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•j fi* * i3 ! I * i *< * 

* i3T* 


!111-1»i 'lll- 


No. 27,482 


Friday February 10 1978 


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MJSUUA SO ijl«r_ «U «UM Fr.Z5j DENMARK Kr.JJj FRANCE Prj. 0 , GERMANY DM2.0; ITALY L.SU; NETHERLANDS Fl.2.0: NORWAY Kr.l^s PORTUGAL Ese.lfli SPAIN SWEDEN KrJJ5 f S WITZERLAND Fr.LQj EIRE I5 p 



:; 3 i K1M 


Date fixed for April 11 as Callaghan thanks miners 

Later Budget Day Cheeron 


**’£ IKI f 


Windscale 


mn 


gives time for 


. las 


move 


tax cuts decision 


pay 

front for 
Ministers 


report backs 


new plant 


BY DAYID FlSHLOCK, SCIENCE EDITOR 


BY OUR LABOUR STAFF 


f -.--. l;-.-. BY PETER RIDDELL, ECONOM 1CSICORRESPONDENT 

• • • GILTS; rose sharply "ft® 1, thp 

^SS? T ^daicd Budget Day will be Tuesday, April 11, the latest of the likely dates. This will 

nsl- 1 . _ . -- . r___i.:_ r _*i_ ^_■_ 1 • <. ,__i_i _ rr__i 


MINISTERS rcc'-ived mnre com- 
fori on ihe pay from yesterdjy 
as engineering URMn.< dociai-d 
to reopen talks for a new 
nation*! agreement. water supply 


FF ; THE WINDSCALE Inquiry Government-policy on reprocen* 
report is believed to have recom- sing, 
re com- mended strongly that approval The State Department's letter 
■iterdjv be given tn The construction of a was written by Dr. Joseph Nye. 
decided new British reprocessing plant a senior official involved with 
a new Tor spent nuclear fuel. U.S. policy on nuclear prolifera- 

■ iuppl> Mr. Justice Parker is believed I* 01 ^ was addressed to an 


J'l tap stock and startedseipng for allow more time for the intensive debate to be resolved in the Treasury and “St"/ ' “anJf ' nnVrl ■' leaders in tenns su“unenui^cai“ha7tiic office who. h is understood. 

f*V _{ ••’ T - , :.2.v r i fr."® °l - •-■■■■ ’■ ■; Whitehall ahnnt flip pvart of thp rpflafinnarv nacka^e inchidimr flip accepted their negotiators' dcci- : Government face sa dilemma re !" 1 ' e “J as . mon .J5,- 

i «*«*««.= ^ - vvniienaii anoui me exact size oi tne renationary paewage. inducting me jf p ral! jn thv inconies over how i> can avoid giving an The Foreign om«; pointed mu 

expected substantial cuts m income tax. policy. immediate 90 -khrad for the pro- y^rday^na 1 Prcsi^dent^Carter 

The date was announced in urged earlier this week l»y Mr. ports, investment ;,nd tnHaiion. 'I ie «'iif oration'" noli c v'* as/ 1 vear, had 

the Commons yesterday by Mr. Joel Barneri. Chief Secretary tn The Main ely pcssum-U:. view ‘ n - Jedl j ro|, T do i. f ek ' , t i pp ^U3 . en , 1 S of the A p , r 0 J tu« said- ‘We arc not trvine to im- 

Miehael Font. Leader of Ihe ihe Trramrv Taken bv .Suinu Treasury nffii-i:ils bui yesterday, the f- 0 £!ie<Jera«i»*n although long resigned to the Sam. »e arc not iCMn, io im 


union-* jccepied a 10 per coni ;to have staled his conclusions Under-Secretary at the Foreign 


tian positions ii*. Beirut as 
faced a./deepen inj^. 
r j-S with renewed - fears of 
>.;Ti Involvement. •" . 


m 



il-iv; hting -is . also reported la • 
v- 'broken out around this army 
,.;'-ion at Serba overlooking 
■ r ,' <«»ort of Junietn-capital of 
•Trj- main Christian enclave, j 
, T of Beirut -. - 

LU; -istians. and Syrians fought j 
, yy side, against Palestinians .. 
Tf. ?-civil war Which ehded~15 
l^tis ago—and if their j 
collapses, -it is feared : 
' traells may intervene in. the 
1 The. elashes stem from i 
,J * -Ttan fears that their : 
. :r >5t.on is being undermined by 1 
-?' 5 .i;i*s new aliiance'vrith the 
:-^'tinlaha--to try to.'thwart , 
•-~. 7 V.dent Sadat's Middle East 
» initiative. Back Page . J 


the Cnnunons yesterday by Mr. Joel Barneri. Chief Secretary tn The Maiiiely possum*lie view 
■Michael Foot, Leader nf The ihe Treasury. taken by .Suinc Treasury officials 

House. The main alternative Mr HnrHon Ruh»rilsnn. ihn about the n-onomy compared 


SECURITIES fliOEX 


House. The main alternative Mr Gordon Richardson, ihe about The economy compared 
was .March 14. before the Easter Governor nf the Bank of with las’ autumn i-> likely to be 
recess. But an earlier date England, said vesierday thar the reflected in tin- now National 
apparently was considered to economy should nut he allowed Income Riroo.isis, now horn? 
have no special advantage in in- expand “verv vigornusiv " completed, 
flucncinu the current pay round llnll i m flallnn had been reduced These are .-\p.-iud in ‘.now a 
or any talk-s with ihe TUC. about \ number of senior Ministers slower gruutli in cxpori.* and 
what happens on Incomes policy outside the Treasury believe output Muni i»ivviou^ly pro- 
after the summer. some of the official advice tuay jeeted, following me slackening 

The April date is. however. h e loo pessimistic, and that re- in the expariAimi of world trade 

.T irae 1 Is may intervene m the ' If SFRURTf^SI likely to have had the attraction fialion should be larger rather and the appreciation nf sterling. 

The. elashes stem from ' . 1 ULUtwi i itw atWi I { ,f allowing more time for eco than sm a ller. It is ex putted that tin? fore- 

s -Tton fears that '. their _TB 77 : ‘ V.^T^a 1 nomic prospects to become Mr. Healey has not committed casts will mdicaii; a substantial 

~^£ on is being undermined by ^ ■iiFB' ncT «ow '-dec feb I Hearer. himself yet. and told the Pariia- current :n.-ouni surplus this 

' 5 .i; 1 *s new alliance 'with the .—. *• The range of Budget stimulus men 1 ary Labour Party on Wed- year, bul a possible deluriora- 

: -'tluUina-'to try to . thwart *r«t rimel-Bark f4ce-Gains under consideration is between nesduy that he had no .ntuntinn tion from mi'd-1979 on present 
7 '/ dent Sadat's Middle East , - rj , fnH Lj.-nil the 3 bout £l*bo. and £2jbn. Action of emuiating the alleged over- trends. Consumer spending is 

. iniUalive- Back .Page - zr **"** 4*" rr nearer the upper limit looked caution of Mr. Roy Jenkins in likely to be shown as more 

Government- seenntjes u,a “ more likely at the beginning of 1970. or Ihe extravagance of buoyant ihun previousJv 

Amnt Vt*arth 8,93 “P atTa»,—the year, but some of the official Lord Barber in 197U-73. assumed, with adverse implica- 

. ■- sharpest .gain-for four months, advice recently received by Mr. The Chancellor is believed to tj ons f, (l - j,,,purls 
odesia pact . Denis Hea, py. th ® Chancellor, have submitted a paper for a it is unikrsU,«.d ihav some of 

wuvniim n y; : . • • EQUITIES; started « wen, seems to have become more Cabinet discussion on the the advice hp-cn restraint on the 

r ? of the four delegations pt but bnsibess flattened -oat to cautious. economy emphasising the con- r , R k p 

- .esia's internal. settlement leave the FT Ordinary index 4.9 Caution about expecting too siderabic uncertainties ahnut the L “ n ^ 

hope to sign a one-man one- UD -t 47 i 3 ■ .' Tv*'. 7 : much in the way of tax cuts was outlook lor world trade. U.K. c.\- La-\ Hack Page 


sanctions 


SEP OCT NOV OEC FEB 


the first time.-Bade. P^ Gsdn* 


L* iiuiijw MU*.* THE CONSERVATIVES ha\r f !Ipr hp r rfphai^ -.hnut thp desir- 'e«*rs exenangea ov omcieia. 

I I icctcd. ftillowing inu slackening decided to press their attack 'ahilitv nf ihe windscale nuclear lt rejected any suggestion that 

’- m the expjin*imi of world traoc on Giivenuucnt's use of 1 nrojpct 1 r,r - ^I'e's letter had come “as 

r and the :,p;mn-u.rion of sterhng. f , ihcrelionary pmii .rs against The lOR-day public inquiry last as diplomatically pr^inlv 

it is i , X|'ucled that tin? fore- in H 1IC |,v ui ,-, ~ „.,i nr ,„ fflm . r ..as set un bv the to 3 f 0 ™ 81 request to Britain not 

1 cut, will indtcalu » subslaniial V™nrt" C ™™Lm lo «porf .^plSn. P'^f* *•«" «* P'“" 5 <" 

•current :n.-ouni surplus this Loa.raonM!i.o.iu m .u Slate-owned eomnanv w ,ndsL,alr - 

- year, bui possible deteriora- on new clauses to ne included . ™ „ S The text of a speech hy Ambas- 

t tion from uiid-1979 on present in all future contraebi with nP «, riion,,, reprocessin'* plant S3tln r Gerard Smith. Dr Nye’s 

- trends. ConMimer spending is Government departnu-nts. 1 Aithrti.'.h iir Tu«ri<>'p Parkpr's chief at the Stale Deparinietu. 

t likely to lie vhown as more Back Page. ; report°wa 5 ‘“to^Mr/pete? t 

f buoyant ihun previously -.Shore. Environment Secretary. nc U n J S 

assumed, with adverse impiica- ! last month the Government has indlcj es . lhd i U - S ; p,1 ' ,Ci ” 

5 tions fur impurls. Unions lessened the chances of: been unable tn decide whether re P r0CCSS,n «. i* a;! takei a much 

' It i& undursloud that some of indualrial action ' m declaring japprove the projeH simul- 0,are concin3,or > ,urB - 

- the advice 11 rues restraint no tne Iney would resume talks with the -jnemtsly wiih its publication. Rupert Cornwell. Lobby Mali, 

’ Conliniiud on Back Page Engineering Employers Federa-. 0l . whether to permit another writes: Mr. Shore’s hands are 

Le\ Back Pane . !Parliamentary debate — as tied by the fact that the Wind- 

” Thev have lower*-c! 'heir *arget 1 nppunents and raanv MPs have scale inquin ' w-a« conducted 

—' (of a fTO-a-week mint mum skilled been urging—before any deci- under ordinary planning prn- 

_ rale to £ 60 —only £3 over thej S j nn j S announced. cedtires under which the Iasi 

'"■'"I A H • • feduraiinn's offer. The fiovernment vpsterdav word lies exclusively with 

W 1 Cl Government relief at the 1 refused to discuss an exchange officials in his department. 

■ Wfi iaSSrfH " ,murs ‘ decision wa> expressed. 0 f letters between the U.S. State However. ITS backbench MPs 

MAAV AT by Mr. James Callaghan “The; Denartment and the Foreign from all parties have signed a 

whole nation will he grateful that office, over U.S. Government Commons motion demanding that 
« responsibility hj> shown itself—‘pnlic-v on reprocessing nf spent the report be published and the 

* 1 * as 1 always believed it v.ntild"|nuclear fuel. House debafe the issue before 

III I 1 I llTl he told the Com n in ns The U.S. letter, written in any decision. It looks as though 

I im 1 ■ a CjaJ. 1 B But as National Union of Mine-; Dc-.eniher. raised the possibility the Government may have 

workers executives v««t*d by 14.that the Windscale inquiry had decided that MPs should have 
10 10 for the principle of a 10 peri been misinformed about U.S. their chance, 
cent, deal lasting 1*J months from ( 

March 1. awn; branches com-, _ . _ 11 •!! ai f 

, 2 „.*w a, r,0.000. ,u, U,« presi-: N-StatlOH leRK Dill £15lli. 


I nniri decision coiiiimrni on me iem oi ui. v ? 

In fact.‘its conclusions, it is \ ha « lt . 

• understood, leave little room for ™ British practice to release 
further debate about the dcsir- letters exchanged by official*- 

■iisa"' ihc " udEar n ’’ M sarss: ■-« 


Unions lessened the 


- - .esia's internal, settlement leave the FT Ordinary Index 4.9 
' hope to sign a one-man one- up at 47l3. ; ."'v*'. 7 : 

'^-agreement next Monday— •' '■ • • .-V^t • 

;. or without, Bishop Abel ♦STERLING closed lS points 
' ■revKt-.'nie hishop so far Jnts op at $15340. itstrade-weishted 
^ed signing any agreement- ij, dex to The 

; ding for separate. , vomtg itopredatioa widened to 

for blacks and whites,.hot A „ . 

discuss the issue-with • 

orters at the weekend- « GOLD fell $14 (o • 


ssians" expel :4:85 

V-.4town at 777-8L - 

. — da is expelling 1$ Russians ..... 

i? iespionage activity, Mr. poh ip LOIVBHO plans to tyuy.dp for 
• • - eson, External Affairs.Mims-. gjj undisclosed sum the badTsbaie 

' .• announced. He--said .they ^ does .not already ownrifc ^e' BY OUR FOREIGN STAFF 

’ j "."-heen involved in^ an .attempt Nyuchere. copper irana ?in 

' “A^fe:SOMALIA has threatened 


Somalia counters Ethiopia 
offensive with mobilisation 


tn been 


Conliniiud on Back Page 
Lex Back Page 


Western. 2 u' E /,^ r m.v 


r.0.000- but they I Mr. Jnv Gnrmlcy. union prcsi- 


- -r——-— — —i.,X ai.'KUUjU.^ UAft luicaicucu utcn muiii. v., un ■•v-uiu. ..... ... ■ *■■■ 

rcBiee --oy;tfcjfehattiran,- i^its full military weight into Somali Liberation From a lorn! equipped with poor dent, was condemned for speak- 


■: i :- r ‘ -.*rahd^iflr.-'ffig»ia Ogilvy'. Paige af -.. ^ battle Tor'"the Ogaden 1 region gueriiia group. Soviet weaponry. ina against the 10 per cent limit I BY RAY PERMAN, SCOTTISH CORRESPONDENT 

^ is ' n " ta4,y |s!Sr r ..n5 .rs. wa:. « 

has been slightly reduced,City of LOndbn. . Back and Ethiopian call to "surrender ^ Addis Ababa; S aid such a move ld 1 * v?n%\- But it -aus generally thought £1 m more than the initial worst take several months to reach full 

. leas tban five weeks 10 . V.. V : peacefully or face ihe conse- threa md«M onlly 1Ethiopia, “ian “is *old Jrwlwc" uw it unlikelv that miners ■ould vote esti mat e-and it could he as high power. 

•:re the National Assembly ^ShSi^HS, of l » Africa-nd Ae world.. it' SnnS^iiSd^ alone for .nrinsir .a 1 action v gainst the! as £20m. It will put one reactor Mr . Bo> Bern dee. chairman of 

■ ^ Di^nSna^Anov tSSfiSu EJf “° -SS:,. HaS ® a "^*? b ' «M»n« this unholy alliance." Hm»« V HY® n »he chance in a pii-iou. n service tor a year the Board, sa.d last nigh, that 


rase ^ - the battle for the Ogaden region gueriUa group. 

: M ^'&&J!fa 2 jyS 2 JKl£i _ »w«e'* ?*-»■:«» 


Soviet weaponry. 


accused 


r.-rad S^ycoat E^ato havi Ethiopia's Russian-backed often- Epypt 0 ? sCn dins troops to help appeals fr., Weslern and Arab Even 


has teen slightly radut^: the-City of ’Lbndbn. Back and Ethiopian call to 
. leas than five weeks to go page io peacefully or fact 

t re the National Assembly . . quence nf annihila 

' Jons. But the Socialists and w ., 11# . v ' .- _ _ , day was tbe mass m 

■-muniBls remain at odds over KOlllflg^ lUOIieV SDmaIj civilians, 
electoral tactics. Page 2 - J Mr. Abdulkassim ! 


Lppler dies 


targets urged 


quebce -of annihilation"' yesler- but also Africa and the world, 
day was the mass mobilisation of c en . Hassan El-Kateb, Egypt's 
Somali civilians. military spokesman. denied 

Mr. Abdulkassim Salad Hassan, Ethiopian claims that 5,000 Egyp- 


I> uhi *iu,.u a.uuc ....- r- r . . , ■ Mr. Po> Berridse. chairman of 

against this unholv alliance” limit if even the chance in a pit-;out nr service tor a year. the Board, said Iasi night that 

ile claimed that : no mHitary head hallo;. : Soulh of. Scotland Electricity ln wouId cos , £5m .. With the 

assistance had been given to One of the u ngries]l responses!Board engineers have decided re!iT spenl on substitute output 

Somalia and urged the West to camc rrom Mr -- ,ack Dunn, area against the easiest and quickest f rorn more expensive fossil Fuel 

persuade the Ethiopians to secretary for rhe militant Kent remedy of trying to flush out salt statifins . 

ne-oliate P una I fir’d. The ex ecu. I ve > decision deposited 1 nLhe space beneath 

i n uiahl-mcmher medium* uas > “ a d,1? S rs, . cc ,he ne 3°- lh e reactor with fresh water - ’ ~ 

coin mi tree from thn Or^LnivT 1 hit ions, a “charade : ; because that could still leave a 

ViSar ?'A special meet in? of the ] risk of corrosion £ in New tork 

hnih ' th P A r wurrin"” Lm*riW national uxecutivo has »«enn l Instead they will remove -j- 1 - 

. .inL-K... called for next Wednesday, when thermal insulation and either — I F v i-*»»rr ■» 1 Pmum*. 


. .. t d. u w-. anamignt nelotiowea oy ineuse tian troops aireaay :ncrc. . * ' - 1 - 

■ jert Kappler, 7Q-year-oltt con- • GOVERNOR of the Bank bas ^regular Somali troops. But President Anwar Sadat nc :'* ,,d *J;- ht h .. . 

■dHpJS^war criminal, died argued for a more flexible system If'Ethiopia “internationalised” said earlier this week that Egypt 

fest Germany yesterday-Rap- 01 . rollfiig monetary targete. tbe war by seeking to annex was supplying arms to-Somalia i?'’ u ‘7° * nSn.V’V?”.* 1 !! 

seralac a life'sentence for<han_ the present annual Somalia, "we would and considering sending troops J*® 1 ? ! h Arr ^^!l in ^ n „ , vl ' ,ted , 

■’ iJJSJa s£oottog .:of 335 JBack Page; Editorial have no alternative but to send as well. h ° ,h ,. , w S2! n S , V£“" ir L eS 

ages, escaped from a JCome commfent Page IS - aur troops in," he said. Ethiopia is thought to have capitals this w^ek, but there has 

tary hospital sfaer months ago alliance and London Ethiopia says that Somali 40.000 regulars with a peasant be ^ ^®. ,nd ‘^ ,, °" of s “^ s n 

: was anuggied Across the ■ 5 if to w^ahead Aguiar troops, trained by Rus- militia of around 80.000. many lil.L 

ler'ih-the hodi;of-his*wife's in motor nre- sktos formerly In Somalia, have of whom are committed to fight- " e * ol| aie urftil Somalia agrees 

qUnuiejh oaid S° disp'uto been-engaged in the war since it ing the Eritrean secessionists f oTwT 

C under the -West German ,he 'Government over its began six months ago. in the north. rne !. m or w * r ' 

Ill&itiOn. jt ’ .. cooW :, spftlpment. Paee 6 . Somalia has always denied this The Institute of Strategic The conflict within and 

rsditehun. ; . ‘ ™ se - _ 8 -. and-insisted that the fighting has Studies estimates the Somali re- without Page 4 


£ in New York 


Labour news Page 9 


Even then, the reactor will have 


fM 
1 nii-Dlli 

5 niuiit li¬ 
fe fliMntlie 


Sl.95» 36.H*. SI.HaSb-OMI 
O.CCUIl*..••'>«,I •».•>■ .0.03 •!>* 
' v.Oj-u.iw 'll* yAf-i'-JI iti* 
! 0 .<i 6 -«Mj, ,li« O.'li ■j.'if- Hi-. 


gWgg aiah lBillOB. v it ., . coijdd.y/- aotf-pay settlement. Page 6 
• dite'him. •' ...•••••. ^ - 

: .. VV ' • ' •£' • GUARDIAN ROYAL Exchange 

©1 St S©nT©IT'O©-rmxrxaging director. Mr. Ernest 
PS f/fbjK " • :' 5 ,j „ 7„> Bidland. Is to retire in June. He 

iliES»IS? BE dalc PRgeM • 






Page 25 - 

igress !f^er*-NetiMYjI^^ja, .-. • «•= 

given A suspended ^tip-gjonth # BRITAIN'S toy industry, with 
scctenee^for irfeceivpjg^ yisir ,;saie» of £23flm. a year, is expected 
i without perixiisffloir infbriaacb-, to stew improvement after the 
f tenhtngjK0w> last.-'tWp years of recession 


Wilkinson deal terms revised 





\v&jsrpery last-'Wo years of recession 

; • “ > r ';^a«ibrdihg tp-iu industry report,'. 

v-r '-'f:'.'.:’.-' Page-T>> ^ 


WT KEITH UEWB 



'Page'7—i-V rTHE PROSPECT of a major City after a full report by a leading chase of a 29 per cent, stake 
nh®*'**" . :\ /'”:;»•••.• »-.v T\ • .. . ' »w over the controversial deal firm of accountants, is no longer from Swedish Match at a price 

tjUnps with telMniara ifaetpte ^CTEEL STOCKS in the U^K.-whereby Allegheny Ludlum worth the original price. A state- of ”60p a share, compared with 
S^Sr jtj^dsra^iih&tuittit^stenr haye fiiDeirto the lowest level.f* tedustries, the U.S. garden tool raent issued yesterday says that under 200p in the market. The 

laSboard of tito .U.S. -tegari-4o five years, reflecting the w orld- group, was to have gained control the profits of True Temper for deal over True Temppr followed 

gSSbver from tte'heavysnowSaite Wide.shmip in.demand, industry, ; Wilkinson Match without 1977 “have been affected by two days later. 

S^p ritain. snow teU in flioHbtne'^ figures show; Page 6 ; making a full take-over bid, changes in the value of cur- - Under the terms nf the. revised 

igiStnties "and ■■'the' Souti»rEast.-_ appears to have been averted, rencies since the proposals were d* al - Wilkinson will now'only 

S3 ^winc down traffic and- foaung--* : Revised terms of the acquisi- first discussed, the effects of ad- issue 6.2m. new shares to Alleg- 

ossS-cellatton of- jfff SSSl f n '^ tion bv wakinson of True justments arising from differ- heny in return for True Teni- 

hts. 2??Temper, an Allegheny subsidiary, encea in the U.K. and U.S. P er - though a sum of SSra.— 


for North 


iT^'l 

■■■■ - :vr’ ■■■ .'.V'. 


JUS. ■- ■ 1 m»n1nrriMl ftU /uiegucii; auuawwu, cuuca ill UlC u .IV. dliu U.O. ... “ - . 

nunwin Noble aaed 4B. mean ***** if ^ new dea11 accounting practice and trading S 50 ’- oo^and a further S3m. in 

Sarp? toXrbv CroiS loS- SS^ 8 “ d P**™**™**^ '^ approved by ^areholders the profits -which were lower thaS two >'««■ ume-wll be paid in 
•urtreo m. ynriuy oscK raw uMiin will nwn 44.4 nur ,ntii>in,toH " cash. 


terday to answer a'.'bench 
rrant issued after he failed to 


p._, -- ._ , .. a apisiv-c-u J"-. - (i.uuu nuibu "cic UIKli 

ck ragr ... -; v _ American group will own 44.4 per anticipated." 

GULF- OIL has awarded.-* ee^ °* Wilkinson, and. not Allegheny had earlier made it 


cash. 

The management changes pro- 


:ord fee. , ^ v Review Page 25 . ... 

lin Cowdrey, form.efir England- ^ ., DW1VS 

eket captain, ha^ teen robbed tB BRITISH A1RWA\ S pre 

. r .. .J,.. --u-^ .k, «ha mna WMltlH 


wuuuu, um iresu — ——-. . ._ 

all the silver he wou'-io hiS profits^for the “J^r^^lWilWnaon equity. 

ihA December drooped sharply as*] wiitincnn line 


have to be voted in favour- It with the added prospect of the c ? n company, will become 
LL Is estimated that institutions hold deal beine re-examined hy the director of Wilkinson, 
g at least 30 per ceot: of the full Take-Over Panel. The Panel’s Full details of the revised pro-1 


(Ml UKT OJITVL. Ut .wvy PJ■ • 1 . _ - . h - «i. b 

-year career. Thies& tttok lhe..Pep?mber dropped sharply Wilkinson 

ipbies. worth .flionsands -of 1 oi indusmal *22»ir?E tBrms have 


has said that the clearance. 


executive had earlier given P osa!s wil1 ** contained in 


document lo be 


been adjusted down- • Allegheny's interest in Wilkin- shareholders in a fortnight. 


ipiJJCS. »ufiy • .winuouus.- HUmuih h^iwiuu un't - ... -'.imu- 

unds,- from his Suitcy home, to f v m *K ^ piWI r^'jwrds because True Temper, son Match started with the pur- 


□nus,- iroiu- .juiicj-uumi- ... , 

;«p. hf *■■■**■ ^- 

ghting broke oui tetween anti- • HT has recorded its 
.oodspori protestors anff specta- sales and earnings in its 57-yete 
4 :.*rs at Altcar hare- coursing history in 1877 with income-or 
' feting near Liverpool. , $562ni. Page 22 ; . .. V 


Lex Back Page 


CONTENTS OF TO-DAY'S ISSUE 



\Jseting near Liverpool., 

o'----" -*!r. . '.'• 


' f HIEF PRICE CHAISES YESTERDAY 

ta 11 r 

• Royal Jhts. - 3Su t. 


European news-- 

2 & 3 

Technical page ... 

. 12 

Inti. Companies . 

22-23 

American news .. 

4 

Management page 

.. 13 

Euromarkets . 

.. 22 

Overseas news.. 

... 4 

Arts page.. 

... 15 

Wall Street.. 

... 26 

World trade news. 

. . Si ? 

Leader page .. 

. 16 

Foreign Exchanges . 

... 2fi 

—labour . 

... 9 

U.K. Companies .. 

.... 18,26,21 

Farming, raw materials 

... 27 

. —Parliament 

... R 

Mining .. 

. 21 

U.K, stork market . 

.... 28 


oDjecuve oarn source tor tne wiKie or 

NorthfetEDdand 


avtm juq. ...rrr -, i... 

Scot. Agric. Inds, ...... 20* + T-; 


FEATURES 


Question of technology ... 3 
The EEC Commission 1 ;; 

industrial policy. 2 

Ethiopia; The conflict with¬ 
out and within . 4 


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KUROPEASS N£WS 


Economic dilemma faces Andreotti 


BY DOMINICK J. COYLE 


ROSIE, Feb. 9. 


Portuguese 
talks with 


THE QUALIFIED optimism here 
that Sig. GiuJio Andreotti, Italy's 
Prime Minister-designate, may be 
able to find an early, if tempor¬ 
ary, solution to the country’s 
political crisis, cloaks a number 
of pressing economic issues 
wbicb remain to be resolved. 

In essence, no budget has been 
agreed yet for the current year 
between the various political 
forces, and the projected 
enlarged public sector deficit for 
197S remains far outside the 
limits agreed with the Inter¬ 
national Monetary Fund. A fund 
miction to review the terms and 
undertakings incorporated in 
Italy's letter of intent to the 
IMF last April is scheduled to 
visit Rome within the nest few 
weeks. 

There is also the continuing 
disagreement on the growth 


target for 1978. The proposal of 
the minority Christian Democrat 
Government before its resigna¬ 
tion last month was to aim at a 
maximum of 3 per cent, but this 
has been rejected both by the 
national employer organisation, 
Confindustria, and by the trade 
unions. 

They are now pressing for a 
target of up to 41 per cent to 
reverse the recession and make 
some inroads on the country's 
mounting unemployment 

However, many independent 
analysts support the publicly- 
stated position of the Bank of 
Italy that a growth rate In 
excess of 3 per cent over the 
next few years—assuming no 
basic change in the trend of 
labour costs and Italy's import 
requirements—can be achieved 
only at the cost of a renewed 
balance of payments crisis and 
further undermining of the 
exchange rate. 


Most big labour contracts are 
due for renegotiation this year 
and despite some recent 
moderation in the trend of price 
inflation, and consequently some 
relative improvement in the cost 
of the country's inflationary 
system of wage indexation, the 
unions’ rank-and-file membership 
still sounds militant. 


Italy's Communist Party has 
now climbed-down from its open 
demand for direct participation 
in the next Italian Government, 
agreeing instead to support in 
parliament with other opposition 
parties an “ emergency plan " to 
be executed by a new minority 
government, again under Sig. 
Andreotti. But the parly is 
Insisting on being accepted by 
the long-ruling Christian Demo¬ 
crats as part of an open, and 
explicit parliamentary majority 
—but not in the government as 
such. 


The Christian Democrats' par- i 
liamentary party was meeting! 
here to-night to see if such a i 
formula, ambiguous though it; 
would be, could be acceptable to | 
them, since it most entail in- j 
creased prestige nationally fDri 
the Communists, as well as an 
enhanced presence in parlia¬ 
ment itself—at least in terms of 
direct influence over -policy. 

What Sig. Andreotti has in 
mind, whatever the misgivings 
of many members of bis own 

party, is to find a formula—per¬ 
haps as much of words as any¬ 
thing else—to keep the Commun- \ 
ist Party out of the direct; 
governing process while ensur¬ 
ing that tbe Communists are 
associated explicitly with the 
range of tough economic deci¬ 
sions which Italy faces whenever 
the new government is formed. | 
and whatever its ultimate shape; 
and parliamentary line-up i 


IMF in 
Washington 


i • 


hold talks next 




BY OUR OWN CORRESPONDENT; 


ATHENS,-FefcS. ’ 


By jimmy' Bums 


Strike cripples 
Spain’s biggest 
colliery group 


French Left divided on tactics 


BY ROBERT MAUTHNER 


PARIS, Feb. 9. 


About 24,000 Asturian miners 
went o nstrike in the state-owned 
coal mines of Northern Spain 
yesterday to press for an across- 
the-board wage increase of 
Pls.D.dOO ($105), Reuter reports 
from Orviedo. The 24-hour strike 
at the Hunosa Mines completely 
paralysed Spain's largest colliery' 
group in the most important 
stoppage in the Asturian mines 
since a month Df sporadic strikes 
In 1968. The unprofitable 
Asturian mines produce SO per 
cent ,of Spain's coaL 


! THE FRENCH Socialist and 
Communist Parties, whose lead 
In the public opinion polls has 
been marginally reduced, remain 
at odds over their joint electoral 
tactics. There now seems little 
prospect that they will agree on 
a common Government pro¬ 
gramme. before the results of the 
General Election are known on 
[March 19. 

At a meeting last night, the 


executive committee of the 
Socialist Party rejected a pro¬ 
posal by the Communist leader, 
-mi pamnsai aq pinoqs amorcjS 
M. Georges March a is. that 
negotiations on tbe common pro- 
mediately or at the latest after 
the first round of the election. 

The Socialists consider that 
any attempt to hurry through the 
Common programme at this 
stage would be interpreted as 
pure electioneering by the voters. 


But they do not entirely rule out; 
some kind of common declaration! 
between the two rounds of vot-| 
ing, expressing the parties' inten-i 
tion to form a Government if 
they win a parliamentary ■ 
majority. | 

The Socialists are convinced j 
they will be in a much stronger ■ 
position to Impose their views on! 
tbe Communsts once the final * 
results of the election have been.1 
announced. i 


LISBON, Feb. 9. 

A THREE-HA V team from the 
Bank .of Portugal and the 
Ministry df Finance and Plan¬ 
ning is in Washington to 
finalise arrangements for the 
resumption of negotiations with 
the International Monetary 
Fund (IMF) for a 3750m. loan. 

The visit would suggest- that 

despite the parliamentary 

motion of rejection faring the 
new government programme, 
the administration is fairly 
confident of a vote of confi¬ 
dence this weekend. 

By recognising tbe need to 
reduce the country's crippling 
balance of payments deficit, 
now standing at ahom Sl-3bn- 
the programme presented to 
Parliament last week, provides 
a firm foundation for resump¬ 
tion of talks with the 1>1F. 

It stresses, however, that in 
future negotiations with the 
Fond, the Interests of Portu¬ 
gal will be staunchly defended, 
noting that an excessively 
deflationary programme could 
eventually lead to a “vicious 
circle of stagnation.” It also 
points out the dangers of a 
rapid reduction of imports to 
ease the trade deficit, and 
admits the impossibility oF a 
short-term increase in Imports. 

It is expected that points 
such as these will begin to be 
thrashed out in Washington 
this week in preparation for 
the visit of the IMF team to 
Lisbon next month. 


! MR. CONSTANTINE Karamanli^; 
the Greek Prime Minister, has. 
agreed to meet bis . Turkish 
counterpart, Mr. Bnlent. Ecevit, 
next month to discuss. problems 
dividing Greece and Turkey. 

In a message to Mr. Ecevit, 
the text of which was released 
j today, Mr. Karatnanlis said he 
had no objection to a meeting 
{which would provide "an oppor- 
I hinity to reaffirm the two 
{ governments’ desire to find just 
'and reasonable solutions to the 
jCypras issue and disputes over 
■ territorial rights in tbe Aegean, 
j Sea. 

| In his letter to Mr. RarproanUs 
‘sent earlier this month Mr. 
iEcerit suggested initial talks, 

! without any rigid agenda, wbicb 
would establish a climate of con- 
, fidence between the. two. .-coira-: 
; tries. 

1 The: issues dividing the two 
i neighbours have twice brought 
itbem close to war in the last 
j three years and the result has. 
; been a devastating arms -race 
which is crippling ' their; 
economies. 

Tbe success of the summit be¬ 
tween the two Prime Ministers 
; will depend a lot on the Turkish 
| proposals To be submitted by .the' 
rend of this month on the terri¬ 
torial and constitutional aspects 


:of the Cyprus issue." .-., 

Greek and Turkish experts are 
also due to .meet in Paris on 
February 12 to resume their talks 
on the delineation, of .the Con¬ 
tinental shelf in' the Aegean. The 
experts are studying International 
agreements and, are trying - to 
work out how: these :can he 
applied in the Aegean, dotted as 
it is by Greek Islands, many of 
which lie close-.to the Turkish 
Anatolian coast. '• - 1. 

- -Our Nicosia Correspondent 
adds: The Turkish side . to-day 
-started work on the. drafting: of 
its constitutional proposals.£ot\a 
Cyprus settlement hat the indi¬ 
cations are that these will merely 
be a “rehash" of theTurtrisb 
plan for “ federation Jby evolu¬ 
tion " pat forward .at"".the last 
round of Jmtercomnmnal talks in 
Vienna in April last year-!. ’ 

The head /hi the -.Turkish 
Cypriot administration. Mr. Rauf 
Denktash. chaired a meeting-df 
officials to discuss' the. draft- pro¬ 
posals. Present to assist the" 
.Turkish Cypriots were Professor 
Humtaz SoysaV a Turkish eot*r 
stitutional expert and Mr. Turgot- 
To lumen, director" of the Greek 
and Cyprus affairs department of 
the Turkish -Foreign". Ministry, 
who arrived in northern Cyprus 
yesterday. 


Prof. Soysal has' said thatt* 
Turkish proposals wifi not sb 
at the immediate creation of 
fully-fledged federation, but-wi 
"*■ leave this to evolution" ^ 
the years.-... v. 1 >: 

A Cyprus Gcyeriunept office 
described, thisias a. “con^tj 
tlohal . paradox “ and > recall 
-that'when a'; suniiar pbn^ 
presented at the Vienna trite & 
AprH it -- Was Immediately to 

jetaed bytbe Greek Cypriot*** 
and thesettie.me n t talks endefli 
deadlock..v,; : - - ;??** 

Greek Cypriots see -TutfcU 

ideas aa&de ration =as amoHn& 
to a disguised- fora^f paettfite 
since there .would b£ two-npa 
ate states loosely-baked; tpgethi 

-with A- -“symbolic” 

government which would haves 
newer - to% prevent a-c ampim 
break- vof -rthe; two sectors ri 
future. to • litoral* 7 ? 

, The.- Turkish proposals^ as 
others- oo- the: territorial: asfct 
of the probEeoiiTare, expected-* 
bftcam^yedtotbeGreek Cyjjrft 
aide it Tbe bud of.;this mopt 
: or -lii>'eariy ''Mi riflt. -.w. 

• Serireiary-GetieraL- ■-Dr. j -- 'Rh*. 
WaWhetoL • wiU>‘tiwn .v-dade- 
.whether -thc&v.primde a- fib 
ground F&.rafifemtiig; the 'Stalls 
peace talks ^betireen the- tw. 
communities ander his ausp ices ‘ 


Iceland moves to cut inflalxon 


OECD price rises ease 


BY DAVID WHITE 


Madrid demonstration 


Riot police fired rubber bullets 
and smoke bombs to break up a 
demonstration last night by about 
2.000 people protesting against 
the racking of a worker from a 
factory in the industrial suburb 
of Getafe. Reuter reports from 
Madrid. Demonstrators barri¬ 
caded the street with cars and 
pelted the police with stones. 
T'-.o polio--men were injured in 
tbe clashes. 


THE SLOWING down of inflation 
in the second half of last year 
was reflected in consumer price 
figures released to-day by the 
Organisation for Economic 
Co-operation and Development 
(OECD). 


PARIS. Feb. 9. 


Ireland stoppage 


Ireland's telephones and Telex 
strike yesterday went into its 
third day with warnings from the 
Republic's leading export organi¬ 
sation that the chaos is crippling 
export business. Giles Merritt 
reports from Dublin. 

The president of the Irish Ex¬ 
porters' Association warned that 
losses of Elm. a day could be 
attributed to the strike 


The 12-months end figure For 
tbe 24 member countries to the 
end of December last year was 
S.3 per cent, up on the year 
earlier, down from the 1976-1977 
rise of 8.9 per cent. In the 
second half of tbe year both 
unadjusted nd aasonally 
adjusted figures show an increase 
of about '6 per cent., after reach¬ 
ing a peak of 11 per cent, in the 
earlv party of the year. 

Narrowing gaps with the 
inflation rates of different coun¬ 
tries shows the success of 
higher-inflation countries, in 
bringing down their rate of 
nominal wage increases, the 
OECD said. 

The pattern reflected the 
severe winter last year in North 


America, coinciding with soaring 
tropical beverage prices and a 
rally in other non-oil coramovty 
prices, the OECD said. The end¬ 
ing of these special factors, in 
conjunction with sluggish de¬ 
mand. led to sharp declines in 
spot commodity prices. 

These were particularly pro¬ 
nounced for coffee, with falls of 
up to 50 per cent., and other 
tropical beverages. The decline 
in other non-oil commodities 
ranged from 10-15 per cent., the 
OECD said. 


Switzerland aliens 


The resident foreign population 
of Switzerland fell to the lowest 
level for ten years in 1977. writes 
John Wicks in Zurich. Excluding 
officials of international organisa¬ 
tions, the figure was 932,743. nr 
less than 15 per cent, of the total 
population. This compares with a 
peak of 1.06m. resident foreigners 
at the end of 1974. 


A vital question mark hanging j 
over .the election is whether { 
Communist candidates will I 
stand down in favour of Socialist! 
candidates in constituencies 
where the latter are in the lead 
after the first round. The out¬ 
come of the election depends on 
their willingness to do so. since 
no-one believes the Left ran win 
if Socialists and Communists 
are still running against each' 
other in the final round. 

Though the Socialists have 
announced that they will with¬ 
draw in favour of leading Com¬ 
munist candidates whatever 
happens, the Communists have 
so far refused to give a similar 
undertaking. j 

Meanwhile, a public opinion j 
poll published by the Paris news¬ 
paper Le Figaro to-day indicates, 
a slight gain by the Government | 
coalition parties. While the Left | 
still has a substantial combined 
lead, its support dropped from | 
51 per cent, in January, to 50 per | 
cent, on February 3. compared 
with a rise from 44 to 45 per 
cent, of those intending to vote 
for the Coalition parties in the 
first round. , ' 


BY jON MAGNU5SON 


IK, Feb. $. 


Cutback urged 
in Swedish 


fibreboard 


By William Dullforee 


The Cologne International Hardware, 
Housewares and Domestic Appliances Fairs. 


From Feb. 15-21 
Midland Bank will be taking 
care of business in Cologne. 


STOCKHOLM, Feb. 9. 
THE SWEDISH wood fibre- 
board industry must reduce 
capacity by more than 40 per 
cent. Four factories will have 
to close before 1980 and 
approximately a third of the 
2,600 labour force faces redun¬ 
dancy. On the hard board side, 
capacity will have to be halved. 

These are the main conclu¬ 
sions of the Government- 
appointed investigator Into the 
industry, Mr. Johan Aaker- 
man. The industry has been 
using only about 70 per cent, 
capacity and has been running 
at a loss for the past three 
years. Last year's loss is esti¬ 
mated to have been about 
S.Kr.4am. (fan.). 

Among the causes Is the 
decline in Swedfrii house¬ 
building and growing competi¬ 
tion on export markets from 
Southern Europe and South 
America. 

Mr. Aakerman calculates 
that Swedish factories will be 
able to sell no more than 
380.000-410,000 tonnes a year, 
of which a maximum of 100.000 
tonnes could be placed abroad. 
These figures compare with a 
capacity of 680,000 tonnes. 

He recommends a re-distri- 
hntion of products among 
factories but proposes that four 
should cease hardboard pro¬ 
duction. 

Meanwhile, Mr. Nils Aasllng, 
the Industry Minister, said 
yesterday his Ministry needed 
more time to consider the 
future of Swedish shipyards. 
The report to Parliament 
scheduled for this month would 
he postponed until June. The 
Government is expected to 
recommend the closure of one 
or two more yards. 


THE 13 per cent, devaluation of 
tbe Icelandic krona is the first 
of a series of economic measures 
taken by tbe Rigfat-of-Centre 
coalition Government to try to 
reduce the country’s runaway 
inflation. 

Foreign' currency dealings to 
Icelandic banks will start again 
to-morrow. The Central Bank 
stopped all such dealings more 
than a week ago: 

Mr. Geir Hallgrimsson. the 
Prime Minister, introduced in 
tbe Althing (Parliament) yester¬ 
day new anti-inflation measures 
They are expected to become 
law to-day or to-morrow. 


. Government economists:, claim 
-the new measures wjll cut .the 
inflation rate by 5. per cent. It 
stood at 35 per cenL at the.end. 
of 1977 and it' was estimated 
that it would reach 45 per; cent, 
by this August if . nothing.-was 
done to turn the-tide.: \ 

When-the foreign cartency 
dealings start again to-morrow, 
the value of the' dollar willj he 
IKr.254 compared to 220 before 
the devaluation! . .'v " i- 

The value: of the-ppund frill be 
approximately* 'T.KrAfilJi the 
D-mark will be I.Kr 120t : -and the 
French franc LKr.52. . - : 

.. .The causes'of the enormous 


. •• i J V-s" •' •' i 

economic' difficulties: fer h fa iofli 
non-pro^eJ.-cetaitry.’ inMude tH- 
60 to 80 p« cent.-wage iacreas 
last. year, -antf toe 13 per em 
Increase to.\ fish pnees -t- 
Jannary. ‘whkS has- made : fct 
Handle fish exports imeompetitin 
op foreign . markets - 
■ ' Fish ‘ f exports; " are Iceland*. 
main . fWergtt currency .-earner 
and the. suporting pIDar"of Or 
couritfy's' economy. - Ttier.flsl. 
industry cofiid nor meet toe sw*. 
increasing-wagra and still staj 
eotppetttivei-and after fish mace 
were Increased-TastmontiC every 
one realised -that devataaboa w® 
inevitable, i 1 -• • ■ •• _s -■•;| T ‘ 7 


THE FOUR POWERS IN BERLIN 


Soviets publish protest notes 


BY LESLIE COUTT 


BERLIN, Feb. IP - 


THE SOVIET UNION has .taken 
the unusual step of publishing 
the diplomatic protests it Issued 
during the past ffve years-to the. 
■three Western” Allies to - Berlin 
on alleged violations of the 1972 
Four Power Agreement 

The three Western Powers-y 
the U.S., UJv and France—are 
studyine the 365-page publica¬ 
tion. which was Issued jointly 
by tbe state publishing bouses 
of the Soviet Union and East 
Germany. It is entitled The 
Quadripartite Agreement on 
West Berlin and contains East 
German protests over alleged 
West German violations of the 
Four Power Berlin Accord. As 
East Germany is not one of tbe 
signatories of tbe Berlin agree¬ 
ment Western diplomats see this 
as a further attempt to upgrade 
the East German role. 

Western officials here say the 
Soviets are probably trying to 
confuse the West about Mos¬ 
cow's motives in releasing the 
spxts at this time. One West 
< Berlin commentator, hnwever: 


darkly predicted that - Moscow 7 cow-.flatly rejected tbe Westra:'- 
may be writing up-to "demands protest note; saying that the'suV 


Itshed. iD toe collection to one, : AUfed -offfrials : %ere note thrti 
made to the Allies_in July 1972,-.tbe Soviet, publication has bra 
only a ■ month after tbe foor preceded by X steady Increasefn j 
foreign ministers signed . Tbe.the number .of Soviet .military! 
^erito agreement. It took issue patrolsto West Berlin. AUhoosli; 
with .West : German plans , to/the: Western aHies .hare always^ 
ertend an internation al a gree-.-, sent ■ dally, military patrols to* 
ment op the rescue Of.-aatronauts "East Berlin-fo underline' oo€ - • 
to cover West Berlin. The book the. remaining rights they still 
shows that since then the Soviets exererse there: the Soviets until 
have issued about 20; protests-a: recentiy refrained from , this- - 
year.-. ■ practice in West ^Berlin. 1 No*, 

The only Western protest in however, Soviet military cars . 
the Soviet book is one-delivered vrith five soldiers , to. a vehicle,, 
on January II last year- by the crisscross tbrobgb West Beriic ;• 
three- Allied"Embassies- ■ in eaday. *. . r . : \-- 

Moscow. It sharply.criticised East . Although 'the Western allies' 
Germany’s introduction of visajfhere-CTty T thejrare :thAt-- 

for foreigners 1 entering: East the Soviet. Stolon is utiltstng to . 
Berlin-from West Berlin, arguing . Four Power ' rights * in Berlta:- 
Umt thtoptoced'Blast GermSny on'there ’b . some 5 suspiciira'..the- 
tbe same level as West Germany Soviets rttlsht be seeking totoC. 
Thfr.-Western .‘.alties -said tha -courase -an- .incident InMrint- 
amounted'to■-“■ an -alteration in Its military patfoV-that.,wedia- 
the status of Greater Berlin ” arid -enable Morrow to demand an>riB: r ' 
thus Wax 11 a .violation of the to Western-miUtary—vebidef. 
quadripartite- agreement ” -Mcm. enterine East .Beriin. ' 






P - ■■■’ ■; l If your business is buying or 

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or domestic appliances then 
f WmmsZ iZ: i Midland Bank will have a man 
1 in Cologne who can help with 

^ your export finance, Malcolm 

MacLean, of the Panel for 
Overseas Trade Development, 
will be there from Feb. 15-21 to 
help make your trip a profitable one. 

If the occasion arises where you think you 
could use a little friendly, free advice, talk to him. 

He’ll be staying at Hotel Koenigshof, Aden- 
auerallee, Bonn. Tel: 6318 31. Telex: 886535. ■ 
If you’d like a word withMr MacLean before 
he leaves London, feel free to call him at 
01-606 9944 on extension 4216. 




Air Canada: Right Answer No 2 




’.>■ • .IT.J lW .„ .J 




MrM.M. MacLfcm, 

Fuel for O veneas Trade Development. 
International Division. 


tou need a fast, 
But direct services are 


- • ,l T; ~ X-V.-' 




v ; i 




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London and Prestwick via Toronto. Quick, 
too. Flights are overnight, and there are 13' 
flights a week. Your skateboards could beon- 
the streets of Britain within days. . ' 


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itgo ttadoog- 
eaf^ir .§ecvice can^ 

akt.tbihe UX io- 









Midland Bank International 


•••• 


M Ml wul B^n lr T . imitrt d;Ia tom ntiooalDivBioxt,fi0Gia e5 ch ur diSgeet > LQOtlooEC3P3K | l.Id;(ar6069944. 


••••1 


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Only Air Canada flies direct to Canada’s eight! 
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That’s not alL Air Canada’s ACCESS com-. 






v : i 























3 




>. s.- 

ft' J' 





viiS-j 


Financial-Times TriSay-FeSruary-10 1978 


L-l ROP] AN iNEWS 



EC COMMlSSiON’S: (NPUSTRIAL POLICY 

uccess 



fcv..- 


% 


‘lame ducks 
ould promote larger role 


r EUROPEAN Commission 

■ r : .; s long had ambitioos to pro- 

:..n* ®*® a European - industrial 

until recently’ll had 
. ;tie success- in - persuading 
-I*.. filler governments or industry 
-accept its role in this field. 
;/_->- ; Jv.ie recession has forced every- 
' ■ ■ ■ -r.idy's hand, however, and the 
’ - ■ . Wmi&bioD has been virtually 

• iliged, as a result of pro- 
ctioni st pressures, to pursue a 

• are active part jn dealing with 
. *e - problems of threatened in- 

’ --.v'tstrial sectors. 

■ ' However, the Commission's 

abltions do- not stop there. 

• r : 'ft/wa the Industry Commissioner, 

• scount Etienne Davignon, 

-.- ' wn wards, EEC officials esprfess 

e hope that if they-can win the 
* ... sped of the member states in 
-' ' - :.- ^’aHns with the. “lame duck" 
then they may he trusted 
carry ahead with some 
> t t .. l 'ierifihed but long-thwarted pro- 
.'. : ‘ = ’;r.-U cls in aerospace and com- 
- : liters, and other sectors where 
^••rr ... ; ®y feel there is some prospect 
»,; T - growth. 

"•:? VTbe EEC Industry Directorate 
'is been musing along these 
since mid-1977. It was the 
—- EC Heads of Government who 

• their Brussels summit last 

Itoi] .^cember—perhaps to .relieve 

gloom on every other front 
***U(|[lgave it the spur by asking the 
Snrmlssion to report to the July 
; -^78 summit on " growth sectors." 
:, 'ne Industry Directorate, has 
, mped at the chance of being 

•-^ .sociated for a change with 
v: -jVossible industrial "winners." , 

7 ; ;>^.Thc new spirit of the - Industry' 

-. jrertorate derives much from 
v.-s’ ,ie buoyant activism of Viscount 
.r ",,,'arignon. Its Director General, 

. i.-r, r. Fernand Braun, says this is 
r ...'./-fleeted in a recent flood of 

r .. '^plications from other Commis- 

.. r ““ on services to fill new posts in 
■ ? 'ie 130-man industrial policy 
■'•"■apartment... 

... --But what are the chances of 
- : ~ - -/(♦? Commission getting the prob- 
' /c.m industries to put their 
, j spective bouses in order? The 

- " '“ i : : -. : njssels view is that while these 

’ Vidus tries are clearly too 

nportanf to be allowed to die. 

-- iey need to readjust to their 

langed circumstances so that 
■me time in future they can 
art paying their way again in 
le European market economy. 

^ A » The Commission sees itself as 
% • Hflfiying to stop member govem- 
w Intents, and companies, too. from 
irowing good money after bad. 
r-id from attempting. Canute-like, 
~i delay this adjustment, 
ationol Governments, can of 

- f '■ >nurse reply that it. is ail very 
. : ■ t ..'.ell unelected Eurocrats preaefc- 

• ■/ v.ig in- this rational vein, hut 

iey do not have to face elections 
. ade less winnable•* by plant 
; .i osures and high unemployment: 

.rhe present Commission belief 

that it will earn the thanks 
. 7. . ? the member States in the long 
. in. 

• If Commission estimates are 

nything to go by. the scale of 
: ic necessary readjustments is 
" onsiderable- When the Gommis- 
' on publishes its revised 
" general objectives” for EEC 
• . ■" :eel up. to 1985, ejected in 
’ ".pril, it will have to_put some 
‘ gures on. its predictions. But 
■ " : l, Davignon has warned that 
- . . r 00.000 jobs of the present 

- 30,000 workforce are in danger, 
'reduction capacity, already 

-' reriously underused, may rise 
’. „ . .-'ver -210m. tonnes a year by 

. -980, according to recent invest- 

aent surveys, "while total EEC 
-•tee! demand may not be more 
.. han 130m. tonnes in that year 
. .-.‘Ith another 15m. tonnes io net 
... . -xports. - - 

. .1 - For shipbuilding, the estimate 

i more precise “and" brutal—a 
eduction in tonnage built in the 
'.EC yards by 1980 of. 46 per cent, 
rom ’ the admittedly good year 
f 1975. In addition, rhe.present 
'65,000 strong EEC shipbuilding 
.•orkforce will fall by 75.000 by 
he same year, with a posable 
Joss of 30.000 jobs in..related 
fetors. In synthetic .fibres—not 
■ j wi decline, but - temporarily 
> r hreatened by overcapacity—the 
lommission reckons that even if 
io more plants are opened, there 
'til) will be surplus capacity in 
981. 

The economical and political 
oosequences will be painful. To 
•el the member states to.accept 
hem. the Commission .has pro¬ 
posed using its treaty powers 
Thunder the Treaty or Paris for 
reel, and the Treaty of Rome 
nr other sectors) to forbid 
.tate aids and deny Community 
noncy to any expansion projects 
vhere there is no corresponding 
;losure of capacity or " restruc- 
.-uring plans." 

L That is the public threat, in 
-aflf (practice the Commission _ has 
OSS’** wisely tended to use the private 
irts of persuasion (coupled with 
ihe promised carrot of EEC 


«T DAVID BUCHAN IN BRUSSELS 

.interest rate-subsidies for com¬ 
panies that-play the game ac¬ 
cording "to Brussels rules i. The 
result'that. sa far, is that there 
have been no great .victories or 
defeats.' ' 7’ 

' Ip the three: particular c^*cs 
in which ! the Commission ha.s 
objected to steel capacity expan¬ 
sion. a new Italsider projeei m 

Calabria has been held up jusr 
as much “hv: the governmental 
crisis in Italy, the future of the 
Port -Talbot'^expansion has in 
any .case been thrown into doubt 
-by - the British r Steel. Corpora¬ 
tion's financial crisis, and an 



L- 


jStil# 

Jets- 


Ministers 
to meet in 
Copenhagen 

By ttifary Barnes ' 

COPENHAGEN, Feb. 9. 
DANISH PRIME Minister 
Anker Joergensen to-day scut 
a letter to President Sadat or 
Egypt op behalf of the EEC! 
countries, Mr. K.' JB. Ander¬ 
sen. the Foreign Minister, an¬ 
nounced at a news" conference 
here to-day. 

Although Mr. -Andersen 
would not reveal its. con ten is. 
he said that the Middle East 
would be one of the topics to 
be discussed af the one-day 
meeting of the EEC's Foreign 
Ministers, which is. to be held 
in Copenhagen on Tuesday. He 
said It-.was unlikely the 
Foreign Ministers -would make 
any initiatives oil. the Middle 
East or issue a new EEC de¬ 
claration. -. 

Mr. Joergensen's letter is in 
reply to that written to Ihe 
EEC by Mr. Sadat on Decem¬ 
ber 27. 

Mr. Andersen announced that 
during the period of Den¬ 
mark's EEC chairmanship he 
will visit Japan on'behalf of 
the EEC to stress the import¬ 
ance attached to improve trade 
relations. Trade >iU not be 
discussed at Tuesday's meet¬ 
ing. ■ 

The other two. maht issues 
for next week’s meeting will 
be the Belgrade conference on 
security and co-operation in 
Europe and Africa. The 
Foreign. Ministers are expec¬ 
ted to discuss their attitude to 
a dosing document frpm the 
Belgrade conference, if indeed 
any agreement cap he reached 
on. one. - -h 

. The situation br/tbs Bom 
of - Africa, Rhodesia . and 
Namibia are also expected to 
be raised at the- meeting. 

Irish steel plant expansion is 
still the .subject of argument 
between Dublin and Brussels. 

In shipbuilding, the test case 
has yet to .emerge. M. Davignon 
has said ihe Commission would 
not allow a repetition of the 
U.K. Government subsidy used 
to win/the - controversial Polish 
ships J order for its newly 
nationalised yards. In the petro¬ 
leum ■. refining industry—again 
far-from being in long term de¬ 
cline. but with a present over¬ 
hang of excess capacity—the 
Commission is. thinking- of ask¬ 
ing member states to refrain 
From aiding-any expansion for 
a period of two years. But until 
it actually does so, it avoids any 
stand-up fight with Britain, 
which has every intention of ex¬ 
panding its refineries to process 
more of its North Sea oil. 

In synthetic fibres, the Com¬ 
mission may be near achieving 
its aim. .Last year it asked 
Governments not to aid capacity 
expansion for two years. Having 
got a favourable reaction from 
most of- them, it has now started 
talking to .the 13 major bom- 
patties in the European market— 
MOntefifare and three smaller 
Italian • companies, Rhone 
Poulenc of France, Bayer and 
Hoecfist of West Germany/TCI 
and Courtaulds of the U.K., Akzo 
of Holland. Fabelta of Belgium 
and, interestingly, Monsanto and 
Dupont of the U.S. It wants them 
to Freeze their capacity J at 
September, 1977, levels, a 
request that aU but the Italians 
are prepared to agree to. • ’" 

Both the Italian Government 
and- industry (mostly, state- 
owned) argue that Italy entered 
synthetic fibres later than other 
EEC Slates and that therefore 
it is unfair to ask it to make 
equal sacrifices with the rest 
Other member states make the 
same historical argument; jn 
different sectors. 


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The Commission response is 
fb*l effective solutions to sec- 
loral crises - will require a 
icmpoiary interruption in the* 
natural redistribution process 
within ihe Community, such as 
tiie shift of European refining 

towards its major oil producer. 
Britain, or the industrialisation 
of ihp EEC’s poorer regions such 
as the growth of the infant Irish 
mcc! industry. There is also the 
political point that exceptions 
for one member stale have a wa> 
of heconun” exceptions for all 
nine. 

It i* hard to deny the Commis¬ 
sion a role in these problem 
sectors, particularly if it plays 
its cards right and relies more on 
persuasion than on the legal 
nastiness of its treaty powers. 
Why not let Brussels carry the 
can for unpopular, hut necessary 
decisions? But assuming that 
(he Commission conics out of all 
this, with a measure of credit 
and its "crisis management 
skills." well honed, dnr.s ii have a 
part to play in other sectors of 
industry ? 

In sectors where there is no 
immediate crisis, few see the 
need for Brussels to meddle. 
One illustration was ihe an¬ 
nouncement by the Commission 
in laic 1976 that it would make 
n major study into the EEC car 
industry, arguing lhat by Ihe 
early lP-SOs European car makers 
might he faced with a saturated 
home market and greater com¬ 
petition abroad. The study has 
go; nowhere, with the industry 
rlaimmg that the Commission 
was ton pessimistic and lhat 
Brussels man-hours would he 
oeiter devoted to more pressing 
matters. 

There is another range of 
industries m which the Commis¬ 
sion has already slaked a claim. 
It is the science-based sector— 
nuclear energy, aircraft and 
computers—where national 
means or markets are ton small 
to provide a viable base, and 
where development seems to 
make sense on a European level. 
Nuclear energy is special 
herause of the powers given the 
Commission under the Euratom 
treaty. Research carried out 
under the Community aegis is 
important. If- it were not so. 
Britain and its partners would 
noi have fought so tong nr so 
bitterly over the siting of tbe JET 
nuclear fusion project. 

In aerospace and computers. 
M. Davignon’s task is to undo 
the damage done by the propo¬ 
sals of bis predecessor in the 
EEC industry portfolio. Sig. 
Altiero Spmelli, and to get 
member governments to suspend 
their present disbelief that the 
Commission can make a practi¬ 
cal contribution. 

The Commission still wants 
the Community to have a direct 
role, but has scaled down its 
ambitions since the SpinelLi days. 
Following earlier studies-on com¬ 
puterised legal document re¬ 
trieval and a kidney matching 
bank, the Council of Ministers 
last summer agreed to the spend¬ 
ing of a small amount—less than 
2m. units of account over sev¬ 
eral years—on research into 
portable minicomputers, data 
protection and high speed com¬ 
munications. 

Nevertheless the Commission 
continues, harmlessly enough 
and maybe usefully, to extol the 
need for common aircraft pro¬ 
jects to succeed those entered 
into by various member states 
in the 1960s. Its present efforts 
centre on the Franco-German 
airbus, on trying to get Britain 
involved in it and on wooing 
ItaJy away from a rival Boeing 
project and into a widened air¬ 
bus programme. 

There are real problems here. 
which no amount of Commission 
exhortation may overcome. EEC 
officials concede that their role is 
the indirect one of prodding the 
parties concerned and cheering 
on the sidelines. But ihey feel 
they can usefully lend their 
weight to trying to broaden the 
potential market for the airbus 
(for which they see real com¬ 
mercial prospects)—both by 
getting the smaller EEC states 
to buy it and by promoting its 
sales abroad. 

' Trying to broaden the market 
and maximise the commercial 
return for companies with heavy 
research and development costs 
to cover seems a sensible, and 
indeed traditional, direction for 
Commission industrial policy to 
take. U is, for instance, the 
approach being laken towards 
the European telecommunica¬ 
tions industry, where the Com¬ 
mission is seeking no direct role, 
but is trying instead to promote 
discussions between Europe’s 
national PTT administrations on 
’harmonising future technology 
and persuading them to look 
beyond their national frontiers 
before deciding what to buy. 

Even EEC officials are pre¬ 
pared to admit that they face 
considerable obstacles already in 
trying to get proposals in a fast 
moving commercial area through 
a stow moving Council of 
Ministers. One instance cited is 
the 1975 plan for a European 
"real time*’ computer Language, 
for use in automated machinery, 
which after two years of council 
inaction had to be withdrawn 
when developments by the U.S. 
Department of Defense had over¬ 
taken it. 

" It is no business of civil 
servants to go picking winners 
either between sectors of indus¬ 
try or between products” says 
one British official- This is 
echoed by officials from other 
member states who feel tbe Com¬ 
mission should not try to put 
itself in the place of Europe’s 
industrialists. Clearly M. 
Davignon and his Industry Direc¬ 
torate face an uphill task, if they 
want to realise the full range of 
their ambitions. 


Schmidt coalition faces test on key issues 


BY JONATHAN CARR 

CHANCELLOR HELMUT 
Schmidt’s coalition Govern¬ 
ment is facing early tests on 
I wo key’Issues which have 
rome close to splitting it be¬ 
fore-—the future financing of 
pensions and the prevention of 
terrorism. 

If mishandled, either of these 
could bring severe difficulties 
for the .Social Demurrer iSPUr 
—Free Demucral (I'D Pi alli¬ 
ance. and conceivably even 
topple the Governmcot. 

At present, Herr Schmidt's 
sweeping Cabinet reshuffle last 

WHEN Herr Ruedigor Niemann, 
the director nf the West German 
Federation uf Newspaper Pub¬ 
lishers (BDZVi. told a Press 
conference here on Wednesday 
that he Feared Ihe development 
of " an English .situation " in the 
industry’s labour relations, tbe re 
were knowing nods all round. 
Yet the tension between printers 
and employers that has once 
mure flared up this week, stop¬ 
ping publication of L'l major 
morning newspapers yesterday, 
has long since passed ihe point 
where c*n« could say that Ger¬ 
many. so often seen as a model 
of gnud sense in industrial 
relations, has handlc-d a delicate 
issue any better than anyone 
else. 

Tbe issue is the introduction 
into newspapers, magazines and 
general printing of computerised, 
cold-type setting and composing 
technology io place nf hot 
metal. It has not proved easy 
to resolve in any country where 
a situation comparable to lhat 
in West Germany exist-.—the 
determination of craftsmen with 
skilled jobs under ihe hoi-meial 
process to hold on m their 
present levels of wages and iheir 
high status in spue of the aboli¬ 
tion of most uf the equipment 
they now work with and the 
introduction of the new 
technology. 

Serious talks be I v.-een the 
three employers’ federations and 
the unions began lute in 1975. 
These were followed in the 
spring of 1976 by a senes nf 
strikes over wages that both 
reflected the printers' concern at 
the long-term prospects and also 
did much to weaken the basis 
of trust 


week, bringing new faccc and 
removing some old'ones which 
had become a lialiilil) to Ihe 
coalition, appears to have won 
Widespread puhlic approval. 

But this cuuhl quickly dissi¬ 
pate if ihe 5PD-FDP allows it- 
seif the luxury of a I'lHiltniirU 
squabble on the pensions issue, 
ur fails tu «oic solidly behind 
proposed ami-terrorism 
measures due in emue before 
tbe Bundestag next Thursday. 
There is some danger that 
either nr hoih could happen. 

At stake on pensions is how 
(0 secure solid financing in an 


era of slower economic growth, 
t'ontribuiious to pensions funds 
have fatten with the economic 
crowlh rale and the increase 
in the number of unemployed. 

The Got crnmcnl is now faced 
wills the prospect of a huge 
deficit in the early l9SUs unless 
ii eiihcr cuts the increase in the 
animal payout, or raises contri¬ 
butions to pensions insurance 
or does a hit of both. 

The roalition partners have 
long been arguing over tbe 
solution. Leaders held a three- 
hour meeting on the topic 


BONN, Feb. 9. 

undrr Herr .Schmidt yesterday. 
No answer is palatable hut de¬ 
lay gives e»«-r greater scope to 
the opposition to play on the 
coalition's difficulties. 

It was the pensions issue 
which bedevilled the first days 
of the SPD-FIlP coalition fol¬ 
lowing the general election 

On terrorism, the Govern¬ 
ment is preparing to pul before 
Parliament a package of 
measures which Is insufficiently 
strong for tin- opposition and 
quite possibly roo tough for Ihe 
SPD’s left wing. 



PRINTING INDUSTRY DISPUTE 


A question of technology 


Negotiations began in Novem¬ 
ber, 1970. -nH continued unii! 
last month. During thi? time 
tbe empkiyi-r.*’ ,md union repie- 
scnlatue-. msn^-cd t«< work mil 
the main provi-ain- of an agree¬ 
ment thai might, had it been 
adopted. It.m- M-rved an 

example r.r.ih fi»r other in¬ 
dustries in We-t Germany 
threatened in* ie,-hnological 
change and fur other rminirie^ 
where the printing -ecior is 
tackling -iinilar m-nhloiuv. 

The final Mages ni this negotia¬ 
tion were marked lit a number 
of warning •'irire.s m mid- 
January. which hu h-ndin^ news¬ 
paper and iii;igj:ine printing 
plants. Herr Lconiwud Mahlein. 
president or l!i.Ju>-trie Gev.crk- 
schaft-Drin-k. un.l Papier, the 
Printers’ l : nmn. ikv.cn oed these 
at the Him- " m unavoidable 
spilling-uver uf " on ihe 

part of hi-. iiieink<-is in com¬ 
posing mum-. 

it ha- .Miivo k!*»»»ii-e *-i it La r r ■■»<— 
ingly .-lear mat H«-rr Mahlein 
and ht> eullva.'u-*s on IG-Driick'* 
national execimu- giavely under¬ 
estimated the Mrcnsih of these 
feelings. /•’»*/ in >r»/ie nf the 
fact that IG-Drikk. together w-iih 
reprct.cn tali-, e- of ilie jour¬ 
nalists’ union iDIVi and iwn 
unions representing while-collar, 
salaried m th** industry 

(the DAG and the HBVj. had 
given ik assent to the draft 


BY ADRIAN DICKS IN BONN 

agreement reached in the long 
negotiations, u w.is formally 
repudiated by ihe IG-Druck 
Icadersnip on January 31, 

At the same tune, the em¬ 
ployer- were invited in open 
fresh negotiations nn eight new 
point.-. aCieral of which iaccord¬ 
ing in the employers* Waders) 
v.ouid unravel the complex com¬ 
promise represented by the draft 
agn-i-men; of whi-.h lG-Druck 
itself was one uf the architects. 

On Wednesday, the e.upl 
denounced strongly this voile- 
face by the IG-Druck !e:dership. 
and declared that new negotia¬ 
tions bad no chance of success. 
They refused tu consider any 
form uf resumed talks ur.Jil the 
union'- *ei of fresh demand* v.a- 
•vithdrawn Pivrliel-r,l>. IG- 
Druck hji hack »y accusin', the 
employer-! uf seeking to wui«on 
toe siination, and by catling o/ 
members on warning airtue*’’ 
at st-lecii'd newspaper*. 

Ir? an olVulj) f’.aUruieni. ir.e I'j- 
Druck national executive :-!mi 
.-• aid the employers' ftrgani-aimn- 
had "constructed f^br.i; nf 
lies" over the negotiation? and 
over IG-Druck'> conduct —rnouch 
n did not reply specifically to the 
very dels tied account nf toe nnv 
eess and of the 1 i>Dr'.i*-k leaders' 
own behaviour provided by the 
employers. 

Although the employers' hard 
line is directed against Herr 


Mabiem and nn colleagues, they 
are m no (tount that it is prc.>- 
-ure from ihe rank and file tliai 
has made ihe union leaders Kick 
away from an .sreement lhat 10- 
\) ruck's own members* magazine 
described .i.- a "breakthrough." 

The heart of tbe nroblem 
appears to he unconditional 
insistence 1 >> many rank and file 
IG-Druck members that ihc> 
;«lnne shruiUl carry out setting, 
correcting and page composing 
work on the computer keyboard 
terminals and the TV screens. 
On the new equipment, these 
v.-iit replace the linotype 
machines and physical arrange¬ 
ment of type in formes of the 
present technology. 

Further, ihe union warns 
•tiisniuiely firm guarantees that 
ii will bo to control future 
entry mtu all me jobs concerned. 
..nd that ton p.bs thcmscivo,, i!l 
i-onlinut- to s «.- classified and paid 
jS craft jobs. 

The enipjoycr.s e»»mpan-< 'Jii-t 
o'. 11 in M-omfully to toe futile 
attempt? toe ratlwajoicn to 
in.-i.ti firemen on the fool plates 
of electric and they 

have warned the printers to*-: 
the package agreed last month 
must be taken or lefL as a whole. 
The package is. on any reckoning, 
a generous one. 

ft guarantees that n» ik tiled 
primer will lose his job and 
that IG-Druck members will have 


Chancellor Helmut Schmidt 


first choice of the jobs nf setting 
and com posing wnh the new 
equipment. Income* will he 

euarameed for a period nf yeais 

iin to present basic rates both for 
those who stay in The industry 
and for those who have to leave 

it. 

Bui what the printing 
employers have absolutely 
refused is the principle lhat the 
present power IG-Druck holds 
through its uiL-iiiIvors' craft status 
should he maintained perpetually 
The> want tu «c-c the setting and 
keybnrnd work under the new 
technology Formally designated 
.is a clerical riccupation. 

What has evuk.-itih. encouraged 
the employers to take a hard line 
nuw has been toe agreement of 
the DAG and the HGV. ;hc two 
clerical unions, tu sign the con¬ 
tract rejected b> IG-Druck. This 
would appear to open rhe way 
fur the Mailing of new. cold-type 
printing plants bj members of 
the«c two union.-, and fur the by- 
pa-sing uf IG-Druck. 

The DAG leadership, in a 
statement uf it-. t ,»n. bitterly 
aUari'cd IG-Dnick ;‘o>- -clfishty 
refusing tu i-narider the interests 
uf an;, group of worker- invoiced 
in the Inivlhy negotiations apart 
from ns own ineiiiberi. 

There is .-till a quesliun liirfk 
uver hue. the D.IV. representing 
must juiirnalists, ••■.til decide to 
react, a.% well a> over ihe degree 
of support thai IG-Druck might 
hone in get from the Deutsche 
* lewerkachafisbttnd. the counter¬ 
part oT Britain':- Tl'C. . As both 
sides prepare to dig in for a 
long struggle, the advantages 
seem mainly to lie on the side 
of rhe publishers. 


Ft-Ji-_cj.L 'lints, pnfimhrd dail* uccn Siu- 

llnt anil hslldava. U.S illWalpHnn SZOn.to 
(air lirwn Svetfi l»i iarr ■■all] pn annum, 
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51 Eaitchedj'. London LL jl' 5BL. ltd; a oCCO 














ETHIOPIA 


Conflict 

within 

and 

without 


Prospects improve for a 
major loan to help Zaire 


BY MARY CAMPRELL 

MAJOK developments in Zaire’s totalling about S93ra- were con- la^t rnr three years. 

if,ht to soivw its eluded with the IMF: an There is some speculation tba- 

long-runnin.;, fi s . sol e its SDR45ra standby credit and an Zaire may devalue its currency. 


Brown wary 
of Marines’ 
plan to build 
Harriers 


U.S. seeks 5% 


and expansion 


BY DA YIP' 8EU 


WASHINGTON. Peb. ft 


By Our Own Correspondent 
WASHINGTON, Feb. 9. 


, nrnhlanic auiwi/iu. aionuu.- ■--—■ ------- - —-- » --- nilSOl [y grow uy Auuui « vci najieiuicmuit vu u» uv -----7 —----- 

external financial prooienis may SDB 28.25m. compensatory financ- There have been rumours taai it OPEN scepticism about the t-.5.„£ t in rea[ tenns this year to man Government to reflate .was of 'AmnCans significantly ra-fl»r 


THE CARTER Administration, domestic' growth in Germany. He. taxes, already ^proved, and.tji*- 
believes that the U.S. economy also ; Implied that , continuing effect of-jnflation . on tax rates:' 
ought to grow by about 5 per American pressure on the Ger- would increase toe. buraetf'' 


be in the offing. An 1HF team j ng . Both of these were For a year is considering a substantial de- Marine^’ plan 10 build up to' SU stain fo e present economic counter productive. .’ 'next two years.-But the taiuditj 

has been in Zaire preparing a an d would have to be repaid or valuation. ,450 advanced versions of tite'recovery without exacerbating But Mr BluemthaT insisted to-, would more than offset 

... . _ i _i -_i_r... A 7.airo mnnnt /-n» Ite accanfial .._„_:_ J ... __ ._-_ _ "U* .... nn -thaannniVmv 


Bjr James Buxton in Addis Ababa 


third stabilisation plan 
there are now prospects th 
long-mooted S200m.-$25(hn. 
national bank loan to ke 


i plan and renegotiated before April. Zaire cannot cut Its essential hawker Harrier vertical take-off . inflationarr and other strains. . dav that it was “important that M dra£* on the"economy wHfcoar 

ipects that the At the end of last year Zaire imports so a devaluation would flghter aircraft was expressed. . mi . mentha »- foV other strong nationeioin ns m reKIndling-inflation:; " . 

.-$250m. inter- had not yet drawn about be unlikely to nelp the balance , ast night by Ur. Harold Brown. . r SS!?? made comLreWe efforts', if we are to' . At the same time tbe inmf^ 

i b *S5«>bi ) o n„?mu , Defence Secretary, in t U-. Jit Iw "S.to cr i? a Skira»S ^SS* 


nauonai oaoK iuau iu seep iuj V* inv. -,, -.-* — LDg ueience aecreiarj, iu i«u-. . . . tn-dav in teStfmOnv Sustain economic recovery weut VM«. 6 W 

w ._ .. tt. , . export industries going will be standby facility. But it could give ai momentao mony congress. irLMETOnor^ Com- tSrnmhout ie industrialworld.’’ cut incorpoi^.tarretessh^ 

WAS AND revolution in S j £T , ed in mid-March. The programme is expected to boost to exports by releasing The SeC rerary. whose reserva- “* (££«£?” He C °i“ folly acknowledged that * aTe a significant impact on ft* 

Ethiopia are proceeding at a Tbe Governor of Zaire's involve further drawings on the stocks of coffee held up^ountri tions ahout the aircraft have d LcTrSS thattoe U SrtSfoto do more to resSin de- <»P^ 1 spending plana of msjoH 

ferocious pace. Yet the one central bank is currently in IMF. There is considerable specu- by people awaiting a devaluation. been suspected, said: - - - ' - , 

seems almost independent of the Brussels. It is believed that the lation in international banking The position- on the Euro- lefT it open _ j essentially' toe edonomy Mr. Blumentitel noted that'&4 

other. ■While the armed forces, question of further aid from the circles over the conditions the currency loan is that a manage- ‘n r0 ve it* . - - that it has! ^IhLlrtiv -Tate. * recent-U.S. icterTOntion^O:«q^ 

including large contingents of Belgian Government is under IMr is likely to lay down. ment group Is in the process of operat ional advantages that off-: ea; P? n /j ,g a . ! . 3 • « port the (foUar appeared-to'hwif 

militia, fight to regain the discussion. He is also dealing Some spurees suggest that, being formed. The first meet- £ it5 de£riencies .- He was: WSS*}. ^ tter ■ ftP**”*" jPgSt t-E ^tabHised-"’ 

Soma^-populated Ogsden and with the documentation for the given the lack of success of the mg of banks managing the loan reS p 0nd j ns I0 a question about l internatiaTla balance. Blumenthal argue d streng^ tor appealed tfl.-ttmgress: to. -pastic? 

stave off secessionist guerillas id Eurocurrency loan. two prevous programmes in any- (managers are being expected to his r reaS0 n 5 for cutting the 1979 f Although Mr. Blumenthal did Che President'si proposea quickly th legislationr autootfe, 

Eritrea, a campaign officially The IMF. according to interna- thing but the short term, the provide S5m. each) will be held bud „ et for development of ihe!not mention West Germany'by tax cut wmen, he said, would en- fog fte ;to take part 

described as “red" terror” is tional bankers, sent an advance IMF may go for a more stringent within the next two weeks. advanced Harrier from SlfiOm. name, his testimony was clearly sure “solid growth tor me Dai- uncalled*.Wltfave«n $10bn. -wp-i 

beans wased In the canital 1 mission to Zaire last month to and longer-lasting programme It is hoped that the loan will reaues t e d bv the Marines- to intended to be another attempt aiice" of this year—"® “ arc f I ? Iementary financing facility.-tw 

ilh«»!n nron^rp. the statistical and this time round. be signed by mid-mareh. Fro- cc n „ M - ( hv the Administration to oer- mebtioned the Presldenrs tax w-i- ^eoantoies- Tfflth- balance 


believes that “strong domestic mahd for oil, but it was stui v pn noted th at- 

economic growth to major in- dotermioed to top Ihe economy ^ t B t ^ 


against the remme’s internal help prepare the statistical and this time round. be signed by mid-mareh. Fro- - ! by the Administration to per mentioned tie Prealdenfs Ux be i p ^coantries^^tvith. baUncc ^ 

enemies. o ther information necessary One possibility is chat a more vided it repays the arrears on its „ 1 wa tse tifving before a suade toe Germans to expand reform plans which.'Mr- Carter paymentsjifiSculties. 

_ M . .. hefore decisions could be taken or less permanent IMF mission previous commercial bank loans. Defence Appropriations sub- their own economy faster. This has hitherto insisted are an in- -This regfelatibn^ has bjeen'-ttift ' 

■rae r«I terror can mean on z a | re ' 5 third stabilisation may he per up in Zaire to help it can then start using the funds comTT ,; nee 0 f'the House which 1 American pressure on West tegral.part of the. tax cat stra- fogan-’unusually r: long: time 
arresits. deportation to tbe programme. with institutional re-organisation to pay suppliers of essential h as considered the Harrier issue • Germ an v has mow become a tegy; This may suggest that the wend tts way :thfQttgb Gongrasjt 

countryside for farm work or Last April, two financings during a programme which could goods for the export industries. ^ times The Marines significant cause of friction administration is already tatitiy-aqjj there apa- now .some, feaiik;. 

nightly shootings. The bodies —-bought 110 AV-SA Harriers in between the two countries. accepting that most of these, re- that it conW? tun .into» «prioti^ 

are left on the streets for an • T J* - WT 15 T/"l- the"eariv 1970s. but since then.i Yesterday Dr. Carl Carsteni forms *rill be quietly smothered.op^sitiitt..-.jSpllEr.- i: teglsltttiaih- 

mo ™ lTls as a Mrs Winnie Indian air Wall Khan ^ bE*cn*ed and 10 puotsipresident Itihe west Gnu«:'h|i congress. • ^ had tire nasfc 

vrarnirio to Ethiopians to support 1*11 *" lillllV' lllUlall CtU YY Uil AVtlAIl in have j osl their lives. -Bundestag, told reporters in The Treasury .Secretary said but. some ’Observers fear -that^ 

Government and its j i _ _ £ The Marines continue to insist: Washington that he opposed de- that he was fully aware that this time. ; they toay. prove lea, 

Marxist-Leoinist policies. Vi £1 O P13 1131 O F Ol tha t the crashes have not been • ficit spending to stimulate more large rises in social security easy to resolve^ 

There is considerable elation ^ O v VA th e fault-of the aircraft but of 1 r ■' ' T -±‘ j'- ~ 

sentenced for Europe contempt Ro n ]/c consider Dhone network ^ 

is sparee and what there is can By Bernard Simon By K. K. Sharma By Simon Henderson in the U.S. and called the AV-J JLlillllVS VvUl311iivI '• -v 

do little to dispel the tension JOHANNESBURG. Feb. P. NEW DELHI. Feb. 9. i ISLAMABAD. Feb. 9 SB- _ j J 

and fear of a cire where count- u «e u-iwir uivrurr d fh-» _ ^ ^ However, the Defence Secre- BV inu ,. DT cieMiMc ' L" . " • NEW.YORK. Feb. 9. J 


The “red terror” can mean on Zaire's" 
arrests, deportation to the programme. 


countryside for farm work or Last April, two 
nightly shootings. The bodies 
are left on the streets for an _ _ . 

hour or so next morning as a [\/J \^/ IflfllP 

warning to Ethiopians to support !▼ J.1 da T * lliillv 
the military Government and its i --- 1 

Marxist-Leninist policies. lMf)TinPSS) 

Th^rO ic pAnciH^rahln olefinn A. w Afft 


tivo financings during a programme which could goods for the export industries. 


There is considerable elation x T 
about the success Ethiopian a 1 

™ r iL ont i}, a ! sentenced 


in the Ogaden. Yet hard news 

is sparse and what there is can I By Bernard Simon 1 By K..-K. Sharma * By Simon Henderson in the U.S. and called the AV-{ 

do little to dispel the tension JOHANNESBURG. Feb. 9. I NEW DELHI. Feb. 9. f ISLAMABAD. Feb 9 SB. s 

J22 ^Ues\ai?l?t e «n C0 «d MRS - WIXNIE MANDELA the' INDI A’S DEFENCE fllinisler.'THE MAN considered the moil u ” 0W ££ r * buSS ‘ 

iniSS.SSl ^.YrJ^.rL.^S!!! Mr. Acii”. B«. ta announced, W S?««%r .S&SL.^ 1 


Indian air 
negotiators 
for Europe 


Wali Khan 
charge of 
contempt 


By Bernard Simon 
JOHANNESBURG. Feb. 9. 


By Simon Henderson 

ISLAMABAD. Feb. 9 


lives. -Bundestag, told reporters in The Treasury .Secretary said but. some 'OMerfers tear -tnat^ 
to insist: Washington that he opposed de- that be was fully aware that tius time. ; they may. prove lea, 
lot been . ficit spending to stimulate more large rises in social security easy to resoree.^. ^ 

t hut of 1 '■ •' •' ■' : T .' .—• yis K. 

ng, and J .-. ... " ' 

13\ Banks consider phone n^tmwrk 4 


BY STEWART FLEMING 


■;iSEW,Y0RK. >eb: > 


Gains 


attending a social gathering in aircraft for the Indian Air 

'L.__f ■ Cnmn Dralimlmrr tilL-c nn tViic 


rrvestigate 


breach o* her banning order. 


go higher. ‘S og^«ciaT‘£5^ iog“ ta oi^ttfor fte iSdlan Ai r | WaJ. Kh.n w,s ,mn«tied I om ywmM UM A. W»> SteAxlod TltSf 

— SSS,&£??5Sx ShHSs ££SSS;™=^.m 

ns?infe^jrsLSsss? r zh w ™ i nd .' .. U j. 


5 •• rr \' 


gruesome aspect of the latest; state town of Brandfort was Mr Ra m s^d V i 
phase of the revolution. Past j acqulted on three similar Madras the decision 
outbreaks of bloodshed on the charges. "Se new aircraft wa 

sreeets have at times been Delivering judgment in a fo e need l0 replace 
officially acknowledged as! Bloemfontein court, the maais- a! P fapm'c «viciin« 


* . .. . ocen Delivering judgment in a ih e need to renlace the Indian 1 

officially acknowledged as! Bloemfontein court, the magis- ^ Force's existing squadrons, bv 

mistakes, but the red terror is} trate. Mr. C. P. J. Steytler, said i t was felt that manufacturing Rha- 

nsir^rss.^.^isiss- wirwi 0 ssj *jr%. •“ ^ ver<,itt 4 ssrsfssssirissjsjrs? ski Mine union internal row Moves stap, 

•OjMtUj^ppnwiyiig a WKSS pnM'S ^ Secreur,’, r„erv,« D n,; « FLEMING NEW VOWCFeb.», ^ COUIltCr & 

The zains of the revolution * r «» Mr Steytler said it was clear that l ^ e components. papers have been summoned about the Harrier are understood; a FIST FIGHT broke out yester- On Tuesday, tile council: - - ■ ■■ ■ - - ; 

In fact considprable Th<» ahnli" some of Mrs. Mandela’s visitors However, it is understood that | with Wali Khan to aoswer on 1° centre on this belief that. day between the bodyguard of refused to ratify the :QQfl(2f 

tion of landlords in a counlrr came to Brandfort last May the aircraft are n0 l?ngef high February 25 the charge of re- although it was a great advace«United Mine Workers (UMW) eettiemem until toU detaQs were 

where up To^ three quarters spedfically to see her, and the 00 the Government’s list of peating the remarks which the when first introduced, tbeteeh- ( president Mr. Arnold Miller, and .available. Yesterday .gNItote 

ppasant’s P produce once went in fact that she undertook not to P^onties because of the 1m- chief Justice of Pakistan said oology has advanced so that it j the vice-president of Union Dis- the negotiating te^s v^ work- gy. Oar Own, Correjpopdwt 

rent has Katl? imSrovedlie alk totheradidnotabsolveher Pavement of relations with amounted priraa facie to con- should be possible now to build trid 17 while Mr. Miller was ms on the final .wording,Jbut a _■^ 

tor fJSara Tha SShlkhTnpnf • IOIUGEiSaND cold coin Pakistan and the belief that tempt an aircraft which can do all that visit i n g the district headquarters further meeting of. the council WASHiNGTON, F eb - : .- 

of associations both for neasants sales during January reached an Islamabad does not pose the A similar complaint brought bv the Harrier can and much more, fo his hometown of Charlestown, has;yet to be announced. '■ ■ THE POWERFUL 

»d“d"Ch«c p r“Sd DI J “mi 5 ™, ™?«rt Tmm «»">«,««« ‘0 wu that it did, MSiMSSl’lSW. ii **vjgse&, n* "Ssja »«* agai? t s^K-ra 

basis for self-help in such pro- ing to Intergold, the marketing in fhe P 3 ^ court, was also admitted for that the A\ SB will be advanced The district vice-president, Mr.. Stw£tton If‘in ifself a nrfthS^" Xa ^amSp-ihat nSf' ' 

jects as protecting agricultural arm of the South African Nevertheless, If suitable terms hearing, and representatives of f° ou ^ fGr 3 P e nod ending in Cecil Roberts, is one of the SfoSSEL the longest in their ^^ ' 

land against erosion and building Chamber of Mines. Overseas are available for manufacture of three Karachi newspaj»ers whicb the 1990s -' young and articulate miners wito^ fl i* tory ^ o: :V S f: raecesiMr 

rural schools. In the towns, it sales for the month were 661,000 the aircraft, the Government will published the remarks have 4Iso —:- - --- have been highly critical of Mr. Mvefemiheleaders dpnos- ended kil 

has enabled kinderqartens. cot- coins and local sales 8,030. go ahead with plans ’ been summoned. XT X 7 l Miller’s leadership of the union. S,"^ h p Sne^to^SS 

tage industries, sports grounds. --- NeW YOrK and increasingly outspoken about ^ ^ Mnshe-BaWtL toe Israel 

beald. clinics and literacy cam- T T « ... I , /Ml.. , ^ 1 . hi. stance in its negotiations tHO. - -V. • 


It was felt that manufacturing' Khan had brought the Supreme siderable sub-contracting and 


Mine union internal row 


Moves stajrfc 
to counter Z 


By Our Own, Cormpopdwt ; iJ 
r WASHINGTON, Feb. S® 


paigns to be established in a 
sudden surge of activity to end 
centuries of backwardness. 

But no revolution could expect 
in four years to make more than 


ms diiu iucdi atuca audu. gu aucau wiui jjid.ua > uccu auuuuuueu. -j, t 1 

• - . ... New York 

U.S. visit boosts Sadat’s morale f ecovers from 

„ „ . „ heavy storm 


in four years to make more than I BY ANTHONY McDERMOTT 

mic^dUns^of 11 V1SIT of President Sadat fuU picture" about developments which Egypt had withdrawn It 

where a small modern sector ! of E S>'Pt to the United States in peace negotiations since toe delegatibn. 

_sj. j. __1 j I.;, bum i.k« He acknowledged that the lu-i 


aaet 1 y - * BayaD ., be 

his stance m its sesotlattons irith !upp __ : »Slrtit Jn «n“moS 

SS^LrSS^ "““Y r, • U J SlSf “?IS?Y«k SUt. tot 

' ^ne outhurstlsinother (ndlcs- DonUlUOIi Bpdge .... 
tion of the mounting bitterness DOMINION BRDGE.Lpart.nf the ^^X sSSots tn S.: 


By Our Own Correspondent 
NEW YORK, Feb. 9. 


exists side by ’ side with some i appears to have restored his two had last met' recently in ^e acknowledged that toe two NEW YORK CITY has been j ^ 
of the world’s worst poverty. The morale and confidence that the Aswan. Mr. Callaghan, who has °!!f?^«or ,n ?,u£ r0b ems - !i! e ■ re . c ® ver, °S fron3 i Tha 


1977, against SC2ftAm. ,or SG2,77. audience toat it was Egypt apfc 


forces'of separatfs’m^Ji ffijifiSg F 8 ' Eood Hatton's jltTiboth’ Mr. gSStal JT P.'SSSSS. Ini TyJnT Bj■’late'‘ySmrdS ri?j ffl “°T^1o B V of Mr. D„^ : 

diveree 5nd Uffile Etoionia’s ,ntensified and ** nous efforts t0 l ada T l aQ< ?. ^ Mena ^ e . m , Be f. in - the Israeli settlements in Sinai, three major airports in the ^”5J^y2Sm committel ??J? I^d Amtel-S remarks was unusuaUy de/enHTO 

Dre-DccuDation wito obtain progress in political felsrae. Prime ^ntstor. has Louis Fares adds from Metropolitan area-Kennedy U» ■ w««nlttoli 


remained the!winter storm to hit the city for., 


That settlement already has a year earlier on , sales, of \ dot Israel .Vthat was 
. — -h— —•—- nnBttn — '■ »rv -j “obdurate.^ 


pre-occupation with revolution ohtaLn in political Jh e Isradi Prime Minister, has Louis Fares adds from Metropolitan area—Kennedy [ which must approve a settlement jaftikfnifiHiin I perhaps-in rerognition v 

sr^%SS srrtUik.bMM. Egypt «* tod. £ p ffv.S i a ? ssssl.^^ssul' 1 . ?.? “S ss !SSi«%TOtTM I 


last year eaabled both thp talks between Egypt and Israel. a ustiui n auusi- Damascus: rne results of the international. La Guardia ana 1 hpfore it ou , vut _ [ur . . - A - , . ww __ ,--—. . .... 

SI&S?-**® ? ~ g&pgFm S—“SlSfeS; as-=*****-'^tojaa** 

The red t^rror’eampaign called i ^nnmrpp and”^ taik -<5 wMh h M> f ,e c*V S ' Assistant 4.1m. electors turned cut at toe subways were back to normal, 

last autumncounter ^‘^htie 1a > mp« er r»?laplMn^ a *Pr/m^ Se ( cre,ary . of be P olls and of 99 fi cent. The citj’s main streets, many ^ 

terror ” is to fact a now**r toT- m « e ? Callaghan, the Prime returning to the Middle East to voted in favour of renewing the of which were clogged for davs & *IX 

s truce I e which the * militarv i ^ in,SIcr ’ The two leaders talked shuttle between Cairo and Jeru- 7-year mandate of toe only after a snowstorm to Januarv. I L-O 

SS.p and iS e pnrwnd. ^f e ° r e / 0 " e " bT Mr Vohmm," 7 nd ? a "' PrMiden! HaF “ h "" b«,n°cl«r™ much mn7e| 

group of civilian Marxist-Lenini^t ■ Kamel- the Egyptian Foreisn ^ ^ polltJcal talks - froro Assad - quickly this time, partly because! BY OU 

politicians appears for thei5S er and Dr David Owe? r ' f the better warning of toe) 

moment to have won. The!' t h e Foreton Secretary ’ \17«-Cs4 J approaching bad weather fromiTHE CA 

Ethiopian Revolutionary People's i jj r h Sadat had arrived from W 2lQ D3IlV l9£3fl PITIPrP’PS f °recasters. proposal: 

Party tEPRP), believed to be j Washington and toft for H^m- UtflU VlllClgCa But if New York has been, raent agei 

responsible for the assassination i burc , W Z ’ he is have f-in,. BY MICHAEL TINGAY CAIRO. Feb. 9. getting back to normal smoothly., ^ 


staff reports. 


Consumer Bill defeated 


quickly this time, partly because! 
of the better warning of the j 


BY OUR OWN CORRESPONDENT WASHINGTON, Feb. 9. 


saturns in-.Congress and his tel£ ; 
-vision: appfiaranee in pnttipg.thF 
moderate Arab case. - , 

j At one point Mr- Dayan .eW 
said, that theAmerican.- AWu *.'. 
community should Jkfeep 
the Israeli negotiations: 

Rgyptr "“ I. hope no 
Jewish group will try to.help t™- 


• nnDD» uauat uau om»ru liviki 

thf « to ^ be ! Washington, and toft for Ham- 
?! nin, ! bur ? he « have talks 

* IS , b * a l' i with Mr. Helmut Schmidt, toe 


1116 


vi isie uevicr "urunie ui inei . . , ,, _.,__ . . „ r jewiau giuuji w*»« r . 

approaching bad weather fromiTHE CARTER Administrations merely ad.d- another layer of carter administration th-nredi^. 
forecasters. proposal to set up a new Govern- red tope '®?A. between Egypt and Israe l,. 

But if New York has been , raent age ncy specifically to watch - said.' He 'eap^edv^a^O^'.- 

getting back to normal smoothly., .u. interests of consumers t0 ,?° rj ..L.-. nrocirionf tion” fo rtKe.U^-meSwtion^^. - 

the same cannot he said for° v * ™,nrtt„^efMted to the far. hut said ttaftthjygggt • 

other areas of the north eastern ^. as sou ^l were for Israel anff Egypt.^ 


Several, toouriibv no mean* all ■’tS G ™ rma .° Chance lor. pre-revolutionary leaders, Mr. failed to reflect accurately {toitedsTates NewEnzlandHouse of Representatives last merce. said that thei House had 

Preaident s,|d Fouad S.rageddln Push,. v.-m political trends, just as the StatB. in parttcula". leered! night. heard the “wine* of tta Aineri- “Sf; 


its leaders have said to have r 
defected or been caught 


Israel’s friends flu 


Confidence 



Ethiopians who are not versed WRuan foreign reported to-o ay. me new « a io »-iid iu pre- ^c'sumer viewpoint' into the good for them." The defeat of 

In Marxist-Leninist phraseology M» his peace iniuauves. But The new part? is the fourth revolutionar? associations com- nf °, n n ^^ ' Government decision-making pro- toe BUI means that it will almost 

thundreds have been sent for toe U.S. visit had given him parly to come into being since mands genuine popular support. ' cess? was orisinally the brain-certainly hot be introduced again 

Ideological trainine in Factern' encouragement for a new President Sadat introduced the albeit from middle aged and Last ni S“ l national guardsmen,™ ■ ^taioh Nader the until next year, if then. 

Euro?e and to? Sov e t S momentSm in peace proposals, multiparty system in November elderly Egyptians. were on patrol to guard aguut) of .Mr. Ralph Nader, toe nui next year. u. men, . . . 

rarely seem to ooen their moJShi Mr - Sadat said he had come 10 1976 - 11 ta kes its name from the The revival of the party with another outbreak There were! con^ m er advocate, ana naa : •- 

these davs™and^?he Derc-SmriS thank Mr. Callaghan for toe sup- delegation fwafd in Arabic) led its new. post-revolutionary mani- also reports of looting to stro n S support in toe Senate ——;-- “T ZT —“ 

its chairman LL Col Wmfktu port he bad received from British by Zaghlul Pasha which was to festo .is also an ostensible Providence. Rhode Island, where However, lobbyists for the U.S. U.S. company highlights Page 22 

Haile Mariam can feet wnre public opinion for his initiative have gone to London in 1918 to challenge to President Sadat. 3$ inches of snow fell and where Chamber of Commerce and other — . - 

enough, leaving aside personal 1 last November of travelling to urge Britain to ‘ grant inde- who last year said that “the the state of emergency declared organisations successful^ per- ^ ^ 

rivalry to attend Primarily- tn Jerusalem. He said he had come pendence to Egj*pt. defeatist mummies of the past" earlier in the week was extended suaded a clear majority of the ITT record results, Kodak cuts 

directing the"war. p raar,,> 10 also to put Mr. Callaghan “ in the The three parties within the would never be brought back, again yesterday. House that the new agency would prices; Sew supplier for Coreo. 


$2.5m* damag^ 
against GM ’ E 


Ethiopian confidence has been - __ 

boosted by the immense help it _ _ 

has received from the USSR ISRAELI PUBLIC OPINION 

and the other eastern bloc coun¬ 
tries which have tn the past few 

months poured weapons by sea ISRAEL HAS slipped back into "W" 

and air. But Somali claims that the familiar concerns of daily ■ 

toe reported 3,000 Cuban military living. The seamen and the B J 

personnel in the country postmen are on strike. There is r n 

engaged in frontline combat are a row over the banning of a 

strenuously denied here. television film which is bound 

The estimated 750-1,500 t0 excite the public for weeks to 


5adat,|3S inches of snow fell and where Chamber of Commerce and other -- ^...'.^T?TOorr : ‘’Fehi.9^'. 

“the the stale of emergency declared organisations successfully per- • * • . „v.»*-»rioie^«Sro^-S 2 5 TTL^ePB?i 

past"]earlier in the week was extended suaded a clear majority of the ITT reeord results; Kodak cute, 

ack. again yesterday. House that the new agency would prices; fifewsupplier for Coreo.. awarded, to Wss^ 

_ ;«• ' • James-Gash^^^agrf 20, wno... 


Living with the Sadat initiative 


BY DAVID LENNON IN TEL AVIV 


... - - j amts wi- j-r/. -J-rjiM:,' • = 

~—r-i-^ lcHied When 

-. .; I9T2 Chovrolet• 

' .. .>j• after the <m>\ 

no-nonsense man who tr capable 

oF abandoning ..outmoded car W -' 

doctrines and taking-the gamble wdStS^ - ■- 
needed Jo brin? da^end foTwer ., . 

30 yeara of jntermittenf .warfare, - 

But- there is a long way to-go This wae-ffie'sewnd ; 

h*r...' ' ,»r- -- -- - _ - v.. . ilv-'K-C- -..■Irirln'iinlSU 


Ru sis ton mftitory'adviser^on'the come^ 16 The P fevcris° r pkcn S of that territory gives security. Sud- his Arab brethren, but they were the Prime Minister of conceding and the Americans, bnt also a ■ ‘-~ 

Other hand, do little tn'rnnppal Deace-makinB has slowed down denl y 10 a handon this concept also suspicious of his motives too much territory and protested large percentage of the Israelis. J5 

toefr presenre K\SEffS SSSi u? L ^crawl ^ and to exchange ii for toe con- and fearful that his new attitude that self-rule for the Palestinians Many Jews felt it displayed a that: tha ■--- 

rated radio^tation^on toe^out- which the nrtonZ tiSSril “Pt that peace depends on the would not be shared by his sue- on toe West Bank and Gaza Strip lack of goodwill; . .. . S- 

skirts of the city and they ran Pres ident Sadat’s dramatic goodwill ofneigh hours is too cessors. meant giving up part of toe bis- ^ decision on- the Siiiai kn 0 V s ^tL' • • 

be Scpd around the entranee to 1 - rj.-. „ aai * aramauc b|g a menla j j ump f or ^nsi A large number of Israelis, lorical land of Israel. The left settlements and the determina- *_ ■■ ■ ■ “'..TtV 1 , s ^ u 

the Ministry of Defence and the ^kelvafonS ootot^to torcl^srari Israe,is l ? makc within days ’ or possib if i ma i° rili ' wouJd . *»■»« to? p tan was too niggardly liD n to continue building. more arraD S ein ® n ts lUstoeing ^ffferef ' ’ 

Grand Palace, the Dere’s head- a, ,? ne pol °* ™ ® ven weeks. supported a generous Israeli and said that the West Bank and j ew i S h vitlaees on toe West ■ 

quarters. Ethiopians know the » D i° . in ®K in S sweeping and .ate- Mr Menahem Begin, the response to the Sadat gesture. Gaza would be turned into a Bank led many people abroad to rti-it 1 .- 

Russians have so far done them ' decislona : ®. ut toe govern- Prime Minister, epitomises this Though few would agree to a Ban Curia□ - type protectorate d0U ht that the Israel sovern- *•'■ - 

goal turn bit naturafiv warn T nt resp ° n i ed i IoTls * radl Oonal atutudE- He ls nol ^ alnst Peace, total withdrawal from toe occu- und er toe Begin plan. V ha f neacefur intentio^ 

to retain their independence D i e f f n( ^ JJ,® spects of a fj G wou i d he very happy to sign pied territories. The right and centre poiticians uojh president Sadat and Prest- con^fnfgr^L to pGaa h -. 

But in the view of P Western ? ulck . breakthrough have faded a peace agreement with Israel's The peace plan put forward by were particularly concerned dent Carter were clearly angeretL^ ' ^ - 

observers her, ,he “5.“L Jut he J- JO*?* •• obour A fote of Isroeli sett.^ d T t ' 


Polp mill contract 




he here for some time to wra, - ’ fS ^ ^ ^ ^ SSS h2 ^ ~ ™ 

- a Xl gTp d ro,c f r„ JUS r&£S fiS abandoning ^any^Jewish’^ttlfr g^g Wf%^«SS2S J 

Pnln mill pnnfronf resolving the Arab-Isreelt. dis- anuy 1S matched on the political and Synan temtory in the 1967 men ts appeared to bite deep into settiemeot activity; -■ -r'-V ^- # 

i Uip mill Contract pute. But Israel was not ready. i ev el by stultifying conservatism. wa r - the soul of Mr. Begin. Some B There ii ncwndfcation thit^the Tb® - ‘ 

Rauma-Repola Oy has signed Old fears and new aspirations Israel's politicians believe that It is not generous, it does not observers say he was shocked at . *?L|_ Israe - 5 goySrnment.lsv'ciirreitgjr v - . 

a contract for the delivery of combined to frustrate the spirit the epuntry should rely on its reflect any new thinking; it is toe depth of opposition he en- considering: any^ o.toer^^ 

toe machinery for a pulp mill of toe Sadat Initiative. own strength for its security, cautious; but it expresses the countered at a meeting of his pr .pi. Only-^eriota -^Bferican ^PTCSSige 

in Onsania, South Korea, Lance The Jews’ long history of per- They do not trust international national reserve ahout terri- own Herat party last month... T - 3 could. \^»WSSSSSSBBi^ t ' 

Keyworth writes from Helsinki, secutlon makes them cautious guarantees. They do not want to torlaJ concessions. Above aU it Whatever the cause, the Prime J'®® 1 J“ at tomajor Washington -has; restricted .Itself 

The contract, worth Fmks.TOm. and suspicious. Having finally be dependent on other nations* demonstrates that Israel is not Minister bccan to take an gap between 31 S L dgclai ^tig? s and to inePteetual..rerfial/ and .moral ^ ^ 

Cover £9m. at the current ex- created a state of their own and promises. prepared to take even toe increasingly public hard line on Jft t -?£ d Lg S Z^S scolding, ^ ■ #:■■■■ 

change rate) calls for completion; toen captured more land to give Mr. Sadat’s call for a new and slightest risk in toe quest for the retention of toe settlements. .? fifn ,5™ P JES?S? Onlv-tf President Sadat stands 

of the machine deliveries by it defensive depth, the people bold approach to the Middle East Peace. The cabinet approved a decision 15 out of ** new ‘sSmSW:'- ? 

annuSTVan^tiv Panned,are very reluctant to take any dispute evoked both admiration The plan came under attack to “enlarge" the existing Jewish This may explain to some American^shuttitedfpldmacy f^ls^^ 

^ mi?ht en ‘ *« s P'cion among Israelis, from both the right and left villages in Northern Sinai. This extent the upsurge in popularity totally whl,thh'Prime MBiister. aaJer h3d5of#fe 

ZVn K.S ll bl ^Z 4 ! They were full of admiration for wings of Israel, politics The was done in the midst of toe of Mr. Ezer Wetanan. the com '■■' ' 

«nnni#»i.M k 3 Vi? 11 ^ j r ^( IS ia-o^ e f- 0r to*rt> jeary the Israeli hi* personal courage in riskioa right most of them lone serving negotiations, and its timing Defence Minister. He is generally then wilHsrael-heirtn-to eXatnlii£'■• • 

completed by toe end of 1979. nation grew up with toe belief, enmity or possibly worse from comrades of Mr. Begin, accused shocked not only the Egyptians regarded as a .traiSitfonvlri dtW \ 


growing, though still limited could force-a’chanee.-Botsb Yar -5? 
feeling, that there is a major Washinetoh‘-has restricted' ftset# ®I^toPact oif 

declarations and wSS % 





















roajJapaffis 


talks 


Decline in Austria awaits Soviet orders 

Dutch .1 BY PAUL LENDVA! VIENNA, 

fTOC WITH MAJOR Suvict orders in construction of a new world trade were <tp by S.S per 

tA fJUJL the offing, the Austrian Press centre in Moscow. Sch.4.6bn.. imports ji 

” AT inrtsv SuGBi-'.lcrf i “ r»-il hrouL-- M ic that cii(>h orders 11_6 D@r rent tn Si>hSj 


Causeway 


;* -i not be easy .to bring 

n 7 **$&$*. /onbcoming trade talks 

}(l '\ , 7 r^4he- EEC_. to - a mutually 

V^;.. ^^Tibiiaiv. ctmclusltm, - becaose 
r n kV 1 : bas-steady “exEausieirr 
A n.W ttcaafldas’-it j.’cati off^r Jo 

ij^tsn trade partners in its pre- 
«! "•* 7 ' roiuid -of ne^tiation&with 


" ,Ca -t *3%*ls biireaucratrUr. Bendlct' 
•:»j ^. ,-sell. for the" opening roiind 
•*«': i^s'sjjks-next wej^L Mr. Meynell 
i , probably eonduct four days : 

V ? , iiCussions. lrithrOfBcIalAfrom 

r ; ’-V ,^ ^ay to Thursday next'week. 
; <s:V\2 f: ~ task will be to map out. 

-g W ’^^sHedule for,"further negotia*- 
■i.z rr'.- fce.7 which, the EEC hopes will 
"‘"ft ..nate with the issue of a 
•> '& Sr;,, statement, similar to the 
?.v ;f-^..*a-Strauss declaration which 

re: Japan’s discussions with. 


‘‘.‘ e?e iji'ither oF Hr. MeynelFs tasks 
"'SjCM to draw'up a.“balance 
. : r'' l v- Q” : on where EEC-Japan 
. l * a iith?ons stand to-day. This 
7 ^ ;rws tbat he wlU be reviewing 
'7 T: “.e. •j.ns so-far achieved by . the 
-^unity’s attempts . to-.-get 

-__ " 1 to modify its trading prae- 

in.certain areas. ■“ ‘v 
: Foreign Ministry says that 
\ Y) nk >’s Ambassador in Brussels 
r 19 r*| Wold, after this week’s meet 
v * EEC Foreign" Misters of 
}pics the EEC is most con- 
\1ttfcd to lake up in Tokyo; 

;y include: "-opening; up" 
• .... i’s distribution system, in- 
■« •” v^-ng imports of manuiao- 

■ • e 


turud goods, relaxing foreign ex¬ 
change - controls;. -increasing 
foreign aid" and expanding the 
iffft'of items on which Japan pro¬ 
poses;'to 'make.'tariff- cuts in ad¬ 
vance :of. cuts" made by other 
participants ? fo "lh&.' Geneva 
Multilateral trade talks. 

they also hope to "discuss ex¬ 
panding imports orfootwear. ski- 
boots aUdisilhFarn" (all; subject 
to -controls!, sirap.Hfytag customs 
cleaiiuices .^roMdip^r' sirapii- 
-tying theUestiog-p^oeedures for 
chemieaIs. pharmaceuticals and 
medical- Instribnmrts, and 

THE VS.intemtftmri Trade 
Commission (nJO. saH yesler- 
- dayr .that* It had :found 11 
' Japanese producers., Of; welded 
stainless ’ sbect iHpe ■ and lube 
in violation of fairpricing anti 
trade standards. Renter reports 
from WasWngto*. —The four- 
two vote resulted from a com- 
: plaint fifed wdtb- flte ilTC by 
nine Ujs., steel companies; The 
CommL^lon must now .make 
recommendations for relief to 
president Carter by. February 
24. '.V 

guaranteeing •** orderly exports " 
of Japanese goods to Europe. 

The presentation Of. this list 
of_ topics followed ,'ty Mr. 
Meynell's ' despatch \& Tokyo, 
represent the -opening, move in 
the ‘EEC's campaign fo^-a two- 
way . trade settlement .with 
Japan. Further stages, in the 
same process.will involve a visit 
to Tokyo by Sir Roy Denman 


(Director General for External 
Affairs) in early or mid-March 
and probably a visit to Tokyo by 
vice President Wilhelm Hafer- 
kamp in late March. 

The programme bears a close 
resemblance to the one drawn 
up by the U.S. for its Japanese 
trade negotiations, with Mr. 
Haferkaxnp evidently cast in the 
role played by U.S. Presidential 
trade negotiator. Mr. Robert 
Strauss. 

Japan Is aware of the simi¬ 
larity but apparently neither 
amused nor impressed by it. It 
is stressed In Tokyo ihat the 
Strauss - Ushiha declaration 
already included a number of 
concussions aimed at the EEC 
rather than the U.S. 

Japan is also nervous that if 
it gives in to the European 
demand for. a two-way trade 
settlement other trading regions, 
such as South East Asia, may 
ask for similar treatment. 

Part of the EEC's objective 
may he to satisfy itself that 
Japan really means to carry out 
coirinuf merits extracted from it 
by i he U.S 

Another specific issue on which 
Japan may he able to satisfy the 
EEC is the proposed purchase 
by Toa domestic airlines of the 
A-300 European Airbus. 

There could also be progress 
on technical areas such as 
inspection procedures, but Japan 
seems to feel that it has gone 
as far as it cau for the time 
being in making unilateral tariff 
cuts and in enlarging importing 
quotas. For this reason the out¬ 
look for the approaching talks 
is sombre to say the least 


By Charles Batchelor 

AMSTERDAM, Feb. 9. 

DUTCH GAS exports fell 
slightly in 1977 marking the 
first decline since Holland be¬ 
came a major gas producer in 
the early 1960s. Exports were 
two per ccnL lower In volume 
than in 1976 at Sflhn. eublc 
metres and were 2bu. cubic 
metres below planned levels. 

Domestic sales rose one per 
cent in the year 10 4-i.ihn. 
cubic metres so that total gas 
sales were one per cciiL lower 
than In 1976 at iM.2iiii. cubic 
metres. Higher domesiic sales 
of 47bn. cubic metres had been 
forecast to bring luiul sales to 
99bn. 

Gas exports were not ex¬ 
pected to begin declining until 
I960 as Holland allowed export 
contracts to lapse, so that re¬ 
serves could be saved for higli 
value domestic use. Bttl slug¬ 
gish levels or economic artjiily 
and tbe mild winter bave de¬ 
pressed sales. 

Much depends on the level of 
economic rccowry in Hie cur¬ 
rent year but the national gas 
distribution company, Wdrr- 
landse Gasunie, expects total 
1978 sales to lie about the saute 
as in 1977. This would repre¬ 
sent a drop of nearly 8bn. cubic 
metres on earlier planned 
levels. 

Gas exports were forecast to 
he round 32hti. cubic metres 
a year between 197K and 13X0 
when they would start to fall 
off sharply until they cease alto¬ 
gether around 1997. 


BY PAUL LENDVA! 

WITH MAJOR Soviet orders in 
Ihe offing, the Austrian Press 
today suggested a “ real break- 
through ” in So viol-Austrian 
pconuraic relations as a result of 
this week’s visit by Chancellor 
Bruno Kreisky to Moscow. 

Tbe Suviet side promised to 
show 0 constructive attitude on 
the. 56 important projects pre¬ 
sented by ihe Austrian delega¬ 
tion. 

One of the most significant and 
promising deali IS a special steel 

tube plant to be erected in the 
Soviet Uninn by Ynest-Alpine. the 
foremost nationalised sieel con¬ 
cern.' in co-nperation with the 
German company. 

! The contract would be worth 
Sch.4.Sbn (about l‘lt»m > with 
V r nest’s share accounling for 
Scb.3bn. The Austrian firms arc 
also Interested in setting major 
orders as subcontractor* in the 


construction of a nev; world trade 
centre in Moscow. 

It is estimated that such orders 
alone could total SehJbn. Ships, 
including ice-breakers, machine 
tools, electrical products and 
cables are other setcors where 
The Austrians are pressing for 
deals. 

Two potentially important 
domains are nuclear engineering, 
with Austria planning to deliver 
components for nuclear reactors, 
and the motor industry. The 
Steyr-Daimler-Puch company 
hopes to engage in the joint pro¬ 
duction of large lorries on the 
pattern of a similar joint venture 
with Poland. 

According to the annual Aus¬ 
trian trade statistics just pub¬ 
lished. Austria had a visible 
trade deficit of Sch.8.Sbn. in ex¬ 
changes with the Soviet Union 
last year. While exports in 1977 


VIENNA, Feb. 9- 

were <tp by S.5 per cent to 
Scb.4-6bn., imports jumped by 
11.6 per cent, to SchS-4bn. Basic 
materials and energy accounted 
for 85 per cent of the Austrian 
purchase. 

A s experts reckon with a rise 
of the Austrian deficit to 
5ch.6bn. or even more by 1980 
the Austrian Chancellor took the 
initiative in proposing high level 
talks about the imbalance. 

The final communique yester¬ 
day on this week's visit explicitly 
stressed that both sides would 
strive to put bilateral trade on a 
more balanced basis. A large 
Austrian economic delegation 
headed by Mr. Rudolf Sailinger. 
president of the Federal Cham¬ 
ber of Economy, will visit Mos¬ 
cow in March to- finalise new 
deals intended to reduce Aits 
tria's deficit cu-a-Bts the Soviet 
Union. 


Ireland may get Russian zinc plant 


BY GILES MERRITT 

IRELAND is considering a 
Soviet offer to build a yiUOm.- 
plus zinc .‘•mi-Ht-r in tb*.* ftopuiv 
lie. In rclurii Tor which the USSR 
would have guaranteed low- 
priced supplies of relined zinc 
j from Europe's largest lead-zinc 
deposit. 

! Tbe Soviet oiler, which has 
been referred lu Ireland':. Indus¬ 
trial Development Authority for 
“serious examination." is in 
direct competition with an 
American project for building a 
smelter to give added-value to 
the estimated 85m. tun Navan 
orcbodv outside Dublin. 

Almost a year ago ihe previous 


Irish Government chose Mew 
Jersey Zinc, part of the Gulf and 
Western Group, as the major 
shareholder and operator of a 
smelter in which tbe state would 
probably have a 25 per cent 
stake. 

