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Germans boost tor TT©ri©s 

l 

to resist | Heath stres 

reflation ; . , 


es 


UOb new pay offer 


> arms 


• MJLlUtJ • GOLD SHARES! provided the 

brightest feature in ttoe.equities 
sands of Somali volunteers ■“**& with a Tis^»C 63 to 
i intensive military train- 152 *2 ' m the Gold Mines index, 
fter President Barre’s call EE T 
ns. - . . • ~ ~ r:• 

dressing 100.000 people at ' *- ... 1 ':=> 

aishu. President Barresaid ft • 

every Somali who could 160- ft: - ■ - 

a rifle shoiUd prepare to ' Jri. ,; i 1- 

d bis country. ■ ‘ fU t. • .* P l * 

. gadier General -Nur said -''r. • J'T y” 
30.000 volunteers, from the ... i Hiril V~ 
it J5,-had already come to* ~ f -""WTWrWj jVT —= r_ 

in the Mogadishu area. / 1 " l rl||p 

• first priority was to defend ■/- 4 - r — 

lia frontiers, hut if it.were / ' 

sary they would be sent into 120 J ■— ■' - 

»gaden. ... GoMAfifleS 

Paris, Somalia's^ ambassador !__ 

' his country was ready for a ' HUM*®' 

'fire provided the right to 1m J19771 1 1 1 : 1i97aT. I 
elennination of the western . OCT "MV DEC.jill FEB 

(li fOgaden) people was -- — _ . ^ ii fZ ■ 

•nised. Meanwhile. Cuba helped by gainsln-tfce, price of 
ated it would, not like bullion and the investment pre- 
nous Ethiopian forces to in- min tv. The FT ordlqjuy Index 

^Tc^ienh^ it » «> U to.«9J. 

id that EEC Foreign Mini- fr GILTS drifted lair# and in 

• wbo me f* there to^ay, are of ,retfte£.i on g S 

jcus on the Soviet Unions ,■ ■.i,r,. ,.- , 

ities in the Horn of Africa, f 08 * 1 * a ®™ “P** *" 1 * 5 
5 lower. The GovcrnmentSeetnri- 

and Matters, Page 18 Uds index Tell 


BY NICK GARNETT and LYNTON McLAIN 

Tanker drivers at Shell, who are likely to set the pace for drivers at other 
oil companies, appear ready to accept a new pay offer ihade by the company. 

Fuel shortages, caused by the the same offer should he made asked in u*t- his powers under 
drivers' overtime ban and work to BP. Esso and Texaco, who are the Energy Act 1976 to ration oil. 
to rule, yesterday brought in- aJsu involved in the dispute, and Two-thirds uf ihe estimated 
creased industrial dislocation, that it shouid also apply to con- 4,000 workforce in Britain's clay 
Yesterday Singer, the sewing trading hauliers used by oil brifcfc. pipe, tile and refractory 
machine company, bid off 4.500 companies. * sector represented by the 

workers in Glasgow, the Govern- Sh ,, id ^ o(T(?r National Federation of Clay la¬ 

ment was warned of lay-offs at sti n vrithin oav euidelines dustnes cun Id he laid off 
clay-firing companies and more ! It bouch tho P * Emnlotm/nr Jn !ho **** Midlands. men 
paper companies said they were SSenr Lid thafu bad std have alrcilUv '' Cen aenl hljme 
on the brink of total shutdown. lt 1,d “ MlU from plants making refractory 

Althnnah at a eariae nf mna 10 sluo > aelal s - bricks for Stet! blast fumaceS. 

Malt by Metallic Brick Com¬ 
pany said it may lay off 70 of 
its 100 workforce, and in Buxton. 


Although at a series of mass 
meetings some drivers were un¬ 
ease about the new offer. Shell 
said that drivers at most of the 
major terminals appear to have 


Meeting 


1D 0 119771 1 ' 1 .-Mai. I ! 

SEP OCT TBW Dfe jkE FEB ' 

helped by gains Iti'th&griee of 
ballhm and the inVf^tjnfcnt pre- j 
mitun. The FT oqUgid? Index 
feU U. to.469.9. ; >. 

• GILTS drifted lowefc and ini 
spite of small ralllesi- longs 
closed J down andshorts 2 
lower. The GovermhOTtSectiri- 
ties index lell 

• STERLING rose^points to 

$1.9408, its trade weighted aver- 


irnPAMffl mnv tis crane weiKnvai »ver- 

jzorewa may m tiAng t0 The 

. ce ultimatum - daUa^s^ndex, ealetilftfi&hy the 

. -alts in Salisbury oVL -wa^s *£>* ***#*> *, M| J? 
bringing majority rpie ^to 191.6). Morgan, Gn^nty enr- 
lesiu remained deadlocked, rency rates were not available 
,ree-way split, was reported 4ine to a iLS. jbank hoffifay. 
have developed- over, the ^ _ _ _ _ 

- -?nting position of Bishop * GOU> rose $1* to $179*,. 

• WALL STREET Tw)bl 1 2.17 

_r^wh° bisiop m»** *mj?* 

nalum from the otter tw’KcJW* .v'-v’:..' 

anal is t parties _'td iTefi'.an-.i_ 


major terminals appear to have Shell shop stewards arc meet- Derbyshire, the DSK Refractory 
aecepted the deal, including ing to-day to discuss the drivers' company naiil ii'O production 
those at the biggest depots in the response. Shop stewards from workers ami 45 engineering staff 
South-East and some of the more the other main companies whose could be laid off. 
militant ones in the Midlands. drivers are involved in the over- Hawkins Tiles iCannock> and 
Mr. Jack Ashwell, transport lime ban, are also meeting this Barker am! Briscoe. Cheshire, 
secretary for the Transport and week. hath said lay-offs could be immi- 

General Workers* Union, to Singer laid off the entire work- nent. Other companies were 
which the men belung, said the force at its Clydebank sewing “hanging on l»\ ihe skin of their 
deal would be closer to the machine works when oil supplies teeth,” the federation said, 
drivers' claim of about 20 per dried-up. Two paper companies told the 

cent, than Shell's previous offer Elsewhere, process plants con- British Paper and Board Jndus- 
of about 15 per cent. tinued lo take the brum of the try Federation they may face 

Mr. Ashwell said there was shortfall. Clay-firing companies serious production difficulties by 
now no productivity element in in the West Midlands warned Friday, a further two may be 
the deal which included a Mr. Anthony Wedge wood Bpnn, similarly affected, leaving five 
greater degree of consolidation Energy Secretary, of lay-offs and mills facing complete shutdown, 
into basic rates than the previous the danger of explosions in At Heathrow Airport, flights 
offer. empty Liquid gas tanks and of affecting thousands of passengers 

The union has stipulated that collapsing kilns. Mr. Benn was were cancelled. 

British Steel faces £30m. 
bill from dearer coal 

BY KEYIH OON€ 


onalist parties _'to -Stgii; qra .BRITISH STEEL Corporation. In papers to the meeting the am : ... en into account. 1 

■enieot in arid' already facing losses of .up to heads of the supply industries It *. -s impossible lo produce a i 

draw.'-'.. '• - u» the current ye*, said have taken widely differing mechanism for pricing, he said.' 

. - t^SirSSSSv? ilaifanii S yesterday that the latest increase stances on parity of pricing for There should be some form of I 

Private in emil'priM* could cost it £30m. the different fuels. annual discussion to determine 

.supersonic tOforclcdSuanra^JiS the next 12-months. The British Gas Corporation priorities for the coming-year. 

.. — - -J. • luousirs lO.HJn.e wuh Dm.,,!,, nf ih. JanmsMil ctatn has CfllKA MTldpr firp fmm Sir The anornv „iinnli> inriiictriac 

rliner forecast 


*.S. long-range supersonic arr- 

Sff th a t could'live with the T ’• could be passed on to consumers. ««jv, reply lay wlih the Government 

Rri■ enSSSnSS's ® January nowbsc is « see kuikswith Effit-SESSSSr«J£ The Govertui,ent ' s ene ^' 

«-lomic was forecast for the ,. ^ , the National Coal Board to strategy was published yesterday 

"• Mane m ar Geneva speech CflPTlHlHO (lOWTl examine ways of alleviating the ®“ LommlKion proposals for m „ Green Paper. It is largely 

UUWU price It saJ ^ fhat M| Oti refinery capacity. re-statement of the Working 

brican World-Airways chair- • RETAIL.sales^^figures for last against a background of already **** _ Document on Energy Poiicy.pub- 

i. who described the‘ Anglo-month show spending slightly, serious losses, the latest coal lished ini October, 

bch Concorde asr^an economic down ..on 1 December, though, price increase was “ a very worry- Francis Tombs, chairman of the r lt Dpen revised in tne iignt 
Cre. ; ■ ' , stronger than-the rest of last lug development." Electricity Council, and Sir . tlie recent Government 

. • ' • year.-.- Consumer demand is still - The Coal Board said that the Derek Ezra, chairman of the decision on choice of thermal 

.illti eM Aiar * below sustained boom conditions, price of coal for industry would National Coal Board, for bolding reactors ana, arier views 
rltly/SnOWF a .. Radi Page. rise by about 10 per rent from gas prices below electricity and JJPreaed at the first meeting of 

Isles of Sciliy.'-Wbirire the v ' -J . .. the-beginning of March. .coal prices, and thus cutting into “-uergy Commission, the 

ne flower season" is ia^’-RilL.-*•?*■ARCLAyB RANK is consider- «j^ e p^j Ce 0 f household and their markets. Green Paper places greater 

Vo had its first real log resomptioii of Saturday open- domestic smokeless fuels will not Mr. Anthony Wedgwood Bean, emphasis on manpower consider- 


told. Back CM Page 1> .___ 


-tomic was torecasi .ior we.* u- •' j _ 

i M80s in ar Geneva .speech SP6D0UQ2 UOWB 
t.IILr. William SeawelL Pan “ 


Dr. Gnido Brunner, EEC 
Energy Commissioner, has 
ben invited to Loodon for talks 
on Commission proposals for 
limiting oil refinery capacity. 
Page 12 


priorities for the coming year. 

The energy supply industries' 
bad stated their positions, said ; 
Mr. Benn. The initiative to j 
reply lay wiih the Government : 

The Government's energy > 
strategy was published yesterday 
in it Green Paper. It is largely 
a re-statement of the Working { 
Document on Energy Policy, pub- j 
lished in October. I 

It has been revised in the light! 
of the recent Government 


the Energy Commission, the- 
Green Paper places greater 
emphasis on manpower ronsider- 


Yo had Its first real smw- hjg resumption ot Saturday open- domestic smokeless fuels will not Mr. Anthony Wedgwood Bean, emphasis on manpower consider- 
since the hfe freeze of-1963. ing al'aOmebranches, but is meet- raised until November 1 to the Energy Secretary, admitted a l tl .?, n *r"?u as r f S0UrcPS ,° r ! 
Hand Wales'and jVg ^Nnrih-.liVB on position from bank unions, give, consumers an incentive to after the meeting that there was s Kl ! ,p ° labour, ana need lor, 
EnglandTccmtiSed To he/thie Back Page ; guild up stocks in summer, "tension ” over prices. UainiDg and some redeployment 

«t hit nreas. bnt an icicle six-. inestic coal is also expected to There was no discussion on of work forces. 

- lone and 18 inches- In .® ®ANK ris® then by an average of 10 short-term pricing, he said. The Mr. Benn said the Government 

-■neter 8 ' wiiieh overhung a’per cent. Commission aimed to reach a would aim to present a Green 

G-tnpv Dev on,"pavement was • t0 ' The controversial issue of fuel consensus on energy pricing, but P 3 P er annually on eneigy policy. 

'?$SSa by^&rej^n- ' *• 'London - foreign ex^angemartet pjdcing wag a major topic at yes . no process had been made. • Energy Pohcu. a Consultative 

y .• y * : . .. -?°? SGtute ^ a 'f I S Be 2.7 ? r 1 °£rt.SnfB. terday*s second meeting of the For the long term several Document, £2.Jo. HMSO). 

kvj.'.'.L ■ ' •' - heitig examihed by EEG onrciais. j^ er py commission. apparentiy conflicting factors Editorial eomment. Page 18 

putron th reat , > mr. albs w.iwk - . . . ----->- 

e Sami* Union is" prepared-to . ' Vxegiifive of - British, 

iduc^tts own neutronbonibjl Lesdand -.has : joined Lonrho. Vin ' B jl a a "n "■■■ 

.if French flireat to Europe poll 

Ir cheanesr ln-^Etcrope. according t& 


pressure 

BY JONATHAN CARR 

! . BONN. Feb. 13. 

TOP-LEVEL West Gcrman-U.S. 
j economic talkjs were lioing held 
' here to-night amid clear signs 
, that Bonn planned to resist pres¬ 
sure from President Jimmy, 
Carter’s Administration fur early' 
refiationary action. 

Mr. Michael BLumenthal, the 
U.S. Treasury Secretary, was 
I expected to repeal Washington's 
1 call fur a further German 
i economic boost in the talks with 
| Chancellor Helmut Schmidt. 

1 Among other things, the U.S. 

| feels that such action by Bonn 
’ would improve the economic 
! prospects in France and Italy. 

1 helping to banish the spectre of 
“ Eurocommunism.” 

This was the message that 
Count Otto Larabsdorff. the 
; Economics Minister, received in 
talks in the U.S. from which he 
> has just returned. 

German officials privately 
describe fhis view' of European 
politics ns naive, adding That 
neither the French nor the 
Italians are among those pressing 
; for more German reflation. 

Before to-night’s talk* began 
the Government spokesman pub¬ 
licly stressed that tax cuts and 
public expenditure measures 
already agreed for this year 
amounted lo an economic boost, 
totalling about 2 per cent, of 
West German gross national 
product. Bonn had done all it 
j could, be said, and no more was 
I to be expected. 

Herr Hans Ape!, rhe Finance ( 
Minister, also taking part in 
to-night's talks, is understood to. 
have made the same point at 
Versailles this week-end ro his 
colleagues from leading indus¬ 
trial nations. 

Played down 

Mr. Bhimenlhal wa« at the 
same meeting and came on to 
: Bonn to-day. many hours late 
because of snowstorm*. 

Both West German and 
American officials here are 
inclined lo play down sugges¬ 
tions that the differences over 
| growth could bring postpone¬ 
ment of Ihe Western industrial 
summit planned for July tn 
Bono. 

One official w'ho has seen the 
correspondence preceding Mr. 
Blumentbal's visit, proposed by 
Mr. Carter in a letter to Herr 
Schmidt more than a week ago. 
describes it as unpoleuiicat and 
devoid'of ultimata. 

On the other hand, it is reeog- 
I nised that both sides have got 
themselves publicly into a posi¬ 
tion from which it will be hard 
| to climb down. 

One way out might be a pledge 
| by Boon to look at the situation, 
again later this year if the 
measures already taken fail to 
bring the desired growth. 

But there is no'cvidence so far 
that sucb a pledge is in the offing, 
or that the U.S. would be satis¬ 
fied if it were made. 

Editorial comment. Page 18 



race 



es 


BY RUPERT CORNWELL. LOBBY STAFF 


MR. EDWARD HEATH yesterday 
stepped into the continuing row- 
over Conservative immigration 
policy wiih a warning that a 
future Tory Government could 
not go hack on existing commit¬ 
ments. especially over the entry 
of dependants. 

The former Prime Minister 
was speaking in .London only 
24 hours after Mrs. Margaret 
Thatcher's major speech to 
Young Conservatives iu Harro¬ 
gate. where she attempted lu 
clear up some of the uncertain¬ 
ties raised by her television 
interview 3 furtnight ago. 

Her controversial approach 
already appears to be having an 
impact un voters. An opinion 
poll suggests that since her 
Granada TV interview the Tories 
have regained a'handsome lead 
over Labour. 



Breaking 


Mr. Heailt insisted that the 
Immigration Act. 1971, passed hi 
his administration, had given 
governments the required power 
to deal with the problem—hut 
bad also made undertakings 
which could not be broken. 

Implicit in this remarks was 
the helief that the emerging 
Conservative plan of cutting back 
substantially (he number uf 
immigrants would nnt be 
possihle without breaking sunn* 
of these promises. 

Although he welcomed Mrs. 
Thatcher's hid to spell out Tory 
policy, he appeared tu take issue 
with her un several points— 
identifying hinwelf with the 
parly's liberal wing and its 
unease over the way in which 
its leader has chosen in resusci¬ 
tate the problem. 

His speech tberetore seems 
bound to be interpreted as a 
fresh obstacle to Tory hopes of 
a pre-election reconciliation 
between himself and Mrs. 
Thatcher. 

It-was wrong. Mr. Heath .-.aid. 
to claim that politicians had not 
talked about immigration .We 
spent niHe months in Parliament 
discussing this seven days a 
week. The powers are all there, 
and we have made this clear.” 

He emphasised the commit¬ 
ment made to dependants of 
immigrants accepted for settle¬ 
ment before-1973, and defended 
Labour's policy or allowing mule 
fiances inio the U.K. 

“ If the Soviets broke policies 
in this way, we would lake them 
lo Helsinki.” he declared. 

Labour MPs were publicly 
scornful of the lead that the 
Conservatives now appear to 


Mr. Heath: I he powers are 
there. 

have recaptured in the polls, but, 
in private, many Tear that the 
issue cuulil be a useful vote- 
winner for Mrs. Thatcher. 

The survey, carried out bv 
National Opinion Polls, for the 
Daily Mail, suggests that the 
narrow Labour lead less than a 
month ago has been transformed 
into a Tory advantage of 11 per 
cent.—-even though only half the 
electorate Teel that immigration 
js an important subject, rating 
well behind inflation-^where 
Labour policies won a 37-30 
edge—and industrial relations. 


Trend 


Another factor comforting 
Ministers is 'he volatility that 
the most recent polls impute to 
voters. An 11 per cent, lead 
would, theoretically, sweep Mrs. 
Thatcher into Downing Street 
with a Commons majority of 100 
or more. 

Although such a Upend would 
not he reflected in a real elec¬ 
tion. the poll provides encourag¬ 
ing evidence for the Tories that 
the steady improvement in 
Labour's popularity may have 
been reversed. 

NOP gives the Tories 50 per 
cent, uf voters' support. Labour's 
share drops to 39 per cent, from 
■iff per cent in January, while 
the Liberals score a disappoint¬ 
ing 7 per cent. 

Society Today. Page 19 


I hi New York 


KeOnmrv U* I 


.-,..1 I M .tfsiO-HSrt 1 !>LtU , ’0^S?u 

... i>. 0 .'.<Ii^-. 02 |iiii O.O.^lic^&pm 

3 immiiiIim ! u.05.li- [mi- Q.0B-O.03 

1 ? iiniiiili-. u.roji.iuui* 0 . 6 O -045 ilt- 


\iSC0W. 

>ope-- 

f jj.new ;sc! 
Hiunents 
]>n subm 
Ithors b 


for authors 


cheapest, ih JEnxope, according.1ft 
-a Belgiaa-consumers’ association 
study.---. Liberty ; LHe Assurance: 


BY DAVID BUCHAN 


BRUSSELS. Feb. 13. 


.(new ■ scheme to. give ’ authors^ calcuJated .that the value of - - . , ", . .. . . 

P/mente from libraries h*» a -wife’s’ work in the home Is FRANCE AND Luxembourg turns as soon as possible. by stealth what rt cannot by 

i»n submitted to the Society of worth-£90 a week, hut says tb*L have made a secret pact to block At issue is the Parliament's treaty. 

ithors bv the Association ..of- few' husbands consider ihsurinir >ihe European direct elections intention to rent 200 to 300 offices Both Governments have 
■trouolitan Authorities. Page ffi e ir spouse’a life at a realls® unless the Parliament revises its and at least seven big committee warned the Parliament that this 

figure -pageS ' ~£ plans to expand its facilities in halls. This is double its existing would breach “the letter and 

’ ‘ ■“ Brussels. * Brussels -facilities, already spirit" of treaty clauses, which 

LifiAe AfiHfiiiAn ' - LABOUR - . - The agreement was reached at cramped and quite unable to give Strasbourg the right to taaye 

Onesouus - -XwSwrimst will he made tiHiav * meeting in Paris between cope with a Parliament that will the full Parliamentary sessions, 

dbrokes. who report rejMlving •“'-f’E?L two strikes criPPtinf* President Giscard d’Estaing of be expanded from 198 to 410 and Luxembourg the Partiament- 
ire than £12.000 for the -Con- « France and M. Gaston Thom, the directly elected MPs. ary Secretariat. 

-vaLives to' win the next Levlond’s njantat Sprite Luxembourg Premier, on Febra- French diplomats in Brussels At present one week's Parlia- 
ivu-iuHinp one Bntisn tiejMTOS pum «rt T ..«mhniM nffipiftiB wiiiiri nnt tn-dav mnflmi thn mentary sessit 


iries, 11-10 Labour. 

Sriefly • ■ * 

ten people -died and. 23 were 
jured in a. iCairo commuter 
ain tiollision. 


. .j- . . J if‘lit 1 j grin AUIiW I Auv uiuvl . a ** '“v'- 1 —————n ——- _ , -—- •* -- 

SJJSJEi* and Leyland manage^ ("when Britain alone is being insist-it was the French Presi- Luxembourg officials, who were 
menh whfle^CAS will interveneJhlained for delaying direct elec- deni's idea J and M. Thom, who ttH|ay_ cluming that the Bonn 


^ P . r ‘? hor^n&H X>rth«^di^- Bock ware Group and Urited ^, 0 ufd be. do -for direct elections. into the Duchy’s tiny economy 

Sv^nf mercurv in ati^teraSi Glass still iledfearn suitors. Bach ' Some Euro-MPs have described The French and Luxera- M- JhOTn has his own national 
,yery of mercury ra : an isnieu « . .. the French-Luxembourg threat as bourcers have accused the elections next year, whde 

upment . blackmail, but recognise the Parliament of aiming to* move President Giscard faces the 

jreical admissions to London's • TOYOTA reports recoro gaies dilemma it poses for the Paxlia- “vital* 1 services, tike archives, to French electorate next month, 
norfields Eye Hospital, High for the six months to December ment> w iu C b wa nts direct crec- Brussels, and trying to aehieve A nomadic existence. Page 2 
rtborn, have; been caneffle^ 3Ln> M cent. . . _ 


* ft n tions in all nine EEC states until sees vital Luxembourg interests Government supported their 

at Haiewooa. rsge.a ".v" 197 g af ^ earliest. at stake, happilv agreed. cause, say that a vital national 

miudi «|k . France and Luxembourg fear The most likelv means of interest is at stake. “We don't 

UUMrJUlTO .- r ijiat the Parliament is. set on Mocking the Euro-elections would have many of them, but this Is 

fr. TrnF.EM INTERNATIONAL taking root in the 'Belgian he a refusal by both heads of on ft PP e t( ?P official said. _ 
has withdrawn its partial bidJbr capital, where a growing mwi- Government at the Copenhagen Higbiy-paid European civil 

_Clone IpNvtn'p , ~r MD, r„ale it Anvil n nn... fiprvants iniPM 3 Inf f>f mnnpv 


northern Bedfearn National Glass, Icavio'gjber of European MPs feels it summit in Anrit to set a new servants inject a lot of money 
nunuwu *- — _r— —*— jnlo th e Ducbys tiny economy. 



<**/ 


nibom. have been wncdUed 3L-up- 16.6 per cent, .nr 

-saip damaee 10 ope f- 


CONTENTS OF TO-DAY'S fSSUE 


JII1EF 'PRICE CHftWfiES YESTEMAY ■. 

Spirax-Sareo ..266 + 4 


RISES: 


■unding J 

torkeley Hamhro ... 102 + 4 

libbytJ.) ... 

Ullam (J->. .. 4? t 3 

:« n «B»d.ov. a on i_.--jM.--J.-. 

JW1. ~>2tf 

Slass & Metal-.- W +■» 

Garrison (T- C.) .. J;®. 

Jtdies Pride Outerwr. . OT + 3 

Lonrho . llrT f 


Viuten ..._SS'i‘ £-■►=■ 

Weir. Group ..129 + I ? 

Oil Exploration - 228 + 8" 

Sebens fUJK.). . 290 + 20 

BRdionsfiate PlaL ... f6 + 5 


Bfehopseate Plat. 

Ubanon . 

Pahcontinwital 

Randfontdn 

RTZ . ..•'. 

Western Holdings 


520 + 49-. 
875+50 
JES24+ 1..:. 
177.+ 6 I 
£16i+ i . ; 


/European news .2 & 3 

American news . 4 

Overseas news. 5 

World, trade news. 6 

'Home news—general. j. 8 

—labour ..11 

—Parliament 12 


Road surfacing and Office of 
Fair Trading .18 

. Society to-day: opinion polls 19 

Norway's oil wealth . 2 


VIFI Furniture- 

Minster Assets 
Nottingham Manf. 
Office & Electronic 
Reed.Inti. .......... 

Reynolds (W. J-) ... 


132 + 6 
601 + 21 
114 + 5 
4W + fi • 
307 + 5 
31 ,+ 3+ 


.FALLS: 

- Treasury lt'% 1982... f USA — i- 
Ekchequer 101% 1995 

(30 pd.) .*23t- f. 

Greatermans A .. U3 “ ® 

.. Tate & Ljfle ..,....™..200*d-. 5 
West of England Tst. 42;- * 
Wilkinson Match ... 178 - 5 


Technical page . 

.. 14 

InlnL Companies .22-23 

Management page . 

. 15 

Euromarkets . 

22 

Arts page .. 

. 17 

Wall Street . 

24 


. 18 

Foreign Exchanges .. 

.24 

UJK. Companies. 

.. 29-21 

Farming, raw materials. 

25 

Mining ... 

.23 

U.K. stock market . 

26 

FEATURES 




Italy's illegal currency mar- 

U^.-Israel relations . 

4 

kels: a steady flow .... 

2 . 

Pampered -farmers misled 




Ministers ... 

25 

Nomadic existence of 

the 

Cosily rare for Medfter- 


European Parliament. 

. 2 

ranean pollution. 

28 


ApPOhrantHiis ..... . 

, AppfltatnwnU AM*, 
ffnrimrnr APPtf- ... 

• CraKVMttf . 

. Entertalanwut Guide 
- FT-Actuaries Indie cx 
.Ho«ne Cwuracu ... 
Letttrs . 


Lex .. 

Lombard .— 

Men and Mauent .. 

Honey Market . 

Saleroom . 


Stare Information-.. 34-3S 

To-dajr’s Eveoi* ... 10 

TV and Radio .. .. U 


Unit Thku . 27 

Weather . 56 

Wine . 36 

World Value of E... 11 

INTERIM STATEMENTS 

Dowty Croup . 2D 

loipala Platinum ... 36 


ANNUAL STATEMENTS 

Burca Deao .. JJ 

Charter Trust and 
Aaemy .. 21 

Investors Cap. Tst. 21 

Base Lqadlna Rates 27 


For latest Share Index ’phone 01-246 S026 


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7 •,?;•; .•.■>•: rri:qh.l as welt hve or the best.;•=• th* right 
s- •*? a? voj go down. The sunny side Tr.e r. jn.o^rSO 
A.I tr.e great streets of Uie ’.vort.l h $-,•■=■ 
r:j; o.de. 'An Avenue Foch. for a cept j;- :.v» most 
j.-.t after nas been the even mime*: side. The 

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■:r.-~ ifaitnfully reflects the spirit of A.v?r.ue rock. 
V. urt ;rjee. four and five room apartment:'’.?, we supe:- 
itt -:■: , ir*s. A.nd with four, six and etgh; m town 
i'vu' is irt i!ie lower pad, complete with p*;ioc. r>! ^nte i 
firees and Hanging gardens: a total of *XK> souare 
2 ’ir.> ol outdoor Living space out of 5c<» square 
n.-:;u:s. 

Apartments and town houses. The being 
created bv the architect and the interior designer :s 
"i-'fne and bronze tone", in the iradmon of ;nrs avenue 
ii".*r leads to the Bois de Boulogne. It is, ic'.v.jvet, a 
in nr men nothing is rigid, a style with a iree and 
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Hsbiter A.venue Fcrh. a Pans ? Autan; hahiter 
I-? bon cor*. Cote dtoit. quand on descend. Ci>te 
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i-.nl !e s nit meres pa irs. 

L* cinquante. Au numero ctnquante. s'edifie 
un ensemble nouveau el ties fidele a l'Avenue 
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oil se m^lenl patios, verdure, jardms sus¬ 
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Appaitements er hotels patliculiers. L'ar- 
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"piene et ton.bronze".qui respects la trailibon 
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crire a une cor.cepuon.tres litre des espaces. 
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NORWAY'S 
DEVALUATION 

Government 
misjudges 
timing ‘of 
oil wealth 

By William Dullforct 

In Stockholm 

WHY should Norway, the second 
wealthiest country in Europe in 
per capital income need to de¬ 
value? This is an obvious 
question after Norway depre¬ 
ciated its krone by S per cent, 
within tbe European currency 
“snake” on Friday. The curt 
answer is that the country’s 
North Sea oil is still potential 
rather than realised wealth, 
while the Norwegian Government 
has been behaving as if the oil 
money was in the kitty. 

Like most short answers this 
Is both inadequate and partly 
unfair. The Norwegian Labour 
Government is not the only one 
to have under-estimated the 
strength of the world economic 
recession and It cannot be 
blamed too severely for misjudg¬ 
ing the time and cost of extract- A 
ing the offshore oil- It can. how- m 
ever, be reproached for taking so I 
long to face the reality, to which w 
its domestic critics -have long 
been pointing. 

The main motive for the de¬ 
valuation is the deterioration in 
the payments balance which, nrg 





Stiff at the. design stage—the proposed European. P?Hlament building. 


