP OCT »0¥ DEC JAW FEfi 

tuRRENCY RATES 


1 oon 4»uutu AJA ui^Jici ^■U.W, CdGii 9IICU « wuia. -- ..r^” *, , AAiuv-it 

* i ^ nor pant v^nnipim- after aMoimcing that it will Banks mainly improved, uith Mjnpared inih FrmA9J»S0 on 

Tb® .** ? SVrfhft? Frs m acquire Krupp’s stake in CBC rising 8 cents to SAI.S 1 on Tuesday, but the Swiss franc and 

!~ k £ d ,.™ further Frs.l0 Vere j nigt p Drahtifldustrie GMBH, a large turnover, but RXS Wales German D-mark were slightly 


llMrrnil'Ur)■ . . -i - v i* 

Kfuaemujit. I?17JH81J ' 

. «!92ie«3loi 

.V'vSorr , gas(S561y^7l» 

= 01ilSurr , gn!HSiSS«7 -. s-Kj 

s^k»gun..„ isaseig.-aeBia^^gttiV^B 

FORElGN-EXp^^E^v^ 


I Special l Enropean Feb. t- ^--f T'- 7 .. 

©Swine } -Umt.oi .. . i'. • 

1 Rights ► Account 1 ■ ' ..r ‘ - ‘ 't-. 1 - ‘ T * . ' !' - 

—h'ebruarv S iT^liniwy 8 -.Keiv Yori£.Li- ?a§J^S2B-7jaCBifra5^.|i^^ 

0-629820. 0*659005 -Anwwdaiu}. .cdJftfASft ■'* 

UtlUBO 1.82105 fafflJB® . 

1.34521 .1-35470 

18.32Q9 18.4355 Fmnfcfurt^t v 3; ;' 

39^776 38.8756 f 

6.91995 6.97464 . .) 19JBrU6.4B,1S(JS^ECa 

2.56226 2.57X03 Mil an .,......j 31|g lSS?rt478.\ J^i Ijsfe 

2.73041 2.75000 . 

5.92983 5.97178 [ r9t*4.,1«7444 ; 3.Wi433. 

1048.29 1065.98 *U«r 8 lwhaiL BJS*WS* 

292.795 294.448 Takw-f 

6.20917 6 26108 Itanna—J 

98.0354 98.6898 ' Zurtrh..... J 1^13.7^4^1 8J854^#|. 

5.63012 5.66939- - _ -• ■ r .rt.-cr. . 

• 2.36926 2.38690 : Rates atw ^JW tonwrfKile tran& 

---Financial Cnae G32S4X43. • / ; ■.•«'• 

OTHERMaRICETS 

1 ■*-.• -? “ c 


receded 4 cents to SA5io. ^?aker against the US. curacy. 

In the Minin g sector. Pancont- P e . dollar s trade-weighted 


Qrtilrvrwv^TFRN FTMANCIAL were a « a,n uluc ‘ unujo, wruie iuereeoes iea nemai rose zu cenis to o.^iu.oo, : •■“—**-*>«■«** ^ R .M^r U21190 

moSyihESqiSTvSifiood I" moderate trading. Motors up to DM1.80 higher, and Renison Tin 6 cents to A.42.13. Currency Agreement as .«!» 1^4521 

moved ahead Si to X, m a good godete Generate were 10 higher both BBC and Siemens gained and CRA 3 cents to SA2.14, but ^ red b>‘ Morgan Guaranty .-pf-'Amariin-h.1B.32W 

business. at BJrs.1^75 DM1J0 in Electricals. Consolidated Goldfields, after tiie ,7 ork * showed bltle change^li^in rmav-. 39-5776 

^Petrofina moved ahead SO to Public Authority Bonds clo.-ed recent advance, reacted 25 cents P® r cent, compared with . 0'56225 

__ __ _ nwr —~ BFr5.3^85 and UCB rose 24 to as much as 30 pfennigs higher in toSA2.6o. 4.40 per cent, previously. *■"'©,,&* rruii.ier 2 i 7304 i 

OTHER W2AKRETJ) B.Frs.950, but VieiUe Montague places, and the Regulating HONG KONG—Market remained Gold fell $} to S174J-175 in-freach taw.. 5.92983 

retreated 40 to B.Frs.1.300. Authorities sold a nominal closed for the Chinese New Year fairly active trading. The kruger- l wl “ n ^. £22^21 

■■■ AMSTERDAM — There was a DM26.5m. or stock fDMS.lm.). holiday. rands premium over its gold. I l* t * g ** e ,y*°- 


Canada higher 

Stocks on Canadian Markets 


fairly widespread mild improve- Mark Foreign Loans were well 


ment in light trading. 

OCE Grinten put on Fls.2.50 


maintained. 
SPAIN—Recent 


inactivity 


were inclined to move forward in and Pakhoed Fl«^2.30. while gains replaced by some selling pressure meeting selective buying. The 
another reasonable turnover. The of around FIs. 1.40 occurred in yesterday, which left the market \ikkei-Dou Jones Average rose 
Toronto Compo.Mte Index added Bijenkorf, Gist Brocades, index 0.40 lower at 95.11. Hov.- jjJjj t0 5 . 3 Volume came 


well TOKYO—Share prices were in- content widened to 5.94 per' cmL'3jnin.ji«[f 

cliDed to improve io active trsd- from 5.4 9 per cent, for riomesttc Swedish krone 
was jng. with speculative stacks delivery, and to 3.51 per cenL^trap.-.... 


A 2 . at 1.014.4. while Metals and Relneken and Van Ommeren. 


Sndices 


HEW YORK -DOW JOH^S 


..Sinew mipilnt Inn 
1 Hu*h Inn' 


742.66 773.85 769 62 77D.96 773.58 774.54 SSb.TS 765.54 - 1051.70 41.22 

’ 1.1-"»-illil<7^| i2iioZ» 

63.51, 89.70 59.79 89.74 69.72 89.57 :S.d7 B9.55 - I - 


K-Y-S^E. ALL COXMOR 


F#l«. 1 Feb. • Fel». • M>. •- 

8 ' T 1 6 5 . Hw;\i 

50.55' 50m 43.64 49.72 57.07 


Astilieros 


Rises and Falls 

• Ft-h. 3 I Fel'. 7 i F. ii. 0 


/•'nos rmlt»l >... 1.848 1.745 

K\-en._. , 920 863 

Falh..i 490 412 

l'iichant:e<1. : 438 470 


Espanolos , 0 33 pm. shares, the same as on £XCHANG! 

Export-Orientated issues were ——f^r 

prominentiy higher. Sony addins _ 

7 1 F . 1 >■■ YSO at YtSfiO. "Toyota Motor Y24 r^uLnm— 
is” T 742 J7 Y 8 H, Canon VIS at Y4S3. .Hat- v.-rt , 47J» 


EXCHANGE CROS5-RA1XS: 


Fmikitirt \«f« Y»ck 


8.56226 

2.73042 

5.92983 

2048.29 

292.795 

6.209X7. 

98.0354 

5.630X2 

2.36926 


39.8756 

6.97464 

2.'57103 

2.75000 

5.97178 

1065.98 

294.448 

6*25108 

98.6898 

5.66939- 

2.38690 


■ I'Bruaaebi I London lAmuM’ni.! liuBHi-' 


XlCUa-IW' 43^040 6.44S-44>3 i 4.0S7-067 1 ' 85-3B-48 U07.4680 

- j 2D.M63.;;3.D65O4J50] I.952S-tf34Q| 44^631 f 50.92-96 


Inn 214.55 215.48 £12.16 212.99 2IXE5 210.31 246.54 

ilon 

.Mm. 106.12 103.51 105.21 105.51 105.48 105.24 119.67 


:5.d7 By. 53 

II..<1 «£'r | 

Mb.84 lBB.60 


InilnM rint 
Li.inluooi 


1 ra>lm^ 

fff s : 


J 1.500 14.730 11.630 19.400 25.050 22.240 — 


IBB.60 279.88 | 13.23 ___ 

:2? K'i I7/2.6M. ■ ffiiiaQ 1 TORONTO L'<.ni(r> 

104.77 153.32 ; 10.58 _ 

51,1.-751 iaO:4/WM2S;4,42i JOHANNESBURG 

I r nil I 

— 1 — i — In-luslrbilt 


01 .vi ■ •M.in, r. ,,v ..“..■“r 1 . 1 

i4;l.‘77i •■Slfl/73i -WHnth*.. 

.N**» Lc»«m ___ 


166.86 166.33 165.67' 165.92 ltb.4/ tli.tti 15S.02 

173.96 173.37 172.59' 172.85 1B7.r5 iBLm. 165.60 C? 


generally unchanged Bullion in- Zn«- 1 >. ‘*£.84-93 4ili9^06.9jse-98&J3.767a-77l«- 8fi.729^ilJ — 

dicalions anti a lack of Overseas * ' ' -:-- *'': 1 —•—r 

buying interest. Gold shares f.s. s in T<vijatoL'Xs=tlOAS-LOICNnailun tents. •• 7 





uaiy+aiyt 





T.TffS! 


iii 


buying interest. Gold shares 
closed widely easier. 

Industrials displayed a slightly 
iower tendency in dull trading, 
bui Erer Ready put on lo cents 
to R1.B5. 


f.S. S in Tif-joto L'X 5=tl0A8-L0I CnnaJinn centn. 
r&naituni S 111 ><rir York =90.09-11 «® 'rf. t’.S. S in Miiftn SS4.90-5J!>. 
MtrHing in Milan 1683.00-1664.CU. 


82j-66n .*t 

W6. i^'> 
ZJ5ttT2' 
U04UI 
tf.4M.6t; 5 
4i8M.lt> 

77-75 - 

TCeo-ra?3>v 

4SM40 


L'.iinpmiif 1014.4 1010.2' 1007.1 1 1007.5 10E/.4 lJ9:ii 961.0 uV I -' 




i‘hritr , Iwifh4j&>S8&. 




Bale aiven,-for ArsentSia is a lreertte, 


213.7 213.9 213.6 
211.9 212.3 211.6 


218.7 1 ITri<n 
214.4 (4;tift> 


139.4 

16?.1 .g-*-. 


* H.iqi. ul inffH, iH.imm 'Bill- AngipW W _ 

i Jmi. £7 

I'mI. ill . Mel'I’t- 


STANDARD AND POORS 


K. I-. Mi. • Fell' Mu 
c 3 i. I 


Year n^» ia|i|inis.i 


nmt Liiiiipiiari 
Hinli 1 U>» 


FeS. ’ Frp\- 1971-78 Isrti-iS 
6 k»i!i Fl'c5 Low 

Australia rt) 4%.2B 46SA7 *|9.*L cjso 

■i/l/iin ( 16.21 

Belgium «S> 93.*2 S3. IS 99. li sf.43 


Spain 

Sweden 


FHi. Pre- 1377-Tc \*Yi 'r 

3 tkju 5 , Bigb I - — 

t»i 96.11 96.61 lOO.'JU 94.:^ 
(30.12) -Kit: 
xfi 565^16 366.12 4l6.it. -i-.-* 

1 g- !!• 


1 >utv» 111 iL lit 6U-6i‘ 


Denxnarki**) 1 94.72 94.14 icfi.* 94.ru 


Switerl’di ) 51d.O 316.7 ik!c 


Prance itti 49.4 
German 7 irt) ew.« 


100.01 99.43 SS.51 98.66 99-30 99.12. I18.« 91.47 134.64 3.52 

.. 6; 1 ;»S • (IL'lAiS) i3i).-e/32i Holland *44 
90.83 90.33 67.50 B9.6J 90.13 89.93 107.00 88.58 125.85 4.40 


107.00 88.58 125.85 4.40 

iM.-77i !#•/\:'ri- ill,l.75i ihgrfgi Hong Komj 

.._ Italv isii 


«iS) 16/2778) 
48-3 68.4 4o.o 

iT/l/Tii 1 lU.B) 
605.6 <034 712.5 

• il*'lll ‘UWi 

£0.4 . *6.t 76.v 

(4/Sj r,-M.M, 


NOTES : Ovv-rs^ia pnees snouu oelou- . U iniBj T 

escluCe S pruinnmi. BeUiafl cJn-^u! a Frh. 2 Meribu •’ JVrtfar • 

aiv alier uiitabofafins rax_ 3 __ 

♦ DM38 at;nora. unless otlicnrtse siareU. : SiN,n imu ■ 5 !->^ • 6 i t - 7 ii 

9 Pus »«Ml-;nom. unless othurewe siarec lU . v » i„.n<v 814-69 6 i->- 7 la 

A Kr.IWi denom. un!-ss otherwise sidled e,-'. 7 . . 6 S,- 7 l! 

■ KIlH dam and Bearer Aiks Th^e mV 7^-7 6J«-7U 

unless orher.vis,-. staled. « Yen 30 denom. ij^wSSEr 7^-8i 0 ? ! 7a! 

unl*^S othennse slated. S Price ar tlnn • " L'utd 2S? 

cl suspension n Florins. ^Scbghrus -l*?. 5 *.. 

1 ? Cenis. a Dividend alter peedrax nkbis 

,Tiil. ijr scrip issue. ** FVr share. 1 Francs Ein'u-Frencn depo'=ii rates: two 
0 ClriiSS. drv. ti 4ssnraed mndena after 'me-mooUi 137-141 per cent.: chnx 
scrip and-or nshfs isue h .\fier focal «**■■' 'W rear 13M4 pi?r cenL 

m Vm tax free, o Francs- radadma Lcma-iemi Buroduitar dtendsits: 


Ewu-Frcnch depti'iii rates: two-day 


Lcms-icnn BURKliillar deposits: mm 


Indices and Base dales tali Dase laluei 
1UH excenl N YJSK All Common - in 


fnilac div v \'om 0 Share solit s Ora I cent.: (our years S3 j6-SSl 6 percent.: fife 


inn yield excluie soeciai nasmenr. 1 Indi 


The follow Ins oumlnal rates were 


SanfliS ana rtSis - lo ‘SrU- 


Stfu-I.uuu. ihe last named hused on 1915* 
i Bxdudinn Punas 1 4flfl lonusinjls 


hnMers onls 1 Mercer wruins. * AjkMi I Ccr.t 
» Bid. f Traded T Seller - Assumed [ 


431.17 363.44 2o 


1 58. iSZ! 4TTElU.es. « "5. « Ev __ ^ Ev 4.MI 


: noe-sear T.9V7.70 per ccnl. 
Raies are nominal calling rales. 
Shrn-ienn rates are call for 


Vnr mppmx.> 


In I. IM. I5il 
r,.i,-«...n. iv .h i \iMiii 


Japan 

Singapore 


(Uiv'i iLs.lj/S 
li.ll 04.lt. 
(h.l:7Pna.U'i 


GERMANY ♦ 


IK in •WtaA.s.ai .Af.TT MV iiaiaiMML- ■ r • csuucj rui »--■ u 1 1 

r, . dlAf'i (lAI/78 *I|| Belgiau SE 51/12/83 •—1 Coi»eiifi4>iec J 'P -reasen. 

,ii Pt.06 61.21 j5.ll 04 .^ SB 1/1/73 »r») v*ar» fcoiirv: i^i 1 

ifil'IPia.lii i::i Cormnerzoank Pec.. ISiS csei Ams'er- 
M! 385.62 364.72 ; AS 350.49 dam IndusinaJ I97U IU3» Ham; Sena 
c3f#i «4 111 Ba,,s 31/7«6* .16!. Mllau Si' 1/73 mi I'oXvu 
in to ,33 \Si,iX;-£A New SE 4/1/B8 ih. Straus Tlme«s. lot* 

tS.iT. (r» Close fdl Madrid SE J0'12/7f-nun | , 

™ - {aX * ana low for |M» oniv to SMehMm ... •:. 

Indus:rial in/58. (fiSww.4 Bank .Inro 1 Afc.**ixa 'ersten... 
<u> Unavaiiahle I* 4 -' 1 ''. 


a Inierun since I i&f* 1 imnre for guilders and Swiss 


. TOKYO 


AUSTRALIA 


le) , 266.15: 24i-.2a 
l (»/9» lafW 


Auȣ- S ' 


Mil.4- lei’-.... 
\ I ir~-i , jiii'li 

AmI||, IjlifA. ■ * 


Vmi'iii'ii'i 



\|||. •. Sli»-l . 

V.'.A. 

V • *1* % 

\ irs« .. ...... 

v-lil.ii l ■•••-, 

VI i. CHilleM 





aSti 



•+3 

<.370 

23afj 
30.a 
35 

■ i7*a 

. 6** 
:6i r 
CH 1ft 

. 

civfci'i An. 

. ini* ii /.i- i+riM.-i 

■-'im.. 

.nrl-Wnifln. 

t'aliM. 

Hail IlMudl'ie*.. 

Ui+n?. 

.6Ss 

c44fl 

ol 

34^ 

.8 

a2ti 

37*4 

A+ti 

l'ci -M'■me. 

*4ti 

237* 

iiii" rT nvpvmM 


alj 

umi ii>pn liner... 

17 ti 

174ft 

lAetn.n ti'w'n ...1 

1.1, 

. 16 Vs 

Uiaiiuin-'^luimrk 

*83, 


Ui ■lajliune. 

12 

' 113ft 

Uljllal fcainlp. 

407 a 

+07g 

ill-net iW'aiij^.. 

34 ti 

34Sft 

Unier Cnrpn. 

40 

393; 

lAiw l-liemi ta.... 

4S„ 

Vt4S0 

Uto-iei-. 

39 ti 

39ti 

Uu P»nl . 

li7 J t 

1073a 

Uviiui lrt-iii*ii+e- 

*3ti 

13 

rjiL'ie Piciiei. 

Id 

■ 181, 

i+m tiiliiHr*. 

e>ti 

. 63, 

Car! man Kialak. ' 

a6'e 

+5Jg 


Av-ai I’r-lii. 


Ikl' '•*• ft'k; 

•t. 

Bull* A 111 HI 1 

•M .... 

iVaitk +11 ti. 


I!*4'*'f tii-.. 


l'+sl.-i 1 rn»' 

»?«• ••. 

11 "ilrt v P-»' 


1 + * 1 * 1111 ii -nr 

♦ 1 AA» 

U. II A d< i'*i' 

■ 1 .... 


Lvn jui-t >. I'll- -f 

Del liiL-liem -li-vi 
l'U. 'h i H» l.eT . 


tviiLH^wle 

LVir .. 

IV.rj Wmidl. 
Hi,Mill im... 
llr.i* «■! -A"... 


•UUWU ........ 

en.Aiui't.l it 


•■■Ims limit me.. ’ 30s« 3012 

-lif ■■■•.•u Jtrilllwm 7 Us /ul; 

I.. ^-.uti,-. sSig . 

li>» llouuH liii'ji 32'a 3a 

•v.Umii/.iv.' 2 Si(i tSia 

inniui'in' 29; «9 i-j 

•nlW.il IlKlil-llle. 1 U 

K*i*ei Mm .. 24 if • 24 », 

k, l. . , 1 ; (Ig 

adillwvU. 1 24l| 43 l*j 

hen M.-Ciee.| 42.’ ' 42U 

hiiliU- Q,iici.• iSjfl .flia 

.... t : '».k.l 42l< 1 4144 

.! 217 3 22 

427® . 9273 

i'*Wer(.o.i 27iu ; .7'a 

U-naimuss.I 287 8 j 2 B 1 | 

Liid,\Uw.roo>l...i 28 *.7ia 

Cisgctt (imup ,... 1 27 14 i 27 

Lilly Kin.| 401c 40>, 

Luii.in IuiIuvU.... 141a ■ 145b 

l. >.-Lbre-i Ainr'tl 13,' 134j 

l.'hc Star lo ts... 1BI« I 8 I 4 

L'lii! I--Inn'I Lt'i.- I 8 ag ldj 

Inxioinn,Tjin.*.. • 22 alia 

Liiiitwa .1 ... 1 38 1 « 36 U 

L.iehl Sliirec.. lilj 1 . 4*1 

I. w \ "mi':vl’ttii 6 )n 

Hi-: Mi l in 11 . 10 >n ll» la 

*l4-« K. H. ! 36 'h 363n 


Msnuiii,. . 441" 

*in 1 in.. Mi.iian.i. 13ia 
•isi.liaii eiehi .. 30<a 

Unv Uiu.Miire' 221* 

U'A. 35 

II .ISrrmi'll.......' 26U 

'! net* Hum 2a 1; 

.'I -f ■ rxti Hin.‘ 17 "0 

lie... 27 ie 

'lei. K... 56; 

'leiniiLvn.il....- 14ia 
'Il-hi Pdruieuni J 37 

'U.i.11.. 26 la 

'■innMniukiltii.; 47U 

Owp.. 1 605a 

'1‘iii-nnln.. I aO^ 

IImkiuJ, IL.■ 41la 

>l<<Uiit.in ..1 35lg 

-'Ihi|. h%- ii|i.! 34 

.v hi. 

Cheiiiwa*.. ■ 2/Ja 

-'■ciiiiia Can.| 16 


19in | 191: 


Ci-lnu+e i.*ir|iii...j 

38», 


V +111 I’ll \ ■>." ■ - I 


1- ^4 

Ce-.'iria Air mil . 1 

31i a 

31^3 

Chair MmiIwIIhii 

k8>. 

k8ti 

Clu.-iiii ■ai Ilk. AY 

39 ti 

39 

Cin>i-bn:li Pi am. 

iOJj 

cOti 

Uirwiiesveteiii... 

35ti 

35in 

ctiuamo Bmlae—I 

445, 

433; 

Lhrouirtilov.. 

lain 

153, 

Cluvelrr.1 

133ft , 

13 U 

CiiicrniuM.1 


£.la 

Cine. Mllacron...; 

19i« 

191a 


28se l 28 ‘2 


Am. U 1 Ml Here...,- 2 li* 
■S,i. service Iml.r IH 4 
>uiihmi at eel... i 31 

'■il'inw,...' »7l< 

i'-'l.I *0*4 

A«|.|u<ie 16 

New hi 1 MinI k) Kl. 225« 

■' w fcualmul To- ab 
Amunn, Mebawk 153a 
-'injur, ntiare... lui^ 
■S. U Iniluiirle?I 6 I 4 
^viriiiika. W«atem. 27 T* 
A*-illi iXal.UKa... 37!( 
Alim auie» fwil 26 

Mtnieu.Alrliftfe' 24 1 « 

MIiu*m-I 1 mi, or ni 22 7 ( 
Aiiiuii lo Jj 

1 *'.'.9 leuini (Vini'i 23 

• 'anvy Motliei..! 37 >4 

>.'fiiii Kilixin. \ L 8 ia 

.—— 1 157a 

'»v!Tc«B^ah,, u ...; *3*, 

'-'“einlimiiiiB.. ; 63le 

■-**"■ ■■•n» 1 1 niiniiL.. .i £ 1 In 

1 Fi Hi *im.. 20 S, 

Ltsbnue..; 201 b 
is.iSi.sii.-.: 4i 
FaiiAuiWfiriii All 
JVher tlaonirm. 225s 

FiwUniv Int.. 22 la 

Fen.Pmjtu..( *s3Ia 

njimev J.c..~.... 34ba 

“cnnjnji __ 3 OJ 4 

11 ’wY/iea bruji_ 75g 

rpupiei Una_ 341 2 

‘■•■IM 1 L_. t 6 

IVrrHiii tinier_| 1 B 7 8 

M- o7ia 

::: 1 ^—._.i 2750 

Hlel|o (Xnlw_| 19 14 

* IniorieiidiM h't*. lslg 

.. ■aS 

1'lmil!* FMinl'n-: 30 

“"-/■tirv. : agi B 

I^Uiev Uwo.....' iS 

/‘■UetMl.i £414 

,#le *ev la .1 .Aim: I7lg 

i*numirl. i 251 - 

■'ulmn,,- ); i i“ 

... s5 

t’fi'dul I in in-no ' -4943 
fiiUaerv*. *3 

I'ul-inaii.| ,5 

1 'nrek. 16 

i^iukeri.iniA..| 

Kaiiiil Amerloai,.. 6 

KflvllM-nii . ■ 3334 

lit 'X.. 

f.Viiut'ilo steel —.1 24i, 


cli* I 211* 
134 4 I 137a 


Itexuai. 4154 41 i* 

Kl 1 viii iiii. Mein■- 29ia 29 U 

UeyiinliW II. -63e -6ij 

Ifn-fi'mi lleneli. “jJ: 2 Ub 

Ifivknoll Inlci . 303* ' 2 >8 

llnfa'ii 5 Hu-... *9; 1 29 14 

K<-\H' .. at ; m61* 

urn... i3ia ■ i3i a 

ilvis- !,•">. l* T a . 12 

liydei avslem14lj 14 
3*1 eWHV .Ilnre-... i87« OBifl 

m. J ii* .Miner*".. .6 >k «7?» 

61. Hecia Pa pei... 28 la . 273* 
atutlB T> Inil*..... 1 i7 i67; 

sau luve*i.• 4ij 41$ 

iasou lu. 1 *. -it 1 4'j 

a oiil- Urewins..' 13; I4i* 
b liiumliercer..-.. h9ls 693a 

■>CJI. 175a ! 171, 

s sni Paper.. 13*, } 

a.-ovil ... 20; 2Cs*i 

, mir'Uuor Vmi, cie | titf 

Sea Cnnt8in*n-~.; 213* 2H* 

stMeram. ie\’n . Eli* 

aenne rti.I»_»_ 12/a ' 12 : a 

seMni !<• el*a;k_ h7ia Jt6>a 

>fclK-U.. -63a obi* 

cneiitm. sou : 

she*'Tninai*•«... s8ia J 377g 

sicna . *85 r 287a 

?igin*ieA«ri-.. a6i H j a6U 

^nii|i'ioi\ 1‘ai... 11. . 11 >8 

ainsei... 19in I 191, 

?im(li Kune. : 47j j 477g 

auniiiHi...* l7g ' 2 

> hi! Is lnw 11 __ 2U7g 20's 

xnlltHiil'ni. K»l. fc63e 261 a 
Wullieni C»«.. 17 17 

silin. .\nu He*.. h9 13 287a 

9rMitliem IVilli' • 34 33It 

soul bell) J.'aiiwiW, ■*9 , 8 1 , 9 1 2 

31/nibuniii. 22 ; 233a 

a'w't Uaa-BhAW*. 24i 8 2 m 1 h 
H wuduw... 165* lnu 

Sperry Kauri. s4it 341 , 

HiiUv...- 253i} l 25 

dtandaiil Hranilci 25>a J 26<a 

aid A.HIC* It lorn'« -sBl* i 8 ia 

ad. Oil Indiana.. .473s 4 oJg 

Mil. OU Ulnu_' fcSia 073* 

ataulT Cbeuiioal.' ab<a 46 
aterlifut Uing ... 137 B !3Sa 

studelwkai_... -.87 a a 9 

sun Co.. ( sSlj 4712 

lUfHlatrHH,4.31; a3 

sync ex. 21 2 u 7 g 

ledimuiiior._... B'n 9 

Irtlnwi-;t3a I 35U 

ieieiiyne.._.• 69is | 69 14 

...I 33 g ■ a&a 

leiieif...| « Sie ! *9U 

resom Peiroieuml 8 lg I 8 

texaco.. 26ig 26ia 

1'eviKull.. 17 1 1718 

Teus Inmm.j 70 lg j 703a 

Texas OU7t flaa.. alit I 31i* 
l-erjw Utllirie*... I 20 is 20 

Time lot-..j a57g ' a 6 la 

Time* Mirror.. 23 1 * I 23 14 

rimken.| 47 i 467 a 

I'nwie. -.; s31j j 44 

Iran,merle*. : 14 ; 13-’a 

I'rniiauo...• 19 ^b ■ 19 U 

I'ntn* l '11 ion.. 343 ® 347 e 

IVmiiswb v lul'ml 22 i 1 * 23 1 * 

I'ranv W«»M An . 12 >4 : 11; 

TnnHien. 271s ; 261* 

Cn Contluental-.l 18 3 , . 18sa 

r.u.w. '• 30i* | 3.1 fl 

5 WI 1 Cnnfurv F'«V; 22J| 1 HSsg 

u.yl .« auij . 2012 

UAltUO.. 203* 001* 

Util.I 233ft 23'4 

UUP.. 15l 8 j&’a 

Vmtever..Sf 1 * 

UoileMer \ V .| a 47 B p4-j 

Union Uadcorv ...1 13 . 13 

Urtton Carbide.... t9'i 32^8 
Union Cummeratl 6 ’l b| 

Union 0.1 (bin... 506a 50Sa 

Union Pacific.. 46 Sb 4a>a 

Uiilmyal- 7?a li 

Unii-nl Brand*... 81a /? 8 

Untied C>ir|i__ lti 4 « 

Ua Bnncun'.—— 27!j 271* 

US. CiypKjm. 237a 235a 

US. rnot. 22 la £2 1 * 

US. Steel. 275a 28 

! U. l'eehnnk«ie*- 368a *61* 

UV luiustriea.... 19Ss 1«S 
Virsmi* Hied.-. 14l» J4 

AYaLnven^.. 178e ^*1 

M'amer-Ciimnm. 31 7 a 31; 

Wamer-Ltnnhert *81# 1 KU 
Waglt-Man'men 1 19 <a I 

Wrila-PStrum 2ati 
tt'cimi Banc ,hi 31 ti | a ^ti 
Western X, Auk* 28ti I "/ 
Wcaiern Union... 16Xa ' I 6 *e 
M'esimchite bleel 18; I 18 

tV'esUivcim.i 26 i 26ti 

M"dverLae_*eT....i 241j | 24iq 
Wh'[H|,*H.[ 21 ti ! 20ti 

wiiiteCi-n. libt..! 21 « • | 21 

Wijlbuu ..' 18.* 

WuWDun tlecl -i 38 ti l 28 


ll.ielu.inli.... 103c l8ti 

Wl-ll. 0>4 'ti 

...I 46i* 46i? 

I .. I73h 167b 

/’-etiiiii I;, iln. 13i.i lati 

L.a.lieo t*i :94<f t34I a 

l9.Trni*i;*i?.i 82 r32 

L ,s. Dev bill*. 6.40 i | 6.45^ 


1?? CANADA 

a 73, 

AbiUM Pnpe,. 111? i X0]8 

Ajuioo Emile. 5>e 1 bti 

T 1 AIC*nAl’iniin,ua 26 J; 'd&oi 

in. \:*i*nu»»leei. i lbti 

AUwsl<»_ r39 t383j 

} ' ' nank ul M-iclrwi' 1 1 5* L/5g 

J" - iiuik NoxB-scnu* 16 ii 1658 

ih* HMURt*' 61* 

twJ Cell reiephone.... 527? S25g 

2H* Uoir A’*l£ev ln-l-. : 2D; 21 

81 At oPviuiHds.. 15 1478 

12 ti urajrmi. I47j ldl* 

t6i;. oiiib u. ,3.25 73.2? 

sbti VVijMrv P-wei... 34 , J4ti 

*9,i Cainfin Mine-. 15 , 16ti 

37 iQ ^allH-oi >.e|:ienl.. 9 7= [ S/fj 

^*n,-Ui AW Lhii.i Hi# j llift 

56 U lhi, IIIIf 1,11 kl."nn 25 1 .' 26 U 

11 ti •.'i,n**tB In iw-i... ;i8ti ■ ;loti 

191. won. Ph< 1 I 1 . 17 l7 

»7/g -hi. Po-ili. Ini.. 13i> I8ti 

2 1 * 11 . *n|-erl.il 1 _ 55i; 333ft 

203 C ^tiriifi!* l»’Keere.. 3.2s • 3.20 

c6\e, wir 9 147« 


.. 92.6 -O.Z 

Atiumi: Yersivn... 501 -6 

BMW. 226 . .. . 

BASF. 138.6 —0.9 

Bsvyr._-. 157 -0.5 

Unvr, H\|m. 294.B -2-8 

Haver, ' ereiusl-k 513.5 - 1 
• limin'. 198 —5 

'.••:i.niir^-uik. 226^. 

linn f'tn.inii. 82 -0.7 

I •rti,i,!«fr IX-D*. 317 -1 

Oi-iksi . 272 —1 

Itii.iHS. 162 -2.5 

Untceh-iiuik.... 314 . 

Dre*i(n* - . U,,ik.... 251 .i . 

i»ii-ctn'i*T /en.i. 151 —4 

.. 2:2.5 - 1.5 

Hhic : L."»ii. 117 - 1 

H'lpener. 238.5 -0.5 

H.xMr*. 126 9-0.4 

H"i-s;b. 43.6 ■*■0.1 

Hmien. 119 -0.5 

K,ii un>i '••ii'„_.. I48.B s-0.3 

Rm-radt 294.2—3.3 

haul In'll.. 199 ■*-1 

Krt.wmrL'm Wj. 91 •*■ 1 

k'UD.. 175.6-0.2 

Krupj-i. 96.6 ■*■ O.l 

Lin-le. 244. 

Li'»eonrnu Iul_ 1,520. 

Lurttainre. Ill —J.l 


MAN.. 

Manup-niami. 

Metal lx*.-.. 

M line! ri’iier Hui'k. 

Nevkerumnii.• 

Pieuiww^ lint IU.'. 


2XO —3.5 
173.2—0.3 
254 -2 

355 . 

112.5-0.5 
21a — u.5 


UheliiW.-i Kte. 1 . 208.3 -0.8 


si-lien nt. 

Sienien.- .i 

■iiiil /iii-kei'.: 

rii.men V.« 

Vaita. 

YKBA. 


263 _ 

296.5 -1.2 
231 +1 

123.3 *0.3 
177 -1 

116.8 . 