The Ftanna Fail Government 
that took power last July has 
been noticeably unenthusiastic 
over the U.S. deal Although it is 
now studying the feasibility re¬ 
port that New Jersey Zinc sub¬ 
mitted at the beginning of this 
month, i; has revealed that ihe 
Soviet counter-offer has been 
under discussion since last De¬ 
cern her. 


DUBLIN, Feb. 9. 

Precise details of the Soviet 
offer bave not been revealed. Tbe 
most important question is The 
proportion of the smelter's out¬ 
put that would be earmarked for 
the USSR. 

The New Jersey Zinc project is 
understood to have envisaged a 
unit producing 100.000 tons of 
zinc a year, but as that would re¬ 
quire only a third of the Navan; 
orebody's projected full output of 
lin. tons a year, there is specula¬ 
tion that the Soviets may be in¬ 
vited to consider a smelter large 
enough to satisfy their require¬ 
ments as well us Ireland's need 
for dmvD-streani industries. 


By Our Own Correspondent 

JEDDAH. Feb. 9. 
DESIGN WORK for the vast 
causeway, which will link the 
island of Bahrain with the main¬ 
land of Saudi Arabia, will be 
completed within six months. 
Majed Jawad Al-Jashi, Bahraini 
Minister of Works, Water and 
Electricity in an interview this 
week y/ilh the Jeddah newspaper, 
AWazira, said that the placing 
of the $825m. causeway con¬ 
struction contract will commence 
immediately afterwards. 

The design work is being 
handled by Saudi-Danisb consul¬ 
tants. Danish experts are pre¬ 
paring design plans for the 12 
km. of bridges and 10 km. of 
causeway, while their Saudi part¬ 
ners have undertaken studies for 
10 km. of roads in Bahrain, a 
furtber 40 iD the kingdom, 13 
interchanges and a customs 
bouse. 

The formation of a Saudi- 
British consortium to bid for 
the causeway and a related con¬ 
tract to build a permanent town 
of 5.000 inhabitants was 
announced last autumD by Adnan 
Khoshoggi. bead of tbe Triad 
group of companies. 


Seven-Up plan 

PRODUCTION OF Seven-Up soft 
drink is to begin early this 
summer in Egypt. Mideast Report 
said. 

The New York-based publica¬ 
tion said the drink would be 
produced by a newly-formed 
company called Cairo Beverages 
and Industrial Co., witb capital 
equivalent to $I5.1Sm. AP 


[ f oaling shipbuilders urge 
t -f State' to give relief t’: : 


’ ■ ' DOUGLAS RAMSEY 

*!»•-?-!»« 

virntiN’S ailing shipbuilders 
l ~3n official talks with the 
•' sccr-nmeni to-day against the 
: • ground of Japan's fourth 
_ ard bankruptcy so far this 

"Vf _ * Shin-Yamainoto Dockyard 

Vlfl\n ian F has filed bankruptcy 

* u w, s declaring debts of about 
a _ I5bn. The Kobe shipyard’s 
rn Pfllfe followed cancellation of 

vuitg worth an estimated 

Tokyo- meanwhile, the-re- 
kJuuul ntative of Japan’s 231ead- 
- - « . hipbuilders put before the 
».*' ww Owifr-tjy 0 f Transport a list of 
. . = ,-isuons on ways to: alleviate 
.... .... “crisis facing many Japanese 
“ 1 ^which have about 9m. 

• - u. mas of work: in-J back 
-i'* 2'i. enoiigb to keep ail yards 

r.-i treating at capacity foj* less 
: -• ; six inOnths.- ; - : . v> . 

S Hlsashi Shfnto; prMident 
-- Vi.-e ShipbulWers’ Association 
apan, formally petitioned 
... i»DrMuneto Shashikt, director 
t- .r !!.:'i?ie Ministry’s ship 'bureau, 
■Jlief in the. form; of govern- 
subsidies. 

' Shinto also-proposed that 

* ^.Government extend- incen- 
" j:.- for a : “ scrap-and-build " 

. ,V- s-'amme, to encourage domes- 

.f.:- '.- fcisers to scrap old vessels 
I..-'-order new ones- 
•; J .’...." 5 :ording to Press reports. 


TOKYO, Feb. 9. 

over-capacity in tbe sMpbnilding 
industry was not disetesed at to- J 
day’s meeting despite earlier 
reports j that Mr.'-ShiMO would 
push for a plan to^crajf between 
50r'per cent, and SO per cent of 
existing capacity in return for 
Government subsidies, ,■ 

Mr. Shinto did. however^ press 
the Government In to-day’s talks 
to step up its own purchases of 
vessels (notably for'-the-marine 
selT-defence forte) as-well as.tbe 
establishment of a -' fund to 
guarantee the yards against'for¬ 
eign exchange losses {■•';... 

. Mr. Shashiki. for his part, gave 
no'reply to-day, nor diddle indi¬ 
cate whether the Ministry would 
press to have shipyards, put on 
the list of ** recession ".'indnMries 
covered : by legislation JnoSr. p*ss- 
irig throogh the Diet which in&bt 
ultimately '.afford 1 special" sucsi-- 
dies . to the aiffhg sectori " " ' 

* lronicRlly. Mr. Shinto does not 
‘represent, the smaller shipyards 
which' bave so - far/ borne, the. 
brunt , of . recesston m the 
Japanese . industry* 

; • Shin-YamamolMflockyard. like 
100 or so aither imall shipbuild¬ 
ing companies^are not repre¬ 
sentedby m6‘ ■" shipbuilders 
association but taken together, 
the small yaxjis account for 3m. 
gross tons jnnua] - capacity, or 
more than J5 per cent, of total 
Japanese qew baiiding capacity 


...» 


^ate set for Clima pact 


. ? ? ■ 
■ .-•?-f 


Foreign ;. Ministry has 
■Uv Tmed thal Japan and China 
, 1 -j *ngn a long-term trade agrec- 
r in Peking on February .16 
.. will boost 'their .two-way, 
'■«: by $20bn. overweight years; 
.. agreement wDI l-riin froA. 
l. t% ; to 1985; and will, involve 
;".. ;rts by. Japan' Of Chinese 
_’, ril ;•» oil and coal, and exports of 
r '^--»trial ' plant, construction 
■ rials and eipiipment, - v. / 


J... ..TOKYO, Feb. 9. 

A Ministry spokesman'stressed 
tire estimated BlObn. of each way 
tiade resulting .from the agree¬ 
ment will be in' addition lb 
present -bilateral. trade. The 
Japan External Trade Organisa¬ 
tion (JETRO) announced that 
this trade rose 14.9-per cent last 
year , to $3.48bn. on. a customs 
clearance basis. 

Reuter-'.. 


hina can have computers 


" : r'V DAVID BBX - mm -J- 

' Ti ’ ’. ? VA has accepted a series; of 
fr - ■ S’-itions specified by the UA, 
shortly lake deli very -of 
, irst major compnier system 
* ifite the Peking government 
[1 the west; 

I**’*'’ ,fe Chinese bave bought three: 

»Iritf 1-bi computers at a cost of 
O Jill I- 3 $l2m. for use in weather 
pEP-astlng, but the sale was 
.gvfed while its strategic impli- 
‘1 ' V‘ ns were considered by the 

-i^tion. coordinating commlt- 
' . O'for. export controls on 
V -vhf-J;^eglc goods (Cocom) which 
.f-ased in Fans, 
me memb ers of the organ is- 


:-°'osed, the computer could 
capacity.in excess trf their 
,0 " ication. In the past, tSodom 
' ‘ . objected to some computer 

. i’i'f; , most recenGy the. sale of a 
u*r CDC computer-requested 

- : USSR and. which was also 

j used for .meteorological 

■^.‘-wf’fOSeSL- • - • -' 

A' Cl ^1 this occasion, tbe VS. 

,, a leading role .in Cocom 

proposed that the Chinese 
“cd’g to a reduction .in the' 

.'/lory capacity, df . the corU- 
i‘ :!: J rs’ auxiliary devices and.also 


Raines are not used for 
: j-^iary purposes;-; •- 
■ n !j *" ^ , has become common < for 


. . WASHINGTON, Feb. 9.vt 

Cocom to insist that technlclaBS 
be used in this way, so that-tbe 
organisation can at least be sort 
that,'for the first three years of 
Its life^ a computer is not used 
for other than the stated purpose; 
Siemens, IBM, * lCL and - control 
data are among the companies 
which have stationed technicians 
abroad In line with this policy. .. 

It is conceded here that .it- le 
difficult to draw the line between 
computers, like the one sold two 
years ago.for-ait Aeroflot reser¬ 
vations system, which are.-Jor 
peaceful purposes and those 
which can be used for defence. 
In practice, Cocom officials 
acknowledge that • most .com¬ 
puters can easily bave mllilaiy 
applications, bnt tiicy do apt 
consider this to be a sutficiwl 
reason to ban sales. ; 

Cocom i$ composed of 14 load* 
ingIndustrial nations which haye 
agreed that the:sale of any eqoipr 
meat considered to be s.trale^c 
roust be unanimously approved 

since 1964 Eximba, whidi 
provides loans and loan guraa- 
Teese to. back U.S. exports, has 
been barred' firom making direct 
loans to-Sonih Africa, but Gen- 
gressman Stephen Neal, chair¬ 
man of the House Banking Sub¬ 
committee, said to-day that this 
ban had been Ineffective and that 
insurance and loan guarantees 
had cUrnbed'from S43m. in 1971 
.to $U5m. by-last year. 


Sximbank criticised on S. Africa 

our own CORRESPONDENT 

KeRAL CONGRESSMEN Ip- a New Jersey Democrat who 

criticised the continued ^an ad hoc coogressiraa) 

i ‘"Wonf At «ia Ti s Exiuirf- c^ucus on South Africa, said, teat 
... - Ivement of fte ^ort- pra «ure was the 

..ort Bank ip-South Afnca as. fever that could be- 
.^irialiy indefensible us^ against the Pretoria re^me; 

•'Really unsound -" at a: Special and "the- -only way to. jerk tbe 
:’i1ng on Capitol Hill. v;'country and its Government out 
‘ c ongressman Andrew Maguire oS. its preset “ suicidal, cocoon. 




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" .:. 'M 




1 


jfl 





1 i 



r >•.. 




When they told me this was the rate at which 
firms had taken new premises in Northampton 
since 1971,1 was impressed, but sceptical. 

“Check it again just to make sure,” I said. Then 
I learnt the truth. 

“We will have to qualify it a bit,” I was told. 

Ah, I thought, caught them out. 

“We can’t just say Northampton,” went the excuse, 
“because it really only relates to our four new 
employment areas.” 

“That’s no good,” I said, “We’re a partnership 
town where the Borough Council and the County 
Council work with us. We can’t refer to just 
our own land.” 

“We could get figures from our Borough partners 
for their employment land at Lodge Farm, 

St James Mill Road and so on,” it was suggested. 
“But then there’s all the private land. And then 
there are all the office developments where 
people like Barclaycard, Diversey and Rockware 
Glass have established their headquarters. And 
then there’s Carlsberg’s. brewery and all the new 
shopping firms in the Grosvenor and 
Weston Fayell Centres and .. 


I just had to stop them. Well I mean it was 
taking things too far. We might have finished 
up with some ridiculous figure like a new firm 
every so many hours. So I said we would have to 
come clean and say it would mean too much 
research to get it accurate. We would just have 
to admit that Northampton is better for business 
than we can show. So that was what we decided. 
Of course, it’s better for other things as well, 
but that’s another story. 


For further details phone 0604 34734 
or write to: 

L Austin-Crowe, Chief Estate Surveyor, 
Northampton Development Corporation, 
2-3 Market Square, Northampton NNi 2EN 


Northampton-better for business 











Financial Times .Friday- Fel>nikiy: io 1978 






to raise motor 


pay row 


by eric short 


U.K. car 
figures 
drop in 
January 


British Airways’ prof 

by industrial disputes 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


I PROFITS for British Airways in Etofm. to£89m-, and the net pro-.-- The effects of this were mask*) 
first nine months of the 1977-78 fit From £36m. to £32m. . .the reduced flying caused ij 

! financial year dropped-sharply ..For. the third quarter of toe the air traffic-control assisting 
'because of industrial disputes airline's financial.' yew-rt^e strike;; v-Sul the airirae 
! culminating in last autumn’s air three months from October, to. charter, .'. aircraft. From- ether 
■ traffic control assistants’ strike, December—revenue was up from operators.to maKe.npttte mimhei 
I which cut air traffic to and from £2SSm. to £3I3m-, but toe-gross of seats. : ,.«■ .. - . 


SUN ALLIANCE and London contributory. The effect of this creased by this time beyond say- association. . , J 2|iiUitl Y J ZEEZtoL iSuSS C monthT from oSber to charter ^afe^om S 

Insurance Group intends to push when combined with a pay in mg that it was a variable figure. Sun Alliance almost certainly w M.UMWA J 1 —mi iSstante^strike itSS from operators to'maSiipt^mS 

ahead with its proposed increase crease, will take its wage settle- Alliance Insures nearly have followed this poce- _ in/tiKfrrai Staff 1 j « . Pa «,, » n an( » f mm mo- £3I3m but toe-eross" of seats,- " - 

tlTT^S 5M5 S ,W " 4 ,he 10 Per “ nt *$» “f* -> n0 'surers ■%*& %£**£-%&» 

with the Government over its The company Claims that this figure S bdn^ me ? 1 mos t hei P ful m dealing strikes at Merseyside car ; Announcing its m^toSo nel . P roflr from Wtoro 0 

Pay settlement. Is ailowed to- "■* ~ . gj«" ta jES£ i ' 

PEnorai orovements P but this Is disputed c . rea frt 0 ( *. pei : for Last year motor premium rates re i eased yesterday by the ! line said' yesterday that total cover, the. period during, which months did. not affect the opetirt; 

terd/v'th-ft"tfSe Kp bv the Government. The Depart- sta j ld i il R P r,vat * “E!. 0 !,**“”**? 2 seb >” an average of 15 per cent.j D epartlBen t of Industry. 5 revenue was up from £930m- in toe airline was operating with a tug results,.: -but,-top'-, reaf^ 

implemented as nlanned. The ment of Trade is seeking to tm- n i nn nrnvidine limited mmnre- n>mnr i Provisional estimates of L-K. ! period of . the reduced flee!_li*' 


a nf P Tr n :& S5 pose the protons ot£SS S' an l P rovldins ,imited ««« prance companies have' ^rScaTToV to°e I previous year to fLOlb^ were grounded after the ^SSSaWgdfBitSSg 

iSSSTt^ increase fast MS ^tfla^Ss «e pat discovery of W cracks too^_ 


approved the increase last ter Innation ace, uitf.ro reauce „ . General aeddent lifted tta nice wwks lo Januar y 215 are P nc 

autumn in toe normal way, he the company s overall premium The British insurance Associa- J f J e ™ JJJ* a pebraarelIS I at 113 - 0W ’ compared with 

said. income by the amount of the tion has agreed wilb the Depart- p!?*' 1 “J te , „J3.ir 8 n f 121,000 In the equivalent 

The company considered this alleged excess payment. ment of Tade on a formula for f h f ph oe S s g?ouu hv an' ver- month ,ast ^ ar - 

rise as a normal commercial Toe company previously in- assessing motor premium rate in- „ f "S* f °“ P l °L“riv at el Production was hit by the 

operation and in no way affected creased its motor premium rates creases. This has been in we *je «* f-t per cent. ror private press shop stTihe by i t0 00 Ford 

by the recent request by the on April 1 last year by a n aver- for at least five years and lakes mmonsia ' workers at Halewood, which is ; 

department to consider a cut in age of 5-6 per cenL It has now Into account such factors as ihe Guardian Royal Exchange and estimated io have cost around 

its premium rates. It had been become established that motor incidence of claims, their aver- the Co-operative Insurance £jOm. in lost output of Escort 

thought lhat the department insurers revise their motor rates age cost, expenses of the account Society—two other big insurers— j during January, 
might block the increase, but every 12 months to take account and the expected rale of inflation ae due to revise rates on April 1. j The strike at Leyland Cars* 


their wings. 


. borrewtqgs. 


cars during January. [ 

The strike at Leyland Cars* | 


yesterday it was not prepared to of the cost and frequency of oyer the period under considera- hut have still not decided on the i Triumph plant, Speke, meant 


Boeing men 
meet U.K. 


£8.4m. Yemen j&$<|a4 


comment. claims. However. Mr. Bowler tion. The inflation rate is usually final amount of increase. 

Sun Alliance proposes to make was not prepared to comment on based on that provided by the although Department of Trade 
its staff pension scheme non- how much rales were being in- Economic Advisory Group to the approval has been obtained. ; 


that no TR7 or Dolomite 
models were built during the 
month. 


executives 


THE independent airline, Brifia services linking. Yemen Wflj 
Midland Airways, .. has been neighbouring.. Middle East coi&.rtC 
awarded a ' contract;. . worth tries: Jt'jtfzH-aldo inaugurate 
Sl625m. <£S.4m.) to operate 4wo sendefe^ 

Boeing 707 jets for Yemen-Air- 

ways Corporation, the flag air- 1- 

Une of the Yemen Arab Repub: .~ r ' ^charf'Bistop.-niana^trtg iL 


>teel stocks at five-year ‘low 


BY ROY HODSON September. ; Michael E 

However, toe Department of [ spondenL 

STOCKS OF steel have fallen their steel inventories and rely- ter and more than 4m. tonnes to its best plants, while continu- Industry figures show that The ta 


Failure of ilk. mannfac ‘ a T n P twopt * rnm ^ writes Michael DOnne^ Aero- directorj/.^aid ; y^ej^;"thati 

BkWJm 

-officials to discuss the U^. lan^ w hich has specialised in air .with;25-aJrfibes:.iiL the-Midffie 
J]J“ e JJ2 rl| 7,_!“* c ^ n ° Ih ; company s proposed n ^! al ^“ er transport services for overseas East. Africa ab&: the Far East 
JjJE, tlme slnce 11 I £r™l ra TnnnB f » r JjJlS ' alr ™ a lacking the aircraf t and using the: Serviced ;■ - 

be n^iv»r n»nirtmont n r I * ,cl “* 1 Domie ' Aerospace Corre- gj-pg^gg t0 their own opera-" The edmpanj.alse saW yest^L 
Howeier. the Department of spondenL KrtV.« dav that it-fead wnn 

Industry figures show that The talks included Mr.. Tex Under the present contract, 

outuut on a seasonallv ad luffed Rnullinnn nresident of the _it:. u ■ 


a week in January—26J2 per held by industry and stock- holders slocks 0 9om. tonnes. ln s>'o(1and where manv old! 
cent, down nn January last year, holders fell to 16.9 weeks’ supply . Imports or steel rose steadily p ] an[s arc s h„' r t of work. British j 

according to joint figures pre- at normal usage during the during the year from 0.6m. sicef production averaced onlvl 

pared by the British Steel Cnr- fourth quarter of 1977. The tonnes in the first quarter to *v» 200 tonnes a week in Januarv i 

ikn i_i n n | aF rti>nl*c t n Del f a in fl Ci'Jm frinnAc in rho he? Imnnrf* . . . * __ ■ ' I 


i National Enterprise' Board, 
British Aerospace. British Air- 


pnratinn and toe British Inde- usual leicl of stocks in Britain O.S3m. tonnes in toe last. Imports compared wito an avcra"e -"74W 

ppndcnt Stcei Producers' Asso- has been about 18 weeks' usage, are expected to fall sharply dur- ronnes a x ^ ec h | aS f y g ar anj, 

tuation. Consumption oF finished steel mg the present quarter, how- ncar , v 30 000 tonnes a week as I 

Smc!tooMers are reporting re- in Britain fell to a low level, ever, as the Davignon plan and | al ‘ e ‘ as [ a ^ December 

dilutions of slock in their ware- provisionally estimated at 3.SSm. the British ban on imports of 


Stockholders are reporting re- in Britain fell to a low level, ever, as the Davignon plan and Jale as [ast December 

dilutions of slock in their ware- provisionally estimated at 3.SSm. the British ban on imports of 

houses to a fraction of the levels tonnes, in the last quarter of Russian sleel begin to bite. Production in Wales (mainly 

normally maintained for trading, last year. This compares with British Steel’s policy of load- strip steel) averaged only 70.090 

Industrial customers are cutting 3.98m. tonnes in the third quar- ing available orders for steel on tonnes a week in January- 


■■ 1 1 tsriusn .Aerospace. Diiuau ah- 

9 AVI a no fine? wa>s- and the Departments of 

JUCjlailU UllO Industry and Trade. . .. 

^ • j The meeting was prinjarny _ , ■■ "* 

warning Itoe^^rst 1 briefins L o^ Boeing’s bCSt“SGlllIlg jCt ■* ; V . 

0 .'plans for new civil airliner pro- : : ^..7 4 Jt - 

on monnmrr isrammes for the 19S0s and THE Boeing 727 short-to-medium service on February 1, 1964 with- 
ULI 1110.1111111 Cl i beyond. . range jet airliner^'"is now the Eastern.-Air Ljhas#;ef..tfae U5: , 

C7 , «r»u- r u-ilt nnui ha ohlA. to- .... . ... ... Th»- nitwaff 'YvmfimtAc.tn !*»nh. ..r 


Boeing 727 is worlds 
best-selling'jetV-;f-S§!? 


-•*T 


Nev/ battle 
in grocery 
price war 


Retail Consortium forecasts 
10% rise in prices for year 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


By Terry Dodiworth, l assess the Boeing plans to ”““ u “ t £vi VMc mnntw' »U" ^ other jata : 

Motor Industry Correspondent [greater detail, with a view..to Orders topped 1,500 this; monto*. orders fof 72TS1 totalled.134..and ■ 

A WARNING that manmne' possible purchases by British with an order from Air'Canada there is-a backlog of'188 un-; f* 

levels will come under •• clos*, Airways and other U.K. airlines, for five of the advanced version delivered, aircraft K 

scrutinv ” in toe heaw vehicle!®nd possible collaboration with of the jet, worth.over t70m=; Http-orders 1 for the ^7 ’^' 
division of the Levland Truck lBoe tog on manufacture of air- The 1,900th aircraft order :was represented 38'per cent pf afl .. .. 
and Bus business’ was given I craft involved. received by Boeiftg^^14 years to free-world - commercial airtrift ,1 - ,w ' 

,-esterday. ' Although no details of Boeing’s toe day after the first 72?Entered sales for that year..^ . 

It was contained in a critical ’ submissions have been revealed, •" . - . . \ \ ' '- 

analysis of the division's ner- i* is understood they involve two^* -J.? 0 ’' 
tformance in toe latest edition. ne,fc ‘ a,rcraf{ at ^P‘ enRln . ed ’ ’ A -nkV*l V' Ci4'kva«4' TA 1 * nn«j mwlirtri' - 
of toe company newspaper. , " ie 0 dl ^'I a " E ® «-S'2ri v Sp" April- SI3IT IOr ;IlCW . allllflC 
This .points out that Leyland j described a^s a iJ7 denvaUve, - r ... ■ -• ' . 


By Our Consumer Affairs 
Correspondent 


market subsidiary International, ni s’ Drovc niar 

Stores is expected to bunch .; Save a hard tan 


major initiati--e m the oricewar 1 have a hard ti,ne ' . lh ? 1 mar e' ns were eroded. be provided over the next few u“ goe V on:' “In a nutshell market "for the 727 derivative organisation will retain toe name Beet of.eigtirX)C -10 jets. twoE 

^mina ** Profit margins will remain Increased competition among months 1 1 S 77 was n^t a “ood vear for ihe aircraft could amount to 7S0 to of Air New Zealand. •, jefis.. nine Boeing 737s and 

promoiwn ' is thou-ht in^invjlre undcr f ,rcssure and - as a resuJt rnultip'e retailors, it says, has The consortium takes a - 00 my [ heavy vehicle "division. Nearlv LOOO aircraft by 1990. while the Chairmao of toe .joint Airline FolcRer Friendship aircraft ( 

Srice cuLs on fran-e nf hr/nded relail investment will recover tended to exert even greater view about employment. The 1 . 6 OO vehicles were lost is a = market for the 737 derivafive will be Mr.G. W.Mace,atpresent savings .from .the merger .: 

items and ^an^vtenttnn nF^inipr more slowly . than might be pressure on the independent Government’s hopes for in- direct result of damaging strikes. .‘*ould amount to 500 to 6^0 chairman of New'. Zealand:estimated40.^ventna ly amo 

narionar?' m ^ ranTof “Plain ex 'P cc,ed 31 a lime of increas lrader ' ln raany s3clors ” the creased employment, may not bel while strikes al ^Tuppiiers caused'-“ '- 1 *-—’—■«*»« -’«• 

and Simole” "non-branded ’ ng Sales ' ra,e °f- st °re closure is giving realised, for. even if there is {further disruption. ' M 

products ‘ The Retail Consortium, which cause for concern.’ an improvement in investment. “Manufacturing efficiencv was I 

Th* move heavllv hacked bv *■>’* *t represents more than 90 It forecasts that retail costs some of this will be in plant I lower than levels which were ' 

advertising 'follows' * warnine P er cent - ° f retailers- is asking will rise faster than the prices which is less labour intensive achieved in the past and targeted i 

from the*' chairman of Inter- !lhe Chancellor to cut direct of toe goods sold in the shop than that which it is replacing.; improvements from investment' 
natynnal Stores lasr week that the taxation in the Budget to give this year. While it acknowledges The overriding need, the con- in new machines were not/ 

price war was "nin n to reduce now relief for investment in re- that the trade will benefit from sortium says, is to reduce direct I achieved. | 

sune’rmarkets'" profits ’ 3 severelv tailing, and introduce a single a real increase in consumer taxation. This is the only way to I *’In J977 the division achieved 

it is understood that Inter- rate of VAT. It also wants bad- spending, many sectors “will achieve sustained economic[69 per cent, of its production 


national new package will in- ^ el3t relief for VAT and. changes continue to suffer hardship." growth. 

voivc an overall reduction in _ 

grn«s margins. There has been ' 

HHfiiEHS Scottish CBI says wage drift 

stamp franchises dropped by ^ 

Tosco last summer, could not l 1 1 w o • • aTj j o 

could bring rise in inflation 

The indications are. however. 
that Internationa! will continue 

giving stamps for the time being BY RAY PERMAN, SCOTTISH CORRESPONDENT 

fipcif 1 to 1 launch a'new'catahv’ue INFLATION COULD be rising the decision by miners’ negotia- employers who break the pay- 
on Mnndav. will he involved’ 3 in ag ^ 11 b y toe end of the year tors to accept 10 per cent, and code. “We are simpathetic in 


BechtelMns 

at GulfOal 


contract 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


the new promotion. 


programme, a shortfall which re- f .. ^ -; 

presents the loss of customers. „y keyin done INDUSTRIAL STAFF - - - 

spares sales and repeat orders by kevi.n done, jndumkial stapt . 4 --. -; 

to competitors, and a serious gulf OIL has swarded a £30m. age and storage units.- and asso- Royce has received a major slla 
dent to profitability. This, of contract to Bechtel.Great Britain dated • off-site facilities,.. . with i 8 m. order .for eigM 

course, means borrowing more for new at Milford But the main part of the RB 212 engines. • .: 

heavily to finance investment H aTen refinery. £290m..project, the building of The RB 211 s wifi be used fbt 

programmes. j contra(rt wil | co Ter a u the a catalytic cracker to convert natural gas compression duty ea 

_ " work required in the Gulf re- fuel oil into petrol, wiil.be con-., the fields 50 miles .08 

rPliPPftt CralT^ finery to provide the company's str 0 Ct»dL, 4 s. part^of The Texaco East CoasL 3 ? 

x tugwi u share of feedstock for the £290m. refinery-on the opposite bank of. Another U.K. -.coatra®^ 

finonpo PAtlPPm refinery expansion, being undcr- the r -Mi!ford Haven waterway. • - Procon—a subsidiary:©! tor^c : 
liUitllV-C CUlIL,CiU taken jointly with Texaco. Shetland Amoco have placed ProcOn Lnto’nationalr^bas 

4 .^. J Bechtel was the main contrac- orders worth £15m. for a series awarded the. $25m. .4X1?^:-}. 


a^n-bV^eTo^or “be“y«? &T^V£‘l^r,SS to aid sales *^'%*?*&* t ^SW’SSSr- 

is’rwlsted’th* Conf-deraUo^foF SSm I •’EUCBOT U.K. is establishing 'The new contract Is for a sothM.M North Sea' \f -.Sf 

Bri^h* 1 ’Industry S ^ m X! «« i : 


Accounting 


unless the. drift of wages settle- by the fact that nine out of ten the Government's aims but ri! gy Terry Dodsworth 


be voluntary 


By John Moore 


warned yesterday. Nevertheless emnlovers wanted rhat is not ver - v w ' eJl defined,"J ® * 

The Scottish Council expressed ®* s d ' the Sext Wr - ncvereux said. *». Pfrt 

concern about deals now being p ^ v roupt j Settlement dates “ The economy is balanced on ^ S? 

negotiated, particularly the one 5 P h ^ ]d U £e sSS and a knife-edge and it would, not ?Lr J,V 

in the engineering industry. there S h 0U ] d an attemnt to take ver3 ' much t0 P u?h il over aS A 
Mr. Alan Devereux. chairman. Ifjl a na ,tonal cozensu^bo.^ into a wages explosion.” nf A new 

said that the offer made by the °- ?/ PS A 

Engineering Employers’ Federa- commurntj could afford MercanjiJ 

jtion, even If it was accepted by 10 pay ’ 4-7 Shn Anglo Fr 

I the unions, could be extremely The Council also called for a *»**••- nkttgjj It will 


increased from .30.0Q6 barSls--Zj 

A Kir’- 4-A ftlWl T . 


ur fc nor v erv 'w.-oii riefined ' dealers and customers in Britain ( phur recovery plant new tank- Cooper-Bessemer, , but•:] Rolls- day.to 45.000 barreti'.iT'i- 

r Devereux said aennea - j as part of the expansion cam- -/ : ' • ’•> 4 V 

“The economy^ta balanced on!Palp whleJMed w a^ ; v;-.:: ' - ! ~ V 

knife-edge and it would. noi j ® cenL 0r lhe ? 5nfinS4rf^OTf-.f; 


Boards disagree ofl fuel^d^p 

of PSA Peugcot-Citroen and J. ...•■• ::m,-' 

Mercantile Credit, is to be called BY KEVIN DONE, CHEMICALS CORRESPONDENT . v “ '- • • " 

Anglo French Finance. * . v-. ’ -T.'> ■■■ : 

It will begin trading within DISAGREEMENT between the prices !bf . major -/fuels,e .«>ays, ~ nhotoef 

about three months and will offer gas and electricity supply indus- that the delivered cost of natural Energy 'CommihsioB.: ‘Sitii ?®* 3 


THE GOVERNMENT is explor- “There is no doubt at all that power between employers and WUltLcrS tt tfiriXl Facilities to dealers to finance u-je S over fuel prices will be gas. tQ-the- B ritis h Gas Corpora- Rcwke. ch a i rm an. qF. the 
ing ways of how current cost- rate of inflation is going to unions. Companies should aim it COSTS about £2.5bn. a year wholesale stock, ana to customers brought into the open next week t i an to 1976-77 was 1-Sp per Gas Corporation,; 
accounting proposals could be fall to 8 or 9 per cenL But it is for greater solidarity, unions to keep Britain's workforce at for the purchase and leasing of 6 meetins at which Mr tbenn. In .the same ^ear toe witfa sir Francis V - r" 
made voluntary for a-rial period equally certain that, with the should be made more account- toe statutory maximum level of P^geot vehicles in toe U.K. ^thony Wedlwood Etenn toe ave , ra ed delrtered^cost of fo^i ^ ^gt 

for small businesses until the way wages levels are pushing able and toe Government should warmth, according to toe monthly „ Peugeot also announced yeste^ be^ ibJK ? e! to toe o Central .Electricity enerar-SuW"ndrS bSS 

future taxauon iremment of 3aainst what se em s to be a 10 review income support to publication, Energy Manage- day toat it is to enter toe light ^ r §- v ae cr eia fy. wiu oe cnair Generatmg Board was 8.4p per 

stock becomes clearer. per cent, norm, we are going to strikers so that strike action ment. • commercial vehicle market in - toerm.: - . “ ^ V with ofiier 

Speaking at a chartered have a hjRb er rate of inflation became a last resort rather than The magazine published by the ® r,taw,th ,ts vao kerned from In a paper to be considered by ‘qf the electnaty supply to- “ m 

accountants' dinner last night, before very ton g.” a first resort. Department of Energv. Sa vs that toe 304 car. the Energy Commission on Mon- dusiry had been able.to purchase ^els ^ a^bMls of 


ady artificial pnhdplei he 1 


accoimtants dinner last night, beFore very long.” a first resort. Department of Energv. savs toat 

Mr. Kennetn Sharp, head of the Devereux said that CBI The Council also condemned mnst buildings were designed 

vte^Tai'd'toat sma/Tbustoesros meni ^ ers were en couraged by Government sanctions againsi when energy was plentiful, 
with a turnover of less ihan £Ira.-I 


BY KENNETH GOODING 


to one already launched by Colt, 
the Japanese car importer, will 


would be required \o prepare one • j •Tfl j "H "B ® free cre< * il f °r customers buying 

"*-a. , T5ss , si y 'i-, account Distillers to aooeal over nilins s. en now “ d ,he 

would he drawn as at present to J-T AkJ tJ V 1 A The scheme, which is similar 

sbow historical cost, profit, but ^ ooe already launched by Colt, 

would then lead, through a cost- BY KENNETH GOODING the Japanese car importer, will 

tiOTa'fch^B^fo'r depreciation, to DISTILLERS COMPANY Is to The appeal could take from 18 were given the g^ahead with For 

current cost profit / 1 appeal against toe European tnonths to two years and, in the minor changes. one-vear hire Durcfaase acree- 

The Government is still con- Commission ruling that some of ra eanUme. the rul.ng will make The legal arguments in j th is n i7 ntere st charge, 
sidcring the format of the iu urting practices were unlaw- nod.llerence to U K. consuoiera. Loaerabourg will centre ™ On twi-vear agreemlnl toeto 
balance sheet, which may be de- f U L J *. does not affect the com- Distillers contention that, ai- ratp of ‘interpst is 4 per cenL 

signed lo include both historical _ „____ . ^ . . . mercial decisions we took mime- though it might have infringed c ° ■ 

arid current cost of fixed assets „ T ° e Commissions decision led diately following the findings of “free trade” regulations in the , . ,, . 


6 SKODA, the East European day. Sir Francis Tombs, chair fossil fuels at toe same .cost, as -. 111 e 
car manufacturer, has entered man of toe Electricity Council, the BGC are aBle to purchase costs. Tc 
toe competitive battle Tor cheap says that in the long-term there fossil'fuels; It would-have been gn- s, p rij 
car finance with a scheme for should! be some parity in terms possible to reduce the average destroy 
free credit for customers buying of heat content^ between the price of electricity ; By about-one-' ?Ac°“agi 
Skodas between now and the prices of all fossil fuels. third -and'by mudiiRore for off-'^Enerflp • 

end of March. Referring to distortions in toe peak supplies.” ' -. l \" jr&ssitm P 

The scheme, which is similar--—■ .!-^ 


cojnpention . 


one-year hire purchase agree¬ 
ments there is no Interest charge. 


Public relations 


BY KEVIN DONE, CHEMICALS CORRESPONDENT. 


edf 


?aVonntcres S t r 1s I 4 e per rent 81 THE CHEMICALS industry in social responsibility -and pubHe'^ 

rate of interest, is 4 per cenL bad tQ 8tglli fi cantJy ln . hys tcria,’ 1 : . Othervfrise'. itS CaBe reaSnabfe atWOtloiM^f 

i crease its public relations effort woulffbe iost-bydefault- !d»nti? <iri''l^riarfin reri r^ r I 

CEGB to build i?. isssifL seJssss? _ " 


and stock. The latter values are ? P nc . e P n . toe EEC Commission last EEC competition law by operat- 

normally calculated by use of ^ a ?, 5 e i,h„; and Johnnie December,” Distillers said. ing a dual-pricing system for 

Indices. Vjr alker Red Label and Dimple Threats of further Commission Scotch in the U.K.. other regula- 

Cost of sales adjustment would! Haig being witnarawu from toe action against Distillers seem to lions permitted its actions, 
normally be calculated by the Br,tls h market. have subsided. These appeared Specifically. Article 85 (3) 

averaging method, applied "on an Distillers said last night it to relate to Distillers’ threat to permits some practices if they 

annual basis. would take the case to appeal at withdraw further brands from help to Increase the production 

The Government is considering the European Court of Justice In the British market if Us price or distribution of the product 

urhnihni* it* 1C annrnn ri jfo tn T iivom Vinn rev The mnttdn 11 #■ f I n nro n qnnllr»q tirm Vi n H haan In nuadinn u-kiln .. M ___ 


IU UUUU „ t . „ a ^“„ Trowbridge. ^ 

rmplpSir cigfinn - director general of toe Chemical PctroleSntVand Ute, Institute 'of.' ■: >nblic TriaUaris : Cj;v, 

11UUCA1 Siauuu Industries Association, said Chamfcal^^gaeig'edfi'"jrf Edfrtr . \ 

in Lancashire This would have to be done newV wEfi^ rf jet^'et travneUer. Qptirjprr [lift 

By David MsHlodc, Science Editor. g^SS• 


whetoer it is appropriate to Luxembourg. The matter “ is of increase application had been In question, white allowing con- THE Central Electricity society and its legislators to tiers!" --H: -- .: - - : -..■■■ xrat rireaa-tIjat :, we-sh aUl 'L 

recommend a gearing adjustment such commercial importance, we turned down by toe U.K. Price suraers a fair share of tha Generating Board confirmed strike a sensible balance between The ’ chemical: industry - Tvas. shkw a Tna'dr— r./Aeim'''that ''$£. 

for small businesses. I feel it should be tested by law.” Commission. But the increases benefits. yesterday that it plans to build —--~ ightmld • •/present Vs pur 

_ _ __its next twin-reactor nuclear m -mm • i' ' V".v- ■ //- ■- b)etni^lb& , and‘. 8 ll Mi ' ! 


Bass predicts low-calorie lager boom 


its next twin-reactor nuclear 
power station at Eeysham, Lan¬ 
cashire. 

Its decision follows the 
Government's announcement 


Talks on leased assets 


BY KEITH LEWIS 



A *“* last month authorising the THE ACCOUNTING Standard leased asseis should appriar In 

BY KENNETH GOODING Board to order one advanced Committee held a meeting the accounts o'f .both. : l$ssor 'a£id 

gas-cooled reactor (AGR) station yesterday .with leading U.K. lessee: ferine? owns- the 

BASS CHARRLNGTON predicted British history to reach a sale of Label which gets £18m. of 10 per cent, of the lager market, as soon as possible. leasing companies to establish assets,"-butT-tlie -lessee' receives 

yesterday lhat the next section 100.000 bulk barrels (or 2.88m. advertising support, equivalent “By 1990 half ibe beers Bass The CEGB was granted the practicability of a new draft the benefit: Of/any eATOings 

of the beer market to show rapid pints! in its first year. Mr. John to about £1 a barrel. produces will be of the la«>er statutory planning consent and a standard dealing with the treat- arising 'frbm thjpse assets.',. ' '■ 

growth will be lhat for “Lite” Newcomb, director of marketing M r - Newcomb suggested that type.” ho added. The group nuclear-site licence in 1969 for ment of leased assets within com-. The. ’ *r»m r is." to>,! produce- ~ a 

or low-carbnhydrate prodnets says. within ten years Hemeling already has five brands including four AGRs at Heysbam, having pany accounts. , Standard-M soph-! as-possible 

which appeal to the health- The brand is to be introduced would become “a Ira. barrel a Hemeling. Carlin*. Tennants, a total capacity of about 2,500 The views Of major lessees are whUto ls~both!'acceptable •"arid 
conscious drinker. on draught in the Midlands next year brand.” a level achieved by Tuborg Pilsner and Tubor-* Gold MW. to bo sought at a second meet- pracUrabifr^hdnce toe^ meetings 

U claimed sales of its Monday as the first stage of a very few of to-day’s beers. Behind the growth in the Work began on the first two ing schedufed for February 22. in advance Wlto both sides 


market even though it was on of advertising, equivalent to toat lager will account for nne- drinkers to prefer light products At the peak of construction of because of the growth of toe Prineibles V'Will-ibe' established 

sale only in cans and bottles. more than £8 a barrel or 0 3fip third of all beer sales by 1980 of all types. lhe. new reactors, towards the industry and the lack of uniform- fairlv miicKty,-though there riiav 

Hemeling would oe the Are! a pint, C0I1 JPf r ^d „ w V, h Bass's and 40 per ceL by lftS5—the This has helped vodka and mid-1980s, 1.800 people are ity in accounts. «till be^specific ^proHiems, such 

expected to be worWng on site. The debate is over whether as treatom^of -liad debts; to 


beer sold m small containers in major lager brand, Carling Black “ Lites 11 would eventually take white rum in the spirit sector. 





" 5t 

























- - - - 


set 


:*-r V ; ■[■}*'DAVID CHURCHILL : - ' 

‘ ■. : ^:;.-' E'_£23Qm. a year British toy 
'-ustry-is set for a mu g 
: v - •J'oved year after the ■ reces- 
; of the last two years, aays 

• - . - .urvey published yesterday,; 

.. P! - Toy manufacturers (m. the 
'• r --Ifile - 4 have countered - the 
■‘i-.v^-iestie •• economic - recession 
• prisinsly-well, pushing sales 
••••::*- . '•vad despite- slack - consumer 
Ending.'? it says. ; ' 
aTes -haye-beep “stimulated 

virile'diversification outside 
iUlonal and : product- and 
• graphical areas ”. aad’ tnanu- 
Iftf* {wars . are. .looking .forward 
jVtVfl : niore buoyant spending in 
ij domestic market • 

he survey,■ by .Jordan Data- 
was based qn a general 


investigation of some 169 tor, 
games, and/spoils: equipment 
companies With p.more 'detailed 
’Ptudy of or tSese companies. 

: ltr'' predUas : -:. that * further 
rationalisation .in the number 
of manufacturers r is : likely. 
“ The-gradual disappearance of 
the independent retailer, ihe 
preference of large* retailers io 
cist -down on : the- number of 
lines.stocked-and T6 favour well- 
established' brand, names are all 
factors'which tend To-favour the 
bigger manufacturers/* 
Manufacturers, are also likely 
to build up,soles' of non-season a 1 
items with particular emphasis 
• on pocket'moueiv accessory, out¬ 
door, and adult bobbies: Major 


manufacturers are also likely In 
seek production and marketing 
agreements outside the U.K. 

Du the distribution side, inde¬ 
pendent specialist retailers will 
decline further, reflecting the 
Pressure on costs and their luck 
of competitiveness, -the' survey 
says. Multiples, supermarkets, 
and department stores are likely 
to increase their selling of toys. 

The skate-boarding boom is 
not expected to have a significant 
impact on the industry in future, 
with no new companies likely to 
enter the field at this stage. 

“ Tops* games, sports equip¬ 
ment," Jordan Dataqucst. Bruns¬ 
wick Place, London. N.l. Price 
£60. 


RoDs-Royce has Truck 

£6m. share in oil parts 

industry deal j schem 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT j 


Consumer guardians Plea from 

••loirblr i Av» *1 Scotland 


ROLLS-ROYCE has broken inti) 
the North Sea oil and gas ex¬ 
ploration and development in¬ 
dustry with the industrial 
version of Us RB-2U engine. 

Amoco (UJv.) Exploration 
and Shell (U.K.) Exploration 
and Production bate placed 

contracts worth over Eliim. lor 
eight new gas-turbine com¬ 
pressor packages with Cooper- 
Bessemer, of which the Rolls- 
Royce share for eight RB-211s 
is worth about £6m. 

The RB-Zlls will he used for 
natural gas.coiuprvsxion duties 
in the Leman and Indefatig¬ 
able fields. SO miles cast nlT the 
English coast; They will help 
to maintain the Qow oi natural 
gas io the shore terminal at 


Bactou fur distribution by the 
British Las Corporation. 

The order is the first for the 
higher-powered ". ersion O? the 
Industrial RB-211 engine, fol¬ 
lowing successful sales of 
earlier industrial versions oi 
the engine tu iiipcliue operators 
in North America, HuUami and 
(o British Gu.s. 

The version now sold to the 
oil industry is ibe industrial 
counterpart of the higher 
powered Dash 524 model. 
alread> on order for airlines 

in the Boeing 747 Jumbo jet 
a ad the Lockheed Series 300 
TrIStar jets. Each or the eight 
industrial RB-lMIs ordered will 
provide 3IMNI0 horsepower. 


WANCIAL TIMES REPORTS 

■ ^;>ISUMER watchdog commlt- 
• - c ' n; ■> attached' . to nationalised 
:• -.ustries should.be “visibly" 
:: •^■e independent, ' Professsor 
■ :.haer Shanks, chairman of the 
.iona 1 Consumer Council, said 
•’; 7. :, terday In London. . 

hey were still top - closely 
to the industries they were 
) sposed to monitor he said in 
Vt OiW< second of the 1078 Stockton 
v/£ Rlures to the London Business 
hoi. ■ ; 

hey could operate as-a•" kind 
audit board” for State in- 
try. with a common federal 
icture and a central staff, 
don’t . think anybody, can 


really be. very happy -about tbei r 
general perfonuance,” -he added. 

Organisations which -could re¬ 
present the consumer more effec¬ 
tively than the" TUC or the CBI 
should be included in. the Social 
Contract. ■ . 

That would . help' -defuse a 
'“dangerous tension* in society 
as the tide of public.pinion ran 
strongly against-. -^cen tralised 
power and authority- 1 .. 

Professor Shanks outlined a 
strategy for. consumers, which 
aimed at value for money, and 
concentrated , on ' Four basic 
rights: safety, choice-information 
and redress. 


7 oreign students in 30% 
>f U.K. engineer places 

SY MICHAEL DIXON, EDUCATION CORRESPONDENT -; - 


ARLY ONE in every three of 
22S undergraduates starting 
Auction engineering courses 
|United Kingdom universities 
year comes from abroad, 

. jrding to figures released by 
- Universities Central Council 
Admissions yesterday.- 

oreign students also- consti- 
» around a quarter of the 
•-8 new university ■ under- 
/dnates taking -electrical 
-ineering and the 2^22 en- 
‘".its to mechanical courses., 
.-’-he new figures will -:be 
cited- carefully by the inter¬ 


departmental- committee-of civil 
servants considering'ways-of re- 
llevlng/British' taxpa^cs;of thei r 
present 4 subsidy .'to /overseas 
students. The subsidy tp^those on 
degree-level' courses-..alone — 
probably less than half the total 
—is estimated at:fl22m? a year. 

Over the past five years. Ihe 
/foreign contingent has increased 
from 2.S to 6 per cent fef total 
-university. - undergraduate 
admissions- - in sciences, and 
from 12.5, ;to 22 per. cento, in 
engineering and technology. $ 


on steel 
cuts 

* By Ray Pe*man, 

Scottish Correspondent 

! BRITISH STEEL was urged 
; yesterday to ensure that cuts in 
; Jnvejlmcni and output did not 
! hit Scotland disproportionately 
!bard. 

; Lord Clydesmuir. chairman of 
: ihe Scottish Council for Develop- 1 
;mcnt and Industry, said in ai 

• letter to Sir Charles VUllers. 

[ the Corporation's chairman, that 

maintenance of Scotland's share 
of new investment at 15 per cent, 
would safeguard the future 
growth and efficiency or the 
corporation there. 

Efficient 

It would also enahle the Scot¬ 
tish division lo continue produc¬ 
ing about 15 per cent, of total 
U.K. steel output from plants 
which were as efficient as any 
elsewhere in Britain. 

Within the Scottish investment 
programme, the planned direct 
reduction and electric arc plants 
at Hunterston should be safe¬ 
guard, be added. The trend in 
the division as a whole should 
be towards producing higher 
quality and special steels. 

This would broaden Ihe base 
of the Scottish steel industry 
and have beneficial effects on 
growth in manufacturing 
industry. 


Brokers take optimistic 
view on inflation 


BY DAVID FREUD 

A TWO-YEAR forecast by stock¬ 
brokers Capel-Cure Myers is 
markedly more optimistic over 
U.K. inflation and the balance 
or payments than recent predic¬ 
tions by several other commenta¬ 
tors. 

Lapel predicts that tin* rale 
of inflation will remain in single 
figures over the next two years 
and the balance of payments will 
remain in surplus, with £2bn. in 
1978 and £lbn. in 1979. despite 
an erosion of the U.K s i-umpeti- 
tive position. 

However, ibe projected rate nf 
growth is lower than tbul of 
other recent forecasts at 2.5 per 
cent, in 1979. Unemployment is 
expected tu grow. 

They assume that the Rudget 
will make direct tax concessions 
of £2.5bn.. offset to some extent 
by increases jn indirect taxation. 

Also assumed is that the 
authorities will continue to pur¬ 
sue a cautious economic strategy, 
with the fight against inflation 
paramount. The rale of growth 
in money supply is expected to 


be Jimiled to abuul II per cent 
over the next Knanciai year and 
the average level of earnings to 
13 per cent, during the current 
round of negotiations. 

The rale of inflation is pre¬ 
dicted io fall in about S per cent, 
by the second quarter, after 
which tin- irend :vili ho margin¬ 
ally upward- a« :h • rise in labour 
costs d-snns Siae.- 3 slarts to 
infiuenrf' mnpin prices. 

Credit licence 
system impact 

THE INTRODUCTION of iicens 
mg in the credit industry—which 
should be completed by the 
autumn—has already had a con¬ 
siderable impact. Mr. Gordon 
Borrie. Uireclor-Cncral cf Fait 
Trading, .-aid jn London jester 
day. 

The third and final staee of 
licensing under the 1974 Con¬ 
sumer Credit Act gal under way 
last month. 


ICL drops plan to move 


INTERNATIONAL COMPUTERS 
has dropped plans lo transfer its 
development division from West 
Gorton. Manchester, to a site at 
Simonsway. Wythenshawe, in ihe 
south of ihe cily. 

The company, which an¬ 
nounced last year that H wanted 
room lo expand, will retain its 
West Gorton division but seek tu 


redevelop its large systems 
assembly operation on a nearby- 
site. It will also go ahead with 
a plant fur making multi-layer 
printed circuit boards on a site 
by the University of Manchester. 

The decision lo abandon re¬ 
development plans at Wythen¬ 
shawe was described by the city 
council yesterday as disappoint¬ 
ing. ■ » 


I parts 
j scheme 
| dropped 

j By Kenneth Gooding, Industrial 
I Correspondent 

CATERPILLAR Tractor, the U.S. 
construction equipment group, 
has given up the idea of manu¬ 
facturing components alongside 
its lift truck assembly plant at; 
Desford. near Leicester, which is, 
in the last stages of a £20m. ex¬ 
pansion programme. 

I In 1975. when the project was 
'announced, Caterpillar said the 
.'workforce would be increased 
from 500 to 9C0. However, with 
ihe assembly facilities completed, 
there are 7S0 people working at 
; Desford. This suggests that can¬ 
cellation of the components plan 
! has cost around 100 jobs, 
i Instead of making its own com- 
! pnnenK Caterpillar is looking 
j fur U.K. sources to replace the 
i imported ones it is using. 

! Thu smaller lift trucks are 
i made from 95 per cent. British 
I components. But this fails to 
! around 50 per cent, for some of 
. the big trucks—the range goes up 
.to four-ton capacity. 

Mr. Turn Armstrong, plant 
I manager, said the factory* is mak¬ 
ing a contribution to the L'-K. 

■ balance- of payments because 
: more than 70 per cenL of the out- 
.pul is exported 

The investment at Desford 
■proves “Caterpillar is deeply 
. com ill it ted to tije lift truck 
1 business " which it entered via 
! the acquisition in the f.S. of 
'the Tow motor Corporation in 
1955. 

| Theatre’s plan 
blocked 

By John Brennan, 
i Property Correspondent 

■ PLANS for redevelopment of 
: London's Mermaid Theatre were 

frozen by the Cit 7 Corporation 
yesterday. 

Touche Remnant the invest- 
[ ment management group- 
i revealed last week its plans for 
a £7tn. modernised theatre and 
I office block on the Mermaid s 
j Puddle Dock site by the Thames. 

! Agreement had been reached 
'with the theatre’s trust, led by 

■ Sir Bernard Miles, to take over 
; the trust's leasehold interest in 
j the site, and to pay the City- 

Corporation. the site free¬ 
holder. a £lm premium for a 
I new long leasehold. 

I Yesterday, however, the City 
J Corporation voted 2 to 1 against 
: immediate acceptance of the 
' proposals. 


Healey backs 
Inland Revenue’s 
ruling on delays 


by james McDonald 

THE INLAND REVENUE'S rul¬ 
ing that it does not generally 
i accept delays in conveying its 
! view of the tax effect of docu- 
i meats as the basis of a claim for 
a reduction in the burden on the 
taxpayer has the backing of the 
[ Chancellor of the Exchequer. 

This is made clear in Ihe 
Government's Observations—pub- 
! lished yesterday—on the Second 

• Report from the Select Com- 
j mittee on the Parliamentary 

■ Commissioner for Admlnistra- 

■ lion. Session 1975-77. 

The Chancellor’s backing is 
given against the background of 
i a case reported by the select 
j committee in which there had 
| been serious delays by the Inland 
; Revenue in informing a tax- 
; payers agents of its view of the 
i tax consequences' of two deeds 

[that had been submitted. Mean- 
, while, tax liability had been 
'accruing on the basis of the 
! Inland Revenue view eventually 
j expressed. 

I The Parliamentary Commis- 
: sioner had found that there had 
been maladministration, which 
required a remedy from the 

• department, but this had been 
•refused. The select committee 
agreed with the Parliamentary 
Commissioner and called on the 
Inland Revenue to provide that 
remedy. 

The Board of the Inland 
Revenue informed t be select 
committee last September that 
it had reviewed the vase and 
had decided to grant the full 


remedy sought in the complaint 
to the Parliamentary Com¬ 
missioner. 

However, Mr. Denis Healey, 
the Chancellor—without com¬ 
menting on the circumstances of 
the particular case —said it 
raised an issue of general 
importance touching relations 
between the taxpayer and the 
tax administration. 

“The Board of Inland 
Revenue accept, of course, that 
they are under a legal duty to 
raise the appropriate assessment 
to tax and that in the interests 
both of the citizen and of good 
administration. they should 
endeavour to raise the assess¬ 
ment within a reasonable time. 

** However, the Board takes 
the view that it is the responsi¬ 
bility of the taxpayer to see to it 
that any formal documents that 
may affect his tax position are 
drawn in such terms that they 
will secure the tax consequences 
he intends. 

“The mere submission of 
documents to the Revenue does 
not discharge that responsibility 
or safeguard the taxpayer's 
intention. The tax payable can 
be determined only by whatever 
turns out to be their true 
effect” 

Second Report from the 
Select Committee on the Parlia- 
rnentaru Commissioner for 
.-IdminiatratiOK. Session 1976-77: 
Observations bn the Govern - 
ment. Cmd 7098. SO; 25p. 


Managers want top 
tax cut to 60 % 


BY DAVID FREUD 

THE TOP marginal rate of 
income tax should be cut from 
S3 per cenL to 60 per cent in 
the Budget, the British Institute 
of Management told Mr. Denis 
Healey. Chancellor of the 
Exchequer, at a working dinner 
in London last night. 

Income tax cuts totalling 
£2.5bn. were urged, including a 
cut in the basic rate of tax from 
34 per cent, to 30 per cent, at 
a cast to the Treasury of £2bn. 

Also sought were increases in 
the value oF • higher-rate 
thresholds by a minimum of 
£1.000 in the bottom band rising 


lo £2,500 in the top band (from 
£21.000 10 i‘23.500». 

The Chancellor was told that 
the institute considered it desir¬ 
able for the top rate to come 
down to 50 per cenL in the for- 
seeable future to provide incen¬ 
tive and for higher rate 
thresholds to be indexed to 
maintain their real value. 

Before the dinner, Sir 
Frederick Catherwood, vice- 
president of the institute, 
stressed that managers' incomes 
had been badly hit in the last 
four years. It was only fair that 
steps should be taken to restore 
their standard of living when 
the opportunity arose. 





MAXI 


1 ::v. j.“ . 

ALLEGRO 


MINI 


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i likiTTCkl Rl a t i»W 




. i-t, 
F.£*V.- Vm " 


I'AKI.IAMI NT AND POLITICS 


Premier ‘unrepentant 


on 10 per cent limit 


ft PHILIP RAWSTORNE 


MPs call 
for price 
controls 
debate 


Shore urges more inner 


city investment 


Callfor 

Israeli 


Bf Ivor Owen, Pariamentnry&a^ 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


nAnQTA A CALL for leading Arms to P. 

ly increase the size of their invest- | 

MR. JAMES CALLAGHAN told thanksgiving. Bat the Tory tion was back on the Labour ment in inner cities was made by £ 

itfte Commons yesterday that he leader sat tight-lipped. agenda, they demanded. - Sir. Peter Shore, Environment -V?. 

was ’‘totally unrepentant" about Mr. Callaghan was asked by M It’s never been off the By Elinor Goodman, Secretary, in the Commons last 

the Government’s action to rein- Mr. Peter Boltomley (C., Wool- agenda." Mr. Callaghan coolly consumer Affairs Corresnondent night 

force ifc pay policy. By black- wich W.) what the Government rejoined. The lasL Tory Govern- ^ _ ointed out that many hi* 

list or contract, the Prime Minis- thought the future level of earn- ment h i d nationalised Upper onv Ratrontn •«, companies already had a co£ 

■ »«, Who r a Uhc^o -jhfcj ;“.e .loanee’■ that Ml that he shared he,r £££ 

ts to challenge the policy again the Prune Munster declared maicneoMr aenns. was guards written into price and in markets for their goods. 

nested ^ so U mucb y a S shi' "“ But I am in no doubt that clear that the economy would not controls. “ I would Uke these firms to 

Start Plata cIStaL the level of incomes next year work properly without a proper The delegation took along an rml U* eaten 1 of ■teen- 


in the Commons on Monday, sug- coyly. . 
gesled it was not so much a sin u But 
as just plain cynical. the levi 


ted disercdonary powera with The prospect of Mr. Callaghan they would start supporting advance its argument for an inner cities, he declared, . 
^Umited rS she SiJned. earning on brought a note or industry Instead of running it urgent debate. “Tf our major firms could 

Commons bid the IS desperation into the Tory ques- down. The morion called for abolition push more investment towards 

verdict if the Government mis- Soiling. But Mr. Callaghan noted that of the present interim safeguard these areas ihey .wiU be helping 

Sed as nowers the^Vime Mta- If the Prime Minister would Mrs. Thatcher had told overseas which prevents a company’s to protect their ousting interests 
iSer pointed out The Govern- not repudiate any policies, per- bankers she was opposed to the prices being frozen during one there. It would also pye an 
ment had been acquitted once haps be would renounce Mr. Multi-Fibre Agreement, export of the Price Commission's three- example which is crucial to the 
and he had no qualms about next Anthony Wedgwood Benn? Did credits and all Government month investigations if a freeze re *Jf n s ^ 0 5° n “““’ on 
week's trial "I am totally un- he agree with the Energy Sccre- grants and subsidies to industry, would reduce profits beyond a Mr. Shore was speaianspn the 
™r„rv<; rnmmpni in a sneech at “I wonder how many millions certain point Second Reading of the Inner 



BRITAIN intends to-continue 
the rote of candid friend to bt^ ' 
Egypt and Israel, mainly Umeaisfc 
moderate, the Bill was one or the use of-traditional diplomas 
the best chances'Britain had bad channels rather than 5> pafife 
to, tackle unemployment . and pronouncetnents, the*Prone gfog 
social deprivation In London. The ^ ar said ip tht Gopamons ye^Mi 
greatest single need in inner day.- s I-*... v. lli'-a*. 
■London was for industrial ..ent-' Q^gttoned'nboot-.'Ma meetiak 
pioymenL • • •. . ^ ^aHierin the day with Pres^^ 

..Mr, Peter- Walker ■ (C-sadat of Egypt at Heattoow^, 
Worcester), . dormer Tory p^t ) ,ke sald:. u l 
Environment Secretary, ..warned vate representations to • 

that'-the need for action m tne. -evpw^wha ' 1 ^^ 1 

inner cities was .critically urgent. epiniodiOn where both side& wfi?' 
tTnempIoyment in urban areas, mo ^ e ^ the best.way’ 
racial friction and crime were ^ pg^ -negotiations- forward • ' 

•*? 4 SSSS% welc^ei > -ciS^S^SSSSSSt. ' 


3& 


reVcntam'about*the*powers being tiTry’s* comment in a speech at “I wonder how many millions certain point . Sec 01 nd Readmg of the Inner Mr. Peter Shore a% have"i'choI&'i»^"fli«'tfciiand^I^tope^hal-the Goven^ 

used and the purpose for which the Schoo! of Onental and of jobs would be lost if the Tones To the disappointment of the UrbanAnas BiIL This . y„ u wiU no tBo-int 0 an area of mem and peopIe pfr Israel Vrffl. . ,*n] 

-rasar-s.. “ “ “ ” “* SSjws SESSQBS SB-usrtrc:' - 8**“?®^' 

would examine the complaints « . . . Although the?arebeta? i«S22 encourese industrJ'in^the Sne? responsible for driving them out, red tape in relationships betwera find a fffrrfe^- fo-.nverln ’- ■ . » 

Tlpfpnpp work switched ?•»■* V a» Co-uL. Hr- cities. l. will entail total espen- Tb. rigidiUes £ ” 


V “ Mr;^ Callaghan stressed:'*TVJt’ * 

- A»iAi-ntn the view of tbe Government ihis 

uperaie Israel should show greater fleftf ‘ 

*■ v . - - --■bility- r iri. r het >iagoriati 6 ~na,y^hf; J 

.' Mr. Walker said:; ?We now that ■ IsraeTf^<Js ; pafiK J 
-have a situation In “certain dls- 'mount \ r.:--. 

‘ fricts of - this • countay -where -..‘‘ En -my "discu^sfodsi I 
- forces will not operate' because tiwt President £adat' ieci^nfi^I - 
if ‘you have a choice -as- : a firm this, and I .hope.-that-&e Govern, 
you will not go-into an area of mem and ^pfe pfT Israel >ni; 


of a Commons Select Committee 
about the Government’s handling 
of statutory instruments. 

’ Mr. Michael Foot claimed that 
action had already been token to 


Defence work switched 


tzyihg^toi 


BY JOHN HUNT 


meetsomc of the criticisms—but the jnjjisTRY of Defence has a day-to-day basis” he said- reservations about the whole Affrsinforl had also been a major hindrance. - . ' 7“'*’.-:' 

^nM Cd taken action asainst' T. Baker “But as the company is in CQOCep t of numeric safeguards xVllt dllCU Other adverse factors had - been.'’jV', 

vemmcnl would look iTransoort) of Tipton. breach o£ the P 3 ^ guidelines, j n W hat he sees as essentially a . . the development land tax. capital <J3p3BCSC C3X-OtlOT35> 

snehts 5?*! undlr the^Government’s alternative arrangements have d i scre u 0 nary form of price con- Shore emphasised tnat Xnnsl „ ^ the suddenness; ^ - H - £ 

.u. « K , -T-iic*.. ennimnipt whn now been made - trois. he may consider making medium-sized and small Amis Qf Government cuts in public ; Mr Edmund Dell, Secretary to restrict futoie car-esboils ttv 

rlornJlT 0 I?/ bl#ckll *J f ® om P ames who This would involve some slight changes this summer when the and office and service employ- espend j lure on capital projects, faj. Trade, is to be asked to Britain. JBTe taifea^,a^ries -of 

Callaghan went P on to taunt the d ° “ 0t °-?^ 8 ^ 10 P6r CPnt ' extra cost 16 his De P“ tmenL controls on profit mar- ^these^as “ The Government has done impose immediate quotas, on Conpuohs quesrions to^DettL 

Tories With its success The wa * e S u,del,nes - but it was not possible to say gins expire. _ win^vmi n"le Stiicu'ar’v* incomparably more to worsen the Jspanese car imports followiiig .. Respite th^ fact- -ihat..ithey 

whole nation would be "'fateful Answering a written Commons how much. T filt V U? Ued r S «°| 1 r?ii» were attracted 'to ' the ' Wa of crisis 11130 '“J of cosmetics Wednesday’s announcement, of entered into a ypiaataCT agre^t 

to the miners for their'resnnn- question last night. Dr. John Dr. Gilbert was answering a C ?. I Hiow e ff« 0 mr,«t>, Br ra^H working in service industries in that Secretary of State has the increase in their share of ment, the Japanese arc. plSratfi 

JhledeS to areept Te JO G«bert. Minister of State for question from Mr. Norman Ss nd SeS K been ““W about t0 ^ h * car sales last month.- ■ v Ignoring it,: \WfOm has-.tSr. 

per cent Defence, said that no contract Fowler (C.. Sutton Coldfield) S r :,S2?^h?jS2.?S?™ S?r“ the Srovisaid. . ' Hlr., Dong Hoyle. Labour MP arrived when the : .talking i&butlt . 

“I thank tfie miners of Britain Wltl1 t be company bad been who had asked why a contract ^vfitLr^T ati^ Mr Shore acknowledged that ^ Douglas Jay (Lab, Batter-;for Nelson and Colne, yesterday stop and we -Should introduce 

for what they have done," he cancelled. with the company had been can- fi2?E5aw ,I 8i w 2SSd , !br“JS «Jriui5£to2SSS2JSSS %£«“>•> -« **^2*s!5s£*s 


company 


gated by the commission. Air. cities, it will entail total expen- ***«**««> ^ j ^ » The PrtaB 

Hattersley refused to give any -diture on loans and grants of *«“ creating slums and^tbe and dedde on a who^e ™ SiSSSfSiJSSfif' . - 

dofinirc undertaking to chance ffidm un to 19 R 1 -S 2 rates paid by firms were often designated districts where there he intendedwnong^toMr. Begfe;- , s • 

the nles. higher than their rents. The was a desperate need for urgent thd Isrrfefi ;Prefflteii;.;;e^laii*ig-- 

Given the Minister's known slowness of planning procedures action. . . • ■ ' 

reservations about the whole AtjTHPfPn had also been a major.hindrance. - . , - 4 , 

Concept Of numeric Safeguards i*lU tH-lCU OKno, aWnana t*/*tnre haA'hoan : :.V . . ■•••» ’V*-" v: - 


re re the growing sectors. 


intoned. “The company has, for some celled, and how much it had cost urgent debate on the motion He jects would be attracted to inner 

Lahour MPs called mockingly years, undertaken transport work public funds in letting a new wa ® to!d that was no tjme cities. j t would be the medium- 
on Mrs. Thatcher to join in the for the Ministry of Defence on contract f or 0 _ e _ ext wee k—and. indeed, sized 2 nd smaller firms that 


BY IYOR OWEN, PARLIAMENTARY STAFF 


on Mrs. Thatcher to join in the for the Ministry of Defence on contract f or one next wee jj— andi i n d ee d, sized 2 nd smaller firms that 

the odds seem to be against it would contribute most to employ- 
being debated in the next few ment. 

iq — ^ • 1 months. From the Opposition front 

I^llCClTIO WAPflC PYIIISITIPO But * he fact ^ ^ motion benclT - ^ n « e,ltae » 

JL ^JHUL Uilo^Ulsl TV vFJL vlo V^k|JlCl.UlVU was signed by a number or MPs shadow Environment Secretary, 

belonging to the minority parties was sceptical about the effective- 
—including Mr. John Pardoe. the ness of the Bill, although the 
BY IYOR OWEN, PARLIAMENTARY STAFF Liberal’s economic spokesman— Tories did not intend to vote 

may encourage Mr. Hattersley to against it. 

_ _ ...... . tbink that he could get changes His scepticism seemed to be 

LABOUR backbenchers claimed had actually used words to the The Hansard editor had agreed through the House in the shared bv some Lahour back- 

yesterday to have uncovered a effect that the Opposition was to this course, and he had been suraroe r. benchers ’ There were Labour 

new twist in the mystery sur- against individual limits "at the surprised to find that the words The motion calls onlv for the shouts of “chicken feed" w-hen 

rounding the Conservative present time." had still been omitted when he abolition of the ' interim safe- Mr. Shore outlined the financial 

Party's attitude to incomes policy. Mr. Nott immediately volu- read Hansard the next day. guard. It makes no mention of provisions of the legislation. 

Mr. Michael Noble (Lab., teered an explanation. He had The Speaker, Mr. George safeguard which comes into 
Rossendale) protested that the himself discovered, in the course Thomas, said an investigation e ff ect w hen the Commission has 

Hansard report of the speech of a routine check, that the carried out iby the editor of completed its investigation. 

made by Mr. John Nott. shadow words “at the present time" Hansard had resulted in the This latter provision has vet uviCUlTC 

Trade Minister, on Tuesday, were missing from the Hansard reporter concerned confirming to be tested as the Commission 

when he opened the Opposition reporter’s typescript that the words in question had bas not yet recommended a sis- Mr * Ron T* ,omas Bristol 


BOND DRAWING - 


.vx.. -.v. 

: ; . V ± . 

- ... .. hnt- 


THE GOVERNMENT Of PAPUA-NEW GUINEA 
. Guaranteed Bonds 1 B 83 " 




S. G. WARBURG & CO. LTD., announce that Bonds to the nominal amountof.US.$l,000,000 hava ; -'j 
be en drawn in the presence ot a Notary Public for. thoredemption Insialmont duel 5fh:March,.t378^ . 

The numbers of the Bonds drawn are as follows :—*• -• ’ : * J '.-- -* - - -' - •' 


%li 


Selective 


Mr. Ron Thomas (Lab^ Bristol 


nificant restriction in a com- £W>. reminded the Secretary- of 


attack on the ‘’blacklisting" of “I made no change whatever been used by Mr. NotL nificant restriction in a com-'«w ), reminded the Secretary of 

firms in breach of the Govern- to the text," he stressed. . Their omission from Hansard pany’s prices. But experience State that a report from Bristol 

ment's 10 per cent, pay guide- Mr. Nott went on to report was the result of a printer's W ith the interim safeguard indi- shown that urban blight was 
lines, lacked four vital words. that after listening to more of error, and steps had been taken cates that most companies can- not confined to inner cities. It 

According! to Hansard, he said, the debate and realising that it to publish a corrected version not be prevented from Lmple- existed in other parts of a city , 1 

Mr. Nott had staled; “We have was a matter of some consequence of Mr. Nott’s speech. menting the greater part of price such as his own constituency, 

made it clear that we are against " for the Labour Party," he had The Speaker said he was rise wanted while they are inves- Mr - Heseltine said that the 
individual limits." returned to the Hansard office entirely satisfied with the editor's tigated. sums of money which would be 

V/ith support from other and suggested that the words “ at explanation. “ Mr. Nott could Mr. Johnson's motion was provided under the Bill were 

Labour MPs. Mr. Noble said his the present time" should be not have done more than he did. apparently triggered by. the Ter >’ small compared to total 


recollection was that Mr. Nott included. 


The matter is closed." 


Labour rebels to oppose 


reduced Scots 


‘yes’ 


vote 


announcement last month that local authority expenditure. It 
Allied Breweries was being was. lie said, a highly selective 
allowed to put its beer prices up measure which would effect a 
by 2 p a pint while the increase negligible number of companies, 
was studied by The Commission. He suspected that it was an 
Much of yesterday’s discussion "illusion of a policy” which the 
apparently concerned this par- facts would not justify. The 
ticular case but Mr. Johnson sort of encouragement given in 
stressed that his concern went the Secretary of State's speech 
beyond beer and that he was wor- was not enough, in itself, to per- 
ried that the Commission's effec- suade firms to invest in the 
tiveness was being undermined inner cities, 
by the safeguards. In fact, be argued, it was the 


BY RUPERT CORNWELL, LOBBY STAFF 


THE GOVERNMENT has little of Lords, probably after Easter, will delay a decision until closer Mason says Ulster 

prospect of deleting completely The Government's tactics were to the vote. 

the vital amendment stipulating settled at yesterday's Cabinet Above all the Cabinet is trust- f .<•">« 

a 40 per cent, "yes" vote in meeting, when Ministers agreed y, at ^ fortniebt’s interval ll/'C? 

the referendum on Scottish to throw their backing behind an be ^,c en the Bill's cSramltteSt and ItfflKS 6 SS 6 IIIIHI 

devolution. It now hopes to amendment tabled by Mr. Dennis rpnnr t B rapp«! will havri aiinwori 

reduce the minimum proportion Canavan (Lab., W. Stirlingshire), ® to mike a’ more robe! 

electorate l ° M ^ CeDt ' * ^ whStev ^ 8 ^ minimUm figure reassessment of the minimum FINANCIAL TIMES REPORTER 

electorate. wnatever. vote p r 0 V iso. Ministers are 

Last n|<*ht however its In j e eveT “ of fatlure, a emphatic that such a precedent . 

chances of sku ring even that sec ? n ^ R™P osaI ’ **“• would be extremely dangerous IT WAS “absolutely essential" did not want a 

more limited objective looked in Hnt^would be voted uddel for the rest "of the U.IL t restart the ter polit'cal 

Cnrna lonnnrHii ns T.,kn„r pahalc WOU1Q De VOleQ UpOQ- - t . t _ (n. ffialnmiP Mr Rnv M«fln thl> Mr. GprTV FItf I 


FINANCIAL TIMES REPORTER 


renewal of 


,o resist any jfci-^jssjsrtrafss*risr, t =f£‘'sr^si’ss'rass 

The key votes will take place sedative ^uooort—esSniia? if Orkney and Shetland Islands to pace . 3n ^^5 a political the province that gave aid and 
on Wednesday evening% P the S^eductio^ to be“ted. opt out of a devolved Edinburgh fio^tion. 

second night of the Scotland The indications were last night as ^ nb I y ' * K was replying to Mr. Martin made b's pob more difficult 

BUt's report stage. Tbe Third that the Liberals would-go along The Govern me nt appears to be Flannery (Lab.. Hillsborough) The floating of an amnesty 

Reading will he in the following with 33 per cent, while the biding its time in the hope of Y** 10 sald H 13 , 1 * sense of hope- had not done any good but he, 

week, before the measure departs Scottish Nationalists — hostile coming up .with a satisfactory J 68506 ? 5 f.°Vi d J e ? d to mor ® « as s T lad t ^ at tl ? e 

for lurthcr scrutiny by the House even to the compromise figure— compromise. terrorism if the dialogue was not Mr. Jack Lynch, had tried to | 


Aircraft noise complaint 


PEOPLE affected by aircraft severely impede the convenience 
noise should have the right to of aviation traffic and those 
sue aircraft operators'and air using it. There couULbe-a severe 
port authorities said Mr. Hugh drain on airline finances." 


Higher fines 
urged for 
harassment 


terrorism if the dialogue was not Mr. Jack Lynch, had tried to 
renewed. withdraw it. 

Mr. Mason called on church Mr. Mason also agreed with 
and political leaders to calm tbe Mr. William Van Straubenzee 
Province following the four Conservative MP for Wokingham 
murders since the week-end. and a former Northern Ireland 

“When there are dastartly minister, that a solution had to 
and cowardly attacks on innocent be found in stages. He added 
women and children, it sends that local government in the 
waves of revulsion through the British sense was not sufficient 


BY GILES MERRITT IN DUBLIN 

AN OPINION poll has suggested over the question of reunification. 


Jenkins. Labour MP for Putney Mr Jenkins C cUimed S "durine yesterday attacked the Province." He said he could to answer the problems of 

West, who wants the right written yesterday’s debate on the Bill "derisory fines being meted understand these feelings but Northern Ireland, 
into the Civil Aviation Bill. that citizens' right to sue about Jl e c ,° ur ^? ^ a Jlsr-day 

Mr. Clinton Davis, Trade aircraft noise had been re- wh° winkle and harass ■■ •. . Y 1 E 

Undcr-secretary. said that his moved accidentally by- an Act DtIt their property. I .VfBf'gl HFlllV f 1 /! 11 OllflO^hOfl 

plan could cause "ifnmense passed in 1922. “It is a serious f WLr „?I uc ? 1 G ® or S,5' Labour MP XJJ livll Ulilij . v^lli 
damage" to the aviation industry, thing to deprive a citizen of his w 3 isall South, wants the ■* • " • , 11 1 

“There could be a severe risk right tago to the courts. It is a r 0 ™ Cnanceller, Lord Elwyn- fbV lT151irinTV TlOll 
of considerable litigation to no right which ought to be"**° nes t0 renund the courts that **3 ? JJvFAJ. will/ YT i3 

very great purpose. There could restored." the maximum fine for harassment .v. M , D . IU 

be uncertainty created about The debate was adjourned 15 -soon to increase from £400 to GILES MERRITT in Dublin 

flight movements which would until Tuesday. \*\m. AN OPINION poll has suggested over the question of reunification. 

that a snail majority of Irish Forty-six per cent, supported Mr. 

Next week’s business ‘ : 

COMMONS debates next week Lords-business Is:. . f ^' e ^^ added “ There is evidence Priiie^SstwMr?Jack Ly^''^Mr^Lyneh was attacked in the 

Debate on p U .„, pur- ^ 

chasing and the abuse of Minl» mittee;..Participation- of Agree- the courts use their nnwers fi° nE "irreparable damage" to argued that renewed provisional 
terlal power; motion on financial ments Bill, committee; debate on . foreign investment hopes IRA.violence in the North might 

assistance to Opposition parties. Rhodesia.-; ^ , _ .through his comments. bav ^ been encouraged by hopes! 

TUESDAY AND WEDNESDAY: wirnNmsnAV- — t—^ WfllCS |ODS The roll, conducted in County of ^PP 011 m Soulh - 

Scotland BilL remaining stages; at niSha» THF DPvnirmTnpnt tnr Rosscommon which 4s both geo- - - 

“ d pwm R-raiw.,«,Tower■ Bridge 

Restrictions on the Retail Sale or-- . .. ... 552*.® B H 1 .T?L r . n»rM. h-lieved Mr. Lvr.ch.hnrf ,_ 


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principal 


“ pw h™.~ ris Tower■ Bridge 

Restrictions on the Retail Sale or ^ ... , j* « S «r • - r . oer eent believed Mr Lvnch had nn ,„ - 

SuDBly of Veterinarv Drugs) THURSDAY: Education tNorthem with its “Trautex” at Binning- P Br ,, De ,,f Q 1 ? y ? cn ““ ROAD improvements to the nor- 

order^ . '■ ■' Ireland! Bill, third reading: Indus- hsm International Station has been .wrong to state in a radio yj ern approaches to Tower 

■ ■ r» a •*»■» ___._Inlttnnpu- laet mnnJ-li .Iflint TlriMin v, -j ___ _ 




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TtfURSUAY:-European. Assembly committee. trial inquiries, which could mean sb® 1 ^ encourage Irish unity, next Tuesday. 

Elections Bill,' remaining stages. Factories ranging in size from As many as 56 per cent, of those The £3m. scheme will ease 

FRIDAY* Private Tnumh^rs' Riit>t 1.500 to 60,000 sq feet have been interviewed rejected the idea traffic congestion at the junction 

" ' t> 1 . J J * sought by manufacturers pro- of an amnesty bed ns considered of Min Dries, Tower Bridge-Ap- 

MONDAY (February 20 ): Employ- DUu861 GElC during all kinds of products for fRA prisoners in Irish jails..preach. Tower Hill. Mansell 

ment Subsidies Bill, and Home ° from children's racing cars. But although a slight majority Street and East Smitbfield and 

Purchase Assistance and Housing THE BUDGET will • be' on, electrical components, glass, disapproved of Mr. Lynch’s widen tbe road for extra traffic 

Corporation Guarantee BLlJ. second Tuesday, April 11, MPs Were-told furniture, stoneware,' 'pharma- stand, the poll showed bow generated by the redevelopment 

readings. : yesterday. ceutlcals and food, evenly divided Irish people are of Docklands, 


• interest will cease to accrue on the; Bondsboiled jot radfemp^dri onaflcT af^r IB® ji/i?r0li;TS9S. Rdn* : . T '£ vj'. “•. 

-60 presented fpr payment must have attechedaB CTupo'ns.-map»l^'«^th^v-y-- ;; v 
UAWamooo nominalamouniof ^'da'Wiffr! 

The following Bonds drawn for-redemptian on debts stataf faeltwirave.'rTOt-yat'beenr -f£ ^ 4 - t 
psymenL--. .A r • - ;; .. ;■ . r . .cV:'»V Si-'. 

T. • - 15th March. 7975 • - '' -V* r ‘ ; V. v-SW s. 


TStlrMtrcfif977, 


3ft, Gresham Street, London, EC2P 2EB. 


















0 




Sa 


. '»i .1 u. 


move Speke strike made 
official in 


-V u'J*; §T XUn> COR8CSPoif4bM Yj>RK 

UNION leaders £70; ■ and this.’ mow modest 
'V’ u " r :^': a conciliatory, liaayester-. tsa^et was .endorsed.by the con- 
1 -./ Ji -- [►.^' toward difficulties over tto- fc fti&at^^.ecii2Kve yesterday. 
f lt _ national pay agree- -V/ith such' a nanrow gap 


**'Wyerst Federation, ..despite The vote ’ by/rhV«*ecotiye to 




the era ploy era^fcderitdon. 


'“j-jh'.'.- onse to a, claim-for new offer, whieh the .unions have re- 
skilled rates of £70 a jected, •: wouldr Increase the 




: naoonal^agft htit’byr!*- 25 per 


‘ .. Hugh Scaurbu; leader-of ceot, compared^with.3 per cent. 

... side, and his -fellow- under the £60 the rations are now 

'«?' tiators indicated that they seeking. 

Er -fl i * d be prepared to recommend Although in. percentage terms 
“ n - T sr,|f .^■'ptance of. £60 rather -. than- the differeoce 1 between tt»e two 


Ja2 - a lit’ 

r-f* J . . , _ 

% i^Vages council awards 
SS^iiiidiy' workers 12% 

PAULINE CLARK, LABOUR STAFF . . —' 


foe ! 'ARGE group of, low-paid 
tft3 T)lpg ers in the services sector 
“ R is to receive an 1I.B per 
3 « Pay increase under what is 

■v*ciir * u - ved to be the fifth major 
‘ council deal to exceed the 

; ' 3 -:'r.-"rmaent , 6'10 per cent guide- 

__■ r^ie Jii. 

••"re - . :zv, i ; e wages ' council covering 

- Jagjt 63,000 laundry workers has 
" tr: ^ it V the award in spite of 
;• ‘.ca v.; ?: ..^jons from the Department 

- r ar.j Employment to similar deals 

; *'eceht months for 200^)00 
' he s-i '■•ultural workers and several 
——-Z^; groups in the retail sector. 

cation of the laundry 
ers’ award is due later this 
h. - 

the cases of .the food .'shop 
ers f wages council and the 
n is Board for farmworkers, 

■■■BB^pendent members sided with 
inions against the employers. 


These two deals alone covered 
nearly 500,000 lowiwid 'WDrkers, 
•giving those 0P" : the .statutory 
minimum wage riseof about 12.5 
per cent. 

Employers, are legally^pbliged 
to follow wages eouncm orders 
and are thus;, exempt: from. 
Government restrictions. 

The Department of Employ-; 
ment said yesterday that wage 
council awards of mpre/than 10 
per cent, were “regretted.'’ out 
there was nothing the Govern¬ 
ment : could .-dp- -afiout . them 
because of .their Jegal.status. 

The awards, however,-were not 
thought to' be a^serioos -threat 
to the fight against'inflatinT?. as 
most of tbe emplojettEpttHtahiy 
already paid their-workers more 
than .the previous.^join^mum 

rxfAfr . '_ ■"‘i 


ades fa small, there will be 
lough bargaining when talks 
resume, since every increase in 
the national pay rates reduces 
the amount available to em¬ 
ployers within the 10 per cent 
guidelines for distribution at fac¬ 
tory level* 

'Hie confederation executive 
Will meet again after the new 
negotiations. If tile two sides 
once more fail to agree, all pay 
negotiations will revert to plant 
level and engineering be 
deprived of a common conditions 
agreement. 

Yesterday's executive meeting 
decided to step up its fight to 
prevent non-con federation unions 
iroin being recognised by British 
Shipbuilders. 

The executive will send out an 
instruction toiling them to hoy- 
colt negotiation*, with any British 
Shipbuilders management wbo 
are members of the Shipbuilding 
and Allied Industries Manage¬ 
ment Association. 

Members of confederation 
unions working in the shipbuild¬ 
ing industry are being told to 
ignore an overtime ban being 
conducted by management avo¬ 
cation members in protest 
against delays by the British 
Shipbuilders Board about recog¬ 
nising the association. 

British Shipbuilders has put 
nff a recognition decision pend¬ 
ing approaches to the Advisory 
Conciliation and Arbitration Ser¬ 
vice. The association is now part 
nf the Engineers' and Managers' 
Association, affiliated to the TUC 
but lint a confederation union. 


15th week 


BY PHILIP BASSETT. LABOUR STAff 


A STRIKE by 2,000 workers at 
British Ley land's ear plant at 
Speke, Merseyside, now in its 
15th week, was made official yes¬ 
terday by the Transport and 
General Workers’ Union. 

Shop stewards were Jubilant 
because they feel the decision 
will force Ley Lind's hand and 
bring an end in the strikers' 
favour lo the dispute over a local 
work prartices agreement. 

Mr. Jack Jones, general sec¬ 
retary of the TCiWl?. said the 
decision had heen taken after 
talks on a formula fur a return 
to w-ork broke down this week. 

Seventy per cent. oT the 
strikers are members uT the 
TGWU. The majority of the 
rest arc members of the Amalga¬ 
mated Union or Engineering 
Workers, and it is likely that it 
will follow the TGWU line and 
declare the strike official at an 
executive committee meeting 
next week: 

Mr. Jones said it was decided 
to give official support to the 
strike to try' and hring the dis¬ 
pute to an end as quickly as 
possible. 

Mr. Moss Evans, general 
secretary-elect, will travel to 
Merseyside on Monday for talks 
with local union officials and 
possibly plant manager-. 

He is already considering 
whether the union should make 
official a five-week strike at the 
nearby Ford motor plant at 
Halownod. 


The Speke strikers will receive 
£&a-day dispute pay backdated 
to the start of the strike, last 
November. Merseyside union 
officials estimate this will cost 
£ITOJ»0. 

The stewards now feel certain j 
that Leyland will have to accent; 
their interpretation nf a 1972 j 
work agreement on which the I 
company*< attpmpt to bring inj 
new manning levels for the I 
Speke plant re*;-. : 

The stewardv feel that if Ley-1 
land does nm make frc«h pro-1 
posals for negowptinn then they I 
could face ih*’ ihreal of wide-! 
spread industrial action through-! 
out the group. 

Walk-out at 
Welsh plant 

By Robin Rcevci 

SOME 200 engineering workers 
walked out on strike at the i 
LlantxisaDi works of Powell; 
Duffryn, the South Wales cagin-- 
eering sroup, yesterday in pur-1 
suit of their annual wages claim. I 

The company immediately [ 
issued a statement stating that > 
in negotiations begun last Nov-; 
ember its engineering workers- 
had been offered ihe maximum 
within the Government's pay j 
guidelines, but that, this morn- 1 
ing. they had broken off nepo-I 
nations and withdrawn their I 
labour.. i 


TUC steel 
committee 
for talks on 
redundancy 

By Nick Garnett, Labour Staff 
OFFICIALS of the TUC steel 
committee are travelling to the 
East Moors steelworks, Cardiff 
early next month to discuss 
with British Steel management 
a voluntary redundancy scheme 
for the plant's workforce. 

The negotiations, on March 8, 
will be preceded by talks 
between the committee and the 
3,300 workers. 

British Steel said yesterday 
that the lalks which from its 
side will be handled hy Dr. 
David Grieves, the corpora¬ 
tion's personnel director will 
be on the lines of those heJd at 
Hartlepool which eventually 
led to early closure of the 
Teosside plant. 

The steel unions had said 
they were not prepared to 
discuss details for any early 
closure of East Moors follow¬ 
ing a 6} per cent, pay offer 
the;- said was totally unaccept¬ 
able. 

That offer has sinee been 
improved to 9§ per cent., con¬ 
ditional on agreements for 
further economies, and large 
sections of the Cardiff plant 
have indicated they are pre¬ 
pared to accept a redundancy- 
scheme. providing payments 
arc sufficiently high. 

Mr. Bill Sirs, general secre¬ 
tary of the Iron and Steel 
Trades Confederation said the 
lalks would cover acceptability 
of the plan'! closure and ihe 
size of severance payments 


Employers write tax 
guide for strikers 


BY PETER CARTWRIGHT, MIDLANDS STAFF 


A “STRIKERS' CALENDAR" 
setting out the best periods in 
the income ta xyear for union 
members and other employees 
to benefit from State regulations, 
has been drawn up by Coventry 
and District Engineering Em* 
pioyers' Association. 

It points out that whereas 
employees were disqualified from 
receiving benefit if their unions 
supported strike action from 
which they were likely *o benefit, 

they can now receive payments. 

The best time for tax rebate 
from a striker's viewpoint is to 
strike from September to the 
following Mart-h. The report 
says: “The worst time is early 
April. Tne new tax year begins 
in April and no rebate is 
repayable.” 

The report says the notice 
period leading to a strike may 
also be used to accumulate over¬ 
time pay which would ** buffer " 
employees from an immediate 
fail in income. 

“There may be considerable 
overtime working immediately 
after the strike to recoup 


production losses." 

So losses have to be weighed 
against future gains. The asso¬ 
ciation has studied the local 
strike situation. In. a recent 
nine-week strike, it says, average 
refunds were £75.50 to married 
and £43.60 to single men. 

The association has calculated 
that the difference between 
working and being laid off for a 
single man is less than £11 a 
week. £35 a week basic and 

£24.15 if the lay-off exceeds three 

weeks. 

A skilled finer with two chil¬ 
dren can, says the association* 
get lay-off pay of up to £542Sp 
against a basic £53.50. 

Mr. Alan Berry, the director 
who presented the annual report 
yesterday, 'said that imposition 

of an incomes policy limited 
money arguments, which in 1975 
accounted for 70 per cent, of 
claims going through negotiat¬ 
ing procedure to conference 
level with local union officials. 

These and other matters re¬ 
sulted in 50 per cent, more meet¬ 
ings last year than in 1976. 


Clyde men’s £10 parity claim 


i MORE THAN 6.000 Lower Clyde 
! shipbuilding workers yesterday 
J presented a claim to the Central 
I Arbitration Committee in Glas¬ 
gow for wage rises of up to £10 
a week to bring them into line 
with workers at Govan Ship¬ 
builders. 


Mr. James Murray, Scottish 
Executive member of the Boiler¬ 
makers* Society, told the com¬ 
mittee that the workforce at the 
Scott Lithgow Group were becom¬ 
ing increasingly frustrated be¬ 
cause their earnings were among 
the lowest in any British Ship 
builders’ yard. 


VGUiNtA - . ' •• ...... 1v 

l THER EVIDENCE TO TRIBUNAL 


ti'.'irr 


Cavalier attitude 
:o committee’ 


s - FINANCIAL Times had, 
.i£n a “cavalier" altitude-to 
-■^lispures/co'mfljittee 
~ to' - settle .-the protracted 
5igle over the editor's.control 
?=e. column written by. Mr. C. ; 
..‘.on Tether. Mr. Tether told 
Industrial ribunal yesterday., 
“i:-. Tether, 64, Who wrote the 
V-ris Lombard coiurnq -for 21 
Tj. claims he was unfairly 
.•kissed 16 months ago and 
■:U re-in statement. He has 

r- ted a compensation offer of 
pay until. nbrmaJ retirement 

Tether, of Worplesdon, 
ir;jy. was continuing his open- 
d ddress on the twentieth day 
~'e hearing, believed to be the 
3*st in the tribunal's history. 

complained that the editor, 
£ Fredy -yisher, had nor 
raided a meeting of the disr 
committee.-, comprising 
spinal Union of Journalists and 
f=spaper Publishers Associa- 
representatives, wben .it met 
y to resolve the dispute. 
said it was explained to bim 
the Financial , Times was 
v?rtant to. draw- Mr. Fisher 
•;.« • from his duties. : "He was 
-pressed.- •• . 

‘"iit, said Mr: Tether, af the 
heart of the. dispute Was 
question of- whether-.'.the 
. : $inds of iEsher.- who had 
•< ned h hn [ to • writing-■-on 
iin - subjects,', were' 1 reason- 

> was xlearly tbe ooly person 
the Financial. Times' >b$ 
.> d help the committM tiecide; 
•5 her they were or ppL„ . . .-2 
sr'r. J. D. F- . Jtmes; :the 
s'- aging editor i-whq-r- was' 
•hi ent, hid hot taken any direct 
in .-fee dispute and had "not. 
j involved in the banning of 
rticles, or in making changes 
.Vi , e m. in the introdneton of 
■}* edtoris letter which sought 
mit his choice of subjects. 
«L ; r. Jones had not exchanged 
1?'. igle word with him about the 
l^ute at any time, said Mr. 

ter. It was not dear bow well 
£■ ted Mr. Jones was about the 
■It; ute.-... • -~ 

•y;. it he told the committee that 
as the Financial Times’ coh- 
>; ion that the column had been 
■> ining since 1955. Mr. Fitiier, 
;y ever, had dated .the alleged 

rioration -from. 1972 only; 
r-is r. Tether said that in. send-. 
Mr. Jones to deal with the 
orial side of the dispute the 
:*i mcial Times had displayed an 
: ? udc to . the disputes -com- 
ee “cavalier” to -say the 

y this time, tiie dispute had 
j continuing for three years;- 
•>' Mr. Fisher would have been- 
tired to do was to give up 
jour or two of bis time. 
r . Tether said ;lhe disputes 
>i mittee found that arising 
&, n the requirements of Mr. 
•:.k ier there had been a change 
, mi*. Tether’s working conoi- 
s concerned specifically with 
: degree of independence he 
>yed under the former editor, 
Gordon Nwton. ‘ — 

he committee quite clearly 
> * "fid that as a result of Vx. 
-- aer's editorship he had: suf- 
. *d a loss of independence, Mr* 
;:\her went on. .. . 

~ he committee also recom- 
&ed that a ..meetiti| ^be. 

_ o«n and .8uv 


' The conrmittee did not specify 
tiie. place of the proposed m&t- 

ing^but the J^lnancialTimestaok 
tte' i-iaitiai*v» in suggesting £the 
editor’s ottos. V ‘ ; j. ‘ *, 
union, howefer, cancel¬ 
led this meeting an/returned tp 
the committee’to amue that hold-| 
ing it in the'editors office would! 
be unfair and fruitless. 

But the commjitee did not con-! 
sider these 1 Objections suffi¬ 
ciently importimt to prevent the 
meeting taking place and said 
that both parties should attend. 

Tbe Fin an rial Times said Mr. 
Fisher wriMd -.be available to 
meet him^but he (Mr. Tether) 
wrote to^the NUJ’s national org¬ 
aniser, Sir.. Robert Norris, saying 
he ditf/hot intend to accept any 
responsibility for the fact that a 
meeting of the kind thop commit-, 
tee ^waned could not take place. 

He had already made it clear- 
that he would . in no circum-; 
stances attend a meeting at the, 
premises of the Financial Timed 

There were sound reasons put; 
before the committee for hold-: 
ing the meeting on neutral 
ground. :. 

. He thought he had made it 1 
clear there was one fact that- 
had to be -regarded as decisive 
—the fact that the Financial 
Times “ faarrassment” of hiffi 
had in recent .months been car¬ 
ried to. such lengths that he wa> 
-left with ’no' alternative but to 
conclude that be could not Trtu$. 
them not .to ■ exploit tiie meet^ 
ing -by making tape - recordings 
that would he under. :their con? 
troi:. •-•- - - 
“ Mr. Tether j»id the Tetter .. 
minded Mr. Norris that it sboiii 
not be forgotten that the dispute 
involved legal issues wherein ho. 
{Mr. Tether) must take evfery 
jirecantlqn to- protect bis port' 
tion. --- 

-• It was totally wrong for thif 
Financial .Times to cite his un¬ 
willingness to attend tiie meet¬ 
ing in: the editor’s office as a 
justifiable -reason- for dismissal 

Refused 

It was the anion, not himself 
which was party to the dispute, 
and accordingly it was the union 
whicb bad refused to accept Out 
decision of tbe disputes commit¬ 
tee that he should attend. vv 

It was grossly uitiair.of tot 
Financial Tiines to make use of 
something which had happe^d 
while he was under the umbreffit 
of- arbitration to justify their ~ 
cision to dismiss Iwn- 
■ He Alleged that from an ea 
stage in hii editorship Mr. Fi^» 
behayhd towards him in a omr 
tin cits’ hostile faction. i 
^Tether'dttmbed an occa- 
sion when.' be. said, Mr, Fisher 
asked for a record to he madejtfi 
a private telephone conversatMhr 
be wks havnig with Sir. Fishery 

It was quite disgraceful thaf 
this record should have been 
submitted to the tribunal ^to “bo, 
used in evidence against him. _ - 

Mr. Fisher’s behaviour was me 
more,'serious in that the record 
of!■ the cmrwrsaHon .was neither 
cotfiplete.iibr accurate. 

.It concerned Mr. Fjsh^s 
reason for rejection his copy that 
day»-r-” 

: The' Fraaticial Times had 
claimed that he -was telling Mr. 
Fisher he could wnte what, he 
.llked when he liked, and that he 


<£ We’re a small company but exporting is vital to us. It gives 
us a wider base of customers to help us live with the peaks and 
troughs of the home market. 

“Although we do only about £ 25,000 export business a year 
we have found our ECGD policy invaluable over the last 20 years. 

“With individual products like ours we have to be careful 
with new overseas contacts, especially when we have to give credit 

“Our ECGD policy gives us the confidence we need to export 
worldwide in the knowledge that our commitments are covered.” 

Michael Watson is the fifth generation of the family to run 
Henry Watson’s Potteries at Wattisfield in Suffolk, where there has 
been a pottery industry for over 300 years. 






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sial and a representathte ^of 'prerogative as censo^'P- 

;-NJA in an attempt to .estab-r. TTj^t was uot his 
t an acceptable working fela- - - The . hearing was adjtiu 


ECGD offers insurance cover for a verv wide range of exports, including raw materials, mass-produced and capital goods, services, construction contracts and sales through lik conhrmmg houses, 
rn>trh*ntx and overseas subsidiaries of’UK firms. For certain business ECGD also offers hank guarantees for export finance at favourable rates (to the expor ter or h is customers guarantees for pre- 
. sh^imajt finance and performance bonds; and cost escalation cover. Full details from your local ECGD office. 

Tbmske w*w»mmieoi orfor mfonnadwi contact the Irfonrarion Officar, ExportCrcdits Guarantee DepKtmwK-'qaodag tefcrence FTP -at Glasgow,. BdfiM. Ucds, Atenchtster, Binrnngham, PjmJ 

■ CambziiBC, Bri^.'Londqii WestEod, CiwdoE or Tottenham offices; or Joa Swaifcs, Infonnatkm Section, ECGD, Aidcamanbury House, London £CzPaEL. (Tel; 01 - 6066699 . Exin. 25 Sj. . . 

IN'SUKAKCE FOR BRITISH EXPORTERS. 


1 

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\k 


















JOHN BRENNAN 


Cutler Street launched 


Standard Life Assurance, and Street warehouse site near 
the private property group Liverpool Street Station, 
urt^reoaf Estates, have emerged The developers have exchanged 
as .developers of the key Cutler contracts to buy the freehold of 



»•« wm 

a«~r 

"' 4 

: £mM 

£g0!Ssx%&< v ■% - 5^5 




Cutler Street warehouses, site of one of the biggest City 
office developments of all time, finally gets the green light. 


the 44 acre City of London site 
from the Port of London 
Authority for £4.9ra. Standard 
and Greycoat will go ahead with 
the existing Richard Seifert and 
Partners plan for 3 730,000 

square foot office development, 
one of the largest City office 
schemes ever undertaken. 

Final details of the negotia¬ 
tions with the PLA were only 
completed in the past few days. 
And the developers are still hold¬ 
ing talks with the Baltic 
Exchange, which had originally 
discussed plans to move Its head¬ 
quarters into the Seifert scheme 
at Cutler Street two years ago. 

The Baltic Exchange's move 
disappeared from public view 
beneath confusion about the 
ownership of the site, and diffi¬ 
culties in finding a financing part¬ 
ner for the development. 

Confusion over site ownership 
stemmed from the apparent pur¬ 
chase of Cutler Street by Ramon 
Greene and Jack Walker's 
English and Continental Property 
Holdings in 1973. E. and C. 
agreed to buy the site for £13m.. 
paying a £3m. deposit, with the 
balance payable to the PLA over 
the next five years. In the event. 
E. and C. collapsed into the 
arms of its funding partner, the 
Crown Agents, and no stage 
payments were made. 

E. and C. forfeited the £3m. 
deposit, the Crown Agents paid 
the PLA £im. compensation for 
the default, and the PLA re¬ 
covered the buildings in Decem¬ 
ber 1976. 

The PLA, advised by Philip 


Andrews and Co„ has now resold 
the sue. and the new developers 
have already set the Seifert plan 
in motion by awarding all the 
key building contracts. Sir 

Robert McAlpinc has won thu 
main building contract, and 
Matthew Hall and Co. are to 
carry out mechanical services 
work. Engineering has gone to 
H. L. Waterman, while Seifert 
has. naturally, retained the role 
of architect, V. J. Mendoza and 
Partners are appointed as the 
scheme's quantity surveyors. 

Baker Harris Saunders. 
Richard Main and Teacher Marks 
acted as agents for Standard and 
Greycoat on the purchase nego¬ 
tiations. 

Standard and Greycoat, which 
is run and owned by Geoffrey 
Wilson and Stewart Lipton are 
sticking firmly to the Seifert 
plans. The total scheme will 
have 790,000 square feet of 


offices, restaurants, shops and 
space for leisure use with on¬ 
site parking. Many of the exist¬ 
ing warehouse buildings will he 
returned, and the new buildings 
are designed to fit into the. 
general pattern of the site, with 
brick elevations and landscaped 
courtyards. 

External estimates of the total 
construction costs range from 

£30m. to £40m. making the 

scheme one OF the largest ever 
City of London developments. 

In terms of size Cutler Street 
even dwarfs Whitbread's and 
Trafalgar House’s 320.000 square 
feet Chiswell Street scheme to 
the north of the Barbican. And 
news that Cutler Street is to go 
ahead will mean some complex 
adjustments to City of London 
office fioorspace projections 
adding in, one go the equivalent 
of all the speculative office space 
completed in the City during 
1977. 


A dusty showcase 


Stockbrokers annual surveys for fund managers. Neither is 
are sometimes controversial, the report packed with construe- 

times simply long. Quilter Hiltun ot y, er brokers, Quilter appears to 
Goodison's review of the sector, take a bullish view of the sector 
published to-day. could not be to mean a bullish view of all its 
described as controversial. It is shares. Out of 40 companies 
ions. But the chief impression covered in detail the broker 
. .. .. . . .. recommends a “ buy ’ for 26 and 

IS of a blackboard in print. With g ■■hold” for 14. No *' sell’’ 

Quilter's analysts guiding the recommendations are recorded, 
reader through a 27 page com- Hold" may, of course, mean 
pilation of statistics, tables, "sell” on occasions, but that is 
rental charts and revenue pro- another story, 
jections showing that the market Brokers’ annual sector reviews 
for real property and for are, of course, no more than a 
property shares looks good in showcase for their research 
1978. teams. Quitter’s 197S showcase 

ft could be that the ghost of is packed with wholesome, but 
the private investor still haunts modestly packaged facts. It's 
Quitter's corridors, for otherwise soundly argued case for property 
it is hard to see what audience will be well received by the 
Uiis report is aimed at market But there are no fire- 

interesting as it is. the report works, no controversial views, 
cannot be taken as a handbook nothing to spark a debate. Given 
for the Impeful property entre- the quality of the firm’s property 
preneur, nor as more than a analysts it is disappointingly 
very basic guide to the market dull. 


IN BRIEF 

TOM JACKSON, General Secre¬ 
tary of The Union of Post Office 
Workers, has some strong words 
to say about pension funds* in¬ 
vestment policies in February's 
edition of the magazine Pensions 
World, published this week. 

“ Trade unions," writes - Mr. 
Jackson. “ are likely to press for 
socially responsible financial, 
policies on the part of pension 
funds." Judging by the rest of 

Mr. Jackson's comments that 
pressure would not bring cheer 
to the property market. 

Mr. Jackson clearly does not 
see property investment as 
“socially responsible." He notes 
the British Rail fund’s works of 
art, the electricity supply fund's 
stake in Brighton Marina, and, 
as a clincher, be reports that 
“the British Airways fund! owns 
a farm." The Post Office Pension 
Fund, Mr. Jackson's own, bought 
£60 m. of property last year, in¬ 
cluding £5.Sm. of farmland. 

Mr. Jackson thunders on rc say 
that: “This is a blatant misuse 
of pension fund resources which 
have been created by workers 
and which should have been in¬ 
vested in the manufacturing 
sector, thereby attempting to halt 
Britain’s Industrial decline. 

Government proposals that, at 
least 50 per cent, of all pension 
bodies should be appointed by 
recognised unions give Mr. Jack- 
son’s views a chilling aspect 
Hopefully, property investment 
will look less like a “ blatant 
misuse of funds ” to trade 
unionists appointed to fund 
management Boards, otherwise 
the classic “weight of funds” 
argument that provides such 
support for the property invest¬ 
ment market will look rather 
redundant. 

• 

G.K.N. has sold its 3.5 acre Lake¬ 
side Industrial Estate at Coin- 
brook, Berkshire to Anglia Lock- 
wood Holdings for around £L 25m . 
A 102,000 square foot warehouse 


Financial Times Friday February 10' 1978 - 

on site will be used by -Anglia as cent less than in November. IS17* 
a cold store. Jones Lang, Lettings had been 
Wootton and Edwards Bigwood. around inL square feet a quarter 
and Bewlay acted for G.K.N. ■ over the previous 12 months, out 
A in the pre-Christmas rush lor 

m offices the quarterly take-op rose 

OFFICE RENTS la Mayfair, and to 410,000 square feet, .cutting 
SL James’s rose, by over 14 per the number of -office units on 
cent, in the past three .months, themarket from 225 to 134. This 
according 1 to Driven Jonas in surge in demand has poshed 
its .latest review of the load average -asking 'rents from 
at ffie ^feel's S!0 a 

begnmin® of February there was square foot, a. rise explained in 
just 448^60 square feet of offices part by the take-up; otf older. 
avaHable in the area, 36.7 per smafter office suites.: ■ - 


jJV. 

iife .... 

mdilipdW W.>: 









Separate divisions within sur¬ 
veying firms only rarely 
generate business for each 
other. But Strutt and Parker’s 
agricultural land advice, for 
the National Freight Corpora- 
tron’s pension fund, NFC Pen¬ 
sion Funds, has developed-into 
.a folly fledged property con¬ 
sultancy for the £76m_ funds. 

NFC is trying to bring jits 
property investment portfolio 
up to around 25 per cent- of 
total funds, and it has gone 
£2.85m. of the way along that 
road with the acquisition of a 
Cheltenham office, and a Bed¬ 
ford industrial estate. 

The fund has bought the 


freehold of Land and House 
Property Corporation and 
Equity and Law’s 60,000 sq. foot 
“Quadrangle” offices, in Chel¬ 
tenham’s Imperial Square, for 
£&3m- The price was calcu¬ 
lated on. a yield of just ever 
6 per erat, with an eye to 
sizeable reversions by the end 
of the decade. Barrington 
Laurence acted for Law Land, 
and the insurer. 

1 Strutt has also added'4%000 
sq. feet of industrial space to 
NFC’s books.. paying £550,000, 
a yfeld of just under 8 per cent, 
for the., freehold of a ware¬ 
house on the Earns Park Indus¬ 
trial Estate at Bedford. Healey 
and Baker acted for the vendor. 


INDUSTRIAL 


USINESS PROPERTY 


On instructions of -^Pullman Kellogg, 
following the aquisition of new premises. 


E U STOW 

^ _ v v v: 

WOW 



Station 




31-103 EUSTOIM ST. 


LONDON NW1 


33,000 SQ. FT. 


, HEADQUARTERS BUILDING 
, OFFERED AT INITIAL RENT EQUAL 
L TO £2.75 PER. SQ.FT 


v v Chartered Surveyors 
XH Moud Street; London W1Y 6AS. 

Tel: 01-4936040 


Strutt & Parker Jr 


01-629 7282 

,13 MS Sfeeet. Berkeley Square, London W1X SOL 


■48—So 6a. 


i' • :.:4 

: ■ •» - - vT 


Tb Let 

Approximately 28,000 sq. ft. 

Consort House contains every modern amenity and has been 
finished to the highest specification. 

One of the last remaining new self-contained h anldng and office 
buildings of its size now available in the very heart of the 
financial district of the City of London and situated within 
500 yards or the Bank of England. 

Further particulars are available from 
■7 ; I , the joint sole letting agents, 

!*Mi i 1 f 



Richard Main & Co. 

Cha rtered Survewn* 


.'01-623 0665: 


Cunnon Sdwi London BCMRdAX. 


Hampton & Sons 


•“kroner^ Hill 
fltomfilU tittk 
L»Miiton ECjR STD. 
il-MJMl 


■ A Development by Compass Securities 


^ K ) for Industry 

BORDON, Hants 

FactaVy/Warebouse 

2050 sq. ft. ,v • 

TO LET “ . ..... 

EDMONTON, N.18 

.. Factory and Office.Premises 

85,000 sq.ft. . 

Rem 82±p per sq. ft. 

ERD1NGT0N 

New Warehouse Unit > . • - 

15.474 sq. ft.-- • r 

.-.TO,LeT t -- 

Hmmmpmmrn 

., * 13 tpTSZajo sq. ft. • >- i; ; ‘ •- ‘ : 

•Warehouses under con s tr uc t i on • 

5' TO LET . - \ 

HEMEL HEMPSTEAD 

- Factory Unit AjXJO sq. ft. * ;• 

Site area 27,000 sq.ft.- 

LONG GROUND LEASE EOR SALE 

LARKFIELD 

Warehouse Units 
- €J60 sq. ft. and 8,707 sq. ft. 

TO LET .* 

SOUTHAMPTON 

Warehouse 
. :'20.G00 sq. ft. 

• - IMMEDIATE OCCUPATION — TO LET 

TOTTENHAM, N.17 

Refurbished Single Storey Factory . 

15,600 sq. f.t TO LET 
Rene £1 per sq. ft. 


Chartered Surveyors 
1 SnowHiU, London, EC1 

01-236 3000 Telex885465 
Manchester, Leeds and Brussels 




,.A': 

i 




1 


■S 

1 ' 



rJ- 

V- 




-Tx 

■ 

L 


i;yi' 



This is probably the last chance for companies 
to lease office space in this new and unique 
centreso close to the NEC, Airport. Birmingham 
International Station and, of course, the 
M42/M6motorways.. . . 

IMMEDIATE OCCUPATION 

For full details contact either agent:- 


Magnificententrance hall. 

Air conditioned and double glazed. 
Fully carpeted offices. 

Landscaped environment. 

Ample car parking. 


16,000 sq.ft. 

available.in suites 
from400 sq. ft. 


4k Phoenix 
Beard 

TEL:021-622 5351. 


Edwards Bigwood 
& Bewlay 

TEU021-236 8477- 


TO LET 

HATTON GARDEN 

8,400 Square Feet 

G round Floor and Ancillary space 
£32,500 p.a.x.. 

King and Co. Tel: 01-236 3000... 
Garrett. White and Poland. Tel: 01-248 9771 


Fleet Str 

Offices To Let 290C 

eet EC4 1 

)sq ft £18 500pa | 

Weatheralls 

^01-4056944 

Brudehell 1 

01-637 0220 1 


North London 
. EDMONTON 

, 15,000 SQ. FT. 

WAREHOUSE AMD 
OFFICES TO LET 
NO PREMIUM 

Long lease—modest rental 
Excellent access 
and hr-parking 
Telephone 01-377 0864. 

OFFICE SUITE 
TO LET 

WHEATSHEAF HOUSE,' E.C.4, 
1.900 sq.-ft. and .640 sq. fl 
7- . ' Economical Rents. 
Contact: 

King & Co„ 

.. 1. Snow Hill, 

London. E.C-i.' 

Tel; 01-236 3000. 


9,000 sq. ft. 
Prestige Offices 
To Let 


0ALSTQN WANTED 

8,426 sq. ft. 500 sq. ft. units in 

Offices covered shopping centres 

To Let throughout England 


WANTED 

St. James's SW1 
800/1,200 sq.ft 
Offices/Workrooms 


WALTHAMSTOW 

4,000 sq.ft 
Offices - 
To Let 


WANTED 

Oxford & Cambridge 
Shops in prime 
positions 





































































on instructions from Bass Walci & West Limited 


FOR SALE 


(or letting considered) 

GRAND HOTEL 


Westgate Street 
CARDIFF 


Westgate Phase II 


NORTHAMPTON 

WAREHOUSES/ 

FACTORIES 


suitable for renovation or conversion 
subject to consents 


LALONDE 

-BPOS& PARHAM 



8120 sq ft,16,240sq ft, 
24,360sq ft 


64 Queen's Road 8ristol BS8 IRH 
Tel: 0272 290731 


TO LET 


MAYFAIR W1 

PRESTIGE OFFICE BUILDING 
7,735 sq ft 


OR AVAILABLE AS 2 SUITES OF 
3JSS4 SQ. FT. and 3,875 SQ. FT. 
Amenities Include: Lift. C.H. 

Private Car Parking. Terraces. Garden. 

Sole Agents Ref.MEL 


Leavers 


* Immediately available. 
*20 feet to eaves. 

* Further 18 acres available 
for development. 

* 3 miles junction 16 Ml 
and 1 mile 

Northampton town centre. 


JOINTSOLE AGENTS 


“Si 


rtners 


S SPENCER nUUDE 
NORTHAMPTON MU5U(06M)&IT7 


Chamberlain 

&Willows 

EaUM.Vr>*> -Ivnnun-VjkcN 

01-8824633 
HALE HOUSE.GREEN LANES 
LONDON N135TG TeJe*:299161 



^WHITEHALL SW1 ^ 

PRESTIGE OFFICE BUILDING 

TO BE LET 13,850 sq.ft 


Or Units cf not less than 4,000 sq. ft. 
Fitted to highest standards with Lift. C H. and 
all ocher amenities. 


Sole Agenrs 


Ref MEL/NKR 


Leavers 


Factories & Warehouses 


l m. 





Extremely well fitted lactones available singly or in multiples 
of 3000 , 10000 and 20.000 sq Itjg ideal location, with superb 
connections to national road system. 


Offices included-Ample Gar Parking 
AltServices Stor«?Compound 


„_ Large pooled local labour. Housing guaranteed for existing employees. 


Nof * 11 l 
I 5 ' 000 ! 

...bEK $ 


Ring John Case, Chief Estates Surveyor 

0733-68931 


Subirintiil^-bedrooni houu? and mill 
building*. -ogether with other tingle- 
ttorcy works how and stores total lint 
approx. 16.000 sq. ft- Site area 
approx. 3 acres with picturesque 
stream on one boundary. Enormous 
potential and extremely reasonable for 
immediaie cash sale. 


FREEHOLD £42.500 
LANDSTONE SERVICES LTD. 
Tel: 01-388 2233 

< office hours | 

or Amersham 6242 
I evenings & weekends! 


FACTORY WITH OFFICES 
42,000 SQ. FT. TO LET 

Excellent modern factory with good access, parking 
and loading facilities. 

Apply to Sole Agents 



WESSEX HOUSE 
MARLOW ROAD 
BOURNE END BUCKS 
BOURNE END 22771 




PETER ROBINSON 


Regent Street 


SWEARS DWELLS 


I I GOLDSMITHS & 

I SILVERSMiTHS 
I I ASSOCIATION 

OXFORD N-- 

. 0 . Regen tstreet 

CIRCUS “ 


RICHARD SHOPS 


DOROTHY PERKINS 


BRITISH HOME 
STORES 


CHELSEA GIRL 


BAR SHOES 


WALLIS 
Ladies,'wear 


Holies Street 


Harewood Place 


JOHN LEWIS 
Department Store 


SAXONE Footwear 


Magnificent Leasehold Shop 

FOR SALE BY TENDER 

Closing Date-E-30pm Wednesday 15th IWarch 1978 


Sole Agents 


IPin SCOTT 


Berkeley House 20 Berkeley street, London W1X5AE 
* Telephone 01-493 99H 






j-.. -• 1 • -1 w ■ 

W ,: '■■ ■ ■ 


I y .'r- A : - • " I 


1 



M 






I should liketo knowmoie. 


or write - Peterborough Development Corporation, PO Box 3, 
Touthiil Close, Peterborough PE14UJ. 


iv** 


I Development Board for Rural Whiles 
Financial incentives. I Freepost Newtown Powys SY161BR 


r ' % . 