The nomadic existence o; 


the European Parliamea 


The main ^motive for the de- . -.-|IY DAVID BUCHAN IN BRUSSELS .v^l 

valuation is the deterioration in _ , .'r-'-? - * - 

the payments balance which. THE LATEST row which Parliament's intentions in the powerful allies, mchHUagilft' 

when accompanied by an aoru^r threatens to postpone. ^ stills Belgian capital breach “ the letter Dutch. S!dcittGst 

decline in the compennve P°si- further diriMt elections-to the:.and the spirit " of- the various Patijn, the pelitica] 'affairs /»s } - 

tlOD Of Norway S trattluOnai ex- TTnrrmAnn nurlbmPTit hinmMt - nn trl&atv aarppmpnfv oftwnihp the mIttpa rarvnortttnp 


LATEST 


decline in toe compennve posi- further direct elections -to the:and the spirit” of the various Patijn, the political affairs, 
lion of Noiway s traamonai ex- European parliament hinges on treaty agreements governing the mittee rappocCBux-»h»' fe-'nw 
ports, is alarming eveni for a ^ q1c j problem of where the geographical share-out of the up a report on the future.-* 
country with Noiwa^s ^pmrta should be fiited . . Parliament's activities... ing p.lace (rf. the Parifqme^ 

'nie parliament now moves -- The Belgians have firmly Patijn- piibhely -favmri^ba 
N f 01 Ii«^ a ^ U «whn te ffSTbni between Luxembourg and denied the darkest of French and. Council, Commissimi and.ft 
*5u.vearStrasbourg. A single seat for 'Luxembourgersuspicions; naniely ment -in one city; and pmi 

lndudme Kr.2«.5nn. last year. minti* ha halnim, tha thinlrc 


bans. Over in e last utree years noir moves - The Belgians have firmly Patijn- piihhely: 'favoors^b^l 

a vJ«whn tei ffSTtmi between Luxembourg and denied the darkest of French and Council, Commission and,Pari*' 
^1 nH <T ^ J velr '' Strasbourg. A single seat ftnrLuxem bourger auspicious, namely ment in one city; and pmj« 

m^idin Kr.-«.^in last yeat^ lt ^ nev?r been agjo^.thjLt it might be helping the thinks thatddy miwt-Jie'BriiffleU 

cr rim thin forecast at M - Gaston Thorn and President Parliament to find a suitable Against this growingMjr^S 

th; of the v«r The discard d'Estaing. who have Brussels site for a hem icy die .or the LuiembourgV 

1 OT 8 bi?d"et nredirtion anti- agreed to block direct elections parliamentary chamber,: thereby Governments havfe■. .feiffiS 
rSateri a fan in P the defirit to « the parliament rents new. enabling Parliament to shift lock, somewhat uneasy allidB^M. 
K?16bn but this has alreadv office space in Brusseis have: stock and barrel thither." Luxembourg■■■■.the gariWo^j. 

their own reasons for acting .am - Indeed the Belgian Prune greater. _ It. has . always! j®- 

----- the issue. But according ;to'the. Minister, Leo Tindemans, has now hanl to get EuroDeidl^S 

»TR. M\UNO KOIVISTO, the Rome Treaty, a decision on th'e^-.offered his good ^offices: to try to tiitions, and" already- has^ffl 

governor of the Bank of siting of the parliament can satisfy the Parliamdnrs needs Court o,f Justice-and. fhe. E^ 

Finland, said over the week-end only be taken by “ the govern- and assuage French and Luxem- pean Investment Bank. ; 

that the general guess about a meats of the member states”-. i^ ur J e F fear i- A* •'¥ 1 ®--?!9* nfin *, . But to the large, service se&d 

5-8 per cent, devaluation of the UntiI ^ governments do so— ' jj! -Jf preSbfe J 0 J ts 

Finn mark would be pretty and ^ey show no signs of fackl- c^c ^n^ ca^UaL A Eb e lhDl!Sil ! ld ' ^ ly 

near the mark. II Ftaland does m g this difficult Issue ih -the cniution S Sit if woiild 9 ?^? “^ Wlt£ ^ kes a 

devalue. A devaluation of more forseeable future-the parlia- ? ifte to ae^pirliaihenL apart.Inmug 

than 8 per cent, he excluded, mem is condemned to a nomadiff 3 er t b h ,efte iSwStt P 0 ,tlcal -j ‘ . - Luxembo^ 

Lance Keyworth reports from existence. The dozen or so fiiir }^i commerSal P ^remS vaIu “v A *- the “ rae tun ^ h « 
Helsinki. He also said that sessions a year are supposed-to C01 ““erpiai. . premises ever.-th^Luxembourg parliamw 

there are better ways of im- be he , d in Strasbourg, though up £r" y idt ,,. tbat Liiremhourc cannot taJre more ^ 

proving Finland's International to half those now tike place in ^ 

competitiveness, but they are Luxembourg; by a 1965 Ixeaty have inTolv^d fn lhl Partfamrat'1 " ^ , Government thereftir 
slower in their impact than Luxembourg is the seat of the e^Lsion a fellow called fn the fYench architect a 

devaluation. parliament’s 1.500-strong seens “22„ a ; _ Montreal Olympic stadiun 


that the’ general guess about a meats of the member states”-. P^ ur J e f fear i- A* the. moment, , to the large, service 
5-8 per cent, devaluation of the UntiI ^ govemmente do so—preSbfe ilS °F«f^P 0in =V : ^?3 
Finn mark would be pretty and ^ show no rfgns of fackl- s?Sc ?n^ caSaL A Sble th0M3a P d ■^ 8 l biy 
near the mark. If Ftiiland does m g this difficult Issue in -the cniution S Sit if would 9 ?!^]? -pakes a 

devalue. A devaluation of more f 0 r se eable futnre-the parlia- ? Ste i? ae^pirliarienL 2““ apart.from,^ 

than 8 per cent, he excluded, m e n t is condemned to a oomadhr^er tfin have^e PmrU^Sft P o itica1 --' ' Luxerabt® 

Lance Keyworth reports from existence. The dozen or so fiiir }^i commerSal P ^remi2s' vaIu “v A *- the “ rae tun ^ 

Helsinki. He also said that sessions a year are supposed-to commerp,a1 .. P" m,ses ever.-the-LuxembourR parliamea 

there are better ways of im- be heW in Strasbourg, though up S *« tbit Lireemhour- S52 mber cannot taJre more ^ 
proving Rnland's International to half those now tike place in mieSbeSuredto-^Sc - ^ 

competitiveness, but they are Luxembourg; by a 1965 treaty JJJ. 1 jn^StS m " ^ , Government therefor 

slower in their impact than Luxembourg is the seat of the e^Lsion a fellow Ko^enuSm ^Ued fn the FVeneh architect a 
dCVa,tUUOn - wmSThey canatTeaftbe^fn ^ JS" 

“ convenient practice, parliainen- ‘{J®- Eur^MF^over^hom years preparation a plan for 

been revised la around Kr.20bn., tary committee meetings' are Sev have Locontr*? * h “■ «^«.eat hemicycle plus 400 mor 
despite the fact that the oil generally held in Brussels, within ^ ey Dave nO COnirei * - . • • offices plus practically everythin 

operations are scheduled to show eaS y reach of the Council,and '• - else was sprung on an unsuspefl 

a surplus for the first time this Commission. JT TCllCfl I6flr xog world last month: 

year. With the doubling of ..the .a.":- ■ fc * . Greeted as Mr. Thoms A 

Labour government policy has number of Euro-MPs from i$8> ' Tbe"Jran<m;and-I^xembourg:er jump and the “leaning to«a 
been to maintain full employ- nominated MPf, to 410 ake^ly Governtoesfe-Mc-that a directly of Luxembourg," it would -hi 
ment and ensure an annual rise! elected ones. thV ParUi^nt'S'blec^.ParUai^nt will take the financed by banks. Tbe Luxe®! 
in real disposable incomes. This; managers under their presidents, bit*..between-its teeth, demand bourg Government claims it hg 
target seemed not unreasonable > sig. Emilio Colombo, have-hot « say in: where it works; and had offers from 10 different cot 
for a nation of 4m. people with I unnaturally been looking for conclude that that should be the sortta, from as far off as 
oil and gas assets comparable to [ways to 'expand the present, same place, as pie .Commission CuH. ' . ^ 

those of 50m. Britons. i facilities for MPs, staff and so on. and Council, in other words The Luxembourg state wnpjj 

But tbe technical problems, Because of the present split Brussels. . . . guarantee the. payment of retil 

accidents and the government's] nature of the Parliament’s work- Members of the present Parlia- But before ground is-broker's 
own go-slow approach have j jng habits, this means expanding ment already complain about the wants ..firm Assurance that tW 
delayed the oil income. At the, 0 n three fronts at once. Sig. waste of _ money .and time. Parharoent is not about lo deagl 
same time the world shipping! Colombo has stressed all along involved •. in traipsing . aro.und"the oiichy.-That is.*"ih'cLsticJtffl9 
slump has cut the earnings of! that the Parliament is in no wav the Luxembourg-"Strasbourg,- .point. Many MPs want .no 
the Norwegian merchant marine.! trying t 0 ••prejudge" a final “Brussels . triangle. .Some- -500'done ..-with • Luxembourg $4 
Last year Kr.Sbn. of the increase j decision, on its eventual resting parl iame nt officials .travel'.down ^ wo aid ! hind, the hands', of thga 
in the foreign debt stemmed j place. to Strasbourg sessions, with;docu^:ditetftjy^eJ.ej^ted suege^gors- 

from shioping. | The space problem is worst in mentte.packed into- .accompanyaig- ; 'Sfrasbdufg: has taken-a sligfin 

Private coo sumption, boosted Brusseis. Tbe Parliament's lease pantefShntcons. a^e8Sef“m6ie.;ieTaSed' lindTt^fe' majm 

bv wage increases has soared Ion its present cramped premises exodus takes place for Snu^s Mri'-PfilttUu,' philtfafpWtaUyjS 
w'ith a corresponding rise in im- there comes to an end in March, committee- meetlngsr - . r- marked in;announclng: Ws p® 
ports. I9TT was a record year for 19T3, and since last summer it Parliamentary officials spend t^»t .It would be impossibioS 
car imports- Domestic coosump- has been looking for twice the as many as 100 days a year out-keep, the Parliament there JSg 
tion. excluding oil and shipping existing number of committee side Luxembourg, while MPs defimjBly ;• .against,:::iU wiffg 
ruse by a good 15 per cent rooms and offices. It has not yet coming from their various toim-^Strasbburg already.ii?s- a peo 
between 1974 and 1977 compared settled on anything, but the tries -compjain of- poor : travel, maoeni jiart .tenant:for.its build-, 
with a six per cent rise in real | French and Luxerabourger links With'both Luxembourg and itigs in-the shape-OfThe Cou^ra 


income, a net foreign debt of! of a wedge-—and one that would out. otf.r'Parliamenfs own £&4m. expaiisf&b'Jdr. diretff^elccUl 
Kr.sobn. at the end of 1977 might j be pushed ever further by its budget’' ^ r.The^-^ptesBitt ; seiiliffg:c'wh ; 

have been acceptable, were it not [MPs, who are al ready ^ c ntt caio f British MPsrha.yeried demands stretrtierf^fp take 5&k" L ’ 


over 9 per cenL a j-ear despite! The French and Luxembourg voerferously and p3rtJ? becatige.PflJioj.lin’s officiars.say.d^y 


BY DOMINICK J. COYLE, RECENTLY IN LUGANO 



production. At the same time the • -. .• v - . ... ■- . 

ITALY'S ILLEGAL CURRENCY MARKET \ & 

in the European currency « .... + " .-V-'' a "■~ - 5SS 

"s-SitSc: A steady Hight oTlhre I 

labour costs have risen 25 per - • r ■■ "y. - : ?'- 

cenL more than the average for 6y DOMINICK J.'COYLE, RECENTLY IN LUGANO - v,. -f .. 

Norway's main competitors. Nor- -■ - . • . - : — ■, ;•■ - ... 

S2!fet TS h ir an e Vereal lT ^ Y ’ S so-called parallel foreign Afterall, the' prospects ofCom.; ^.-Fdr ie-'bihks them^ver, 
K faster rate Moreover Gov- ex f hange naumstB -participatmg:directly in launderiHg_;of; Blegal Ure mam 

“remetit lUlo^ment relirf aod way to describe the illegal the ■ next Italian T^overiinien.t^:tite:.tcinpbraiy, -Sh?t 

rnu ent einpiojmem Tet ei aoo black market can"often provide must. .Jt vas. ^reasooed^ b?',an;imerest-bejffi4 ' 5fi 

baulked the needed reSrucreS >ts own useful political-barometer additional;: boost -to-'-fiife Mv 

ing of Norive^an industS as £ * l “ a< SovenmeM cases. iflegaT. capital:.ex^«^S-.'-fzdm';aVnahe',ibflr.^iIfenlffuC^'5SCD.r*^S 
ih? OFrTi hnin^da utina recent Wghtnow.il seems w.be saying epuntir, : wbere^.^tiac&a ,:3>|t-if'i£-hy wjdenuiastheSgxcb^H 
Internal reoort t ^ ,a * the - P 1- ^ 611 * Govern- away^-in:j : heigbbburiH^'Swtteei^-«ite- : in'^ ; gedei^^ r jlda 

The decision to devalue ^ cn . 5iS after four weeks land is ^s_natural f6r ltalians,ai that- theyvget 

appears to have been taken b . e near11 ^ some.90ft";of.conclu- having^ glasS 1 .of vizi*>i!fi tf i&i while ali_rihe wlfie 
Xn the resuhs of the Govern- «%»«- . •t^rrW 5 ;..t^# a p ^S 

menfs reassessment of the long- S i f rate ?roirnd/.ftre-L^gano--area,.jnclud- rai&^-conia---Slide, 

term economic prospects were U ; S ’ jgg -Chiasgo. aeaL-of^tast-.yeai^s speculkti&a...or.: 

reported to the Cabinet.. Tbe bac ^ sharply to L897/907 by last Credit SUiss^ fiasco, wba take In thrpuglr-an-officiardeValpaDt^^ 

man in the hot seat is Mr. Per ^Sr 2 "h 99®^ - !il * But;'ille^ai. ; lire traffic. 

Kleppe. tbe Finance Minister. A r .?^ ^denedyiei£,margins / to awan aU jjai^ gainagl_.SpeSp 

who has Jong derided devahia- a couple of days when the the fiood,.^^“..The "mitfdfemen^^ 

tioti. .His share criticism of tbe “inonty Christian Democrat Milan elsewhere^ Sn - tnaW8^ 

Swedish devaluation last August S"5®- it 


literally 


both industrial wages and farm £°V 1 H ca il.. cr l 5 i^J >r S“§fL t _S ? n ' land periodic additions ,U)"thelr c]eare d - whatever the sitUHn 0 " 1 
prices. He now admits they have JjJy >y open dcmandMince nest-e&. The lire "are 1 quietly oreSioi the ^ 

been too expensive. _ " ® l 5f„ changed into Swiss francs/doilars notice, too Mw fdtiy well. *? . 


been too expensive. - — - cnangeainto owras rrancs,_ttOiia« notice tori inwiw fnliv well ^ 

This week Mr. Kleppe will try l or whatever, ; by ' banka . ; wba htszorics}" - rorretatibn betwe^ 

to organise a 197S incomes settle- even tiWll2‘Tecyde )ire back jnto Italian oolltical- CTises and 

ment. The devaluation gives E ^S k Italy vja.uasuspectwjg—butinot rSney' seeSS ^^re scc^ 

him a fair start but the trade 2f nr i^ h, c itinr th S al waySrr*Ourist£ Di whom Italy home y seeKing a 

union federation chairman has mar kct ha5 been by all signs and had morerthan;30m■■ iaxt-year. . ’: .. .*•. - ^ 

already said his members will a '”” ab ' i e relatively Italians:;workIng:,irt. Switzer- A: battery- of-ihew ,4^. 

want compensation for any price moderate in recent weeks, and laud also fuel tillsjegutar inegat-Te-inforred.'./laWs. iaei n6t ^ 

rises resulting from devaluation, tiie official ^opening ^ ^te yes ter- market-rMany-^qf-. them criss- Illegal -.exportation 
Mr. Kleppe's situation is uo- oay morning was L5B3—a full cross’the':-iriiotierTdaily-,-ta and also helped,vV^hHff: a - -fie 
enviable. This time he can twelve points better than at the from worlL:M E -^W' 1 ^ I y'^ Of no^uesttonwsfced •aajnes^ T “.f 
scarcely offer any real rise in Milan fixing on the day after the them -are patdri.h. lbcaj' currency- manajged'td' a ttract bach-40 
Incomes. That may come as a Anareotti government formally and 'an i^chakce at - a^smalt-proP 01 ^ 011 .,« 

shock to some Norwegians who resigned, on uiat same day, the rate in: iiit from'Swis$and--other 'the £20bn; of money wh^r i 
voted the Labour Government parallel quote bad reached banks-W thcV»^a;mirih hlgher estinia.ted riihieriratfvety. toD ., 
back into power in the Scptcm- L92i. and showed every sign of thah the.. offieiai:'mte in. ^lsm“flighr Italy-fer 1 -the pa*i 
ber general election, climbing. and - Ko ^ v>' • - ;j:'couprevSSecSjk ■ 5 





























EUROPEAN ; NEW&rt 








«■ , 


.; .. . . V.. . 


~«vir,« :-■ - ' - 


EfjTnrin 


fcEATJQN PtXjiievp; ,';- J ;j - y. '-. ' 

k? 06 ®^ -: chief!’ 4 BYl'PlHnj' 

&S-2&S ;':**:-Burapean : 


line Resources redefinition 
means ‘more’ uranium 


Market 


STRASBOURG, Feb. 13. 


wRSF /■* first - _ ■ — rz f . ,• , • , b .*>•„ i> . v. i cm. *o. 

-Sngmsb£GDvp T 7 Tm t > TT » hn^ SENIOR... Briti^-UCftflSgrvativeg advocates of EEC membership 
r J& A v • .o. co-ordinate' jtsproDoserf- *?5 ’^^ ten ^C^^* I ¥ lan i lent ? 1 ror Britain, he is said to feel 
/jBSu ntd tb^NVjje; “Oil: FnH»v" s^tctf in nxrt^rtiottCT'tCW'arda mere a si ns respnttmmt * and f rus. 


tffWpida increasing resentment; ?nd frus- 


BY DAVID FBHLOCK, SCIENCE EDITOR 

WORLD RESERVES of the most and political reasons." the study 
accessible uranium ores, have acknowledges, some of these 
increased by almost 50 per cent, reserves art unlikely to be 
over 1975 figures, according to exploited, so additional ones may 
the latest official statistics. be needed to fulfil the demand. 

. , _. . by the end of the century. 

This is largely because mfia- °> Another tQnn * s of 

bon has prompted a re-definition unDiiim are believed to be avail- 
of what is accepted as reason- able . j n reasonably accessible 
ably assured resources of fon j^ blit this represents only a 
uranium. _ small - improvement on the last 


ably assured resources of forta tliU represents on 
uranium. small' improvement on the 

The most accessible uranium gj^tes. published in 1975 
has now been redefined as those production last vear 

reasonably assured resources w J ab0 ur 30 per cent .less than 


partners. Mrs. ?ffarga*et'-That- of Agriculture, w the fisheries 
1977 cher. the'party leaded Will eome negotiations with the EEC. The 
l under intense nressure.to aban- Conservative support ls expected 


steal 

irlial 


fe sfewffeii Tinaer intense pressures ^*i^ivaw*c 

don the pro-Europ6ate JConserva- m he strongly expressed when the 
tive line. ‘ European Parliament debates the 

SX?*? -- Support Js'^flM^g.'Tapidly in issue here to-morrow, 
s-ilfie ftoFiSjHSSlS? be the party'sbierarcby ftird poliey Mrs. Thatcher and her shadow 
nations. aimed at chaingmEThe present cabinet are reported to have been 
splufton is a carefpi com- EEC organSsatiohsUi)to- h sl ; . wider examining relations with the 
e - Although Sr. Calvo and looser . E urope an' trade EEC in a much more critical 
1(1 .Ju direct to Sr. grouping bn the EFTA modeL light with the approach nf a 

jj there will also be a special Mr Geoffrey Ripon, who nego- general election in Britain. 
«\pating committee-of which dated the'British entry': to. the Several shadow ministers are 
be vice-presideht.'ahd.Ttlie EEC and now leads-the’. Con- said to be concerned about the 
a Minister, Sr. Marcelmo servailve delegation to the Euro- possibility of being out-flanked 
l president. p eaa parliament. is likdy to he eleetorally by the emphasis which 

I[balvo'Sotelo, aged 51 is chosen to signal th£ policy the Labour Government has 
I lied as being close to ’the switch - .-if the fisheries-. pegoo a- placed on its defence of British 
Minister, He wastfa^raan Hons fait. . , .-i national interests in its negotia- 

d With having Welded the Late several- -other'' former tions with the EEC. 


h h S e n, P r 0i ih bl nr a n^nmS uranium production capacity of 
below S3D per lb- of urnnium ,_i oo /uvi j 

oxide, compared with S15 per ib. de “ d 

nreviouslv was only-M.000 tonnes. 

p AW a rMiili estimated world Presently estimated uranium 
reserves have increased by resources indicate ibe ability to 
48*1000 tonnes, to 1.56m. tonnes aDd _ e *P and |^re** foW hy 

of uranium. tohn® 5 - 

These reserves correspond given- sufficient economic incen- 
theoretically to 31 years or tive and siabiliy to provide-the 
forward requirements by the basis for orderly growth- . . 
electricity supply industry. The. study_estimates demand 
accnrdinc to the latest joint increasing to 71,000-88,000 tonnes 
report In' the OECD's Nuclear by 19S5. and 102.000-156.000 
Energy Agency and the Inter- tonnes by ]990—considerably 
national Atomic Energy Agency, lower figures than its previous 
But for “economic, technical estimates because nf the lower 

TURKISH FEDERATED STATE 


growth rale of installed nuclear; 
capacity. i 

Most of Ibe 20 uranium pro¬ 
ducing countries covered by the | 
study have experienced big in-; 
creases in producing costs since! 
1973. ! 

In North America between.! 
1973 and 1976 labour costs ■ 
increased by more than 50 per: 
cent., fuel and electricity costs 
almost tripled, and costs of the 
main processing chemicals more I 
than doubled. 

Exploration costs in the U.S.; 
have tripled in a decade, from | 
S2 per pound in 3974 to S6 per; 
pound in 19n. Uranium mill! 
construction costs tripled be- • 
tween 1973 and 1977. , 

As a consequence, world S 
uranium prices for neiir-term; 
deliveries have risen fr-om about! 
■815 per pound of uranium oxide j 
in 1974 to about $40 per pound] 
last year. i 

rraniiini; rcmiirrp*. prorfirirou mid ] 
rltiiMLid; 1977. Juini report hr the OECD | 

and Uic IntemaiUraal Aiomlr_Enorcy; 

Afiencv tj rue Andro-PaSL-al. 73773 Pans. . 
CEDES 16. France.* 


Belgrade talks may 
enter decision stage 
in next few days 


BY REGINALD DALE 

LONG - RUNNING diplomatic 
efforts to reduce tension between 
East and West should once 
again enter a decisive phase over 
the next few days her&. < 

The two sides/-'however, are 
still far apart ori the ground 
rules they are trying to estab¬ 
lish for the conduct - of their rela¬ 
tions in the years ahead.- 
The immediate problem facing 
the U.S. and the USSR Is how 
to bring the 35 -nation-Belgrade 
Conference on security, and co¬ 
operation in Europe - to a close 
without conceding the other a 
major political and propaganda 
victory. - - - 

The conference. Balled, lo 
review the 1975 East^West 
Helsinki Agreement, is officially 
due to end in mid-February, but 
shows no sign of reaching the 
consensus required. 


BELGRADE, Feb.13. 

With the talks stiii in almost 
total impasse after four months, 
.the Soviet Union and its allies 
are stepping up the pressure to 
erid tbe conference without 
making further concessions on 
issues such as human contacts 
and human rights. 

Tbe West and the neutral 
countries, however, do not want 
to leave Belgrade without a con¬ 
cluding document . of some 
substance to present to their 
parliaments and public opinion. 

While the West and the 
neutrals are prepared to sit it 
out at least until the end of the 
month in a bid to wring conces¬ 
sions from the East, the Polish 
delegation to-day repeated its 
insistence that tbe drafting of a 
concluding document be com¬ 
pleted by the end of this week. 


ite groupings of the Right 
nitre into the UCD parly 
as able to win -the June 
-ns. .. . 


Celebrations and a determination to succeed 


unmission set 
in Holland 

hades Batchelor 


Left-wing movement to 
campai^ against Soares 

BY JIMMY BURNS i :* USBON. Feb. 13. 

A LEFT-WING mbventfht led by Socialist party's national direc- 
a splinter group from the torate committee resigned in 
Portuguese Socialist.2arty and sympathy with Mr. Lopes 
with secured links in ttr armed Cardoso. 


■ - •• Portuguese Socialist-Earty and sympathy with Mr. Lopes 

AMSTERDAM, Feb. 13. with secured links in:ther armed Cardoso. 

DUTCH lower House of fare's ha* publicly committed Among a group or military 

nent has aomiinw i t0 the “ active ..popular officers who attended the 

a ember Independent coin- resistance " to .the second consti- national congress of the UEDS 
a to investieate elaimc thaf lutional government-', of . Sr. j n Lisbon last month were Majors 
inns took advantage Q f Mario Soares. Ernesto Melo Antunes and Major 

oreknowledet* of * Jhanpe Th e movement,- called . the Otelo Saraiva dc Carvalho. Major 
laWs It is Sicted^tn Union of the Left;;tor a Antunes is head of the Revolu- 
bout two months tn cark- Socialist Democracy (0EDS), is tionary Council’s Constitutional 
-work - - led bj inleitecmal...Sr:^Antonio Commission, a mixture of 

. ' Lopes Cardoso, who as .a member military’ officers and civilian 

decision to^set up the com- of Sr Soares’ SoriaHstparly was jurists empowered to veto 
n came after senior tax Minister of Agriculture - .-5n the Government decrees. Major 
tors claimed in a letter to constitutional gevemment. Saraiva de Carvalho was once 
nent that MPs and mem- s ^. xop^ Cirdcwo’^ "Marxist the head of Continental Opera- 

r thi* nrfbiiiniia flnvormnerit - _ L..i _, .-nnnrnxr. 


po itjcians are alleged to resigned his Mini^rjl!following «e is uuj-rerniy awaiuus 

Aken out a form-of insur- his refusal to abide.‘btr his.Trime tr * al m connection with a Left- 
'Olicy which allowed a very I Minister’s more moderate line on uprising on November 25. 

ax write-dow-n just before the-land question, \ - 1975 - 

to remove this, tax advan- j^Lr. Lopes Cardoso, Who claim? In the unions, the UEDS has so 
vere announced mParlia- that the leadership of^ihe -Portu- far allied itself with the Com- 
in November, 1975.; : “guese Socialist Party i^'Spcialist munist-dominated General 

tax inspectors did not in name ealy,* 7 56 liiaavni - .to^pm-. Workers' Confederation ilnter- 
any politicians in their mand the support' of a sizeable sindical), adding a considerable 
which was. sent-to Parlia- section pf Dr. Soares^-'party. number of votes in strategic 
last month. ;• Last year 19 members of they elections. 


BY LARRY KLINGER 

THERE IS a determination to 
succeed in northern Cyprus, in 
the occupied part of the island 
now culled the Turkish Federated 
State. This self-proclaimed and 
largely unrecognised entity, 
whose creation was made possible 
only hv the 1974 Turkish 
I invasions that drove south the 
I majority Greek Cypriots, is 
currently celebrating its third 
anniversary 

The celebrations were a com- 
! binalion of sentiment and 
i authority: decorated streets, mar¬ 
shalled schoolchildren. Mayoral 
and Ministerial addresses, and 
the inevitable march-past by the 
Turkish Cypriot security forces, 
however, there was no official 
presence of the 26,006 Turkish 
troops who invaded Cyprus in 
1974. 

The mood of determination 
prevalent in ihe north was 
-obvious this afternoon at lhe 
inauguration of the federated 
Slate’s new legislative assembly 
building, u converted cigarette 
factory. 

Mr. Osman Orek. President of 
ihe House, told the members of 
his “ confidence in the future." 
and called on Greek Cypriots “ to 
see the neaeeful hand extended 
towards Ibein."'adding a warning 
about any continued failure to 
co-operate economically with ihe 
north. 


NICOSIA, Feb. 13. 


After reviewing the Turkish- 
Cypriot versiuri of the events 
that led to ibe 1974 Turkish 
invasions. Mr. Orek spoke of a 
“ pause ” in the development of 
the north. The pause, he said, 
had been specifically created in 
order to achieve a realistic peace. 
However, during ihe pause, life 
would .continue. “ With every’ 
passing day our federated State 
will progress, will develop and 
.will break the economic blockade 
wbicb has been pul around us. If 
you I the Gr-ek Cvprlotsi truly 
want peace, you must accept tbe 
fact that the Turkish Cypriots 
also.have the right to an honour¬ 
able existent on this land and 
you must withdraw the economic 
measures which are nothing but 
indicators of cold war and 
aggression.” 

Mr. Orek was not tbe only one 
here displaying confidence. 
Turkish Cypriots in general are 
giving the impression that they 
have collectively turned an 
Important psychological corner. 
They are now mostly interested 
in concrete results. 

Earlier in the day the Turkish 
Cypriot general hospital, an 
irapresave 350-bed modern com¬ 
plex just nuiside Nicosia, was 
inaugurated. Thu Turkish 
Cypriots have also been proudly 


showing off their new airport at 
Nicosia. Three years ago it was 
a minor military landing strip. 
Since its capture during the 
second 1974 Turkish offensive, a 
modern terminal building has 
been completed and the landing 

I CYPRUS 


region of Morphou to the port 
of Famagusta. 

Considerable efforts are being 
made by the Federated 
State to reopen hotels. >n the 
hope, possibly forlorn, that the 
political obstacles to a State 


2 ifcaiTiaso^rC^ 


^ ^ | Kyrmia | 


Nicosia 


(& -r J ,, : 

/-n j URIWCA5 


LIMASSOL 


facilities expanded. A DC-10 has 
landed there and the airport is 
said to be capable of taking 
jumbo jets. 

Other achievements cited by 
the federated State include a 
stretch of dual carriageway con¬ 
structed near Nicosia and new 
motorway, notably tbe east-west 
highway from tbe citrus-growing 


FAMAGUSTA 


.TURKISH NELfi~FIDDUTID 
SIME - 


whose legitimacy is not recog¬ 
nised can be overcome so that 
air and sea carriers can once 
again deliver tourists in number. 
Citrus growers meanwhile claim 
that they expect to export twice 
as much this year than they did 
last. 

But almost everyone will admit 
privately that the economy in 


eenerai is still in bud shape, 
with many specifically blaming 
the north's tie with Turkey's ail¬ 
ing lira. Most people will also 
admit that if they did not feel 
that their life’s blood depended 
on the Turkish fnrees. they would 
like to see them leave as 
quickly as possible. In spite of 
the Army’s increasing attempts 
to be inconspicuous, their more- 
than-obvious presence is a dip- 
quieting image for tourism and 
business in general. 

Reliable figures needed to pre¬ 
dict the economic fiibire arc not 
available and the north’s political 
fuMire is -’ten more difficult to 
forecast However, Cyprus re- 
iiirn-; to the front nf rhe interna¬ 
tional stage in two to three 
weeks' time, when the latest pro¬ 
posals on the island's future will 
be delivered by the Turkish 
Cyo riots. 

The proposals . have been 
promised for the first week oF 
March at the latest and. the 
Greek-Cypriot side has said that 
it will resume intercommunal 
talks with the Turkish authori¬ 
ties if UN Secretary-General 
Kurt Waldheim decides that the 
proposals are a fair basis for 
negotiation. 


risc.ott- 1 i-icN. ruMiihrd Va-lv r»cc.M J>un- 
ilivs and tif.lid-ivs. U N subu-iHWi-Mi S2WI "O 
lair Irei'-.hu «.Wn.Ou .air m*i!» i*sr annum. 
Second cla-'- pomace paid ai Mr« Wl. N.\. 











So many things .fhat touch our lives owe, 
something to the care of Hoechst • 

Take clothing; Trevira polyester fibre has • • 
brought a lotto-the-world irf fashion. From crisp', 
classics and spft-.k'nits.tor .women 1o stylish suits for 
. men. Made from-Trevka alone or in Wends. 

But Trevira not only-goes into clothes. For_ 
example, it’s also useCftor.retractable covers so - 
- that-you Can stadiums ahd swimming pools in - 
all weathers. And for hpuse'lrqid textiles top, like ■ . 


curtains, carpets and upholstery, 

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Every day over half a million pounds is 
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To help make your world a better, brighter place. 

In Britain, Hoechst employs over 8,000 
people and ft has offices, plants and laboratories 
throughout thecountry. 

Fdr more information about Hoechst (we 
sav ‘Herkst’) and what it stands for, write 'Care of 
Hoechst; Salisbury Road. Hounslow, Middlesex, or 
phone 01-570 7712 ext. 3169. 


Care of Hoechst 














Three ways to enter 
the gold market: 



LGoIdL 


Ifyou really want to own gold, this is 
the way to do it Get yourself a 100 oz. 
bar ($16,350 at this writing plus appli¬ 
cable sales tax), plop it on the coffee 
table, make sure it doesn’t get stolen, 
lock it up at night—and you’ve got 
yourself a real conversation piece. If 
the price of gold goes up 10%, you’ve 
made yourself $1,635 minus the sales 
tax and assay fees. Or you could buy 
gold and have a bank keep it for 
you. Same $16,350—plus sales tax 
and storage costs—but no conver- / 
sation piece. 




2.Gold Stocks. 


This is another way to enter the mar¬ 
ket but bear in mind that some North 
American “gold stocks” actuallymake or lose most of their money from other 
minerals, while many of the other mining companies are located in a country 
with a rather shaky political outlook. Of course, the quality of corporate manage¬ 
ment and many other factors affect the value of any stock. 


3.Goid Futures, 

This, in our opinion, is the most intelligent way to participate. No sales tax. No 
assay fees. No storage costs. In fact, you don’t even own the gold. You own the 
right to. buy (or sell) it at some future date at a pre-determined price. In futures 
trading you put up a deposit of less than 10% of the value of the gold. So if you 
bought a 100 oz. contract and the price went up 10%, you could double your 
money by merely closing out the contract Needless to say, if the price went 
down, you would lose money—a risk inherent in any form of investment 


To learn more about the exciting prospects in gold futures, send in the coupon 
below or call toll-free 800-243-5000. In Connecticut call 1-800-882-5577. 



Mail-in Coupon " 

CHICAGO MERCANTILE EXCHANGE 

International Monetary Market Associate Mercantile Market 


Your name 


Your address 


Please circle, those commodities you’re Interested in. Send to CME,444 W. Jackson Boulevard, Chicago, Illinois 60606. Dept. CME 77-18 
Live caH!? Frozen skinned hams U.S. silver coins Canadian dollars French francs Eggs 

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Live hogs Copper Deutsche marks Swiss francs Lumber Butter 

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These Debentures have not been and are not being offered to the public* 
This advertisement appears only as a mailer oj record. 


NEW T>$UE 


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(A Mexican Corporation) 


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Sinking Fund Debentures due 1993 


Direct placement of the above Debentures was arranged 
by the undersigned. 


fllgp The First Boston Corporation 


ZO. W YORK ATLANTA BOSTON CHICAGO CLEVELAND DALLAS' 105 ANGELES 

PHILADELPHIA -PITTSBURGH SAN FRANCISCO 
LONDON ATHENS CALGARY GENEVA MELBOURNE MONTREAL SINGAPORE TOKYO ZURICH 



L AMERICAN NEWS 


Financial. Times Tuesday Teh^SLiy 14 T97S 


Coal strike 




goes back 
into 


.•'A *’ ~C 


soon 


Jpn fllnpt BY MAilT1N ’ U,S * EJD1TOR V j. WASHINGTON,Teh-.-n 

UvdUlUvlA THE HOUSE of Representatives, amendment claim..-that the Jamgs Ajrourezlc.' toe. 'liberal} 

r» has tentatively scheduled'a vote reverse Ls true andis Hp^ocrat;ttamr.- South BaJat#* 1 

• iiewafT riemmg £ 0r February 21 on the U.S. con- necessary to remixLd the TMlELthW.-^w^insert human, rights {aj 

AFTER four months of negotia- tributioa to the supplementary, it may be undesirable to impose guage Into The Bill when it ia 
tions and two-months of a strike, Witteveen credit facility .at the on foreign conn tries,, top vdgidconsidered by thefull chamber • 
negotiations in the U.S coal International Monetary : Fund, economic policy disciplines, : Senate action will have to wait 
industry over a new three-year'but with the chances of passage - It- is ?dso being - pointed, v'out, OntiL the ^Panama..Canal isar 
contract for miners are dead- considered doubtful.,. : .that the. current version ,oF.Lhe, h^S been settled. ' 

locked. Twice in the last Iff davsJ the Hailin'amendment Js relatively' JA defeat fOr. the. 

_. T,,*. _ * »f„ e tt if/L, Vr-Tin" mild by past' 'htandard&r; which'.'turn, would Joe patently- mbafE*' 

The Bituminous Coal Operators Speaker of the Houss, Mr.- . • po?ipr 9 iiv 1 wnnis - ' rMutTMT 1 sIzul if-fot tfo (Sthcr^asnivf^ 

leaders as appalled by the be formed. . - -.-That was the 'senthiieiit, for contribute about half tfrfh i‘ ' 

decisions yesterday of the 89-man Congressional sources gener- 0MTnn i«> which .ornnrnted last facility's funds. - ' - ' - - ^? 