VerrinA. W«“.i Bk. 505 -1 

Ynjh>uasvn. 2118-0.8 


— I .Win tint,*-. 319 1 

1.3 i Canon ..—■ *»83 -18 

4.4 ..-. 598 —2 

6.2 l hm.ni... 1 403 ■—. 

5 Si 1 ilii A 1 : 11 ,hi rrint 515 -;!• 

3.4 : Fis.t Pnra.v. 576 +23 

3^: Hua.-tL..>..-. 214 +4 

i ki.>n.iB Mtqnr*,... 595 +B 
4.01 Uiuise Fi*.!_.1.050 —10 

3.01 .1.290 +10 

3.11 ■ti'* 1 *.—. 635 -*-18 

4.4! 1-1.L.2.683 -30 

3.2 wku,« 1 EheA.Pw. 1.040 . 

4.0 j K.imiUMi. 311 —2 

1.3 j knhoM.. 279 . 

2.71 him..Ceram*.. .2.740 —50 

5.2 . Maisuslma liel... 612 -*-6 

3.8' Mnsui.i'ljiBank.. ^79 -1 

6.2 ! Uiuuin-luHviivs 138 —4 

4.6 : Mn.-uHiatil hurp.. 416 —2 
4.1: j Mitsui A Cu. 318 +1 

3.11 Mitstiltratit.. 520- . 

3.5 I Nim*bj Den*.« 1,210 . 

S.O ; > 1 ( 4*11 5bioj«n„ o22 +3 

— j Alasui Mown-*. 804 +11 

3.4 iVneer..*1.660 -t30 

— j 4aB.it> Electrtc— 213 . 

3.3 1 seiuaui Prelab— SJOl +11 

1.3 : rbiwtiio_1.020 '*-10 

3A|Snny_.1,960 +80 

„ „ ■ FanJut Mnrioe— fc49 1 
V, ! (akedaCbemieai.' 327 —1 

ii rut-- 1.610 ,_ 

1.6 ! re;in...._.* 119 }.,. 

_1 • l*.L(u Minne. 492 —1 

6.11 imiHEiM Pnw'r. 1,090 . + 10 

a ; 8 11 "kin .. *o4 —4 

5 ^ 1 i.ikii. siiiUujtx... 131 ;+i 

2*7 : tnniv—.. 128 . 

j li r.ga Muliir..■ 684 *-24 ' 2 

J- 5 I Son me N ilian Semnrws Tohro 
4.0 
5^. 

|;I BRUSSELS/LUXEMBOURG 


+1 ; 18 

+ 23 15 

+ 4 . 12. 
+8 IB 
-10 1 35 
+ 2- -*:ia 
+10 * 30 
*18 13 


12 '*■ tl AC MIL C&i cenli_10.75 |^JA1 

2a 2.1. Ai.we.Uatialh....!• KL83 V 

20 • 2.5 Alltet Mntrlhltf. Indu**h t2-25 ■ 

18 -1,7 .Ampul —— : ttS2i i+4;u* 

IS 1.3 .Aih|.i1 rwit4ewiu_—-..J 10.78 ^-0.01 

12; 2.8 ~U** . Mlneralas—tO,7a | 

Anm.'. i'uip toiler *1-. 11.07 +8.0! 

Amoc.A'oo. InSintrkiK...:. - £E67 . H»,01 
H ?-r Aim. Fmindatton [ lnv*in... 'tl.07 
?? ' H ASA -. 11,00 -OAK 

AluiimM •" .1 -tO 4i) ^ 

JOJ29 

10.99 f+o.01 


„ , , Anw.Tuip. IVper *1-. 

ll, lz Aujt. Frarada^inrtrt... 

AlkliubCn—- 

, , 1 4 H Aim. <711A ... 

H . ,'q Blue Morn Jnd. _...•>.| 

la BomyuorilhtCuwjer...^. 

I 5 | Hmlcen tfUf.Praprietiuy -.1 

20 ; 1.6 CarltiHi Itilted Brewery ...I 

10 1.0 u. J. tiraea-::.— .} 

12 4.5 i.sK 1SU_.... 

13; l.o uhw. RoUtfleld* AmT..I 

14 • i.t loouiarr ^lL..._ 

?? : i*? Caudwllibtinw». 

if i ,q CurtainAuetaUa...^.— • 

11 | 

if : It Elder SraWri—.. 

Jo | f? “-Z- Iodu*trt#8..i... 

20 f0 S 6 "* *’«WTTnMt^..- 

a K %S£ 2 £== 

30 i of ■““‘■-O™?*... ' 

30 I 0.9 Jennings ■industries- 

}? I ?•* Jonea fDaviil)...., 

4 ; f'4 Metala Bxphaatiwi_._.:J 


tO£2. 1+8.82 
ri.us ;+*L*tf 
tl-94 l—0.0T 
12.90 +4.46 1 
12.65 }- 8 JS 

t2.14" ,+0.116 
• fl.35 j ...... 



11.36 ;_ Voi. tlr3ta.Bnj. Shsre> JS-Sm. 

11.15 * . Siwrcr. Rw do Janeiro SE. 

tU90 ' j- 

ffiS iSif JOHANNESBURG. 

12.25 i+0.85 . -MIMES 

ta?8. . Feb. 8 , 


S H a00keK ' 

“ I l.c.i. jhMHC—: —: 

30 i of ■““‘■-aw?*—... 

30 | 0.9 Jennings industries- 

i? I ?•* Jonea (David)-.. 1 

i J, Met"la ExphaatiHi..:J 

1 yi MlMDoMInga-:.........:-! 

if! tl ^Etnpovtum-.,... i 

10.5.9 - *rr -. 

2 '■ 1.1 


tl;36 i+OJIl 
12.25 1+0.B& 
ta78. . 


t&.l2? Uq.qz KniOd ^mertcao' Coroo.'— - 5-Sa". 
to.2" -ICb0Mf‘.:C(HjnAdated ^^.-.13.10. . 
tl_32 MUJ1 East Dffefootela :.__ 1L70 . 


11.02 
10.16'’ \ 


BRUSSELS/LUXEMBOURG 


{Div.. 

| Fr-.lYld. 


i'll K-l la II 1 .. 2 o'; 

CniilW. 27 Ir 

1 .Van ualLunt.... 34. c 
Uraeunm Im,.... 16ti 
LVwfKn 7 

C.xcam k'icli. 8 

Ucniain Mine*... 57 

L/i".me Mine*. 72 1 ; 

Uwne Petroleum 5 < ^ 
i/iniiinMiD BriilGi 23 

Liiiiiilnr.. 14Tq 

Du|«ini..—.. 121 ; 

f itwi'er Sickf I 8 I 1 
*i«a llfilni Can.. 80ti 

lianslju —....__ 2 &i| 

■iianl Yeruj.ni>. it,, 
•iuliLii.Canaiiu.,. 28ti 
Hawker Sid. Can. 53, 

doiuivt...'■ 30 

ri.ime Di ’A.' 40 

riuilanii Bay Jlnti 16 14 

dialw>u Bay. » 8 i; 

di*.lsun 1 )i 1 Jl ti«* ; 431, 

1-A.o- ; 17 ; 8 

imaa/ci.. 30 

lni|«rla< Uil.' 19 

law.-.i 16 /r 


I ex la.——. 

Iniaml AaL liav' 
ina'i’r'yPifjeLme' 
timber kehiuv.+* 
Uunii'l Kin <_orf 
LuOm» Uni *b'. 
8 e'llil'i’ll Llir«*l 
'Uuv*fi Keruiihnii- 

Mclmyre..■ 

Jl»<m .rjitt,._ 

A<mii'ia Mines...' 
Aurccu kiier^v.. 
Mini, rpeAHit,,..' 
Xuhm- til. 3 ti*.- 
.HkW.oi I Wl. i 
Kayilw itifpei 31 ■ 


2u'; eQi* 
27 >a 27Se 
44. c 2438 
161; ; 16ti 
7 1 
B 7‘t 
57 : a 57ti 
721; . 73 
5iia S7ti 
23 I 23ti 
14ti 1 1+ti 
121; I ; 181; 


AMSTERDAM 


i*e 1 + or Pr>. IVli 
*. — 


Prin ' •f- or Div. Yl.l. 
Fta - — a 


Aetva..-.. 1 tZ 

7‘Z ak'IhiUw IMcrwtloqal.! 10^5 — 

ili -Ynrth Brdlcen H’dioita Tl.l3y.:+8. 

■./akUrtrice—..—„.f- fl.82 

Oil seardi......t0.07 - ,-0. 

PumeerConrrvle..———■i JI.44 f+L 

itc-kitt A Coiman —.•’ 12.74 : ... 

H. 1 . alfiab4:.-;.ru. /fl 

bouUihukt Minlnc-—.,[ 10.19. 

• I’-mth {fill--- 11*70 ' -4. 

WaJlott*.-.-J • .10.-95 J-..: 

U eatm Mlrnna'tfpcemHi. 1 tr.17 *+ 8.1 

Wimlnortha" - - “ ** 


AI 11 +I ifiJAri. 1U0 —1 24 ! 4.8 

.Unwiii.i.'iJi. 21 . 6 + 0.1 — . — 

AtbvniBuklPl.ilX.- 338 +2 A225. 6.6 

Viii+i. iKi.ldi.,.. 82 +1.2 An44 5.*4 

AiuniBiinkiFi^Vi b/.8+0.3 22j 6.6 

dijenkort_ 82.5+1.5 23 • 3.6 

HukaWcfrCnxFiav 119.3,-1 . 70.5.5 

riiihmi Teltcmlei 68.5,+1 . 25 ! 7.3 

litaevier (F.,201... 267 vl 121 1.6 
Sun ibX.V.H earer 136 : + 3 32,a 4.3 

tiina.Vnnr,lF..62 . tf4.t d.t 

UMUi(*»ieiPii , i 39.21- 1-4 1 22 1 5.6 
Helueken /F 1 .& 1 .. 107.3. *1.3 ■ 14'3.3 
Buucuien?lFiSOi * 1 2a.7•'-u.5 1 10A 8.0 
Hunter D.(F. W0»i 23.5iKO.3j 12 5.1 

l.H.C. Hrtiann... 13.8 - 0.1 10 7.2 

KLMfFilOOi.J 128.5+0.6 — - 

Int Uu»(r 1 US '...1 ;9.S +0.3. Id . 9.1 

Nwnleo iFllO)..J 40.7. + .7 10 2J5 
Aat.Ne1fQa.lFi.lCii lu7 +2.1 46.2 4.3 

NeiCreitHkiFia:*; 51 +0 2 2u 

Xed.MI<lBkiFiiCC( 184.8 -3.Q 30,6.4 

OveiFI^Oi.; 160 j + 2.5 ,.\34 4.2 

V'nn Oraineren...! 147 +1.5. 8.5.4 

FhkhtwdU'lJa....' *»7 +2.3 81 8.9 

Ptlliipa (F».I0)....| 25.8.1 dl . c.ie 

RijnSchV'erKl.lCPi 64 . — u.5 1 16 ■ — 
Uotiew (Fi jut —4 16.65 + 0.7 ,.V 8 i 7.6 
lblinaiiF.JA....i 1X7.5 + 0 . 5 ; — — 

MnoM'FOA. - 1 130 . 14 5.4 

Ki.i\aiDulcUiKl»i 1 / 6-6 .ABO t.a 

SbirenlnirK. rf;6^+0.a' 19 o.O 

SteiintirriFi 14/ 37$ 3./ 

T..kinlAu*Hnl«S.| 94 +2 [ 50 - ».8 

l-mleter 1 FI.VO 1 .J 122-9 +0.4 V«. 0.8 
V r tkiacUeti*lnr>t. 42 —0,4' 20- 1.1 
WiAtiaiuru.baiikJ 414^ +5.3 j 33 ; 3.9 


16*4 | 1618 


$ Elstarg l.. _ 

... Harmony 

1 Kinross ' 


____ Rweffljnre PlaUnum_- ASO* ■ H1J*; 

■10^6 ~J_ SL . Helena ,- : 

Tl.lS-.-.j+flUI Sown Vfli ..•,t«' v ' i W 

11.82 ' \ . Cofd Pieltfs SA' S1JT 

to.07 ■ .-(UJ 1 Union.Coroardtion ■ - JJffl -*J3; 

+1.44 +i _,2 Dc Beers-Deferred_*_._5.B5 ' - 

12.74 : . Bbrvocrmtzlchl - SJ8 ,-ftl+l. 

m. 78 East Rand Pt*. .. .18,75 . -iZXsf 

tai9 - Free State Gbduld_JBJa -8»* 

11*70"' -d.iH PresWent. Brand-.:__ 18 .« -9-gi 

■10.-95 President Steyn .12J» : :r§M- 

11-.17 ‘+8.02 Srilfomein - ._ ;4^0.' -8JI- 

11.66 -o.D3 weOtom __ mas 

Wew DrfefomeJn---34JW /483F; 

western Holdings ___ SB.so MS?- 

Weatero-Daep v..._o_..:.. - 12JS 

INDUSTRIALS ■ ;i:’. 


a9.5 +0.3 . Id . 9.1 
40.7. + .7 10 2^ 
lu7 +2.1 46.2 4.3 
51 +0 2 2o 7& 

184.8 ^ 3.8 aa . &.4 

iS? ‘ttii't Switzerland • 

47 , t 2.3 31 8.9 

25.8 . 31 . c.it 

64 -0.5 | 16 ‘ - 


Sccurltfes Rand SU.S-0.75J 
> (Discount of' 34^9b) 


Pnd/KJPrtroiuuni; *7ij 
Pan, Can. Pet’n.' a2i, 

PatloO,__' fin 3 , 

Peofje* Depu a..; t.2 j 
P’ ave Oaa Jl Ui ,.I U.b5 
Placet Uetfetopmtj 20ig 
Powei Uorponi 'ni It, 1 , 
Price_ lll a 


*7ti 3810 
a2i, olij 
In 3 , . 15ti 
+.2j ■ r+^5 

U.b5 ; 0.94 

20ig 2012 

loti I iuti 
llti ! 107a 


19 ti | 19 
2a ti I S9*a 
31ti | 30ti 
28ti I *S/ 
164ft ‘ 16*8 

is; | 18 


Huai I a haw.,. 9 y 

•Ii- A.jnmi—.... i 6 ;43, 

liuvmi Bk. 01 Can.j i&Sti 261 
it-.,*. I’nitL..i 15 j, i 16 

x-epirttUeauum-, cl 4 . ; L 

■WHijranii-1 *4i 4 I 

otiaslk uaiM*W- 1 lb!, • I 5/1 

ihemltli. Him*.! 96 ■ ,. 4 ; 

aiobenaCi. Ii....... 8 I 5 : c 8 -l| 

3lm|Bi*la——--• ,.7o ' ,.7f 

■Ltenu Cuiana../ *a * 31 , 

:Uwp l.'JL'k Inni. a." 5 ; f _3E 
lexacvCein la....'. i5i« aSS, 
I'ui.iiiIli Hitm.i k.i 17 171, 

iraii>Cajil* 1 |>..|u. 14le Ida, 
1'nuia Miami (in » HJj 

i n tec—. Ll; 1.14 

Unu*i Ob»„....„.,I lUti luU 

UCi.S'VH.-'jellint-l 7'ti gj, 
li'uhn Hi nun... ; 30'a 301; 

Wed c**-i Tpi» i3i; i2ij 

IV ■»!•••■ Den. 14 U a 3a. 

• AsseniM t BM { Asked, 
ft Traded, ft New «tock. 


COPENHAGEN * 

' | — Prlce~ ] + <*r j DiivYkl 

Feh. 8 ! Krpuer ; — ; % ' £ 

ADdershioken....! l4os;;.11 : 7.6 

Burni*sLrU'jt;a...] 430 j.—16,3.4 

Uanake Bank.I 130 -■ 11:8.5 

Hast Asialli-Cu_. 2315»|+2 I 12 i 5.2 

Plnajubanken .1 USti:.I 13 11^ 

For. BrygRerter.J a23 - + 2 j 12 1 5.6 

F«w.Pap1r_._ 77U +1 14 [ O Ilu.3 

Huniieishank.I la 8 |- 11 6.3 

li.N'lh’aH-lKrtOj Zagis+lti ! 18 .4.3 

Xvri KaD+l_Zafitij+Stil 12,4.7 

OUehUtflk.-..I 87igi.| - - 

Pm-siha oklaStii .. 11 BJi 

Itin-tnOMDk.! 142^*1.• 11 1 7.7 

soph. lk>remlteu.j 367**' + *: I 12 ; 3.Z 

iuitflu 1 ..■ l86ti;+2ti' 12 1 6.5 


• ■ «■rnt.iN...... tiig ; iOlft uunuiwu —...1 awv * * ■ 

ijuecec dturgmn| 126 1 1.29 Kert Aslail-'Cu_.| 2315*1+2 I 12 i 

Kmieet On- 1 k8i; [ afiifl /liuuubanken -..1 USti:.I 15 ■ 

Kuait shat*.| 9 U For. Biyt^erler..! 325 - + 2 j 12 I 

*ih' A 1)111111 i:6 14*« Fur. pa pi r-- 77U+1I*[ 6 1 

liuvmi Bk. ai Can.| 26ti 261a Hemlelafiaiiif.I 132 |- 11 


t'lVllUtiixiail. 
L*ertmi*wer.... 
SelMi-lH. 

r»iiil*>rii.- 

•<te.vr Lialin l+r 
Vmii llxj!ii*»n 











































































































































































































I.wr.?.;-■^.-^t-‘ #5E™ •.- A"* - —-•— ‘^2*.;;•• •: "'••_•■ --- ■ 

137S 


\n: 


*9u> 





or pgs 


'-"»;■:.. ®ur 'CqmnuNfi&as i --'.- 

• •■ : ^.. !||;: impact affile tfevafuasdn; 

\ ^-■ , &e : “ green- ; |i«sid !Viia&.rii 
. j drastic /eduction/. in 

/ ' •■ ^\dies. ttf animals : fif • ,ffor 

’ ’ «•. Bering Should. cbunterac/'t&o 
” s;: -.ij 3 seasonal fcti/ia pig-ptfces 
■ •>- . nert tnonth or s<>v •■' ) ^ 


3?s for the -. now . ^a&on, says 
re* alter a sllEht,3*oiBctioit ro| 


iND RAW MATERIALS 


trade in wheat 
to reach record 




•n. ife*. - «— - J 'l..n. , . l , ~ r r ... -» +fc_ ',“■ *• ■•“ “‘-■■wciiu mui. auu auui. « 

Meat aod Uvestoclc C«u- JSS^^w SLJJS 1 } er ' -V? 60 *^ “boot 3m. tonnes, 
assessing market 'pros-. > H esp<te increase in wo 

~S fnr Iha nrH» -'nMim.-' Udlr 1 . 3hf ■ WOT01IS- rfiCOTu W:i5 frarfp mw« <w. 1 - 


^G* 


OTMEi 


/ EDWARDS, commodities editor 

-P n< ? again the US. will pro- crop suggest there may be only 
10 v *?e the bulk of the exports with a small reduction in ihe area 

IS*™™?* in ? ales U P to 31m. tonnes, followed compared with 1977. the report 

%££££?$ ““j^ b 5’Canada at about 2Sm..Austra- stales. 

. agsgro n g to w e .latest market ha between 9J5m. and 10m. and It adds, however, that it will 

cs. be some months before a clearer 
15 . mi - i iLi i j niintic >aoiiwi * 4 UA 19 M*w^oat iu world pi«-tnre emerges, and planting in 

^ aS trade, carryover stocks in the the southern hemisphere wifi not 

'. win.miu 1 iu* _ ITij. * saaes 7 ® ve ma j° r ratportinn countries begin until the second half of 

summer, September nwicause,of;in are forecast to remain at the the year. 

'ber should' See -the ™ ■* vcr y high level of 54J2m. tonnes Reuter reported from Wasbing- 

Uvely sharp;:: increase '^Srf^^o 10 c .°mpawl with 55.7m. .tonnes at ton that total wheat use m the 

£S. -'-/ -■ .l 22 ^zu-tppnes,_ ag t inJ 3 t 15.Sm. the end of 1976-77. Aggregate U.S. during 1977-78 is projected 

LC, which wver-estimated- flie t3y» o7: : .B aa™ onship- world closing slocks of wheat— at 1.9bn. bushels, up about 14 
. 3gth Ot 'the ^ ma pfrpt --fact {.ttteutgTin -tae nm^^Baii of the excluding China and the USSR per cent., but still less than the 

;■ iunn, says in-its latest Market * seass®,C^unese^poKmases for the —are projected to fall by 5m. to 1977 crop, the US. Agriculture 

■ v ook reporttbai.' the expected 1 3**7 to-Tranu'iSW.-uW^^^nated 'Sro. tonnes. Denartment said. 

world wheat Carryover on June 3. 1978. 
remains at therefore, could be above Iasi 
compared with year’s l.lbn. bushels, ihe USD A 
. in 1976. Bat said in a summary of the wheat 

pared with the previous estimate within the figure there have been situation to be released on Feb- 
Of Tttr.-Sm. twteetp.:-' some substantial changes, with ruary IS. 

. latports b^'ilevrtt^eo countries the Soviet Union wheat crop It said disappearance daring 
4re : expected-- tb'. increase by upgraded by 2m. to 92m. tonnes, Junc-Deceraber totalled l.lbn. 

700,060-tonnes tonnes, against 96.9m. tonnes in 197G, bushels, 12 per cent, above a 

mainly - due to higher require- but reductions in the South year earlier, with all of Ihe in- 

mepls. by the'.ESC.'mid'''Portugal. America .crop which, at 8 £m. crease due to heavier wheat 

Ucvdoplng etrantrie^are forecast tonnes, is put at the lowest level feeding. 

to raise their imports by --3m. since 1908 following poor crops While higher prices will limit 
to 85.3in. tonnes as v-result of in Argentina aod Brazil. feed use for the remainder of 

lower domestic-: crops in near Provisional statistics on plant- the year, the Department said the 
East; Asia. ^Sdrth’ '.Africa and ings of wheat m the northern total probably would be the 
Brazil. " ■■ ••••: hemisphere to produce the 1978 largest since 1972-73. 



bacon market. 

.^^orisBr .‘prices, now hoverine 

«r W-S5p a kilo deadweight, arc 
«?cted to reach SOp by 
.rJbea-. "Baedher prices. " nhw 
■:ut 76p, should rise to almost 

,V.ork production V this year, is 
"-least at about 570.000' tonnes, 
^pet cent; less than last year, 
‘'-von output is estimated, atl 
000 tonnes, down 10 per 


upplies of bacon are not, 
'$ 1 ,i$ /ever, likely J to te'..greatly 1 
:Vl liijcted. since imports are un- 
: 4y to be less than last year. 

■’ ;; •/k i J • 

; :^)uU start > 

. -'‘ffKbr new -. •■'' 

• ‘ ^ane market ■ : 


■" i; *E SEW YORK -zinc 'futures 
J4cet opened yesterday,, pn 
• . , ,.,,-eduie.- but vrith - little interest 
wn and a disappointingly tow 
-• ^.nover of only 58 lots. -• .. 
‘“he market could not have 
'"Ward wn launched at n worse time. 
^ 5 :re was considerable doubt 
- s r st her commodity- trading 
. . resume at all in New York 

, ; ; j, -terday because of snowstorms. 

• 1 i bad weather is still .in- 

iting,business severely. 

‘ - . it the same time the zinc 

;I-ricet is extremely depressed, 
if ;Tt h demand at a low ebb .and 
;e stocks fowiog priees to 
' fr lowest for about,fourr^nd 
'. •:■ alf years, 

- :' - • There was a slight rise In zincl 
“ij. oes ot ' the London Metal 
change yesterday.But this, 

- common with other base oaeUt 
i^rkets, merely ' reflected the 
ier trend in sterling against 
! dollar for most of the day.-.' 
IM&S Europe, the-leading 
• -v zinc producer, confirmed 
-Titerday it had lowered its 
jiie price for zinc by $50-to $550 
r tonne. This follows si malar 
•o uctions by BiHiton-anfl MetaB- 
eHsdraft'- .• • r . 


Farmers slow to draw 6 dole’ 


BY CHRCTO PHBt FARXES 


THERE IS a tafifer ctf .evidence were people who. almost cer- does not expect all these options 
that in Britain at; toast, the tainly. would have given up soon to be taken up. however. Once 
Co mmo n Market's attempts to whether they were paid to by an applic-aUon for grant has been 
reduce milk pitodadfioa Try pay- Brussels or not. given formal blessing the fanner 

ing fanners to gioe dp dairying Average herd size in the U.K. involved bus six months to make 
is ^ proving to., be. A ..waste of i s m0 re than 40 cows, but the up his mind whether or not to 
money. . ■ . average number kept by the men .accept it. 

In the past year only 370 milk getting out was 20 head. This is Those hesitating may be 
producers have-talpeBf the EEC’s the size of herd suffering most encouraged to hang on a little 
grants and'switched'tbeir herds in the current '‘squeeze” be- longer by continuing reasonable 
to beef, or changed-their whole tween rising costs and shrinking grain prices. the pending 
partem of famuh# ^away from prices. devaluation of the green pound, 

rattle. In qoittinje^^rbey have while the men drawing the and signs that Mr. John Silkin. 
taken about T^O&.dai/y cows out premiums are doubtless grateftrl Minister or Agriculture, is do! 
of the'business with them. for the cash bonus, the.Ministers going to get the milk price 

While the figures-mSy appear of Agriculture wbo approved the “freeze" be wanted at this 
reasonable in-isolation, related to project at the price review last spring's EEC review, 
normal patterns of. wastage in year will have to consider care- While beef production is 
the Industry, they ranst be dis- fully whether the scheme is becoming an increasingly attrac- 
appoiming to.;the flOtfiafc in worth repeating in the new tive proposition again, it is now 
Brussels who thought/ of the season. Deadline for applications a little late for wouid-be beef 
idea in the first place.-. to date is March 31. producers to switch aod still 

' For-'the awist : ltf -tyears the The grants certainly cannot be hope to make the most of the 
number of registered -pait- pro- doing any harm to the EEC farm- coming price increases. 
ducers in the UJCl .has fallen »ng industry, but the evidence in 
about 5,000 a year .without any Britain is that they are not doing 
heh>- from premiums* -grants or much good either, 
other handouts. ■ V- Although so few U.K. pro- BRITISH cheese packers have 

Although no complete break- ducers have positively taken up agreed to standardise the weights 
down is vet available: ior last the offer of grants, the figure of their branded packs of 
year, there Is every indication could be much higher in the Cheddar. Cheshire, and other 
that the 1 370 farmers vrtio look longer term. The Government regional varieties of cheese. As 
the money and quit were pre- has approved 820 applications foi a result the Department of 
cisely the type of people-with grants involving about 17.000 Prices has made an order 
small herds who have been leav- cows. A further 5S0 applications exempting these cheeses packed 
mg the industry in' increasing have been rejected. in standard sizes from the unit 

numbers-in recent'years.'. They . The Ministry of Agriculture pricing requirements. 


CHEESE PRICING 


EEC sugar 

sales 

increase 

COMMON MARKET sugar ex- 
port allotments rrarh»iJ lJie 
highest level of ibis crop 
season in Brussels vrsterday. 
The EEC Commission author¬ 
ised sales totalling 49,600 
tonnes or white sugar and 
25,600 tonnes of raws, fast 
week the Commission author¬ 
ised 69,015 tonnes of whiles for 
export but received no offers 
for raws. 

The large raw sugar export 
allotment kept alive speculation 
on East European demand. 
Last week sugar talues were 
boosted by rumours of Chinese 

asd Russian buying. The re¬ 
ports of Chinese purchases 
have been generally discounted 
bnt traders arc still uncertain 
about (he Russian situation. 

Market sources are generally 
attributing the demand (or raw- 
sugar to Leniral Africa and the 
Middle East, however. 

World sugar futures prices 
continued 10 ease on Ihe Lon¬ 
don Tutures ruar Re I vesicrday. 
The May iiuouuiuu fell £0.70 to 
£120.15 a tonne. In the morn¬ 
ing the Lundou daily raw sugar 
priev was fixed at £108 a tonne, 
unchanged on the daj. 

In New Delhi meanwhile, 
Mr. F. B. Kano rue the Indian 
Sugar Mills Association presi¬ 
dent. asked the Gotcruni.MiL to 
allow exports ol‘ 7«iU.0(Ht 
tonnes of sugar this year, re¬ 
ports Reuter. 

India's export t(uoia under 
the new lutcriiatioiial Sugar 
Agreement, which prutisHtn- 
ally came injo force on Jtnunr}- 
l, is T01 J23il tonnes. • 

Earlier this week a senior 
Trade Ministry official here 
asked to comment on reports 
that China was negotiating to 
boy Indian sugar said India's 
present policy was not to ex¬ 
port sugar at all beiause of 
Tow world prices. 


33 




FARMERS CLUB SEMINAR 


Dutch warning 
higher costs 

BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 



THE FARMERS 1 CLUB drew, on 
a rough couui, rather less than 
half those who listened to Mr. 
John SiUcin. the Agriealture 
Minister, to a seminar on Ihe 
Common Agricultural Policy in 
London yesterday. This, no 
doubt, was because Mr. Stikia is 
the tnan of the moment in British 
farming—a hate figure it is true, 
but the only one by whose 
actions Farmers can prosper or 

suffer 

Eut Mr. Si Ik in's approach is tn 
the CAP that or a wrestler In 

a tricky situation. His policy is 
not so much a policy as a tactic 
of defending a number of situa¬ 
tions on an ad hoc basis, with a 
view to gainin-;: the maximum of 
what is called national advantage 
i.-i'in any circumstances that may 
arise. 

Much more interesting is the 
....proach of Professor Marsh of 
Aberdeen University. He said, 
as he has said before, that the 
CAP tn its present form could 
doi endure mainly because it 
absolved national governments 
fre.-n any responsibility for food 
surpluses. These could beev»ine 
unbearable in time. 

He advocated a >>stent of what 
mi^ht he termed standard 
quantities. really production 
quotas, which would lay on 
member governments the respon¬ 
sibility for supporting their own 
farmers themselves instead of 


securing the open-ended com¬ 
mitment from Brussels to sup¬ 
port surpluses ad infinitum. 

If such a measure became 
feasible it would, according to 
Professor Marsh, release some 
of the EEC Tunds for such things 
as structural improvement and 
social measures. This was the 
original purpose of the CAP 
anyway. 

A ralber sardonic view of the 
CAP was given by Mr. Jon 
Viielander. managing director of 
one of the biggest farms in 
Holland. He recognised the 
need for the one-time colonial 
powers to group for the sake of 
survival, but doubted if the CAP 
was mure than 3 reconnaissance 
unit, seeking out ways of achiev¬ 
ing economic and monetary 
union. 

This aim would be largely 
destroyed by the entry of Greece, 
Spain and Portugal to the EEC. 
be said, as it would alter the 
balance of tbe CAP from a 
Northern European to a Mediter- 
reanean farming economy. 

He toid the audience that trac¬ 
tor drivers >*0 Dutch farms u«uld 
earn as much as £ 10 . 000 —fmir 
limes as much as Jbeir British 
counterpart-. Labour cost? would 
be least ea.-y to control, he said. 
.And he warned that while Dutch 
farmers were finding yields 
"very nice.'* and prices "very 
high.” costs were "unbelievable.” 


” British fanning is efficient 
and you have invested much 
more money m farming than we 
have in the past 10 or 20 years. 
But you. loo. will have to gel 
used to much higher costs than 
you have had so far.” 

He added, however, that 
whether ihe EEC proves* .t suclc.-. ; 
or not. England would al.va' > 

be a pillar of Europe. " In spite 
of some temporary detachment 
and arrogance displayed in 
Brussels h\ people who confuse 
defending national interests with 
intransigent behaviour. 1 ' 

Then came Mr. John IVyhiti. 
shadow Minister of Agriculture. 
.Mr. Peyton is tile farmer’-: hope. 
He Is a Conservative and most 
farmers are of his persuasion. 
They do nui like Mr. Siitii: or 
his policies and they look t** Mr. 
Peyton for help and susleiunco. 
for some decimation of policy. 

But beyond pleading fnr Mime 
further devaluaiion of ihe 
"green pound” Mr. Peyum had. 
as on previous oecariona. no 
alternative policy sir pu; forward 
except support” fur’ ihe Com* 
munity. 

lie hoped ihal in ils cmin* Ms 
"we are not obliged tn in-have 
ail the time as if we were bar¬ 
gain burners >n an oriental 
bazaar.” But whateu”' the ideal-, 
the workings c*r the CAP .ire pre¬ 
cisely that. 


Hidden dangers of food aid 


Brazil denies 
coffee halt 

RIO UE JANEIRO. Feb. 8. 
BRAZIL HAS not suspended 
coffee export registrations, 
neither has it made any changes 
in its coffee export policy, the 
Brazilian Coffee institute's presi¬ 
dent. Sr. Camilla Culazans. said 
here. 

Sr. Caluzans was commenting 
on rumours circulating overseas 
of possible changes in Brazil’s 
sales policy, and that Brazil had 
suspended registrations. 

He said Brazil would suspend 
export registrations only in the 
event of a cqtostrophe, such as 
frost 

The IBC has been closed over 
the carnival holiday but registra¬ 
tions are open again now that 
the holiday is over, the Institute 
president said. 

Reuter 


BY A CORRESPONDENT 

FOOD AID is often of more 
benefit to the donor than to the 
recipient and in some circum¬ 
stances can be positively 
dangerous to the latter's 
economy. This view was pul 
forward by the Tanzania Food 
and Nutrition Centre at a recent 
meeting of the International 
Peace Research Association’s 
Food policy study group. 