- v y 
V 









require 




OFFICE ACCOM MODATIO N 


LONDON W.l. 


MODERN OFFICE ACCOMMODATION 6,000—9,000 SQ. FT. 
WITHIN IMMEDIATE LOCALITY OF THEIR 
EXISTING OFFICES IN BROApWICK STREET 


Housing. | 

Factories on special terms. [ Name_ 

Advice:technical, I Company 
management, l ——-— 

marketing,accounting. J Address 

Community and i 

Social Grants. 1 _ 


ITE0 


2£GR0SVENdR5T 
iONMN W1A9FE - 


Development Board 
for Rural Wales 


m 


01-493 3841 




Ladywell House, Newtown, Powys SY161 J B 
Telephone: Newtown (0686) 26965 


FT10/2/78 




. in P rlP - ■ - 

jns J 








































































































PROPERTY 




Midland’s £30m. Wood.° the architect who built 

. m , Bath's Cresent. Circus and 

move to Barnsley Q««?n s ^. ar u e -. M ( erc I ^ nt bo ^ h ii 

tWa raf ii rhl«%Hftn bllildiTIl* Whit'h i 


FREEHOLD 

PERIOD OFFICE BUILDING 

WITH VACANT POSSESSION 


* the refurbished building, which 
HENRY BOOT Construction’s j S j e t to C. H. Benzer and Sons,! 
318-acre Wentworth Industrial nn a vielcl of just over 6 perl 
PaTk near Barnsley has been ce nt. Barrington Laurance acted] 
chosen as the home for Midland for the vendor. 

Bank’s new £30m. national com- j a Die industrial deal, Barnett! 
puter centre. Baker and Co., and b. E. and J. 

Midland will announce to-day Levy brought together a private 
that it has bought ten acres of investor's freehold, and a private 
Wentworth Park for the centre, development company’s lease- 
wiiicta will bouse around 450 staff bold on 78.160 squate feet of 
by the autumn of 19S0. The Enfield warehousing: this brought 
deal gives Boot a filing start the package to Merchant In¬ 
in marketing its industrial estate, vestors. again represented by 
160 acres of which have been Ellis. The new schetne in Alpha 
zoned for industrial use. The Road. Enfield, is let in two units 
rest of the land will be turned to Chubb Alarms and to Scholl 
into a golf course with various ^U.K.I for a combined rent roll 
estate facilities including a petrol of £101.000. that gives the fund 
station, post office, a restaurant an initial return of ? per cent 
and a kindergarten. • 

Boot expects to sell a further WITHOUT sufficient ready made 
10 to 15 acres of its site to investment properties to soak up 
awn-developers, and to keep the institutional funds. many long 
rest It plans an 80.000 square delayed town ceotre redevelop- 
feet speculative first phase build- merit schemes around the country 
ittg programme, with units down have been dusted down and 
to 10,000 square feet and letting financed into life in recent 
for around £1.20 a square foot, months. Walsall, near Birming- 
The site lies within the Barnsley ham, is the latest town to get 
planning authority and just five the covered shopping centre 
miles from Sheffield. A direct treatment. 

link with the Ml motorway, and Viking Property. Group of 
with the eastern end of the Derby announced yesterday that 
Manchester-Sheffield Highway jj j$ carry out a £7tn_ develop- 
should appeal to Northern ment in ' Walsall providing 
distributors. 250,000 square feet of shopping 

, _. . space on a four acre site. The 

LEX SERVICE Group s former s j[ e j S bordered bv Park Street, 
headquarters at 3 to 5 Burling- station Street, and Bradford 
ton Gardens. W.I have been street. 

taken over by De La Rue. The The sile was assembled hy 
security printing and industrial viking from land owned hy the 
raiding company, advised hy !ocal authority. Bass Mitchell 
Hamnett Rafferty, paid a prem- Butters. Land Securities' 

aim for the unexpired 24 years Ravens eft Properties, and the 
nf Lex * lease from BP s Pension National Westminster Bank. The 
Fund The premium equates to lar8est Beclion of i and coraes 

a rental of £13.50 a square root from British Rail, which has 
De La Rue gem around 19.000 granled a 1 50-year lease to Viking 
square foot nf vacant offices and £ nd its flnanciD? partner, the 

Prudential. The Rail Board is! 
first, and second office floors, and tho r«- h nirf 


Approx- 7,000 sq. ft. 


Prinie Position—London 1 Hour 
Large Catchment Area 
Substantial Private Car Parking 


Write Box T.4819, Financial Times, 
10, Cannon Street, EC4P 4BY. 



ROYAL WINDSOR 
1 HIGH STREET 


PRESTIGE OFFICE BUILDING 
TO LET. 


Total Area 7,645 Sq. Ft. 

Car Parking 
Immediate Occupation 

Joint Sale Agent*: 


Jones Lang Wootton, 


|#|jLCJ=rost&Col Ldiiy n 

1 1 103 Mount Street; 

3.H*ghStiMt. Windsor, Berkshire SLA 1LE. London W1Y 6AF. 
TUephone:Windsor {STD CJ7535J 54555 Tel: 01-493 6040 


SHORT LEASEHOLD OFFICE INVESTMENT 


SLOANE STREET SW1 


Profit rent £22,150 p- 


Term expires August 1989 


£87,500 subject to contract 


in <-hnn« armind the h'tock. 


retaining the freehold. 
Edward Erdman 


advised 


Smith MHrack acted for Let. Bri^h Rail, and had Tartier 
m thP d.«pos ; ,l. and in aenuhi- acted as pUnnin „ consultant For 

Walsall Metropolitan Borough 


Please contact Martin C. .Green. &5c.. A.R.I.C5. 

® 23. MANCHESTER SQUARE 
LONDON W1A 2DD 
01-486 1252 


pnOOO criuare foot in ATV House. 
17 Cumberland Pl»»*". Lev took 


alsaH Metropolitan Borough | 
Marks and Soencer are the: 


^ foot S three^storev! 


KENSINGTON, W.8 


» a .. on and over Wal3all RaHway| 

, . . , Station. Viking, which was- 

BRAZILS second largest hank, recently appointed developer of 
Banco do Estado de Sao Paulo British Rail’s 150.000 square font 
SA. is to pay £13.50 a square shopping scheme at Liverpool' 
foot for new offices at 2, Finch Central Station, is building 
Lane. E.C.3. The Bank, which another 39,000 square foot store 
is moving from Plantation House and 46 smaller shops within the 
in Fenchurch Street, is taking a Walsall centre. Taylor Woodrow- 
20 year lease on the Worshipful has won the £+m. main building 
Company of Merchant Taylors' contract. 

8.50[i square Fool Finch Lane Further south. Leatherhead's 
building. Stanley Hicks and Son on-off town centre redevelop- 
and Matthews and Goodman ment. a focus of local dehare for ' 
acted for the Merchant Taylors, nearly 30 years, moved one step 
Debenham Tewson and Chin- nearer to reality this week. Thei 
nocks acted for the bank. private development group.! 

Q Wo Merest, has now submitted I 

MERCHANT Investors Assur- detn'ed plans for a comprehen- 
ance Company has had a busy s,ve redevelopment of the Surrey 
Ne*v Year. The group’s fund V > 'V 1 ' S ? , acre c f n,n »l site. Un¬ 
managers. Richard Ellis, have fortunately, relations between 
added a £170.000 office in Bath, £.°]“ cre *J and the Mole Valley 
and £I.3Sm. of industrial space District Council are believed to 
at Enfield to Merchant's port- P e a strained. The Council 

folio. ts now discussing the plans, and 

The 6.150 square foot refur- a decision can be expected in the 
bished office at 41. Gay Street next few days - _ I 

and 7. Old King Street Bath. J.B. 


Adjacent Kensmpton High Street 

3080 SQ. FT. 

Superb refurbished offices. Immediate occupation. 
Lease to be assigned, no premium. Sole Agent 


Barlow-Graham 


& Company 


& Company 

185-19, REGENT STREET, W1R 7WF 
01-734 1119 




LAND AVAILABLE NOW! 


FOR OFFICE — INDUSTRY — HOUSING 
RING ANYTIME (0424) 428306 


Offices 10,550 sq ft approx 
Parking for 60 cars 

Temporary office buildings4,875 sq ft approx 
Site area lacre approx 

SYDENHAM SE26 


Hay's Mews f§ 
Mayfair W1 i 


Sal* contained property 
comprising ground floor 
garaging v.ith residential 
accommodation over. 


To be let by tender 


For further details apply 


tS - 


D eberi hahi~?re wsbb 

' r A it.-rVrnnk'-.St r'fipr-• ViriZi.'Z- -n. 







SHOPS AftD 
OFFICES 



§ir vi 


FREEHOLD FOR SALE 


Retained Survey* 


Walker Son & Packman 


( harfarediurwAors 1 1 * nJ Eslabfehedin 1867 

Blossoms Inn 3-6 Trump Street London EC2V 8DD 
Tel 01-606 8111 

34 SI. Jame^-s street London SWVMHO Tei: 01-879 7451 
Brarr+ir-m BnsJol. t\etrr.1rum.Easl Grinsiead. Erfcnbur^ Leeds and Oversea^ 


; _swj_ 

Modern self-contained 

Office Premises 

6,400 sq. ft. 

Tn 1ST 


Butcher&Co 

| incgrporaLng 

I Leopold Farmers Sons i 

01-405 S411 


AUCTION 

Tuesday 21st March, 1978 at 3 p.m. on site 

“IRAK CENTRE” 

445TOORAK ROAD,TOORAK. MELBOURNE, AUSTRALIA 

l^BQtEffi!VE5TT®frPR0PBnT 

ENTERTAIMWENT / RETAL / OFFICE CX)MPIEX 


OFFICES TO LET 

London Suburbs 


and Home Counties 


Borehamwood 
Wembley 
London NW6 
Finchley 
Woking 
Wood Green- 
in suites from 


3.050 

3380 sq.ft. 
12,000 sq.ft. 
1350 sq.ft. 
800 sq.ft. 


F&rancfaF Tunes 



EDITED BY ARTHUR BENNETT AND THJ SCH0ETERB 


• DATA PROCESSING 


U.K. mini makers 




MAYBE AN ugly duckling, hut 
never a lame one, could be the 
niotto of Digico, the l2-year-o!d 
U.K. mini manufacturer which is 
likely to turn in some £2JSm. this 
year on present performance, 
with £4.5m. to 1 follow. The 
audited IS months to September 
returned something over £2m. 

Following a. rethink in sales 
policies, the company’s output 
has expanded very fast in the 
last 12 months and the chairman. 
Lord Avebury, was able to 
announce recently record orders, 
deliveries and revenne/prafits. 
Order backlog is just over £lm. 
for the first time and for the first 
four months of the current finan¬ 
cial year, new incoming orders 
almost reached that figure. 

According to Ken Atkinson, 
the sales director, Digico has so 
much experience in linking un¬ 
likely equipment to its compact 
computers aad can provide so 
many interfaces as standard that 
it is high time the company 
started to blow- its own trumpet 
—few in industry realise that it 
has around 750 installations in 
Britain, many of which are 
in round-the-clock situations 
demanding the utmost reliability. 

Worldwide, the company has 
over 1,000 machines with repre¬ 
sentation in 14 countries and 
five more overseas sales centres 
under negotiation at the moment. 

There is a considerable amount 
of development in hand at the 


moment to tajee advantage of the 
knowledge of research, educa¬ 
tional and industrial needs the 
company has acquired and Digico 
is sticking to its pbiiosphy of 
providing an extended high level 
language with coFrespondingly 
more hardware for a given price 
rather than ability to cope with 
a whole series of languages but 
with correspondingly less hard¬ 
ware. ‘ 


Latest' development is to trim 
down the company’s existing IB- 
bit mini to the lowest possible 
cost, providing it with one or two 
floppy discs and all the essentials 
for scientific or commercial use. 


The Consort coraes tn two 
models, one of which comprises 
single disc, teletype, BASIC com¬ 
piler and the processor for 
under £5,000—ideal for educa¬ 
tional or research use. In the 
second, twin discs, a small 
printer, a display and 4S kilo¬ 
bytes of-system memory provide 
enough power for many small 
businesses at £8.500. 

Interesting is that the design 
of the equipment is such - that 
there is no problem in expanding 
stepwise up to the maximum pro¬ 
cessor power possible, nationally 
a stack of five machines linked 
by a clever ISO-way backplane 
connector, driving enough peri¬ 
pheral equipment tn add np to 
£180,000: This would include 30 
terminals. 

The company is making grow¬ 


ing' use of microcomputers 
components to ** tweak_.up-’’i5er- 
fonnance of its basic -design 
where this would be an advan¬ 
tage." "". ■ t 

“At-the same time, and-white it- 
already can outperform what the 
Americans are calling midi ” 
machines, the company has on 
the stocks a development that wall 
provide 4 Megabyte of solid-stale 
m amrf iy dn a single board, for 
release later this year. This will, 
give multiple users much more 
power- and flexibility. - r 

Digam developers think’ that 
solid-state stores can b’e developed 
to “look” like discs, but oper¬ 
ate .at' ram speeds, abd prciyHe 
mass: storage at retofivqfly: low 
cost 

Digico .Is expecting a great deal 
from its display,, the Regent, 
which it is building* itself .to a 
specification considerably' ' ex¬ 
ceeding the industry norm,-as 
raueh larger competitors have 
found, to their surprise. It pn>- 
vides 80 characters per line in 
24;lines of green--bn black.with 
exceptionally large upper and 
-lower case characters and simple 
switching up through the range 
110/9600 baud. The unit is par¬ 
ticularly suitable for operation 
between two character sets. such, 
as English and Arabic, as well as 
for- business forms format • dis¬ 
plays, etc. • T -.' 

More from, the company at 
Wedgwood Way, Stevenage, 
Herts. 043S 43SL 


If GUI 
POWER CUTS 


generators from ZkVA 
to SQGOkv'S. for sale and 
hire - worldwide 


DAWSOW-KEiTH 



OPERATORS OF POWER 


#. RESEARCH 




vapour 


"PUMPS . I?? Fpetreteum aad-' 
chemical, plant ate oftem Jraodt r 
ing explosive dr toxic firdds, anii -. 
vapour, emission; from Uterotare- 
seals baa to he' mfnimal^ - 

’ * Allowable ^ s^e exposure f 
workers over an . eightriuar 
period ranges frqm_ iess than i.. : 
ppm for . thei mast toxic sub-v 
stances;to i,000 ppm -for the fes,' 
dangerous.vapours/ The lower" 
.level corresponds: to. 1 leakage 5 / 
rates of ■ .about' 58 mierog ram^ r- . 
minute; whfelf . could - only be: 

• measured.;:." witK--. - eqhiptaeat' 
similar . to thif -Tised; :forF&sV' 
cbroinatographaL, 

To investigate - vapdiir-' dnsi ’ 1 
Sion from , roteiX; Mate the .' 
Mechanical ^Ebgmeering; 1 and 
HTachme-' VTopls-^CRequlranents' 
Board 1 Of the lteparuneiit. 6 f 4n- 
duStry - jM&FJrwSWe^a £2^000' 
contract to .lihe British Bydrtvi 
mechanics Seseareh; -Association i 
(&HBA): 1 _ • _. . 

Engineers. ; .fesmEjB&LA\ wih 
vi sit se lected bfittistrlai ritjte -to 


e NORTH SEA OIL 


Samples the crude as it flows 


WITH AX annual turnover of 
about £lm. and nearly £1 e. 
worth of orders in hand. Jiskooi 
Auiocontrol of Tunbridge iVelis. 
Kent, is now exporting between 
60 and 70 per cent, of its pro¬ 
duction of special purpose pro¬ 
cess control equipment and flow 
metering systems. 

Much of the company’s work 
is for the North Sea oil and 
23s platform operators who re¬ 
quire flow control and sampling 
equipment and instrumentation 
for what is known as fiscal trans¬ 
fer. that is. sale of crude oil or 
gas in determined qualities and 
Quantities. Apart from The 
buyers and sellers, the Govern¬ 
ment is a very interested third 
party. 

Jiskoot’s latest development is 
the improvement of an. already 
well established automatic 
system for sampling crude oil as 
it is transferred through pipe¬ 
lines from the platform. The 
company has called it the Series 
500 sampler and says it is 
capable of continuous sampling 


at pressures up to 1.500- lbs per 
square inch. It is suitable for 
use on most production platforms 
and at terminals and may also 
be adapted for other similar 
applications. 

About 60 sampling systems of 
an earlier type produced by tbe 
company are now in service and 
about one third of these are in 
service in offshore and onshore 
North Sea installations. They- 
incorporate a system developed 
jointly with BF and this system 
checks continuously that a unit 
is drawing a sample. Alarms 
operate in the event of a mal¬ 
function and when the sample 
receiver is full. The system is 
designed to be operated either 
from a local control panel or a 
remote control console. 

A by-pass probe fitted into the 
pipeline draws off oil in minute 
quantities as samples for 
analysis and an automatic detec¬ 
tor indicates immediately if the 
oil in the pipeline has been 
contaminated by water. 

This method of-samplihg "rej 1 


moves potential- causes- of dis¬ 
pute over quality between seller 
and buyer and at the same time, 
ensures trial' the oil ; coming 
ashore is of consistent_quaiity. . 


Jiskooi also produces equip¬ 
ment tor controllingblending 
operands in refineries.: and'.the. 
automatic proportioning of addi¬ 
tives. Designed - tp > operate. 
unattended, the additive: 0 ropor- 
tioners iue claimed td perform 
with an accuracy of ^plus' or 
minus 0.5 per. cent. ' . 

. The company is among the' 
leaders in its field of Activity but 
will be facing some Very lively 
competition soon..;Within tire 
next week or so a new^ consortium 
of three established companies is 
expected to announce its entry 
into the arena. It. Is understood 
that a metering service covering 
the trans'er .of.oil between jrigs, 
shore terrainkls and consumers 
is to be offered together •; with 
equipment jnu efi cffwhtelvwflLhe 
made^hi,the U-JG •: -V • 


tile. be>- 

hazardous if ilf^M^ped. - it 
wilt be established- ■- -whether 
eristing sapls : . /jaa.:-adequately 
control ecessions ■■ in ^-criticah' 
applications, "and ir-'is-hOprii toV 
publisn . numerical .’ehiissibps-* 
valDes To assist irfant d^i^oers. 

BHRA. Crinfield, ' Bedford, 
MK43 0AJ: {0294 750E2), wouM^ 
-like to hear from plant operators - 
willing to allow -efidss'i on jev^s^ 
to-be measured: -' Rfesults would, .- 


dh 


the final report 






© COMMUNICATION# SHIPPING 





Slides and Mooring can be safer 


J Z ^ DEVELOPED by British Hover-' tn the_'BHG system, :toad_ cm 

111. craft Corporation is a mooring the liDe up to tonnes.-te 

line monitoring device Which the measured, fay a load ceH P^od 

one case com T pan - v K d ?. ims wl ’. 1 p T nt 

cosily breakouts of tankers ^ sheal ; m0< i e shackle.:pip.. 

FLILLY SYNCHRONISED sound/ moored al quaysldes or offsJlore Datafrom the cell^ is fre- 
slide presentation equipment terminals. quency'modulated' 6ri to £ UHF. 

with complete recording and a problem for tanker skippers carrier contained in an'adjacent 





complete recording 


playback facilities and self-ccm- and shore laff ^ j{ now ing when electroificif box dd. the buoy or 
tamed m an executive case, has safe i 0ads of jj nec are being terminat and ts, received at a 
been iaunebed by Audio Visual apen^-hed as weather delerior- shore station, where it-can be 
| Equipment. . ates: if lines pare there follows recorded. ,An alarm system, pre> 


phone for recording a commen¬ 
tary or for public address, md 
a detachable loudspeaker. The 
whole unit weighs 13 ka. and is 
small enough to fit under an air¬ 
craft seat. 

It will automaiicallv record 
and playback slide chan?o<. ha .5 
variable speeds of dissolve, 
superimposition, flashes, etc., 
and provides 12 IV of sound. 


history of the lines and when Cowes, -.Isle- of Wight (Q98382' 
they should be. replaced. 4101). ^ ."-'J 


® EXHIBITIONS 


CWmtauiDevBlopnrieat ' | 

Corporation has soh-etf raoetof j 
1 he problem? wicoimtered by '.i 
tnOuscry-UorttHt nod after • •] 

relocation. .Already nrore than, 
170 conipani^tuvv'c’ietaedhpre.] 


Suppliers form up 


ana prouaes is n or sou..o. A exhibition. Peripherals be showing display units, 

Background music, sour^ effects. ?g is tQ ^ j-n^cbed in London printers,' plotters, carried drives 
commentary, etc., can be added j n March and on Its final day the and floppy d»c' equipmenL 


from another tape recorder. f onna j inauguration will take TTiere will be technical presen-; 
Mams powered, tne unit is in- pp^nh^raln .Sun- tatinns in. the'.afternoons. " ' - 


j p r ' e ■ ’ u ? 11 ,s place of the Peapherals Sup- tations in. the -afternopna. - - 

oF standard KodiJf Carouse? S-AY ? iiers Association, PSA. Moreebout-the, even'L r which : ] 

2000 projectors. These can also The event will take place at is open from 10.00 to 1 1S.00 hours | 
be supplied in a single iasc hy tbe Kensington Close Hotel, and to which admission is free,; 


Th* Corporation '5 currant- T ‘.v 

tiuHdingprograinnTawiPpraykM j; 

a. widqch CH&ao 1 toidu stria! . 1‘;-■ - •. 

premises in 1978-V 

.'nurai>ry.iinits'ta factPrieaafld .. .- 

vtr3rehoudijaupto2b.bD0Miuare.„ 
feet. Leasehold iervicaditta*are ^ : 
avaiiafaiBimniadiateV.. v -.v--. - 
Govariimentgr«nrsar¥av«Hfllrf*; 
airfsobstaTWiarrairtcvoce*®®*®. ; 
may apply. KouamjfwjlHbe^:.,. 
provided foriHk*od'h?key.'mad.' 


the comuonv. 


.London, W.S on Tuesday and from MriH. Gibbons..AtteTbu^.LBwhocdwwtthnewim^suar.cm 


More rVnni AVE ai 73. Surhir-- 1 " M’pdnesday. March 21 and 22. Associates; Gwles Hall, Bunting- 
Rnad, Kincston. Surrey, KTJ About a dozen UJv. suppliers fortL. -'SG9 APL, (0763: 

2HG (01-549 3464). are involved so far and they will 71209). : v- : ; 


* ELECTRONICS 


9 HAND TOOLS 


Everything with the chip LabeQin; 


AMT. Microsystems has a 31-calling, equipment, industrial 
command remote' control chip controls, TV and stereo controls. 


If® 1 wth H er ^°i rd gency vehicles. NO RISK of>correct pricrag/noi-| ; 6.r.tele^oTieto(^ 

"f. t0 . n ? , 1 an ^ both. analogue and There is no need for external • wastage .'of -labels, and .printing J-.. rl -V . 
digital receiver outputs all un crystal^ only a resistor and a. always irfiragiaterfcJ.Ee'aBioTtsthe : 

board. capadror are’ required externally claims jnede ! fbi:' a"fa.ew range'Tqf. fa- 

rnncVtini, *[ n ta.iumitta, {Vy . (Man.... .■(•u.an TVn V<inil uLt'Alnii? nnd.-nri’fflHn I dTRlfr 8 » 


and -traffic controls for eraer-. 


machines 


ba .housed imrne«fiatdfy^,r->: 

ftfoderii docks ar^cTasiB' 

. and fast new mo torwaa'airi^p 
lnxnk : ro^(teltBk Cwipladn’Z 

texn Uiotfei. 6s?-AiSo'.'i«a.i»9dail 
. Hy J44. dr SO mteutaff^rt^.neWJ 
[ ti0t 

TvherfeaB.pW 
qr.teieihoiie today, 



4,000 sq.ft 


4 




Consisting oF a transmitter fora frequency reference. hanfl labrfihgl and-pttcirig ffrOs M-.& 

and receiver, the set reduces the receiver will tolerate up to ±24 introduced v&yi " 

part count in equipmenl per cent, difference in the timing Systems.;’ ^ . K . * « 

designed for remote control via frequency and still operate. But . Called:'tlte 'Colt'Vierieisi-ftere 'A n 

radio frequency, infra-red. ultra- the circuit has very high fm.- are . fon^OTC&ipes'ffvjnlafaler = J -« 

sonic or hardwire transmission munity ro 'noise or spurious-six dlslt"' yerslpn-■ which: prices !» 

media. commands. ; from ip to 4E^j90;' isi^ht. .digits '* £ 

Among ihe applications are AMI Microsystems, 108a, Com- from }p £9S9.99 ; plns.:jdpnar r 1* .- 
motorised toys, home security mercial "Road, Swindon; Wilts, hetlcal coding; ’ ten' digits - From ' ff 0 * 
systems, automatic telephone 0793-31345. ip to £99wJ99 vvitb -numerical -Rtt 

and alphabetical coding.""inclua- f.. 

a PJIATCDIAI c ing M sell'hy--■ dates; ^ud^ ; two- 

V ifBM.I CRIAL9 line model:'WbIch'pnces frfliii : 4p^ 







to . £999.99> ; :&nd -'.offers; nuttfett^i ) 


POSITION: 

IMPROVEMENTS: 


BUILDING AREA: 
LAND: 

ZONING: 

INCOME: 

TERMS: 


Prime main road location. 

11 Storey, air-conditioned buildihg including 22 shops, 
10 storey office tower, cinema, car parking for 73 cars. 
10,767 m2 (115,900 sq.ft.). 

25.07 m x 80.36 m (21,686 sq.ft.) 
'Restricted/Business' 

$370,000 p.a. (on moderate rentals) 

50% deposit, balance 3 yrs. at 10%% p.a. 


m ^ ' AD00.D0! - 4 WIU , v wu, ■ • ’W- , .* W. - . a . .v 

Tough flooring materials. 


CITY OFFICES 

5,200 Sq. Ft. 


viscosity a typical compressive strength. Details; ’ 

ded flint after 48 hours at 18 degrees C is Gardner^^ - FX2A 

5 ir*rptr» i« 6-WW Psi. The; maker says Berks., SL6 7PP (0525.59811);•".v- ' - 


Cracechurch 5t. E.CJ. 
Life. Hearing. Exc. Cond. 


For brochure & further 
information contact: 


CHESSHIR 1 ; GISSQN & CO. 

01^492 0»S4 

It BtrbHtr St, London W1X SAE- 


* _ (VIC.I LIMITED __ 

327 COLLINS ST.. MELBOURNE 620181 


Offices in each Capital City 


Industrial and Business 
Property advertisements 
. also appear to-day on 
Page 24 


BASED ON a low-viscosity a typical compressive strength 
epoxide system with graded flint after 48 hours at 18 degrees C is 

and silica aggregate, Resicrete h F 5 *- 'T h ^ l mai ^i 

n , nm „ ni ;H„n Bestcrete. has tensile and flexural 

a jomtle.s floorm, composition. s ^ engt j, g w j|!ch are greater than 

intended for lough, heavy duty. f 0r concrete, ^nd resistance to 
applications.. .. . ^hrasjOA and impact greater.than 

Normally applied 6 ram thick for granolithic concrete, 
in ' a lnose-textured crumble Resistance to.slip when wet is 
form, it can be screeded. com* stated to - be high, and when 
parted and trowel finished with finished with a resin seal the 
ease and rapidity. The low- flooring - is impermeable to 
viscosity resin system' ensures aggressive chemicals and hot 
freedom from stickiness 'or.fluids. • - ; 

trowel drag. Details, from Celtite (Selfucl, 

Depending' on ■ ambient tem- Rough .CIosp Works,, PO Box 7. 
perature. the flonr may be suit- AtiretOTb * Derby DE3 ' TAD 
able for foot traffic in a da>', and (077383 4941), 


0!mm 






■4 r ^ 

i'» 


i 






























EDITED BY’CHRISTOPHER LORENZ 


■nlaEttetf &. H&u&Fatf.Md' 


6'fta«sei'7 1 - yjjflfe' -*. : §!&&£ 
ili^;Aasi>'ecc«Be siichVaj»rt 

nfKgi’wnt m * .. . k—ULL-i. 



jjjnadevisaiisfiw;to?ily ^rithoat 
But ;itj|e ijiy •- litae. -iaanu- 
Trrers-are- nlbbLib#; 'away’at 
teehndlegy^ ori whicTr ft was 
gradually." adapting it 


a Poa, ■ 


rvfv * 31 something quite different 

C4Jfe beginning to. emerge^vas'a 

nmercial proposition, 

■<?S ... European motor inanofac- 
v;: ':.\ .V -^ers have ' tried', Various' 
: >. 7 j!5'^roaches in recent/years. At 

e.v'^'vo and Saab: in particular, 
-i; L-.ie area®• of manufacturing 
i ; been- switched .to" group 

-• •:r‘ thods of working so-Ihat the" 

• v /We of a product can be built 

- at o'nq work'station. This- 
{* - hniquc/ designed to allow. 
’-- r -:: _.\.\ l, Vkers to revolve their jobs, 
s’ms to-have reduced produc-' 
“ -■ *a".^-ty by about 10 per cent. By 
L^^itrast. a new Fiat system of 
" rawing car bodies, which lias' 
• -V. : * ii? * donc **** with tlie tradi- 


iidBaI ! production line, i s more 
‘automated and is expected to he 
ecrusUy as..“productive as - the 
standard methods; 

- The;new system of welding to* 
;gether car bodies lias been d». 
■isigned by tha..Fiat machine tool 
subsidiary COAfALV The idea is 
.interesting because it has in. 

creased the automated element 
Jn.ithe^productian’process while 
"ahandpntng; tbfrmoving line, in 
the 'past;- this/combination 
would ha ye seeihed like a eon- 
iradictipfl *a.tenn&—auto m a u u n 
■ was; ' virtuaDy ■sy oony mo us with 
the moving line’s ability to get 
parts t£ta Eiven.j»ini is a swift, 
. even 7 flow. - "v_. £ ; t 

What;:Slat hM ^done; is to go 
back to the trolley, one of the 
ahefacts''bf -the; originai ear 
factoriosii and.rdevelop- it into 
sin entirelj'Jfuitogiattti-device, in 
the car factones at the begin¬ 
ning of/this century (and the 
odd specialist plant even to-day >. 
trolliesveregoaded_with bits of 
acar and wheeled. around the 
plant iintlLthe complete vehicle 
was built-up'. Fiat is now copy¬ 
ing- that, iprocess -for the ea r 
body. . ‘ '* :.a.; 

The difference is. that the Fiat 
.trollies move ; automatreally, 
guided over the floor oh a scries 


Why robots and trolleys may 
hold the key to Fiat’s future 

Terry Dodsworth explains how Fiat is using robots and trolleys 
to increase production flexibility and save on capital expenditure 


of invisible magnetic tracks. The 
course the trollies take over the 
production area depends on the 
instructions they receive from 

their computerised control 

system. If they go In one direc¬ 
tion they will pick up the parts 
of one particular car body, and 
move down an automated weld¬ 
ing line: if they move tn the 
mher direction they will pick 
up the parts of a different 
vehicle before taking their turn 
tn go down The same line. 

The second significant point 
about the Fiat development lies 
in the welding line. This is 
made up of a series of robots of 


the kind which are now a famil¬ 
iar sight in many car fa clones 
—the welding meenanism is 
positioifled a( the end of a long 
proboscis which prolu's in ami 
around the body shell tn find the 
appropriate welding point. 
These machines have been pro¬ 
grammed to sense what kind of 
ears are being brought to them 
by the trollies: they select the 
appropriate welds and pul them 
on without human intervention. 

Fiat has been developing this 
system fur several years, and 
extensive work has been done in 
cnllaboratiun wiih Digit ran. a 
Swi-xs electronics company, on 


the automatic trollies. These are 
already m limited use at the 
large Miraliori plant in Turin. 
But the company is now planning 
to pur the Ki.bogale welding sys¬ 
tem into Full operation on the 
production lines for the launch 
of a new model mis -spring. 

If the system works satisfac¬ 
torily under the pressure of all- 
out, day-to-day production. Fiat 
hopes to see two main payoffs'. 

The first lies in marketing. 
The Roi.ogam system should 
eventually yive the company the 
ability tn obtain much more pro¬ 
duction llevihtiny than in a 
traditional factory. This is 


because welding lines, which 

are already highly automated, 
contain a lot of fixed equipment 
which can be used on only one 
type of vehicle. If demand 
slackens for that Vehicle, the 
line has to be run well under 
capacity: if demand goes up. the 
additional requirement cannot 
he switched to another line 
because it will not have the 
appropriate machinery. 

Fiat believes that it will now 
have nmre choice about how its 
production is allocated. In the 
first stage. Us new lines will be 
run for two different vehicles, 
hut in the longer term there is 


no reason why they should not 
be programmed to take more. 

This means that the company 
should be able to match the pat¬ 
tern of demand more closely 
than in the past, in effect Fiat 
is escaping from the straight 
jacket of standardisation which 
volume manufacturing has in¬ 
flicted on car manufacturers as 
the penally for increased pro¬ 
ductivity through high levels of 
automation. The cumpany is 
now aiming for both automation 
and production lines which do 
nut take one standard product 
in the interests of - high .volume 
as was the classic case with the 
Model T Ford. 

Second, in the long run the 
new' system may well reduce 
the requirement for capital 
expenditure. When a new morier 
is introduced it will not be 
necessary lu tear up or radically 
alter all the old lines. The 
trollies and robots can simply 
be adapted and reprogrammed. 
Fiat calculates that about 70 
per cent, of the total capital of 
the system is attributable to the 
fixed compunenls in it. the other 
30 per cent, being alterable to 
lake account of specific models 
to be assembled. Costs can 


therefore be amortised over a_ 
wider range of models than in 
conventional practice. 

One other result of the 
Robogate system will he to alter 
the character of the work on the 
production lines. Fiat does not 
foresee a large-scale reduction 
of the labour force, although 
there will psobabiy be some 
slimming. But the character of 
the work will become much 
more skilled, because more of 
it will be in looking after 
robots. 

The company says the unions 
are in favour of this because it 




avoids the monotony of the 
production line and increases 
earning power. Fiat itself is tn. 
favour because it appears to be 
a neat technological answer to: 
the familiar union objection to ■ 
heing hauled off one production 
line to go to work un another. 
As a Fiat executive puls it: “If 
the men will not go to the job, 
the job has to go tn the men. 
That is what we are doing." 


j^'lvi just over four years Glen Electric has become 
f-.^hat it claims to be the largest manufacturer and 
■ ^^porter of domestic heating appliances in the 
•... t Titish isles. r Giles Merritt -reports 


new heat 


j.'-WRY IS a town unused to 
. '• d news. It lies near Ulster’s 

. .. . i . v. ' ^der with the Irish Republic 
...... is the heart of lawless South 

“. ^nash. In recent years it .has. 
■■ ■ •: s‘ : n some of the most vicious 

ing in Northern Ireland, and. 
le It is. quieter now it 
tins the battered, and 
^^^^_ rr Pondajit air of a place-where 
F Tost one man in three Is on 

dole..' 

*"*HRhP’ et Newry is the scene of ah. 
* c itJUliustrial rags-to-tjebes . story 
rprt would be remarkable bjr. 
SiLih standards. .In the faltering 
ri i ipiymmy of Northern; Ireland it ; 
OyLLF°baWy uni que. Oh the out-; 
*t*ts of town,, hot far ..from : 
It] ire the British Army until 
Mi.-ntly maintained a sand* 
ged mini-fortress, ., a new- 

£& of Glen-Electric.^.' 

HjigJJoday, the Glen group claims 
$$sbe the largest manufacturer 
exporter'of domestic heat- 
appliances .in the British 
i When it ^tartexl up just 
gSMjr Four years ago it had seven 
- :VSfi ployees and five founding 
jetors who had mortgaged 
- ir homes to put the necessary 
- ^x^rfvOOCT -capital -toward tlieir 


'.j&jPpll ‘venture. This year;.the 
^t^i^sj-kforee .should reach 700 and 
are likely to top £10ra. 
major- stride tn this pursuit ’ 
■-/ j^T^- ^rowth has been achieved by 
. recent" purchase of Dimples, 
British heater manufacturer 
~^5pt Elen’s managing director, 
^ Naughton, describes as 

e Rolls-Royce of our indusr- 
" ’’ The analogy.is not too far 

•-died,- for . Dimples ..was in 
eivership. Despite an undis- 
ed quality, image, and .. an 
. nings record that resulted in 
shares being S3,times over- 
- iscribed when it went public 
.. the mid-1960s,'Dimplex had 
... cumbed to the recession and 
■ - ^.-other problems. - • 

.Tie acquisition of .Dimplex, 
... : .-eit a drastically scaled-down 
: dow of iis former self, lias 
• " -might pushed Gldn fflebtriC; 

. .-:" m the merely successful into. 

■ big time. It bought Dimplex 
...■ - about £2m. <the precise-. 


figure is-secret>, and for 1978 
anticipates £3m. salei from it. 
At a stroke, Glen has doubled 
its turnover. 1* 

Glen’s image; noV/thaf it has 
shot from nowhere to ^become 
an industry reader/lff-inevitably 
that of an sux^uisitlon-hungr>- 
powerhouse.. .The ifrutfc.Is that 
it "combined good, iuc-k" witli 
good judgment, is still very con¬ 
scious of its humbift;beginnings 

■ and somewhat takenaback at its 
own diring. Martro Naughton 
and two of the cb-founders are 
also" mildly ticWc&^ithe fact 

. that they are southern Irishmen 
; taking giant strides;ih;a British 
: industry- “ If people are saying 
‘the paddies are coming watch 
out chuckles Naughtoii, “then 
thal’s no bad thing ; ” 

jjrml.AtrgusU973aii ftve^Rlen 
directors worked ■ MV Utiddie-' 

■ maiagement. for , the . Irish 
RenuWic’s .large ^ET electrical 
appliance cnncern&t its Duhleer 
fadiory north of^Dublin. They 
wore convince^ that a ready 
market for low-cost “utility' 1 
equipment existed and that a 
small, iow-werhead operation 
could suryiye. They calculated 
that £150,000. would be needed 
fo start yp, J>ut when seeking 
finance they turned to Ulster in 
the betel that lreland’s develop¬ 
ment Agencies would scarcely 
help/• when - AET already 
dominated the Irish market. 

The Northern Ireland Finance 
Corporation—nowadays called, 
the Northern Ireland Develop¬ 
ment Agency:—-put up £80.000 
and took a (Mkper cent, equity! 
stake in return. It also, says i 
Naughlon, " held an option to.’ 
dump us if there were heavy 
losses, and to take over itself" 
Factory premises were found on 
Newry's not over-crowded, 
Greenpoint industrial estate and,, 
together with their mini 
mortgage borrowings and a bank i 
loan, Glen. was in business. ;b'y-i 
October 1973. The shakiness;of, 
its launch was emphasised when 
hi the last moment two other"; 
AET managers who seeinfed j 
essential to the breakaway mo, 
merit decided they dare not risk 
.their'livelihoods. As a sbriy: 


Footnote. AET's losses are now 
around £5m„ and it needs £1.5m. 
a year in state aid to survive 
even in its present emaciated 
form. 

Since they were line mana¬ 
gers. the founders of Glen had 
experience in such areas as 
production, design and market¬ 
ing. but no great practical 
experience of the financial side 
of company management. To 
overcome this and also lo pro¬ 
vide other advice, Arthur 
Andersen, the management 
consultants, were brought in. 
They helped to assess what 
Glen's working capital require¬ 
ments would be. what level of 
cash flow it would nepd to sus¬ 
tain its targets and drew up a 
three-year plan which has been 
subsequently updated at varying 
intervals to take account of the 
company’s rapid expansion. 
They also gave advice, for 
example, on setting up stock 
control systems. 

On the other hand, designs 
for th^ new range of utility 
heaters which formed Glen's 
basic stack were drawn up by 
the founding directors them¬ 
selves. They also tried a dif¬ 
ferent marketing ploy from 
what was the norm in the 
heater trade. Instead of taking 
the traditional route of seUing 
primarily through wholesalers 
and then through retail outlets, 
they approached some of the 
major multiples, like Tesco 



Moving towards the 
better manager 


4;'>s 


An all too familiar scene in -\eury-Glen Electric's home town. 


supermarkets. Wool worths, and 
House of Holland direct, thus 
cutting out the middle-man 3»d 
improving profit margins. 

Thanks tu (ha oil crisis and 
the recession, this marketing 
tactic gave Glen an advantage 
almost immediately. Theirs was 
the silver lining to the cloud 
that ruined Dimplex, Tor the 
British brand leader was over- 
reliant on the storage heater 
market when that collapsed. 
Glen had originally budgeted 
for sales of £400,000 in 1974 
and was prepared for small 
losses, but hoped to break even 
the following year with sales 
of £600.000. In the event, its 
first year turnover topped 
£400,000. yielded a small profit 
and by 1975 sales were over 
£lm. 

By early J977 sales were set 
to pass £2m. and profits had 
already allowed the Glen 
directors to buy back equity so 
that they owned almost 90 per 
cent, of tlie company. The 
range of radiator and con : 
vector healers had been 
expanded to include a clothes- 
dryer and £750.000 was invested 
in a subsidiary called CJreen- 
point Appliances, also on the 
Newry esiate, to make small 


products such as kettles. Glen 
was no longer simply a thriv- 
mg workshop but a fully. 
Hedged industrial manufac¬ 
turer. and oik* of the chief 
reasons for establishing a 
physically separate subsidiary 
was Martin Naughton's convic¬ 
tion tbai units employing much 
over 200 people arc hard to 
manage. 

Last .September, to comple¬ 
ment the Greenpoint Appli¬ 
ances operation, Glen look over 
a -small Welsh manufacturer 
called Haddock Horslman, thus 
addibg a (an heater, towel rail, 
window Fail, table cooker and 
greenhouse heaters to the 
range. \ 

That acquisition itad scarcely 
been digealedwhen Glen found 
that it was contemplating what 
Martin Naughlon now describes 
as a quantum jihiip. The idea 
of taking control\of Dimplex. 
which in Us heydayv had annual 
sale* of £15m.. he sV s - " broke 
all the rules we knew and 
apparently broke most of ih e 
receiver's rules as weR." But 
backed oice more by . NIDA 
cash and the enthusiasm of 
Arthur Anderson, the N'ewry 
company decided to make an 
offer. 


If Glen has a problem now, 
just two months after the deal 
was stg.ied and scaled, it is 
probably one of management 
eapachy. Almost all of 
Dimplex's operations will 
remain in Southampton, where 
a labour force of about 15q is 
concentrating un its valuable 
export business. To that extent 
.Vaufc'h.o.Vs maxim regarding 
the si/e of units in the Glen 
group still holds good. The 
worry is that management, as 
opposed to technical, skills are 
in comparatively short supply 
at-Glen. 

Right now Martin Naughlon 
is luring a financial controller 
from Mitsui Denman, a 
Japanese-owned company in 
Cork, and thinking about gradu¬ 
ate rtcnu intent as a basic 
policy. Most of the manage¬ 
ment .ionkeywork he is still 
doing himself, but that is 
scarcely surprising in a busi¬ 
ness that is stii! slightly amazed 
at us own success and tlie way 
things have developed. It is. 
after all. only months ago that 
Naughlon went to see Dimplex 
“ to do a bit of snooping around. 
It was purely industrial 
espionage." 


COMPANIES should provide 
far greater in-house job 
mobilily Tor their managers so 
that individuals can expand 
their horizons and show what 
they can do. Mr. David Muntagu. 
chairman and chief executive 
of Orion Bank, told a seminar 
on management pay and pro¬ 
ductivity last week. 

Mr. Montagu said it was essen¬ 
tial that a company's manage¬ 
ment structure be as flexible as 
possible. This flexibility was 
only possible if an organisation 
had a really well planned train¬ 
ing system the purpose of 
which was to extend a man¬ 
ager's professional experience, 
make him competent In a 
variety of fields, and test him in 
challenging new situations. 


Reluctance 


“Too often, companies which 
have engaged an individual in 
one area, are quite content to 
let him perform, either well or 
indifferently, just in that'area,” 
Mr. Montagu said. ‘The re¬ 
luctance to test him elsewhere 
is understandable, the usual 
excuse , being that he is fully 
occupied earning his keep in 
that position: bill it is nonethe¬ 
less a long-term waste of 
assets. 

“The need tn have a con¬ 
tinuous programme of training 
touches on a fundamental point 
about management structure: 
that is, encouraging inter¬ 
changeability of staff m order 
to guarantee a continuity of 
succession. 

“A well organised system 
should make it a positive policy 
to make certain that nobody— 
and that includes the chief 
executive—is indispensable. I 
do not mean this in the long¬ 
term sense—I mean it in the 
sense of having managers and 
directors who are capable of 


taking over in au emergency, or 
during a sudden rush of pro¬ 
jects or in tome similar situa¬ 
tion. This presupposes that the 
substitute is qualified and this 
can only be achieved by train¬ 
ing. 

Mr. Montagu admitted that it 
was pointless detaching a busy 
specialist from a particular 
project just because a vacancy 
had arisen elsewhere. Yet in 
principle, flexibility could only 
be maintained by presenting' 
managers with new challenges. 

He said training should be 
jointly planned by managers 
and their personnel depart¬ 
ments so that the needs of both 
the individual and the organisa¬ 
tion were matched. A similar, 
joint approach should be taken 
to the monitoring of a manag¬ 
er’s performance. 

“The main point is that 
monitoring it should have the 
active participation of those in¬ 
volved. I am not suggesting an 
endless process of Maoist group 
self-examinations at the end of 
the working day. 


Effective 


“At the other end of the 
monitoring spectrum is the 
situation where the executive 
suddenly finds his name no 
longer on his desk. Somewhere 
in between lies an effective pro¬ 
cess: where what an individual 
thinks he is doing is measured, 
against a reasonably objective 
assessment of those with whom 
he works and to whom he. 
reports. In this way the road ■ 
to promotion can be agreed and 
the milestones ticked off as they 
come into view.” 

The seminar, which was held ; 
in London, was organised by 
Berndtson International and 
ORCtU.K.l. 

Sue Cameron 1 




More and more eomjumes recofloise the benofiis of vefcfcle leasing - impmtmd - 
cash flow, release of capital and tn advantages. Plus of worse a much lower- 
initial outlay for business customers. Bot in lotter's wjnedictable economy, it is. 

essential lo avoid inflexible long tern’commitments. That’s why we have. • 
it traduced flexible Leasing. This unique scheme provides ail tha usual advantage* 
of leasing on any make after 1 plus Freedom to change vehicles daring the - 
agreement at no cost Think, whal tins could mean to your business. ;/ 
Let us explain our Flexible Leasiiig Service to yott.’-Ring Frederick Geeves on 1. 

021 *707*0490 - w dip the coupon* 


Please send me derails of tee car uasng senrice wnb a'diflueact 



"‘-c . 'O ?• 1 c' 

«!i;rji»*S 1/ »'C Co«C'i'-y fK2t 'B u . 


Yolu secretary would prefer to 
stick to the terms of her contract and 
work from nine until i ive with time 
off for IuhcIl 

That means you have to do 
dictation when she’s available rather 
than when it’s best for you. 

So instead of using your day as 
.efficiently as possible, you have to 
arrange it as conveniently as possible. 

There is a better way to use 
your time. 

"With the Grundig Dictation 
System vou could record vour dicta- 

• j * 

tion sometime in your eight, nine or 
ten hour day and hand it to her to 
transcribe between 9 and 5. 

This is how Grundig Dictation 
Systems work 

You have a very small, portable 
dictation machine with a cassette that 
allows you thirty minutes of dictation 
on one side. 

Your secretary has a desk top 
transcriber which plays back the tape 
with the day’s dictation you have 
recorded. 

She can play back the tape during 


her office hours, and plan her day 
accordingly. 

She hears your instructions 
tljrough a head set and controls the 
tape’s speed with a foot control. 

So she's happier and you can 
work harder. 

The cost of a Grundig Dictation 
System is around a totally tax 
deductible sum of ^200. 

This is because the Government 
is just as interested in increasing your 
office efficiency as vou are. 

j j 

The coupon will get you more 
details. _ 

gr CoRunpiG) 

(jaiiidij; Intcm.irion.il Limited, 
Neulands Park, London SEifi SNQ.TcI: W-foU 2468 



■Pm’Tv.jnni.u.iI .'iilJr* 
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• 14 

lombard 


Double counting 
in the City 


BY ANTHONY HARRIS 


THE BANKING figures this week 
burst on a financial market which 
was already partly demoralised. 
'The grits market had been soggy 
hot only' because the money 
'supply was above its official ceil¬ 
ing. engendering a fear of official 
action/ but. because the savings 
institutions are beginning to feel 
a little glutted with fixed interest 
slock, and because some foreign 
holders have been raking their 
profits. This last, by the way. 
although it depresses prices 
while it happens, actually lends 
to reduce the money supply, hut 
"ho-onc seems to have noticed 
That. 


Troublesome 


Since the market nearly always 
talks Us book, analysis were 
looking for reasons to be gloomy 
even before the hanking figures 
Appeared, and had found at least 
two which have become a tem¬ 
porary part of City folk¬ 
lore. The first is that 
private demand for hank credit 
is bound in rise sharply this year 
because the economy i* recover¬ 
ing. The second is that although 
the growth of public spending 
shown in the White Paper is 
quite modest in real terms, the 
rise in funding which will he 
required is still troublesnme. Re- 
■financing nationalised industry 
currency borrowing and export 
credits may be pure book-keep¬ 
ing. bur it still means that extra 
stock must, be sold. Both of these 
seem to be half-truths. 

The loan demand worry seems 
.To have gained a good deal of 
impetus from remarks in the 
Bank of England's Quarterly 
Bulletin to the effect that the 
foreign inllnw did not make very 
much difference to the uwnev 
supply, because much of it 
enabled British companies to 
-finance themselves from abroad 
'without borrowing from the 
banks. When the inflow stopped, 
they would start borrowing 
again. This is important and 
absolutely true as far as it goes. 

. and there has indeed been some 
rice in loan demand since the in¬ 
flow slopped. However, some 
analysis now seein to be project¬ 
ing this rise into the future, and 
coming up with some quite 
improbable numbers. 

Corporate borrowing has not 
.been rising in recent months: H 
has almost certainly been railing, 
and quite sharply. It is only that 
part nr borrowing financed by our 
own banks which has risen—hut 
that could well ease off too. 
When it does begin to rise again 
towards the end of the year. it 
will he front a low base. 

Few people in the City seem 
lo have any real measure of bow 


enormously a falling: inflation 
rate helps company finances 
{just as a rising" rale strains 
them). The early stages of the 
consumer bnoui will' actually 
help corpnrate cash flow. a. good 
deal. The corporate demand'for 
funds which sucked in' money 

first from abroad and then from 
the banks is easing rather than 
rising. Worry on this score is 
double counting. * 

There is probably double 
counting too in the arguments 
about refinancing currency bnr 
rowing and the like, though the 
argument here is a little more 
complicated, of course a mere 
change in the currency de¬ 
nomination of public sector debt 
does not add to iota! borrowing, 
hut if the sterling proportion of 
that debt increases, then you 
migh think that iterliny borrow¬ 
ing will have to rise all the same 
The logir looks impercahle. but 
it ain't necessarily so. 

It is tru<" that -sterling will 
have lo be borrowed if the dol¬ 
lar debts of the Coal Board or 
whoever arc simply jepairt with 
fresh-bought dollars. leaving 
everything el*e a* it was before: 
hut is this what is going lo hap¬ 
pen 7 The Tact is that the author! 

ties do not have lo buy dollars 
in the market: ii can equally 
get them by selling some of its 
remarkshlv enlarged portfolio of 
dollar ass-rs. The Treasury 
would report a fall in thp re¬ 
serve? accounted for by official 
transactions. 


Sensible 


This is norma) routine, and 
does not upset the markets in 
the least: on the contrary, 
responsible ptnk journals would 
normally remark that there has 
been no underlying change at 
all. The decision about how to 
handle the refinancing, if the 
officials concerned are sensible, 
will simply be a matter oT the 
intervention needs dictated by 
the currency market at the tunc, 
if we are propping up the dollar, 
we will buy the dollars: if not. 
not. The important point, if 
this is right, is that City fore¬ 
cast? already take account of the 
funding implied by forecast in¬ 
flows. or the balance or payments 
surplus. To worry in addition 
about borrowing lo refinance 
currency borrowing is double 
counting. 

Yet the hank'ng figures are 
genuinely worrying and. what 
is worse, they have made a lot 
nf City forecasters look un»-om- 
monly siMv. i just hope lhal 
they will remember that not all 
mistakes are on the optimistic 
side. 





Renewing the tube 


Financial iTiines 1978 . 


iilJLSCWW^HEWlXiBSPORTJfSTWOBl 

" hoWm-h. .aewi* Crass S'. 


BY RAY PERMAN 


GLASGOW 


GLASWEGIANS have been 
struggling to work every day 
for the past nine months with¬ 
out their beloved underground 
railway, which met an untimely 
end when cracks began to 
appear in the roof of the 
tunnels. Since then it has been 
sheltering frrnn public gaze 
behind builders' hoardings at 
its 15 stations, undergoing an 
extensive modernisation to put 
ir once again at the heart of the 
city's public transport system. 

The wooden carriages, many 
of them originals from 1896. 
missed their own scheduled 
farewell—a week of nostalgic 
trips around the six mile circle. 
But it was more than falling 
plaster that finally killed the 
line. In its twilight years the 
trains had become unreliable 
and had also lost many of their 
customers through redevelop¬ 
ment of the tenement areas 
along the south bank of the 
River Clyde. The number of 
passengers per year had 
dropped from a peak of around 
35m. in the 1950s to 12m. 

The £33ni. updating pro¬ 
gramme now going on is 
scheduled to be completed by 
May 1979, although the Greater 
Glasgow passenger transport 
executive is hoping to do more 


(han merely reinstate the rail¬ 
way in its old form. Without 
extending the system, which 
would be prohibitively expensive, 
it has Lo be made to adjust to 
the fact rhat much of the popu¬ 
lation has moved out of the 
city centre and that the loca¬ 
tion of its work has also 
channqed. 

Rather than take shipbuilders 
from their homes to the yards 
along the Clyde and the middle- 
class professionals from the 
elegant west-end to their offices 
in the centre, the circular 
route is planned to act more 
as a distributor .for commuters 
coming in by car. by bus or on 
British Rail's electric Blue Train 
services. 


Interchanges 


Bus termini and park-and-ride 
points are being built next to 
several of the stations and there 
are to he new interchanges with 
the Blue Trains at Pa nick, 
where the BR station is being 
moved 400 yards, and at Queen 
Street, where an underground 

moving walkway is being built. 

In addition, British Rail is 
reinstating the Argyle line, 
which was dosed during the 
Beeching era. Coming in from 
the south-east of Glasgow it will 
run under the main shopping 
streets and central station 


before joining the Blue TTain 
line. 

Six underground stations are 
being completely rebuilt, with 
the chambers considerably 
enlarged to take new platforms 
on either side of the lines 
rather than the narrow isiand 
platform which was a feature 
of the old system. In some 
places this entails cutting jmo 
the rock, but near the river 
piling dams have had to be 
constructed around the work¬ 
ings to prevent flooding from 
the soft subsoil. 

Very little structural work is 
having to be done to :he tunnels 
themselves—an important factor 
in keeping down the cost and 
securing Government approval 
for the scheme. Even under 
the river the cast-iron segments 
that line' the tunnels are sound, 
a testament to the workmanship 
that enabled Clydeside 
foundries to lead the Industrial 
Revolution. 

New signalling and cable? are 
installed and the track is being 
relaid on a bed of concrete, 
rather than on ballast, which 
tends to shift on the curves, 
necessitating continual realign¬ 
ment. 

The new- system will he 
completely automatic, although 
each train will still have a 
driver/guard, in touch with the 
control centre by radio. Closed- 


circuit television will monitor 
each station. 

But the pride of the new 
Glasgow underground will 
undoubtedly be its rolling stock. 
An example of the 33. orange. 
cars ordered for .the line has 
already been on show in George 
Square in the .city centre and 
has attracted widespread 
interest and approval - from 
potential passengers. 




Narrow tunnels 


The narrowness of the tunnels 
{they have an lift, diameter) 
has imposed a scale on the 
carriages which, to the traveller 
accustomed to London tubes, 
makes them look almost like, 
children's railways. The 4 ft.- 
gauge of the Glasgow track also 
taxed the ingenuity of Metro- 
CammelTs engineers, who are 
building the rolling stock in 
Birmingham. The standard 
motors, hydraulic system and 
automatic control equipment; 
designed for the normal 4 ft S.5 
in. gauge, had to be compressed 
into the narrow axle width. 

Glaswegians were amused, by 
the windscreen wipers on the 
front of the trains and-some 
assumed they were for the 
spray caused by leakage from 
the Clyde into the tunnels. The 
old carriages had no need for 
wipers, since, like pit ponies,' 
they never saw the light of day. 



Interchange Facilities 

§ • •' -••••••-' 

. n Bui -wi 


■ ^ UftloraS jflBfcBv 

■M 

i — BteTMnmcat, 
fffffft uy£ai»i* 


/ 


There was no ramp - from the 
tracks to the workshops; ‘ so 
whenever one needed repair it 
had to be hauled off the track 
by crane into a covered main-, 
tenance depot. _ ' ■ 

Those old shops will be ,used 
only for stabling. New work¬ 
shops have .already been built 
at Govan with ramps connecting 
them to the lines and there is ah 
outside test- track (hence the 
need for -weather equipment). 
Less maintenance and- greater 
reliability are .essential to ,win 
back customers. ' 


The plahners do not expect 
a retum /to tiie peak, years bf 
the underground system, bat at 
least hope that the number of 
passengers a .year will doable 
to 25m. A. riew .range of-tlckfift 
is, being v .developed to Leaver 
. combined rt»il and underground 
journeys _ and ./the frequency .la 
being improved : ' to ,-thr^e 
minutes between- trains. A 
“shoagle ground: the circle, 
when: Glaswegians^ can again 
make, will' take 22 mmutes-- 
Six njinikeS- less than the old 
time;" : ' ... 


Rodman in fine heart 


THE POSSIBILITY of racing af 
Kelso this afternoon was ruled 
out yesterday after stewards had 
inspected the snow-blanketed 
Scottish track, but Newbury 
should be nn. Here, by far the 
most ini*resting race seems to be 
the Slroud Green Hurdle, in 
which Rodman puts h<s reputation 
on the line. 

Rndman, 2-1 favourite for the 
Daily Express Triumph Hurdle— 


RACING 

BY DOMINIC WIGAN 


„ price which Fred Winter des¬ 
cribes as ridiculous, saying ” lie's 
not that far in from of ihe rest" 
—has not run since justifying 
odds or 11-2 on 3 t Chepstow be¬ 
fore Christmas. 

But he is reported to he in 
fine heart, and 1 shall be dis¬ 
appointed if he cannot muster 
Atlantic Bridge, of whose pros¬ 
pects Toby Balding is highly 
hopeful. 


If there is to be an upset. I 
believe that the outsider, Christ¬ 
mas Time, could well be the 
cause. This David Morley-trained 
newcomer to hurdling has been 
schooling impressively and would 
not be taking his chance in such 
illustrious company if M or ley 
was not optimistic of a forward 
display. 

Looking ahead to to-morrow, a 
field of 25 or 26 is expected for 
Britain's most competitive handi¬ 
cap hurdle, the Schweppc-s Gold 
Trophy. 

Bill Smith's mount Drama list 
—a winner twice already at 
Newbury's hurdles courep— 
whose trainer, Fuike Walw;-n. 
sent out Taramuz to bea; 27 
rivals in this race three seasons 
ago. now seems likely to wind 
up favourite. 

The Saxon House seven-:-car- 
old. whose stablemate was jhu 
seven when be scored, has dis¬ 
placed the long-time anle-oost 
favourite. Kybo. in some bo-1". 
It will come as no surprise if he 
is the medium of further strong 
suponrt. 

Two others I expect to sec in 


demand are .Dramatist's stable 
mate, PelerhDf, and True Lad. 

The former, who has not run 
since finishing sixth of 13 when 
favourite for the L'Orca! Hurdle 
here on New Year's Eve. is re¬ 
ported to have been working we! 
recently. 

It must also be remembered 
that it was in the Schweppes a 
year ago that True Lad pro¬ 
duced the best National Hunt 
performance of his career—a 
neck victory over Flying? Diplo 
mat. with 25 others beaten off. 

La lest Schwenpes odds: 13-2 
Kybo and Dramatist: 12-1 
Comedy of Errors and Pincbow: 
14-1 Attivo and Narrifcim: 16-1 
Dyscnle. Nougat, Regents Garden 
and Stopped; 20-1 bar. 


NEWBURY 

1.30— Aloha Prince 
2.00—Ballinlonig* 

2.30— Rodman** 

3.00—Summer Dance 

3.30— Oiarlofson 
4.00—Sounding Arch 

4.30— Anthony of Padua*** 



t Indicates programme in 
black and while. 

BBC 1 

9.30 a.m. For School?. Colleges. 
10.45 You and Me. 11.05 For 
Schools. Cnllcg-'s. 12.45 p.m. News. 
1.00 Pebble Mill. 1.45 Mr. Benn. 
.2.05 For Schools. Colleges. 3.00 
Trem. 3.30 The Sky oi Nighi. 
3.53 Regional New-* for England 
(except London!. 3.55 Play 
School fas BP.C 2 11 00 a.m.!. 4.20 
H's ihe Wolf. 4.25 Jackanory. 
4.40 The Clanccr.*. 4.55 Cracker- 
jack. 5.35 Paddington. 

5.40 News. 

3.55 Nationwide (London and 
South East only!. 


6.20 Nationwide. 

6.41) Sport*wide. 

7.00 The Pink Panther Show. 
T7.20 ■' Sherlock Holmes and the 
Secret Weapon .' 1 starring 
Basil Rathbonc. 

8.30 Porridge. 

9.00 News. 

9.25 Gangsters. 

lftJO To-night (London and 

South East nnlv i. 

10.50 Regional News. 

10.51 Max Boyce in Concert. 
11.25 The Late Film: “Assign¬ 
ment K," starring Stephen 
Boyd. 

Ail regions as BBC 1 except at 
the following limes: 

Wales—1.45-2.00 p.m. Sioncyn 
Sboncyn. 5.55-6.20 Wales To-day. 
7.00 Hedcliw. 7.25 Young 
.Musicians of the Year. 8.00-8.30 
Sykes. 10.20 Kane on Friday. 
10.50-10.51 News for Wales. +11.25 


FT. CROSSWORD 


PUZZLE No. 3,590 

r 



12 

13 

14 
16 


19 

2ft 

22 

25 

27 

28 
29 


ACROSS 

Youth employment officer is 
responsible for nepotism (4, 
3. 3. 41 

Country it is fashionable to 

help back 1 5 1 

Make materia! before tea 
break t9) 

We 11-fin ye red reading aid (7j 
Way round in drill (7) 

Fruit making history [5) 
Work hard in give vassal a 
method (5. 4) 

Dramatic si art with screen 
raised (7. 2 ) 

Thread woven into many long 
stockings (5) 

The most humble offers me 
a resting place (7) 

Elected to taste drink one 
would find tasteless 1 7 1 
Oriental quarter or Dresden 
(9) 

Dresses German leader has 
(51 

Entertainment to be paid for 
on a sliding scale (7. 7) 
DOWN 

Mr. Chips for example made a 
fine picture (3. 61 
Will keep quiet over every¬ 
thing t5) 

Slack lime for going to mature 
(3, 61 

Underground traveller gets to 
root of plant (5» 

A piece run for diversion nf 
pleasure sr»eker (9) 

Animal is all right aver article 
on Page 1 t,5j 


8 Stage set for row on railway 
( 7 > 

9 Transgression (serious) of 
fabulous sailor ( 6 ) 

15 Very old friend is a‘draw on 
board (9) 

17 Fire engine, perhaps, upser 
pal in cape (9) 

18 Determination to write a 
testament lo electricity (4, 5t 

19 Funny taking company on 
motorway to American slate 
(7) 

21 Knotted without any medicine 
prescribed ( 6 ) 

23 Strange for boxing champion 
to take on Cockney layer (5i 

24 West-end cape is prickly in 
the bush (5) 

26 It makes sense To sit around 
the General Hospital initially 
(5) 

SOLUTION OF PUZZLE 
No. 3.589 


H0H0H0EE aSSRBE 

s 0 ' S a m a s 
EH0Hd@ElB HageiHE 
0:..s 53 a. mm .0 

SBSanEJSE E3BE3E0E 


□ H Q 32 

so 

a 0 h h 


BO '-0 
EQsaa 
a :VEM 0 


HBQSEQgraraa - 

a so m mm as 
aanaag. embbebes 
a 0-0 E3 on ra n 
HsaagE ssanaHaB 
■ mm mm 
saanaa sraHaaGaGe 


“ Sherlock Holmes and the Secrrt 
Weapon.” starring Basil Rath- 
bone. 

Scotland—10.23-10.45 a.m. and 
11.05-JI.25 For School?. 5.55-6.20 
Reporting Scotland. 8.30-9.00 
Current Account. 10.20 Spectrum. 
Ift.5fl-I0.5i New* for Scotland. 

Northern Ireland —10.23-1(1.38 
a.m. For Schools. 3.53-3.55 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 10.20 Gallery. 
10.50-10.51 News for Northern 
Ireland. 

England—5.55-1? .20 p.m. Look 
East (Norwich): Look North 
(Leeds, .Manchester. Newcastle!: 
Midlands To-day (Birmingham): 
Points West (Bristol!: South 
To-day (Southampton!; Spotlight 
South West (Plymouth). 10.20- 
10.50 East (Norwich) On Camera; 
Midlands (Birmingham) Gang¬ 
sters; North (Leeds) Jimmy 
Sa vile's Yorkshire Speakeasy: 
North East (Newcastle) Darling 
Grace; North West (Manchester) 
Sit Tbi Deawn: South (Southamp¬ 
ton) The Young Question: South 
West (Plymouth) Peninsula: West 
(Bristol) The Past Around Us. 


BJSS 

7.00 

7-30 

8.00 

9.00 

10.00 

10.30 

10.40 


11 . 1(1 

12.05 

12-55 


All 

except 


Crossroads. 

Mind Your Language. 
Maggie and Hc-r. 

General Hospital. 

The Professionals.. 

News. 

Police 5. 

An Audmnce with Jasper 

Carrot l 

Barolia. 

a.m. George Hamilton IV. 
Close — Mahdav S harm a 
reads some sayings from 
ihe Tao Te Ching. 

1BA regions as London 
ai the following times: 


West. 8.15 Report Walw. 6J0 Eni.xcr 
dale Farm M.35 Bep-r: Ex:-a *0-05 
The Friday Film: ■■ Kaos? (3 The Bride. ” 

HTV Cymrn.'Walcs—^ MTV Genera! 
Service except: X20-X25 P.m. Per.a.vdau 
N'-u i-dduci V 4J54.HS C-smau 

Csniami!. 6.DO-6.X5 V Crdd. 7J0-8.30 
Shiv ,-a'c. 10.15-11-US Outlr.Jc. 

HTV West—A* HTV General Serv.cs 
except; 120-130 o.m. Reyn Wen Head 
unci. 6.15-6-30 ft spurt V.Y«\ 


ANGLIA 

125 p.m. Analla No us. 2.25 Friday Film 
Matinee: - Seven Sinners." 330 Oul of 
Town Si5 Happy Day*. 6.00 About 
Arclia. 7.00 Miss .\ns1ta. 10.30 Probe. 
13.00 Friday Ljic Film ■■ Desire )lc." 
12.05 a.m. Slen Who Matter. 


SCOTTISH 

1.25 p.m. News and R ml Rrpirf. 3.55 
B?::r B>> r- ^Z-QO Fr:da-. F:!jn Mai ne - 
” Ea‘-. Money.' «iamna Grcia Gvn:. 
3-0$ Can.j'.n. 3^0 Beryl's L»i. 5.35 P:nl 
and Friend*. 520 Cm- r-.iad* 6J» fMl 

land T'h|,v.. 639 FhviDs. 10-30 Way-- ant' 
Meir.s. 33.00 Futures. 31-15 Late Cal',. 
1123 bard'a. 


ATV 

1.20 p.m. ATV Ne-.vsdcsk.- 1-55 indoor 
Diacue. 2.25 The Sullivans. 335 Beryl’s 
LoL 330 Stars On Ice. 5.15 Wish You 
Weir Here . . .7 6.00 ATV Today. 1030 
The Price of Fear: "Cr» of the Banshee." 


SOUTHERN 

120 p.m. Soiilhern N-'-.-s, 1.30 Ir.door 
l.-.apur.. 2.00 Wom-.n fViI? 2.25 Friday 
Mannee: "Thi- Mark of Zoito " 330 

B.'rjTs Lot. 530 Weekend. 5JO Cpms- 
roads. 6.00 Day by Day "Channels 6 
It. 27. 42. 35 and Mi. 6.00 Seen-? South 
Ejs iChannelr 10 -C. W and 65 only 
6.30 Out of Town UL50 A Souihi-r: Rt-pon. 
11-00 Southern News Extra. 11.10 " The 
Tcrronauis " 


BBC 2 


11.00 

6.50 
7.00 
7.05 
7.BO 
8.05 
8J20 
9.25 

9.50 


10.35 

11.30 

11.40 


a.m. Play School, 
p.m. Open University. 

News on 2 Headlines. 
Discovering Patchwork. 
NewsUay. 

Kilvert's Diary- 
Reportine China. 

Pot Black 7S. 

Peiula . . . and Songs or 
Love starring Petula Clark. 
The Mayor of Casterbridge. 
Late News on 2. 

Darts: Embassy World 

Professional Darts Cham¬ 
pionships. 


LONDON 


9.30 a.m. Schools Programmes. 
11.55 Felix the Cat. 12.00 A Hand¬ 
ful of Songs. 12.10 p.m. Rainbow. 
I 2 JJ 0 Cuckoo in the NesL 1.00 
News plus FT Index, lift Help! 
1.30 Money-Go-Round. 1.55 Beryl's 
Lot. 2.25 Friday Matinee: “The 
Sheriff of Fractured Jaw,” star¬ 
ring Kenneth More and Jayne 
Mansfield. 4.15 Horse in the 
House. 4.45 Magpie. 5.15 Emmer- 
dale Farm. 

5.45 News. 

6.00 Thames at 8 . 


BORDER 

tUO p.m. Border X«v«. 1-55 Berry 

Bnnp Cwiiiun 2.M Matinee: ” The Run¬ 
away Bus." 3_50 Beryl'-■ L^t. 5.15 Happy 
Days. 6.00 Umkarnund Friday. 10JO 
Bnrderers. 11.00 TV Movie: McCloud. 
tli45 a.m. Bunler New, Siiinniary. 

CHANNEL 

l.U p.m. Channel Lunchtime Now' and 
Whai '* On Where 1.55 Carl».in’lt'ie 
1 Belly Rnnpi. 2.M Beryl's L<u. t2J0 
The Friday Matinee: " Uatlierinc The 
Great." 6.00 Repnrt \i Six. UJI 
Channel Late News. 10J2 Late Wiih 
Dantnn. tl0-50 l.ifle NUht Movie: '* Man 
fin Fire.” 12.25 Ne«» and Weather in 
French. 

GRAMPIAN 

123 a.m. First Thtn^. L20 p.m. 
Grampian News l!vadUnc-.s 1.55 Indoor 
League. t2.25 Monday Matinee: 
•- Traitor'* Gale." 3-So Ben--l*s Lnt. 6.00 
Grampian Tuday. 7J0 Wels-nnie tn the 
Ceilidh. 10.30 Heneclinns. (ndnwed bv 
mad and s6J repnri. VI0J5 The Friday 
Film: "The Lady Vani hr' " 

GRANADA 

ua P.m. Thi- Is Your Kmht. 155 
Cannon. 2.00 L'ntdmcd Frenlicr. 2J5 
Friday Maunet- " KiUdozcr." 350 
Bep-Fs Lot. 5J0 Thi.- Ir Ynur Risht. 
5.15 Crossroad:. 650 Granada Report*. 
6JD Kick riff. 10.30 Rep'irid Extra, tu.00 
Great Films ot ihe i.'cmury: ■■ Gilda.” 


TYNE TEES 

5.20 a.m. The Good Word followed hv 
North East Neva Headlines. 1.20 p.m. 
N'mh Esw: News and l-oaground 155 
Wish You W.'rc Here. 'Z_» Frday F.-ra 
Matinee: “ You Pay Your Money." 3-SO 
Cartoon Time. 350 Beryl’s Lo - . 5.15 Mr 
and Mrs. 6.00 Nonhern L:ft 1BJ0 
Rponsumc. 1X05 The Fnday Niuh: Fi'm- 
"• Dr. Joky 11 and Sister Hyde." 12.00 a.m. 
Epilosue. 


ULSTER 

X20 p.m. Land'll ini'. tJ.oo Fr.’day 
Matinee - Lydia." siamnp Meric Oherar, 
and Joseph Cutien. 350 Beryl's Lol 
«.U Llst-.r News Headlines. 5.15 The 
Brady Bunch. 6-00 Ulster Television 
New* 6.05 Crossroads 650 Reports 
b50 Police Six 7.00 A Drop In Your 
Hand. 10.30 Two Al 10 M. 1055 Sporj- 
■asi. 1X05 Fnday Film: " Foo-mteps." 
followed by Bodnme. 


westward 

1.20 am. V.’cs: Country Job Finder. 
1X5J) Look and See. 12-26 p.m. Gus 
Honey bun's Birthdays. 1-20 Westward 
News Headlines. X55 Cartoon Time 
1 Berry Foopi. 10 a Beryl's Lot. f2J0 
The Friday Matinee- " Caihenne The 
Great." starrlna Douplas Fairbanks J.ir. 
and E^izab<;di Bcrsncr. 6.BO Westward 
Diary and Sports Desk. 1050 yroti-iart 
Late News- 10-35 Lale With Damon. 
tlD.50 Late Niph: Movie. “ Man Dn Fire." 
siarnop BinB Crosby. 1225 n-m. Faith 
For Life. 


HTV 

120 p.m. Pep-irr We*t Headlines. 125 
Report Wales Hcadhn<'s. 150 Indonr 
Liasue. 2.00 Women Only. t2-25 ■- SeWter 
nf Fortune." srarrmR Clark Gable. 555 
The Cnder'ea Adventures of Captain 
Nemo. 520 Crossroads. 6.00 Report 


YORKSHIRE 

1.20 p-m. Calendar News. US Betty 
BciOp. t2-00 Fridas - Film Matinee: " Easy 
Money." 3-45 Cartoon Time. 350 Beryl's 
Lor. 5.15 Calendar Sport. 6.00 Caiendar 
Emsley Moor and Bi-Lmont editions. +1056 
Great Films of the Century: " GUda." 


British men in battle 
to avoid 


-*-CJ_. 



j’ j-.’ 


LAST NIGHT at the .' Farn- 
borough Sports Centre.. -the 
British men's team was involved 
ia the first of the two pisy-off 
matches against Yugoslavia 10 
determine which nations avoid' 
relegation to Division II of the 
King's Cup competition. 

For Paul Hutchins, the British 
team manager, and his team this 
has been a most disappointing 
campaign. Early in January, 
with John Lloyd, fresh from 
reaching the final of’ the 
Australian Open. John Feaver. 
eager to prove himself at last 
in Jive competition after years 
as the bag carrier., and David 
Lloyd backing good doubles 
form, hopes were high that 
Rritain might at last win this 
European indoor team cham¬ 
pionship. .- 

But a series of disasters over¬ 
took them. The opening match 
against Sweden was lost on the 
doubles when Mark Cox, deputise 
ins for John Lloyd, who had not 
got the long journey frotoV 
Australia, out of his system,- lost: 


to Kjell Johansson, whom he had p&y 6 &-/t& w Tasti-. Suite* courts 
beaten the previous November; w.B(^ 5 a^) 2 js; ; 6 ^ve and" volley 
with some ease. V game^ 'Ejnailyr.the ctige seems 

- -The journey to Vienna- pro- to-'havj? rjgbiiethe Lloyd 
vided another shock when both brothers’ doubles-performance— 1 
cringles matches were lost. • _ they! 

After a comfortable 3—0^^ win 'play;sb_vJjarejlfr together during. 

■ • the coarse^.thejseason..• j 

__ _ . • _ _1 • ' : *«' Noofrofc^ftfithi^orCtiaaoBrhasl 

- TENNIS' ^ Jt&tojhraufcj 

: BY JOHN BARRiETT/haw *<db: b^h foB<>wtQ 3 -|lieJ 
■V . ;. 7 .; ' Grand f J?rix * ' ifckvei 

-: Britaiit's 


against Spain, the last ^chance to 
recoup the situation was lost In 7t .5eenwr 

Sweden where, ' again, both these two toalcbes. agarm 
singles went against us. .The last slav'i 4 ,wlL|, bftfostffoc th^,^nl, 
straw was the 2—1 loss’to Austria Nikki :?3iC-.lS -not piRywJMmd 
at home—again on the doubles, their^ingles meix.pr^aa: t ^vic 
Following that, the'2—1 defeat and ZpKas in.have,s ayfar fai an» 
in Spain underlined the misery. ased'id,.vVi<l one. i i«gtch:.l» 
Clearly something has gone.-- • : l 
wrong. I suppose the first reason.-^ A^uinfn^' 'a^’ jpicceraful- ;on _ 
has been the Tick of conrihctng-cbm&HtffeWiis-Stfillne^to thihk 
form by Johtx Lloyd when he more'care^ # 

.seemed at last'to have moved team prepa>es for such matcb^. 
into a higher!class. ’.John Feaver.,There. -.probablyVlfes another, 
too, has disappointed, despite jthe-jFeasaft. 1 foix.-k- lack of success ■this 
fact J|gt lh- matches Hav? ( 


Furniture 



ENGLISH and Continental,funji- 
ture at Christie's yesterday re¬ 
alised £34.875. The highest price, 
£1.000. was paid by Yuen for a 
late George III mahogany secre¬ 
taire cabinet. A set of six late 
George III armchairs went to 
SI. J. Bragse. a Kent dealer for 
E9S0: a Victorian ebonised and 
scarlet Boullc cabinet fetched 
£950: and CHsowsky gave £850 for 
a George III mahogany cylinder 
bureau. 

Christie’s South Kensington 
held a sale of toys and children’s 
hooks which totalled £7.721. A 
doll museum in Brighton ac¬ 
quired a clockwork 'ion for £170 


chest for- £320. An oak Breton 
cupboard" fetched £470 frbm- 
Adrian.Allen. The sale total was ; 
£30.230. 

British and Continental pewter 
at Sotheby’s fetched . £27,164,; 
Bellamy bought a Stuart candles 
stick at £1,050 and a ^"plate or 
saucer," a bit buckled-since it 
was raised from a -wreck, at 
£360:'" . V- • • 


- At’ Crewkerne, Somerset Law^ 
rence-Fine Art-auctioned printed 
books, historical documents, 
manuscripts’ -- and autograph 
letters; Acting for an Australia 
archive,.Quaritch gave £6J200'fi9r, 
-some journals .of Cdr.- John 
Henry -Norcock and .Vice-Adrni. 
Charter Jtunes Nortock relatiflg 
fo the early days of Sydney.' - 




Christie’s total £69,565 
for first fine wines 


-j-' 


SALEROOM 

PAMELA JUDGE 


and a rare coloured tinplate, fly¬ 
wheel-driven cokerel, pulling . a 
can containing an Easter egg 
and a rabbiL for £150 
A pain tea, . pressed cloth¬ 
headed clockwork cyclist went to 
Haley- for £3SQ. Anstev paid 
£160 for "Urania's Mirror or a 
view of the Heavens." 

A Chlparus bronze-and-ivory 
figure of a dancer made the 
highest price, £1,S00 from Maier. 
at Phillips' sale of Art Nouveau 
and decorative arts. Baker gave 
£1,700 for a Galle merqueterie- 
sur-verre taperiog vase with a 
tulip neck, 

A moose head went to Morse 
for £95 at a general sale by 
Phillips West 2 in which Sarti 
bought a 19th-century mahogany 
break-front bookcase for £1,450 
and Godson a Victorian 
mahogany secretaire Wellington 


BY, EQMUND PENNING-ROWSELL ' - ; f 

PRICES - were very firm In clarets .were equally in demand, 
Christie's first fine wine sale of with £300 for three bottles, of;* 
the year yesterday.' The total Lafite 38741 £56 for -'.a stnsft. 
was £69.565, and record prices bottle, of Lafite. 18S3. 
were paid by British as well, as for twobottles bf Lafour lSSSi^ 
foreign buyers for post-war firet" . Burgundies '-fetched higher 
growth clarets. . _ than usual-prices,. : .71,: t= : ; 

Lafite" *45 . at last topped' the A-bottle of Yquem J 45 
flOO-a-bottle mark with £1^50. a record .of £9S; and.£ 180 •wa^paw; 
dozen. Other records include for a bottle of ^ 1811 -Napolebn; 
740 a dozen for Ch. "Mar.gaps''45, cognac. -,-r- • ' 

£460 for Mouton-Rothschild ’59, 

£700 for Mouton-Rothschild '6L 


IUi mUUIMil-UUUIBUIUU DI, ni || V . •, % ■ • • | . - V 

£460 for Cheval-Blanc '61. and, - Pil 111 f)C liar'KSf' ; ' 
most .surprising , of alL £92fr for 1 T 

Ch. Margaux 7 61, which after a ' 

saleroom tussle fell to a Middle TiliitQr FaCC ■ 
Eastern buyer . . •.. -.■■ =• '.-.i. 

A dozer, of- ihe some- Woe 
fetched £500. Ml a record, : 

Among other prices particu- Monday will be sponsored by 
forty high were £000 for Mouton- philips Car .Radio. • <■ - .i/ - 


Rothschild '45. 800 for Latour : . BBC Grandstand will \eleris«. 
'45, £460 for six magnums of La- r ffie'Tace -- 4 v : r ’ ' • T'/r-in■ 
Cooseillant '45. £420 a dozen for • The ' twoday' meeting^ -wfl 

F h c M .c^ aux ,47 >’ ana ' £540 for feclude ?Formulib:'Tbree. ealw» 

Lafite 61 -' rar. Formula, f*oriand diorou^ 

Small quantities of much older, bred sports car- race^ ' 


RADIO 1 247m 

(S) Slreophnlc braiduHt 
64W a.m. ,\s Radio 2 . 7.0Z No>?I 

Edmonds. 9.00 Simon Bales. UJl Paul 
Bumrtt IncludinR 1250 p.m. N-’wihAjr. 
2.« Tony Bl.n-khurn. . flJi Dave Lp» 
Travis Im.ludinK 5.30 NpwkJk-ji. 7.00 The 
na ' hl 'S* r Jom* Ratlin 
10.D2 John P. i -1 «S». 12.MU2.M a.m. As 
Radin ?. 

VHF Radios 1 and 2: 64» t.m. With 
R.irtio 'J im-liNline 1JS p.m. Gnnd LIsti-r- 
in,:. 10.02 With Radio 1. U.DO-12.M a.m. 
lt'ilh R.id]>i 2 

RADIO 2 LSUOm and \UF 

6.00 a.m.. .N.-wB Summary. 6.03 Crlckei: 
First Ti-st—Xp*v Zraland v. England irc- 
rwru. 6.03 Ray Moore witU The Early 
Show 'S'. Intliidlng 6J5 Pause for 
Thom-hr. 7.32 nnefcof Pint Test Ji-loie 
of play roporii. 753 Terry Wgcan .Si. 
inriudlnE IJ7 Ravine BuUerio aud S.a5 
Pause for Thouyta. 1S.B2 Jimmy Younn 
iS). 12X5 p.m. Waeenn^rs' Walk. 1250 
Pet? Murray's Open House iSi lru:ladlne 
UJS Sports Desk. 250 David Ha mill on 
‘Si. Indudinc Z.«5 *ud 345 Sports Desk. 
050 Waggoners' Wall:. 445 Sports Desk. 
4.47 John Plinn 1 S 1 . tndudms 54S Spann 
Desk. 645 Spans Desk. 7.02 She Ted 
Head) Band In Band Parade 151 . 8.02 
Nej| Richardson conducts the BBC Radio 
Orchestra (Si. MS Friday Night is 
Music Night <51. 9-55 Sports Desk. 102 
Treble Chance. 1050 Let's Co Latin wiih 
th.- Chico Ames Orchestra. u.qa Brian 
Matthew with The Late Show. Cricket: 
First Tosi trepom. 12.80-13.96 >.m. News 
and Cricket—l 1 irst Test 1 further repon> 

RADIO 3 464m. Stereo & VHF 

t Medium Wave only 
655 a.m. Weather. 7.80 7.05 

Overture >S> 8.08 News b 05 Mnrntna 
Concert >.?• 8.00 Sm»«. 8.15 This w*ek'« 
rnmpowr Psg^anim igi. 9J» Hnward 
Fergus on: chamber mtude (Si. 1U5 


BRC Narth<.-m Ireland Orchestra i5>. 
1X40 Music in Medieval Vctuce tS'-. 1XS 
Mu«tlc for Flute and Plano ‘S< 1205 p.m. 

Midday Prooi. part 1: Mozart. Beethoven; 
Haydn.- 148 N>t»-s. X05 Playbill <Si. 
L20 Midday Pmm.. pan ?• TiaitSMin. 
Srravlmkjr. 2.05 Piano Recital p irt 1 
■Si. 3.DO Interval Reading. 3.05 Piano 
n-cfial. part 2. 4.15 Early Miinic from 
Hungary (Si. 44S The Young Idea iS*. 

5.45 IFami'ward Bound iR>. 6.05 Wrrfs 
76.19 Homeward Round 1 continued!. 16Jfl 
l J felines- L-isur- and Recreatloii. T.M 
Music from Pebble Mill, part 1 rS 1 845 
Judi Dench and Mieftad Williams in 
Tokens of Love. 845 Music frum r.-bbic 
MiU. pari 2 'S'. 9-20 The Secular Society. 

9.45 JanacL-fc 'historic rcvcrdmai. 10.00 
I cor OUlrakh: violin and piano recital <5>. 

10.45 Music Now. 11.25 .News 1150-1155 
and Tan:obi'fi Schubert Song on record. 

R»dio 3. VHF only—6.10 to 750 pan. 
Open Unlveesliy. 


RADIO 4 

434m. 330m. 2Aim and VHF 

655 a-m. News. 647 Farming Today. 
6-35 Up la Die Hour. 652 iVRFj 
Regional News. 7.BO Nows. 750 Today. 
755 Up in die Hour (cnnilnucdi. 755 
iVRFi Regional News. 8-00 Nows. 848 
T"day including news headlines, weather, 
papers, spun. 845 Yesterday in Parlia¬ 
ment. 9.00 Neves 15.05 Voice of the 
People, 008 News. 00.05 Checkpoint. 
1050 Daily Service- 08.45 Mnrniog 
story, nxoo News. O 1 .O 5 The Thames, 
tu 30 First Iinprcsslnn. 12.00 News. 
12.B2 p.m. You and Yours. 1247 My 
Mumc (Si. 112 ^ 1 Weather, programme 
news: VHP >eiccpt Lnndun and S E.t 
R'-ai'-nal New. 1.08 The World At ripe. 
XJ0 The Archer-:. 145 Woman** Hour 
• m f only fr-tn g.fhl» from Rrifa-.t. in- 
rilrtliK X0P4.D3 Nwe. 12-45 Li-Kn With 
Mnther. 3.80 News 3.8S I'lmiwin 
Tli-aire. 440 Nwt 4.85 Mr. Right »nd 
Ur. wrong. 455 Story Time. 548 PM 


Repnrts, 5.00 Serendipity. W45 Weaiher. 
PTAgramme nw. Regional News. 

6.80 News. 6.38 Gning Places. 740 Kw« 
7.05 The Arvticrs. 740 Pld* of the W>pfc 
fr'iin BBC- radio and Television iS<. 8.10 
Insiani Sunshine 'S». B50 Auv Ouestinns? 
84S I.eiicr Fr-un America 850 Rakidi 
a tripe. 9 39 Weather. 1040 The War'd 
Tanlslu. 10.30 Week Ending. . . . U55 
Mv Delight. 1X00 A B'V.k at Bedt'mf 
11.1S The Finapi-lal World Tonight. 1150 
T'ldav In Pjrftarr.-ul 11.40 Ncirs. 

Fw Schools (VHF only}: 440 a-m.- 12.00 
and 2.00-3.08 p.m. 

BBC Radio London 

206m and 94.9 VHF 

6.M a.m. As Radio 1 6.18 Rush Hour 
9.00 Lobby. 940 London Live. 1X03.In 
Town. 12.03 p.m. Call In, .2.03 108 Show- 
cas*. 4.D3 Home Ron. 6.18 London 
Sports Desk. 655 Good Fishing. 740 
Look. Stop, Listen. 750 In Town 'as 
1X03 a.m.). 850 Black Londoners. 1040 
Track Record IXHLCIon: As Radio 2. 

London Broadcasting 

261m and 97JJYHF 
540 g.m. Morning Music. 640 A.M.: 
Non-stop news, traspl. sport, reviews, 
inlonnatlou. 10.00 Brian Hayes. X00 o.m. 
LEC Reports, including George Gale's 
3'O'clock Call. 8.00 After 8—with lan 
Gilchrist 9.00*1,08 ami. NlshUine. 

Capital Radio 

194m and 95.8 VHF 
640 a-m. Graham Dene's Breakfast 
Show (S>. 9.00 Michael Aspel iSi. 12-00 
Dave Cash with Cash on Delivery iS>. 
3.00 p.m. Roger Scott with his Three 
DT-loefi ThriR tS). 7.00 London To-day 
•Si. 758 Adrian • Lnce'* Open Line iS>. 
9 86 Nirfcy Home's Your ?iothcr Wouldn't 
I.lbe ft, iSt. U.00 Mike Altai** I-nr 
Fhow tpi. .including 1155 Mumcm. oi 
Terror 2.80 a-m. Ian Davidioo'a London 
rink International (g). 


FINANCIAL M4®S; 




' r t'-V.-'- v 


_ . BRACKE.N HUUSK, 10, CAINWON Si'HKE'tVUJMKMrf 4SC4P 4)BY.....: . . 

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SUBSCRIPTIONS ' : i' 1 ! 

Copies obtainable from newsagents and Jbooitshi&s 

from Snbsrilptioif.’ 




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Piccadilly 


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FebruarylO 1973 


lema 




poser 


bv NIGEL ANDREWS 


Briest 


cWIling . C0Q * paintings and statues for a jealous housemaid Johanna is »n? b - 1 ' *«»" across America to 
7 - society frozen inin predetermined turned, in Irm Hermann's per* bring hack and bury the oody 

no hu «h. _»-- *-■ V-ji 'J 7 - JS- j wa f . a young poses by moral and aesthetic formance. Into a domestic harpy oi a friend killed in action. 

" bu ^‘ °rthodox.v. in many ftf the filin’.'. with a death-mask face: photo- Virtually the whole film :s set 

t? P$L wbo shoLs Wit have to blink mice graphed in one shot in sinister on the train and is a senes 

rutlman. Phoenw; IGA-aad -» gently-pushed .into marriage before working out which are ‘adjacent y lo a meat-cleaver on" of oddball encounters between 
uwent Garden,qui€iB2;With ani older;inaii! who once the live characters and which are the wall. None of the main Hopper and his fellow pas- 

Crail.es (X) 'and T«w3t8. (X) F nurtbet. The “ gentle the objels d'art. performances, furihermore, is sengers: Taryn Power, Dean 

Serefen.on Islington Green. r us ?“ n £ * done.partly by her „ handicapped bv the prescribed Stock well and James Frawlcy 

dleshoe CUJ 

Odeoh 


Knlevei <Ay 



N 


- niorjd'cnr&aJU^Hpr-husband is a glared and gloomy exasperation. Hanna - Schv n uUa's Efii’ is a spoili: and Hopper’s own per- 

^■FfusStag.diplomat; Herr Inslet- But 1 have never seen a more superii study in slow-acting formance so 50 yd that one 
. ■ rtem.^L'tfndi... Worthy, boring man brilliant solution to the problem despair and stubbornly clasped 'wonders why he wasted half his 

member exactly with whom".shfr-aelHeB, at first of translating a lmok to the illusions. There is not a better movie career playing psychotic 


guisbed Westerns. 


VY cannot -remember exactly with whom".sh|; «ltlCB, at first or translating a lmok to the illusions. There is not” a'better movie career playing psychotic 

,j. “ it .1 said abbut_Fasshmder*s unresistingly,/ into-..a kmd of screen. Fassbinder has not tried film than this to be seen in juveniles in varjmgly distin- 

iBriest when ft was'premiered bleak 'contattaMtiti .; But she to sweep the film's literary anu*- London. 

Tie 1974 fierlin Filrh'Festival mwtsa handsome,major and has cedents under the carpet: he has 

% I know-IdislikM theWraand a seem ^mrywitfr.iumj^ When made them part of the film’s 

^ ned people to. stay-away the liaiao n a ccidentally- style. - In some scenes, the voice- Justine, 


-- r - r - ... —„ - - . .. ... »»». «.«. ........ - jusnuc produced bv the Canifledme might have been 

:come to hQW&tin. hushanrf harratiun continues tile story British Film Institute Pro due- conceded by a computer called 

^ereby-rrand not for tbe ; ficst renounced Jusband int0 the future while the visual ,j on Board tackk .,j Mmj ] ar book- U P 01 } prodm r ihe definitive 

e tn my,-critical life—cat my and fier .pare iMfcr Bat this is a j ma „ 03 flx }n ^ present. Lt D .fiim nrobJcms in its adaota- pMHthe or a 1970s Disney film, 

.ds. My. only excuse for the tSOdiety; that wttv'wif Thus we hear of an Impassioned jj 0n 0 j jjj e novt .i bv the Marquis ** ere *? 1,10 homeless orphan 

. ly aberration was ; lhaL I was CTue 1 #* S* pa*>age-of love between Efli and de Sade Tike Fassbinder its beinR inI ^™ied into a new 

; ~’^.ler the influence of haying Her parents taketber hack, too lhe Major whlle wJ)at we sce is fh rc e d L 'o-film inakers Siewart family: here is the affectionate 

■ readjhomework. not com- Sfl a shot of them sitting on the Mackmnon. Clive Mycr and b “ t n w ! ld J J ' ;i ™<-hronous P Il « urc 

refused to of British aristocracy; and here 

u'ise Tor the a f' 01 about mistaken iden- 
"their material. ti*y- hidden treasure and other 
s lakes the ready-packaged mysteries wait- 
amid dark i R £ t0 be unwrapped in the last 

-7.. }- lnnir.., i . --- a£T~Z~ 'i"u ■ j'”' ll, v uiia^iu. just as Eflfi’s own sellings reciting Willi flat and/or "d. Jodie 1-osier is the 

:ri rpm JS alovmg “d opulent doing so- The story Is held ai dicing sou! and vivid inmgin- halting tones huge chunks of Americnn girl whom villainous 
:■ Lv; reall ° n - ■ ■ . : arm;s .length, as- rt .were; with in:;!> are .constantlv choked back dialogue taken straight from the L *° Th # IT* r 

istead Fassbinder has done, static , camerawork, slow, mes- bv sOC j a i rea iity novel. It is a ■■ hold ~ film, in its . lh ^ lon^-loNt daughter of 

y.- 1 quite rightly, his own thing.:mer«ed performances, a voice- ' wav , but an oddlv perverse and English marchioness Helen 

. “^-* 1 -has not given Fontane's story over narration, . the.. use of Far from being merely a sub- useless one The modern Hayes rhe wnms an insider to 

r^BBG Classic Serial treatment: “chanter titles." But. far from versive moral tract in the guise rim.m-.v Rrocht - worshinoinc “case the joint " for a suspected 





amorises’*) as renders - it self regard and self-importance, never 


_ .. decor is marvellously apt. .vur- make me siory nmrmaiy tunny s at j e - s scandalouslv compelling f 

.nuch “ dramatises*’Fontane’s rors, paintings and neoclassical ai rimes: a task that defeated philosophy, the film’s images are sn e suit nas a 

Id (synonym too often-for statuary abound:. Joirrors for Kontane. or else one that he nC j t h Cr srandaluus nor com- 1Dt0 disguise as tlie gardener or 

. . attempted. Instellcn .s pc , linp nor sCem lrt boa4t 3n y the chauffeur or a neighbour- 

purpose ai all. Arllessncss for squire^^ In fact, one does 
... ... - - artlessncss’ sake is the result: a ? fa e film a disservice by invok- 

’ demolition job on traditional art ,n S computers. Despite the 
lhai offer in put up no valid or formula plot, it has more life 
inieresting structure in ns place. Iban its reepnt predecessors. 

and moves surely ami entertain- 
★ ingly to a spirited climax. 

In The L’racics we learn what * 

happens in a small American Can Ev e l Knlevel fo!low- 

town when an aeroplane con- Muhammad All into the world of 
laming germ warfare virus the du-ii-jourself bio-pic and 
crashes nearby, disseminating fl n d true Hollywood success? 
madness and homicidal passions. The short answer, to judge bv 
The army marches in: Washing- Virn Kniet el, i< ’ no. For his 
ton dithers, then panics about first venture into film stardom, 
what to tell the Press; and a Mr. Knievel has chosen to 
group of rebellious townspeople appear in a paste-and-scissors 
unaffected by the disease try' to B-picture of quite breathtaking 
hreak the imposed quarantine, manilv. As a d*ath-defving 
The director George A. Romero stunt cyclist his main problem 
made that brilliant horror film here is not the hazards of the 
of yesteryear .Miflht 0 / the Ltcmp j bb but a conspiracy bv a con- 
Dead and he has tried for the sor tlum of Hollywood villains to 
same magic formula here: the g e t him killed in a stunt in 
spread of a simsterly dehumams- Mexico so that the famous land 
ing disease, the terror and apparently cu^oras-proof) Evel 
hysteria created in a small group Knievel trailer can be driven 
oF cornered “innocents. But bac fc t o the U.S. loaded with 
although Romero whips the plot heroin. Gene Kelly co-stars as 
along at a furious and imp res- Knievel’s liquor-prone chief 
sive pace, the absurdities are mechanic. Lauren Hutton 
more noticeable than in the elaborates on her Welcome to 
earlier movie, the shocks less 2^4 role as an enigmatic pboto- 
visceral. Its good by the grapher. and Air. Knievel as Mr. 
standards of any other horror Kjuevel is, sad to report, as 
director, not by Romero’s own. short on charm as he is on act- 
Tracks joins company with ing talent. 

The Cranes in a good-value_ 


15 


Privates on Parade 

by B. A . YOUNG 

The Royal Shakespeare Com¬ 
pany’s productions always seem 
belter at a second visit, no 
doubt because they open cold, 
or at best, only with the chill 
off. Let me now say that Peter 
N'ichols's Privates on Parade 
m ust sure ly be the happi esl 
evening in the London theatre 
to-day. 

What seems to have bagged 
me last year was ^ melodramatic 
quality in tbe serious sub-plot 
concerning the gun-running, 
black-marketing Sergeant-Major, 
played now by Shaun Curry. 

Any such objection :s banished 
this time by the excellence of 
almost everythin? else. The 
story is only incidentally what 
matters: it is there to provide 
a foundation for Mr. N'ichols’s 
vivid characterisation of the 
members of the Combined Ser¬ 
vices Entertainment Unit whose 
adventures we follow; for his 
trenchant remarks on the politics 
of the British in Malaya in 1948: 
and for his nimble talent for 
comedy 3nd lyric-writing. 

Half the un* are gay. their 
leading man. Acting Captain 
Terri Dennis lhe gayest of all. 

Denis Quillev has already had 
awards for this glittering per¬ 
formance. and it glitters as 
briRhlly as ever. He speaks the 
camp lines (“tbal Bernadette 
Shaw! She’s such a chatter¬ 
box !") as to the manner bom. 
and tears off splendid imitations 
of Marlene Dietrich. Vera Lynn. 

Noel Coward and Carmen 
Miranda (with a set of long red 
reach-me-down fingernails 1. Not 
only are these fine imitations, 
the songs themselves contain tbe 
element of mockery, in the lyrics 
and in Denis King’s music, that 
is necessary for good parody. 

The innocent play on words in 
the play’s title gives rise To 
•iirnilar puns almost endlessly 
throughout the evening, and 
never with tbe least sign of 
strain or cheapness. 

Nigel Hawthorne repeats his 
outstanding performance as 
.Major Flack, the muscular as a simple, normal man accept- ing the running time is 15 
Christian officer in command of j n g the ministrations of his gay minutes or so less than before, 
the unit, always ready to go into friend Corporal Bishop (Tim At two hours and three-quarters, 
an improving speech to his men Wyltool out of loneliness and it is not a moment too tang, 
about their duty to God and jack of imagination. Steven I would have been happy to stay 
King, his gently rolling periods Flowers, the youngster with in my seat and eee it all over 
given sudden emphasis on tbe liberal ideas about education, again, 
final words of each speech and Young-Love, the aggressively 
larded with tbe phrases he lovesick conjurer, Kevin Cart- 
imagines will appeal to the wright, who wanted to be a 
troops, such at “ Cor. stone the bomber navigator, are sym- 
crows.” Too bad that when he pathetically played by Ian 
actually has to make tactiral Gelder, Simon Jones and Neil 
use of his strolling players be McCaul, and Emma Williams is 
should discuss his operation in as radiant as ever as the Anglo- hour.'TtwrniiTst eele and a*Show, 
frnn ,e 1 ^rl vitb her touching has been c^sen as the lndepen- 

vantx who belong to the Chinese illusions. Even the two non- dent Television companies’ 
Communist forces, and so speaking Orientals, Cecil Cheng entry t0 ^ Golden Rose of 
involves them in an ambush. and Eiji Kusuhara, offer jfontreux Festival, which takes 

The rank-and-file of the unit individual personalities. pi ace from May 6 to 13. Tbe 

are polished now into a row of Michael Blakemore’s direction, sbo w, presenting Steele in odb 
sharply-chiselled cameos. Joe coupled with the ingenious sets 0 f jjj 3 rare TV appearances, was 
Mel ip as ihe stores corporal from by Michael Annals, keeps things devised by the entertainer to 
(as Flack says I the sewers of moving at a great pace from celebrate his 21 years in show 
Birmingham shows a deep pathos scene to scene; by my reckon- business. 



joe Melia and Denis Quilley 


Leonard Burl 


Tommy Steele show 
is nVs entry for 
Montreux Festival 

Thames Television’s musical 


Hanna SchyguHa’ as * Effi Briest ’ 


double-bill at the Screen on 
Islington Green. Unlike George 
A. Romero. Henry Jaglom is a 
director who could only have 
improved after his first feature 
film, the winsome and insuffer¬ 
able A Sale Place. Tracks is a 
scatty, engaging, atmospheric 
little film about an ex-Vietnam 
soldier (Dennis Hopper) travel- 


>Hseum 


t 


Bluebeard, Schicchi 


i\ 


m 

vines 


by MAX L OiP PERT 



J ' <Vhen Glen Byam Shaw’s pro- that colours each stage of ihe 
2 tioh of Duke Bluebeard's action given more vivid, more 
■rtle. was first given iii 1972, particularised treatment, the un- 
rtok was paired with Stravio- assuming yet carefully judged 
r's Oedipus Rex—a powerful; pacing of Sir Charles’ reading 
lutifu] and . well-matched is in its own way very satisfying. 
.. able bill of 20th<entury'opera, By Colin Graham, David ColRs 
..-t not. apparently, a very and MarkEkler,Puccini’sspark- 
r.iwd-pulling one. • So now the ] ID g little eonfe is less surely 
*•.-/ era has been revived in-tan- han dled- Much bas been made 
--.m with a new : production of by producer of the advant- 
ccini's Giaiiwi Schicchi - Tfae'aee^of updating the action from 
- nbinalioii,, Is satisfying In a early Renaissance to the 
'• ite different, fashion: 'darkly 'msorgimenio. Yet this, though 
•rowing psychological drama re-. it harm, does little per- 

ved and contrasted by bri llian t ^p^hle good. What matters 
ick comedy,- -.birth works more, if the work is to confc 
jnded on .ttvo very different through -with the wit and skill 
_^-^-3ds of orchestraLmasfer^ But j OI y^d, it Is so often admired? 
,? effect,of the eveniagjs still j s; .* crisp, neat marking out 
ml ’tins flittle lop^ded,.partly-because- f its dramatic movements, past 
PIUUP "I Wednesday jan ploquent £At fcere « much broad 

.count of a masteriy Bartok pro- p] a yjng—the invention of a-. bit 
lection .^ s ; S " f weirrtent kleptomania for 

IjltM"* 1 equally skilful realisation of jQ^ a Tranter's Betto was typical 
<-JCcini. —’:i: • ^-but lhe visible energy /ex- 

-r-i*. Byam Shaw's staging:fnew- p ended . oh stage-was not very 
r: red for by David Bitch), m often rewarded by. a rise is die 
ilpta Koltai’s strikingly simple comic temperature. 3«r. ColBs's 
. 7 .. cnerv. and io Robert Ornbo r s.sets won > round of applause 
'-I- - : btJe lighting, both the.outlines'when ihe curtain rose (nasty 
r * " ,d the interior of Bartok’s rich’ habit): . but its arcbiJecWre 
• id deeply 'moving drama find seemed to me awkward, : vnth 
.-pressionr and- do so . with littlc obrious S^P^f**™ 1 ** 

.■& anderfut:- succinctness. The . mg - unzo J a{ ^ b :f A 

J irk wants a balance of realism perspective, and cluttered in Its 

,d symbolic suggestion in Its detail, 
ipiction. That balance is here . Mr. Eld er 
ihieved by the patterns of light seore wtb great spnuj tut ftta 

S z silver screens in which is. the outset bowls it along ratiter 
ayed. out-tiie nnlocking. of the to£ hecticalry,. as if 
iP’i t^n-en doors. Pertaps (from row ietvtbe numerous 
’m tbe stalls) the screens look- scoring, -pace and pnmtwnj 

, "tenWiba"r=le ~ 

, SSwSS. fcajj”™ g sis 

; -f ( y r5j?e YvTflTrin^nWm^ook^ sbould do likewise. Joy Roberts. 
': -- Jnuou » y Wurfitta. adds another charming 
affords ...a remarkab^ just. . t0 ^ Coliseum roster, 
nd poet i? reflection. of fte ^ H enry Howell’s Riuuccio is 
jiS ; vents io the score^ 7 - -vigoreua, *f intermi tie oily rather 

;» -; v *: By Elizabeth Connell and roughly tuned and phrased. 'Bill 

•'V. iJ-" wyune Howell the music- fe this relatives are all too busy, 
randly sungi. andt.by-Charlw ^ boisterous. Eric Shilling’s 
roves it is securely conducted, excoUently underplayed Master 
-h ■ r/.t the opening of the fifth door, Amantio could provide a model 
«ss ConneU unleasbM ^ c Vat the direction in whfch the 
- ' r 1 ’ aat is one of the-most playing needs to go. 

: D undS to be heard to tins . ; . 

theatre for some while. But her- • - . ■ 

i Ringing is more than hrtllisntiy Boulez premiere- 

;i> r -^,^ laced and held top,notes;-ihe.W • . - = 

■ ^ • twines gleam and pulsate in-ter- pierre Boulet win conduct the 
teady yet highly ^^ charged de* Symphony Orchestra tartfae 
Wery of them- ■ Mr. Howell -iS u_K, premiere of Giuseppe Si.no- 
bass of equal amplitude ana pon’s orrtiestral work, Tomjwou 
Jticely contrasted mellowness'of aAmarlT. at the Royal Festival 
rf ? imbre. In addition;-he achiaves sgH’iu Wednesday, February 15. 
# < cn economy of gesture and i*?r- ToOT 2,«ra dTAmor II. which lasts 

■> : T - »* rafut of bearing which h« bout 20 minutes, was written 
• *;> •> rudttb, with Hief fussy. during the first seven months of 
.ccial and hand movements..: 1977 tor the Stj’riao Autumn 
*•' ( ^*ather lacks. Although one has FestlvgL Austria, and is dedi- 
card the IhstrumenUl; tracery Gerhard' and MOntka 

V 'V' Botox.- ' 




Alfred Beck Centre, Hayes 


La traviata 


SADLER'S WELLS THEATRE. Roscto*r* 
A**, EC1. 837 1672. Last 2 weeks 
_ D'OYLY CARTE OPERA 
in Gilbert sod Sullivan Evs. 7.30. 
Mss. Wed. A Sat. 2.30. Until Wed. n*«! 


THEATRES 

ASELPHJ THEATRE. CC. 01-836 7611. 
EvpS. 7.S0. Mats. Thurv 3 0. Sats A 0. 
“LONDON'S BEST NIGHT OUT. 
IRENE 

THE MUSICAL MUSICAL 
SPECTACLE. CAPTIVATING TUNES, 
and RACY CDME.OV.” S. People. 
IRENE 

INSTANT CONFIRMED CREDIT CARO 
BOOKINGS ON 01 -836 7611. 


AGAIN." Daily Mirror. 

NOW BOOKING THROUGH 1678. 


ALDWYCH. B36 6404. Into. 836 S332. 
ROYAL SHAKESPEARE COMPANY 

in repertoire 

Tonight 7.30 A MIDSUMMER NIGHT'S 
DREAM " Enchantment >& enchantment 
again." Time*. With Congreve'* THE I 
WAY OP THE WORLD rTomor. 2.0D S I 
7.30. Mon. 7.30). RSC *1*0 at THE I 
WAREHOUSE isee under Wl and at I 
Ptccanillv and Saeov Twcairei. i 

AMBASSADORS. 01-836 T171.J 

Ltd*, b oo. Mat*. Toee. 3 00 Sat*. S.OO. 
SIORHAN McKCNNA 
aa Sarah Bemtiarot >n MEMOIR 
with NhALL BUGGY 

'' Perfoct. A song of inumah." E. Now*. 

__Siudent tiCJcets £1. 

LfMITTO SEASON. LAST WEEKS. 


by ELIZABETH FORBES 

University groups who choose man's overtly emotional Giorgio, 
to stage operas as well-loved as and neither character comes out 
La trauiata invite comparison of the exchange in a particularly 
with grander, fuly professional % flattering light. As usual it is 
performances: on the other hand.‘Violetta’s own generosity and un- 
theatre managers quite naturally selfishness that emerge as admir- 
prefer full houses to empty ones. able, a conclusion underlined by 
Brunei Theatre Arts drew a Helen Lawrence's sympathetic 
respectably sized audience to the performance. 

Alfred Beck Centre at Hayes on 

Tuesday for Ted Knight's pro- Miss Lawrence, a fine Lady 
duclion of Verdi’s opera, but Macbcih for Brunei two years 
inevitably the result was a com- ap°. fif a ] s efficiently vrith tbe 

promise between ide.ls end re- «“»»'■*'” u ™““ 1 i'JJf,*JSfVir' , ?ii!K , i..V7i , i.3a.13I-i 
sources. The acoustic of the act, but is more coruroriable as — — — - — - - - — * 

Centre’s pleasant auditorium is the young woman in love, 
dryish, despite “assisted reson- whether happily or unhappily, 
auce,” but a greater handicap is She sings her share of the duet 
th edepth of the pit, the cause, with Germoot persuasively, and 
no doubt, of some faulty is touching without mawkishness 
ensemble. in ber death scene. Barry Hardy 

Mr. Knight's staging. In simple is an excellent, light-hearted 
but perfectly adequate settings Gaston, while Richard Burgess- 
designed by David Groves, con- Ellis makes -an agreable Doctor 
centrales on Violetta, and does Grenvil. The chorus seems to 
not try lo shift any moral blame enjoy Flora’s party more than 
on to her environment The most Violetta's, and so the finale to 
original slant to the production. Act Two goes well. William 
a reversal in the characters of Hayward, the conductor, keeps 
the elder and younger Gennont, lhe score on the move, rightly 
is presumably a chance effect of avoiding any over-subtle changes 
the casting. David Clyde’s stiff, of tempo. There are performances 
unrelaxed Alfredo contrasts all this week, with a second cast 
rather strangely with Louis Berk- on alternate nights. 

Elizabeth Hall 

Mr. Punch 

by DOMINIC GILL 

- The concert given by the Fires a Punrh and Judy could rise, 
of London on Wednesday under t0 3 tru ]y effective- 

Davies contained a new work, hCr fa^jou very fetchingly {her 
Mr. Punch by Michael Finmssy. par f was notated in a sort of 
The piece is intended by the sprechgesang on staves, though 
romposer to transform the ordi- it could just as well have been 
riary material of a traditional written on a single line and 
Punch and Judy show into “a marked “with lively expres- 
xnore personal vision 1 being the sion ). The piece was an 
sieve through which it is filtered nounccd as a “ first performance 
and extensively re-moulded." staged"—hut what kind of 
There are, one can imagine, a effect could it possibly have 
thousand ways to filter and re- without puppets? 
mould; Mr. Finnissy's choice was The Fires ended their evening 
to offer us, courtesy of Barry with a performance of Davies's 
Smith's Theatre of Puppets (and Hymn to St. Magnus; and 
very fine they are too), a short began It with two other Davies 
Punch and Judy show with inri- pieces—a fine, pungent perform- 
dental music for five Instruments an ce of Rymnos for clarinet and 
and-percussion. • piano given by the Fires' new 

The music was'attractive, but clarinettist David Campbell 
exceptionally slight: a sequence with Stephen Pruslln; and a 
of sound-effects and instrumen- gentle, house-warming account 
lal encouragements which of Davies’s arrangement of the 
hardly ever managed.to achieve Dunstable motet “Veni sancte 
prominence among, let alone spirltus misty paraphrase, 
partnership with, the visual crystal pool, quiet as the lapping 
material/ A chance missed, too. of water. 


.'t 


ENTERTAINMENT 

GUIDE 

C C—These Uwirre* Mreot certain ereU't 
cart** Dv telephone or r the bos office. 


1 DRURY LANE. 01-836 BID* Every ■ NATIONAL THEATRE. 


iwahf. B 00 share. Matinee Wed. and 
Sat. 3.00 
A CHORUS LINE 

" VOTED BEST MUSICAL Of 1976." 
"A rare, devastating, jovou*. astonishing 
stunner." S. Times. 


M» U«. 


OPERA Sr. BALLET 


s:ss 


COLISEUM. CreOU ChJOs. 01-240 
Reservations 014836 3161 
ENGLISH NATIONAL OPERA 
Tonight 7.30 last oeer at Rmalrtio: 
Tomorrow. Tues & hrl neat 7.00 
Carmen: Wed neet 7 30 Tosca: Thurs 
n«t S.OO Duke Blueoeard's Castle' 
Gianni Scmcchi new proem. 104 balcony 
seats always available day or oerl. 


DUCHESS. 836 8243. Mon. to Thurs. 
| Evgs. 8 00 Frl.. Sat. 6 IS and 9.00. 
OH ! CALCUTTA ! 

I "The NuJ.V .) stunn.ng." Daily Tel. 

I 8lh SENSATIONAL YEAR._ 


OLIVIER lopen stage- Ton't 7.30. Tomor. 

2.45 and 7.30 THE PLOUGH and the 
STARS bv Scan O'Casev. 

LYTTELTON iproKenum stage" Toni 

7.45 Tom or. 3 and 7 4S THE GUARDS¬ 
MAN bv Molnar. Iran* be John Mortimer. 

COTTE5LOE (Small auditorium)_Tomor. 

ana Mon. B rerevs.' LOVE LETTERS OF 
BLUE PAPER bv Arnold Wesker. Many 
'excellent cheap stall all 3 theatres dav ol 
oerl. Car park. Restaurant 92B 2033. 
Credd card bungs- 928 3052._ 


.i*h-. jrm. 


i ats. 6 and 
ulcie Gray. 


DUKE OF YORK'S. 


01.836 *122. OLD VIC- 


Evenmgs 8 00. Mat. V/ed. 3.00 
QUENTIN CRISP 
Tickets £.2.SO me. glass ol w ne. 
'This is witnoul count rhe mos: emrn- 
ordinary eniertainmeit >n Ltndan." 
Evening News. 