WASHINGTON', Feb- 13 ; 


By Stewart Reining 


Congressional sources gener- example, which'prompted last facility's funds. ' ; ' 


given miners increases _ in rent rigid stance against amend-; On the Senate- side, the pros-strue faitoe to semire ; Coiifafe : 
benefits, including wages or 37 mea tg to the legislation. -• '.pe'ets . for passage 1 -appear sional approval* -as >h- ■ 

per cent The most popular - of . these brighter, though again there is. example of the Admttistratkftfr 

The official BCOA statement cover human- rlghte-'(requiring' the. possibility that Senator, weaknesses. ... ..a-^ . 

made no mention of wrilingness the UB. executive' director of\' ; ’ "' 1 ■ .-•• ■ j —• ; -‘ ‘v/' 

to re-open the talks with the the DIF to vote against those " ■— 5 —.. 

union. The coal companies have loans to countries which might' -Vi- 'if*' w r -*~ •*.-Mrii- 

been shocked by the overwhelm- abridge human needs) -and--- K11C171PCQ PP III ^. " 

ing opposition to the proposed future safeguards (under which JJP U.k5JJJ.V'i3i3i ■ Vy l ll 1 .1JI VJUL-4U.-js.V ' 
settlement, which the bargaining creditor nations would prozmse: *■ - ■ , L : ':"■■■■ - -T"rv''j^’ : ' 

council rejected by 30 votes to to renegotiate tbeir private -as- -T T T/ - "K ■ - '’"-j?.?.. v- -A-.V 

“t. C ? u,d be at least a week, has ^U.K,/IS^llIgll SEJS l 

according to some observers, vigorously opposed such mbdifi- - - : .<■:-• yjj. 

before there is any formal re- cations and was clearly enpour-' J BY JOHN WYLES * > ^ - - NEWTORK: Feb.^- 

° P The n 1:o 0 aJ Sfpanies will have ^fsiSat! rtNmTSWtt ih the^^ ra^ 

to decide whether to change their ou t the legation unwwnm. l United ■ Kingdom is lugaer-than . PJfc ousmeasmei^-eq thg 
approach to the securing of a bered. ° - m 10 other • . industrialised;:haiitL'.prbveiTo^he.. 

new contract or whether the pro- But it seems that the Treariiry'-' cou ^ t T !ies ’' iinited-./fident^about -^thftLi^l8-n»{M 

posals they have made could, has under estimated the grounct'^Sfatesl according, to a. surv^-cpn-- 1 wdnBh^'ontlooic-uint the 
with a few modifications, win swell of support on TapltM Tfili' jdupted. by. the -economie depart- tion.of'iufetioii. . 

miners’ support. particularly on the human rights “eot .*©£ McGnaw^Hili; Publica-- .- y: . • ^/ r r ".- 

States like Ohio, Indiana and issue, and .has consequently.not'rt* 0 ® 8 *'- v-iiV. - # —th;.; 

Penn^lvania. which are heavily jobbied hard ' enen^r for its - ^Expectatioiii ' -of ^ economic WTH<5 

dependent for electncity gener- cause. >- ryeco^ry .. .after a "' lengthy ° U 

ation on cow. are running Mori It- is by no means uncommon recession seem to be-a- factor ' 

of rapplies-.pere are predictions for American funding for the behind U.K. - attitudes, just as lfl JraragUaY 
that the strike unit begin to nave international institutions to run , fears of a recession after an ' ■ ^ ■' “ • fc; ... 

a sen 0 us, albeit localised, juto trouble in Congress." historically-long recovery may be. . By;Robert Lfntflejt ; ..;,'vj- :■ 

economic impact. Traditionally.. this rnmnsitinn *» -nartinl ovnlonatinn ITS' -' r ^J'.'-.w. - 


TODS 


m raragi] 

By Robert Dnifley. 


ronomie irnpacL Traditionally, this opposition a partial explanation forTJ.S.- " ' • 

been-con centra ted in consez- .-buAnes confidence .being' ranked ■ riaSH?® 


panics are already preparing to ^tive dVSes.^ 

lay off workers and cut produc- thing which resembles foreign. Except Belgium. • power foryew^- 

lion. "As the week progresses, did over which the UB panmtf w B . iPresident nf Paraguay,-. waC* 

announcementa of restricted exercise' direct - control with Uoofidence hr the ll'cbtmfnes eierted : for-a-'fiveseat 
energy supplies are likely to Save suspicion was - indexed on; a seal?- of 100 y^fierday. ■ Last yeaj,' the. ^ - 

become more frequent. ^ ftW tw, ^ 3 ,i n» hnth.Vipht^kfed on-answers given by exroi- sfltttfibiu. was ,reyiseiT ta-m 

Many mine workers feel that and left appear t0 be combSSe ^ of W -fire ’pWWdtot: iiunllhltetL^^ • 

the running down of stock-piles to present an even more foimil 1 ? R ue sti?ns.. 171686 to ' elections. ' " .. 7’ -.Vf,. 

in some areas is putting into able obstacle The liberal view elocit their news on their com-■*' .1 ^ -a£x 

their hands more levereee as a ?“ names* sales nrnmeMs: the rela-. V Aocoffdtog :1d,Br,-.iJwAn Bmnft- 


their hands more leverage as , s embodied‘in the amendmeht parries’ sales prospects;.the -rela- > 5? “S 

regards the outcome of the SoSSSl “iff cSSm tions with -labSir'-wd tfte SfS ^ 

dispute. For the past two Thnmas Harlrin the Tnv^ DomrC national Government, : -^e : qng 

months, the miners and their is the terms imDosed country's economic outlook and °N 

families have borne the brunt of rwi' its probable course of ihfiatibn, centiiry .lamtowmng,xto 


lauLurea iw*e uume iuc umui ui h _ t «,» Txrr- j-, 1 .,.;-ns prooaoie course .oi iraianon, - _zT .— 

the hardships assodated with the alSmttaBd'the 




ip >uij ireuuu, _ t _ country 

The Carter Administi-ation is Antbony Solomon, the top-.of the league, and .Belgium .ported in. the voting. Accord# i,'*! 4-/ 

continuing its studies of ways to- T^imy Under-Secretary 'for 41J , « t *e bottfiqj., - ’ 4 oSr.p^es there we^lgOJjq lljll 

ameliorate energy shortages Tvronetaj^ Affairs has said nub- tfc5. pessimism -was forma An- ebstemtions ,' :i Voting*is comps* 


; 48.2. The UJC scored 60J.,at the .There were no incidents'^ ( 


Mr Anthony Solomon, the top-.of the league, and .Belgium ported in.the voting; Account 

_ ji _ n jl -a fTiA Kn++Am • r 1 4m iQfl All 


ameliorate 


shortages 


stemming from the strike. But 
it is questioned whether much 


Monetary Affairs, has said pub¬ 


licly that one of the main centre on the direction of infl^- sory in Paraguay for all citizen 


'Zr r T n a rninaH purpose. relations. Low scoring on aU^rf thirds^ minority in. the 

Sal PU 4Dy attempts to^adopfsuch Supporters of the Hai^n tiiese questionR^reduced.ihe U.S. hoiisfeB of parUament. '•- • 


a programme would probably 
provoke serious outbreaks of 
violence by picketing miners. 
Already, two miners have been 
shot to death in battles between 
union and non-union miners. 


THE U.S. AND ISRAEL/ 


I. •- I'.',■■■■- 

.-:v v;; .^ - ...*■■ 

i.r? h ** 1 t*i 1 . 1.. — •• • 

1 a new 


Abzug poll test 
in NY to-day 


By John Wyles 

NEW YORK, Feb. 13. 


; BY DAVID BELL -M WASHINGTON,^'..«Kvf*'‘f; ' i; j' ] 

RELATIONS between Israel and one official piit iL“ a strarige Way racut^olicy. They, insist that^ - 
the U.S. are now almost certainly for an ally to behave/' ■' *-■ - Mr. Carter ever.said vras thatm 
worse than at any time since the But tire settlements have been Begin pre-Christmas peace -plat 


Begin Government took office in the real bone <tf contention for wMcAnmcldded some permapi 
Jerusalem-nine months ago. -:—s— 1 ———-A. imdi 3 


Israeli • ^ settiemems 


VOTERS in one of the wealthiest This is not. to say that they PRESIDENT Anwar Sadat of dCcopied:territories, was aJ^fi 

Prtno roccinnal rlistripts in the Anna vat- -Monhail tha 11 nricic h;lk k . : ' ' fnr ‘noonHo+inn M 


recent contests for elective office, in the U.S. on to the defensive 
Thanks to a court ruling last and this appears to have en- 


Egyptian aiuf fsSailT posit 
in the Middle East jpeaoe ~b 


friends that, the Garter; 


month which awarded her dis- couraged the Administration to parisl . - 
puted votes from a Democratic step up its pressure on Mr. Bogin. SneakJnc at a. ftesn confer- ■' 

Party selection committee meet- Israel has reacted immediately ence before his departure tor 

ing. Mrs. Abzug is the Democratic to this change. This morning, in rookl Mir. Sadat saitf that. .• : 

nominee for the 18th New York a newspaper interview, Mr. w hll<> he had been very 5 stonn of Cristosffl/- -. 


Knhprt S . tmibn h^ beeir honest a 

Robert Manthner writes from .setaethepas. -Last 



.. v -——-— —— u iiw»i uf'wpvi iii- w nn p no naa qpph ygfy nis- ■ ■ »———- —.rj ——. 

Congressional district seat in the Mosbe Dayan, the Foreign 



gue. Confidence in an eventual tries." ^ -.-r-/Trr»»i-.-rr-=; - . 

victorv for Mrs. Abzug should Rut th** settlements imnortant -This ekerdse -b^s^o iaiprht?, - - 

therefore be far higher than it though the;-are, are* really the ffSSSj 11611 * ^ Egypt.and- M^.-HaniStx^S'Jferdkn, ' 

is. Her faUure to win the party ‘Tmore ?«foiSd SSjSf. 1 "'? 1 ™*’' d «P* Cart^s etorW^eH^ --- 

AAmtAotiAn in io7c F n . *»,» ? *' T. 7,? .“.iJr .. avi. self-deteTHunation- .for the ntrfcL swaai 


Mr- Sadat, who recalled that -tioh's "' 

o. fuin moht unitihr Af rrvL ,: _ ■ ■ *' -**-* ‘ -' (mnriTf, 


nomination in 1976 for' the change in ffie U-S. and it this aid^ wh^bas 

Senate seat eventually taken by which has worried Israel and her £^2^5? 


Mr. Patrick Moymhan. foUowed powerful friends here. ' This 

by a defeat last year in the Demo- change is only In its infancy and 1 w - 

era tic primary for the New York support for Israel remains very ^ - *9 

mayoralty, has damaged her strong, but it has already become ^^ 


credibility as a vote-getter. very much less uncritical. ■ already .have . be«h' c eSap$Jf 

Moreover, she has had to The most obvious cause of this “ eC * si ^ P 1 ?" nver. Step. 


very much less uncritical. 


s3s£ jsns 1 fetii 

Before any hew initiatives, .rmsiin: 


contend with an effective cam- has been the impact that Presi- 
paign by the Republican candi- dent Sadat has made on public 
date in the district, Mr. Bill opinion here. For the first time, 
Green, who has shrewdly speni an Arab statesman is. according 
3100.000 stressing his record as to the polls, regarded with the 


Egyptian and Israeli positions. ‘ ^' 

Tho fiirct dun. chnnl/T h>> m B 3 t; ISIfflL. WOWfl 


assemblyman and regional direc- counterpart. The Egyptian presi- ' terms. After that, it shouM;l>& 
tor of the Housing and Urban dent has played to the American be possible to- reach- a settle-/ 

Development under the Nixon gallery to great effect and the ment in a ma'tidrof days. . 

and Ford administrations. same polls now show that a nar- Mr. Sadat added that'as lar >. ^ 

Mrs. Abzug. is credited with row . .majority of Americans as 'the^iamiedlate futpre’ was. ; 
being a highly effective Congress- believe that Israel may actually concerned^- file; next ^move • 

woman until she left the House be a greater-obstacle to peace would-be made ; 'by pb a ein^rs;fear~aia^ > roq - 

in 1976, and the 57-year-old than Egypt. whiclr -'was J Scnding " AUNTs-fan f gation hah pla^d.-:Jpo>v 

lawTer is.basing her campaign This in turn has made It easier Secretary : of .State . Alfred' ga^t'S'ha^ ff'gHtU mat--aPH yg^; 

on a string of endorsements by for-the Administration to propose Atherton.. Id. the :Mlddle 

Congressmen. and President limited arms sales to Egypt. Mr. for . talks,, -with gxmsnmteof 

Carter and Vice-President Waiter Sadat lobbied as hard on Capitol leaders' invdlved in Sie-pedceT 

Mondale. She brings an im- Hill as his Israeli rivals and negotiations. ^ttiemeni^ can: 

-- even staunch defenders of The- • Egyptian- -President;' 

Israel emerged from their talks denied- that , he >had .'asked ■ 'jfruy'. 


U.K.-Argentine talks 
on Falklands 


even staunch defenders of The - KK^tiair .President:- ^^^^^ ** 

Israel emerged from their talks denied. tiiaX^\ he ‘ had . asked •• t 

with him saying that, perhaps. France. Which has already smi. ! V ;j : 1 IC- 

limited arms sales to Cairo piled his country .wltii Miiage-O^f^^,' ; ^ 


By Martin Dickson 
TWO JOINT. British-ArgeotiniaD 
working groups, set up to 
examine political and economic 
aspects of the Falklands Islands 
dispute, will hold their first 
meetings in'Lima to-morrow. 


uuu saying cuai, peraaps. cnuai^wiacu n«s aireauy sap- 

limited arms sales to Cairo .plied hte country .uitt Mirage- - 

wooid not be a bad thing. military v aircraft, tor,', morer'' - Q 

The diSculties in persuading armsi-tkoagb^ Fredch ^jfflcials. 

Congress to approve such a sale,- had J>res?onsly. ilidfcat«l lhat' 

however. ar« still fairlv formirf. Iw- ^ZTtZ iba£ eonilnued Israell G 


y-'— “ iiiy a loe iw.cuiniinnv; . nj- - ■ - aarttT l 

it would do .it with rather less Reefing tto^sttnadon in r 

conviction than in earlier .years, Tsraeb ;_Goveramatftpreajise^! 


they agreed at a Ministerial-level BsTnk is Vdifferent 'story fthe pro- haS n S}^d S a d ta^^c f Trom - - 
meeting m New York in Decern- Arab case has also been strength- -^ ^ " eht 
her to establish two working ened by two other factors. 

narties—one to de<il wiih politi- The Carter Administration was £ 

cal relations, including sover. , er y a ngry l^t we^k-wheri Israel gRfrJgMffiS*! 

?.gnty. the other to look at publicly admitted- that it ls :-®5 

.economic co-ooeration, ineludmc supplying arms-to'Ethiopia It * 

the possibility of joint oU SS mtSoSih I&SSSSSa S Un» 6t 

exploration in the Falklands the news-last week, that, at the-“—■ ■■; -■— so 
area. The working pities are same time, Israel is actively seek- tiie pasj.^n : !fiay9>.,Tne'Adixtinls;.» 
expected to prepare the ground irig closer trade and other ties frationrh^S:beetF^watiy^irritated' 5e 
for a further round of-ministerial with South Africa/ Both actions by Mr^.B^n'S‘In&isteacel that Si 
riiseussions to lake place before run directly counter to present-Mr. Carter winked "■ “at : the ia 
mid-summer. American policy: making it, as Jerusaieni Goveriiinest’s sfiinlo- 


t JhafE 
ls3s.*; 




ively seek- tiie pa^ 4 ^nH 3 ayS> The -AdHmri& y 1 ■ ,' :l i 
other ties fratip^h^S: beetrgijeatiy.Arriated ieepriflwHtetams *. 
ith actions . by Mr- .Bail's 'Insistence: * 





















5 


Febrtiazy 14 1978 


EJ 

RSi 

n 4 C"' AT'PVl 7C'* ' • ” 


;-.AS NEWS 




M 






: i. ’ UMTED NAOTONS; "Feb. 13. 

JTVE- Western Swairtty - - Mi I>h GpirmgamlBalti: “Now 

• ?ilmembers, brushing aside there- is «;.Mr ; chance that 
- v UtpHse vrttrdxawal 'of.‘lfr." NkmUria.win accede to^indepen- 

• .Bbthjufbe South African, deuce within’ the framework of 

■ gn .Minister, to-day insisted UN resolations.’^Y-> v •' : 

•; ess:bad teen madeJa talks : ; south Africa xntes Namibia 

• M;;Namibia (South' West Snider an old League-of Nations 

' ■ fte* DSttf ? StS& : - Tgs aimed 

: '.tm Canada, 'Fiance . and Jten^ence to the Jarrrarcy by the 

■ Germany and was ttwlay **“• of titds yearYiifter^mterna- 

"... - home .to report to his tion^Uy - supervised- ;. elections 

_ ' mment^- ./.V •'".... have been going. pn Jince last 

Ambassador, Mr. Donald April. - . . ^ 

nry, spokesman for the Mr. McHeniy, : lhe American 
,3rn team, raid Mr.- Botha representative in- these lower- 
Lthem he bad reached the level discussions, - said the -con- 
s of-iris instructions- in the tracts would eonttnneafter last 
q. „ 6n. independence , for week-end’smiitisteiialtalks. 

Vi 1)11 from South Africa. - Earlier, Mr. McHenry identified 
a Press conference, the for reporters the problems in 
:oreign ministers said pro- the: week-end talks. v : ~' 
had been -made towards : He-raid: South Africa and 
"ment between South Africa Swapo' ^ disagreed over the 
' he nationalists of the South strength, location- and: deploy- 
.... Africa People’s Organisa: ment of the South. -African 
Swapo),. . - : force in 1 Namibia and 1 ever the 

.... Cyrus Vance, the U.S. proposed UJf. military-presence 

. . taiy-of State, said: “I would, there. '• 

-:. on the-■whole, X think .we The South Africans' did not 
" made some progress.". Dr. move from their; position- that 

"-1 Owen of Britain,-. Mr. they must retain about 1 3,000 

w,„ Id Jamieson of Canada, troops in. eight-Or'nha* bases, 
•JilOrt, Hans-Dietrich Genscber of although Swapo Shifted its posi- 
. Germany and St Louis de ti on n0 longer fyjiSstiiig' on 
lr 3 ngaud of ". France each; to tal' South African .“military 

lil l*;rsed his view. . ... ' withrawal, he said.--: 

< . Vante’.saad^the -talks, There wafi & so some agree- 
' £ \i began last Thursday- at ment Swapo -on leaving 

--• evel of officials, had been sectary-general Kurt 

useful. But he said there Waldheim to deride tJae- size of 
V some difficult issues sifll ujm. peacekeeping force, 
resolved. . Mr. ' McHenry saidi. Previously 

Owen said ihe •differences swapo wanted .the ; ■strength of 
»en 1 'South Africa ' and ^hg force spelled .out 
- -b were not so great that'-k Differences aboutthe xelation- 
1 - • mpossihle to close fhe- gap. S hip of the UN. special repre* 
Vance said both pasties sentative and the South Afric an 
made concessions and admin istrator-general ^7-^ seemed 
• mstra ted a willingness to narrower. But the -.release of 
■ “in the fashion necessary prisoners was a :dfflCTlt-isfiue, 
there is going to be 1 Mr. McHenry reported, 
iromise ” Reuter i' : - c 


CUBA AND THE HORN OF AFRICA 


‘No invasion of Somalia’ 


BY HUGH O’SHAUGHNESSY IN HAVANA 


CUBAN OFFICIALS are hinting 
in private conversations here 
that if the Ethiopian forces were 
victorious in ' the war in the 
Horn of Africa, the Cubans 
would not like them to cross the 
Border into Somali territory. 

The Cuban* media report that 
the Ethiopian Bureau for the 
Organisation of the Masses is 
starting preparatory work on the 
founding of a party based on 
Marxism-Leninism. Cuban official 
news agency Prensa Latina 
reports from Addis Ababa that 
“ aggressive political organisa¬ 
tions ” are agreed on the 
creation of such a party which 
would be “the vanguard of the 


revolution.” At the same time, 
the Cuban media report that 350 
members of the Ethiopian 
Popular Revolutionary Party 
which is described as “counLer 
revolutionary 11 and composed of 
different anarchist tendencies 
have "confessed their errors” 
before neighbourhood tribunals 

in the Ethiopian capital as part 
of a “vast campaign of 
re-education of persons 
influenced by anti-popular 

ideology." 

The Cuban Press has been 
critical of the Eritrean insur¬ 
gents, whom Cuba had assisted 
in previous years, for being 
"manipulated by the forces of 


imperialism." As far as the war 
in the Ogaden is concerned no 
reference is being made in the 
Cuban media to direct Cuban 
military involvement though 
President Fidel Castro has said 
that Cubans are acting as mili¬ 
tary advisers to the Mengistu 

government in a diplomatic 

capacity. No reference has been 
made either to any Israeli help 
to the Mengistu government. 

Everything points to the fact 
that Cuba did not want fighting 
to dare up in the Horn of Africa 
if it could have been avoided. 
During his visit to Addis Ababa 
last March. Castro floated the 
idea of a confederation of Left- 
w'ing states in the region. 


Somali volunteers begin training 


THOUSANDS OF Somali volun¬ 
teers began intensive military 
training to-day after a call to 
arms by President Mohamed Siad 
Barre in which he said Somalia 
stood alone against Ethiopian 
forces backed by Russians and 
Cubans in the Ogaden war. 

In a speech to a crowd of 
100,000 here yesterday, the 
president said every Somali who 
could carry a rifle should prepare 
to defend his nation. 

Brigadier General 1 Aden 
Abdulaahi Nur to-day told 
reporters that 30.000 volunteers, 
the youngest aged 15, bad 


already come forward iu the 
Mogadishu area alone. 

Somalia said on Saturday that 
regular forces would be sent to 
the seven-month-old war in the 
disputed Ogaden desert region of 
Ethiopia. It declared a state of 
emergency and ordered all ex- 
servicemen and report for 
mobilisation. 

Diplomats stepped up efforts 
to-day to bring an end to the 
Horn of Africa fighting as 
Ethiopia pursued its drive 
against hard-pressed Somali 
forces. 

Front-line commanders with 


; MOGADISHU, Feb. 13. 

Ethiopian troops at the town of 
Harar outlined a four-leaf clover 
pattern of advance with simul¬ 
taneous thrusts both north and 
south of the city and from the 
rear base town of Dire Dawa to 
the north. 

An eastern front commander 
said his troops bad advanced 
some 25 miles to within 20 miles 
of Somali-occupied Jijiga. 

Somali leaders are reported to 
be contacting all member nations 
of the UN Security Council to 
try to have tabled a resolution 
calling for an end to the fighting 
and lo outside interference. 
Reuter 


India to 
raise public 
spending 

By K. K. Sharma 

NEW DELHI, Feb. 13. 
THE Indian Government is to 
announce a 17 per cenL rise in 
public investments in the next 
financial year beginning April 1. 
in a bid for a higher growth rate, 
but little emphasis is being given 
to the ruling Janata Party's pro¬ 
gramme for rural development. 

The rise in public investments 
has been agreed between the ■ 
Planning Commission and the j 
Finance Ministry and will be 
announced when the annual 
budget is presented to Parlia¬ 
ment on February 28. The outlay 
on the annual plan for 1978-79 
is being increased lo Rs.lSObn. 
(about £10m.l. 

Much of the investment is 
being limited to existing schemes 
and the outlay on the Janata 
Party's rural development pro¬ 
gramme is unlikely to be given 
more than Rs.llbn. of which only 
Rs.3.1bn. is earmarked for agri¬ 
culture and Rs.SQOm. for rural 
industries. 

This means the country will 
have to wait at least another 
year before the Government 
gears itself to making substan¬ 
tial investments in agricultural 
development and rural industries 
schemes which are meant to 
carry out the Janata Party's elec- 
tion promises. The delay is 
partly because the Planning Com¬ 
mission found it impossible to 
abandon existing schemes in 
industrialisation, irrigation and 
mining but also because pre¬ 
liminary studies of new schemes 
arc incomplete. 


Common fund urged 
at Sydney meeting 


BY KENNETH RANDALL 

A SPECIAL meeting of finance 
ministers of the Commonwealth 
countries is being tentatively 
scheduled for the middle of next 
month to generate more pressure 
for faster progress in negotia¬ 
tions for the common fund- 
proposal within UNCTAD. 

To-day's opening round of 
talks between the 12 beads of 
government attending the first 
regional Commonwealth meeting 
produced unanimous support for 
further action to speed up the 
common fund negotiations. The 
view will be circulated to other 
Commonwealth countries within 
the next week or so and, accord¬ 
ing to Commonwealth secretariat 
officials, .their machinery is 
already geared for a rapid 
response. 

Most Commonwealth countries 
are leaning towards the type of 
common fund arrangements 
favoured by the Group of 77 
rather than the model favoured 
by most of the developed coun¬ 
tries. 

A working party established at 
the initiative of last year’s 
Commonwealth conference in 
Loudon came out strongly for 
the “source” model, based on a 
general fund derived from 
government subscriptions, loans 
and private borrowings. The 
fund would be the principal, or 
possibly the only, source of fund¬ 
ing for buffer stocks commodity 
arrangements. 

The alternative was* for indivi¬ 
dual arrangements to remain 
responsible for providing their 


. SYDNEY, Feb. 13. 

own financial requirements, 
while at tbe same time being 
expected to pool tbeir cash 
balances. The working party 
considered it was not “a reliable 
basis" on which to structure the 
common fund. 

There was no hard and fast 
agreement to-day on structural 
arrangement despite continuing 
support For the working party’s 
general views. Tbe heads of 

ARRANGEMENTS for the 
Commonwealth * Heads of 
Government regional meeting 
are going ahead unchanged 
despite the bombing early 
to-day which killed two men 
and injured four others. Aus¬ 
tralian authorities consulted 
all Heads of Government this 
morning and found unanimous 
agreement that the programme 
should be carried through as 
planned. But security has been 
stepped up considerably, 

government were more concerned 
with keeping negotiations 
moving. • 

Mr. Malcolm Fraser, the 
Australiau Prime Minister, 
accused some unspecified 
developed countries of using the 
negotiations to dampen political 
criticism, without accepting a 
commitment to find an "early and 
adequate” solution. He left 
little doubt about the main 
target of his criticism when, a 
few minutes later, he attacked 
EEC trading, policies as a 
destabilising factor in present 
world conditions. 



BY QUENTIN PEEL W WINDHOEK ‘ ' < 


■ TH AFRICA might he in a 

• tion to .proceed rapidly with. 
.' 0 gramme for an " internal 
ement ” in Namimbia (South 

-1 Africa) in the wake of the 

nclusive week - end talks in. 

York for an international 
ement The plan would. e!x- 
__ a £ the-.South West African. 
Tl wile's Organisatiod- <S$TABO) 
lii most widely recognised 
malist movement, hut .would 
il open elections on -a -one 
one vote basis involving 
: of the other parties inside 
country.- . . • v 

ie first move might be the. 
' mcement of an election date 
the middle of the year—, 
-i of July—and it; could well 
. .. dlowed by the banning of tbe 
- - ..mol wing of SWAPO, aceard- 
_to observers here. , Such a 
2 has been demanded by the. 
r '2rs of rival political organ- 
unsr, because of the nation- 
movement’s simultaneous 
. Hetnent in peaceful campaign- 
. and guerilla warfare on the 
.... hern border. / X . 

_>e internal option has been 

• - abvious altemaative for tbe. 
: ib African Government 
. r ighout the Western' initial 

for an internationally- 
ntable settlement first 
- - - ched last April. - Its' possi- 

'- ;es were re-emphasised by 
-• :e M. T.-. Steyn, 3 .the South 
. .. .*an-appointed Administrator 
; v sral. in the territory, 'in an 
view here which coincided 
. the New York; talks. 1 .-‘v- - 


But it - has afcoi m been 
vehemently opposed .“hy. *ne 
country’s most influeutialLcmircb 
leaders^ who claim that il would 
only prolong the guerilla W: on 
the country’s northern ; bordqr. 
and would lack the sujwwrt wb 
the majority of the population. 

Judge! Steyn said that m spite 
trfHthe 'Seahityprobtem "iu 1 the* 
bmntry—with'' ^' tw.C£ SWAPO 
rallies having ended in teargas 
being fired by the police, and a 
rival- ptditicaah being assassi¬ 
nated at a rally of Sthe-Democratic 


Two black, ‘ guerillas and a 
white South African army 
officer werfrkilled in a dash in 
northern Namibia on Saturday, 
according to • Defence Head- 
flnarte^s in -Pretoria, Renter 
. reports.. Hie clash came one 
day Rafter South. African forces 
crossed into, Angola in a “hot 
p ersui t ” operats on in whidi 
: they' claimed to have killed 18 
,5wapo guerillas. . - 


Turahalle-Alliance—he believed 
he would be able to hold elec¬ 
tions by July. . 

However,- such an internal 
settlement, which would be ex¬ 
pected here to return majority 
support for the pro-South African 
-Democratic Tuxnhalle Alliance, 
although on a [decidedly low poll, 
would not satisfy the majority 
of the people of the country. Dr. 
Lukas de Vries, President of the 
United Evangelical Lutheran 
Church, warend to*day. 




aim retains to Beirut 


Y H-tSAN HljAZT _ 

- THE -FIRST time in almost. 
eek,; a .measure of' normal 
1 ness activity returned to this 
;mese capital today as. an 
.. isy calm prevailed. • ; T 

■ inks in the business ^centre. 
. jened, but operations- were 

• i minimum. A -few. shops 
" jened in east Beirut, the 
stiarwjominated part of the 
.. which witnessed fierce 
. ies last week between Syrian 
ps of the Arab peace-keeping. 
j and Christian, militiamen. 

-it in South Lebanon, tbe 
'inuing war. between, Rfgbt- 

■ j forces' ' and Palestinian 


. : -. BEIRUT, Feb. 13. 

guerillas went on ' unabated 

to-day. .Travellers from the area 
said heavy artillery exchanges 
had been raging since the early 
hours :of r.the. day. . The Pales^ 
tiniap-dominated Moslem town of 
Nabatij’eh, about nine mfies from 
the Israeli border, was worst hit 
Right-wing Christian forces tip 
the Beirut area have decided (o' 
keep ' their ' miliria a mobilised. 
The mob'iiiaatipnhad befert 
declared in support of Rightist 
Clements, of the Lebanese -army 
who- were battling Syrian fences 
from Fayadieh barracks at the 
eastern edge of the capital. 


Jegin smoothes edges 
if US.-Israel clash 


IY DAVID-LENNON 


,-Y- TEL AVIV, Feb. 13 r 


AEL TO-DAY indicated that 
anted the U.S. to continue 
■ mediating role in the Middle 
[, despite the feeling that-Hr. 
us Vance, the: Secretary of 
e, has compromised tie' U.S. 
as honest broker. • V’ 
be Prime- Minister, .. Mr. 
.-.ahem Begin, to-day called, a 
. ss conference to smooth 1 the 
;h edges, of the .week-end 
- b between Washington..and' 
isaiem' over Mr. > Vance's 
iaration . that the. .Jewish' 
laments, in occupied territory. 
Jld not exto- : ' . . *:= 
.e said .that while it was eiew 
"jSecretary of State had taken 
s in the dispute, this does 
change Israel’s attitude 

ON OTHER PAGES' . ‘ 

matlonal Company News:;-.' 1 .. . 
syr Daimler rights issue * 
qord Toyo.ta..sales- ?l/23 

mng and Raw Materiattr.; 

'Z farmenr ’ pampered’^ 

■'orld wheat, pact udks 
n Geneva. . .25 


towards. the peace shuttle of 
Assistant Secretary of State, Mr: 
Alfred Atherton. “ He is welcome 
to continue with his efforts - and 
we.will do our best to help hiin 
-in the fulfilment of his mission^ 
Mr; ■Begin .said to-day. 

Mr.- Atherton is expected ..In 
the region next week to try to 
brmg.'abotit 'EgjTJtian and Israeli 
agreeirwiit on a declaration of 
principles for a Middle. East 
settlement, " ' ' . 

There was a feeling in 
Jerusalem ■ that the; erosion - of 
American support for Israel-had 
a ecelerated ’following the visit to 
the TT^. /of- President Sadat 
Sunday’s*-sharp Cabinet declara¬ 
tion. was designed' to express; 
■ Israel’s discontent with .the latest 
developments. 

But to-day Mr. Begin went out 
of bis way to try to defuse the 
clash and- halt the deterioration 
in relations. ; . He stressed, that 
-Israel -had. deep relations, with 
the UiS. 4tnd.dld not-aspect.them 
to. be. banned- by tbe Meat 
dispute,.; . • •; 


Before you choose 









Pan Am's terminal is used by all these airlines. 




British Airways'terminal is used by ail these airlines. 


F'^v-*■ • v 'V < -- 

r W:* 




TWA's terminal is used only by TWA. 


It's expected that more people than 
ever will visit America this year. 

What’s more, most of them will be 
arriving in New York. 

So it's worth remembering that only 
TWA offers its passengers a terminal 
which is not used by other airlines. 


They also give you connecting 
fli ghts to. 2 2 American cities from the 
same building. 

From no won tell your travel agent 
to book you with TWA. 

It’s not only the best airline to fly with 

It's the best one to arrive with! 