In a paper presented on the 
centre's behalf, the group, con¬ 
sisting mainly of European 
researchers and field workers 
experienced in food aid, was told 
that the food donated was often 
inappropriate, highly refined, 
over-sophisticated and expensive. 

Hunger and malnutrition could 
be better tackled by the 
encouragement of the local pro¬ 
duction of simpler foods, the 
paper said. 

Supplementary food aid might 
be required while local produc¬ 


tion was bc-ing built up but this 
should be designed to fit into 
local dietary habits, “not create 
dependency on expensive foreign 
foods.” Care should also lie taken 
to avoid sapping the individual's 
or country's will or ability to 
feed itself. 

Even emergency aid could in 
some cases create more problems 
than it solves. 

The situation Following the 
Guatemalan earthquake was 
quoted as a good example ot 
this. Because the disaster 
happened shortly after the 
harvest there was a lot of food 
in the country but it was tempor¬ 
arily buried. This was recovered 
quite quickly hut large grain 
shipments from abroad depressed 
prices so that the local peasants 
could not sell part of their 
harvest to earn the cash to 
rebuild their smashed homes. 

It was. as one local worker 


said, as if you had it hi pped 
massive amounts of wheat u> ihe 
U.S. and given it away free. "Just 
imagine what the U.S farmers 
would have done.” 

The Tanzanians recognised 
that food aid might so in clinics 
help in an emergency hut 
warned that the local situation 
must be taken into account and 
that care must be taken not in 
hinder the country's recovery 
once the emergency was over. 

Food aid is always second best, 
it was pointed our. Financial 
aid can enable food to be bought 
in the country or used to stimu¬ 
late local production. Food end 
is also bulky and difficult to ship. 
In addition, a large bureaucracy 
and a relatively good infrastruc¬ 
ture is needed for food to bo 
distributed fairly. But unless the 
government of the recipient 
country wishes to help the poor 
and hungry then food aid will 
not get to them. 



GWIMODITY MARKET REPORTS AND PRICES 

: BASE METALS 

virfnfi Marti 40. ' 40. 

stir- wind 
Afternoon: 


- _1 QPI*ER—Firmer on the London Metal 

--“JuAlc. Prices were taWoflr 
; r a forward, metal openins si £OT an 
prc-markct. - However, Continental 
ing and the absence of sellers "lilted 
price to tsja. As sterling,eased lbs 
jc dipped to £S43 an itie nmriiinK kerb. 
; - ibe altctaoan ibe-pnce traded within 
i: row limits. loncbW £SU before rliK- 
:i at iW0.3 on ibfi late Mfh. Turnover. 
. •• ir'-!o 0 ionncs- : _ 

-- . UPKU- pm-c-r-.t+ur 

.. ' ; r r Bit, OfkiOtMJ — L Cnolllctel J — 


that to dm roaming .cash wire bars traded 
ar Iffili. 26A 57. jfirec months fMl. 40. 

40. 40 J. Cnbodes. force nxrotbs 
SB30S. JO. Kortr Winfoars. ihrrc month* 
£M0, -M.5. Afternoon: Wlrcbare. force 
months £MSr 4X5. ,43. Kerb: Wire bars, 
force tn a nfos J«2, 41, 405. 40. 40J. 

..TlU-C&bUv tasker. Alter opening 
bards rbaagea on foe pre-mart;. t forward 
standard mcial-cose in tcjflO folios.log tbe 

...... — . t^.. lir - ~j,.in. ’t-foi* 

T! X ■ • Offa-fatl I — , I’noffifinli — . 


itfNcJSJJIfi irol 


! I; . 


— 4b.. fi87--B : ta2fr 6M.5-50 

lontbfl- 640 .5 !+ «{ 642.5-3 


-6W.5 I 
tbodnal I :• .r. 

fo._«I«:B-7.V44# 


618-J 1+3-6 

GonU«..62tt.5^0 +4- Ji 033-^. t+4 
• - rtl’m’nt; 617.5 i+^.3; . — - 

- 

Amalggnoatetf- Metal. Trading repotted 


+4^6 

+45 


,Sl£.?!]!nB37foaO 1+115' 6365 70 
i.vathp 6275-300+111-1 6855-80 
Srwlrin’ij M80 +1TK - 

fl lftwifii r ri] ■ - I 

6370-00 +115 6365-70 
otuanUuM 6270-00 +H2.!'6250-60 
Settlem tJ 6360 t+116; — 

Stein S.J »1716 -1 — 

JfevYorkJ 


I n 

+45 

i + .“ 

1+4* 

;+2L5 


ngoo. In the afternoon values held 
steady, but then slipped towards foe dose 
with forward material BpaUy 15.STD on 
foe late kerb, alter touching Turn¬ 

over. 1.175 tonnes. 

Morning: Standard, cash £G.3M, TO. 
three months £6.270. so. 75. BO. High 
Grade, cash U.SoS. 60. Kerb: Standard, 
force months £6.28(1. 70. 75. Afternoon: 
Standard, cash £5.370. three months £6.!&a. 
70. 60. Kerb: standard, three months 
£6.260. 70. 

LEAD—Quietly steady. Forward metal 
opened at sao oa foe pre-market and 
moved up to £325 fnfloeneud by short 
covering and tbe trend in copper, to the 
Rings, however, profit-taking mnerged 
and took tbe price down to ebl The 
afternoon trading wag quiet with forward 
mimi fa Ding to £318 on foe late kerb. 
Ti u nov a , 6,308 tonnes. 


£3.».n.50: Heds Salihe SZM- 

£3.00. 


RUBBER 


COFFEE 


Following yesterday's steadiness London 
agalo out in a good performance ai ihe 
opening, reports Drcsi-S Burnham. Good 
dealer buyiog and local short covering 
saw tbe market at the carty highs as 
ovcrnighi reports of physical business 
caused nervousness. Some prniil-iakBig 
pared these gains in (he early afternoon 
but late imprest in the forwards made for 
a steady dose. Final values were 13.5 to 
£65 higher on balance. 


UNCHANGED opening "" foe London 
Physical market. UtcJ- Interest tltrovzh- 
our fop day. closln? dull. Uti is and Ivat 
reported foal foe Malaysian mart-.-l was 

eln-d. 


corenn 


irtauxlay's i 
I Owe l+nr 


£ per tonne i 


Businesa 

Done 


Feb. S: GB—Cattle (O.tr.’o a ka. I.w. 
• ~0.50i: u.K.~sr«cp UH.-ti. a It*, 

cai.d.e w. r -u.l•: GB— FIS'. jS.Sp j Us. 
Iw mo chabKei. England and Wales— 
Catilc up 19.4 per cent., averaa- price 
n3J7|i ■ -O.iEJi: Sheep dmrn 6 9 per rent . 
average price 1VI 3i* ’ Biri' down 

7.1 pc-r cent., arera-e ,w 'ASi> '/*•» 
dunce >. Scotland—Cattle up -'ll' pi+ 

civil., averaei. prid- UJ.ril* ■-0.tr;-: Shec;i 
d-wn tt.J per ecu' . as cruse price l«.>p 

--- -- o«: Pi„- Jui-.ii it.S per cv:ir. arprjee 

prirr 59.1 u • ▼ 1 •;*. 

Msnli... 45.7D-4B.5C 45.B5-4b.40 - HEAT COMMISSION—rate-, -f 

AI Mi i48.20-46.70 4b.5F4U.70 — M.K. tnwiotary u4HMeufai«ry ami mins 

Vpr-Jne. 47.U6-47.20 46.9B-47.B 47.15 47.ID for ihe week freui Kwh. IS -pre.hu- 

•IIv : 4tf.7U-«6J0 4o.S0-4B.6i 4L9M4.60 v»ei-kV fLiure- in bracket- - , L rp;b or 

liet-Uce- fa.Ba-50.4a, 50 25-90.50, 50.55 50.10 ehilled bed carcaa-rt UC.40P a l-a. -J6.40-. 

Jnn-Ur.1 S2.055S.IU. 51.80^2.00. oZ.ZO-5Z.flO Green bacon side*. I1-C.39 a tc-DDU 

A|.rJoe M.BIFSajO 55^0-55.70 - -£143.59-. 

Jlv-S-ni. 55.20-S5.Z5 55.10-6S20 65.5O-SS.Z0 COVENT 


PRICE CHANGES 


Prices 

slated. 


per tonne unless oiberwisr 


K-4-. B 

ISl 




l Vwiiihr* 
K-A : el--*- 


l'u-1 halt 
-I— 


Biimi+u 

kilt Hr 




LB AD 


dedine fit stertiog. This level sUneted 
jtrtktaldna and hedge celling, however, 
-wbicii combined to leave the price, at 


G. Index Limited 91-351 3466. 

■ i Lamont Bob d, London SW10 fiBS. ■ 


Stay Cocoa 1479*1487 


-sd: 




WJU. OR BEAR MARKET TREND 

fou can make mono? . jn- commodities. Thar is one 
’•ason why tovwtori'in 3) diScrenc cdonaiet sutascrHw . 
co otr weekly eoaiowditus,. tuetato. and-correncier ter¬ 
rier. Other rexscew could be-*h* derailed cham, or the. 
leading lodtcxion ot the. sfjjeifle ioce . pic a e l o na —; Just 
wnwp of the reasem why ««». sereteej pays for i«ell.' 
wei- and over again.- 

ieoJ tor a tlagU; issue, £i; e/girt -week trial. £20: sae-jw tubtc/lpVon. t>fO. 
Sat CHABT ANALYSIS UMJTED 
194000 UAopsgaCe, toodoo EC2M 4PE 



FINANCIAL tiMES 




APPEAR 

TO-DAY ON PAGE 16 

FINANGIAtTEMOES 

EUROPE’S BUSINESS NEWSPAPER 


COMPANY 

NOTICES 


£tav« T'« -.-SSSiSg 

f lin yeiunuirv. HbUidatloM - 

2 NO^SJSk« a ISS.!^ E . 


^ CLASSIFIED 
ADVERTISEMENT 
RATES 


: tin nr F IS -Ht HF0Y GIVEN gut' » 

^ General MH* 1 * 01 

. ■: held a* 40 Holhorn . Viaduct. KIP TAJ. 

* yV/srtSr'S! 

5 st-‘sar 2%“sjss£n9“ is 

, at ■ the aho« MggTWC 4 cnbUod .1 CauracUSi Tenders 
appoint • anon, .tor & / £** }• 'PummI. CanWMag 

' and. on * ooiL W w»» 
a proxy need nw 1 yate of 
; Comoanv. Moiders ol -Share warr+ncs 10 


CoffiMCKll] t UnhEiDjI 
progeny - 
lbsMcdilal Property 
Afipommuflts 

Bustmis A InvestfoL'ot 
" O pB UrtiuaUCS. Corpora 1 Ktn 
-Loans, proditcUtm 
Capacily, BottJKSs . 


Per 

line 

L 

lad. 

S.W 

4.50 


tafouug 

cm. 

’ £ 

KM- 

8JW 

1100 


5.15 16.00 


Btwer are reStaded IhM .uw^ muK Sur- 
render foeir warrants .foreewo *A_#***gV 
iced dtsotlcwy at foe London Bearer 
iwtlSrT«« Ol Cbarter-C 
Limited. 40 rtofoofn ViW WCt. Lewfltus 
grip 141 , Such lodgement. <* - warrants, 
not k»s maitttwee c»car dm fMm; 
date of the Meeting, will .entitle..«te 
boHere w attend aw*fot*. - - 

Dated Bth dav ot »mu*v.. 197 a. - 
, a- X. TAngtu UvMatpe. 
40. Molhorn Viadact.;-, •" 

London EC1P lAj- . - . . < . 


P:rsonal. Vorbeniox U.» 

Holvls and Travel X.a" 10.60 

Hook PuWtthcn , ■ ,7 ' 

Prttnfom pasitfoRC woflaMe 
(HHiftatud size « eotemii amt.} 

. ' o,« per stash cotunw cm. extra 
For farther Oet oto wrtte to: ■ 

r Classified Advertisement. 

: r : Tlanager, 

. Financial Times. 

Iff, Cannon Street, BC4P 4BT, 


n—h _ 

imoottn^l 

Sett'hn'tn 

M.3LSlaxJ 


a-m- M- on 
Official — 


+_ 

Ta 


£ £ 
(S14-.36-.S+4J6 
380.5-1 1+4.61 
314.6 j+4.25| 


pja. |+ 01 

Co official | — 


£ 

313-4 

5ZO-.6 

— _ i 


♦f 

1+1-5 


Morning: Casta £314. three monfos £323. 
S, 3. 22. 22.5. 21. 293. Kerb: Three 
monfos £321. Afternoon: Three monfos 
1352. Si, 20.5. Kerb: Three \nomhi. £319, 
16.5. 19. 

ZINC—Barely chaitsed. Forward metal 
rase (a £255 on (he prc-iparkoc In Hoc with 
foe ttnnnea of other mculs but ihercaJier 
eased back on lack ot interest to touch 
C4T before recovering to end ai £251 on 
foe late kerb. Turnover. 7.525 tonnes. 

*.tn. H- on 11 .m. |+ or 
1 — luiifoirtxil— 


ZfXC 1 Official I 


March-IJ840.U-1848.O,+ 25,Di I84M8M 

>l*y_lleZBJI-lbM.a+9.5 1590-I&74 

July.11682.0-1514.0- +11.5-1695-1575 

September... 1538.0-16SJ.0! +SO.OI 1540-1516 
Kovomtfer ... )4g8J>-1490.0! + 59.01 MSS U7S 
Jaaiwry-.... M 6.0-140ft.0, +65.0 1464 
March.1flgfi.lM4«)J l + 47.B 1428 1414 

1 I 

Sales: 2™ 10 11 .787' lots ot 10 lonues. 

LONDON ARABICAS—Ri-mained steady 
ihroufttuiui foo in generally uuict coo 
didons. reports Drexvl Burnham. Prices 
closed around foe day's highs on linhi 
mncL-d buying. 

Prices tin urdi-r buyer. scJL-r, change, 
busracss*— April 21T.25-17.50. +0-S8. 217 jo- 
17.00: June 2U0.50-01.00. +3 37. 200.00-85.75: 
Ang. 1SS.20+SL3U, +2.45. 166.30-S7.UO: Oil. 
IW.34-a.4S. +136. 17S.45-77.98r Dvr. 

167.00-69^0, +4.40. umradcd: Krb. 135.0U- 
63.00, +3.75. umradcd. Sales: 57 125- 
lott. 


Met-Dec; 56.85-66.90 56.65^6.7+ 56 9445.00 


SjIps: 259 (IMi loti of 13 lonnetL 

Physical dosing pnees (buyers; un-re: 3.20-2.80: Eaypnan: 

Spoi 44.73P 146.25-'. March 4T,75p -4TJ-: Moroccan: 3.00. Temples—Am. ric+n: 

Apnl 4Sp (47.75;. Approx. 16-lb 2.UU-5.20. Lemons—Italian: 

100-120 2.60-3.20: Cypnts: ;.0+3.>0. Grape- 
S U (1 \ R fruit—Cyprus- 15 kilos 2 4tKL*v. 20 kilos 

3. 0O-2.W: Jaffa: 20 kilos 2.S'>3.70. Sdhts— 
LONDON DAILY PRICE for raw sugar spanisi Appron. 40-lb 4 .*41. Satsvmas— 
tliB (sami-i a tunix ctf for Feb.-March spaiiu r 60-2.90. Apples —i rtneh: 4+lb 
5.hH«nt-in. Whin- .sugar daily price w+s rir+ncr Snitih d.OO-Tuu. Uol-J-.n tkla'MK 


Ji.oJ Jt ni9.uu tsjinvf. 

Aiti-r upc-mng unchanged tiriLVb g+invd 
about loo points in (hi- monnug +s vur- 
r.-iK-y factors stimulaied buyers m a dim 
(Uartt-r. Lotcr. hmie% 

Wc-akriKd and when N-w 


pnees were- sharply lower all foe gams y mi: E.i.siern Sian 
wire wiped out. (jornniiuKiuii hou-n.- slop- K.J D'-lu-nius 7.4>. 
tars Uqradattan hit r<i funtu-r lulls ar foe 
vIom-. When oriecs were- Ihe low points 
of the day. reports C. C:anilkow. 


Hntau 

A +1 iiitnmin . U 6 B 0 . CbBO 

Fire Market l- i- > 55^65 - 5.0 S990 
tO|i|cn-a»hlV. Unr.£6+9.75 + 4.25ct61.25 

..Hi-* ikii *b>. £642.7a +4.5 ct>/5.5 

l»«li i Mtaki. i. - 6J9.25 ^3.S t65l»,75 

a nu-aibn lit', die.... £632.25 +4.0 .:664,75. 
Gikl...—..Tior i» +174 625 —0.75 172-575 I 

Ubut L'aall.>£313.6 + l.U-Cbbd.b 

aitireKbii.£320.25^ 1.5 'V589.25 

GARDEN cpnc-s in McHiDg £***!,—•—.••." . ‘.J ... n 

Per package unless staled •—Imported "ie+ MarLffi (tin... SI.Ba-2.0.Si.73-2.0 

produce: Onuipes—Spama: Novels i2i- Fioiluuio imv ot. X96 .X96 

“•70: Jaffa: :i.. 743 . 9 j: Cyprus: Ovals Free Market.£ 110.35 -1.65 itlQO.15 

JfPT*- 16 kite 34-sus 2.sU-c2o: 20 fcifos Qm rfc ,,iver(7SH.ci. >150 aa .SlkB.iS 

an- v-.™>»» Baiadt -40-..,a. Sl | wr .253.6|i +0.1 236.55 1 

<n«*nth 8 ..257.5,. +0.5 360.23 1 

Tin 1 +*»h..£ 6 .i 67.5. -45.0 L'c.355 

5 mimihs...^.>:6.25S - IC2.5K 6 .S 1 47.5 

W-.ltrainCifAaicteii SI50-W ... .»»6-*.7ti 

Am- "n-li. jl'247.25 + 0.75 £277 

" tn->iillic. rjjj.i -0.SSXXfK.2i 

l*n,lnn-n. . r550-6DD .s6jj 

Oli» 

-Wi-nni 1 l*hUt 367.3*’.... .*550 

irtmui.tim,. 599 i;:j97 

IJn«+t*l l■ ,h|«r,,. »^71 . >.:Da 

.. „ - t'eini llmoj-nii.. . ?d07; .r502 



NtlV U-KK. I eh 


l.iti-5.30: ,’M-Jb rj 5+1 Or+nny Smifo ,_:n- 
Golden D.-Iuious '.’+'A,2*r R-d 
DeliciiiUc ;.h*-JD’J Si ark cr jiisdl 2 -u- 
■*■ 211 . juinbl>. Pack. p>,r pouirj <>'wli!-.n 
the duller l\lt’.-toas M.linv.25; tlji.+P. leMm 

York opi-nnu: Delicious O.ll+i.u: L .s . R-d P-.iitipus 


| H fi \ C £ 

Cash_ 246.5-7 1+5.97. 247..S +.75 

S monUu..; 251.5-2 : + 5.6 251-2 +.25 

ffteat_ 247 +4 I — 

Prm.Wrar| _ — |- \ 3Q.&-31 

■ “ Cents per pound, r bn previous 
uooffietat dose t «f oer Went. 

Morolng: Cash £3«6. three monfos 1254. 
S3. SU. 52. 51. 52. AAenwon: Cash C47. 
force combs £2+lA 52. Kerb: Cosh £245, 
force monfos C5L SO. 51. 


GRAINS 


SILVER 


LONDON FUTURES l G AFT M—The 
market opened five lower oo old crop 
wheat and saw struts cmnrtrr selling 
throughout thi] day. as stops were bit 
values closed weak at 73 poutts lower. 
Old crop barley found some sellers due 
to an easier fob bnt good Ebon covoriog 
was noted on the dip and values closed 
steady. 33-11) lower. New crops were 
generally neglected and dosed firm. Acll 
report*. 


I'iH. Y«frdgy'»i I’wtMu 
L'l-iunt.l Llo*e 1 Uim' 
0*nn. } : 


Uii*ii<C& 

lh*ae 


X [*T limin.- 

M«n.4i .|I16.20-I6.25 116.95-17.00:117.90-16.05 
Mp.v.... ,120.15-0.20 U0.76-rl.00,1.2.00 .0 00 c ... - „ 1 __ 
Ai.s—'1+2.15 .2.20 U2 65-.2.7+IU4.95-.2.M Span I sh. J .J|+..66. a 
Oi-i...Jl.42+i4.40 1,4.2+.4.bc l l,b.5U-,4 2o 
I We.....; 125.75-i 5.95 Ia6.05-*6.2cilr7.l3 L6.00 ., _ 

.Uiiicb .,'150.00-30.25 IsO.aO-pO.Ta'fol.5U-cD.25 
Ma> —lloiJJO ,2i.;ii3JU-a3.(.,U4^J 


Stiver tegs fixed O.lOp an ounce higher 
far snot delivery in (he London bullion 
nunt-i yesterday, at ^ u.S, cent 
cflufrarcnls Of foe SxJaa levels wni-p; 
■pot 48SJc. down 12c: three-month 495-ftc. 
down ldc: sn-monfo 503c. down iAn 
»d ig-mooUi 524.7c. down. Lie. The 
'metal opened at 2S3.i-2H.lB (4®4-4Slc/ 
and closed at 25£2-253.2p (4STI-4880. 


WHEAT 


BABLEV 


M'oth 

Veatenta,v'«> 

rhwie 

+ or lYunenftyi 
| vk ms 

+ ,n 

Bar. 

iUv 

aepi- 

>ue, 

Jtan. 

84 .OS 

as 80 
85.60 
8530 
88.40 1 

—0,7S' 72.56 
—0.75^ 76.U6 

-O.OS; 78.95 
-0.05; 81.50 
-0.05. &6.80- 

—0.40 

-U.35 
—O.QS 

Zajoi 


drLYHU ! Pulltoo 

. per J Huang 
truy or-. | iwtutng 

+ L.V.B. 

— j cfafie 

■f"T 

->puL M .1255.6p 

+0.1 25a.9p 

-0.8 

3 monUiB-; 257A|i 

+ IL6 3B6.8p 

+0.16 

6muntb*..\ 

+ iJ^ — 

-* 

12 tpnntlffl. 275.9j« 

+ 1.5 — 



LME—Turnover 173 0971 lola of 10P« 
enffees. Morning: Cash 23.4. 2.3; force 
months 2+TJ. 7.2. 7.5. T.4. 7.S. 7.0. 7.3. 
Kerbs: Cosh 2S3.2: three months S7J. 
Allenmm: Three monfos 237.2. 7 3, 7.4, 
7 J. T. 83. 6.7. 6JI. Kerbs: Three monfos 
255.8, 5.7. tS. 7. 8-8. 8.7. 


COCOA 


Trading remained quiet throughout foe 
day wifo prices dosing near foe highs, 
ntpong GUI and Duffm 

— .YttUaday V>+ 011 ilusiutro 

COCOA I Cl«*e I — timtr 


3KI.bC 
Alonfo. 

TUy-.. 
i'dr*- 

*pc+. 

IHn— 

Mareb.. 

Mw.^:li8SJ-90 


ncr’tl J ; 

.„IB64.M6.0 I+11.2S 1668.0-1540 

_JI14N.0-S4.0 j+14.5 11465J-1462 

_'1457.0-80.0 1+7X 11460.0-1446 

_11441.042.0 |f8j 1W.0-14M 

_j1421.B-22.fl 4 ItS 1428J-J4I2 

_,.1400.0-teJl J*4.fl :1«3.0-1SM 

_ '-U f +lU-’WflBJl 

Suita: 1,731 CJ3S} tou of 5 wanes. 


Lonotnt PALM OIL—aow: . Ft*. 
Zffi.D0.2fio.lM. March 270.00-2 60.OP. April, 
very prominent. SNW Cranraodlilos 
aB M0.BU-27a.ua. 

■k 

GRIMSBY FISH — Supply nod and 
demand fair. (Prices, a stunc. at irtilp's 
side, ptzproeegred <-■ Shell cud SSjHktl .«, 
etiUnua a^O-CLM: Haddock, large I4JMF 
ES.W, medium ffibO-M-TO. small C.71H.M: 
Plaice, la roe I? fifan JO; mcdlius £3A0- 
B.*0, bust mull £2.60-aJM: skinned doe- 
flsh, Urtu £7.w. medium £4.40; Rodfoab 


BUSbeaS done—Wheal: March M JU4A+. 
May NJIK+fiO, ScpL 6X50, Nov. 55.80. 
Jan. Ba.«. Salcb: 106 lois. Barley: 
March r:Jj-t2.«, May 7545-74,95. Sept. 
7X50-7040. Nov. Jan. 83^0- 

XX78. Sales: JSC tors, 

iKPORTECk-Wheat; CWRS No. 1 131 
per cent.. Feb. and March £85.50 Tilbury 
sellers. U S. Oark Norihcrn Swing No. 2. 
14 per cent., Feb. 04.00. March £&L2.'i. 
irflit.hipnu.-nt Easi coast sellers. US. 
ilard Winter Ordinary. Australia. Argeu- 
uman. Soviet and E£C grades uuquoied. 

Maize: French Feb. 160.50, March IU* 1 
traiuhipmcnt East Coast. Kenya Grade 
March £70 nom. 5. African Yellow March 
ftji.,5 quoted. 

Baring. Sorglua. Oats: ononoted. 

HGCA—Ex-farm spot prtccs Keb. X 
Peed wheat: Bcrffoni 175.30. Feed barley: 
Hertford £7X00, Borders West MUM. 

U.K. coefficient for foe week truni 
February 15 is expected to be unchanged. 

EEC IMPORT LEVIES—Effective to-day 
in order current levy pits March. Apnl 
nnd May premiums, villi previous in 
brackcfa, all ui units ol account a tonne: 
Comm in Mtaut—89.07, nlL blL nil (19,07, 
nil, nU. 0.15;: dsrum wheal—11S.24, 15-tCi, 
13-08. 12.17 (same); rye—75.72, nil, Dll 
nf] riinrrn- 1 : barley—78,00, njL nU, 2.11 
iu me/: eats—72.23. all. ail, nil (samnij 
main (other than hybrid for saedles>— 
76.14. oil. nil. 0.67 f7*13. 0J0. 0.50, IMr. 
buckwheat—All nil; millet—77.70. nil, niL 
nil (Sunn.-): a rain sorghum—dOJit, OJH. 
0J4. *.« (60.31, nil. ml. 2.66 1 . Also for 
flour: Wheal or mixed wheat and rye— 
138.33 (13E33>: rye—117.63 iU7.63». 


: luv.ltl: :-l-jn r -arian: 
Iijnim Pk pound 
.tljeiiKUSh </.«9-u.l». jipar.'auv +4M.IO. 
Pears—Italian: Per pound Pa«m.tM«jIM 
D.ta.u.tO. Plum»—S. AlrKan. Fan:+ ftosa 
P.-r ixiorid U.J0-O26. lijCIvMt U.23-e.4«. 
K'.-d .Uv «.»■*-■». Grapes—Xpanrta • 
Alinerio 2 26-2.SS: Cjlilomun Red 
Emprror per pound u.”>: S. African 
Alphonse K.IW Qurefl ot At- VinDard 
4 00. Bananas—Jam+naii P>.r pound ti.f.:. 
Tomatoes— Per s kilos. Canar>-. INO-N. 
Melons—Senegal- Yellou 5 15*s n.Sd.».Si. 
Cucumbers—Canary. ”.MM Omens— 
Cau f (flowers—1 ’.-T s-.-y 
3.H0. French: 5SU. Potatoes—Italian, 
awh Canary: 25 kilos <;.+j. Cvpru%. 

Celery: Spanish: 15 ■(‘■'s r..u(i-2 -iJ. 
Umiuco— Duich: 'it's 2.20: Krefu.h' U's 
l.sn. Capsicums—Mala a- Per pound 
Sales: 2.333 ii.cin lots of 2 tonnes. >srail: n.il; Cuhan- o.fu Canary- 

Tale and Lyle a-nfayy price for °-i'- ... . _ .. _ 

crjimUlcd basis whue susar was £242.40 „ = 1 " 9 "^' rf pro 1 d A u " : ;j , Pol f fft 

IS! fJXon" b ° mC “ -B Uri BS?“l 

^^ P,T b ^ 

price Lj| t9^3t; la-day average S<5 

iS.iTl. 

EEC IMPORT LEVIES—EffectIvv to-day 
fur denatured and n-tn-denarured sugar in LONDON—Dull and featurelesj. rvbocK 

umis of accuinu per loo kilo. 1 , preveus id EaJic HaJsev Smart, 
brackets. White: 23.0 U3.51.: Raw: 

19.97 ■ same I. 

SOYABEAN MEAL 

Tbe market opened 30 points huforr but 
ihtn lost n m finish at the lows on 
reports of foe weather In rhe Sfid-U‘irs£ 

C.S. Unprovtug. tn Europe physicals 
business remains very omvr with %I!its 
very s rouuDect SNW Cununodiitcs 
re-puris. 


Seeds ' 

(.-•pni Philip. %a90» -2.S *335 

*H.vm.+Kn <1J.».,... -239. -1.4 251 


Grams 

bant. KKL' . ■ .... : 

... Future-... l'73.55 -J.4 1*70.85 

limit ... .. 

Kwfit-I. Au.a Am t96.S .t'97.5 

1' IMI 

An. i llei *mwiii S l'85.5% t 1.0 '-'34.5 

A-<^.Hant\Vim t .i : . ; . 

Liigli-ii Mi..in. . 95.S .. . . JL'95 

Cu.-i'B Shijiiueuu.. -.1.373 -19.0 £1.310 

hiiliirv .11+v. _| 433.5 r 14.5 Cl .b 16.5 

(.-•lfe« ruliire 
May. . . 

Li.ii..u W lu.io. . 66.2 .e3.3 


PRECJOH5 MET.Li Ji.ir.-r a 

Cmnnii-.riuti llmi.i * lni‘iid+'i»n. 

Cold finished 150 uviul le" ■ r “ii i 'liwi* 
of .-..Miu cuniniti. UjcIk iidl&.y Siu+n 
re-noris. 

Cocoa—March 13023' <i::>.25i. May 

i23.au itjT.aj.. Jui-. ui.oo Se:-i. ji*-.*, 
Dec. 115.50. Mardl IV. 5W. :.la\ 1P.30. 
I Sale--: 75T! lul'. 

Coffee—March IW-'S-liw.W il94...'.«. 
I May 17s au bid '174 ’.2 >. Julv !ir..im 1-U. 
j Srni 15*1 M2 bid. Dee. 141,25 I'M. M-ir.-li 
[ ITI.lM. >1j> 123 00-145 'III. .lul-. 1 V-'HI 

a-.ked. Sale* JM l«i- 
Copper—|-ili 5+70 ■ i. i«i* M.in.ti ‘7 h i 
I 1 57 40 1 . .Mini 37.JM. May S* iw .'ill 39 m-i. 

; sew. iwtu Dei •.! W. •'■+u '.l:'*. Mar. h 
i K.To. Ma* o'J.i'H Julv m.m' >•':•(. U'i.hi 
Pci- Of. 9U. Sale- • .*MU lut- 
Cotton— :<• • .*■ -M.ir.il •*».•.»...•■ Mir 
70-57 !»• >57.>4- I•:!* V.-M.5-1M. ■!,-!. 

59 5>b59 lifl Dei. Mi m. M.ir.-li 1.1.1!>. 
.May i.l 40-i;i »o. .lull >.l M > tad. .* iK-. 
N"i ataiUMe. 

“Gold—IVb. 174..I’ ■I7‘>‘.u. 1 .Mjr.ii 174-u 
■ I7<i.«». \pril Ki.'W tiiii- 17^.11. \iu 
ISU.JU. fid. liS.OM. Dei *.*3.5-'. l-'«-l>. l.*S.lil. 
April 190 SO. J UK- fov.+'l .‘.U---. fin i n . 


WOOL FUTURES 


•liilr 14 1UC_ ... . t-437 

KiiMn-r bin... 46.75 -0 5 4t».?5 - 

’i-wil £ tAiL,. e^a aa .sboO-70 

taig« ■!{,«,. HOB . L'llJ 

«i.-_4iH|Hi; jes . 268| 

•Numihjl ( Uiiuuuii-ij i scllrr'a juoij 
r La>n|i j Riiififl r Kl ladd toinnnii 
Hull uAnrtl. * Hell -March (March 
Apnl. u Feb.-April. u March. : Mat 
J Per top 


Dei Hr' .w. Dec. Ji>.' &+!<••» ">'iu 

tLard—Chrcdk" l-.»i-e 21.** ••aim' 

nuiii i Nvu Vi.rV :-riuii- . i< -i n sn 
luderi <2:'..-<u askcfj*. 

tMtiao—March :. , S.-;.‘3 *t iv 

i. , .>*:-2:9: ’:i-k ■■ Jhk i.’a.-.-r 1 : svw. m. 

five, ttol-eiv.. Mann 5tt; 

SPIaffnum—Ipnl .-IJ.7»:-|ti» 

Julv ;t>.4ft-cis.u'i f<.i jjj-hp. 

Jan. *s2.>i. uft. \iml .’.■;i.i.ii-.'29.sii. Jut* 
234 II0-23S 0*1 SjI— .-.■IIs l»[ .. 

•5-ro xos ,-is-sii * Silver—fV<t 4-.ru 
079 +9.5 - 1 . 1 . 60 . 5 ] . i*»i 7 u.. n.r-1 4. ; : .v. M..-- 4-nnl. 

i.ln'v 49$*>1 S".-pi W'W r ' .-. 111 .‘.iti 

; 516 r*. Mar.ll 3.'7 jn Ma- 554 5-1. Julv 


COMMODITY futures markets 
re-opened y«*sierd:t> afler lieint: 
closed on Tuesday because of 
snowstorms. 