Limited season ends 25 r n Feb. 


S2B 7616 


COVENT GARDEN. CC. 2*0 1066. 
■ Gardenchargr credit cards 836 6903.) 
THE ROYAL OPERA 
Tonight, Mon. 6 Thurs. 7.30 p.m. 
Ariadne auf Naxos. 

THE ROYAL BALLET _ 

Tomor. 2 p.m. a 7_S0 p.m. La Fllle mal 

S ardee. Toes. S pjn. & Wed. 7.30 p.m. 

laverllng. 65 Amphl' seats lor all peris, 
on sale from 10 a.m. on day Ol pert. 


PROSPECT AT THE OLD VIC 
I Spring season Jan. 16-March 29 
In re«: HAMLET return Feb. 13. 

1 ALL FOR LOVE return* March 6. 

1 ANTONY 4r CLEOPATRA Opens Feb. 21 
I SAINT JOAN ro-nignt 7.30. Saturday 
> 2.30 A 7.30. 

; Sunday Feb. 12 al 7.30__ 

THE MONSTROUS REGIMENT 
with Judi Dcncn. Michael Williama 


DUKE OF YORK'S. 01-836 S122. 

Limited season Irom t Ma’cn >prevs- 
28 Feo.. 1 Marcni. John Gic'gud m 

VSS OPEN B -°- 

comedv.” ij. C- Tr a nm. Instant CreoiL 


A DAY FOREVER ov Michael Share. 


card reservations. Dinner and toa price I PALACE 


seat £7.00. 


01-437 6834. 


FORTUNE. B36 2238. Evgs. B. Thur*. 3.: 

Sat. S 00 and a.00. , 

Muriel Pariow as MISS laARPLe ht I 
AGATHA CHRI5TIE a r 

MURDER AT THE VICARAGE ! 

_Third Great Year. 


Mon.-Thur*. B-OO Frl. ,Sft . 6.00 4 8AO. 
JESUS CHRIST SUPERSTAR 


PHOENIX. 01-836 B611. 

Opening March 1 
FRANK FINLAY .n 
The Leslie Bncusse Musical 
KINGS AND CLOWNS 

THE ~ GONDOLIE RS. ~Th ur. ~THE MIKAPb j 30 . | Reduced^ pTevcwl jg%B- 17. 


JILL MARTIN. jULIA SL'ITON 
ERIC FLYNN and ROBIN ft AY 
in tne 

."BRILLIANT MUSICAL i 

ENTERTAINMENT." People. I 

.SIDE BY SIDE BY SONDHEIM 
GO TWICE. ' S Msnev. Pinch 
‘ GO THREE TIMES." C Rar^Ci NY T | 


PICCADILLY. 437 *506. Credit card MAS- 
836 1071. Evgs. 5 Sat. 4 45 6 8.1a. 
Wed mat. 3. 

BEST COMEDY OF THE YEAR 
Ev. Sid. Aware anj SWET Award 
Koval Shakespeare Cumpjnv in 
PRIVATES ON PARADE 

bv Pei or Nicnols 
"HUGELY ENTERTAINING 
EXTRAVAGANZA ” S. Times. 


VAUDEVILLE. 8M MSB. 

. Mat*. Tim*. 2.45. 

omah Sheridan.__ 

■leaner Summetileld- James Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT 
by AGATHA CHRISTIE 
'■ Re-enter Agatha wiin another who. 
duiHt . . . Agatha Christie is mftotag 
lhe West End yet again wlrh another o * 
her henoishly ingenious murder mva- 
teriM.'- Fell* Barker. Ev. New*. 


VICTORIA PALACE. 834 1 317. 

Until Feb. 18th. Ev*. 7.0. Wed. 4AS 
and 7.30. Sats. 2.30 and 743. 
TONY BLACKBURN in 
CINDERELLA 


WAREHOUSE. Donmar Theatre. 836 Caofl. 
Roval Shakespeare Company. Ton'L 8,15 
MACBETH. (Sold out.) Tomor. 8.00 
Charles Wood's DINGO. All seats El .SO. 
Adv. Bfcgs. Aldwvch. 


WEMBLEY EMPIRE POOL. Last 3 
LAVISH ICE PANTOMIME 
HUMPTY DUMPTY 

Nightly 7.4S. Sats. 2 5 4 1. SoecM 
HALF-TERM MATINEES Mon. to Thur. 
at 3. Cnridn. & Senior Cits, half orKe 
except Sats. at 2 a 5. Pay at door*. 
Spacious car park. Enquiries 902 1234. 


GLOBE. CC. 01-437 1592 E.en.rgs 8 IS ,' 

Sail. 6 O and 8.40. Mat. Wed. 3 0._ 

AMANDA BARRIE JOHN QUENTtN 1 PRINCE OF WALES. CC. 01-930 8681 

<n me stc-UNu year pi -- - -• . Q ,m 

DONKEYS- YEARS • s » is Mat Thur*. 3.0. 

_ Ov MICHAEL FRAYN 2 *••• 5 L 3 ° ,54?- it AGLOW " 

The Beil Cameo, ot the Year. • r,! i? t„i£ rfnh ' 

_ Las: 2 weeks. Ends Fe&. ta. I D *' 1 * T «Miaph. 


WESTMINSTER THEATRE. CC. 01-834 
0283. Evgs. 9.00. Mat Thurs. 3.0. 
Sat. 5 and 8. 

Tickets £130 to £4.00. 

PAUL JONES in 
DRAKE’5 DREAM 

England's Greatest Musical Adventure. 
" Exciting ” Fin. Times. " Many Merrr 
Refrains." E. New*. " Bouncing Vigour." 
E. Standard. 


WHITEHALL. 01-930 6693-7765. Opena 
Mon. Feb. II. Evgs. 8.30 Sal. 6*5 and 
9.0. The 5en*ationat Se« Revue ot the 
Century 

Paul Raymond presents 

DEEP THROAT 

Now Lire on Stage. Book Now lor 
opening night. Limited Season. 12-week 
season oner to World Tour. 


Thur*. mats. 4.30. Sats. 4.30 and 8 
■■ A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MUSICAL." FIR. Timex. 

OLIVER 

'* BOY HUGO'S solend*<» uet fuMissnee.” 

S. Tel "Talented JOAN TURNER." Olv. 

Mail. "Capital fpn . . the snow » a. 
delight-" D. Tel. " &LIVCR RETURNS | 

TRIUMPHANTLY ... CONSIDER YOU ft- , GREENWICH THEATRE. 01-858 7755.. 
SELF LUCKY TO BE ABLE TO SEE IT j tiaa. 7.30. Mat. Sat*. 2.30. AN IDEAL' 


GLOBE. 01-437 1592. Open* Fe&. 22 at 7. 
BARRY FOSTER. CilVE FRANCIS. 
DONALD .GEE. JEREMY IRONS and f 
SIMON WARD m 
. THE REAR COLUMN 
A New Play tv SIMON GRAY 
Directed Ov HAROLD PINTER. i 


RICKARD BECK INSALB 


tn 


I LOVE MY WIFE 

'■ NAUGHTY BUT NICE. WITH A LOT 
OF LAUGHS." News of the World. 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON PI-930 0846. 


HUSBAND ov Oscar Wilae " Wc aoeiaud 
an entertaining evening," D. Tel. 


HAYMARKET. 01-930 9B32 Evgs. 8.0. 

Mat. Weds. 2.30. Sats. S 00 and 8.IS.' 

Times of Sat- performances tram fee. ij; 

4.30 and 8.00. 1 

INUkiO BERGMAN j -_ 

WENDDY HILLER 1 RAYMOND REYUESAR. CC. 01 -734 1 593. 

-SSffUS DORIS FRANCES- At 7 p.m. .9 pm.. 11 O-m. looen* Sun*.J 

GODFREY HARE CUKA PAUL RAYMOND preseiti 


QUEEN'S THEATRE. 01-734 1166 

Evgs. 8.0. Sat. 5 0. 8.M. Mat. Wed. 3. 
ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
Variety Club ot G.B. Award in 
THE OLD COUNTRY 
A New Plav bv ALAN BENNETT 
Directed by CLIFFORD VlMLLIAMS 
BEST PLAY OF THE YEAR 
Play* and Players London critics award. 


„ 01-437 2663. EvO*. 8.00. 

Mat*. Thurs. s.OO, Sat. S.OO and 8.00. 
, OONALO SINDEN 
P Actor of uie Year." E. StaMxtt 
"K SUPERB." N. of W. 

' PHUT YOUR EYES AND 
THINK OF ENGLAND 
“WICKEDLY FUNNY." Timex. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

“ Hilarious . . . see it.” Stifidav Time* 


WATERS OF THE MOON 
Ingrid Bergman make* me si age 
radiate—unatsaiuoie cnar.sma." D Mail. 
Wendy Hiller 14 superb." S M.rror. 


HER MAJESTY'S. CC. 01-930 6606. 
Evga. 8.00. Wed. ana 5a:. 3 00 ard 8.00. 
GLYNIS JOHNS 

USE MONTAGUE. HELEN LINDSAY 
in TERENCE RATTIGAN'S 
CAUSE CEUME 

“■ArtlGAN REVEALS HIS MASTERY." 
.. 5vTj_ Powerful drama." e.n. 
GLYNIS JOHNS Play* Brilliantly." D.T. 


HER MAJESTY'S. CC. 01-930 6606. 
Ooemrvg Mircfi 28 
, , BftUCt FORSYTH 

hi Leslie Bncusse and Anthaoy New ley's 
TRAVELLING MUSIC SHOW 
^ with DEREK GRIFFITHS 
Directed Ov BURT SHE¥ELOVY 
„_ Preview* li am March 16. 


THE FESTIVAL OF 
EROTICA 

FllHv AIR CONDITIONED. You may 
drmlt and smoke in Ihe auditorium. 
ROUNDHOUSE- 267 2564. 

YVORDTOTHTTH HERITAGE WEEK 
13-18 February 
Ring Box Office for detail*. 


ROYAL COURT. 730 174 S. Last 2 Pjrfj 
Toni. 8. Tomor. B.30. World Premiere of 
LAUGHTER I 
by Peter Barnei. 

from 20 Feb.: The Bear ay Chekhov The 
Kreutzer Sonata by TolKov- See alio 
Theatre Upstairs. 


ROYALTY. CC. 01 -4OS 8004. 

Monday-Thnrscfav Evening* 8.00 Fnday 
5 30 and 8.45. Saturday 3.00 and 8.00. 
London critics vote 
BUBBLING BROWN SUGAR 
Best Musical Ol 1977 
l Tel, btegs. accepted- Malor credit orda. 


WINDMILL THEATRE. CC 437 6318. 

Twice Nightly S.OO and 10.00. 
OPENS SUNDAYS G.OO & 8.00. 
PAUL RAYMOND prelent* 

RIP OFF 

THE EROTIC EXPERIENCE OF THB 
MODERN ERA 

" Taken to unprecdented limits whet I* 
permissible on our stage*." El-0- Neva 
You may drink and smoke In Nw 
Auditorium. 


WYNDHAM'S. 836 3028. Credit Card 
booking B36 1071 icvcent sat.*. Men;, 
Thur*. 8. Frl. and Sat. 5.15 and a.SO. 
"ENORMOUSLY RICH. 

VERY FUNNY." Evening N*w*. 
Mary O'Malley's itnaih-hlt Comedy 
ONCE A CATHOLIC 


YOUNG VIC {near Old Vic*. 92* B3B* 
Ton't 7.45 Stoppard'* THE REAL 
INSPECTOR HOUND with Terence Flirty? 
SEASIDE POSTCARD teat* 90p>. 


YOUNG VIC STUDIO. 
Dannie Abie's GONE IN 
Tonight at 8. 


928 6363. 
JANUARY. 


CINEMAS 

ABC 1 A 2. SHAFTESBURY AVI. IM 
8861. Sco. Perl*. ALL SEATS BKBLG. 
1: THE CHOIRBOYS iX). Shat Down tU). 
Wfc. & Sun.. 1.15, 4.30, 7JO. Law 
show Sat. 11.15. 

2: THE GAUNTLET IX). Wit. A Stitt.! 
2.00. S.OO. 3.00. Late snow SaC 11.00 
ilast 5 days). 


CAMDEN PLAZA, op. Camden Town Tube. 
485 2443. Tavlanis' PADRE PADRONI 
(X), Grand Prise Cannes '77. Most end 
15 Feb. 4.03. 6-25. BAD. 


"■ipi ivw a . . 11. a muxs t iioirj i _ __—-- » wh*-*a- - — 

Monday te Thursday 8 30 Fndav THEATRE. 3S2 74B8. ,sawoyTcE Q1-B36 8988. Evening* 8.0. 

. —. *■ - Z■ 00 1 na -? - 15 : -! Vhe ROCKY HORROR 1 'SHOW 9 "“' Ma ROYAL U SHAK£|ptAK£ COMPANY 30 ' 

NOW IN ITS Stb ROCKING YEAR ! rich ARD PASCfPsUSAN HAMPSHIRE. 

_ The Great Rock '_n Ron Mu,.cal } SSSItf D CnS8s ^fiW-rd 

aw vtv, MAN AND SUPERMAN. Directed b. 
J373. | CLIFFORD WILLIAMS. "I *" ?. 

cloud of !oy from beginning to eno. 
*>. Time*. RSC also at Aldwvcn and 
Piccadilly Theatre*. Credit Card bookino* 
accepted. Last week. Season ends sat. 


ASTORIA THEATRE. Chirlng Cross Road. 1 
01-734. 4291. Nearest Tub* Tottenham 
Ci Rd. Mon.-Tnurs 8 0 o.m.. Fn. and 
Sat. 6.00 and 8.4S 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
Ticket* S1.S0-ES 30. Eai :n our fullv- 
l.censed Restaurant or Buffet Bar lunch, 
time and before and alter imow—■ book- 
able )n advance. Combined Dinner and 
* op-P rice t«ket eb.sq. 

ELVIS 

" Infectious, appeahno fnot-stamplng and 
hearl-lhumplng.'* Obarrver. . 

ELVIS I 


LONDON PALLADIUM. CC. 

LA5T 3 WEEKS. ENDS FEB. 25. 

Evgs. 7.30. Mats. wen. ar.o mu. 2.45. 

TOMMY STEELE 
SALLY ANN HUWES 
and ANTHONY VALENTINE In 

HANS ANDERSEN ieawnv 01-836 8888. 

"DAZZLING SUCCESS RILN. COLOUR- S pX?,Tl 1 frlm ,., h Fe h at BOO o.m. 
FUL MUSICAL REAL FAMILY ENTER-I Prev,ewl fp *™, 1 a' 0 0 

. wa, absolutely taught up In it. carried j CREDIT CAR O BOOKING 81-7 34 B561. I - ,0HN , F n HASEK 

along hv .1 reinvigorated j*r the sneer LONDON PALLADIUM, CC 01-437 7373. LADY HARRY 

verve arm spectacle of it.” Sun. Tel. THE TWO RONNIES * An unusual play by Norman Kra*"*- 

.... , ELVIS 1 FROM MAY 25 to AUG. IS. 1 Previews and Wed Mat*. £•>-£•■ 

St»aflenngly^cJ|i«tive. Times. ! 7 ur . " «■ .v. g ' JL ~ « - 1 w ees £4-£1. Credi t booking accepted. 

'■ Performed with a yerve rare In British 


CLASSIC 1.2. 3. 4. Oarord St (Ow*. 
Tottenham Court Rd. Tube). 536 0310. 
1: YOUNG FRANKENSTEIN EAAJ. 1.45 
SJO. 8.60. ADVENTURES OF SHER¬ 
LOCK HOLMES' SMARTER BROTHER 
lAI. 3.35. 7.10. Late Show 10.40 p.m. 
21 THE HIDING PLACE (41. Sep. Pert*. 
2.00. S.OO. 8.00. Late Show 11 p.m. 
Fell Inf's AMACORD fA). 

3: THE DUELLISTS 1A1. Progs. 1 JO. 
3.05. 5.40. 8.15. Late Show 10.5S p.m. 
4: WIZARDS (A). Prog*. 1.0. 3.00. S.OB. 
7.0. 9.0. Late Show every nlaH« 11 p.m. 

CURZON. Curron Street. W.l. 499_S7S7. 
PARDON MON AFFAIRE (X). [English 
sub-titles.) "A sparkling New French 
Comedv. Directed with nnesse by Yves 
Robert." Sunday Express. Pros at 2.00 
(not Sun). 4.05. 5.15 and 8.30. 


musical*. The show iiteraiiv nad tne 
audienca dancing m the aisles. This 
' Elvis I* marvelinuv “ S. Expre**. 

ELVIS 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
!j hr. before show am available too-price 
_ ticket* £2.50. 

Man.-Tnura, and Friday 6.0 perf. only. 


CAMBRIDGE. CC 01-836 60S6. Mon. to 
Thurs. B.OO. Fn.. 5 at. 5.45. 8.30. 

•' PULSATING MUSICAL." Evg. New*. 

- Third great year „ 
s«t pr<es £2.00 and t5.M- 
Dinner and too-prlee sut £3.25 Inc. 


COMEDY. 01-BID 2578. 

OPENING TUESDAY FEB. 21 
MOIRA LISTER. TONY BRITTON 
Margaret COURTENAY. Dermot WALSH 
MURDER AMONG FRIENDS 
A NEW COMEDY THRILLER. 


LYRIC THEATRE. 01-427 3636. Ev*. 80. — —- 

Mali. Thurs. 3 0. Sats. 5.0 and 833 ! SHAW. O'- 3 ”- 1394 

JOAN PLOWRIGHT ! Mat*. TUPS- Thur*.. Fri. a.-0. 

COLIN BLAKELY ' E*». T.30 iNo Perl. Mon.). 

■nd PATRICIA HAYES Wi INSPECTOR CALLS 

FILUMENA by J. B. Pneiilpy 

by Edaarso do Fiimodo. 1_ " Highly entertaining, o- - 

Directed by ‘FRANCO ZEFFIRELLI. ■ r,nmn m ,Tf 2fiS0 EvtnlnflS 8.0D. 
"TOTAL TRIUMPH." Ev. News. " I Thur J M Sal* 5-30 and 8.30. 

EVENT TO TREASURE." O. Mir " MAT I T MO KFX PlLkSE— 

IT FILL THE LYRIC FOR A HUNDRED WRE BRITISH 


LEICESTER SQUARE THEATRE i930 S252) 
STAR WARS <U1. Sep. Dregs. DiV. 2.00. 
5.15. 8.35. late Show Frl. A Sat. 11.45 
p.m. Scats bkblc. lor 5.15 & BJ5 eroo*. 
Wks. & all progs. Sat. a Sun. seats 
STILL AVAILABLE FOR MANY PERFS. 

HURRY I_ 

ODEON HAYMARKET (930 2738-2771) 

i ane Fonda. Vanessa Redgrave. In a Fred 
Innemann Aim. JULIA fA*. See. progs, 
□ly. 2. 3D. S.4S. B.4S. Feature Div. 2.45. 
6.00. 9.00. Late show Fn. and Sat. Prog. 
Comm. 11.45 Feature 12.00. All seats 
bkblc. 


YEARS." Sunday Time* 


TOE WORLD'S GREATEST 
LAUGHTER MAKER' 


MAY FAIR. CC. 629 3036. . _ 

Mon. to Frl. 8.D. Sat. S-30 and BAS ict ..#.ptiu^ j-^~ ius. rvv. 8.00. 
GORDON C HATE ft ■■Brilliant" E-N. in j Mai/Tuis. 2 45. SaL *^3cad FrirS and #• 


AGATHA CHRISTIES 
THE MOUSETRAP 
WORLD'S LONGEST-EVER run 
26th YEAR_ 


CRITERION. CC. 01-930 3216 
Evening* a Sats 5.30 8.30. Thur*. 3.00 

. LESLIE PHILLIPS 

■' Imoeeeable ... a master" s. Times. 

"HILARIOUSLY FUNNY," N. of WofM. 


THE ELOCUTION OF 
BENJAMIN FRANKLIN 

by Sieve J. Spear* j 

“A comoKiionate. funny, h.-rielv eloquent 

nlav” Gdn. "Hilarious" E. Si. "Wickedly 1 - 

am us, no and w.ldiy pcr»w:ed." E. New*. ' TALK OF TOE TOWN. CC. >34 5051 

' S.OO Dining. Dane.no- 9.30 Super Revue 
RAZZLE DAZZLE 

and at 11 P.m. 

VINCE HILL___ 


MERMAID. 248 7656. Rett. 740 2B35. 

Mon-Sat. 8.15. Mat. Wed and Sat. 5.30 
DAVY JONES MICKY DOLENZ 

IR HARRY NILSSON'S ---- 

THE POINT THEATRE UPSTAIRS. , 

" A WINNER" D Mirror. I Prevs from Evg* at 7.39. Men. 41 7- 

Stall nrkeis £1.25 53 59. Combined. 5ub*. etqi at > . 3 B. 

dinner-theatre liiktt £5.95. j IN THE BLOOD 

RUN EXTENDED te FES. 2E». | b* Lenka JaniureK 


ODEON LEICESTER SQUARE (930 6111). 
TOE DEEP (A). Sep. proas, every day. 
Seat* mav be booked. Door* open at 
1.20. 4.J0. 7.45. Late Shows Frl. A 
Sat* Door* 11.15. _ 


ODEON MARBLE ARCH *723 2011-2*. 
AUDREY ROSE <AA). Sea. Frog*. Wk*. 
2.30. 533. 8.30. Sun. 4.30. B.1S. 

Late Show Fri. A Sal. 12.00 p.m. 


PRINCE CHARLES. Lelc. Sq. 437 5181. 
Final Weeks. Must End March b. SALON 
KITTY iX). Sep. Perrs. Div. line. Sun.) 
2.46. 6.13. 9.00. Late Show Fri. gnu Set, 
11 SS. Seats Bbbie. Lit'd Bar. 


SCENE 1 A 2. Lelc. So. (Wardour St.). 
439 4470. 

SCENE 1: A BRIDGE TOO TAR /Al. 
Progs. 12.50. 4.10. 7.40. Late Show 
Fri. and Sal. 1>1-00- 

SCENE 2: THE PINK PANTHER STRIKES 
AGAIN <U>. Sun.-Thur. 1.30. S.35, 
9 35 Frl. and Sal. 12 40. 4.45. 8 45. 
12.45. THE RETURN OF THE PINK 
PANTHER U). Sun.-Thur. 3.25. 7.10. 
Frl. and Sat. 2.3a. 6.40. 10-40. 


V- _ 






16 



FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantimo, London PS4. Telex: 88634T/2, 883897 
Telephone: 01-248 8000 




ia and 


Financial Hvmts Friday February 10 1978 



Friday February 10 1978 


the 





a 


..:'Vy>.k£P# • ' i 

• y 


Governor’s 


By DAVID BELL in Washington 


philosophy 


THE PRESENT Government, 
and with them the Governor of 
the Bank of England, are often 
accused by their critics nf being 
monetarist—of being prepared 
to sacrifice growth! or com¬ 
petitiveness. or what some 
Labour back - benchers may 
regard as an appropriate budget 
strategy, on the altar of a simple- 
minded determination to con¬ 
trol the money supply. In his 
Mais lecture yesterday. Mr. 
Gordon Richardson provided his 
fullest answer yet to such criti¬ 
cisms by explaining at 
length his non-dnctrinalre devn- 
tion to monetary control. For 
him it is a pragmatic philosophy, 
not a religion. 


Interest rate 


The emphasis on th«rquantity 
of money rather than the level 
of interest rates as the objec¬ 
tive of policy has partly been a 
matter of necessity, he ex¬ 
plained: in a world of rapid and 
rapidly fluctuating inflation, it 
is quite impossible to define an 
“ appropriate " level of interest 
rates, so that to pursue an 
interest rate policy would he to 
navigate without 3 chart. There 
is no such fundamental difficulty 
about setting a rar^et for f hc 
quantity of money, thnuch there 
arc manv technical problems of 
definition: hur apart from pro¬ 
viding a guide for policy, a 
monetary target has other 
important merits. V pro¬ 
vides one element of stability 
in a turbulent world (though 
its credibility depends n n the 
success of the authorities in 
maintaining their target--). It 
is roadilv understood by the 
man in the street—the quibble* 
tend to be more arcane and 
academic lhan ihc arsumen's in 
favour. It also gives earlv 
varrvng of pmblems with fiscal 
policy. 

The Governor does not. how¬ 
ever. rceard monetary control 
as a self-stifl! "iem economic 
policy—and here ho differs 
sharply from those of the true 
Friedmanite faith. He believes 
specifically in the management 
of demand and of the exchange 
rate, so long as these policies 
do not destroy the monetary 
pnlicy: and he also sees an 
important mle for incomes 
policy. In the longer run. it is 
Irue. the Governor hopes that 
experience of firm monetary 
cnrrrnl will <oroad the convic¬ 
tion that inflationary actum* 
reduce growth rather than 
increase it. which implies that 
the need for wage control 
could vanish: but at present 


only a policy to restrain wages 
makes it possible to achieve real 
growth within a restrained 
monetary target. Some of the 
reasons fur the close sympathy 
which seems to have been estab¬ 
lished between the Chancellor 
and the Governor are evident 
from this statement of belief. 

This central belief that 
money is important but not all- 
important is fairly generally 
shared in the City, where it is 
becoming known as practical 
monetarism—a phrase which 
the Governor borrowed to 
describe his own approach. 
However, this does not prevent 
a number of practical mone¬ 
tarists from criticising the 
authorities repeatedly not for 
their objectives, but on tech¬ 
nical grounds. The Governor 
acknowledged ?nme nf these 
criticisms, hut apart from 
expressing his own support for 
a move from annual to rolling 
Targets — a change widely- 
expected and welcomed — he 
suggested very lirtle inclination 
towards any early technical 
reform. 


U .S. RELATION'S with 
Saudi Arabia are fast 
approaching a criti¬ 
cal point and one which 
may have great significance for 
a world which has come to take 
extremely close U.S.-Saudi ties 
for granted. Huw-serinus any 
rift would be between the lead¬ 
ing western power and the 
West’s most powerful and 
closest Arab friend scarcely 
needs pointing out. 

The immediate test case is the 
Saudi request for new American 
aircraft, a request first made 
many months ago. The Carter 
Administration is due to respond 
within a few days and the Saudis 
have made it crystal clear that 
they see the reply as the litmus 
lest of their friendship with the 
U S. Much mure may thus be at 
stake than 60 new F-15s. 

America's alliance «- irh Saudi 
Arabia has become one of the 
most remarkable “special rela¬ 
tionships” in modern history. 
The Saudis first forged a close 
friendship with the Americans 
more than 30 years ago. Since 
the oil price rise in 1973. which 
underlined Saudi hegemony- 
over world oil supplies and 
prices, the alliance has come to 
be of vital importance. 










TrecorHumptoict 

The F-15—Saudi Arabia wants to boy 60 of them from the L'-S. A refusal to sell could create serious problems Jor 

L'^.-Saudi relations. 


Voluminous 


It is to be hoped that he will 
soon feel able to gu further on 
these questions, as he half sug¬ 
gested in Ins lecture, for some 
of the criticism* are substantial 
Existing banking statistics are 
voluminous but still do not. as 
the Governor conceded, give 
effective early warning nf 
mnnetary pressures; perhaps 
too much stress i< given to pru¬ 
dential rather lhan economic 
information. His defence of 
sterling M3 as the sole measure 
of monetary policy was to some 
extent undermined by his own 
exposition of how far this series 
is distorted by wholesale money 
transactions. Wc also need an 
authoritative statement on the 
most widespread criticisms now 
current in the City—that pre¬ 
sent methods put an undue bur¬ 
den on the gilts market, and that 
both the gilts market and the 
banks tend to react perversely 
when the money supply is grow¬ 
ing too fast, being reluctant to 
buy stock on the one hand and 
bidding aggressively for funds 
on the other. 

There may well be doctrinaire 
criticisms from both sides 
against the Governor's central 
philosophy, but he has defended 
ii robustly, and will command 
much support: he has also 
invited debate explicitly, and the 
technical argument has only 
been started by this impressive 
statement uf aims. 


have set up a joint economic promises. , c v, m3 j K . 7? , e 

commission with offices both in The Saudis have not missed already indications that some 
Washington and Rivadh. At pre- an opportunity—most recently Saudis are at least considers? 
sent this commission is monitor- during President Carter's post diversifying, 
ing some S659m. 'of contracts Christmas visit to Riyadh—to For man y months the Saudis 

in such fields as data processing, underline the fact that they have played a leading role inside 
desalination, solar energy and believe they have kept tneir OPEC in moderating pressure 
vocational training. side of a mutual bargain. Partly f rom more militant members for 

Beyond goverument-to-govem- America s urging Saudi continuing swingeing price in- 
ruent relations, of course, there Arabia has come to play a key creases. In this role they have 
is also the powerful role still r °J p * n the Middle East. Saudi been assiduously backed by the 
played inside Saudi Arabia by money has propped up »he U.S. which has spared no effort 
Aramco. the consortium of four Egyptian economy and Presi- t 0 keep price rises down to a 
U.S. oil companies which denr Sadat with it and a minimum. Because of their pre- 
developed the giant Saudi oil measure of moderation to the eminent position in world oil 
fields and still operate* them on Palestine Liberation Organisa- supplies the Saudis have so far 
behalf of the Saudi Government. tlon - Discreet Saudi support for fo een a foi e t0 cjjence any opposi- 
As the Saudis have gained in t * ie Sadat peace initiative ha* tion t0 position, 
confidence, however. tile also Partly stayed the hann of Financially-also the canserva- 

relationship has begun to 0 j? p ™ e " ts !** ^sullTf ‘Ti\\ t,ve Saudl * Save done very little 
change. It emerged m a series oF of Svria. The result of u all pmharrass the L‘S Son?- 
interviews recently that many ta. tar. to the S,,±s ^.'^dg^h they^av^np" 

*cmor officials inside the Carter new confidence in regional pQrted tfte International 
Administration are now affairs Monetary Fund with a supple- 

serious y worried that Saudi Furtner afield. Saudi money mentary financing facility to 
friendship can no longer be financed the Moroccan troops he]p courUrie3 in temporary- 
taken for granted. that rescued President Mobu<.u payments difficulties. Tbev have. 

The strains arc not yet evi- after the mysterious invasion of ac ' ordfn3 t0 the !atest ' confi . 
dent on the surface. ~audi the Congo in 19f6. In »he denj j a j estimates, lengthened 
Arabia, winch has more than lo closing month of the Thieu t h* man.ritv m- their 


Grade Oil 
Production 


•:‘ ‘ 2 s .- • other Arab states ia the 
... . of .. war. They *argtie : that 

' Practically,- -that - is almost 

V unpossiWe' because the aircraft'.' 

j£K \' ■ ’ •' need: very sophisticated ma& 

- : tenaoee and their rockets-a** 

not interchangeable, wfth tho^ 

WKjgM^ ' - - carried, by MiGs. Thus the. pnj^ •* 

SSjjg§j£ * •'. ability would be that, even 

the aircraft -..were transferred, 
they could not .be used on more 

than one sortia Also, of course 
'■ \ • - the U5; would stop spare pat® 

W" supplies inrtantiy'if thb aircraft 

r •' . were transferred • to another 

... .f poweffr^ainst American .wishes 

/ Con gress has' taken its .present 

attitude.to part because many;- 

Congressmen and.; their "stag; 
believe- -that Sandl ^Arabia' fug " 
... " noW}iere_else to go.”. tS? 

argne -that as tong-yas Sad* 
Arabia remains fiercely ante- 
. Coinmunist, andsits fatuite' 
remains ihsxtricibly ^Wedded to 
: . . .the dollar, if has no practical’ 

* . choice but togaalong with^0.3;' 

- - poh'cy; : -In-that-Case, this : togu-'- 

.-' ment continuei,tthe Saudis dare 

- ' : . ' not cut;oil inrodhetiod or refffije 
- •* to increase It ITth^y.did, thei^' 
nmiiraarirj '-: actioa would merely wrert)a&- ■: 

Trevor^BumtAfjei - ? eCnttomic'' prohtfttn'fe* “ 

a create senous problems *r weaken their^clasest' and most 

-powerful ^Riss, reduce the value 

persuade Soma&i tb breztiwith o* tbeir do llarsr audgtivesuccour- • 

the: Soviet Union. ‘‘.ITiey just ^ e SP I ^w- e ??l. euJS - 1D • 
think we are no longeT hacd- Arab-woti^vwhiph they fear so 

nosed enough.^: one American »- - 

‘ Official said. - . Ther-Adnuntstratlotii^-which is 

The Saudis feel that , l&e Tfer less vsangulne, doubts that . 
-Garter Administration moved .^too th ft SadBSJjseffc:the situation in 
^ate to affirm .its support forianj'thingiike thesc terms. But 
the U.S. dollar. Even though the it. too,; bhUeyes ^ai tfaere is ne 
-Saudis acknowledged that they PessibHfty ; 'toat;..Sau(Ii Arabia. ■ 
had no practical alternative cur- wputo as dramriiC'. 

■rency there have, been public. as-jrettountfe.iJto:;alliance, wito:.. 
Saudi mutterings, most recently officials, .festo- 

-i n Geneva last week, about the the;. fnenflship:might^radually:. 

' desirability of moving some be ; .. woimtf-;downr Saudi support*- 
. Saudi reserves out of dollars; 1 ; ■ moderation inside 

- • .The third cause of dissatLs- -OPEC mi g ht begin, by .depws, - 
faction is what the Saudis see 

as the - persistent failure of the gradually; .Saudi armed Ton^ 
u;S. to put enough pressure on ^-M 
Israel. American, officials'- say^ 

that, up to a poinE, the Saudis Lny bot-inipqrtant army*ndiir._ 
understand that . pro-Israeti , conld_bocome estranged 
opinion in Congress:' restricts tr ° m ..'■'% . -Ji ' 
the Administration's "room to - Most important.• the Saudis 
manoeuvre. “But increasingly might - : 'decide ^that id. .the? 
.they think that,all our talks, absence toftangible Amerteaa;,' 
about e ven-handedness in the commitment there - is no- Iotigdri;- 
Middle East is - sa muth“ public any.Beaton ior.Saiiai Arabia - 

• relations” said one'State De-continue tb/increaseits oil oi^; 

-. partment expert . . put \yhich : isl atready far 

inW.' W' 


mt: aie uut accord f n3 to t i ie !ate st confi- . ^o:ei«ss' crf‘ wfiat ; it needs to* 

ent on the surface. Saudi the Congo in 19.6. In :he dentia i P cti ma re«: l»n<nhened . u ^ Against this background the;-.r“-• *V J *.. 

Arabia, which lias more than 25 closing month of the Thieu ^ e a v e raoe mamritv o? S^r tj 3 * 10 "- sho ^» Saudi request for the 

er cent, of the world's proved regime in Vietnam the Saudis ? rae rican Investment to about c f 5 sp '1? „ to 2? e to- be seen ^ rli NK'- 

•t . * • i. I ■_ __. 1 .. .-Vinencan lovesunenu lO aOOUl Cgttrl, pfTnrt • SnpMfiMlllf thl» a) &ma»inan nni ninA • a fv<t -TV M "MonnAiMil in hntVi 


per cent, of the worlds proved regime in Vietnam tne aauais American invMtpiPnt* tn ahnut r. “ “a „ “ v tq.-oc seen as.-uie' 

oil reserves within its kingdom, arranged to supply Saigon with investment. iO ahout gaudi effort. Specifically .the test of American opitoon; a faet : ItJs rtcogntae* in both tb*» 

continues to supplv the U.S. cut-orice oil. * baudis have been expecting the which Congress has yet appaf-r-Stote. and Defence Departments'-, 

with 25 per cent-, or its imported More recently there has been Tb is reduces a threat of in- U.S. to take much more effective enfly .fully ; to realise. Some that there are already powerful* - 
oil. it keeps about half its esti- the U.S. failure to support stability on the financial action to prevent further Com- officials believe that much Saudis ivho think that this fcr . 

mated $60bn. of assets in the Somalia against Ethiopia (of markets even if it by no means mum'st encroachment, to damage was done to TLS.-Saudi -what the Kingdom should be; 

U.S. and holds someS5 per cent, which more below) and deli- removes it. As much as SSObn. support the dollar, and to force relations two-wedks ago by'a .-doing -in its, own - .tong-tem:,"- 

of its total reserves in dollars, berate restraint as regards the of Saudi money is said.to be :n the Israelis to make sigmficant d ra ft letter circulated in Con- interests. -This group .is believed -•> 


IViai IV.'VI M.O III UVilblO. W-l Olfc ItOUftHK UIW - , aa. ... p - ~ — f f ,.i V 

Saudi Arabia remains the dm- oil price which. U.S. officials U.S. Government bonds and concessions in the Middle East. gre ss and signed by many to have been gaining strength^ 

mg force for price restraint in say. was in sreat part a result securities although these figures Traditionally, to take the first influential Senators. ... . - recently, and vyashiogton. does^.. • 

she Organisation of Petroleum of Saudi apprehension abnut ^ ave n _ 0 ’ ^ e - n published, of these, the U.S. has appealed The letter callprf on the Mt . want, in, any _ way ; 
Exporting Countries (OPEC). Euro-Communism in France Private Saudi interests have in- to the Saudis because it was Administration once again to lengthen its hand. ^ 

Below the surface, however, and Italy. Loth to exacerbate vested many millions oF dollars anti-CummunisL Yet the Saudis delay the Saudi reqnest-^-chiefly: 1 Congress has yet to cast ttit 

fhc Saudis are now much irn- economic prublems in either in property and on WaJ! Street have been dismayed to see because of the added danger that'problem. :in these terms iuriF^ 

tated by the failure of the U.S. country at such a politically and- so great are Saudi pur- that in the Horn of Africa, it might pose to Israel. The .AdministraHnn. pleas to get it : - 

— and in particular Congress — sensitive time the Saudis were chases from the L.S.. that the v .'hich they regard as almost in Saudis see this as.but the latest .to do so' have fallen -on ''deaf;?- _ 

to recognise the role that they once again playing an American overall balance of trade is ^jj. own back yard, the U.S. example of the refusal-of Gnn- ears, Ih yiew of this, affiCiaJs^..- 

have been playing. According tune. currently in^ .\merica s favour ^as been unwilling to provide gress to recognise that Saudi concede that-;there Js ho parifc,.-,. • 

to many u.S. officials there is There is also concern that, al- in spite of oil imports. muc b more rhetorical Arabia inlay be as important an cular. reason to. be opCteiistic^::-. 

r growing, but not yet very though the Saudis have no prac- The root of Saudi concern is support for the Somali Govern- ally as . IsraeL They-also reject; about^TJ.S^Saudr relations;in toe; .- . 

large, group of influential tical alternative to the dollar that the U.S., according to many ment For its part Saudi Arabia arguments " that . the fighters^^ months ahead,' eyen : if_ihe Kin^v - . 

.Saudis who fear that the U.S. is even a relatively modest move- officials in the Carter adminis- has spent about $200m. to could easily, be trarisfeired to dom does finally, get its 


Why safeguards 
must stay 


RELATIONS BETWEEN the 
Conferedation of British Indus¬ 
try and the Prices Secretary. 
Mr. Ryy Hattersley. have been 
strained considerably by ln^ de¬ 
cision to include a clause re¬ 
quiring compliance wjih the 
Government’s pay policy in all 
contracts between public sector 
bodies and private sector sup¬ 
pliers. They will be strained 
still further if he demonstrates 
too much sympathy with a 
motion put down by a Labour 
■backbencher, which would re¬ 
move the safeguard clause 
which allows companies under 
investigation by the Price Com¬ 
mission to raise their prices if 
llii> is necessary to prevent 
profit margins from being 
eroded beyond a certain point. 

The Government is unlikely, 
in fact, to make an immediate 
move in this direction, but Mr. 
Hattersley is believed to have 
been annoyed by the way in 
which several companies, with 
proposed price increases under 
investigation, have been able to 
secure a large proportion of the 
proposed increase immediately 
under the safeguard rules. He 
himself was originally opposed 
to the retention of any safe¬ 
guard provisions when the Price 
Commission began to operate in 
its new form last year. He main¬ 
tained that since the overriding 
aim was now to improve com¬ 
petitive efficiency and powers 
to control prices in detail were 
circumscribed, no formal system 
of safeguards was needed. 


rather less fearful a monster 
than industry originally feared. 
It may he worth while pointing 
nut one or two reasons why it 
w<»uld be right to oppose change 
and why Mr. Hattersley would 
be wrong to support it. 

In the first place, as the 
Prices Secretary has hunself 
maintained, the object or the 
new system is to increase 
efficiency rather than to hold 
down prices as an end in itself. 
It is a mistake to give into 
political pressures, therefore, 
which arises mainly from the 
fact that some sensitive prices 
have been raised. In the second 
place, industry’s original fears 
about the activities of the re¬ 
vamped Commission have not 
been removed by the fact that 
its first reports have been fairly 
mild. Uncertainty about the 
possibility or the reasons for 
an investigation; concern about 
the investigatory methods used 
bv the Commission and its 
ability to produce a fair verdict 
in a short time; and the sheer 
expense of work and time 
needed to meet its requirements 
still work together to make it 
unpopular. 





Lead baNoon 
drops on LME 


Profitability 


Two formulae 


The representatives of in¬ 
dustry took the opposite view, 
and Mr. Hattersley was finally 
persuaded to draw up a 
pair of complicated safeguard 
formulae, limiting the amount 
by which price increases could 
be reduced during and after 
investigation by the Price Com¬ 
mission. The CBI regarded the 
safeguards as inadequate and 
would certainly oppose their 
abolition strongly, even though 
they seem to have worked to 
the advantage of companies 
under investigation so far and 
although the Price Commission 
has so far turned out to be 


If unpopularity is not to 
become outright hostility— 
which would greatly reduce 
the scope for the Commission 
to produce a useful long-term 
effect on industrial efficiency— 
some safeguard -is needed to 
provide the assurance that its 
intervention- will not allow 
profit margins to be pushed 
below a minimum level. The 
way in which the Labour 
Government earlier allowed 
profit margins to be compressed 
will not quickly be forgotten, 
and margins In general are still 
so far below previous levels 
that the present buoyancy of 
investment intentions must be 
regarded as slightly odd and 
fragile. The abolition . of the 
safeguard clauses might well be 
interpreted to mean that Labour 
had once again forgotten the 
connection between profitability 
and investment Mr. Hattersley 
should take a longer view of 
his responsibilities. 


I have tn report that relations 
between Lloyds Bank and the 
London Metal Exchange are not 
all they might be. The reason 
is a competition the bank has 
set for sixth-formers with the 
enticing title “Invitation to 
California 1978.” The ten top 
prizes are a two-week holiday in 
California: there are 11.000 con. 
solation prizes of £3 in a Lloyds 
deposit account. As Michael 
Bulpitt. one of the bank's adver¬ 
tising executives, explained yes¬ 
terday: “ You could call it a 
promotional activity." 

The Metal Exchange finds 
itself, willynilly. caught up in 
the activity, because of the com¬ 
petition’s economic question— 
all about lead. An LME official. 
Ronald Edwards, has been nn 
the receiving end of dozens nf 
calls from eager pupils all over 
England and Wales; letters 
mount on his desk. Appeals for 
aid have also been coming in 
to the FT commodities editor, 
John Edwards I no relatinn). 

To convey the full horror, 
here is the question: ** How 
much would it have cost to 
assemble 3.000 metric tons of 
lead by July 31,1977. bought at 
a rate of 50 tons per month on 
the last day of each month, at 
that • month's official London 
price, using funds borrowed at 
10 per cent, per annum com¬ 
pounded monthly?” 

Even at the LME. they do nnt 
have the average monthly price 
of lead fnr the past five years 
at their fingertips.^ If they do 
work it out, Edwards complains 
that they just cannot send it to 
hordes of California-hungry 
sixth-formers. He has found nut 
that last year a similar com¬ 
petition set by Llnyds drew 
11.000 entries. “Think of the 
postage." he said to me yester¬ 
day. 

Back at the bank they seem 


unabashed and estimated that 
only about 20 per cent, of the 
competitors would tackle the 
optional economics question 
(which was set by some anony¬ 
mous Oxbridge don). I make 
that upwards of 2,000 sixth- 
formers groping about for lead 
prices. Lloyds imply that it 
might make things too easy to 
accept Edwards’ suggestion of 
taking one set of figures from 
him and distributing them to 
their branch managers through¬ 
out the land. Entry forms went 
nut a fortnight ago and the 
closing date is late in March. 
“It looks like I’m going to need 
a holiday in California as well.” 
says Edwards gloomily. 




Award. His paper—lively, in¬ 
formative and never parochial— 
is already required reading for 
oilmen. Since the islands'"Coun¬ 
cil’s successful upset of the 
government's devolution plans, 
it is on the subscription list of 
Whitehall departments and poli¬ 
tical parties too. 

True to his calling, Wlshart is 
currently deep in controversy as 
practically the only Shetlander 
speaking out against the Coun¬ 
cil's scheme to take the islands 
out of Scotland. It makes no 
sense, he argues in his sharp 
leading articles, to cut loose 
from Edinburgh when educa¬ 
tion, health, law and much else 
look to Scottish institutions. 


Dog days 


"Now there’s a unique sight 
—a British car park without 
a single foreign car in itl” 


Smoked out 


To-day is the day for dog lovers 
~not to mention the manufac¬ 
turers of petfoods: the Cruft's 
Show opens at Olympia. In the 
latest issue of the British 
Nutrition Foundation’s bulletin, 
animal feeding consultant Alan 
Walker reports that this 

country's petfood sales have 
reached £250m. a year. He also 
says that "over-nutrition” is 
now the main nutritional prob¬ 
lem in both human beings and 
pets" (referring, of course, to 
the affluent nations). 


I asked Walker yesterday 
whether our pets were not 
consuming food that should be 
going to Third World countries. 
He dismissed the idea. “I’ve 
worked it out." he said, "that 
all the food eaten by pets in. 
Britain in a year would only' 
feed the population of the 
Indian sub-continent for five 
days." As a member of the 
Kennel Club and an adviser to 
Spiilers — which has a meaty 
chunk of the petfood market— 
Walker clearly feels that this 
statistic absolves man's best 
friend from criticism. 


America had been almost de¬ 
populated of fish to supply the 
U.S. pel market with protein. 
Walker was vague about thaL 
but said U.S. sales were equal 
to £1.5bn. a year. “It may be 
valid to suggest that the nutri¬ 
tional status of a country's 
human population is reflected 
in that of its domestic pets,” 
said Walker. He believes that 
our 4.8m. dogs are “ living 
longer and healthier lives," but 
says there is little evidence to 
support rumours that more and 
more Britons are trying to look 
like a Cruft’s champion—or just 
save money—by turning to a 
petfood diet 


Rolls-Royce may have been a 
touch too clever in its efforts to 
dean up the' exhaust of its RB 
211 jet engine. It announced 
yesterday that it had sold Amnco 
lU.K.) Exploration and Shell 
(UJC.) Exploration and Produc¬ 
tion eight of the Dash 24 version 
of this engine, as power stations 
for oil rigs. So clean is the ex¬ 
haust, however, they will have 
to add smoke so that helicopter 
pilots will be able to see—and 
avoid—the uprusb. of hot air 
from the 30,000 hp gas turbine. 


Funny money 


Lonely crusader 


I asked about reports that 
some waters around Latin 


Basil Wishart. white-haired 
editor-owner of Britain's most 
northerly newspaper, the Shet* 
land Times, has been nominated 
what amounts to Scottish 
"Journalist of the Year” with 
the Arts Council's presentation 
to him of the annual Munro 


Do the Belgians believe that 
Scottish devolution has already 
become operational? In the 
shop at Antwerp ;Airport, a 
notice warns purchasers of duty¬ 
free usquebaugh, aquavit and 
other eaux de vie, that whereas 
an English £ is worth 62 Bel¬ 
gian francs, tenderers of Scot^ 
tish pounds (or is it poonds?) 
Mill be offered only 60 francs. 


Observer 





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10.1978 


POLITICS TO-DAY 


RE IS one veiyioofl .reason Deputy. Leider.vLdrtl Carring. 
5 .: afc Mrs. Margaret Tba&her;tonrthe Leader of the Party in 
-iv ot turn the more.-extreme: the Lords, and;$irlan Giimour, 
^thoughts on inunigratten- the^Shadow Defence- Secretary! 


way to ran a Shadow Cabinet 


Manxes It is necessarif te *tW* insist: .-"feat- -Conservative 
* 1 to 3 a little background, sirs. Wfcmnesi PbBcf teauuhs as out- 
; - ;cbe r 5 televised remarks on'Hned m^ ^ht : HpprbBcft to 

" w >; > migration yferB only one' of a to* Economy. Inlsi4;e ‘of, Mrs. 
w*■» ...7 * of apparent signs re- -Thatcher; just as Mr^Whitela w. 

1 : '=«: j“ . that Ore party is-moving - tod .Gaxriflgtair and - Sir lan 

' -3:;■*. Vv -i: ,Se Bight .First- there was ^sist' that, there 1 . can be no 
rrV r >„t^ThatcK®:ierself promising back'nn-JJritfto-" commit- 
p,v 4 ‘ urn to Virtually unfettered men t5. bn[:Umgufifetipn.-. 

4 -" 8 * a ^;Active bargaining in incomes V, -»' T - 1 * /^.'V' v . 

..~ t.>- Then there was the bn- TJllhOl V - : ^ : ; ' 

J -= >. Ration episode and. not least, ^ *.*{£>•? 

was Mr. Airey Neave—one A more - aEpropriate theory 

; - e Tory MPs closest to Mrs. would- be that Mrs. Thatcher 

r.-..c~>> 3 ber—declaring that a herself Is, gangsng up On the lot 

ir —:■ Ay-^-Mharing administration in- of them, and indeed there is a 
*: Kern Ireland “is no longer great 1 dear of jtalk. about the 
‘•■.-•.r.:,- - v^ical politics.” Yet the ex- unholy-influence oni the Leader 
'• •‘is.-nlV seems to He in muddle "of few right wing Mps outside 
- ‘..'^ijlack of consultation rather the Shadow Cabinet Mr. George 

-‘s'any concerted policy shift. Gardiner. Hr. Norman Tebbit 

P •: “T; :n ?.-.e incidents have this in "!*• toxsf - recently. Me. Nigel 

V Vision. They were not dis- Lawson ju-e. among them. Mr. 

:'p, d in the Shadow Cabinet AUred Sherman of Sir Keith s 

:, Advance. They appear to Centre:for Policy Studies is also 

„•^ A >-taken the Shadow Ministers nated-ant ,a tijis W * T; - 


W.ii-Sxns either unchanged or, at the Blackpool Party: Confer- 
r ' r,i the case of immigration; ence lastyear. for example, the 
‘ 3: l f :iC funder formulation. . team wias:"'never ; ’jnpbtidncd— 

: ere is also, however,' one --not even to say 'thank you. It is 

.7-.- Adr-..ctant distinction. Mrs.. Quite.possibly foatsheregards 

:i " .^fiber's remarks on incomes herself, as was once said of 
in; Nr..j.-. .-“-y were a surprise to the Mrs. Co Ida . Meir, another 
'•r-yt;: r ~V'*: (Sir Keith Joseph) and context, as the oply^n among 
"... v-'^ '^he moderate Right - (Sir them, and one canhpt. produce 
U’.-K-ii V . 4 *^rey' Howe). Mr. Neave’a decisive, evidence to prove that 
'«’-'i '"'on Ulster and Mrs. sho.is wrong, 

r-' .^.-her’s on immigration were Vet the fact temiuna"that if 
1r s Reprise to tile.liberals, the Mrs. Thatcher were tb seck to’ 
-.. prominent of whom are Impose a .policy of an end to 

- VI ~ William Wbitelaw,. • the immigration, or even die' break¬ 


ing of any commitments, on the 
Shadow Cabinet, she would 
almost certainly lose. More 
probably, she would realise 
that the price of success would 
be too high, and she would 
retreat. 

The number of liberals in the 
Shadow Cabinet obviously 
varies according to definition. 

is also possible for someone 
to be liberal on one subject and 
illiberal on another. There is 
the further, emotive problem 
that liberals in terms of the 
Shadow Cabinet tend to be 
synonymous with Heathmea. 
But, on any count, the liberal 
content is high, and what it 
might lack In numbers it makes 
up for in qualitative superiority. 
Mr. Francis Pym. on present 
form the most likely next 
leader, may maintain a foot¬ 
hold on the Right, but must be 
counted on the liberal wing. So, 
without doubt, must his most 
obvious rival, Mr. James Prior. 
And sn. on some issues, must 
Mr. John Davies and Mr. 
Norman St. John-Stevas. 

Yet. on immigration and in¬ 
deed on Ulster, it is the three 
names mentioned earlier that 
matter most. I do not think that 
Mrs. Thatcher could push 
through an immigration policy 
that reneged on British commit¬ 
ments on the right of entry to 
this country without the resig¬ 
nation of Mr. Whitclaw, Lord 
Carrington and Sir Ian Giimour. 
It is possible that she might 
think she could afford to lose 
one Df them, but she could not 
risk losing all three, and all the 
signs arc that they are prepared 
to act together. Mr. Whitelaw is 
Mill the Deputy Leader of the 
party, and he maintains an 
appeal in the North of England 
that few Tories could even 
dream of. Lord Carrington has 




Mr. Whitelaw and Mrs. Thatcher In conference. 


.4 tliL-y .tsliuoud 


longer experience in Govern¬ 
ment than any other memher of 
the Shadow Cabinet; he remains 
a potential Foreign Secretary. 
Sir Ian may be younger and Jess 
well-known, but he is a useful 
man ■ to have around as a re¬ 
minder that the party does have 
a liberal intellectual wing. 

There is also -the question of 
replacements. Even assuming 
trashily) that the resignation of 
those three would not be fol¬ 
lowed by defections m the 
junior ranks, Mrs. Thatcher does 
not exactly liavc an abundance 
of Right-wing talent to play 
with. Her greater problem in¬ 
deed is the talent that site has 
already disearded — Mr. Peter 
Walker, for example, nut to 
speak of the talent. Mr. Heath, 
that his discarded -her. She 


cannot senmisly contemplate 
losing any mure of her best 
people without having anyone 
of note to bring on in their 
place. 

In fact, it seem? quite likely 
that the message has been 
already taken. Mrs. Thatcher 
will not seek to impose any 
breaking of obligations on 
immigration. Mr. Whitelaw will 
go ahead and announce the 
Tory policy within the next few 
weeks. It will probably include 
a call for a new British 
Nationality Act and a register 
of those eligible to tome: there 
may be also—though this i.-» by- 
no means certain—somethin* 
on fiances. But it will not. if 
applied, reduce the rate of 
inflow very much: nor will it 
be very different from anything 


considered by the present 
Government. 

The argument, of course, will 
go on, and there is something 
to be said for the theory that 
Mrs. Thatcher is contriving to 
have it both ways: appearing to 
be against immigration while 
recognising That very little can 
be done in practice to reduce it. 
If that is the case, however, she 
can count on neither tbe com¬ 
pliance nor the conivance of 
many in the Shadow Cabinet 
and, besides, it is by no means 
certain that the tactics would 
pay off. 

We bhall know more about the 
effects of Mrs. Thatcher's broad¬ 
cast when the results of an un¬ 
usually detailed poll on the 
reactions to it, undertaken by 
NOP, arc published next week. 


But it is already noteworthy that 
the advice going to the Govern¬ 
ment from people who are paid 
to test public opinion is that her 
remarks may have done her 
more harm than good. The 
indicator to watch will not be 
the percentage who agree with 
her, but the constituency distri¬ 
bution. There is not. after all, 
a great deal to be gained from 
increasing the Tory majority in 
(say) Bournemouth. But there 
is a number of marginal con¬ 
stituencies where the immigrant 
vote could be decisive. The 
immigrant turn-out is usually 
low, but if Labour can galvanise 
it in an anti-Thatcher campaign, 
the rewards could be consider¬ 
able. 

Two other factors might be 
taken into account The first 
is that the Government has 
achieved tbe relative rarity 
nowadays of having liberal 
opinion on its side. Since there 
is very little sign at the moment 
of liberal opinion being pre¬ 
pared to vote Liberal, that too 
could be a bonus. The second 
is that when Mr. Whitelaw does 
announce the Tory immigration 
policy, Mrs. Thatcher will be 
inevitably exposed to charges 
of having promised something 
that she could not deliver. 

There are perhaps some 
wider lessons for Mrs. Thatcher 
and the Shadow Cabinet. The 
whole incident need never have 
happened if Mrs. Thatcher had 
been more careful, as indeed 
until recently she had always 
been. She could have said that 
the issue was under review, and 
then used Mr. Whitelaw’s policy 
when it was completed as a 
trump card to show that the 
party was at least doing and 
saying something precise. 

Again, the Shadow Cabinet 
does have a ertain amount of 
experience Either it is not be¬ 


ing used, or it is not extending 
itself. Statements are being 
made without consultation, and 
without the possibility of follow¬ 
ing them up. Not only were 
Mrs. Thatcher's remarks on in¬ 
comes policy and immigration 
made without advance collec¬ 
tive discusion; there was ap¬ 
parently not even an inquest, 
no-one quite daring to ask her 
what she meant. As for Mr. 
Neave, the charitable explana¬ 
tion of His comments on Ulster 
is that he misunderstood some¬ 
thing said by Mr. Whitelaw: 
namely, that power-sharing is 
not practical politics for the 
time being. Mr. Neave simply 
added his own gloss that the 
option could therefore be 
thrown away. 

All that may seem a funny 
way to run a Shadow Cabinet, 
and indeed it appears that tlie 
assembly meets only once a 
tveek for about an hour and a 
quarter, mainly to discuss next 
week's business. It is thus 
hardly surprising that issues are 
rarely debated, and that Shadow- 
Ministers are sometimes taken 
aback by their colleagues’ public 
speeches. There are. of course, 
also policy committees where de¬ 
tailed discussion does lake place, 
and there is not one of any im¬ 
portance of which neither Mr. 
Whitelaw nor Lord Carrington 
is a member. That applies, above 
all. to the work being done on 
the election manifesto. But the 
fact remains that same odd 
statements have been slipping 
through and the suspicion of an 
undue right wing influence 
exists. Mr. Whitelaw and Lord 
Carrington might have to be 
more diligent in future. Mrs. 
Thatcher, meanwhile, might he 
wise to rely rather more on the 
old liberal guard. 

Malcolm Rutherford 


J5SJ Letters to the Editor 

. ^ iaajbr;_step .that.:-already an unsatisfactorily low level to America. Otherwise more en- bargaining goe? hack SO years. 

; . .ul lUldUu'. ■ . • planned' and bulld^fhe . new promote tbe products of its work- gineers would be liable to vote During the pjsi quarter century 

.T’ -“ • airport, terminal . : immediately force. Smaller companies, in par- with their feet, to the serious we have developed with the 

. : : 3*1C6S • aflwoht to the:National Exhibi- ticuiar, tend to expect too much detriment of management. unions an increasing number of 

vj ? : \tibn Centre jand'.'.Bunflflffbam from theiT very limited invest- It might become ihe statutory joint approaches to the problems 

Afr./f. Keatiev ■ International railway-station. ment in media advertising, which duty of the profession to make of our industry. Over ten years 

* George Ihges theory European airlines in.particular will not in any case necessavily proposals to the government to ago productivity bargaining was 


r armland 

.jv'rices . 

_. Mr, ft. KeaUey 


Mr. Ft. Keatiev ■ International railway-station. ment in media advertising, 

'• — George lages theory European airlines in.particular will not in any case nece 

... « ihe price-of wheat to. would- : be delighted tb-Thave the he the most cost-effective ... _ _ _ 

•; ’izvalue of .agricultural land, opportomty . of making* more spending their money. rate shows that the public are industry, not simply as a method 

r„ r-rj Brennan's article on direct flights- :from '-European The.opporlunity remains for manifestly at risk, such as on of meeting pay code require- 
' -cr yary 3) would seem to be a business centres -. direct- to British industry—small and the roads and sidewalks, as inents but as a means of tackling 

M n . .■ •; hut misleading attempt to Birmingham, if British Airways large—to make better use of tbe motorists, cyclists or pedestrians? the real problems of produ«> 

•. ; -d Ricardian Theory, into an couW be encooraged -to 'support many promotional aids and tech- T. T. Lambe. tiv *ty and manning which had 

. , .. .l.rfect world.r . -- ,- their applications; The European niques available to iL All the 14.1a. Ashley Garden*, developed over years of rapid 

... graphs show* pasang coo- airlines by by-passing London know-how. in many different Thirleby Road. S W.I. growth, and which had io oe 

“. : ---y in trend between,, vacant airports and flying' direct . to forms,.is waiting in the wings —- faced up to if we were to remain 

prices and the. price of. Birmingham ■ will‘certainly^ in* ready to advise and guide. All » . ** internationally competitive. 

•- . r. T-< yet tails can only-be a crease tfie amount of* business that has to be done is to ask for IlllDOrtS Ol ,n Tn * n - V companies in our 

.V ; !>i-’itous coincidence-and‘ all visitors to Britain'*- national, it, whether from Government, r Industry, the productivity com- 

a..- j “lependence must wxrely end' exhibitions now befog held at many trade associations or a favtilPC minces of the, 1960s grew into 

Tno« wmoiWliwit 1 the the National Exhibition ;Centre. wide range of companies. ICA1UW the consultative committees of 


. . . prices and the price of Bir min g ham • will'certainly Sh-- ready to advise and guide. All » - e 

. r- -’“--t, yet this can only be a crease tfie amount of* business that has to be done is to ask for |ITlDOrtS 01 

. r],;.- itous coincidence-and\ali visitors to Britain'*- national, it, whether from Government. r „ 

" ,... “Jependence jnustwxreiy end! exhibitions now befog held at many trade associations or a tpvtilPC 

• * Inge implies' that: the the National Exhibition ;Centre. wide range of companies. ICAUIW 

"'*■ : ' of wheat is related TO:ihe. H - T. Parker. From ffie Hong Kong 

- "iction potential of. land; ?«► Commissioner. 

- : on Dotentaa] is'afrectly pro- benefit - with .^/ripple effect. Eagle Street, V/.C.L Sir.—The letter fJai 


GENERAL 

Government officials from 
Britain and the L’.S. expected to 
begin talks in London on North 
Atlantic air fares. 

Trades Union Congress Youth 
Conference, Congress House, 
London. 

Mr*. Shirley Williams, Secretary 
for Education, attends Carlisle 
constituency Labour Party annual 
dinner. Central Hotel, Carlisle, 
7.so p.m. 

Mr. Morlyn Reus. Home Secre¬ 
tary. at dinner of Society or 
Labour Lawyers, County Hall, 
SE1, 7.15 p.m. 

Mr. William Whitelaw. Deputy 
Leader of the Opposition, at 
Press seminar. Midland Hotel. 
Manchester. 

Hong Kong buying mission 


To-day’s Events 

continues talks In UK. 

Sir Peter Vanneck, Lord Mayor 
of London, attends luncheon with 
the Court of Assistants of the 
Mercers' Company, Mercers' Hall, 
Ironmonger Lane. EC2, 1 p.m. 

Cruft's Dog Show opens, 
Olympia. 

Historical Society meeting at 
St. Margaret Pattens Church, 
Eastcheap. EC3, 1.10 p.m. Talk 
by Mr. Stephen Scblick on “The 
Eank of England." 

Last day of Microsystems 78 
Exhibition and Conference. West 
Centre Hotel, SW 6 . 
PARLIAMENTARY BUSINESS 

House of Commons: Private 
Members* Bills. 


OFFICIAL STATISTICS 

Building Societies' receipts and 
loans (January). 

COMPANY MEETINGS 
Crystalstc, Great Eastern Hotel, 
EC. ll.no. Arthur Lee. Sheffield. 
12.30. 

MUSIC 

Verdi's Requiem Mass: Bach 
Choir and Philharmonic Orch¬ 
estra. conductor Sir David Will- 
cocks. Royal Festival Hall. SE1, 
S p.m. 

OPERA 

English National Opera: Rigo- 
letto. Coliseum. WC2, 7.30 p.m. 
D'Oyly Carte Opera: Gilbert and 
Sullivan “The Gondoliers.'' 
Sadler's Wells Theatre. Rosebery 
Avenue, EC1. 7.30 p.m. 


; do potential ix dfrectly pro- fcat,ie * Creer - W 

i -jnal to economic rent; Eco*-fSSSI «,ant - 

Register of 

. ssi do i land. " • • instead of/the- reverse way • 

vs: %S2FSL-iXr*£ ,areely al engineers 


vs: Wheat prices are deter- . ^ 

” * d in a-world market, are'- jf ft* Qoverimient was to give From Mr - T ■ Lambe. 

" -Ty affected by tie weather, the immediate go-ahead far the Sir,—The question of a statu- 


From fte Hong Kona the ,5,70s - broadening their scope 

cSSrioS?^ ^ beyond the "basic shop floor 

Cj r —Thp letter fJanuarv 27)' i^ ue - to encompass matters 
from th? e chSd™an f . Ja ib D e Ua Texrni ”£**** * 

Industry Support Campaign gives p<1 "- °P cr J tlons - ■ 
further curreocv to the myth Some of our people are not 
that the decline' in employment covered by union agreements and 
in the U.K. textile industry has H is essential that we ensure 
been caused primarily by cloth- that they have equality of oppor- 
ing imports from Hong'Kong. tumty to participate. I-or them. 

The Overseas Development t0 °- lhere are „ consuItat,v * com ‘ 
furiftunv^ research indicatSs unionists. 


-he sup^ ^bfwheat produc- construdtion of the new pas^tory registry has, of course, been loss'oMabi in SieUK* and nuo-unioni.sts sitting side by- 

rand is raelastic. -• - wnner -t<»7T»iinal at .th« Rirmtno- discnssert hv rhartereri pneinp.prs tu a t *? ss 01 J° os . ,n uie .. •• 


-and.is inelastic. - ■ -. ; senger,terminal at-the BirmiDg- discussed by chartered engineers ifluip indusirv has been caused side. Tbe earliest 

m. ardo s Theory assumed that ham ^Airport, .a great many for f wy years. With little ^ ^prowmente to prod “ council" in a membei 


... . :i t.ultoral l^d grew corn only; bengjBfo.' would flow to the knowledge of the present or -j' Mfts“'to“ demand'and P an y was set up in 1907: 

. .. -• bad no alternative uses. National Exhibition Centre and future intentions of the Institu- snuts in uemann ana anQlhor goe$ back near)y go 

.sH known.tfiai land value is all, those British, firms who tion of Electrical Engineers or rnimtVilr ThS years. For us consulting together 

dictated by. non-agricul- exhibit there> At the same time tfie Council of Engineering In- jmnorts from develop is no new thing, 

factors. Profwsor Demnaji a, present^mgering Inhabitant, «Ut»n o M . pert.ps tie personal m„* h 1 p£ m is wwU noting that in 

•. :• ^amhndge -XJmvemty has . would obtain some reUef from coi^ents of a chartered engineer si| n i ficant 8 March. 1975—nine months before 

—crimed the fallacy of attrt tb&coagestion around Heat^ow, .ought be ol interest Mr. Bridge says that the U.K. the BuIlockCommitteewasestab- 

ig land-value entirely to the Gatwick. Luton, and Stansted. - pore should be a single has Jn ten years lost 300,000 tex- lishod—we published a code of 

Lability of farming;-rather "H.-B.G. Montgqinery. • inaependent register assregating tile jobs. Hong Konq with less practice on communication and 

to a multiplicity of aKenra- Exhibition Consultants, •. all the separate registers of tiie than one tenth of the population consultation which was based on 

demands vritbiil' tire: eco- H. flfanebester Square, TV I. : various CEI jnstitutians. The 0 f the U.K. has in one year. 1977, the best practice in the chemical 

y. Frequently- it is . not -' - -- names of those who belong ro lost 3fi.0fl0 textile jobs. industry. This provided guld- 

-conscious -Jund -1 „ n ;_. more than one institution, would Denis Bray. anceundsuggestion.sformanase- 

thc purChasers>f' afiri--V SalUS -appear only once. The register Hon „ Kon „ R 0vernmpn t Office, ment and staff in developing and 

®“* ! aBSral Landi'.Midv.ther'eariy ^ 0 would be similar to the medical s Grafton Street. W.2. extending procedures for the 

*t-lwurs from , f-oy V directory in giving particulars of involvement of employees at ail 

3f*v K r nuL bin ’rather" 1 • •• Important, attainments. , , . levels, both directly and by 


earliest "works 
member chemical 


y. Frequently-: it is -..hot * ■ -- 

-conscious -iund'• ntoitfetfrs■ s~i •j._s „ 

toe purtfiwerif^.hgrt,:; Capital gaiHS 
^nS^l^^ral Land/ arfdy.tiie;;;eiariy : - r - 


-.-all me separate registers of the one tenth of the population consultation which was based on 
’• vxrious CEI institutions. The 0 f u.K. has in one year. 1977. the best practice in the chemical 
names of those who belong ro j 0 st 3fi.0IK) textile jobs. industry. This provided guld- 


from Nfothfi^d -bear-, j-QV y directory in giving particulars or involvement of employees at ail 

hut ■ tb%. ' 1 • Important, attainments. • levels, both directly and by 

fannej»-towK«lv^ r -Tim From tMt. Sf. Nfllhaw. Keeping such a register up-to- ATDltrarV representation on consultative 

K^pfea3maser is ofifin the Jaiah. who ; It wouli seem from Press date would be a colossal task, com mitt ees. 

up his nta^tbour:in. brfter reports that any reform of capital but one which toe institutions CQTtPtinflc; If we are tn keep this matter 

-—y.s^iaamread bis - ovfertieads.V ot gains tax .will be confined to mjEht-well be glad to unload, attuv-tiuiio l n perspective we should 

tn off-load surellfo.-tiisb'improvements ha cutting down .The availability of such a Frvm Mr j E n pii^ remember that the Bullock 

*' fr, a good pobato ; hareesi; or idmlnistrative costs. If so. thereyre^bster in public libraries, over- S j ri _ ATn j t0 lake j t that if all report was an irrelevant mutant 
Jra£iy because' it tiiiere: nh to.one obvious area where tojs^sea^Embassig ,n ® ■the major oil companies agree to In an already well established 


ance and suggestions for manage¬ 
ment and staff in developing and 
extending procedures for the 
involvement of employees at al) 
levels, both directly and by 
representation on consultative 
comm i ft ees. 

If we are tn keep this matter 
In perspective we should 
remember that the Bullock 


■ <ff . -_.tr; tf, pBrcna&B wi ■«. *«• •** themselves or their spouses; 

. 'i are largely .long-term dect- v r. Nathan,. 

** * and foe high level ol Howard TiJley tod Co. . 

. commitment involved commonwealth House, 

PS. that bo landowner. is j. jVew Qxjotd Street, WC U 
g "Come rustling out of • .,—— 

as tite ncgtiMlngs .emerge - . *•...* 

Mark-Lame., ;■ Pmttlftflllff 



Keatley 
bertK- 

8 Lincoln's Inn Fields, 



- u ' . - , • . . , . , . — i” ,M ' IMni/ M'wiur IMJI » UttL Ul'O jIUimitK 

*• o - ",*/ 11 bas ; vnlb, ° . recc . nt xars, in all those Ministerial car- but harm to the constructive 

Howard Tilley and Co. . • : ^ ee JJ established by pools. efforts being .made io many com- 

Cpmmonweatth ffouse, CEI that* it is part of the or will the oil companies get panics. The way ahead can only 

J; New OXjprc Street, 1 V.CI 4 vcodes of conduct of all foe closed-eye treatment afforded be found by all tbe people in 
" _ -chartered > engineers that they ^0 Ford Motor, as being too big the workplace evolving together 

-- Should, within tiaeir <rompetenw. to bully, particularly If the and voluntarily that relationship 
Jr rOmOtlflg . i«afegoard ^ Ministerial ear-pools are at risk? which best meets their particular 

• . • v v • . v';Ei n 5 F of W? si Jcffory Engljsh * needs, built on mutual trust and 

industry PhJp Willis Parsons English and Co. mutual support. 

?!*%«■. x iSSSa a.tra 
w5Bii5SSS^'S5r^»^ t 3S&^3^SS 8—1 -— SE , 

survey df "industrial promotktnllsy or .Don-competent employers _ _ _ ■ « 

OUi Z-S Vz 1 r ■iL.- nr V,w MKar Amn nvCAS bp On"- \Trt In -- 


Martin E. Trowbridge. 

Chemical Industries Association. 
Alembic House, 

S3, Albert Embankment S E.l. 


. Mr. Hr.-IJfWKflpmCrjf• lUUlinrilt^'V HUVUMICU4 -- - . V«nl»V »k A JT —-jr- 

mm the Dir^tm-Genenl 


mak^s interesting reading, ^ by other employees bclnng- 
does foe report Itself. A* to a trade union. Should 

oOeff-thc-eaflfe however, a fairljr.-employerg .or employees per- 
Lnconclusivc document has a fm; «*t m their overruling in 


No formula for 
participation 


Dangerous 

house 


York' airport^ become, lib-..-front the pnbli&ed facts. Larfit : worn) be entitled to neav}-com- unang s Aniiuaes^^ may nave m0st favoured house design, 

ng'iy congested^and travel- -British companies Invest an - aveft’ Pensation, amnuntlng to a sun- misled some readers into think- built on a hilly site, 

quickly fcraaiJ '^iut 1 that, re-';age oHess than £250 to promote: slontial deterrent to the offender. ?° 8 . No wall, no railings on that 

ngements' oF-their busine85 r the aHe'of-eaidi employee’s pro--. The registrar should have a th ® ™ p “ ce : dangerous flight of steps from 

duie enabJed ibem to fly dnction; wbjle In.smaller com-statutory duty to ^ree wlto name J r anofoer..is a new Idea fo e front door, with a sheer 
ct to other parts, of toe U.S, panies. the average figure Is: government those grades of cm- “ p °y er , cliff-face on one side. Parents, 

ns New York- entirely; V rather less than' £150 perefo- Joyces in the public sector children, the poor postman on 

lilarly. is it not possible plo'yee. "Similarly, while large warranting chartered engineer. Major or Bullock Minor. This is a slippery morning, all with 
our increasing frustrations, companies devote only around, ing status by reason of their pro- pwst certainly not the situation broken arm* or with beads split 
.air traffic-control- delays, 40 4»r- cent toair budget*'to Sessional responsibilities. Private jn toe open—1 wince at that lethal “up 

gslderable congestion on'the media'advertising w[ to a heavy‘.sector insurance autoorities when tols Assiocia^iSS»iiii!S < » J® and ove *' Just below, 

und at the airports, and investment in international edit.^coveringsafety and health would Jne' Bhoruj 1 of hostility to The sheer madness of such a 

/jntins road delays*, will.not bition*. and other activities; no. , doubt maintain parallel Bullock we did so on the basis death trap, in this moat favoured 
j/ c B foe same sort at effect as smaller compattieiS• invest more standards ' of grading.- The of a long history of involvement house, merits an extra insurance 
/mened fo America? - Ithan- half .of their smaller spend .registrar would periodically pre- of empioywsm matters affecting .premium slapped on it—I shall 
X^-his could well mein -that in the media, and are much less.isent -to government for agree- tnem—borb by means of trade carefully keep a hundred mites 
/iness nassengers coming to-Wtiye in - other - proradtioaal-menwan assessment of public union representation and otheri from the. “originality" of its 

from-Engiand will" make areas. ' r ' ' " ^sector graded" salary rates com-wise. design. 

a ter use of toe ferional U.K. v -Compared ' with Its * inter: ; parable, skill for skill, with those Our history of joint determina- M. Sutcliffe. - 

- rttlAr inrts In narticular, it seemff natio&al.- competitors, British -ruling in the private sector, in Hon" with trade unions through Forest bodge. Belts Yew Green, 

^ - - - ... .A_.tj. 'I__ - _' IhmuIji •t"4il«4Bni- Iiimm u 4 In Hmth tha inwaaiu, »t MllMtln. C—c.... u - 




Blrmtogbam should tdee the. fodusuy. to general Invests « 'Western; Europe end to North toe processes 


collective Front, Sussex, 


All 0 / these securities having been sold, this announcement appears solely for purposes of information. 


NEW ISSUE 


January 23 ? 1978 


¥20,000,000,000 

KINGDOM OF DENMARK 

6.7% Yen Bonds Series No.2 (1978) 

due 1990 


Issue price: 99 . 70 % 


The Nifcko Securities Co., Ltd. 

Daiwa Securities Co. Ltd. 

The Nomura Securities Co., Ltd. 

Yamaichi Securities Company, Limited 

The Nippon Kangyo Kakumani Securities Co., Ltd, New Japan Securities Co., Ltd. 

Sanyo Securities Co., Ltd. Wako Securities Co., Ltd. 

Merrill Lynch Securities Company Okasan Securities Co. 3 Ltd. 

Tokyo Branch 

Osakaya Securities Co., Ltd. Tamatane Securities Co., Ltd. 

Loeb Rhoades Securities Corporation Dai-ichi Securities Co„ Ltd. 

Tokyo Branch 

Koa Securities Co., Ltd. Marusan Securities Co., Ltd. Yachiyo Securities Co, Ltd. 
The Kaisei Securities Co., Ltd. Koj’anagi Securities Co., Ltd. 

Nicbiei Securities Co., Ltd. Tokyo Securities Co., Ltd. Toyo Securities Co., Ltd. 
The Chiyoda Securities Co., Ltd. Ichiyoshi Securities Co., Ltd. 

Marmnan Securities Co n Ltd. Meiko Securities Co., Ltd. Mito Securities Co., Ltd. 
The National Securities Co., Ltd. The Toko Securities Co., Ltd.- 

Towa Securities Co., Ltd, 



















•' t ’, •/• ■<?;■ .-•• ^ ■>• ►: > :< jf,-* .-r.^*::;;• . wt-i.?? 



BIYIDE3VDS ANNOUNCED- 


Current 


Corre¬ 

sponding 


Second half boosts SAI to peak £4.88m. 


As ronton Brothers . 1-36 

Benu Brothers .int, 0.S 

Berwick Timpo ... 2nd :nt. OJSJ 

Christie-Tyler .int i.fi 

Crosby House.int. Ns! 

Erode . 1-37 


payment payment 


April 4 
April 6 
April 3 
April 6 


Total. ' JLJ\ 
Iasi 
year - 

1.68 

9-3S;- INTERIM 


’ Financlal Times- 

Losses continneat 


AFTER REPORTING a £fl.4m. " 

advance in first half profits to 
£?m. Sluttish Agricultural Indus¬ 
tries bonsted proliiability in Ihe 
second .six months in finish 11*77 
with a record £4.SSm. pre-tax. 
compared with a depressed Company 
13.loin. Sales arhanced front •— 


£7,fHHl tn £300.000. Otherwise loss ; \L L. Holdings 


INDEX TO COMPANY HIGHLIGHTS 


£67.71 m. to £7fi.2m. 


Aaranson Bros. 


Profit u ;is subject to 'ax nf Benn Bros. 

£2 fit in. tfl.72m.) and earning* -- 

came out as £2.42m. against El.3m. g °_ nser _ g '- 

The nei dividend total is stepped Christie-Tyler 


with a 7p final. 


Page Col. Company_ 

18 4" M. _L Holdjngs__ 

18 8 Morgan Edwards 

18 5 Noble G res tart 

”l8 5 Ruo Estates_ 

18 7 SAI 


and the previously troublesome \v. Ransom .•..mL 

Dutch "roup supported perform- Ruo Estates ....!. 

ance. But it was the control en- Scottish Agricultural ...... 

pineering activities provided the Charles Sharpe ..int. 

Page Col. rump of the rradins improvement. T ace . 

-V Group interest charges rose a Trlbnne Investment . 

_ ___ tenth to £366.000 on borrowings Weber Holdings . 

18 5 of £2.Sm, reduced from £3 7m. \\\ wood .' int. 


1.37 

__ 

1.34 

32 

April R 

3.05 

3.1 

- -March 22 

2.fi 

1 5 

April 7 . 

L02 

Nil 

—' 

1.1S 

i.rss 

April 6 ' 

1.04 

10 

— 

2.9 

7 

April 7 

65 

4.12 

— 

3.75 

O.fO 

— 

Nil 

S.5 

April 7 

7 fi 

S.3 

— 

S.36 

1.51 

March 31 

1.51 


INTERIM pre-tax losses, of .the ,major part or the reorgaaisa. 
£ 134,000 were reported yesterday"'dob: way now:trimpleted and the 
for the period to June'30,1977 group would begin to reflect fl» 
by Crosbv House Group,- the benefits of it ra- the second faaw 
freight forwarding' company in He was looking forward to * 
litigation against Thomas Cook return to profitability in the y 
Group over a company it bbagbt ending ..December, 1973. 
from TC in January 1977. There The.; merger of the Thom* 
is-no:-interim dividend. . ..-.Cook company, with .the group's 


Pre-tax losses for the whole of main subsidiary Raker Britt -had S 

578 acre £258.000 with. £14,000 already shown up in a 90 per /■£ 


£9.05m. f 17 iff mi with funds 
employed higher at £23.1 m. 
iill 53nt.» 

The cwn'iany i* a subsidiary of 
imperial Chemical Industries. 


X'laM-" .. 

PfC-Ux DI'OtH . 

TJX . 

y r.-ni C”*t -•■ant. a c 

E.-.n.ni‘ . 

R-tjioM . . . 


Crosby House 

18 

~7 

Serck 

18 

5 

Davis (H. & C.) 

21 

3 

SGB Group 

21 

2 

English Assoc. 

18 

6 

Smith (Whitworth) 

18 J_ 

8 

Evode Holdings 

21 

8 

Suter Elect. 

21 

7 

Grimshawe 

21 

7 

Tace 

18 

3 

Guinness 

18 

7 

Tribune In vs._ 

18 

5 

LBI 

20 

7 

Wiggins Construct. 

20_ 

13 

_5_ 

f 

Lonrho 

Mariey 

20 

7 

Wood (S.W.) 

70 

~5 


Tace is not feelbig much of the 
benefit of short-term interest rate 
movements Moreover. Tace’s debt 
is still running at nearly two-and- 
a-half times the group's market 
capitalisation. -The dividend bill 
has been hiked from £23.000 to 
£104,000 (hough the co^er is si ill 
around three time. At 25p the 
shares stand on a P/E of 5 and 

yield 7.8 per cent 


attributed to the first .lia! E. These increase, .in. group Turnover ^ $ 
losses have no - beep' -' re- £7-19m.' f£3 7 78m.) for the sit 3 
apportioned more evenly.through- months to June, tout while prog. 5 
oilt.-the year and interbp losses proved elusive Mr.-Waish refasgfl m 
for 1976 have now been restated to - commit hmself on when-fl* w 
at £ 324 , 000 . group would return, to the divi- 

- Only last October in his adijual de h d Vsts-'i": ' . ■* 

statement the. chairman; Mr. M. J. ' .. 1'.. . ;.j 


Rug Estate! 
leaps to 


o comment 

The ir.niinc cinnsie for U.K. 
chemical fertiliser mjnu Tael users 
ha:-: improied cilice the lirsl half 
nf l'.'TT :rnl Scottish Agricultural 
Industries |-.rii-U\ profits rose RS 
per cent, in the second half (36 
per com. up on lhe yean. A turn¬ 
over incrCH-e of 17 per cent, prob¬ 
ably include* volume gain of 
belliet-n 4 and 3 per cent, -.ihile 
marjms luno improver! 1 ; pom is. 
i*n the l?d*-k of price jncrea , *c ; in 


71% jump 
midway 
bv M.L. 


Aaronson 
hits record 
£2.84m. 


full year profits alios v ms previous | g I ■ W rpf>|| pgj t 1St6Sm 
lw.«rl of £T>S1.0W in ii»7H. All Clilh! 1 Ccor-e Will 

monili cunlracl tu build a new aa Q A savs there’has b« 

prole,type bomb carrier »m con- * / seasonal upturn si 

junction with Emerson Elcctrtc> anc{ predicts tha 

for the I S. Airforce tworth profits should not 

imii.miOl may pro\c much more SECOND-HALF PROFITS of last >ear ' s r 1 . 73 m. 

esriiine in 1 lie lone term—if the aeamst £I22m. e^ined -The furniture 


- Walsh, had told shareholders that yv • , ^ -y 

Christie-Tyler drops to ■SStSSISEstates 
£110,000 at halftime ■ ^ 

IN’LINE with October predictions down-turn comes as no surprise, or^nisation costs resulting fjoin XlaJlHt 
nf negligible first balf profits, pre- The reason of course is the Tow uia.-.-Tnomas Cook pure base., -.i • / 

lax ' earnings of furniture and level of acthnt; in-the furniture .rSome of these costs were pro- TAXABLE : PRO.FITS of - Rm 
upholstery manufacturer Christie- industry. Government statistics vlded for in the 1976 figures but Estates .: Ho&iiags ,_3iKnped.. jEcofij 
Tyler slumped from £825.000 to s how that national furniture deli- “the first half of 1977-.'has had £4rSit79 to a reeord EL,^A92 is 
£111.000 in the six months to series dropped bv around 5 per to bear additional costs which the Jane : 30£ 1977, year on tzznd- 
October 31. 1977 on turnover 15 cent durin» the period." so have masked the improving over ahead frdipJEl 57m. to £2.48tb; 
per cent, ahead from £i657ru. to Christie-Tyler did well to. show trend." he said yesterday. Tbe-.result is subject to tax d 

£iS-6Sm. . a sma]] TO | Ume gain. This was ' Acting on legal advice Crosby’s £^ 1,823 - (£278,808) or vtm 4 

Mr. George Uilbams. chairman. df>ne bv holding down prices — Board has refused fo quantify £®J7,IM (2223.5OTL.is overseas;.-.; 
says there has been the ncnnal no Q c ; , % hich has kept factories ^ reorganisation costs while • Earoings v4»er^aiare'' on a iiei 
seasonal upturn since September L^tine at two-thirds capacity litigation continues. Crosby basis are .shown ahead from Kin 
and predicts that second half ma^iM hare Sffered ■*«' claiming £L18m. from Thomas ta HWpI per ,25p share and S 

profits Should not oe far short of “Jf ™ irs ^ Jg; e b y more on the grounds that both a. ml _basis : at' 46^p figp) ; - 

year s £ 1.73m. f c o.£■ ^ PP per'cent'ft* assets and the trading posi- final dividend, of'lOpvagainst Ifc 

The furniture market is gen- , u R® . __ __tfnn nf rhe comnanv onrehased 1 last time takes tiraitotnl tn 1 *? 


a i ' 50r -" s 

?■? vs "I-- Jr® -m. «™ ^ 

Iim«c chirk'd by Cnn'ineninl ' n «ncreaw it- profitability »n the 
ni:,nurnciurcr- and furthpr in- future, they add- 

prr an'icipaicd ih!* *nm- Tax for the half ypnr tm'K 
ir.er. uli.ch slmuIU i:\e a ‘‘unlier £144.<MM» 1 £S-*.iM)Ui_^cavinq nel pro- 
jjfi tn nnr;m> <alc 4 mav fits ahead from ti>.0ni in _l.>_.i4-i. 

inci-»a- farm'TS increa*^ Slater! earnings arc fi.i.lp 


£307.73S 


exi'iiini: 111 u«v n«i-: u^mi. auamsT tixan. eameo -The furniture market is gen- lu u “ tinn nf the eomnanv onrehased last time takes theiratal tn ^ 

srnup esn wm the second phase Respite very difficult trading con- ePa ||y expected to Improve in The hope is for some recovery . . substantially lower than compared-'with' 7!o42fi6o. 

or the coniraci—and could provide duions. enabled veneer merchants 1975.79 3n d the group is in a over and above the normal sea- ^ ^ time.^‘of the sale. The company owns tea fistatoi 

alluahle product.un work for 01 Aaronson Bros, to expand its pre- sood position t0 take advantase sonal upturn, but as yet there k " Sr ■ vuSuh--SS “5 ^ tea estate* 

least a fun her two years. On l3X K2nr( . for lhp 'full year 10 0 f any improvement.” he says. Rule evidence to support this.. Yesterday. Mr. waisfl said tan ?n .ataiawL 

«• of vrom.iKin the snares nr. Se . >len ,be r :io. 1377. by some 20 Earnings per lOp share are Meanwhile the stronger - pound ■/ i:- r ^r: ^zxh ?:- : 1- 

nn a 51 c u\ «i., wli'ie the yield p er cent, from £2.36in. to a record shown down from 4.1 p to Q.Bp. and will be a stabilising factor because # ■ ■■ ■ - 

is 1 1 per;rent. ai A.p un a maxi- £2 S4m. ihe inferim dividend is heid un- of the company's heai? depend- A v «4.l 1 i 1 «t /^iiywin^nri '' 

mum dividend. k u jj v diluted earnings are changed at l.fip net. Last year a ence on imported timber and up- . f\ |T 1111T ■ \ Till il R cSS.n(lnPt|n V 

«h„nn a< 12p (10.4pi per I'lp 2.89532p final was paid.. holstery fabrics. On past 12 ... V'^.v-E- ." 

share jnd a final dividend tf-* - * monLhs ear nines Lbe prospective --A J/iri* -liiAWAn^ ' 

Ta/va I -i»l5S|< steps up rhe total from • Comment p/e is 6 .S at 72ip. while the yield ./fYl TTlOfl^Sl /Hl£5P03:«y.7»W"*- ; 


Tace ahead 
to £0.57m.- 


1 . "hi5S|< steps up the total from 


1 Tfijlup to V.9715Sp net, abi-orb- j n October Christie-Tyler warned of 9.2 per cent. 0 na maintained 


ing £382.033 (£342.8471. 


Arthur Guinness hopeSifl 
pf modest 


comment 


at first half Profits would be dividend is covered more ^ P r 0F1ts at Arthi^ . 4 Suftm«&; wheire curr^^ai^itied to Uu • ; " 
gh„ible sn t/ie 5* pe, cent. ,our antes. "modestly in excess’* of those dollar. •‘■e.^j-v.-r. • 


sees srow 


Aarnnson'K first half profits rise 
of 38 per cent, has been followed 
by a second half increase of only 
4 per cent. This reflects the poor 


Serck shortfall warning 


for last year are expected to 1978 He adaBd/jfliat.< whfle die com ' 

. hv Mr. R- A. McNefle, the chair- pany was unabte to'mamtain Wha ’. 
‘'man. - . -the director'^consider to. bi 

He told shareholders ai yester-. adequate -profits tom bretvhu'... 
day’s annual meeting that total enterprises, V the . t: Mndn^hrawhir' 


> meincrea«»* .... • .- .• 4 per cent, inis rcoecis 111 c ... —7 . 7 ,-___- — 7 - —.. 

.. -Vs ahc.-.l Of the nrou-.-ted per 23?» 'b»rc and the jntcnm xrrER LU .*n\r, from f.i.i.OUO to trading conditions durinc the XT THE AG 11 of Snick Mr. R. G. and make a scrip issue of eight sales of beer in the last two profits were.% ^tncreasi.-* 'aq£ 
pnre incresKt-'. A^ <uch. ^A1 dividen.l is lifted from t.OI-ip to 3 , m idv.av Tace ha* summer m the DIY and furniture Martin, chairman, warned members new shares for every aOp share, months had been slightly ahead partially . making' tip. for The 

-honM sec further rrowth in the I ->t* net. ab-wbing t JO.nnn ; h year to September :«) markets which were badtv h.: b> that despite the other companies This will mean that each existing of the same period of last year tn erosioamtbe other sector. . .. 

• . run >iiu . , /.>.p . 11 nc * 1 . .* . _ • _.. . . _ i _ 4U. ._ Ztin .u n _. .. ill LnnAmo 4 am *¥m k nt riinhtltJ nnu'n tM 1 ■1*0*11 < _ . * 


current vear. hui it U unclear l£ 20 .-illlii— last jears 
p'.irtiy hov. :|ic rencgnliaiion of 2.S433Sp. 

I* J'- gav coni ran iICI has a 62 4 , 


final v\as 


per cent Make m the srnun 9 comment made in 1977 to c-mt 

-. hi-h ir c jimlif- '.■ 'in ammonia) . 

mr, .iffoci ro-i> The share* at *'-nc:i that ML Holdings correv vurrenl linanujl >eur. 

2 !i.x .-iHd n 2 icr cent., the pc ponding figure* were depressed by Turnover in the period 


in.” . ioM n 2 |.cr cent., the P c 
(i.P per coni 


mem an allowed price rise. .\o«er- profits of £9.32m. WintPrbottOHl v Overseas trading is aatisftctory . h+ - - b**.- 

rns(4 tholes*, the full vear re-ults He Mated tha* the group had »» lUICl Utmuui both In volume and in tiie rate : UmlrOVeS Rt ' J5J-* 
T* reflect a volume gam of around a dis.,ppmntmg first eiurter • the company 

'L,' 20 per cent., with the muior and half year profits would err. §005 ^arDlDgS markets he said.-In Niger*. TTIOnth^ -- ■ $*4 

b * .-rnwih bein * achieved in ex-»or« la ‘hly oc lo-.»er tivn those of the c 5 where the operation.of price con- •HlWUUIa,. -• .> J 

n,m markets. per cent, nf Vutes. « ,e f>od last ye.tr. imnmtrnmoTil ’ H ? 1 is a J S0 harinjf sn impo.rtanr PuwUbfl^ %xf . -Jaireab*“ 

IVMn surh a. in Nigeria. At home. >° had, fallen JRiprO VCUieDl effect, the new-Stout brewery at and da^pr&.^Bejwi^BWiea^ 

demand seems to have been *iimu an ^ snotvt-d li<tle sign ui L-ail> Benin came ihto operation just announces' taxable ■'profits'. 

1 . fated hv tax cu«s and hr her rev,val Rwma cosu Hud not been U ith regards earnmgs per share before Christinas .and- is^^already nrowd m«h 

and fl -sand supported by the com reH ^l d in cnm ‘ oMVinier&otrom Trust in the cut. producing at Ml cap*** < . foTthe dS^SL 

por panvs vrnroui^marketin- eflnrV. P»«> had been handicapped by rent year. Mr S. A. Field, chair- There is a bleak, outlook m 3L '!w7,^n turoSe? orSSji^>‘? 

L2 overseas.'profits of around £3.7m. '*!?* SK. < S2 ll J!LJE agamst.^tn: 


Overseas trading is satisfactory / . . 

both In volume and in tiie rate 1 UTilrOVCS 3 l 

ihn —unman v u-jtc . 




Airco stake 
not for sale 


a 20 week gu-lnv Ht the Slough from £10 43m. tu £12 Hm. After 
r-i-tnry |whii*h '.■•*st £150.000 in las and niinonhv-. the atlnbui- 
Inst profit I ay 1 year) Ihc current able profit shows a rise from 
half year figures look uniinprev £2o7.tifti) tu £:jivs.wm 
sive. The group lias had a rather Earnings per share are given 
fiat IS months. Hnwever the tide at 4.ssp against 2 4p Ci.2Sp alter 
may now be turning in its favour, adjustment for deferred taxi, and 


savs ssui. 

* 

cue Interna 1 imtal s;,id 


BUC Internal in luil s.%id in a t „cm and making only a very ^var -md' „ 1974.7 > Un u 'd Wrt ' !,d hc this year This “J™ 

•statement in New \ *rk that u >ma |[ profit) lias siarted tn work ); ; vn ' ien , uasiis.i cerlamly looks possible if demand Smjsfv with ° 

a,i-.i'.ed Dillon Road and 1 . 0 . Inc. trough to firm orders for the 1 * 1 ’ f * holds up. especially with chip- 

and Salomon Brother*, two invest- a \iatidn engineering 


A recent high lei cl of aviation the final div idend is n Top net por ' ^ pany had been handicapped by re 

research and development work u» n share taking the roial to " ''nrofiu of arnunri ^ 7n V 'he hardening or sierlmg. Ileal m, 
«largely funded by the Govern- 12 .5p. N„ dividend* were paid l ,°hic ™ transfer started badly with dis- di 


man. says 


;mtl >aiomun r.roiner*. tv.o invest- aviation engineering division m bo;,rrt ‘hair of profits) gaming m 

ment oanking firm.* niretl by Airco while new contracts have just been * uuiiiiubih popularity as a timber substitute 

Inc.. Hut EuCs 4:i per cunt, stake won in India and the U.S. Of more Bad debt provisions by the beating and virtually no competition for 
in Airco -slock v as not for «ale. shuri term importance is a element company H A. Birch of the company's veneers (real v uod 
it also -aid »heir ftatements number of c«mir;».t< are due to 1125,000 for the year 1 £75.000 in and plastic laminates! and edging 
that such share*- are for vale could ---.d in ihe second half (the group the second half) reduced ihe full- materials Meanwhile, rhe share*, 
subject them wlut BOC only lakes profits on completed year advance at Tace to 42 per at 5!»p are on a p e of 4.8 while 

termed “grave liability.’' contracts) and ML is forecasting cent.: second-half profits fell by the yield is 5J2 percent. 


cate that barring some totally not been able to make-any foreign 


would be seen this venr Thr* irar?s,er sianeo oanty wi,n ms- o.caie mat oarnns some luroe not been able to make any motor. ..Earnineg. ber'«5p sWUe ar^E’ri 

certainlv look "possible if demand rupl, ? n arising from eiions to unforeseen development -there exchange available to^he purchase giyeii/as^"aM''' > 5w3LiL--* 

holds un especially with chip- con *J ,) - v " J ' h oovernmeni pay wil. be a further increMe of essential raw materials so TbairlnSriin ifivlderia farelsed from 

board «ha*f of profits) linin ' in ?“'deUnes. but this was now be- of course, will be reflected, in the brewery is Idle/he exp,alned. ' S.^™to^^ ne£-for all S 

popularity as a urn her "substitute l,r S? t,, S!S5* ?*.}*’ — 




Tribune Inv. 
at £780,000: 



. nMQA AAA payment was4.6p. 

31 dL /OlJ-llllU" The proportion of net assets in* 

vested in the UJv. during the year 
rose from 41 to 53per cent., while 
DianS SCllD The proportion invested abroad 

r r fell correspondingly from- 59 to 

. A marginal advance in usable 47 per cent This change'in dis- 
’revenue from £73fi.428 to £779.0tS9 tribution was caused primarily by 


new Qnstiore gilt-tunds 

Give Investments, the "• fund intended for'' investors who "bso - ^- 


i-* shown by Tribune Invesiment rhe opposite movemenLs in the Lirve invcstimiira, tne _ rund- uitended for investors who iwo 
Trust ror 1977. Ner as-*ei value U K and US. markets, and to a management subsidiary or ,the .outside'Jersey. -‘In the case ofltoS — . 
per aOp share a! vear end was lesser extent by the reduction in financial group-which also owns.Jatrer,:dividends ate paid without . 
lower at Solp. against HS7p. Dollar Loan* and the loss of Clive Discount, iailaunching two the deduction of tax at soilricel 

The rux charge was £331.701 Dollars through the operation of new gilt .funds. m the Channel In each tase, the Inltlat efividend■■ ... 

1 £343.397) and stated earnings the 25 per cent, surrender require- Islands; I-Both of there will- be yield, is. expected to. beidtI)6..V 

emerged higher at 17.46p (1534pt. meni. This was abolished with Jersey-piased,'-..and both'«f them region ofAlO-to 11 per ceht-per 

A ne( final dividend of 8.5p lifts effect from January 1, 1978. are primarily intended for non- annum. -• :■* V;--*.. - 

the lotal 10 13p fll.lpV The annual meeting of the com- U.K. resident"investors whp-want rajve Investments alreadyiaiw 

The direciors propose to sub- pany will be held at the Great to put^eis.money into British h«o-fixed interest-«whemas^.dna-. ' -" 

divide tflP Ordinarr into FastH ato) F. P am HT 3 r#»h *7 ftriTf 0 wmpnt cPf , nritfpq ^_ .. . ■■ . *■ 


divide the Ordinary shares into Easton Hotel, E.C., on March 7 GovmvMfeecurities. "carttai erdwth. and other^for ' 

' • vo 0rdlna ^ ^arcs of 25p each at 11 a.m. are to he 


£44.496 second half they say. The image needed 


ended, bhd will-operate In a way those: who want income*" withfe - ' 
T\/I' T7 1 1 i £• •j simlte*l:te*;q unit trust in that the UJt -. . 

Morgan Edwards deficit - 

After a £44.496 second ^ half they say. The image needed value. ^ Ue^!!tirect^d Mid-term loss 

pr f: Tax h P o? fits Irt - fhaiRlna and this was completed principally to the needs of thnSto -J. . - 

£J9.nih in the March 31. 19.- in early August at a cost of some who want a high level of income rrAlTl" xmdh 

•-ear. food distributor Morgan £61.000. all of which has been h„i I^fundrnanaeerl S UOII). JUHIB . : 

Edwards has recorded a £116.058 absorbed in the interim Ggures. that U mav also be Dosslble to 

loss m the 2S weeks to October The result of the changes at prolide 7am element of - Capital WhitWoitfa ^‘* 

19,1 Supavalu (formerly Gee Bee) was « r0 wth. depending on conditions I -. ” 141 ”" 11 ”- . - - 

It compares with a £73.512 first an immediate increase in sales in ^.market. Most nf the money After charging an'extraordHB^ --- 

half prnfir Iasi rime and came on which are now running 22 per wilt for most of -the time be profit this-time.of £20,327, Smith. 

turnover down from £14.41m. to ren L above those of the previous invested In those silts on which Whitworth, incurred a- loss- of - ^_ 

£12.59m. There is a tax credit of - vear - This was achieved at the rnterest is paid cross to non*- £1837 for, the half year to Sep- 

£10.728 (£282226 debu). expense of gross profit which the rej|Ww > investors: but . when tamber gg, lSj?. compared witfi 

There will be no interim divi- ^°mpany has not yet been able neeessarv Clive. Is- prepared to eo .a '■£42,6.6&surplus.' Tmnover 

fiend, while last year l.ISp was ^ *■?. retr ’5 v f °L.. l 5u into-assets which are very'imieb afiva.nced: from £0^9m.; td.£T.03ui. 

paid with a 0.7p final. ^Vrart^^.iniirf^ih^rhp more liquid. .... . _ .The Bgpireq. ./.include'.'the six'. '**- 

e At l 1 i, L A 1 2U,t [ AG ,^ ™ mbe ™ JSP B 3ec ™? lu £nS One bf the hew funds; months^S bf Me-M !; 

were told that for the firet 16 chases of food which occurred Gilt Fund (Jersey),. Is designed matmn: which;-ws rerentiy. rald ^ 
weeks operations excluding Gee | as , y ear for those investors who are resS- fP Vickera.,. .;• 

hiirt-ct ISt "°roI S^Hi^ t o Under A reorganisation will take place t>ent in. Jersey- for taxatioB " _Foi\ihe' ^ofe- bFlthe 


At tne August AGM members , decline In conaumer-pur- Obe.*f the new funds; Give months; results of ijoerac.an«g 
vvere told thar for the first 16 chafes S food which occureed Gilt Fund (Jersey)*, hr^ derighed |nations irtilch; ws : recently sold, 
week? operations excluding Gee | as , y ear for those investors who are ftsl- t *® Vickera.,. .;• 

hiirt-oi ISW> roI under A reorganisation will take place dent in. Jereey - for taxati.OB J’or.Jhe' whofe- oF Jhe..P^P®, 

.mi u • e Be®-however was in the siddall group (calering PurpoMS. while the second. Chye-. year, the : group. achieved a £34 Jh>* .. 

still showing a substantial loss. supplies) and this should result in Gilt F und (Channel Islands);, is ’ profit, -bat- paid. no- dividend. ,, ■ 

■ Directors say that sales overall a more effective unit. The keen i • : . r" • • . - - ' • 7”’ 


500 reasons to consider Southside, 
Victoria Street, SW1 


show a decline largely because of competition for institutional con- 
tne sale of the company's cash tracts continues, directors say. 
and carry interests and also the Tlie remainder of the group has 
loss or .substantial calering con- $hown profit increases, some 
rracls which together amounted modest'and other very goorL bul 
to £-i.2om. they have not been good enough 

The problem continues lo lie in to overcome the effect- of the 
the results of its retail stores, retailing problems. 


SE ends Bonser probe 



&SonsLid. 


Available To Let in units of: 


A SPECIAL committee appointed company itselF nor any of Its 
by the Council of the Stock employees or directors. The two 

Exchange has completed its broking firms involved in the 
investigation into a series of deals were interviewed. * 
transactions in Bonser Engineer- n.„„ 


reducers andStackixtsofBright Bare, "Cold'RblMd' : Stri|*»_ 
Wire's ndWi re Rope irfCarbop and Stainless Stapfr^^; • " ** 


RESULTsVY ear endad^ioth'S^ari^i^ 


ine shares whicfT took place on Story Ba ® k Ra Se 

February S. IR77. 

The tran mc nons were- the . . 

purchase by'Security Selection, a » ntilich \ GCA A 

licensed dealer, as principal of 

250.250 shares at 14 A p at a time • ■ 

when the market quotation was llimn^ *151ITW5IV 

lop to !8p: its purchase of o.OOO Hall TT a J 

shares as principal shortly after" p„, c-„„nck 

at ISp; and the sale as principal tinn'ol^me^lran^RMil 

later that day of 73.000 shares at Hoid^L 

I9|p and the simultaneous pur- ji2f5!L r f * r . mrt 

chase at 195 p of these shares by J:,!!?’ Jumped- from 

Selection Universal Growth Trust, SS2? I 6 

a unit trust managed by Security in a ^J® ved for the 

Selection. The market quotation lvho * e of the 19/5-77 year. 

was then )8p to 21p. Stated earnings per £1 share 

The chairman of Security Selec- are up from lL2p to ld-Sp on 
tion, Mr. T. s. K. Veo was inter- increased capital from the rights 
viewed on June 23. 19//, and co- issue, and the interim dividend 
operated fully with the committee is maintained at 4^75p net with 
throughout its investigations, it waivers on '262,139 shares— last 
says. He told the committee on year’s final wra 9 I4p. 

January ID, 1978, that the profit Ta - .„ b f4 ==- a 
realised by Security Selection on J 0 ?* 

the purchase and subsequent sale L ig()0 ? ? 3 , 52 ® t [JJJJ 

to the unit trust was transferred 

to Ihe unit trust on Ausust 12. “Si!? 


13.400 sq.ft. 

50.400 sq.ft. 


16,500 sq.ft. 
76,400 sq.ft. 


24,700 sq.ft. 
93,000sq.ft 


English Assoc, 
jumps halfway 

Pre-tax profit of English Associa- 


in an ideal location 


For further details and an invitation to view contact 

Richard Ellis, Chartered Surveyors 6-10 Bruton Street, London W1X 8DU.7eIephone: 01-499 7151 

City ol LoryJon,ScoiIand, Belgium, Frmcs.HoHand.Speln.SouBiAHca.AucbaUai USA, Canada. Singapore. Hong Kong. 


Turnover....!", r ^ 

. GFoupPrafit bef 6te;Thxatfort,. >• 


todi:' - ; ii’977-, r ; . 

' 7 .-.V A"- r " : 

_ v 'jB3,485;d()O *:.40^S7.DOfi 
* ; ... 1^998,779- ,: 


s Group ProfitakarTaxaribirartth.-’' -;' 71 ■■■*' :18&jS33 ^.^433^92.;! 1. ' 
j';.' 'v Minority Intvesia; rv ^. f-. ; -• y, ,1 : .t V-.^-* "Py *• • > r f" r’, ; , 

Eamlngiper 12jpaiafai 7 ’ TiiSo 


!vPWd^ndperV2i^^Rift&'''"/vr s -'' *• I \ 


■ V / : Mr^.P.FORD^ *; , % 

. Tbs pre-tax pTOthqf £2,856;&8q.cani(w(«w&h £1JMJ79 in •' 
1 S75/6.in view of these results andthe piosjiecfarfor the cbq’ifnfl 


(mpmv^tradir^result t •7c' 1 a : > ; L •. 

''*n)qr^ltsbf^efirstfHiiroftf^ . |j > 

...m ntMHt, tWArfiKaVniniWMiikn 1 *- 


It wobld bestraoge 1f t 977^8, b^haayaaclnWWcbe genw?i • 

; alec^rimbrttalcepl^drfoomripsalyi^8d;di^nptheppen» 






L977. 

Additional payments were also 
made lo those unit trust holders 
who realised their holdings 
between February 8 and 
August 12. 


period compared with £76521 
last time.- 


order booksJkithetime of wifinath^are afew^rwThattbis te .- • I ' . •• 


Sfethya 


LADBROKE 

Sbarehoiders of Leisure surd 


t - ' dea^a^eiif^jc^a! 


I The council has reported its General are reminded that the 
findings m the Department nf latest time for acceptance .of 
Trade. The commitiee says the Lad broke’s offer is 3. p.m, on 
investigation did not involve the Monday, February 13, 


• — ? -r 




























npcc l highlights f° r the year to ; 
nOjtoth September 1977 . . . 

-1*G3SC IT ota Jturnover increasedby16%to£1,257million 
nd profit before interest and tax was £1 OSiitflfion, 
Compared with £99 million in 1976. Th? profit 
.. attributable to Shareholders before. extrabrdinaiY 
ems increased by 21 % to £48 million. A-final divi- 
. -end of 4.2212p net per share makes .3 total of 
---r.!5512p net for the year. The employees of the 
, •*« iroup and.Associates in the United Kingdom now 

r ^tai55,000. " , ’ : : 

Benn | 


■" i 

is 



*’••• r&W®! §?*$* I' 1 1 ilj ji fr 

f ' ; *4I-L«t I ■), f ■ .* 

■T 'Hi ~h$T »lViifii iilii m fill Mil;!? 




....... Hamids, Knightsbndge.Loagon, SWJ. 

. • - | The net asset value of the company's' UK 
• : iterests is now over £100 million. In addition, £41m ■ 
. tas been spent on a strategic holding in the House 
f Fraser-ah exceptionally fine group of .specialist 
.. .. " lops and department stores; including Harrods, 
rmy & Navy, Dickens & Jones, John Barker and 
•.H. Evans. WF\- ■ 

ji]cil6S| Lonrhoalso acquired another Jy • 

■ i, £ hportant shareholding during . r ,jfcw 
i!Jil*Illne year, when the company • ’ 

n ought 29.24% of the share J I m 

apital of Scottish and Universal f.l-A 

: divestments. SUITS,whose /-jgk ■ 

• usinesses range from whisky to y . 

, ' ewspapers and.publishing, ■/.- 1-^TrHPl 
■ V foducedveiy good half-yearly . ^ \ . I 

jsuits In September1977, withon ' 1J^ SSaS 
' . “icrease of over 27% in' profit' : T ! V. [! jsaB l 
before tax compared with thesame I' 

•• • eriodlastyear.SU ITS boldsa ' 

- jrther 10.29% interest in the ^ Tirr^ - 

louse Of Fraser. _..v Whyta&Mackay Whisky 


Mid-ten 

j'rom Si 

Whit*? 

.• i» 

•I; 


Turnover Emiliion 


m r t 


,,y 


70 71.72 73 74 75 7& JJ 


Profit beforo taxation £ million 



United Kingdom” 

R. W. Rowland, Chief Executive 


■ Our international confirming house, Balfour 
Williamson, achieved a record year. 





The Mauna Kay Telescope exported fa Hawaii by Dunfard & Elliott 

■ As an addition to the company's engineering 
sector, we acquired Dunford & Elliott.This Sheffield 
group makes high quality carbon and alloy steels, 
mainly for the automotive industry. They also make 
forged steel roils, extrusion press parts, armour 
plate and electronic research equipment. 

■ The Engineering Group now comprises sixteen 
operational companies and twenty-five manu¬ 
facturing sites in the United Kingdom, with an 
annual turnover of £140m. 



Volkswagen Golf 


■ Our exclusive Volkswagen and Audi franchise 
in the. UK had a successful year with sales of 
54,000 units. We will benefit from better supplies in 
1978, and from the completion of our new £7.7m 
computerised central parts depot at Milton 
Keynes. 


-'Tv ■' ;T' - A*; y - T\ Ty, 3 

■fe ll 


Picking tea in Africa 

■ Lonrho has tea estates in Malawi and East 
Africa, where total production exceeded 4.5 million 
kilogrammes. Most of the tea the company grows 
is sold on the London market, and subsequently 
blended for tea bags. 

■ Beef ranching is undertaken over approximately 
1.5m. acres, with a total herd of 100,000 head of 
cattle. The year was fair with average calving rate, 
and 20,000 head were sold, to bring results very 
similar to last year's. 

B-Ashe & Nephew shops, which sell wines, 
spirits and beers in the north of England, made a 
significant contribution to United Kingdom profits, 
whilst increasing turnover to over £21 m through 
221 outlets, 

B For many years Lonrho was listed as a mining 
house. Although our mining operations have not 
physically reduced in size, the profit contribution 
has been overshadowed by the extension of our 
other activities. This year mining and extraction 
provided us with £10.96m. The improvement was 
particularly due to increased revenue from coal, 
anthracite and asbestos operations. The company 
produced 14,000 kilogrammes of gold, 5,500 kilo¬ 
grammes of silver and 3,850 kilogrammes of plat¬ 
inum group metals. 


Analysis of PVofit beforetaxand central finance charges 


year ended 30 September, 1977 


Agricultural equipment 
machinery and motors • 
£21-63m. 

Wines, spirits , 

and beers- — 11 £ 

£2-34m. r~m 

Hotels I® 

£0-5 5m.- l 

Textiles 1' 

£3-14m.- 1 


Export confirming 
finance property 
and insurance 
£27*47m. 


Printing and publishing 
£0-93m. 

:--Mining 

Bk £10-96m. 


Agriculture 

£14-06m. 




law 


VtV * i v i ■ «* ■ ™ ^‘-"1 




The London Metropola Hotel 

■ During the year we bought all the share capital 
of A.V.P. Industries, a flourishing group which 
includes the important Metropole Hotel Group, 
consisting of five hotels in London, Brighton and 
Birmingham. The Birmingham hotel facilities in¬ 
clude the largest modern hotel conference centre in 
Great Britain. 

■ Brentford Nylons' main factory at Cramilngton 
was one of the United Kingdom businesses which 
was streamlined this year. An improved range of 
household textiles is now being manufactured. 
We have reinforced our technical management at 
Cramlington with a re-training programme. 

The sixty-ninth Annual General Meeting of Lonrho 
Limited will be held at the Great Room,, Grosvenor 
House, Park Lane, London, W.l. on Tuesday 7th 
March 1978, at 12 noon. 

Copies of the full Report and Accounts are avail¬ 
able from the Secretary. Lonrho Limited, 138 
Cheapside, London, EC2V 6BL . 


Funds employed £ millfi 



61 62 S3 S4 65 SB 57 68 63 70 71 72 73 74 75 76 77 


General trade 
-£5-91m. 

Engineering and 
Manufacturing 
-£10* 74m, 


Total £97-73m. 




Lonrho Limited, 138 Cheapside, London EC2V 6BL 

























The Winterbottom Trust Ltd. 


Summary of Results for year 10 30th \g\emher 
Total -Vet Assets at Market Value . 


1977 

£14,219,354 


1976 

£13.280,000 


Ordinary Shares: 

Asset Value . 

Earnings . 

Dividend . 

Geographical Distribution of In\eslmenfs 


250.4p 

4.71p 

4.60p 


Equities: United Kingdom . 

United States . 

Japan . 

Europe . 

Australia . 

Other Countries . 

Total Equities . 

Fixed interest Stocks .:. 

Deposits less Current iiabiiities . 


Summary of Siatement by the Chairman, 
Mr. S. A. Field. 


0 Earnings per share have risen hy 
26 n n and ihe Board re'-nmnienil an in¬ 
crease in total dividend Trum 3.75p t«* 
4.6Ci«. 


O Tho substantial increase* in equity 
and fived interest prices in the l : .K. were 
to h cons-ideranie extent offset hy a fail 
in the U S. market increased by adverse 
currency movements- The asset value 
rose by 16°T,. 


9 The change', in the distribution of 
the portfolio were «-aused primarily hy 
market movements hut we reduced the 
proportion in Japan from S"o to 1 * 'Vi due 

10 the high values currently placed on 
Jaoanese shares. 


economy during the past year Inflation 
has been reduced, the balance of pay¬ 
ments and the Pound have improved and 
real disposable incomes are expected to 
rise this year. However, industrial -pro¬ 
duction is still static and unemployment, 
remains high. The current outlook for 
profits is extremely uncertain. 

The U.S. market has been very 
disappointing. The economy has made 
good progress lull the weakness of the 
Dollar has undermined confidence. Many 
U.S- stocks appear atiraclively valued and 
we retain a substantial proportion of 
funds there. 