"I \V \ rarrins mnrn sc iiftiufvi) passengers.if ross Ihfl Aflanlfc than anv OlhcrrirlinB- 






























■Financial :Tijnes;Tuesday^ 



Germany achieves surplus $ 30 m. une 

^ 01 credit | wk.ic.«ha*m* new tatacwb. is, tty; 

■ with OPEC countries for Poland ' gr^-rs. 3 EsSb—sSsH sSSSsS^sS pulp'lfeafi; 

■ . A S30ra. line of credit to sophisticated engineering pro- toul 15m tonnes a year. was ** beyond all espertationa. ^ J'lHg. BRITISH Paper'add Board • 

inw.Tuxu r-AOD RfiN'N' Feb 13 finance the sale of baripv- from i^ ucts are D0W certain for Indian -phe resumption of substantial As'a result, the Chinese haye IndustirTedea^tfi^J^i^decidert' . 

BT JONATHAN .CARR BOj N. teb. Poland ” n - companies following talks here ^ade with China is expected to indicated- their -intei^-l» : ... 

WEST GERMANY last vear trade deficits and increase their has hrought Germany a U-ade: = H ' / Wap _ niir a , “** „ ” between a 16-meraher Chinese stimulae normalisation of', poli- .labqratlon not merely complaint to the Europemi Com, 

achieved iu first ever trade sur- industrial base. surplus of DMlJbn. -J* Morgan ^ delegation, now. on the tical relations which have been st«l Industry, but htaoiob^rtog m unity that„: ,pnlp. Kmth- 

nius With Ihroii nrnducin°r.oun Imports from the whole de- Against that, the value of ini -1 Grenfell and Bank Handlowy w first such visit t0 since the near freezing point since the 1962 dredgers. nnMMari} America 

plus with the OT] praducin 9 coua- yej0 p iny w -orid <oil and non-oil ports from the non-oil develop- Warszawie. 1962 border war. war. Establishment of diplo- equipment automatic control Common Market- * ^ 

mes-while increasing its deficit stales together) rose by DM2.6bn. ins states rose sharply—by, !oan is the first line of Such orders will lead to major matic relations at Ambassadorial equipment and hand tools.-J*"®! -The 'French;:Goverttnitsti; 

jn trade with the non-oil produc- or about six per cent. last year DM3.6bn, or 17 per pent, to j dit t d h * t collaboration by Indian com- level and trade on_a modest scale .^ Lra Clung said, pidia makes t0 pursue. 3fagv SSSg : 

ing developing world. to DM4SbtL—■* rate of. increase DM24.7bn. Thus the Germao , _J ■ oanies in China’s steel produc- began only in 19 u. There are vfrth n h tgfa degree^ of sqphistica: rSrnni«rot martehy -FrenA?—T™~ 


India winning Chinese orders 


to back, 3 
pulp plea; 


BONN- Feb. 13. 


--~ —--_ A S30ra. line of Credit to engineeringwo- 

mijATUAu r-Aoo Rn\'N Feb 13 finance the sale of bariev- from i < * ucts are nov certain for Indian The resumption of substantial As a result, the Chinese hay & TndusCTTedeBritlcmiJ^i^decIdeii 

BT JONATHAN.CARR BOi N. reb. . faa f ey f^ ° ! companies following talks here trade with China is expected to indicated- their intemst i» xnl?|^t^f'ViU nht 

WEST GERMANY last vear trade deficits and increase their has hrought Germany a trade: . H ' / Warcnur a , oa ® between a 16-meraher Chinese stimulae normalisation of', poli- .labqratlon not merely m th e complaint tothe.European tw 

achieved iu first ever trade sur- industrial base. surplus of DMl-Sbn. -J* Morgan delegation, now. on the tical relations which have been steel Industry, but ataoiob^rfog m unity that„: ,pnlp. 

nlus With thrnfl rfrnduHn- r-oun Imports from the whole de- Against that, the value of ini -1 Grenfell and Bank Handlowy w first such visit t0 since ^ near freezing point since the 1962 dredgers. PPmpu.ters, America 

plus with the oil producing coua- ve j opini , world <oil and non-oil ports from the non-oil develop- Warszawie. 1962 border war. war. Establishment of diplo- equipment automatic control Common Market: 


jng developing world. to DM4Sbm—a cate of increase DM24.7bn. Thus fbc German ° ^ , 1 Ponies in Chin; 

‘. The Economics Ministry, which! roughly equal to that -for all trade deficitthere, which[already ^ ua ™ lt ® e D . e P®f Eme ?‘ L “ ; li0Q programme, 

-announced, the figures, finds rea- German imports. ~ . ' totalled. DM0.2bn \ to 1976 rose, co er the export of gram ftwn :has indicated u 

tnn -r__ However, the value of German to DM2nbn. in 19< i. this country and wlH provide . blast furnaces, i 

.son for self-congratulation on imporls [rom the oil producing Further, while total German credit to Bank Handlowv for up possibly coke o' 
-both scores. Not only bas the countries dropped by 4.per cent imports of manufactured and; l0 sg per cenL of , of 1 plants in China 

federal Republic hauled itselr it, DM23.3bn. The?" imports had sem^manufactored goods rose ! contract _ - nr -„ ri fn{0 ' under plans to i 

out of a deficit with OPEC, shot up from DMUUbn. in 1973 by 7 per cent last year, these I f\T ent * r I f d ducUon. 

..which rose sharply following the to DM23.9bn. in 1974 and rc- imports from developing .coun- 1 W U.K. suppliers with CHE. ]q addition . 


out of a deficit with OPEC, shot up from DMlUbn. in 1973 by < per cent last year, these | ?^ pr ?.'f.° ^ the: ducUon. has announced that u is “deeply ing Industry which has organ- ^ 

■which rose sharplv following the to DM23.9bn. in 19/4 and rc- imports from developing .coun -1 by U.K. suppliers with CHE. Iq addit | 0n the Chinese are impressed" by India’s advance- ased the trade fair, to send a Kritnin has^BD- xmiu 

-oil price increases of 1973-74. It mained at a high level even dur- tries increased by 10 per cent > Rollmpex, Warsaw, no later than ; interested j Q importing Indian raent in technology and industry, team to China to study me pro- trllSTir- a_ d ? 

has also markedly increased its ing the economic recession. The The developing states have thus August 31. and with delivery up . iron ore- and will rake a decision which .it noted at the Indian gress in that country wfib ir view 

imports—especially of manufae- fallback last year is clearly due increased their share of Ger- to September 30. ' on this after visiting mines later engineering trade fair, now being to collaboration in other sectors. ^ 

tured and semi-manufactured in particular to the rlse in the many's imports of these^ goods Morgan GrenfelL who sinned.: this week. This is expected to held ifL New DelhL The leader The invitation has been accepted. S.-iSnSS 1 ’ 1 1- 

coods—from developing states Deutsche Mark against the Dol- from 6.6 per cenL to 19/5 to . « .r .. j ; . : uu. tne - *. 

■strugsbas to reduce their own lar in which oil is priced-and about b per cenL in 1977. .. a Uo f « < w.tb Bark-r-^---r—-- • . , Cwnatm «arketAvfl^^. 

-- “TT "■ Japan and China; U.K. ship.^ers missed 


tured and semi-manufactured in particular to the rise in the many's imports of .these goods e . n Grenfell whn tinned.'this 

coods-from developing states Deutsche Mark a 3 ^nst the Dol- from 6.6 .per cenL in 1975 to 

■struggling to reduce their own lar in which oil is priced-and about S per cenL in 1977. a of credit with Bank 

j - — Handloivy last October to finaoce' 

“ ^ the export of TJ.K. capital good s .j3 

to Poland, will manage the loan.' 

EEC begins talks with Japan jaSKSSf 8 :?. 51811 pact 


to Sign pact j BY OUR own correspondent pvnOritttteiSS 

and Moscow Narodnoy Bank. . ^ DELEGATION* of senior Japa- THE BRITISH Shipbuilders team look at the order books of India’s * 

1 nese businessmen is due in that recently visited India has four shipyards aqd initial fi nd i ngs j ItaBan futtthpiie^ =vexports 

I _ I n_i.r .. j .. «—. ik« C«.i ' r_:i > .....tksco nro Sir nn msonc iinnnnt »'■ ■. -HM, . 


TOKYO. Feb. 13. 


Italy’s furaitwe 
exports tip .6(1% 


A SENIOR official oF the Mr- Meyncll. head ■ of the Trade, Mr. Edmund Dell said in | Bethlehem Steel said Tn a *mte-- between Janui and 
European Economic Community Common Markets LIrectorate for London that Britain and other _ . the-US Government's! formed sources said. 

* to-day called on Japan to increase North America. Australia. New Western countries might be | pSL plan fi^rtce*! Sp 

•imports to reduce its huge trade Zealand and Japan, was speaking forced into protectionist action ! j b ar the trieeer orlc*i-<,2? 

surplus with the EEC. Foreign at the start of four days of talks against Japanese exports unless ; ^Yor ^jor 

Ministry sources said. -here. . •• there were major reductions in i mrt , t inotan^c mv»V~ .-,-1 


ITC * 'Peking to-day to sigo the first' failed to secure fresh orders from are that these are by no means jumped . 60.4 >per.- . .to 'Z\ 

U<o* Sieei warning i long-term trade agreement • Indian shipping lines, even satisfactory and hence reliance L*594^bn..r in_“ tZftr; ..^sajuary- ! ^ 

Bethlehem Steel said in a state- between Japan and China, m- ; though offers of easy long-term should be placed increasingly on September pteriod. last star ftwa\ 
mem on the U.S. Government’s formed sources said. credit were made. indigenous capacity'.' • the same period 


domestic ma rket ; industrial 


construction! or to those in India. 


The EEC official. Mr Benedict He asked Japan to lower tariffs Japan's trade surpluses. J JEW Vbe™ri£tjS3Srffl" piK eSSSSdZlw to T w ">. target'‘should-, be 

Meynell. said Japan should buy on processed foods, to expand The EEC last week officially.-level." It said “ consequently we equipment and steel Reuter; The Ministry is taking a fresh, sufficiency inshipbuilding. 
European^ A-300 Airbuses and a import quotas for dairy produce informed Japan of a comprehend do not believe that the level of ‘ : f. M ; ' ■■-- 

nrnnoH 5ini P llf > import s j ve ,j fit of mcaS urcs it wanted: l'mpon prices resulting from the “ • — - - • • . - : 

which ^ lMtvear w estimated tl discussions -ot under wav put in to effect to reduce the trade [ trigger price mechanism will be; ^ 1 J £71 A 'JP * ; j 

;““SnTC rt l i, ! t le » th.rs“fr;t;2 w. 2unports Icrapl ann S Atnpsi m .i 


x«t«Aiu A«u«, I ;The itine v montiis^-;totaE [asr' ■ u 

shipbuilders and ship -owners thati^g^ -^g ^gbrn- -fell- 

“pur. target, "should ? be self:n.976ofd 2 exportii.'.--whitii f 
sufficiency iii shipbuilding'’ -' . rambuBted to L;S5Mbn?ij--v^P vT-« 


,!?5bn. in Japan’s favour, the Jess than 24 hours after the ?ap. 


■sources reported. 


British Secretary of State for Router 


Israel and S. Africa in trade 



U.S. goods 
for Taiwan 


Soviet Romanian trade 


Buses for Hong Kong 

Hestair Dennis has received 


BY L DANIEL IN JERUSALEM AND BERNARD SHAW IN JOHANNESBURG 


•• —< •' .'s ■■ ■■ 

" r "“'.. - 'r-£>T-. 

■ ■ •- •; ~\7: r 


BY PAUL LENDVA1 


VIENNA. Feb. 


A SPECIAL Taiwan trade inis-jycar will rise by 17 per cent. Soyiet-Romanian t> ade is expec- L Company's trials of four prnto- R37.5m.. This was disclosed in South African coal for her first countries. • -- i? tbe.lsraeli paintptar^S.-TjWle'^.i-. - 

s!on has announced that it plans: l0 ' j.fbn. rouble?but mil still lag le ^. l ° r,s l • ,0 4 per f e r nL ! type Jubilant front engine buses '• an Israel Radio interview to-day coal-fired power station. Since ' The finance and double taxa- Koor Chemicals -is 

t Va fi■ far behind Soviet trade wiih“; Q U nd -'l '■ delivered last year. The other, by the director-generai of the the return of. the vessels in tion agreement negotiated duzvwth Sentra<*em;tit -,the . ; 

S_50m. to fjJOOm. to try to . _ .. . - 19. S. recently signed in Moscow. ordcrs 0 f W hich 17 are repeat Israeli Finance Ministry. Mr. ballast would make the deal ing Mr„ Ehr lieb’s visit arepro.th. African chemicalsJiutiirtofTkei fj;.. .. 

correct a trade imbalance. .other East bloc countnes. Thus Romani a will export to the ort j erg< c orae from the U.K P Amiran Sivan. highly expensive, it may be only a part of tteidedrions'Jolnt-sUhsiiil^-A^r^efact^^.'- 

The mission's director. Mr.'for example. boviei trade^ with Soviet Union machine to»»ls. The asreemen to permit South assumed that Israel will also reached, on future economic; cth''te*nllfaetdtlilB. hetMcides'-;-ia;^-_ i 

H. K. Shao. said Taiwan already. Poland this year will total 6.7bn. equipment for oil. chemical. Africans to ‘'invest more try to narrow her trade gap with operation between - Israel, and lOTBviradte.-an iSraeB 

bad purchased industrial goods'roubles, with Hungary 6.4bn. petrochemical and metallurgical Greek fleet directly in the development of South Africa by larger shipments South Africa. A source close to*«rniteeiajnD.v * 'J** 

from the U.S. valued at abuutj roubles and Bulgaria : 5.bbo. industries, electrical goods, foot- Greek-owned- • merehmt' Israel’s infrastructure, as well as of bulk cargoes there:'.vtfiicb: the. South African--governmeht year tee^Otii Afrii^Ti^and ^ - . 

S6Sm and agricultural products. - roubles. - ^w. fruit and vegetable:, in ; fle ^? e l0 ^n5 k JSJ* hios a-Sre- in specific enterprises ” was con- again would ne -cheapSlFrail said that some of :tbe^attert :SteeLeorporantm forioeda imnt • 

including corn, soyabeans, barlc-y Between 19,0-ib the Soviet exchange for^machinery, raining, jeet totalled 4,s“ . eluded during a visit to South facilities were available. - which agreement had been company. with,.Koor : to. market 

and wheat, valued at about share in Romanian foreign trade equipment. Cars, aircraft, iron |S a a^ -®- l »'-^o gross tons at Af i bv t he- Israeli Finance The reference In snecific- in- leached were-mot—for-publtc^scor products in Israel:•• 

S15 n 6 T , . h f . c - : dropped from 27 Per cenL ITS ore. coke coaL phosphates and «g «£of Minister '^Slmcha Erlich dultria! plants fs Uhefy t! app”y tto£ ' ^ There has also bee** 

Before leaving the U.S. tn per cent, of the total. Durin 0 chcnmal products. these 3SS6 shins totalling A i 0 * 01 communique to this particularly to enterprises which r Israel is kndWp to bg^ conr deal.jpf specalation HJil-mimary • 

March, the group hopes to pur- --- 3 SA 75 A 32 Vross tons were unde? > effect was released simul- would use’Soutb African know-cemed . about.riq^ ai^-ixifeU^ncejCq-opaiati^iirb^ vi 

chase additional items, including, __ Greek"fia'’ and 933 vessels 1 taneous *- * n Gape Town and how. such as-in the field- of balance of trade'• :in'! South tween'Tsreel a^id ; &iutlhAfrica.;;^ 


S156m. . dropped 

Before leaving the U.S. in per cent 
March, the group hopes to pur-, 
chase additional items, including, 
tobacco, electrical equipment and ■: "STITT 
whisky, in amounts expected to j p |1 
total $25m. to S75m. J 

Mr. Shao said many or the, 
goods being bought in the U.S.! 


EEC halts Dutch cartel 


BRUSSELS, Feb. 13. 


cars. ■ j slon - maintenance imposed by the,an increase of 4S.3 per cent, over “ have been one af V was urtheraereed 

The purchases are being made] The Commission said that group on all products including/the exports of furniture in the, t J Finance Ministpr - s ob L ts °i South African Fil^re 


The reference to South African be turned into finished goods totalled R31-2m, dmost dopble African navy has sw; 3 corvettes^flm't 
finanrial participation in the which Israel could more the previous ye^ , s ff^re..l^or.equippwv;with' Gal)flet >itrtacr. ’Ulij 
development of Israel's infra- advantageously export, particu- items included steel, coal, "siigar tq-sdrface missiles. , .. V> 

structure may refer to the sale larly to Europe. -..-..and cement-. .Isreel„-however ., Th 9 _ importance ..-Wliich the 

of Israel Government bonds in The agreement also provides managed to sell ■ only * South ' African J: GdVeniment .j 

the Republic (not permitted For co-operation in medical and worth of goods (excluding min- u attacbe^ to. its relations. -wj* . 

hitherto aad not sperifically agricultural research “ particu- larv-equipment) ts South Afriea.; Israej^^ ^was; iffustrated^ : Tsist 'ys*r Ht 

mentioned in the communique, larly solar energy utilisation/’ about R3m. less thair 'iir iBtfii-v^ien’ ■' the.'VFOTeign Minister- i - 


me purenases are rjeinc maae. »«v iuciuuuis me oi mnuiure u« u«ci th _ p! nanP „ \TinUtpr‘<; nhift-Kt Smith Afrir-an Finanrr- Winictpr --lne» 'the'itrarie 1 'e6tj was marks made-bv The Minister 

under "price negotiation Pro-! almost .11 Urn Dutch manu^. p ~vU^ year, r "j. ^ J5g« i £" 5?™ ?^Shle°'^Sh ? r U, oiS, lC Ho5;S ^arl^n^1n&^fri?S 

cedures-rather than the normal . turers. importers and dealers all medicinal products sold m are more than double-the figures ■ &r ricai] narticiDation in Israel’s Israel some time this vear - * favour ' - . ^ * - about-Jewfc .V ^fc.. 

international bidding system.! belonged to the association. Holland are imported, the Com-jof two years ago. and more than > A » rican P^icipauon in Israels Israel some time this >ear. ■ tav0Uf - ^ . 

giving U.S. businessmen first which accounted for between SO mission added. * /treble the figures of three years' _. _ ___ _ | •- *... V 

crack AP'and 90 p*?r cent, of all Dutch Reuter ago. 


c 



Contracts 


■ I 


an international seminar on the occasion of the opening of the 


European Options Exchange 


March 14th.-1978 - Okura Hotel - Amsterdam 

organized by.,DeFinancieie TeJegraaPin co-operation with the ..European Options Exchange”, the Swiss company 

..Telekurs A.G." and ..Boerman-Nederstigt B.V.”. 

This seminar will be a meeting place for financial specialists from all over Europe, who want to get more acquainted with. 

the possibilities and technical side of the option trade. 

A number of internationally known speakers, who are fully familiar with the trade in options - on account of their 
profession - will convey their knowledge to the participants of the seminar. 

The seminar wilLbe presided overby mr. J. G. Muntinga. vice- president of the European Options Exchange and 

general manager of Pierson. Heldring &' Pierson N.V. 

All proceedings otthe seminar will be conducted in English. 


Programme 


Seminar fee 


March 13th. 1978 

17.00- J9.00 Welcome-party sponsored by 
„De Financiele Telegraaf" 


March 14th. 1978 


Registration 

Opening address and Chairman’s Introduction 
by mr. J. G. Muntinga. acting chairman of the 
European Options Exchange. 

..Options Strategies for European institutions ” 
by Matthew L Gladstein. vice-president of 
Donaldson. Lufkin & Jenrette Securities Corp. * 
New York. 

Coffee 

..Importance of the European Options Exchange 
for the Stock Markets" by mr. J. Ph. Korthals 
Altes, chairman of the ..Amsterdam Stock 
Exchange". ~ 

„Working with options by big investors^'by mr,- 
E. A. Brouwer, chairman ol the board of .the 
Rotterdam Investment Consortium ..Robeco". 
Godctails and Luncheon 

..Clearing and market making. NeuttaLspzeadmg— 
by Dwight Koop. president of First Options of 
Amsterdam B.V. 

..The European Options Exchange in'praclice’* 
by mr. L. W. G- Scholten. manager of the 

European Options Exchange: - -. 

Tea 

Panel discussion with the. opportunity of asking, . 
questions. 

Resume and close Seminar. 

-19.00 Cocktail-party. —.. . . 


The total fee for participation amounts to Dfl. 531.— p.p. iinck 18 n oVAT}« 
This includes all refreshments, lunch and cock tail-party as well as 
seminar documentation. 

Not included are hotel expenses at the Ok ura Hotel. 

Participants wishing to stay overnight can make reservations for single 
or double rooms at Dfl. H7.50resp. Ofl. 130.- lincl. breakfast). 
Reservations should be made by atiached coupon. 


• Vulcan Engineering, a mem¬ 
ber of the “Koor” group of com¬ 
panies. has been awarded a con¬ 
tract for the construction of 100 
Freight cars for the Israeli rail¬ 
ways, to be used for the transport 
of phosphates. Vulcan submitted 
a bid together with the French 
company Arbel, which will plan 
and produce the chassis and 
bogies and the system for open¬ 
ing the doors to permit very 
rapid discharge. 

• Sener, Spanish naval archi¬ 
tects. has signed a contract for its 
FORAN computer-aided ship 
design system to be used by 
the South Korean shipbuilding in. 
dustry, the first contract for this 
system in the Far East raarkeL 

O Komatsu has received a 
Y2.5bn. order from the state 
organisation -for roads and 
bridges of Iraq for 140 bull¬ 
dozers and other machinery. The 
order was made in co-operatioo 
with Sumitomo Slioji Kaisha. De¬ 
livery is scheduled to begin in 
March tbs year. 

9 Foster Cambridge, a member 
of the George Kent Group, will 
supply instrumentation 'for a 
plant which will produce lime 
for use in steel manufacture in 
the oil state of Qatar’ for tbq 
Qatar Cement Company. The 
order was awarded by main 
plant contractors Newell Dun- 
ford Engineering and is for a 
range of electronic recorders and 
indicator/controllers. 


• A new automatic telex ex¬ 
change costing £600,000 is to be 
installed in Mauritius by Cable 
and Wireless, to expand and im¬ 
prove service on the present 
manual exchange which has 14S 
subscribers and deals with 70.000 
minutes of traffic each month. 


• Temoscanner .UJi„ subsidiary: 
of J and P Engineering, has won 
an order worth £350,000 for four 
of its isotope emission Tomo- 
scanoer machines, which. it 
launched last year, from La 
Malson du Medecin, the French 
medical equipment distributors. 
The first of the four machines 
will be installed later this month 
in the Centre Jean Perrin. 
Clermont-Ferrand. 


9 Three Italian groups have, 
signed a contract to supply the 
Iraq Atomic Energy Commission 
with laboratories for the produc-. 
tion of radio isotopes to he used 
for medical purposes and . other 
research. In addition to Italy’s 
nuclear energy committee the 
groups are Snia Teenint and 
Ansaldo Meccasico Nucleate. 

• British Fairwall has received 
orders worth £70,000 for- their 
sliding door systems for the El 
Salam Hotel at Heliopolis Cairo, 
the Landmark Hotel at' Ras Al 
Khaimah, the Marco Polo Hotel 
in Singapore, the Business School 
at Bahrein, the Hyatt Crown 
Hotel at Tehran and the Hilton 
Hotel at Munich. 


That’s what visitorsironiabroad 
say about th& Pterre: Ftir ThCbest &f ~ 
reasons. It's the one hotel graced : ' 

with Old World tquche5. S\yeeping :; 
Tnurais. Elegant decor, /dry *; *; ‘ 

suites. Service that pampers. And 
' ‘architecture that meets-the sky <.. 
. where Fifth-Avenue joins die - i - • •••’ 
park. The Pierre. W s a rare [ 

beauty. And tbe world never • •' =-:/ ( 

•- has enough of that For ." - 
reservations emd information ^ 
m the U.call London, ^ ■■ ^ 

01-567-3444. 


fTcf 

-I? 


Htnri MandSsen 
Ya* Freintent 
& Central Marts ger 




Are you interested ? 


Please fill out the coupon and return it in a closed enveloppe to: 
# .De RnanciSle Telegraaf” P.O.Box 376, 1'300 EB Amsterdam- The 
Netherlands. . 

Please enclose also a cheque lor Dfl. 531,— p.p. or transfer the 
amount bv bank to: 

„De Financiele Telegraaf" i.o. ..Option" 

with the Algemene Bank Nederland account nr. 54.03.21.370 


For further detailed information please phone: Amsterdam (0201 585.2258.. 


r— 

i Qq^PQI^ Please send me-- participation tickets ■ 


participation ‘ 


J. fo r ,,Qpuon 

I enclose a cheque for Dfl_IDfl. 531,— p.p.) 

I have transfered Dfl.—_to ,,De Financiele Telegraaf" 


i.o. ..Option”. 

Lwish iq make reservations at the Okura Hotel: 

for March 13th_single room_ 

for March 14 th:_^single room_ 


.double room 


. double room 


■ Hotel expenses as mentioned are for my own account and will be 
k paid by me directly to the Okura Hotel. . 


I will/will not come by car (in view of the parking space to be 
reserved). 


De Financiele Telegraaf 


Name: mr./mrs. - miss. 


Prouidedbsr- 




THE FIRSTNAT7ONALBA®.0FCHie^SOi^: ^ 
ANGLO-ROMANIAN BANK LIMITED - 
BANQUE FRANCO ROUMAINE' 1X3 BANK OElflSfcte 


LLCVDS BANK INTERNATIONAL^^LMTED ' ; 

THE NIPPON-GREDiT BANK, LTD. - • 




In co-operation with: 


E-2 


European j 
Options j 
Exchange; 


mr 4 

■ k.“ 


on 


I Position in company 
| Name of company _ 
( Address —...;- 


Country. 


ra a.LPiAj 


Boerman & 
Nedersttgi bv 


Signature 



. .. . Arranged by " :} '■'’’.I'V : 'f-.-: .. 


FIRST CHICAGO LIMITED 

AgentBank : 





































home news 


: Tyufegy14 • 1973 

t-r 

K 

m 








m 

accusations 



engineering 
seeks more help 


\ BYGUy DE JpNQUlSRfiS, COMMON MAI«erC<Mltbj*OND£NT 

• - - * * y ** ^cferfloSSe^wk-’Is- impii- 

• v • Sons- ^“Mt-aceifrrcifly -atfeoptiBg ^rerute Sara- 

'• s^to’SLutaL'^5S?9 B, !2* B --^s coatsnnon.that the foreign 
2^ «5SS?™2L^ ,an ^H 1 ' ■*&*&*- market ^rrangemenS 
'■■■Se^f “SSSftil? 8 ??'retricMyje' prithee between 
■'■■:■ closed shop js being- the haztks ani&Sie brokers in 

?-■•• -*"'■ ■■'SSSSSS-rSinSS*^ «• the Ration of aaojliair.iif the Rowe 

■ *; ,Dn -, - - • .Treaty’^ competffiba chapters 

1 ' • ”9^ Bank5submission.- more. Article 85 v ra * 

'- r * ' ,ai LS' Wtslong. was. sent; to '.- On<± : point 'tijkicli*-the Bank 
- -i TOMnse appear to hari^most difficult 

• ._ - : --. t0 «*-5 eq H® st for 1Q e^rp lain ine'to-the.Cora mission 

- . trtfrer nrfonna tioo- by the Com;- is the natore^of- piiblic poliev " 
Jsstou, investigating since . the a method, oL regulation whiVh 
~ nump a complaint bv Sarabex, does net spring-Troth.'any sneei 
K . > money broker with Middle fie law LSS-feSToSlleU^ 
Italy i^LSSFIf 1 * 0118 ' a i lbe risht Contmeiital EEC’ Countries. 

, * ■■•aSeMs'^SJrS' L . 0 " don rtthas beep-risked to justify 

fe\Dn n . bJoWn^S y demed to maintenance ^procedures for 

H^flr w orpKang finns. admission to the I^ndon foreign 

_ rt »' , exchange mariiet which are not 

'* ;. t UuuC policy . . subject to full, puhhc disclosure. ■ 

Most banks deal only through tie***? a S dlt t attal formal' 

• --S 

: ■s»xssta , ^is 

■ , : iSceS n ^TsSaS2 ^StP’lSSta^Sff? 

:'’m plained that brokerage scales- EibtiSfta't it SS^takf 
•- - aerated hy associatkm wembeS' sffiblr lonier^ ; con - 

rfVSi^is believed! 
Thihlnk if- SSt,- to be t-bricerhed^-about acting! 

S-ER ~| 

6rS bmt5V ffi^VH^ tries^fof 1 ' 

tamtam an efficient and stable exchanee e ° n 

arket in which a large number If ?t were S^^aUence ih P 
currencies may be freely and 

- It save that fW »ro is *)“ WlfawrUlit it will 

- ider “public poLy™ JffS JSJ& 

as as 

ith roles governing operation of ^ a - more i-nej-i wav fhp 
1 ‘fteresr" 0f general economic Commission is acutely aware of 
WhHe th P BinV ia ^ hostile public .reaction in Brt- 

■-.J„.,?*♦ffi “ SfiSf 00 ? lam to Other recetit EEC compe- 

; ?«smrsssua SSSS-W 1 * JS-.5 


BY MICHAEL CASSEO, BUILDING CORRESPONDENT 


TJBLE CIVIL engineering indus¬ 
try could lose up to 80,000 jobs 
if urgent Government action is 
not taken to stimulate output. 
Mr. Peter Shore, Secretary for 
the Environment, heard yester¬ 
day. 

He met representatives of the 
construction industry and its 
associated professions and was 
told by Mr. George Henderson, 
or the Transport and General 
Workers Union, ihat unem¬ 
ployment in construction 
remained grave. 


More than 250.000 construc¬ 
tion workers were out of work 
and there were no signs of any 
improvement. 

The civil engineering sector, 
which had been badly hit by 
the recession, faced a particu¬ 
larly bleak future. 

The industry deputation had 
met Mr. Shore to impress upon 
him that, in spile or ihe injec¬ 
tion of £400ni. into the 
construction sector's workload 
due to take effect from this 
April, more work was urgently 


needed now. 

The delegation said that It 
wished to see Bndget measures 
to stimulate private investment 
in construction and . further 
increases in public expenditure 
to make np for the recent 
heavy cuts. 

Mr. Shore asked for another 
meeting with the group, which 
will consider the future of the 
industry and its likely work¬ 
loads. rather than the more 
Immediate problems discussed 
at yesterdays talks. 


&de| 



__* ■ - *7.-inquiries into . the. :temporary 

< “ rtren,e onidence, employment subsidy, and . is sen- 
,Y i2®v*£ a ' ar 3^ rash, moves, sitive about'embaricinn on new 
>uld shake market confidence^ actions which could' excite 
. In claiming justification under ^simHar response. ’ 


• *. ■- 


Offshore suppliers 
aim for S-E Asia 

BY -KEVIN DONE, CHEMICALS CORRESPONDENT ; ^ , 

RITALN’S offshore’ suiiply' in- ISSOs. tins should hare jiw to 
ustry is launching a . sales 7 about £5bn. - m - i -: • . 

titi alive ih South East Asia/ \ -Apart frotp. South EastTA'ria. 

Some-3.6 British cpmpam^arc ‘there arepremSng’S'O^ctaSr 
thibiting at the Offshore South the .U.K: industry in. South 
,ast Asia exhibition, in Singe* America, Indiaj’ the USSR, 
ore next week. . ■ Austrelia and tbh Middle East. 


"unniioc nm«. nuiuHiers on me capaouiues oi 

uppUes Office which apart from the UJC /offshore industry in 
Dpeanng at the exhibition, will .p p fri ng in Perth Western 
!so visit China, India, Australia,- westem 

alaysla and th e Philippines. - ,4s phii of the promotion. Sir 
The value of the offshore mar- Rampton, permanent secre- 
,et worldwide, which the in -farenaf -the. Energy Department, 
ustry is. aiming at- is estimated is'to visit industrial concerns in 
.; about Hbn. - By the early the Singapore area. 


Accountants issue guide 
to price investigations 


BY DAVID CHURCHILL. 


. .DVICE TO companies to avoid mission to seek a meeting -war 
"i- possible • I investigation $f. senior. management.. 

-. -'fanned price rises by The Price “ Tl» importance of this meet 
■ -/.ommission ^ *»«*•!«*«»•» - 


included .in 



a ing cannot be over-emphasised. 
It Is essential that senior man- 





should attend and be 
briefed, and that one 
w-- - a - • jo. . • .. should assume overall 

.« The guide says that an mvesti- responsudiitv.” 

h>,toUgatim might le 
ses. could, mean -«>at•.--con- averted If management was fully 
deraDlc. managemeut time and brififed'.tt> present tiie details.of 

j rt ,? re - “tha xompany’s pricing policies 

i dealbig^with the Commission 5 •„* trading position. ; 

uestions." , . - . : The guide includes a manage- 

In addition, the Commission's meat check-list fop companies 
?port would eventually be pub- facing investigation, as well.'^as 
shed “and any adverse com- considerable detail on the.work- 
^ient would receive widespread inps -irf the Commission. .-... 
blioilv But because price control legs- 

- .... ^ . lation “is. complex, and the prae- 

Coopers, which has helped ihe tiral. issues which will arise are 
ace Commission carry out some many and varied.” Coopers -has 
Tivestigatioos, says that the given certain partners and staff 
litial step when an investiga- special responsibility to adviaeon 
on is threatened is for the Com- price control, issues. - 


Ulster tyre jobs boost 

BY OUR BELFAST CORRESPONDENT 

T1CHELIN IS to spend £S.5m. delicate negotiations will . be 
n expanding its heavy-duty tyre needed to obtain agreement on 
actor}' at Ballymena, Go. Antrim major, changes in shift woriting. 
-one of two plants in Ulster.'. •- Mich'eiih is concerned at.the. 
The expansion, will increase slice of the heavy-duty tyre mar- 
hc size of the factory by about a ket going to Japanese producers. 