.Vnlml'ts + ,,f • 

• iJHme I — | 


Uii'ldo*. 

I (•■(!<■ 


ViianiTwu I 

(«r»n-i VV..J 

'Pi-mu pi-r k:la. 

loluiiui + *-r lui:-lii-> 

— b'ik 

Mnn !i. 

254,0-67.0 . - 

Mm .. 

34.0^7.0 - 

4 11 Is . 

tA.O-i7.0 .... — 

»»-l*.4iei ...t 

38.0 4- .0 . - 

llr.'miier.J 

42.U-44.D - — 

lljrvli ■— .!* 

4fi.04f.li . — 



-lull. 

4fi.!l-«.B . 


Sales. Nil t.T!> lots of 1-W kilos. 
SYDNEY GREASY up wJrr 'jay-r. 
&>-iL-r> bu-iitv.-sn. sjI.-6i—M icron Contrect: 
March HO S. HI .i. :i! !-iki.fl. 77. May 

345.7. 7rlli.il. Jld.0-5ii.il. July r..i. J. 

353.7. SSkT-SafLO, SI Del. 3ihj, 3'7 0. .157 IV 

iifi.5. 3i; D> c. st.'.T. w. 

4': March HM2, 5W4. ari.4C6o.O. ’.i: 
May Jws.*. 3d9.il. 3S5.w.;67.j. a: July 370-9. 
37J.D. 5710-371.1). 1 TutjI sak-s -tel 


COTTON 


COTTON. Uvtrawi—Spot and ship morn 
saleb am punted to ill lunne*. bringing 
the total for the week su (ar iu wu 
luiwgu. Limited comma* were wain 
reported, (he imp of for market remain¬ 
ing rather dull, report- F. w. Tatter»all. 
Many u^Cfs avoided lurward commit- 
meals stahtargh African and Middle 
EaUCro qua lilies were again short. 


Xjiertiinilr 

KMiruary.W.5 <fu 8 0-0.50 — ■ 

AlTd.,105,81-04.0 -U.40 I04.8fl-05.8fl 

4line.Hto.8M4.S--P.30 M. 6 D U5.S8 

Aiuual .■IBl.filM.6.4 +0.611 - 

Oi-t«rtjcr..„^| — — 

Utremhur. ..!lfli.8j.C5.5 -j.TS 
r rtima rr_.....! 106. KM 18 .D 107.00 

Sales: 90 (72i fafs of 10 U lonnis. 

MEAT/VEGETABLES 

5MITNPIEL0 tpence oer ouimdf—Beef: 

Scultish killed ydea AS.O lu 55.0: UWer 
hifl*uiainer« sail iu ao.o. foreqaarter- j:.o 
lu 39.8: Eire hindauarleri. 57.0 lu (A.O. 
fnrcquartersUr.il in ajl. 

Veal; Duicti hind' and cod: 31.0 to 
9£>D, 

Lamb; English sroaU 30.6 Ii» oAO, 
medium 47.0 to a.n. heavy at .8 lo I3.i»: 

Scottish medium -M.ti lo SLu. heavy 3C.8 
lu 4+0. linonncd frozen NZ PL new 
"fjvin 44.0 co 40.0. PSf new season 44.0 
lo 4ji ^Tji 43.0 iu 46J). 

Pork- English, under loo lb- S3.u In . ,«-7 .. 

4.vo. im-iai its 34.6 t.j <! n. i5o.i« ib: looncs in lifi i. according to a 
S3.n lu 46,0. 

Ensu,h IM - 4 ,n lM - 9 field, despatch from Brasilia; 

Partridge*: Younc fSfiu hr 

each. 

Pheasants: Best 300 0 to 3M.0 
bra nr. 

MEAT COMMISSfOK—Average fal-t-i* . 

prices at. rewpsewauve markets w increased. fieuler 


Higher Brazil 
soyabean 
output likely 

WASHINGTON. Feb. 8. 


financial times 

Kr*% fc | I’cli, i tliiinl, i ... % ■- ii 4j>. 

3Z7;78 dZT;?? 236.92 269.83 

(Rase- luiv l" (AVsinui 

REUTER’S 

Ft-h. S lj-eta7 TI,.nLlt H"|| Yi-.-l! lifll' 


1402.3 1338.1 1423.9 ' It? 19.1 

■ Base: Septeinb'-i '*■ i*U=u»« 

_ OQW JONES 

Uma "Krii.'": I.. ; tunilli! V«ar 

•li«ll«+ U ' 1 ■ HI" | -is*- 

-l-t. .. 352.e7 a51.08S5I.09400.0S 
Fnl»r»« 355.4-2;6w4.G6 340.84 594.33 
(Averaw* - llHlj 

MOODY’S 


~FVii7 Khi. '1<*iiiIi 
■tli'^l.v ** j 8 7 : t :■> on 


. . . . 905.0 - 892.9 307.0 

(Df'centVr tl. fS.ti = ir*i> 


HIDE5—London. Sii-adV bui wifo Weak 
undcnoiuh. On 3!-:i5. kite _ 1-"fl ..dt , w 

500 


BRAZIL’S 1978 soyabean output rito. 2 Mo> kiipa »uhdra»fii su.jp. 22 - 2 ; 
is forecast at l^.-Sni. tonnes, „ , , P as ,.,u i0 \ n Li ^ r *.Vr^ n Mt 

compared with an estimated 12m. L ^ * 

tonnes in 1977. jccording to a dunsee jute—F irm, pn.-.-s r?7u i»r 
U.S. Aaricullure Departmem ewb. £200 for 8wc. £43” for bwd Tussj 

field Hesnatrh frnm Rr-.ciIiL!(«2 fur BTC, £235 lor 8 TQ Jlhui ell 
a With uvalLIn^i'h?no naikhr. Calcutta 3 OMI 5 steady. Uunr.v 

tso.e . w, tit sojabean-erushing eapa- fttins c and r i;k f+r r<-b. ^fnimn-iw 
city growing vapidly, Brazil's m-«. 4u-im-h ciiijei. v.'-m: it.» pit urn 
pcr soyabean exports have declined ^ arts Morrh £io.ao and ap"' ti"-6* 
Mi wWte those of meal and_oii have gntfite re^'-.^^nmru rer,^L 

Yarn and doth ouIol 


ill Ml. Si-pt. 343,20. D-.-v. >aMi» >.!ii-v 
l.'.uuO lure Handy and U.iruija bii'h.-.R 
»P-U 4M.<>J 

Soyabeans—^Ijriii ■ 371 ; 1 May 

w.-xq Jui; Auy '“r:. 

Si-pt jf.5 Nm . .Iju. j74-.>il.. 

Jt jre-Jt >■ I .. 

-Soyabean Meal — M ir.-n :4f uh-i4%.-h 
> I52.0tli. May l-'.2 <IM52 !iil ■ Julv 

I3<i..'0-15ri.iu. All,; I .".Ini. Si-;.|. 137 "au 

i 151.IKI. 1'vl. 13T."iM37 7i>. Pvi- !."■!».."'I'. Jan. 
; 159.30-1 MJ (ill, Map.-h IHIB+ICUS" 

Soyabean Oil—Mar.-h -_n •: —-u -.7 . 

J Mjy I’d .‘,V 2 U J7 iJU.jj'. Julv '.'ii 
Ail:. 70.17-Ji' 13. bi-ni. IP >». *'i-t t? 47- 
! IM7. P'. 111.12-13. la. Jail. l«.:..vt 

j iian.li ii.j>: h.:'a 

Sugar—Mann y*L* 1 —,. Mav it.i'7 
1 lIlls ‘14/ vpi ''.«i ">.■ '’71 J ill. 
i Mjn-h 10.ji. Mj>. hi 43. Jui;- H'7ii. JjL>: 
s,nWj In;-- 

I Tilt—Nni avjiljbl- 

! ‘"Wheat—March ■2 i>t:i. May 

| 270-j». i-.'T.'.*. .lnij- ::x-.-i 27 ;;. 

Ol-,. .Mari-ii 

WISN'lPEti. !•'. h. > i»Rvc-M.» IOs.u'1 
I 1 114 50 bnlt. Jl.lv 11*1.70 i-fi-J •!ill i-O 
I j'ki-di On. HlF.iM a-k-d. X“' lill rt»l 
J Tf0at5—Ma- 7I.su ' 77 . 70 '. .lul; 73.1.0 
i hul ■ 7.’>.3n • i>rt “ 1 IH' h:d. 

I LXBarlcy—M+j 7* SU • T/.MJ July 7i .Til 
I aifci-rt '7-> Id a-A •.->{» '\l. 77.7*1 bi'l. 

fj'FlavSoed—lljv 211 tad < IP? m*.. 
July 21:: IU bid -211.10 tad-. C-.-t. -'lvuo 
aiked. Nm\ 219.30 

Wheat—SCIVR.A 15 3 |.vr iCiit. it-Ui-Iti 
eunn.-nt nr Si IjuT'-Ik,- I.'iU 45. 

.All ct-ais ri>-r piituid i s-tunhtitt.w 
untoi* wbiTinv «**»i»»J. iv-r \r-'~ 

winii'—li"i mini-. Juts. ' Cliii.i .11 lin.si 
as jw.t mu His—P'. in ui At. iTu s nr— 
viuuk (lav fnnti.' Si.-ji:i T.n 1, ?,Y litlik 
raufc ear-. : i'« nts i«- !!■ taishi 1 

u-are-hotua 1 r».inni huMivl lui - ; cs n«-r 

irov iiuiti-'- fur .'<0 ourni- :mii> ,j| 'ri 1 |i,-r 
(•■ nt. pnriiv 'Ii-livr, 11 NY * ijuns j,,.r 
Troy ohihv «-£-.i jr,.bi>iw. 1 \V-i« - R " 
rniitraci in ss :■ shnn iun far hulk 1ms 
ui Uhl shun ion> di-'.h'.-rvd 1 o.h. i-.ir*; 
»'hh*afc-«l T'jl'.sfu. Sr I+iU(» arid ,l((,fn. 
■' Tunis per bU 111 luishi-l :n slur.-. 

• ■.'.•ills pi-r 24 IW Mit‘n-1. T.Oi-urs i--r 
4s Hi hn-dii-l i-x-tiarihijus-. i4 1 v::is j^-r 
Tfi lh hlishi-l .li Jrt-tiuUV. I mill hlls-ri-.-I 
lull. " Si' iv r 1 ui 1 ii.- 










-- / 

- S M' 
7/ 1 I 


Financial Times Thursday February 


STOCK EXCHANGE REPORT 


«r 

Late tumround after miners’ decision to accept 10% 

Index up 4.7 at 468.4 after 460.1—Gilts show gains to i 


■ ''..'.vl-rjW i 


financial times STOCK ini^i^I 

—^f'Sv! 


-Oovfannjmt tsece.. 

•Pttflrilnittest.......— 


Ti-d”, F<+- i re*. ! «!*-. fr-.-F 

: a !. -7 ! b I . » , * -2- . 

' 74.4ti .74.05; 74.05, 74.83] 76,65}. 76,'lo'T^M 
1 77.31! 78.03’ 78.02; 78.72] 79.16; TO.is}:*^ 


468.4] 463.7 45^1 458,; 


A W - W 151.6! 151.6; 151.6 15?.T 

."’ 572 ' 5 761 s.e 31 sm •‘6.8U;-*SS[f?-.-S 

Account Dealing Dates ports that the miners’leaders had Aberthaw shed 4 to 142p. while were also 2 off at 166p, after 162p.miners' pay decision and generally Slebens (UK.) 4 higher at 2T2p,- uw.mv.xieui.( , 77 a; ' 17 . 7 s I7.7f 'ltaiT-iiS 

Option accepted basic pay rises within Taylor Woodrow were a like Elsewhere, Cope Sportswear dosed at the day's best. Down to but Tricentrol closed 2 lower at -Bunines*7.4?, ■. - 1 nonj 

•First Declara- Last Account the Governraeni’s guidelines saw amount easier at 30Sp. Magnet and declined 2 to 83p and Currys 625p initialiy, Beecham finished S K$p. Among Overseas issues, P/K fiario taetj Ct). . 8.09 8.07i 7 ® 7 j . . 

Dealings lions Dealings Day the market in full sail and the Southerns also declined 4 to lS3p shed 4 to lSQpbut Hardy and Co. higher at 635p, while Boots were Weeks Natural Resources, -woe nHuteJ. 5.871 6.553• 6.411, 6.361 &.1Z2}. 5^ ,6^ 

Jan 30 Feb 9 Feh 10 Teh 21 : °sses were subsequently trails- and H. and R. Johnsoo-Richards (Furnishers) edged forward a 3 dearer at 203p, after 197p, as noteworthy for a gain of 6 to. 62^29 67.12 ,66.23^ ea^-gate 

Feb n Fob ‘>3 Feh 24 Mar 7 formed into uains which, well Tiles shed 5 to 314p. Brown and penny to 30p in late response to were Glaxo at 570p, after 56 Sp. 94p. ’ BqoBytnnw r ... Wiajstf 12 , 350 ! i5,osd ; uu»ii r 3 ^uSi 

Feh 27 Mur *9 Mar til Mar 21 the onici:i1 close. were Jackson, on the other hahd. found details of the sale and leaseback Reed International however, re- jr n Pilch AcwfaHnn nf awwi« n kqoitv bare**"* m - •—a--- ~ 

* . ‘ ' V stretching to 11 points and more support at 30p, up 4; the pre- of part of its Croydon she and corded a fresh fa3 of 3 to lllp. Bond and Share Holders featured - in a m. «ex. n a jo. vma.-ua.?. 

.. "Jmay lake place among the tonus. Both ends of liminary results are due next offices to Liverpool Victoria after 10Sp, making a decline on , nthnrwK? little chaneeri Invent- 6 ' . 2 D.m. 46= <■ 3 jun.-4at.j- - v. 


■ 1 New time " dealings may lake place amon 
Iram 9JO a.m. lore business days earlier. . , 


marked 


s earner. ,^ e mar |. e ( tt0re bewildered by month. Wiggins Construct edsed Friendly Society, 
to the the day's events, the volatility in forward a penny to 24p in reply A late rally in the Engl 


saie ana leaseback ^ now ever, re- English Association of American 

s Croydon site and corded a fresh faS of 3 to lllp. Bond and Share Holders featured 
Liverpoot Victoria £ g-&£ In otherwise little changed tatat,. 


inecring Hjrs, and MajUnson .^Ced 3 to fS^VS tt’SE 


short-term interest rates. British Treasury 3 per cent. 1979 estab- 
Funds staged a spirited rally in lished an unusual U gain in clean 
yesterday's later business. Quota- furm to 96. Corporations followed 
tions ended with gains ranging the overnight and early reaction 
to I in the actively-traded longer in the mam funds to settle 1) 
maturities which were going poinls down, bui Southern Rho- 
harder still in inter-office trade desians rallied from initial dull- 
when they were showing a turn- ness and were often higher in 
round of over 2} points from the places: the 6 per cent. 1976-79 
depressed levels ruling earlier in bond gained 3 points to £92, after 
the day. £SG. 

.<&£. ^noS^c "a£ 

EES ss ° ssijs^,s ss ;■!«»« 

Sr* pr ssS cd & •- «¥• 


Office Equipment 

F.T.-Actuaries Index I .. 


rfghte^fcsu? ^AaroffisST* Bros! at ^ «®" d 0ty iWd --1-71,7* pib.w CmopiuHoo’ - 

buyers at 250p, up 6. European RaJa “ I ® to *. c ._ _ afl , ; ia? - \ 4 b m. '• —'"Sfi! ■■ 

Ferries moved up li more to Quietly dull for most of the day .Qvrt.-_iw ca.~ 7SE8 60.4 (j,i, 76 i ‘ SS’i 

liOp and fresh speculative inter- Shippings began a rally-late; 1 \JtZ J ” J l ■ 

est lifted SIR 3^to 227p. An im- P- and 0, Defened closed Mn r -naan*-., JiJg eo.® JgJJJMJ < 

settled market of late over the changed at 108 p but small losses . w J ____ c. 0 ,i doa s-*«*.. ’ 

proposed Allegheney deal. Wilkin- were seen in Furness Withy, 315p,. iad.OnL^_ 549.2 357.6 593^2 1 oumdewi^-22941 227.1® : 

son Mateh perked up 3 to 185p. and British and Commonwealth, * 14 ' 9 ’ '““wrfrW.-. W 

Wade Potteries. 20p, and Taibex. 272p. CaW winaa. 174.5 95A ^ : ^ h \ Jg3SH®r. 4 -' 

-liP. were both around a penny ^ Textiles. Nora (Jersey) Knit .* - ■ V.r ^ •* 

harder m response to Press com- 2 to 30p. while losses of 3 ■ . ■' ” 1 " W ” " I W . I M 

raent * were seen in Tom klnsons. 58p, and r- 

Motors and Distributors were Dawson International, 107p. . Bishopsgate, 70p and Rustenburg. weaker at a.I97y*7R.knr;o(:irapA>«.. 

featured once again by the per- Pr ___ on t K e nreiin,! 83p, ioth 3 down and JbydenbuTg 

formanee of Dowty which rose bteWlStiM the * cl *aper at 54p. ' in Pancnmtnentat, 

9 to I73p in brisk trading for a SSi jan v' ? ^ yield atSIctions' ; lower •.bullion price left 50 to 82op , m 

two-day gain of 17 since the en- Greeted a cood deal of atteSSS Gold-Fields 4 easier at JS3p while strength : 

couraging interim report. Lucas STdiSs which^closed S* bStterS London-registered issues markets. Othw; 

Industries wen»l» sued lute at rap fo^owSFa tSdn *»W«d W» Ttato-Zinc another 3 ever, 

SSL 1 ? Elsewhere in Tobaccos, Rothmans r- ..... _ J.J 

demed a report that 4,000 o£ its international hardened 11 to 471p. ~ ' -—--—-:- ■■ ■ ■•i: ' 

aerospace jobs are threatened by * * v • . 

a fall-off in orders. \V. J. Reynolds Noteworthy movements m South.. . - .i 
responded to Press comment with -African Industrials were confined . /IDTlrtiUC TO A IH3lk''':' 

a rise of 2 to 27? but Airflow to a reaction of 5 to S3p in Gold wrllwlfa .IICiUAfiSIF.,■ ^^ 

Streamlines eased 3 "to 72o. Turner Fields Properties. nir.AT.rN'R nATES - rhartorfiall' ■■rl+.itZi*: 


. Pdf Ratio (WN) - W» 8,07|. 7.97, 

DkUflCTrm^ed. 6.871 6.558 6,411. 6.361 

-* 66^8. 6£JI9i 67.12 ^88^^ 

t;. •-.»»au. .“^^Vjsasf ■ 

Latest index Ol-afi 90Z«- ' 

• Bawd on 32 m?r cent, corporgiion tax. - ■ Nn—5JH-. -.'-.'wt-riJa 
; Basis 1 «gS. Svcs. 15.10'2«. Fted .«>■.. ^ && 

-Mines I3.'B.35. 5E Activity Jhit-Dcl*. JS42. . .si.i.V.r-. -'iVrg 

’ HIGHS AND LOWS ; : '¥&. 


- • 

MJ»76 p 


Bijtb 

. U"» j 

Govt-Seca.^ 

79.85 

(50/9) 

60.46 \ 
(4/1) 

Hxad Intu.. 

81.27 

(9*1/73) 

60.49 

(4/1) 

iod. OnL,_ 

549.2 

(14/9) 

357.6 

(12/1) 

Gold MicB-i. 

174.3 

(IdflO) 

95.1 

(1<2) 


• _ ■ >• 7- 


the announcement that the 
miners' leaders had decided to 


Gilt-edaed market. As a result, 
abide by the Govcrnmcnfs guide- S r e S ne- 

!™ram rTthe tovSe.f^orn'r"! " nt - ^75'*)™*™°'' 

ties_index wa, trimmed by 0.30 ^ctor was O..Chk iO.,a9S). 

Leading cpuities started hesi- UDT 1 diSRppOIJlt 
tantly. but tended to improve 


SEP OCT 


throughout the day and the FT below 


. 4 . .. . rrt the miners’ decision on pay. 1C1 Vickers eased to 177p before 

Interim profits nearly £2m. c | 0 sed 7 up at the day's best of rebounding to lfi2p for a net rise 


-a** I i** ■ ' ' 

iSS i ffiS j 

160.4 I 50.53 ; eperatabnlfe.. 
iaWl>47V .f3/M6i 1 Totaiai^-lu} ,JaflOC? 

5S*j I ^ 

442.3 I 43.5 1 SfierotabreZl 404) 

(2£.pPt. l ,*-ltVn*; >135.3 134.V^ 

__:_■•- •- • “Ta 


It ■ :v- - rbjr 


DEALING DATES CbarterhaJI, ^pitaLr- 

Last Last For " SPLIT Capital, 

Deal- Declare- SefUfr 

lugs _.tloii. ‘• nrent H * a “ fl * » 




Golds lose ground 


Whieh compare with ■>-«- on Proiident Financial a similar up at 3S5p. amount" dou^Tt laito “white S»P- days South African Golds came Feb. 7 Feb.20 May U «ay23 ' f 

= TeSsi 1 m ^ Decca react c ,s«?- ln a ssass sz^ 

bjure W/wmWw* dJw SSSS?Tt r ™in?j=r SelrinS Dtapprintnem with tkt In- E^SS ^Jg ."^KWi SSiiJSSPmZ SSTS. 

SonaSy TCI ° P ut a on Tat ^SkneaTSeSS'SSSS thcoS *Up ^Sh^ecSitire^ntereS “prey'd “S but ^ Stocks t^urei for the caU 

ri^f , ;S^-fe , °° d W 2 r rer V 202 ^i he SWUSS X b 2? n "f,?iR S hS Sr^ P ST a 8 S?S Tfo iirs peS?tent P 2SK* oS£ **£:*&** **<> tom »«rton, 

OraraH hornrer falls or £ariv ls, , tters res,ll / s arc <iue on Fr,da> & Eli hardened a penny to Sop awaiting -Mills and Allen International morning. Around mid-day further 80,1 Gt y Properties, Inveresk, arranged in Fl'i^O^Deferfe'- 

tvXSc ?n FTiouited ° f ” es:t WPek - *£ VsJs {unher " ev « Warding the bid offering a^rStGroup, VDT, Burmab Consondated Gtrta ?^Br«. 

trials reversed the previous day's Businew was extremely thin in r ^ with Thorn clo.sing 8 ^ Trafalgar House. Properties Unsettled e buUion P rice weakened 01^ BP. Lonrto, ntcb Lovell, LaniL BrittanJt Arrtw, X : 

figures and the mixed pattern was g l, *f d . Composite Insurances. d *J, rer at „ after :M g p . a ^d K Pood ^ , bet ,i er P , Jobbers marked down prices Sedgwick Forbes, r Dunlop, and^Lonrhu. < • ; 

also seen in the FT-Actuaries Revived rumours of impending GEC 2 lQ th(J f d at 2: J afler changed. JKcb Lovell continued Growing fears of a rise in sharply, although cheap buying in .. : •‘t V; '. T . ' U 

indices: the All-share index was ^ LJ " d '. r c a, f!n^ h p £[l s . T S rfn 25 Ip. Ward and Golds tone im- 4 «h°iJS f ° r 3 iw< h S ^ 0r U! rm inceres I rates **“ Iate enabled shares to' --- .1 . ■ -' .. ' —~ V 

marginallv harder at 202.49. Kovals which Tell ..way to 3.0p * ed 2 t0 &4p and Ever Rcadv day ssa m of ( and Bcjam improved the Property market at the start close a shade above the day's : . .. - . ... ' " 1 

before closing -1 off at 3<3p. ^ similar amount to l 56 n but 0 . furthe . r to 8/P> Associated of business, but leading issues lowest levels. 

GiltS dramatic Breweries rarely strayed from ^ Refrigeration encountered c *° se d - ^rder at 224p. gradually recovered and final The Gold Mines index relin- NEW HIGHS ANO LOWS FOR. 13 a7/78£(^: 

to ui a dill the overnight levels. A. Guinness further sporadic sellin" and rt ave "h'le renewed investment demand quotations were little altered on quished 6.6 to 145.0 while the ..?••/.- ;<&• 

A dramatic day in Gilt-edscd closed without alteration at 180p, g father to 70p. United ™ BBd Salnsbwy 3 better at balance. MEPC ended unchanged bullion price was finally To coats S hai!T^ ^IS^atioJf^sJWa^crtlrS!?^ toi* inti v-'5 ? 

witnessed overall swin=s of-over but gains of a pcirny were seen s J. ieilt i Bc j ost g l0 2 7lp. and H. J ,3p - AT f aD " -' ve . re » a ? ti ^i.? nd 5 at 122 P- HTp. while Land easier at S17A625 per ounce. fmuwd iew H«hs and lows to* ab77-iiL ■ : JWiW8 ttt ; - 

2* poinl-s in lhe longer maturities in Allied. 84p. and Bass Charring- Wi g fa ], M ed 4 t0 264p.thc latter j? t r I ner at 31i '„ but f J ' Bn,h - V ; ac Securities finished with a rise of Worst affected P among the MFW mrnq /«'.. BTZ .: .'■■•" 

and a heavy trade Iram hath Coil 14lp. \ou* at 400p however, further developments in pP. S avc “P^2 of .the previous a penny at 217p, after 21 lp. hea\wei“hts were RaSmtetiL NEW HIGHS (8) . 

domestic instituii^na) and over- save -up 4 of the previous day s lh bi J situation. In contrast. da £ s spcculative gam of 9 Secondary issues moved similarly. dropped c l? to £31 i whfie s.c i si-k^bso 3 * 1 *°^ 08 o w ' "'Z- T" *'.... :■ 

■scr, s source- Reflecting concern speculative rise of 11 A Press * ulaLive i nteres t developed in TI T ™ st H “ u ^ s Forlc h *8 h,s Sbted but losses of a few pence were los^s of aroundahadf-Dotetwere ‘ beers m o'-''-more m'.'r 

abaut the authorities control of fC t slJ ^ e ^ r ins , l i h Kf. he ,u^i 0 , 0 ^ Snter Electrical, which moved up li 01 ?! 5 tn^ifn^nuin^ J * fair!y com .ntonplace FaDs of common to HartebeesU^lOJ, Vaal Moriand . '. RISES ANDJF 

money supply, ihe market con- fm ihe sale or whisky in the U.b. 2t to 10 , p Ferrant i finned 10 of , 1! to lS9p following a goods were sustained by Property Reers. m* and We^Drierrmteln • MOTEtsifi / - ; : - VrPTVQTiiti 

x* -ts ^Kuiiunsss:-^^ ii?jra-fi s^'TJ.h.v^ss: sssL^srss js& 

Quickened on f*-iirs of a pos- bJHDWU™ -^ved .ale and C„nd S—lfa *» uJSSti*** “‘SS* 1 ' ^ !. * 


After marking time for two 


days South African Golds cama Feb. 7 Feb. 20 May 


U May 23 Garages# Costoaa^c^f ^eg ; 
25 Jun.. 7 Transport, •* 


Overall, however, falls of nearly n f next week, 
tv.-o-lo-onc in FT-quoted Indus- . 

trials reversed the previous day’s ." u * ,nei * W5J 
figures and the mixed pattern was !P , d , l - or1 ‘( 
also seen in the FT-Actuaries 
indices; the All-share index was n «• i? 
marginallv harder at 202.49. Rojals which 

berore closing 

Gilts dramatic 


NEW HIGHS AND LOWS EOft i9r7!7/7&l 


The fallowing securities quoted' In the . 

Share Inrormation Sendee yesterday Reesf Inti, 
attained new Highs and Lows for .1977-78.- ■ 

. .-.BTZ . 

NEW HIGHS (8) . y : _ 

FOREIGN ISOHDS m ' 


HfDusnUAu;iii 
; JMINtS-tft. - 




RISES AND JF 

yKTERDAY 


A useful two-way business South Afncan Financials lost « Y a Ganmort ^rS Plate i«w. • 

developed in British Petroleum ground in line with Golds, ■ Ganmore n 1 ' 

which moved narrowly before - Amgold * gave up 3 to £15, .* NEW LOWS (5) 

dosing a few pence to the good GFSA a half-point to £11 and Americans (ti 

at 7SGp. Shell edged up 4 to 500p, General Mining a similar amount- 1Barnes Grv ‘ ' " 

and. in secondary issues. Ultramar to £14}. Union Corporation were rin ,, n ’-. J? Ra<n; 


.'‘ion* and recent speculation about 
election possibilities brought a 
swift change of tack. Later ro- 


" at i43p and Burton a a penny p..j j-ii 

Buildings closed irregularly dearer at lisp, while Gussies A 111 Gull 


. „« rww • J. 

CorpmK.- ' Donr.l ' aBd 3 r 
s-* 4 'd.>ni' Bands-'.'... . 3 

ladastrfals- ' ._...^"- '241 


a following a small trade. AP picked up from 272p to finish Miscellaneous Industrial leaders were a few pence dearer at 226p. S off aV 25Sp. 

>- Cement cheapened 3 to 23ap and only 2 lower at 2<6p. Motfaercare received a late boost from the Scattered speculative interest left Platinums wi 


-Rivlla Cl. O. A S-> 


Scattered speculative interest left Platinums were also lower with wheats^* 


,a ' .Fteancfaf and Prop. . to. 121 

Msm - . .- on* ■: _... 

- ' ■ ■ Planeaioh v 1 

in ' ■ .■■■..:■ Miner-; — • j -* 

. . . ....... Ittcwt Issues 1 


ACTIVE STOCKS 


1 





Mil 


np«%jT 

HT3 



IT 









i 

Wm 118 








Bayernlux 

_reports 

HIGHUGHTS 

FROM THE FINANCIAL STATEMENTS 
AS OF SEPTEMBER 30,1977 million DM 


BALANCE SHEET TOTAL 5,159 

DEPOSITS AND ADVANCES TO BANKS 2,873 

ADVANCES TO CUSTOMERS l f 727 

SECURITIES 484 

DEPOSITS FROM BANKS 4,302 

OTHER DEPOSITS 649 

SHARE CAPITAL 65 

RESERVES 25 

PROVISION FOR CONTINGENCIES ■ 35 

NET INCOME OF THE FISCAL YEAR 17 

_Bayerische_ 

Lanaesbank 

International 

BAYERISCHE LANDESBANK INTERNATIONAL SA 

25, BD. ROYAL • LUXEMBOURG - TEL 475911-1 

awhc^ownedsubsidiaryrf 
Bayerische Landesbsuk Ghraenlrale, Monich 


Denomina- 
Stock uon i 

ICf. £1 

BP . £t 

DATs Defd. 23p 

Rank Ore. 23p 

i Reed Inti. £1 

j Brown <J.» . £1 

GEC . 25p 

j Grand Met. 30p 

ilmperial Group... 25p 
Midland Bk. ‘New 1 Nil. pd. 

! P & 0 Defd. £1 

j Shell Transport ... 23p 

[Filch Lovell . 20p 

Unilever . 25p 

Marks & Spencer 25p 


No. 

oF Closing 
marks price ip) 


Change 
on day 
- 7 

-J 


1977-75 

high 

4-W 

96B 

200 

276 

233 

292 

284 

IfW 

Sfi 

15pm 

175 

885 

72 

596 

173 


1977-7S 

low- 

325 

760 

202 

128 

108 

98 

163 

62 

64 

llprn 

104 

454 

471 

410 

96 


(Of UiXiiT.li jriT.-ii(wT'l 

HT' fli ui i Mil ivfi'i 




EQUITY GROUPS 

GROUPS & SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section - 


RECENT ISSUES 


I . = .* =■ 4 = *-- kliK-l. 

H isl . I,,.. 


52 f.IV .37 1 cOlc W l.U.l. 



iltl I in' 

- !ju'. 

- I K.H. 

1199 ,i^0 
S10Q: K.P. 

sioo : f«i*. 

LlOO £50 
£100 | F. V- 
£100 F.P. 
£UMi , F.P. 

- F.P. 

- • F.K. 
C99JH F.P. 
V99U £19 

- F.P. 


I20>2 40put 54|.m Vuiuotaieri b«». 8%Cut. Com. Pref... 
,24.2 tll6n>. lul k . U«ik- V sof VorciAinr 10? Cum. Pivt.... 
i 21.8 | 1 *>|. H 9 ft v vniruusy Choi. l*rK. 

3;3 , o9ij: ol i» ‘iiauii'uin Keg. li)VS IS8h.. 

. - . «W'.( iS->U,lno.8:i .V«m I96S. 

I - • *96)4 S*>14- u... 9» Dell. IS98. 

I 24/df S0i 2 K*u,inictuu 4. CMsen 11« 86-37. 

i - • tooij, v«i 0 p,,. IK Variable ’as.. 

— - . 1051*. IvXJl- Cri'.-oater Variable IlKZ. 

• - £»»•; S2ril< Uy.u(rv£ loll. 10;j 1988.. 

— >97 .<“W 3hH|| loti. Pin. .\. V. 6i% Liiwr. Wie* , 

27/1 lis>p .loop ■’tajj Furniture 10%Com. Pref.. 

— VW.-; 33 s j ta)ne*iile VnriaWe 1935. 

28:4 I0.«e' ?ij D« li>» Urd-84-*. 

24 2 Ift.j. i IWj.. wijjtuiiuuse (U.i 115 Ct/in. Pref.. 