9 There has been a considerable im¬ 
provement m some aspects of the U.K. 


9 Two large investment trust companies 
have recently been taken over at a dis¬ 
count to full asset value by national>sed 
industry pension funds. The simplicity of 
buy inn' ready-made portfolios should 
justify a premium price over asset value 
rarher than a discount. 


■ •” - Copiers of the Annual'Repc 

• ;V- - " ?'*" 

> '.rA . fk • a ■ • ■£?+■*£. 


Report may be obtained from 


Baillie,Gifford&Go. 


m>< ; . _ __ 7 

t. 3 Glenfrnfas Street ^Edinburqh.EHS (yYY ; 


AAR0NS0N BROS. LIMITED 




STATEMENT OF TRADING RESULTS 


Year ended 30th September, (977 (Subject to Final Audit) 


Group Sales 
Trading Profits 

Shares of Profits of Associated Company 


1977 

£’000 

27.612 

2.79.5 

44 


1876 

£000 

21.570 

2.338 

21 


Profit before Taxation 
Taxation 


2,839 

(99) 


2.359 

ISO) 


Profit after Taxation 

Interests in Minority Shareholders 


2.938 

369 


2.439 
2 IS 


Profit for the Year attributable to the Group 


2.569 


Dividends Paid and Proposed— 
Preference Capital 
Ordinary Capital 


Earnings per Ordinary' lOp Share—Fully Diluted 


The Directors are pleased to 
announce another satisfactory 
increase in your Group's profits for 
the year ending 30th September 
19/7. The Group Profits before tax¬ 
ation were £2.S39.000 (1976: 

£2.359,000) which represents an 
increase of approximately 20°,', over 
the previous year. 

These results were achieved in spite 
of the extremely difficult trading 
conditions experienced during the 
latter part of the year. Turnover 
increased to £27.612.000 (1976: 

£21.570,000). This increase was 
mainly due to greater output 
achieved by your Group’s factories 
and as a direct result of the major 
capital expenditure programme 
undertaken by your Group over the 
last few years.* Exports were also 
higher at £6.2S6.000 (1976: 

£4,594.000), an increase of approxi¬ 
mately 37%. 

The Directors propose recommend¬ 


ing the maximum permitted pay¬ 
ment for the final dividend of 
1.38158p per Ordinary Share mak- 


interim dividend 


already paid, a total of 1.97158p per 
Ordinary Share (1976: 1.76519p per 
share) absorbing £382.933 (1976: 
£342.847). 


Subject to confirmation of the divi¬ 
dend at the Annual General Meeting 
to be held on Thursday, 30th March 
197$. dividend warrants will be 
posted 3rd April 1978. for payment 
on 4th April 1978, to all shareholders 
on the register at the close of busi¬ 
ness on 1st March 1978. 


Although trading conditions at the 
beginning of the current financial 
year were still difficult, we are 
pleased to report that they have sub¬ 
sequently improved, and subject to 
current trading conditions continu¬ 
ing. j-our Board are confident of a 
satisfactory outcome for the current 
year. 


• LONRHO REPORT 


imv - -s 7 


Expansion in U.K.... 


i AKA • jtI AaI " ; - ■ I & 


CONSIDERABLE expansion was 
made by Lonrbo in the U.K. 
during 1976-x. By ypar end the 
nel asset value of interests in the 
region totalled more than £l(irtm_ 
and the contribution to group 
profit at the pre-tax level 
advanced by £6.9 lm. to £ii25m, 


present intention of issuing any Southern .Africa £118-09 (£113.86) 
nf these shares or the 4.31m snii and £53.13 t£ 16.04): and Europe 
held in reserve, Mr. Rowland and other regions £97.38 (£91.93 > 
points oul and £2.73 (£4.60).. 


In addition £4lm. was spent on 
a "strategic” holding of J'J-SS 
ppr cent, in the House of Fraser. 
Also 29.24 per cent, of Scottish 
and Universal Investments, which 
holds a further 10.29 per cent 
interest in House of Fraser, was 
among the important acquisitions 
during the year, Mr. Tiny Row¬ 
lands. the chief executive* stales 
in 1:'? annual review. 


At January -L LOTS. Gulf The engineering division, which 
Fisheries held 40.47tr:. Ordinary now comprises 16 operation corn- 
shares. panies and 25 manufacturing sites 

Net liquid funds at September in the I.K.. sold a 19 P?£ = ce i nt? 
30. were down £23JKm. t£!02Sm.l stake in Newman Industries at a 
and bank loans, overdrafts and profit during the year, 
bill advances were up from exclusive U.K. Volkswagen 

£127.54112. to £149.93m. and Audi franchise had a success¬ 

es oitai commitments amounted fut vear with sales of 54.000 units 
to £50.93m. (£o.09m.) and a fur- and’will benefit trnm better sup^ 
ther £12.74m. (£19.22 m. > had been piles in I97S and from thfe corn- 
authorised but not contracted. pleiioo of a £7.7m. computerised 
An analysis of turnover and. central parts depot:,ai MiR&ri 
profit by activity shows, with £ms. Keynes. 

omitted: agricultural equipment, The coup's agriculture division 1 


LON’RHO, the conglomerate syith 
interests in Africa-: Britain . and 
elsewhere 'Which Is nrir'; hy Mr. 
Tony Rowland. 1 ; if planning to 
buy! the half-share it does, not 
already own in the NyaBChere: 
.Copper company.iiRhodesia..' 


cent - sharebciding •'.*(». Ny* 
chere) not already ‘held fiy 

group." v»- s -: 


’■"The 50 per cent interest ip 
Nyaschere which - Xipnrho ■ en¬ 
visages taking over is. jointly 
owned by Mr.. Rowland, Hr. Alan 
Ball, Lonrho's deputy t^ijrman. 
and Mr. Angus Ogilyy'.; Princess 
Alexandra's husband, ,whQ'.. was 
formerly a Lonrho. director. - ■. _ 



In the last 25 years, earnings per share have 
grown by 191% p r a. compound. 


Our employed capital is still rapidly expanding 
and capacity to absorb extra business is high. 


Our technical involvement with plastics, inside 
and outside the building industry, will benefit 
us for many years to come. . 


Our properties over the world, now 55% of ; 
fixed assets, are readily realisable and 
considerably strengthen our asset backing. 


Cover for our ordinary dividend is more than 
adequate, allowing scope for higher 
distributions. 


The AnnuaI Report. Mar/ey News and Employees Report are available from 
The Secretary. Marley Limited, Riverhead. Sevenoaks. Kent. 


In the light or independent 
legal and orher expert advice the 
directors have decided that the 
most satisfactory solution to the 
complex position - orer the share 
capital of N'yascftere Copper 
(Private) is for the grnun to 
acouire the 50 per cent; interest 
it does not already own. he says. 

„ Revised results Tor the year to 
September 30, 19* i. show taxable 
profit lower at £90.Wm. I £93 37m. I 
on iota) groun sales or £ 1 . 2 fibn. 
tfl.QSbn.). This represents an 
improvement on the figure- re¬ 
ported on December 21. 

The net total dividend is vflec- 
liiely raised to G.5512p (4.!<ti3p 
adjusted for scrip issue). 

in order to retain flexibility for 
fui ure issue, should the occasion 
arise, the directors are proposing 
to increase the Ordinary c.ipiia! 
from EoOm. to £62.5m. by the itch- 
tion of :in additional" 50m. 25p 
shares. However, they have no 


machinery and motors £423.97 has i nv -rted to manage a 


(I1S6.47) and £27.47 (£15.33 y. gen- r. , 

_*_MAI AA INM1 WWht. 


eral trade £204.32 (£23153) and 
£5.91 (£12.61); engineering and 


The group has also undertaken 


. . Arrangements V' by , which 
Lonrho had presided funds -to 
■finance Nyaschere were criticised 
as unduly favourable by the two 
Department of Trade Inspectors 
who reported bb Lonrho. in i976. 


manUrturiAi* iSpe ****?%« 

and £10.74 (£ 10 . 6 - 1 ); textiles £61.04 bemj^ deteloped ^ 

(£42.5S) and £3.14 f£6.S3i: mining owned br S)*. 


and* extract ion £00.22 i £33.76)'and a ? d n -J i ®*^ r a '/‘S- 

£T0.M (£S.83i: agriculture £5355 holding .■» per cenr. of the equity. 


The inspiectors - icriticised Mr. 
Ririvlahd; Mr. Ball -and’ Mr. 
Ogilvy in connection 1 with Nyas- 
chere. ’ ’ • ■ - - i 


The -report, .also.. states aS 
throughout.' the jiast ; 'yeir:-^ 
share tapitaf of Nyascheiy;^ 
indirectly held as to 50; per eed 
by the Lonrho group, and ^3 
50 per cent by a iubsidujyfy 
a company- controlfed . as. r Jot , 5 
per tent by Mr., Rowland 
per.-ceat.- by family; 

Mf. Ball,' and aSttflQ 'per•- 
hy famiJy 'trustees-orMr. 

; It adds that' Nyasehere^g. 
been financed by Total cur« 
loans, from the group smog 
-as at- September 30,. 
epd .of Lonrho's 'last finadlg" 
year), these amoanted to £4.88m 
compared >ith: aS 

earlier.:.- 4 .. • -*■ 


1156.52» and £14.06 (£14.61 1 : 

wines', spirits and beers £56 57 


The improved contribution from 
mining Was due. particularly, to 


(£4052) and £2.34 {£1.37 1 : prim- the increased revenue from coal, 
ins and publishing £14.62 (£inPHl anthracite and asbestos operation*.. 


and £0.93 i£l!bl): and hotel £5.03 In the north of Eneland Ashe 
£2 611 and £0.55 f£0-37i: :e?s and Nephew ofT-licence shops 
enrrai finance charges of £7 >4 made a significant addition to.U.K,. 
£4.G1 ) profits , and raised sales to over-- 


central 
(£4.611 


They also said It was their 
view that Mr. Rowland, and, Mr, 
Ball should not in future. as ; in 
the- past, have the same legal 
advisers on this subject, as" the 
Laurho group. . . -1 


Sales and profit broken down £2Lm. through its 221 outlets: 


according to region shows: U.K. Further improvement in. sales 
£50312 " i £342.42 j and £2135 by the printing and punlishmg 
1 04.34 >: Wes I Africa £314.15 division took place overseas, par - -- 1 


(£318 371 and £20.44 (£33.03): East ticidarly in book produciion. 


Centrai 


Meeting. Grosvenor House. W.,‘ 


i£217.i>4t and £30.62 t£25-38); on March 7 at noon. 


In their annual ’ report - , .'just • 
published, die Lonrho directors 
say: “ In the light or independent 
legal and other expert advice, it. 
□pw appears that the most satis- 
factory solution would be for the- 
conipany to acquire the..50 per 


;. Iftterest ., an. -therrlloais^l 
chars^drat 1 perpait' 
local prime lending iate..-.;T7? 

Tfaes±:\oairia. ro.Nyasctere'^ 
been -rising for some lane, 
at the jend $f Septemher^^ 
they ' r were only' £2.43ni < -tig 
year's -'Lonifiqirepbct'-said^BR' 
the; increase in.'fiie'Iflati accdtit 
:ltL_I67S-76.. bad ;'heeiiJ..cahse<frS 
Ibw’copper pricM; ]~T- . 

_ jifoV com merit . was aygl^ 
from Lbnrbo,last night as tb jfc 
terms oh iwhich, the reniait^ 
SO per T cwt of Nyasdiere nifg. 
beJipttght -JS: 


■iSe.Xex 


• •■’-s' ' 1ft 


Takeovers increase in 1977 


-7S?^;NW 


BY JAME5 BARTHOLOMEW PROSPECTS OF building products,. tbcreTore^^ : j ««• 

1 group Marley are. brighter for the ; - Th c year |ttst 'eode^qn Octbbe 

, current year than at (he .same 31,-IBi • 'resmted 1 In pre-tax profit ■ 
IN 10i«. the number of company value from £273m. to £205m. How- 30, 1377 a XtO.ftOO loss arose from time last year, directors say in. down fronr^aTAldL” 10 -I1530J 
acquisitions rose to the highest ever, the fourth quarter is usually this and together with losses.of repor t to^ employees. - Inflation adjusted./fisures shA■ 


acquisitions rose to the hivhest ever, the fourth 


.figures sho\ 


level since 1974 and their value weaker than the third because £242.000 on the closing of For-- They say the Government needs pre-tax profir-at'iHiiiiri. - after a) 
was greater than at any time many bids finalised then are ward purchase contracts on the. £( j gj ve more encouragerirent 1 o.additiofiatJ3'^3b i .C. chargq-■ /Je 


Record year 
for J. C. 
Bamford 


was greater than at any time many bids finalised then are ward purchase contracts on me. £( j »j ve more encouragerirent lo.addttioaat^J3'^3n i .-Jchargq-fa 
since 1D73. However the fourih started in the slack summer Metal Exchange resulted in a pre- building . industry - and local maieriali-iwed^and;£0^2m; ‘tnejl 
quarter figures were slightly months. TTie Tourth quarter is tax downturn from a P r °hf °f authorities require more funds.- tof.- deprCdatJarx'Tbeise".eJcf 
down on the previous three well up on the same period a year £13LWX) to a deficit of £204.000. --indications are that private enter- 1 amounts lii ji'ileen ■ TeSocerf?!^ 
months according to Government before when only 72 companies The deficit of £329,000. previ- prise building is showing signs .pec Cem. .by tijtf'jjflefarlng -adjasi ^ 
statistics released yesterday. were acquired for £154ra. ously reported for the year to of revival. . i. .merit,>' .1'/-' '-‘.y 

The toiai numher or araui«i- March 31, 1977 included a provi- . And recent cuts in personal")** .Martey:;i6; dctirely - -researcffittirt 

tions in 1977 was 482 cornua-ed D sion for losses sustained on for- and other favourable , 

with 353 in 1976 But^'his l\.0COrCl VCSIT ward Metal Exchange purchase such as the reduction in th®^mfla-'.jUiS. Jsri^jSouthJ..America- - --WlTi 

recovorv «;H 1 J rails well *hor:’ of « — —, w contracts maturing between tion ratc have .tended tQ lpi>rease ^lshet‘ »y5^pi^Js’ l goedjM)terii»*T 

the actiVitv in 1072 ard 1973 when fflT T I March 31 ana the announcement consumer spending, wbidj^wOl be.'abFoad,:iiai’.^Lr?ceatly.deveI(i|^3C 

fte figure mire than i&S 1UF of the results. . of advantage 

in both ca'es Vmilarlv the totul Dnmfm-4 AU transactions of this nature current year. . 7':" and:, ppmst^e::products. #1.. 

value of ih“ acauNition- at oSlIllIOrCl nave now been accounted Tor m. . Mr. O. A. Aisher..<-hairmabZrin wQL be-taking-advantage ofT» ■ 

cch! i s ,.n on ihp ~ 1976 , . full and no forward purchase his. report with accounts says that t« 5 cIuiiq^, < S^s:.iB 4 .tiiese fielcbri • 

fie ure' of wn» P but nLiu bv bi afford--h i re-oased earthmovirc positions have been taken on the looking to the future the 'mdstqrerwtslaiarkets'ilrilthe mf . 

enmnari«an'“wiih i«&“ ^ when the owchmeo - manufacturers J. C Metal Exchange subsequent- to important point to maker ^: ; . l - 

StJi P Mn*VnSin W ™ r-i 5"im BamfoPd Excavators -old a record March 31. 19//. - the growing - /evef .^f -capital -- iq.st year's emphasis on spenA 

total coil.,a. ration was, —jaim. rs 4 m .. A . 0r th 0 f equipment world- bales for tne first half year fell etn pj 0 yed needs a: ^Ur^'vpiume ins'ferge.spms to. promote'a$ 

The u*e of ordinary rhare- in wide in 1977. which was a 29 per from £ 10 .7m. to £S-97m. and the which has yet'-to come. “ OUrl nianiifactufe,-’a ■■widening range/.af 

expenditure on iakeoiers shewed cent, increase over the previous directors report that general trad- capacity-to absorb add!ttonal busi- new plastic - products is cof 

some recovery in 1977. Share year, despite fierce competition ing for the period was conducted ness without undue extra cost.is titiulhg; . 

issues accounted for 36.4 per cent, and no growth in the construction against a background of a low • ; 

of the value of acquisitions in industry generall;.. says Mr. G. level of demand and a steady:de- ,-. -v - \^ ; 1 

1977 compared with 27.7 pur cent. Johnston, the chief executive. dine in commodity prices, which T , • v* - rt-a ..*. , .-«f. 

in 1B76. This may relief! the Exports for the year were at a has continued unabated up tathe j §-£ | OCCPlC SITI *T I till .?• 

greater buoyancy of the equity - peak, accounting for 63 per ceni. present time. . • -.tAB#. A-fiXAlerT-- ■- * • • - r-i - -' 

market in 1977. But the pru...n- of turnover i59 per cent.), but There was no dividend income _ . J 


full and no forward purchase his.report with.accounts.saysi,that. tedMJiMl. t skil3s:)n.:.these.fields 

nAcitinne ksva Knon talcnn An Hw i _i.:_ _ .W-'- ■_ 


There was no dividend income 


ess without uhdue extra cqs!_is :ttnulhg. \ : - L 

LBI assets up £1 bn. 1 : 


years to 1972 but have continu- f or , a rword turnover of £105m. 

ously declined in importance 111 current year. 

since. 


The increasing use of cash in 
takeovers has reflected the 
diminishing roie of equities and 
fixed interest. But in 1977, cash 
fell from 70.7 per cent- to 62.fi per 
cent, of the consideration because 
of the partial recovery in the use 
I uf ordinary shares. 

Another contrast between 1977 
and 1976 is that major acquisitions 


S. W. Wood 
loss is £0.2m. 
at halftime 


creased rather more rapidly: cash f 0 £ expansion .of Jen ding-: , 

JF? %f C AI RY and . l ^ D1 j-Tands amounted '.;;Jvith'the decTTne ih the value* p" 

3ALt3 Dl t0 £U6bn. _at. the year-end,', a $.gfertirtg- : ripparentiy •. halted, , 

\ATWKT ITTNIIT against JEjWom., while term de* problem •’•of" . balance; shea. - - 

A X IYE3I. Ul’d 1 posits .vritb banks - and .othpr.^ adequaorisiJm lorigdr^js.pressHfc.,. 

The new National Westminster 5fSh!? 0,us r °s e • as pnee It ytas: neyenheless, - / ; - 

unit trust, the Universal Fund. ^84m. to xlJtzpn, . .. directors have: decided.to ret^: 

launched on January 26, has Changes in ' exchange . .rates- -an last yearis proGts with 
achieied sales of £2m. in the first during the year make the figures to helpingfttritl the expansion.*"* - 

two weeks of the offer. difficult to -interpret. But chair- LBL — 


Profits arising from normal 


increased in number much more J.f a ding activities of S. \\. Wood 
markedly than minor ones. Take- .“ U P. during the current year 
overs and mergers worth in R ore t ? ian °“ se? by 

excess of £jm. more char? doubled "W-WO of losses incurred on the 
from IS to 38. while those worth disposal of Tyseley Metals, say 
less than £5m. rose by a third. d,rec t° rs - 
from 335 in 444. Operations at Tyseley are now 

In the fourth quarter of 1977, being brought xo an end and nego- 
fhe level of takeo\er activity nations for the sale of the pre- 
declined slightly. The number of rnises have reached an advanced 
acquisitions feil from 144 in the stage. 

third quarter to 126 and their In the six months to September 


MONEY MARKET 



Interest rates decline 


Noble Grossart confident 
as profits exceed £lm. 


acquisitions 5 fin frnnf SIS? reaclj ed an advanced Bank of EngIand Minimum be rather less alarming than this surpri^carried-ove^m■ 

hiri Sr L S j ,u ■ v Lending Rate 6i per cent. week’s banking figurt* suggested, day. ^ surplus ofjunds^ 

tnird quarter to 1.6 and their In the six months to September (since January B, 1978) Indications from the; ChanceL- only partiy absorbed; by:the Bao^ 

c ,u„ , lor of tiie Exchequer that, the of England,- .through*sales 

■jk-r i j jr-y sentiment m the London money f a rtficomlxis Budget will not be.as;-smaH amount - of Treasury bills tjk. .• 

■ irTflCCOrf nAllTBrlAnf market has now been completely inflationary- ak mair have been the hqdses. - : . 

1 nI t/H/lC VJI gJoofill 1 dllll 8 Ilf 1 111 reversed, and after a period when feared.. also helped- conditions, ' r A slight -nettake-up 

a sharp rise in Bank of England with all these factors' - adding up bills was-against the marketT^ 
no nr/>Tlfr AVAAAil i*1 v,- Minimum Lending Rate was gen- to ah exceptional day for .sales terdqy, hut this- was qnftW9- 

ao uruilis CXLCCfl 3Lim. eraI y expected, it can now be of gilt-edged stock, and an easing by airplus^batences^irou^t_fotj - 

t ^^ WX111# assumed that MLR will remain at of interest rates in generaL . ward .by :,ihe-banks/ .a slight ex 

AFTER PAYING deposit interest banking books. With failing 6t per cent, at to-day’s Treasury Discount'houses buying.rates for cesspFpqveimmeattusbursetnwj^ 
of £ 1.32m.. against I1.97ra. P interest rales the resultant reduc- bill tender. Nervousness about the three-month Treasury bilis are no over reyenue" paymCTts to 
Edmburch-based merchani lion in income had to be made up labour situation has been longer above thei .trigger point’for-Exchequer; and-a shgnt fail in uts 

bankers Noble Grossart achieved elsewhere. drastically changed by the a rise in MLR- . . ." note circulation. " V , 

growth in taxable earnings from Development of new opportuni- miners'decision to accept a wage The authorities success .-In sell- -.‘Discount- houses P®^' - =55; 

£685.432 io a record £l.nim. for lies in oil and gas related activi- settlement within the Govern- ing :gilt-edged slock is expected' cent,for;secured tall-foaps- wj ™-. 
the year to January 31, 197S. ties continued both in the UK cent’s guidelines, while the to corifribute. towards a probable stflrt, Jbut.dosiag i^Iance^A*^; > 
From the company’s strong and overseas. The managed com- money supply figures to be pub- shortage of credit to-day. but .the iribre than plentiful at wi.-ie.,, 
foundation.' the directors look for- panies. Piet, Caber, and North lished next week are,expected to situation should be helped by arCeat: ; . . % ; 

i^ard w irh confidence fnr the Sea Assets, are now strongly " ■' * • J ~ 

coming year. Mr. Ansus Grossart. represented in the North Sea. bieninx I U*. . IWn Auitil Fumnte i ; - ' . - I.DocwiM iV; :--" •( Eietjltfe L.. 


ihc managing director, tells N'nblc Grossart Investments, in' FeKB , c«niiK*i 
members. which the company has an equity l9 *' «f***|mMi* 

At year end lnwns made by the inierest. had a successful year. _ 

company amounted to £14.66m. There was a major profitable sale ao>veu>!rii«;j — 

(£J4..?9m.) including £8rft. of XGTs interest in Century TuaVa-v 
il7.78m.* loans up to seven days Aluminium. Other investments notice...' — 
to banks and financial institutions, moved well and several are now «»neni*«in—“J*. 
Deposit and current accounts earning profit of around £0.5m. a 6^ eS 

stood at £lS.02m. f£17.7Sm.). year, and in the last few weeks sis mmiiin,....! 7.i ? 

The company, which is un- the directors have moved towards .vinenirmth....! 7A-7«b 

quoted. paid dividends on completion of several new invest- ‘Jneyw. ^-7* 

Ordinary £1 shares totalling mentis. Thev see this as an area Ttr ''. 1 

£57.705 (£50.510). Tax took of profitable and expanding 

£470.000 (£446.000) and retained activity. rateWnliffl?un< ^ 

profit emerged higher at £479.093, ibtt-tk 1976-rr j^lo arc buyina rates f 

against £382.852. ■ - 1 per ceni. 


Cmiftmif : Interbsnh J A in In u-tn l neuoiiabt*- 1 


■ EinunL* I-" ’ ' ’ ■ ' W HllgWr f•_j 

Bihiw Co'mpuv^Vmarkca'.ri-ieMtmrj-1: bank. jEw 

DetmsUK' 1. Defirnlu i riepwl!" I BUI*# j. Bil?*4 > i B 11 - 1 **- •• j 


6™ 612 , 6;i 71* i • 6IJ-7 


- esn-eie.' 

• 7 6Sg 


i osb ".7&b 77»; - •. —_ c. i. . ' . 

"7j7j • a.;• v. v 1- - 






There has been a continuing ppiwsiT'Inicrca 1 ™*., 


exnansion and strengthening of nircriora' fri-s . 

the company's client base with a Auditors' r-^s . . 

large part of the growth coming prvlit 

from outside Scotland, pan icularly %•,.i pm flr 
from London where the bankers prererenn* 'i«vin?n<J9 
now advice a number of major Ordinary dindends 

companies. Keiainwl . 

The corporate finance business 
had a good year and was very • 

active in the. last few months. Midway rise 

This refiecied the more positive * 

approach being adopted by most 

U.K. companies and relative al W KI21I1S 
strength or Ihc capital market. 

Mr. Grossart says. Pre-tax ornfir 


p a “ ^oeal auihorines and flnanre house* w?vfn days’ notiw, otherej-seven''■cftiTS’-fix^dr: TLWRfir^era); '. 

raw. nominally ifire* years 104-ifli tier ceni.: raor'yrarfi -WWW i«r ■■tehw'Jse Jears'.ltWl Mt-cen,- 
ipi.-tr i»76-ii are buy m 2 rates Tor prime paper.. Biu-uik rates for, faurimoiufi ■. bank; bills. STSsa-Si : per caiti: feiiMpmli-patSe ^ . 

, 3 -H Appnwimaw wlllop rate for nne-momti treaaory'=WUs ■ w per -- - 
1 oc'oii 1 m ™4 - ’ 1 ' sec cent. Aporoxtmate sellinp rate for une-moolh bank bilL S u i* - p<r. ceaf.: iwo-rtmntb St^-Wih -per' ttM.!--apd.ii*jg-'-a 

I'll mw,!h P” 1 t * nl - ‘ine-moruh trade bills B-6f por, «nt-: ttrt-mwitli pee ««.i. BddvBh^.djrw-tp«th;eMLP«f^^Si '■ 
1 Finance House Base Rates ipoMiahed bv the Kioepee Hflmws Assovnitan k. s per- ?ent favr^ Brhraarj. r. I978T- aaartM-«»%; 


f ___ 'innnifliivu llir- r lUB^r- mnimo .'1AQHL|UU>V1>^ ■ 1^1 CCifV lUMl* miMli 7. I. —— —rtf. ' ^ 

if?; - !" Ikumtx Rales Hot mall days 1 uoHctl) 3 . * 

t.nmo 44fi BOfl Airrjir lerul^r rates of ctlsrnun? 5BJ7S _ p«r cent 1 - - •' sV- -"'. ■ -i ri 

*42 4t! [ ■- • -A| .. 

s>144 firtTol - i:r-.;.-.r^.-t-.. 


4TB «tt 


, , .. Pre-tax profit of Wiggins Con- 

The spread of the company s struct rose from £106,196 to 
advisory work was wider than in £141,066 in the sis months to Sep- 
previous years with hnancings tember 30, 1977. 
and placines being as important ift er tax of £73 354 


This Advertisement is issued in mmjdibtoce with ike regtweme#s'$ite \ ‘ 

•. • - {The Stock Exchange. \ - J j.*: /> S ': : i '■] ^- J 

s. 


part of total 
advisory work 


income 
is now 


(£50.974). The interim dividend 


™'°ZZ n wu, :_'; r ™ 3 is ahead from «.7375p net per 10p 

recurring or predictable nature. ghare , 0 077n ^ 

Bankings margins were mam- oS046n final naid nn Lb, 
tained during a period when ihe- vvas pa,d °° profiu 

whole banking rector was very ’ 

liquid and there was a limited TU _ mr\ r» 
demand for money. Acceptance I ilk UUUD 


wnoic banking rector was very 
liquid and there was a limited 
demand for money. Acceptance 
credit _ business expanded and 
there is good scope to increase 
ihis in 197S 79. Mr. Grosssm 
comments. 


£13,273,000,10| per cent 'i^afCly,^o»wij[|bfe'X^E^e»sr^>]E^ ■ ‘ .^j.;• ? ; 

1993/98 in amneptipn wift fc acqni^ti^6f \ '.. cf ;' ; 

' Madame yr : ^-'J ■ ’'■■ •• 

The above.Stock has been; a&jtted ; ^1- 

The Stock Exchange, ' ; '-^ r ^ ^ \ “a -' 


MERGER GUIDE 


Particulars of the Stock 


service;^;; 


A negative was omitted from 


The leasing market was highly yesterday’s News Analysis on the 
competitive but some shorter Office of Fair Trading's new book- 
lerm cnuu-acLs- were written at lei on mergers. The article should 
natisfaciorj rates. have made dear lhal the OFT 

The company remained very insists that there is no presump- 
liquid and most free resources tion that mergers are bad in 
were held in liquid form in its themselves. 


LAZARD BROTHERS & ‘ 

21 Moorfields,' '• -‘32 -TdRdr^^yacd,^ri _ T . ^ .- 

loadotv I p - :.V." 


■ - •• - •■••• : A' -'iX^sL-u'-. : . ■ 





















21 


; 1978 



arora lifuys 24% stake 



• v •-.•-• 



■ SHEFFIELD special tcoiS 
:. ; *T eamef aligfir. yesterday 

-he news feat Aarara HoW' 
•» Ass bo&bt- Johasbaaiid 
Brown’^19.1 per'cent, stake 
sol steffi and engineering 
Samtfl Osborn. ' Aurora 
. also bfen buying Osborn 
■« in' Jte market and with 

• ‘.FB s»e now holds 34J per: 

of Orforn. ".v . . 1 

■ (orneAas been the target of ■ 
ilatios-concerning a new bid' 
sincqits talks with the Weir 
? foundered in latb Novem- 
•■■■.. . T|pre have also, been 
"*•' jirsfor some time that JFB' 
. -./l wefe to sell its state-since 
.. ■« An likely to raakei-a'fult-- 
: ad for Osborn Itself. 

■ *p(kesma n for JFB said yes*, 
w that in so; doing it in-. 

.4 the income from its 
■finent by 25 per cent. 

: as shares were also more 
table than Osborn's, had 

question now' is what 
: a intends to do with- Its 
Aurora Is a fast growing 
tering business whose profits 
- , "isen from £400,000 to £2.4m. 

. - past lour years. Its chair- 
. .- Mr. Robert Atkinson, has 
that he has set his sights 
'ofits of 110 m. in Lhc neat 
: 2 ars and that this win come 
- Jly through an aggressive 

• .-ition policy. 

-:erday, however, he refused 
whether there was any in-" 
; £in of making a bid for 
*n. "I have no plans,” he 
“We have taken these 
as an Investment- and we 
to develop a good relation- 
■ith Osborn.” 

s not yet clear whether 
a will get-a seat on Osborn's 
L r JFD - did not have - one 
-lr. B. E. Cotton, chairman 
-- torn, said yesterday that the 
1 r had not yet been dLs- 
-“We only heard about the 
i'.it mid-day, - he said. Mr. 

7 » did stress, however, that 
.. .--nurd Osborn still want 
.-..oup iffi remain independent. 

:..'. terms of ihe JFB sale value 

• •.'nV 'hares at '"Up which com- 
.with a market value yes-' 

: of Kip. 


BOARD MEETINGS 

fifltewtas eWulh taw noitflwi 
dares of Brant meeds* to the St-.** 
■ fixm a n a r . «aefa meeuag. arc r&uuLj* 
Wd tor'the purpose of considering divi¬ 
dends- Official tndtraums are boi avail- 
tNe'whether titvttrods wbcctmo are 
tawrtew.cr finals- and the snim**<s('>iv, 
sbW» below are based- nramiy on in-t 
y ea r ' s ' timetable. 

xq-tur. - 

tow r ii Bf - C nsmaigle • Btapotactarios. 

Ellfl<£ • 

- - : FUTURE DATES 

. n 

James fcj<*n> ..._^_ Feh. is 

Jtrrts (3.1 - ...Mur. » 

FalmorsMM. Investment Tim ... Feb. >3 
ThrocuMtaa Steered Gmsth Tst Feb. ut 
umied-koaj Property-Trust .... Feb. 15 
Fkab-t- 

Bath amt PnnlanU Feb. 1 $ 

Drake and ScuB Feb. H 

Ptidm Property Mar. 9 

Ranaons.'Snn and JtfftrtW Feb. 2? 
Teaman timsmea Trtar ....„ Feb. 15 


SGB Group 
hopes for 
improvement 

Sir. Edgar Beck,~ chairman of 
SGB Group hopes that the worst 
of the budding ’ recession js over 
and-that the group’s good results 
of 2976-77 will continue with 
farther growth in the current 
year. 

. He says in his statement with 
accounts that the overall progress 
of the group depends on more 
stable and improving trade in the 
construction industry* There are 
a blunter of overseas territories 
where substantia) improvements 
In profits could be made.if politi¬ 
cal and'economic factors change 
for the better. . 

In the year to September 24, 
19ii. pre-tax. profit of .SGB . lifted 
front £5.Tlm. to £B.25m. 'In a mix¬ 
ture of the “Hyde” guidelines and 
ED 18 on inflation . accounting. 
SGR's current cost trading profit 
emerges down, from £&25m. to 
£ 5 . 2 tim., but after including a nel 
surplus on Lbe revaluation, of 
assefe. profit climb* .lo 17.3m. 


DEBORAH 

SERVICES LIMITED 

(The group provides'a specialist scaffolding and. 
insulation service primarily used, in process . 
plant maintenance programmes.) . - ■. y. • 


bn 


Six months ended 
30 September 
Revenue ... 

Profit beforetaxation 


INTERIM RESULTS 
1977 :: 


1976 


£4,400,000 £3,150,00$ 
£510,000 £340,000; 


Points front the statement by the , 

. Chairman Mr. A. L Britton. V 

• Successful half year. Revenue np 40%, 

Profit up50%.-. -;/ 

• An Interim-dividend of 2p ^ross (1.32piiet) 

on the increased share capital will b&pay- 
able on 20 Mafch 1978. . / 

• Excellent performance by Scaffolding and 

Insulation Djvlslons. ' .../. 

• Outlook for second half of the financial year 


encouraging. 


if 



The Company’s shams w» traded on The Overi/n-Counter market. 
Details of this market together with the interim Statement are 
>variable turn the'$atxelary t 'Dat}Qtah^S*rvia&rUBUxbd, tOSouttr 
Parade,mketietd. Yorkshire. 7»tepS5w£B»-7aZ22 


After a iraasfer of £2.73ro. to the 
revaluation reserve distributable 
profit is shown ahead from 
«llm. to £5.48m. 

An analysis of turnover and 
profits shows the UJ\\ con¬ 
tributing turnover of £ 5 G. 19 m. and 
profa of £6.7m., Europe fl256m. 
fn^, £0 ' 81in '' America £2.7lm. and 
“03m.. Africa £2.13m. and 
Australia and a 

“.iy m . Joss and Asia I7.68m. and 

i0.68m. 

Accounts show net current 
assets ahead from £17.I3m. lo 

“(.Wffl. 

DoT to 
investigate 
H. & C. Davis 

H. AND U DAVIS, manufacturers 
of balustrades and general light 
engineers, is to be the subject of 
a Department of Trade investiga¬ 
tion, it was announced yesterday, 
H. and C. Davis, whose 3.85 per 
ceni. Cumulative Preference 
shares are quoted on the Stock- 
Exchange, made a pre-tax loss of 
£5,807 in 1976 and a profit of 
£27.575 in 1975. In his latest annual 
statement, the chairman, Mr. L. V. 
Hastings, commented that 1976 
" was not an easy year." And then 
in the middle of 1977. “ orders 
were extremely difficult to obtain ” 
and the Mitcham factory was 
closed incurring “ considerable" 
costs. Also in 1977. a loss was sus¬ 
tained on one of the large orders 
"as a result ot contractual dif¬ 
ficulties." 

However Mr. Hastings com¬ 
mented lhal the outlook for 19?K 
was mure hopeful. *' as in recent 
weeks lhcre have been signs of 
increased activity.” 

The 1970 accounts were 
qualified by accounUinis Pent in. 
Neame and Company. The 
advance of £128,772 to the parent 
comi*any. Rock mark Holdings, 
was thought “unlikely to be re¬ 
paid “ and the accountants were 
unable to form an opinion as lo 
whether a loan and accrued In- 
lere-sl nf £ 2 ( 1.161 was “good." 
Moreover they considered that 
advance corporation lax of 
r’8.4Ki should not have been 
treated as recoverable. 

The Secretary of State for 
Trade, Air. Edmund Dell, has in¬ 
stituted the investigation under 
Section 165(b) of the Companies 
Act 1948. Both inspectors. Mr. 
R. A. T. Stanley and Mr. R. F. 0, 
Day. are officers of the Depart¬ 
ment of Trade. Inspectors from 
within the Department are often 
appointed to investigations of 
smaller companies. 


BANK RETURN 


iVediiKoU.i ■ in-, i+i 
FcK8 I ) 

197P i 


BANKING DEPARTMENT 

LlAuiLl Hr - I £ I £ 

.! u.w.ixio! 

Public Uri-wW*-., 27.205J30. 4 - 1.93B.579 
-Special Dej.*its.. ].2«.Kt..cav 

Hannan. 4M.OuO.ZW,- M.766.152 

Biworefc A Other ^ 

“*._l 062.288.593;+113.487,310 




;.I32jws|+ 


00.659,537 


ASSETS , 1 

«<m. SaariUM - 2.100.471,088'+137.766.000 
'M^nolAOtheri 

lUd.. 233.70S.0Bt.'— 38.062.8S2 

P(«oiim». Bauip’d I _ 

kotlierS^-^.| 153.499.606 + 1*.W2 

.\ulca._.! 15.2M.906 - B.066.493 

Coin .-.I 157.289 + 4.OS0 


k.bl2.l3?U072 + 9WWE637 


ISdCM DHP.VHT.MKNT 



Government loans to 
save mining jobs 


BY KENNETH MARSTON, MINING EDITOR 


EIAblU'llfcc 

Notea I«w4- 

lo C-lnuieCina. 
to Heak'u D-1 J 

.. A8SBTS 
■rmt. Delite..... 
Other Carl. He* 
Other fi+vtirltie-. 


.*0.000.000'+ 25.000.COC. 
,7,654.706.006- + 33.066.493 
15.294.B0f.J- 8.C*6.4a3 

j u.oi&.iool — 
+i370A30.941i+ 2!.7fO,l]3 
.;1.0TO.«6J.9»t : + 3J39.BK 


;J.Pti0.00uJ»J + 2^.000.000 



JOIST COMPANY .iNNOUN&NENT 


FREE STATE GEDLXD MINES LIMITED 
FREE STATE SAAIPLAAS GOLD MINING C0MPAN\’ LIMITED 
PRESIDENT BRAND GOLD MINING COMPANY LIMITED 
PRESIDEIVT STEYN GOLD MLMNG COMPANY LIMITED 
VVELKOM GOLD MINING COMPANY LIMITED 
WESTERN HOLDINGS LIMITED 
(hereinafter referred to as the “ OFS companies *’) 

‘ * : ■ ! ' and 

: EAST DAGGAFONTEIN 1VDNES LIMITED 
THE SOUTH AFRICAN LAND AND EXPLORATION COMPANY LIMITED 
VAAL REEFS EXPLORATION AND MINING COMPANY LIMITED 
WESTERN DEEP LEVELS LIMITED 
SOUTHVAAL HOLDINGS LIMITED 
(hereinafter referred to as the ** Transvaal companies ”) 

.4if of which ore incorporated tn the Republic of South Africa 
DIVIDENDS—REVISION OF DECLARATION AND OTHER DATES 
The directors of these companies have decided that in future it would be advisable to 
declare dividends when the actual operating results of the: relevant accounting period 
are available, rather than to eontinoe the present system of declaring dividends before 
the end of the period based on estimated result*, In reaching this decision the many 
factors which in current circumstances cun affect the estimated results, and In particular 
the fluctuations of the gold price, have been taken into account: 

Accordingly, when dividends are declared m future, the, respective declaration and 
publication dates, and the record date and the payment date, vffi be fixed some five weeks 
later than has been the pattern in the past. Furthermore, the-pobllcation of the dividends 
will then coincide, with the publication, at that time of the quarterly reports. 

In the case of the “OFS companies” their dividends traditionally have been declared in 
March and September, with the.record date (i-e. the last day pn which shareholders/ 
stockholders must be registered to qualify) falling in the same month as the declaration, 
and the payment -date being approximately seven weeks after the declaration. The new 
arrangements will mean that in respect of their current financial year ending 30ih 
September 1978 the following programme will apply for-any dividends which may be 
declared by these companies. - ■ 

• . Declaration . . Publication Record Payment Date 

‘ Date Date .Date (on or about) 

Interim dividend '20A197S 2L4J978 5.5,1978 •_ 8-6.1978 

Final dividend 18.HU978 ' 20,10-1978 3.1L1978 : . . 7J20978 

In regard to the “Transvaal companies ” their dividends have in the past been declared 
in June and December, auid the record date has fallen in the same month as the 
declaration, with the payment date being approximately seven weeTts after tho declaration. 
Under the new arrangements, the. following programme v/ill apply in respect of any 
dividends which may be declared by those companies in respect of their current financial 
year ending 31stDecember. 1978. 

Publication Record Payment Dato 

Date Date (on or about) 

21.7:1978 4A197S 7.9.1978 

J9J.1979 2.2.1979 8.3.1979 


Interim dividend 
Final dividend 


Declaration 
Date v 
20-7.197S 
184.1&79 


The programme dates shown herein relate only to the current financial years of 3ll the 
enmnanies concerned. It. is Intended that Tuliire programmes should follow a similar 

pattern. . - - r ------- - 

Copies of this announcement arebeing posted 10 all members of the companies concerned. 
Bv order of the Boards 

a 1\GLO AMERICAN CORPtHlATlON OF SOUTH AFRICA UMITED 1 ; 

Secretaries . r . . . ■ • 

per Ji E. TOWTJSENp •- 

Senior. Divisional Secretary^ . ■ 


Johannesburg 
19th February 1978 


CANADA'S !nn>. lbe world’s 
biggest producer of nickel, is now- 
studying the report of an Ontario 
Legislature committee which has 
recommended a 60-day mora¬ 
torium on employee lay-offs by 
lnco at its major Sudbury opera¬ 
tions. The moral orium is designed 
to avoid 1.S00 redundancies which 
were due to start on February 13. 

The report said that the Federal 
and Ontario ilovcrnmcnts would 
be asked to finance iniert-si-free 
loans to lnco lo cover lhc c&ct-ss 
nickel production which would 
occur as a direct result of not 
carrying out the job cuts Ii also 
said that the United Steelworkers 
of America trade union, which 
represents the mine and smeller 
workers, would be usked to 
develop and Implement a job¬ 
sharing programme. 

lnco has oet-n particularly 
severely hit by the depression m 
the market tor nickel The com¬ 
pany's fourth quarter earnings 
last year dwindled to St.iS4.iim. 
(£2.37m.) compared with SOOPm. 
in the same period of I07U and 
total earnings for nmuunicri 
to SJW.'lm. against siati.Sm. in the 
previous year. 

The chairman. Mr. Edwin 
Carter, has told the Ontario com- 
mitlee lhal lnco would face bank¬ 
ruptcy If It were forced to 
abandon its production cutbacks 
in order to maintain full employ¬ 
ment. 

Meanwhile, it is reoni-tud that 
Mr. Yves Berube, the Quebec 
Natural Resources Minister, has 
disclosed that his Government has 
jsiened :m acrecmein with Camp- 
hell ChlbAM&mimi Mines to pro¬ 
vide the company with up lo 
SOtfM^iOU in preferential loans al 
5 per cent, interest. 

The arrangement U designed to 
help lbe copper producer m 
develop new ore ro-ervos and 
forestall the closing of its 
northern Quebec operation«. Re¬ 
payment of the loan will be made 
when copner prices recover and 
the company makes profit* attain. 

In return. Campbell Ch<bou- 
qamau has agreed to maintain its 
Cedar Rav anil Henderson npera- 
rions and lo supply the Govern¬ 
ment with a development plan 
for the Henderson division by 
June 15. The company will remain 
In operation providing i«s operat¬ 
ing loss does not e«rrceil Sioo.noo 
per month for more than iwo 
successive months. 

The MlnUler also said that 
negotiations arc conlinu/nc w'ith 
France on a programme whereby 
Quebec would guarantee a long¬ 
term copper supply and France 
would help in exploration. 

The depression of nickel and 
copper markets is hitting the 
producers throughout the world 
and pending the revival which 
must eventually come, many 
world mines face production cut¬ 
backs and possible closures. 

Indeed, this is already happen¬ 
ing and in Australia the authori¬ 
ties. are supporting-Consolidated 
Gold Fields' loss-making Mount 
Lycl) copper mine in Tasmania 
in order to preserve jobs on 
which the township of Queens¬ 
town largely depends. • 

Governments have been criti¬ 
cised. and rightly so. for severely 
taxing ” windfall” profits when 
metal prices are riding high and 
saying little when they are low 
or when the mining companies 


are taking the exploration risk*. 

IF. however, thu trend towards 
supporting mine-, when jobs are 
at stake continues, liuicrnmcnt-- 
of developed countries might find 
themselves m the ironic position 
at being criticisL-d for maintaining 
metal production, at j imie of 
world surplus, ai the er.pense of 
mines in hard-pn-<5cd developing 

countries. 

Fraser Island: 

Australia 

reconsiders 

THE AUSTRALIAN Government 
15 reassessing the efTrcis of its 
decision last year to close down 
the beach mnnn:; operation of 
DAI. Minerals iin Fraser Island, 
off the Queensland mas:. 

A spokesman fur ,\!r. Doug 
Anthonv, ihe Deputy Prime Minis¬ 
ter, said the Department .if Trade 
and Resoui-ci's Is preparing a 
rep°ri for delivery :c the Minisrer 
in the next week. 

D M. Minerals a joim -.ensure 
of DfiUneham Corpurusltin of ihe 
U S. and Miirphyorrs. a local 
vroup. Thvir operalu.p . (S closed 
down on vnvironnien:.*l grounds 
and has been the subject of bitter 
argument about the levs-! of core- 
pensatioij which ibnuld he 
granted. 

The comnnmes il-mar.deil 
ssA’JJ.flm. 1 £1-4.1 :n ), bui lh- 
Gotfornment. clniminv had no 
legal linhility. was not prepared 
to offer mure than an t-x graita 
payment <-f SA-tm. 

The nature of Ihe ilmei nment - 
re-assessov-m is nuL known, bui 
il is pnv';m:-My oilxicus mini¬ 
mise any daniv.-e to the piospecis 
for future furrign imvvmeni 

Mr. Ant'nnn.v’--. -n.ikcmau sail 
in Canberra »h- - nifiineham had 
provided ihe Gn\ vrnir.cn 1 uh 
more inf srni.ilmn. A 

between DiM'nghinn anti Goveir- 
ment represeui.itivcs i> iMW.id 
afrer Mr Anthony ha-> cnnsidereii 
the sifuation. 

ANGLO SWITCHES 
DIVJDENDDATE 

The South African Transvaal 
and Orange Free State ;^old mines 
of Anglo American Corporation 
art- 10 change their system nf 
dividend declaration and payment 
so that in future the declarations 
coincide with lh*: publication of 
operating result* for the relevant 
accounting period. 

The practical cITt-ci will be 10 
announce ihe declaration of divi¬ 
dends five weeks later than in ihe 
past 

The new system comes into 
effect immediately :o that for the 
current year lbe OFS companies 
—VS. Geduld. F.S. Saoiplaas, 
President Grand. President Steyn. 
Wetkom and Western Holdings— 
will publish Ihe declaration of 
their interim dividends on April 
21 and. pay it on June d. The 
respective dates fnr the final will 
be October 19 and December 7. 

For the Transvaal companies— 
Easi Daggafonlein, South African 
Land. Vaal Kcefs. Western Deep 
anJ Soutbvaal —• Ihe publication 
date or the imerim dividends will 
be July 21 and iht- payment date 
September 7. The respective dates 
for the finals will be January 13. 
1373 and March S. 1373 

In view of this later der'amnon 


of dividends, the in vest nten l com¬ 
pany. Anglo American Gold Invest¬ 
ment r.'ongold). is to eh;:n-o its 
financial year-end front Deceirther 
31 10 the last day of l-our-jary. 
The current financial period v III 
therefore run from January 1. Il'TS 
lo February 2S, 1373 

The AmgnM imerim for the cur- 
rent financial period will be 
declared as usual in min-June. for 
payment early in August, vhiie 

the final will be t.—I a red early 
in March. 1373. Thereafter, in¬ 
terims will be declared in Altgusi 
and finals in .March. 

New Central Mils has chunked 
ns yesrend from June 3U ;o 
August Si. The current ;*ericc w if! 
thu- cover 14 months ami lbe Lina) 
duidvnd hill be declared towards 
the end of September. 1U7S. There- 

at ter. interims will be dec. a re-1 in 
.March and finals in SeiiaMwr. 

GOPENG OUTPUT 
HIT BY FLOOD 

Flooding and electric power 
sli-.i i.icl-s last nun.!Ii ruu-ed a 
dmu tn tin conci-nlraic oufput al 
fiup:-n-; Cunvwli-lai-.tl. ihe Ai.la>- 
sian 1111 producer. T!-.e iaie-t 
statistics from ihe vomiwr.y rv- 1 -::! 
lhal alter fmtr ni<«nili' >>f :he ■ 1 r- 
ren: financial year output a: imJ-I 
tonnes is running well ovhmd the 
production for ihe -:«me period 
of last year, when 'lie figure wu> 
'wS.T.'i tonnvs. 

For ihree or t!:*.- Ia.fi four 
months l-openg ha> been affected 
:■> flooding, imly in December 
was output higher than in the 
<amc month of 'he pretious year 
Tlie production figures for ihe 
mm.- and or hers in :l:c group an- 
compared in the acornipa:iyin r - 
table: 

J ■ V. ‘-.'r 


O'.tJ-J.C 

1 In* 

P .n.5-1- r. 


j!.; 


Small profit by 
Grimshawe 


Grimshnwp Holdings, the con¬ 
cern formerly headed by Mr. Peter 
Grimshawe, made a .small profit 
of £13,000 in the si* months to 
October 31. 1277. compared with 
one of £7,0tj0 in ilte corresponding 
previous period, in the full year 
to April 2U. 1377, there had been 
a pre-tax loss or £39,003. against 
one of £391.000 in 1975-Tfi. 

The chairman. Mr. Thomas 
Kenny, points oui that the results 
of lhc group, which has a large 
debt :o the .Midland Bank, were 
helped b> fewer interest rates; 
in teres! payable ::i the half year 
w □*. 155.000. a.-ainst EK9.000. 

Closure costs of ihe Scottish retail 

outlets, which hrtve lost money 
consistently over the years, and 
have now ceased trading, absorbed 
£SH.0Qu. The greater pan of the 
assets of MimcircuJts have been 
sold, involving ;■ non-recurring 
joss put at HT.lMi. 

Mr. Kenny nates that the com¬ 
pany is seeking 10 recover through 
the High Cou.-i—other methods 
tonne failed—>be moneys due 
from Gildanburgli Hold mgs and 
-cferred to in the interim state¬ 
ment of February. 1977. He con¬ 
firm-, lhal hi.- company has also 
begun proceedings aeamst Mr. 
Grimshawe and Mr R. Phiibv. who 
were directiirs a: the time of the 
tr3T:«scfmiK in question. 

Trading conditions continue to 
h-.» difficult, say- Mr Kenny. “We 
n_- competing i-.ilh the majors 
-ho operate in our sector. The 
engourpgemvnt that wo have 
o.’vsc-d from .1 period of sizeable 
!/»•»»•/■- jo nne of profit. ala« ton 
?-ma!!. Th-. directors are pursuing 
their iinhtll course to recover 
sone'hsna fii- the shareholder^- 
on ba'ane« there ^*em to be more 
pluses than minuses.” 

Suter shares 

susnended 

■ 

’Shares of Suter Elrririml. hair 
stun cquipnien' manufar-turers. 


were suspended yesterday at the 
company's request pending an 
announcement. Prior 10 suspension 
the shares had risen from S<p 
to 10 ip. 

Mosley St. Nominees holds 13.4 
per cent, of the equity, and Over¬ 
development Nominees 37 js per 
rant. 

Evode dips 
in second 
six months 

AFTER AN advance from £0.57m. 
M £V.6fcn. at the imerim singe, 
taxable pmliis of. manufacturer* 
of adhesives, jointing compounds, 
etc.. Evode Holdings finished the 
53 weeks, to October 1. 1977 little 
changed at £1.4Sm.. compared 
with II.45m. for the correspond¬ 
ing period. 

Yearly earnings per 2l»p share 
are show n In hat e risen from 
SKlp to 12.1 Ip and ihe tiunl divi¬ 
dend 1 -. l.5b*Jp net lifting the total 
for the year from l.yxSp tn -J 2S4p. 
A one-fnr-one scrip issue is 3 I -0 
proposed. 

The lax charge wlm-h i» d.iwn 
from £770,001) lu £499.000 makes 
no provLsion fur tin* dclt-rral of 
lax due 10 Stock appreciation. 

The directors report that the 
group's land and buildings have 
been re-talui-d on the basis of 
lheir open market value m exist¬ 
ing use. 


Tn-0-n-i.-r . 

r:ji|iiik pruRi . 

-lijrw ,,| j,, s'. 

Pro!l- before la* 

TiKiiisn 

Ni'l vr»n- 

litira-T-iinar' a,-pn 

Viiuiiriii... 

Ti- rin.i'i: resrrtv 

Arill.<hl, 
pit.Tin, -|,\iil.-url 
I Injl . . . 

R"!.nn,t 1 . 


1.4-1; 

1.433 

1 Vj 
?-t 


IH7T-7S 

:>JIKt 

is.:*.! 


INTERIM STATEMENT 

THE COMMERCiAL BANKING 
COMPANY OF SYDNEY LIMITED 

HALF YEARLY,REPORT AND 
ANNOUNCEMENT OF INTERIM DIVIDEND 

C.B.C. Group announces Consol id a led Profit 1 unaudited 1 
for the six months amounts to 81.227.000 compared with u loss 
uf 53.941,000 in the corresponding period of Ihe previous year 

The Board is pleased to advise this as a xnK-tantiol 
improvement in operating result* for the Decent her 1977 
half-year and considers the Improvement will continue fur the 
final half-year provided there are nn major changes in olfic'at 
policies which could adversely affect cuuditions relating to the 
Banking Industry. 

A significant advance was achieved in the Banking Group 
Operating Profit which increased by 55 per cent lo S 5 . 57 -L 000 
despite continuance of the control on interest rate* on the 
greater portion i»f lending and the strong cumnctihon For 
deposits which kept rates al high levels. The unproved re«ulls 
can he attributed to actions taken to increase income from 
services, restrict growth in co9ts and improve measures uf 
performance and control. 

The improvement was achieved despite the Bank 
subscribing $21,200,000 in capital lo O-mnierc al and Genera' 
Acceptance Limited (CACAl in th*.- past 12 months, from 
which it received no financial return. 

As foreshadowed by the Chairman in his address in the 
Bank's Annual Genera! Meeting in October 1977. furthc. 
provisions of SU.600.000 for possible- loan losses Wer>* made 
during that month in the books of the CAGA Group, but ihe 
net loss of S5.551.000 for the half-year to December 1077 11 
substantially lower than the loss or $10,640,000 sustained by 
CAGA.in the previous corresponding period. After excluding 
minority interests and extraordinary items thn share *>f 

CAGA's loss borne by the C.B.C, Group.was 54.156,000 com¬ 
pared with a loss of S7.505.000 in the December 1976 half-year 

Excluding the special provisions for possible |nan lushes 
the trading operations of CAGA Group have been profitable. 
This is after allowing for tbo non-receipt of income frmn 
non-accrual loans. The selling of Real Estate has continued 
at a Ipvel consistent with Ihe budget and lbe exposure 10 Real 
Estate is now well below its peak A furiher significant 
reduction is expected during the half-year to 30lh June. 

C.B.C. ownership of GAGA at 3Jst December 1977 was 
SI.486 per cent compared with 70.539 per cent at 31st December 
1976. It has been agreed that C.B.G. ownership will be reduced 
to 77.91 per cent following the approval of Australian and 
United States Authorities for the Bank of America. New York, 
to take up its proportional share of the SI 1.600,000 additional 
capital In CAGA subscribed by C.B.C. on 27th October 1977. 

It is expected that CAGA wilt trade profitably in the June 
hair-year and as a consequence its Inss for the full year will 
be below the figure reported for the December half-year. 

The Directors have declared an interim ordinary dividend 
of 6.5 cents per share (unaltered from last year) in respect of 
the half-year ended 31st December 1977 nn the issued canital nf 
the Bank. The dividend is payable nn the 10th March 1976. 
Completed transfers received by* the Company up to 3 p.rn on 
the 20th February 1978 will be resisti^red hefore entitlements 
to the dividend are determined at the end of the reporting 
period. 

Dividend warrants will bi- misled tn Shareholders „»s sou 11 
as possible after 10th March 197S. 

B\ order of Ilte Chief Board 

J F.. SEARLE. 

Chief Manager. London. 

3rd February 1978 


Notice of Redemption 

Occidental Overseas Capital Corporation 

9*4 r c Cuarasteed Sinking Fund Debentures Dne March 15. 1982 

NOTICE IS HEREBY GIVEN that. pur-usM to the provisions oi the Fiscal Accncy A era-meat 
dated if oi March P7? uadvr v.hith ;hc above dwcrlbi-d Debentures tvere issued, Citibank. N. \. 
M'-r.ncrlY tir-i Na:icn.s ! Ct:y Rank;. a> Fiscal A.'cnt has draivn for n.-dcrapiion on March 15. 
ihrru^h lh-? operation »•: the sinkir,? mod proridvd tor in said Fiscal A?encv Agreement, $2 J20,000 
principal an-.uunl c-f Debcmurc- of :hc *uid i«uc of the loflowinc distinctive numbers: 

COUPON* D£S£*.Tl/RSE OF St,000. PRINCIPAL AMOUNT OUTSTANDING 


MC 

14*M 

:il!2 

5007 

f.742 

732! 

•m3- 

11326 

12565 

13610 

15047 

15050 

1(792 

18QBB 

19557 

20919 

22217 

23713 


1480 

222i 


6.4*! 


».r.l 

11323 

1257! 

1.V615 

1(300 

131OG 

19565 

20921 


237=1 

77 

14KJ 

arv-. 

5 ;kA 

6. .-4 

KT.3-J 


11330 

1257* 

13645 

1K-M 

1C8P1 

131X1 

19568 

=0923 

22242 

2=7=9 

»5 

1.507 


5'-55 

•j *’rl 


1HM! 

lire? 

,25.b 

13*70 

i r.fwjo 

10803 

18124 

lSlifi? 

20927 


=4762 

IT 

1521 

2247 


6767 

K?.*T 

AS 77 

luno 

125CI 

13684 

15090 

1(609 

18143 

19569 

20942 


2376+ 

0J 

153. 

3245 

j.,^5 

6 ic2 

?2ir4 

irjTP 

11362 

)25M 

1.7701 

15135 

1(810 

18152 

19571 

=0981 

22289 

23771 

1WJ 

two 

3271 

5JL7- 

r.-Xi 

rt.:..- 

.>369 

113R4 

1M-13 

137W 

15153 

1C8!5 

18153 

19533 

209X2 

22300 

=0780 

112 

1550 

1577 

3272 

Slt**i 

SSCX 

s:x: 

VUG 

113'ti 

12C27 

1.7705 

15167 

1M71 

r («34 

18158 

19598 

stoic 

223PS 

33755 

118 


5 UO’J 

tjf.22 

P35"i 

■>■22 

113M 

12541 

m 

18625 

10837 

J81B0 

1P6D0 

21011 


2=801 

120 

15-.-9 

3318 

5*l’i7 

6827 

Kll 

:-*34 

11426 

12649 

151 RE 

18192 

19615 

21038 

22334 

=3802 

12B 

1588 

333* 

MC2 

fcflJ* 

S4W 

W40 

11435 

12651 

13731 

15217 

16852 

38194 

1*»1S 

21049 


2081 + 

i:a 

1014 

5243 

51*ti 

-■4*44 

B4S> 

8441 

11438 

12C53 

13732 

152W 

1C858 

18195 

19643 

21053 

22413 

23825 

173 

1811! 

3258 

5IM 

tf r 3 

0«M 

M3-!3 

111a 

12854 

13734 

15=48 

1C873 

1B205 

19655 

21066 

22466 

22835 

375 

1521 

3434 

5170 

61.70 

K4Sli 


11456 

12657 

12559 

13747 

15251 

ie885 

18207 

10659 

21068 

22401 

23838 

ITU 

1*171 

3480 

5193 

CS'.J 

R451 

095*0 

11458 

13750 

1525$ 

16889 

16211 

196C8 

21071 

22533 

=28+2 

2S>1 

1770 

34 W* 


r-R-ai 

CA5C 

1C001 

11471 

126G3 

13764 

15276 

1(090 

18213 

19685 

21(174 

2254+ 

21859 

324 

1783 

34H'j 


rani 

E4C5 

2 0003 

11(31 

12RW 

13767 

15589 

18906 

1R220 

19699 

21079 

225+7 

23871 

331 

1814 

;?to 

3493 

£a»-j 

s-.-yj 

6472 

100*6 

11494 

12370 

13763 

15332 

16-018 

18225 

10703 

21080 

2254S 

23072 

332 

3491 

1-237 

**. J '*5 

»ui 

lOOtis 

11496 

12571 

13789 

15340 

10933 

1*1252 

10706 

21095 

2255$ 

2388+ 

343 

1820 

350*7 

5254 

CV11 

SSVi 

100! Cl 

I150U 

12672 

13796 

3S;:50 

16947 

18202 

19721 

21096 

33563 

23xf*0 

Mf. 

1821 

3547 

525'.' 

0324 

855; 

li.M15 

11501 

12673 

15804 

15370 

1695b 

169E7 

16264 

1972+ 

21099 

225*77 

23892 

352 

1827 

354B 

5256 

rjvs 

8.VK 

10016 

11528 

11528 

12674 

138*17 

15435 

18201 

10730 

21102 

22596 

23P96 

363 

1848 

3550 

5263 

69 Jl 

R500 

19017 

3ft 

13813 

15472 

15507 

10992 

18312 

1975* 

21129 

226DG 

2=626 

=3002 

374 

1K« 

3SW 


::«j: 

«-95 

1O01B 

11532 

13«15 

1(P96 

18315 

19760 

21130 

=39=8 

375 

1921 

355-2 

52/6 

70! 6 

ii-14 

1003& 

11537 

12084 

15819 

15509 

171*24 

1832$ 

107*53 

211+4 

=2633 

=3930 

379 

1927 

:S53 

tU2 

IVHl 

rr;a 

10064 

11552 

12885 

JM24 

15512 

17031 

18335 

19772 

21164 

226+1 

23333 

387 

rcc 

37 f" 

52*-3 

lea 

V-'-jC 

10114 

11597 

1=695 

137C7 

15513 

17032 

1C345 

19787 

21192 

2=651 

=3030 

.tes 

1933 

;«nv 

529/ 

71153 

scat 

10115 

11600 

12700 

13870 

25529 

17037 

18375 

19789 

21204 

22653 

23952 

419 

IMS 

371 J 

1 

•:-w 


:0122 

UbTl 

12704 

15-771 

15514 

17073 

18377 

1!>79I 

21245 

23665 

=3957 

422 

1:152 

:W37 

5391 

705C. 

f.«-j 

•CI33 

iicsa 

12706 

13H93 

15565 

170+4 

18381 

It*?!® 

21255 

22666 

23972 

400 

1934 

334U 

5305 

: 10/ 

56C . 

10155 

’1642 

12709 

139211 

15607 

1704$ 

1707B 

18391 

IDG 24 

=1256 

226OK 

=3974 

441 

=035 

2031 

■xx? 

53:.: 

-12c 

£.• 5-f» 

101C3 

110(3 

12717 

133:'2 

io*no 

13394 

19830 

=1281 

=2609 

=2977 

443 

3850 


7; 3... 

ftt-'l 

10174 

11657 

12719 

!3»:i7 

15.2.9 

17055 

18421 

19634 

212G7 

22(72 

23978 

44 li 

20-^U 

2V57 


7 i5k 


tt‘1'43 

11658 

12722 

13939 

15612 

170(2 

1(426 


21272 

23704 

23980 

4 Ml 

2<»3 

33.J 

5354 

■■1C2 

K70T* 

16223 

1S6T2 

1I6B8 

12736 

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The Debentures ;;*rritied al«ow an-, to he redeemed for the <ajd sinking fund al the WCG-Agency 
Services Department of the Fiscal Agent, 111 'Wall Street, in -the Borough of Manhattan, 
The City of New York, State of New York, or. .-ubj-.cl Im any Lius or r^ulations appbcalife 
thereto, at the train «<fiiu- r ot Citibank, N.A.ip Amsterdunt, London. Paris, Franklurt.'Main or Citibank 
■t Kclj^-jm i SA„ in Bru.-fi.-U ur at.the nai.i nffios of Alccmi-ne Bank Ni-ilerkinrl X.Y. in Amsterdam. 
Banquc dc -Brutwlic: 5.A. in Bnifs^a, Commerzbank ALiM.-nzcK-lbrhafl in IMii-cldcri. Dresriner Bank 
AkllrTiyjelbdBi: in Frankfurt Main. Hambro? Bank Limiu-d and X M. Rothschild & Sons in 
London. Banquc Jv Pari? it drs Pay--EI*s in Paris and Banquc lntcrniitinnalc u Lurcmlwurg in 
Lu\cmbr>ur". the Company's paying a penis, and will become iiuc and payable, by a United SlJle* 
dollar check drawn' on a bar k in Xtn- York City or bv a transfer to a United States dollar accuunl 
maintained by rhe payee vj:h a bank in N’ew York City, on March 15. 1978. at the redemption price 
nf 100 percent ni th« f-rincinpl ur.injnt ihcrvoi plus accrued ini crest on said principal amount to *uin 
dale. Un jm] after -Uih iL:;c. iniere-it on the said Debenture*, 'I'ill cease to accrue. 

Tl*c -cid Defrenmrc« rh- -j!d be predenied and saiTcndernl at the offices set forth in the preceding 
pAm^raiiit on th- fj-.i! i!au v.::!i ail inttri-si coupons maturing sab.-equi-ni lo the ie>k*mpiinn date. 

Coupons due March 55, 5-hnuM he 'JeLnhed and nre-enied ior pEj>n)enl in the u-uul manner. 

For OCCIDENTAL OVERSEAS CAPITAL CORPORATION 


February r *. ] 973 


By CITIBANK, N.A., 
Fiscal Agent 


1.458 


riVI 

M2 









INTERNATIONAL FINANCIAL AND COMPANY 



SCANDINAVIAN! NEWS 


Atlas Copco’s earnings down again 


BY WILLIAM OUUFORCE 


STOCKHOLM, Feb. 9. 


ATLAS- COPCO, the Swedish come out at Kr.l32m. against the management J> diffident increase of 12 per cent after 
rock-drilling and compressed air Kr.l65m. in the first half hat about forecasting the effect of adjustment has been made *or 


AMERICAN NEWS 

New crude 
supplier 
for Corco 


Record resultsft- ;r l> : 


equipment group, reports a they represent .only a slight the devaluation on sales. the companies sold. AGA c us-' 

decline in pre-tax earnings in decline from the Kr.l38m. posed of its batteiy company, 

1977 for the second year running, recorded in the second half of . . _ . Tudor, and its military elec- 

After lower tax provisions and 1976. when Atlas Copco's profit AI T /\ nCttCr 111 ironies operation in 1977 as well 
reduction in the inventory slide started. The Swedish com- as a Danish electronics company, 

reserves, however, the prelirain- panics are still operating at loss cnpnnd fiolf Stoop operating Result 

ary figures show an increase of mainly due to high cost levels. ovLUUU u«.ix after depreciation was kr.23bra. 

over 60 per cent .in the net low capacity utilisation and PRELIMINARY results from If the companies sold are elimi- 

consolidated profit to Kr.l64m. currency losses. AGA, the Swedish industrial gas. nated from the 1976 figures, this 

The board recommends an un- P „_ :_.. pn heat engineering and welding amounts to an increase of 13 P er 

changed cbareholders’ dividend SHTS vear the concern, give a drop of Kr.20m. cenL .Net financial cos* lOclud- 

of Kr .6 a share. Mvaonm. tpe year, me . earn j Qgs to Kr.l74m. ing dividends, decreased from 

Pre-tax earnings slipped by 12 “JJ CwS5n-» io 1»*. This is better K^»m. to Ktflm. but the pre- 


AGA better in 
second half 


the companies sold. AGA dis-' 
posed of its battery company, 
Tudor, and its military elec¬ 
tronics operation in 1977 as weil 
as a Danish electronics company. 

The group operating result 
after depreciation was Kr—3Sm. 


By Our Own Correspondent 

NEW YORK, Feb. 9. 

COMMONWEALTH OU Refin¬ 
ing Company (Corea) which is 
still seeking an alternative i© 
filing for bankruptcy, has 


6 


by John wyles 


- j«E : ‘WY^K; Feb. g. 


sMSSSm SHuSsSC i^asw &&&£-& 5533wS 


Corco announced yesterday 
that subsidiaries of Coastal 


($64.6m.). The operating profit reduction tareetset for forecast and reflects a second- rency loss ot ivt.-miu. mawug 

after depreciation was almost ! he MC t civil enrineerine and half recovery to Kr.91m., com- from the devaluation of 

hut the ML .1 civil engineering ana v r for rhp first krona and the annreuation of 


exactly .« IfeMta. M &*LgS paTed Vi"th Kt.Sm. for the 4m krona and the appreciation of 

net financial coats Increased by |-|{ “ the 5 "° nd ^“J^tcd loss, both. 


^•^fTnst nndcr 10 SSS sHmSSS 

S p“S eS fl E u d re to co d tni SS Tut ‘nt 

Foreign markets accounted for Atlas Copco is planning for an Kr.l94m., against Kr.205m. Earn- wirt Kr2inm. at the end of 1976. 
92 per cent, of turnover, as increase in group turnover this- ings per share are provisionally The P r ® 1 , “ ,oa f ^L55H or i. „. c ; n 
sales inside Sweden shrank by year of ahout the same size as estimated at Kr.14 compared with tanw[no P™f l f ° r ,®^ S *r 1 5’ k 
J5 per cent. Substantial gains in 1977. Tfae krona devaluation Kr.li-iB in 19«6. The Board anewspaper interview . 


15 per cent, huosta 
were recorded in 
Britain, the U.S.. 


Now. could result i. a rather ton pr^p^s «> pay ». uQChangcd Mr Sym Aagnip the msoagt^ 


Australia, sales increase at current prices, dividend of Kr.5.50 a share. __ director, anticipated a 


Holland and Belgium. 


sales mertraat at turreui umw. umu^iiu ... ——- — _ ——-r ——■—. . 

in spite of continned depressed Group turnover was Kr2.45bn. able improvement in « p.ont 

. r . . _, . . ,_. toco-_ y .Mnnntc «r» nn tahlllt-vr thlC vppr 


Second-half pre-tax earnings demand for several products, but (S527m.). which amounts to an ability this year, 


INTERNATIONAL CAPITAL MARKETS 


Venezuelan DM700m. package 


SI Pirelli 
looks for 


BY FRANCIS GHILtS 

VENEZUELA is expected to up again yesterday, spurred by Sanwa Bank. Pricing is indicated __^_ 

raise DMTOOm. in a few weeks the terms for the latest domestic at a discount. • UociETE INTERNATIONAL 

time. This amount will be Federal Government funding The dollar secondary- market) 


same again 

Financial Times Reporter 


time. This amount win be Federal Government iuuuiur U ?“Z‘ j _. ... qA ihe Basle-based inter 

raised by means of a joint pack- which confirmed that interest remamed fiirn and i na UnnaJ bolding company in the 

age—DM200m. in the form of a rates were on their way down, considerable activity in the Float- “®“onai no u ._ ecti 


age—DMSOOni. in the iorra of a rates were on ineir way aown. colour ... ‘ r, u nioD-PireUi union tspects 

hand and DM500m. in the form Some names were up by as much ing Rate Note area which was the vear t0 j un e 30 

nF a medium term credit. Lead as ball a voint on the day. described by dealers as very ^ . , 


of a medium term credit. Lead as ball a point on the day. dcscribi 

manager for both operations is The strength of the market “ r 2 ?' 

expected to be Westdeut,che W I1 demonSfiiSd by the fa 1 , 1 !' ” r,, SI A ^e“ta D *S |dtacttm"r.«ba wrSTniatel, 

Landesbank. These operations fact that the Banque Nationale ;? re * ov ?f- “VA qpenea m n ? sl !*?... cs., •> oscu,. !„ iott ahnut 

will contribute substantially to d A igene‘s 7; per cent, issue l 1 ™® I t 
the funding of the Republics which had been pr i C ed at par by £!, QQ ,' 
foreign borrowing programme lead mana3e r Dresdner Bank 

this year. The D-Mark bond ____ a 115 ■ 

issue will be one of the largest _ nvIltmirv Austriai 

ever by a member of the Organi- BONDTR.ADE INDEX Oesterri 

sation of Petroleum Exporting Yesterd’y \Vedn’sd’y ^ or ^ e 

Countries (OPEC). Medium . 99.77 99.76 ; 

The fine fettle of the Deutsche- Long ... 93.66 93.65 ^ yet i 

mark sector of the bond market - — ■' Qnniol 


firm. 

The sterling sector continued 


to be similar to those lasr year. 
Sales of companies under its 


the required amounts of crude, 
oil, naptha, and condensate' to 
keep the refineries running for 
six months from yesterday. 

Keeping alive the possibility 
of its filing for protection 
under Chapter 11 or the Fed¬ 
eral bankruptcy laws, Corco 
stressed that the agreement 
with Coastal States would be 
an important step in ensuring 
that the company would main¬ 
tain its operations through any 
bankruptcy process. 

Ashland bad been supplying 
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¬ 
cidentally, it had been ne¬ 
gotiating with Corco and its 
banks on taking control of the 
troubled refiner but announced 
a fortnight ago that no agree¬ 
ment had been readied 
acceptable to all involved. 

Under the new supply 
arrangement Corco will lease 
to the Coastal States Gas sub¬ 
sidiary dock facilities, tank 
storage and pipelines at its 
Guajanrlla Bay refinery In 
Puerto Rico. 


INTERNATIONAL TEUSFHONE sold. Eventually, -he : said, the a Share . .which writhe rnstafc 
and Telegraph Corporation,-the company would show, a benefit'profit.for. the 197lvfouriii gpj.. 
world’s largest conglomerate, £r<>m currency movements ! 1 ter. - • . 

achieved record sales and earn- . j? or ^ 0 f ebihpany SalaS' ffi tfir^quirter" naki ’ 

,n ss year despue a -0 per- to reportearniugs before $3.9tra. froni $S^n.'-jrnr sass 

cenL dechse in fourth, quarter ex^ordinaiy /items of -wiR make 

eanim^ irich is largely attn- QT a hare. a 14 per' cent provision far the foirth:nn« 

increase ,on 1976s ; $492m.orS3.85 of fSOni. or 22 cenfj-^S 
JP-J™ on foreigri currency a ' share. Sales are estimated ‘ at-agiffi?t:fhe’e*pected«'m 

fin -S? a SStr. t/smiitnn «hn TOP . ; 313Abn. compared with SlL 8 hh. huRding^so^iHiiKy t ‘ 

Mr. Lyman Hamilton.- whoi sog insurance and-finance income is Sons.* .Tbe.jtfitedgvsls tfieS ' 

»»"• compared ^ ...; The im@ct ol 

company is required to write up: In the.fourth quarter,_ii'i,.re- i year^eM figures _ym b e 
foreign currency UabUties ini-.ported a "preliminary profit to ?lL 6 i^ r -hynfeetting ; m 4 
mediately while stock apprecia- before extraordinary items ot or,I4 cents SFSHaieoxTOe^ 


tion can only be recorded as a S122m. or 89. cents a. share, a gain fromjhe sale.of rm» 
gain when the currencies are decline from file 5153m. or*$L21 mgs in Avis. - 

. •• ~. .., ■ • . - •*'*.’ •*' ". Lvi» 

Kodak fuels camera price war 

BY OUR OWN CORRESPONDENT _ . ■ r NEW YORK, FebJ 

THE fas cinating duel In the unlikely to 6 e matched this year,. geqeraDy.mafe tl^- canie ra^a 
instant picture camera market 'analysts foresee a much sharper able irore; cheaply anyhiaa^r.i 


bettveen Polaroid and Eastman battle for market share. Kodak *. Kodak al so plah s_,t©; ^ 
Kodak moved to new ground. yesterday threw'down the gaunt-. four new-: .ego wation aj 
vesterday with.an announcement .let to its rival by reducing the- ■eameras.^prlced- from- Slfljfc 
from Kodak of lower pricra and recommended price ol Its .least $44-95.' TVo'additaoaal mod .* 
new models. expensive model, th.e- Handle^. the Ektralrte and the .EkttM] . 

Instant picture camera sales from $39.95 to $34.95:- . .. wnLhp.;:Unni4^d in'.iAugust^- 

rose bv an impressive 68 per' At the same time J,t announced their 1 prices have hot ^yet^B.' 
cent, in the U^. last year, which: that it would be introducing two disclosed: Kodak claims that:; 
was Kodak’s first full year in the new cameras, the. Colorburst .100 new ^cameras will.be more A • 
markeL Although around 66 per.-and -the- Cotorhnrst MO, which ^satite Older modds beea •' • 

rent of all sales were by would replaco rhp EK4 and:ihe.:They wffl be:equipped withSaj 
Polaroid, Kodak introduced a ; EK 6 . launched. 5ir 1976. The.cut stmtt^^ees^and-better, tea, . 
significant measure of price com- in the recommended price'of. the . ■ : Bf^RwiRe,-r' v S»tmanf. 
netition and boosted .its. volume. Handle will pal ir .$5 cheaper - todiii^M nwn afl ^ its. -regc • 


from lm. to 3m. units. 


than Polaroid’s fast^selttng One .quawetly diyidend of -lO cK 


Since last year's growth is Step, but rebating last year had pay^Jq.April ^-y'‘ 7 -:. 


iU ICCUTCI. Uirt <11 UI9I I ' _ n-01_ -, n — nKnut- 

time trading at 9SI-99S while the Sw.Frs_. 9 a 8 b n^in 19. j. about 

recent Sears issue was quoted at 10 P er ^ 

qct_ qq 2 j Tti 6 profits of the associated 


In the Swiss franc sector the companies and the Dunlop com- 
Austrian Electric utility P ^ 8 , in which Soaete Inter- 


Oesterreichische 
werke plans 


Donaukraft-1 nationale Pirelli has holdings 


reached on the whole a satisfac 


werke plans to float a a 1 

Sw.Frs.100m. 15-year bond from t ? r 3’ * eve l 1Q 1977, according to 
February 23-2S. Final terms are the company. , . 


CPC predicts 
sales and 
profit advance 

By Terry Byland 


Pan 


BY GEORGE MRJJNG-STANLEY 


turnround ta 




. Ui ll&J L * A IU4J IGllUb die ml * 7 _ - ., 1 - - 

as yet undisclosed. The acquisition of the electric 

Societe Marocams de rindus- fmr cable operations from 
ie d„ Rfiffinic*. rSAMTRi General Cable Corporation m the 


was being quoted around 99. a trie du Raffinage (SAMIR) is General t.a Die-^orpo re uonm ^ 
terms for the Brazilian Banco W aitljwhil e performance as raising a K-Dinar7m. ten-year wnll become operative ai 

Naciona de Desenvol vim lento A1 gJria is not the markers bond with a coupon of Si per ‘he end of March, 197S. 
Economico (BNDE) .issue. Kurile borrower cent Pricing was at par’with Jh« Boart has decided to 


Economico tBNDE) issue. f * u borrower 
DM150m. for eight years with an U unle Dorrower * 
indicated coopon of 6 ? per cent. The next D-Mark operaUon will 


the whole issuebeingunder- «deem in ad van re the two 5J 
written by the two co-lead «at iBfi. deben* 


and a naverage life of 6.5 years, be a private placement for the minaeprs . ' R ayin „ P Arah<» pt ttire issues for Frs.35ra. and 
This bond is being arranged by French borrower, Groupement £ternaSnale dTinvesUsSneS Frs.40m. respectively, and to 
Commerzbank. pour ITndustrie Sid^rurgique. It offer their conversion into a new 


LommeizuaDK. r 1 *' uiuciui^^. <1 , Kuwait IntPi-nalion-iT Inv^ct. 1 oner meir conv 

Only la 3 t month the Republic j® d “ e b * announced next t company. The bond is debenture loan. 

of Brazil was paying the same Monday by Bayensche Landes- ” ai ; ot eed bv the Kingdom of -v- 

coupon on a bond with a maturity DanK - Morocco. 170 A T> 


nrn f:f ovitroAGAINST ANALYSTS’ projeo- S4765nt In the stunt ^ p'erfod «‘ : to'TO.pn'*aW. or 8 $ca 
prOEl aavance tions of net profits of some S 59 m. year ago. the hat Ibss./was AxUrABWefc Kourihquart^ 

Bv Terry Byland for 1977. Pan American World $100,000 on revenues of £4{}3.6in^ l^S- was^^ihE'to ffi cents.-f 

_. 7 r _J Airwavs made operating net pro- but uo proper, comparisons can share (^j ereting .expea^w. 

HIGHER salts and pro fits are fits 0 f S45m. on revenues of.be drawn because of the-^anier- $472.4m. ctnz^p^ed with S3^t 
expected in l978 by CPC Inter- gLgjbn. The previous year’s re- ous accounting changes between 5 

national, despite contfimed ^ated figure was a loss of $13m. the two periods. The^.^.OOO $lK 2 ba. : against $l.e 3 bn. ^|. 
adverse conditions m Its from revenues of $L 66 bn. '-loss a year agor wSs struck -after ruH year, 
domestic com sweetener dm- Paa Am ^ ig7 7 results a tax credit ^f-$800.000.: : The; 1976 figures, wMch** 

sl 0 “i_ _ were adversely affec.ed by an - With' present’. 'legation been rertatefi, exclude an^ 

earn “'_Ss f° r s8.4m. adjustment which recorded permitting airlines ' to offset ordtoary gain from a 
19/< of or $d. 60 a ^ e g ect 0 f capitalising finance income taxes'completely against exchange of SU7.5m M less-tow 

slia ™ ,‘? mpar ^ w,1 “ f 122 ? 1 - leases in accordance with FAS 13. available tax credit, no,federal taxes:0f $ 28 . ? . m . , aud a gahii^ 
or 9aJo lo , Excluding this adjustment, which income-taxes were provided' for a'- tax;;;lose carry for****- 

Sal» totalled S2.86bn. against had CD effect on tb e company’s in 1977. • However, the 1977 S^3.6m. for a totaLof :- 


S2.69bn. International opera- raslj net income would have results do provide for 'fotelgh," : sharc.'.V^i the inclusion of 


one year shorter. Although the In the dollar sector, a S30m. Charles Batchelor adds from 
BNDE is government controlled, issue was launched last night for Amsterdam: Amro plans to place 
its bond carries no sovereign Hitachi Zosen. Maturity is five privately a FIs.70m. fiv-year 
guarantee. The borrower is not years and the indicated coupon note carrying a coupon of 7 per 
considered as of the same 8 » per cent. Lead managers are cent Subscriptions for the note 
quality as the Republic. Nomura and S. G. Warburg. The which have been priced at par 

The secondary market moved bond will be guaranteed by will open on February 10. 


Morocco. 

Charles Batchelor adds from 


ESAB cuts 
its dividend 


Sidor defers international funding plans 


BY JOSEPH MANN 


CARACAS. Feb. 9. 


By Our Own Correspondent ■ 
STOCKHOLM, Feb. 9. 
ESAB, the Swedish welding 
equipment manufacturer, ex¬ 
perienced a sharp profits slump 
in 1977 and the Board proposes 
to cut the shareholders’ dividend 
from Kr.9 to Kr.7 per share. 
It is reducing its expansion 


tions had an ** exceptionally 
good year " and increased their 
contribution to group earnings 
from 55 per cent, to 62 per 
cent., on a sales contribution 
of 60 per cent, against 57 per 
cent 

The fourth quarter brought 
in net earnings of S41m_ or 
SI .73 a share compared with 
$38m: or SL61 a share in the 


been S534m. state and local taxes of $ 6 A, extraordinary gains. Pan J| 

The company recorded a net while the 1978 full yea*, had a 3976 net loss became a net 
loss in the fourth quarter of net tax cr edi t.of $L4m_. of $89 Ail..( 8236 pff sharc^ r ., y 

$9.5m. on operating revenues of The 1977 net profit was-. eqpal .^Sff fulfy' diluted). If ),- 


Alcoa 


Eaton buys uj 
Kenway 


SIDOR, Venezuela's state-owned During the last months of 1977. of cost overruns or other credits tar S eI s and mothballing plans 


manufacturer which the company 


foreign for refinancing. 


for new units in Sweden, Britain 


sounded out foreign banks late bunks for offers on a S500m. The Venezuelan Government’s West Germany. 


last year for a loan of S500m. will credit to be applied to its total external debt—including Preliminary figures show 

____T___ . . ■ . __• . ___ T _ . LIJ_.!_r. . . l~.r 1 - - ic™ ,0*1 IP_ > k.r 


not seek any credits on the inter- expansion programme. 


obligations of Government-owned 11 ° 55 of Kr.l 6 m. (83.4Sm.) before 


national capital market "over j n another development, institutes and enterprises— extraordinary items- compared 
the next few months." the pre- Caracas newspapers to-day reached a record S4.77bn. last pre-tax earnings of Kr.54m. 


SI .73 a riiaxe comparedwi th • , - ,' NEW:YOR*-Fb b . Jg V J^ClIWay :■ i 

$38m: or SL61 a share in the- ALUMINUM- - Company -* of year.J-/oUo'v^^.--4^ J _yeax’A r - : y # ^BVELAKD,'Keb,f: 
preceding year, on sales of America expects that its first aavance estimated ax’ others, at RATON -CORPORATION 
$74Llm. against S674.4m. quarter shipments “will definiteSy 5 percent Alcoa, she said, was a-nmred Kenway. of BounST 
The company said that while be up" from the fourth quarter's likely to be “ consistent with the' uS* for-eah and eonversiwfi 
its corn products unit of the 392,000 tons, but says it will find industry.” 1' .* Kenw^-.'.:shares into -EgS 

U.S. industrial division main- it “tougb " to match the year- While there is still .some.-^mmpn ^hsra Value of^ 
tained sales levels, “the earlier first quarter shipping softness in demand' :for non^ itransaction was DOt disdosedj, 

erosion of prices in the U-S. pace of 447.000 tons. ' rolled products, JUcoa sees -an -t reif w^y -bad - salex oF SSfil 

for corn sweeteners together Mr. George T. Haymaker, Jr., improving trend. Mr. Haymaker and net income of $L9m. forf 
uith overcapacity in the in- vice-president and treasurer, did said after - the- meeting -that «mv ended Aprfl 'SOi^ 

dustry adversely affected sales not project earmngs at a question; orders for these products Hf/sims and makes automi 

revenues and resulted In a and-answer session with secun- “started strengthening pretty storage and retrieval systeSe 


sident of Venezuela's Central quoted Finance Minister Luis y fcar - UP from $3.5bn. the pre- in 19 " 6 . The loss grows to 
Bank said to-day. Jose Silva Luongo as saying tbat vious year. Kr.lSm. after extraordinary 

Sr. Benito Rual Losada, the the Venezuelan Government In 1976 the Government made items. Sales increased by 8 per 
bank president, said that Sidor, would seek new foreign credits its first big entry into the Euro- to Kr.l.3bn. (S283m.). 
would meet its immediate capital of Sl^bn. The Minister did not credit market with a syndicated T* 1 ® parent company in 
needs through loans from the indicate when the Government loan for Slbn.. which was used Gothenburg has been particu- 
Venezuelan Investment Fund, would try to contract this new to refinance outstanding short- larly badly hit, reporting a loss 
(VIF), a state financial institu- Joan, but only recently Sr. Silva term debt Last year it agreed to of KrJ! 6 m. on a Kr.435pi. turn- 
tion with assets of around S6.9bn. Luongo returned from I/mdon two syndicated loans totalling over. At the halfway stage 


revenues and resulted In a 
small- operating loss In the 
domestic corn wet milling 
business.”. 

But its other industrial 
operations, CPC Europe and 


loss In the ties analysts here. But he said sharply in . the September^tprtwtlnue. to operated 
wet milling after the meeting that the diffi- October period.” . : - /• -r : Eaton subsidiary.- ; 

pulrv in matching vear-aen shin- _ \ a»*f»***«“j 


cutty in matching year-ago ship¬ 
ping levels—which has prevailed 


Demand for flat-roBed '.pro- Reuter 


dui u» Diner uiumirMi piug ie*ea—wrnuu uai pievdjieu : .. ...... - 

operations, CPC Europe and for the past two quarters— Canada Cement i 

CPC Latin America made reflects “some softness” in ^ npt - x, nm hicrl 

“good earnings progress.” demand for non-rolled products, stretching intollaj.-.j 
n>r vnran. «Kt v n «ic ^ Canada Cement Lafarge nr-f 


He added, however, tbat it was where he signed an agreement S1.55bn. and sold three bond ESAB was still showing a profit 
likely that Sidor would again for a 10-year syndicated loan of issues jn New York and Loudon of Kr. 8 ra.. so that the plunge 


6 uvu ucrnauu iur uuu-iumw piuuuuu. : “ • ,■ . " ? ■ -j. T oft.ran -hKl 

CPC Europe and Best Foods He also noted that there wqs Emphasising tiie = company’s 
division " posted strong gains ” some strike-hedge buying a year previous reluctance to -press . 

In sales and earnings and ago. - ahead with expansion of "raw 

divisions in Latin America But Ms. Louise . Wilson,, methl Capacity,- Mr_. -Haymaker '^ i«S 


seek funds from foreign banks Slibn. for the Republic of which added up to S350m. It into the red has come during 
later in the year, but that the fin- Venezuela. also launched Republic of the second half, 

auciug would amount to less than According to figures reJeased Venezuelan bonds in Tokyo for The- preliminary report attri- 
?500m. by the Government, it is esti- §20bn. butes the slide partly to weakeu- 


uui HU. uuuiac ■ miauiir. uiei a i uiimuy,- au, .-nojuiMicrf,T in f-ii'rfntnr ham 

and Asia also recorded good associate economist said Alcoa told thb- analysts: *We- are ot lMro. me operTOcms 

is not changing its late-1977 fore- deferring decfislons .'on invest -n^ ■< 


Sidor, an acronym for Side- mated that the official sector’s Most of these funds were ing demand and poor price 


increases. is not changing its late-1977 fore- deferring decisions on invest- *3 

For 1978, CPC looks for im- cast for total industry shipments, meats in new .smelting facilities a ^ 

proyement in its consumer That projection called for a 5 to until some time in 1979." 

businesses, both domestic and 7 per cent shipment rise this AP-DJ '. WI 1 S W* , ^ 


Orinoco. 


the borrowing plans through 1980 applied 


Government’s developments but also to the 


metric tons per annum to 4.8m. could be increased as a result public works. . 


I the steel industry. 


provement in its consumer 
businesses, both domestic and 
international. The company is 
best known in Europe, via’ its 
CPC (UJK.) and CPC (Europe) 
operating companies, for its 
Kuoit packet soups. Heil- 
mann's mayonnaise and Mazola 
corn oils. 


World Bank borrowing 


■catchup;.; ‘ For the -year. * 

- whole, consolidated aet^d 
J ings . amounted . to \ SC 22 . 

'(SGli4 per shire) conip«« 
5C235m. .-(SSCU 8 -per -sha 

- The 1977 results were penah 


BY DAVID BEU. 

THE WORLD Bank has com- Bank in Jdiy 1977,.wtiieb meane a t - Bemo polis ^emeqt 
pleted its latest S45bn.-financing that for almost a yearthe Bank 'menZS improved'., f **& ** && * 
almost .six months ahead of will have met its-.financing needs .^ear. ’ ' ' * -> 

schedule, and has borrowed by borrowuig r entirely".outside 1 "l' '^ -■ V- -j 

about 75 per cent, of its money tbe -ILS. ..i. . . . - - JlOOyfiT lifts OlVluCIIO : 

outside the UK., the highest pro- Mr. Eugene Rotberg, the Hoovdr Co Is % raising - 
portion of non-U.S. borrowing in Bank’s treasurer, said on Wed- quarterly dividend ter 21 -ret 
its history. nestiay that'this underlines the 1 from 19 cents,‘ reports Reel 

Releasing these figures to-day, considerable liquidity in - the, fmm SQbiaC:: The ; ?chairroaa;.B/ 


This Advertisement complies with the requirements of the Council of The Slod: Exchange in London. 
It does not constitute an invitation to subscribe for or purchase any securities. 


Citicorp Overseas Finance Corporation N.V. 

A$ 15,000,000 10i% Guaranteed. Notes Due 1983 


Extendable at the Noteholder’s Option to February z£, 1988 
(denminated in Australian dollars, Hut payable only in United States dollars) 
Guaranteed unconditionally as to principal, premium, if arty, and interest by 


CITICORP 


Marshall Field 
in talks on 
take-overs 


Issue price'100% 

plus accrued interest, if‘any, from. February. 15,1978 
The following are the Representatives of the several Underwriters: 
First Boston (Europe)’ 

limited 

Banque Nationale de Paris • 


Kuwait Investment Company (S1A.K.) 


Algemene Bank Nederland N.V. 

DBS-Daiwa Securities International Limited 


Banque Bruxelles Lambert SA. 
HiO Samuel & Co. Limited 


National Bank of Abu Dhabi 


The Notes of AS 1,000 each constituting die above issue have been admitted to the Official List of The Stock 
Exchange in London. Interest is payable annually on 15 th February, the first such payment being due on 
15 th February, 1979 . 

Particulars of the Notes are available in the Extel Statistical Services, and copies may be obtained during normal 
business hours on any weekday (Saturdays excepted) up to and including 24thFebruary, ig;S from the broken 
to the issue:— 


10th February, 1978 


CazenoveScCo^ 

12 Tokenhouse Yard, London EC2R 7AN 


J CHICAGO, Feb. 9. 
MARSHALL FIELD, the retail 
group, which early yesterday 
announced plans to expand into 
the south, and is the subject 
of a take-over bid by Carter 
Hawley Hale, also is consider¬ 
ing acquisitions as a means of 
becoming a national concern, 
said Mr- Angelo R. Arena, 
president and chief executive 
officer. 

■Mr. Arena said Marshal! 
Field is “involved In some 
conversations with others.” He 
declined to identify any of the 
acquisition possibilities. 

He said the company was not 
currently negotiating with B- 

AJfman 'about acquiring the 

New York retailer, though the 
two companies have had some 
talks. 

The company stressed that 
Marshall Field has been con¬ 
sidering acquisitions for some 
time and that its present talks 
are not in response to the bid 
by Carter Hawley Hale, 
Agencies 


was surprisingly low at some ment diversification policy. 7- nomic climate appear 3 
6.83 per cenL, and that the Bank He’said that the relatively faw Hdover.: expects to-beqeflt tw 
does not plan to return to the faterast rate -on the, monev ilhis- - new ..ipfofluc t; . . .-•IntroonfMw 
market until June 30. trated that there was Still-a fair -Figures- tor 

The last U.S. bond issue, for amount of u pretty : .feheaa" ‘availatw.-..-bnt -loperaan gy „ 

about $750m, was made by the money around. ■ ; . • wai. sh^w a good-gate 

■ ■ ■ . . . • - i •- 


W. Germans in U.S. 


BY GUY HAWT1N 

KARL SCHMIDT, the "West Ger- for Ht 
man piston manufacturer, is engine 


man piston manufacturer, is engine appiications m• -. 7 * OT© 4 nakeri''i- : ri^ 

planning to expand in the North in cooperation wife fr U-SLamni* RenteY from Akron .' 7 *. 

American market The Neckar- facturer.” . , •* -, 7. •• ‘.7W.- 

suloi-based concern is understood The group said today, feat . 

to be engaged in talks which, it aim -was -to establish,. .a. jotot J -wtr«*LiSt/>*i‘A’G 
is hoped fell lead to the take- effdrtto'makb.^S^fe^ 

over of a UK. concern. '• . ton technology -available to; BJSi ..sa«a . 

The-West German .group, a engine ~ ' : 

subsidies of MetallgeseHscbaft, develop, within fee .next jfeWvl^TT,' ''.?^^tftoa - -• 
was today not prepared to make years.; production .capacify^-J^-Yrenn^^ 

a statement on the negotiations, the UK. primarily .tor^ pistt^-.- 
It merely stated that it was for heavy duty dies^ 
uncased in talks "lookine for- well as pistons aid aluminium:Taaro-weefc ahead or. •'‘^5 -. - 


engaged in talks "looking for- well as pistons and a lumihIum::gQXt -w«iR ah ^d Of, **^5 - '• 
ward to an arrangement under cylinders for. twq-stroK^. dtain^^onq-for-five' ri^rts issue ; ** _• 
which it will manufacture pistons- saw engines. ■ ’• / ;• V.- s %J&z V&L .j ’.<• - .- '■ ii : -- 


U-S- QUARTERLIES 


ACF EVDS. INC- 


ELI LILLY 



Fanrtii Qnrar 

M7T 

1976 


•1977 

19ZS 


S . 

S 

Fourth quarter 

s 

s 

Revenue ......... 

19L5m. 

154.9m. 

Revenue . 

382.0m. 

344.0m. 

Net prints. 

10.4m. 

7.6m. 

Net profits ..... 

52.0m. 

-46.0m. 

Net per share... 
Tor 

1.19 

0.S7 

Net per share... 

Year 

' 0.73 

0.65 

Revenue . 

713.0m. 

639.9m. 

Revenue . 

l^bn. 

1.4bn. 

Net profits. 

35.9m. 

34.0m. 

Net profits . 

219Dm. 

203J5m. 

Net per share... 

4.12 

3.92 

Net per share... 

• 3.10 

2.S7 

CUMMINS ENGINE 


EMHART 



Fourth Quarter 

1977 

S 

IV 76 

5 

Foardi Quarter 

1917 

s 

ms’ 

s 

Revenue . 

322.7m. 

2S7.Sm. 

Revenue . 

312.0m. 

294.0m. 

Net profits . 

12 . 7 m. 

18Jm. 

Net profits. 

17.0m. 

15.0m. 

Net per share... 

Year 

1.49 

2.38 

Net per share... 

Yaar 

1.50 

. L41 

Revenue . 

3.26bn. 

1.03bn. 

Revenue . 

1 . 21 m.- 

Ulbn. 

Met profits . 

67.0m. 

58.6m. 

Net profits . 

59.0m. 

44.0m. 

Net per share... 

8.22 

7.66 1 

Net per share... 

556 

4A3 


;c':3is.0ia; 


Net .per.-share 


















































financial 


.■squariekly j Li Poor growth rate at 

V enezuela behind OPEC debt surge Alcan Australia 

DETAILED analysis of the stantiai draw down of inter- • Britain and Italy, which had earlier in the year, by $3.7bn_ BY LAURENCE STEPHENS _ 


'-.•.a..'' 1 5.. 


FRADCIS GHtt£S 


’•;* v i-': 


-■ frtJJJJJWGAL - toaa baj' : JtnSt:’ ' tn' .the second -publicly syncti- 
■ sifb by the Somamap-eqted, medium term Joan for an 

- - - r, s. l££l TWrln Hflfilr .' ■k' .TnAfom’ KnrwwwA*'" 


A DETAILED analysis of the stantiai draw down of inter- • Britain and Italy, which had earlier in the year, by $3.7bn_ LAURENCE STEPHENS 

w e ? batch of international national hank deposits by been large borrowers from inter- however, so that these countries' aYDILEi. reo. 3. 

S? o n S. statistics released by Venezuela, combined with a national banks in the first half net recourse to the international ALCAN AUSTRALIA finished a ment of costs m all operating 
we Basle-based Bank for Inter- marked increase in borrowing: in of 1977. stoned to repay in the banking system fell off sharply, poop ihird in terms of growth areas, and an improvement in 
national Settlements throws cun. fact Venezuela cut its deposits by third quarter. These last genera! figures during 1977 to its bigger Austra- sales of S j per cent to SA93J2m. 

siderabiy more light on the SS46m. to SS.lbn. and Increased — disguise substantial variations ij an aluminium rivals. Comalco (USSlOS^m.). 

switch in the-flow uf funds he- its borrowing by $646m.. thus • J"®™- , Jjjrs e -«aie hows f rom one country to another. an d .\icoa or Australia, which Noting that the improvement 

tween international hanks and accounting for a not charge of In * he .V'®-; Thus Australia raised its net both reported boom profits as a although smaller than might 

the oil exporting countries. $L5bn, b ULJ? L T re ^^bstiinttally borrowing by S400m. to $2.1 bn.. rc3uU 0 f buoyant world demand, have been expected, • would 


-'r Liqi. - • ■*Mi . JHitp- Miuui j bfc ..m . ■ Miyi. Ltyi...> . uoa 

•- :-:.^?ent in a-'coaJ mice in.arra^e^''a.S20mrse^-y^ loan 
1 which is.operated hy^oKering a spread o"M J -per cent. 

_ Q £reek. Coal, a^ subsidiai^-ICECI is; Governhwirt'aJmJtrolled 
Petroleum..and- it jmi-.lhfi loan carries.* Govern- 
. ;■*" ■sieved'to be the first ever hieat of-India guarantee; - 

^.i^tment by Romania in the v Thase terms are .the same as 
i-J -3 ■ ■ ■ ; - i those; paid .1 byt&ie Oil and 

■ ■ f .v t ;^er - the 1 . Wteact -ftf fndla 
1 ‘=- cjg-nn the-. ‘ Romonian ^Se August/o;ntmanagers 

—'any. MlneralimportexporL £®L. t 5 e culrentloan'are ancoi-p, 

Occidental Petroleum^ tbe Sw?^S C ^?2 erp f- ,n ^ ;BaDkers 

lamed has agreed to' buy; InternatiMttli.• • 

191 I On **? lo °S teii ®- up To 27.3m. ^ 

ril M.°ip'?? l aS , . ich “ ulir *• UitaemaDd . 

coal will be sold-by the -Soutii-^ast Asian-: borrowers 
company at market prices, continue to be-active, but doubt 

■ si j, bjr Romania for its is being east on- whether an 

steel industry. - anticipated.upturn in BJS. loan 

■ f.-^'-.turity of the-loan is five demands could spell tbe'; end of 

f r 3^ y. and the spread over the the _ trend towards ..narrower 
: nu^bank rate, which is not dls- spreads and:longer maturities in 
. -z>% “d. is believed to be 1 from 

• Western Europe Unhm 

, £;»* «•* DwU I- Hopkins, tri » senior 

?™ “Sg 's ■ J ,“3SS.. P Iv£Lii!K ^oe-presidont ondi«ia. of AsU- 

; man*forloS^^“whrch 

- - •"ii °fnane-JSSS* would reverse thetrend towards 

'S^Lif? 1 a-»*««• terms for Aafadrhorowers. 
I r ,.,- .*.£££ borrowers. Joint lead A ] 0a ri :5uit sigafed iand one 
ifiere are-Citicorp and .Com-. j U a m umM-tivifav.Iiear tes- 
—^.ie Financiere de la Deutsche SmVnyX^gf £*%!£?£& 
mi. - rowers from this area, can com- 

il \y!t maud. A SI00m. seven-year loan 

lF Jrrjlnkh fnvullrtoe - to the Central Bank bCtte Philip- 
^lifnisn nmaugs... pines, arranged' .hy - Bankers 

,. urh;ia L’ l . _ ■ . ' . Trust, boasts a spread of-1 per 
■^ F \nan- cent: over the interbank rale. 

•a ?, *s „ Deutsche Bank is Borowers -from the ^Philippines 

•.•"v v- I- iu .?« Te H:year hive . already refillaneed some 

,:: j ^ 7 h l° r the Spanish national i oaas contracted ^1975 and 
: hff? pany ' Ter J ns have 197B - on softer terms. - ^Further 

^•- 3 - 5 et been annonnce< *‘ - refinancing-is not ruted.buL 
-^ S 75 ®- eight-year loan- fbr : just signed" fe thalJSOOm. 30- 
41 Riding com: year loan for the H*BLTnmsit 

*”1* being signed today. Railway Corporation Hong 
• ::,vV- ,j „7°. w , w has .obtained a Kong. TTie -borrower/fs^ paying 
-tsdd of H.percent, over the a spread of ,1 per-cent, over the 
riv^.bank rate. These terms are ihteihank rate. Tbe Un» of Eng- 
?jf a Jent to those - on which land willapply’ with’jurisdiction 
’* i^ogdom borrowed . .-last vested, in the rouiu bt England 
'* v -r N ?Di Tn °- Lead manager of the ; and Hong Kong. Lead-manager 
■ -*gt loan is Chemical Bank.-.V is .Manufact u rers "Hanqver. 


T l i v “V» w« ius *n aiiu ilik-i Ld.itu . i it .-u.iiujj Han dlUjlIDHlIn nValS, UUUlUJtU 

switch in the-flow uf funds he- its borrowing by S646m.. thus • , JjJfSMcaie hows f rom one country to another. an d .\] COa or Australia, which Noting that the improvement 

tween international hanks and accounting for a not charge of ? / .„•*"** ,a . ! . he .V' p ,; Thus Australia raised its net both reported boom profits as a although smaller than might 

he oil exporting countries. $L5bn, hut *cre subsiantiall> borrowing by S400m. to $2.1ba, result of buoyant world demand, have been expected, would 

In the third Quarter of last Amon S the Middle Eastern oil a “J5Sr _ rf l ” fa 5. 1 . . lhat ™* Sweden by S600m. to S4.6bn., Alcan posted a record, never- enable the company to continue 

war oil eronrtKfr 6 rnnniH.S cxportin " countries, the so-2“ a ? e ^„ ri , T c 2 Fflda i w ^ n and Denmark by S600m. to the’ess. At S48toi. (li-S.S75in.). its policy of progressive divi- 

raise'd their deposits with ^he 5? llwi - i ow . absorb ers " * Kuwait. J, a p^nd the U,S ‘ borrow for ^ S4.7bn. But Spam, for example, profils were 1S 5 j, er cen L ahead dend increases, the directors 

international EiS hv Qalar - - Saudi Arabia and the week-end. which had .been a large-scale flf tbe prev ious vear, hut this was declared a higher final payment 

only SMOm, but increased their ,k.l. .I,....!,, k...i_ l«eh 9 The non-oil less developed 1 achieved only a'rter’a heavy cost of 4 cents a share With the 


which had been 
bornwer earlier, ci 


banks than ihe: 
In the third 


man i*irc Si> large as rneir oor- -hwu-hpre “ /Rnhmn lr-m lr-m UUIIUWIU^ u» gj-jj. 

rowings fat S72bn.) and this de- Kg™L„ d S ntd t he?r S3Jbn - c « ni Pared with an aggrtv j 
velopment mainly reflected a deS,siu bv^^Min -oSifi 4 bn S atc ®- 5hn - h, - tlie ‘- ,J i Januaiy s n«, 
tendency to place a smaUer pro- tacra.™ heir bo?rowin- and . Jun ^ ,hnL ' * >lcn 

bank i deP0Si * Thftic-oS fn^Tndonesia was «•«»“ 
rather than other assets. a , sn increas j ns ne i deposits with *“ . 

But this was significant as banks. r^h^i^.n 

being the first quarterly period The detailed figures give no t{ i 1,1 
since the. 1973 oil price rises indication of the currency deno- •' The de 
when oil exponers had borrowed mination ol flows. side the <'• 

more than they had deposited. More generally, the most tm- large-scalf 
Detailed analysis shows that portani points about the direction claims on 
by far the most important factor nf the flows of funds in tile third by S4.2i*ii 
in the change-round was a sub- quarter were as follows: deposits 


same level in the third quarter *7»3Kf’»7fi. 
as in ihe first half of tbe year— rnmn 


the company’s Canadian parent. 


<iuarler—thii. ntU” «*■ JS5RJ* SA655m - f0r Alcoa » “ KT 


for our products have been tin- An extraordinary provision for 


lalysis shows that portani points about the direction claims on lhes,* countries rose since 7 «*u«™inente on ^ rTain a ^ rt variable for ihe year la xcs not paid in'prior years of 

st important factor nf the flows of funds in tile third by S4 ->»n They increased Iheir .heir short term fnreian current lin(ler r , n - iw w j T h mast *eg- SA289.000 was partiv offset by a 
■round was a sub- quarter were as follows: deposits ;.i fabler rate than business were imposed there. menls showins relative «Wgna- SA 132.000 capital gain on ‘the 


DOMESTIC BONDS 


tion and some segments showing sale of land and buildings. The 
a decline from the activity level tax bill fnr the late^ year fell 
of the previous year. from SA4.2Sm. to $A4.0Sm.. while 

-m jr ‘ -a A git • T\"l% M !_ “ ln sucb ai1 environment, and depreciation took $ A3.68m.. 

Market firm as Germany raises DM1 bn. 

** conditions were generally for the current year was for 

FINANCIAL TIMES REPORTER di ^S u]l -” .. , , thn n 5 , ?5 l *" hat 

They added that the profit ditions with modest growth in 

THE GERMAN bond market State borrowing is expected in ment and conversion nf a 5t per the last^ FIs.525m 13-year state increase resulied from contain- Alcan's more important markets. 

continued firm yesterday, in the near future, against eompc- cent bond float nf ihe same sum Issue. The state loan, which v\as- 

good trading, to show gains of tition from other borrowers. maturing in 198:: and preraa- offered by tender, was priced at ai*<* C _C11 

.. 0 :PQin.,MBurawb.^ _ ,0 SL pc ^S" l „.,.„ ... h.i.n Alia s protit up tour-iold 


to si, 


isHfundings 


anwhile, Cotnpagnie Finan- 
, la Deutsche Bank is 

;v ranging a 850m. seven-year 
ui.i5£f for the Spanish national 
- -j^hone company. Terras have 
Or^yet been announced. • 

-~~7' ^S75m. eight-year loan' for 
-^P^nish State holding com- 
. - - INI. is being sighed today. 

borrower has .obtained a 
• ^ I:T?sd of H.per cent, over the 
riri^hank rate. These terms are 
^alent _to those- on which 
Kingdom borrowed . .-last 
v r -:-w*;inn. Lead manager of the 
._ r *nt loan is Chemical Bank.- *' 


^ ^ Cr CC k 1 '- 15 o t The lower rates wtil Ik* granted guaran m industry on its partly held by Banque dc 1'L'nion day. This repie 
'f a oo-R nt * S ' pr ced in eacb CJse f° r . n, -‘ w mortgages with im- 0Vfc . n acc „ nnl ;, n( | for the slate. Eurnpeenne, is to raise FrslOOra. increase over 

it 93./5. mediate enrol .and existing pjans a 10 -yp.u- FI>.JOOm. issue j nthc domestic bond .narkel nex/^J oOlDDO. 

The bonds were quickly being mortgages will benefit from the at 7i pcr Cl . m a priw 1o he week, according to market Mr. Gbandour 
>id at 100 in the market. cuts in most cases as of July I announ cvct <m February 15. sources. Reuter reports from future plans, . 

The issues maintain the flow of this year. Mortgages, most of Raidu-lor writes from Paris. hopes to nesoti: 



announced the terms on the SWITZERLAND'S big banks are 1978.'A hanking consortium led The NIB loan is being iAllil Ol ^11. A 1.1, JLvFLa.fi JLvPfiLA. 

latest Federal Government fund- to cut their mortgage rates by b>' Credit Suisse will offer the managed hy a consortium led gY G KH quR! AMMAN. Feb. 9. 

ing, broadly along lines expected between 0.25 per cent, and 0.5 bonds at 101 per cent., against jointly hy Algeracne Bank Neder- ctitp nurVFn tnrdaniin Pret-mnsiv \tr nhandnnr h-.H 

in the market The Government per cent., according to region, in those from the former issue. land and Amsterdam-Rotterdam THE STAJE-OWNED Jordaman 

tra'nr-w n ^ni» D 2r ll nMfi{mln accordance with the cuntinued * * * * * * profit of 8600.000 last year. Mr. capacitv by 30 per cent, during 

35. r f.L?¥SE , *»S !«- . in • 1 . n 7 S L j h NATION-ALE lnvo.«terin=sb;mk SOC1ETE FINANCIERE Sofa!, a Ali Ghandour. chairman and the coming five years, and will 

« W )£i is r . lles r # ru ™ 1 mV? , c * 1 ’ „.«rf (NIB), wlucn provides funds and construction financing group president, announced here yesier- need to spend some $300m. cn 

°l n P„ er Q ^? „.J 5 " , The lower rates wtil lie granted guaran ieef n» industry nn its partly held by Banque de I'l'njon day. This represents a fnur-fold aircraft purchases. Commercial 

if a oQ-c ndS ’ prIt,ed 111 eacb cd>,c fnr now mortgages with im- own account and for ihe slate. Eurnpconnc. is lo raise FrslOOra. increase over 1976 profils of borrowing internationally will 

, .... mediale cn .^, cl , • an _ t * , eX,s plans a lu-ye.ir Fls.JOOm. issue i nihe domestic bond market nexl .$350,000. arrount for 70 per cenL of the 

The bonds were quickly being mortgages will benefit from tne al per cent, at a price to be week, according to market Mr. Ghandour. reviewing Alta's financing arrangements for these 

bid at 100 in tbe market. cuts in most cases as of July i announced <m February 15. sources. Reuter reports from future plans, said the airline purchases. 

The issues maintain the flow of this year. Mortgages, mosi or Cartes Raidu-lor writes from Paris. hopes to negotiate new air trans- Alias requirements include 

of State bond issues on a pat- which arc granted oy tne Amsterdam. At the moment, an 13.3 per port agreements this year with four more Boeing 727 Jets, five 

tern of one every two to three cantonal banks, arc currently subscriptions are open on cent, coupon with discount pric- Japan, the Philippines, the Ivory planes to replace the Boeing 707 

weeks. The yield to redemption running at around 5 per cenL February 17. Redemption is in 10 ing is expected, but the exact Coast, Australia, Canada, Argon- fleeu which will be phased out 

on the shorter bonds is 5.54 per for first grants. almost equal annual instalments yield has not been decided, tina, India, and Indonesia, with and turned over tn Alia's all-cargo 

cenL. and on the longer 6.03. This The cheapening of mortgages beginning on March 15. 1979 Redemption will be in equal new routes to some of those subsidiary. Jordan World Air- 

compares with the yields of 5.5 will, according to the five lead- ij-b e jjiB issue con ft nils the move annual drawings over the bond's ooints starting up this year as ways, and three Boeing 747 

per cent, and 6.03 per cent., res- ing commercial banks, neces- l0 a 7 i pi>r cen ^ coupon set by 12-year life. well. jumbo jets for long-haul routes. 

pectively, on six- and 10-year sitate further decreases m ■- - — — 

Government bonds issued around savings interest and other 

the turn of the year. passive rates. A decision on new 

The new issues will, be on interest cuts is to bo made soon. . JBSP *' 
sale between February 14 and * * * Jf 

February 16. In addition to the THE SWISS regional power B New issue All these bandshaving been sold, thi* announce 

DMlbn.'placed with the issuing company Electricite d'Ernosson ■ February 10,1978 menl appears as a matter of record only, 

consortium, a further DM200m. SA.. of Martigny, is from 

of the short-term bonds and February 14 to 20 to offer a _^ M 

DM 100m. of tbe longer will be Sw.Frs.30m. bond issue on the nrv ■■ l/WAM 1 ff a ■ ma fffif 

held by the Bundesbank for tbe domestic capital market (writes g |i SO®"! I Wf W & J iff 

purpose of regulating the mar- John Wicks). The 15-year issue. H V VIIIvIImUivI I » Wll ■ IM '*** W 

ket which has a coupon of 3J per 

In the German market further cent, is intended for the repay- - H _ nn 


New Issue 
February 10,1978 


All these bandshaving been sold, this announce 
menl appears as a matter of record only. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 




Vcjle, Denmark 


as GUARANTOR 


provided by 1 


•"' : y: Norddetilsche Landesbank International SJV. 

adische KommtmaleLandesbankinternational SA. 

Cansda0 ... Bank for Credit and Foreign Commerce 
'(Overseas) Wd. -. 