. .* hird. Another-200 jobs .wilt b.e To-.help: boost production at 

■* rested, bringing the workforce Ballymena, it wants to introduce 

jp to 1 , 400 . week-end working on a con- 

”■■■' The company’s plans have tiniious rota basis. At present ft 
«en outlined to employees, but is optional. .. 


Mr. Nicholas Goodison 

Profit faring supported 

Goodison 
backs 
profit 
sharing 

Financial Times Reporter 

THE STOCK Exchange strongly 
supported the idea of profit 
sharing schemes in industry, 
the chairman, Mr. Nicholas 
Goodison, told the City branch 
of the Institute of Management 
yesterday. 

It was the Exchange’s first 
official reaction, to the consulta¬ 
tive document on profit sharing 
published by the Revenue at the 
beginning of this month. 

Mr. Goodison said the Ex¬ 
change was interested in such 
schemes as. a means of increas¬ 
ing workforce Involvement in 
the profit making process. It 
p%ed less emphasis on schemes 
as V means of promoting wider 
ownership of shares. 

hA drew attention to a survey 
carried out by the Confederation 
of British Industry in 1976 which 
showed : tha-t 85 per cent, of 
employees thought that industry 
would be more productive df they 
had a stake in the profit 
For this reason, the Revenue's 
document, was “extraordinary 
and welcome.'' hut he questioned 
it« value where it suggested 
restriction of the form that pro¬ 
fit sharing schemes could take. 

In particular, he questioned 
the restrictions on the employee- 
shareholder's right to sell aqd 
the artificially low limits on the 
value of shares he could receive. 

: Profit-sharing schemes should 
remain “adaptable" and not be 
laid down 00 “tablets oi stone." 
The employee-shareholder should 
have the right of turning his 
bonus shares into cash if he so 
wished. 

The ICI profit-haring scheme 
was a good model. A system 
where the employee could opt 
for' cash, hut where there was 
a tax incentive for him to hold 
bn to the shares issued to him, 
was preferable. 

Mr. George Copeman. of the 
Wider Share Ownership Council, 
asked Mr. Goodison whether 
there would he a market for the 
“new capitalists'* created by pro¬ 
fit-sharing schemes, implying that 
many of these d*w small share¬ 
holders would find it difficult to 
find someone wiling to trade 
their shares at a satisfactory 
price. 

Mr. Goodison said that be was 
aware that ICI employee-share¬ 
holders had had problems. He 
dUl-not have the answer and one 
would have to be found. 


Tractor group cuts 
310 jobs after 
Turkish deal fails 

BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 

THE COLLAPSE of a contract August 1975 and was supplying 
with Turkey because of that about 2.500 tractors a year as 
country's economic crisis has well as 4.000 sets of components, 
caused the loss or 310 jobs at The contract was ended after 
the Bradford tractor plant of the Turkish Central Bank ini- 
International Harvester of Great tiated a policy last February to 
Britain. stop the import of all goods qx- 

The cut, involving about IS cept those in the “emergency 
per cent, of the 1.700-strong and strategic” category, 
workforce, comes just after This has reduced output at 
International Harvester has Bradford, where International 
completed a £2fim. expansion Harvester produces its smaller 
and modernisation programme tractors more suitn] to un- 
at Bradford, stimulated mainly sophisticated markets, by about 
by the Turkish deal. a third. 

There is further irony in the Efforts have been made to fill 
fact rbat the redundancies had the gap but, as there is no pres¬ 
to be announced at the same pect of funds becoming available 
time as the company disclosed to finance future exports to 
record sales and profits for the Turkey, redundancies will take 
year to last October. effect on May 12. 

Sale£ of £136.57m. were 29 Mr. Larry Abbott, Interna- 
per cent, ahead. Net profits were tional Harvester's managing 
just over £Sm. Sales to the U.K. director in the U.K.. says in a 
market were up IS per cent, at message accompanying the 
£46.6m^ while export sales rose annual results that the group 
35 per cent to £91m, . improved Its share of the impor- 

Agricultural tractors and taiit- wheeled tractor home mar- 
equipment- accounted for 50.7 ket. 

per cent, of total sales and It is continuing to recruit at 
industrial and construction its Doncaster complex, where 
equipment for 16-3 per cent. about 4,700 are employed making 
Capital expenditure during the the bigger tractors and other 
financial year was £S.9in. equipment. 

International Harvester, which There is only a marginal over- 
is a subsidiary of the Chicago- lap 'of activities between Brad- 
based group of the same name, ford and Doncaster and Doncas- 
signed the Turkish deal with, ter is not affected by the collapse 
Turk Qttomotive Endustrileri in of the Turkish deal. 

' i! 

Massey output cuts put 
suppliers on short-time 

BY PETER CARTWRIGHT 

ACROSS THE BOARD cuts in fell to 68,590 vehicles in the year 
output of about 35 per cent, for t0 October 31, compared with 
the next three months at 85,183 in the previous 1975*76 
Massey-Ferguson's Coventry Period. 

tractor plant are putting some I’b® further contraction re- 
of its 450 suppliers on short flerts problems in tractor war¬ 
time. kets such as North America, 

also affected is Winn Turkey, Brazil and elsewhere. 

rr™ ™%t^Ty£Lr kets are 

Perkins Engines, of Peter- Massev-Fercuson suonties the 
borough, which supplies power pareDt Dwrelt pl»t 

• with big axle and transmission 

This is the first market down- sets. “We are engaged in re¬ 
turn in more than three years, balancing our inventories to 
but after strikes at Coventry and align them with more un certain- 
at one or two big suppliers, world conditions,” . Massey- 
Massey-Ferguson'B production Ferguson said yesterday. 


Container 
line 
to use 
Portbnry 

By Our Shipping Correspondent 

CAST, the Montreal - based 
container line, confirmed last 
night that it is to switch its U.K. 
direct port of call service from 
Sea forth, Liverpool, to Royal 
Portbury, Bristol, after the deci¬ 
sion by doefcworkers at the Avon- 
mouth port to lift their ban on 
operations. 

Labour troubles have pre¬ 
vented the £38m. dock from open¬ 
ing since its formal inauguration 
by the Queen in August. 

Tbe first ship is expected at 
Portbury by tbe weekend, though 
CAST said last night that its 
future use of the port would be 
determined hy tbe quality of 
price and service it received. 

It will use the roll, on-roll off 
and container facility at Port 
bury, which is to be managed 
and marketed by South West 
International Freight Terminal, 
a subsidiary of the Swedish Tor 
Line. 


Bank expands 

County Bank is to open a new 
office in Birmingham next 
month to service existing clients 
throughout the Midlands, excep¬ 
ting Derbyshire and Nottingbam- 
, shire, and to act as a focal point 
ifor handling new business. 


Japan may peg 
U.K. car sales 
to 1977 levels 

BY TERRY DODSWORTH, KtOTOR INDUSTRY CORRESPONDENT 


THE motor ndiistry told the 
Government yesterday that it 
was reasonably confident the 
Japanese would contain their car 
sales in the UJC this year to the 
levels established in 1977- 

The optimistic message came 
after talks in Tokyo last week 
wben the Japanese manufac¬ 
turers refused to make any com¬ 
mitments on restrictions of sales 
in the U.K. by either quantity 
or market share. 

Although this Is a tougher line 
against voluntary curbs than the 
Japanese have taken in the past, 
the U.K. negotiators appear to 
have come away with the impres¬ 
sion that the Japanese will not 
pursue an aggresive sales policy 
in Britain this year. 

This point has also been made, 
in an elliptical way, by the 
Japanese. Tbe Japan Automo¬ 
bile Manufacturers’ Association 
has responded with some alarm 
to the critical Press comment in 
Western newspapers about the 
apparent breakdown of the 
voluntary understanding on 
restrictions. 

A memorandum released yes¬ 
terday by the association drew 
attention particularly to the 
passage in the communique 
which says that “Japanese 
manufacturers, who are highly 
dependent on export trade, thjnk 


it is very important to m aintain 
their overseas markets through 
careful export activity and fully 
understand the difficulties of tbe 
U.K. motor industry, which is 
still in the stage of reconstruc¬ 
tion." 

It went on to draw attention 
to the impact of the rise in thB 
value of the yea in lessening 
the price competitiveness of 
Japanese cars. 

Officials from the Society of 
Motor Manufacturers and 
Traders negotiating team yester¬ 
day met Sir Leo Ptiatzky, Per¬ 
manent Secretary of the Depart¬ 
ment of Trade, to give their 
account of the meetings in 
Tokyo. 

These may be followed by 
further meetings with Mr. 
but meanwhile, the Department 
will be sounding out the 
Japanese position through diplo¬ 
matic channels before deciding 
whether to toughen its stance on 
Japanese trade. 

Mr. Dell gave some indication 
of a hardening of attitudes dur¬ 
ing a television interview at the 
week-end. But the Government 
remains reluctant to take formal 
action against the Japanese 
because of the damage this 
could do to international trade. 


First regional 
CBI conference 

THE CONFEDERATION of 
British Industry is to hold its 
first regional conference in Car¬ 
diff on April 6. Entitled Wales 
into the Eighties, rbp conference 
Will -look In depth at the main 
problems besetting the Welsh 
economy and industry- 
- Speakers will include Mr. Terry 
Beckett chairman and managing 
director of the ford Mnlur Com¬ 
pany, Mr. John Greenborough, 
-GBT president and Sir John 
Methvcn, its director-general.' 


Facelift far Sraithfield 
meat market planned 

FINANCIAL TIKES REPORTER 

LONDON'S Smithfield meat entourage shops, housing and 
market is likely to remain at its industry to move into tbe area, 
present site and be given a face- hut acknowledge that it “ is con- 
lift according to proposals pub- Mdered less suitable for offices 
tisbed yesterday. than other parts of the City.“ 

The City of London Corpora- series of public meetings! 
tion and the London borough of ^ , t0 ass * ss epmlon| 

Islington have agreed on plans Pl aDS ® re ftoabsed. 

to safeguard jobs in the meat i* 1 ® Coven *. Garden 

market and bring vacant build- C™!* - et -, wa -? 
inss and land back into use. *$•«*•* 

had occupied for over 300 years 
The character and environ- because of a shortage of space, 
ment of the market and the The two authorities responsible 
surrounding area would be for Smithfield however, hope that 
“conserved and enhanced." the meat market will not now 
The two authorities plan to have to make a similar move. 



No nuclear deaths in 15 years 


IN THE 15 years from 1963 lo. 
■1977 there-were' no fatal or 
serious accidents within the 
U-K. nuclear power industry,. 
- caused by radiation. Hr* John 
Grant, Under Secretary . 
State for Employment told Mr. 
Tcter Emery, MP Hopiton, 
Noa-serioiu accidents caused 
-by accidental radiation expo¬ 
sures exceeding the maximum 
.permissible quarterly limits 
,have ranged . iu number over. 
,Ute period .ft®*® 10 Twsrsons .In 
'any one year up to' 32,'with .a 
.'total of 11. persons Effected jp. - 
Wit; - -"- 


Long-term health effects. 
which might be associated with 
exposure lo radiation hare not 
been. included, nor are' radio-, 
■tion exposures from sources 
. such as industrial radiography 


and agricultural Industries. 

Fatal accidents' in nuclear 
power were: 1965—0.003 per 
:cent: 1970—Nil; 1973—0,004: 
and 1976—0.010. In coal 
mining, the comparable figures 


equipment at nuclear installa-. were 0.05 per cent.; 0.03; 0.03; 


tions during construction. 

. In another reply To Min 
Emery, Mr; Grant gives figures 
for 1965, .1970, 1973 and 1976 
of fatal, serious and non-serious 
accidents within tbe nuclear 
power Industry as a percentage 
of the number employed, 
together Tiotfc-a: cpmparisontff 
the accident rates in the coal 


and 0.02 per cent. 

In agriculture, the oniy 
figures available for fatalities 
are -for 1973—OJll per cent, 
.and 1976^-aisb 6.01. 

M Other accidents” iu nuclear 
power, which include absence 
from work of more than three 
days' and ;.a!so . radiation 


exposures exceeding prescribed' " tent; and for 1976—1.80. 


Braniff to use Gatwick 
for UK.-Texas services 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

BRANfFF INTERNATIONAL vices agreement, signed last usm- 
Airways, the U.S. airline awarded mer : all new foreign airlines 
the route between Dallas/Fort serving the U.K. would have to 
Worth m Texas and London by Gatwick. 

President Carter. admitted But BranifT, while accepting 
yesterday that it would use,Gat- tbe Department of Trade's 
wirk Airport when its services direction that it should use Gat- 
stjrl on Marrh^l. wick, made it clear that It still 

Until now: the U.S. airline in- ^ es CTOntua,, Y t0 ufie Heath - 
sisted that it would use Heath- i.‘ IVl , t if B r _._ 

S in u S £° r t U he K - ™p" s S *>»!« (a 

route to Dallas/Fort Worth, 
Braniff would also continue to 
use Gatwick. 

If British Airways (a Heath¬ 
row-based airline) was given tbe 
route, however, then Braniff said 
it believed it too. would be en¬ 
titled to use Heathrow. 

The difference between the two 
airports is regarded as .vital to 
Braniff. The U.$. airline main¬ 
tains that the greater variety of 
otoer airlines’ international ser¬ 
vices thta would be available to 
it at Heathrow would improve 
connecting facilities for its own 
passengers.. 

The_ U.K Government, how¬ 
ever, is anxious to' reduce the 
congestion at Heathrow, and has 
adopted a firm policy of making 
all new airlines use the com¬ 
paratively under-utilised facili¬ 
ties at Gatwick. 


Idee a deep breath 
then sign 


limits, were: 1965—2.2 per 
cent: 1970—2.1; 1973—L6; and 
1976—L8. 

For coal mining, the com¬ 
parative figures for serious 
reportable accidents were: 0-24 
per cent: 021; 0.21; and 0.2L 
These, however, do not Include 
non-reportable accidents in¬ 
volving Absence from work of 
more than three days which 
ranged from 413 per cent, in 
1965 down (0 19.6 in 1976. 

lu agriculture, “other acci¬ 
dents”—more than three days 
absence—were: 1973—L96 per 


Meanwhile, at Norwest Holst, we 
offer a reassuring contract Whatever the 
contractual procedure, dependability is 
there between the lines. 

It stems from many things: long 
experience for realistic understanding of 
everything involved; inventiveness to 
produce the techniques 
for new demands; 
positive project manage¬ 
ment; an organisation 
able to tackle jobs of any 
size without being 
unwieldy; and total 
capability within the 
organisation to cover the 
specialised designing 
and constmction require¬ 
ments of the project. 


- Our brochure indicates the scope of 
our contract responsibilities. It could be 
worth looking at before you finally commit 
yourself 

Total capability isetigmeeringdesign> 
fabrication and construction. It indudes site 
eoahiatum, earth momng and excavation, 
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Norwest Holst Limited, Dcpc m 35 Chesfaam Place, London STO SHB.TcI: 01-235995l,Telex: 917041 

















r . i -*■.••- s . >'•'.VV'*. A 


HOME NEWS 


Shortage Rate rises expected British 


to pass 10% target 


BY DAVID CHURCH Hi. 


By John Brennan, 
Property Correspondent 


THERE is an increasing shortage 
of modem factory and warehouse 
space, according to a survey of 
the industrial property market 
published to-day. 

The quarterly industrial pro¬ 
perty availability survey pre¬ 
pared by King and Co., shows 
that there were 72.5m. square 
feet of industrial 6pace on the 
market in England and Wales in 
mid-December. 

A total of 31.3m. square feet of 
warehousing was empty. 4 per 
cent, less than in the previous 
quarter, and 41.2m. square feet 
of factory space was available. 
54 per cent, down on the August 
figure. 

Empty space represented less 
than 3 per cent, of the national 
stock of industrial property. 
Much of the available space was 
in older buildings possibly. 
unsuitable for modern industry. ! 

About SO per cent, of available 
factories and 43 per cent, of 
warehouses were ten or more 
years old. 

■private developers were on a 
level with state authorities as; 
far as new factory buildingsi 
were concerned. ! 


RATE RISES for many house¬ 
holds in England and Wales 
this year seem likely to be 
above the 10 per cent, target 
set by the Government, accord¬ 
ing to statistics yesterday. 

Provisional rates notified by 
47 district councils suggest 
that domestic rates will 
increase by an average of 12.4 
per cent The largest Increase 
was over 23 per cent, from a 
district council in North York¬ 
shire. 

Mr. Peter Shore, the Environ¬ 
ment Secretary, predicted 
average rate rises of less than 
10 per cent when he 
announced the Government’s 
rate support grant last 
November. 

Last month he admitted that 
the " Government is well aware 
that to maintain services at 
current levels many authori¬ 
ties will need to increase rates 


in double rather than single 
figures.” 

Although only 47 of the 333 
district councils in England 
and Wales have reported their 
likely rate precepts to the 
Association of District Coun¬ 
cils. the trend is not expected 
to change significantly when 
all rate precepts are known. 


return to cities some powers 
Jost in the 1$74 Conservative 
local government reorganisa¬ 
tion. 

The meetings will be with 
Mr. William Rodgers, Trans- 


life 

insurance 

cheapest 





m 


By Eric 5hort 


BRITISH LIFE assurance is the j 


port Secretary, and Mr. David J cheapest in Europe, according to r 


Powers Teview 


ir anything, the early 
returns tend to report mar¬ 
ginally lower increases than 
those likely from councils still 
to make a decision. 

Average rises of about 13 per 
cenL are expected when the 
association has more complete 
figures early next month. 

The association said yester¬ 
day that it would meet two 
senior Cabinet Ministers neat 
month to discuss proposals to 


Ennals, Social' Services Secre- a study undertaken by a Belgium j 
tary | consumer association. 

These two, with Mr Shore i L’Association des Consom- 
and Mrs. Shirley Williams, I raateurs investigated toe I 
Education Secretary have been I premium rate? and buying con-1 
asked by the Prime" Minister to I diuons of term assurance—poll-. 
study what changes are cies providing life assurance pro-; 
necessary in the short term to i tection only over a fixed period i 
restore the balance caused by with no savings element—in six, 
the 1974 reorganisation. ! EEC countries: Belgium. Lusem -1 

The association emphasised | hourg, Netherlands France. West; 


‘My firm was used , 5 Altman 
claims at currency trial 


restore the balance caused by with no savings element—in six, 
the 1974 reorganisation. ! EEC countries: Belgium. Lusem -1 

The association emphasised | bourg. Netherlands France West; 
yesterday that it sought [Germany and the United King-, 
restoration of responsibility “om. ' 

covering only personal social Th® report found that | 
services, son-strategic plan- premiums for term assurance' 

ning. and highways and traffic b >_ tbe fiES* 1 were I 

management for some district U.K Costs in Belgium were f 
councils. It was not seeking a -double that for tie equivalent 

return of education powers. P°]i cy t ,n l,J >- J 

U.R. rates were only one-mth ot 

--- those in West Germany. 

The most expensive U.K. 

» -n . premiums were lower than the 

% irVTIfin cheapest premiums elsewhere. 

\ ILllfidlll The report quoted the lowest 

■ ■ u.K. premium c Phoenix Assur¬ 

ance) for £10,000 cover over 10 

1 years on a man aged 30 as £11.80 > 

annually against £56.70 in Ger-j 


Wives 
6 worth 
nearly 



ZwmB :m ;r._* > 

m&r, -i ' 'M 

■ v , 


£90 

a week’ 


By Eric Short 





A WIFE'S worth in the home u. 
on average, nearly £90 a weeL 
according to a survey commit 
sioned by Liberty Life As^? 
ance. The sum represents the 
total cost of hiring outside hels 
to deal with the work done in 
the home by wives in looking 
after the house and children * 




AsMeu A 5/usood 

MR. TOM McAUUFEE: "Leeway made up.” 


The survey analyses the cost of 
employing a full-time house. 
keeper, a full-time nanny to 
look after young children, a 
daily help and other persons to 
do odd jobs around the house 
and garden. 


developers vere on . MS, IsUl A VAIVJ U -ffi report conchl a„ that It 

level with state authorities as would often be advantageous fori 

were aS <’Oficerne 1 d CtDry buUdins:s Mr. Lewis Altman told Guild- tro! fraud ” which netted a profit from the Treasury which placed F tike h out 

were oncemeu. hall court yesterday that he and of £2m. responsibility on the originating German n 5*°P? s If |? **?„ °hl 

Private developers have shown his stockbrok j ns firm had been The profit came from transac- depositary. insurance m the U.k. or in the 

yaar s&vs 53^- 


Green Shield chief 
forecasts better 
sales and profits 


FINANCIAL TIMES REPORTER 


Stainless 

steel 


was a revolvin? fund fraud using draft a letter from EIC Euro- Mr. Worst ey suggested that the 

your firm for the purpose?" securities to Lewis Altman and draft of this letter was a forgery 
He said: "With hindsight, yes Co. instructing them in a trans- made in 1976 to deceive the 
—but not involving either my action involving nearly 51m. Treasury. 

company, myself or my partner Binstock. Pierre Ca 2 es and Law- Altman renlied: “If that was 
Robert Carnes. IVe were used. " rence Green—both also named the case l would not be sitting 
Altman, aged 59, and Came* in the charges —bad been present here now —J would be sitting in 
aged 31. face a total of 32 He said the letter referred to the sun with the other consptra- 
charges and plead not guilty to the conversion of $956,970 for tors." He said he bad helped to 
conspiring with London solicitor the premium and stated that the draft the letter because he had 
Judah- Binstock and a number of money was the result of pro- asked for it and he knew what 
j others between 1974 and 1975 to ceeds of the sale of overseas documentation his firm required. 


collapses 


Catering 
turnover 
rises 13% 


by profits and sales at Green Shield, trading stamps in ravour or 
Li/- the trading stamp company, were straight cash discounts. 

outlined yesterday, in London, No performance figures have 
by Mr. Tom McAuliffe, the chief yet been published for the year 
executive. ended November, 1977, by Green 

The company would “defl- Shield a private company owned 
nitely” make a profit for the by Mr. Richard Tomkins, 
year ending November. 1978, but company also announced 

it had no firm guide so far as to launch yesterday of a scheme 
sales. , ‘ to give Green Shield stamp 

This was an improvement on save ^ beUer va i ue at the 65 
the situation last June when the dtocount showrooms run by 
company was projecting no bet- ^j-„ os a sister company, also 
ter than break even for the cur- by Mr Tomkins, 

rent year. But after three months xjmter the scheme, first 
In trading, the company had re- last December. 


By Our Glasgow Correspondent 


A SECOND company backed by I » ftp mm iurn 

wTSLirE' M?- "onlay claim* that 
has col'aPSPd- er ha ,? | defendants and a jvroup 

been appointed to the small .businessmen had operated 


Perth encineering group of | 
Triadynamics Machines and 
Patents and its mo subsidiary 
corn pan ies. 

The company, which makes 
stainless steel components and 
employs 25 people, is continuing 
to trade. ! 


documentation. But he had been !iCe *be shares in question 


sway made up.” The most expensive area out Q f 

seven studied, is London and 
_ _ t « the .south-east at £114.80 a 

3 /nUini week ■ Cheapest is Ulster at 

1 Cni6T £77 a week. 

*■ w**-«.w* The company also found that few 

husbands had any form of in. 
surance on their wives to help 
fitful* cope wit ^ the Social con- 

sequences of losing a vi[ e 
through death. 

It pointed out that husbands 
-LTirr simply did not realise th* 

l.B 11 Jk financial value of the work pro- 

■*-*■■*■ vided by their wives, and did 

not face up to the possiblliiv 
of having to run their homes 

SiSSaSS SS&T'.lSL’SSl 

November 19H by Green selected Period, with options to 

rss’Aarai.'a. 

Richard Tomk s. > during this period which can he 
company also announced taken as income, together wWt 
ich yesterday of a scheme a return of premiums paid 

'bet?e r r“?alue hie i d thfss “JSL,?' Ji?, su "‘I e ** 

a siMBr'ramp^ 1 aJso premiums paid. aHomng for ot 

v ” 5 !!W.J " retmed “ “■= 

ced the iast SChe DecembS t P Ian can aIso be taken out 
s will iS a redu^riSt of ^ wJves on ^ !Ives of 
goods for* erariMComplete or “ toa 

savings stamps. Legal and General Assurance 

■ moves in a £2m. pro- Society carried out a similar 
and investment package survey in October 1975. The 
:ed by Mr. McAuliffe in- cost of a wife’s services then 


revolving fund exchange con- working from a 1964 instruction The case continues to-day. 


,-* _ .. n ■ Cn-il mane a UlUUl in tut: xaiwn scy w 1 . All ullvuci xaiv. i LiK 

per cent more than in tne bnal sion but McAuliffe would announced by Mr. McAuliffe in- cost of a wife’s services then 
(quarter of l»*o. 1 not put a precise figure on the eluded the addition of 20 new was oh average £71 per week. 

For last year as a IP, turn- hevnnri cavine that nro- showrooms to the Arnos chain bv i Acain is was found that fpw 


Retailers 5 guide to selling law 


For last yeai «s a *ni . ium- outcorae beyond saying that pro- showrooms to the Argos chain by Again is was found that few 
? ve , r * as P® 1 ! een , 1 " I fits were "well down." In 1975-76. June, mainly via the conversion husbands took out any kind of 

10 19ib according to uit uepari-. fj - reen shield made profits of of Green Shield redemption insurance on their wires and 

ment of Trade. .: £3.3m. centres, and publication of an the company accordingly 

In the licensed notel ana, T aBt ci, mnipr Tmtro. which evoanded Green Shield discount launched a joint life family 

income benefit plan. 


ment of Trade. „ .; £3.3in. centres, and publication of an 

In the licensed notel and Lagt sumnier Tesco. which expanded Green Shield discount 
holiday camp sectors, turnover acn , UDted for about a fifth of catalogue, 
rose 21 per cent, at current prices ! --- 


The »SC"cr said last April Itaat; A REV i SE d version of a free Terms Act 1977. effective from pass on responsibility for defec- 


during the final quarter of last; 
year compared with the same, 


it had ,n ' e ' te d -1W-0O0 in tnei lea ^e l giving advice to retaiiers February 1. as well as the live goods. period a year earlier, 

company, half in shares ana nan j on tbe . [aw relating to ihe sale Supply of Goods (Implied It also explains that, under! For restaurants, cafes and fish 

frt fae form ota man. goods has been prepared by Terms) Act I97TS. It explains how the new legislation, the rules for and cb j p shops the increase was 

ill twovpv Sart Department of Prices and the changes affect the retailer goods which are hired, ex-( L t per cent., for public houses 

' if .he" receiver I Consumer Protection. and customer. ’ changed or supplied under a:io per cent, and for canteens 9 

business 1 A Retailers Guide: Changes in it describes the buyer’s righLs. contract for work and materials| per cent. 


Fruitmen issue oranges plea 


BY RICHARD MOONEY 


.I husiness A rieiaiiers UUiac: iu n UK UU.'CI s U.,«U. uihuju auu 

Tosco Electronics based in! the Law relating to tne Sale of what a retailer should do when are brought closely into line! 

ripnrothes Fife also went into | Goods, now include; tbe provi- a customer claims goods are with those for goods which are 

liquidation last 'April I sions of the Unfair Contract defective and whether he can sold or hire-purchased. j 


BRITAIN'S FRUIT trade mercury are not poisoned," Mr. jover-reacted. encouraged by 
appealed to the Press yesterday John Heyes. chairman of the "sensational” newspaper 

to put the record straight on fruit and potato federation’s reports. 

the health risks implied by the publicity, committee said. The Co-op said yesterday that 

recent mercury contamination Medical opinion, was unani- it was taking further measures 
scare. This has cut demand for mouse that the consumption of to prevent contaminated oranges 
orgnnges by up to 60 per cent small quantities of metallic reaching its customers, 
in some areas. mercury presented no significant ' lt was installing a metal 

The National Federation of health risk. The Department of scanner at its Irlam greengrocery 
Fruit and Potato Trades and the Health had not felt it necessary depot in Greater Manchester as 
Retail Fruit Trade Federation to advise the public against buy- part of 8 three stage check. 
?aid that reports of “poisoned" ing oranges. , The Co-op is the biggest single 

oranges had done enormous Mr. Alick Glass, chairman bf British agent for oranges from 
damage to their members’ trade, the federation’s importers’ com- the Citrus Marketing Board of 
“Oranges contaminated with raittee. said that the public had Israel. 


Brokers forecast 3.5% growth rate 


BY DAVID FREUD I brewery i 

AN OPTIMISTIC forecast of the Measures forecast are the to the current account at £1.1 bn. The number of adults out of 

prospects for tbe U.K. economy introduction of a reduced rate The terms of trade are cx- work is forecast to rise from ff . 

this year has been produced by band of 25 per cent, for the first peeled to continue moving in tbe 1.4m. to l.ani.. or 5.8 per cent, industrial r«ponoe 
stockbrokers Hoare Govctt. The £1.000 of taxable income. This U.K.’s direction at the same rate of the workforce REORGANISATION OF the pro¬ 
firm believes tbat a vicious circle would do much to reduce the as last year, when by December Stockbrokers L. 31 esse I says auction and distribution facili- 

will develop during the year, poverty trap and cost £2.2l.m. in the ratio of export prices to »m* that short-term interest rates are , jL , tfie v.'est Penmnes trad-! 
with a firm pound and weak com- a full tax year. It would be po.rt prices was up 7 per cent too low to restrict domestic! , n „ div j 3lon Ckf lbt . Whitbread 1 

modify prices helping to hold offset by the raising of excise on a year earlier. This year the credit in the medium term. * in2 ; r0UD ^..n COj r jye jobs j 


Whitbread 


dawn prices and ei 
employees to settle 
nominal wage increases. 


and encourage duties by 10 per eenr.. which 7 per ■:eot. inipi 
setlle for low would recoup some £80flm be worth about 

icreases. The reduction in personal tax current account. 

nMi n P r w iH be one element fuelling a The firm says 


on a year earner. This year me crenji in me medium term. h,L w in-* -rouo vr.il cost 176 jobs 

7 per ,-eut. improvement should A rise in Minimum Lending b isdosn^its 

be worth about £2.9bn. to the Rate would be required in ^ ipJvL.-old hrewerv ^t Biack 1 

current account. next two or three mintns if the HW-jeaMW brewery a Biac* 


A tv* -roc vtriti DC uuc ^ i v 4* itr* 11 iLitruiiiA a I 

nt if ™ Cent ‘ i0 real P?r 


The firm says tbat about 40 money supply was to be kept! tSJS e^solft IW driulL Cm dSols 
•r cent of marginal demand under con trol^m spite of the! Ila . T ?Jr 


cent is predicted—towards the ' ns {j" er expenditure 
top end of recent forecasts by consumer expenauure. 

hnrt \p ^—-anri \ht> riirrpnt Hoar0 58JS tuat tnr 


Malaysian Concorde ban 
may feature in talks 


be n,el bv imports. Tbe U ndershootino on_ ,he *>*'*■ '^'*«*“^ 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


other bodies—and the current noare iuai i 

account surplus should be in the based on a * 

region of £2bn. increase in real 

„ income generated no 

Hoare says: The pessimism in j eve i 0 f rea j , 
that surrounds prospects for the significant reduction 
trade account 1978 is unjustified." ta3C 

Sterling would rise to $2.10 by Th e g rra ' s view on the balance 


Helicopter 

facilities 

improved 


is between U.K ' *■ 

fSf/SinSX BRITISH AIRWAYS has cm- 
fcSl? Pteted a £700,000 expansion of 
to allay these fears. its helicopter facilities at SuDJ ’ 
«■ ^ as i>urch Airport, in the Shetland 

Islands, u cTtir for tbe gro** 


the end of the year, reflecting 0 f payments is conditioned by c&uiuuuis ->wr iii^^duvn - - — - - / - -- - -- 1 , r ITt . ^ __,__ , a new nanear auo mchww .v. 

the weakness of the U.S. dollar, three factors: North Sea oil, an and North Sea oil. company consumer markets, slow world j workers—at depots at L > ver : ^ rn^n r( fe S P l 1 rh H.'^ JjJSSltiSSffour SikoiSy S«lN helicopters 

and maintain its present rate of improvement in the terms of profits are expected to rise by trade growth and a deterioration j pool. Stockport and Birkenhead | ^Concorde issue. that JS Uy l»v« been built. . 


expected to be worth about 3' ear will be no greater than its new £2?m. brewerv at Tbe talks are officially about corde to avoid Malaysian in its support operations for tnf 
il.Tbn C WD m aoout tlbn _ .. Th? poor fiyup? , wiU be samlesbury. \ tbe Anglo-Malaysian air services territory. Either effort has North IndiuW- 

Excluding stock appreciation a result of higher imports for ^ Most of the soft drinks' agreement ___ a - 


exchange or slightly appreciating trade and a 
against the other major OECD penetration, 
currencies. Tho value 


limit to 


currencies. The value Of North Sea oil year. This underlying rate of 

A net reduction in tax of production is estimated to in- profitability will he distorted by 
£1.4bn. is assumed in the April crease to £3.S5bn., from I2.32bn. North Sea oil. whose profits are 
Budget, leaving the Government in 1977. This will be balanced expected to rise 56.5 per cent.. 


im ' porl *E 5 c!EdIS!?oMhe^r"""® aie ii.’SSf ,'tS 

>».»fs? ■gjgA 1 * - ««« »« stjsss. jlihse 


Telex link 


would be given 
redundancy terms.” 