“RIGHTS'* OFFERS 


INTEREST fSICE INDICES 


I’41 jit 



British Government 




OLL 



Edited by Denys Sutton 


THE WORLD’S LEADING 
MAGAZINE OF ARTS AND ANTIQUES 


Published monthly price £1.50 Annual Subscription £21.00 (inland) 

Overseas subscription £24 USA & Canada Air Assisted 548 

Apollo Magazine, Bracken House. 10. Cannon Street. London. EC4P 4BY. Tel: 01-248 8000 


95 K.«*. 

50 ! P.l*. 
32 1 F.P. 
SA1.7S nit 
190 . F.P. 

62 : r.r. 

10 F.P., 
21 [ ail I 

330 J nil I 
Sill-fa nil | 
U4 I ml | 
17 la F.P., 
66 i F.P.! 
32 | F.P. ; 
10 | F.l'. 


I, 122 j Hi |Arliws , vn Mntvr.. 116 . 

1. ia , m iiabJeJorai.; 69 

! _6I . iFliristr Bnw.• 48 " — j - " 

i-a^imi' 4in m Uo«™-■Bank-of Auisiralia.-. 1 43 inn _ 

l ’£5.) , 2Uy iKIbnr lnduvtrial.; 22uT! . 

I' £»ig 71 IKenable Muior.i 79 . 

*1 5£- jL.R.C. Intenmtlunnl.I, ' 40 I. 

tpm' h.piniMsacUevter (iamges..6tapni>. 

!' lonrn 1 Utini'llMlaml Bank. • 14pm—] 

i fiif.m' 43|in< .\atlc>Q»l Sank nf Australasia..• 49pm . 

I 10pm lljpn, (Jas.).! Il2tw«i —<5 

; 34 -4 Paircoo W. L..• 34 j . 

84 71 : Kra«ir lAlfmft ...• 81 ... ,. 

I «0 57 ‘lIX-P. 37 I ... 

If ; il iStuila «(>ru.i. 14 J . 



KemiDCiarwn dale iisuaJin last dv ter d^Rimg Irte <M stamp lunr. 0 Pigurea 
Dawn on prospedus esimiaie. o Assamed dividend ana slew. » Forecen rtlvweofl: 
cover Oasen on previous rears earnings, r Dividend and yield based on prosoecmi 
or oibcr oRtcial estunaies lor 1979 «Gross, r Figures assnned. ? Cover allows 
for conversion of stiarc3 not now ranking for dividend or ranwng oiUy for restricted 
dividends, s Placitu: prlwr to outlie, ut Pence unless atberwisa indicated, fl issued 
bjr tender, li Offered to holders of Ordinary shares as a nghrs.“ *■ Riglus 

tu> of captialisanon, t+ Minimum tender price. S3 Reintroduced, p Haemal f Redemption yield. HJsta a»d Imn.racariL base data?and 

in conneeiwn widt reoyanlsauaj 1 merger or take-over. l||| Introducuon. □ Issued | isawa. A mm list sf the csnAhuenls is avattSn ftw 'be 
W Birmer Reference holders. ■Alloumni tellers tor fufly-paM). • Provisional \ street, LOndan, EM, price Up,.by pest 22®. 
or panUf-p4icl ailounesit It-tiers, ^ Witfa vuramii 1 


15 |20*yr. Red. Deb.&Loaastl5) 
is jlnvestment Trust Prefs. (15) 
17 <Comt. and Indll Prefs. (20) 

i 


62.591' 62.64 

d7.Xjif-57.W 

77;B6.l‘7.7JM. 


62.631 50^4 






















































































































































Sfejv . - ■ 



9 1978 


35 


■ i . i ;>j i ;. _r.i.: 

, -tl'jShvffXrqaw'li 


K Y “ ■'f ”r' '' ,f * ,l ' , ' 1 1 •' .- ,*. • z, 

fej tWtt Trt. Bfcxsf Sb^-CmI nuai 

«sHJ£^SJSr®=='' 

. 


UNIT TRUSTS 



« nr. Tst,: 
l»:.' en- ^'* 

‘<;' : HaaihTO 

* Bee, HtKton. Bi tauW> ud . % i E BSi 

• ASX or Bnatnoi - 

'.'■5 



-ia 3 64 G"Owwe Fond Hanagen ? (aX*> Perpetual Unit Trust aingmt.¥ tat 


^•ywJtaw, 

> '' rV: TOftBrttbb Life, Office lift? (*> 


238 iStltoyAsu.BOAaOP. 
<15 gV»»nMnT*t-_l»L5 
4*0 British Tst.tA«.>_ 

2.97 fo»mo«UtyShare. 

,Hlch Income T«—_ 


493 . 
MJ 




{Sift: 


*T 7; : 

'■'sV "'i! c.larfT DC7.0Q& 


. ■■- •FUtod^_ r .SM 

.1-, lA«.Fd_jlict.7 

m '.FUnda 

■•-*: oidra_ ms 


land Finds 

LlnnAt. I??| - 

'ABBtOwM.} ’ 

Fond_,_ pi? . 

« Asads... 

.■ CO.’S Fd_B*6 

i*cn , *re...Ks 

tySta,_ UZA 

n.&Cdty...B*3 

uEamtnss.M#A 





*' • 5S5fe lti ^ wliR£ - ,|8 «22n lS^KSSrrri 

•'■'•" SmSSftT-*1 —1 538 MI«LT*£$trc.Kl 


IP 


■-a 


01-SS13C31 4S Han SL. Herd cyan Thames 


-Ml tn Piccadilly Wait T. Mgr*- Lid.? latib) 

WtfdctoIbp n 9alMutoaWnnFCS (BSrsni 


■^gj t» Capital Fln*],--__ 
SnL&mft Audi. 
Prtxste Fhnd 


0.97 

5.44 


rpcUaUlp.Gth_ tft.7 


QCH2fSKS 

40.2)_( 3« 


Extra Jr^ooM’ 


3.88 


•JraBag day, 

.Jfeoirn Sfctp!^ ft Co. Ltd.? 


(xUiULTsliacc) 

25. Gibbs (Antony) Unit Ttt. Mga. Ltd. 


AenunKr. Fund-— 
PuiSI 


’443 MaroiPSWxtosa,EC2 •/ . Olwsm J»>A4Crtj«Tlm_ 

#£®3&-=g8S.WS 5 “ j “*'*sb= 

■' : r ..;det«ieTrMsM ' ' 

'f^3-'TloaDci«l 

:t» 

TO» 


2*HlomftaWSt,ECM7NL. 014884111 wSttBl !^! _ Sil 
S3_-1 “? AinorjraflEuiid^^.ia3 


1302 



400 

s?» 

-A3 

47.5 

SO? 

-03 

45.9 

494a 

-0.1 

558 

3M 0 

-IT 

61.0 

655 

-03 

57.1 

6121 

-03 

233 

24 51 

+0.1 

SU 

233 

+02 


ass 

a.« 

330 

23 

& 

300 

5» 



445 X>S»Ba*-tOSt. ttW 

Covett Qkthnjy 

T»?j^ J2 ^loodBaiiatEc- 

S$:ri 

S3 3 J ui Next gosling day Feb.17. 




02-588 300 
■■523 
2513 


4.7D 

030 practical Invest. Co. Ltd.? (yXc) 

44, Bloom hue* Sq, 9VC1A2RA 01-CS3S893 
Practical »li. a—im* M18I-3.01 437 
AttumUaiW |18*4 If**]-4JJ 437 


3 jo Grieveson Management Co. Ltd. 


Iot Bsi'eOJlFWjJ_OKU 

IS ^Sy^-il 

UtttBOt Danit_(CTT2 




uu 

202.4 
IM.4 

IMS_148 

|g SsSSteS-.® ^=d is 

J - ^ ^ I 0 i Reliance Unit MglS. U<L<f 

Gttardln Boyal Ex. Unit Mgrs. Ltd. HeiunMHw..Taflbridcgweai\KLoe 822 arn 

. *lxm+i\ M»«*c m» - - - Roya»Kschsns«s.EC3P3I»t. 01-82BBon OpwmmUy Kd - [MS &2.0I 5J« 

'“bet Unit ISguL Cox Ltd. B4I-M 450 so^t.c^-Ka «a_o| ^ 

.st,Et2V72A:- .-.. - jnossBTRL <yrf- - g* .r.ftfS'—I 4.® Henderson Admini*tr*tIoB<*)(i) ... 

looayVttaajttBjr. - «UJ ^- 4 . us SSnn*___™T&3.7 ''--TM ~*r) 7JJ IM» m. »JT Ridgefield Management Ltd. 


5 7f: 

*san Unit Trust Managers Ltd. 

K*Uri*St.EC3*t6AA , - 828RB1 

»UT-MU.. - 1 <87 


7.W t*e««.CntWJ_Zj70J 


Provincial Life Inr. Co. LttLV 
22a.Blshopsjsaa.XCi 012476533 

PrelifieUalU_1704 75 « 46.11 564 

H<£Mncomc—_{W2jJ M9^-aW 7.93 

PrudL Portfolio Mngre. Ltd.? laMbKc) 

2153) -3.7] U7 Rol born Bars. EC IN 2NH 01-4050223 

“■ fTndeotlal _{U45 223t3f - -B.’A 4J4 

iS QnlUer Management Co. Ltd.¥ 

The Slk. EttbMfe, EC£N 1HP. 01-6004172 


4nwt Secnrities Ltd. &Xe) 

S <«xSi. tadonXolBSBV 


Price* os Peti. 


•> . OMun»m_5 UttO 

»• UcJFuad_ 18.9 . 

- ffl. IlnltS)... 52*) 

• ,Vfl^IUtsj52* 
inweSTJnd— 25,7 
'm-tLnhsl-— SRI 

_ - IM 



. Ininrt - 



: iFundJ 




L Haiti!-J5* 

' . GtbJ-dL- 1335 
■>«;tlatlJJa 20J. 
.9T«In*Lt3tnJ 14.4 

j»Fd."3*-67 5 

-<wr. XoLFd.t24.r. 
i *Mon. *nm 
ndto-^Dee. 


m% 8 V 3 m Carikd Cntt M. M*h^Ltd.¥ UKO 


».oJ-S3 


m 


_ yna«"*tFa, 
-Dec. 15 n*Sr 


’»<« :JtPaaMnfeb»i 

937 O»rilol '• ■ 


■3>ne 



_High_ 

Da. Accent 

32*0 MttM 

six Cbwtes&mse J^etf 

Hj IP atern o a i iT BoWiTOX.- • ' 
xa CA 

i jt.tf _ 

53* CJ.aawJfc, 
tg Jutmlhln 
SM ^ OI.Fd.fev.rn 
U£ AcataL%tts 
UP 



Bn nrioitl. Essex. 

<yAHtmUim_B75 29.M -03 

OSpGtwsthlnc_»4 42> 

213BO CspGtnwth Ace.^. KA 424 ___ 

477 dofiunpnn-SL9 33.9 + 0 l« 

477 SKA U-Br +XL5 

8*5 l4»F»n*«L*m7 233 25J . 

SS *Jt* Hifih loeome_g* 58.9n -02 

UAhc &Axsets_^_ S65 32J -05 

inlnt w^i.h.l 265 .._ 

'RlNtitAmerlcsn_ 34ta -KJJ) 

;•• ’ N^- Gross Feb.3 _ 101.2 105 4 ._ 

MiSl is ga^ooi 

SB , | 5.74 'For (ax exempt fandi only 

jj} Htn Samuel Unit Tat. Zttgra.T (a) 


0277317238 P*J Box 41fl. Bank lira, Manchstr. 


1.96 Rltlxeflcldmt.uT.pl.o 

579 Bldgtfeld Income. |940 

379 


001238BE1 
2H 

1.67 


isa-j 


2.23 

158 

355 

ILZL 

607 

275 

124 

Z4S 

257 

<11 

S46 

a.9* 


331 <SBe*chSt,BC3PatX: 
<b> British Tra 
(2>lnt3 Trust. 


BoUueMM Aaset Management Igt 
7S80. Gatehouse RiL.Aylcshnry. (C9Q5941 

N.C.BduUt Fund. 11510 

N AT. East Ji*4TH- 93 7 
NX.ZiwooHiFund. 1370 

N-t-\ ImL Fd. Ilnc.1 72.4 

1M.C. inU. Fd. iAec.i 72.4 
N.C. SoUr Coys Fd]l417 

Rothschild St Lowndes Mgmc. (a) 

SX.SudthltJSLone.Ldn.. Ei:x. ‘ 01^284356 
Nev»rt.Kxempt-._K217 0 124.0) ....4 372 

Price on Job. Is. Nest dealing Feb. 35. 

Rowan Unit Trun Mngt. Ltd. 





awSzgoeexSC^CCfiUBK. 

Unit T«. Mgs. LbLf (^el 

ghBda>orn,WClV7NI_ ' 01-831BZ3S " " - 

»?F TO d. ._ pT5 __.j: 5.W 


" . • ....••• ipwima_ 

g! OrfeftrinTnirt XmKm JgggsBsfci 


3273 




°i-® 8 ®U Oty«ateHse. Finsbury S<uEC2. 


930 -OJ 
274 -o3 


533 

333 

270 

4*a 

4.67 

7.78 


Roma Am. Fob. 1 .. |S9 3 

■Rowan See. Feb. 7- 1520 
BowmnUyJKebZ-.. S3 2 

lACCvm. Unftsr- 73.1 

Rwzl Mrin. Feb.fl- 6 a.o 
(Aecxan. Units*—(83.0 


:1 - IWtagn TJntoora lid. (aKgme) \ 

•' U; )J^nHo-TMlTUwnterd Rd.ET. 01-534SM4 
■xili.in-i • bvAtaericn ..pH*’ . . 3oj 

'•i ' : ^ 

2075 -0 

i ■-om-UBBome ..kcs • . 24.* — 0 . 

JseS=ew4 ‘ 

,C a ^ferSJ 82*7S _ 1 ___ 

... ^bv.A’axTMjJlSj 14271 —4 *jK 


i^.ob at Jan. 31 

Wi— 

••.-.!7 4. 


X.rLFlU»C.—^.7 


NUt 

.iSu nfui 

■JdwideTnxwmo 


OX 


0WM82832 (blFlnsorfalTrost 
270 (bi Income TrnsC 
9A7 fhiSocorltjTrnx 
3AB (bmighYMdTlR. 

2nteL¥ (a Kg) 

_ 13. Christopher Street. EXIT. 01-267T243 

twaw*wyUna,W»UBE - 0 Uea» laM.tm.VSmA - MX 92*4- 1 640 1DCtmelfa - 

GrawthFtin«L___i 3 »o 7 * 3 l~-J <41 Key Fund Managers lid. (aKg) 

25,UllkSL,EC2V8IE. 01-0087070. 

7241-03 

_. 66^-07 

Fri.^lMOA M44] .... 

IS Crescoit Unit Tat- Mgr^ Iid. UKg) 11^5 

II ssssasiSSP^fflSra ■—-«B^umt ****** Univ. Growth_ 

Cna.lgfan*riZ-M5 . . 050 2 D. FeucbuixhSt,RCJL. 01-838000 tamastw (bcmm Amd 



ZM CscblBpoiliXO Fund lhiugcn. Key Energy InJM_ 1677 

JS Coptbsfl Am.LondonrcgBTgg - i CS9222 KeyEquiCT*r 
Coswopetaxaiurd.pja . “Sal __4 543 


a Is. Royal Tst. Can. Fd- Mgrs. Ltd. 

S4.iermyD Sheet. S.Wi. 03<ap8252 

dsi .aa=di 

Save St Prosper Group 
4. Great St. Helens. LoMkm CC2P 3EP 

88-73 Qneen SL, Edinburgh EVC! 4NX 

DeslLncs to: 01-SM 8889 or 031-236 7351 

Save dr Prosper Securities LtaLy 

IMeraMleul Fundi) 


400 

w ffl Krr 


trB& 

577 ■ nUwstLmMy ii ^w T *pu« iftw^ sfc L & C Unit Troat Management Ltd.* 
573 atwiuaiaeidst.acat 7Al.' moaowa TtoSuckBchnipt BCM dcp. 


5&4-0-11 <B 2 


■ Mae Income 
477 


_ _ . 01-388 2600 

P rimm - ESI aga-Ed iw ”* McfiSSaSwA? 5» 

f L 4 ■ s * nL —-^ feLl .. “«K P. WLodnater PmiH Mngt Ltd. Lawson Sen. Ltd. f(aXc) 

^ r*g Brothers & Co. Ltdy (atfs? oh j««ry,ica ■ ■ (BMTitn eaGen s esi.EdfiibunhEH 22 iG. osi- 2 aB 2 ni 

,,:i; lJ «Jirdii 1 hBK,Eci:.' 014382881 2 gS-rH i 2 ^SS 2 ?l? 2 Sf— 

!) • -fe;* • m-h Jg. f . $5£SS?iSS su “ 


2S^f=|g5 

UX Fonda 

UK Equity-1465 

Oicimm FuUxI 

Europe. 


opsgato Progressive Mgnd. Co-¥ Ewan UmfleyTU-1£7* 

- ropsgsto.E.Cd - -- OX-3SS829C 

5 r 0Ri issntzm-. w=d-:ts 



8X4JWW1 SS^ W ^g-I 

Tlu-i-l M0 ttAcmanUntol. 

—High Yield_ 

—tAceum. Units) 


eInt.Jaa.31_ 

iNa^TT..,. ntl Jsa.31-._ 

Next 5 ub- day FeJfc K —1 

MlS"£ I 

ge Fund ManageravftXc) 
ATUiamSt.EOm.BAK 01-82346B1 


{30 3*1 


372 €Lt 


5*6 5*5 








222 222 

+0.4 

17.4 52.7H 


S&3 723* 


‘ • ?i:■ +TL 


4354 -04 


874 

878 



Flnaticlsl Socs. 

High Minimum Funds 

Select Internal. 17168 

Select Income_(50.9 

Scotbits Securities Ltd.? 

. Scotbits ____1352 37.1 


227.*-Oil 292 
53.71 —OJf 742 


Eqnitaa.Seea. LtdfCpO(k>; Z 

fiBWsopntfiLEC}' -• .’.'v"V ____ 

|MA ■ 447 Legal & General Tyndall Fond? 

Equity & Law Cn. Tr! krWW(c) 5941 ^TSS E^Slh^ 

AmcnlmaBA.inphWycombe.— MB43S3T7 tAecum.Uiritt^_BA 753—1 <« —Rgj 

BqutiyJdJV.-|6U 6M^MU5 <48 BhW a& day Pebv 3 * XbTt^t sub. day 7>£t-22. 


ScoQriakL 


-Oil 4*8 

_,-0J 7*9 

563) -03 458 
287*4-10.71 208 
17o3-B O| 779 




jlnc.'___ 

eCap.lnc.t-P13 
e Cap. ACC-t—P4i 
' \ r, te Exwnptt —R25 * 


efnU.Acv4-.fU4 


-^3} S44 tW.Iin»andYkriLEO«ODH. ; : . v - OlOWOBTl ZdoBUL- _M* 7241 -071 S47 


P33 


^ £ j,y£[^ees Fhh jjS- ’DeaUng *Taa. fifed. 

mnia Tr ust * t « w(fM n»n 6 ^y g) 



- ^ -afi- SJ3 

S 

-OJ 
-03 


vm 

-■•sill 


Mmibhw.tln. 

,De*ctm 


3S 


G.T.‘ IWt HullffU ttd.9 FourtbCESacJ-_564 

lUFlaatanyazcnsXOVmo- OHU88XU Do-1AccumJ—.. , ft* 5 


GXCap -luo 

W'D* 


601 -Oil 

82* -53 

138.9 -0J| 
672 -0* 


3*1 

632 

032 

7*0 

7*8 


P&7 


2*73} __ 


23891 

•23754 

ia3 


lac. untWdnrl. 

Intnl. Growth__ .. __ 

luv.TsL Units.__b2.9 

Market Leaden _P 6.9 

■NDYloJir_ _ _ 

Fret*GiltTnist_ 23.9 
Property Shares 25-4 

Special Six. TK_253 

ILK. Gcth- Aetna 2B* 


j®..«»-S3LicSrZlS0 

M a-SSS^pl 

il ¥G. ft A- Tntrt Ca) (g) , - 

-03 4M *,»ul*UhM,BrentwooO BB702Caoo S* 

*t>3 i» <2*A-:- ,P9J> A SUS-S* **7 

QUBjxjnnrf Growth. M* 
OvtcrImi Growth *74 
Cotrverdonlac.— 56* 

WrldemL---3*5 

fAcaiBL -Dulls)-2*25 

European--454 

fAcctan-UnhaJ.—(46.0 


26.7?-iojf 

S3 :_: 

362a -81 

<Ji . 

333 +03 
43*s +03 
24* +03 
284 —02 

: -ax 

253 

273 -02 
27* -03 
215 -03 
19.1 -03 


(03061884*1 


Settlesinges- Trust Mngrs. Ltd. (*Kz) 

Oiworpontlnc Trident Ttusoi 

?5 LS3KJ5=Z:^ 77*1-031 534 

IS UoydsBk. Unit Tst Bfiigrs. Ltd.¥ (a) ^Gro^T . g * 

f .. ' %*£5£l£ 2& Geri awa<_ 

mrtiai - __ Frtends' Pnwdt. Unit Tr. Mgro.? Fta*^_ ha* som -oa tss 

wawsfcdH ss 



222 

26* 

862 

455 

4.931 

930 


329 
4.91 
4*6 
n m 
U5Q 

299 

5*9 

5*9 


) C3JVE INVESTMENTS XIMMlill ■ 

Royal Exchange Ave^ London EC3V 3LU. Teli 01-283 1101 
dex Guide us at 7th February, 1378 (Base 100 at 14-L77.) 

- Clive Fixed Interest Capital . 135.06 

Clive Fixed Interest Income .... 123.17 


Lloyd's Life Unit 1w. Mngrs. Ltd.__ 

72*0 Gstaboote SO. Aylesbury. CMC SKI un.CSrth.Ptot_/J85 

Ecrato-Accmn. nta q X4AM-25l 437 “Next sub. Feb. 22 

M ft G Groapy (yRcXz) * J. Henry Schroder Wagg ft Ca Ltd-¥ 

Z2 Tbwe Qomjk Tower HU, BEW Iffla OM28 4SB3 U<Cl»apjUe. E.CA M-M034S4 

(Ammm.uSS.-_g* g- ^ Jg SKS^SCZ^ ^ id 

7 jii General Beb. B-786 79.7a -L7l 

*5.4* +a< 535 

703 +05 535 Europe Jbu.28,—- 27* 287 - 

■ 1*1* + 0.7 <uS (Accran-UuitP) -- 293 )U — - 

5X0 +QJ 4J8 *PVCh7Jsa.24—1662 17Ua 

HM.Wi «s«s&?=ws : 

y) 9 i +JJ 814 'For tax exempt loads only 

Scottish Equitable Fnd. Mgre. Ltd-¥ 
653 +03 849 2 S St Andrews Sq, Edinburgh 0SX-0S69X01 


CORAL INDEX: dose 467-472 


SNSA1RANCE BASE RATES 

t Property Gr.owrth. '.1....•_'. 7t% 

Gannon Assurance ...‘...I '-4j% 

t Vanbrugh Guaranteed ... 755% 

r Address shown. mr'er lPomade and Property Boad Table. 


BASEJ.END1NGRATES 

■•:: j’j A.B-N,' Bank ....C.:. 6i% ■ Hill Samuel .§ Gi% 

Allied Irish Bani^Ltd.. fif% C. Boare & Oo* —...t 6i% 

,_ ff #American-Express Bk. 64% Julian S. Hodge . 7i% 

'• i Amro Bank 6496 ' Hongkong- & Shanghai 6i% 

^'-a P Bank Ltd. ; 6}% :■ Industrial -®k. of Scot 6i% 

^Heriiy Ansbacher-.. Keyser Ullmanh. 6*% 

-- * Banco de JBilba**. 

rBank of Credit i-Cmce. 8$% 

• •t- irBank orf Cyprus --1»4% 

-!* -fBank of NB.W. 


lttmwsley ft Co. Ltd.... 

iloyds Bank .... 

London & European .... 
London. Mercantile.. 


9 % 
6*% 
81%' 
6*% 



--- *; Barnett Christifr lid..- 
Ul : ~t iBremar Holdings Ltd- 7 i^ 
i. y ^ Brit Bank dE.Mid. East.-6|%' 
~l : : Brown Shipley......;.. 

,: - v Canada Permanent API 6$56 
'. ;■ - '- 't Capitol C 8tC Fin. Ltd, -9 % 
L. c ; •:< Cayzer Ltd. 7 % 

-".. r Cedar Holdings ... S % 

<Charterhouse Japhet...- 6}%. 
■ r :-;.ic. E. Coates - 7i% 

:: i- - : v£i Consolidated Credits... 6i% 

: • J*. ij Co-operative Bank 6§% 

r;‘>u Corinthi^i Securities -- 





EagU TrUBt 

r English'Traoscont...-.u 8 % 
'$ First London Secs..':™. 6i%- 
First Nat.-Fin.'Corps.' Sj% 
v'P First Nat Secs.:LW. .^ 8 % 

Antony Gibbs.. 64% 

■' Greyhound Guaranty... 61% 


National Westminster 
- Norwich General Trust 
P. S- Refson & Co. 
Rossminstfr Accepfcs 
Royal Bk. Canada Trust 
ScMesinger limited ... 

'E.. S; Schwab .. 

Security Trust Co. Ltd, 
Sbentey Trust... 

Standard Chartered ... 

Trade Dev. Bank... 

' Trustee 'Savings Bank 
Twentieth: Century Bk. 

— United Bank of Knwait 
Whiteaway Laidlaw ... 

■ wniiams &■ Glyn's.. 

Yorkshire Bank. 

B Members *f the : AcoeodW 

OwiiiHlUee. 

■* 7-das dapodts 3%, i>xmxxh desnttttB 

si!**'. . 

t 7-ft«y depada on nans or OOftM 
an* Bnder 5%. nz> 10 1SS.W0 MX 
«ud;ew6r £35.098 4 


64% 

**% 

64%. 

64% 

6i% 

til' 

74% 

94% 

81 

64% 

71% 

n 

64%' 

61% 

Beoni 


•0 -ll■$ Grind [ays Bank J 64% t .C *tdowate owr M.ox stl 

li 81% l&’SfSS'b aortw ^ 

-r—l 



Sx.Fah. 8 —11202 
fMmnLife Msaagement Ltd. 
StCaatgtfxVm.St wn a gfl . 
Growth UnU*___H7.9 


Mayflower SUougeme«t Co. Ud. 5KB5SgS!3"p- SS 
Mhattwbm»St,*X3V7AU. 010068009 M4 

^b.7-M7J lU.4 -2^ 7.79 tSSSS. F?b.8_ 200 4 

Feb.7. (67.7 713| —33| 6*3 ipo. Acc. Units 265.8 

Weremy F tad Managers Ltd. W* 

488«rHbamSUB!C2P2EB. 01-8004655 TurmlaU....--223 

J 6 ezc.Gcn.Feb*_U7X.4 38231—J 459 Ub. Rein*. Unite _g| 

(Aac-UU-Feb*-2195 

Wen^lht-Fcb*- »J 

.AccnLUaJWj*— SJJ „ 
iMezxJBaJxara ^9 2 

AcetUB.Uta.Jan28_ (252.9 

TUton^wi KwF Group Target Tst Mgrs. [Scotland)- (a)lbt 

DWt Trust Managers LbL? (a) u,AtboICr«9c«ac,BdiB.8 031-220 eaziff 

Cwgtwpod Boose. SU^ar Sttee^Uwd. Tareetm«te-:J 05 24JJ ! 1*3 



LEADERS AND LAGGARDS 

The faflowtasf' table shews the e e w a Bta ga ctowast wfekto ham takes pfta 
n December 3L 197k In the principal eqeftar secUeoa et tba FT Actuaries 9m* 
Bees, it also cantata* the Cold Mfca* Jades. 


Parchasa 


^Btrwdas and COWWl* v— 
. : : .V«toeertaa CMaacior* —. 

ij ^-V : FI€H EQUIWMCNT 
\ : l'' KtracdCS, Radio aadTV._— _ 
1 i£i»per«ir .. 

!' Viiwitts Materials -——-. 

, -> 'A ectriafts „....—;-- 


At 


• ft *■- 


2 wsjraperi» w* PBWIsftbHr 


+SM4 Iwerwce -(C wpdM •. 
494k* FtoancdalCriHw :. - ----. 
+7895 Pack aafaf and Paper —. 

+7808: Kerctiast SUte_ 

47MS M^Siarc Jaaes 
47JW0AK-SlHre mnex — 

+6U4 Tops awl Games-- 

: +4S3l OOWCxsnpa --- 

■44835 Dteaxua Rouses 
+59.T8 Medmceal _E»ari»e«rieg 


-■ '. natmi er Coods rtTurSWc) Grow +4BAT: Foed- itfaKriactnrlis 

...... r., __ iEWii UUo. XT _ 


Goods Group .. . 

- Iiks KM Spirit*; ... 

eul ami Metal Farottag ..... 
stars and DHtrBroiort 
: ood Rotallms 

rfurahM (Life) L'_l- 

/ nscria —.'... .i 

cxUkts -- 


+32.75 Cal d Mhtes F^T. 
+5LJ2?-0*»wa*' Traders 


+Jfc4S 

+3942 

+3896 

+i&w 

+33*0 

+32.18 

+31*0 

+2WB 

+2879 

+3SSK 

+281* 

4285a 

+2653 

+2tl5 


JHBflheM floods 

'KtatsuliU Gsshid. ..' 

. imrtfhaNBt oul tMcm&W 1 —. 

Sam. Goods .giocd -- .,+dtWRtattto LjSSCS,, fndtea 


■+akn lna w wii ce Brofcers ■■».■—— 

'+*651 Bcqftx - ....; +2871 

+ IPHR Cbenricals --—. +2XM 

+nji j gm t ro iit Trams 41625 

+4K29;Shbwiw --— ---: +ittr. 

+4244 .Tabaecss - ..——■ +1891 

+atni AUntas Ffaa«e —-+ <u 

4ai3b nik --- 4 1*9 

+4L27 ; .tFrwcmagsxJaiigea ^XHCtd »TQtaar, 


Ottti-0-1 

otlu+.TMx— 545 

UtdHI - 65 4 

1SL7 


:<AC«mU 

GtntalM 
(Aecam-’DaltM, 


Bw&ma... 
tAcmoLlTnUs). 
Japan insane _ 
(ma/DBlH). 


110,9 4*2 849 

*Ul - 325 

94* +03 327 

58* -02 4.70 

703 -03 4.70 
1653s +1* 6*7 

249* +22 807 

101* +0* 875 

1653 +0.9 8.73 
1341 +05 326 
1313 +0* 126 
-+1*1 456 

IS 

+*5 4.77 
163A4+L2 532 
24<7]+l3 532 
154.* +0.g 430 
193-31 +051 430 


mxU 


jm 7i3 SS 


252 

252 

724 

724 

334 

334 

139 

Ut 

4*0 


LAccum-TJutts) 

Ptna-BiMMi 


income C«rit*.--W7.6 547] —J 548 

Aocum. Units-P3*_ 57-l| —} 5.48 

Uealtoc day W a d n eaday- 

Sebag Unit Ttt Managers Ltd.y (a) 

FOBox51LBdlfacy.Sse.8C4. 012385000 
Saba*Capital Fd..m* 333] -031 3.79 

Sebax Income Fd —RB .4 292]-02} 832 

Security Selection Lid. 

U-l*. Lincoln's Um Fields,WC 2 . 01-831OBSS-B 
UlrrlGth Tut Acc _ [222 257] —J 3.96 

Ua»lGthT«li>c—(19* 289}.4 3% 

Stewart Unit Tst. Managers Ltd. (a) 

45. ChartoheSq-Edinburgh. 031^383211 

Stewart Americ an Fand 

Standard Units-(53.9 573] 1 L75 

Accum-Vnlta ——Si ala —J — 

Withdrawal UuiU~M44 473[ —4 — 

fl tow w r t Brtttak CnUd Fund 

-Staadnrd_[1265 137*1 —J. 3*5 

Accud. Units— —(1433 1553! —.j — 

Son Alliance Fund Mngt Ltd. 

Sun Allhmce Hat. Horsham. OU30U41. 

O(38s8ioi Target TsL Mngrs. Lld-V faXg) 

50.41 —4 <». 3L Gresham SL.ECa. Healin*s: 02906W1 



Hal.—.__ 

Target lav_127.1 

TersetPr. Feb. 8—M92 
TgLioc. --(27 9 

TStPt«L_ t —p83 - 

Coyne Growth Fd. ,.}l7.7 


34.C -02 
UK -QM 
383 +03 
207.7 

125-9 -.4 
300 J 
M2 +02) 
263 +03 
292 

1573a .... 
SC.O -03 
16* ... 
19.c] —till 


459 

454 

621 

621 

621 

3.00 

4.92 

ZM 

2*9 

3*2 

4.43 

928 

10.92 

435 


ISMUoM.Sl.3RXX 
Commodity & Gen..052 

m.Awo. — : - (62A 

Growth. 



DO-Accam-M 
Hi^h^Sd J 

■Do-AccTOn- J 


59.41-021 
67J -03 

254a . 