Bank ffir Kreditimd Aussenbandel A.G. 

; 1:Banquc Contlnentale do Luxembourg S.A. 

1; Bank Oppenbeim Pierson International S.A. 

v/;: arranged by 

: -v NORDDEITTSOTEIAXDESBANK 

INTERNATIONALS A. 


STRAIGHTS 

Alcan Australia 8 ?rc 1989 

AMEV Spc 19S7 .. 

Australia Stpc 1B92 . 

Australian M. A 5- >ipc VS 
Barclays Bank S4pc UBS .. 
Bowaier Wpc Wt: ... _.... 
Canadian N. ftlwy. hint: f<B 
credit NartonaJ stnc isttf 

Denmark Sine ISM. 

ECS 9nc 1995 . 

BCS Wpc 1W« .. 

E1B Wdc UBS . 

EMI BSdc 1969 . 

Ericsson SJpc I9S8 . 

Esso . Spc 1WS Nov. . 

Ct. Lakes Paper «?pc 'M 

HartH-rntev Si pc 1962 . 

Brdrn-Owbcc Bpc 19BS .. 

1CI BHk JUW7 . 

ISE Canada 01 pc UBfl . 
MacmlUan BlordH 9pc I9B2 
Masses Fergnson dipc 1991 
SlIcbcHn 91 pc 1WS ... 
Midland Ira. Fin. S-pc tc 
NaU. Coal Board Spc 19K7 
KaiL WestnUnsu-r 9tv.- ltt£ 
Newfoundland Ope UBS 
Nones Xomm. Bk. 6:pc *92 

Norplpc B?pc 19B9 . 

Norsk Hydro BJpc ll»2 . 

Oslo 9pc 198S . 

Ports Autonomes 9pc 1991 
Prov. Quebec 9pc I9S5 
Ptot. Saskaldwn. SJpc ^ 
Reed 1 menu Ilona I Spc '67 

RIRI 9pc 1B92 .. 

Selection Trust 9,’pc IBS'* 
Skand. EnsklUU Bcw.- 1991 

SKF Spc 18S7. 

Sweden iKlnmJona* Sloe '87 
. Uni led BlfcHllfl 9ta; IBS9 .. 


BM 

9fi* 

Offer 

97* 

NOTES 

Amtralla 7lpc 1994 . 

■id 

05 

Offer 

935 

981 

97* 

Bell Canada ripe 1987- 

94 

M3 

951 


B. -Columbia Hydro 7;pc '83 

932 

941 

98 

98) 


89 

9BJ 

97 


Dew Chomlcai wc 19S6 ... 

98 

, W5 

97i 


ECS Tipti 1«C . 

SH 

Mi 

961 


ECS S|pc 1989 . 

flfii 

• 97 


RKi 

EEC THw 19>H . 

9C2 

' 97J 

Wi 

jnoj 

EEC 73pi- 1984 . 

Mi ■ 

B7 

98* 


Enso GulZi.lt S'.pC I9S4 . . 

flfi!. 

971 

»! 


noiavrrken Ttpc 19su . 

973 

W! 

9»t 


Kockums Hpc 1983 . 

973 

88} 

ffi 

Osj 

HlchcllD fc!pc IM 

99? 

1W»l 

982 


Montreal Urban S!pc 1891 

100* 

101 

TIWl 


Nw Brunswick 8pc 1084 

97 

Br. 

991 

too 

Nw. Brunswick Pv. Kpc '83 

ion 

103 

inoi 


Ni-w Zealand fllpc i»« 

9v: 

9m» 


p*i* 

Nordic liruesi. Bk. 7 ;ih "W 

9.i i 

W 

984 

8i! 

Norsk Hydra 7*pc IK ... 

97 

an 



Norway ?;pr ISC . 

PC) 

97 

(M 

BTt 

Ontario flydro 8pc 1887 .. 

93 

935 

liiii 


Sinn-T »:pc lfcc 

1IHII 

1UI 

luit 


S. of 5cm. Elec. S!pc IBRT 

w>: 

ion* 



Sweden iKlracdnnii 7:pc 'k: 

97 

97; 

Wi 

fl5 

Swedish Sinlc Co. 7;pc '8? 

902 

974 

joi; 


Tri me* 91 pc 1984 . 

»»: 

99 

995 


Tonncco 7!oc 19S7 May ... 

923 

934' 



Volkswagen 75pc 1987 . 

03i 

04* 

*».V 

1W* 

9PI 

as; 

995 

m 

94) 

9U 

M 

»?■ 

9fli 

tin 

w; 

as: 

I Bl»I 
M( 
95 

K 

S>9* 

rc>: 

9ri‘ 

Wl 

STERLING BONDS 

Gounaolds 92 dc 1»s9 .. 

90 

9c: 

ECS 9Jpr 19Hfl . 

•k; 

99i 

EJK B:ih- I0f* . 

991 

HIM 

Ere atre 1992 . 

nrj 

flHl 

Fin for Industrie OJpc '97 

9v: 

99* 

Fisoos Jttlpc 19ST . 

INA lllpe 1858 _ 

1031 

BM} 

101 

99 

Hownirw Wlnr- ifkFS . 

9S| 

as 

Sears illlpc I9h8 . 

9^'. 

M! 


Tutal Oil 94 dc 1BS4 . 

BT1 

88* 


jndustrins Kraft AB 

(TVO Power Company) 

DM 80,000,000 
6% Bonds due1988 

guaranteed by the 

Republic of Finland 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 

CREDIT SUISSE WHITE WELD 
Limited 

EUROPEAN BANKING COMPANY 
Limited 

KANSALLIS-OSAKE-PANKK1 


DEUTSCHE BANK 
Aktiengesellschaft 

KREDIETBANK S.A. LUXEMBOURGEOISE 


ORION BANK LIMITED 


POSTIPANKKI 


UNION BANK OF FINLAND LTD. 


l-ioov^ 




-7^ 


- v I NOTICE OJP REDEMPTION 

-. OF ALL • " 

UNEXCELLED INTERNATIONAL, N.V. 

7% Guaranteed .Debentures Due March 1,1979 
.. 10 %-Gdaianteei.D^beptures Due June 30,1979 

NOTICE IS HEREBY GIVEN, pursuant to..tbejpro>;isions oi: the indenture, dated as or 
i iMSamUnexcelled International. N.V. «the ‘Company"). Unexcelled. Inc. mow 
S and Thc Cha^e Monhattan Eaiifc^NaUpiml Asspciationi. os 

Tv^ti^r , hp^TnisU*e"J. that the Company will redeem all tte.'T'V Guaranteed Debentures 
-raTo iffie “7 ^Dc bent are ^ oh March 1.1978 < the “Redemption Date”! at 100' 5 
SttoWW'SSo^tfiSEertfl- -3=lI^mption Jprlce") toother with interest accrued 

, ..i; thereon to the Hederajrtioapate, '.-.'V - *; .. ■ ... _ 

Uui — 






1 ‘ ‘ .,N 


f^V;: /. 


thereon to the Redemptidn. Date- ■ o,.v __. ^ 

URrch-tats all-the 7*^ Debentures and all tite 10% Debentures will becoinc due 
^nri^wW^^thBMmSi^^iSraSounts thereof tocather with accrued interest to 

Sad W^Debentures vrtH tease to accrue on and after 
the RcdcmptJdn Date. ' ; 7 ' ^ 

paying agents: 

: '-saaBslBf •■'■■■ ‘ ■ 

ViKSyMkES^ShSoor* WoolgateBouae,Coleman St 

I^ndoaEG2P29D, England 

At Pierson Kredle thank, SA. Luxembourgooise 

37 rue Notro-Dame 

i^te^Netherlwds - " ' Luxembowg,Luxembourg 

any time up to urn tt-anants f s S27.45. Snlong as the market price of the 

Common Stock upw 5®S“SSshare 7^ DebmSxehOlcjers upon the exerc.Lse 

nStvl!lurttathe «sh Vhloh 

Shev would receive upon redemption. , , , . 

"■The Cfflnmon Stoct is tnuted on the Aromcan st^ ud the donK 

W, BnoiftMftvr- . - _.f_h«. tn mwIII: 


DM BONDS 

fcuvirla fi’.nt- loss .. lMj 

BFCE 7PC I9S7 ... KM; 

Dun mark fifpe 19»5 . 1(M 

KIB «;pc IBM . km; 

tirand Mrr. 7pr 19«4 .’ lOil 

Hydro-Queboc 6lpc 18H7 ... id; 

1CI BJpc I9S7 . Iliji 

Uomn-al 7pc 19*7 . lai 

Norsca C7dK ”pc 19RH ... . 197} 
Norak Uydru flSw 1989 ... iw: 

Norway 5U»*- lf>b- . 104 

Shell s:nc 1989 . ins 

Spain Stnc IN ... 102 

Sweden llpc 1BW .. 10.4 

World Bflafc fi im- ik? .... jta; 

FLOATING RATS NOTES 

Hank of Tokyo IIM Tl ’k oc 

RFHE I9S4 i|k; . 

T!NP 19KI Tpp . Ml 

GCK. UK) spc . 091 

comf i pm r:pc . twi 

CredlumMkll IBM Ttpc ... 0S| 

Credit Lyonnais 19W apt-... 991 

□ □ Bank 1092 7l3)bPc .. 991 

GZR l»t 7Jpc . . .. . Iittl 

Inti. Wemnnan- *M Tiii^pc 994 

LloVda 1989 7) pc . iBfl 

LTCB 1BS3 . 991 

MWiaml 1963 kpe . till) 

Midland 1987 711 pc ...... nsj 

IIKB 18Sn Tlpc . 994 

SXCF 1B83 SJpc .. m 

Sind. & ChnnJ. *&4 Tiinpc poj 
Wtus. and GlpW 19M 7pc 993 
Sratrcv: Whiio Weld Securlttes. 


;*i'• -“ 

!•- 7 ' . 


tneir.i'v jL*eoc^uu*« ^ rvhpnturES and a Warrant certmeate ai 

«■ "* of Uie otber 

agents whose a*«ve. ^jyEXCELLED INTERNATTONAL. N.V. 

: '• ' gut The Chase Manhattan Bank . 

... (National Association), 

- - • ,.r_ • TmtU*: 

joatedi JanuaryaT-^^ V;;.v ; 'V 


American Erpns.v 4Jpc "¥] 

m 

\fchlatNl Spc 1988 


HB 

aribroik ft Wllimr C’ne VT 

Mi 

fteatrirc Foods 4 *dc 

1W>3 

M 

Dcaince Foods 4tiM* 

1992 

IK 

Bciftiam OJpc 1992 .. 


W 

Borden Sdc 1W2 . 


1W 

ftroadwav Hale 4)pc 

1987 

754 

rqrpallwi 4uc IBS? . 



Chevron Spc 1SSS ^... 


Tit 

Dan 4iiH.- tiki? 


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Kahimati KAdik 4* pc 

!4R8 

W4 

pL-nnmnlc Labi tine 

1987 

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Kln-stmir oiw l9Ss . 


90 

Knnl 5m 1 MHn . . . 


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(T-.-ni-ra! KtfcrriV 41pu 

IBS? 

SLI 

Kflli-nr 4Jpr 1*H7 . 



Roitlil 5w 1M7 


xn» 

Gulf mihI UVqii-rn 3pr 

19M4 

701 

Hjrris Jpu 1992 


1% 

Hnnt-i wi-1] Cpc 19*0 


Mil 

Id «}pc 1992 .. . 


.94 

INA Bur IW? . . . 


92 

Inrhopc fljpt- 5893 _ 


393 ■ 

ITT 4Jpc 1987 . 


id 

Jnaco Bpc HB2 .. 


1052 

Kanuisu 71 pc 19K 


IDS*. 

J. Rav McDermott 4ipe tir 

IM! 

Meisuxhtia Cftii' 1999 


1MI 

Mtisul 7ipc 1930 _ 


1085 

J. P. M0r2.Hl 4!pc 1997 ... 

nr. . 

Xahis-o Mpc iWh 


I’M* 

Omin llllnolE 4inr IBS7 ... 

III 

J C. Pcnm-y 4’pc IM 

IT ... 

Til 

flcvlnn 4iw 1*7 


107 

Reynolds Vlctsh Sac 

-1958 

Mi 

SanlrtL Btpc i»wj . 


III! 

Sperrv Rand Bliu- Ibs7 


KM 

Squibb 43 pc 1997 . 


78 

Texaco <}»■ IffiiS 

- |. ‘ 

77* 

Toshlhn IIpc 1993 


llUi 

t'nldn CeibMP 4Jpr 1983 .. 

91 

WfcfWT Lamhfji 4{nc 

l«7 

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Xwtw Snr 19M 


- TS 


tuk 

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1II3' 

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794 

JII3£ 

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ft: 

764 

SU 


ABU DHABI INVESTMENT COMPANY 
ALAHLI BANK OF KIMAIT iKSCl 
ALGEMENE BANK NEDERLAND N.V. 

A.E. AMES E, CO 
Limned 

AMSTERDAM-ROTTERDAM BANK N V. 
ANDELSBANKEN AmbA 
THE ARAB AND MORGAN GRENFELL 
FINANCE CO MPA NT Limned 
ASIAC - ASIAN INTERNATIONAL 
ACCEPTANCES & CAPITAL Limned 
BA CHE HALSEY STUART SHIELDS 
Incorporated 

BANCA COMMERCIALS ITAUANA 
BANCA DEL GOTTARDO 
BANCA NAZIONALE DEL LAVORO 
BANCO Dl ROMA 

BANK OF AMERICA INTERNATIONAL 
Lirruted 

BANK JUUUS BAER INTERNATIONAL 
Limited 

BANK DER BONDSSRAARBANKEN N V. 

BANKERS TRUST INTERNATIONAL 
Limited 

BANK FOR GEME'NWIRTSCHAFT 

Aktiensewllschflfi 

BANK OF HELSINKI LTD. 

BANK MEES & HOPE NV 
8ANQUE ARABE ET INTERNATIONALE 
0‘INVESTlSSEMENT(B A.11 1 
BANQUE BRUXELLES LAMBERT S A. 

BANOUE FRANCAISE DU COMMERCE EXTERIEUR 

BANOUE GENERALE DU LUXEMBOURG 
Soaeie Anonyme 

BANOUE DE L'INOOCHIHE ET DE SUEZ 

BANOUE INTERNATIONALE A LUXEMBOURG S A. 

BANQUE NATIONALE DE PARIS 

BANQUE DE NEUFUZE. 5CHLUM6ERGER. MALLET 

BANQUE NORDEUROPE S A 

BANQUE DE PARIS ET DES PAYS-BAS 

BANOUE POPULAIRE 5U1SS5 S A LUXEMBOURG - 

BANQUE DE L'UNiON EUROPEENNE 

BAYERISCHE HYPOTHEKEN- UND 
V1ECHSEL -bank 

BAYERISCHE LANDESBANK GIROZENTRALE 

BAYERISCHE VER&NSBANK 

JOH. BERENBERG, GGSSLER & CO. 

BERGEN BANK 
BERUNERBANK 

Akltancesellschaft 

BERLINER HANDELS- 
UND FRANKFURTER BANK 

BLYTri EASTMAN DILLON t CO. 

International Limned 

CA1SSE DES DEPOTS ET CONSIGNATION’S 

CHASE MANHATTAN 
Limited 

CHRISTIANIA BANK OG KREDITKASSE 
OT1CORP INTERNATIONAL GROUP 

COMMERZBANK 

Aktienaesellachatt 


CREDITANSTAL*-S AMKVEREIN 
CREDIT COMMERCIAL DE FRANCE 
CREDIT INDUSTRIAL ET COMMEROAL 
CREDiT LYONNAIS 
CREDITO !TA_iANO MILANO 
□AIWA EUROPE N V 

RCHARD DAUS £. CO. 

BaM-iera 

OcN DANSI-t BANK 
af iS7i Akucseiakao 

DEM NORSKS CREDITBAflK 

DEUTSCHE GIROZENTRALE 

- DEUTSCHE KOMMUNAL BANK - 

DG BANK 

DEUTSCHE GENOSSENSCHAFTSBANK 

DILLON. READ OVERSEAS CORPORATION 

DRESDNER BANK 

A>.nemiosa.lsr:baH 

drexel Burnham lameert 

Inccrfoialeo . 

EUROMOBlUARES.p A 
CGMPAGNIA EUROPEA INTEPMQBILIARE 

FIRST BOSTON iEUROPE 1 
Limned 

GENOSSENSCHAFTUCHE ZENTHALBANK AG 
Vienna 

GIROZENTRALE UND BANK 

DER OSTEPREICHISCHEN SPARKASSEN 

AkuengeseUsehaft 

GOLDMAN SACHS INTERNATIONAL CORF* 

GROUPEMENT DES BAHOUlERS 
PRIVES GENEVCIS 

HAMBROS BAf>K - ’ 

Limited 

HANDELS BANK N.W (OVERSEAS) 

Limited 

GEORG HAUCK £ SOWN 
HESSISCHE LANDESBANK 

- GIROZENTRALE - 

HILL SAMUEL & CO.' - ' 

Limned 

E.F.HUTTONZ, CO NV. 

THE INDUSTRIAL SANKO? KUWAIT K S C. 
.ISTITlfTO BANCARIO SAN PAOLO Dt TORlNQ 

KIDCER, PEABODY INTERNATIONAL 
Limned 

KJOBENHAVTJS HAN DELS BANK 

KLEIN WORT. BENSON 
Limited 

KREDIETBANK N J. 

KUHN LQEB LEHMAN BROTHERS 
INTERNATIONAL 

KUWAIT FOREIGN TRADING. CONTRACTING 
£ INVESTMENT CO. (S A K ) 

KUWAIT INTERNATIONAL INVESTMENT CO S A K. 
KUWAIT INVESTMENT COMPANY IS A.K) 
LANDESBANK SCHLESWIG-HOLSTEIN 
GIROZENTRALE 

LAZARD BROTHERS & LO. 

Limited 

LAZARD FRERES ET OE 

LLO fOS BANK INTERNATIONAL 
Limned 


MANUFACTURERS HANOVER 
Limited 

MERRILL LYNCH INTERNATIONAL S COL 
B METZLER SEEL. SOHN & CO. 

MORGAN GRENFELL & CO. 

Limited 

MORGAN STANLEY INTERNATIONAL 
Limried 

NATIONAL BANK OF ABU DHABI 

THE NIKKO SECURITIES CO.. (EUROPE) LTD. 

NIPPON EUROPEAN BANK S.A. 

NOMURA EUROPE N.V. 

NORDOEUTSCHE LANDESBANK • 

GIROZENTRALE 
NORDFINANZ-BANK ZURICH 

NORDIC BANK 
Limned 

SAL.OPPENHEIM JR & CIE. 

PIERSON. HELDRING & PIERSON N.\C 
PKBANKEN 

PRIVATBANKEN AKTIESELSKAB 
N.M ROTHSCHILD & SONS 
Limited 

SALOMON BROTHERS INTERNATIONAL 
Limited 

SCANDINAVIAN BANK 

Limited 

J HENRY SCHRODER WAGG & CO. 

Limited 

SKANDINAV1SKA ENSKJLDA BAN KEN 
SKUPBANK 

SMITH BARNEY. HARRIS UPHAM & CO. 

Inrorporated 
SOCIETE GENERALE 
SOCIETE GENERALE DE BANQUE S.A. 
SRARBANKEHNAS BANK : 

STRAUSS. TURNBULL & CO. 

SUMITOMO FINANCE INTERNATIONAL 

SVENSKA HANDELSBANKEN 

SWISS SANK CORPORATION (OVERSEAS) 

Limited 

TRINKAU5 & BURKHARDT 
UNION BANK OF NORWAY LTD. 

UNION BANK OF SWITZERLAND (SECURITIES) 
Limited 

UNION-'DE BANCiUES aRASES ET FRANCA 1SES 
- U.B A F. 

VERBAND SCHWEIZERISCHER KANTONALBANKEM 

VERBNS-UND WESTBANK 
Aktiengesellschaft 

J.VONTOBEL4 CO. 

M M WARBURG-BRINCKMANH.’lMRTZi CO. 

S G.WARBURG & CO. LTD. 

WESTFALENBANK 

Aktiengesellschaft 

WOOD GUNDY LIMITED 

YA'-IAICHI INTERNATIONAL I EUROPE) 

Limned 



















i. 



APPOINTM ENTS 


Corporate Finance 


SENIOR EXECUTIVE 


for a well-kaomi Accepting House. 


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


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


• terms are for discussion with around 10,000 as the 


starting indicator. 


"Write in complete confidence 
to Sir Peter Youeus as adviser to the Bank. 


TYZACK & PARTNERS LTD 

IO HALLAAC STREET 1j JLONDON WIN toDJ 


12 CHARLOTTE SQUARE • EDINBURGH EH2 40 K 


International 


nternal Auditor 


for a multi-national engineering group with a turnover approaching 
00 million from the manufacture and marketing of precision com- 


$100 million from the manufacture and marketing of precision com¬ 
ponents and equipment in the uk and elsewhere in Europe. The appoint¬ 
ment is based at the European Head quarters, north of London. 


• responsibility v/iil be to die* Corporate Director for Internal Audit for 
European audits; and for financial projects designed to assist local 
management in improving Divisional operating effectiveness and 
profitability. 


• THE requirement is for a Chartered Accountant with multi-national 
5 ndusrri.il experience, with demonstrable success in auditing, undertaking 
financial projects and systems accounting. An ability to negotiate business 
ill German would be a distinct advantage. 


remuneration* a round £9,000 plus car. Preferred age 30-55. 


W'ritc in complete confidence 
to C. A. Riley as adviser to the group. 


TYZACK & PARTNERS LTD 

IO KALLA M STREET - , LON DON WIN bDJ 


12 CHARLOTTE SQUARE 


EDINBURGH EH 2 4 DN 


OTBCES 


Ko. <M41J -jl 19?> 

III Uie HIGH COURT OF JUSTICE 
Chanci-iy Division Cnmoinie* Coon. In 


Vj I I'll it ill 19 1 s 

In *n- HI*';H COIHT Ol- JUSTICE 
Chancery Division CnnipanK.i Court, in 
Ui» Manor of .M. AND IV HEATING AND 
VENTILATING ENGINEERS LIMITED 
an-1 in Ui-i Matter of Tin. Comoonu 
am IN?. 

NOTICE IS HEREBY GIVEN. Ih.u a 
PMihon fo- ihr Wilding up if the* ahote- 
namnd Comp.-iny by ;!io Ht 2 h Conn Of 
.ludlcc tra* nn iho l-.i day or I-'i>ruar7 
1977. pri.-p.'Mo'j iu Uie sail Coun by 
HARRIS ft R \ILEY LIMITED ulUMo 
Ri.'5ls:orrii Office 13 siluav- a* Ml 
FJa.urKts Road. Croydon. Sur-cy. tulltiors 
Merchants. and :hjit iho sold Prtirmn 
I; direct oil ro b<* hoard boforc ihc Court 
r.irnni; at U 10 Royal Cours or Justice. 
Simnd. London IVKa TLL. on tho 6 U 1 day 
cl March 197S. and any creditor or con- 
inbniory of the said Compart? desirous 
to support or oppose rbc mafcins of an 
rirder on fha said Foil Lon mar aproar 
a: U 10 lime of hvarin^. :n prreop or by 
his coun-iol. Tor dial purpose: and a copy 
of 1 ho Pc fill on will bo furnished by ibo 
undersigned ro any crodiior or coacribo- 
!i!7 of iho said Company requiring such 
copy on paymeo: of the resnlared charge 
for die same. 

BR.AEY fir WALLER, 

C'3. Hind Court. 

Fleer Street. 

London. E.C.4. 

R>:f: F/TTR. Tel: OI^I S51X. 

Solicitors fir the Petitioner. 

NOTE—Any person ubo miends to 
appear on the hearing of the said Petition 
must serve on. or send by post to. the 
above-named notice in wriunct of hi* 

intention no 10 do. 3712 /kk;« must state 
the nnme and address of the jJ<-r-»n, or. 
If a Gnn, the name and address of the 
firm, and must he *l=n-.d by rhe person 
or firm, or his or sheir solicitor ft! any) 
and must be s-rved. or. if ported, must 
he seni by pus; n ^ufTieieni lime 10 
f'-ach rhe ahei\- -fiamc-I not later (hm 
four O’OlOek m the after noon of the 
3rd day of Mareii 1977. 


IN THE MATTER OF THE COMPANIES 
ACT. 194H 
— and — 

C. AND D. GRAIN STORAGE 
(MIDLANDS, LIMITED 
'In Members Voluntary Liquidation) 
NOTICE IS HEREBY GIVEN tool the 
Creditor* of the Jbo»e-rsmed Csmoan* arc 
r«*nuned on or before the 28in February. 
1970. (0 send their names and addresses, 
win particulars or ihdr debts or da ms. 
and the ramp* and addresses o» te«ir 
solicitors fi* anv) to the undert tout'd 
p:;hard Eaat«sheld Fievd ol 11 Clifford'* 
in. Ferrer Lane EC4 In the Clt» of 
London i»c Liquidator of the sain Com¬ 
pany and it so reomreo e* notim in 
Mntinq br the said Liquidator, are. bv 
•heir Shllelwre or pcrmnaltY. to eime In 
and Drove the said debts or claims at 
y«h time and place as shall be speclAed 
tn Surt, notlrq or m dotault thereof thev 
will he excluded from the benefit of an* 
distribution made before su<>» debts ap¬ 
proved 

Dated 1 st February 

R. E. FLOYD. 

• .«™ Liquidator. 

NOTE.—Til, notice if oiirelv formal 
•14 al> snov»n Creditors hare been, or will 
he oalA In full. 


| Nn Mfi 01 19 7s 

In the HIGH OH’liT UK JUSTICE 
I Chanecir Division CoBipuiues Court. In ibo 
Mailer of 0. & H. GILBERT LIMITED 
.ini in ibe Mailer of The Compaaits 

■ set. 19W. 

NOTICE IS HEREBY GWEN, that a 
Penuon for iho Winding i-p or 'he ahove- 
nnnt-d Company b.v U 10 High Court of 
I Justice a vs on ih* Slrtl flvjr of January 
79,7. nres-;niitl :o iho said Court by 
jIULCO 1 ENGINEERING' LIMITED 
'i-hose registered office is situate at 
Ifi St. Alaebar Road. Aberdeen, and 
that the said Pets Lion is directed ro be 
beard before the Court smms at iho 
Koval Courts of Justice. Strand. London 
‘.VC!A ILL, on the 37iu day of February 
197 k and any creditor or contributory 
of the said Company desirous to support 
or oppose the mak/nc of an Order on 
the said Petition may appear at the 
Unto of hearing. In person or by his 
counsel, for that purpose and a copy 
of the Petitfoa will be furnished h7 the 
undersigned to any creditor or rontrlbu- 
tory or the said Company renairtns such 
copy an payment of the regulated charge 
for the same. 

FIELD FISHER 4r MARTLVEAU, 
Lincoln House 
I3S.J02 Hlsb Kolbom. 

London VTC1V 3JL. 

Ref: RHH/SMP. Tel: Ol-?« 1230. 
Solicitors for the Petition ;r. 

NOTE.—Any person who Intends ro 
appear on the hearing of (he said Petition 
must servo on. or send by post to. the 
above-named notice m wrluiw of hfs 
intention $0 to do- The notice must stale 
the name and address ol (he person, or. 
if a firm (he name and address of the 
firm and muu be sinned by me person 
nr firm, or >115 or thur solicitor flf an 1 ' 
and must be served, or. ,f posted, must 
be sent by post in sufilcieni iliac (0 
reach the above-named not later than 
four o'clock In (he aileruooa of (he 
24lh day ol Kebrniry I97S. 


I the Matt> r ol MODERN GARMENT 
'TRANSPORTERS LIMITED and nr the 


Matter ol The Companies Act. 1945 
NOTICE IS HEREBY GIVEN, that a 
Pol Irion for ih« Wind ins up of the abovc- 
nam-d Cnmp.-.ny h> iti- High dun of 
Jiisuc' was on the 7th day of February 
19?* pro SOI I id rn ihe -aid CnoR h“ 
SHELL U.K. LIMITED srW repMered 
ofTnv is as ShMIO.lex ifouso. Strand. 
London.. W CJ. Petroieimi Distributors, 
and (hat ihc wirt Pci 11 ion is directed 
in be beard before the Conrt slttiae a; 
the Royal Courts of Justice, strand, 
London WCIA 2 LL. on the larh day or 
March 1977. and any cretlitnr or ennirthu- 
tory of the said Company desirous to 
support or oppose the mafclnn of an 
Order nn the said Pertlioo may appear 
at the time nf hearloa. *n person or by 
his couaseL for that purpose: aod a copy 
of the Petition will be rurnished by the 
undersigned to any creditor or cnutrtbn- 
tnrv of the ssid Company requlrtns such 
copy nn payment of the re sainted charge 
Tor the flame. 

BEACHCROFT. HYMAN ISAACS. 

1 . Chancery Lane. 

London WC 2 A ISM. 

Ref: CAT. 

Tel: 01-242 1W1. Ext. 229 

Solicitors for the Petitioner. 
NOTE.—Any person who Intends to 
appear on ibe hearing of the said Petition 
must serve op or send by post to Hie 
above-named notice In writing of his 
tncebiion so (0 do. The notice must state 
the name and address m the p-rsnn. cr. 

U a firm the name aod address or the 
firm and must be signed by the person 
nr firm, or his or Iheir Solicitor fJf anyi. 
and must he eerreri. or. If posted must 
be pent by post in sniTicico' time 10 
reach Ihc above-named not later than , 
four o'clock in ihe a fie moon of the j 
19th lime of March 1978. 1 


THE COMPANIES ACTS 1943 to t976 
NOTICE TO CREDITORS 
G. R. DAWES HOLDINGS LIMITED 
i In Members' voluntary winatno Up) 
NOTICE IS HEREBY GIVEN mat tne 
Creciiors ol the above-named Company 
arc required o«* or before the t**ontv- 
incn'h cay ol February 1978. to send 
their names and addresses will particu¬ 
lars at their debt* or claims, to the 
jnpcreiqned Edward Raymond levies ot 
Price Waterhouse and Co-. 169 Edmund 
Street. Birmingham B 3 2 JB. the Liquida¬ 
tor of the Company: and >1 so required 
py notice in writing from U*e said Liquida¬ 
tor either personally or bv their Solictor*, 
to came In and prove their debts or 
claims at such time and place as shall 
be specified in such notice and In default 
thereof, thnv will be excluded trqm the 
benefit of any distribution made fce'ore 
suen debts are proven. 

Doted this first day of February 1978. 

E- R. JEYNES 

Liquidator. 

NOTE: This notice I* purely formal. All 
Unown creditor* have been or wm be oa id 
In lull. 


ART GALLERIES 


THACKERAY GALLERY. 1 ? Thjrkerav 
Street. Kensington So., W. 8 . ni -437 

SSfrS. SUSAN HAWKER tint I 24tn Fdb. 


CITY OF PONOON ART EXHIBITION. 
Guildnall. E.C 2 . Mon.-Sat- 10-5. Until 
feh. Adm. Free. 



ART FOR INVESTMENT: -FOUR YOUNG 
REALISTS at me HADLETT GALLERY. 
iat Wailing St. Radiert Herts. Tue- 
Sat.. IO-S. doses 25 th February. Si.ty 
acrylics oils and waiercolours from 
C3S-L300. 


MALL ART GALLERIES. The Mall S.W.1, 
PAINTINGS BY SHEILA NOBLE. 10-S- 
Sals. 10-1. Until Feb. IB. 


AGNEVf GALLERY. 43. Old Bor.fl St.. 
W.t. 01-339 81TS. lOSlh ANNUAL 
WATERCOLOUR EXHIBITION until 24 
Feb. Mon.-Frl. 0.20-5 JO Th.jr* „i>M 7 ' 


FOX GALLERIE5. Exliibiiian a' Duo unit, 
lugs bv British and European Artists 
from 17Q0-19S5 S-b, Cork Street, 

w —• 


Nn. QQ •» uf 19714 

In the >M( ill COURT OF JUSTICE 
Chancury Division Companies CourL In 
ihe Matter nf (7REFNFGRP UMFINDER 
Jr CO. LIMITED and In the Mailer of 
The Companies Art. 192? 

NOTICE IS HEREBY GIVEN. Thai a 
Petition tor 'he Winding up ot I he ahoi'e- 
rumed Company by ihc Il>«sh Court of 
Justice was on Hie 2nd djv of February 
1973. oresonlei) in the said Court by 
SAN DELL PERKINS LIMITED .trhflse 
Registered Olflp.- is slniatc at Cob tree 
House. Fnrslal Rnad. ,\ylafford. Maul- 
anne. Kent. Timber Merchant*, and 
rbai the said Petition is directed to be 
heard hr lore the Court sirring at the 
Royal Conns of Justice. Strand, London 
WC2A 5LL, on the eth day of March 
1973. and any creditor or eontrlbuiory 
of (he said Company desirous 10 support 
or oppose the making of an Order on 
the said Petition niov appear at the 
:ime of beanna. in pen<on or by bis 
rnonscL for that purpose: and 0 copy 
of the Prtition will b<* furnished by ihe 
nnCerslened 10 any creditor or rontrlhii- 
rory of the said ComoaiiT requiring inch 
eepy nn payment of the resulatcd charge 
For the same. 

BRA BY * WALLER. 

2m. Hind Conn.’ 

Fieri Si re el 

London. E.C.4. 

B-f. F;TTH. Tel: W-391 9511. 

Solicitors for the Peuimn-r • 

NUTE.—Any porson who imends tn | 
appear on me hearlne uf th.* said Pciittnn j 
miisr serve on. or Send by bos' to. the ; 
aboi 1 Amed notice in 'vrilin^ or his [ 
inieiHiou so to do. The notice mue staiq 
(he name aid address nf ihc person, or. 

II a firm, the name and address of 'lie 
firm, and must ho signed by ifR» person 
or Arm or tils or ih>.tr vollcimr mi anvi 
and musi he «i-r.'dl. or. if pivo-rt mast 
he sriw hy piiflt in suffiri-n: rime to- 
rea-ch the above-named n*i» later Ulan [ 
four o'clock la Ibe ihwMm «f fee f 
MMX Uw* 1*18. 


INTERNATIONAL APPOINTMENTS 


On behalfof a Swiss bank-member of a large intemational commarcial 
banking group - located in the 


City of Zurich 


we era seeking the services of a 


Commercial Banker 


with particular ability in the field of 


Marketing 


Our client bank is a growing organisation with a young management 
team and provides excellent opportunities for further career advance¬ 
ment 

The successful candidate will be responsible for intensifying contacts 
with existing customers most of whom are located abroad as well 
as identifying and developing new business opportunities. 

We anticipate that he will have had a minimum of 10 years banking 
experience and win have some degree of familiarity with Credit 
Assessment, Import/Export Financing, Eurotcans, Discounting and 
Forfaiting and Foreign Exchange, ideally he will have had overseas 
banking experience and win be fluent in English and German with at 
least a good working knowledge of French. 


mjTi 

§nm 

|A B1 





WEST-AFRICA j 
up to US$24,000 


Oar - associated company In Liberia .requires'ah 
accountant to.. take charge of tte'' accounting 
function of oar- rapidly developing, fishing business 
hi Mdnravla. .. : Applicants.. 
accountants with ibe strength of dwacter.tc .make 
a positive cbmrHsudpn to die management team, V 

The successful .candidate. wiU 4oIn Liberia’s fastest 
growing industrial corporation-arid imosaal qaalitie*" 
of determhiadon are required-for thb: post. .Age 
is of l«s ; .ihTportance than die personal character^' 
tks we have referred to.- Initial conrratri are for 
one year with, the option to.rehew. ' 5 : ..:7 -. - 


The Company provides free family housing, return 
travel to Liberia for the accountant 1 and his family, 
transport alfovvance. home' leave- thedicaf and fife 
assurance- The., salary is paid in US^DoIbre and: 
may be freely repatriated: : : f'- ' 


The position will involve spending about 30% of working time abroad 
usually for short durations of one week or less. 

The preferred age is early to middle 30’s. 

If this challenge appeals to you and you consider that your experience 
and personality corresponds with these requirements please write 
:o Dr. Alex Dafienbach. The form of your application is for you to 
decide. Further information within the framework of the discretion 
given to us can be had by telephone (extension 739). 


I FIEJES I ?Management Selection 




FlDES Trust Company 

Management Consulting Dept 

Fochhaus zur Palme 

Bieicherweg 33, CH-8027 Zurich 

Switzerland phene 0041.1.202 76 40 


Trustees - committed to discretion since 1910 


Liberia has a -strong etooooiy and accountants:Wh©- 
wish to spend-a-period it> a friendly_ and pleasant 
country, under, wellrpaid. conditions,-in'an excellent, 
environment- should-rgec in. touchi wlth -jofin-'Edts 
who is . advising,-, our. Group, on -this appohiinwnt. 
His number is. Q2T-^54 369!. Alternatively .write 
to him in confidence quoting reference.' FH/ 28 . 



COMkWDITT APPOINTMENTS LTD. 
require rreder* la GrWns. Prun-Jn*. 
Cocoa Coffee. Swr. MataU.- Oils. AL»c 
Triima ana Assistants for U.K., euvObo. 
(ISJL and Hona Kong. Tel: Graham 
: Stewart 01-095 1701.. . 


MERTON 


president for usa. 1 
company . 

Briton. 39, currcnUF president of U-S. 
divisian el Amarican .multinational. . 
. hu permanent residence ,scaui. wv 
promoted From U.L., jtrooj profit, 
record in industrial and, , consumer- 
products, wants to profit British U.5.. 
company. . 

Replies to Boa A.62*3, flnooeM 
Times, 10. Canaan Street. EC4P 4BY. 


PARK 


LONDORSW19 


FINANCIAL EXECUTIVE 
FOR SAUDI ARABIA 


Tax-Free Salary and Facilities Negotiable 


A recently-established investment company owned by prominent Saudi 
businessmen seeks general manager to develop the company's potential; 


In close collaboration with an international bank with Middle East/African 
orientation in which the new entity is a shareholder, the general manager 
will be responsible for profitable development of the new company’s 
activities in Saudi Arabia, including:— ■ - . 

— Investment management and advice; 

— Identification and packaging of viable private projects; 

— Marketing and promotion of sound financing proposals. 

The successful candidate would be an active financial executive in the 35-50 
age group, resourceful and a proven self-starter. His experience should 
include knowledge of real estate financing, mortgages and foreign 
exchange/inter-bank markets. Experience in Arab countries desirable but 
not essential. 


All applications will be treated in strictest confidence and should be 
addressed to Box A.6256, Financial Times. 10, Cannon Street, EC4P 4BY. 


BUSINESSES 
FOR SALE 


WESTERN'SUTHERLAND 


A uniqoo opp o rtunity to acquire m 
attractive, c om fortable rfwrtide boot*, 
together whh an aaccDant fausfciaw. 
THE HOUSE/. . 

Stone built with modernised accont-, 
modaaon of Porch. -Hall.' Sitnneroem. 
Diningroom. KiKtea^ Office. 3 Bed¬ 
rooms. Bathroom. .Lovely wailed 
nrden beside river. 

THE BlStHESS 

An excellent newsaBencv/KOieral start 
occupying a - rock} trading' poMOn.. 
Modern shop unit with itorage space. 
Rising Turnover^ 

FOR SALE PRHF*m.V 
Full deoub *mmi the iofe sell tne.aaenti. 
JOHN CLEGG A CO; . 


Chartered Senwan. 

3. Rutland Square. EDINBURGH. 
Tolr 03 J-229 8S00 


; 01-4997151 

MICHAEL LAU3E ir 

• •7 01-4934371^1 


•VHOLCSAkft . and aeiAIL HR • w-ne- 
and *OlrtU - BuwneM astanlisiipd oaer 
100 veart in the soutn Vieit. Tqrnoeer 
around £300.000 «potMiUI - put - at 
£.jm.i .Mle - price open .-u. after* in 
excess of- £80 000 - 'to jnciirde-leato- 
hold, oremues. rornrs. toadlnB eonrp- 
“mem ana'vaodwlir stock itrrjiiiulM. 
—Write HO*. T.ABZ2 Poancla! Tunes. 
TO Canonn Street.: EC4P 4BY. 
CARAVAN CHALET PARKS HOLIDAY. 
Aoa-tmen's-F)»ts Sale or Poreheie Con- 
suH -the -SpecialHi*; Fran* r HavoouW : 
66 • . Babacombt- Road combe 

Torquay -Phone- TortwaY" »»S-6. 



CONTRACTS AND TENDERS 


COMPANY 

NOTICES 


TANZANIA RAILWAYS CORPORATION 

TENDERS INVITATION 


GA2 M HIM* C8 


Tenders will shortly be called for the execution of mechanical 
and electrical works of a new diesel locomotive heavy repair 
workshop being constructed at Morogoro in Tanzania. The 
works comprise the supply and installation of the following:— 
1. Machinery and equipment. 

1. Electrical installations. 

3. Electrical overhead travelling cranes 
of Canadian manufacture. 

<. Ventilation. 

5. Steam services. 

6. Compressed air services. 

Interested contractors with competence in these fields should 
apply to Messrs. H. P. Gaufi, consulting engineers. P.O. Box 
4351. Das es Salaam. Tanzania, for tender documents. Applica¬ 
tion should be accompanied by full particulars of their 
experience of similar works and details of their financial standing. 
The short list of firms invited to tender will be established 
from this information. 

Tender documents will be issued on payment of T.Shs.MOQ/- 
per set and payment should be made by cheque or equivalent 
in favour ol the General Manager. Tanzania Railways Corpora¬ 
tion. Payment wilt not be refunded to pre-qualified tenderers. 
Applications for tenders should be received not later than 
20th March. 1978. and tender documents will be sent during 
April/May 1978. 

The project is financed by the Government of Canada and the 
successful contractors will be assigned by Tanzania Railways 
Corporation as sub-contractors to the main contractor CICOL 
(Companhia d= Investimentos e Construcoes Ltda) of Brazil. 

The Corporation reserves the right to reject any or ail tenders 
received. 

General Manager, 
TANZANIA RAILWAYS CORPORATION. 


Ntsanal Serv** 

Public Corporation ot um Frencn Stale 
ilaw on nationalization ol Electricity-and 
Gas or April 8 . 1946> 

Rcfllstered Office: 

23. roe PW linert AMormn 
PARIS H7tMei 


9% BONOS 1B70-198S IN 
DENOMINATIONS OF SI.OOO 


NUMERICAL LIST 

IJor tne sene* inciuolns <wKH tfte ore- 
*lous purenases. tne 1 330 bonds Brawn 
bv lot on January 25 1978 Wtni' 

drawing) making op tne entire 
sf ssoaoa flcmHiii amount to be 
redeemed on March 15. 1978 
690 to Z 035 

2 ) or tne sene* previously prawn or lot 
among which ore bonds not vet pre¬ 
sented for the repayment. 

Drawing of January 22. 1971 
Madai toB— I March 15. 1971 
13 BIB to 15 147 - 

Drawing of Jannory 23. 1973 
RctnMHnaM March 15. 1973 
11 612 to 12 941 
Drawing Of January 23, 1974 
Reimbursement March 15.1974 
2 717 to 4 046 
Drawing ol January 27. 1976 
ReuRbursemem March 15, 1916 
1 to 6880 
10 359 to 20 OOO 
Drawn? of January 76. 1977 
g^“*or*«man» March IS, 1977. 


Commercial .Holding . Company-' 
wishes to purchase for cash, a 
Small insurance ' broking com¬ 
pany situare in London, with net 
profits pre-tax minimum £25.000 


Replies to. Sox 7.4821;, 
Financial Times, ; 

- 10, Cannon Street, 
EC4P 4BY. 


SCAFFOLDING 

FITTINGS. 


Eastern Cotsities Scaffolding 
& Plant Limited 


• rahsldrary el a. medium-sized com-, 
pany. wish to' afeuire a controlling 
(nearest In z manufacturer of SC»t-_ 

folding ~Gcdngi. . We wookt oho 

consider * scaffolding iconsracting 

company. 

Replies,' principals only. wBI Pe 
tredred In stria cenffifence. by 

|. A. SELUCK, 

20 Bun hill Row, London, . . 
•EC1Y 8LP. " -' : . r 


A Development By ‘ 

'Redlake Industrial Securities LriL 
NOW AVAILABLE 


NEW SINGLE STOREY 


WABEH0USIN6 

Nr. SLOUGH, BERKSHIRE: :; 
r TO BE LET- .=* 

: LAST REMAINING UNITS .C\ _ 

I- Unit. 2 8^80 Sq. Ft. . . ' 




Windsor. Bmtafeg SL4 TLE.^' 
- r.TetaphorKVfintoor (STD 07S3S1 54555 ; “ 


Attractive Warehouse, 
Showroom & Office Floor 
J1.06b sq. ft, 

Debenham Tewson 
& Chinnocks, 

Td.’ Ql-i36 - IS20. 
















(OP INVESTMENTS. ■- Wf iwKinHse -in 
throe emf here a -arttfc sweetforr hr thr 


_ 9 406 to 10 765 

. Tt' 3 *'j5 onos . w,u V. fatoftmeo *t 31 000 
si to; office o! me chase Manhattan 
BANK In NEW YORK and the plf** 0 I the 
Mtlomna ajrvc* 

BANQUE NATIONAut ’ OE PARIS. 

, LVOWNAIS. PARIS- 

. SGClETE uENERALE PARIS—8ANOUS 
|K PARIS tf OES PA r S-B AS PARIS— 

£ 5 L 9 i T * COMMERC,w - °e prance. 

PARIS—COMMERZ-BANK AG. DUSS8L- 

I pORJf-De«ITSCHE BANK AG. FRANG- 

i f°? T -»g:-'ff-MAIN—ORESDNER BANK 
! A G. FR ANCFORT-snr-ie-Maln—BANOUE 


A G. FRANCFORT-snr-ie-MWn—-BANQUE 
BRUXELLES LAMBERT BRUXELLES— 


JSEDIET3ANK N V. BRUXELLES— 
SOCtere GCNCRALE OC BANQUE S-A; 
BPUXELLE5—BANCA COMMERCIALE 

• TA1IANA Milan-BANCA. nazio- 

NALE DEL LAVORO, ROME—KREDIET- 
BANK S A LUXEMBOUPGEOISE 
LUXEMBOURG—CREDIT LYONNAIS 
Aqrnce Oe LUKCmbOorB LUXEMBOURG— 
RANQUE GENERALE DU LUXEMBOURG 
SA. LUXEMBOURG — SOCIETE 

GEMERALE ALSACfENNE OE -BANOUE 
LUXEMBOURG—ALGEMENE BANK. 

NEDERLAND NV AMSTERDAM— 
AMSTERDAM ROTTERDAM BANK N V. 
AMSTERDAM—BARCLAYS BANK . Ltd.. 
CONOR ES 




,;F!elcherKing & Mscrcr- 




Wt ARE ACTIVELY Mwldns iu. otrrehese 
. C uunn mUL- Praoerty : innKnmu ' be¬ 
tween £20500 CWO.OOB ' lor 

cHeots.. DetaMjL to W Genie. Gentr 6 
Partners.-. 285 - Sdgirare . Rdeii•' tsndoa 
WJ* TW. -01-723 .3S7S. ’ 


COMPANY NOTICES 


REDPATH INDUSTRIES LIMITED 


KJ0EBENHAVNS HANDELSBANK 
(COPENHAGEN HANDELSBANE) 


A meeting of the Shareholders’ Council of Copenhagen 
Handelsbank will be held on 15th Febrnary1973 to Jay 
down the Agenda for the Ordinary General Meeting, 
which is to be held in Copenhagen on 6th March 1978- 

The Agenda and information concerning Forms of Proxy, 
voting tickets and admission cards, together with final 
confirmation of the date of the Ordinary General 
Meeting will be published immediately after the 
meeting on 15th February 1973. 


USS25.000.0fW 

9% DEBENTURES DUE 1909. 

CopIm of tft* Annual Report and 
Accounts ot the above Camnanv tor year 
roqet) Sent ember 30. 1977 ore available 
free of riiaree ta helpers of the above 
iccurtrr. daring normal '-business- ha art. 
tram W. CntMeil -and C&. Bow B«Dj 
House Bread Street. London EC4M 9EL 


r*i 


EXHIBITIONS 






SEGCW^ 1 ^ 


an COIN FAIR.- Cumberiana Hotel. 
Mamie arch W.T Sat. Itm February 
50 Woridw-de dealers. Admission 250- 


PERSONAL 















































































































































25 


\£« '*j- • - ■■;.'■*; ' -'; - 

fev b_. .- '■■'■% v ?J-? r r'Tr; *■: v 

^ *-.: , ':.'* 4 -..'-.:jl •' ■*_ • 5"‘Jj -J *•..-£ -V. y." »•'.«, 7 


/ 


10 1978 


=C?>.'fife) 

'*’■'i,*£,' 1 ' •':' ; •.: yy •;y-^.‘ i -r.; yy\ -••■ • •. . 


BY RAY PERMAN 



f ;lBli#biild own what if 




LT; ift y.' 



split up 


-j uie poiincaj ,furore- of;;tbear fiat ta.such an eventuality many th* .uanmg a settlement, tne 

fc.S??“‘ ,y * *ft- most profitable oilfield Shat achia H v N *re o Inprinciple of equidistance is 

■*HA imam.■ jtMMaVb i.«uU-taR4 £_<> r-’-f*—4T.. _ j _i. ClUSIly 8TC tHC 111 lET- onnlinrl an Specified ill tltC 

The prae- 
would be not 
a creat deal different than 
accepting the SNP’s opening 

■" i Councn^f tbe^i^botu: John^l\ ;Gr^TV^turerTii ^iUUe^tn the north^rBenwick cmerio " P » a “ interpreted, the 

■pty and theSeamsfa^ational PubUe -mternatioMl. Law at on 

•- *■ pii^ e ^ r li 4 ^p^S c So a r 

only all the oilfields but the 


SNP maintains that 
north of the parallel 55 
degrees 55 minutes north— 


line would either pass south of 
the most southerly field, or 
would cut off the inns* 


will cover, not only devolu-dalrn. some, substance. 

. pre ‘ Orgeat area’of North Sea «n- southerly group. Auk, Argyll 
dieted; -that, ^eboold Scotland tinentaJ shelf of any country, and J° se Phtne — some oF the 



Geological 

The basis for the policy is that 


things begin to get more 
interesting. 1/ Shetland votes 
to stay with Britain, who gets 
the big fields in the East Shet¬ 
land basin? Mr. Grant's analysis 
assumed that the Shetland 
Islands would be considered as 
a State in their own right, with 
territorial waters on an equal 
footing with those «if Scotland'. 


orth Sea. It was Shetland's- «l«s or woald Chposeto remain 
. ... 'sy location in the exploitation wfth Westinjnster. Should either 
the fields, off the islands' east ^ these happen, a.delimitation 
'' ^wst. that' gave the 'islanders.^ ^S ^e^c^amajy rules 

Jfleiem•: political muscle to -Of International: law,would have _ 

free ah amendment t" t h« > t0 fr* tom- m the : North Sea the parallel is the line used 

e ^ awdarinitoiftm - ^inqj f ^ P >«na,the AtlaaaiC OC^i.- domestically In the Continental 

**£\topv<snimettVB wishes, and gain “U is a safe prediction that Shelf (Jurisdiction) Order 1968 

' "e attention of national news- -this boundary would have to be *° draw the distinction between 

- *VAPPthrtPers and tWevision. Oil too drawn in" such a way as to waters which fall under the 
. --^r^the reason the jslands' boundi delude from-the Sottish sector jurisdiction of Scottish courts a f c „ 0Uana - 

Sy^so nmcemiSiLhtthe ftrture: Uw Tbiate. XUinliu.Cornmram, and law. and those which are Although this m.Bht be the case 

fears some interference with Brent,: Brae, „Nipfcin .end Alwyn subject to English legal pro- “ ®“® tIand "?as to vote to 

revedties fields; all oFvrfrfffl He to the east cesses. It also happens roughly °^ mc . 

flQjaL It .gained and is anxious fo of Shetland: ; 

■ [Wl'lft x,tect theal"..'" .. "U Scotland,s^JIP farced to 

‘•“uUJji , - . go it along. there-be^hg, as yet no 

- s proven commeroDklvfioIds in the 

Atlantic, the rejuyefutioii of the 
Scottish economy would depend 
. i 0 ,i ___on a. mere five~ fields, Piper. 

NeVlfeSSbiS for ?he^e in I™wS ^ r ^» Fortie£ ' ^ ntrosc and 


pi •• 

^Independence 


VH 


was# 


to correspond with a geological 
feature on the sea bed known as 
the Northumbrian Arch. 

If it ever came to arguing for 
such a line before an inter¬ 
national court, it is likely that 
the SNP would be marie to look 
rather foolish. To be fair to it. 
the parly hardly argues it now 


completely indepen¬ 
dent. it would not be if the 
Shetlanders decided to slay 
with Hie U.K. 


12-mile zone 


^yf^Sl.e’Snsw'erSK » «*'' «■ W#. specul.tive J«h •£ 1°™?™ b 0 ”rL‘ r 
5.000i31S | PP ort that the. Scottish chapter, but thWWthe inter- I,ne duc east from the bor d«r 
Rational Party now, .enjoys, so national courts'v^ich-. have the 


k. “ nwwm a «ai uyn. vujv/d ( w---—--"r:-- 7 - 

M the debates that are stiU to job of applying the" “customary 
ime on the position of .Shet- rules of intematioa'al .Ipw” had 
jrn» nd “ Scotland^ and of Scot- not had much ekpeiSejice of deal- 


would have as much inicr- 
nanonal validity as choosing the 
line suggested by the English 
National Party, which would 
have given the Forties Field to 
England. It is a negotiating posi- 


W in the U.K., oft win figure witii such situ^ons, and as 
Wrongly... It is timely, thfeffto mdegendence. to^^ytd (not ^'"nmhing mSrT" 81 " 
■ . .insider what would- happen if to mention, mdepeodence for llon . nommg more. 

' 1 ' rL '' : -Gotland voted fotindependence Shetland) was.-a*^remote The first principle of i 


--—for. independence . 

a referendum, or returned a prt^iositionithesanlhor could 
|g-enough group of nailohalist- «ff*urd to be hypolheticaL 

—-Ps to Westminster \o force ■; gf nce the Q ^.-little-' more 

; CoEr ^ e Prime Minister to -begin ertdence ^ emerges, namely 
^^t^igotiatlons. on. th^. treaty pf- the decision of the arbitrators 


interna¬ 
tional law in settling rival 
claims is that the two sides 
should try to come to their own 
arrangement amicably. This is 
a course which should certainly 


The Channel decision sug¬ 
gests -that in this case, if Shel- 

the 

islands might be treated in the 
same way as the Channel 
Islands and allowed only a 12 
mile territorial zone inside the 
Scottish area. This would also 
effectively neutralise them for 
the purposes of drawing any 
other median lines — they 
would not be taken into account 
when applying the criterion of 
equidistance. 

As no one has yet suggested 
that there is oil inside the Shet¬ 
land 12-mile limit, this would 


OIL 


GAS 

• 

FIELDS 

O 

o 

FINDS 

□ 

■ 

TERMINAL 

s 

1 A PLATFORM construction 

I SITE 

1 it SUPPLY BASE 



9 

1M 

1 

m 

— 




r.:i7.;paration. Who-.would own. the 0 f the l^-year-oM^dispute be- recommend itself to England leave the islands with no owner- 
N£w-vl ? .. . . 1 tween Britain.and-,Franee over and Scotland, bearing in mind s hip over oil at all. although 


. •••ir lt is a question that has been the Western approaches . to the how l° n S 1116 Channel problem presumably they would still 

*>.H3%ed before. A year ago; Sbet- Channel and in particular"what took t0 ®° lve ai > d the possibr- enjoy the benefits flowing from 

iy/nd was flexing its muscles over weight tile Channel, and the Hty t^at (as we shall see later) the Sullom Voe oil terminal. 

! ’ l e previous ill-fated attempt at SciUy .' isles should he given if they cannot come to an agree- But whether this realisation will 

N' ^^ivoiugon. Then, a number of when, drawing median^lihes.. men* there are some fields quieten those who have been 


claiming fields on Shetland’s 
behalf is another question. 

What then happens to the 
fields if Shetland does not get 
them ? All of the developments 
in the East Shetland basin are 
close to the median line be¬ 
tween the U.K. and Norway and 
it would take only a small de¬ 
viation of the line to the west 
to put them into the Norwegian 
sector. 

If the Shetlands no longer 
were used as reference points 
in charting the median line 
mid-way between the British 


and Norwegian coasts, then the 
line would he drawn using the 
most northerly point on the 
Scottish coast as its reference. 
This would swing the median 
line to the West, cutting off at 
least the most northerly fields 
from the Scottish nr British sec¬ 
tors and putting them into the 
Norwegian sector. For this 
reason, if no other, the two 
countries would be well advised 
to reach some mutually accept¬ 
able agreement rather than re¬ 
sorting to arbitration. 

Of course, this scenario is as 


speculative as Mr. Grant’s was 
and there is one other lesson 
that should be learned from the 
Channel decision: In consider¬ 
ing what to. do about tbe SciUy 
Isles, which Britain wanted con¬ 
sidered as an extension of the 
mainland in drawing the median 
line between British and French 
sectors, the arbitration conn 
came down in favour of neither 
the UJL proposal, nor the 
French, which was that the 
islands should be disregarded 
altogether. 

The final decision by the 


arbitrators was a judgment of 
Solomon: They simply drew a 
line half-way between the 
British line and the French 
line. Tbe moral here. then, is 
that really there are no “cus¬ 
tomary rules of international 
law." or at least not yet. The 
question of islands in settling 
disputes over territorial claims 
is still uncertain. We shall per¬ 
haps learn more if and when 
the dispute between Eire and 
Britain over the waters around 
Rockall comes before the inter¬ 
national courts. 


::f ;:i> - - •' — -|— 

^PPCMNTMENTS 


to I 




~Dci** 


!.r- 



; -h. -i 



r^pkee Bigland 
fat Guardian Royal Exchange 


BY MARGARET REID ; //. . 

: 4 R. ERNEST.-BIGLAND who has appffinted 7 Mr. Howard KJjy 
i'll be 65 in December, Is' tfr *P indqitrlal relationsioffireivHe 
tire as managing director, of was previously with British 
; fc - iardian Royal Exchange, one of vysmn. . : : 

i . .'Ltain’s largest composite .and ’ T-. . . 

Z insurance-companies, at 4he $bp:„ Michael Herr has been 

i .. 'inual meeting" in June.. . His appointed chief executive of S. 
, y Cn-'^'^ccessor will be Mr. Peter Dug- Bearson and Son. 

’ ....--.le, 49,. at ■ present' general ‘j* 1 

chie^. f ; Mr.._ Do^s H 

: ecutive, dF the Guardian Assur-, chairman or 


man and depfity chief executive. 
Ur. Leopold Brook, until recently 
chairman of Simon Engineering, 
has been appointed a director of 
Chamberlain. 


Posner 

joins 

Post 


Mr. Jacques Poulaln has become 
chief executive of EUROPCAR 
(UJK.). Until recently he has been 
responsible for marketing and 


Office 


BY JOHN LLOYD 


responsiDie tor marneiing . ana 
n Ifn'^advertising at, the headquarters 

*^- E =:," ecutive,Df the Gtwrdian^ aonotaS * ~ 

: - :;ice in -1960 and pTayed a key jrin^v has been apPJ“»« 

r.-.j-irt in that company’s expansion riiamnan of GEORGE LAY., 


GaUiford- 0 f Euro pear International In 


Paris. 


Mr. T. V. Emxnerson is to retire 
as deputy chairman of CHAM¬ 
BERLAIN GROUP and resign 
from . all group appointments and 
directorships on April 30. Mr. Lt 
Wilkes, who joined the group, in 
chair- 


: y rough: a series of.r.iake-overs, 

- j. ■ Iminatlng in the with 

‘.: >yal Exchange--Assurance in 
•-' 68 which created- the present 
>' • -;'ii'--OUp;V''■'ll.-• . 

*“ T‘Mr. Dugdale... joined -the 

: .sardian group ip 1 1960 :aftw-itls ^ 1 ,^ W |j 0 joined tne gr 
requisition of_the: Kong- ;i970 has become a deputy 

i-;o-sed Union, of. Gan toil concern, . 

^-th which he had wbriked since " . 

•••- ^;';.'..aving Oxford in 1949, finally as." 

' ,r - ^ ; marine manager. -• - * • 

.After I960. hfc-;v rad - the 
-^---^aiardlan's subsidiary. iReliaqce. 

Marine, Liverpmil.; .-and then; 

ii-‘-irtS !Caroe 

Off^er tl 


Mr. Harry Roche has been ap- 
1 pointed to succeed Mr. L. Smith 
as managing dirc..cr of the 
MANCHESTER EVENING NEWS. 
Mr. Roche is at present produc¬ 
tion director of the Manchester 
Evening News. Mr. Smith retires 
■ on April 4. . 


British Shipbuilders 
Board post: 


the - 'Gtmrfttsu?s^-hhff 

the GRE*s-^3»Mip.-raM[riuo 
- . derwri teT. - -;y? v "f W_ 

««s 9 From 1973 to 1976. Wr, Dogdafo .. . 

s in Canada as pr«ideni of BRITISB: SHIPBUILDERS has builders. Is an indication that 
GRE's ' whoTly-owned. appointed a fuR-time managing the corporation Intends to form 
jjyjjmiary ".Guardian InsuraaKe. , -director of- industrial relations a large and experienced team 

3 »]*S4nada. • "• ■ 'J.-- j - ."'v.and is - ecpected to announce to steer it through a period when 

«^rtMr. Bigland, was chairman of , s j lort jj p industrial rclatimis- the workforce Is to be reduced. 
' a ®ridsh Insurance Assocfai-direclor at main^^ Board level:- Mr Fare I ogham, 54, was 

-AiO^H^Saired the working group Mr. .Ian -Farningfeam, direetw- deputy industrial relations direct 
led lit 1976, to the setting of.indnstnsi relations at Govan tor with the National Coal 
Sfpfi^^by arange of institutions of Shipbuilders on the Clyde since. Board’s Yorkshire area and then 
«. ~*inr Caoimj -for : Industry, .of the company was formed out".qf. head of productivity services for 
■ ■ fie b a directory the remains of Upper <3yde" the Electricity Council ^before 

«« win become an additional Shipbuilder in r 1972, wiH ; tike joining Govan in 1972 He was 
:puty ebairnjan :of -the GRE, of the managing director’s post. 1 bora in Aberdeen and holds a 
L ich he is now a vlcMfiairman, ^^Mpdifltmeirt at a iev^ fc in philosophy and moral 

er, ha retirement.-: ,. . ■ between ^S&main Board and the P^osophy. ; 

existing tier of non-Board fiirec- His-new post wli be based 

EAST MIDLANDS ENGINEER- tors, Ibe &nt «*, Br £lS fl ^rt^ llderS " 

;G EMPLOYERS' ASSOCIATION : this kind , withm Bnusa 5*up. castle headquarters. 


MR. MICHAEL POSNER, former 
deputy chier economic adviser to 
the Treasury, has been appointed 
as a part-time member of tbe 
Post Office Board. This brings 
tbe number of “independent' 
members on the 19-man Board to 
the full complement of five. 

Mr. Posner left the Treasury 
in 1976 after a two-year tour of 
duty. He is a Fellow and Direc¬ 
tor of Studies in Economics at 
Pembroke College, Cambridge 
and a specialist in public sector 
economics. 

Last year he produced a report 
on the Post Office's decision, 
taken In November, 1976, to 
reduce its ordering of certain 
types of telephone exchange 
equipment by as much as 50 per 
eent His report round that, 
because of slow growth and 
spare capacity in the present 
system, the Post Office bad no 
commercial alternative. 

His appointment strengthens 
the economic expertise of the 
Board, at a time when spending 
levels, especially in the telecom¬ 
munications business. have 
reached unprecedentedly high 
figures. Sir William Barlow,, the 
chairman, has asked for a big 
Increase in the numbers of 
telephone subscribers. 

The Board is composed of 
seven management directors, in 
eluding the chairman, seven 
worker directors and five in 
dependents, including two repre¬ 
senting consumers. 






-.■ r .y 



changes at Halifax Building 


jMr. M. MacashUL a 1 RWerel 
Manager of. the HALIFAX BUTLD- 



-Uie past.three has,joined 


•stems and services and'a secre- 


has become ■ air assistant 


Aneral manager.. Mr.. E. N. Cooke 
^ .-fss .been appointed to the execu- 
»: P' vc as a secretary of the'Society, 
j-bd retains.Jtis title of- advertis- 
' manager. 


the:'board' of Crest Hotels ' anff 
wtti become its raana 2 ‘ n E director 
on April 4 on the retirement-from, 
-.that-, position. or Mr. Edgm; 
Cerhardt. who will remain on tlas 
Board of Crest until January 1979.- 


director, in'the nortb^ division 

-of WILLIAMS & GLYN’S BANK. 


: . .-'/Mr; Charles Ball.has been ap* 
■'/aimed a non-cxecutive.director 
PEACHEY PROPERTY...COR-’ 
,/ v -ORATION. 


- -. Mr. - Frank Quaranta has Jjecn 
■•^pointed secreury of - -BASS’ 
: -HARRINGTON and - will also -be 
■ :tsponsible ; for public relatiotW' 
' ir the group. Mr. Richard " Beer,' 
. Jcretary of .Bass Chartlngwn for. 


Mr. Harold Bridges, who re¬ 
tired as president and chief exeav 
th-B Officer of Shell OU Company 
(Houston, Tegas) in I9i6. has 
bees elected to the Board of 
INC© LIMITED. • 

The Trustees of the NATIONAL. 
GALLERY have appointed -Mr_ 
Allan : Brafa am as Keeper, an^ 

:Deputy-Director In. succession -to- 
Mr. Ccc3 Gould, who retires from 
the Gallery on May 31. : 

.. 


• -Dr. P. J. Palmer and Mr. R. N. 
Gollman have been appointed 
directors of SMALL BUSINESS 
CAPITAL FUND, the venture 
capital member of the Co-opera¬ 
tive Insurance Society, 

★ 

Mr. Robert II. tiampson has 
been appointed managing director 
of CAPPER PIPE SERVICE COM¬ 
PANY, a subsidiary of the Cap- 
per-Ncill Group. He succeeds Mr. 
Kenneth G. Hitching, who has 
been managing director since 
1967. Mr. Kitchms Lontlnues as a 
director of Capper-NeilL 


Bears as chairman of the group. 
Mr. Jack Bears moves from man¬ 
aging director to chairman. Mr. 
Mann was formerly the planning 
and development director of 
AlUance Wholesale Grocers. 


Mr. Derek Sate,- a director of 
Ladbroke, and Mr. John Jarvis, 
chairman and managing director 
of Ladbroke's holiday and faotef 
divisions, havo been appointed to 
tho Board of LEISURE AND 
GENERAL HOLDINGS. 


. Mr: ; W. H. Morris - has ' been 
appointed tbe divisional director 
and Mr. A* P. Dmm * deputy 


: Mr. Derek Mann has been made 
managing . director of BAARS 
<WHOLESALE), the parent com- 

S any of the Masamart Cash and 
arry Group. The appointment 
follows the retirement of Mr. A 


Mr. Don E. Zimmermamt, presi¬ 
dent and chief executive officer 
of Capitol Records lnc_ has been 
elected to the Board or CAPITOL 
INDUSTRIES-EMI, INC- 

* • 


. Mr. &L C. Devas, a director of 
Klelnwort Benson, has been 
appointed a director of FAMILY 
INVESTMENT TRUST,, not Mr. 
Bevas, as reported-yesterday. 


A FINANCIALTIMES CONFERENCE 



MADRID 


FEBRUARY 2^23 1978 



As a result of numerous requests for an inter¬ 
national business symposium on Spain, as part of 
fhe Financial Times series of conferences on 
matters of substantial current interest, the Finan¬ 
cial Times is arranging a conference on Business 
tvifh Spam in Madrid on February 22-23 1978. 


The conference will cover the outlook for the 
Spanish economy, political developments in 
Spam, an assessment of the impact of the pro¬ 
posed European Community membership and 
other significant relationships, such as that of 
Spain with the Arab countries. These topics will 
be analysed by a distinguished panel of Spanish 
and non-Spanish speakers of unique authority. 


H. L Pio essrn Lon cnr.que 
Puentes Quintana 


H. EL Sr. Don Juan Anion.& 
Garcia Diaz 



H.E. Professor Don Enrique 
Fuentes Quintana 
Vice-President of the 
Government for Economic 
Affairs. 


Sr. Don Jose Hamon Alvarez 
Renduees 


H. t. Si. Don Joequ.n 
Garrigue? Walker 


The list of distinguished speakers includes: 

H. E. Sr. Don Joaquin 
Garrigues Walker 
Minister of Public Works 
and Housing. 

Sr. Don Jose Maria Lopez 
de Letona 

Governor, Bank of Spain. 
Sr. Don Felipe Gonzalez 
Secretary. Socialist 
Workers' Party of Spain. 

Mr. Abdulla A. Saudi 
Chairman. Libyan Arab 
Foreign Bank. 

Sr. Don Jose Ramon 
Alvarez Rendueles 
Secretary of Slate for 
Economic Co-ordination 
and Planning. Ministry 
of Finance. 


Mr. Per Haekkerup. MF 
Minister of Economic 
Affairs, Denmark. 

H. E. Sr. Don Juan Antonio 
Garcia Diez 

Minister of Commerce and 
Tourism. 


The Rt. Hon. Sir Christopher 
Soames.GCMG.GCVO.CBE 
Director. NM Rothschild 8t 
Sons Limited. 

Formerly Vice-President, 
Commission ot the 
European Communities. 


Hie Financial Times Ltd. Conference Organisation. Bracken House, 10 Cannon Street, London EC4P 4BY. Tel: 01-236 4382 
Please send me further details of BUSINESS WITH SPAIN CONFERENCE Telex: 27347 FTCONF G 

Block Capitals Please 


Name. 


Title. 


Company, 

Address 


; "h"’^ 


i-r-. 


















WALL STREET + OVERSEAS MARKETS 


Index reacts 5 on profit-taking 


BY OUR WALL STREET CORRESPONDENT 

PRfiFIT-TAKJ.Vij brought a dmvn> but has b«*n postponed at least Banks improved 0.58 more lo S W!TZERLA.N IL— 
ward drift on Wall Street to-day uijtil late :o-n.nrrow by cnmmuni- 235 . 50 . were looking a littl 

in a light business, online short cations problems developing front PARIS—Shares tended lo pick more active trading 


NEW YORK, Feb. R 


SWITZERLAND—Bourse prices 11 points, recovering the previous 
were looking a little firmer after day's Joss. Some selling pressure 
more active trading. emerged for BrevelHer, which 


the recent rallying movement. the recent heavy snow storm up further, aided by the quieter Banks were steady while, among receded 3 points. 

The Dnw Jones industrial along the Nor:h-East coast. Foreign Exchange market and Financials, Jnlerfood and For bo q PAL \ — Wednesdays M?Wne 

Average, after reemering 14 points Oil and Natural Gas stocks news of two opinion polls each gained ground. subsided although there was a 

over the past twrjij rad mg sessions, reacted, with Superior Oil losing »ivin a a slight increase in votes to Nestle Registered put on 20 lo scattering of small losses which 

declined tn i.i.Sl. The N\SE G in $ 2 fiS. the governing majority ahead of Sw.FrsiJSj In Foods. look the Gcneral Index QJJS lower 

All Common mt.es relinquished Texas Instruments, .subject of the March elections. Domestic and Foreign Bonds* ( 0 94 . 53 . in brighter mood were 

-4 ccnis to Sf.Ttl.lI. w hile logics bearish analysis’ comments in a Motors rose on news that car were inclined to harden. Hfdrula. up 4 SO* points at 79 . 50 . 

outnumbered gains by 7 K D to 358 . published report, fell 2 i lo SU 71 . prices will be raised by an GERMANY—Stocks displayed vihile Astiilero* Espanoles 


shipments, declined ? to S 3 P 2 , dined Frs.ll.S 0 . 

Southdown receded * lo $ 221 — BRUSSELS—Mostly 
it plans to buy back SUO.flno more lively trading, 
shares. In contrast, On-Line Banqucs Bruxelles I 
Svsfems jumped to *212. 22 Ui B.Frs.l, 44 S. Pet 


Elsewhere.' Veba advanced 
DMi^o following recent petrol 


unis Industrial and Mining stocks. . 

Gold issues generally Armed. 
. -HI —1 with Central Norseman rising 30 


f rad-.*it day Aluminum of America, expect- Marine TVendel. which an- DM 1 . 30 . Industrial and Mining stocks. 

n W .'” s . ing possibly lower first-quarter nnuucerl lower 1977 turnover, de- Elseiihere. Veba advanced . c , ol £ i^ es genera.ly armed 

SS £ : shipments, decimej j to *» 2 . dined Frs. 0 .S 0 . Dili 50 follow-mg'^cent pSS 

:.i.ir«ia'! n*M Southdown receded * lo $ 22 !— BRUSSELS—Mostly higher in price rises, and Bet on V und 

- s-a^oird wr.n.i .Mr. :s:oo 7 -‘it plans to buy back SUO.flnti more lively trading. Monierbau jumped DM 24 to Goldfields, however, 

;' T 2 cr -. Tc 1 ' L Jnd T'.l. | 52 Mfl »! -i shares. In contrast, On-Line Banques Bruxelles Lambert rose DM 169 . ^ I® KI J ts J 110 ^ 

r r»nc- st si, j|| jlffri : -i solemn jumped to *212. 22 to B.Frs.l, 44 fi. Pefrofina 110 to Trading was lively on the Bond n^" 72 ', { j I* 50 , 

Wifi'S SS *::.-r: &.K ■;* -T THE AMERICAN SE M«k« V.l... B.rn«s, .^d S«iMp Gentle markel (olta.lw ,„° no iSc e ment t i S 

T^s i;:itriifs Lts.-aw :oj ~i Index, however, ended 0.18 higher % to B.Frs. 1 . 910 . On the other 0 r th e Federal ’ Governments b . ut P oals were . e ® 2 er ‘ 

-- at 12453 . with gains leading de- hand. UCB retreated 26 to D „7 3 bn. Loan and pS^suS Base iIetal mmes were mu:etL 

several adverse factors, including dines by 2 SJ to 240 . Volume 2 . 33 m. R.Frs .924 and Pan Holding 40 to were up to 45 P f erm j BS higher. TOKYO — Late profit-taking 

various forecasts by Government shares < 2 .fi 3 m 1 . B.Frs.^ ; 44 tj. TTie Regulating Authorities inter- pared initial gain? to leave stocks 

and private ecotwntisrs of a rise AMhTtBWAm — Market con- V ened to .sell a nominal DM-tOm. ending on a mixed note. Volume 


in interest rates this year and an ATUCD M&DIfrTC u ““' 
increase in rhe rate of inflation ^ Iflnllllt l 9 Pfr 

over the next few years, and also olhe 

failure by the Senate energy con- p an a/ia pacipr 
fcrence to break a stalemate over '-■dtlaliai Cdsicr Fls.l 

the removal of natural price An easier tendency prevailed on In 
controls. Canadian Stock Markets yesterday rose 

Brokers said some investors in reasonably active trading. The arou 
were awaiting the Federal Reserve Toronto Composite Index lost 1.9 Nati 
report on the Money Supply in to 1 , 012 . 5 , while Oils and Gas shed Broc 
rhe latest statement week. The 4 .G to 1 . 355 . 5 . and Metals and howi 
report is released ordinarily at the Minerals 6.2 to 320 . 3 . Golds, how- St: 


ttaiuad In Arm fiettta. of paper lDM 26 . 5 m.)_ Mark 340 m. shares ( 350 m.. 

Philips were a shade easier in F oren . n Loans were also firmer. Among Blue Chips to finish 
otherwise harder Dutch Inter- nil.AN—Generally softer in lower on balance were Sony. *40 

nationals, where Akzo gained min trading, with operators await- down at YljC O. Toyota Motor. 

»■ .u . . ing the outcome of current politi- YI 2 off at Y 572 , and Honda Motor. 

In the rest of the market, KNSM m 1 negotiations. YI 0 easier at Y 5 S 5 . 

rose Fls. 3 . 50 , while gains of Anic receded 75 to L 126 . Ital- Electric Cable • issues were 


stock market close nn a Thursday, ever, recovered ll.fi to 1 . 319 . 5 . and trading. 


State Loans were steady in quiet VIENNA — Ui-. rurally steady. 


Housings ai 
Vehicles. 


Pbarmaceuticals. 


Indices 


although Schweehater advanced Foods and Precision Instruments 

- closed generally lower. 


NEW YORK -DOW JONES 


R.Y. 8 E. ALL COKMOS 


Fete 1 Fete • FeW.’ Feh.: 

9 ■ e ' 7 a 


In 1 'inrul.. 717.81 782.88 778.35 788.82 770.96 775 . 58 : 393.75 

■5.1.7ii 

B me U n i-’. 33.58 83.54 83.70 82.73 39 . 74 . 89.72 9£.37 

tlVi 

Tna-i-m.... 213.58 214.5a 215.13 212.16 212.99 2I2.6S 246.54 

■ < liL 

l ; tn:iie».. 105.62 105.12 105.51 105.21 105.5! 105.48 118.67 

l 22 ; 2 l 

Tra line ml 

}Xf* I • 17.840 21.500 14,730 11.830 19.400 23 . 050 . — 


Kjm« V nwl»* '■han^rd miir Auicast 84 


’Sinceomipi 1 st ir-n 
Hlpl' 1 l»"» 


765.54 ■ mt.70 41.22 
.I Tt' r M.'l. 73»- '2/7/32) 
63.53 - - 

i2r> I it; 

l*j .60 279.86 16.25 


9 • ? I 7 ct Hi^li 
SoTl 50 .ro 50.08 49 . 84 ' 57.07 


Bases and Falls 

_■ F*b. 9 F*h. 6 | Fi b. 7 

(miea trarinl_ 1.808.1,848 ■ 1.7*3 

..! 358 920 863 

Fall-.... 789 , 490 ! *12 

fnctianscd_. 461. 438 470 


to-luMnsl 
C<rnt ni ne<t 


I 3 S .50 279.88 16.26 _ 

Ui tfc/ 7 i 32 t TORONTO Compt 

104.77 . 165.62 10.58 _ 

4 - 51.1 I* 1 120 .'«| 63 | { 2 Sj 4 j 6 ® JOHANNESBURG 

ftniii 


14,1.71) TZ7lb78} Ne*T Higha.■ 

New fa nr a. 


| 166.60 166.86 166.51 J 6 S.S 7 186.47 (K.' 3 i f 
■ 175.78 173.96 773 . 57 . 172 . 59 ; 187 . 3 B ( 19 . 177 ) 


168.02 il? Ivi 

ie.60 «Cr IV. 


Compnite- 1012 . 51014.4 1010.2 1007.1 1067.4 ( 19 / 7 ) • 9 E 1 .D fcr‘V r - 


211 B.fi 209.1 
211.2 211.8 


213 . 7 . 213.9 218.7 ( 1 .- 276 ) 
21 T. 9 i 2123 , 214.4 i 4 /i 76 ) 


139.4 t ?;^1 
169.1 <22 i> 


In i. .Ilv. rieM % 


STANDARD AND POORS 


Ft!*. Feh. ' Fen. I 


l'ear (approx.) 


5mee Cnmjmavn 




In4. >lir. vieiii ](, 
toil. IVE Ratio 
Lenz Govt. BodiI yield 


. c . 7 • 6 ! 3 ! 2 | Biah , Itjv , fellah ! L>nr • 

39 40 10031. 99.49 30.61 98.66 93.JO' 118.92 : 87.47 1 134.84 1 6.62 Germany**.) fOE !) 

! (5.1»7ii ii.S l/«fi (IL'ITSt <30/6(52) Holland »'-0 Rl 9 

90 30 90.33 90.33 89.50 53.62) 90.13 107.00 88.3 B 126-85 4.40 : 

■ 3 / 1 / 77 - ■y.l-;:).(ll/t.im t 1 ,fi/ 5 i!) Hong Kong fn 

• (*^1 

J Fe!i 7 [ Feb. 1 j Jau. 2b ■ Year ago (apprnx.1 ^ ^ 

i % . Tu • 5.22 j 5.22 , A89 JapaD 

^ ! H 77 ! RS 9 i i iTofl Singapore I ic) 


I Fed. | Prer- 1377 78 ■ I*77-73 


Australia (*i) *e?A9 m.*i - ai c jo 

(3/1/7H ) 1 (16/21 

Belgium Is- 34.39 93.42 99.12 80.43 

^ ilO.T/77 (12,1/71- 

Denmark l”); 94.85 94.72 107.42- «\-0 

( 0 .- 6 ) (Sffi/llf) 

France <tt) 49.6 48.a st ».4 arj 

I (7/1/71) (106) 

Germany<tt) FOE.b 30F.6 :15A 712.6 

:17,11V 1)0/3; 

Holland >70. * 1-9 31.3 95.2 7bJ6 

(4/6) |a/,9) 


Spain 

Sweden 


: Feb. Pro- J977-78 lv/i-7- 

9 ’ rfmis - High L*>w 

(di‘ 94.83 95.11 i L00£O | V-Ao 


HONG KONK—Stiil closed for 
the Chinese .Yew Year holiday. 

JOHANNESBURG—Gold shares 
continued to show- a dull bias in 
very quiet trading, reflecting lack 
of interest and lower Bullion indi¬ 
cations. However. Free State 
■-'titld put on 20 cents to R 25 .T 0 . 

Financial Nlininss were mostly 
at previous levels, while oiher 
’"•als and Minerals were gener¬ 
ally lower. Asbestos issues were 
around 5 cents easier after a thin 
trade. 

Industrials were modestly easier 
fur choice. 


NOTES: Overseas prices stunvn oeiow 
exclude s orencam. Hji gian dtrideods Feb. 9 ! Sterling 

are after withholding ’ax. —.—■'- 

♦ DM50 deoom unless (Kherwlse stated rsfamtenn— 5-5»a 
V Pus-500 deoon. unless otherwise staiM Tdjn nntW 6 - 6 X 3 

A Kr.ioo deoom. unless oUieranse stated u/mda_' 67 g- 7 ig 

5 Frs jflfl dnooL aad Bearer shares three month*. 7aa-7Bg 
unless otherwise Stated. 3 Yeo 50 fleaom. s - lx mo at hi.7-a- 8 1 * 


ie) 352.47 355.46 , tlfi.fc • rwafc 
I (Sa-3: 

• 318J- 318.0 - 31 9 : VSOj 
i 9,2/72: .3 a. 


’( 30 . 12 ) ' 25 i- 7 c I unl ess other wise stat ed, t Price at Cm? | t>gg y^.. 


of s u spen s HM. a Florins, b ScbiUtntcs 
<• Dents, d Dhridend after peciSng rfztns 
•od or scrip issue, e Per share. 1 Fraces 


; 4Zb.iT 3E3.44 20 Transport. 


„ . , (ad: * 24 . 11 , Euro-French deposit rates; twodar 13-154 per cent.: 

Swuerl d( ■ *18-9- •»*:.« 9 • eOwS! ^hAs^ed^rtfeodl^ c 

lo dlces a n d " D ase data taU oase values TV?SjS1S S^SJSl Ell PS 

O-I.OOU. the last named based 00 19 / 5 . «ftr « CaoBicfal uortma cMfaorts 

Bxdumng bonds. X 400 industrials *»ol«Jers anty u Merger peedna. * askea . 

(00 inds . 40 Udimes. 40 Finance am • 3 hl t Traded. tSeDer rAssmred 5 *?.?, ,? t^firrUnr - n ff doilan 

Tranmorr aTV nr* xr Et rizbtz xd Et divtdend xc Ev T Short-term rales are call far sterilK. D 5 . dollars 


Standards and Poors —10 and Toeontr 
300-1.000, the last named based 00 19751 
1 Excluding hoods. 1400 industrials 
! 400 Inds. 40 UtlllUes. 40 Finance a no 


ill.tr) :( 13 ,I,- 7 t Ifl) Belmn SB SMZ/B3. (**1 Dopeobaaei. scrip Issue 
73.71 : 64.90 SE 1 / 1/73 mi Pans Bourse 1961 increased 


• 3hi f Traded- t SeDer r Aimed 
xr Ex rlRtits. sd Ex drvtdeRd xc Ex 


xa Ex aft. a Interim since I days* notlie for galMgs and Swiss francs. 


El) 60.87 . 61.ee 73 . 7 » ’ baM 5E 1/1/73 m> Pans Bourse 1961 

, 1 5,1/77)c*, 12 ; (U» Conunenbank Dec.. 1093. (f}> Amsrer [ _ _ 

(a) 385.35 366.42.380.93 350.49 dam Industrial 1070. HI! Hanx Sena I GERMANY * 

> (29,9) (24/11) Bank 31,7/64 (HH» Milan 2/1/73 (m Town 

I i let * (ri ;2SSLC Z4Z.2S New SE 4/L,a (b) Straits Tunes 1966 

13 ). I I (29/3) ! r 34 t <ei Close <d) Madrid SE SS/ISri?—nnm Feb. 9 

and tow for 1978 only (ff) Stockholm --- 

lodiistnai 1/1^5. (f) Swiss Bank Coro AEG.. 

(Ui Unavailable \!ilans Venieh... 


Price* +or 
Lhc. — 


AEG.. 92.2-0.4 

\ Ilians reroleh.... 490 -3 
BMW... 225.1-0.9 


BASF.... 139.0 -O.* 17 

Bayer... 137.2-0.2 16 

Barer. Hypo_ 295.O-0.2 20 

Bayer. Tereinsi* 317.8 -0.7 - 20 
Citfflnt.Ned.wrts. 195 —3 — 

CommerzhanJc-* 226.3 -0.1 ’ 

I’onri GummL...T 81.3—0.7, 
Daimler Bern—.... 516.5—0.5 

Uescna_• 273 -1 

Deroac. 165 —3 ( 

Upuiscbe B*ck._. 312 
Oresdner Bank....' 251.2 —0-3 : 

UycaeriioS Zemt. 151 .. 

i.iatebi.'ffnani'-— : 2i2.5..- 


Corning Glsa_..: 48l« 1 485a 

I’Pf! _I 1 Ul. . M 


Abbots Lab*...—.; 613* 
A 11 reasograpfa ... l«'« 

Aetna Life & C««*j 521: 

Air Pn»lui^a.• <5 

A)PW. 411* 

.M-an Aluminium' h3>* 

Ai m..- 3949 

AHwhenv Lu*ll..; 19i* 
Alleghenr Power: 191? 
Aiiieit Diiemi'ai.. 36'*a 

Allied Stores.I lSri* 

Aili« C'baimer»...| 25^- 

AM AX. 1 S3 is 

Amera-lK Hesr....-' 241* 
Airer. Airline....] 9s* 
Amer. Brand"..... 45 
Amer. Brra>ii-a»l.' -6U 

Amor. Dan. 3fc>: 

Amer. Uyanami.l! i4tf 
Amer. Klu-. Bn. 23is 
Amer. Kxpro**-...' 341; 
Amer.HumePiv.t, 28»; 
4 mer. Me-ii'Si... IS)* 

Amer. Mitwa. 41* 

Amer. Sal.Gar.... 41 Is 
imw. Stamlani J a 6 :ji 

Knier. Su.rea..’ 281** 

Amer. lei. Jt Tei. a‘9i* 

tn/e/ek_' 201 ? 

AMF._....; 17 

AMP.• 26 

Ani|<ex.... 12 

An linr Ucriinc. «7'i 
Anlieu'er Bur-li. 19 i« 

Ann -o Steel.• 27 1 * 

A.S.A..; 205: 

A"Miin')ii„>,.; 91; 

A*»rro„.15 >* 

Ashland iMi. -. 28 '1 

All. RK-hfieM. 46i: 

Auiu Data Pro .... 1 26 

A VC..; lOlj 

Ar.n... 191; 

Avm Piolacta... 46ir 
UallGaa ElOri....; 26 
Bank America....; 22 
Bankers Tr. N.V.’ 35 

Barber </h. 265* 

Baxter Trmvenol. 351* 

Bealni.'e fwl_ 22 )« 

Be-UMiLHi-kenarji 391$ 
Bell A Howell....{ 16 

benrilx-J 341i 

Beifguet Ikma•If; 2'* 
bethlehem Steel.- 21 ?b 
B ia-'k t Ualer.j 155g 

lluwn*-.,.: 3Q1* 

Boise Caauaile.; 24 ig 

kkiplen.- 29 1 * 

Bon: Waruer.■ 265* 

Branlfl laU_......; lu>a 

Braa-a'i 13 It) 

Uri*lo> ,Mvenc....l 617g 

Uhl. Pat. ADB...I IB/g 
Umckway G 1 aoo..| 28i* 
Brunswick....—.] 14 14 

Bucyrus f5rte..._.l 18 

Burtl.—.I 32* 

Union Watch....[ 5U 


341; I 34 Ig 


_____ CPC Ist'o'tiooal 444 

52 3 . '-W.• .64 

14 Tg Urr-ckcrNar. 245* 

i2ig L'inwn Xel lerbach 50 Jg 
2 *« Cummins Kngine 1 345 g 
curt-WngbiT..,..; i7 ; 8 

Dana. 223* 

T 5 . Dart Industries.. 371; 

| Dei Monte. 23 ig 

, J? -' Deltoua. si: 

DeoU|ily inter...: 17 ie 
Deiron Lriibm...: 16:* 
. Diaiiiom 1 Sham rli. 28 i* 
-Z Dli-la ph-no_ : 12 

9ig Durilal luiiilh...^ 40?g 
451* Disney (Walt).335* 

jr Horwt , .ir|*i.• 39 ’j 

ib-*i IViw 1 Lemuel_ 24 14 

25's Dreiser. 391* 

23 ( in, ivmi. ; 1081* 

1 l-'vuio iminstries 14 ig 

2 B 5 a , ha^it 1 ’icher. lTIg 

| Hear tirliue*. 7 

4-*B Kir (man hValak..' 453* 


34 t 8 j 35 


281* : L fi. A G| 
60'a J <£■ Paso SsL Oa*: 


517g | 324 


Buriington Ntbn 39 


54 la I 34 is 


Unrrmigfa*__.....] 

Campbell Soup.-I 
Canadian Pacific) 
Canal Randolph.. 

Carnation. 

Carrier AGsoeral 
Carter Hawley... 
CaterfrillerTraatsi 

CHS-. 


Certain tee t_ 1 aBig ' dSsg 

Cessna Ale-raft J 31bg ] 31^ 
Chau Manhattan] 281s j 26 <* 
Uhenu.sJBk.Nln 39 13 1 39 1 * 
Ubeeebrub Pomi j 20 »b ; 201 * 
ChssatoSystem...I 35>< | 36ij 
Cblcago Bridge^. 44>* • 445* 

Uhro (Bailor.-j 16 15‘« 

Chrysler- 13 U ! 13-V 

Cinerama..— 2 Sr [ kin 

Cine. Hitacron... 193s , 19Ig 

CttJJOrp.J 201» - 20 Sg 

Utiles derviue_475* : 47 13 

City Investing...| 121* 125* 

Cuca Cola.: J 6 ij 37lg 

Colgate Palm.....| la-* 191* 
C-ntltiu Aik man ..1 lOJg ! 11 

Columbia Ua*u.^.| 27?g ; k 8 i* 
Columbia Plot....! IBS* ' «bi» 
(Jnm.tnaUojjt Acn| lsl* 

Com bast km Bag. 33ig 
Combuatiijn Eq..j 16lg 
Cm'Web Krtisoo. uWr 
C om'w th Oil Kel! ?is 
Comm. Ssielite...! 55 
Uomputerdclencci 9 
(JailMC__ 193q 


; Birrs.........._ 1 271 * je7i = 

limersnn fciectrc- 30Sr, 30 t 3 

. KuieryAir Fr'gbli 38'; 38*; 

hniiurt...-. kg*! 29*8 

L.M.I__ 1 O l* , 

kn^eibanj_: 24Ig ' 24>* 

hsiuark..• 27 27 ig 

Bihyl ..201* 20 

Exxon.. 45 in 455a 

Fairchild Camera k6i* j 27 Ik 
F ed. Dept, bbtresl aSS* j 36 Je 
Firestone Tire-... 15>* , 10 U 
Fst. Nat. Uoslon. 25lj } 26is 

Fwxi Van_ 1 17 Ss > 173* 

Film tote ..I ZlSg ‘ 21 

rtorMa Power ....1 311* 1 31U 
j Pluwr__I 333* I 3378 

b.M.0.1 21 . 3 Up 

Ford Motor.._I 423* , 421s 

Foremost Mdk.^.l lj5g 1 17)2 

Kuxboiv.. 30 ig 30 

Franklin MLnt.^.j 8lg 8'g 
Freepon Ulueral 19yg ■ 19ig 

Fruehauf .. 263g ' <t6J* 

rsqu* IndostriOB) 101* ! 9ig 

‘ l.A.F.■ 1 lag 1 113b 

>.ianneU..._.. 35Sg . 36 

■en^krnar.ln_ 9ig ) 9Sg 

U.A.1JL- 2oi« | 253* 

'.•en.U’able... 127g lifts 

(fen. Dynarmos... 42 | 423g 

Hen.Klo trka..... 473* ; 473* 
General Fauda._. 281 g 286s 
General Mllls....J 27 >4 | 28 
ueaeral Motors... 68 >s • 60 

Uea. Putt. UUI_ 19fts ; 19Is 

Gen. alynal__ 25lj '■ 2Sls 

uea. Tel. Blecr... 29la > 29 1 * 

Gen. Tyre... 235g | 24 

Uenesru.. 5S« [ 53* 

Georgia Pfc-IBc _. 2B>: ! 251* 
GeLLi UU.__ 1621- I 162 >2 


485g Johns Manvllle... 

44 I -lobnsrio Johnson! 701; 
16 Sg j JiiUmpn Control.! 295 r 
24Jg | J'lyMsniifa-tur'jj 32i* 

51 ' n-lfartCorp.. 25 

345 g I KaiserAKiminl'm! 29 3e 
18 I aaisei Industries' 4 ** 
voi i K»uier 6 l«el- 1 241; 

* 21 * |*“.v. 7 i; 

rJ,i A ; iw-mw.'on.i 233* 

34.£ • Ken U. Gee._. 421? 

<*'* [ Kid.le Waiter™..' k.83g 
, "f® I himberley Clark.i 41i B 
}? * - 1 213. 

fSr* . i 43 

f 2 4 Kir ? erCo_.j 27 11 

if. >4V» itraosa.. 20 Tk 

^jfi LibbyCw.Food-.I it 77 e 

40 Ligj^tt Group_i 27/* 

j4i« fully i fin..! 40 >* 

,”’ 4 J fJMoli liuiust.j 141 * 

'Vai 4 1 D«fcbeed Airx'II i 131; 
J® 4 j l>" 0 «dtar ln*la..J I 8 *g 
I l«iri; Dlaibl LttiJ lbi; 
l**ji«iana[*inii... : kli* 
46ij | i.ubnsoj.; 355s 

45 I Luck.vstores..—.' loU 

1 * 1 *. i L'lesV'unuw'wni 6 ig 
\L l [Mai-MUlan. K5 a 

J Usev K. H-; 36 In 

» n _” l illr* Hanover™.i 32 ic 

lei! li-P*.«•: 

oqJ ! ManilliiKi >/il.. 441; 

. Mjtrine Mai la nil. | l3Jg 
Mi* Uarrhall FieM...[ 30i fl 
27 ' B 

20 May Dept. Sides' 227g 

45Sa MC.\- 35i a 

271)! McDermott._I 26 U 

563s Mi-Dooneil Douf>| £&lg 

IbU U.-Grow Hill-! 18 

26 (a Memorex -- 1 k73* 

173* Men-k---I &G>« 

21 Merrill Lynch.—; 141* 

3XU Maa Petroienm J 365 * 
337s MGH- 2614 

Minn M IngA 51 tg J 471® 
ally Motel Corp......... 60lg 

42«i Monsanto.... bOlg 

17)2 Morgan J. P.- 413* 

30 Motorola —:_ 357 ® 

8 'e ifurphyOIl^- 55 

19^8 Nabifc-o.. 493* 

263s iValooChemu*/... ^7 


GHieue.. 25 ta ! ; 5 i* 

Goodrich P J. 195a 195% 

Goodyear Tire— 167a , 17 1 g 

lioulrl_ 207g ' 287 b 

GxaoeW.U.. 26>; ' 25i» 

Gl AUan Pai-Tea 75g ; >5* 

Gn. North Iron..i 54ia I 531* 

Greyhound ..' 13 . 13 

Gulf A Western...; 113 * i 111 ® 

Gulf Oil-.I 251* i 25) 

Uaiitamra.| 61 ; 613 

Hanna Mining... .' 5?5« ,. 38 
Hhmi**feft«r....| 16 * laj 

Harris Cortm.; 4 g 7 e 4 gi 

Hdiu R.361* , 561 
Heu 0 toin__.j 27 . 37i 

Hew lets. Far hard! 65 J- j 65 T 
Holiday Inna- 15 1 ® 16B 


Nat. Dlitlllen.... 31 j p 
Nat. Service Iwi. 13J« 
National steel.... 31i* 
NaUionu.. 57 

NCK... 40i* 

.Neptune loip. 153. 

New bag lathi El. 22 ig 
New England Ter 35 
■Niagara Mohawk 161* 
Niagara share... JO 
-V LL Industries leu 
Norfolk* Western 278a 
North Nat. Uaa... 371 b 
N ihn suitea Pwr 26 
NUnrest Alrlinesj 233* 
Nib west ban corn 225* 
Norton 5imon. M .i 1 B »4 
Uecbtentsl Petroli 224 
Ogilry MsUiar | 38 

Ohio isdlBon._ lSTg. 

Glin_I 15?« 

Overseas Shlp_..| 241* 
Uwena Ctmlig^J 657a 
Owens Illinois-—' 21 > e 
F*. Id.- Gsa.-..~J 237a 
Psui6.-Jilgbuox~[ 80 
Fa,.. Pwr.ALL...| 205a 

P s.nA mWoo.tAtn 5)g 
Parker Hannifin^ 225a 
Peabody Iue.—/ 217g 
tm.Pw^U—.; 83 " 
famof LO —I 34** 
Penrod' ._..~.~,J 301; 
People* Drug. n ...: 7i a 
Peoples (lu..J 34 4 


Homesuke._! 34lg I 364 *2 

Uonevweii.J 441. ! 44s> Fei**®———26' 


Kerlnn .., 

71 tg Keynotes Metals. 29 293* 

29is ! Heynnhts H. J . 555* ' c63* 

327* | Itich'snfi Merratlj 21it 213* 
Knekweil lnt«r...r 305s . 303* 
Hnhro A Baas....1 301* I it9/ 

Kovn. Diik-h._J s -6 | 66 

i:te___ ' 133* 137g 

linns Log*._...| 123; ll/g 

Rvdrt Sritan...; 141« 141 g 

Stie«n !?tores...! 36h 387; 

5». L« Mineral®.! *8 584 

51. Kcgis Paper. ' 18b 28's 

s'auu Fe ln. 1 i— *63* J s7 

Sun Invest_ i 4ab i 44 

dax-.Hi Imls. i 53g J 3* 

•j -blitr BrewIne..i 14ig ! 13; 

S. lilimihearer__J 68 ig \ 694 * 

aC.M..j 174 173; 

Paper™....I las* I 135, 
■h-nvil Mnt———i 2l3* ■ 20. 1 
■s -uilr’ Duor Ve»l| 63* | p 3 j 

•4a CMHeiner*...; Zli* : 213, 

'eagram. 21 S* 21 :* 

dearie (G.U.)_! 123, 12 .* 

•Mera Koebncfc....' 26:* 274 

sKBW.. c53* . 6 .'-e 

Sbeii Oil.. 2V>» SO-, 

she'i Transport...- o9i* 084 

diffds .285* i85s 

TugnoleCorih.' o 6 >* 064 

Simplicity Pal... 11 Si 11J 

dinger..... 18 4 191* 

dmiili Kline..w... ab 47 ’ 

dmiimi-^ 1 p . ifg 

sintilhluvn. ' 224 204 

>oul hern Cal. E< 1 . 264 h63g 

southern Co..■ 17 17 

»thn. Nat. Uea...: 29ft* ! 294 
southern Pacific. 34 ; 34 , 

>a/thernKailway' 601* •[ 494 
soul)Hani|._.j fc23, ■ • 22j 

S*W*l Bancsbarer] SnU S 244 

Sperry Hutch. 161* I ,163e 

Sperry Kao d- 337a . 344 

=<iulb... 254 ; 2B3a 

siandan) Brands 254 1 ZB7g 
std.CHICaUlorul® 384 I 384 
std. Oil ladlsoa. 47 : 478g 

■JuJ. Oil Ohio. tBSfl I 683t 

StaulT (Jbemioal. 3b 4 1 361* 
Sterling Uiug _. 134 1 l37 8 

studehakei 49 ! 487g 

mid Uu.. 38ig I -384 

^undltrand_ 354 J 2 a * s 

rynlex.. 21 2T 

fechnicolor^—.. 87a ! 87a 

laatrools..-- -47* : 354 

Idedv-ne_ 69 694 

I'M ex--— £4 34 

I'eneco—- - — 29 293e 

Tesoro Petroleujii| 8 84 

Texaco- *64 264 

i y»r *'(— — 16fa 17 

Trooslastm._67l s 701* 

Texas Oil * Gw.. 305a 314 

Few* DtOltim-.. 20 Ig 205s 

rime Inc. ... 383* s57* 

rimes Ulrror„._. 234 234 

fimken..—«7lg 47 

resne.--- 337* * 33 , 

rranamertoa_ 14 14 

Tranioo... 19lj 195; 

Irant Union. 544 343* 

Trans way Int'rnl! 2 i 4 223* 

Trans World Air .| 1 2 124 

riaveilera.; 201 * 274 

Tn CoociDentid..J 183* 185, 

T. R.W .. 3.5* | 304 

■iOlh Century Fox 224 225* 

UAL_. 20sb 204 

L'AKGO_ 207s 20a. 

I’D I--- 234 23a* 

hop -- 147 8 i5>g 

Unilever... aBi* 363* 

Unilever KV_. 54 4 B47a 

L'ni*.m Honoirp.,. 151* 13 

L r nI cii Carbide.... 59 394 

Linton l.iimnierroj »■«; 64 

Hulou Oil Cslir,,. 49 4 504 


Wo’l worth. - lBlg 

ffyly-®«-,.*J U 4 

Xemx-464 

Zapata.! 173g 

Zenirh tovdia—, 1 ; 33 

CAS.TWss«lI*C; 1944 
l'8.Tiw»4iS7b:7r! tS2 


b.S. HO Dsy tell*.; 6.41 % j 6.40 f .i £ + °-* 


CANADA 


•'« AtHtlOl Pk)W(..... 107) 

j * s tKiilcp Eagle. 1 11* 

* AlosnAluminiunv 261* 

2oL Algoma steel. 1&4 

ArtwtT'W_..... 39 4 

Uauk (4 Montreal l« 7 g 
I?** I Dank NuvaScotu* lfc ; , 
: data.* Kesourace- 7 .‘4 
pi * / fell Teiep-hene...- o2m 
21 J » j i:rtw Valiev Indv. 21 Jj 

21 :* ["PtaOiida 15 

12.8 I i/raiea ..■ 1 h7* 

k74 | urin.Ti..._ 13.2.’ 

o63g I -A-usri Pnwer— 344 
30-, ; CanJ!c Mines..-.. 15 

08.4 ) <-®ua,in cement..- S's 
k83s | URrii > IV 4 ks* 2 1 ** 
064 -.an Inipbukilim 253* 
11 j Uiroda In.turU.. 1 4 

191* j I’m. INufi,..‘ ) 6 -'g 

47; can. Hariri, lnv.. 184 
It* <>*d. super Ui:.— a3>* 

SO-'a Lariiug O'Keete-, 3 . 5 u 
i*63g UaMinr Asl«eto*.i 94 

iq, Cbienain --j • 203s 

®4 8 Uominco... 87 4 

aQ , ■ Uoos UathursT—! 243*. 

* toaung Gas..— 16ij 

22j Coaeks Keaoorcerj 7 
24ig Coatain Kicb.j 8 

163* Den mm) Mines...; x94 

344 Ltoroe Mines-: 73*« 

253a Dome Petroleum 567* 


Hsrpeo nr .! 

Boerlw.—... 

H.«®cta - 

H-fteu ... 

Kali nn-1 Sate.— 

Ksr4a.lt.. 

r\3ufhi>u. 

Ki.r.-kner Diu 10b. 

KBD.. 

Kmpp-—. 

Ijole-- 

iotrenbran tOO—. 
Luithanta ! 


242 t-3.5 -9 

127.1 0.2 ‘ 16 
43.8-0.2: 4 
121 -j-2 < 10 

148.5 -0.3 9 

292J) —2.2 20 
198 -1 20 

91.5 +0.5 - 

175.5- 0.3 12 

96.6'- — 

242 —2 15 

1.510=- 2U 

111.1+0.1 7 

208.5— 1.5' 12 

174.0 +0^ 14 


11 AN __: 308.5—1.6 

U Mines ms on __ , 174.0 +0.8 

Uetaiige*.. -.1 231 .—3 

31 unebener Kuril. 530 —25 

XecKermann.. 112.5__.... 

Preuweg Dm 100. 11s . 

liheinWeai Elect.- 208.5 + 0.2 

x-herlng..' 263 ....... 

■jiemens.: 297.2—1.3 

■sud Zuri/er.I 248 —3 

I'bvssen A.G._...< 124.0-0 7 

Varta.J 176.5 -0.5 

VKB4. 1186 + 18 

I'erein AWest Bk.' 3o2 1 

V.»(hgwa<en. 211.7-0.1 


176.5 -0.5 
118 6 + 18 
3o2 1 

211.7 —0.1 


; AMSTERDAM 


161 ] | 16 4 

7 7 

a 8 


Honeywell.J 44 

Hoover 11 

UospUorjuAmer.' 26 
HuuaUin Nat, G*-J gQ 
' HuntiPb.A.)Chu,: 11 

Huiti.n iL.F,).| 18 

l.C. Itidiiali Ibsm.i 23 

ISA.! 36 


Ingeisol Kami_ I 564 


Inland 

I nail o. 


364 ' 357 B 


Pet kin Klroer —.1 184 

PW--—-, 384 

| Pll/er... . 2 74 

, Flwips Uodge_191* 

Phlbftieiphu ble. 19 
Philip Uoiri4_...i 583* 
[ Phillljw Petrol'ii; 30 
Pllahury 391 * 

Piiuey Bowes._ 194 


Con. Simon NA'.J 223* 1 c3;* I ..- 


iKTi2S«JSJ.ia2 ^uTA“ii»: S5 

Inti. Fla«Hira..._l 214 Blhi 

IutL Harvester...; 29: R • 294 ridanwl... 1 gQsj, 

Inlt. Mto*i-'bemi 404 . 403 * Fntuniac klw.... I 1 _S* 

Inti. Multifoorta..j 213 * zlig PITi liulualnei..! 24 :* 


Coned Pomi®.,...., .41* 

Consol Nat. Gw_l 38 v a 
CoMiimer IWerf W5 
Conttuentei GrrJ 314 
Continental Uil.J 284 
Continent*! Tele.' 153* 
Uraicrot Data-....! #S4 
Cooper Indus—_' 424 


InU. Paper....^..., 39 4 

IPU.--| 284 

luU Knctifler__ 87g 

I Ut.-Tel. A Tel_ 284 

I oven 1 ..' 11 * 

low* Beet.. 204 

ID inlertiattona*.' ll<s, 


294 ; 297g Piilannil...| gQjj, > 254 

404 . 403* Pnuimsc E>ee.... I i_s* j 1.4 

3136 Kl4 PIT. Indus]net..! Z4 t* . 15 

144 134 I'nua tnm'>ic..1 794 - 794 

39 4 394 Pub serve Klcci.' 223; - ^3 

284 ‘ *84 P u | man.. 1 254 . <6 

87g , 9 Pure* _ 164 ' 16 

287g : *94 QuakerUaia„...J 214 I cl 

14 , 14 Kapiii Arnerrcnn.J b 6 

204 ; . 9V) Kavth^n 32-4 ! 52^1 

11«6 1 114 KCA. ! 251* ! US!.* 

284 E BBSs KapobUo BtaaL..J 24l| 244 


Union Pacific_| *i4l t 

L’nlroyat.| 7** 

m red Braude...; 8 

.Inited Corp._ 1 l-D* 

JS KaiKTirp._; 28 

j'5. Gypsum_ 1 24lg 

JS. Shoe...i 22lg 

J5. Steel.-.1 28 

.1. Techno (ogles..; i5 
.IV iDiiitnriea..... 19is 
/irgulia Kiwi... ! lsl* 

A'aigiveii. 17lj 

•Vampr-Cknnm /1 -j 32 
iVsnug-Limih+rl j Bd 
Vaite-Maii’mnnti 193* 

iVull*. Fargo.| 267* 

Voslofll Uenrnn', 
iVcaUvn S. AniCTj- 254 
’Vestcru Union...' lbs* 

rVestlnghae UJ«4 ; It 4 


Dominion Bridge! 233, ■ 23 
Domtor —--j 147* ' 144 

Dupont—.—J 124 ' 124 

Patooo'ge Nicks j 18>* j 184 
roid Motor Can..| 18 j ; 803* 

Heoatar__ 1 26 : 264 

Uiaot XePwknteJ 12i, i 125 * 
Uulft /11 Canada ... 1 ic 84 ! 284 
dawxei aid. Can 04 S3, 

Ute.mgei-1 295* I 30 

Home Oil’A'_: 401* • 40 

Hudson Bay Unit, l.J* , 164 

Hud arm Bay.■ 18 'h : 184 

HiwtaonUi' A Ga«: 4 a i* 433 * 

La.u-1.3, ■ 17 .4 

lnja*-o..__ 1 30 ■ 30 

Imperial Oil_19 i 19 

Inuo-- —163* I 167* 

Ihdkl-- tS, , (,Sg 

Inand Nat. Gas.. 103, TlOfig 
Ipe'pr’yPtpeLine 137g 14 

Kalseiftesouroea. 15Sa > 133* 
iiiurni't Pm Corp! .Ig I >4 
Lnbiatr (.Vsn.‘U’.' 3.2a ! 3.30 
Jlc'nmi'a Uioedii I 64 163 * 

U«*ey FergUBor' 145s 15 

Uclnr>Te...._ 1 2 vb* 23 

MaxeUwpo._.J 303* • 30 

Nonuhla Mines.-: ® 2 ie h 2 

Nncen Knencv—j 16lg 163* 

Nthn.T«ecom_I 263, ! 26 

Nuios® Oil Jt Gan 153* j Its 4 
Dahwool Petr’nil b.37 5.00 

Pacific Copper 3) | 2.08! 2.05 

FacificPBcroleunji 37 | 374 
Fan. Can. Pefmi -Z I 321* 

Patino._ f lo3* • fla3, 

Peup/es Depl. 5_j *.2S 4.2a 

piaee Gas A CH-.J U.kS 0.95 
PlacerDevetopuiij 20ig - 201* 
tTiwerCnnunt'iii K.i* 104 

Price—..[ 111* 111 , 

Unebeo Slurgeanj 1.30 . 1.26 

KangcrOii_' *8)* > 283, 

Uead Shaw ..y 9 

Kin Ai^oni_' < 6 ib 


I COPENHAGEN * 


.Ander»banl<en.>.! 1405*L..„ 
Bunu'elrWn/B ...i 450 
UuuLc Uud1>_. m j 1301*: +1* 

beat Asiatlr Ci»...l 2313*. 

r'luaualankeo _ tl 54 : _ 


r ‘ rOBr ' — I % i Sandro. (FrJSOj.. 
/. n , L r ~Z~Z Do. Part. Certa_ 
1405*;- 1 II ; 7.8 ,-rch Ind tor On K /00 

ten. Tr- H : tt *ii*erCis|F.WOl 
1304+!, 1 11 e.b Swbrotr(F-5t0j... 


,-! .■ Fiuanalenkeo1154' .. 15 'f 1.2 > n i* 3 ilkfM S COO 

psr--=; «>. - is., tssss^ ■! AjiiS'Kfbas 


scetitreHesuureeni +J« . b 4 

jomrauis- ^ 37 * . 4 . 41 , 

abed Uaruuia.—.. 16la ' 164 
rhernli U. Miner -..90 ' -..95 

slelwii*y.U .i .94 | .84 

! rtiiiiiauti*..,.^.; s 60 ; 4.70 

C.iiaiia...| + 3 - ■ c 3 

Heeplteck Iron.. 4.31 | d .;5 
LeMCuCaua-ta..,.. oSIg 1 a 54 
I'.iiu.Um iKxu.Lii. 17 1 17 

tiniivCauPii+Ln! 14 *, | 14 ix 
Frail-. Mminl Out, 9 1 B 

,ri «w.. ti 1 * j 1®. ■« 

UUMliw.... ' tl 4 101* 

liUi.>lsw(JI)B(»' 7 J« I 7 Jr 


F.c.l*hp1r- 773 ,+4 

Himdclalauk. 132 _ 

• LM'th'oH.fKrW, 2 S 3 : + 4 

.Nrml h'ahel._2584 +2 

Uiiefthri t .. : 8E 1+4 

Prival bank_. 1361*.| 11 


+ 4 • 8 1U.3 Zoricfa Ina_._,_ 

- 11 BJ 

: + )a, I 12.4.3 -—- 

•+2 j 12 4.7 


l*n>vin 4 jank_j 1424 L._I II ■ 7.7 

tropli. BmolsenJ 3674'—4 1 12 ; 5.2 

auperfro...». 185 U— 9 * | 12 6.3 


VIENNA 


Arrtnyom. c4J, | 25 iVnaet Him.■' 30tg , 30 ;, 

J[arerhae-»er.... 24 I 241 a U' M lM-aTn<! ft2 4 ; ^£4 

vhirl|*«jl. *24 \ 814 iv^i.ei Gen..: f:4 ! 141, 

\hile IVm. InH.. 214 , 21* i 

Vitr^m Cn . It 4 j IB* * Assented r Hid ! Artten 

AUomsln Kl«ij 264 I 284 1 Traded. I New stock. 


Wen L'm-il Trn- ! ftBlj 1 584 

U'wiie fitn..; f:4 ! 14 1 , 

I 

* Assented t Hid 1 Artteii 
I Traded. INsw stock. 


['rBiitanault. 350 i. 

Perimtoser........ 265 ...... 

-tote'-U. 680 |—1 

ieint*Nit .. 91 I. 


>lvyr Daimler.... 201 1 . : -7 l 3.5 Pirelli 8 |h ,.~.A 1.036 1—8 . 

Veit Uagnesit....! 830 .! 14 • B.l ■JataTUcoer_J 876 !—3 . 





[ TOKYO 1 


— • a«tii d— - 319 j——| 
1_E : faram..-. 475 |—8 I 

4.4 < UmSTO ——. 896 . -2 

6 . 1 ! Chinos 405 . 

5.8 i Dal Nippon Prim: 814 -—1 

3.4 < Fuji Photo— 568 J—7 1 

3 ? ' Hitariu-...i 216 ,+2 j 

t- ! Bonds Motors.585 !—10 

4.0 , House Food-;L0M .+10 I 

_ ;t. ltoh- -1 289 —3 , 

5.0 IK+Tekado-; L290 ,. .., 

5 . 1 ' Jroca— M —• 657 ,+23 1 


14 4.21 LAi..-2.690 - + 10 | - | - 

20 5.2'K«m»iKtertJ»w.|1.050 -+10 10'4.8 

20 4.0 ’ Komauu- 514 :+3 1 ■ 18 ; 2.9 

4 L3 : kubuLa_; 279 15 f K.7 


2.7 KvpioC eramic—2.640 i-100; 35 : 0.1 BHSnroK 
3 2 : OibmlmainL..' 618 ;+6 [ 80 1 1.6 Carl 

5^8 UiuuhnhiHuU..' <79 . 10 l.o U. J. era* 

6 . 31 M/tsoMshiHeavy 140 +2 12 4.3 C5K 

• 4 5 • Mitsubishi Corp.. 418 +2 13. 1.6 Cotu. 