Aviation observers in Kuala the cause of Malaysia's objec- D u -• 

Lumpur aod Singapore believe tions. they could have. been British Airways Helicopters 
that Concorde will figure largely settled by now. It is thought has doubled the size of its hfly 
in the talks. Malaysian dlssatis- that the cause lies much deeper copter fleet in Suinhurgh duj 1 ]* 5 
faction with ihe air services —either in dissatisfaction with 1116 year and by April wHI bo 
agreement is thought to be the the Anglo-Malaysian air services operating 12 S- 61 s out of the Jtr- 


with a relatively low public to some extent by invisible out- and by stock appreciation, where BRITAIN’S lelex links with 


sector borrowing requirement of Rows to foreign opera tcs’-s. leav- a 40 per 
ahout £6hn._ ing the sector’s net contribution expected. 


decline 


in^diSewr of B Wh tbrc-ad^ West cau ^ e of its ob j ections t0 Con ’ agreement, or in Malaysian poli- Port carrying more than 1»JJJ 

S* XiltT Lff th-.t .1? ovir?II corde - tical attitudes to Singapore. passengers a month to-12 produo 

Penmnes, .aid that the overall T be Rfalavsian ban on Con- Mr CMnn T?app«-q tha imri.. tion nlai-rnrme " and other 


Notice of Redemption 

Utah International Finance Corp. 

8% Guaranteed Sinking Fund Debentures Due March 15,1987 


13 France’s Pacific Ocean island! Penmnes. said that the overall Tbe Malaysian ban on Con- Mr. George Ragers, the under- t* 00 platforms 

__ New Caledonia vent automatic abjective was i o Strengthen . con j e overflying in December, secretary in the Department of ihstallations. 

J yesterday hringms lo 110 thel lbe company and improve em -1 shortly after Rights to and from Trade responsible for civil avia- Tha mmn. n u 
number of countries which [ cieney so that we are better Singapore began, was attributed tion affairs, will be trying in this than 50 nuv»mJni 

Britain's 65.000 telex users can I placed to penetrate a highly | to tbat country’s environmental week's talks to learn Malaysia’s hur*rh^ 

contact direct. f compet itive market." _ I concerns. views on tbe agreement. this siirtmer ° 


NOTICE IS HEREBY GIVEN that r pursuant lo the provisions oi the Indenture dated as of 
March 15. 147’ under which the above described Debentures were issued. Citibank, NA. «formerly 
First National City Bank), as Trustee, has drawn for redemption on March 15, 1978 (the redemption 
date), through the operation ot the Sinking Fund provided ior in said Indenture, 5530,000 principal 
amount of Debentures oi the said issue, bearing the following distinctive numbers: 


Plastics set for rapid growth 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


COUPON DEBENTURES OF SE.UUO PRINCIPAL AMOUNT OUTSTANDING 


PLASTICS processing tonnes in 1976 to 12.000 tonnes in filed for glass-reinforced plastics ticular attention must be- paid 


I industry is " excessively frag- 19S0. 


anti-corrosion uses in by Government to the industry's ! 


Channel Islands 

call for U.K. 
charter flights 


20 1080 2339 3726 4720 5985 7152 8645 9886 11196 12289 13594 14412 15668 16962 18334 19237 
39 1094 2399 3772 4745 5993 7241 8709 9919 11219 12292 13659 14475 18692 16986 18258 19277 


! raented" and suffering from an U.K. consumption of thermo- pipes and tanks for chemical and investment needs and possible THE- • channel islands 

inamilll* rn Dbnai-,rn r„M^n f/lf .l„ti..- n*nf I'Arv lrt.1, nAmn,ra^ ..Ihnv npAnner inilainf.:., TTamahJ 1 —J A_I . T .. •JilaUUCl ^aiiWUff , 


244 1239 2457 3758 4784 6004 7330 8742 
2&1 1346 2458 3790 4829 MSI 7344 8743 


11353 12328 13722 144S9 15709 17052 18267 19316 
113.<4 12349 13724 14494 15737 17183 183U2 19547 


323 1368 2531 3812 4925 6156 7395 8342 10008 11418 12369 13748 14516 15830 17194 18328 19600 

383 1307 2540 3931 4998 6181 7512 9147 1000S 11448 12488 13756 14615 15960 17321 18343 19691. 

534 1681 2736 1061 5140 6250 7585 9159 10274 ll-ilfi 12683 13799 146GO 10148 17265 18394 19741 

541 1696 2741 4212 5153 6304 7672 9209 10279 11583 11:755 13ESO 14862 16168 17366 18507 13796 

SS2 1707 2806 4213 5299 M2! 783S 9342 10303 11641 12825 13892 14921 16224 17384 18509 13332 

569 1709 2836 4223 548S 649B 7913 3410 10363 11645 12014 13551 14337 16276 47410 1E510 19833 

H98 1861 2846 4293 5536 6558 7R73 "431 10377 116S6 13037 13.IR7 14985 16343 17419 18314 


inability to generate funds for plastics was vepr low compared other process industries. Demand selective financial assistance. -Advisor? Connell has told the 

product and process investment, with other countries such as should grow at about 12 per cent The fragmented structure of UK Civil A-riaVinn Author**? 

according to a report from the West Germany. The biggest U.K. a year to 1980. the industry, which in the sector that “serious thought■“ should 

Itiiober and Plastics Research outlet was in electrical uses and Boat-bullding and construction of reinforced thermoaettia» be eiven to n^Mifiie charter 

Association. annlrnn.-ec .-jnri it fho n.w inilitetriot nlt-hm.oh nmilniA. -1 caa ^ aT;” _. to OperaUDg 


Rubber and Plastics Research outlet was in electrical uses and Boat-building and construction of reinforced thermoaettia» be given to^oDeraSne charter 
Assonahon. appliances, and u was the car industries, although remaining alone includes 1,500- to 2^)5 flights to the islands from 

The association says in a and commercial vehicles markets large users, were unlikely to fabricators, was a main cause of distant narts nf the UK. 

survey of the specialised sector which were particularly under- boost demand quickly, and little the economic difficulties.. Small □ . c | a ndi' 

of glass reinforced plastics, that developed compared with the Future growth was seen in the companies-'existing on low over- previously, tbe «ia 
U.K. demand is still expected to Continent and the U.S. aircraft industry. heads were especially susceo- author ? t,e s nave, opposed cnaj 

grow rapidly. Polymers such as polypropy- The report is being used by tible to. producing inferior S-f^ 0115 ^T r0Ill t ^ e , J m Hamage 

in the five years to 1980. /ene. polyphenylene ovide and the Department of Jndustrv. quality products owing to poor _«Jese would. oam^ 

demand is expected to grow by thermoplastic polyesters, were which commissioned it, for guid- wor kma nship: . .. . . - eir scheduled air .links, 

some 7.5 per cent._a year from expected to challenge the donti- ance in the allocation of grants T* 1 ® economic problems of the The cotincll says that it 

76.500 tonnes m 1976 io 103.000 nance of nylon. and Joaps to plastics processors, plastics, processing industry are stands this ^iak .hut adds 

tonnes in 1380. A slightly slower The m3in growth area identi- The association says that par- guaranteed greater, prominence effective scheduled 6ervicr 

grQ ]T h tAH a r?«m f ,s —.—.— soon, after the derision by the could' ejdst alongside 

P r S£ cttd rror ? I 0 National‘Economic Development -ffom such areas as Glasg° w ' 

-^^“aSSL i« now wS?h U-K. GLASS REINFORCED PLASTIC CONSUMPTION Gtm ? cii up a plastics pro- Eagbui*. Md;Newostla 

reinforced plastics is now worth cessing sector working nartv fnr The islands an> losing tour*®: 

about £U9m. in the U.K. and is 1976 Growth Rate 1380 Gnmth Rate the fint ttaE ° r traffic torn the^rtb^^^ 

dominated by the therraosottloc Tonnage p.a., 1B7S-80 Tonnage p^., 1980-3 Among the aims of the In. and Scotland because - Of 


698 1861 2846 4293 5536 6558 7R73 *MS1 10377 1I6S6 13037 13.1R7 14985 16343 17419 18314 

740 1875 2879 453.: 3549 6504 7975 SS01 18404 11693 13105 14029 15035 1o4I2 17433 18655 

750 1912 2903 4257 5620 6592 7989 9519 10403 11756 13192 14121 15081 16437 1 7446 IB663 

R12 1913 2955 4362 5667 6610 79 93 9SS8 10416 11820 13210 14156 15147 16461 17600 18755 

827 1949 3021 4402 57.36 6656 ROM 9590 1 0437 11821 12223 14168 13162 16576 17644 18768 

870 1950 3026 4516 3756 6681 80'«i 9653 10382 11630 13230 14155 15120 16704 17660 18799 

K81 2034 3142 4520 5336 6753 8336 9680 10612 11872 13246 14305 15224 16714 17686 16989 

895 2140 3170 4549 5838 6941 B370 9663 10623 11945 13340 1421? 15345 16725 17709 39020 

952 2222 35*5 4568 .'••'00 7056 8393 9814 11053 12267 13483 14318 16406 16785 17737 19182 

9B3 2249 3603 4613 5916 7105 8428 0847 11176 12238 1 3607 14379 1S303 16792 1779G 19193 


The Debenture* -pccincd abovearc to be redeemed tor the raid Sinking Fund at the WCG-Corporate 
Bond Services Department of Citibank, N.A., Trustee, 111 Wall Street—2nd Floor, 
New York, Now York 10043, snd the main office? of Citibank, NA. in Amsterdam. Frank¬ 
furt/Main. London 'Citibank House), Milan. Parif. or Citibank (Belgium) SA-. Brussels, or Banca 
Commerrialc Italiana in Milan, or Banquc de Paris el des Pays-Fa» in Park, or Banquc de Paris et des 
Pays-Bas pour le Grand Duche de Luxembourg in Luxembourg, as the Company's paying agents, and 
uill become due and payable on March 15. fo"S at the redemption price of-ICO percent of the principal 
amount thereof plus accrued interest on said principal arnount in such date. On and after such date, 
interest »n the said Debentures will cease to accrue. 

The said Debentures should be presented and surrendered at ihe offices set forth in the preceding 
paragraph on the said date with all interest coupons maturing subsequent to the redemption date. 
Coupons due March 15, Jiould be detached and presented for payment in the usual manner. 


February 11.1478. 


For UTAH INTERNATIONAL FINANCE CORF. 

By CITIBANK. N.A.. Trustee 


growth rate of 6.5 per cent, is 
predicted from 1980 to 19S5. 

The . market for glass- 
reinforced plastics is now worth 
ahout £319ra. in the U.K. and is 
dominated by the therraasottlo* 
plastics, which in 19“S accounted 
for about 70.000 tonnrs of a total 
market of 76.500 tonnes. 

The main growth area identi¬ 
fied by ihe association is in tbe 
smaller sector of t-lass reinforced 
thermoplastics, which is expected 
to grow at about 16.5 per cent, 
a year tv I9SQ. almost doubling 
us market size from about 6,300 


Tonnage p.a., 1976-80 Tonnage p.a-, 1980-3 




% 


% 

Glass Reinforced 

Thennosets . 

70.000 

7.0 

91,000 

6.0 

Glass Reinforced 

Thermoplastics ... 

6.500 

16.5 

13.000 

12.0 

Total . 

76.500 

7T3 

103.000 

6.5 


SOURCE: Rubber and Plastics Research Association. 


the first time. traffic from tie north 

Among the abhs of tit'e in- said Scotland because -.Of 
dusiry are a doubling of export ai r fores, it Is daimefi. 
sales oyer the next: three years, « An apnlicatibir 
a reduction of imports id selected service ' Aldem^ : 

areas, andj the . ratsirig of the Bournemouth^^Ttsey 2 ^ 
value-added per eannloyee in the ~ ’ - ^ - J 

industry by 30 par cent.' over the i 
next three years. • ‘ new company, 

hurrey of ,/mie -ffero/twed Ferries, titixmWBSRfa! 

Plastics.; S3 00. ’•RAPS A, Sham, craft-.-on-:reiittJsa" " ’ 

hwry, Shropshire .ftetcht servicei 




















fuel!; 

\0 




i 




The world of fine luxury cars has producedmany brilliant 
examples. At BMW we felt it would be unnecessary and 
prohibitively expensive to create a car with even more luxury 
than the best available at the moment 

The concept design basis of the BMW? Series was not, 
therefore, to produce simply another exceptionally comfortable 
car, but one with a dynamic and refined performance. 

Luxury 

The first impression one has when looking at one of the 7 
Series is a car of exceptional yet quiet beauty, of disciplined 
power and of engineering and coachwork of the very highest 
quality. 

Sit in the car and one immediately has the feeling of 
absolute comfort and excessive spaciousness especially in the 
back. The seats are anatomically designed for both comfort and 
support The driver’s adjusts for reach, angle and height 
Heating and ventilation is very sophisticated and can be 
finely set Pneumatically controlled, warm and cold air are pre¬ 
mixed and delivered in three controllable-zones-face, body and 
feet Air directed at the face is about 8% cooler than air to the 
feet, so the ideal of ‘cool head warm feet is achieved In the 730 
and 733i the rear passengers have their own independent 
heating and ventilation which they control themselves. 
Ventilation is also channelled into the frontside windows for 
immediate demisting. ^ 

Quietness is now quite outstanding Wind noise has been 
drastically cut by aerodynamic design and closer bodywork *fitj 
and engine noise is even lower due to new sound damping. 

In the areas where luxury cars excel-design, quality, 
comfort and quietness-the 7 Series has found new and better 
technological answers. - 


Performance 

Most luxury cars are heavy and, whilst being fairly fast in a 
straight line, have neither good handling nor ‘agility.’ They are 
passive rather than dynamic cars. This is not the case with the 
7 Series. 

The chassis combines two apparently contradictory 
extremes-luxurious ride with exceptional handling. The new 
front suspension allows softer ride whilst giving better.stability 
with less ‘dive’ and ‘roll 1 . At the rear the race proven semi-trailing 
arm is used. All wheels independently and correctly align them¬ 
selves for the best possible ride and hold on the road regardless 
of the surface or camber. 

Once in the car one realises that the cockpit is totally driver 
orientated. Seat and steering can be adjusted to any driver for 
maximum comfort and ease of control Considerable research 
has gone into the layout and has resulted in a “wrap around’ 
console. All dials are equi-distant from the driver’s eye, all 
controls come immediately to hand. 

As soon as one drives the car one understands the 
advantages of the BMW philosophy of making the driver the 
essential element of car design. Stress and difficult situations are 
reduced and the pleasure of being able to drive both court¬ 
eously and as one pleases is very rewarding. 

Safety ? 

The core of the 7 Series ‘passive safety 5 is the passenger 
compartment This rigid cell with its integrated roll over bar, 
longitudinal and vertical supports remain intact on impact 
when the front or rear safety zones absorb energy. Inside the car, 
padded upholstery has been developed into a complete 
protective system. It operates at three different levels-face, 
shoulder and below window level with different forms of 
padding to give maximum protection. 


In ‘active safety’ terms the driver is the essential element 
So everything is designed, researched and developed to make 
his task simpler and more efficient 

The 7 Series incorporates many highly advanced, 
technological improvements to help prevent the worst 
happening. The most important being the new ‘double pivot 
front suspension.’ This gives exceptional directional stability- 
should one wheel hit slush, ora tyre burst, the car will remain 
online. 

This stability allows a new dual braking system -if there is 
a failure the car brakes on one front wheel and the opposite rear 
wheel which, with the new front suspension, eliminates slewing 
Driving Pleasure 

The 7 Series combine performance and comfort in a way 
that no other cars have done before. A passenger has all the 
luxury, the smoothness of ride and the quietness to make any 
journey a pleasure. The driver has the effortless power and 
performance which encourages a new spirit of driving. 

This, then, is the new BMW 7 Series range. Cars in the very 
highest luxury class with sophisticated, refined and powerful 
performance. A unique and exceptional choice amongst the 
world’s greatest cars. 

Performance glossary (Manual figures only. Source BMW) 

728: 2.8 litres, 170 bhp, 0-60 in 10 secs, max 120 mph 
730: 3.0 litres, 184 bhp, 0-60 in 9.4 secs, max 125 mph. 

733i: 3 3 litres, 197 bhp, 0-60 in 8.9 secs, max 128 mph. 
Prices: 728: £8,950.00.730: £10,540.00.733i: £11,550.00. 

All prices correct at time of going to press. 

Leasing: In today's financial conditions, leasing a BMW can create substantial 

ad van tages. Your BMW dealer will be happy to put you in touch with expert advisors on 

leasing who can describe the schemes in detail 



BMW Concessionaires GB Ltd, 991 Great West Road, Brentford, Middlesex. 01-568 9155. Export, NATO & Diplomatic: 56 Park Lane, London WL 01-629 9277. 






























APPOINTMENTS 


Financial Times Tuesday -Fetiruaiy. J4 

World Value of the Pounfe 



OVERSEAS 

DEVELOPMENT 

KNOW-HOW:vital to developing countries 


Chief Financial Officer 

Water Supply and Sewerage Project Nepal 

To prepare annual budget together with prediction of long term capital and operating 
expenditures; staff training requirements; continuous review of actual against budgeted 
expenditure and control of internal accounting and auditing methods. Applicants should have 
professional qualification and financial methods practised in public utilities. 

Appointment 2 years. Salary (UK taxable) to be arranged plus tax free overseas allowance 
in range £74Q-£2400 p.a. (Ref. 328 D) _ 

Investment Adviser 

(National Development Bank Ltd.) Sierra Leone 

To up-grade quality of project appraisal and supervision; identify and prepare industrial 
and agricultural projects for financing: train local staff and assist Director of finance. 
Applicants 40-55 must have good degree in Finance. Economics. Business Administration or 
Commerce, with good experience in Development Finance Company or Investment Banking 
Institution. _ ... 

Appointment 2-3 years. Salary (UK taxable) to be arranged plus tax free Overseas Allowance 
in range £1,455-13345 pj. (Ref. 328 D)__ 


Cost Accountant 

Industrial Services Institute (ISI) Thailand 


As a member of international team: duties will include planning and implementation of 
training programmes and seminars for local personnel and also extension schemes. Applicants 
must have university degree in Accountancy. Economics, Business or Financial Administration 
or diploma or equivalent professional qualification, with wide experience in industry, in fields 
of costing, financial management and administration. 

Appointment 2 years. Salary (UK taxable) £9.500 plus tax free overseas allowance in 
range £l,390-£3.085 p-a. (Ref. 328 D) 


The posts are wholly financed by the British Government under Britain's programme of aid 
to the developing countries. In addition to basic salary and overseas allowances other 
benefits normally include paid leave, free family passages, children's education allowances 
and holiday visits, free accommodation and medical attention. Applicants should be 
citizens of the United Kingdom. 

For full details and application form please apply, quoting reference stating post concerned, 
end giving details of age, qualifications and experience to:— 

Appointments Officer. 

MINISTRY OF OVERSEAS DEVELOPMENT. 

Room 301. Eland House. 

Stag Place. London SW1E 5DH. 

HELPING NATIONS HELP THEMSELVES 



ODM 


I 

I* 


IMIAIMAGER 


Internationa] Operations 
Assignment 

An aggressive, medium-sized, USA, 
independent oil company has an immediate 
position available in an attractive foreign 
location for an individual with a college 
degree or equivalent in Geology or 
Petroleum Engineering and at least 20 years 
varied oil and gas experience. Specific 
experience must have included recent line 
management responsibility for a foreign 
exploration and production operation 
including responsibilities for direct interface 
with foreign government officials. Ability to 
speak and read French will be a definite 
asset. The position is responsible for 
management of a current exploration 
operation now in advanced stages with 
potential for future growth if production 
operations can be developed. 

For Immediate and . confidential 
consideration, forward your resume 
complete with salary history, availability, 
and geographical preference data to 

Box E6G2, Financial Times 
10, Cannon Street EC4P4BY 

" We Are An Equal 

^^ ^^^ ^O pponunfty Employer 


The table below gives the Jatest available 
rates of exchange for the pound against various 
currencies on February 13, ‘197S.' In some 
cases rates are nominal.' "Market rates are the 
average of buying add setting rates except where 
they are shown to be otherwise. In some cases 
market rates have been calculated from those of 
foreign currencies to which they are tied. 

Exchange in the U.K. and. most of the 
countries listed is officially controlled and the 
rates shown should not be taken as being 
applicable to any particular transaction without 
reference to an authorised dealer. 

Abbreviations: (S) member of the sterling 
area other than Scheduled Territories; (k) 


HI 1UV JL 

Scheduled Territory; <«> Ffcfn* 

rate; (T) tourist - rate; Jn.c.) noxwxaiinercial 
rate: (Q-a.) not available; (A) apjMTpriznate ©te, 
no direct quotation available; (sg) selling 
(be) buying rate; (nom.). nominal; (ex/C) 
exchange certificates rate; (P). based ,*>a . 11 , 5 . 
dollar parities and going sterling dollar rate* 

/.Bkl bankers’ rate; TBas) basic-- tate; (onj 
commercial- rate; (cn) convertibl e rater (hr) 
financial-rate. •_ __ 

Sharp fluctuations have heeh seen, laieb 
in the foreign exchange market Bates in tie 
table below are not In all cases closing rates 
on the dates shewn. . - - - - 


Afg ' lmwfot-gTt Afghani 

Albania-- IjiV 

Algeria_ Uirw 

Aadorra — 


Angola.——... 
Antigua «Sj... 

Argentina... 
Australia. (5). 
Austria...—. 

Azores-.—_ 

BaTinmas tSi 
Bangladesh (S 
Bahrein tS)_ 
Balearic la. 
Barbados^ 


( OJD.J76B A 


Dinar ; 

i French Brans 
i Spanish peseta 
Knanza 
E. Caribbean $ 

Ar. Peso Free Bate 
A astral ian $ 
Schilling 
Fortug. Escudo. 

Ba. Da liar 
Taka 
Dinar 
Spa. Peseta 
Barbados? ft 






Millbank Technical Services 

COMPANY SECRETARY 
i circa £9,000 

The expansion of sales of defence equipment to overseas gove rnm ents 
and the associated growth of our UK and overseas based operations 
necessitates the creation of a new appointment as Company Secretary; 
based at its head office in Victoria. 

The person appointed will act as Secretary to the Board and provide a 
service to the Chairman.and Chief Executive on all aspects of the Com¬ 
pany's statutory and legal obligations and will, in addition, be expected 
to ^pgiiTne responsibility for a range of management func tion s associated 
with the a dminis tration of the Company's head office, the operation and 
development of a management information system and the co-ordination 
of P.R. activities. 

Applicants, ideally Chartered Secretaries or legally qualified, must have 
had at least 5 years' experience in the Secretarial function at a senior 
level in a medium sized firm, preferably in a comparable field of activity. 
Experience in dealing with government departments would be an added 
advantage. 

The Company operates a non-contributory pension scheme. Annual leave 
is 5 Vi weeks. 

Applications giving career details should be sent to the Personnel Direc¬ 
tor at the. address given.below, quoting reference ADM/2/78/FE by 27 
February. 


DOCUMENTATION 

We are an established life and pensions office of high repute 
and with funds in excess of £400m. 

To strengthen our pensions documentation team we are 
looking for experienced documentation specialists to join us 
at our new Bristol Head Office. 

Successful candidates will have an extensive knowledge of 
pensions legislation and have specialised in drafting and 
negotiating Group Pension Scheme documents. They will also 
be experienced in advising brokers and customers on the 
legal, taxation and Social Security aspects of pension schemes. 
In addition, A.C.I.L (Life) or a legal qualification is desirable 
but not essential. 

The starting salary will depend on relevant experience and 
qualifications. First-class employee benefits include assistance 
with house purchase, a non-contributory pension and life 
assurance scheme, subsidised restaurant, social club facilities 
a and flexible workings hours. Pleasant working environment 
a in modern offices. Relocation expenses and legal fees will be 
■ paid where appropriate. . . 

Please apply in writing enclosing a curriculum vitae to: 

Miss J. C. Didcock 
Personnel Department 

_ CLERICAL. MEDICAL * GENERAL 

to*S.rj fSTI/f LIFE ASSURANCE SOCIETY 
L/iVI Narrow Plain 
CP*"'* Bristol BS2 0JH 
C5Tel: Bristol (0272) 290566 Ext 472 


Belgium_ B. Frano 

Belize._B S 

Beam_C.F-A- Franc 1 

Bermuda (SI- Bri*. 8 

Bhutan-. Indian £np?a 

Bolivia_.... Bolivian Peso 

Botswana (S). Pula 

BnuJI.Cruzeiro !J 

BrVirgin IMS) tf.S.S 
Brunei (SL—. Brunei 8 
Bulgaria...... Lee 

Burma....—... Ivyat 

B uru ndi_Burundi Fame 

Camera's Bp C.F.A. Franc 
Canada........ Canadian S 

Canary Is.—.. Span lob Peseta 

Cape Verde T. Cape V Escudo 
Cayman U.tS) Cay. I. S 
Cent.Ait,Bp... C.F.A. Franc 
Chad ——— C.F.A. Franc 

Chile .CJPeso 

China..._..... Eanminbi Tuan 

Columbia.C. FOo 

Comoros 1 Mb. CJA. Franc 
Conge iB'lle)- CJ.A. Franc 

Costa Ecu_Colon 


(frun)Kjtt 
UM63.«S 
2.888 " 
*714 
1.94 

1S.87lS2(aa) 

58.80 


&Crm * n ‘Veat } Pg t rtg ct i m axfc 

Ghana (S).CoU 

Gibraltar flft. Gibraltar \ 

QSbertls..Aus*. Dollar 

Grew*.Drariuna .. 

Greenland Danish Kroner . 

-Grenada (S)... B. ChitibeaS f 
Q oadatonpe... UmI Fraoq: 

Guam. ..I .9. 5 

Guatemala.— Qaeoai 
Guinea ,Kep-. Slly 
GulneaBuaau _ - 

Guyana ($).— Guyanese 8 

Haiti—. Gounio • - . 

Honduras Bep Denipjxa 
HcngKongfS) FLK.S 
Hungary..—.. Forint v 


1.00 

I. 70945. 
70.2820 ‘ 

II. 114 
6.24SB5 
9.428 ' 

1.84 

1.84 • 

: <2.10248 
78.5178 
- 4.8478 . 

• 9.70 
' MB 

j ‘ 8-35875 
rfeomr 72.88 
Tj(ri(Hft8U5 


COMMODITY APPOIMTMEMTS LTD. 
rctq’J res Physical and Futures Tracers, 
“ramces. Accaumants and Suooort 
Stan rcr UK.. Eurone. U.S.A. and 
Hang Kong. Tel.: Graham Stewart. 
01-439 1701. 


LEGAL NOTICES 


ART GALLERIES 


AGNFW GALLERY. 4 3 Old Bond St ; . 
W.1. 01-329 3175. 105t*i ANNUAL 

WATERCOLOUR EXHIBITION. Until 24 
Feb. MDn.-Frl. 9.30-3.30. Thun until 7. 

CITY OF LONDON ART EXHIBITION. 
Guildhall. E.C.2. Msn.-Sat. 10-5. Until 
22 Feb. Adm. Free .__ 

COLNAGHI'S. 14. Old Bond St.. W.1. 491 
7408. A Loan Exhibition ol VVrrle bv 
SE5ASTIANC RICCI in B-:tain. In aid 
ol the UDINE APT RESTORATION 
FUND. Until a March. Mon.-Fri. 9.30- 
6. sats. t 3- T. __: 

FOX GALLERIES. Ertiitrlon cl the paint¬ 
ings b* Br.tish and Euroo?in Artists 
Irsm 1700-19E5. S-&. Cork- Street. 

London. W l. Tel 01-734 2626. Week¬ 
days 10-6 Sat. 10-1. _ 

WATERCOLOURS ON THE MALL. 


Millbank Technical Services Ltd., 
4 Abbey Orchard Street. 

London SW1P 2 JJ. 


" •?.■***' fv 4' ■,<' ' - * - Vj 

■S4 





Harris & Partners, an International firm of Consulting 
Engineers with worldwide associations, have immediate 
vacancies (male or female), both in London and Overseas 
(single status) for: 

SENIOR COST/SYSTEMS ANALYST 

- B.Sc./M.I.C.E. 

Required for a leading roll with a team developing parametric cost estimating and 
planning relationships plus other budget forecasting techniques for large overseas 
civil engineering projects. The successful candidates must have upwards of 15 years 
experience with a strong background in study work on project management 
problems using computers. The depth of experience required calls for a Graduate 
currently earning up to £10,000 per annum. 

ANALYST/ENGINEERS 

Vacancies also exist for Graduates with a minimum of three years experience on 
cost/budget and planning techniques to join as members of the development team. 

Please write with full career details quoting LOjte to The Manager, 
Personnel Department, 

Harris ^Partners 

Consulting Engineers 

York Mouse, 199 Westminster Bridge Road, 

London, SE1 7LT. 


WATERCDLDURS ON the mall. 
Ravjl ln*j.ture'S 166rh Ann Evhbn. M'll 
An Gallons. The Mail. S.W.1. Daily 
incl. Sundays 10-5. Until 2 March. Adm. 

20p. _ 

THE PARKER GALLERY. 2. Albemarle 
Street. Pieradill* W 1 EvhlMt.on ol O/d 
marine, military *rd -.Dr-rtinn and tboo- 

graphical prints and paintings and shies 
I models. 

CLUBS 


CVE. 189 Regent 6ir*i*. T3J SS7S. A la | 
C>irN or All-in Menu. Three Soedaculjr 
Floor Shown 10AS. 12.4S and 1.45 and 
music ol johnny Hnwwnanh A Friends. 

GARGOYLE. 69 Dean Street. Lonaon. W.1. 
HEW STRIPTEASE FLOOR SHOW 
THE GREAT BRITISH STRIP 
Show at Midnight also 1 a.m. 
Mon-Fri. closed Saturdays. 01-437 6455. 


PLANT AND 
MACHINERY 


PERSONAL 


GENERATORS 

Over 400 sets in stock 

lkVA-700lcYA 

Bar tram tin manufact u rers 

with hill after-sales service. 

CLARKE GROUP 
01-985 7581/0019 
J Telex 397784 


GENERATORS 2-SOOO KVA new and used 
immediately available. Keen competitive 
pnees. Gonercx Ltd. iQ ?3<622) 3033 
Telex 04B8537 


GOURMET 


BORDEAUX DIRECT’S Free Catalogue. 
■’ Outstanding and Generous." Guiro/jn 
32 pages, maos A tinevard iliusirartons. 
Write Tonv LalthwMte. Bordeaux Direct. 
aquita.no House. Farnfrurn Avenue, 
Slough, mentioning Financial Times. 


CLASSIFIED ADVERTISEMENT RATES 



per 

single 

column 


fine 

cm. 


£ 

£ 

Commercial and Industrial Property 

4.50 

14.00 

Residential Property 

2.00 

S.00 

Appointments 

4.50 

14.00 


: Business & Investment Opportunities, 


Businesses For Salc/Wanted 

Education. Motors, Contracts & Tenders, 

5.25 

16.00 

Personal, Gardening 

4.25 

13.00 

Hotels and Travel 

2.75 

10.00 

Eook Publishers 

— 

7.00 


Premium positions available 
<Minimum sire 40 column cms.) 

£1.351 per s-inglr column cm. cslra 

For further details write to: 

Classliicd Advertisement Manager. 
Financial Times. 10, Cannon Street, EC4P 4BY 


Cute.- 

Cyprus (5)_ 


Cuban Peso 
Cyrus £ 


Czechoslpv&k. "Koran* 

D anmar k— Dsoiah Krone 

Djibouti.Fr.S 

Dominica is").. E. Caribbean 8 
Do min. Rep... Dominican Pee 

Ecuador.Sucre 


D4. 

I. 61887 . 
4714 - 
4714 - 

(BkJ 63.90 
3.3858 

(F) 73.67 

4714 
47141_. 
«.6S4 T, 
1^685 
0.7440 
i (comt 10.60 
•’ <nc)81.10 
(CI)1 M8 

II. 114 “ 
MOisri - 
644286 
144 


Ecuador.Sucre 1(0)48.31 ■ 

• ID60.87 

Egypt.—... Egyptian £ 1(0)0.788 

i 07 7.31 

Ethiopia.- Ethiopian Birr i?) 4.020888 

Eq’l’l Guinea Feseta 188^26 " 

F ^ land ^ } Falkland Is. £ 1.0 ’ 

Farj Is.— Danish Krone 11.114 : 

Fiji Is... Fiji S 1.6880 i 

Finland....—. Markka xla. 

Fram« French Franc 9.42S 

Fr. U'trinAf* C.F_L. Franc 4714 " 

Fr. Guiana.— Local Franc 9.426 

Fr. P*c. Is.... C.F.P. Franc 171J6* 

Gabon....— C-F-k. Franc 4714 

Gambia ($)_.. Daiari 4JJ8S85 

Germany > Ostmark 4.074 1 


Ieleand (S>— 

India (S). 

Indonesia...— 

Iran_ 

. 

Irish Rep (Irk.. 

Head.. 

Italy.. 

Itotp Cosat ... 

Jamaica <S>.. 

Japan.. 

Jordan (S) — 
Kampuchea. 

Kenya (SI. 

Kmra(.Vth)... 
Korea (Sib)... 
Knvrait (Stb). 

Im c.. 

Lebanon.— 

Ixeotbo.- 

Liberia. 