*74 -831 


; 09427080 TWrC^Th&tle---—t 


-02^ .5.98 




636 

816 

359 

559 

896 

896 

k*Z 

652 

305 

805 

825 

825 

526 

526 


Extra Income Fd.—(602 642] -03} 10*9 

Trades Union Unit Tst. Managers¥ 

100, Wood Street. E.C2. 01-6=88011 

TOUT Fob. L—. |489 .523] —4 522 

Transatlantic and Gen. Secs. CaV 
*1*0 New London Ud. Chelmsford QMS 61651 


Barbican Feb. 2_174.4 

CAectim. Units.).— U23 
RnrtxKnm. J nn. 25.. SB.l 

Budoa. »h- 2_789 

fAceum. Uniat-89.9 

ColnnwoFeb.3-— 1153 

(AceUBtUBllsi-136.1 

Cuanid.Feh*~.— 5L1 
—. __ iAccOJtt. Units) -59.6 

oiaaweo cien Ft*. 7 ._m* 

' 554 {Acesm Units)-05 

5.92 Mari bora Fab. 7_H.9 

CAccum. Units)—. S0.7 

Vao-Owt " 


l&pt Urgxe mpt*— 

at JanTfcNext dnrifigWb. SB 
MffngfF 1 * Fund-Managers Ltd. 
fXbtsterHse^AxthurSL.lLCA. 03 

sad 

HU Unit Trust Mge ma L Ltd. • %■, n. owtA. Feb. r., 

CM^enStreoLSWffiKG. Mfe S2 

38q- 1 W VantTeeFeb-8_ 42* 

Mutual Unit Trrot Managers* faXg) _ 02 

lfl,CovtbaliAre,EC2RTBa . Q3-0085803 WietaarrPeb.2 [572 

Kauai Bine C3dn-m* 
ptatnalHlchYld—pW 

Nattsml and Cmmercial 


rrr <Aocna.Uniw — »7* 

5-S WlekDiv. Feb.3_M6 

Do. Accnm. — _r713 

w Tyndall Managers Lti¥ 
18 Caoynge Boad,Brf9taL 





aLSLAndrewSwWlntagbOtt-Wmn gg£®gti 
[MZ* M8g -—I 

336 


0272322(1 


iSS 


Cap.FebB.. 


1 Accum. Unltat—. 

tAccomiUiiiu)-]146i8 1 5 2.2].4 3-36 Sccum^ffiw—_ 

National Provident lav. Stagrt Ltd¥ ggSRSw±T 

4 *,GriceefaWchSt-EaP 3 HH 01-8234330 Jut Earn. Feb. 8 _ 
NJPXG(b.U8Trt-!4tk4 47X .<«.[ 3.75 tAccum. Units) 
lAeeuiuuUidttr—.Ml ■■— Lg 

S5?TS®fr® §d§ 
■^aa5a™fMsSfcPb. a 

National Westnrinstorifia) 

EC2V0ED. Q l JWiaottt ^ 

Z-2? 

Fteandal_— gL7 536 

Grawtblar-.*^41 Hg 


RS2 

068* 


Scot Cap. Feb. 8 _» 

I Accum. Ualtt). 

Scot [oc.Fcb .8 
Imtoa Wall Ona 
Capital Growth—Jp4 
Do. Arena 


‘FOMfoUo tov.Fd—[65.7 

»ahoz*tlJ)±«>— W* 


Extra Inc.Gnwth^ 
Do. Aerate 


Financial Pr*rty- 

TV. Ifm. 


High Inc. Pr)ortty-b73 


1 —ra H—l 

Sped*! Sttx. 


uo.a 

1182 

1520 

924 

113.6 

226.6 
zsa.s 
1294 
1SL2 
1512 


308C —O.C 
177.4 -oi| 
121,2 -8.4 
1*8.0 -0,3} 
1158 
1596 
972 —04( 

mt -a? 

238.0 

2634 


7.70 
7.78 
434 
434 

7.43 
7.43 
5*2 
5*2 

5.40 

SuKtfil 5« 


OFFSHORE AND OVERSEAS FUNDS 


Artmthnot Securities (C.I.) Limited First Vjking Commodity Trnsts 

r.tX B« 2 W. Si. liel ic?r. Jerwj - 0534”^177 g.St.iW+irre'.s SU Domllax! o-M- 

Cae,'tp-t3eney>.- JD60 17801_I 3*5 l*M 4882. Ldn. Aos. nanbsr i Co. LreL. 

-•-■—d. . — 1 sa,:niI»aluI*Ddan} 


Next draluuj rtJie V.-h, 31. 


fjsfiOnU.Trt'1 '1 ■ .21*7.0 114*1 

X4« hub. Feb. ti. 
Australian Selection Fund SV 

Market Opponuiutii**, c.o lr;-.h Youes A 
Chulnralto. 117. Kent St. S>dut¬ 
il S5I Share--ISl .-l.fl - | ^^1 — 

Net valas February 2. 


329 


1SW17U1I!. 


K i\ :i On. Tst .-.BOS 
h H.Vk.DbL'JI«.T J _[86 0 


42. 


9 ^ ri 


Fleming Japan Food SA. 

rr, rue Notre-Lotn*. Luvetabacra 

I'lrac.Fcb.S - J U 540.37 I+129] 

Free Wortd Fund Ltd. 


King ft Sharson Mgrs. 

3 Chari ns Craw, SL Heller. 7eraey. 

_ 1 Tboma? Strew. Deaalos. lslo pf ftai 

0:-3B>:857 GiBFtuid clertorj «|1020 10 AM ..--] 

2.09 i lilt Trust iln51j~.lll6.4a 119381 —4 U*0 
070 DuX flmit. Sr«. Tst 

yir*iSterllnfl- [16 06 16*61 -] — 

FlfjalaU._—161)7.40 377.43] —J — 


Schleslnger International Mngt. Ltd. 
•il.LnMoUeSuStHeller,Jenev. ffiM.TJsaa, 



ao.ffl. 

0*7f . 


JnlJ.Fd. Jclbcv__ 

IntnLFdJjiabrs —f 


M3 -ad 1132 


loo.oj 

m.oei+aiin 


9.06 

4*0 


868 


Bank of America International SJL Ruttgri:.tiri BtJc, Ilamiltoiq Bsraada. 


Ti IJMlerard R«j|, IJiAviabnurj CJ1 


NAVJaa.ai- 


.1 SUS1HX9 i -.. | — 


"ISSlEaSS’JaTiiLf* O.T. I4L >6. Aeu. 


7 > 3 r^ Itoe, ;C Km«bury Cirrus. London EC2. KB Japan Fixwlg_ 


Klelnwort Benson Limited 
I£*.Fe«ichuri:h SL.EC3 Ot-623 ttfd 

Ecrfc\r.-L Iok. F. i 

tiuenuwlac..- 

3 v>. Accum._ 

KB For East Vd_ 

KRIolLVtiBd. 


Schroder Life Group 

Eotorfifise Uouse. Partstnoum. 


oTtarrOT 


Tel; Ul-tta ril51- TLX: 8861 Ou 

Dunvont InUTBadoaal W 
r » Bk. e: Bermuda Front St_ Rsmite. R=qa. 

ABf Ni? B 1 1 ’nit._IV. 1 >078 t*3si- L97 

AKcror’at.Fd. — HUttA 4.BB?! .... | 2*1 

i;.T. Bermuda LUL __ 

Bk. p; Bccmudc. Front St. Hnmltn, Entda. 
Berry Par. V. 

C.T.SFd. 


Rnk. of I.ndn. Sc S. America Ltd, 

488 g.QuoenVinoMuSt .Fa'4. 01-9302313 

.Ajgxaa'jkrFiin'! —[Su-.-SSi _ t_i _ 

Net a.«i value Feb. 1 
Banqiie Bnucciles Lambert 
2 . Rue P« ta Regente B 1000 Erusselt 
Renta fturiLF—11,944 _ J 836 

Barclays Unicorn Int. (Ch. Is.) Ltd. 
i.Ctoringerase.XL Holier, Jrry.. osm 73741 c.T. 51 gL (Asia) Ltd. 

OmseaS lnconu; —1500 — • - 

Ua4ol(a>"ftm—SiaaH _ _ 

-SOfaJect to 5ee and withholdinc 

Barrisy* Unicom Int. CL O. Mhu« uo. __ .. , , t. , r..ii 

1 Dart- SL, Douglas, LoJL 0C448SQ G T * Matt3RemCT * t <JerSey ‘ U<L 

Unlearn Anrt.Ex^.l» 6 416d_ 

no.Ansr.Mln-;-233 2S1 .... „ 

Do, Grtr. Pacific—558 60A +D51 — 

Do. IslL Income — 39.7 427 +0 

Pu.IofV3fi1M.__ 474 SOSn .._7l 

Do. VeaxMutual— 22.1 Z3.et -0M 


KB L.S.G«lh.Fd_ 
Sirrci Bermuda— 
*LmiondSir<”‘- 


13+0 19401+DJfll 


+7.01 


BS**"S8=: 

STTS9.tt 
5i.sip.a7 
5US2827 

sia.n 

SU305 


•004] 


•XJi act ii Loscua payiac ngenls «dj-, 
Lloyds Bk. (C.T.) VfT Mgrs. 


«95 

427 

«23 

148 

1.91 

0*1 

2A4 

878 


InternukuDl Funds 


iEqiily- 

SEqrnh-._ 

i.Fixed Inierort_ 

SFyccd lntor<ra_ 

—..—• 

SMonajed . 


vm 


U2 a 
1401 
1020 
1212 


107.4 


103.7 4*6 
119.9 +03 
149.0 -rO. 8 ) 
308* +0.11, 
138.V +0.7 
1142 +33 


P.a Bov 190. St. He'.icr.Jertey. 


OKSilTMJl 
3.03 


CL* ;-1 r« Lloyds TM-D’seas.. (472 49*J - 

SLS638 [_4 0^9 Next defiling data Feb. 15. 

Lloyds International Mgmnt. SA 


J. Henry Schroder Wagg & Co. Ltd. 

2m.Ch«if«we; E.C2. <H-«B wno 

rrc^ps Feb. - 

Trafalrji; Jun. 3 l_. 

.Vsisn Fil. Fu-b-b_ 

Dirimc Ffcd._ 

Japan FdJaaJM— 1 


SV 510.65 


SLSU726 

* ,, ,. 

H'sua au 

am 

S.«_74 LBS 


(iLSS34 5.92cj 

Lrt. 


-TyT Bfii VT3ume,Co!oicberie.SLnyicr. Jersey M & G Group 

240- G.T.AStaSteriins_|aO*9 1125J-J 1*7 rbIt:e Toitcr HU! BOB SBQ. 01-628 4588 


Bank at Betmada (Gueratej ) ltd. 


„„__ _ AtUnheEx.Feb.7_ 

620 ai-30. u> PoUrt. Guernray. tW8l4Bse8 Aust Ex. Feb. 1L— 

a.SSfSSfe:gS6 %3+i44S gKfi FA a — 




Bishopagate Commodity Ser. 1tA Anchor inj$yJro.-t222 2S7c| —| 329 ^vccumCnhsi 

p.o,Bo*42. Douglas, lo.m. 0834.239U Gartmore IitTesL Ltd. Ldn. Agts. 

ARVAg-Jan-J-( STS2619 

CANRHO"Jan.3_] £1031 



2711 .. 
i9al +o*i 

ie«-a« — 
1337! +0.7) 
-4-0.91 


93*3 

93.53 


CdUNT7 Jan ' 3 —I C2381 I j — 

Originallr uweU at *310 and 00, 

Bridge Management Lid. 

P.O. Box 508. Grand Cayman. Cayman Is. 

N’brabiFeb—.. I M3S57 \ -1 — 

Gf.O. Bo* KO, Hone Hung 
Nippon Fd. Feb l..lji.S2J3: UBI „.J 0*9 

E.'.+'.lock Split 

Britannia -Tst. Mngmt. (Cl) Ltd. 

30 Both St. SL Holier, Jcne>'. 


0*^3331 Samuel Moatagn Ldn. Agts. 


2 , St. Vlasy Axe. London. Ed 
nuiMri rnmi Hum Tii r»m im im.oihB rorast.E 

1503 llisosira HiT-. 10 HarcOUrt Rd. H-fvom; ApotloFd.Fch.1— 

HK&f*ac.l-.Tst.__|SHK2* m.' 380 J+pfe-J!Jan.31.- 

Japan Ed_lllSUliB 113 J — lit Grp. Jan. 2*— 

N. AieencanTst-ISUi9J6 .—J — 117Jer«l , Jan.25.- 

lniL Pond Fund_—|il^B91 .. — l'.TJr^-O'sFefaj- 


SF4530 

M4I_ 

ih.ssrt 

964 

iv£ua 

118- 

£45S 

495 .._. 

£9.40 

9.901-0117 


01-5886404 
379 
in 
215 
0*5 


Oar tint c Investment Mngt. Lid. 

P.lX Re* 3S. Dougins loM. 


Iniemuaaaal Inc. - ( 22 .. 
Do. Growth _[54 1 


Murray. Johnstone flnv. Adviser) 


rial -ox> use 

sail _....] 532 


Growth Invent 
InrnLFd 
J 

Uni___. 

JUniraL ITtt.5iK._ 
Valno Fob. . 1 . 


J313.Db^l T —Ss09 



0534*^1141 H ambro Pacific Fund Mgmt. Ltd. ' 

■ 'a cn 2U0. Connaught Centre, Eon* Kane 

100 Far East Jan.25—..(9.47 99ST-( —. 

150 JapanFLnd—— |$l'S5S6 617] ..._4 — 


^ja Haznbros (Guernsej > Ltd./ 


£23.9 23'.. 

Va drwli cu: Feb. 13. 

BntUTfield Management Co. l-td- 

PA Box 195. llaimlion. Burmudx 

Buttress Equity —12.03 1961_1 2*9 ISuEq^S^m: 1 

Biiroysslnrooic—Jloo l-fij -74 7.49 tT, 

Prices at Juo. q. Nevt «ul. can Feb.«. x51 sorins*-B‘“~l 


Haxnbro Fund Mgrs. tCJ.) Ltd. 

PO. Bos 8 d Guernsey otai-2S52l >'egit Ltd. 


1»3 Hope St- Glof now . n. 0WS92S2X 

•Hopr St-Fd__I SUSZ7JEL I-j — 

•SturrayFtandi_* 3US901 ] .._4 — 

•NAY Jan. 3L 

N'egic SA 

10a Boulevard Hay J, Lnxetahonre 

N-lVFeb.3.. I SUS1BM7 J.J — 


CJ.Fund ... 
IfitnL Bond. 


I13S9 laejj-ic^ 398 


InL Sovtnfis-L_ _ __. 

Fnces on Feb. a. Near deabnc Feb. 15. 


Capital Intenurionai S.L 

37 rue Notrc-Dam*. Luuinbou;;. 

Capital Ini. KiuuL.J SUS15J5 J—4 — 

Charterhouse Japbet --— -- v 

I, PHWiKKter Row. ET4. 01-2483999 on JsuL 2 s - »e^ dealias «late Feb. a 


nwuE« mt*4 ”1 IS ®* Bermuda Uta, BMni. Bmida. 

af«T7 250 NAYFcbui-iU.94 £3.9q+022| — 

5v§5s toil rE+ .? m Old Court Fond Mngrs. Ltd. 

P 0.58. SC Julians Ci-Guernsey. 048L3O31 

Henderson Baring Fund Mgrs. Ltd. Eq.iYJsm.3t-w* nil —I 2 . 6 S 

P.O. Box. N‘4723, Bchzxi-. lOdSU iSieZIfi? 85*d ~-1 - 

Jipan Fd. _—^--—[1423 14851..-. L ^-_ Sxa.C»xFd. Jah-31_|l4Q.4 14*3—1 322 


3 67 
.510 
£U7 

Sentry Assurance International Ltd . 

P.CX Box 32t>, Hamilton S. Bermuda , 

Managed Fund pGSaT71 U^rilAft]*— j 

Singer & Frledlander ldn. Agents 

20 , Cannon Sc, EC4. 01C4B964a 

Detarfonds-[DJEtii 2E10j „J * 7*3 

TokjoTU.Fcb.l_l SLS3000 1 H_4 2.00 

Snrinvest (Jerse>-) Ltd, txl 

P.O. BtixSa, sl Helicr, Jersey. C6»73873 

.American lnd.TO-.lt6.72 6E51+fL05] .1,46 

Copper-Trust.—1£981 10 * 3 +ttOlJ _ 

Jap.lmkaTa.-_-.K8*9 a.S7]-^0iq — ^ 

Surinvest Trust Managers Ltd. ixl ] 

48. Alho] SirccC DanclOi, J-oJW. 0624 23914 
TheSilwrTnui—(%8 992| 

Sicfcnood Rond 97.0652 2W9t 

Do. rluimum Fd_0055 OluJ 

iKi.'jold Bd._197.8 102.91 

TSB L'ntt Trust Managers iC.I.k Ltd. 

B4RatelleRd-SL£ayi,iur,Jersei. KCHTTWH 

Jer*vv Funr;_(42.7 45 OcS _...J 427 

Guernsey Fund |42 7 45.0eg j 427 

Pnoss on Feb. 8 . Next sub. day Feb. 15. 

Tokyo Pacific Holdings N.V. < 

lailnis Management Co. !».V, Curacao. 

SAV per share Feb. 6 . FL'SiaoS j 

Tokyo Pacific HIdgs. (Seaboard) >X 
Imimls Manncement Co. N.V- Curacao, 

NAV per share Feb. 6 SUS3US { 

Tyqdall Group ■ 

P.O. B«s 1236 Hamilton 5, Brrnmda. 2C760 . 

OrersunsFeb. 1 _tUiOH 104e| J 6.00 

iAcciddl rniu-.j-—5l':CJl 
3-Way lot.Jan. 19_|u'S2475 
2 New St-St. Hr tier. Jersey 


St*: 


Adlropw-_ 

AditETba -- 

FVmdak- 

Foodis 


Dijcro 

PMJ7TO 

LIULSa 



_ ii vnatn 

Emperor Food_jSl'SlU 

IH^qcx_|U’5«3 

CornkUl Ins. (Gucrnseyi Ltd. 

P.O. Bex 1ST. St. Peter Fort. Guernsey 

Intnl. Maa. Fd-1163.0 177*1 | — 

Delta Group 

P.O. BOX 3012. Nassau. Bahama k. 

Delta lnv.Joa 31 ...IS120 1261 J — 

Deotseher Investment-Trust 


5*6 Hill-Samuel ft Co. (Guernsevi Ltd, Old Court Commodity Fd. Mgrs. Ltd. 
8 UFebvro Su Peter Port Guernsey. CX P O. ftorSa St. Juhan sCt.Guen«ey l>i 8 Z 2C74I 

gSS Guernsey Tst 1144* 154.91-D4| 3*2 gSffi-ffl-fcggS, HBfl “J i* 

Hill Samuel Overseas Fond S.A. *Pnces on Jan. SI. Next dealing Feb. 14. 
37 . Rue VoCT-biar Lmcmhour*; 7Price on Feb. 7. Nett dealwfi dale Feb. 21 

juaw 173H+OJK1 — 


3.93 


TOFSLFcb.1_ 

i .\c cum. Shares 
TASOFPeb. I_. 
i Accum. .Share*: 
Jersey Fund Feb 1 - 

•Itoa-J. Acc.tit' >_ 

GUI Fund Feb. l._ 
i Accum. Shares'_ 



pMItacbSSBSBieberxa.'scOJoeDOOpyanldurC JeraevEnrnJ. Tc_IU&0 1160 

CUDCOUtni_|DM7311 7S« I — Aa at Jan. 2L Next sub. day 

lnt.Rmttofoiula_ll.luaM Jl«l+*3n|- Tmll- 8 ta*h. 6 lb D 


Dreyfus Intercontinental Int. Fd. 

»«sNSItt. Saga*. Bahama*. JmdtocEan. 7 bt.. 

aVJoo. 28.-IXSMB 1WJ—.1 _ Jardlne J pn. F«t** 

Emson ft Dudley TstiHgtJrsyXtd. jananeiEi- 

PA Box73, St Heller. Jersey. 033420591 


Phoenix International * 
International Pacific Inv. Mngt. Ltd. j»o Box 77. St. peter port, Guernsey. 

PO Box R237. 56, Pitt St. Sydney. AUS*. Imer.DoUar Fuisi- |5l'i221 2J9J -1 — 

JxteUn Equity Tst .(S1B6 . 201( ..._{ — 

3£.T. Managers (Jersey) Ltd. Property Growth Overseas LUL 

»««a»,£y<®.*»u ^ u T ^'q , “Sr S »77 | 

- P( - - amiingFund- { 028* |-( — 

Royal Trust (Cl) Fd. Mgt. Ltd. 

P.O. Box 194. Royal Tst. Hvt, Jersey. 05342T441 

340 R.T. IntX Fd._(SX SW 943.—( 3*8 

1-1? xLT.lntX.Jsy.iFd-.fel 8 S| —4 321 

^-70 Pnces at Jan. 13. Next dealing Feb. 15 


EJDXCX-1127.9 1258) I — 

F. ft C. Mgmt. Ltd. Inv. Advisers 

3-2. Lanr enc c Pourmii Hill. EC4ROBA. 
01-OS 4880 

Cent FH Feb J ( SUS426 I 4 — 

Fidelity Mgmt. ft Res. tBda.) Ltd. 
PA Box 670. Hamilton. Bermuda. 


Feb. 28. 

Jardine Fleming ft Co. Ltd. 

46th Floor. Connaught Centre. Hong Kong 
5HK2Z239d 
SHK267 49 
ST.SH-34 
SUSlOCOd 
SUKB-Kri 


NAV Jan. 141 

Next sofa 


Fidelity Am. Asi... 
Fidelity lot. Fund _ 
■Fi deUty Pac. Fd — 
FktodliyWrld Fd ... 
•Fidelity Ster. Fda.. 

Series .. 

Sartos B CPuc the'.... 
Series D iAmAsa.il 


SU520.UM 
SUS1&07 
SUS38*9ri 
SU 512.04 

30J 
£6 04 
03*9 


+0451 - 


-HUS^ 


EttimSSr*l-s»»iL'~ Saw ft Prosper International 
iob. Jan. 3L Dealing to; 

— „ _ . _ ... 37 Broad St. St Beber. Jersey- 

Kemp-Gee Management Jersey Lto. vs . veuwidtmmdnwet naSa 

1. Charing Cross. SL Hrikr. Jersey. 0534 73741 Dir.Fxd.lnt.~t_B20. 9.‘ 

Kemp-Gee Capital .181* 842]_] — IcxerniH. Gr.*t___. b tM hj 

Kemp-Gee Income. (WJ 663)_{ 830 Far Eastern*;—— 3307 K. 

Keyselex MngL Jersey Ltd. Nwth Aaenqm*;.| 3>a 


£620 
£965 
75* 

7S5 
1912 
253.0 
U4.4 
1402 

Victory Ee me, Doaglxs, lsleot Man. 8(C4 2S029 
Managed Jam 19 (1272 134.01.J — 

Utd. EntsL MngmnL (C.L) Ltd. 

14. Mulcaster Street, M. Holier, Jersey. 
UJJLFund_| 5US100 |_| 825 

United States TsL Inti. Adv. Co. 

34. Rue AJdntmcr. Ijncembourg. 

UA.Tst. Inv. Fnd— | SUS967 ]_J 0.97 

Net asset Feb. 6 . 


S. G. Warburg ft Co. Lid. 
SaGresham Street. Ed 
Cm.BttFd. Feb.7_| strS937 

EbgyJRt- Feb. 7 / 5US15 47 

•1r.SMFdJan.31_ SUS6A7 
• ISUS9.98 


0534-20391 MerinrPd. Feb-i. 


_ PO Bob SB, St. Heller, Jersey. i’EcK)G2-606707tn 'szerUng-denamlnsted Fmxto 


Fonselcx... — 

— Keyselex Inn- 

— Keyselex Europe— 
—- Japan Gth- Fund— 

— Keyselex Japan_ 

— Cent. Assets Cap— 



7*6 


01-6004553 


|Fr2326 

2452c) 


£577 

6.40 

||t|r . 

E3.82 

422 


2036 

22.12 


raw 

£*97 


| 03035 | 

+CD5> 


320 Channel Capital9-P062 A92nl -0.41 1*5 
4.69 Channel Islands*- 139* 14653-0.41 3*8 
3.92 Coau»odity-*-t_[114.B 120 m-‘ — 

— StFXdlnt***!-Bai 1292) — J 10.77 

8.71 Prices on *Feb. 7. -Feb. 8 . —'Jan. 2 & 

— tWeekly Dealinea. 


Warburg Invest. Mngt. Jrsy, lad. * 
l.CharhiKCross.St.Helier.Jsy.CI 0S347T741 
CMFLtd Jan.27.-_prailJ7 11« ..... 

CM1 Ud.Jan.27_Ell-ffl l£77[- 

Petals Tst Jan. 19- 03.17 1LW . 

TMTJan.12_-SUSHI 9M . 

TMTLtd. Jan. 12—|£8J9 9*S| . 

World Wide Growth Management^ 

10a. Boulevard Royal. Luxembourg. 
Worldwide Gth Fd) SUS13.75 |-1 — 


INSURANCE, PROPERTY, 


Abbey Life Assurance Co. Ltd. Eagle Star Insur/HuUand Ass. M ft G Group? 

1-3 St Paul's Churchyard. EC4. 01-3489U1 ],Tbr«adQeodleSt.BC2. 01-5881212 Three Quays. Tower Hill EC3R 6 BQ 014EB 4588 


Equity FUnd - 
Equity Ace.. 


.Property Fd-- 

PrepertyAcr_— 

Selective Fund __ 
COtrOTtlhle Fund- 

Pen&Sw»rty..Zrtl*3J 
Pens. Selective 
pen*. Securin'-— 

Pens. Manaprd 
Pens. Equity— 


132.7 

275 

12*0 

hl9* 


▼Prop Fd.Sar.4_.(120.2 


0 **an.Fb. Ser. 4 
eEquityPd. Sor. 4 . 
PConvFd. Ser. 4— 
VMoneyFd.Ser.4-. 


(no 

132* 

164* 

144.: 


1250 

(3D-7 

1*9.4 

|1*7J 


2*72 

1532 

1348 

Wn 

BLl 

139.C 

1735 

U66 

131* 

iSS 

113 


E3sleniULUnita_B8 2 S00]_O.4| 6.13 P *r s .iV n rinn*~„»»2 

Equity & Law Life Ass. Soc. Lt«L¥ coov.Deposu*— U62 1222 

Amenbam Road, men Wycombe 049433377 - Za He,, K2A —^ 

EqoityFd--110.7 1N2|+04| _ ZL 

Propert)' Fd..i l t T? 7 10731 +021 — nnt Rimd m _ in*, i ni r 

Fixed Interest F.__|i5l 5 - g,to™»LBSd“ BS4 07 ZT 

Managed Bd— — I2L9 128 J 

-1,7,, Property Bd--1*79 155.4 ..... 

*"-¥ Ex. VieW Fd.Bd.-_ 75.7 79.6 -1*] — 


Mixed - Sk.0 109 4| -03) 

General Portfolio Life Ins. C. _ 

60 Bartholomew Cl. Waltham Cross. WX3I971 Rewery Fd. Kd.' - [591 522j-Lti — 

Portfolio Fund_129.9 I-] _ J^enranFl.Bd.*.^.l " 

Portfolio Capital 1-0-5 <3.7| .._i JapanFd-Bd. 1 "__--|*4.0 46JJ-«2] — 

Gresham life Ast Soc. Ltd. mcf ^ OQ ’ Feb - ®- ** Feb - - Fei> - x 

2 Prince of Wales Bd_ B'mmith. KSE 76765S Merchant Investors Assurance* 


01*437 


Prices at Feb. 7. Valuations normally 
‘Albany life Assurance Co. Ltd. 
31, Old Burtlnjuofi St, W.L 

VGtd. M o ney Fd-A+_|U26 
9 In tl_Vn ilFcLa cm. 

VPropJ'd-Acc—— 

VM'p-'p Jnr. Arc—, 


Tues. 


GJ— Cash Fund-]95 0 

G J- Equity Fund—J95 0 
GJ^GutFund—— |Ufl8 
GX. tail. Fund —~|9S.O 


lOOiH ..... 
100.0 
126 6 -?8j _ 
2EO.O 


Equity PenJd-\ccbD33 

— ' “ - 11726 

ft25* 

2029 


Fixed LPeixAec— 
Ghd.Mon. Pen-Ace.. 

Intl.Mn-PnFdAcc _ 

ProjxPea-Acc-fltf 

M'ple Inv 


183.1) 

1453 

11*5 

iax .4 

111.7 

1663 

214.0 

1HL7 

1323 

1672 

1252 

2023 


M’ple I nv.P»i-Acc-. [19Z.J 

AMETV Life Assurance LUL¥ 

.Udu Hre., Alma Hd_ Reicaie. 


726, Hi 2 h Street. Croydon. 
CODV.Dep.Pi 

Money Mrkt- 

Mer. hr.. Man. Ftt- 


01-6869171 


” Ur 

_ Weir Bank. Bray-on-Ttomes. Berks. TeL 34204 TYop. Pe ns — ... . i 

_ Flexible Finance—| £1*97 

_ La n d ba nk Sect. 1 56*1. _ 

_ Landbank Scs. Arc.(119.0 1222| 

_ li . &S. Super Pd.-J £8166 

— Guardian Royal Exchange 

— Royal Exrbance.ECJL 01-28371177 

_ Property Bonds 1165 9 172 B . ...I — 

_ Hamhro Life Assurance Limited V 

7 Old Park Lane. Lomkm. Wl 


1269 

, 

143.7 


30L8 

9mmm 

145.9 

mmmUm 

554 


150* 

- 1 

1313 

iM .„ 

157.4 

,,,. 

13*7 


184.4 



Scottish Widows' Group 

PO Box 902. Edinburgh EElfl SBC. 001-6556000 

InvJTyBeriesl-[963 9631 . 

1 nv. Ply. Series 2_H12 9601 

inv. Cash Feb. 3—(964 1013) 

Ex lit. Tr. Feb.1—1326 13a3] 

Med. Pen. Feb. 1—12433 249.9). 

Solar Life Assurance limited 

107 Cheapai de. EC2V FDD. 01-6080471 * 

Solar Mconped S_D227 1293-03) — 

Solar Property S_106.7 1124 — i 

Solar Equips-1414 1562 -0.7 — l 

Solar F«L Int. S— 125 9 2221 -241 — . 

Solar Cash S--79.9 1C5J .....J — . 

Solar Managed P— 1225 129.11 -0.9] — i 

Solar Property P._1063 1122 .| — fl 

Solar Equity P--W 8.2 156J -0.7 — 4 

SolarFxdJnt-P_ 115.9 122.0 -13) — j 

. Solar Cash P-)M3 1*5*| ._T.| — ^ 

Son Alliance Fond MTangmt. Ltd. 1 
Sun AUUince House. Horsham. W0364111 

ExpFdJnL Feb. 8L .{□5390 16030J-4.90) — 

Int-Bn. Feb. *- 00*3 l+Olft — 1 


AMEV Uanaaed— 12*4 

•AMEV tlfM.-B 1 -107 2 

AMEV Money Fd. - 103 * 
AMEV Med Peru Fd UttO 
AMEX - MEdJPeU.'B’ 100 7 
FlexJplan.. . -—(99.7 


Arrow Life Assurance 
30 U * bridge Road. W12. 

Se) Mk.FdCp.Uitt. .1613 
SeLMk. F<tSt-Unt_ (97 J 
Barclays Life Assnr. Co. Ltd. 


„ , Fixed Int. Dep- 

Reieale4010L Equity._ 

property--- 

MaiueedCap - 

Blanaccd.xce -- 

Overseas_ 

Gilt Edged- 

Fcn.FI.Oep. Cap— 
PenJr LDepArc. _ 



1233 

163.4 
*1313 
13 U. 
161.X 
1226 
122-3 
1263 
1453 


Pen. Prop Cap.—. (196 9 


01-7IS BUI Pen.irap.Acc.- 

lx. ii _i Pen. Man.Cap.- 

Tfl 3 j 31 | Ftn. Man. Acc- 

h Pen. Gilt Edc. Cap.. 


Pen. GlHEds. ACC..P327 


292 Romford RA.E7. 
BarclATbonds* ....D 193 


013346544 S“-g-§-9 ,p- 


3ES? 


11122 

properw-- 979 

Managed-1023 

Mooer- -- - 17.2 

Ua n-KmiAeeaia. -963 

Do. Initial-95.4 

Gilt EdePonaAee.. 963 
Do. Initial-— 952 


1ZL5 -0« — 
1133 +0.9) 
1273 +6.4| 
1*33 

107.7 +0(4 — 
1B2.4 
1016 
U03 

1016 _ , 
10 U_J 

102.7 
101.4 


Pen.B.S.Acc.— 

Pen. I 1 A F. Cap. 
Pen.IXAF.Aec- 


B50.0 


2229 

336.9 

uu 

1 DQ 


1300 
1721 
2627 
138 0 
1696 
1286 
12*8 
133.0 
152 Q 
2073 
263.2 
2124 
268.4 
1343 
1393 

143* 


NEL Pensions Lid. 

Milt on Court. Dotting. Sumy. 

NelexEq.Cap.-J80 0 842) . 

Selex Eq. Accum. _ 105 0 120^+13| 

01-4990031 Nelex Money Csp... 627 65.91. 

Nelex Ston. Acc. 65J. 685| . 

NelexGtblneAee- 473 50 0| . 

Nelex GtfalarCap- >73 . soil . 

Nest rob. day Feb. 25. 


Stm Alliance Linked Life Ins. Ltd. 
Sun Alliance House. Horsham 040364141 

Equity Fund-J99.1 . 10441—OJ 

Fixed Interest FU_ 100.0' 1053 ..... 

Property Fund-9S0 * 1032) . 

Intemnanual Fd.... 839 89*j —03) 

Deposit Puod-9S3 100.4 

Matmgod Fund ——[96.7 101*1 

Son life of Canada (U.K.) Ltd. 