4.1 J Mitaci 4 Ci>.. 318 '.• 14 | 2.4 Ctwul 

3.0 i Mitaukoahi.—... 538 + 18 20 ' 1.0 Consihc 

3 . 5 ! Xippon Denao...... 1.21U .......... 15 1 0.6 )!n»r»rtg 

5.0 Nippon an inpan.. e22 •. 18 | 1.0 u unit in 

_ ' Nivmd M>non._..' 808 +4 ■ 16 ' 1.0 kUt*OK 

3.4 | Pioneer...1.500 60 ■ 48 1 1.6 j 

_ ; Sanyo Electric.... 213 ;. 1 12. 8.6 KJZ. loJaatries 

3.3 I ft+kisui Preiab.:../ 900 —1 30 ■ 1.7 Gen. 1 

1 .J aoiseido. 1.020 '.' 20 I 1.0 Hajg* 

3 . 2 ' $our_.. 1.920 —40 1 40 j 1_0 Hooker — 

• leirhg Itarrae- +60 +1 ' 11 | 2 .!) I.C.I. 

?•? CskedaChemical. 320 —7 ; 18,8.3 tnter4. 

*■$- CDK...>.1.58J •—30 j 30.} OJ Jamin^ 

17 r I'WB.-I 118 -1 ; 10 j 4JS Junen^- 

_1 ; lokii> Marme..—. 496 '+4 1 II r LI Uetala 

6 . : leCck-El»-t Pow’r: 1.080 ;-10 . 8 ; 3.7 MiMRoidi 

‘ a lubvo ianvo. . +32 .—2 ! 12 . 2.4 MyerL.cnp 

,' h : knvnihilnura..., 132 ,+ l " 10 i 3.8 

27 I .wav. 128 :. 10 : 3.9 

£;* WT.wa M. 4 IW. 672 —12 at' . 1.1 . 

4.5 : tnniw Nikko S e c uri ties Tokyo I nn -■_ 


-6.1 10 2A BRUSSELS/LUXEMBOURG 

- i "i ; Div.i ■ 

Fete 9 : Price - + or; Fra.IVte. 

J Fra. | — = 3etf t 

___, Arbed_.8.150 —10 f — , | — 

: + or^Tr. fid. I Bq. Brx. Iamb... 1.448 1+22 ] 60 4.1 

j — h i [Bekert -B--11.775 -25 jll2 [ 6.5 

-UJJJL Cement—'1.184 +16 1 90 1 8.0 

!+l 84 ! 4.B Coorerill_j 348 r-2 I— - 

>1.1. - KBIW_[Z.4®0 j—B |177 j 7.4 


Aboil fFi^OV_. 101 !+l 24 ! 4.8 Cooterill_! 348 r-2 I — - 

\kxo (Fi. iti .■ 22.7 +1.1. — — bBE3_— ... Z.4®0 }—5 1177 7.4 

A!zemJ)nk(FI.KX>; 338.5 +U.3 A22.S. 6.6 S«Xn*eI_6.21D .—-.430 6.9 

Amer. 1 F 1 .IO). bZ •-As44. 6.4 j Pabrtoue Nat._2.465 -;170 6.9 

ArurnbsnkrFi^Oi 68.5 +0.7 22*. 6.6 1 0.B. Inno-Bm 1.9u5 _,130 6.8 

Uljenkuri 83.0 +0.5 23 o.5|Geram—_„,_.rl^230 +6 80 6.5 

UakaWe>t'mlF:Ki 120.9+1.4 70 : 5.81 Hoboken_.2.565 .'l60 5^ 

Duhrin Tetterra'.e' 68.5_ 25.7.3 j luarontb——li.t-40 + 15 (142 7.7 

Kirovirr iFi.28)... 265 :—2 :1*1 : *■* I kroriteihsak._6.350 1+I20i265 3.8 

EnmaN.V.Bearer 135.5,+u.5 52-r 4.8 1 BeUte.JS.iBO 1+5 J 305 5.8 

EuroComTvtFi.lO 62 94^ fi.fc t»aa iLW.inur_,12.-.40 ~-40 32.2S( 3.3 

tii'tBrocaiietlFlO 40.21 + 1.0:22,5.4 Petrofina—.4,075 |+11C|1B0 j 4.4 

Heioeken Ip/Jh). 107.2—ai . 14.3.3 vx Geo Bsnqn«. 12.805 ;+10:i8g 6.t 

Hu®:rt\etu(FI20)*: 26.0. +0.3 110.26 7.9 5o- Gen BctcvqLidl.910 .+55 140 7.4 

Humer D.tF. .00) ; 2a.6:_' 12 b.l sufini_I3.01S i+15 1205 6.8 

I.8.C. Holland—! 14.3 M/.b ! 10 7.0 ^uivay___18.480 '.—5 U200( 8.1 

kLAliFilOCB_, 128.0.-0.5 — J — Ira-llnn Bed-12,600 1+60 162 t 6.8 

lrn UuKer (I80). H 39.4'-0.1 ; 18. 9.1 CCB--.7 924 i—26 j — I — 

Naan ten |F110)._: 40.5—OJ 10 2.5 tnlhn.(MO).— 706 _! 60 8.6 

SaiJCffilnaJFI.lO; l+ai: + l X.46J; 4.3 Vieille Mootattne 1 1,306 |+6 100 * 7.7 

Ned CredBk (Flat 53 ,+2 I 20 ; 7.6-:--- 

Ned.UfdBblFllfaOi 186.3 + 1J5 , 20 ; 5.4 

Oce<FijD)-[ 160. I-iA34'4.2 SWITZERLAND 9 

Van OmmcranJ 146.5-0.5! 8 > 5.S 4 _ 

Pakhoed fF(20)- 46 |-l J 31 : 9.1 Price +OT Dir. Tld. 

PhiUpa tFl.lO>—1 2b.7 1 —0.1 ] 21 J b.is Fri>.9 J Fra. — % % 

(iljnScfaVerFUOOj 65 ;+l 16,- --—■-- 

Kob«»(Pim-„ 187-8 +1.1 !A2h.a 7.5 

Unllnet (Fl30l....| 118.0 +0.5 — ' — Ainminimn . '1.430 , 6 2.0 

Horen to iTI^O)—; 130 _- 14.5,4 UJJC-A'._il.790 +10 10 2.8 

KoyaLDutch (Pl20| 126.7+0,1 ;A50 7.9 Ciba GdgyfFr.lOtf 1^65 __ 22 1.8 

dtarenteirs...^.. ZsB.l +S^ L 19 ; 7.9 j Du. PU Certa.J 98B +10 .22 I 2.2 

htennGrplFi^Ojl 146.8—0.2 1 27*. o./, Du. Keif. • 640 + 2 22 1 5.4 

ruki-oPke Hid. f .1 94 30 ; 0.8 ! CrodU *SS:_;2.435 1L.. -16 [ 3/ft 

Lmlerer (FliO)..l 123.4 +0.5 ,Aji.‘ b.8; E!e.+twatc J 1.840 __ 10 1 2.7 

West land U-Banl.: 416 + 1.2 j 32 5.9 , Hoflman ft. tVrta! 91.0J0 + 850] U.6 


..i 60 8.6 
100 * 7.7 


6 . 2.0 •*“** 

1 ° 2 - 8 - 

22! 1.8 £g?»SN- 

22 I 2.2 
22 5.4 
16 l 3.ft 

10 | 2.7 
5 5.1 


J_- - ' : Do. lamall)_19.10 J. j+25 I 551 0.6 

• Interfnnd 1L-.|ft.725 + 76 80 ! 3.1 

Jelmull (Fr.lOOj...!1,600 1+5 20 13. 

, I Nextie (Fr. 100)....id,735 |+6 pirt.s 2.3 

N * ■ | Do. Hes-I2,a85 +20 j*86.8 3.6 

rs~- - 1 -^—<=- ' OerliL-oo-flAF^S0j2,465 1+5 I (15 15^ ruZ 

Pnca . + or . Dir. ■ Via., PirelH SlPfF.WM 298 L-l - 16 5.0 
r kroner: — | * i I s®iut,u. _ta.l 5!5 I. f Sfi J i S VS 5 ! 


J? ..?■*! SwtasBaiifclF.100) 424 


if m.«|-ss=aS 
“I.. If js 

+ 3 25 2.4 fL;' 

+2 9 1.4 

__ 14 3:6 

+5 9.67 3.6 STOCKHOLM 

+3 10 2^ - -—^—- 

—85 40 8.0 ' .. • -■ 

+ 10 80 2.9 - Pete I \ 

^30 40 1.7 


az j MILAN 

7.71 - ! - 

f ? j Pete 9 


«iDif.'iw; 

- Un % 


\ _ .laic_ 1*6 7 J 

Ausonia Asaui— 980 +56 

liasttap__.; 485 p-3 

Futt__ 1,967 Ll 

—-Di». Prlr..__ 1,565 *5 - 

- » or; UivjI'U. Ht»lder _ 80 1—3J5 — . - 

% — f I i I (a(coronat_ 10,4901—20 200; L9 

——j- 1 - its:ruler._ 180 [—5.25 — I-— MoOeb 

350 I-, lo I tei Mediobanca. 32,380,7-10 1,2001 3.7 bUMrta 

263 •. & : 3.4 ttontedlroa_ 145.5 +2.5 — I — - 5.K.P. 

-1 • 46 I 8.3 Olivetti Prir„..-. 789 -10 

. ! — I— Pirelli A Co_:. 2,130 ) + 20 


— | — nart'inx 

180 i 18.2 Briesstui 

— ! __ [> —_ ®ei 

iso; 7.6 P 

: 150 ] 9 , 6 - O^nnaa fft® 


1.2001 3.7 bUMvta 

— --S.K.P. 

— —. -stand 
110 8,1 rimdet 

80j 7.7 C.ldeb 
















































































































































































10-1978 



. 




fritaiiiri 

ommodity 


is 


V>; GAMA1RI ■ COREA, Se'cro- 
. s'Ceoerai of., the- United 
•' J ^ns ■ Conference, on -Trade 
Development > (UNCTAD), 
.... <3eld talks with British Mini- 


about, further negotiations 
iotematioDai fontf, *'to 

ifc.Iise 


world ' commodityi 
•igj.ets. ■ 

4?' Edmund DelL Ibe. 

1. Secretary, and air. Frank 

.Skf Minister of State 'for’ 
^■<C--*gn Affairs, who specialises 
e European Common market 
■ OSS: 5[( era. . ... ■ 

Corps is era a tour, of 
.ern capitals, Including 
, i. ungton.'Parls and Bona : '- 
«u'-e stabilisation fund negotta- 
'■7~—*^ 5 ,*‘ were deadlocked in a 106- 
■: '> *n -conference-of rich and 
••• * r r nations -in Geneva about 
*-... ]■ ^months ago. _ 

* •/. - ■ icials said yesterday . that 
- iu favours resuming - the 
•- ■* ;.Uat»ons after careful pre- 
’ -r. ' - -Inns so that they offer a 

.. Prospect of success. It 
: .vos ibe Commonwealth : has 
- r- '.’cial role to play in bridgina 
■A-Z K -Ran between the rich irv- 
: • 7aifsed nations" ‘and 
.; .“‘Aoping States. - 

7. the two sides are sllti far 
:>:7: on the farm and function 
"ie proposed common fundi 


the 


^ MAI 


... ; -i,r 


■ : ;• V :: •' 7 "■ ■ 

E-RIALS ! 

■L—•+' . \i y ;.,. M 


■ - \'-z& 




all butter output 
‘going into intervention’ 


' BT CHRISTOPHER PARKES 


support market are hesitant. It 

butter currently - being produced L3 b > ** ,nlervenlion {gg level 


ourter currently- betog produced Board 
In Britain, and it is being offered Until 


one com 
its asking 


Instead to the InterTestion Bnarii lheae conditions the there would be no guarantee 

for stockpiling. Senior dairv RnS- MnS 0f *(!* Intcrvenl i° n that £he others would folinw suit 
titfuS^urccs that oil? ? rn ri 5 fi < u PPJ , , rl hu & a * facililics This could let the competition in 

cSSStas- 52 'SiSSa £ Th rre S lsti y e -v wi,h 3 chanrc 10 »«««» their 

SSifnSi himlfr , 7* e Board bought in only share of the market. 

' j. export IreSD Duttcr are 1,140 tonnes of butter durine ml , , . 

stfll iradJiE normally. But these January brlncincihe ° total , T1 *e confusion over prices is 
companies account for only a tiny stored in the official EEC cofd fur,her . com i ,ountJod b > the 
proportion of If.K, 'production, stores in Britain to a£ut 6 000 P rlc ^ cutt, ? lB war bein « waged 
and'tbebuIk ofthe W,00d-I1.000 tonnes It satd that the imAar? lhe Jha«n Wail chains, whose 
tprines of butter .produced each of any increase in buylne would ? hop shelf P ncw seldom if ever 
flfcmih is being ..diverted into the not become apparent for two bcar , a , r, \_ *l eall5t,c relationship 
Comanon Market's -mmtntain of months at least t0 published wholesale rales, 

sip-plus L supplies. •• The support "huylnc process K« uw n slocks or butter in 

Normal outfeis^n shoiis. food from the maker's offer to final hands in Britain are now 

factories and caterers are glutted acceptance. aJwavs Jakes a mat■ 1 ^ n - 000 tonnes. It is estimated 
with sapplies-^mostly Imported ler of monllxs to'complete that a fur, bet‘40.000 io 50.000 
in j pre-Christtnas rusk And ' tonnes are held, tin registered, in 

now British ".‘makers, and Competition P r,v ?* e c ? ld fi,orM - , Np '*’ z / a J? nd 

merchants, are complaining that n-,7 F . 7 WU „ has ,ht? r,Bh * ,Q scnd ,n a further 

the impending nit in monctarv Da, ry traders fear that the 100.000 mnncs-plus. and if home 
SWSSterJ^ Snount impnr, HS2* S” 1 ^ “9 nn » ,0 lhp output ways at 1977 levels, this 
sabsidiM-ls'anractlhB even more ] nlcn,Bntlon Board could con- would be more than enough to 
w ?hJ t,nu ? T ! r 1w ° or ,hree mon5h<i a,a,ch consumption. 

SSthSnt ro ™sb^S?lifih. Mod?e C y V‘J lead,n « *° 3 recQrd “surplus” But these figures take no 
tlon IS Seine ^muhedwt^f the ? f « hom ^ prf,dlJL ' c d h ul‘cr in Bri- account of the normal yearly 
marteroS 8 P^bcd.out of the taln-an ironic situation for a impnri of butter from the rest 
nSSlI 1 Wov country which produces less than of the EEC. Lasr year ihis was 

v 3 Si. ,rd I,s rc q ui ‘ements. about 180.000 tonnes. In 107B 
whnli2ftp SU? SiSw*** Thore is 3 . row, , n 1 ? Pressure for total imports from the rest or 

JSSUSJS “ a " ,n crease in selling prices, but the Community were closer to 

depressed to £100 r ar, more a the mam suppliers in the British 260,000 tonnes. 


m^ehall officials said; 

J&hai rice crop 
Ultimate up 


.... :.BANGKOK,:Feb. 9. ' 

. ir'rv ILAND’S second rice crop 
• ; V/car will produce Im. tonnes 
-*■<? SSOm.. Jarin Atlbatba- 
....; . n. acting director-general of 
- ■ loyal Irrigation Department 

'.here to-day.' 

‘ iginally. ihe second crop was 
expected to yield MX),000 
: -a; .’s of rice. but. the figure was 
. • ed because the" rrea was 
-'nded by 20.000 acres to 
DO acres, he said.' 


Copper 

price 


warning 


Clash over EEC farm policy 


BY DAVID. WHITE 


PARIS, Feb. 9. 


FOPW-he w acr 

■ Thailand was previously .ck- 


Tir. -d to have an export surplus 
——,tonnes this year but the 


- • t forecast- means the surplus^ 
■ ; v *- total about 1.5m. tonnes. 1 


- ■ cr 


NORWAY AND EEC 
; “ :SH DEADLOCK 

7 Our Own Correspondent 
; OSLO. Feb. 9. . 
' ree days of talks between 
."./ay and the EEC Commtsrion 
. ^ t the allocation of fishing 
_" i s for 1978 ended to-day 


SHARPLY OPPOSING views by ducers were likely to make a France would not consider put- 
, Australia and Fraoee ; . pn farm loss this year at a time when c«n- ting a brake on its farm prudue-i 
protectionism and .price support sumers in other coumries v/crc lion because of current sui^idies 
policies highugnted a;meeting of not only denied access to low-cost which, he said, could not be 
Agriculture Mraisters-aad rep re- beef but were having io pay so viewed as permanent 
senfalives of fhe Organisation dearly Tor loeally-protluted meat n-u .■ , L 

for Economic Cp^pemnpo and that consumption was declining. m7mb ( ’ countYu»? 
Development here le-ftay, A directly opposite line was ,u r „ ?u d ' ua .°' 

The Australian delegation ve- taken by M. Pierre M»>baigncrJe *bc organ is- 

hementiy tadUcised ;fiEC import France’s Minister of Agriculture. S h S cr Z £SS Rj^nlr? 
poltetes, parttcularly^ltkcegard who defended price support as the comes inder the shadow of th^ 
to dairy products and beef. Over basis Tor maintaining farmers’ fjLno5a U ° " “ * ‘ th 

a third! of Australian-beef pro- revenues. 


>ut an agreement . ... 
fiRAZlL th sides are, however, - re- 
— T;*d to have given some ground 
jg the meetings, which were 

-- .j n Bergen. , .: . - 

\r %. - :v ;:e two. sides are due to meet 
r\'A: :* in Brussels next week, and 


U.S. feed grain ‘set-aside’ 


Multilateral Trade 
Negotiations and talks on a new 
international Wheat Agreement, 
due to open next week. 

Concern not io prejudice the 
Outcome of these negotiations 
meant that members’ addresses 


THE U.S. Administration', has Carter said in a statement 
confirmed that there be a He urged farmers to make . WBre l a rgcly restricted to good 
JO per cent “set -aside" pro- maximum use of the set-aside and intentions about improving inter- 
eratome for fapa^iri- '-iiwH.r reserve programmes. national market mechanisms, 

vf? IOr . reeagnua,.. unaer The Presidenr nointed nut that Pro m °rtng better monitoring of 
which farmers are paid not to f-ljlf?;' '.“.LJ jJIg 1 lt ha nd marked through the OECD and 

o«^ s ^ u rL- bl ™ s 

tonnes To encourage ‘farmers S rammes - These would help cut But while al) paid lip corvice 
to participate in Se or^ the oversupplies that are cur to the Third World, the French 

Mrvaproiriinme^thT^jrige “HI 1 / Mini,,er Mid ,ha ' “ c,!r,ai " 

mvmani iiaan: ff our farmers use this 


By Our Commodities Editor 

A COPPER price double the pre 
sent level is needed to justify 
going ahead with ihe develop 
mcDt of a major new mine. Mr 
Charles K. Rarber. chairman of 
Asarco Inc., told ihe New York- 
Copper Club annual meeting 
reports Renter. 

Mr- Barber nntod that some 
people believed future copper 
projects would h<? financed bv 
governments which could dis 
regard'the economics of invest 
ment in ravour of social and 
’•olhical ohjectivcs. 

One inriir-aiion of this possible 

♦rend was the decision bv a con 

sorfiuin of WiMiern banks 
lend money to Poland for the 
development of eup^op deposits 
there even though Polish repre¬ 
sentatives at recent international 
copper talks said ihe country 
would not trim its production or 
restrain its exports in a future 
depression. 

Mr. Barber warned that copper 
production might be hampered in 
future by the cumulative effect 
of cash «tringi.-ni.-y, deferred 
development and maintenance 
I - * addition, high grade ore miqh 
he mined out ;i« had already 
ncrurred in Zimhia. 

On the London Metal Exchange 
copper prices rallied yesterday as 
some heavy buying, mainly from 
chartists, came into ihe market 
Values, in fact, moved lower in 
early trading bur once selling 
pressure eased at a crucial chan 
point the market moved swiftly 
up tr> close marginally higher on 
balance. 

The recovery in copper helped 
reverse early fails in other hasp 
metals, ton. Zing was further 
aided by >nmc heavy “borrow- 
Ins" (buying of cash ami selling 
forward) by an influential dealer 



PIG FARMING 


U.S. may curb 
antibiotics in 
animal feed 


navmenl rate has WnV raised 11 our ,a r raBr s «s« raw pro- developing countries” in which 

frora lo to 25 cent a bSshal gramme it will have a positive food production was better 
irom -u io -o cents a ousnet . irnpact 0Q prJces whJch afe nQW advanced could nol bc vIcwed ^ 

Our ^oal is to have 30m.-35m. tou low. and wiU. at ’he same meriting preferential treatment 


..- is believed to be a good [tonnes of food and feed grain in time assure foreign buyers that and would have to conform to 
v *!•: -;e that a comproralse.niay'berreserve prior, to. T/eglnhing he..will be a reliable supplier of the same conditions as the 

' u‘ ed then - - ’ y::: ' iof the'1978 crop yeai^.^President grain*," he added 1 . developed food exporters. 


WASHINGTON. Feb. 9. 
THE FOOD and Drug Admini¬ 
stration of the U.S. said it will 
hold a series of public hearings 
in March and April on proposals 
to limit the u^e nf antiobiotic 
drugs in animal feed. 

The bearings—March 23 in 
Ames, Iowa, March 30 in Rcleigh. 
North Carolina, and April 6 in 
Dallas, Texas—will focus on the 
FDA's January 20 proposal to 
restrict distribution of Penicillin, 
Chlortclracycline and Oxytetra- 
evdine for use in an.mal reed to 
specifically licensed feed manu¬ 
facturers. 

The proposed regulation is 
part, of a major programme by- 
FDA to halt the routine addition 
by manufacturers of small 
quantities of these antiobiotlcs to 
animal feed. 

Reuter 


The going may get 
even harder 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


COMPARING the relative tages which make them highly may not be. But as long as they 

viability of farming between the competitive. are prepared to go on doing it, 

members of the Common Market Their herds are generally there is nothing that will stop 

is far from being an exact smaller. In Germany the aver- them. 

science. In faci some would say age is nine sows, in Denmark 12, There are marked differences 
that it js impossible, in view of in Holland 27. in the U.&. 25. in feeding methods. Table 2 
the differences inseparable from In the case of livestock farming, illustrates the differences in the 
the “green pound*' and other big is not necessarily beautiful, member countries. In Denmark, 
"green*' currencies, to say nofh- Few European pig keepers em- there is a large degree of home 
mg or the daily fluctuations In ploy any labour at all. In mixing, particularly of cereals, 
exchange rates. Nevertheless Britain, according to the Cam- together with some alternative 
some calculations can be made, bridge University costings, feeds such as fodder beer. In 
which show that British farmers _ 


are not too badly treated. 

This particularly applies to 
pigs. They consume a fairly 
easily measured quantity of feed 
lo produce a kilo of meat, and 
a simple way of determining UJC. 


relative viability is to calculate West Germany 
ihe number of kilos of barley Holland 
each kilo of pork sold will pur- Denmark 
chase. I have used barley’ as 
the indicator, as it is rbc tradi¬ 
tional basis of most p:g feeding 
rations, and its price is main¬ 
tained throughout the EEC by 
intervention. 


TABLE 1 
Pigs price in 
pence per kilo 
deadweight 
75.8 
93 
80 
88.6 


Barley 
£ per tonne 
72 
103 
93 
96 


Kilos of barley 
per kilo 
deadweight 
10.4 
93 
8.1 
9Jt 


Scarcer. MLC, HCCA, Agn Europe (Current Exchange met) 


the U.K. producer is ar the 
moment earning with his pigmeal 
quite as good a margin as his 
contemporaries. And it is worth 
pointing out that both the Dutcb 



TABLE 2 



National 

Compounds used 

Tonnage 


herd 

used in 1976 

per 

Country 

(TOOs) 

(m. tonnes) 

P'ff 

U.K. 

7,714 

2.47 

034 

Denmark 

7J97 

UO 

0.15 

Germany 

19^05 

4.91 

0.24 

Holland 

7.016 

4.75 

0.6 


labour costs average £9.14 per Germany, the alternative feeds 


the advantages of the XICAs on nno . 
exports to the U.K. Yet :he Meat 
and Livestock Commission is still 


Family farms are also available. In Holland 
do not have to bear this charge, there is comparatively little 
-\iiHiicKinn . which gives them enormous arable land Tor the size of the 

nfcfpil nesibi,i '- ? - P't population. But Du-ch pin 

w b Nor, it appears, 3re Continen- compounds have been produced 

pointing out. Ja i overheads so high. There from a variety of substances, 
though, that the British advan- jj 3S been very little fresh invest- least-cost formulation is the term 
rage is primarily because barley njent in buildings on the scale which described it, which almost 
is under-priced, thanks to a good seen here Danish pig houses completely eliminates cereals 
harvest and poor marketing by are still fundamentally the same fr ° m ,he rations, and so reduces 
farmers. By February. 1979. ihe as t bev were at the turn of the ,hp price considerably. But it is 
intervention price for barley centur \._ very difficult to see bow they 

after the full 7.5 per cent, tor Overheads of this sort work can do , 
green pound devaluation and out at about £10 per noo of Overall then, it looks as though 
i possible 2 per cenL rise in output, according to the Cam- ful1 harmonisation could leave 
Community prices, will be about bridge figures Critics mi"ht sav British producers in a.situation 
£84 a tonne against £75. and this t j, a t farmers who don't* count w ^ ere bi S h investment and high 
will reduce the present their labour costs, or their over- wages proved a positive dis¬ 
advantage to practically nil. heads are not businesslike. They advantage. 

It is important to consider the ~ ■—— 


Caribbean rice aid deal 


BY OUR OWN CORRESPONDENT 


GUYANA. Feb. 9. 
already been 


implications of these calcula 
lions, because eventually there 
will be harmonisation of feed 
and pigmeat prices in an 
integrated community. If British 
pig farmers are in trouble under 

the present margins, they could CANADA has contracted to buy tonnes have 
then be at a serious dis- 10.OOO tonnes of Guyana rice for delivered, 
advantage. Yet under roughly delivery direct to Jamaica under The deal has the effect of 
the same conditions the Danes, an unusual trilateral arrange- boosting Guyana’s low har'd 
the Germans and the Dutch are m ent which will cost the currency reserves, helping to 
at present increasing their herds. Canadians SC4.5m. take off some of Guyana’s 

I don’t think the Europeans The deal has been worked out bumper 1977 rice crop of 220,000 
are any belter as pig farmers, by the Canadian International tons, and assisting Jamaica with 
Their breeding results are no Development Agency. its food needs. Jamaica bad satd 

better than the average of ours. The contract requires the rice it would not be able to maintain 
nor is the* feeding any more to be delivered in Kingston by its monthly purchases of 
efficient The fact is that they March 3V and the Guyana Rice Guyana rice at the same level as 
have three fundamental advan-Board says'that nearly 2,000 • last year. 


OMMODITY MARKET REPORTS 

’hSE METALS 


AND PRICES 


OSLO 


clow on the Kerb 
JOW ronws. 
■Aniolgiateted Metal 


BMS. Turnover 


Trading reported 


TI.V 


«.m. 1+ nrl p,tn. 

OffldM 1 — | Uoaffudaii 


IiiivoUm.,1 6230-40 
6336 


i' BK j GffiSk. 

+ or; v p.m; -] 

T+ov 

‘ i * 

I Jfi.j £ 

£ 

. 623.B-4 

-3AI 632-5 

+2,76 

h> lit*.- B37-.6 

r-i 1 645.6-6 

+ 5 

Pijpj'utj 624 . 

' r 3.6i •- 


dea j. 

! 



ML26 632-3 

+5.26 

. thi..' 626.5-1 

'.—S' ! 636-6 ' 

+4.2B 

• j’oti 614 

4-34 : ■ - 


- roi^’ 

_ T-- _ 


nuw.il 

w *H 


6336-40 

1-40 
-45 

xomo he 


'+* COFFEE 


£ 

+ 30 


, £ £ , 

1-37.6 639EL4O0 
-J7.66285-305 + 27.6 

h«®i - I. 


—37.5|6398-400. + 30 


6 it BO-5 


+ 27.5 


PER—Strwww atter heavy ^rtlst that In Hie nunntasiczsfc-win-bars traded Hiph Grade £ 

_.covenns ,tn both Hew York and at «3«, three mo«*B I®7. S3. 3TJ. T7. SH, 1633540 

31. In early trading forwart metal Cathodes cash reiy.S. three months 1627. ^ g|So^5 

: gr down ram 3639 Io JOT - bM Kerf,.- wtmbwn Ifint months tea 37.5. iSSSff* 6M0 

-ted w hold at this level and than M . CaUwdM cash 3814. Alieiroon: C ’^ U 

■ , -cc. Line volumes were .traded wtrebaxs fbn* months £6M, 39. 39.5. 4U, 

• _ b>n IW taA IMS-and the market 44. 4S.S 4^6. 45. 43.S. «. Kerb: 

.. ^throuah several chan polnu.. wirebars th^ monihs 1645 S. 46, 45. 45J. :i(5Ulew 

TIN—Galaaifl would after a hestiant ^tmtu 
stan .whenvfannnl meial slipped from NewYnjU. 

I6J30 U> 36.210 following a tall to the.— l—„ " “ ‘ ' „„ 

East arvemlstu. Bat there w*> physical *“** J* £ ne mralhs ,£6,_30. 55. 60, 
mrereaz at the lower lew I and the hack- *5- W, 90 ,, M. Kerb; Standard, three 
1+2.76 warduKta widened. The price beean to months II.ZSO. 85, HO. 

move Op helped by chartist boyina. the LEAD—Down mi balance hut helped In 
A ranter.. performance of copper and the Um laic afternoon hr the greater 
weaker poowl. _It readied a * 11 *? steadiness of copper. The forward meial 


Robusias opened steadier as expected 
some 110-115 higher but railed to gain 
momentum reports Drexei Burnham Lam¬ 
bert. to ihe afternoon, ircah dealer seit- 


I *563.50 


Maize: U-S./French Feb. 97.00. March Cattle numbers up 7.3 per cent., average 
99.75 wamhiomeni East Coast. Sooth pnet- 62.Xp 1—I Jl>; Sheep tmthhers down 
African Yellr.w March 67.7S quoted. 5 per cent., average price lOO.ap 1 —0.1 ■: 
Kenya grade three March 70.00 nom. Put numbers up 4.2 per cent., average 
Barley: Unqumcd. price 60 Sp mo chance>. Scotland—Cattle 

HCCA—Local mo t-x-rarm spot prices: numbers up 7.3 per cent., average price 
Ins and ' (ang liquidation quickly 0,,l ® r m«»na wheat— Snath Lincoln 90. 70: 62J3p 1 —9 Mi. 

Rupp reused the bulla and values decreased Fewl barley—South Lincoln TU.oO. Wilt- COVEHT CARDEN—+ Prices In sterling 
au-adUy for the rest of the day. Final sh ' r '’ 71 .50. per package except whore otherwise 

values were 113 lo 137 down on the day Ttlc L '- K - mon ft ,,r T coefTlclcnr for the siaiedi; Imported Produce: Oranges— 
Dealers gain that fears of vigorous selling W '^’ K ^■sinning February 13 will remain Spama: Nave!* 3.204.er: Jaffa: 156-3.95: 

policies from some origins had dl£ ... Cyprus; Ovals approx 

eooraged them and led to the long profit- 


PRICE CHANGES 


Price* 

Staled. 


par tonne unless ottuwwfw> 




Feb. 9 

+ or 

51 oath 

I97> 




taking. 


-i * Cff.290 and closed 00 the Kerb at SBJXS. prtce moved down 
Turnover 2,23# tonnes. -——- 


tnoothfi te236, 48. 35. Kerb: Standard [pne prevailed and the price held abovo 
—' three months 36J40. Afternoon; Standard, jjjj ^ afternoon, dosing on the Kerb 

at £319.5. Turnover 7,225 tonnes. 


Index UmitcJ 01-351 3466. 

'- amont Road, Londoa SWIO OHS. 


Uay Sugar 118.5-120-1 


OMPAiVY ANNOUNCEMENT 


SEDO 


ANGLO AMERICAN GOU> FNVESTME2VT 
COfiCPANY LIMITED 
(Incorporated i» the Republic of. South Africa) 


- Members are-advised that tbe. company has taken the; 
, N9U ^ce5sary steps to change ttg financial year end so that it will; 

nninale on the last day; of February in each year. Conse- - 
Miirtjently the current fliiahciaT year will run'for a period of 

- -;.i months from 1st'January 1978 until 28th Februari' 1979,; 

As members are aware, the company has substantial, 
.ivestments in gold mining companies, of the Anglo American 
Drporation Group. Attention is drawn to the Joint Announce-' 

- . ent by those companies published in the press to-day r 
vising certain changes in the dates of declaration and pay? 
ent of future dividends. As a consequence, dividend income: 
drived by the company from those investments will accrae ! 
ter than has been the case in the past and the new financial' 
' . jar adopted by the. company will be more appropriate In 
•lation to the pattern of its future dividend income 
-It is intended that the company's interim dividend for: 
te current financial year will be declared in the usual' 
i' Planner in mid-June for payment early in. August 1978. The; 
nal dividend in respect of the 14 months ending on 28th ,' 
ebruary 1979 will 'be declared early in March 19T9, with a-. 
t ; £cord date later in. .March and payable before the end of- 
'■'■ . '.pril 1979. thereafter dividends will be declared annually to . 
, . ..,ugust (interim) and March (final). 

-*•"■ ohannesburg 



plinth February 1978 - 

lS jt * .... 


ompany announcement 


eilf* 



NEW CENTRAL WITWATERSRAND AREAS 
LIMITED , 

(Incorporated in the Republic of South Africa) 


Members are advised that. Ihe company has taken the 

• ‘tcccssary steps to change its financial year end so that it wal 
v jermtoate on the last day of August in each.year. Consequently. 

; he current financial year will run for- a period of 14 months- 
*;;• Jroro 1st July 1977 until 3lst August 1978. • 

As members-are aware,^'.the-company has investments-,to 1 
-old mining companies of the ’ Anglo American Corporation 
’roup and a substantial interest to Anglo American Gold 
J • nvestment Company Limited. Attention is drawn to announce- 
nents by those companies published la the press to-day, 

. advising certain changes to- Che dates of declaration and. 
payment of future dividends. As a consequence,- dividend.- 
Income derived by .'this company from, those investments wDI 

• rsccrue later than has been the- case in the past and the new 
•toancial year adopted by the company will be more appro- 

. ^ jpriate. in relation to the pattern of Its future dividend income. 

it js .intended that the company's final dividend to respert 
af the 14 months ending oh 31st August 1978 wiU be declared 
{towards tbe end of September 1978 with a record dale in mid-' 
(October and payable before the.end of November J9.7S. There- . 
•after dividends wili bo declared ahhaally to March (interim):, 
‘and September (final). ... .. 

‘ Johannesburg / ' ■ . 

.’10th February 1978. ; •• -. . .*.. ..... . . 


LOAD 


5 mrmlhn.. 

fim'un'nt 

R.v.apqj 


a.m. 

Official 


+- orj p.m. 
UuoAlclal 


]Uwfa..._(309.76-10;—4.6 


316.754 M-B7 
310 


310 |—4.5 


£ 

312-.S 

31 (.9-8 


OOFFHR 

Wlenlty', | 

Ciu»a 1 -f or 

Buainen 

Done 

£ |«r Uinne j 

llarch 

1828.0* lb26.oLl3.ft 

1856-1825 

May. 

Ii6a.0-lt61.il—18.5! 1606-IU6B 

July.. 

tbbi.O- IbSB.O!—27.6! ldJft-l&Gl 

Scptembor... 

1500.0-tbD5.0!—3 7.0! 1550-1505 

Nuvcunlrar... 

1460.0-1400.01—64.011600-1465 

Janunr^-.,._ 

1420,0- 14iO,0'-52.5 


llmvli. 

1670.0-14 J 1.0 —2S.0 14M 

-_ _ . 




1+ - 


Metals 

- - -- 16 kilos 34 505 3.60- Aluminium Lc680 

EEC DAtLY IMPORT LEVIES-Ttw 3Jfl: 36 kilos 3.30-3.80: E*yoUan Baladl Free Market M»iS9B6-65 
fqlloivins EEC levies and premiums are 240!.70: Moroccan: 3.00. Temples— ConpercmAhW Bart'£632 5 I 
effuenve tor Feb. 10 In units of account American: Approx, w-tb ",.00-3 30. Lunins j months do. do. i£646l75 
p»?r tonnu. Order: current levy plus Mar., —Irallan: 100.130 3.003.30: Cyprus: 5JXE L'aab C^thnria. (**622 5'*-3 " 
April nnd Map prunaluras iwlth previous 3.8n. Grapefruit—Cyprus: 13 kilos -.40 /, mn nilm Hn rtn*'”' 
in braekeisi. Common wheat—89 07: —• * “ "* -.... •— - 


1680 

!.15990 

+ 2.76* t:£60.75 
+ 3.0 1C673.6 
• * nt £680.56 
L 663.25 
,.*73-128 

wheat—IIS 20: 13 43: 15.43: 13.19 UI330: Sauumas->Spanja: 2.SO3.507 Apples- {^3?-25*! 

13 OS: 13.08 HS.ITi. Ryc-75.72: nil: nil: French: 40-lb Granny Smith 6.00-7.M. -iolj.fo -JS 

nil 173.72; ml; nil; mu. Barley—79.63: Golden Delicious 4.30.5.60: 30-lb 72,100 T'f*;.i „ n i-, D 

nil: nil: ill iT9.W; all. nil: 3.1H. Oats- Granny Smith 2.50-3.20. Golden DeUcJous Marxot («n-.i5l.a»-z.U'.|*i.« z.0 


07: DU: 2 CO. 20 kilos 3.00-3.GO; Jaffa: 20 kilos 2.90- Odd Trow .w 
nil: 0.63 189.07: nil: nil: nil). Durum 3.70. Soars—Snanta: Approx. 40-lb 430. i—iri'ciuii' 


IO. 

.-.k'622.5 U3.2S £1 

_l£635.6 + 3.25 L( 

iW,|SI7S. 125 — l.S M 


■y k.. i £96 I. 

it.-*£108.9 1-1.45 


C9G 
£100.70 
3138.33 
256.91 


£ 


2.K: nit: nil: oil t7-i3: nil: nil: nth. 2.30-32M. Red Delicious 2.60-3.00. Stark Platinum troy 

Main- -other than hybrid for scedinui— Crimson 2J0-3.2O. Jumble pack, per pound, free Marker,._ 

7fi.il ml; ml; 0.50 (70.1-1; nil: nil; D.sn. Golden Delicious D.104.14, Cranny Smnh Quiekallver(7BU».).|8130-55|._ 

Bucknh'-ai—all nil ■ all nil). Millet— D.2J-0J3; Italian: Colden Delicious 0.11- silver Troy os— -'260.85^— 8.75] 

77-79: nU: nil: nil 177.79: nil; nil: nU>. 0 12: U.S.: Red Delicinus 9.0H; Eastern aiw«lbi.».„„.^54.55i.l—2.9K260.5p 
til«- Iinm 1M< .4 Grjin sorshun*—8I.4H: 0.67: 0 67: 23SSiaies; 8.66.9.40: Hungarian: Red Tin Cevb— N . MMM .£6.3B7.5l+30.0i£b.I!7.' 

ICO iadiemar"m-lLs^'fnr Fehr^l^'a- ,sws,: 034: aM ' : Delicious 7.00: Danish: Per pound i months_..„..l£6.2a2.5 i + e7.5l£6.322. 

(US wnu *r wlmi- OitaSblM^iiw EJn»r JevJes. Wheat o r Mixed Wbeaf AJJcJnfash O.OOJJ.JO. Sosnam 0.09-0.JO. WoUr*atSBMb.*«tr i SllB-S4 ‘-2.OUIS6.73 

1U.S. Cinu per pounds Colombian Mfid in(1 Rye Flnup-136.23 <136 33.. Hre Peart—Malian; Per pound Passacrassanc Zioc cash_!fiM9.5 1+2.25,6276.625 

-1U.JU unwashed aours—117.63 -117 63,. O.OS-n.lo. Plums—S. African- Santa Rosa a muni ha_ £252.3 i+1.0 ic2BS.S 

per pound d.20-a.:6. Gavioias 0J5-0 3?. Red Prtrfucera^....^.^. 1 5550-600 .56 JO 

SOYABEAN MEAL 6-pM^OT: Aimer. a 


-1-20 Arabics s 

1-2.6 Arab leas 213.00 i2!4.M)i other mild 

Arabic as 203.60 (201.33 ■: Robuaus 177.00 


Oils 


I.jO-l.SO: California n: Red Emperor per 

Mornlron Cosh 1309, 09J. 69.76. three LONDON ARASICA5—The market The market km El in sympathy with 0-3*- S- AIncan: Queen of the 

months £315, 14.5 15. 15.5. Kerb: Cash opened higher as ex pecs od and remained chl.-aso. Commercial selllns eonrlnnod Vineyard 4 00. Ban anes—Jamaican: Per n ------- 

(310. 10.5. three monihs £310, IT. Alter- steady throughout ihe mornlnc session in nverluns the market while offtake was w un ‘J 0.13. Tomatoes— Per 6 kilos, j-tnoeea v,ruao|Pi .. 
noon; Cash £312.5. three months £317.5. reports Drexei Burnham La ben. Ueht Jpar>e and ij railed to nrofiMaHns by Canary: 2.40-3.20. Melons—Seneca I: ?*** ttataynn.— 

U..IU, 16- Kerb: Three months £516, sef/fntt (o the afternoon saw values ease commisdon-haiisrs SSW reports VeL'ow 5T5« 6.50-7.50: S. African: Whim 


jlLlKtOll')', 
I C'luje 


+ w t 


19-5. 19. In generally featureless conditions closing 

ZINC—Steady over the day with heavy ° n or around the day's Iowa $1.75 10 *2.85 
borrowing of nearby metal from one down nn the day. . 

InOnemial quarter acting an a stabilising , Price* tin order buyer. seDcr. change. — - ——\ --I—— ■ — 

(actor and narrowing the contango. Like busjnesat—April 115.45-15-50; -1.90; 21SJ5- i£p«-tonne | 

lead there was .some soiling pressure in 15.45- June 137.BD-8S.D0: —2 j 83: 203.0ft- Fohrusry ~—it06.60-05J]—OAft! — 

early dealings and forward metal moved 07.TS. A ns. IE5.5&46.00; —2.M: uo.oo- April. . 1102.63-02.7 —1.25 105.59-02.50 

Own £346 to £247. Thereafter It moved up 88.06. On. 176.00-77.no: -1.88: 17D.90-77.M. June.ll02.5M2.B-l.io IOi.5M2.6fl 

In £251 by the end of Iho morning Kerb Dec. 185.MJI7.00: '-2.40; nil, Feb. 198.00- Aiupwi.<103.20-05.4'—1.70 103.704)3.10 

to £154 by tbe end o( the late Kerb. 59-00: -1.73: nlL Sales 58 (57> lou of 


zi Soyabean 


and 


Turnover 6,073 tonnes. 


17.250 kilos. 


ZING 


Cash-., 

A month*.. 
fi'inenL..,.' 
Prm. Wpirtj 


a. hi. 
Official 




£ 

247.5- 8 

260.5- 1 
248 


£ 

+ 1 


p.m. 

Onuffidal 


252.3 


3D.6-31 


+- RUBBER 


UNCHANGED opening on (he London 
physical market. Little interest through- 


249-50 L2.2& out the day. daslng slightly easier. Lewis 


+ 1 


and Peat reported that 
end own price was 201 
inominaf buyer. March!. 


ihe Malaysian 
cents a kilo 


Monung; Cash £348. throe months £248. 
48, SO. 50J. Kerb: Three months £25L 
Afternoon: Cash £249. three monOsi £25(53. 

5L 57.5. 52. 51.5, S1J, 53. Kerb: 
■Three mamba £254 53.5. 

Cents per pound, f Op previous 
unofficial close, tui per plcnL 


No. 1 
R.8JL 


Msrrh 
April .... 
A|irJn« 
Jly-Atp. 
DeL-Dec; 
Jan-Mr., 


SILVER 

, SHwr was fixed 2.7Sp u ouneo lower *P r 7f nc 
tor snot delivery in the London bullion 
mgrkei yesterday, ft! 25S.85p. U.S- cent ticr-Dcc 

eutUvalems of the fixing levels were: spot_ _ __ 

485.1c. down 32c: Ihreo-moMh 4MJc. sales: 183 ittB/ loll of 16 lonncs and 
daws 3.1c: olx-montb dOI.ic. down 3.3c: 4 » 5 iomics 

and 12-month 5SI 5c. down 32e. The myslcai rioslng prices rttuyerei were: 


X’cetenlay’w Previous 



4'Ss 4.00-fi.no. Cucumbers—Canary: 3.00- _ , 

3.V>. On kins—Spanish: 2.3H-2 60 Can 11- Sooda 
flowers—Jersey; 523: Freneh: 5.00-5.20. V D P r ? 

Potatoes—Italian: 20-lb 1W. Canary: 
kilos 6.40; Cyprus: 2.90. Celery—Spanish: 

15 4Ss 3.20. Lettuce—Dutch: 24s 320; 

French: 12s IN. Capsicums— Malawi: 

Per pound 0.40; Israeli: 0.35; Canary: 

0.35. 

English Produce: Potatoes—Per 56-Ib, 

Whites,'Reds 1.00-120. Lettuce—Per 12. 

Indoor 1.60-1.70. Cabbage—Per 1-bag 
Prlmo 0.9H. Beetroots—Per 2S*lb D.S6. 

Carrots—Per bag 26-lb 0.4h-a.Efl. Onions— 

Per 56-lb 0.90-1.30. Swedes—Per bag. 

Devon 0.40-0.45. Apples—Per pound. Cox’s L **^" bblpmenu.., 

0.IXI22, Bromleys 0.12-D.lfi. Spanans 0 10- ,*! u i urB M».v- 

LONDON DAILY price for raw sugar 0.13. Pears—Per pound. Conference 0 09- UdTee rntorB*„. 

£107 i£l09i a tonne ril for Feb.-March 0.15. Cornice 0.12-0.14. Sprouts—Per alny......;. . 

sblpmcnt. While sugar dally price was pound O.M. Parcslps— Per 29-rb n.90-1.00. (Jotwn - A* In-lex... 

fixed at 1110.04 I same j. Turnip*—Per 2S-Ib 0.744)20. Rhubarb— JuteUI ABO.,—... 


.<5551 

£599 

SM71 

3502? 


-12.5 S557.5 

.£597 

.S260 

1—5.0 ',5500 


HP—....15387.3^,-2.5 IS382.5 
lU-S.).--. 1*236.3?|—2.7 11-251 


£73.15 


Uci.ilwr-1103.50-05.6 > - 

vinNtr_tuS.&'J 414.0 —1 


He*vu,Nfr.... luS.bU 414.0 — 1.50, — 

Fubrimrv-1104. 50-07.H — 1 .25' — 

Sales 1 115 (90) lots of 100 ronneo. 


SUGAR 


Grains 

boriejr Ego_ 

Home Future*.., 

hlxixe 

French So. A Am 
Wheal 

KflgJIifh 51 mine. 


Koilouring Wednesday’s weak dose. Per pound 0.20. 
carry-over long liquidation continued 

during Ibe mornlnc and bv mid-day all n/AAT FIITIIBFC 
posit inns from August onwards had fallen *» WLi TL i 11 Lj 
to n«.-«*r llfe-ofcontract low points, reports LONDON—DuU and featureless, repores 
C. Czjrnlkow. Later, a technical reaction Bach*, with no trading 
occurred tdUowinfi a better than (Pence per kilo) 


Hubaw Hilo..,146.5,• 

- at £ K<U1 ^ 


Sugar fllnwi..^^.... 

Wnnltopamw kiln... 


£97 


-.4 £70.45 


+0.5 


L-93.5 

£1.673 

£1.499 


CB7.5 


£84.5 


.£93 

I.>£1,804 

1+ IB.SlCl,612.5 


£1 6601 
66.4 r 
437 


10.5 £ 1.B04 
f+O.l [o3.5e 

r5dS-45!.5560-70 

1107 1-1.0 £110 
269 ■ 1 + 1.0 ;267p 


anocipated New York opening, and final 



prices wore some MO points 

lows. 


above the AuMmlinn Yementay + or, 

Gnea*vWir>i Close 


tiusineag 

Done 


Nominal. ; Unquoted, a Seiler's quota 
flon. c Gena ■ pound, o Ehc-ionk Lnnrtnn 
HnU. a Aura, a Feb.-March, t March 
April u Fcb.-Am-U. ui March. * May 
zPer taa. 


PU«*r . 
i'rei. 
I'fimrn. 

(.'rein. 

yprt’nlBP'a 

Clooe 

hnrrtous J 

IlnM 

Bnainere 

Dana 



■r tonne 


meul opened ai 2Sl;i-K2 "n (tfSHSTIcl shot 40.5p no.75pi: March 47Jp M7.!5oJ: 


Uoicli .115.50-15.55 116.20-16.251116.75-14.1 


Uareb...._ 

May. 

July..._ 

U.-Ii4jer. 

l>2.fmf«' ...1242.0-44.0 
March.H4B.0-47.0 


U4.M7.fl 

54.0-37-0 

65.0-67.0 

58.IM7.D 


■Dd Closed at 250.9*251.9p (4S5H87C). Amu 47.T3p (CSOpt. 



GRAINS 


Mur18.16- 19.44I-12Q. 10--0.20! 1.0 20 18 65 May.<46.0-46.0; .1 — 

Aui.l! I.50-. 1.80:U2.15-.2.20] 1.2.50 -jO. 75 JulV.I246.0-4B.D . _ =L 

uii—■*? saiw" tcii mir. i«» mTsm kilo* 


SYDNEY CREASY 


■pnl^ 


.B50,B3p L-2,76 

J awniha..! 254.fiSp !-2.86 266.5p 
n monihs J 256.Bp r“3*8j • —■ 

U jTtnnibsJ 270.4p J—3.5} — 


S51.15& Ut.75 scale liquidation o| March barley 

- 1- 1.6 steady proAl- 

close, siltmed 

barley turned early gains of 15 polnu 
Into Iosb-s Of 5*15 points by (be close. 

LME—Turnover 242 art) Jots of 10.0M mainly in nrmpaUty with old crop. Old 
ounces. Morning: Three months 233. 4.8. crop wheal after initial loasea of tip to 
AS, 4,7. 4j 3, 4JJ. 1 Kerb: Three months 211 Polnu fonhd wrong commercial support 
JS4J. .5, S3. Affcrnoaa: Three month* and a «»ly of SO polnu was achieved until 
235, 1.S, |J, 5.2, 5.3. Kerb: Three months profil-tftWns on the close pushed the 
3SSJ, 5A 6J. 


Dec..... | (J 5.23-, 5.4u) l75."75-26J&l (26.76-14.69 

Mareli.‘l29.60.29.80il».M.M.S5|liOJU2a.9b w ___ 

LONDON FUTURES IGAFTA1—The Mav....|lsIOj^8. 0ili3.00-:3.it 1153.00 M a reft 341.2-341.5, 341 S-Ml". U\ UiV 
market Opened uochanfied on old crop " SaUrs.: 2 83s 125331 lots 012 tonne-s.""" W5.MM.0. 3l7.M45.fi. 36: July 3S2.6-352J. 

Talc and Lyle ca-rcftncry prlte for S33Jf-332.5. hi Oct. 335JB-350J1. 3S733S&.B. 



1 an. 6 | Feb. 8 

Uooil) ago 

lwir a^ii 

of 1.503 klips. 

227.72 1227.72 

236.31 

269.59 


bar !cr and moved steadily lower art leatc- 


non ol March barley Despite granulated sugar was C41.40 Dec. 3fit^-3C2.o. 3MM6i.fi. 30: starch 

t'?™* vafnes had by the a tonne for home trade and £172 363-^-366.0, 3S7.0-3G0.0. S; May 3673-365.0. 

I 40/45 tower, while tea crop for e^ n> 309.1-36S3. S: July 3TOMn.O. 3n.0-378.5, 


133. 


COCOA 


Inicrttatlnnt Sugar Agreement—Indlca- W* Towl sales: 
tor prices (U.S. Wilis per pound fob and BRADFORD—Tops. Including Merinos. 
Mowed Caribbean pom for Feb. S: Dally W ere higher by Jp-3p. Fine crossbreds 
pnre S.al isame): 15-day average S.S2 showed addlilonal wide Increases due to 
1 fuunr , — varying siockK and reliance on /-WinHan 

prom-twung on tae etose pusnen me ln f D f5 2 r ? U1 J A^^can wureet. Prices were 

market hack to S lower to 25 higher. SKvJ 8 FaKro ■ Tb TES «5 h ^' r ,or « v 1 eral mUma mubnS top- 

New ccy w hcai w „ q „,et and dosed ia-15 S*g£T d? ih ffifi 0 (Jiih wSSo 2 maXfiK ' Buslnc “ 15 Hcadkr ' 


lower, Aelt reports. 


After trading In a narrow range 
.throughout tbe day prices were lifted by 


WHEAT 


BARLEY 


and Dulfas. 


GOUUA 


lye-icHgyS" ^ or 
• Oha« — 


‘Boktne 


Done 


1596.0-1502 
1506J-1470 


Su.bU'ntr'tl i 

Meivh.. 159£0-95.0. [+28.0 
Vgy. MMH . a ..«14a8J»,6 1+15.5 
July^„„, J478J.flfl,fl 1+20.0 11482,0-1448 

Sepl-..;1470.O-74.O t+52.0 11476.0* 1460 

tew._11446.0*45.5 1+25.5 11445.5*1410 

March..; 1420.0*21.0 J+lfl.O U420.D-1M6 


M'Mh 

Yeuwday'a 
. etoao 

+ nr [YwierdayV 
— j plow 

+ nr 

Mar. 

84.00 

~0,051 72. IS 

-0.40 

May 

86.0S 

+0.261 74.60 

—0.45 

Srpi. 

8d.40 

-g.iol 78.90 

-0.05 

.Vie. 

85.73 

-a. IS) 81.4J 

-0.10 

Jan. 

86,30^ h-0.10, _B3.65 

—0.15 


brai-kcut. . White sugar (denatured snd 
Don-denatured) 23.66 (samel. Daw 
sugar 20.10 (HJT1. 


MOODY'S 


Moody 1 * j 

Pi 

I Feb. 

1 8 I 

i.doaib 
ajo ^ 

Xmi 

acu 

dprt Commtv] 

»05.4 

905.0 

Sbbia 

905. H 

(December 31. IB31 

=100) 


Unr.™lMIKU 10.0 


___20.0 ! 1586.0-1665 

Sales: 6,116 ti,751>-lftts V 6 lannco. 


May BS.604IG15. Sept. K3.5S S3 76, Nov. 
kaMWW.io. Jan, 8S.3B only. Sates. 93 lots. 
Barley: March 72,15-73.50. May 74.40-74 M. 
SVPt. 7k.K-TO.10, Nov. K1.4M) 60. Jan. 
83.63-fi3.78. Sales. 140 Iota 


IMPORTED—Whears CWRS Mo, J. J3* 35.0 IO 4*Lft. 
per rent.. Feb.. March 83.50 Tilbury. MEAT COMMISSION—Average fatsiock 


JUTE 

_ _DUNDEE—Firm but qtdoL. Prices: 

MEAT/VEGETABLES SB l jrVS c c I Si3 Sf JK 

SMITH FIELD (prices U pence Per Dundee. Calcutta f)W>dj steady. Quou- 
pound!— b«[: Scotch killed sides 46.0 to tints c and t u.K. (or Fob. stalwuem: 

32.0i Hire hindquarters 57-0 to *1.0. fore- lO-ra 40-Inch £10.50. Tf-01 £73* per 100 
quarters 36.0 Io 40.0. yards; March £10.341 and £7.90; April 

Veal: Dutch hinds and cods 94.0 to 98.0. rt0.63 and £8.03. " B twills; £30.49, 

Lamb; English small 50-0 <4 580, 30.94 and £31.42 for the respective dates, 
modlutu 47.0 to 53.0. heavy 3fl.O to 45 .ck Yarns *nd dotin Urn*. * 

Scotch medium 44.0 to 33.0. heavy 30.0 

to 45.0. Imported frozen: NS PL new * 

season 45 0 to 48.5. _ GRIMSBY FISH—Supply: Good and 

Pork: EngUsh. under lba 37.11 Id COTTOM—uverpeal. Spot and (Mo demmd Fair. PriC^B nor sione at 
41 U. lOfl-lZo lbs 37.0 to 40.0, lbs petit n\cn amounted in 388 vqdik-s bnn?- sup's side (unproecsswii: Shelf Cod 


FINANCIAL TIMES 


REUTER’S 


Feh.ft [ fto.g ! 

M>mtb BfO 

1 Ycernpu 

1402.41 1402.31 

1421.3 | 

1620.3 


DOW JONES 


Dow 

Jones 

Fftp. 

9 

-**■ ! 

, 8 1 

Month iear 

4|>*l 

Spot 

Furam 

552.69 

333.7® 

352.2 7 350.7839 9,66 
1333.421340.21)394.25 


(Average 1824-25-26=100) 


lng the total for ihe week io 7.308 a_S0.tt.7B, Codlings X2.Sfl-X3.4fl: laiy. 

, . ... . _ .— . ... —.. .— -- tonnes, reports F. W. Tanersalls. More Haddock £4.00-14^0, medium IttddocK 

uunuUMal Cocoa Orfi*ai«uo« . fu-S, U.S Dark Nurilwrn Soring Nn. 2. 14 per pn«s ai representative markets on Interest was displayed by users result- n.SB-u.tO, small -haddock. X2.WM3.3U; 
STL F p ‘ ct p f“- J: rent.. Kcb BAM, Mareh 8235 tranriup- February 9. GB—Cattle fi2.Slp per kg.l.w. Hue In a freer offtake. Spinners again large Plaice 1SJ0. medium plaice £3.00. 

.K’S?. "S!" U-5. Hard vimier *—112*. U-K^-Sheep 130Jo per kg-eea. wank'd supplies of Middle East style*, best small plain 2.S0-S.20: skinned 

ordinary ummnred. Austral!wur d.c.w. f -_fl.f i; Cb—P un fifiAi per kgJ.w. particularly Russian and Turkish, while Dogfish ilarge> £?.M, medium £5.30; Reds 
averue 132.53 (lbaoi. unquoted. EEC wheat unquoted. (no change). England and Wort*— support came in African qualities, X1.2IM2.40; suite £ijo.G9o 


U,S. Markets 


New York 


copper up: 
silver firm 


COPPER made a substantia move no 
ihe upside as Com truss inn House and 
irade sources bouahv heavily. This was 
spariced off by rumours that producing 
cnunirlcs would cut their production to 
boost prices. Nearby contract months 
posted gains of I cenr. Silver dosed 
3 cents higher on Commission Rouse and 
local buying. Cold managed a 50-point 
min nn luic local and arbitrage buying, 
Bache rcpuna. 

Cocoa— March I37.T5 ilM20>. May 128.35 
1125.30). July 122.10, Sept. 119.73, Dec. 
118.75. March 114.73, May )12.7a. July 
unquoted. Sales: 1.171 lots. 

Coffee—March 108.00-198.50 


.. _ - —.— 139 311. 

May 179.50 *178.321, July 163 00-18535. 
Scpr. 157.50-155.00. Dec. 144.50-145.50, 
Mirch 142.40. May t35.00-tl2.00, July 
125.09-340.90. Sales: 595. 


Copper—Peb. 37JO ijm.TOj. March 55.10 
57.00). April 53.60. May 59.10. July 60.10, 
Sept, fil.00. Dec. 62.40. Jan. 52.90. March 
63 SO. May 64.70. July 63.70. Sent- 
Dec. SS.OO senlemenis. Sales: 2,350 lots. 

Cotton—N d. 2: March 56.33*afi 35 >56 SO). 
May 57.45*57.50 i57£S>. July 53.45-5S.57, 
On. 59.45, Dec. 59.59, .March riO.sr+fiO.BO, 
May 61.40-Ki so, July ci.so bid. Sales: 
405.000 bales. 

•Cold—Feb. 173.00 1174 20). Mareh 175,30 
<174.SO). Anri! 176.40. June 17S.S0. Aac. 
Ifit.20. Ocr. 183.70. Dec. ISn«0. Feb. 

1S9.70. April 191.40. June 1M.1D. Aug. 

106.90, Oct. 199.60. Dec. 202.30 settlements. 
Sales; 7.000 lots. 

tLard—Chicago loose 21.00 tsame 
nom.). New Vorlc prime iieam 22.50 
traded isame*. 

tMalzc—March 2261-226 >22a|>. May 

229i i291>. July 2292*2201. StPL 2?8. 
Dec. 2271. March 235. 

SPlailnum— April 214.50-213 60 (214.711), 

July 213.HU-2I9.00 ClS.COi. Ocl. £23 00. 
Jan. 226.2U-226.40. April 229.99-230.10, July 
231.09-233.DO. Sales: 1.242 leii. 

'ISItver—Feb. 446.00 •442.70 >. March 

4S7.S0 i4S4.SUApril 491.20. May 494.80. 
July 501.50. Sept. 505.50. Dec. 519.10. Jan. 

522.90. March KOJO. May 537.50, July 

544.80, Sent. 532.20. Doc. 363.30 settle¬ 

ments. Sales: S.aOft lots. Handy and 
Harman spec bullion 4S3.eo ■«q.eot. 

Soyabean— March 555-559 I 550i*. May 
307-567i 156911. July 571. Aug. 575. Sept. 
5674, Nor. efiflf-6C7. Jan. 574, .March 551}. 
I’Soyaboan Meal ~ March l4S.S0-lU.po 
llS.Wj. May 153.00-152.70 1132.Mi, Jujy 
155 SO. Aug. 15ii.7n-Tjr.00. 5>>pt. 156 30- 
I5r, 50. Ori. I36.SO-1S7.20. Dec. 135.SD. 159.20, 
Jan. 159.50*159.70. March 161.00 bid. 
Soyabean Ol—Mareh 20.25-20 20 i 20 35), 
Ifiy 30.1)7-20.S3 i20 26), July 20.un. .My;. 
20.00-19.93, SOPL 19 75, 0«. 13 49. Dec. 
19.40, Jan. 19.37. March !■> 33-19.40. 

Sugar-March 9.01-9.02 >3.92'. >IW 9 33- 
9 54 19.271. JU> 9.40-9.50. Sept. 9 K-H.63, 
Oct. 9.73-9.71. Jan. 10.11-10.40. March 10 34- 
I0.5S, 3fai' lB.al-10.SS, July 10.6*29-75. 
Sales: S.MIO. 

Tin—S37.00-570.00 asked. 

••Wheal—March itrtl-ifiSi iSfij*. .May 
271-2711 *270i. July 27H-J7U, Sept. 279, 
Dec. 2S6J. Marrii JWi. 

'WINNIPEG. Feb. 8. TTRyft-May lOS.io 
bid >109.00), Jub' lOT.Ofl bid <100.70 
ashed;. On. JS0.il} asJwd. Nov. UD.fifl 
a ski'd. 

ttOau—May 78.30 bid iTT.SOi. July 78.8ft 
asked i75.EO bld>. Oct. 75 DO nnm. 

ttfcwicy—Mav T3.9ii bid ■ 78.60). July 
78.30 bid >78.30 askedl. Ori- 77.60 bid- 
£Frtuesd-May 211.30 bid iZU.Sft bidl,' 
July 213270 1213.10 bidl. OCL 217.60 asked. 
Nov, 219.50 a*6ed. 

llCWhcm—SCWRS 13 5 per pent, proielu 
conical cif St* Lawrence 130 S3 >150.431. 

All cents per pound ex-warehouse 
unless otherwise stated. * is Per troy 
ounce—1W ounce tots, t Chicauo Iwse 
*s per 100 lbs—Deni, of AZ- prices pre¬ 
vious day. Prime Steam f.o.b. NY bulk 
tank cars. ! Cents per 56 lh bustiel ex- 
warehouse. 3.000 bushel lols. 5 Js per 
troy ounce for 50 ounce units of 99.9 per 
cent, purity delivered NY. ti Gifltis per 
troy ounce o-wanhousc. II New " K " 
contraci in ?s a short inn lor bulk ion 
of jOfl short tons delivered l.o.b. care 
Chicago. Toledo. St, and Alton. 

Cents per 69 lb bushel in store, 
ft Cents per 24 lb bushel. 72 Cenls per 
4S lb bushel ex-warehouse. 5; C>-nts p,.*r 
56 lb bushel cs-warehouse-. 1,000 bushel 
tou. ISSC per Umec, 




r- 







Financial Tinres Friday 



Gilts up again to show biggest rises for four months 

Equities end below best but index puts on 4.9 to 473.3 


Account Dealing Dates 
Option 

*Firsl Declare- Last Account 
Dealings tions Dealings Day 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 

* “ New Umc ” dealings may take place 
from' 9.JO aura, two business dan earlier. 

British Funds continued to hold 
the limelight in stock markets 
yesterday on sentiment improved 
'by the miners' decision to abide 
by the Government's pay guide¬ 
lines. The market was given 
further impetus by the Govern¬ 
ment broker's activation for the 
tirst time of the long tap 
Exchequer 101 per cent, at 26. 
four points under the issue price 

but a full point and a half up on 
its low touched a couple of days 
ago. 

Selling or the tap stock, 
estimated at up to a quarter of 
the £SU0m. issue, relieved fears 
about the need for an early hoist 
in short-term interest rates to 
settle recent concern about the 
financial background, while the 
miners' decision helped towards 
the same end in apparently 
weakening the bargaining position 
of the many other public sector 
workers currently negotiating 
wage claims. So. the market's 
worries were pushed aside and 
widespread gains to 1 ] points 
■were recorded in short- and long¬ 
dated Gilt-edged. The recently 
weak Government Securities 
index, up 0.93 at 75.34. had its 
biggest single-day rise for over 
Jour months. 

Leading equities started off in a 
blaze with a rise of 8 points in 
the FT 30-share index at 10 ajn. 
bin curly business ifar.ered and 
the index level held throughout 
the day before tailing off towards 
the dose which was a net 4.9 up at 
473.3. However, an increased 
turnover was illustrated in official 
markings of 5,920 against the 
previous day's 5.271. Second-line 
issues, in which there was a 
revival of recent speculative 
interest, recorded some sharp 
gains, but the bulk were in the 
process of catching up on the 
rises in the leaders which 
occurred overnight and in yester¬ 
day's early business. 

Overall, rises in FT-quoted 
equities outnumbered falls by 
more than S-to-1. and the FT- 
Actuaries share indices showed 
widespread gains averaging 1J per 
cent. 

* Tap ’ activated 

The authorities activation of 
the long tap was the extra in¬ 
gredient required for an extension 
of Wednesday's sharp turnround 
in British Funds. Taking up from 
where they left off overnight, 
quotations were immediately § 
higher at the opening and in 
another heavy trade made further 
progress to stand with net gains 
stretching to 11 points after the 


official close of business. The 
Government broker unexpectedly 
began selling the tap Exchequer 
10$ per cent 1995 midway through 
the morning session at 26, some 
4 points below the issue price, 
and in the face of heavy buying 
withdrew at this level and at 26$, 
having sold an estimated 
£150-£200m. of the stock. With the 
pressure on short-term interest 
rates effectively reduced, yield 
considerations became a major 
incentive at both ends of the 
market, although business in the 
shorts was more one-way than in 
the longer maturities. Neverthe¬ 
less, gains extending to IJ were 
established in both sectors, senti¬ 
ment being further Influenced by 
the Central Government Borrow¬ 
ing Requirement and a reported 
more conciliatory attitude on the 
pari of engineering workers. Cor¬ 
porations also rebounded If. points 
in some instances, Tameside 102 
per cent. 1HS4-S5 regaining that 
much to 9. in £l0-paid form. 
Southern Rhodesian bonds also 
improved in places. 

In the absence of any real sell¬ 
ing. rates for investment currency 
improved quickly after a slightly 
uncertain opening which reflected 
the early trend in sterling. With 
business thus generally one-way, 
"‘cwTiitiona! and other support 
pushed the premium up to 78$ 
per cent, before a small late re¬ 
action left it a net 2$ points 
s! *rher at 7SI per cent. Yesterday's 
SE conversion factor was 0.7556 
10.7665). 

Discounts firm 

Discounts mirrored the sharp 
upturn in gilts. Union closed 15 
to the good at 445p. and Allen 
Harvey and Ross 10 better at 
475p, while Cater Ryder put on 7 
to 2S0p and Alexanders 5 to 253p. 
Home Banks improved with the 
general trend but failed to hold 
their best levels. Lloyds ended 4 
up at 266p, after 270p and Mid¬ 
land, 2 harder at 342p, after 345p; 
the latter's new nil-paid shares 
ended a penny higher at 15p pre¬ 
mium, after lTp premium. 

The volume of business in In¬ 
surances again left much to be 
desired but prices improved 
throughout. An unsettled market 
of laie on consideration of its 
dispute with the Government over 
the recent pay award, Sun 
Alliance encountered a bear 
squeeze and picked up 13 to 542p. 
Royals shrugged aside fund¬ 
raising fears and added 7 at 3SOp. 

Having improved to 184p In 
front of the annual meeting. 
Guinness were finally a penny 
easier on the day at 179p follow¬ 
ing the chairman s review of the 
company's prospects. Other 
Breweries generally made modest 
headway, but Davenports rose 6 
to 94p on revived bid speculation. 
Distillers doped another 2 up at 
175p and A. Bell 8 to the good at 
214p. 


- Buildings made good progress 
with sentiment helped by 
encouraging January housebuild¬ 
ing output figures released by the 
National Housebuilding CounciL 
Marchwiel rose 10 to 246p and 
Richard Costain put on 8 to 2G4p. 
Newarthill also added 8, to 153p, 
and Higgs and Hill improved 5 to 
S5p, while Wilson (Connolly) 
firmed 7 to 117p in a thin market 
Still drawing strength from the 
recent interim figures. Vlbroplant 
added 6 to 16Sp. AP Cement, 240p. 
and Abertbaw. 146p, gained 5 and 
4 respectively. 

I CL 4 upup at 356p. after 357p, 
saw a continuation of the pre¬ 


to lip before dealings were tem¬ 
porarily suspended at iojp at the 
request of the company pending 
an announcement. 

Revived investment demand 
left John Brown 6 dearer at 296p. 
while Hawker Siddefey closed 
similarly higher at 188p, after 
190p. Elsewhere in Engineerings, 
Tubes finished below the best at 
386p. up 4, after 390p. but 
secondary issues encountered a 
little more buying interest than 
of late. Gains of around 5 were 
recorded in APV, 195p, Black¬ 
wood Hodge, Sip, Davy Inter¬ 
national, 240p, and Tecalemit, 
109 Ip. ML Holdings responded 



vious day’s late firmness. Else¬ 
where, Scottish Agricultural, 
205p, and William Ransom, 162p, 
both rose 7 in response to their 
respective annual and half-year 
trading statements. 

Stores below best 

Leading Stores closed a penny 
or two below the best following 
a small trade. W. H. Smith “ A " 
hardened 3 to 150p. after 152p, 
while Marks and Spencer were 2 
dearer at 145p. after 147p. The 
chairman's forecast of a modest 
first-half profit left Burton “A" 
a penny firmer at I19p. after 120p. 
Gussies “ A" rose 4 to 280p, after 
2S2p, as did Mothercare to 170p. 
Elsewhere, improvements of 5 
were seen in Allied Retailers, 201 p. 
MFI Furniture Centres, 114p and 
John Menzles, 295 p. 

GEC rose to 265p before easing 
to settle at 263p for a net rise of 
4. while EMI ended a few pence 
dearer at 179p, after lS3p. Else¬ 
where in the Electrical s\ctor, 
gains of around 5 were receded 
in Louis Ncwmark. 175p, Ratal 
Electronics, 214p. andTelephone 
Rentals. 130p. Others to reflect 
sporadic buying included Brocks, 
3 dearer at 73p, and Rediffusion, 
a similar amount up at 92p. 
Among smaller-priced issues. 
Telefnsion hardened 2 to 39p. 
Suter Electrical improved afresh 


to the increased dividend and 
profits with a gain of 4 to 92p. 
In contrast, S. Osborn closed 2 
cheaper at Sip, after 87p, follow¬ 
ing news that Aurora Holdings 
had acquired Johnson Firth 
Brown's 19.1 per rent, stake in 
SO. Johnson Firth Brown 
hardened 2 to 62p. Smith Hold¬ 
ings (Whitworth) gave up a 
penny to Sip on the half-yearly 
loss, while the chairman's fore- 
castfOf lower interim profits left 
Serck a shade cheaper at 90p. 

J. Bibby were well to the fore 
in Foods, rising 7 to 220p as bid 
hopes revived. R own tree Mackin¬ 
tosh attracted support and closed 
8 higher at 375p, while gains of 
4 were seen in Associated Biscuit, 
TSp. and United Biscuits, I50p. 
Fitch Lovell continued firmly, 
hardening a penny to 67p for a 
three-day gain of S. Robertson 
moved up 5 to 134p in response 
to fresh speculative interest, but 
Morgan Edwards became a late 
weak feature with a fall of -5 to 
25p on the substantial first-half 
loss. Supermarkets made head¬ 
way with William Morrison rising 
a to 170p and Hillards 7 to 185p. 

Trust Houses Forte rose 7 to 
196p for a two-day gain of 18 since 
the better-than-expected prelimi¬ 
nary figures. Publicity given to 
the company's lottery ventures 
directed attention to Ladbroke 


which advanced 4 to ISSp, while 
renewed speculative demand left 
Savoy “ A " 3 harder at 75p, after 
78p. 

Reed down again 

Marked up by a few pence at 
the outset on continuing consider¬ 
ation of the miners’ pay decision, 
the miscellaneous industrial 
leaders made further progress at 
irst but then eased off on lack-of 
follow-through support to close 
well below the best in places. 
Beecham touched 643p but closed 
3 higher at 03Sp, while Glaxo lost 
all of an early gain of S to finish 
unaltered at 570p. Metal Box, how¬ 
ever, rose 8 to vQfip as did Reckitt 
and Coiman, to 430p, and Trafalgar 
House, to 154p. Reed. International, 
on the other hand, remained an 
unsettled market following recent 
adverse comment and fell 7 fur¬ 
ther to a 1977-78 low of 104p; this 
is 126p off the year’s high. Else¬ 
where. late details of revised terms 
for-its acquisition of Temper Cor¬ 
poration. a subsidiary of 
Allegheney, helped Wilkinson 
Match rally from 182p to dose at 
190p. for a gain of 5 on the day. 
Firm of late on news of a la rite 
shareholding changing hands, 
Dixor rose 4 more to 46p. while 
fresh demand in a thin market 
lifted Norton and Wright 13 to 
ISSp. after 190p. British Vita added 
9 to S5p on spectacular support 
and ICL gained 29'to 26Qp as did 
Marshalls Universal, to 146p. Fur¬ 
ther consideration of the dividend- 
boosting rights issue prompted a 
gain of 6 to S9p in AGB Research. 
Crosby Bouse, however, lost 4 to 
129p on the poor interim perform¬ 
ance. 

Motors and Distributors closed 
with a lengthy list of gains in 
the wake of an announcement 
that January car sales were sub¬ 
stantially better than the 
industry bad been expecting. 
H. and J. Quick moved up 3 to 
40 Jp, while similar gains were 
seen in Henlys, 123p, and Caffyns, 
lOOp. 

Dowty picked up 2 more at 
175p reflecting the miners' deci¬ 
sion and the recent good interim 
report, while Turner Manufactur¬ 
ing, 119p, and Bluemel Bros, 70p, 
put on 5 apiece. ERF finished 11 
higher at ISSp as hid speculation 
revived, while rises of around 3 
were seen., in IVUmot-Breeden, 
62 Jp, and Armstrong Equipment, 

601 p. 

Persistent demand in a thin 
market lifted Associated Book 
Publishers 17 more to 190p, after 
195p. While Berm Bros, hardened 
2 to 60p in reply to the higher 
first-half earnings. North Sea Oil- 
orientated stocks to make pro¬ 
gress included Thomson, 12 bet¬ 
ter at 626p, and Daily Mail A. 
8 to the good at 309p. 

With recent fears of an increase 
in short-term interest rates fading. 
Properties took a turn for the 
better. Leading issues to finn a 
penny included Land Securities, 
2l8p. and MEFC. i23p. Elsewhere, 
Alnatt rerived at 217p. up 5. while 























F T »m£' 


Chesterfield, 297 p, and limy, SOOp, 
rose 7 and 6 respectively. Buyers 
showed interest In Slock Conver¬ 
sion, 4 to the good at 244p, and 
similar improvements were seen 
in Great Portland, 314p. and 
Slough. Il9p. 

Oils improve 

Although ending below the best, 
leading Oils encountered a fair 
amount of buying interest British 
Petroleum were briskly.traded op 
to >92p before settling - at 78Sp 
for a net rise of 8, while Shell 
Closed a. like amount dearer at 
SOSp, after 5l2p. Ultramar .im¬ 
proved 4 to 230p. Among the 
speculative favourites, gains of 4. 
were seen in Oil Exploration, 

224p, Siebeus (IX), 27ftp, end. 

Lasmo, I76p. Elsewhere, KCA 

met with support and put on 2£ 
to 32jp. ' 

Overseas Traders were' notable; 
for a rise of 5 to 7fip in Lonrho 
and an improvement of S to 213p 
in S. and IV. Berisford. 

Capital issues were in the van-; 
guard of an across the board , . 
improvement in Investment; ^Ameoal fell 10 to 
Trusts. New Throgmorton rose Aroencan Corporation 2 tp Zosp 
6 to 89 p, while Fun din vest, 564p, and Transvaal Consolidated I^nd 

Triplevest, 132p, and Rosedimosd, VJS flit- _ ___ 

56p. ail dosed around 4 better!. \ Platinums, however^attracted _■ A ; ’.'V-.;£!'¥*£$!: 
Elsewhere, Tribune rose 10 to modest “ new-time buying which wftrk . J 

373p in reply to results and was; only/*7V 1Ik /•' 

capital proposals. 0 th er firm Bi ^®P^J* e h ?5J^Rusteo- WORRyJids stastal'tm.tJ^TlSm.' * '7. 

spots included Family Invest- and Lydenburg and *wte®- plan to .; - 

menti 6 up at 77p. and AUiance ^^hoth put on a penny to Sap f ^ deve^S^F^^S^ 

Trust, 4 better at 199p. Yule and 84p respectively. ^ Doete. ' _ 

Catto figured prominently in The firmness of the U-K. equity -- sewer 

Financials, rising 5 to up on re- market enabled London-domiciled t: 

newed speculative demand: .. Financials to hold steady. Bio SfhSsW * 

The Tobacco majors attracted a Tfnto-Zinc put on 2 to J71p. while v 

good two-way business and Imps, Charter added a penny at 126p. v •?**;. ‘ • 

at 79p, held the previous day’s Gold Fields, however, eased a inmisuial ■ area Ktfe vg.r -..V, ziA: 

gain of-3) which followed Press similar amount to 182p owing to M tner «. 

comment on the results, while she fail in the bullion price. the removal laser; &f, v 

MTMMrtg. margiDdly firm.*.tread In '• 


SurreyTKttkll 
deyeioinn^^<,f 


deed and profits. ' ThrShC^lf***^;. 

T oto folic in CnlAe - Coazlnc Rio tin to 2 to 166p and development 
Ldaie falls in uOltlS . • rh South a penny to 72p. northern area. 

.An attempted rally in Golds was " '. 

brought to an abrupt hall when ' '' '• . v. “'--.v .U, V-JW 7 -?' 

SS MEW HIGHS AMD LOWS F9Ri9TW& 

d ° s “ g SL5 ° dovn 

Shares had opened on a steady "turned new Highs »nu tow* »or nn-7*. Morgan sdwart/?^-.” J ->' 

note after the previous day’s NEW HIGHS (251 r ' mmi HunwraiAts 

sharp mark-downs but the absence - buildings (it . . . . .' 

of any support bad an unsettling vnmwiam 04(MIC4( . ■ v 7 CNiitonndiiM-^-*' 
effect which gathered pace after scot. Aaric. inds. Ransom <wmj icohnm <« „• +&&&■, .a* 

mid-day. The Gold Mines Index stores «j • -i—•- WIW1 cl> > ». v viS nr 

registered a further LB fall to ahw Rm.iws lhu» pho* v 

}£?£&** tm * 4v ***■»«. ■ , — ■ -—7- 

In the heavyweights Hartebeest staku irm) 

dosed i eas ier on balance at £10, Bory Masco waoe fott*. •- * • 1 1 1 % -*^n*r *' 

after HOf. whfle Free 4 S<ate £££7*/ wl „ Um ,R KJ -. ' YESTERDAY 

Geduld ended a similar amount' motors.oj >*. . ...Vr • u 5 . . iVi> 

down at £13), after f!3|. Rand- fjg^ BroS . ^ u - BrHtth ^ ‘ 

fonlem were unchanged at £31) NEWSPAewsiai r r2JL,— 

n?r«l . . . .V. ' v^ZXm'-SSi JS , i 


_ • FOODS If) - ; 

Morgan Edwards . ., •^*. , ***r J W * 

INDUSTRIALS Q>;r/' ; *FR.: > 
Tttma Itrtl. ... ^i&ulrj?,'-:..:' 

Calnl (Dut. lT«» ft- • 

TRUSTS ttl , ,± : '^ r 

IcoTmtO <£) • 

ZamMi Ccttwnr . * 


RISES-'AND 

:';;iYEOTERDAY^^^ 


..k*. 

BrftWi Ftoria t 

Curpsk '■ Ooni. gad.. ^ -■ \ 


THE SAFE WA Y TO HANDLE 


T.D.I. 

r.. 

HMD SEAL-LESS MAGNET 
DRIVE LEAKPROOF PUMPS 


Installed in the world’s leading process 
plants and with industrial users of TDI 
for over 20 years. 

Trust our experience in transferring 
hazardous chemical liquids. 

Phone 0323-51241 or Telex 87375 and 
update your pump safety standards. 

HMD PUMP LTD. 

EASTBOURNE/ 

EAST SUSSEX BN22 9AN 


ACTIVE STOCKS 

No. 

Denomina- of Closing Change 


1977-78 1977-7S 


after £31). . 

Lower priced issues sfaoxed -rexmcsti> . hniintmis . m '-• /m 

East Rand Props. 15 off at 335p trusts o> l^anctat «d Prnp. 3M . .•»«.-v 

and Kloof 7 dieaper at 455p. . n.y. a curtmore w«»» of England Sr.,„;,. rt ' . 

The trend in Golds affected sen- Park Wace -"teas V. 

timent in South African Finab- tonoonume ' '• Recent JO 

cials which drifted in idle trading. Hongkong n/ ; 


APOLLO 

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 4BV. Tel; 01-248 8000 


high 
276 
233 
635 
446 
2BO 
2S4 
966 
116 
17pm 
693 
124 
109 
270 
244 
135 


low 

12S 

194 

454 

325 

202 

1B3 

760 

53* 

Ilpm 

372 

78 

62 

148 

115 


Stock tion marks price (p) on day high low 

Rank Org. . 25p 13 252 - 4 276 12S 

Reed Inti. £1 13 1 (M - 7 233 1 W 

Shell Transport... 25p 13 508 -r 8 635 454 

ICI. £1 12 356 -r 4 446 323 

BATs Defd. 25p 10 240 4-5 2BO 202 

GEC . 25p 10 263 -f 4 2S4 163 

BP . £1 9 7SS + 8 966 760 j 

European Ferries 25p 9 1121 4- 3j lift 53* * 

Midland Bk. ‘New* Nii/pd. O 15pm + 1 17pm Ilpm 

Beecham . 25p 8 638 -i- 3 693 372 

Dunlop . 50p 8 87 + 1 124 78 

Grand Met . 50p 8 100 — 109 62 

ICL . £1 8 260 +10 270 148 

Boots . 25p 7 204 + 1 244 115 

Courtairids . 25p 7 121 + 1 135 89 


OPTIONS TRADED ] \ 

DEALING DATES Oii, Fitch Lovell, Estates and j 4 

First Last Last For Agency, J. Brown, Mills andi 5 

Deal- Deal- Declare- Settle- Allen, UDT, inveresk. Queen's I 6 

ings ings tion meat Moat, Fun din vest Capital, Allan-[ 6 

Feb. 7 Feb.20 May 11 May23 tic Assets. Reed International,! 

Feb.21 Mar. 6 May 25 Jun- 7 GKN, EMI, Shell Transport,! U 
Mar. 7 Mar. 20 Jun. 8 Jun. 21 Town and City Properties, Ultra- 1 12 
For rate indications see end of mar. Hardy and Co., UDS, ■ 13 
Share Information Service Burmah Oil and Rio Tlnto-Zinc. 1 14 
Money was given for the call Puts were done in Dixon’s Photo-1 
of Dunlop, Charterhall. BP, Con- graphic and Debenhams, while ■ 21 
sol Ida ted Gold Fields, BOC Inter- doubles were arranged in Lonrho; 22 
national. Premier Consolidated and Reed InternationaL j 23 

}Z4 


FT^CTUMI^ 

These indices are the Joint compiJatioD of tIwvFtath^ :i!!x^ ^ 

find'tho PVnltv nf At>lnAriM. * ' • ' 


EQUITY GROUPS 

GROUPS & SUBSECTIONS 

Figures in parentheses show number of 
stocks per section 


and the Faculty of Actuaries 


Thors., Fat. 9,107s 


RECENT ISSUES 


EQUITIES 



aa j f.p. ! a7ji t G 0 i s i 53 -i.s u. 


FIXED INTEREST STOCKS 




“RIGHTS” OFFERS 



L*t«t [ 
ken unc. ; 1377,0 

Hate : -— 


ICIoriniji 


< S. ' # GJ i High ' T^tw 


^lorinc', 
j PrieT:+ w 

I pr j~ 


95 T.P. 31(1; 
50 P.P. 6(1* 
32 FJP. 23/1 
8A 1.75 nil 24/2 
10 P.P. 1/2 

21 | nil 20.-2' 

330 { uQ | 31/2- 
SAI.76 nil 17;2 
84 1 F.P. . 10/2! 
171a F.P. 23H2 
S6 I F.P. . 3:2i 
32 I F.P. ‘ IB/1 1 
10 | F.P. 


24/2i 122 | 
10/3! 79 ■ 
27/2; 51 ■ 

10'3'524pm 
17-3] 41 i 
30'3| 7pm 

31.-3] 17pihi 
3/3; &Spm| 
10:5 94 , 
18:1, 34 I 
3,3. (f4 : 
3,3; 40 : 
16/2 15 


117 |Arlington Minor,._____i Hfl |__ 

65 Ceblefbrm... ; 70 i+ie 

38 ICbristy Uros.—... ; 42 !. 

43pm’0omm. Book of Auilr&Iia__ 43 pm .... 

36 iL.S.0. intemulutul..j 41 !+i 

Sjpm[iIinefaesWr Cnmgn. .. . .[ Blgpmi __ 

Upm;Midland Bank— .! 15pm> + 1 

Bank of Amstmloate.-....,, HO/*m +1 

Ella-Xeill (Jv./—......... BE —8 

2« IPkwiwo W. I* ... 34 ;.. 

71 !Piwiv (Alfred/...' B1 . 

37 B.C.F'.. 37 ; . 

11 siiurla ... 14 - 



is bfi-yr. Red. Deb. & Loans ( 15 ) ei. 3 oJti 2 :ii l eijs 62.20J tfahs 

16 Jlnvestmeut Trust Prefs. ( 15 ) 86^5 rajs vuvi 87/4? 07.15 

17 jcoml. and Indl. Prefs. ( 20 ) 77.33 ilns >- 77 .! 4 a 77.77 77.77 ; 


Hcuuncianou date usually tan au for dealing tree 01 sumo tun>. o Komrea 
twsed on prospectus estimate, g Assamed dividend and netd. a Forecast dindeiid: 
rever based on previous rear's earnings, r Dividend and Yield based or prospectus 
or other official efiiinwiieg for 1979 uGross, i Figures assumed -Cover shows 
for conversion ol shares not now raokina for diTldetid or rankins only for restricted 
dlvUente, P Placing price !<i (white, d Peace unless otherwise /adiCR'Od ff J««d 
oy tender. |) Oftered ro boUtrs of Ordinary shares at • " rtpa's" ** tushes 
by way of capitalisation, tr Mmirnam render price. 49 Reintmdaced. {I Iswd 
in connection with reorBamssiion * merger or take-over, nil IntrodoctJon T Issued 


--— .. . . . tRcdwnoUanjrWd. Highs amf loan record, baso tfaes amf vatoas and cmwhbhb ^^ -m 

•n connection with reorganisation menjer or take-over, (ill IntrodoctJon ~3 Issued!tt ww • A near Im of the caasatuenn is avuUaMc from ihe. Ptditlshera, tha* TfnaiiiTwl ’nii?^ 1 
to former Preference hoMcrs ■AUotmem let/ers (or fuOy-iuud). 41 PnmsJonallstrati. Leudau. EM, orfee Up, hy oast 22p. * -• • 

or parUy-oaid allntmetu tatters. * WUh warrania. • — ■■ ■ -r •— . ■ • ; 



















































































































































































































































UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


fi): *.; BriMtiy^xniiaHi 
£<Z l iWito Change»4 

yto CHivKnerfy,._,_|5D 4 ~ 

5 1; ./tod Bunbn 6 nqp (■) (g) ' Thcflritfsh Lite Offic 

Hr- r*m Hae, HWto* Jfewrtwpoci. Rcli*c«ftwlT»inhrfiii*U‘i 

.. ‘ i« 3 »i wBmowoM. t« 77 i an«fl . ! ...w.ita«ish wt_ {«?* . 





■ I) ‘ l* 3H1 K BHI 
\‘ J "wirf.rwds 

.i' 1 - i’-Msaci 

*-'i " fclac. 

- ■ * j*L!5&. 

'Kt Capital_ 

i*. ;bra Fund _ 

' *:: broAtt.fttZ.' 
•ili Nt* Food* - 

s&e= 

/.: ::.SSSU“ 

:;j ;iaHst 3to*d* 

- i^l«rCa. , 8ra._j 

talr. Ca'iFtiv 

<v«r?!t(U._J 

Mln,*C'dar._ 

... SiMffSP 


Arbuthnot Securities iC.I.i Limited First Viking Cammodftv Tram 

pa Bm JM ^r Polier. 05’,1 TSITT P,Se.Wwp'! M_ pouffe*. ; o M 


-.•w-Rnroni^t—«7* . . ug+im s< 

._ UOrndHp... |« a . . «6 fl _ si 
[■‘;.;.*nw 3 .r*t S.Sru tfu.uiij.da; FA 15 


i’jm cap 1 *j mu a i? 0 t» ! 36* 

1 *” . Nr-I ••'aline -tare teh ^1 

OMbi Ka*ll' r, l*f l U04I} It 10 | -? 3* S* 

,*12., "•"» «'» Fob 

Vso Australiin Srlrciion Fund NV ' 
t j;* Mariirt nr<r«nuini>pi. in«!, } 0 >j- s |i 
155 outiwaii' vr. K.-UI Si. N.dnov 


1 U IK?4 «tl ldn AOi. Ouihar A- Co U 
"2 Pail 1T*I1. LyinJon SU ;T VH. 0 :-T 

s* iu vit c»t*l _.ijr» c.ra-nii 

F»l Vk.Dbl.Op T il lU 0 4X8'....| 


3 V l-SStaia^-. 


to‘S 5oS Rtown U : -ft Cu U«L# 

+l3 431 MamiFomdertcCEOt-' 

+33 <*? Do lArcjFate 7_5*9.4 tefij 

i(U}--R73 - '»« ... I 

.+£3- 647- Ucoeral. : . 1*71*0.51 

743 -GrowthAccamZZVS-2 ■ ISJjjIlft 
gnrtbtwrtgl.'.. S **-"' 1 

■fS».HP=s^s» 

***»«»■-asrrl-' 

. — : P*riBmianee._^_ i ta L }.V •■-5741 

■*B 1 ( 3.13 getwfn _glfl . .'v »3 

=*4.4l AM' -E*mf*.Xae 19_Kf 2 -■ 


Gibbs (Antony) Unit Ta. Mgs. Ud. Fund .ifcs 

SXNMteUft.n.'SUlKL. 01M8411I rS^ Si 

At: Incvoir- -MO 404). { tbT . 

'S''g CrorthW . 36.0 M7| .. 4 71 

'“'A '. Far Ran*. [»4 22)1 ... 0 Ji 


5'-J£ Inrvmr* ... BIO 40 ft 

OtHMBMo S''S ?."»«*»•» J*-0 

1 "A ■! Far Fan*. [204 Mil 

1. I a 2 Dealing 'Tur*. ttVVrt. 


i!5:U 

'fl ! 


Nrt »•-.»! s,,|uc February 9. 


Fsl IVDM-Op T il luo 41 8 - 

Firming Japan Fund S.A. 
•TT. pie NaiT'-riame laiveiahncrc 
rjmg Fen a . . ] usaoj? 

Free World Fond Ltd. 


m King * Shaxtnn Mgr*. . Scales 

1 Charing Cray Si Heller. JeTMf lUaMi 

. J*I. : Thomai Street. Dpuelaa. isla of Man SJUJ— 

i-TJOTSST r.ihFurecJerwu. iuA lffUrf 11X25 gjoi 

3?| 2U CiRTnatn.eJf i. Jnua 1»J« ... -1 11» SIllFi, 

.. | OT# IML Celt Swi T«t . , Inti Fd. 

F:rrSSrjllrc ... ‘Uflft lkMj J — Inuil Fd 

First Ini!-- .. 517741 1T7*3 .—| - 


Schletlnger Intenudonal Xngt Ltd. 
4L Im MOUe SL.SX Heuer, Jcner. 05S47SS*. 

SAJJ——__177.0 8241 +Z.0| 4J4 

&a.oj __no as onf+Atu aJ 5 

GlUFd..B4A 2*fl+tt!b UP 

I mi Fd.JesT*?__„W74 lOiffi 3.66 

Inuil FAL*mbT*.-|S9W :o — 


*7*1®**^ America International S.A. RuttrrfifEd Bldg.. Hamilton. Bermuda. 


Kleinwort Benson Limited 

30, Fenehnreh St, EC* «-«asooo 

EltHiwX. Urn. F I 1117 I ■*■71 4*1 


Schroder Life Group 
Entcrpriae Hauaa. Porowrih. 


3M 3S BWlevam *t.«yal. lau-rmbaurc r. 0 


G«*it (John IV 

*g ^ law.dnn WmJI. | r 2 Pi-MRMjn 

Slf ■Vbl'b- Pel. 3 .(11*7 13611 .1 ?a 

ti| Do Awurn linn . 1*32 150 »| . j 2 23 

N*>i dealing riaj Feh 17. 

3 M G rimes on Masigemetit Co. Ud. 

W‘7r'«hamSt_Et’2F21« ' OltiMuXI 
S 07 bpr- s in Fell* ._. D40.1 1407>d . .. I 4 47 


3 llS3 la'lj 3 u ? St_ EC2P 21 »s 

L-S.V --S74f-al.4 S 07 bfa-'sui Kf.li fl H40.1 
j. .'V Rj*0*1 57j ■*!«!■ Imti... (2464 

«• -• .... J SM l«BnHVFeh4 .. |M> 


I Jn Amen ran »und". |22 2 23 5 . | 310 CUwM Innthr tV' : W>2 

030 Praciical Invest. Co. Ud.f tyhci n-T^r *[' ndn \ ?'*merir« I tri 
« hlnnmuraii Mj W. 14 :rs n 162.1*83 * S ‘ AU»riM Ud. 

rrortlralleh 6 . 11134 1*1 B I 4 37 4 ® — ■**"**? ' ^ 01 33.25:5 

PI-MIMPI Artiimlnn, - I Hi 4 1*81' | *37 \l***«« IP >5^ ^ 

j ?W Provincial Ufe Inv. Co. lid* Bruxelles Laml 

: 2sr Rksfa^Pgaie. I .-1 ot-247 M3S p« la p-—,- o 

PrahheI i.iW , 172 4 77 1 -1 fit 357 j?.mrSu; 1 ^ 

Ud. High Itu-oine . .. IM4 111?. 2 4 ^ 775 B*** Fund IJ ._.|X4*3 2 


I 5VS1M11 | .... 


JM Wldwe*i tn«.jhr 111 -10672 IIJW .. I (T| rT S.nir.m.T.t tea r a n KJE FarEa.«Fd._ .) SD9I.41 . J X« -RJ“-J 

Pnre « Jj.i i r.pxt »ih dav F*b i. C.T. Management Ud. IJin. AgtS- KBIntl. Fund_| yusiom |-OJ 2 | . X84 fL' 5 ™JgJ*****—1*^® 


EltHiwX. Urn. F 1#17 *7 4 

Ouenraei Sir_[57 B 6 XM . 4. 

Do Acrum. _ 70 4 7311 —... 4. 

SD9M1 [. .. X 


4 « lihnuttnul Fnxda 

•5 £E*suier-_-- mi 

443 Saute.- 112.8 

CFiaedlnlimt_140.1 


100.7]. — 

U1 1. . - 

1440. ... — 


Part Hie. 16 Fmabnr^ Cvciu. Lamdrn TCI KB Japan Fund. -} SUS2827 ..... 4.1 
Tel 01-03 8121. TLX BMItD K.B i R Cerlfc, Fd..; 6V633 ”5-^5 ~ 


417 I gloaaflderh nnil. gr>»« _ t^M _ 

Net avel value Feh 0 


. . /, Hiuiwml laterhadotal Ud 

- oat — r n Ril of Bemnida Front Si. Har.Itr tola 
rrl * * Anrhor-B Unhi .KLSflfl OK^ . .' 110 

ibert AfiehoTlot F4.. illtila 4«^-3K| 200 

im ttanaBAla fi.T. Bl I lllldi Ul 
5 M il 111 ^ B*ntw4m. PS^pt Sr. HmS’Ii., 

2N3i -!l <36 RemParF 537 46 ( .. j IBS 


1407fd . .. 
MS 3 . 
m2 -3.1 
1410 -3 5 
164* 

Mil ... 


i? ^““dltaoirP«rfBraanee._Zl|5S.3.-' ’S7«-*l.i 507 tergln Knl.a ._. JMi.l ]407<d . .. 447 TTUOi. Fonroilo Mngrs. Ud.* 1*1 

K-; JerCo, , 8ra.„W0 MM-*ei| 3.12 Rernvm _Bf# . ,‘v 223+B*I 573 , * !r Uin I'nihi.. 2064 2153 . 4*7 Haltwni Rar» Ft'I \ jVH 01 4( 

S« - #1 151:5] ;§ -• -»»« 

WtuAU , dty._B6l : M4j-*o|} sM Cannda Life T'nti T*L Mnrrs. Ltd V fvnrteui Frh.T ... 157 3 164* l« Qt»lher M «1 agement Co. Ud* 

^ tynsrae &L "aJjilettm s *B{ ::.■. is yr 

" iiJ V^Kfc.; 51 -Si ■■:■ ift «S!M. BS? i«H . I 

. r". .:” 1 . ™08gW.yW --IHi.lne.Diat.-. ,riP4-.. f .- Sf ^0 3 783 ‘Ageona tlMla!-JS 7 73 7 10] r-ij-«~. |i_i* a*-— 11 J y 

bulntithsiD3HUA...' • - - MM no,ine awfs ■ ■ Kj • v-44-.71 +0J>\ 7 B /•--. ... „_, _ ,, . M Ketiance Unit Mgrs. Ud.* 

irann U.T.|*6J 41.4J,'..f ■*JT- Guardian Ewal Ex. Unit Mgra. Ud. Reliaare>l<e. TunhndgeUelD M 08K 

X , ' ,• • > ... • -•■ -.- Capri (JmmoI MimfT,X irf,f . RnralfXrhange.R9PMW 01-0248011 OMnnunin Fit.. .1584 62Of .1 

bacber UWI ^MfiaL Ca-Ud. VV 0 ^Bro^^TOUM ? ^--ilI 5 « 8 tai n ' a fi'fiMn3. | UTH..te6 876|y20( 4 34 ^‘ordeT.Acv. Kl 5 S .05 
■ , 010230*78.„Su»i MS ._ | 4(13 Henderson AdminWr^UH,^) ^ .rt' 

. -,lbii«arPbi»d.|mA 3804i +50j t» M ;k7t g -„..l 737 Premier C.T Attain. Railed, Read Ridgefield Management Ltd. 

- ' Irfi | - - . - , . .. .---Pnew on FA. FXeVt deahnf Peb IX IlieniMtan (MT7217S« FDTUa4IO. RankHae Maneluli. 06123 

BOMt .SontWci IUL 1oKe) •: « ■-■^Mig 1 , 1 a.. 'ttatita-ins 244)*o«t 1 n RiderAewim IT no .87 61 . . j 

•'. IMS St. London EC4KIPV 01-286 ran 5W*|ol UnM. W. Rgrfc. Md-T. <»Ke» f^pCrowth lar... MBS 435 ] »3 lj 164 nidowi'W income |*40 101* ] 


Bongne Bruxelles Lambert AnehqriBt Fa .. 

?I? 3. »J4 De la r.egem-e R loot) Rm»j*D 
775 R«“ Fu "4 '-F -.(1.4*3 2 8831 -!! <56 Rem Par F 

„ , Barclays l ruenro InL ICh. la.l Ltd. »JT 5Fd- 


S, mi Bermuda ...I 5 US*-37 >0Jia ID 
*! rlfnndi.DM-.. k>3 IfMj-Rin 811 
"KB ael as latnqnn pacing a g ea t a on It. 

Lloyds Bk. 1 C.T .1 VfT Mgrs. 

PO Bee 196 St Kellrt-.Jeraer COM27561 


^ : N. ‘ T. r-T. Can Gets Dial._:OSSv' J7«d 40 * 434 j'rruiri l«niw., .. 

^ SSSJSS 1 ^- 4 , 1 ■ Vw- : vdrt. 40 A, 7.S 3 Guardian Rod 
°‘ J := .’ '-■- -.- Capri (jMtesl MiwX TiAf ■ HoraJ Exchange F 

. baclierUnitj Mgm l. Co.'Ltd. ' ■ ‘,Mnun™.«<c* VY>>w,aas' p vAT^ancnm la S M 'aanO,iUT«L. 


Pradl. Portfolio Mngrs. Ud-ViatniHr 1 uttrt|l chK*iHHRi.te ' 

4 47 Hnl|»ni8irj P. |Sj\H 01 4Q3R222 niMiiuIvos> 150 0 52 6<S i ma t 

7 65 Prudential _.... 1114 5 127 * . ? i| 4 41 ynwiollar rnu, . Stall* ll3 ' "l 444- 

iS QuiHer Management Co. Ud.* w '"J « 'Tr’.a 

J2 The Kill IXri.«»ge ECIMIIP 01-8004177 ^ C °. rB f 0 *’ *' ^ 

IS Uuadreflltim Fd IMIS 1M2I | 417 iTklteJ'S. ItaufUAloM OC448M 

lol i,.i« Do.Qrtr.Pariiir... 5 S 8 ■ 

—- Da.Ml. laeame . J4 7 
On Laf 6lan Tsf . 47 1 
5 54 Da. Maiu Mutual 221 


i.B L,lrtT ^”’y»,S.V r, “ SSSKStacBS 


0 6i CKanaged 
Z SManaged 

183 

Bit J. Henry Schrader Wagg ft Co. Ltd. 
*- T - lan Cheapdde. E.Cit oi sssanen 

rheapSKeh.8.-1 S1S1B73 I+afla 2 78 

TnfidnrAn. 8 !~ SUK1B7J6 | - 

--S61 Asian fd. Feb. 6 —UC5U H DU|_I 367 


UMOI Ausl Rxi 135 6 42 k* -*-! Bj 2 

LABatMln .fej 2501-01 2 - 

i.Ortr. Pdrilir... 551 40 L .., — 

l.M 1 lsenme . Ij 47 427) Si 

k L at Han Tsf .147 1 MM-«! 0 


llrenlford. Eton 
• e-Auoralian-_ 


Attain.. Railcigh Road. 


505 Bishcp&gatr Commodity Ser. Ltd. 
P .0 Box4X Doitclftf . I P.M 0624-2) 

.ABKAC-Jm. 2-1 SUS2611 ■ f - 


la.l Ltd. GTMTd_I M S638 .' .-16.74 N«i dealing dato Feh. IX --e-e———— miw*. 

oss473741 g.T. MgL (Atlai Ud. t ... - _,. . s 4 Sentry Assurance.Inter 

- ftE RuwH'an Hta. Uareuar Rrt- Hoeg Ten* H*^ 8 *"* rB ? !1 *?^ ' A P.0 Roe 338. Hamilton X B- 

, . ' „ G T AM4 F .. _ MK7n T « .It*' Rhone. P O B« ! W-BXI i*awa U ....... JJC53 *71 

? ” , , *i T. Road Fund i V.SU42 ] ..: 538 I Jard alnt. gwtii |:F3gjj Bl*. 1W 

‘SS; « T. Management Uersey, Ud. **** ““ 4 ‘ M Singer ft Friedl.nder 1 

.!« 218 RojRl T*- Ibe-ColMEbone.51. Helier lerwr M ft G Grtup « » 

oil 2 40 r,T Alia sterling ..jUO 64 Xitel . i 1*? Tb»o 4un Tower HfH COB S8Q 01-638 4080 bTr P K 

“ «5* *—* W ^nwai a i qi m m urilM. A«aniieEiF e b.7..]5caa 271)I - 

_. 820 U1-.T3 ^ pollet. l.aemxcr. Mfil 202« AoaC. Ex.FOb.8_ |>:sL7» MB....I —. GnrtMtfMI UMOil im 

«■ »M BtmFicSuic—pt»o 210 on | 1*1 f^dE^Fcb a_li' Mj* u<v ...-J - sunnvrst urrsey) Ud. 

2X0 Anehor Gilt Ease .K10M 18 66,-9 Iv 7141 Island'1(1X7 113.61 —0.1} TX46 P 0 Bos SB. St-Hollar. Jersey. 


210 AJKharGiitEaK* 


flnr;iT 3 j m Roa 410. Rank Hae Minduli. Ml aaM!l (7^HO"lin"t 


i Ineooys 74.^ 


' - 0 ' - ’/ l«:7and ._I 

r;^"WS(te 

■to n - TODOaFbwL. 257 

' Surrey^! | 

voitaa® 


Unita,_ 

GUl70.> 



tteo-te. *53?* 1 i : 

193 Ridcrflelri Int I'T BO 87 81. . J 284 cOPNT“ Jan £2381 1 I 

1(9 Rldcc-ll'-lrt Income f9 *0 1010 ) ] 907 OftglnnlJr niuvl ■( -Sin an q “Cl *1 

2 ” Rotbschiid Asset Management igt Bridge Management Ud. 

257 72 8 n.fiaielinu«r Rd. Al-le.hur> 02 B 6 riMI PO B®* W 6 1 .rand Cf'mia t'lcmn Is 
361 \ r l-jqurtvfAin.1 .1154 6 161« -30) 325 rTbafhi Feh S13 *57 | | 

8 10 M’ Engi-lie*Tn.fMf 180* 'll 2 41 OP.O. Box Hone Knn* 

5 4* NL' Income Fund 11402 1441 4 7 2S Nippon Fd Ken I n!.'?lll UVJ 

2.27 VI". lull KU ilae.mo 77 0*0 61 144 Ex <l«kck ->rlil 

121 Mj SH..nt. '?il X-to Britannia Tut. Mnnnt. ICH 


1 « W^rwLUtama' J77j . 

r CIl, * fu,B Trtt,t Managers Ud.*tai(g| 

fliflfe-iK jraHWp- - auto S? 8 2 2 ^ 

****-**** ««*»' KSts:& '3Jd| 12 

-UghHolbora.wetV 7NL- 01-0316235. .BaalC Reifge. TtoJiMV .'.igW *81 

myFrad. -p7J . 4 !.* - 


5y Ctaoterbonae JmbdT ' 
|S IjPmenwsterBowBUC 

j 3 CJ Internal*)-B84 • 211 

JM Accua Unit*.u. .03 6 • Bj 

3 60 Wtoroiaej-,— §5* . 361 

}«■ CJ.Euro Flo,_ 

ta 

•I o Arcbm. L atU_{ZX.4 -. JOA 

IP Pnecs Prt 1 Next ttwbat 

H* CBteftaln Trust Managers: 
rtt. me, Ai.uy c. lv.d', Oli 


.' 't M*i A men can 

• N.U.rw,F»h3. 

■' --.- 01-2483724 f'll & N»l - .. ... 

ni.. 1 377 B wid get. 3 ... 


. Ltd. Aockmr In J 57 Tat! l221 2J.7=t t J» - AceussUsital_!tlttO 15f« 

0824.238!: Gamnore Invest Ltd. Ldn. Ajjis. 

; - xs, Man Asa. Lemtofi. Et 3 o:-s833SSi Samuel Montago Ldn. Agte, 

j — Cirmrr Pud MagL fFar Fast, It* IV*. Old Broad FI. F.r 2. 


a6|4Ti flu 

»fci-oa«3i 


Sentry Assurance.Intaraatlanal Lift 

P.0 Roc 398. Hamtltofi 5. Barnrad* 

Manocod Fund_praiTi ion) „... j — * 

Singer ft Priedlander Ldn. Agent* 

2a Cannon St. EC4 01-C489848 

Dekafonds-IDKJ677 a»)*M0j 7*0 

TokjxiTsl Feb 1 ...| SU5M80 | .) £00 


— Suriuvest (Jersey} Ltd. la> 


•5U Anuaricsn lud.Tsl. .IC6.73 

Copper Trust. l£4 75 

Jap. Index rn._,.|£238 


0534735?* 
■jvOM 146 


2.12 vr. Inti Fil ifae.J73 8 77 6 ( *0 6 ) 144 Ex <iack >rl'l ™ JnienuMnnai Jnc Igo j« 

122 Nf. InU Kd •Ar.-.lno 77V .96! 14* RHtaBnia Tut Wmemt in, IM Po •.nActh ... .15*6 581| 5 

il Nrsmiirf^pjiooi us si . i oi *32 JSS.» WlaS™ ^i = -.4 Hambro Pacific Fund Mgmt. Ud. 

411 RotllSCfiilrt ft IfOtvndes Mgmt. >ai cmrthlni'ei, 130 7 ' 11 Vi I 4 «(• 2110 •rotmaughl Centre. Horp Knrc 


Garraaire laxestaacnl Mngt. Ltd. 

P O Boa S. Douglat taV. 
iatematlnoal Inc 1210 22*' 


maeJFi? 8 ^ Surinvert Trust Managers Ltd. lx) 

f« _ 3 n X32 **• Athot -'street, Dougtoa, LnJt. 0*14 29*14 
It 14*0151 £12 TheSilirrTnul.^.145.8 -L« - 

4 95> . 0 85 Richmond Rond B7.I1B6.6 14S5| +X6j UB 

9 90 ! I _ Do. Platanom Bd 1103 3 10 S 7 -2A\ — 

Do. Gold Ed-146.4 10XM -L4) _ 


eca « Fefa.-X Nett mb. day Feb. 13. 


. .. In i^S»Sii»lof”*' Wi 5S« -oil 

]74 ‘For tat exempt fund* onU 

J2 Hill Samuel Unit Tst. Mgrs.T (at 

3 84 ♦’•BeeehSt .KC2P2*’* 01 <EH 

: rb IS ■'•-Rni:ih Tmst . [148) 1504 • JU 

•41 loti Trust_32« 34 74 *0* 

lit*taHel -S*DollarTrual .. 65$ 73 -0J 

mT,o!y?J. ‘h.Capital Trust . 2*3 50 3d .0 6 

QI--48 29;C FinancialTnaai Of 7 4*4 *14 

2 64 inilnc'iprTmat_ 26 3 282 -0 8 

-Of) 9 36 <h,Kerj,ntyTruxt . SO* 5*0 -»13 

* 0 Ji 346 ,biHighVMdTat. 2 I« 30«| -0 i 

4n InteL* (al(gl 

Lid.* I a) 1A .UhriADphor Street. E C 1 01 M7 


411 HMiiscnun at (Awnaes .ngrat. tai arowthlnveir 1347 
JJO ‘A SwilhlnaLanr.ldn.EC4 lmniFd.. .. S49 

■* Neu Ct Exempt . 11117 0 124* | 3 72 ■ JJT2 

Prne on Jan ,8 Veil ilralin^ Feh 15 UoliS-l*U Tj ki ll 


Rowan Unit Trust MngL Ltd. 


I raii-misT«,..Me _|£2i4 2 jy i 
Value Feh 3 W.l dealmE Feb 1.7 


4 eg ?l to Connaught Centre. Horf Kong 
1 09 Far Ea.«l Ju21 .. >4 47 4 48. . 

150 Japan Fend. .. . |$FSS »6 617. . 

IM flaabras (Gurrnseyi Lid./ 


«K*538'i Murray. Jshustnne (Inc. Adviser, 

J 1*3.PopeSL,Glaigom-.rz MI-32! flCSl 

. . -HopeSt Fci . .— I 5i:S27*X I J - 

. Lid. ■Jiurr*;. Fund . I SUS4 81 1 4 — 

_ ».NV.V Jan. 31. 


Negft S.A. 

10 * Boulnard Rot*:. Luxetebcurg 
VAV Fab 3 ..| IUS18 07 | .... J — 


TSB Unit Trust Managers (CXl Ltd.' 

RagatellaRd .St Sauiour. Jersey On**73404 

Jersey Fuad_142.7 45 Orf_I 4£7 

Guernsey Fund ...|4£7 45J7q . .. 4» 

Price* on Feb. a Neat cub. day Feb 10 

Tokvs Pacific Holding* N.V. 

ImimLi Mana g e me ni Co. S.V. Curacao 
KAV per thare Feb. 8 . SUSO.W 


Hambro Fund Mgrs. iC l.l Ltd. ^nwaou.. 1 1 . - KAV per share Feb. 8 . SUR43J1S 

r- , XT r "'"Z S , T**r HP | , ’^S N# * 1 * ^ , Tokyo Pacific Hldgs. (Seaboard) N.T. 

ln'ri! B«,d I 1". jilH “* r ™ d * B 7 w5, ‘ !nbnUti Ftaragement Co. X.V. Cumae. 

tni Kqiikis ... HM77 1 3 97? .{ 7S0 NA\ Feb 3 .(£3 44 £3 44, .• — NAV per shale Feb. 8 SUSTL38 

In Sai,ng«-A- R >:00 id . XO „. M . 

In, 'iavtngz 'B m '.Ui ... 1 250 Old Court Fund Mngrs. Ltd. Tvudall Group 


“-J.i; America„ 


lays Unicorn lift (aKgjfte) 

en Ha.232 Romford Rd. E7. 01-5845544 


‘ <.0*. lae.. — 

^PilSX —» « w . 

- ---.Stopc Tat.— 

■■i - -tbalitan.. 
ijjanelal- 

*•* : '* eneral ... 

.r.-V.-d , P ... -uwihAec— 

~ -«racT*L._- 

• ■-- 71 A’m. Td— 

i ' . « ■* Jsu. 31 


13 . Confedcratlse PwuhrHgt Lid.* tai ia. ukrixtopherstreet.rr* 01 ? 

SOCbamreiylasc WCSAIIS--- - Oi-SiSCCre In,el ,nl Fund - .»*» Mini *171 

„ Growth Fund:.—- I 4*i Key Fund Managers Ltd. fang, 

_ --■■* n „ mA \r m J m irr,rr z ' 1 - W* SI EC2V UK Ot-ff 

256 Co*owiioiitan Fu nd w* tel- Ke- F-ncrcy m.Kd.. |69 * 73 s) -1 si 

,2 L'Puthall Ave^lOTidra KC2SL'tfX R2n0S23 Ke. Equity St iJen .64 0 6BH*15 

iw Cmmopalo/WiFd tlTA - JM) +D-3| C97 5KcrEtemmFd .. 1404 144d 

Zftg .•.---. '7 ..- • h~r !n«**neFnnd_. 76J 8L6j-*09 

5E Crawent Unit Tst. Mgnrlxd. (a)tgi gJSlSA m! »2 *oJ 


73® .1 
68 « *1 
1*4 « 
OVbl -0 


*0 M ■ 14 Royal Tst. Can. Fd. Mgrs. Ud. 