Ubya .. 

Ueeht'nsra... 
Iaaetnbaurg. 

Kacao. 

Madeira _ 

Malagasy Bp. 
Usbvl (S) 
Malaysia iS).. 
Hit] dire Is_(S> 

Mali "Bp- 

Malta 

.Martinique ... 
Mauritania.... 
Mauritius tS). 

MesJoo.„. 

Miquelon . 

Monaco....__ 

Mongolia- 

Slontsemt... 

Morocco.. 

Mozambique. 


T. KrOzu 
Ind. Rupee ’■ 
Rnpiah 
Rial 

Iran Dinar 
Irish £ 

Israel £ - . 
Lira 

C.F.A. Franfl 
JamainDoUar ! 
Yea 

Jordan Dinar 
Biel 

Kenya Shining 

Won 

Won ' 

Kuwait Dinar 
Kip P)4 PH 
Lebaneses : 

S. African Band 
Liberian 8 
Libyan Dmar 
Swiss Franc 
Lux Franc 

Pataca - 

Pnrtug'nefiscudc 
JIG Franc ■ 
Ktracha 
Ringgit 
Mai Rupee 
Mall Franc 
Maltese £ 

Local Franc 

Ouguiya:: 

M; Rnpre 
Mexican Peso 
C.T.A. Franc ' 
French Franc 


. 481.070 
16.67165 
806.18 - 
fA)1B5 
0.6718606 
1.00 
21.00 
, 1672 

- 4714 . 
tBia. . 
4664 

. tL800«s) 
2328.0 
16.4255 : 
1.7B1641) 

- 055-760 .r 

f OB44 

• 88&.08- - 
t 6.8297 
1:688389 
1.34 

(P) 0674323 
8.766 
65.45 

8B9812 
78.38 - 
4714 
1.8780 
4.6876 \ 
7.8242 
8424 - 
0.7822 

9.425 
94.478 
12^*940 
43.98 ' 
4714 

8.425 


Fanuraay— — Guarani-; 
F'pl'aD. Rp - 
<A Yemen IS), su Yeineh 


PftrtncBl.Pfeae. Kscmio 

Port Timor..- Timor Escudo 
Principe Isle. Pip*. rfisoiSlb 
Puerto Rko.'.. U.S. 8 ; \>V"- 
Qatar fS)..-— Qatar Byal'” 
Beuhicm. ■ V." 

lie debt—-. French Franc, 
Rhodesia—......HTwdeaiaftprv-. 

Romania 'Leti ’ .. : v - . ■ 

Rwanda—’—^'Svrsnda-Fraoe 

St.Chriito- ... 

nhsr <S)--,E- Cbribbeart-4 
SC Helena.^ St. Helena E. - 
St. Lada (S)- ^Caribbean 3 
Sfc- PlflEre—... C-F^.Franc 
St.VIncenKSLJfc Csribbewl 

Salvador El:.. Okm - - ' 
Samoa.(Am)-.r->. S-‘ t--. • 
San 3Iarino_^ i ralhiD Lira, 
Sac TCma—.-.PRaCk K?ta»in / 
Sandi Arabia. Ryai - . 
Senegal....— C J^cA^Frine-'. 
Seychelles...- *?.JShrpeB;:'- 
Sit-re Lc'uctS) Lemia',.;;' -... 
SUqpiporBigiShjfiapoM^;'*. 

Solomijn Tw(9j Aoatraliad-8 ; t 
Sbtnali Kep^.~ Sum. SuiU&rj' r- 
Sth. Africat^jRand. -L. 

S.1F. African’’. - 

Territories fiST'S.-'A.-Raail -' - 


TuRrik : .{(0)8.867(11) 


B. CarrRwan-8 
Dirham 
Aloe. Escudo' 


Faurn Is.. -- 

Nepal. 

Netherlands.. 
Noth- AnVIea- 

Hew. Hebrides 
9. Zealand (S) 

filcaraRua. 

Niger .. 

Nigeria (St.... 
Norway. 


.VnsL. Dollar 
Nepalese Rupee 
Guilder 
AntlUlan;Ga3d 
I Franc.— 
1 AnstL Dollar 
NJE. Dollar 
Conioba 
C.F.A. Franc 
Naira 

Nrwg. Xrone 


1,70946 
24.26 
4 AG ' 
8.4726 ’ 
.162.625 
1.70945 
1.88278 
15.63 ' 
4714 
1.26572 
. 10-58. 


Oman Sultan- ) nffi - ln1 ^ 
. aloof 

Pakistan. Pkat. Rupee 

Panama-.Balboa. 

PapcaN'.G.(S) Kina 


That part of die French eo mmu n Hy to Africa formerly 
o«n ol French Wes* Africa or French EaustoriaJ Africa. 
Hiioees per potzna. - 

Tbs Onsunra tus replaced the CFA Banc. Hie exc hang e 
was made at a rare of CFA' Fra.5 to- one unit of. the 
new currency. .' • 


fl Afars and ttsas .now DIQxnni. ■ . 

' 8 Gao oral ntesidtiqu and Jnm exports 8L4S0- 
II Based'on-dote jaaw afcrtnsr Ruaeiun rimidg. 
“ Rate ta tbi: Ttairaf»C r a»rfcBi ({SbotreBodj-v Yi,. 
. tt Rate is BtnrbasM an 2 Barbados S Co the doUar 
K Now one official rate. 


no. OUiiU Ql 1979 

la the HIGH COURT OF JUSTICE 
Chjnri-ry Division Com pantos Coun. In 
the Matter or J. B. T. iMENSWEARi 
LIMITED and in rbe Manor of The 
Companirs Act. IMS 
NOTICE IS HEREBY GIVEN that a 
Pcuilon Tor the Wloduti np of the above- 
nrimed Company by the Hit* Court of 
justice u-as on the 2nd day ol February 
197S. presented to the said Court by 
CASSELS SHIRTINGS LCMITED whose 
registered office is situate at 3. Brazil 
S’Tf.'l. Manchester Ml 4GT. Suppliers cf 
ShimoB Materials, and that the said 
Petition is direetcd to be heard before 
Hie Court sHiihk at the Buyal Courts 
of Justice. Strand. London WCSA 2LL. 
nn i fit Gih day ol March 1973. and any. 
creditor or contriboiory of the S3 Id 
Company desirous to ouppon or opp«e 
the iruktnc of an Order on the said 
PetiLoo mar appear at the lime of 
heanne. In person or by his counsel, far 
that purpose; aDd a copy of the Petition 
wjll bv Jurnlshed by the UDdrrstcned 
to any cre-dltor or contributory of the 
said Company requiring such copy on 
garment of the regulated charge for the 
same. 

HERBERT OPPENHE1MER, 

NATHAN ft VAMDYK. 

20. Copthall Avenue. 

London EG2R 7JH. 

Rel: T1 'KGO.SRO.53i5. 

Sohdiors for the Petitioner 
NOTE.—Any person who tmends to 
appear on tbc bearing at Up:- said Petition 
must serve on. or send by pesi to the 
above-named notice m writing of bis 
intention so to do. The notice must stale 
the name and address ol the person, or. 
if a Arm the name and address of the 
firm and must be signed by tbc person 
or Arm. or his or rhetr solicitor ill anyi 
and must be served, or. if posted, must 
be sent hr post in sufficient time to 
reach the above-named not later than 
rour o'clock In the afternoon of the 
3rd day of March 1978. 


j 

.• 

r -‘ ■' -•/ ■ j ■ 



COOk Bankers 

; • i i c i ■[ • fSTSni V/STa rSfviit 


BOND DRAWING 


ROSEJtT Lewis and T. 8. CARLIN Invite 
vou to a detnontu-itlon of Cigar making 
bv a leading Cuban hand-maker, to take 
place at -19. St- James's Street. S.W 1. 
on the 13th. idth. ism and 17th ol 
February- From 10 a.m. to a p.m. 


REPUBLIC OF AUSTRIA - v : 

6%% Bonds 1982 A-'.. 

- V . . 

S. G. WARBURG & CO. LTD., announce that the redemption instalment of U-S-jtt,85a0ab 
due 15th March, 1973 has been met by purchases in the market to the nominal value.of 
U.S4355.000 and by a drawing of Bonds to the nominal value of U.S.$1,495,000. 

The distinctive numbers of the Bonds, drawn in the presence of a Notary -Public, are as- 
follows:— ' ■. 

Nos: . • j. 

3021 to 3025 3031 to 3047 3049 to 3052 3066to306S 3073 td3078 

3082 3033 3085 to 3088 3091 to 3093 3096 3097 3101 .3102 

3104 to 3131 3133 to 3143 3148 3149 3152-to3163 ’ 316Sto3174 

3225 to 3229 - 3232 to 3237 , 3239 to 3241 • • 3243 to 3246 3248to 3271 

3273 to 3446 3448 to 3456 3458 to 3465 3468 to 3552 ■* \* - " 3567 

3588 to 3592 3598 to 3600 3602 3603 3605 to 3611 3614 to 3618 - 

3629 to 3633 3638 3639 3642 to 3674 3678 to 3710 371^10 3732 

3734 to 3346 3848(0 3862 3865 to 4075 4080 to 4083 '4086 to'4170 

4172 to 4227 4229 to 4232 " 4253 to 4258’ 4262 to 4268 4270 '^27T' 

4274 to 4291 4294 to 4303 4348 to 4377 4466 to 4477 4489 to4532 

4534 to 4538 4541 to 4550 • 4553 to 4567 4569 to 4600 • 4703* ‘ 4702 

4711 to 4740 4731 to 4786 ' 4788 to 4797 4800 to 4831 • 4834 

4339 to 4846 4843 4850 ' 4370 to 4385 ' 4S83 tO 4690- ’ : 48 S 2 t6’4S^V 

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to 5006 to 5014 ; • • - 5 P 22 -‘ -- - 5030 to 5057 r ' ■ 7 L 505S 

5106 to 5124 * T ■ r : v . . - ; --*£■?»*£?:- 


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3101 .3102 
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4086 to 4170 
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On 1 5th March. 197S there wiff become dlie anrf payable updrteecteBond'drawn forredenfedtaoi’ 
the principal amount thereof together with accrued interest to said date at the Office 

S. G. WARBURG &-CO. LTD., . ' . '• " t .rV.'^ 

30, Gcesham Street, London, EC2P2B8-, '• 

or with one of the other paying agents named on the Bonds. . . •. '• .. '' 

Interest will cease to accrue ore the Bonds for redemption-^6h and after 15th Marcfu 1978^- ; 
Bonds so presented for payment must have attached all coupons maturing after-that date. 'v ; '-' 

U.S.$7,700,000 nominal Bonds will remain outstanding .after 15th’Margh.l978. r c 

The following Bands previously drawn.for redemption on dates' given faeJow. JiaVSOOt-i^Y 
been presented for payment. -. • . r.' -.'.j,. -v - 

. .;«ttei«^,.i975 '. 

Nos: 9732 : 9783 : 3339 : 9896 r991 Zto 9914 :10142:10148:10273 :3 0274 s .1{&65iti£S<S63 
10391 to 10339 :10570 :10604 z. f0605j ;3 0626..*,1Tj36 tgt1 ? 


. '.,-15thMarcfv J97B ^ ‘ " v " 

Nos: IS to 20 : 405 : 494 : 614 .'.-j -'- £ : !■> 

Nos: 19439 to 1944S: 19452 ■ 19458: 19626:19685 Tcf-19687V. 138l 
^0574 • ' 20096; 20107 10 20TflSi2026B , :?028BS 2(6a7. 

30. Gresham Sbcet, London. EC2P2E&I: *• *7-" 

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)0 Uni o n 1 U IH18 £. Philip bassftt, labour staff 

. ..." c FRESH EFFORTS will be made The shop stewards are con- The move is significant 

CHRISTIAN TYL» i as runs ctwao r • to-day to settle the strikes that fidenr that with the backing of because it is the first time A CAS 

> !«*. labour EDITOR bave haIte d production at AUEW as well as the TGWU has become properly involved in; 

. . Merseyside’s two main car plants. Leyland must ’agree to their the Ford strike, by 1.000 press- 

•.. MALi--company i 6 upplying..x / ords. is that -At-^onwick the British Leylaod’s Triumph plant interpretation of a disputed work room workers. After five weeks 

. r accessories 15 challenging agency /nanaged to consult only at Speke and Ford at Halewood. procedure agreement which has it Is the longest over a local issue 

rapgrapflation those etnployeeMbout- a third Speke shoo stewards will moot caused the Speke strike, which in the plant's history. AC AS has 

t jSSSS^J T * 'ft* workfor^htrwere on « «» * ™ «*■ ‘ 5 Sk?“ “ ° n ' 

" “^ d i 1 ^ 6 ; The.question ^separate tary-elect of the Transport and But Leyland. which hopes that the Le>land strik - 

- bargaining uidl&.M^Jiota major General Workers’- Union, Mr. the unions making the strike Mr- Evans is still considering 

• 2 case jalses one of the most legal issue. . ... ... Terry Duffy. executive member wi ii lpari ln a rphll . n to a request from Halewood shop 

..overnal aspects of ACAS'e ■ A measure, ef.eptfdoyer oppo-: of the Amalgamated Union or . . “ , . . stewards to innke their strike 

.nitioa work—the s«e of sitfon to ACAS -repiits. dn recog-1 Engineering Workers, and Ley- work * seem> determined not to 

lining.. units. ." .-Many nitioa -came- yesterday. The land management at a meeting a £ ree Mr. Lowry has said what 4 production vas threatened at : 


Merseyside car peace bid 
in talks with strikers 


\f CHRISTIAN TYIER, LABOUR EDITOR 


Union may , Journalists fined 

LeS | ^ working 
stewards | during strike 


tpeir *.baxgauiutg arrange- showed that of 100 finakreports, personnel. 11 1S wortn Kee P in a lDe P laTVt continue their five-day strike 

s. -...- '76 recommended - recognition, but The meeting will not beheld °P* n - over pay. 

v. a private hearing in the *CAS. knew of ofily ■& where until after an executive council Officials from the Advisory’ They say that their action 
Court yesterday Mr.'Justice recognition ha&^eea‘.^granted, meeting of the AUEW. Mr. Conciliation and Arbitration could threaten 115.000 hourly-paid 

.'m ruled ’ that Autoaem Unions had fbUopreg'ap with a Duffy said that the union would Service will meet strikers, local workers with layoffs. But a 

' ) had an .arguable case and complaint - in 26r cases* .and in follow the line drawn by the trade union officials and manage- Vauxball spokesman said that no 

ed ACAS’k retuiekr to 15 employers 'had . sought, a TGWU last week and declare the mem at Ford's, Halewood lay-offs were contemplated last 

Jtibn againstitatrack out wiattoiL. , '■'*.£ .. ' Speke strike official. to-day. night. 

., 7, Of . 1,072 references-.under -;- 

’ ■2ff«- W I2L a S^ct’do 11 of the..Employment . _ _ _ __ 

Shop cheats’ claim challenged 

vport -and General Workers -^^ 30 inquiry-anfl draft re- 

1 hi * port In 245 cases'the employer LORD ALLEN, general Secretary Lord Allen told the Mirror’s that the activity of what 1 believe 

" V s . 1 ®P°t ju had graiited : recognition. ■ of the Union of Shop. Disiri- editor: “I was shocked to think is a small proportion of dishonest 

■ . ,y ACAS said:.' “ In-tie vast butive and Allied Workers, last that the Daily Mirror should pub- staff costs shoppers about f 50m. a 

Trie Ssm-iT ■ majority of - cases: employers night challenged the editor of the lish such sweeping allegations as year ? " 

’ unJfeL J?- *1 bave given .full co-operation.” Daily Mirror to justify its those contained ’ in your £1 Lord Allen added: **To quote, 

“ 1 1 •' “sweeping allegations of die • million robbery feature without as you do, an unidentified ex-shop 

the manual- -workers.,_ — honesty” by supermarket staff, producing any evidence that manager and i«.» publicise his 

gem jtas otneT-_ depots- -at.- JL-. . • - • V* He said that the Mirror should these dishonest practices are estimates of ibe extent of 

oi and Betfora, isotis. ' ■ rnilPrV ilfllOII print a full retraction or else give anywhere near as widespread as crooked dealings hy both man- 

• e judge directed that a trial A uuvi J lauayaa proof of itg 3 |i egat j ons that two _ you state. agere and their staff as if it were 

d be held Quickly: If.is . « -.-j/vyS/. • thirds of supermarket thefts are “What authority is there for ‘fact’ is grossly misleading and 

. 1« two « -i ^ DlllS m lUVO “inside jobs" and other claims claiming that two-thirds of all totally unjust to the overwhelm- 

ACAS report of September “ .1 * about the proportion of staff supermarket pilfering is inside ingmajoritj-ofbnnestMoreraan- 

i-ear-said that--there were 56 -AlnS-nV'-c^-' ” involved in dishonesty. fiddling? And how do you know agers and sales staff. 


By Our Labour Staff 

THE OXFORD district of the 
Transport and General Workers’ 
Union has recommended removal 
from office of two of its leading 
shop stewards at British Ley- 
land’s car plant at Cowley. Mr. 
Alan Thorneti and Mr. Frank 
Corti. 

Mr. Tborneu. a Trotskyist 
nick-named “ The Mole.'' is 
chairman of one of the three 
TGWU branches at the Cowley 
plant. Mr. Corti is the branch's 
secretary. 

Talks between Leyland man¬ 
agement and senior TGWU 
officials will be held to-day to 
discuss Leyland’s refusal to 
accept Mr. Thorneti as a deputy 
senior steward after he was 
elected by ballot in December. 


Investigation 


the . manual ^workers., . ■ - ■ . —*—~— 
gem has other.'depots'-Vat.-' ~ . : - 

e judge directed that a trial Pottery union | 

d be held quickly; It is . * V nri/ - 

■ rc^M^ ptember puts m 10 % 

■ ■■ r ear said that-there were 56 .1 _ v“' 

• srs at ISorley, and it decfded D3V 012101 -" 

erview them alL The union . 

I that the packer-assemblers THE CERAMIC^-.-rad ■ Allied 
' nsidered as a separate irhit. Trades Union. wfaWrhas Sl.DOO 

■ the comoany satd‘-ftey™ e “T B ® raiIl ' tll «-P c|l « 8 > r F i R ailBtr y* 

■ part of a whole. According yesterday put In a .lfl'.per cent 
. tCAS, the company said paynlaim. _ ...-■'‘'v?*:-- 

; -ate Jiargaining .would frag- The claim, whicfiVthe union 
*he existing system. .. says is wtthin the ; Government’s 
. AS found that the packers wage guidelines, - also' includes 
. "clearly • distinguishable existing rale consolidation .and a 
v the nature of their work.” self-financing productivity deaL 

•on said they wanted to be _ ;- 'V 

. '«*nted by the union., five . ;; . ' 

""a'nst and two were un- rr* ii » 

strteen were members 1 Ctil€r DCHTIIIS 
. « TGWU. 0 

the other 30 workers, bow- THE • INDUSTRIAL, tribunal 
onW one wanted the union,; hearing of the claim :by Mr. C. 
^ven said they would join Gordon Tether that^rt- ,was un- 
e union was recognised.. .. fairly dismissed as^.A-^Financial 
e difference: between, this Times columnist,.jeobtihued in 
and Grunwick, which ACAS private yesterday and-te,expected 
on appeal to the House of to: continue to-day.;’:/- ^ . 


A six-man team from the 
TGWU Midland region commit-; 
tee is to visit Oxford on. 
February 27 and 2S to investigate: 
incidents which led to the [ 
recommendation by the Oxford; 
district committee oj removal, 
from office. 

Mr. Thomett and Mr. Corti' 
have received letters recam-1 
mending .their expulsion from 
the union, but the TGWJL T said • 
that they were sent out in error, j 


! FOUR LONDON journalists have 
| been fined £100 each and 
ordered lo be suspended for up 
to six months by the National 
Union of Journalists for work¬ 
ing during the dilute at^ Dar ; 
lington over a dosed ‘ shop 
•demand. ■ 

Three members of the London 
office of Westminster Press were 
suspended bv the management 

■ for refusing to write news items 
’ for the Darlington papers. The 
NTTJ called out on stnke all. the 
i journalists: in the London office. 

1 Four of them. Nigel Duncan. 

; chief political correspondent, 

: Michael Burrell of ..the P» r »£ 
1 menlarv staff, David Spark and 
1 Victor ‘ Asscrsohn. continued to 
•Work. - ‘ ' 

1 Duncan and Burrell, although 
(banned by the Labour Party from 
[ attending the party conference in 
! October., covered the conference 
, by watching television coverage 
,and talking to MPs outside the 
j conference hall. 

; Detrimental 

The London ” journalists of 
i.Westminster Press returned, to 
I work in December and those at 
: Darlington went back the follow. 
[ ing month. 

An NUJ disciplinary committee 

'has imposed fines of £100 each 

’ and three months suspension on 
Duncan. Burrell and Spark and 

■ a fine of 1100 and six months 
: suspension on Assevsohn. 


All were accused of conduct 
detrimental to-the umoa-by fail- 
ing to obey a national executive 
instruction to withdraw their 
labour.* ■ • ; 

- The National Union of Journa¬ 
lists has also dealt with 91 other 
members of the- union alleged- to 
bave ignored an instruction -to 
strike in May in support of the 
five-month-old strike at the Even¬ 
ing Telegraph at Kettering. 

Fines were imposed on 89 of 
them, cinccase was dismissed and 
” no further action " was decided 
upon in another case. Several 
other journalists alleged to have 
igBored the union's instructions 
on ibis occasion remain to ; be 
dealt with. 

Scargill-we’ll 
take 10%, 
but... 

MB. ARTHUR SCARGILL. York¬ 
shire miners* president, said 
yesterday that the Yorkshire 
area-council'would accept the 10 
per cent, wage offer . if ' the 
national, executive committee 
accepted it ■ at its meeting-on 
Thursday. _ _ _ _ . . 

.But. he said. Yorkshire leaders 
would continue to press for £135 
a week for coalface workers. 


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work—to build Day Centres where old 
people find friendship. Work Centres for 
those intent on keeping active. Feeding 
Centres for thelittngry overseas* and 
Day Treatment Hospitals here in Britain 
Among the^welMmown people who 
endorse uie value of a legacy to. 


Help the Aged are Lord Shaweross, 

Lord Gardiner (the chaH*y*s president) 
Dame Vera Lynd acid General 
Sir Brian Horrocks. 

Write or ’phone for interesting and 
helpful booklets on making wills^and on 
reducing the impact of Capital Transfer 
Tax (Estate Duty ). Free on request from 
The Hon.' Treasurer. The Rt. Hon.'.Lord 
Maybray-King, Help the Aged, Room FT2L 
32 Dover Street, London W1A 7JZ 
Telephone: (01) 499 0972 


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financial Times Tuesday 14 ^78 


PA RLIA MI- 


POLITICS 




% pay policy 


ScbiSRSi 


... /\;v^7" ,-^1 

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Br JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


Labour 5 £ 
boost 


Of 








THE GOt'ERNMENT has Hons* 
imposed its 10 per cent wages votes, 
policy more rigidly thaii Sir 
originally intended. Air. Denis Gover 
Healey. Chancellor of the a vol 


has House to reject it failed by 14 Paper of seeking to keep the 
wages votes. total increase in national earn- 

thaii Sir Geoffrey accused the ings down to 10 per cent, and 
Denis Government of starting out with, allow settlements significantly 
the a voluntary policy for Phase above 10 per cent. 


Exchequer, told the Commons Three and then surreptitiously This was because so few settle- 
last night. toughening it up until it menls had been significantly 

He was replying to a second resembled a statutory one. below 10 per cent, in the early 

Conservative attack on the ""“They have ended up with all stages of the policy. 
Government's “black list.” where- the rigidities of a statutory Hr. Peter Emery tC.. Honitom 
by Government contracts and aid svsteiu. with the added dis- asked if the Chancellor intended 
are denied to companies in advantage that they are entirely to ask the nationalised industries 
breach of the pay guidelines. lacking in statutory authority,” and local government to apply 


Mr. Healey indicated that the he declared. 
Government warned to extend ilr. Healey denied 
the wages policy to cover government was acting 


for the “ same arbitary powers " 
that the which the Government was now 
without using against companies which 


nationalised industries and pos- authority, but by implication con- broke the pay code. 


sihly local government. - ceded that 1 here was much truth Mr. Healey replied that the 

He hinted that similar sane- in Sir Geoffrey's accusation. . powers of nationalised industries 
tions against companies in the “We have been compelled To and local authorities 

private sector would be neces- adopt a 10 per cent limit with in- differed. But is was intended to 

sary in any future pay policy. creasing rigidity. I don't dispute invite the nationalised industries 

If future governments did have that for a moment. I don't think to operate in the same way as 

an incomes policy embodied in a that the House or the country the Government had done. 

While Paper approved by the would blame us for doing so." -The Government is also con- 
House. then “fair contract The Tories shouted that this sidering whether to ask local 
clauses’ would apply. was “ as dear as mud." But the authorities to dn so. but wg 


■•The Government is also con- 


The Tories shouted that this sidering whether to ask local 
was “ as dear as mud." But the authorities to do so. but we 



would not wish to infringe on 
their degree of autonomy.” 

The Chancellor rejected sug¬ 
gestions by the Liberals that 
there should be tax sanctions 
against firms breaking the 13 per 
cent, guidelines. 

He would lie prepared to use 
his tax powers to influence pay 


settlements if the Liherals could disgust it deserved, 
show him any means of doing so Opening tne 
that would be fair and flexible. Geoffrey said th; 


r Sir Geoffrey said that the 
Government's policy had been 0 
accept a return “to responsible 
free collective bargaining, free of 
Government interference. _ That 
bad general support both inside 
and outside the House. But feat 
policy expressly excluded a rigid 
pay limiL 

“How far has that .flexible 
poliev. which was welcomed on 
all aides of the House, been 
abandoned, if it has been aban¬ 
doned. and wbat has taken its 
place ? " Sir Geoffrey demanded. 

“When did the 10 per cent 
average figure turn into a rigid 
figure and by what authority ? " 
By its failure to explain its 
original policy, the Government 
had let the 10 per cent, figure 
become first a guideline, then a 
target, and finally, a platform. 

“Having set out to return to 
normal collective bargaining the 
Government have ended up with 
all the rigidities of a statutory 
system wfrh the added dis- 
advantage that they are entirely 
lacking in statutory authority,’’ 

- 1 err-i K*rk Sir Geoffrey declared. 

Mart If there were to be sanctions, 
Mr. Healey - . . eompJlea they shou j C i b e dearly defined 

towards rigidity. and ^jose against whom they 

jeer the motion with the wer « appUed should be entitled 
Lc. i t deserved notlce of their charge and 

Opening the debale. Sir entitled to defend themselves 
Jeffrey said that Ministers “Every, one of these rules of 
re.! Ihree chorees. natural justice is now being 


R/WlJi IVOR OWEN, PARLIAMENTARY STAFF 

• • -.■■■ - ' ■ 

Ejr .Ray Perman, Seottafi was strong backing from industry. T> 

a,™,*,*!.*: f-nnm j«*. * sr^. 1 


-V • : : Anthony Wedgwood! Benn, encourage refinery do^res. 

THE Government has received: Energy Secretary. ' against a ban oa Gommuntty and Sfcafe- 
a double boost In Scotland,"’'!attempts to apply EEC proposals aids for new refincrleS- ';' "^_ . 
with opinion polls showing con 1 -: ffpr limiting oil-refinery capacity ; The proposals also; inWnM" 
tinning support for devolution to Britain. ‘ ' ideas for 'rnooitering unportfPff ’ 

and a significant lead for-.". Announcing that he had invited refined oil-'-.products-into'' 
Labour orer other parties.'^ '. : vGtudo Brunner> the EEC Energy Community.-^-- -. 

A poll pablislied yesterday ^ Sue Mr. Neil MacFarlane rci SuSi 

in the Glasgow Herald-showed “gf* f iJLS5 £?« and Cbeam>-questioned tbe'eS®?: - 

that 33 per cent, of the 1 .****“? TSSS ** EEQ proposaiB orfp^^ 

electorate still favoured a. ^esSS **** to expaid\ refin^r^ 
Scottish Assembly and 28 per +h«?tr k ” • - distillation capadtyjn the 

eenu were, against it The*3 Mp 

remaining li per cent were: ^ GSovernzaeiit encouraging engaged bv dSscuasiOBs * 

uncertain. . •• refineries to close in the U.K. Community becauseiani hotkg? ’ 

The finding was in line wife: He had indicated, to Mr. Brunner 'pared to see decisions about oar- ' v 
previous polls. One survey-by‘ “the gravity with which the own.;refineries taken elsewhefe 1 - 
the same organisation—System .U.K. would regard proposals: Mr. John BiSen iC Os^egtcya 
Three—a year ago, showed a. which might involve directives, said earlier - -discussions --Tufr 
slightly closer result, with 53 or 'even voluntary guidelines shown that' fee'Comtu'ons ^ . 
per cent, for and 31 per cent badked by sanctions which anxious that UK/.refinery;policy. . 
against. ' appeared in Le'Monde as one sho uld■. be- subject .to-debate. Ip: '• 

The result comes whew proposal which fee- Commission ^ ’■ ■ 

devolution has been undergoing in nUQd - , ' = ■: : ^nista:- 

a battering^in ParHamS?TH - Mr.. Beon had already been satisfied that, under the-iermse? . 


Hr. NellMacFiurlahefc;Su^ 


mi 


per cent, for and 31 per cent 
against. 

The result comes whom 
devolution has been undergoing 
a battering in PayHamenL' J 


ft rented in tte Srfer/ «CS' by^ the^ European Energy the Treaty . 0 f. _Kiimc. t. 

II MIS repeaifu IH Uip raw — _._.. ovr nrn. Pnmmicclnn hul .. 


motion 




to use the tax structure lo 

aC M'r'H«ler«id C ?h,T.he GOV. PoT^'wi"“™ Libera]s? S Sir li G€offrey*’sa]d th.'t 

ernmenl had no mentian of «• ,n tha t >L in ^elf a the Governments “jackboot 

damaS sS in Justice” on pay was now appar- 


fundaraentally" its flexible pay Government. 


policy - and was now “attempting . . 3 un l* ng , 


“going soft" in the bailie against P a - V timit that was in its^ 
inflation. “I make no apology damaging, dishonest shift 
whatever for what the Govern- policy. • 

ment has done over the past if b w ' as adopting nn*l, 


adopting 


years, or for what il may do in "'hich arc unjust and arbitrary. 


the future. 

“ This Government 


unlawful and unconstiiutional. 
not which did not deserve, and had 


ently supported by them. The 
methods Liberals, re argued, were “ever 
rbitrary. ready to preach the rule of law 
lutional. in every country but their own.” 
and had Sir Geoffrey reminded the Gov- 


endmu iS^dnled for Gouncil to consider an EEC pro- Commission ;: had . aatonoiM«- 

lutXSn * tSSoS Of!o'£ * osal for consultation withfatfie/pow^ ^ 

ren^f the^SES elertiSS Coipn.utiity oh any new-refinery spedfiC.refinery-afd aJ^^ ^ 

^tbS Tw* ££”££ Governm^t’s 

V™™ T*. jj* would take- account of the tn- to -mteiTjret; tiift^^ant.jjrftJ; 

partite consultations' with man- viffloiis.tn tbs' trea^rBurif iiai 
S; “ e Commons two agement and anions in the re- portant .^dMiMons ^werev^b- be 
ago. ttoing industiry. The fim of;tfiese taJ»n awy fnim4be||0DunWifc4t 

The same polling organise.- ^as on January'24; when'unions would have a ^dritajsjw.:s %!;•: 

tiou also reported at the week- 1 feared that manir of the 12,000 Britaihr.'the.only majbKEEC&sil 

end that Labour now com- jobs in the British ihdhstrv could producer... J rgBrS 

mands the support of 38 per be threatened by . Brussels. Decisions ; affecting 
cent, of Scottish voters, com- gebemes. ' capacity in the" VX., sbou]®bp 

pared to 28 per cent for the ; The Commission was consider- takeu .by Ministers answerai^ tu- 
Consenatives and 27 per ceoL- - w further proposals for the the- Commons. . .; ■*?: •fiu'-wT ' 
for the Scottish National Party. > - ... ->i ■},.; r ; ? • rj: 

Liberals received 5 per cent. " ^ 

'%unTMft a rt aiwf rhA Imtnwav ‘ IT H • A • • 1* ' _ _ • " ' •_ ' Jm ' * ~ V 


hus ksuvermntrnv. is mu -- * &• fQ L-an onr 

soing to use public fond, to oub- not received, tie support of the «™Mnt “5 


sidise firms which are breaking Commons 


discretionary action on the Ford 
settlement. "Why not? Is the 


/.jf; P F - 1 


the code, nartlcuiarlv when the ll hud brought in th? new settlement. "Why not? Is pie 
ereat maioritv of firms and form of Government contract Government not still purchasing 

workers, whose taxes provide which. ” far from putting ‘things Ford motor cars? Is it because o* 

these funds, are observing the right, only makes matters a gooa the size of the victim or the size 

guidelines.” deal worse, and should be with- of the Labour majorities that 

There was laughter from the drawn forthwith." might be affected? 

Opposition when he said that the _ 


deal worse, and should be with- of the Labour majorities that 
drawn forthwith." might be ■affected?" 