2.3,4. CociBpur St_ SWIV SBH 01-3306400 


r i 
- 1 


New Court Property Fund Mngrs. Ltd. 
SxSvrithinsLanfi.Iomloa.m. 02-62643&6 
N-Ct-Pr. F. Dec. 30_ Rl41 2224) .—) — 

Next sub. day Match 3L 

NPI Pensions Management Ltd. 
4S.Graceehureh5L.EC3P3HH. 014S342R> 
Managed Fund.— 1»463 15241 .._.J — 

Prices Feb. 1. Nest dealing Starch L 

Norwich Union Insurance Group 

PO BOX 4. Norwich NRJ 3NG. 0BU3223W 


Maple Lt. Cttl__ 

Maple IX Mangd. — 

Maple U.Eqty- 

Pi-rsnL Pn. Fd.- 


1897 

13X3 

1296 

19*4 


Target Life Assurance Co. Ltd. 

Tareet Bouse. Guebomr Rd_ Aylesbury. 
Buds. Aylesbury 102 B 61 5011 


Man. fluid Ini 
Stan. Fund Ac 
Prop. Pd. Inc. _ 
Prop. Fd_ Acc-- 

Prop. Fd.Inv.—. 


Money Pens. Acc.—(973 

Do.Initial-|96J .. 

•Current unit value Feb. * 

Beehive Life Ass or. Co. Ltd.? 

71, Lombard St-EGl 01-6231288 

Black Horse Bd._| 12833 I_4 — 

Canada Life Assurance Co. 

20 High St_ Potters Bar. Refli. P3ar 51122 Pm.Gtd.Cap-I1M3 

Grth. Fd. Feb. 1 _| 57* I .J — Pn^GUL Acc.., 

RelmLFed.Feb.6_l 120.0 
Cannon Assurance Ltd.? - imperial Hoose. Guildford. 

1,OlympicWy_WembleyHA90NB 01*028876. 


- - s — . - . VSi fiH _ - hQ LI 

Hearts of Oak Benefit Society Equity Fund_ jis j 

EuaonRoad.liOTKlon.NWl 01-2S7MKD »^tt>d--l»-7 

MeansolOak -053 373) ... .) - 107 + 

Hill Samuel Life Assnr. Ltd.? ^^mM.T5Zr^ 2053 ^ 
NtA Tver, AddiscorabeRd. Cray. 01-C8G435S 
^Property Lruts __J145a 1523) _... 

Property SeriesA_(973 3X12.7, 


2116 
160 B -37 


\~ 


Fixed U»l Fd. lnc.11092 


_A.197J 

Managed Unlto—..{U23 

Managed Senas A_(90 0 

Managed Scries C - |B94> 

Money Units —-[1185 

Money Sen** A—-I960 
Fixed Int See. A—.1932 

Pnu.Mfjd.Cap-}l4JA 

Pns. Med. acc-1483 


160 ‘ 

941 

931 

IM S' -021 
1011 -Q- 
9B.D1 -0.6; — 

hh-h - 


Phoenix Assurance Co. Ltd. 
4-0,KinjeWiHlamSL,EC4P4HR. 01^269676 

Wealth Ass-_.&03 0 10851 +0.4| — 

EbT.Ph.Aat_(70.6 1083)+0^ — 


l>ep, Fd. Acc. Inc— 

Scl. Plan Ac. Pen. 
Ret-PlaoCap-PeO— 
Rrt.PlBUMaiuAcc. 
ReLP!3nMmi.C8p..(110.7 

Gilt Pen. Ace_ 

Gill Pen.Cap.__ 


_... 

12*W 


1949 

PJJ26 10*7| 
126.0 
99.0 


971. 

67.6 
559 

|ua6 

6371 lS| 
6SL4 13B*| 


115.41 
IffiLS 
73.9) -0.7 


M.n-o.6) - 


1564} _. 

no o,..• 

124*1 .— ! — 


I I — PM.f5td.Acr-_I10B* H4*J I - 

| 4 — Imperial life Ass. Co. of Canada 


Equity j - [ 

property Uniis-f 

Equity Bond/Exec_H 
prop BtradiEttee—ll 
»*ni Bd/Exec/UnlLfc 
Deposit Bond. 

Equity Aetna* 

Property Accum. _ I 
Mncd.Acctra.. 

2nd Equity— 

2nd Property —_, 

SndKanarad- Y 

2nd tvpoifc.—_f 

2nd GUl-L . 

2nd Eq. PenaVAcc, .187 B 
SntiFrpJ*etU/A*C. ,B«.l 
2nd Med- Pena/Acc)94 4 
2nd Dep.Pena/AceJ95.9 
2nd Gilt Pena'AccfilA 
L4ES1F_t365 


LAESXF.2-__ 

Current value Feb. 7 

Capital Life Assurance? 


'+aay — 

u^+iml 
1329 

13*9+0.06) — 

x»5r^ 


+ 8 ) — 
92.91+24] — 

+0^ 

im t 

974 

924 +13) 
105.1 

99.9 +03) 
1013 
97J 
3*5 

273 +d3f 


,BJ=I = 

lio 

lqI :rj = 

ild - 


-603! 

Eb r. PhEqM.HZr. pOT 74. 

•Prop. Equity & Life Ass. Co.? 

119. Crawford Street, WJ H 2AS. 01-488 0857 

R. Silk Prop. Bd-1 169 2 |_| — 

Du. Equity Bd-1 692 I . — 

Do. Ft May. Bd. Fd] 15L9 ].—I — 

Property Growth Assnr. Co. Ltd.? 
712S5 Leon House. Croydon. CR91LU 01-8800006 


Transisternational Life Ins. Co. Ltd. 

C Bream Bldg* .8C41NV. 01+056497 


Tulip InveaL Fd_ 

Tulip Mmujd. Fd _ 


11290 

1036 


■ 135.8) -} 2 

109 Of - 


11L7 

1243) -27, 


zlt- J 


= i t 


Man. Bond Fd_-U061 ■ 

V-sti. Pea. Fd Cap. 1103 B 
Man. Pen. Fd. Acc. .6343 1203| -2.71 

Trident Life Assurance Co. Ltd.? 

RemJude House, 'lloucestcr 045238041 


Property Fund__ 

Prorerty Ftmd I A)., 
AgT-LcnlraralFund. 

Acne. Fund tAi_ 

au bey Nat. Fund — 
Abbey Not Fd. <A). 
I a\ estment Fond— 
lovetment Fd. IA>. 

Equity Fund__ 

0L42882S3 EquityPuadfAl_ 

520 Money Fund- 

Money Fond 1 A 1 — 

Actuarial Fuad- 

Cilt-edcedFund—. 
Gill-Edged Fd.tA'1.. 
_ —_ ,... ORetire Annaity —. 

0)fl3M33 ATmmwt. Ann *n- 


Unit Linked Portfolio 

Managed Fund-[ 94.5 99 5f 

Flxedhrt.Fd.-feo loao 

Secure Cap. Fd-pil. 1002 

Equity Fund_(953 10*8 

Irish life Assurance Co. Ltd. 

11. Finsbury Square. ET2. 

Bine Chip Feixi—166.7 
Mmu u t eaF*uad..—J&L6 
PropASod. Feb.l __ [1672 

Prop. Mod. Gth.-liau. 

King ft Shaxson Ltd. 

S2.Cornhill.EC3. 

Bond Fd. Exempt-(12334 1X4.77] ..—J — 

Gori.Sec N ^ , ...f^2 daM: j7% l5 - rl - 8&«SUftS**"''8a 


Ijngbam Life Assurance Co. Ltd. *im Fd tits—_. 

Ijnghara Ha, Holmbroni: £)T. XW-L 01-2035211 — 

iBSB£=SK* «=1= BBS™* 


GonlrionH«to^ Chapel AahWTon o*® 2 * 311 SSfft GnmST(I.Wft td. fti&nfif 1 

vSiSS^Firi &AL |«n| r Tbd-«b. fra*f«taUta. 


Charier house Magna Gil? 

IB. CbeqwSfi, TbcbridgoUBSLVE 

Chritue Energy go 3*8) ...—| 


Cbithso, M on ey , _ 

Chrthse.Managed, [jus 

ChrtHe. Equity_ 

Kaeunid-Soc._ 

MagtwMaragrd— 


4*3_ 

1533 



San Do-Accum- 

_ Equity Lmual., 

Do. Accum 


K 

39 * 

15.9 

192 


W» 


15** -0^ 

isM -ls 

793d HW 

42.7_ 

17 As _ 

28 6 -0J 
622 -03 

HI 

29J HLX 


(S 

ii 

4.88 

938 

<70 

<70 

849 

iS5 


3100 TSB Unit Dusts y) 


sa 

939 


NEU Trust Managers Ltd.? (*Xtf 
Ifttoo Corat, Dawn* Soirw. _ *6 

Fer New C«it Fund Mhuagon Lid. 

W l«MM Asset M anag emen t ____ 

Norwich Union Insuratce Group (h) inaier DanbM ibi 
P. aBox'4,Norwlch.NB13NG. 008322200 UIWer 

Gr«spTM.PA_.(52*9 34*2i-13| 530 

Pearl Trust Managers Ltd. (aXs*?) 

25a High Hnlborn,WClV7EB 01-4058441 


3J, CbaatryWBT.Andow. Bants. 084 63188 
Dealings to (QS4 634323 


fblTSB General-ML2 

<b> Do. Accum--— 523 
lb) TSBlocoato™. 56.9 

(b) Do. Aran m._5*0 

TSBSeottlsb.-713 

Oh Da Acc gm— .....175,9 


44JLd —03] 
55.! -0,4 
603 —0,4 
611 -0.4 
7*2 +0.1 
80J +02 


3.91 

3.91 
735 
735 

234 

234 


Pearl Growth Fd™ 
ACftmithdta 
Pcarilpa.. 

_ tfatt 



Pearl Unit Txt. 

(Aram. UnU»)_—|4L7 4A< 

Fdkn Units Admin. Ltd. {gXx> 

Blfttadaln3L,Manrbratnr C8M38888S jawwoVnii* 
paaraaCriau—V S3^-*2] 509 Accum.Unua 


WarinfiStneLBaUast. 02S23S231 

tbjulalcrGrowth-_p*3 3*M -0.l[ <83 
Unit TTust Account ft MgmL Ltd. 

Kinc William St. EC+RSAH U1-6S34P51 

Friar* Hafl. Fund—1131.0 1441 

Wl9lwGrth.Fnd.-S77 3 : 

Do.Acenm... —p3.7 X 

Wider Growth Fund 

XtataWilliamSC.BG4RSA& . 01-8234851 

7 as=i is 


~ Fixed Initial-U33 

Do. Accum_1243 

_ Ataaanod lailiai.— 1112 

Do. Accum.-til .9 

Property InltLaJ „_ 95 J3 

City of Westminster Assnr. Soc. Ltd. do.awwi- 9*7 

RinfifiteadBoafe, * Whhebonc RmuL „ SsKlJ/SlK'S l^ S^ t , Pa,1, 
Croydon.CROWA 01-6849684. -|95.4 

Find Units_ 1116 a 12131. \ — 

PropertyL‘ d1(s^.-..p3.0 H3) - .1 — 

City of Westminster ,4ss. Co. Lid. 


Do. Aerum_- 957 

Exempt Eqty.Inlt- J5 

Do.Aerum.- . W® 

Exempt Fixfcd loiL VTJ 

S^cSBl' 

West Prop. Fund_157.0 6W 

MaMsedhmd_liiii 275J 

Equity Fond—_54.4 572 -05] 

Farmland Fand__168.9 723 

SfaneyFund-019.6 1253 

GUtFund-{63.6 669 -*4| 

PULA Fund—__®2A 17*oj 

Fund naretafc etarad to new 

Perform. I In its [ l9l_t 


Kicfiswocd. Tndvonb. u ,^ 

Bunch H(.-a(nSft436 Bde^,Soc. Pen. Ul| 



1713 
170 6 

1493 

1991 

653 

651 

262.8 


1367 
1361 
109 3 
1249 
124.9 
170.4 
1383 


Managed__ 

lildTMfid- 

jraperry-- 

Equity .-American _ 

V K Equity Funa 

Kiph l^eld- 

Gilt Edged-- 

Money- 

International- 

Fiarfil__ 


rnsj: 

|197.9 

1453 

poii 

p22-b 

J2D3 

m2!7 


:SI = 


Pens. Mngd. Cap._ 

Pens. Mrvtd Acc. ._ 
l-raa.Gtd. Cicp.Cop.. 
Fcu.GU.Dep.tcc..' 
Pens. Ppty. Cap. — 

Pros. Piy. Arc- 

TrdL Bond- 

Trite.C..L Bond._ 


112.8 

1158 

1007 

103.4 

1112 

1142 

353 


1251 —1 7| 
1566 
153-8 
812 -Ob) — 
107.0 —17] — 
146.1 -03, 

129.9 +0.1^ 
126.8 

96.6 -13) — 
■1321 -ZW — 
1332 -14f 

135.9 -14 
119.4 ..... 

122.6 ... 

1066 .... 

1093 .._ 

117 8 .... 

1210 .... 

373 _. 


~ I 


Growth Pensions & Aannhles Ltd. 


1383 
1264 
140 9 
1292 
1452 
1350 
2412 
1302 
1272 
128.1 


I -4 - 


C mncrci ftl Union Group _ _ 

, W Tf"Uoy^»tUidtT S LMiigrk.!iL 

Do-AamrityUta_| 1736 | i~] — ■ 71. Lombard 3, ECft 

Confederation Life insurance Co. 

Chance iyI*ne.WC=AlHE. 0L3C028S 


Bdj:. Soc- Cap. IIL_ 

Pravincial Life Assurance Co. Ltd. 

222. B is bops cate, ECJL 01-2478533 

Irav. Managed Fd.Jll4.4 120.41 

Prov. Cash Fd._,|HJ37 1093^ 

GJI Fund 20 _ ,ji20B 127X1 

prudential Pensions Limited* 

l!oU«rnBant a BClN2NH. 0 l-i 0 T.G ™2 

EqujLFd. Jan. IS-.,(£23.23 2395)....]- 

Fxil InLJaa IB.—p9.44 197W . ...[ — 

Prop. F. Jan. 18—|E2403 24.77] .—h — . 

Reliance Mutual 

TunbrldtwWelfc^K.mL 

_ _ TU.-L Prop. Bds - 1 3922 

:m|| :::::.! - ^ n l ^ ur T e 

Do. AccublT— _ (95 7 2coi| . . J — .Vr»'JtaH Place, UavrpoaL 

Legal & General Prop- Fd. Mgrs. Ltd Ro>ai Shield Fi_U29.B i37J| 

;i.Quran vicuna sl.ec4N4Tp 01-2489878 Save & Prosper Group? 

L&CPrpJ**. ,* i0 V 1 l-1 —. 4, GLStHelon'a. lediL. ECSP 3EP. 0l-!®4 BSSO 

* . Ncxt ® uh - “Mcb L RaLInv.Fd._|U73 124.11+0. ' 

life Assur. Co. of Peansylvama PropertyFd.-_ 145.9 154.4 

38-CNew Bond St,WX7QBQ, O*-*® 8335 -B&5 

ZACOP OnlU—_ (2233 - ^9 -L9j - 

1733 -OAl — 
215* -..j — 

__973 -Ofl. — 

DePO*PesiiJil.t_rt*2 IttLl 


1202 


_ 

15*6 


—_ » 

1682 


— 1 

100.4 


— { 

1252 

1H „ 


2420 


f 

610 

. CM - 


1646 


— j 

2442 

»»-■ 

— i 

280 0 


—- > 

BIS 


— 


vEqotey Fund—__ 
OWAnaged P oor* 
Pe^oaaJPeo.Fd- 
Equity Pm. Fund-. 1 , 
FUteO Int. Pen. Foi 
ManasedPea.- 

Property IMn.__ 

vrracectnd In. fut. 


2143 
1996 
17*4 
124.0 
3614 

Corn hill Insurance Co. Ltd. 

32.Cfirnhm.Ecj. 

Capital Jan IS__ 

Spec Jon. IS-.. |49.0 

0 • 174, 


Comp-FMtaJUT,_.U936 

01-4231288 riiQ^urqngJtL*. 

EraW ■ - ,_)97.9 VOM —i 7BS 

Lloyds Life Assurance Prices <m-’January lA 

lZLcadenhall St-EQM7LS. 01-6238821 tWeekly dealing 


U4-—-# f bM 
^ = 


22271 


ICJ 227 4422 

■i - 


iu-pcn 00 = 


MK. Gth, Feb. 6— 
OptiPrpFcbi—„ 

aaSKSiz 6 * 3 

OpUMiin PcbJ— 

Opt-5 Dept-Feb.2..- 


126467 


1223 

1290 


1285 

124 E 


1593 

167.7 

I——. 

14*0 

1485 

_ 

1298 

ML? 



— Schroder Life Group? 

II Entorpriee House, Portsmouth. 


•Cash value tor tioo premium. 
Tindall Assuraace/PensionsV 


J.m. IP.,_ 

Equity Jan lft- 

Bond Jan. IP- - 

Property Jam 18.,_' 

Txrposil Jun. 19 
3-nay JVo.Jan. W- 
i ■'wjslnv. Jan. 19.. 
lln.PnJ-WKeh 1 __ 

Do. Equity Feb. J__ 

Do. Bond Feb. 1. — 

Do. Prop. Feb. 1 — 

Vanbrugh Life Assurance 

41-43 Maddot St,, Ldn. W1R0LA. 0148B4923 

aiJfUWcdFd.—_ 1139 7 246 2|-ft6l — 

EqqUS'Fif_2133 . 224 Bt -1 41 

Inuil. Fund _ . . 85 0 B93 +0.»] 

Kurd Inters! Kd— 16*4 1775 - 2 J| 

FroDcrrvFd....—136 4 2436 

Ca ;h Fund.. 1161 1223) 

Vanbrugh Pensions Limited 
4J -43 Maddo - : SL. Ldn. W1R 5LA 01-1894323 

Monaucd.-.. - ......(95b 1001) — 

Equip'..._... te* 1»3 . 

FixedIntemL. -..teh lOga — 

Property__teJ 100 J| 

Cuarantevd jice 'Ins. Ba» Rates' table. * 

Welfare Insurance Co. Ltd.? 

Thcl«w. Folkestone. Kent. 030357333 

Moneymaker Fd._ ,| 2003 I -—I — 

roc other iundr, please refer to The London ft 
■Manchester Group. 

WiiL.'sur Life Assar. Co. Ltd. 

1 HI eh Sireet Windsor. Windsor 68144 

lile inv. nans-68.4 72JJj 

Faturc.\ssd.GUaal. 19.0 

Future AiSdCthi hi. 47.0 

atf 7,7 ^ :-4 


r i 


RcL .\ud. Pens._ 

Flex. Inv. Growth 


OTO 27735 


GSSpce.Jan. is_.fi 
Uafbhl'd.Jaa.aBi 


18 - 20 .The Forbury, Read !nC 563511. 

G14KH10 “yssaff-gs 

m J : :::i - Fi ** d — ' 


MdH. 

m = 


let. IT Feb. T. 

Y * S Gilt Feb. 7 


1201.8 
U02 
11404 
153. B 
Dll 9 
[147,1 


K*3 GL Sc. Feb. 7 _h24 4 


. Mnistf iFIsiFeb. 7.. 

The London & Manchester Ass. Gp.? MSm-vF+b*" 7 . 

Crolit ft Cwmerce Insurance TheLmis.FDikeaDne.KcnL _ oaoa Money 3 fc*.'t”L_ 

Deposit Feb 7- 

irapertyFeb.7. 

Prope rty3Feb.7_ 
BSPn.L'p.Feto.7.-_ 
BSPn. Acc. Feb. 7... 
Mn-Pn.Q ? .F>h.7_ 


mhc^filSt.UmdonWlHSFE. 01-4307WI 

CSCVntS. Fd-IUL 0 130 . 0 ) - Jg^T^Fd 

Crusader Insurance Co. tiA tfin*. im-.Tit Fd. 

W«J^«^*«rra|L«a 01-068021 SSSSSjSSQ 

<Rh^fc«.aB. 7 ._ l tt6 S 73# ..^4 — Pft&cnyi’Uad 


2122 


230.0 


975 


142.9 


3075 

L 

1253 

matte* 

' Ed.O 

- - 


_ 387.0 

— M2JhLAcc_Feb.7_{Zl9i 


2113 


202.6 -1U, 
1160 —*6 
247 9 


1587 
117 7 


1501) +B1 


(124.9 

7374 

1105.7 

0157 

M21 

(147.7 

12453 


130 T 

HIM 

144.6] 


uao 

1263 


155 W 
153^ 


+oa 


+01 

~0.6| 

-0 

+0.11 


1213) +0.1 

uao +oi 


+0.1, 

3 




NOTES 


TnccS do n« irelude £ premium, except where , 
mdirr.tod ■?. and are In pence unless otherviao 
indlra'jni Yield. % < shown in 13*1 column I 
nllctv for all buymK expenses a Otftred prieos 
include =11 expenses, fa Today s prices, 
e Vi "Id bated on elfcr price, d Estimated. 

C Today's oponini: price, h Dirtrlbwlen tree 
of I'l'. Lasts, p Periodic premium msunuica 
plan.-. s Sinple premium insurance, 
x tiered price indmfc. all expenses except 
aeuRtY. cocunttofon. y offered price include* 
all expenses if bocchi Hirmich mana^rx. 

7 Previous day's price. 9 Net of tax on 
realised capital cates unless indicated by 6. 
3 OUi.'m.--c y Kro>-L g Suspended. f Yield. 
ticforu Jersey tax., f Exjubdivision. 



f 
















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































T7.611 2.6] 4.4]13.4 





MOTtgSv'AIRCRAFT TRADES 


315 
90 
66 
300 
133*4 

a* 

80 

j 63*; 
fcws t Toapbnsl 104 
Samuel hops- I 83 
ScdLKftTop.'JOpI 102 
^ 


♦4&} L6 
db0.48 2.4 


Droytmi "nm c! 


Da Far Eastern 
no premie.- 


10 fc.921.6iM7 










On Land and On Sea 

Hitachi Zosen 

KabushikiKaisha 

37j f'J 1 , 7.7; | MtaehiSliipbuiWingS Engineering Company limited) 
8l4.Erictari l-thome. Nuhi-i u. (lW*a 550, Japan 


18*114 8 


67 . 

L04 
36 
72 
60 
40 
40 
50 
66 1 45 
39 21 

85 j 56 
55 
32 






37 73 

54 28 

67 33 

74 48 

30 16 

34 18 

42 271 

16*2 5 

43 2 

48 29 

42 13 

77 42 

41 22 

34 22 

*S. 

89 




-rtf 



■BS 
8 V 

8.0 34 

" S 

w 
18 
1# 

42' 22 
74 33 

49 28 

26*2 11 

85 36 

38 22 

60 35 

60 

H ^‘2 

62 10*2 7 

6.0 82 29 

_ 4712 19 
76 35 

41 13b 

25 13 

63 12 





T 

5a 
106 
30 
64 
15 

J 1 '-! 

n :f 

38 
24 
54 ni 

aij 

87^ "'" 12.02 
S3 ..... d£B 
21 . tZ03 

45 , .«-! 




21 

£ 

115 
73 
43b 

194 
54 

195 
136 

85 1*54 

25 11 

221; [ 13 lMan.H*n50p 

46 


iGftnllK )fp 





j 44 .M 
NtssnaaHec.. 267 *.... 
0reaBW>=i3£5« 34 -1 
r**»B Zectiflp. 210 
r«o v:; v ;*>?.. 1 

SaDueriJ-ElCp.. 
Serk>Su4ar30p..i 
i<une Darby I0p> 96 
SreelBro'.&p-.i 352 «- 
TjrerSeCiip. 42 i-l 
061, Da8peC».-Bi. , |£39 . . 

20b V CSerSct.lte 48 -1 
211, DolOpcLn.16? 48 -1 


BenuniaiSMl 


Q35 
W 2 J 
.-1 13.09 

m* 

|-1 | Q 10 % 




COPPER 1 

198 I 84 {MessinaR&50_| 86 |-2 |tQ30c| 19] i 


MISCELLANEOUS 


RUBBERS AND SISALS 


. 0.98 
tl67, 
0.96 1 

... 71.42J 1 


i 

98*; 
102 

44 I * 

SSff 

40 



292 
235 

DunWlJ/.4jS)JM 340 

79 

S’ 


34 {Angto-lndoses n... | 
43 (Berjmrons I0p_| 
Bird'Aina*. 
BradvaL'lOp 
82 |Cafflefjelij 19p—.. i 
25 Cberwoesel9p-_ 

75 Cons Plants lup— 1 
28 Gadek Malay lots- I' 


Galhrief.l- 

SinisofcJlIv.EAifc)- 
Hiel-JandsiDlr.-- 
Kuala Xepong MSI 
riKuliaMSCc . 
Ldn Sumatra lip 

MalaknSMSl_ 

Malaya] am lup— 
Muar Riicr 19p 
HanlarionHdj; Ifc 
SnngeiKnan£l__. 


oioauo 600 225 

!■*«■ Dir. | |TU 250 

Price | - V* |cw|crt 

91 . 234 2.41 4.2 £144» 800* 

76 -1 3.5 1.5 7.0 53 39 

15 . - - - 160 121 

37b . hl27 10 5.1 

183 . s2.B 10 14- 

54 . 2.03 11 5.7 

103 . Q12.0 12116 

51 . 0.71 ZJ - _ 

12 . 055 4 6.9 



79 . - - - 

245 -5 Q30c <j> i 

260 +10 — - - 

169 -3 tBS q3J 7.6- 

34 . - - - 

855 +10 — - - 

45 . L21 25 4.1 

124 -3 Q7c <fr 34 


NOTES 


217 -1 tl015 
73t; -I 3.05 

*■*-»! 


$ ? Uitaa ttknriw imlieaut!. prices and a tt dividends are In 
‘■1 pence and denominations ate 3Sp. Ewliwlnl rrtee/eanilnCa 
63 ratios and cetera are based on Utect annual reports and account*. 
4.1 and, where prairihlr. are npdaled on half-yearly Hemes- P/El are 

6.4 calculated on (be bs*U of net distribution: bracketed figures 

7.6 indicate 10 per eenL nr more difference U ca lc u la t ed an ‘nil" 

2.7 dlxtribmian. Caters are based an - marina m" dlsutbotion. m 


TEAS 

India and Bangladesh 


235 1132 lAsamDcxcrsiI .1 
420 150 {Assam Frontier £1.1 

116 I 52 (AssamJir».£l-1 

c plane. JOp-] 


to 11c 17 4 5 fields are based an middle prices, are gross, adjusted la ACT of 

„ ,. *115 0 4 b.b 34 P“ «*»*- “«* ■**•» »«r Trine of declared distributions and 

* 21 , . tad* * j 2 Q rights. Securities with de nomin ations other than sterling am 

SI!, !!”" §2.18 23 5.4 , * amtd ladnstee of the investment dollar premium. 

. . bo.77 L7| 33 ^ sorting denonunalnd securities which Include investment 

dollar premium 
• "Tap" Stock. 

■ Highs and Lows marked Huts Bare been adjusted m allow 
for rights Issues lor cash, 
t Interim since increased or resumed. 
dftSjl - Interim since reduced, passed or deferred. - 

w tt Tha-iree to non-residents on application. '; 

*oin co 71 ♦ Figure* or report awaited. 

. ;-2 £■§ tt Unlisted security. 

...... +ao-u h.t 4 j ^ price at time oi suspension. 

. 7.0 1/ V.Z 5 indicated dividend after pending scrip and. or rights issue: 

- 4L98 Lb 143 cover relates to previous dividend or forecast. 


♦F172 32 12.4 
Fli.O 33 10.8 
9.0 4.7 9.9 


Sri Lanka 


59 iLunuvat! 


MINES 
CENTRAL RAND 


558 
*73.6 
, t3.71 
l 15 
1.2 
8.0 
13.75 
n.5 
2.56 
3.05 
3.45 
284 1 

14 0 li 
7173 0.' 
198 II 


141 52 

379 205 
52>; 20 
121 46 



fadBilflp 


67 
67 
166 

, 91 

a. 

36 
27 

30 
28*; 

79 
33 
D 6 

31 
52 
18 

93 

94 
35 
48b 
39*; 

66 
41 
39* z 

[BisiwplgiteProp- 


.j 235 j.._„ 12.D 33 7.7 ■» Free of Stamp Day. , 

.1 250 i-10.0 U Uf Merger bid or reorganifalion *" progress. , 

225 j. 10.0 2.7 6.7 * Not comparable. ’ 

390 I . 1508 4.9 5.9 ♦ Same interim; reduced final and or reduced earning* 

22 .. ♦Fi72 3212.4 indicated 

137 1 . FI3 0 3.6 10 g f Forecast dividend; coier on earoingv updated by latest 

tco | n n ••j oa tntenm watemetu. 

T Cover allows for conversion of shares not now ranking for 
. _ . dividends or ranldm; only tor reAricted dividend. 

■| lanKa * cover docs aol allow for shares which may rise rank for 

i ice ■ iv ** i v m 11 dividend at a future dale No P.'E ratio usually provided. 

-I 155 I.|a.ui | l.U| J.b y Excluding a final dividend declaration. 

* Regional price. 

Africa n No par value 

a Tax free b Figures based on prospectus or other official- 

410 1.12335 2.0] 8.6 estimate c Cents, d Dividend rate paid or payable an part 

130 |.17.66 | L7| 8.9 of capital, cover ba.«t on dividend on full capital. 

e ttedempuon yield, t Flat yield K Assumed dividend and 
yield, b Assumed dividend and yield after scrip issue, 
j Payment from capital sources, k Kenya, m Interim higher 
fJT^pC than previous total u RichU issue pending q Earnings 

LLi'DO ha&ed on preliminary figures. r Australian currrncy. 

t n tt n « im * Dividend and yield exclude a special payment I Indicated 

W A I i dividend: cover relates to previous dividend, P'E ratio based. 

on latest annual earnings, n Forecast dividend: cover based 
i | , a . i on previous year’s carnmcs. v Tax free up to 30p in the C. 

acn I in I riL. us T » Yield oIIout- for currency clause, y Dividend and yield 

sn I mi J? ^5 ; based on mercer terms, r Dividend and yield include a- 

C I Txi - “i l -5 ? c 4 special payment’ Cover does no* apply u> special paymcnL. 

J 136 J-7 J Q13C 4> | 5.7 a Set dividend and yield. B Preference dividend parsed or 

deferred. C Canadian. D Cover and P.'E ratio exclude profits 
of UK aeroepare subsidiaries. E Issue pnre. F Dividend 
and yield based on prospectus or other official estimate* lor 
*!RN K 1877-7H. U Assumed dividend and yield after pending scrip 

**».** and.'nr rights isaie. H Dividend and yield based on 

! 71 >_5 025c 15 210 Prospectus or other official estimates for 1F70-77 K Figure* 

I 26 +2 to 73 c _ _ based on prospectus or other official estimates for 1*78. 

rn if | vSc, c* M Dividend and yield based on prospectus or other official 

I a an- *“ 7 *“ c osUmaiei for 1878 N Dividend and yield based on prospectus* 

j #3* r.M- T -it'o o'" other official estlinales for 387P P Dividend and yield 

] “J y£J c P based on prospectus or other oUiclal eatimaies lor IffTT - 

I 317 -16 Q34C 1.8 OQnui T Figures assumed. I' So significant Corporation• 

I 42-4 03c 12 4.3 Ten payable Z Dividend total to date W Yield based on 

72 -7 Q46c L5 35^ assumption Treasury Bdl Rale stays unchanged until maurily 

65 -41; 10-7 t of mock. 

49 -4 Q&c 8 305 

611 1-22 086c 17 8.4 Abbreviations’tdev dividend; a ex scrip issue; n ex rights; wee 
54 |-4 _ _ _ all; rf ex capital distribution. 

“ Recent Issues " and ** Rights " Page 34 ■ 

EST RAND --- 

This service is available to even Company dealt in on . 
24 q - ; Stock Exchanges throughout the United Kingdom for a 
_1 _ fee of £400 per annum for each security 

5.1 3.5 
4> 7.8 


339 1-19] - — 

350 -18 i$5c 164 
£31»; -iy^50c 35 
136 j-71 Q13c 4> 


EASTERN RAND 


278 '-10 Ni 

140ir!. 

122 j-5 o: 


H! 120 70 

V £14^787 
♦ 1126 68 
469 Z35 
134 49 

007*750 
783 475 
£12^685 
206 108 
252 1JB 
£17 £10*; 


FAR WEST RAND 

j lot j-SfrSsfc 

| 255 I: |-li 

601 ;-33 
2 W ;—10 
129 -8 

£ 10 H -4* 

| 462 -18 

1 455 1-35 

[ 462 ;-zi 

24S -12 

£Ulj -i? 

251 -15 
£17**J—U 
205 -fi 
653 -28 

173 -17 


O.F.S. 

(FVw State Der. 50c 90 Q 

'FiGeduidKk’™. £15* 4 -*a Q 
F&SaaiplaasSl... B8 -9 

HamuovoOr_ 360 -28 tC 

LoraineRl_ 115 -8 l 

Pres.&and5Pr„_ 857 -37 Q 

Pre^XeynSGc 665 -24 Q 

Si Helena Rl .. 755 -32 ? 

I’mrfl-. 166-9 

KelsomSOe... - 217 '-11 Q 

^.Hddmss50-„_ £15*i!—. !*# 


REGIONAL MARKETS 

The following Isa .selection or London quotations of shire* 
previously listed onlv in regional market.-. Prices of Irish 
issues, most of which are not officially luted in London, 
are ar quoted on the Irish exchange 


Albany Inv 3tip 23 
Aah Spinning- 42 

Bamifl_ 17 

Bd^wtr EstSOp 278 
ClowerCroft- - 2 

CtalgfcRoseSi 4W ■ 

Dyson i R_\. i— 37 

Kuis&UcHdy. 68 . 