.54. Jrrmiu Street. 5 ft I. 01 45! 

ni 14 —. 4 * ,'apiialFd . 1641 67 7] I 

-171 6» In.-ome-1- .1 _ . |67 3 71 0) . | 

Save ft Prosper Group 
n, 4 - ,ir ^ al S* Helen*. londPD LT3f IFF 

ui-nue'iNU kb 73 Queen Sl_ Fdlnburgb Elt 2 4NV 
li 3 neat,ns* u> m-SM snse or 031-52* mi 


6 50 Save ft Prosper Securities Ltd.* 


InlrntaUenat Fund* 


4UeNUIeCrea-FjUdinltSba. 821-3204931 , - r- 1 — ” 

CreaceaiG*wwtb_Q62- '-T-teM-eOM *27 KJeinwort Benson Unit Managen* 


tanlial.. . 133 7 3S1|-nu 

ITL-__ 22 2 2JO -OS 

t nn Gn>»th_|57 9 63R-t^ 


im fft, InrematT_p69'. . 0 51 

25 cm High. dm.. .E* - S2 +«g is 

Cm . - ; <U4*l-3 4 5k 

L6S Discretionary UnK Flted Managers 


.r —-h — .^wnfcj- w fee *-0 a 1 42* Frei Inlemafil—Rikf'.fl S52 20 FenchurchKt.E'.J OldSiMM) laerraria* laceme Kua 

' r -^-«wieT*LZlKi 637 Cm H,gt . .kj * /-JltS +«5| 787 KB Unit Fd. lac. ..183 4 . 401 .1 4 63 HlgftTMH.IM2 

• \Z-rc TtA-m.TaL-lieJ 84S Cm Beferrm_..|SM 4 53 6KR FsIlFdAr.. .{U21 UOd .. | - High i.rome Faad* 

1 Discretionary Uoit f^d Managers L ft V Unit TrHsl Management Lift* -__(«« 

• . i l&Jg-Tii! 5H 32.BlemJ1tidSl.EC2V7M. -- 81-83844X6 T3ie Mock i>han*e FOR IHP Oi aiM 29X1 

,w .■&*-.-* s» ik 1 .1 .. .ws 

r.5* r . :v **»■-~t»* Wfl E. F. WJodnster , f^.ittngL Ltd. Lawson Secs. Ud. *teMci aSSST 174 8 

—- ng Brothers ft Co. Ltd.* faKx> QldJew-nr.Ka . ""^ u-aM2i«7-83u«.neSi,rdiuburgbteBSJG ni-3Mteii ffp 11 .*- IZS2 

-^ed enh.n s, rn M M -jqn Greattrinebager-MI - »Bd >. y T.77 gaac-.Stalsnals.{34.3 381) .1 724 1 * • "• --* 6,B 

-OWSFOBK 1 -gJaH Jg «.wrt;«r cramilgX,~. *M y - r } Ei Sl| .A 1% -wo 

417 -Eteton ft Wlto'M-Ud. MnSJ9SLsrl$ ffl ■“ ?2 tS2siB=iX 


S 8 M 20 Fcnchurch.SL.E'.J OIOIIMIO laerraria* lacemr Fua4 

IE KB Unit Fd. Inc. ..104 .40 S .1 4 63 High-Yield. — _|S42 

eUK 4 53 0KF UnJlFdAc.. 11021 110* | - nigh lacptae Faad* 

onagers L ft C Unit Trtist Managemeat Ltd.* - |$J! 

B143844R6 The Mock IXiangc. FC2K 1HP Oi am 29H, .... c „_j. — ' 

J 5 j 4 LACTar Fd 1134 • 138 9j . | 72* ,.o i- “* u , . 

L*l ladnGmFd W»4 423^ . 3 72 JJ k -• -I 415 

Ovrriwi Fandaiu 


It, Ud. XT re* Notre-liaine. Ikiumtcurt 

ni*59nK Capttallnl Fur-l I if<lS35 | ___| - 
67 t j 1 86 Charterhouse Japhei 
710| . I aoo j,patareoner Ro?*. EC4 01 56335 m - 

Adiropa. - i>u»to jmi-oar* 5 62 u 

Adivem - - V-.,«r m Mm ..J 536 _ 

EOF 3FF Foedafc. -. _ PMJ1U 1I1K-01M 6 02 a 

SII2 «N\ FoodU .. .. I,V!ail Hid-pal 607 *■' 

31-52* mi RjUMtur Funrl . IV.-16) 17)1 I . 

ies Ud.* • . H'ftftE 46781 { 11 

ContblH Ins. (Guernsey! Ltd. 

3511 '0 6] 3 72 FO to 167 M Felc: Peri Guermry 
ZI4| -0 J| 401 IbUO-ManFU |163e 1775, I — 

«S -u! »» Della Group 

■ta j- m in FO ® ,,= - Batamai 

58.E.1J! 6 67 pej^inx Feb « |J1J* • 

.. Dentscher Investment-Trust 


• A. Price* on Feb. 8 Next dealing Feb 13 PO.38 Si. JuliansC: Gcenuey. 

jure Henderson Baring Fund Mgrs. Ltd. pjFrJiaS] __..J40 3 5X 

» I—4 - rotoK4WNmju Bahama, tod. Jm lo“lffl2 «50i 

J»P*n F“- - ---- JM 87 1552.-0 *JI — imroPd Jan. 31.. 1140 4 144 

0i !U!2M0 m»ri r*n Feb 8 '•ext dealing dale f eb ZS 

JiMj-oanj S62 Hill-Samuel ft Co. (Guernsey) Ud. Old Conn Commodity Fd. 

UiS-oia kffi a LeKebwe St.. Peter Port •■ucrnsee r| PO Box58,St.Julian 1 *Cl.Gnem 

607 ft«i **«-'.* JM SPfiSpgR-MSfc *55 

4)3 143 Rll> Samuel Overseas Fund >-A- ‘Pncce on Jan i: Next doali 

I U4 v;. Rue Vctre-Dane. Lcxcaheurc »Price oa Feb 7 Next dealing 

isr/aiM _____. 


048: 58331 

I H5 Oversea* Peb. &_KTSOK 

*■*’ 'AttOL I'mtPi—_prsln 

3-VVa.v lnt. Jan. !B._Ist-am 
5 N>w St_ Pt. Beite. Jenr* 

ere Ud TOFSLFeKa_l£A2fi 

sr*- i£0- .Accum Shares', 


Tyndall Group 

P.O.'Rex ISM RunUfea X Bemde. 2-27SO 


Old Court Commodity Fd. Mgrs. Ltd. 


PO Box58,St.JulianasCt.UneniseyOSSI28741 T.VSijFI'eUa 


mttntia 

I ... . 600 

3-oos - 


1 73 ,'Accum. Shares) 

— Jerst?Fund Feb 8 

14 iNon-J.Ace L-ta 


i.umuci Tst „ ttsai 150 4)-Iff 3*4 ')«'.''emdt?T«.*_|12E0 U4M .... I 175 , AMUUL Shares) 

„.„"T . ~ ZT . . . uCDIlrCtn.T«ir. |j24J7 258ZJ .J - JerseyFtand Feb 

Hill Samuel Overseas Fund >.A. -mw on Jan n< Next doalinr Feb i* iNon-J.Ace Ua 
X7. Rue Yotre-Darce. Lcveahourc rpri « 03 F* 1 * " '•« dealing date Ken 51 GUtV undreb.B 

IS-aiu •■<*!. 1 * 1 , f Aecunt Sliares> 

_ . . _ ... , Phoenix International victory Rome. D 

Internationa! Pacific In\. .Msgt. Lid. p,-, to , - St Peer Pnn. Gucmirr. Managed Jan l* 

Pi, Rot RXW. « pm SI. ^ dnci. ALU Isiter-Dollar Fund fi"S2ZJ 1«1|-B01| — 


83 « . 

114.® -3.' 


v 


Pi, Rot RIB. « Pm Si. ?ydnei. Aft* 
Ja-.ells tUquityTsL IU 86 X0H . . — 

J.E.T. Managers iJersey, Ltd. 
rn R<-x 144. Royal 7*t Hie IrMpHU rvU 


victory noose. Douglas, tale at Maa. SB54 Sot# 
Managed Jan 1» _1127 2 134 « .... 1 — 


Property Growth Overseas Ltd. 


664^41 11 444 . . u.-» m R«-X 194. Royal Tst Hie JrMftny? 

4*7 . 07 ) IU Po#ttach26bS (iicberga.- ic A14 ROOD Frankfurt. Jersev Esiml Tit (108 0 116 C 1 

■ Coocemra. Il.’-mi* 71 «j 1 . As al Jan 3t Neal «U). Ha;. Fee 2b 

4464 *11} 4«3 o^rin^relnT^nt/i".Lx L" J«dine Reming ft Co. Ltd. 


SlSrSr worr* a»on ft Dndley Tlft Magrmi. Ud. 

30. Arlington St-. $WL U-WIKI 

vn Ijttpsgate Progressive Mgmt. Co.* Emsae OmUej T*c J67A. ' 5.10 


v, . . raiojwgnte.ECi- 01-6888280 ' ’ • . 

.;^ r ,iPr.-rtb.7-.n4U 172.* i 317 Bfltritss Sefift UtLWsHg* ■ y. .* 

.. ■ ^Us-**Feij.7__(191.7 4) Btotioptgete. BC2 ~ ‘ ' = 01 

- = ,. s >!B£5SA£:n "j IS 

- - a-Nert aub. dv Feb, M 7? 


'..— I 5M ftiArrun. Unit*,..' 37 2 
•Growlh Fund.... _ . S3 6 
nnt Ud. *■ Accum. l-nttoi . .. U4 
and Warrant 32 7 

v'nK-rtcan Kd_203 

n*. i 5.10 ii.wuml’nllat.^... 211 

- . — -Hl«h Yield_474 

■■lArrum Units, .. 66 0 


7.29 Sector Fonda 

3 17 Uonunediiy-165 0 

317 Energy-1619 

148 Financial Sera.._£3 9 

0 26 lllgk-MInlism Funds 

.SS SelectInlernaL_12147 

in w Select Income-1514 




Deal 8Mon- *Ttocs. ttWed tThun. 


64.* *121 1*34 Legal ft General Tyndall Fund* 


Scotbits Securities Ltd.* 
ScMbita_135 7 383 


. Faad MmUgenVfaKc) ‘ - 

— 'i-.r VUU am St-EC4K BAR. '..-0182341 

_sine.-_MJ 502. . 7. 

n ,_ r T :3S:lEfcSi JH- l 

.sInU.Acc.t- M.4 114 ft 

\ 5HP“ *** 7!K n " UM '™ tSfci. 

Unix Trnsi MmiagemeritiaXg) 
ion Wall Bunding® London Wall. 


“■ aL Equity ft taw Un. Tr. JfcFJriftMci b?iJan lT____ 
c) - - Amarafcsm RC:'HUAMVcaisM'-'M b* 33377 'Accum Unltsi.. 

018234851 EWmy iLrne - |IM ; - t 43* N« 


18. Canynge Road. Bristol. 027232311 - 

DmJan 12_(56 3 5441 . i 412 


ii5 FranHlngten Unit Mgfc Uft W t lhlh c st. ix»d«. 

34* 3-7.Imlmwl Y*nt RC-»a5DU- -- : «-te880n LeoU.to._l_ 

*52 £^SP L -" 3g3 ; “-i 2S2 ‘^ oAccudi - 

.•M.-CffiSS&nf Z:E|' v 'TH!i4 261 Lloyd* Bk. Unit 
\ - Da. ACcum 1*42 . • 4 Rcglilrai's DcpC. 1 

ft - Friends’ Provdt. Unit Tr. Mgrs-* FIrSnWncdffi? 
M. Ptxhan, End. DorUnp. . . 08083055 P° ,A, ^PJr-1 


P« iu_- 

ilACC.^ 

-*In* H 


ssfiat «s 

G.T.- UnH Bfitnagers Uft *■ Foini b (Exlne.| 1 

JftFtoxtmryCtawECa* TDD . «428g»l Do (Accum.,- 


-offlly 

► * i r.: ®r- 41c_ 


.toctwBa ......_ 

dalieca.JZ! 
- .GanenL— 



IS GT.-Can.Iae' 

J-S ’ Do Acr—___ 

-a£ G.T.Die .Pi t ht .. 
*"‘GT.U.Sk*G«« 
tSS G.TJapan*Gen._ 
M5-*6ijbaaE*Jd — 

4-J? -..O.T.XUCL tend-- 
MJ G.T. Four YdaFd— 

j3 *6- ft A. Trust fai (g) 
4dS ’ ft Ras-InlgblW., Brentwood - 
147 6 -ftA-. .. r i »6 ’ j 


a<| 436 sub. day Feh. ,5 

; Leonine .Administration Ltd. Schlesin 

JrL'.-r. 2.IhikcSt.Xaadm,WIMBIP. 01AWUDI 

arSis!(B=.-Bi MaiwHas 

”! J 261 Lloyd* Bk. Unit Tst. Mngrs. Ud.* lal Am f-row, 
—4 261 Rfgtjlrar '4 Dept- Gonog-by-Sea. i{j 

Routing. wS’tassex. 01-8231288 

gTft* Firs Otolncd)-M 8 «S IS “««*, &, 

08MS05S Mrcttmj—_ 65 0 Ml 4-1.7 4.«2 | qc 10% U‘ 

*Xat*UT 4 « S^ondrCap]-Cft5 50? 'Ll 3-Mtatol c*o« 

BH iiSt «<« Do •Accum.l—-.. 578 62.1 *1J 36s l nt .T^ C, 

■I T “- Third.Incomei-7S5 84.4 +1.1 6.18 MarfcetlAl 

Do.«.A«um)-105* 113J +54 61* Ts'y Vl^Jd 1 

-..- Fourth (Exilic.) „ 574 6J7 +L1 . 7 68 Fref.ftCU 

K42an31 Do 1 Accum 1 -(63.7 68.4] *LZj 768 Property S 

‘rr\ 1™ Lloyd's Life Unit Tst. Mngrs. Ltd. 


-Ki SJ- I Jg 287M .." | 2U 

I^dayFeh S ' ScmEcYld;^ %3 170^ J 71* SSSlSSSE?pffn. 

_ ‘Pnecs at Feb X Neat mb day Feh. 21 SetesAGntiil.i 

1 mm«oo, SeWteioger Trust Mngrs. Ud. (ahz) i^ E D 'T a ^"il, 
_ u , , < Incorporating Trident Truaui 

ZJg *j-j] 140.SouthSirrel.Dorking r03M>0S44l .. .■■ ■— ... — 

l«| >o> Am Exempl-.IU 4 14.41 ... J 222 

an. Ltd.* tai Am f.rwth._C5 0 26.* >03 2 64 


** 5 Dreyfus Intercontinental Inv. Fd. 7 ^ 1 

^ x - NTr,i 5 ». B-h ssu« mswt 

3n £Z£** d iAVuSSS^ji fsEKZsFx?* 

. _ P.O.Box73 S, ItelM-r.JerMo- nSM»Ol £1‘J£,T5 't 

^ 58 m 7 i i**« i Jardin* nem lnt» 

in E.D.LC.T - - . rUM I2S*T . -.f — NAV Jiil 31 

2«7 F* At-C. Mpnl. Lid. lav. Advisers N*xr 

Rtmp-Gff Mail 

7 67 Cert.Fd.Feb 1 | SVS4J6 i ..[ - i Chsrtu*»»» 
FideUtJ- Mgnu. ft Res. (Bda .1 Lid. 1SSSjfflSS 

■ 1*4 .no 4 |i Pa Bo* *70. H ami line. Bermuda. - u __ 

53 3 Ti ol 6 46 Fidelity Am Aa>.... | juste urn I . I - Keyseiex Mngt 

57 3 4-0 41 453 Fidelity lnt. Fund . SI’S IS 07 . .. — PO BoxBftSl Ud6 

r?^ " FldridyPnc. F.< J SUS388W .I - Fonsclex_ 

FMellnrWrld Fn .| SL’sUM MW — Kevsclnlnfl_ 


eftr; Fluor, Connaucc, -.'mirn. Hong Eong 
JartllneLMn Tto . I SH1C20140C 34 


L:tn Tto . SirX204 40c i--«1 340 r p latl.Fd . _ ISIS' 

JP" Fd** »IH»5 kfS 1« 

5EA _ Jlsll74 ( *3*M 260 Prteea a: Jan Ul .V 
rhlp Tst. -- - - | -1 — 


5C !r»»h Town. i>ihraitar ‘Cih'Siw 

US Dollar Fund . I STSSf 77 I .I — 

Merliac Fund.| £128 00 1 .... | - 

Royal Trust (Cl, Pd. Mgt. Ltd. 

P.4 Box IM. Rer-aJT L Kar .Jersey 0X1457441 
RT.Iatl.Fd . . _ I1LS184 143 I IN 

S.T. Im'L'Jay iFd. Si SSI .. | 321 


Uld. lntnl. MngmnL (C.I.t Ltd. 
14. Muleuter SxrecL St. Heller. Jersey 


•Gih'OlC* V IB. Fund - 


United Slates Tst. Inti. Adr. Ca. 

14. Rue Aldringer. Luxembourg 
U F. T«L Inv Fnd. I Sl. S4.78 |*CW1 098 

Net auet Feb. 8 


Next dealing Feh 15 


321 s. g. Warburg ft Co. Ltd. 


me Hem tut r J SHK 8 43id :- 002 i — 
NAY Jan. 31 ‘Equitnlenl St'.’ATT 
N^xt sub Feb is 


Save ft Prosper International 
Dealing to: 

37 BroadSL. SL H-llcr. Jersey 0! 

U3. Dallar-deootaljuted Fumda . 


Kemp-Gee Management Jersey Ltd. v& ^-.—'l, 

: 'JharingCross.S l IMier. Jersay OSH53741 pj r Kxrf Im.—* . 1433 

KempGcet'apital.Klb M2.'_I — IntemaL Cr.*t_ 6 04 

Kemp 4 >e Income |64S 6 ft li ... | 830 FarEastoto't- S3 ff 

Keyseiex Mngt. Jersey Ud. s^tJi A meri can^ g6i 

Pu Box BO. St llelter. JeiT«x Enq Ol-AOflTtFOi <n»-n»g drnma'nxlnl F, 

Fonsclex. [FrlSt 14554 . ..J 3.10 Channel Caphaie. |ZI0.‘ 

KeysclcxInti-(£577 64M ... 4 69 ChannelD)awi*9_ 14U 

Keyseiex Europe . I£3 lB 4 423,-0 (O 390 commodicy—. 114J 

Japan Gilt Fond- (21 00 22671*CM - St Fed InL —1 _ 111 J 

Keyseiex Japan .. K3.22 £8 97] ... 171 Prices on *eeh T. » 

Cent .usets Cap—I £130 57 i-0 05 — -Weekly I 


3d. Gresham Street. EC2. B1B0P4S9* 

t i CnvJktFd. Feh. 7) 5TS4J7 I .J - . 

u Eno'.Itn. Feb. 7 _l 5USI5 47 .3 — 

Gr.ht-SFdJan. 31 __51756.47 J .. . J — 

05S4-3MP1 Mar Eur.Fd. Feb 1. pTSl 18 100»{ - 


3.10 Channel Caphai*. 1210.4 
4 69 Channel Dlanda4_H4V2 
340 Commodity—5_. UO 

ST Fed InL —1 |llia 

171 Prires on *rbh 7. — 


Fnnda 

0.4 227 *24 L 

12 148.73 *-1.4 5. 

43 120.43 -0 6 - 

12 12ft* -321 11 

••reb. 0 . *-.lan 20 


. 7 06 Warburg Invest- Mngt Jrsy. Ltd. ' 

■— l.ChxnngCrosa, St. Helier. JjyCI 053* 7374J 

. — •~MrLtd.Jnn.2T_ irai7? rj ._. — 

. _ C3D Ltd. Jan 27 .. 03.48 IL77] _ 

Metals Tto. Jan. 10. 01.37 33.44 — - 

-xi im TMTJan. 12. FIB VJg. — ' 

*2^ Ml THTl^d.Jan t2 . £0.74 1«fl . — ■ 


weekly Dealings. 


Z? tj 1104 World Wide Growth Management^ 
” 1 «n 28 10a. Beulerard Royal. Luxembourg. 

Worldwide Rib Fd| SUS32.U 1-0 061 — 


10306.08441 

I ... I 222 


Exempt High 31d ■ 25 J 
ni aos 1 -mm Earn,pi MkL Ur, ■ 23 4 

Extra Inc. Tto.28 5 

*} • J-JJ Income Dito. 402 

*} ? IS lac HW6 Wdrwl_J0J 

J 3-58 lntnl. Growth_413 

2-H Iw- Tto. Cniu: —.. 231 

*1- 4-H Market leaden_27.6 

SH ‘Nil Yield*_271 

*Y\ - JM Prcf ftClBTnito- 239 
*L2| 761 PropertySharex.-. 25.9 

02005M! I'.K Grlh Dito .— 18 7 


INSURANCE, PROPERTY, BONDS 


_ Abbey Life ABOimnee Co. Ltd. 


324 l^SL Paul's Churchyard. EC4 


Eagle Star I ns ur/Mid) and .Ass. 


M ft G Group* 


eM 


83. - -' ,Accum. Uolta) 

1 / (09^1=37800 Antoralaalan- 

y3271+0 H OT* aSSSSdiS2i 


72-at,.GairbouacRd. Aylesbury. 0200504! U KGrth Dito —110 7 25.1 

Equity Accum-D38L9 1462f ,...| 4J7 -Nett sub. FWl 22 

M ft G Group* (yKcKz) J. Henry Schrader Wagg ft 

Tbree Quays. Tower Hitt EC3R 8 BQ. 01088 4588 120. Chmpdde, BC4 - ' 

See also Suck Exchange_Dpaltnmi Capital Feb.7.-|4I#_ .ISO] 

+0 
♦0 


, , CLIVE INVESTMENTS LOOTED-/ . 

Ks. :he iC^oyBl Exchange Ave. London EC3V 3 L!j. . TeL: 0L-2S3 1101 
ex Goldc as at 7th ‘Febnlary, 1978 '{Base £QD at 14.1.77.) 

Clive Fixed Interest- Capital..135.06 • 

- — Clive Fixed Interest Income ..123.17 

; K CORAL INDEX: Uose 471476- _ ~ 

INSURANCE BASE «ATES 

t Property Growth ..- 7i% 

« Cannon Assurance: .... 4f%- 

’ .'v . t Vanbrugh Guaranteed - .... 7.25% 

.-t-Addme Miovn-under insurance add Property Bond Table. 


BASE LENDING RATES 

!r-Vs:B-N. Bwk 6i% NHHl Samuel .f 6j% 

filled Jrish Bapks Ltd. J2. Hoare & Co- *.t 61% 

rli -jnerican Expr«w' Bk. .64%.Julian S. Hodge . 7J% 

r.,; ^aro.Bank 64% Hongkong & Shanghai Bi% 

• P Bank Ltd.- " 64% v . Industrial Bk. of Scot. 64% 


Ccumnixliiy— 
i Accum. Units 1 
Compound Growth 
Conversion Gre 
Convaattm bm 

Dhidcnd- 

(Accum. Unit*) 

European.- 

I Accum Units] 
Bata Yield... 

mm Units., 
rar East era— 
(Accum. Units) 



J. Henry Schrader Wagg ft Ca. Lift* Sg-ggggr 
12*. Cheapside. EC2. - ' . 01 M03434 'y*na. 

Capital Feb. 7.-TO* 15i .....T^Lg yp/^^dSer.' 

f i5JSSte5T=H?i 3^52:::: S SSaMlsi! 


Capital Feb-7.-41.8 «J .... 

97 (Accum .1 -1103 114J .... 

97 IncniucFrt: 7-1643 175An 

H LArcum Unttol-?4*4 2553 .... 

X General Feb. 8 - 76.6 74 7* ... 

16 (Aeeaml'nltxk.—;943 482 .... 

36 Europe Fcb O-24.1 2M.I -0 

409 tAscumUniU,- 29 4 312 -0 

417 -Pn-CbyJan.24—166 l2 1713b 

8 87 *Specl Ex. Feb. 7.— 213 3 219 I .... 

tto * Recovery Feb 7._1773 182ft4 .... 
8 20 ‘For tax exempt ftinda only 


“S --* --- 9<Ud.Mm»yFd. 

Jg Scottish Equitable Fnd- Mgra. Lift* 4lm|3l«£ftlAc 


5-S Etjoitj-FW . (32.7 34 51 . — Eaj£ 

Equity Acc-..273 24.0 . . - Fn, 

0« SSpenyFd . .... 134.7 is#l .... - 

PropertyAcc . . 1455 1537 _ A™ 

££ SdcdheFund . H7 B4J ... — Equ 

*•3 Cnmetoiblc Fund . 3280 1348 .. - IToi 

If® 9MongrFund.-119.0 125J . _ FU* 

552 Pens.rtnpeny. - U35 17J.1 .... - gtd. 

Pens.Selective. . rio 111 . - MU, 

M to Pens. Security- 132.0 134 0 . — Get 

.Pena3Iavaml-164.8 . 1738 ... - 

3« Pena Equtw-- 14 *2 15U . _ ZTr 

WTop PdSer.4_ 120.2 124E . - 

iH 9Nan.Fd.Ser.4..._ 125 0 131 6 . _ 

7-24 fEcjurl> Fd. Ser. 4 - 30.7 32.4 . - Grt 

TCoiti' Fd. 5ar. A 104.4 113 2 . _ - p, 

3J4 9VoneyFdSer.4_lB75 1132] . . - u , 

33* prices at P4b. 7. Valnaltons normaU> Toe* G 

1.40 Albany Life Assurance Ca. Lid. JH- 

J* 3L01d BurlingiouSt. W I. OI-U75BIE 

£SS aEqnliy Fd. Acc._ [170 8 17971 -341 - GrO 

aflSiktf lnt Are-1302 145 < - O il _ “*7 

9GuLMoocyF(l..\c-lll2A U83I ... - * eu 


017489111 1 . Threw) needle St. ECS 01-3881212 Three Quayv Toaer Hill EC3R 8 BO 01*10 4P8* 

- MeMHL Units.. M?J 5L7J -16| 6 43 Pern. Pension—0003 _ . . - 

- - - Equiri ft Law Life Ass. Soc. Ltd.* vonr.Deposit-_U 62 122.1 .... - 

: ®i j= as«s*:=!iH msin =• 

r injl-ii,- 5£ss5?^r—?&• ittj .tu z 

.- • — General Portfolio Life Ins. C. Ltd.* E-s°?Sd^Fd Bd-"- 75J 74.6 . — 

~ 80 BartfiolomewCl. WalthamCrosa WX3197! Heeoiery F± Bd.-_ 54 1 62.1 ..„.. — 

. Z PontotioFund-1 1244 I .... I _ A»«tapFa.Bd.-.|<3J 45J| ... J ~ 


mi 


-1.4 - 

:*$ z 

+6.7 Z 
*0J - 


PontotioFund-1 1241 .... I - Ametton Fd.J -j - 

Portfolio Capital _In5 <3 7 f - J «l»nI'd Bd0 

Gresham Life Asa. Soc. Ltd. Pric *» m * T*b * —Feb. x 

5 Prince o* Ktiat Rd. B'mouih. osa2 7876S3 Merchant Investors Assurance* 


Scottish Widows' Group 

PO 80 xM=.EdinburghEH165BI7. 8B148SB008 

Invjqy Series I_1465 46 Sf .... — . 

Inv.Pfr.SeriesS_ 112 46B ... - 

Inv. Cash Feb 3_46.4 10 LS - 

ExUl.Tr. Feb 1_1325 1383 . _ 

Hgd. Pen. Feb. 1 ...-I243 J 2W.4| ..—] - 

Solar Life Assurance Limited 

107 Cheapside. BCZVBDU. 01-8080471 

Se]erManaiwdS_D2<.7 15331 ♦ill - 


13111 +2JI _ 

1123 ._,J _ 


Mr z gyassff* 

' 1 J.GIUFund-noa UbS - . - iSSUu&TR " 

G.LJntL Fund. 95 0 lOOJH - 

•IJLPpnr. Fund.._ TO 0 IBO^ . ..1 - ^ t & rt Pd ' 

Growth ft Sec. Life Ass. Soc. Ltd.* LQUJtv Rnnrf ~ 


- J=5. High Start. Croydon. 

— Conv.Dep.FiL-1 12 

Uooev .Mrta. B--) 14 

Mer. Inv. 3fan. PdJ lfl 


m ~ ■ 


E-Quicy ffgnH 

Weir Bank. Bray-on-TliBmcn. Berks Tel 342B4 Prop. Pent ■ — — 
Flexible Finance I E1.C47 I . I — — 1 — 

landb«nkSec* .. I 560 _ ... . E^turyPenA™- 

_ LandhankSca Act [1140 122 lj - lon» r*ep Penx. 

_ G i S. Super Fd... j £8.166 r . I - M«n Mfct Pens- 

— Guardian Royal Exchange vn 


855 2BSI AndrewsSq-.,Sdlnbnigb 031- 

IS income Unita__J47.6 507}.... 

320 Accum. Unite.|S3.4 57.l| _ . . 

324 Dealing day Wednesday. 

Sebag Unit Tst. Blanagcrs Ltd.* (a. 


aim IFrop^dArc.. 

»vr pic inv. Aec 
5-2 Equ in- PenPd.Acc. 

5 *0. Fixed tJVo.Acc-—. 
Gfd.Mon.PenA.cc 

W l 7 ilJ-Mn_ 5 *nFdAcc 

PnpFenAce - hlOO 


1014J -0J 

uifl ... 
ibs.a -u 


— Royal Exchange. E C3 


NEL Pensions Ltd. 

Milioo Cotoit. Doridng. Suirer 


—------ i Frop.reiuAcc - uh» 

PO Box3,L Bcklbry Hae, EC.* 01-2385000 ITpie lnr.PrtUV«:-P.W.4 


S-H Sebag Capital FA-IK.4 
552 Schag income Fd...|24A 


t;inry Ansbaeber-6J% 
) r ;- Jinco de Bilbao - 6*>%v 


-Industrial Bk. of Scot. 

Keyser Ullmann. 

-Knowsley &- Co.-Ltd. ... 


1*33 - 0 .! 

270.41 -ft 


ig Sccnrity Selection Ltd. wT' 

i ff is-la Lincoln's Ian Fields. WC2. 01-8318R»» AMEV Med. B-.— 107 2 
IS Unvl Glh Tto Arc.. 122 J 23R ...I 3.46 I 

7 06 Un*lGU,ratoc ..,Jl46 20.4( .. .] 3.46 AME5 McdJ^n^d 1O0 0 

J-?, Stewart Unit Tat. Managers Ltd. (a) Ficxipiiut!_(417 

479 45.CbartottaSq.Edinburgh (01-3283271 Arrow Life ASSUTUlCe 
IJ* uw.tM ,« SOl’xbndge Road. W12. 

, ., Stewart sriurn Capital Fund Barclays Life Ass or. C 

iJ jd £ K ‘Standard-11265 137 01 . I 345 232 Romford Rd. E.7 

■“■I AcnimUnlto-(143J 135i) .. | — Baretayboadr-.1125J 


5juk of Credit* Cmce, • Lloyds "Bank .. 

>-■ rirnk of Cyprus 6j% London ft European - 


71 k of N.S.Vf. 6}%. 

„ <:inqae Beige Ltd. ..,.:,-. 6i%. 

' r •*' J.m DLto.to ' ff TV-. • 


London Mercantile. 

Midland Bank .. 


1 Accum. Units) 

Recovery- 

(Accum Units) 

Second Gen. — 

1 Accum. Unita) 

Special -- 

(Accum. Units, ___ ___ 

.<*eelanscd Fund* Sewari BrillaO Capital Fuad 

fflglTffiZZ ala ^0.4 6 64 jSSm*Sil!a'-..'Z'|wj S3 .! 

134.1 134Jto 7J8 Sun Alliance Fund Mngt Ltd. 

. 1665 1 MD ... 7S» j^nAllUnwHae.Horabun (>441 

Pans Ex. Feb. 8 —1120.2 DM-.. fcWl teaOftM.Fcfc ftWILte 2004« .. .. 

SbtnuXJfe Management Ltd. VTfieFamiiyFti—|e6< 41**22 

slG eoree*Way.Stevenage. 043*58101 Target TaL Mngrs. Lift* (a)(g) 

GnrotliUall*-K7» « - J AW 81 , OrrabsmSt, EC2 Deal! ng*: 03 

Mfl8GraahamSL.EC3V 7AU 01-0068000 tarsel equity_ 14.5 343 +12 

Inconio Feb. 7.„ 1107 7 UJ* ..j 774 TSuxrt Ex. Feb.O... S80.4 207.7 .... 

GmicrnlFeb.T._ .|W7 7L3| . . .( 603 *Do Ace. Uatt*-.. !65J 275.* . 

iij Target GUI Fund... 1202 ■ 125.4 .. . 

Mercury Fund Managers im l TarcrtGrorkih. .. 205 30.6 +03 


Fixed lnt. Dep... . 1123.6 
Equito_ . ._ .11415 


S3 tul IK AWEV Life Asiame. IM.1 

Alma Hse, Alma Rd. Re,gate. Rcigale 4010L Equity_ . ._ . 1415 

1 AMEV Managed—1126 4 U32I . — Property-—154 9 

2. 01-831OBBO-O AMEV Mgd.'B*.— 1072 112.4 . . - Managed Cap_ 13aD 

2371 . .4 3 .% AMEV Money Fd.— 1*3 4 100.9 -O.l - MamC(d,\tt_1547 

20.41 .. -I 3.44 AMEV McdJenJ'd 100.0 1054 . .. — Cnxa-sea#_1115 

I. 1 . AMEV' M;(LP«n. r B' 1M.7 1042 ... - CUtEdscd-1225 

gem Ltd. (a) Ftesipioa.-41.7 io*4 . — PoaFj Dep.c*p. - i2tj 


Z' Ham^^LUr Assoranci 72 Limned * Nel'S f%. ScumT;So5°9 Ul 


758 Son Alliance Fund Mugt Ltd. 


£2? Son Alliance Hae. Horabam 040364141 property--.17.1 

Exp.rij.Tto Feh ft. [091.00 200 401 .. J 457 Managed- Wtl 

VTlte Family Fd—106 « 4141+2 8 384 Money ...-17 2 

.... . „ . _ .. __ . .... Man. Pen i Accum. 465 


AMEV McdJVn-FdtlOO 0 1D5.« . .. - Oversea*_1U3 

AMEV MgdJ*on.'B'll00.7 106ij ... | - GUtEdged_122 2 

Fleodplpa.-(41.7 10** ._ ,| — Pon.F.1 Dep.Cap. * 124J 

Arrow Life Assurance ^Prop’^'p*.'. 1H.4 

30Uxbridge Road. W12. 0I-749BI11 Pew. Prop Acc.-. BO O 

SeUft FdCjxCnL .1615 .45JI ... J - -5£5 

Set5tk.Fd5tCnt_]f77 10»3| . . .] — PentlKEdg Cap.. IZT7 
Barclay Life Ascot. Co. Ltd. peuctUEdg acc U2.7 

292Rondoed Rd.E7. 01JM5544 ^ Cap lai 

Barelmytmndr..flUJ - p^dIfc^d "' 

Eqtuiv -gl im-jA - z z 

nSSSgtZTZw!? Wi| .1 - Hearts of Oak Bene 

Managed - (1025 187.41-021 — Diston Road. Lopdcn. NT 


m.ii-oi) - 

1702 -Z« — 
1633: -dto - 
136 9 -lit - 
1402 -14 — 

U7 4 -'.a — 

: oi f z 


01-4940031 Nelcx Money Cap. _ 62.7 63 

Nelex ilon. Aec 653 681 

NeiexGthljacAcc- *75 50. 

Nelex Gib Inc Cap. (75 50.1 

Next sab. day Feb 2 


„ — _ . . Maple Li. Gnb_ _ 

New Court Property Fund Mngrs. Ud. Maple Lf. Maned.._ 

KL Swirhin* Lana. London. EC4 01-028 4.438 S5ES I &. E S7- 

S Ci Pr.F.tmc.30. .(1141 121AM . I - Po " lp ’ Ki -" 

Next Mb. day March 31 To roof T.if* Ac. 


Solar 

Solar Equity 
Solar Jbcd. InL S 

Solar Casts_ 

Solar Managed P 
Solar Property 
Solar Equity P. 

Solar Fxd-lni. P 
Solar Cash P... 

Sun Alliance Fund MangmL Ltd. 

Sun Alliance House. Horsham OOQMMi 

ExpJMJaL Feb. 8 103390 16030) ..._ j - 
InL Bn. Feh 8 —| EU.41 | .| — 

Sun .Alliance Linked Life Ins. Ltd.* 
Sun Alliance House. Horsham 040384141 

Equity Fund-U00A 10371+151 _ 

Fixed Interest Fd.. 100.1 1055+03 - 

Property Fund_IU 1035 -03 — 

International Fd. . 854 402 -08 - 

Deposit Fund-955 1IKM . — 

Managed Fund_(47 2 1D2.*( +0 6 | — 

Sun Life of Canada fU.K.1 Ltd. 

2.3.4,CockspurSL. SWIYSRil 01-9303400 

Maple Lf .Grth._I 188 4 (-151 — •* 

Maple Lf.Mantd.—l 1333 | .. .. — 

Maple U.Eqtr- U94 — • 

PcranL Pn FtL __I 1444 -3.01 — 


Next sab. day March 31 Jjj 

NPI Pensions Management Ltd. T»rj 

48 Grtcec»mrchSL.EC3P3HH. 0,-8234200 
MonaaedFond-11465 152.41 ... .J — Sfj? 


Peo-B.S.Acc_1341 1*3. E . 

Pen. D.AP. Cap— - 1CM .. 

Pen. D.A.F Ace.—I - 100| .. 

Hearts of Oak Benefit Society 

Eunon Road. London. NWl ut; 

Hearn of Oak-.(355 37 Si 

~ Hill Samuel Life Assur. Ltd.* 


■raawv-BSdJSViii.- 

Norwich Union Insurance Group ^ J* -~- 

7M Box A Norwich NR13NG 0003225)0 Fixed InL Fd lnt. 


Dealing*: 0208896J GUI BdaPeoxAcc. 

n a-o.ii 451 Lr-s=- 


iow . . I — Managed Fnnrf_ . 

SOClety Equity Fund- 

Ul 297 5020 FrepertyFrod .. -.. 
no I F Lx ed Inv Fond 

Aeciir IIH to _ Deposit Fund- 

Assur. LULV Nor. Unit Jan. lft. 


M.9 ZL5 6 I -4.D1 _ 

U3 3385 +65 — 

225 1285 +15 - 

S 6 .« 164.6 -50 - 

JL4 107.J . - 

2053 I . 


r: :S S Sit. Bank of Mid. East 6J% : P. S. Refson & Co. 61% 

;;.: r ^.^own shipley.i..^.411^6• _ Rossmiaster Arcept’r' 6?% 
ifnadfl Permanent AFT ;fij% Royal Bh. Canada Trust fi^% 

*V-r ” ! -* Zf-piiol C ft C Fin. Ltd; : 9 %- SchTcsinger Limited . . 61% 

l’ 5:yzer Ltd. ..7'.%' - E.; S.;Schwab . SJ% 

;-iie i ii.dar Holdings , -Security Trust Co. Lid. 71% 

*::*l 32*“: Viarterhouae Japhet.... «f%‘Sheoley .TruBt.:.... ..... 9|% 
+-/Z :?e Coates' .74% Standard Chartered ... 

.t - ‘ ** ^.nsolidafed Credits ... 61% - Trade Dev. Bank..^.,... 

N : - ^poperatlve Bank.*;«!% Tnisfee Savings Bank 6»% 

r::C,' rftS.&rrinrtlm'' Securities:.* 64%, TVetUjeUi Cenhip- Bfc. ijg,( 

Lyonnais:. 61%. United Bank of Kuwait. 6}% .; 

’ Popular Bk. BJ%-. -Whiteawiiy LaWJ*w .... 7 % 

;-T-1-:<iincan Lawrie -.--f 6*%' & ®>w■ -••• ^ 

: <S> e 'i*II Trust ... VorlMblre Bank.. 6* 

Transrfmt.• S % *i*en>bmi oif. (he Aec+Ptms HOMO 

£r-£rst London Secs.....■ ■ ' / . 

SToi ffhv . rirrann.-. droWto n. 1 -mnmh d+poitu 


00, Gresham st. ET2P2EB- 01-M 

Mm.GeaFah8—PIXJ - - 

Acc.fta.Feb 8-tel 5 »3^ —■ ■ 

MercJaLFeb 8-5F 0 S1« 

Aeem.LTj*J>b8..... 5*8 63M . 

MercExLJanJS-. m 220 7rf . 

Aoeuml'u Jsn 2ft. P52 9 263.4) 

Midland Bank Group 
Uhit Trust Managers Ltd.* (a) 
Oonrtwood Hooar. Sil*w StreeijUmd. 
JQwfDeld, Sl 3RP TW 0742 


•Do acc. Unit*_ 

Target GUI Fund ... 
Tjuxef Grant b. .. 


+0« 4*8 

+l2 682 
■ J 6te 


(M Money Pena. Acc ..P 

5S Do. Initial-h 

l j? -Corrom ui 


014X04553 Target InU-224 

.. ..J 454 Do Ret nr. Units .. 24.9 

_ 4J9 Target lnt ....-274 

..... 183 Target Pr Feb.a _ 1492 

. 185 let Ine..--tel 

__ <15 Txt Prcf. ^.:-1*5 

. 415 CoyDcarawtliFd . 182 


l ■Curtont unh value Feb 10 

621 Beehive Life Assur. Co. Ltd-V 

71, UuabanibL. EL3 ON 

2J» Black HorieBrt.. _ 1 12 s S3 | . . 


NLA Tver- AddJacombc Rd . Croy 0I-W84355 p , - r-« im 

•Prppertj Units .11455 1525! 1 _ Phoenix Assurance Co. Lid. 

Property Sartea A 
Managed CJQtts ... 


Target Life Assurance Co. Ltd. 

Target Hou>r. Gatebouae Rd.. AyfestnaT- 
Bucks Aylesbury (0298,30*1 

Man Fnnd I nr .....1455 100.71 +0J] — 

Man Fund Acc-132.7 139^+05 — 

Prop Fd. Inc-1026 lM.7j. - 

Prop. Fd. Aec_ 1240 ...... - ■ 

Prop. Fd Im-- 99.0 I . ... — 

Fixed InL Fd. Inc. 109 t IISJH -0.1 _ 

Pen Fd. Act. toe.... 471 10251 . — . 

Ref Plan Ac Ten. - 68.7 75.01+U - 

ReLPIanCapPen_56 < 62.W +L3 — 

RcLHimMan Aec... 1213 1283 + 2.6 — 

RetmoMan rap. 1128 219 .«+22 ~ 

Gill Pen. Aec — 137.1 VMl . — 

GUt Pen-Cap .1314 ■ 13LH ... - 


Pep Fd. Act. Inc.... 
Ref. Han Ac Pen. - 

ReLPIanCapren_ 

KM.nans,an Aec... 
ReLHanMan Cap. 
Gill Pen. Aec — 
GUt Pen.Cap . 


«J ^fl'2 Canada Life Assturaner Co. 


I 10 V anas ed series X 

tri to Mati*GodSeries, 

Money VnUa_ 

01-823 1288 Money Series A 
| . ..I _ Fixed InL See. A 
Pns Mgd. rap 


„ , , , MstL Ace 

.1 443 2-8 HJ£l> 6 t • Pooers Bor. Urns r.Bar SI 122 Pn* Gid Cap 

+03 4'S «lrtli Fd Feb. 1 - 1 571 I .. I - fn * Gift ACC .... Bte» 11441 

...T 10.98 RrtmtFW PM, 8-1 310 0 | ... | - Imperial Life Asa Co. of C 

♦ON 452 cannon Assurance Lift* imperial House.Guildford 

l (*Hb) ].OlympicWy.WembkvHASONR 01-9003878 £SiFd Feb3 * Hij 


Target Tst. Mgrs. (Scotland) (aUh) 


IP. Atbol Crwocut. Edi t 


leap . 
16051+03 — 

94* -05 - 

43ft +05 - 

12401 - 

1 CIX| - 
47 1| -0.9 - 

150ft - 

156 to - 
U 0 W . - 

114 ft _ 

of Canada 


4-5.King WUUnm sl.BC4P 4 HR. 0,8280870 TransInternatlonBl Life Ins. Co. Ltd, 

Wealth Ass--[103 0 IMS I _ 2 RreamBldpi: EC4IW. 01-WM48T 

St AS* -10*3 -1 — Tulip Invest. Fd—J1240 135.81 ....J — 

rb>. Pb.EqE.-(70 7 74ft ..J — Tulip Mnned Fd ..(103.6 IDl.g .-.. — 

Prop. Equity ft Life An. Co.* siSp?* Fd cap.“||oSi 'imJ HZ. Z 

UP.«.Y*wiordStreet.WlR2A5. oi-WORST Man. Pen. Fd. ,\cc (1143 12051.. — 


R Silk Prop. Bd _ 

Do. Equity Bd. 

Do Fx. liny. Bd. F4 


i "1 = 


Trident Life Assurance Co. Ltd.* 
Renslnde House. Gioucoatcr 065238541 


Commodity & Geo.. 

Do.Arcum.- 

Growth- 

Do. Accum. .. i 

^tUL - 

Pa Accum—- 

Income _ -- 

Da Accum..._—— 
tMaranlhna]- 


load. Target Engl*. 

074278842 Target Thltole-... 
* 0,2 65 * Extra Income Fd 

*14 TVs Am Ilnlim , 


031 -229 8521/2 Equi p' L'n tto.— — 

sfl^a m 5S5ssttte 

S3+oft M « izit 


- 1-044 — 


-- BaL Bd .'Exec/Unh. 113253 

, Trades Union Unit Tst. Managers* Depa-nRood -—.{104.4 
351 100. Wood Street. Z.C2 01-8288011 aSSS7:SSts 

341 TT/1'TFeb. 1— |«1 S2K .... | 522 

ilo Tranaallantlc and Geo. Secs. Co.* —ESS 


5211.... | 522 KnEd. Arcnnx-.—Zf 

5S«SL. SS»ra=:f 


,b.3.. ,645 ‘ 696 

Unit Lmked Portfolio 


Property Growth Assur. Co. Ud.* -ISR 

::2S5 Leon Hoote.Crerdoo,CR» 1LU 01JSM08M PrwTr'Z.IZ..’ .' 1453 

ITL I I .. I — EqnltT.'.Unerican77.2 


Scenrcfap. Fd —[45 1 u»i| 

Equity Fund-1458 100.0) ... 

Irish Life Assurance Co. Ltd. 
11. Fmbur: Square. EC 2 . 01 - 


^Irst ?7at- FiTF. rgrpn. ?i% ; * * ma * : 

Lid ... S % *. 7 jj BJf ^poufj p- mnu of C.a W 
atony Gibbs ....... ....." 8*%. and. uadef p; m » giow si't. 

greyhound Guaranty..- v* «vir W*r». 

I’- 4 rindlays Bank z r , c ' r > 

r.j guinness Mahon ^ aK uie S , 0 s>rrn* lad. 

: : -s«i’eiajabrof v- . 


fOOD PRICE MOVEMENTS 


rigtgfa Yield... 

DO Accum 
Equity Exempt*— 

Do Accum.’-- 

♦Price* oi Jan. 


19 64ft +0.4 

13.4 U4.ll .... 

04 IMS 

Next dealing F« 


Marta Fond MaB-gOT H* SSK vSeTZl 

Waaler Jiao. Arthur SL. ECU ««31058 Giro Feb 7.-44 6 

aiiuto-j.. xn lilt 36 0) . ...J 55* (Accum. Unit*,;.— UJ 

SSStK:oi :Z.SA wft 1 5.42 NarlboroFrtx7.„. 441 

M ._. ... . lArnitt,.Unitsi—50.7 

MLA UnH Trust Miemnt. Lift va B .G«n, Fei).7.- «6 

esgstFii 

Mutual Unit Trari Manager** (aHg) Men». Daiui — gJ 
IS.CopUun Av®, BCTlTED‘. S&Jtbfcr: H 

«utnalSBC.MuA.._M«* *?■§ ffi Wrt Dir. reb S.„. *4 6 

S'8tnft-'Lj! Da. Aenim -(S3 

amSSi H&wrPrSi Sft *«ft *37 TyndaU Manager* 1 


6-40 81OP New Londoa Rd Ch*lBwford02455I«Sl SS Mario*+dZZT' 

3 Si Barbican Feb8..172 6 76.M -lft 581 2nd PepojU _I 

ifi JAerum Uniti 1 - 104.4 115 7 -29 SB 2 nd win . ZZ 

J j: Rub.EuroJaa.2S_ Ml *25 . ... 3JB 2mlEq n»Mct. 

BuckalFebP_7J5 774 -0.4 433 2ndPrp Pen*.Aec... 

{? (Accum. Units,. 84 5 442 -0.5 433 2nd Med. PeoriA^c 

5 J6 ColomroFeb.3 —.. 115.3 1223 . ... 533 2 nd Pep Peaa.'Ac£ 

28 (Accum. Unit*.. 1455 SJ3 2nd Gill Pan Acc. 

Cumrtd- FebA—.... n.1 5*3 635 LACS1K.. 

.... (Affcum LnitiJ — 54* 5S0 ATS |,frc i r.9_ 


1821 . - 
47.4 — 

*25 -0* - 

185.9 . - 

44 7 -0.2 - 


- Managed Fund —1965 44 9 _ 

Fixed lnt Kd.-m.o 100.8 J - 

Secure r*p, Fd —N51 laoft 1 - 

Equity Fund-1458 100.0) ... | — 

Irish Ufe Assurance Co. Ltd. 

11. Ftinbur; Square. EC2. 0102882 

Blue Chip Fab I_[66 7 70ft . { 5J 

Menaced Fund-Mil 6 22ZH j — 

PropSteO.Petx].. D67 2 1763 - 

Prop Mi*d GJh [toLl 140 fri ) _ 

King ft Shaxson Ltd. 

S2.ComhiIl.EC3 0142394 

Baud Fd. Exempt. .1113.34 114 77) . .) — 

Next dealing date Feb Lj 

Govt Sec Bd.-(1»2 137.0(1 .. I - 

Langham Life Assurance Co. Ltd. 


I — Property Fund_ 

.! — Property Fund i Al 

Ann cultural Fund 
| — Aerie Pund( aj. . 

J — Abbey Nat Fond 

1 - Abbey NaL Fd. t Al 

... I — Investment Fund 

id Imedneni Fd iA 

Scully Fund. 

01O28R2S2 Equiri 1 Fund (A, 

. | 520 M one y Fund _ 

I — Money Fund i A 

[ — Actuarial Fuad— 

) — GUI-diced Fund 

r.Ut-Edsrd Pd (Ai 
-, _ eRrtire Annuity 

014235433 ginuoed Annly. 

• ■ ~ Prep. Gmrth Peoafa 

J , AUwther Ac. Uuf 

- ' - ».\11 Weather Cop. .L 

a. Ltd. einv.Fd. Gu._.r 


L*ES1F2—_f255 273 I"Z J - LanghamH*. BolmbrookDr. NW4 01-2034211 ' ■ 

ftt Current value Feb. a Uumham-n- Plan-. IW 9 67ft . .J — 

iu Capita! Lite Assurance* wta P isv^Mi,'rdKo* "' 1 I Man TensF?!— 

ia ”°r 58511 Ugsl ft Gcnerff (Unit Assur.) Ltd! SRE-Sf.™ 

151 uitt I ; ' I Z Klngswr-d House. Klngsw-ood, Tadwnrth. i^pp FCTwrap Cto. 


IS Capita! Lite Assurance* 
IM ConiMonRouoe. Chapel Ash WT< 

Jg Key Invest-Fd-1 H74 

>51 Pvtmiktr DvTd. 1 lMtt 


ijmgham'A’ Plan—fW 9 67ft . .J — 

VProp Bond-U344 146ft ... 1 - 

Wl*p iSP< Man FdP48 70)1 - -4 - ■ 


. v ■ ■ Feb. fl Week ago Month aso 
'if£'ZON X- 

y Danish A.1 per ton ...... 1.BM - I-M® I A®* 

British A.I per ionLOflo. .. LOOS ; . = J.030 

■ Irish Special per ton l.M? 

•* Ulste r aTi person!; 1.005 • l.Ote ^ 

•I rviiL't) . — 

i ' XZ per 20 H» ...__ .'IQMrU.fr JO 9^-1105 

English per cwtt SSii ■ 63.03^1557 6303—. 

'►■’Danish salted, per Wtt-i .5RW - 7X4I 70.15.72.41 69 Id-71.60 

ii, NZplr tonne :.l,i61.50 M6150 .1 Mi JO 

&«. . U19.42 


Month a 30 

t 

iron 

: 1.030 
1.020 
■ 1.630- 


1 £19.42 


1 161 j0 
U19.42 


-i ‘ ‘3.W4.«l . JBO- 4.46 4.00-4 40 

■i: IS 2 ..i;v 3.80- 4AQ A25-4B0 4j0- s.OO 

'■ ... FefeB Week ago Momhago 

Id-..'. . per pound, per ponati per pound 

;«sf , .a * -* : p p ' p p 

^/■Scottirii fcllledridM fex- ' ___ 

ine CF . ,. -.-... 48.0—'52.9.-4B4H-50 0 4i.0—50-0 

Eire foretiuarfers .. Ifi-IMOO- 37.0—33.0 31.0-35.0 

■ *?ngi,ui; Z-Z':- w:# - si ® ■«*-** 

NZ PLs-TMs . — "7 

.TT0N . ’ r:X^r- ■ ■ - 

'^Brofler-'’hieken*-- -30#^ae0--37-0—35-0" 300-*3^6 

/ •London Ess Extrhartge .priedi.per 120. eggs -. * Deiivereii 
hr delivery 'February-JLI8. : — 


WutoxlSBC Plua—{JO* Bto+Ste Ml W ekWr.reb3.„.:Ui K 

«atnr 656 1,0 Aew_-jnj 7‘ 

H&HUtoraPrSt ft «» TyndaU Managers Ud.* 

Nafieoal and Commercial iAt’anjuga Road. Bristol. 

4I.8L Andro. Wre-Ediuburahtni-^ 

mS: ::: ‘8 SzlAiss 


■— it! Kay Im-esLFd-1 H74 I. 

- 7te P ) w* , “ k «rim , J , d. I 184 46 { . 

604 Charterhouse Magna Gp.V 
14. Cheque" Sq, Uxbridfa UBS INE 
"H ChrUueEbcrgy..., KO MB .. 

Chrth+e. IJooejr-29.2 JtU 

M, Cbrlhi^e Managed 38 * « B . 

— CbrihraEqaity ,... ho 368 .. 

JJjgn» Bid. Soe. 124 6 

M*cn* Min * de d— 15Jb 


Surrey KTTO CEV.. 

Ca*b faitlaL. ..W 2 

33181 O* Acrum. .... ™ _ 45 ■ 

Equity Initial. .1113 

Do.Arcum_- 112 D 

- Fixed Initial-1155 

— DsAceua... 1161 

~ Macaeeri Initial... 1134 

Dc. Accum_U42 

Property Iqjual_951 


i Hcaib&MSO 

3 ... | _ 8dE.StMr.Cap t'L 


-ineameFeb. l: lteij. 6B w.t.... 

/Acriun L'niui-142.9 144,a . 6 82 j Accum. t'alto, 

a&sttsdB *3 A »ssaft* 

National PMvtde-t in*.\**v*.UA* JjKSffi&J 

«LteacechdnrhSt.BOF3HH 01-OZ34300 int.Eara Feb.a 

NPJGtk.UaTft.—(444 - Jg 'AccUra.Dmlx)- 

'(Arcttm. Uuiur_153J 56 a . 3 75 Seel. F*p Feb & 

■SlisTZfill* 1173. 320 (Accum. Hails, 

■ (Aesfafb Units)** ...(1171 1247) ... J 28 Set*. Inc Feb 8 
' -FPricw on Jan. aT ?tot deaDity_Feb a Lcedoa wtD Gn 
\ -Pricci Feb. I Nest deaha* Fek IS. capitalGnwth.. 

J&UOMi WofiriMKrttlU MEfeiS 

lfll. a,eaptJde, EC2V ffili. 01408 MW. Do AecOm--- 

C*nlHI'AccumJ._[5A2. •+? -1 to 4.™ FtaODefal PFrty 

Extalnr_4 7031+1^ 754 po a crura.- 

Financial_P25 35 High ine. PriorU; 


77 o City of Westminster Assur. Soc. Ltd. Do.Accum.. 
7.70 Rlnctond Hour. 4. Whhcborie Road, cvS^rSi 

454 Craydof-RnaM 014MW4 


100 41 J — 
117ft -33, - 
ii7ft-;e| - 
I2L to +1_9| - ■ 
1225! +2.0 - 
U9.4j -2 2 _ 

1201 | +2.5. — 
unft+ai - 
ioaft . .J - 


1710 
170 6 
6420 
607 2 
1445 

Ml l 

655 

65.1 

1656 -- 

165 0 +: 

1367 
1361 
109 3 

126* -1 

126* -1 

170 4 
1385 

OS & Annuities 
115 1385 

*5.4 1320 . 

1385 
1264 
140.4 
129.2 
1452 
1350 
ML! 

1303 

1272 

1U1 


Mzd 


— U.K. Equity Fund- 103 J 104.4 -Z* 

— Dish Yield_ 1396 147.8 -+1T 

— GiltEdx-ed-124.5 131.1 +1.9 

— 3)onC5--1205 U61 . 

— Intcraaticmai_ 915 466 . 

— Fiscal . __ 1275 134.7 +2A 

— Growth Cap_126.6 1345 +1.0 

— Growth Acc_ 124.3 136.1 +10 

Penx.MnRd.Cap .. 1128 114.4 

— Pen.-. Mm-d Acc... 1158 1226 - 

— PenvOULDcp-Cap. 100.7 1D6.6 ...... 

— FraH.Gtd.Df--.Ace. 183.4 1095 _ 

Pen*. Pptj. tap. .. 1112 U7J - 

— Pens. Pty Acc- . ..1142 1210 . 

— Trdt Bond-34.7 ' 36.7 -08 

— *TrdL GJ Bond_ 100.4 

*Ctth valnc for £100 premium. 

~ Tyndall .^ssarance/Pensioiis* 


— .TWacJan 19 — 

— Equity Jan. 19—— 

— Rond Jan. IP_ 

— Property Jan. 19 - 
DcpoMt Jan. 13 -- 
3-ftp* Fan-Jaa. 13 

— Osi-as Inv. Jan 18 


Utfal a Geoml ilnll Pensions, Ud. 


BdE-Soc.Cap L'L ..( 1U1 i . I - 

Provincial Life Assurance Co. Lid. 
222. BtxhopxmtEC”. f»l-247B533 

Pror Manaced Fd .1114 4 12041 .1 _ 

Frov. C«h Fd.-.085.7 lOTft - 

Grit Fund 20-0239 130il +3 JJ - 

Prudential Pensions Limitedt 
llolhm Bara. ECLN 2NH 0I-485PS2 


Do. Equity Fob. 1-. 
Do. Bond Fcb.t 


Bristol 

037232341 

1202 

..... 

_ 

1516 


_ 

1682 


_ - 

ico.c 


__ 

125.2 


_ 

1820 

.. 

_ 

610 



16*6 


__ 

24A2 



188.0 


_ 

SIS 


— 


VtastVmts—..1116 
7 J3 Praporty l mu— (53 ( 


Owttih Inv.__—(fl 8 


5o'l *5.*| 380 TSB Unit Trusts (y) 

NHL Trust Managers Lid* (a1(g) SUOurnt tyW^Ante ^tfanU. 

MUtW) Court.Dorkinfi.SurrtT- ■ (hTTSBCootral_[«3 455, 

XciltaB———».|59 4 4 5-£ ibiDo. Accum__>3.5 57. 

V4tawHtdbhiO..-|4BB 51 to -O ft 440 ,b, TSBInanao— SI.2 62. 

1 For Sew Court Fund Jtoagew Ud fb|i£Ae«.n—„«« «. 

.» Sto»cUU Awl muicmni ft 

Norwich Union Insurance Group <b) n wM 1.1 

GroupT«. Fd..-pKfl 35351+7 31 4 48 ,- blL n it CTGro«lS... D6 2 384, 

Featl Trust Managers Ud faifgHri UjlJt Tru3l Accoo „ t * m, 

M-?»™*F£.*g5 7E8 -”jr« EKTfw., 

3f JH -« KK^fSfcBY 

pSri EbBTK_J3 6 » 2 +6 9 5 07 Ik, Accum-jb 7 35. 

iAcciao. liaitst-— I® 7 4*fl(.il 5.87 wiclrr Growth Fnnd 

Pelican' Units Admin. Ltd fgH*> kids william a. scar sar 


»n +o.« 

HOb +i< 

571 +U 
72.2 +2( 


ls- CapftotGrOwU,-G3J 

Do Arcoat —-77 5 

Eatralac.Grtxctti.. 35.9 
. Do AccUm....^.. 34 4 

Flnoaeial PFrty_16 0. 

£2 Do Accum.-19 5 

5-il High Im. Priority.. 51.4 

JS Inlcrnatlanoi_258 

Special Sits_ (232 


5.62 City of Wntminsier Ak. Co. Ltd. 

5.62 Rrosxtcad ilouta. a WhitoWw Road 
5.40 Croydon. CR02JA UI8B4W 

M^i«JS p Fund! L .:::.Sfc6 in| .J - 

3 ROabdH Hi? r 

MoacvFund-pi* jjsb .... _ 

615 Gill Kujid--— M* 680 +11 — 

6.15 PULA Fund.-(£726 176« .1 - 

475 Fund cartobCty daaed ta new laxotmeai 
175 Pirfwm i.'aua | m o J ....) - 


«■*«•* STS^r.i-E! 

.| - ExemptEqq Ini) 945 

- I — Do A coin . . . 99 8 

O. Ltd. Exempt Fixed InlL 47 3 
. . Do. Accum .._ ..... 97 6 

LxcnqS Mngi Inti 945 
Ul i ^ Do Acrum... . 44 8 

— Exempt Prep IniL 154 
i J — D".Artam 15 7 


FxjullFtLJan 18 _(03.23 2! 

6xd InL Jan. 18 p4A4 14 

Prop F .Ixjl IB . (£24 63 1‘ 

Reliance Mutual 

7 unbndco Helix, Kent 
Rd Prop Bdr-| 192 7 

Rosal Insurance Group 

Sew Hal] Place, Liverpool. 


J _ Vanbrugh Life Assurance 

4l-4.7MadduxSl.Wn Win OLA (H-4SS483S 
“ Managed Fd _ .1140 5 l«7.ft-1« _ 

d$ Equity Fd_&88 »Lto +55) - 

0I-405P222 lntnl Fired_[85.6 40ft+0.7] — 

i . MxodlntcntFd.-.11712 10051+3ft- - . 


Vanbrugh Pensions Limited 
rt&iTVr.l 4 M3 Maddox Sl. Ldn. WIRPIA OJADB4B58 

. i _ Managed... TOO 1FC.1I ... .1 - - 

1 1 Equity_TO* IDOft. - 

FixrdlninwL. [450 lUOOJ.| — 

451227 4422 Property-TOO 100ft ._..J — 


Commercial Union Group 


&34 SL Helen *. I, UBdttttaft. ECS. 


48J>—S2.Q . JffiiH-M 0 47.0—500 

3tffHI0OZ37.fi—3S.h 31.0—33.0 

47.0—53 0 46 0—53.0 47-0—54.0 
4 j»—:6 s — -r 


+0.ft 4J2 Varuhic taAe.W*-J SL07 I ...I - 
+Dft 512 Do. Annuity Cta....| 17.36 |-Oft - 

Confederation Life Insurance Co. 
ttMflSU* 50,ChanrotyLauq.lVC5A1irE. Ol-XOS 

} VEquity Fund __ p*6J 154.0) .. .. | — 

♦lft SU SHanaErtl Fniri.^. Q7T 7 117 a_ - 

♦lft 3*1 PhiomI Pan-Fd.. mJA 7*U . — 

♦Lft 7.18 Equity Fea-Tuad.. 210 . J. - 

♦lft 741 Fixed Irt.P«LKd.| 144* I . - 

+ift ZOO UanaaetiPen.Fd.. 178.4 . .. _ 




3 “ Legal & Genera] Prop. Fd. Mgr*. Ltd H®r®l Shield Fd.|U18 137ft .... i - Guaranteed roe 'la*. Bsm Hates' table. 

3 "... - UQqrapVkt*rj.R,EC4S4Tp o:«8PFTS Save & Prosper Group* Welfare Insurance Co. Ltd.* 

3*” Z tMSn9F %l$ , £JPnMi UmSiPt “* “ 4. OtS.Kelen'a. Udn, EC3P 3EP. niJO* 8W ThoLeaa.FollHStone.KerL OStBSTSte' 

'rotmcai t If, A~ncr««rP*n^lL„i. WaUec F d-_|117j IMft -«| - H«tew,kcrFd._| HK15 J—.4 - 

I i _ Lire .Assur. Co. « Pennsvlvanis rrppwtyFd.*-lg.l 1544 ... — For other (units, please rot-r to The London* 

3*e New Bond SL.WI7QRQ 014338383 CUtFd. -.^..——1200 1272+1.7| - Manchester Greop. 

0 J. 33:500 r^?J- C »;'f^itTaL c™?-PeasittTZztw '9 .['j - Windsor Life Assur. Co. Ltd. 

«, ■*» ™ Lwyds Bk. Lnit TgL Mngrs. Ltd. EqdnrPenxFd-167* 1771 -36 — , H i f |,wwinrf«,f WindwdltlM 

l-uU V,Z£™‘*~* c L„ SY ysafsssii 

km fn Exempt.-(47.9 UBO) .... | 7te ■ u .. c?,.ni ' FutnreAaKLGtfa/a\ 19.0 „„„ — 

3 Lto 7 d5 Assurance Iwpo ^ ns f^5or^jx D m l ^ 1 ii' 0 £2 a S^S? ab, i 4?n H Z : 

1 ° - SSSESf-® 3 ”^ I’'f’ 8 ® 1 . ■ f&SSfiSib.U« nald = ' 

. z oJU^F-biZ ] Z Schrader Life Group* __ 

; ;; _ OpLSEqivJ’+hJ _ 117* 123ft -Lis _ EnierpriMHooxe .Panaamish 0TO53Tt33 

‘ „ OpU HyJ'ebJ)- 1577 IM ft -171 _ F-qatty Fob 7-1 212* i -10] - NOTES. 

I . _ OpLS Han. FebP1402 147.R -0 B - Eqati> 2Fch7. 


Mh.Gth.Fcb.fi_, 126467 

LAPTOP FttbR-!l22* 129.0 
OpL5 EqtvJ?*hJ _|117* 123J 


1(0a I v ex Gilt F eng Fd, -™_W2 442 

. * ™ • 1 ,ja DeposJem-Fd.t—1463 101H 

- Prices on ■Jxonar-’ II 

0I-62366S1 IWOOWf dtoJInis. 


I.llclm. Plans- 

FuEsrcAaFtLGthfa'. 
Future AudJGthl b 
Ret Assd. Fens. . 
Flex. Imr. Growth „ 


4 . 72.1 
19.0 
47.0 
£27.73 
64 m< 


3=1: 


Carnhlll Insurance Ce. Ltd. 


(blLlsterGronth ...0*7 304ft +0 9) <72 ^C«n»hin,ECS. 

u*i Un!t Tmst Accra of & Mgmt. Ltd. GS P So^e Jan. taZ 
15, Ktofi William St E«R4An 01-523-t9fil Mn.Gth.Fd. Jan. 38 


HU - 

440 

1680 174 


OpL5 HyJ'ebJ_ 1577 lMn-17| — 

Opts Man. Feb 9 -.1402 147ft -06 - 

opts Dept Pob.9-.|U9.r 126ft ...^ - 

London Indemnity & GnI. Ins. Co. Ltd. 

1R-20. The Sorbury. Reading .VOS!L 

MmtevManaraT_P4.I 3L8! .... I — 

5LU. Flexible_R5 9 27ft.... .. 

Fixed Interest_1341 3601 +6J — 


&qnlty8Peb.T. 
Fixed Jm Feb. 7 


Fixed lnt.Feb. 1 . 
. InL LTFeb.7_ 

01-8289410 MonevManaBer—P9.I 3LB .... _ Y&SGUtFcb.: 

_ . ul *r'Z M.U. Flexible-&4 27ft.... .. ScFeb. 

- I — lixed Interest-[341 3601 +flj| — Mnrf-tPIxiFcb. 

17401 "”.] - The London ft Manchester Ass. Gp.* 

surancr TbeLw.FWkfaitone.KMt 03fti:-7;S3 Mrney-SFtb 7. 

pFE. OI4387n*t Cap GrowthFurdJ 2122 ! .I — DcpOfllFeb. 7.. 

ionl .,r eCrempt Fin FeJ IK D !- Property Feh. 7. 


779 +0 6 548 ‘FriaT Hae. Fund- [1360 144 Oi 

Sl +0? 6.40 WtolerGrth.ltod_.K7 31 
362 +fi 9 507 Do ACCURV JS37 35. 

46 ft+il 5-07 Wleter Growth Itend 


472 (Credit ft Commerce hi surancr 


Feucan unite Admia. ua. !gRxr ginfWtIl|*«st.EC«aAjt • 01^23 4RJ 

81FogMale4L,lUnelw«Mr Ofil-238SOU Idmhm Guts ... 04 7 31* -„..J 3,36 

teUeu Unto _ pi* -. 04.4) -eLft 6J3 Anon UaJty -&U Iteft ZZj £S 


** 138. Resent St. London WIR iFE. 0J4307W1 

• ' 3 * ChC Mntri Fd-_.|1220 132 01 - 3 01 - ££ ^ 

Crusader lasonnce Co. Ud. - «xdl T*t. Fd. 
£18 «h.fto*.Jaa.r__|66* 7M| —| - FropBrtyFund_ 


Szj E 


.j - SSKSWi 

- BS/to. A«. Feh. 7 

- He Fn Cp Feb 1 

J — ltiiPnArc.Feh.7 


212* j -1 
20761 .. 

116 fl ... 

M7.fl . 
IMR - 

117 71 .... 
150.1 .... 
130 91 .. 
131ft 
144 fl .. 

lllft 
121 Sj . 
US 11 ... 
155.6 . 
1531 ■ . 
1100 

.. 126* I • .. 
87 0 146 to 

U 2M*j 


NOTES. 


Pncei do net include i premium, except where 
indicated v. and are In pence unless otherwise 
mdicnicd Yield? *■ ishowo in last column, 
jllinr (or all buying expetotia OUerod prices 
include all ewenscK b Todar's price*. 
r Yield based on offer price d Estimated.’ 
a Today's opcnim; mice, h Dirtnbutkm tree 
of I’.K. raxcv p Periodic premium iprorane* 
plan* • Sincto prenlum inwrance. 
x rdfered price include, all npenses except 
aqcni s commission. * Offered price includes- 
all expense* K bouphl ihroueb mansEern. 

1 Previous dav'r price. V Set of tax on 
rralijcd capital jc^in-. unle/a indicated b> a. 
« ireerns*;- ;ro«* 9 Suspended «Yield 

before Jerre;. tax TEkeEbdr'-aica. 














































































































































































































































































































































































































































































































































































































































































































































































































































































































































































*> 

tOTEiS', 





1‘ -si .-»“rr 

-’’l' -^T’- 

j ;y» -N^V 





* February 10-„ -1OT8 


1NSLTL4NCE—Continued 


PROPERTY-Continued 


INV. TRUSTS—Continued 


!- I TO! 


FINANCE, LAND—Continued 


. nm*i 


347 21b 
% 40 

72 34 

335 in 

15b ->4 


,x ®t$u 

: S 



Prop Hide i tr.i-! 118 
ISltr. lF»fl 92 
Prop Parl'Nhip * 67 
f'ptp ft H/t. V | M3 
Pn>V Vt Im.'flti I 135 H 

Ragbn Prop fp ’ 
Rtsnlun . ... ' 
RdSionnJ Prop ... 

Do. .V_' 

Pt'h h T"fflpk!iti 
ShBC.Pl Prop;. 

Srat Mrtop.5)p 
SmmdClhUp ' 

meL. 
im w%Codt < so 

FicvkCorarsi. 
Sunlrjf(JMjjv_.. 

?«ire Pnrprm^ 
TowntVwinj.. . 
TownlfCItj lOp. 
Trnfcford Park.—I 

U.it Property_ 

Itdlbaihtp-. 

Warner Estate^. 
Wiratord !e«.£to_ 
ffehb*JoiiSp.„ 
Wmin4frP.20p. 
WinSonEds— 


j ium i 'rwi ^ W3-*8 1 

I 40.54 1 L3j 3.114121 bT »i 

b»j hi tUgya f 

m 

125 
56 
100 


1 |+ ori Bit j ;Y1d' _ , 197J.T8 t 

Prtrt ; — j Nrj ( C«T|6rV IVE j fligh Loc j 


I j* Dh J |YU ; 
Stock i Prtre j - ! Nrt Icnife*, WE 


fair.! Japan jij 

’TOifnar 

alibi 


10 

UP 


CliivrkmirSOp • 82 ■♦IW 3£ I « 
riiftenlnvlQp. 10 ! . > — < — 
Ctideriiule Ini ...J bli 
TV. 'E" . . 60 

■deal fee* pftf 234 
Carfcnent'l&Ir.d 181 
CciMmlCr.ura. 102 
Cm r.t Japan jftp. 119 


ll\ 5.3 240 
<5 10.1 $ 


y loii ill I 


■I Japan's leader in fa 

international securities and 
investment banking 

NOMURA 

The Nomura SecurittM Co-* Ltd* 

NOMURA EUROPE N.V. LONDON OFFICE: 
Barter Surgeons Hall, Morkwelt Square, LoodGh W*R, 
Lcrrrton EC: Vs BL Phone; (01) £06-3411.6253 


MINES—Continued 
CENTRAL AFRICAN 

1HM8 I ] +«r Dm 

High Low I Stock 4 Price | — | Nrt 


CM |£40fe DoSrLftSlX.j Ofc.QStfi - elSfl - 


195 70 

24 9 

165 52 

164 115 
SO 70 
42 27 

27I 2 10 



180_Q50e 

21_0 St. \ 

132 -1 QUO 
78 09^ 

38 ...... Q^zc 

10 -Jj - | 


i.i gm !?3 135 33 \T - \ z \z w 

}Z U ; 7*' IdsdOBULTHC-. S l*'-* - - -J- 








7b --l I T3.05ibty bl ue 

a7v*i ’i : t [ j?[ i 


20 10 
127 57 

123 69 

325 119 
65 18 

112 77 

35 10 

242 125 
105 ID 
a. l 

■20 79 

12 4I» 

144 Sf 
55 20 

£13 575 
19 5 

555 345 

IM 85 
75 40 


AUSTRALIAN \ 1 


Aenetlfi:-... 

ftn.Mii-.ilIe 50 T«a. 
R-l south 5Qc—_ 
Ccinr.r PJotirii) 5ft? 

G M. Kalsoorlie 51 
HaroptoArea.'.bp.. 
Metals Ex 50c _ - 
ULM.KdCf.50c.. 
MounlL'tHlISC — 
Xewmeia] ifc — 
North EHlilMc— 

Nth. Sal curl). 

falbridceSAl— 
Pacific Copper. 

Panccy'lSc- 

Fan.isa M&E\5p.. 
frLv-a'kUfendSfc. 

Pc*eidor.20c__ 

WcftnMuuna50e_ 
Wlu ra Creek lfa-...| 


.... L« 4J 2.4 


11-1 - - - 
78 *3 Q8c L5 65 
72 +1 — — — 

166 +2 Q9c" 23 3.3 

60 . - — - 

% __L45 4J 2.4 

132 ;T Q9e L7 4"2 
19 ..... - - - 

88 +1 Q8e L5 55 

i£ 2 -s ' Qiic r? si 

34 .. — - - 

825 — - — ■ 

12*2 ..... - - - 
424 +4 Q15c 4LS 22 
754 -- — - - 

90 +1 Q6c L4 U 
40 - - - -. 


i°i 

1C! 4 2 38.2 K 


O^RSEAS TRADERS 


IMS : 93*4 lyncan Uref 295 
il'ia I tC Iabr. .wr.c 50 c. ! 63 






a. tii-7- i-3«i .in;..: < ui ^ =-■ 

if_ • • f;-8: 20 47 »c 2 49 '161 i i~.Six ~. 214 .. .. »71 32 6.2 7.1 

51ell . r»71j;13 5.1;aCn Irsy I.JtSAis£M - '£52 .!Q12 f " 2J.I 23 7j 

2 79 j 1W ?0,»* [276l : !h _ r;s - BS.C:cs.£3 I 350 +12!tll72 3cf 55 7.1 

S' 2 Si)s:T *2 I» hmsk'S—I h +1 «.26 21596 s: 

5 H, J; l-aS:;«2 I33i ;v:ran-£« J 353x31+3 05J) 3.2] 6.4 81 

71 4l»?i701 I 18 6 3243 2« i q a I.. Z03b/_ — 9J 

u 7., 15/ 25 i 10 llsaaftf*.' 11 ■ - - - - 

- - j - -& e2 RjaVo_ 76 +5 6.55 d- 13J * 

“ J? ” 49 136S-"MwfllCcas > ■ 44 ..... 3.4 1S1L7 5.* 


] H2.75 {30.5, 1.4] 2.4 

r 7 u r, 

; 97.08 3 d 53 19 
62. 1 Sr 133 i9b) 
152 1218.91131! 

j;6.54 7 0 33 52 
&71 3 2 62 7.0 

m S3 73 

4.26 211 96 61 

| 053 3.2] 6.4 88 
Z03b _ _ 92 


i? 5b- KS lSt«:Sr?T5<'r^ 352 ... Ul2S 44 5.4 53; 

; Hi ;?i,r 0 50V 75 f7/r.e-:-j=nsS,7> : 44 +2 3 09 2i'l03 5.6! 

ItCWSc. 11 6 514C £ a 2 £7fVr«2i*Ol'..S! f... QZV1321 ».l - j 

~ 3 4 ,- 53 2fl! ; T.-;t. V.erc 1C? 49 +1 h0.75 11.0 23 601 

10 66Sic 53 13*5 ’ DC-MpeLr- Kjtf 49 J+l Ql^Lllo.fij - , 

10I0J|14.5 | 

S Fl! 1 !® RUBBERS AND SISALS 


39 13 

395 240 
57 25 

260 155 
570 260 
13 S 
325 190 
150 72 

IOC 60 
1Q1 : 7 

05 30 

4W 260 
410 H7 
46 40 


210 77 

505 148 
160 57 

‘60 19 

102 42 

95 45 

203 93 


TINS 

]A33»1 Mperia.I 28 | 


0 U^rHilanSMl-. 
5 |3eraJtT!a_ 


jBerjumaiSMl. 

iGwor_ 


260 

50 .... 
210 

470 ... 
9 —, 


fjOldiBajelT'jP- 9_ 

GopecpCons_ 265id_ 

BonsLimr-150 +5 

Idris 10p- 90tri- 

Jantarl^a*_lO 1 !_ 

dentine SMB50. 68 -1 

Killi&ihnu- 450 —. 

Xaiv Dreijuigm. 2S5- 

IPabarc_ 44 -1 

FeaetoleniOp— 53d -2 ! 

rwalbsrdl_165 -5 


5S«J -2 
165 -5 
54 

59_ 

140_ 


Saint Ptran-54 _ 

Snath Croity 10p... 59_ 

S>u;-jiKintaSK0a) 140_ 

Sthr.VaLii-aaSMU 250 _ 

SuiKeiBesf SMI .. 144 .... 

Supreme Corp SMl 60 _ 

ThrJonalSp—— 98xd -2 

ToncialiRjtr.Slli 74_' 

Trench SMI-160 ^.1 


- 2.51 Ujl? 6 r 
. 0416.7c 0.9 34.4 
,. 3.73 2J U.4 

:®5 I4 si 

: i£6 ^ ?6 

. 75 * 126 

' Ztmjc 07 4> 

:Mhtm 

tQ25 05 5.7 
65 6 18.6 

mOUr-e 10.9 1,5 


65 A 18.6 

wf n 

4.12 L5M.4 
p73c L41L9 
13L3c 211L3 


60 _ 

98xd -2 

74_ 

160 




Die. TO 
Set err Ci*s 


hl.271 1.H 51 
r-28 1.0 2 4 







54 _. 103 U 57 

103 .... 0220 12 12.6, 

50 -1 071 21 - 

12 . .. 0 55 * 6.9: 

217 .tl0.15 1.3 7.1, 


ici n.wzs.H 12. -0 L-dr. Scrwra .1 *» .i_b 2./ 

121.6.7 223 57-.J 3U 2 MaialrffKr.. ... 53 .tOUc L7 45 

2 2U.V22S 33 10 r.l3lsyjl>m:0p — 31 .+U5 0.4 5.6 

10\ 9515.9 <33 Uij'M-arPiter 19?... 32i 2 . H0.43 3.1 2.0 


32i 2 . H0.43 3.1 2.0 

63 +lWf2.1B 23 5.2 
12312 .-..I 50.77 L7 33 


TEAS 

India 23d Bangladesh 



TO 

ft* Grt 


uJ 83 
16.4 92 
3,4ll6B 


195 +5 9951 
290 +5 ♦hRB 

115 . 7.0 

21 . 4L98 

245 +10 12.0 
252 +2 10.0 

227 +2 10.0 


COPPER 

193 1 84 ]MexjnaRa50_1 84 i-2 I*Q30c| L9| 

mSCELLANEOUS 

9*2 9 [BoniB Mines TTijp 9 _ — . — 

Us 58 Col Miles SCI— 79 __ — — 

600 225 etas, Murch. Ut— 245 -_Q30c « 

475 250 NonhcawCSI_ 250 -10 — — 

247 169 R.TZ_ 171 +2 t85 q3J 

70 Z8'; Sahinalnds CSl— 34 __ — — 

£144. 800 Tara E^n 51 .. 818 -37 — — 

55 39 MsfctfireraLMOp- 45 -L2X 25 

160 121 YutonCoiB.C3i.il 126 +2 Q7c 4 


I nlrsi odirrtrlM IndlcM. pricra sad aec OtrUcnda me bt 
pent* and dr-aalnalitra* *rr 25pi E st t nu t e d pNee&arntagS 
nrtns and wven are baud <m latest aanml report* andKCMxnts 
and. Where possible, are updated an kaU-yearl* flgom. TfEa an 
calculated «a the basis of arc dlKrttratkni; bracketed fljpurea 
Indicate 1« per rant, or more difference If ca l culated SB “niT* 
dbcrl button. Covers are baaed m "maxfaunte” dir ibettan. 
Yields are Ined an middle prfeea. are (tm adjnsted to ACT aC 
34 per ceat. and allow for value of declared dtarfbadma md 
rlghUL SccnrUHea with deaemlnatiani other than doiltl an 
quoted Inclusive of the imenanrot dollar preadnm. 

d Sterling denatninaied securities which Include Investment 
dollar premium. 

* 'Tr.p“ Stock. 

* Highs and Lews marked thus have been adjusted to allow 
for rights issues for cash. 

7 Interim since increased tu resumed. 
i Interim since reduced, passed or deferred. 
tt Tax-free to non-residents on application. 

* Figures or report awaited, 
rr Unlisted security. 

a Price at tune uf suapeusiotl. 

I Indicated dividend after pending; scrip and/or riphta Issuer 
enter relates sn previous dividend or forecast. 

** Free of Sump tuny. 

4 Merger bid or reorganisation in progress. 

4 Not comparable. 

a Same inientrL reduced final and.'or reduced earnlpga 

l no in. led * 

i Fnreca«f dividend, cover on earoinss updated bp latest 
interim statement. 

; Cover allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend. 

X Cover doe, not allow for shares which may alvo rank for 
ri*i ilend at a future date. No P<E rmlo nsually provided. 
V Excluding a final dividend declaration. 
t Regional price. 

II No par value 

a Tax free, b Figures bated cm prospectus or other official 
esumete. c Cents d Dividend rale paid or payable on part 
of capital: cover bjued on dividend an full capital, 
e Redemption yield r Flat yield, g Assumed dividend and 
yield fa Assumed dividend and yield after scrip issue. 

1 Pajtncal from capital Msorces. k Kenya, m Interim blcher 
than previous toui n Right' issue pending q Earning* 
ha-'-cd on preliminary llgunev. r Australian currency. 
> Piv.dmd and yield evclude a special payment, i Indicated 
di 1 idend cover rrluies to previous dindend. RE ratio besed 
nn latest annual earning? a Forecast dividend: rover based 
on prerinu:. year's enrnmg< r Tax tree up to 30p ra the — 
wr Yield allcnvc, for currency clause j Dividend and yield 
ha-cd on merger lrnn*. r Dividend and yield include a. 
tnc.:ial payment' Cover does not apply to special payment. 
A -Net dividend and yield ( Preference dividend passed nr 
deferred t Canadian P Cetera nd PE ratio <rcclude profit! 
of l' K owroMiace *.nhvidiaries E Issue price. F Dividend 
nnd yield baed on pruvpevtu' or other nflicial estimates for 
1977 7B G SA'itmed dtviriend and yield after pending scrip 
and or right* t* -ue H Dividend and yield based on 
pre-ipecniv nr othrr official rtfimates foT 197S7T. K Figure*, 
ba'ed on pro*pectus or other official estimates for 1918. 
M rilvirtev,.1 and yield based on praspccnis or other official 
eviimarc' for I87C N Dividend and yield hased on prospectus 
nr other otiicml eJimtitci (or IB19. P Kvidend snd yield 
ha'-d nn pro-pnciuv nr mher official estimates for 1977 . 
Q Ciiois T Figures assumed. V No significant Corporation 
Tax payable Z. Diridrnd total to dale ft Yield based nn" 
a:»uiniTtion Treasury' Bill Rale suyi unchanged until maturtgr 
cf stack 

Abbrov laiiorx - rt ex dirirtend: w ex sen p usur. r ex rights: o ex 
all. ii e\ rapital .iixinhulinn 


” Recent Issues " and “ Rights " Page 28 


This service is available to everj 1 Company dealt in an 
Mock Exchanar* throuffhoul the Vnitcd Kingdom for ■ 
Tee of £400 per annum for each security 


REGIONAL MARKETS 

The follow ing iv a selection nf London quotations of sharea 
previuur-ly listed only m regional markets. Prices of Irish . 
P.iuf'. mb't of which are no; officially listed in London," 
are as quoted na the Irish exchange 

Alhanylnv 20p( 23 I I Shefl Rofrstunt ] 51 1_I 

Ash Spinning. ] « j ShilohSpin.T_} 19 J. J. 

Benam... ...17 ..... SindallArmJL4 85 


H .1 CMiTfrowe.l £96^4 l+ml 


70 . 

325 

105 -4 
BO -2 


Heilon< Hldgs.i 55 

Ins. L'orp-163 .... 

Irish Ropes— 130 +5 , 

Jacob-- U 1 

Sunbeam- 30 —t 

T MG- 174 -1 J 

Unidare_—.. 70 1 


















































































































































































































































































































































































































































































































































HUYSONL H 


The Best Blast Cleaners 
in the World 



Guyson.international Limited/ t ?-f 

^CH‘{fLAvenue:Ot!ey.WcslVorR^hVeLS2LTARf 

' ,TeL{09434)3422 Teiex51542~' - " 


Fridav February 10 1978 


SCOTCH WHISi 


Four-part boost 
for French 


BY MICHAEL BLANDEN 


industries 


A MORE flexible s>stem of roil¬ 
ing monetary target?, subject to 
periodic reassessment, should be 
• nnsidered instead ol the present 
annual targets, it -.fas argued yes¬ 
terday by Mr. Gordon Richard¬ 
son. ihe Governor of the Bank 
of England. 

If is widely “sneered that the 
Government ’ wili adopt some 
form nf rolling -system when it 
«•»!« its new monetary targels 
for the coming financial year. 

In a lecture ycslerdjy he re- 
aftirnied "his view of the impor¬ 
tance of monetary tarpp|< and 
gave ht.s support to the idea. 

Hp argued, however, thai the 
quarterly re-assessment iited ,n 
the L'.S." v.ould be mo frequent 
for the l : .K. It would pmbahly 
he sufficient to reset the target 
parh 'ix monrhs. at the time of 
the Budget and again in the 
autumn. 

This would reduce an impor- 


PARIS. Feb. B. 


monetary target was not an end j 

in itself. the conventional! —„ . bDV part^ Toh B 

methods of demand management | BY DAVID CURRY PARIS. Feo. B. 

can only work well against a ; 

background of financial;THE FRENCH Government is list, since France has no Datura! The revised terms of Wilkin? 
stability." [ launching an investment offen- energy- reserves and is anxious s0n Match’s bid for True 

The first order of business)sive in four industries crucial to to develop her own technology Temper. a subsidiary of 
must be to restore “ confidence' it? balance of payments, employ- v/ith an export potential. Jleeb- Ludlum of the US 

in the framework of the system." mem and technological indepen- anical engineering, covering a - fL_TL_ main „ nf 
A monetary target provided “ an rienee. These sectors were to-day wide range of basic capital goods, remove uie mam cause oi cora- 
overl public expression” of ihe i designated by the Economic and is designated for special atten- plaint about We original'deal*. 


A i 




■ some- of -the driti^snai^lA A ^ 


Index rose 4.9 to 4733 arnchanr 

The idea of cento 




need for caution in expanding j Sucia! Committee, which brings tion as well. _ Instead of finishing up With, over 

the economy, and gave some j together Government, employers. The fourth area is pharma- 50 per cent of Wilkinson.a& a 
assurance thal action would he {unions and various economic ceuticnls. Although a net result of selling its subsidiary in 



31 It. GORimN RICHARDSON 
. . . six-monthly targets 


urn role of monetarv eIlsu . re 


discretionary action. In the 
longer term, the commitment to 
monetary larger? would also 
ensure a general degree of 


targets. Mr. Richardson said, was cannon. 
" to provide the framework of .. . ve,f 
stabilitv •.» :tnin which other ” anv,on 


C'diiiiun* j ^jnFjs 

Developing the themes of hi* " 
Mansion House speech last I The 
autumn. Mr. Richardson said i that 


NEW LONG 
r TAP 

,B)wTWb*nfcMB_|«w LOW 
V TAP 


Industry Minister 


on foreign suppliers o. medicine. 0 f outstanding shares. 

M. Rene Monory. Industry . , 

Minister, said to-day that nego- The main explanation for the 


mm dravhack of rhe pre-rent 'Xcc' ul.i.MUve-! fan” he mnrL Juiurnn. Mr. Richardson said; that a special working parly tiations were also well advanced change, according to Wilkinson, 
annual targets. ** the implied re- *, . 1 ; achieved ” ' persevering with the policy studying ways of attracting l0 “Frenchify" the integrated is that the numbers thrown-up 

quiretnem to hit a particular f'■ ,, . would have an increasing effect, private savings into industry circuits sector by the transfer of fcv an investigation into Tree' 


quireoicm to hit a particular * '• .. would have an increasing effect, private savings into industry circuits sector by the transfer of fov an investigation into Tine 

arts-Tu®"" d, “-" p'--=". report by lhe CTd or ““ 

„a -1 t5K Mr - Kichar?so " Firs ’ * *• firi - «»-»-SSTEJ* 


rre.isc in the money .-lock during 'c'’ 01 * nd na V 9 o0m 
the January banking month. anc- tbai ins* achievement will ptofliahilitj. 

The Governor si rowed “ we "C i nreatened oy 

should not lie unduly concerned expansion.' 
when monetary ernwih sow Giving hi* reflections 
temporarily off-couv«c." a? Ions condu* 1 nf monetary p< 
a way could he seen to bring it ifv.- first Mai* Lecture at 
hack to the charted path within University, the Govern 
a few months. that while the achievenn 


But the dcci>mn last year to and milk powder. 


com 1 nodi ties like sugar, cereals growth and , a . stron 


or is '^ e new tenas a re worth about 
■ than flajni.. after discounting a de~ 
t the ferred cash element, compared 
an with over £ 22 m. for the original 
stria 1 offer before Wilkinson’s shares 
started to slide. Allegheny would 


nanVion'" ’’ ~ let the pound float upwards when} The rood manufacturing 10 create a strong 

r.ivin- hi* reflections on the monetary policy was under pres -1 industry- is fragmented and small fence mito.ya.d 
ndu.Tnf monetary volley. in urn. ■■emphasises our commit -1 see ewn.le In erunal^ areas like .n expo ma.kets 


industry tiseli hence the desire flor have dropped the asking- 
to create a strong French pre- . hie _GTf 


ifartunna 10 create a ^ arjce this far jugt tQ fe Wifc 

iinri zvnall st*nce. nitialiv at home and toco . . f , , * 

ara small ? ■ - - kinsons shareholders sweet. 


condu* 1 nf monetary policy, in iilLrt ' 


Two other areas wi!! receive 


. 1 form of high-powerai oc 

— | money.” was ruled OQf^g 

13 V *raS'Vear JSite” caUs for - 

'SUSSSS 

H ~ J. •' - ?<-*», * s 

Lonrfao 

Loarho has cefebafea 
recent Brituh. assete ) 
spree by treating 
L holders to a litthy nyrt^. ^ ’ 

. tion'on where 
atid liblda 2 - j^ 

to yesterday^ aanialT^pg 
U.K accounted: f 0 j 2B^ei 

‘ * * DECEMBER JANUARY - FEW Of pte-tfiX profits’aM^J 

_ 1977 t97B . - . t cent- cd turnover tbt- tM 

to September 

tile price « tbe 

Exchequer 105 per cent 199^- accounts the Volksw^ 
and sold - perhaps^ f 200 m. chise was the star pegoHj 
nominal at £26 and £26{. the domestic SC eiieTi& 

The gilt edged market re-air profits are £21^.:% ' 
sponded enthusiastically to the and Elliott j aIso appear^# ' 
news and prices at both the made at least a:small ob 
short and ' long end of- the. tion. 
market rose by around a point ^ »rm, D v t»i^^ 
and a half. The FT Govermqpt 'enS3 ^ P 2i^ 

Securities Index recorded Jta oant .-^1 ■ -'Z?' 


DECEMBER 

1977 


JANUARY ■ 
1978 


Gilts rise on long-tap price cut 


but a series of inter-ministerial drain after 


and railway 


THE GILT-EDGED market 
rose sharply >esier<la\ after 
the Government brokers cut 
the price or the ofliciai long¬ 
dated lap stock and started 
selling the siock for the first 
lime. 

At ilie same lime. Tears of 
a possible rise in the Bank «r 
England's .Minimum Lending 
Rate to-day were dispelled as 
Ihe money markets settled 
down after the upsets of the 
pm ious day. 

Dealers estimated that the 


authorities might have sold 
up to some Eloflm.-finflm. of 
the long lap. 10 J per cent. 
Exchequer 1033, in an import¬ 
ant move in r»*sume large-scale 
funding nf the Government’s 
borrowing requirement and to 
restore romrul of the money 
supply. 

The stock was sold initially 
aL £26. a substantia! reduction 
from the GU> paid up when it 
was issued four weeks ago. and 
was supplied again inter at 
£261. 


It closed in the market at 
£261. while sains of up to 
11 were seen at both the short 
and the lung ends «r the mar¬ 
ket. 

The Financial Times Gov¬ 
ernment Securities Index 
gained 0.93—its best rise Tor 
four months —(0 73.34. 

The mood nf the market was 
helped hv the news on the 
Government’s pay policy, as 
well as by the improved rendi¬ 
tions in the money market. 


committees has so far failed to equipment. Decause 01 tne n 
come up with a convincing oro- to develop these markets to © 
gramme. pensate for a contracting he 

Energy. particularly new market, 
sources, is also on the priority Left still divided Page - 


equipment, because of the need Temper unless it secured 
to develop these markets to com- control of Wilkinson. Suhse- 
pensate for a contracting home quentiy it became apparent that 
market. it would simply not get. a deal 


New clashes add 
to Lebanon threat 


BY IHSAN HIJAZI 


BEIRUT. Feb. 9. 


Tories to attack 
pay sanctions 


Exchange 


report on 
dealer’s 


BY RICHARD EYANS. LOBBY EDITOR 


profit 


THE Conservatives have decided will defend the Government's 
to press their attack on lhe methods of restricting pay seitle- 


Financiai Times Reporter 


Government's use of discretion- ments. The Tory attack will he 
ary powers, against private lead by Sir Geoffrey Howe, 
industry with a major Common* shadow Chancellor and Mr. 
dchute next Monday. r»n new James Prior shadow Employ- 


clauses to he included in all 
future contracts with Govern¬ 
ment departments. 


ments. The Tow attack will helSECURm SELECTION'. a I three days of fighting 
lead by Sir Geoffrey Howe. I licensed dealer m secunties, has • . . 

shadow Chancellor 3 nd Mr. I been found to have profited by DamaSCUS fTHSSlOti 
James Prior shadow Employ- selling shares in Bonser . 

li ment Secretary | Engineering to its own unit trust j tanks of the Syrian 


on these terms. Another indi¬ 
cation that it has taken note .of 
the invitations’ protests is that 
it has been prepared to accept 
a cash element under the new 
terms. 

Of course it is also possible 
that its change of heart bas 
been influenced by . True 
Temper s poor figures. And it 
is still not clear how good a 
deal this is for Wilkinson. It 
! CLASHES TO-DAY between looking the port of Junieh. will, apparently, increaseits 

! Syrian troops and C hristian capital of the main Christian net asset value and earnings per 

Rights log forces have brought enclave, 15 miles aorta of share But True Temper i snot 
the situation in Lebanon to its Beirut. a particularly large company— 

worst crisis since the uvil war yf jyj e alliance between the at a guess its net assets may be 
ended 15 months ago and have Christians and the Syrians, who a bit over S30ra. and its profits 
renewed fears or Israels in- fought side by side in the civil around S 6 m. to S 8 ra. pre-tax. 

^Sv " tbe ° f ,var col,apses - ? er ? are .. fears ° f The offer document will have to 

co “ ntr ” , „ rntm-ention oy toe Israelis m the show whether mg wnrlb a 

Syrian tanks were patrolling *outh marked change in direction in 

the streets, deserted save for The fighting between the two Wilkinson’s management and 
Syrian soldiers manning road- former allies stems from h u ,,^ nrt 0 rTtfes 

blocks and holding positions on Christian fears that Syria's new US1 P^onnes. 

: rooftops amid continued mortar alliance with the Palestinians to r\ - f 

and artillery fire. It is estimated frustrate President Anwar Wpdl.ing IiIG tap 
that 50 people have been killed Sadat's peace initiative is under- »n, e Government Broker has 
[and many more wounded in mining their noMtlon in the h »in tnaSSi < 5 ? 

;three days of fighting.' Lebanon. been quick to seize on the gilt- 

■ . edged market’s recovery to get 

■ Damascus mission t ieT" e been help".’ cU?i5 ^‘ s fu " d “f h r ”"‘ n ® 

T.. n L.. fllB * . militiamen in their" enclave of on ™ a 8 “ D - Yesterday, he cut 


ent Secretary | cnsmccuu* u. 11 a uw.« uuu mum 1 Tanks of the Syrian Army ‘ „ ee , n£ t 


market rose by around a pprat ^ ermiD’s nre _ :fe*- : 
and a half. The FT Goveronmnt ^ empree 
Securities Index eent dolmen : ’ 

biggest increase Jm tair ^ f88m report MlM';i 
months. The reappearanw of the 

GB has put paid to any fears of - :l|ave dtgltot£ ^ 
a jump m uMtag -numberof factors, indda 
rate to-day estimated £30m. shbr® 

figures on the Central Govern- translation. ;^ 

ment Borrowing . Requirement roftt disposal 

for January indicate- that .the -l-w-t 
PSBR is still undershooting the £ J* s£S d’epIS 

target by a wide margin. rosin}jr rela u„ s m .S 

The only real worry at the and the ' treatment TP 
shorter end of the market last Nigerian John Holt basu 
night, was whether, the 3 ^ Associate for the_firt; 
authorities would capitalise on Thp mo«» Me.eatrhiti^. : 

their of UnrK“.Si- 

new short tap. But ffiven the ., of borrowing 

market’s recent bout P* the -•«, e 

jitters they will probably wart Se yea^ 

at least V wcek if i order notto. ,u nrh o shareboldm’-fnt 
jeopardise the long, tap s pros- fjom just over 

pects. - - " cent to over 75 per cen" 

Certainly the market has re- only about a quarter of tf 
covered its poise after the shock is definitely funded ined 
of . Tuesday’s poor baiiking sta-long-term. ' ' . 

tistus. Next week’s money significantly, Lonrho i'~ 
supply figures are going to took askinc shareholdi 

thsing but 11 .toe Governor^ aTfncreare in i 

the Bank of Baglami empha- istd This time it w 
sised in his lecture at the, Glty ^ jjet cent. Increase tc; 
University yerterday, JVe the authorised total to \ 
should not be unduly concerned ^t- the same time Lonrb) 
when monetary , growth «o^' that its 22 per cent hold 
temporarily off course.”. • -. House of Fraser is "stn* 

. [The lecture gave a■ useful .in^ But with the . Harrods; . c 
sight into the Bank's version of. groqp. capitalised at ) 

“ practical monetarism " and the against Lonrho's £143m 
Governor, used it to reply ta strategy is far from obykr 


Thev hope that tlw G..vcrn- Jo ensure that levels are} This emerges from the report Christian East Beirut as Presi- 

ment could be defeated if Sown as .he Vnllalion rale of a Stock Exchange investiga- dent barki.* awaited rhe return Cl ie l|i 
minority parties turn up in force [J« n !i- fi-ur-s ' le ition. publisned yesterday after!of the delegation he had sent to 

—they failed t" » 1 n s» in last ' ¥ ' the exchange had looked into the I Damascus earlier in the day. A cor 


Shelling claim 


Tuesday's debate on discretion- •'• r - 
ary powers, by ihe Government Thatcher 
hv 14 viitt-s. he 'was 

The Tory resolution tabled Iasi 
nighi declines to .sunpurr " the [, n 
Government's arbitrary use nf ..v 11 ? 1C ”f. 
economic fanclions a-.-ainsi firms 
and workers who have negotiated ^ po ,ers ' 
pay setlicmems beyond a rigid "At the 


Mr. Callaghan told Mrs.!share deals. 

Thatcher in the Commons that 1 Mr. T. S. K. Yen. chairman of 


The team consisted nf former ibe 
President Suleiman Franjier. a ' n ^ 


communique last night by 
guerrillas and :heir Left-! 
allies claimed that the' 



U.K. TO-DAY 


P° vers ' ! G tk ,h J ru ,* l ’p . ^ J A ra b pea cekeep i tig* To rce^ * u 'The Syrians appear to fear pIa< ^'/ wi '^' "wtadN.E.. 

"At the end <if the dav. thei Exchange oas for- . . that botn Ejjpl and Israel are <rrnn° U fax. 1C (34F) 

»mmons will have to judge . . tnally reported its findings to the | Am< ^ from the expansion of plotting to discredit Syria's posi- n °’ ’ '' 

am totallv unrenentent about ■ Department of Trade, which is . fighting with Christian [j 0 n in Lebanon. Heavy fighting Cent. E. and W. Midlands 
c powers boirr 1 used and ihe i reviewing the regulations under; n ] ,lmas in . tiiere are j n Lebanon would not only be a .cold- hno U',. 

irpose for which lhev are used " l which licensed dealers operate. | alarming signs that the con- diversion from the problems of funny intervals. Wind N.E., 
Airs Thatcher had’ sue"esterl I ** is 001 expected that tbe ex- frontation is expanding to other Egyptian-Israeli negotiations, frosb. Mas. iC (36F). 

.hi.. 1 naicnei nao su I e " s,Tea 1 .h »,in .-,rrv f„nh ar - 1 Lebanese Arrav units. Fiehtinc hut also can »h P pn«rgip.s nf the Channel Islands, S.W. . N. and 


limit which Parliament ha- not Commons will have to judge . . . 
approved" and call; «n the Gov- I am totally unrepentent about 


"At the end of the day, the j T ^ e s,r ”-' ,: Exchange has for- 


j Arab peacekeeping 


ernm^ni to wilhdraw new con- lhe pn>\ 
trad, clauses for public purchas- purpose 
mg. Mrs. 


: mnn lp . riprc ^ rl thrv j, 'i!” evnical for the Govern- change will carry nut any further 1 Lebanese Array units. Fighting but also sap the energies of the Channel Islmids. S.W. , N. and 

menttoii«e dte. reiinn '«i venter investigation of member-firms or' w « reported to have oroken out country leading the campaign S. Wales 

rnvlrnmlnr-' mplh/rt nr mJin himtcd ominw In^ JnHmlted ,akc a "- v action against them. '«*!* afternoon round tbe main among Arab States to halt Mr. Very cold. Sunny intervals.| 

wiy.'-.Sd^'en^rl^yoS p Jhj «ch,n S , yp.erd ay di^j ^m.v s»r»on at Serha. over- Sada.s inif aHves fr-vard I^eL scatty s^VVmdNE fredl. 

a'lack ??" 2 f 0 .n "r S' n-rtii'naMnldl’lv° f £ ' &S"S^n. S. 

™ « "^n u nras , «:Continued from Page 1 


this afternoon round tbe main among Arab States ro halt Mr. Very cold. Sunny intervals, 
army garrison at Serba. over-Sadat's initiatives toward IsraeL scattered snow. Wind N.E.. fresh 
-- or strong- Max. 2C (36F). • „ I 


FINANCIAL v: 
EXECUTIVES OF 
OUTSTANDING Cm 
ABILITY ; 

Currently earning ' 
fflOO-tSjOOOpja: i 


claim aiidnd moral 


«unporJ for the u-c of economic Labour Left-wingers that the 


I February 


Selection] 


brutal way the Government 


I be new cunlract clauses during policy. 

Tuesday's Commons debate. Mr. John M--ndeUon. MP for 


Budget Day 


Tuesday's Commons debate. Mr. John M<-ndeUon. MP For 
They now claim in be better Penistone. sought a special meet- 
equipped lo discredit the ing of the Parliamentary Labour 
Go'ernment. Party yesterday to discuss the 

Mr. Denis Healey. Chancellor i«,sue and this will be considered 


NAV-, Lakes, Isle of Man, S. 
Scotland, Highlands 
Cold, snow showers. Wind 
N'.E.. fresh. Max. 2C (36F1. 
Moray Firth, N.E. and N.W. 
Scotland, Orkney. Shetland 
Cloudy. Sloet or snow at times. 
Wind S.W.. moderate. Max. 3C 


Odgers and Co.' are ■ Mana^emeqt 


sanction*. brutal way the Government is b ? ue J‘ t J -SO.'JaO Bonser shares, 0 1 ir l rr ^4- T^ 0l r iorav Firft NF 'li 

Conservative leaders were un- limiting pay acreemenls to IQ atomt 4 per cent, of the equity. |g llfl M Pi V ^h^tinn 

prepared for the publication of per --ent. under a voluntary arpnncipal in the afternoon. The s W n ' 

I lie new contract clauses during policy. price ^ L'»P P er share com- SI I 0W 

Tuesday's Commons debate Mr. John M<-ndeUon. MP Tor P ared w,lh the tf, en market price size of reflation because of this the current financiaJ year sug- "Utci g.w., moderate. Max. 

They how claim m he better Penistone. sought a special meet- of 151 S P- Shortly afterwards it pattern of expansion, in the gest that there should be con- (37F1. 

equipped lo discredit the ing of the Parliamentary Labour bought another 5.000 shares atjdesire to avoid early supply siderable leeway next year Outlook: Cold, snow showers: 

Go»'ornment. Party yesterday to discuss the 1 S P- . |constraints and to maintain con- within this ceiling. 

Mr. Denis Healey. Ghancellor i«,sue and this will be considered .Later that day Security Selec-jrrnJ over the money supply. The central Government 

uf ihe Exchequer and Mr. Albert by the Party'* Liaison Com- M on sn ld /5.000 Bonser shares to! Monetary influences may be borrowing in the first 10 months BUSINESS CENTRES 

Booth. Employment Secretary, miltee next veek. tLs own unit trust. The unit trust more important in determining of 1977-7S was £2.74bn., a third-- 

' P a 'd 19:p and the firm received the size of the stimulus than less than the total at this stage Vdas V'd 

lfl?p a share. The market price j calculations based merely on last year. This compares with the mid-da.v raid- 

t f 1 1 had l,J ’ lhar timi? risen ,0 taking full advantage of the projected rise of 17.3 per cent. . „ °c 

\J All/ niQfl gQlirtPhOrl Security Selection used one headroom within the £S. 6 bn. for the whole financial year pro- p "i; 3 K®. 0 ” “ 

X ’ICyV plufil broker for its two purchaes of public-sector borrowing require- jected in the last Budget. Barcelona f t « Lnx«nibrp. Sn-s 

JIT the Bonser shares and another me nt ceiling agreed with the This suggests that the borrow- | e }™' £ j* F R 

g% v • i m . • , for tke sale to the unit trust. International Monetarv Fund i B" renuirAmpnt fnr rhn u'hnlBls^^j. ^ ? ! 


BUSINESS CENTRES 


Einploymrnt Secretary, miltee next veek. 


New plan launched 
for big .City site 


Details, Page IS 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


I Continued from Page 1 


I public-sector oorrowing require- jectea in tne last cuagei. Barcelona f t 

ment ceiling agreed with the This suggests that the borrow- f*{™' £ 

International Monetary Fund ins requirement fnr the whole Belgrade c -i 

for the next financial y ear. public sector should be at least Rerun c -2 

Treasury figures published flbn. and possibly more, below £ ”! 

yesterday for the central Govern- the latest estimate of £7.5bn. for Bmsspis c -2 

ment borrowing requirement in 1R77-7S. Budapest sn-s 


Vdaj 
mid-day 
"C 'F 

F -! S Tfsbon 
F is 33 Landon 


Y'day 

midday 

•c *F 
C 11 32 
Su l- S< 


4.1 Loxembrp. Sd-3 2T 


C 12 54 j Madrid 


32!Mancbstr. Sn l u 


C -J ID Milan 
C —2 28 Moscow 
C —1 "0 Munlcfi. 


C. I M 

c -s a 

F -4 25 


H I Newcastle. S 2 3C 


STANDARD LIFE Assurance Standard and Greycoat are now 
and the private properly group, holding discussions with the 
Greycoat Estates, will tn-day Bnltic over the site, 
announce one of the largest The fuUjre ^ Cutler 


Pay cheer 


Budapest 

Cardiff 

nolocne 


C -2 28 Osin 
Sn-3 27 Paris - 
F 1 M Prague 


S -g IS 
F 0 32 
Sn-4 23 


o 12 Rertiav* C 2 Sfi 


GOVERNMENT REVENUE AND EXPENDITURE 


office develonmenls seen in rhe n ‘ ,,v .‘“'7‘ w ^ Cutler BeforetheQ.theunionwilluy 

ri V nf TifnHnn ,ne Strpet slte hfl s hecn in question to persuade the National Coal 


April 1-January 31 


City of London. 


1977-78 


Standard in coniunctinn with ? ince 1973< when li was bou 5 ht Board to add Other labour cost*!. 

Grevcoat has bought the Porr 1,y En « ,,,sh aod Continental Pro- —such as the value of conces-j 

of iSSSon AuthSritv’s S'-Mro P er ^- the company owned senary coal-to its 2748m. wagel Con ”™f™ fum ‘ 

Cutler Street warehouse site near joinUy b * v Ebe Crawn A 2 enls and i?iL l ’o in an attempt to increase the! ?**®"“* 

L^"oo, S^at SU U -on 1S *«* «*« -d Mr. Raaron n«». oiler bv £lm j 

F 4 flm Tht> slip w -n i>vi«tin« Creooe. Union leaders for 30.000 water; " - 

planning consent for 790^000 sq! El| 2 lisb -and Continental col- supply workers are to recom ;-- 

ft. of offices and shops. a P* cd ^ Property market. JJgJ * 1 Xr°Jm ! 0th * rNL|:tra, ’ nction) 

Although the new developers 'caving the Grown Agents with i r , ! Receipts 

completed Hie purchase negotia- 'osses of £«.Sm.. and vrtthout i L w y S Payments 

lions only this week, they have Paying the Pori of London the I hv nplt Wf-mhpt 8 Net borrowing 

already warded rhe main con- h»» SUm. purchase price for | St ^X S ismn wa ~ t — 

strnction and design contracts Cutler Street. 1 fiv-p hour ilTks M hlrt «>«her funds and 

fo L. U,e “Op-P 1 ^ . . u T .i e op i“ i : e ;S ed “ Porl i S^„d r nf''rh?oat5 or induHrii; __ 

The Cutler btreet planning Authority in Hteb. and last year! , ctl0n j n SU nnori nf a £50 mini- r . ir 
permission was granted early in lhe Crown Agents paid £500.000! Jfum wase^faim Original de Cent / al Government 
1976 when lhe site was expected compensation Tnr English and! rounds also called for a firemen's borrowing requires 

10 hnusp a new hpadquariera for Continental’s failure to complete j t} Pe settlement tn -elate u aoes * 4 - 14 ,] Mr ttnt , 

thp Baltic Exchange, rhe titter- Ine purchase. , n the tature to skilled workers . 

Rational shipping markeL Cutler Street scheme. Page 10 m the private sector. _ 


Change 

% 


Budget I Cenroa 
forecast Clawow 


CopnOasa. S -4 a Rome 

Publin C 2 M Stoekbcir 

Edlnbrgh. F -l SO Slrasbra. 

F rank lurt C —1 OT Tel Aviv 

Gene*a F 0 M Vienna 

Glawuw So 1 24 Warsaw 


23 Rome S 7 4a 
M StoekhtTim F -5 33 
•"•0 SiraSbrB. S -i SQ 


cruitment. We are extending ourcootacts ^ 
with young exeeutives of oOtstariding"45? 
ability and arabilioniiithelieldbt'fi'nanciL' . 

We would Uke to hear from, people. J ; . 
aged 26 to 45 -whofeei thatin deyeloping.^; 
their careers Over Lhe xtext fewyears ihejr:, ^ i 
should not rule out the ftoss&iiijy.ior ft % 

. move to a bigger>ob in ariothertompanyi"^.- 
- We are interested particularly rjn ffa.Qspr^; . 
•. who are happy ih their preseht ppsitiops Fjr 
■ and ari doing ^ell, but who nevertheless -S? • 
wish, to.lceep'zn touch witfi.the market so't-i. 
that if an qii'stan'ding opportunity coflqes-^ . 
along, they-will be'in a portion>d leWn >-:5 
more about it. ' ' v 5 

As>firsb step, pleasejwrite t6 lift %L- 
H.D. .03gers, Managing Directbr,givjnga f r .. : 
'briefsummary ofyour ex^erience^fluah'^'- 
ficattons, age and- .salary: -~A1 teraaiiyej/.' 7 .^ 
write asking for mprd-jnfpntiai'ion about - i h 
, Odgers and Co., ^L our nevi address Old V i t - 
iBondStreet,London W-L--V • . \^-f.- 


1 97 7-78 lactenki S —8 IB'Zurich 


3 18 64 
C —4 23 
C -6 21 

c -a 3 r 


strictest confidence. .' ,v; 


-f 15 . 9 * 

+iij> 


HOUDAY RESORTS 


National Loans Fund —3,820 —2,870 


Receipts 
Payments 
Net borrowing 


3,400 

4.530 

—4,950 


3,960 

4,921 

-3.831 


Aiacdo 

ALeiers 

Bianil 

Blackpool 


Y’day" 
ndd-day 
•C ®F . 

F 11 52 Jersey 
F is 84 Las Pima. 
R 2 38 Locarno 
F 1 34 Majorca 


Bordeaux F = m|Malasa 


Y'day 

mid-day 

e c op 

C 1 34 
c IS . 68 

C 1 34 
C U 55 


5 =tS v 


MANA GEMEN'T G'O NSOLTANTS - * : Z- 


F -te WiMrite-s- IT «a 


Cawblnca, C J 8 81 j Naples 

D " 14'...... 


Dubrovnik R 


borrowing requirement —4,128 — 2.745 


Faro 

Florence 

Funchal 

Gibraltar 

Guernsey 


7 << i Nasnu 
:t 37 fNiw 


F 1.1 S3 Oporto 


S 7 43 Rhodes 
F lfl 61 Sa insure 
C 13 33 Tangier 
F 1 34 Tenerife 


* +14,1 per cent, of £500m. proceeds from BP share sale excluded, wsnbu? 


Innsbruck F -3 27 Tunis 

Inverness 5 l 34 Valencia 

Istanbul R 3 36 Venice 


F 11 32 
3 23 7T 
C S 4S 
C 10 50 
F 12 54 
C -2 » 
C ■» 3“ 
F 13 39 
S 14 57 
G ‘0 4* 
C -2-M 


0nc Old 

+ TdepfmBh 




Source: Tuanur I F—Fair. C—Cloody. Sn—flnow. s—Sonny 
1 - s—rum.