Evans FT'k-lOp. 56d! . 

Eve red.. -- 17 

FlfeForfie.- 47 

Finlay PkR. 5p. 2i + 
GrainShip. £1... 235 - 
tUttoni Brew.. .83^.- 
I-GjiSulCI ... 3374) . 


Sheff. Refnhmt. 51 
Shiloh Snlnn.... 19 
SindaU^Wm-',-. 85 


ronc.^mBS. £95 -1 
Affiance Gas,. 70 .. . 

Arnett—.. 315 -10 

Carroll il*J.i.— 109 .. . 

ClondaUdn— .82-1 
Concrete Prods. 125 .— 

Heilon ('Hides.) 55 

Ins. Corp—.. 163 -2 

Irish Ropes- 125 


;Wh-l 8 p- 



FINANCE 


FiBanRklndlup 

FiLToylmest-.. 


Hzrabrr Trust - 
HannonT^Sp. 


£22 370 tatAr- r o»! Hk.[ 
32 395 Arijo \crr lfc - ! 
£17*2 £11^b An;. Vn. Gold 31 
950 621 r».n^Yti!50r 
OurwfocL 
Cons Gold Fields. 
East Rand Coa lOp 
Gedu!dlnc.Ri_ 

Gen Minna R2. 

olxiTgCow.32- 
WH35C 

MidokoSBDLW 

Netful 50c. 

Patino XVFIs 5 
RatidLocitoD !.x_. 
SeleriloD Tra* 
Sectrus 10c. 
SliemiiiesS*. 

anl Con- I/lJtl 

UC.lmeflBl 


450 . tWOf 

260 -6 K-53c 
£15 -h Q165c 

680 .0105c 

125 -1 t75 
283 -4 I -.905 

23 . 1.0 

248* . O40c 

£14^ QllOe 
£11 -I; QlWc 
£12 -V 0170c 
145 -10 022*?c 
134 -1 Ul2c 
109 -5 Q15c 

960 .QC50c 

56 +1 bQ5c 
382 -6 16.72 
180 -5 f«7Bc 
33 -1 35 

£12 . Q95c 

215 -7 Q30e 


UoltfJos ilSSp 2f5 . Jacob.-.. -. 60 

N’Chn-GoldMinilh 64 .... Sunbeam_ 30 

Pearce iC.H.j . tm.g.. 175 

Peel Mill........ J7 .... t nidare- 70 

Sheffield Brick 47 


OPTIONS 

3-month Call Rates 


‘-8 Q3fc 
!. W* 


.£ 11*2 

2 xi c mIU 76 

,2.6[.«|U.6|.99 


DL4M0ND AND PLATINUM ( 

£30 - % -4 ItWlfc-l LI] gji 
70 -5 Ql lc * 61 
290 -3 tu-U 241 7J 


ABqlD-AalpvJOt- 
B;-:wp;?awpi: iik 
lie Beers W.Sc 
|lw«pcPfP-S 
Ljctwhuiv I2*ve 
[Kas.PUi.i0e,_ 


£30 -U tWlik- LI gji 

70 -5 Q 1l>: 6 61 

290 -3 tu-fce 241 72 

£10 .... Q?Q 0 e. 10912.0 

54 -4 Q2.7e 10 3.0 

-. 83 -£ gzi, c L4 L8 


ledusmalu 

■A. Brew .. —. 
•\-P Cement ... 

BAR.. 

Babcock.. 

Barclays Bank- 
Beecham. 
Boots Drop.— 

Bowaters- 

BAT-.. 

British crevgen 

Brawn il ■ i_ 

Burton . 

Cadhurys.- 

Courtauldr. 

DebenharAS.-- 

Histmcrf..— 

rhinlnp. 

Eagle Star. 

E.H1 . 

Hen. Accident 

Gelt. Etevlrir 

Ulu.io .. . .. 

Grand Met-- - 

n.Vijj.’.v. 

Guardian. 

GAN. 

HawktT Sidd- 
Houseof Frojur. 


I.C.l__ 

6U “Imps".. 

18 I.C.L... 

9 Inveresk. .... 

10 KCA. 

25 Ladbroke- 

38 Legal & Gen. _ 

15 Lex Service— 

16 Lloyds Bank- 

24 ■■Lois”_— 

6 London Brick. 

20 Lonrho- 

13 Lucaslndx.... 

S LvonsiJ.i_ 

U “Manit".. 

20 Mrks &Spncr 
13 Midland Bank 
8U N EI . 

11 Kai Wirt Bank.. 
18 Du Wnrranli- 

17 ptnwd ..... 

18 Pieskey. 

40 B.KM .. - 

9 Rank Ora ■ A" 

18 R«?cd l ml. 

IB SpUJer,- 

22 Tosco.-... 

20 Thom . 

12 Trust Uoiiscs.. 


23 Tube Invest.. 30 
7 Unilever. 40 

20 Utd. Drapery. 7»y 

7 Vickers- 15 

5 Wool wort hs__ 6 
17 „ 

14 Property ■ ■ 

l _ Brit. Land. ^ 

“ Cap. Counties. 5 

$ Intreuropean 4 
Z_ Land Seat— 18 

P Peachey -. 10 

' Samuel Prop.'.. 10 

g Toftl;tCity„. 2 

20 Oils 

22 

10 Hri: IVirnteum. 35 
in BurmahCUI... 7 

9 rhartcrlull., 3«: 

S Shell.. 28 

10 Ultramar—. . 22 

14 

4 Mines 

4 Charter Cons..! 12 ( 
22 Cons. Gold.....] 20 j 

15 RwT.Zinc_j 16 1 


A seU’.’iiun of Options traded ir= given or. the 
Leaden Slock Exchange Report P*ti* 


I 
























































































































































































































































































































































































































































































































































































































































r>- 


mUTAi W- +ZjF— ^ ■*. 



3S 




British 
precision 
bearings 


FINANCIALUMES 


- x ;x -v-• ~ tf. • 

• ’ .<- —; r •• J 
•;! ,»! v - '*• r/> 3 :' :■' r - {£;&?. 


Thursday February 9 1978- 



•"* . . _ The tpullt? djbtrOimoaserrf ca £» 

■ and TPtafigTS. Kiij ftf ^ |^|| y’ 

P.O. Boi 14. Rw&waia Awmofi ' 


CBI OPPOSITION TO PAY PLEDGE QUERIED 


Companies uncertain 


on State contracts 


fiY OUR INDUSTRIAL STAFF 


THERE WAS widespread con- of the Association of British Government Departments, with 


British Gas may 
boost profits 
to over £100m. 


THE LEX COLUMN 



... _. ..'T'/.-j-- ^ 


BY RAY DAFTER, ENERGY CORRESPONDENT 


be pegged for a 


.... - - . . artments, withiBRITISH GAS expects to make prices would 

demnation from trade and other Chambers of Commerce, said the the Treasury in the lead, mat ] a pro g t of at ( east £i00m. in year. 

organisations questioned yester- proposaI “raises ^ serious issneg there were two^other major points | u ie current financial year. If The timing was extremely un¬ 


day about the Government's both as to principle and practice, which the CBI felt it could not (035 sales are boosted by cold fortunate, he said, it could have 

intention to use public sector He has asked for an early meet- accept. j weather during the next two damaged the relationship with 

enn tract* to enforce its pay ing wirh the Chancellor of the One was that a mam contrac- months the profit could be sub- customer* a« many gas con- 

to riisrn« thp nrm- tnr shnulri he* held resonnsihle I __ _1_.. ~_ _* ' .w- 


poli,-v. Exchequer to discuss the prin- tor should be held responsible 

Individual companies were pre- ciple involved and the practical for the behaviour under the pay 
dh-talily reluctant to make any problems likely to arise. policy of his sub-coutractors, and 

public 'comment. However, pri- The Engineering Industries’ the other was that the new 
vately iome were suggesting that Assnrialion, which represents sanctions would be continued 
1 he Confederation of British nearly 5.000 companies, most of u| t? future stages of the pay 
Industry had over-reacted in its them small concerns, insisled policy. 

opposition to the proposal. that many of its members had With the possibility that there 

“ There have been some had to go outside the Govern- might not he a general election 
peculiar clauses in all Govern- merit's 10 per cent, pay guide- for a year or more, the sanctions 
mem contracts for many years, line “to enable them to come could be applied for at least a 
The important thing it to get into line with the nationalised substantial pari of the fourth 
the contract signed anil worry industry and local government stage of the policy next winter 
abnut tl]>.* small print later.” was wage rates.” as well as the rest of this round, 

ihe cummcm from one indus- It ursed the Government to if this were to happen, 
in j list in the engineering sector, “be more realistic and allow our employees in companies which 
And Dr. Austin Pearce, chair- wealth-producing asents, namely did a lot of Government business 
man nf Esso Peirolcum. pm it engineering companies anu mi^ht become lower-paid than 
another way. “This is nothing especially the small ones, to pay those which relied primarily on 
new 10 u:,. because over the higher wages, rather than be sut> private sector business and 
Iasi f.vo years when involved in ject to a rigid Marxist system of could afford to Ilout the pay 
Government contracts we have control which no!.ndy wants limits. 

had tu sign a state men I that we John Elliott. Industrial Editor, The Government has tradi- 
liave not acled contrary to writes: The clash between the tionally used its role as 
Giiv.;rnnien policies. ’ Government and the CBI over employer in the public sector to 

"As a company with a large the new form of sanctions came hold down wages and this has 
part of its business associated at the end of lengthy consulta- often led to anomalies between 
with Government contracts we lions. At times these bordered the private and pubic sectors, 
must take a grear deal of notice on negotiating sessions over the Now some industrialists fear 
of whal the Government says, detailed wording to be used in that in the future the anomalies 
There an-, however, some impor- the Government announcement, could be between the public 

At one stage during the past sector and Government 


stantially higher—perhaps four 5U mers were unaware of the 
times last year’s record £31.5m. reason behind the price rise. 

Although the corporation is Sir Denis reacted strongly 
not contemplating an application when told by the committee that 
for a price rise in the near the Gas Corporation was in 
future. Sir Denis Rooke. chair- fortunate position when set 
man. said that there would be against other nationalised indus- 
a gradual increase over the next tries: ** I get concerned when 
few years to reflect the higher people say we are fortunate. This 
costs associated with producing industry - has come through a 
gas from deeper, more northerly great trauma. We are where we 
fields in the North Sea. Gas are to-day because we polled our- 
prices should not move faster selves up fcy our bootstraps, 
than the rate of inflation, how- 

ever * Salary poser 

Giving evidence yesterday to 


members of the nationalised in- 


The cornoratiod had not asked 


dustries select committee in the 


for handouts or subsidies. 


Commons. Sir Denis called on 


Although^ North Sea gas had 


L/uuiiuuuo, Oil ueUJZ LUI1CU uu , oncvlinn (Ha 

&27SS “ofs." SSk-SJft«« « 


poratians. These -fch. “ 

depending on the stage of -We bad to fight 

dvvalopraait n n ea u h r- un - dertak ’ major oil companies to get these 
ng, but m Brush Gas s case contTacts . l don't see why people 
the target should be a 4 per shoaJd oow criticise us." 
cent, return on turnover. . - . 1 

. He was concerned teat morale 
The corporation would reach Jn ^ top echelons of British 
this level in the current financial £ a< . ^-35 suffering because of 
year, he said. As the current sa ] arv constraints in the 

turnover of British Gas is nationalised Industries. Senior 


lam legal questions which need At one stage during the past sector and Government con 

in he considered and we do not weeks it seemed that the inser- tractors on the one hand and, -- - 

know ihe answer to these at the tion of the word “substantial” the private sector-centred com -1 J" 0 ”? ne ,n tile region or 0 ffiica!s were reluctant to accept 

present time” to describe the sort of breach of panies on the other. This couldI tt - 5 ® 0 - ‘his was a strong hint promotion, particularly when it 

the policy that would lead 10 the lead to major labour problems! H- 1 *}* th e profit could be at least involved moving location. 
Pragmatic use of sanctions might have per- for public sector contractors. I £100in - because rewards were insufficient. 

& suaded the CBI to avoid a major who would not be able to com- 

The pragmatic approach nf row. pete effectively for labour and 

uiher companies was echoed by But eventually it ememed in who would lose some ilexibility 
the Beech a in group, which com- the talks, which involved several with their pay systems, 
me tiled: “We will v.au until we 


meet this problem in practical 
circumstance?” 

Vickers said: “ We will have to 
face this when individual con¬ 
tract negut>aiion> come up. We 
have no cenlral wage bargaining 
•ystem in this group, which is 
another com plica lion/’ 

I Cl slated: "Wo are still 
studying the Government’s 
requirements. We think they are 
unclear, hut we arc considering 
the possible implications." Many 
other concerns are also waiting 
lo see exactly what the Govern¬ 
ment has in mind rather than 
jumping in with hasty comments. 

Among the organisations which 
supported the CBI reaction 
yesterday was the National 
Federation of Building Trades 
Employers which said it 
"strongly objected” to the Gov¬ 
ernments proposal. It is likely 
In seek meetings with other 
building industry organisations, 
such as’ those representing civil 
cnginecis and architects, to 
assess thy likely effects on the 
industry. 

Mr. Tom Boar dm an. president 


No decision on control 
of dividends after July 


BY PRISTINE MOIR 


Increase 


THE GOVERNMENT is keep¬ 
ing ils options open as to 
whether dividend controls will 
continue beyond the end of 
July. But. Mr. Denis Healey, 
the Chancellor, told the Com¬ 
mons yesterday, any new 
legislation will have broadly 
the same exemptions as at 
present. 

The existing provisions for 
dividend controls expire on 
July 31. In a written reply to 
a Commons question. Mr. 
Healey refused to rnmmit him¬ 
self eithrr In abandoning con¬ 
trols altogether or to forecast¬ 
ing new legislation. 

"It is loo early yet to con¬ 
sider whether any legislation 
on dividends might he needed 
as part of the counter-inflation 


Sir Denis, who has been 
leading advocate of a salary in- 
Sir Denis said that the return crease for senior nationalised 
had been enhanced by the lf> per industry officials, said that be- 
cent. price rise implemented m :1118 pa -’ 

April as part of the Govern- » f J« r °J h * r Board mem ' 
merit's package of economic ber!> Dad tn Sl,ffer 
measures associated with the Asked what he felt his salary 
latc.-t International Monetary should be. Sir Denis said that the 
Fund loan. corporation operated on the 

It was an increase pressed on scope and scale of Imperial 
, the corporation by the Govern- Chemical Industries. ICI’s chair- 
1 ment—one which had nnt been man was paid E9S.OOO a year. 

noliL-v when the Dresent round (envisaged in the light of a pre- don't think my salary should be 
polity «mi ine present roonu l vious pledge t0 cuslotners a quarter.” 


comes to an end.” he said. 

The Chancellor did promise, 
however, that any new legisla¬ 
tion would follow existing 
guidelines. Companies seek¬ 
ing 10 raise new capital and 
to defend themselves against 
takeover bids, as well as those 
affected by other special 
exemptions under existing 
legislation, would continue to 
he permitted 10 pay dividends 
above the statutory limit. 

Mr. Healey’s statement elimi¬ 
nates problems for companies 
which are in the special 
circa nisi a nces listed and which 
want lo forecast increased 
dividends for periods after the 
end of July. 


Chancellor tells Labour MPs 
of bright hopes for economy 


BY RUPERT CORNWELL, LOBBY STAFF 


CAREFULLY keeping the Gov- bold action. They were led hy introduction of a new low 
eminent'* election options open, Mr. Frank Hooley. who called income-tax hand or an increase 
Mr. Denis Healey. Chancellor of for £ 6 bn. 10 he injected into the tn allowances, bur Mr. Healey 
the Exchequer, yesterday pointed economy—more than double the suggested to the MPs that he 
ir> the first signs of improve- leeway theoretically open to the might finally adopt a combina- 
ment in the “ real" economy and Government if it sticks lo 11 * lion of both 
held nut the cautious hope of a undertaking to the IMF. He assured them he had no 

decline in unemployment this But Mr. Healey warned that intention of emulating either 
year. the prospect of a U.K. growth Mr. Roy Jenkins m 1970. whose 

The Chancellor, addressing a rate of 3 per cent, or more in caution is widely credited with 
pre-Budget meeting of Labour 197S—one of the best in the in- having lost Labour tbe June 
MPs. also promised proposals in duslriaiised world—would be election that year, or the “ex- 
his Spring package 10 help small ruined if inflation were per- travagance" of Mr. Anthony 
businesses sei up in inner city milted to run not. Barber. Mr. Jenkins’s successor 

areas something being studied Economic indicators were as Chancel l or in ip and l9/3 
hy a Government working group. • I i n »-,H V movin'" in the ri^ht n a ke> pasvJ " ' desi ?« e u. tn 
B,„ ho -, a ,0 tow other clues to jl^Lt^to ,he e ™ WmS 

ins plans. 


Syria’s Assad plans 
to buy arms 
on visit to Russia 



After further marked weak- - • of- the f [J 

ness yesterday morning the fades msp. 4.7 tfl 468.4-** 
stock market decided ..that it lndeX r ° Se ; ^ 


might have overreacted . to 
Tuesday’s poor banking figures. 
Gifts, which opened the day with 
losses approaching .a , pointy 
finished with gains of a similar 
order while the FT 30 Share 
Index turned an initial faH of 
3.6 points into an overal} -rise 
of 4.7. In both cases, th^miners’ 
decision made a big difference. ~ 
In the money markets, Hates 
were all over tbe place and at 
one point treasury bills - , were 
signalling a one point rise ih- 
Minimum Lending Rate.- "But 
although bill. rates - were still ’ 
indicating a siigfit-rise af the 
end of the day, it itfiy no-rndans 
clear that this is likely. *.' * 
After Jiours catne tbe. Chan¬ 
cellor's non-committal statement 
on dividend controls. It should 
have a neutral impact on share 


5-tear BtttSffiffi 

- (HSSH.tWffW®-. .'. 

EI-AOHWS TWM MK. ; 



• var7 -, - 


is jmfc tfaeonly-:;©, Ji /> 
“.^ojibles ia-lhis'inart^kj IL 
•day EMI^Gapitot IpckfflJ* 1 
■ ported v:X-'- 

.ternings - 

r :'c 7T 

gvowtkfiopi^s/ the 



shdtrt 4 i P«r-cetTE. , M5p 

oB.Thte'. 


1 





prices. Dividends remain a pawn u.K. lroteIk^ whflch.prtmt^d,:Hfe?^^^i^^^j*.'p^ofi^ 
in what for. the Government is main : 

a greater game, but tfie prpb- profits grtrtt/th.l. .are . - !iijojdi^ ? qoTrtiim^fe'. [6'w.. 
ability is still that controls will ahead further - in>'I977-7&; Des-,-^pite .&^ -siiteti ; 
g°- •' ’ pite some alfgiit wedgiess.fii/i&e.r^ 

London Bre?i. 

Tnicf Hahcpc Ffitip ***higbenko j C 

l rust nouses r am t0 rom e from the -- .TOere: • . 

Full year profits from Trust tt, e market is looking - fdr orti-.- gigg pstkihs- that'’.ft. E3C - 

Houses Forte confirm-that its fijs growth of a flfth;or'Stj/this pretax itiiis'iyssSi 

acquisition of most of 3. Lyons’ y ear This is why the shared aienow t see pis unllke^i - 
hotels a year ago was the deal dose iheir. I977r73 .t>eak;;^t £3tai., ,and . . 

of a iifetune. Together wrtb its igg p where the yield is - 6.6 ^.materia Uy ” ’ reduced " 
other purchase, Knott- Hotels. per cent . ,. • . ..from the ZitieJxk 

t contributed p.3m. lo the . ^itacwunte for mWc 

latest figure before associated DeCCa ; :crf^its' "fundy.- .C6n3S' ’ 

interest costs of maybe. £2m.. - ■ -S - ::'th£re T«; tirtlp. 

and apparently brought .with it Losses on TV manufacturfag ortiioarv dividend tfii p v : 
tax allowances of about.£6m. . and reduced profits from- -the 
Excluding acquisitions and records, and survey -ms*.axe 
disposals, profits before interest the main factors behind 1^^% which ’ boasts d 

are 16 per cent higher, with dip in interim profits. These around £Sti0m -1 • at- 
the sharpest growth coming in emerge at £5pretax against :-fitonL’-' ' * ' ’ •? 

the first six months. And boosted £o om. last time, and market e?- .& 
by what is stiU -relatively high pectatiohs of around £&nr The _ the_ the-g 
financial gearing, pre-tax profits figures once -again 1 refiect^the ^*2 

for the enlarged group are up established trend of contraction 

from £23.7m. to £38nL The im- m Decea’s consnmer products-- "ifS§ 

portant point is that unlike the wies here «re actually,.4cwn g™ip, hasten able ® 
interim figures, this does not °ver 2 per cent and tbe sector igproperty.-lending. 1^3 
include anv capital profits. produced a losrof 555,<»0-^and S2m. . However, 

‘ m „ n an . expansion iacapital goods. Over- national. Commodities■> 5 < ;ri 

S ° ?^vf r ° U * P ^ as ** ®, s - B ./ all sales gF capitaTrgoods are ^fouse. one of-last ya 
some hefty retentions under its unchanged at £49j^d~,- due.^to"money . spinners. 5 S 
belt, and reserves have been, in- the decline of the “North - \Sea suffering from 'the -gje 
creased additionally by a-partial business, but the matket j for. duced activjly and pricei 
property revaluation - and -a navigation and ■ radir prOductS Eondoh commodity etL 
release of deferred tax provi- has been buoy anil•. '■ Overseas-the picture! 

sions The result is that net Decca ^ nor g} vln g_ anything, bright and UDT is stiff 
worth has jumped by. over a awa y about its plai^f 6 r.thebe- f or Jts earlier over-at 


r 


BY ANTHONY McDERMOTT 


half to i'lfl3m.. a figure which 


leaguered televistori • business, expansion policy, in 


ar Westminster that Mr. 


Sgrff 2J5S Calla?haD WiH Bo «n the.coun- 


try this autumn. Mr. Healev- 
said: “No one should assume a 


Although Mr. Healey painted terms in the first nine months 

;i glowing picture of the ini- of last year, while retail sales 

prove ment in Britain's economic were keeping up their advance genera 1 * electio 0 "" thi^ vear7'~ 
..urlnok, including a decline in of December . might bo on until aftcr'the spring 

inflation 10 single figures as early Mr. Healey had not yet made g u d ee t 0 f 1979 
as this, month, he was at pains up his mind on either the size would be fatal to have a 

t.. dampen excessive Left-wing or tbe shape of the tax cuts the BlM j oet w hi C h looked an election- 

hope; of reflation. Budget will contain The two eer £ especially if it led 

Sonic MPs who spoke urged most likely possibilities are the tQ a deterioration in the economy 

1 within 12 months.” 


CLOUDY with outbreaks of rain, 
sleet or snow, it will be mostly 
cold. 

London. S.E. England, E. Anglia, 
Channel Islands. Midlands 

Very cold, snow showers, rather 
cloudy. Wtnd N.E., moderate or 
fresh. Max. 1C (36Fj. 

E. England. Cent. N. England 
Very void. Outbreaks of snow. 
Bright intervals. Wind N.E.. 
light or moderate. Max. 1 C (36Fi. 


BUSINESS CENTRES 




Vdav 


Y’day 


Midway 


Mid-day 



°c 

“t- 


“C 

•K 

Afpvandna 

S 

IS 

IH 

1 London 

C 2 

.W 

AmsuHni. 

F 

—1 

30 

Luxeinbrc. 

C —3 

27 

Adieus 

K 

12 

54 

Madrid- 

S f. 

46 

Bahrain 

S 

21 

69 

Mandutr. 

C 2 

36 

Barcelona 

C 

11) 

50 

Melbourne 

S 21 

70 

P.-irui 

S 

If 

61 

Milan 

S .1 

37 

Belfast 

c 

4 

3S 

Montreal 

Sn—8 

26 

BiltTade 

c 

—1 

30 

Moscow 

C —9 

16 

Berlin 

Sn 

1) 

32 

Munich 

Sn—4 

25 

Pirmchm. 

C 

1 

34 

Newcastle 

C 2 

36 

Brlsiul 

r: 

-1 

36 

New York So—1 

30 

Brussels 

Sn 

0 

32 

Oslo 

s -a 

21 

Budapvsi 

Su—2 

2S 1 

Paris 

e 3 

39 

B. Aires 

S 

S3 

?7| 

Perth 

S 26 

79 

i.alru 

X 

17 

«j 

PruKUv 

F -a 

?7 

Cardiff 

C 

•2 

301 

Reykjavik 

r• ? 

36 

ChivaRA 

c 

_ 7 

)9| 

1 nio du .IN» k 27 

Sfl 

Cnlnune 

s 

—I 

T4I 

Rami.- 

s id 

50 

CoonhaRn. 

S —4 

231 

Sincnnoro 

S 3U 

SB 

Dnhlm 

F 

5 

411 

Siockhoun 

C —4 

25 

Edinhurah 

F 


37 

Sydney 

S 29 

S* 

r-rannurt 

1 ' 

— j 

2Si 

Tehran 

S 4 

IS 

Geneva 

c. 

1 

M 1 

Tel Aviv 

S 17 

S3 

Claaaow 

F 

4 

.19' 

Tokyo 

C 9 

49 

I'ckinki 

F—12 

10 

Toronto 

S—2j 

. 4 

H. Kmiq 

C 

sn 

IB 

Vienna 

Sn—3 

77 

.in - hi ire 

11 

21 

73 

Warsaw 

Sn 

23 

l-ishon 

C 

9 

48 

Zurich 

Sn —2 

28 


W. England, Wales 
Sunny spells, isolated wintry 
showers. Wind E-, moderate. 
Max. temp. 4-5C (40F). 

Lakes, Isle of Man, West 
Scotland, Glasgow, Argyll, 

N. Ireland 
Mostly dry. sunny spells. Wind 
S.E., light. Max. temp. 3C (37Fj. 

N.E. England, Borders, 
Edinburgh. Dundee. Aberdeen 
Rather cloudy. Some sleet ur 
snow. Wind S.E.. light. Max. 
temp. 2C (36F). 

Highlands, Moray Firth, NF. 
Scotland, Orkney. Shetland 
Bright intervals. wintry 


temp. 3C (37F». 
Outlook; Cloudy, cold. 


HOLIDAY RESORTS 


Istanbul 


Vday 
WJd-flay 
“C ’P 
s ia 6 i 
it 9 a 
C 4 19 
C 5 
C 0 32 
C 14 57 
S 2J 7S 
C 9 48 
C R 4K 

<: 15 i» 
F 9 48 
C 15 59 
C 1< 57 
C 14 57 
C --2 5» 
C 

c 


Vday 
Uld-da; 
. 'C “F 

Ij« Pirns. S 21 70 
Locarno S G 43 


Majorca 
41, Malaga 
Malta 
Nairobi 
IVaplea 
Nice 
AKroilrl 
Ouorro 
Phorti-s 
Salzbun: 
Tangier 
Tenerife 

Tunis 
4 .78, Valencia 
7 4rtiVi-nict> 


F 13 65 
S 15 59 
F II 52 
S 24 ns 
F 10 50 
S 12 54 
C 13 58 
S 14 57 
C 13 59 
Sfl—2 2S 

c in gi 

S IS 64 
S 9 4G 

S 15 59 

C 3 41 


4 29 

Snni, . F—Fair. C—Cloudy. 
F—Rain. 




Continued from Page 1 

Miners 


Pauline Clark writes: Mr. 
Booth strongly denied that the 
Government’s latest efforts to 
persuade employers to comply 
with the 10 per cent pay guide¬ 
lines amounted to statutory wage 
control. 

He repudiated as “a load of 
arrant nonsense " any suggestion 
that it was the intention to set 
uP a Star Chamber with him 
taking Commissar-style control 
over who should or should not 
be able to proceed with wage 
agreements. 

Mr. Booth was at pains to 
Teassure employers and unions 
that the Government was acting 
no differently now as it was 
previously. 

The 50 to 60 Government 
officers involved in monitoring 
pay settlements had called 5,507 
meetings since the onset of 
Phase One (1975-76) of Govern¬ 
ment pay policy. Of these only 
1.000 had taken place since last 
August when Phase Two ended 

While 32,000 settlements had 
been examined in two and a-half 
years, only 385 had been 
regarded as breaching the pay 
codes. As many as S7 per cent, 
of companies involved had been 
persuaded to renegotiate. 


SYRIA'S President Assad will In Lebanon, where Syria has 
visit the Soviet Union next v.eck 30.000 troops stationed under the 
in an attempt to buy more arms, guise of the Arab peace-keeping 
possibly with financial help from force the situation in the coun- 
Arab oil States. try is worse than at any time 

Mr. Assad, who is co-ordinating since the civil war ended. 
diplomatic opposition to Presi- Fighting yesterday spread 
dent Sadat's peace efforts, will from the outskirts of Beirut into 
be paying his first visit to the heart of Christian east 
Moscow since the Egyptian leader Beirut where heavy mortars and 
went to Israel last November, tanks were seen in action. 

Mr. Sadat was concluding his « , 

trip to the U.S. yesterday, and r\SS3Uit 
to-day will have a brief meeting 

with Mr. James Callaghan. Five Syrian soldiers were 

Mr Assad will be preceded billed in an assault on the bead- 
in Moscow hy Major Abdel- 'Toners ,be nsht-vmie 

Salaiu Jalloud. Libya's Prime National Liberal Party. The 
Minister. On Tuesday. Mr Abdul- said that in the three 

hour assault one ot its men bad 


is now within sight of the bu {" it w uj j^ve to inak*> tip its Africa,' UDT has - A- .. 
£2l3oi. of outstanding loan mind soon. \Vith amarket’share mgke _further provis^* "' 
capital. At the same time, the less than,4 percent, and no Ryan Nigel—it bought, 
sale of the Terry chocolate busi- back-up_ ren£al operation its minority last summer-?. 
ness has helped to push oei prospehts.here are;Weak. Prob- Australia it'has also:4a& 
liquid funds up by over two- jenis also remain on tbe ceconi tb<e_ local property:^ 
thirds to £44m. side. where'pecca has lbst mar- comrnon wfth’oflaer .tli 

This means that the financial ket share. The rwrganisation . daL institutions. V " ^ 


Halim Khaddam. Syria's Foreign ... . _ . 

.Minister, began 3 tour of Saudi u. kl e * 1 ', .T£f 6 § btin » 

Arabia and other wealthy Gulf hra» 5 ht anned mthtiamen back 


States. 

Syria 


ha? been violently 


to ihe streets or east Beirut and 
snipers re-appeared along one | 


,0 » r - Sada,-s •werrhe'ch^^^d 


!S b £i to S? S-aJ-LS halve, of L S 


same time, it nas neen 
apprehensive Egypt might con- 
elude a bilateral deal with 
IsraeL 

Mr. Sadat is unlikely to con- 


The party always has been 
opposed to the large numbers of 
Palestinians in Lebanon. In¬ 


clude a hilateral agreement hut creasingfy, however, id spite of 
Syria feels isolated politicallv .aid Syna gave the n^ht-wing 
and militarily nn Israel’s dunnE * c C1V1 ’ war ' lt bas PJC 




financial support from rich Arab 
countries. Russia would be far 
more sympathetic to his arms 
requirements. 


trooos. 

Lebanon fighting Page 3 
Sadat says door is open for 
peace talks. Page 3 


Big naval reactor 
deal for R-R group 





Advanced;design, engineei7ng_a 

.... -w.-> ~ V AutoCO 


-* Low in 


BY DAVID FISHLOCK. SCIENCE EDITDR 


A CONSORTIUM led by Rolls- volves the construction of new 
Royce is to build a pressurised submarine reactor development 
water nuclear reactor for the Facilities at THIS Vulcan near 
Navy in the north of Scotland. Dounreay. Caithness, to replace 
The contract, said to be worth those the company bas been 
“tens of millions of pounds." ha* operating for the’ Xaw since! 
been awarded by the Ministry of 19fi5. 

States.'“ThhSSS?54 «"r = Wnrk 011 fourth-generationl 

cenL^mned hy eK cd S 
the remainder shared equally ,S stan next ' ear ' 
between Babcock and Wilcox, 

Foster Whpplnr anH VipL-pt* 300013x1116 


Foster Wheeler and Vickers. 

The order is the biggest ever 


The company has built a total 
won by the consortium at .1 comes °/ M reac ^ ors aQ fi 30 “cores ”— 
as Rolls-Royce is bidding for a . . *>eart of the system, which 
share in the construction of civil ^‘“des the fuel—for the Navy, 
nuclear stations after being set up in 1959 to 

It follows the announcement P™»» a WesHnghouse pres¬ 
late last month by Mr. Anthony ?™sed water reactor from the 
Wedgwood Bonn, the Energy ?■?;. [ or Dreadnought the first 
Secretary, that the Government g^ sh « Bc!ea # r submarine 
is continuing with the develop- |n are " 

ment and design of the pressuf- holders supply more than 50 per 

Ised water reactor for electricity “JJJ of „ . of a 

generation with a view to order- pressurised water 

inn in los -1 re»tciar. 

Rolls-Koyce and Aaancialns ia bill - f f r I"”"' 

the only private company in the _ , , Ka * e 

U.K. operating a nuclear C 0 ®! advantage of nuclear 
reactor. The Scottish order jo- power. Page 6 



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