Government was operating TTfc T§ _ Fat 

strictly from within the law. 8-^11 8 

Action against individual coin- JL \y 1 1 vll iJM- Y >3 JL VrX j 
panies was not taken in secret, •' 

.Wiicii /oiiuidij hut on the basis of confiden- ^ - © . • -■ • 

Sir Geoffrey Howe complained that “jackboot justice” was tiality. UT ® ■RTTBC 1 7 

apparently supported by Liberals. &Z ttlldCK jllSllllCU 

Mr. Regina Maudlin* 1 C. to a return to free collective 

nav dluLs to P fhe narticular advocated bv the P Oodos lion compared with its power as Barneu. a former Torv Cnan- uargammg but to astautoiy in- 

Sf- !i au ,!^i. h hi b !nwul ih<»?« Ca I e «?iiM h-,vf* e hPPn P a S w-.^^ employer and paymaster in the ceilor. said the Government bad comes policy. The Ulster 

' ear m ' v bich the contract WdS there would have heen a vu p e n ,h D >n -jrhin-.-»rv and vi-oiive. Unionists reparderi the Oooosi- 


so a return to free collective 


cent, of the total electorate 
would be sufficient to' comply 
with tbe 40. per cent, rule 
demanded by tbe amendment, 
passed in the Commons two 
weeks ago. 

Tbe same polling organisa¬ 
tion also reported at the week¬ 
end that Labour now com¬ 
mands tbe support of 38 per 
cent, of Scottish voters, com¬ 
pared to 28 per cent, for tbe 
Conservatives and 27 per cent, 
for the Scottish National Party. 
Liberals received 5 per cent, 
support and the breakaway 
Scottish Labour Party 2 per 
cent. 

Labour has held the lead in 
Scotland since October and 1 
now has a larger and more 
sustained margin over other 
parties than has been achieved 
by any of its rivals since tbe 
October -1974 -general- election: 

The last pell, published in 
January, showed the party with 
34 per cent, compared to 28 
per cent, for tbe Conservatives 
and 29 per cent for the Scot¬ 
tish Nationalist Party. 

With a Parliamentary by- 
election pending at Gars cad- 
den, Glasgow, on April 13. this 
result bodes particularly well 
for Labour, who will be fight- 


Hint of ne^ 
for 


BY IVOR OWEN 




FURTHER ORDERS may Jhj these ^cpcSents, Twqu Icnexi^MS 
placed for the Britidi' designed govemnbnt of the day to $gg!fc' 
advanced gas cooled - reactor regard to safety, economics .and . 
(AGR) in addition to the..two operational experience, but not- - - 
authorised last month;' Mr. to withhold consents on arbitral 
Anthony W’edgwood Benn, grounds," the ‘Secretary of Stair 
Energy Secretary, indicated to added, -v - * _ 

the Commons vesterday. The?, possibility- of 

■ « rejec ted ojipoi ittoa ~ ' 


signed." be said. explosion. 

Sir Geoffrey Howe, the shadow Conservatives demanded 


* private sector. been arbitrary and sec .to live. Unionists regarded the Opposi 

•' The majority in the country and some Ministers arrogant and lion attack as thoroughly justi 
an believes this policy is necessary, insensitive. fied. he said. 


ror Labour, who will be fight-- reactor policy - announced . on w arv i' rie iMemretation<; niaced o9-- 
ing to hold off a big campaign January 25 had left the industry ' - 

from the Nationalists. ' . in a state of uncertainty, ’ 

Those - who - -claimed- uncer-.it vas the government’s intenttoti ' 
T * , . . tainty were (tisappom^i^^ thgt ho-further^GRs shoulii=&- 


Chancellor. accused the Govern- explanation for the Government They see it as a success and its MP _ fl _ h ., h . lripc rjm f e ^pd 

ni.nl nf matmo nut >• lantKftnf ljirlc nf aPfinn awiinst arc* Mm- .mnn It Kai nn . *" KS 00 n0U1 &lQeS PrO.esSea 


mgnt of meting out “Jackboot lack of action against large com- success depi 
justice" and of “reaching round panies. such as Fords and even-handed 
the garbage cans of government'* Yauxhall. when they had been in “There is 
in their search for arbitrary - breach of the pay code. ful trade u. 


sanctions. 


^v-An e Si 1 ripH eSdS UP ° n U beinS believe in a return to Tree collec- Jf*. 
even-handed. tivi* h^roiinin * 1 hut ii was not 

''There is no chance of po-wer- c ^ ncept ^ f h lbe pt^e, and W .Jbe t 

! u L n f ad 1—.i- the enormous changes of recent ,n f lts P a - 


. 05 K-J-S« Islands shipping.1 

4-_the" U.S.- desIgned>'P.res- '.Mr. Benn replied;: “ Suci 


Mr. Healey said that the Fort sector accepting the guidelines, ^es mean^ teat when 

nlamnrn hrul hupn marfn Mr V Jf ,mntni-An u-nrlr,i-, in thn ““CaneS meani UJdl * 


servalive motion declining to sup- w £en we si 
port the Government's arbitrary could haV p much 
use of ecnnomif sanctions against ^ bas mrned 
firms which negotiated settle- ^gp •• 
ments outside the pay code. It Geoffrey 

called upon the Government to made rt absolute 
withdraw the new contract the time of ^ F 
clauses on public purchasing Government 
announced last week by Mr. Roy -nlnmarv nnlir 
Hatlersley. the Prices Secretary. C om™£ had 
It was the second lime in a since then, the pi 


than has turned out to be tbe tion of British Industry had not blackmailing the public and the 0 f i and and mus t be proved. 


Millam Scottish n0 uncertainty.’ 


objected 


Government consumer at large. 


needed Secretary, said this in a Commons Bean then i*a$rin*d tbaj, ;*fcJndatf^^.. ,, 

HCCUC'i _. ._ I , ... t1i n mimr UT9S- Miat ' T?n+. ■ faff 


certainly 




since then, the policies had been bore comparison 


week that the Opposition had changed without the authority of remarks on immigration. 


mounted an offensive with the the House. 


her was a “ blum instrument 
used with all ibe subtlety 


defeating 


In doing so. she bad alienated elephant in a Treasury lea-shop. 


ms t incomes poucy was ree essenna pany. a tjuu.uou gram has atsO g^tem fa,.®* 1988 s. the govern: stetemeifr : had created 
that is ?pce to pa> for full employment been paid this jear to Caledonian ment had endorsed the declared uncertainty" to the wdnstiy^fe 
- of an and jrtable prices. I do not M a cBrayne towards acquisition of imenUon of 'the - Central..catted for amfiisirtitibn 


Mr. Healey replied that it had herself from her natural con- he said. 


support free collective bargain- Kennacraig 
ing in any way. shape or form." Tarbert, an 


policy. Last Tuesday, a Conser- become impossible to achieve the stituency in the business world. Mr. Enoch Ponell tUU Down Jt was a “licenced exercise 


vative attempt to persuade tbe central objective of the White and 


to Si said the policy would not lead monopoly power.** 


tbe connoisseur 

Pure Highla lid Malt 


eminent and other consents had. decision will he taken by.i^ 
been obtained. government of i.tbei'dfly; 

“ In deciding;whether.to give time.'’- \-r,:.ri • - s * \ 


Is it the soft, gentle water from the 
Speyside bums? The rich Highland' barley? 
The smoke of the peat? 

The eight mellow years of ageing? 

Ves it is all these-and something more 
that make Dufftown Glenlivet a malt 
of great quality and character. 


in deeming:wnoLner xu give ume. '.'try.T: 

BNO C 6 notdictatini 
North policy ^ 


BY IVOR OWEN ..-*; :•"•' rrji‘£\\;'/:'!; 

TORY ALLEGATIONS that the but. it 

British National Oil Corporation function into a\contrtw M 

dictate® tihe policy of the Depart- n'oh^to 

ment of Energy in the North Sea 1 North Sea.^* ..; : * f . Jff if 

were-. dismissed - -. as.:- “ Otis- . Dr, .Mahpu Jnei^rt^ M '' 

cWevous •* by Dr.- Dtckson Mabon, ho • question', pf>B NQC 
Energy Mmister^-ta the. Commons over any - .of fee.statutory ’ • 

yesterday. . '... ttons-cd t^^Secretwry.-oC . 

“BNOC is a State Corporation any of'_ fe e, of 

and enjoys the same relationship Department Of Energy. 
as does any other State oil cor- . ;, “BNOG ia ah: adviser -to‘TOr 
poration. Ithss.no regulatory : SecTeteiyiof Stetfc i^n^ Ee ;9^. ■- 
or supervisory functions, aid.-fir no.Jew." i:.-':--.' ' 

entirely, an adviser to fee Gov- .75ie-'.iMHnigr#r; sag-., . 

erhmeht" he 1 said. - . ■' - ■ • i r actfvlties':of*BNtKI-^had ; - 
Mr. Tom King, shadow Energy - shined cMnpahfes-tO£te^^^& ‘ •■■■ 
Minister, 1 said: “ We know -feat ' pjufetip&tioh-fe.fee develpW^S^;: 
BNOC has an advisory 'function,- alt ^th®. NorttL:Sea. V. ” 'y-:"ixT r . 


Labour 




over pit incentives 



THE. NEWT miners^ incentive-k 'Mi 1 .'.- Ee^eyrvjai. ■. 1 • 
schemes “wrhnld lead -to: “ynde- 1 wonldH^causedr^H^wdw^^- 1 .- ' 
spread industrial- unrest,’* Mri reached: by .those'Unable 
Richard KelTey’ < Lab. ^“Dbir" stand. the*varied:bonttitioas • . 

Valley), a formeirxiuner, aaW in izidustry: 
tho 1 Commons yesterffay. _ - ^ 

T But Mr. Adex Eadfe, Energy ' 0a kr saj^feat rt^tbe^si 
Under-Secretary...|Jsd : a ^. gsg *hbut i fe&T^lafioh.feiP 
miner, &ud be «?H ra money incefctfi^: and 

“hang his.^atf^on wch-aa productivity.-\Vere-pa 
argomeirt until fee sclttunea had productiri^ ^V sebeitte 
run longer. . ■ , ■ acceierated. : teduHd&n(?icsL 

. Bonos.schemes-.were only felly ■ ■ .-• • r -> 77 P^"-- : ' r :„Ay 

operational to a. 'third. ‘Ot Mr.j Eadie jdio..'ii(rt 
collieries. In. those pits; odtpat-Xittenck's*; . irgjn^nt: 
was 10 per ; cent,. ^higher. jlir.befqre. 7,-,fee. to^ntaxe 














































BUSINESS AND INVESTMENT OPPORTUNITIES 


READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Pf> G'l'SlPWUs' has fen 
LllFta chairman rtf the-HAL- . 

GROUP foBCAwing tiie L 
ynewt <j£ Mr. B. A. -Jones. &r 
-t. ., moms, wtw .is-^lftaa&aiuoC:'- 
' « aiber of^ B-urmaJj;■■ (fromf 
nies, bas been- the “Bonnah' * 

4 . . Board director responsible 

• ..affords since the company 
.. 1 ttoe group In 1070. 

' ■* ..... 

A. ■ S. Crawford .ftps 1 been ■ 

.•■■■■: "'-ted management develop- . 

‘ * ‘ • director of ' UNITED „ 

' . Trs (UJK.) from" April l t 
Ill be succeeded : as distribu- 
. . -rector by Mr. R Selkirk, at 

. t difitribution operations 
Jr. HCr. A. D. Scott bas been 

v-. . industrial-relations-'director. 

. . r - * 

Michael Staton -has been 
"• .:ted financial-director . of 
... • PRODUCTS, a.subsidiary 
1 ed Breweries. .'• ^ 

B. D. K_ Becker, has- been 
; 1 to the Board of LYON 

HOLDINGS.. Mr. A B. 

• ® has. joined-the Board of '• Mr' P "N Wieipl'Tiimi-r 
De Fable International. ... r * 

R. M. Boniwefl has joined ■ B ' w vteen 

BO HOUSLEY HEATH^i spited va«-preslde«}£at 
ny secretary for the hold- {-ondon branch. Mr. F.-Burian has 
mpany and all subsidiaries, awn..made second:rajfrpresWeni. 

group accountant ACCO INTERNATIONAL, of the 

s: at- Creed has been has^foirned Corporate 

-V - .ted group export finance European Division. Mr, Jeffrey K. 
cr of • BRITISH ' AERO- 5 ewson ’ ^Brevrourfy- managuig 
S DY3VA3UCS GROUP director of ACCO L-Jw has been 

* . ■ ' ' appointed president and .chief 

R. O. Bogle has been S***™ and Mr. Theo ran der 

ted to the nevriv estab- ***”» -who war managing director 
tcu to tne newly estafr- ^_ ACCO ^erlsad, « 1 U .become 

. chairman. • - 

vr-i . • • • ... 

4 . Mr. Rodney D. Harnett has been 
v.s! - appointed chairman,.'and xnanag- 
■xf. ing director of JJEftLOX HOLD- 
. . - -w. 3 . IXGS. Mr. David W. Ofaey» the 

• previous chairman.. Is teaving for 

^ : Dubai. United Arab Eroiraies. to 

\Ws t ^' e charge of the group's asso- 

'■ ciate company, Benlos Cutf: He 

: • ■ .'.'’tI wiH remain a directorial Bento x 

- Holdings. Mr. John W. Skeeles is 

- - ■' '' now company secretary of the 

holdings concern Tolkwiag the 
retirement of-Mr. WlfliamiA. EarL 

[10\V r’f Mr. Ri P. Booth * Vi® been 

*. ■' - i ri ' fflP- > C VdK't: appointed sales director , and Mr. 
••ii - B» C. R.- Stevens has retired -from 
I the Board- of . JAMESONS 

FCart’v- . CHOCp ^ ras - 1 * ^..; 

JflU .Mrs. Mary Cook has'&foed' the 
triBVT ?••• ■' Board of'BRITISH INDUSTRIAL 

PLASTICS (Turner and NewaB) 
'JBBBRSa as personnel director:- > She has 
‘ ‘ -- been with Bip for. 35 years and is 

— mm jSm; ''-JmSs^Em the first" woman to 'be-«pj>ointed 

a director of that ctaeerB.' Mr. 
t _ Ron Hards, until recently gdnera 1 

v. . Mr. R. 0. Bogle . manager of the PV< 2 “drtvi 2 flbn at 

. . - Aydiffe. becomes chairman pf that 

post ol manager -of the division-. 1 

oients department - of * • -. •* -■ 

HAL .METAL INDUSTRIES. . The Secretary for.&e Bfiviron- 
, * ■ . raent has. appointed :three new 

D. Whitworth has .been members to-', the | ■ NOISE 
. tied production director of ADVISORY COUNCIL. They ere 
■ ER HOLDINGS. He was Mr. D. J. Barnett. MrS. A^ Davis 

• -usiy a director and general and C. Ashley: -.. ■ 

jer Qualcut Tools. . - - 

* -.. . ., ^ John F. Storey hffl ; jmned 

.P. N. Nigel Turner, son . of AMERICA N • . I NTERNATIONAL 
utd Lady Netherthorpe f :has UNDERiyRTTERS. .^LONDON), as 
e ..jice-prestdenC.At-,-^? .<ftwa»T:«hd .obum^ rdfLtfe 
HERN. TRUST COMPANY; reinsurance department. 

ro, fflinois. He is..jn"th,e - - ^ - v _ • :. 

. n division of the banking Mr. Hanush Donaldson has been 
‘ "merrt Mr. T. A. Fit*- appointed to the Boud of TDLL 
>ns, Mr. P:- H. Kingman, and SAMUEL AND CO: £ , . 


VIE CONTRACTS •; : / 

»rake and Scull wins 
rders worth £lm. 

- E AND SCULL ENGINEER- tion for the new 4370m. port_at 
. as received contracts worth Mina ^ZayrtL ASu Dhabi. . The 
Jian iim. Most of the orders fenders wifi help protect siuppmg 
to Heating, plumbing, ven- at tiw. new port, which is being 
M and electrical installations built to relieve congestion of the 
nestic dwellings, two of the bid dock area. Also included in 
i being from R. F. Guy/ the Dtmlop order is using and 
. t District Council, covering anciHiary equipment for the 
\eJlings in Jlavanr valued at fenders. 

10 and from Alexander * • 

• and Son for 117 dwellings CJB-EARL AND WRICHT has 
he worth £120,000,- Another been awarded a"contract by Shell/ 
ct in this group, for Esso for the design of a piled 
to, covers the ventilation of steel jacket structure for the 
Iritisb Americanr JTobacco North'Sea. Although field deveiop- 
[•'j at Southampte^i. ment plans ;have -not yet been- 

Jl'' '* - T * 'submitted for approval, this pro- 

j»DP OIL AND -MARINE duction ptetform is being designed 
ION has -won a £200.000 for installation In about 160m. of 
,i for solid rubber fenders watery in .the North Cormorant 
JiHoward Al^imu-Construcr. field: . 


nV (t Mr- ^ P. Booth h 

VLr "•: .Ji-Ms . :■ >■$&&'*; appointed «ades director 

-B.C.R.- Stevens 1 has reti 
- • ••• - ' f the Board ■ of . JA 

f C2ffi V- . CH0CP ' LATES ' * ' •>,- 

VMVf V... ' Mrs. Mazy Cook has id 


Mr. R. O. Bogle 


lot fia 

,i for 

a P«t 


U.S. $2.5 BILLION GASH 
TO INVEST 

Our Client, a Middle-Eastern Private Monetary Pool with 
U.S^23 billion cash to invest, wishes to contact industrial and 
Professional Groups capable of providing the following:— 

L Turn Key Project (including personnel training)—-Textile 
Spinning Mill in Sudan—100,000 spindles, 2,000 looms.' 

2. Turn Key Project—Cane Sugar Refinery in Sudan. 

3. Turn Key Project—Hospital Projects throughout Arab 
countries. 

f- Twelve new general. Cargo Freighters 14/18,000 tonnes, 
o. Turn Key Project— Foot Hotels of 400-bed capacity each 
in .Arab Peninsula. 

6 . Turn Key Project—Radio and T.V. Broadcasting Station. 

7. Turn Key Project—Consultancy fortbc establishment of 
Dairy Farms. 

8 . Joint ventures licensing and .technical know-how proposals 
will be welcome with no obligation in the following areas: 
Telecommunications. Pet ruche mi cals. Fertilisers Cement 
Plants, Water Purification. Food Processing, Mono Rail 
Systems or other suitable economic units. 

9. Complete automobile commercial vehicle plants Including 
body building and finishing workshops. 

TERMS OF BUSINESS 

All our present projects are to be purchased against cash, 
services and equipment and no terms. Selection of suppliers 
subject to observation of the past performances by the users 
of their equipment and services by way of specialists. The 
specialists fees -to be borne by the interested parties and not 
by onr Clients nor ourselves. Should you wish to take part 
in any of these Projects especially in the manner mentioned 
above, then we wU] be pleased to put you on the list of 
suppliers of Turn Key Projects with no obligation, no favours 
and no commitment. We wifi choose the business groups 
around the world who are genuinely capable of performance. 
Executives at decision and policy-making levels only, should 
contact for appointment. 

AMEUK CONSULTANTS INC., 

575 Madison Avenue, Suite 1006, 

NEW YORK 10022 

Phone: 212-486-1487. 

Telex: 237699 and 125864. 


APPOINTMENT OF ASSOCIATION 

AMEUR CONSULTANTS LMC., 

575 Madison Ave 4 Suite lOfifi, New York 10022. 
Have pleasure in announcing the appointment as their 
associates of 

ALEXANDER LAW EXPORT SERVICES LTD., 
114 Eglantine Ave., Malone Road, Belfast BT9 6 EU. 
Northern Ireland. Telephone: (0232) 665420/662439. 
Telex: 747538 BELCOM G. 

All interested parties should send copies of letters, 
back-up material brochures, etc., to them as well as 
Ameur Consultants Inc.. New York 


BUSINESS NOTICE 

The main principals of Ameur Consultants Inc.. New York, 
will be making a business trip to Europe in March. They 
will be available specifically to conduct cross-table discussions 
in Rome from Sth-lTifa March 197S inclusive. 

Executives at decision and policy-making levels ONLY of 
these groups, companies or parlies who have already contacted 
Ameur Consultants Inc., New York, or other parties interested 
in discussing business or projects personally with Ameur 
Consultants Inc., New York, on ' the terms of business as 
announced above and who wish to he considered for an 
appointment with no obligations should contact as i earlyas 
possible ALEXANDER LAW EXPORT SERVICES LTD., 
-114 Eglantine Ave, Malone Road, Belfast BT9 6 EU, Northern 
Trelafid. Tel: (0232 ) 663430/663439. Telex: 74753S Belcom G. 


iann Egerton’s £1.5m. 
ectricalwork 


S EGERTON ELECTRICAL 
•cured orders worth fl^m; 
; thorn a contract for the 
IBM centre at Greenford 
North London. This, with 
for the Milk Marketing 
at Gloucester, collectively 
is a value of £lm. The 
my has also won a contract 
new Sainsbury supermarket 
the Bowthorpe EssfciH!- 
ch. Other orders include 

• for the Department of the 

snmeut, Norwich Union and 
OiL * 

* 

. OUR BEATTY CONSTRUCT 
■ (SCOTLAND), part,'of die' 
jr Beatty- <3roup -of. Blue, 
iieen awarded a' EUm. con- 
[i _by Cumbernauld Devolop-- 
Corporalion, agent authority 
trathclyde Regional Council, 
j the construction of ' the 
dw Radial Road and Phase I 
he Craifflinn Interchange. 

which Is due for 1 com- 
■n in S4 weeks, includes 
2 . 5 km nf single carriageway, 
d£t? over the ASO, a bridge 
the ASCII andtwo - under- 

+ 

IOL FIRE PROTECTION, 
.n, has won two contracts 
(] K. car manufacturers. The 
is" for a f300fW0-plus auto- 

- sprinkler, system ■ to be 
led at British Leyland*s new 
assembly, plant now being 
by Sir Alfred McAiptee at 
Works, LorigfcRidge, near 

im*ham. The second order 
from Chrysler U.K, and is 
i more than £ 100 , 000 , entails 
design and installation -oi 
Were a ud.-hosereel a* 
iter's new -knock-down 
!*‘at Bagmton. near;Covenliy. 
•P nioilels nre crafed prior to. 
rt- 

* ■■■■ 

- PAU.ETS. vvnrrington, has 
veil three orders totalling- 
jno. The largest, worth about 
300, meets part, or keg spacer. 

* for Bass Production, 
her, at aim os: £86,000, tiiHBs 
requirement. of Carlsberg 


Breweries for its expansion in th® 
UJC.-Mn addition; GreenaB Whit¬ 
ley has placed an order of about 
£30,000 for keg spacers. 

; * 

F. W- MORGAN GROUP. Caniifi, 
has won. contracts worth- more 
than £ 100,000 to supply carcassing 
timbers, joinery and roof trusses 
for 128 dwellings being built at 
St. Mellons for' Cardiff City 
Corporation. : 


Library service 
in Jobcentres 

THE MANPOWER Services Com¬ 
missi era yesterday opened Job- 
libraries * in Eastbourne, Edin¬ 
burgh and .Wrexham, to help 

people of ail ages seeking jot* 
related information-. 

Job-libraries provide informa¬ 
tion oa & wide range of jobs or. 
careers and operate on the lines 
of. a reference library, with .in- 
fp.about careers and 
occupations and material .oil 
further and higher ejfticarion dis¬ 
played on library-style shelves.- 


Building society 
plans merger 

THE ' -"ARTISANS Building 
Society, which was founded In 
Northampton in.1842 as an allot¬ 
mentassociation and now has 
assets of only £800.000. is plan¬ 
ning to merge -with.the Town 
and .Country Building, Society 
which has. assets. Of £230m. and 

fli) branches. 

• Members of the Artisans 
Society: will meet on April 14 
to vole on the merger proposals. 


USA. PRODUCTS FOR 
MIDDLE EAST AND AFRICA 

Our Amorican client firm* *eok quali¬ 
fied distributor* Middle £a« and 
Africa for 'competitively priced: 

• Motor Homes—8 models 
(21 oo 21 ft.) . 

• Pre-Fib Mobile Housing Units 

• H out oho Id Water Puntying Units 

• Intercom Equipment _ 

• Law Enforcement Equipment 

• .Block ke Makers & Other Products 

i manufacture housing _ units can 
be arranged. Parties replying should 
-preferably be established in Middle 
EattfAfrtci: For complete details 

please advise market enpenenee and 
scope of operations. Interviews in 
UiK. I U.&JV. Factory vislp U.S.A. 
can be scheduled. ConFdentiality 
assured. 

OVERSEAS MARKETING SERVICES 
LIMITED 

5555 Columbia Pike. Suite B-1 
Arffogton. Virginia Z2204 U.SA 


PRIVATE POSTBOXES 
Available Now 
in London 

Persona? use £15 p.i. Business 
use £25 p.a. Your mall held 
or forwarded dai/y^-U.K. and 
abroad, including cables, 

parcels, etc. Detoifs from: 
BRITISH MONOMARKS 
B.M. - MAILBOX OQ 
LONDON WCIV 4XX 
PHONE: GI-4GS 04&3 
TELEX: 27924 Monref 


WANTED 

_ SMALL/MEDIUM-SIZED 
FIRE-FIGHTING EQUIPMENT 
COMPANY 

5Dbtcant1iI Company withes to purchase 
or enter into partnership with above. 
Must be going concern. Considerable 
funds and new business available. 
Meow write In confidence to Box 
y G,1385„ FUwndoi Tbrje*. fO,--Cannon 
Street. EC4P 4&Y.. 


COMMODITY ACCOUNTS 
an essential part of your 
investment portfolio 

'Non .resident U.K. readers with 
55,000 available for investment in a 
discretionary account handled through 
a British managed Andorran company 
ire invited to write tot 
- Pavld HHl. INVICO S.L., 
”-.Av. MeritxcU IM. 
j;-- ANDORRA LA VELLA, ‘ 
Princibat d’Andoorj'.' 


GARAGE 

GROUP 

.h- re-sOuctUHng io interpatlonal 
ope ration i and is disposing of two 
franchised garages- in France. Full- 
cowiperatjon of car importer* obtained.' 
Principals of major groups only apply 
to Box <5.1414. financial Times. 10, 
Camon Street, EC4P 4BV. * 


or In other words 

ARABIC TRANSLATION 

gho 

Interpreters, Typesetting,. 
Legal, Technical & General 
. o.ontoa; anGlO-oRisan. 

8 . PordanB Road. London, W.U 
Telephone: fll-221 7815. 


SECOND-HAND 
EFFLUENT PLANT 

with 70% 4- re-circulation of 
water required to treat two 
cyanide zinc plating effluents 
with chlorine cyanide treatment 
system. 

Please write with full dotallx to Bax 
C.M27, Financial Times, 10, Cannon 
Street. EC4P 4&Y. 


CAIRO 

BUSINESS OFFICES 
Immediately available in modern 
block in centre of city on main 
thoroughfare. 

Apply for particulars tty. 
Euro-Metric Eng. & Survey 
Services, 89 Sutton Road. 
Seaford. Sussex. 


SITE OR DEPOT 

suitable for Transport operation 
urgently require^ South London. 
Would consider purchasing ex¬ 
isting company. Particulars to 
Secretary, Keith & Boyle (Trans¬ 
port) Ltd.. 80 Clapham Road. 
London SW9. 


SALES IIT U.S.A. 

Exect$ives moving between U.K. 
and U5. interested in handling 
exports ro USA. of viable 
'British products. 

Write Box G.I302. Financial Times, 
10. Cannon Street, EC4P dBY.' 


FINANCE 

required, immediately by U.K.. 
Company, to promote new de¬ 
parture in leisure market, allied 
to licensed trade. High return 
on investment with generous 
equity participation offered, 
Minimum investment £10.000. 
" Write Box G.M26. Financial 
Times. 10. Cannon St., EC4P 4BY 


LICENCES REQUIRED 
FROM U.K. 

Several associated private firms, each 
with an annual turnover of about £1m.. 
are seeking licences Irom U.K. prin¬ 
cipal* for manufacture outside the EEC. 
The capability of she companiei is in 
high quality mecaJ working and form- 
ing {rolling, pressing, extruding) using 
special steel* and similar material* for 
high stress and high performance uses. 

Subcontract manufacture (short or 
long runs) of specialised products an 
iho be considered. 

Reply In confidence to: 

M. Proctor. 170 Bromham Road, 
Bedford MK40 4BW. 


COMPANY ENGAGED IN 
THE ACTIVITY 
HOLIDAY BUSINESS 
SEEKS TO EXPAND 

by participation with others who may 
or may not be already involved in die 
same trade. Thp company, with 20 
years experience, recognises that it 
w)l| be required to put up capital, 
but would expect potential participants 
to do die same. 

For further details write to: 

Box G143K. Financial Time* 

10 Cannon Street, EC4P 4BV 


Finance 
for Growing 
Companies 

It"you are a shareholder in an established and 
growing company and you. or your company, 
require between .£50.000 and £1.000,000 for any 
purpose, ring David Wills, Charterhouse Development 
Investing in medium si 2 e companies as 
minoritv shareholders has been our exclusive 
business tor over forty years. We are prepared ro 
invesr in both quoted and unquoted companies 

t currently making over £50,000 per annum 
pretax profits. 

CHARTERHCXJSE 

Charterhouse Development, I Paternoster Row, St Pauls, 
London EC-iM 7DH. Telephone 01-248 300 p. 


SHORTFALL SOLUTION 

For private companies with high liquidity and 
risk of forced distributions at high tax rates. Fully 
approved and totally secure method. No risk. 

Just write your name on company letterheading and 
post to us today for details. The facility is limited. 
(We regret no telephone enquiries can be accepted.) 

Managing Director, 

Ackrill. Carr & Partners Limited. 

Alp House, Westtaill Road, Birmingham B3S STL. 


EXPORT TO NORWAY 

One of Norway's largest agents wishes to contact U.K. suppliers 
for all kinds of inexpensive ready made textile garments for men, 
women, boys and giris. 

Write or ring: 

Mr. Dagflnn Hodne, Manager 
Roar E. Hagen, Klubb Gt 1, 4000 Stavanger, Norway 
Telephone: (045) 26375 

Mr. Hodne is visiting U.K. from February 22nd to March 1st and 
.will be able to see potential suppliers 


SUB CONTRACT YOUR 
PACKING to the Experts 

Complece and efficient team at your disposal at very short 
notice. Our very competitive rates will delight you. Send 
for fully descriptive brochure, giving all details to the company's 
sales representatives—or phone. 

PETER J. GARRINI & ASSOCIATES UMITED 
130a Burnt Oak Broadway, Edgware, Middlesex. 

Tel: 01-952 6626 - Telex: 923598 


PRINTING MACHINERY MANUFACTURING COMPANY 

, handicapped only by lack of shorr-term finance, is available for immediate 

'acquisition by home or oversea! investor with relatively wry small injection 
of capital bvfore imminent meeting of creditors. Founded as pmcing 
engineers in I '18 and began manufacturing in 1967 with first British-made 
suct>on-f«l paper sheet collator. New range introduced last year it equal 
to anything •" di* world. Full order books, no shortage oi potential home 
and export sales, production facilities in the heart of Manchester. Urgency 
essential. Telephone F. G. Hartley, 04T-236 3531. 


FORD MAIN DEALERSHIP 
FOR SALE 

SOUTH EAST ENGLAND 

Write Box G.1419. Financial Times, 
10, Cannon Street. EC4P 4BY.' 


We are selling almost the complete interest iS0%) of one of 
the most modern European tobacco manufacturers with five 
brands of cigarettes. Registered. Very well known on the 
local and national market Daily manufacture of 2.100,000 
packets and an annual income of about US$50,000,000. 

If interested, please write to International Financial Research 
Holding Ltd., via Balestra 27 — 6900 Lugano, Switzerland. 
Tel: 091/23.19.82. Telex: 73515 HELP CH. 


PROPERTY 

FINANCE 

Lon: Hum .mo rest-only (non-rndow* 
men 11 Institutional mortgages now 
available at 

!«*%p.a. 

for good quality commercial and 
industrial properties for investment or 
owner occupier. 

SEYMOUR ADELAIDE X CD. LTD. 
01-935 2382 

18 Seymour Strut, London, Wt 


• ZURICH 
Write to us if you need 
tax experts—a business address 
—a bank account, or when you 
are interested in our inter¬ 
national business relationships. 
Kontrakta Ltd., Management 
Consultants. Ackersteinstrasse 
161 8048 Zurich. Telex 59 074. 


FINANCIAL GROUP 
WOULD BUY OR RENT A 
CASINO OR A GAMBLING 
CIRCLE 

Everywhere in the World but 
possibly in the 
Mediterranean Area. 

Please write tos 
Cassette 29/E,. 

SPI>—10100 Torino (Italy). 


CAPITAL 

REQUIRED 

fulY to exploit patented road trans¬ 
port device which has attracted 
worldwide interest. Design Council 
recognition and German T.().V. 
approval. Production enginaerine com¬ 
pleted. 

Write Box G.1430, Financial Times, 
10. Gannon Street. EC4P 4BY. 


ADVERTISER 

wishes to form consortium to acquire 
Equestrian Establishment in North¬ 
amptonshire. Successful management 


those interested in Eventing. 

Write Box G.U31. Financial Times. 
10. Cannon Street. EC4P 4BY. 


FINANCE 

required for Sports Gam pi ex/ 
Country Club, Midlands area, 
close to Motorway and N.E.C. 
Seven acres freehold land with 
outline planning permission. 
Estimated cost of development 
£500,000. Write Box G.1422, 
Financial Times. 10, Cannon St- 
EC4P -4BY. 


FORK UFT TRUCK HIRE 

Investor wishes to acquire whole 
or part equity of established 
company. 

Reply in confidence to: 

Bo* G.1425, Financial Times. 
10. Cannon Street. EC4P 4BY. 


WELL ESTABLISHED 
MANUFACTURING 
BU51NESS 

for sal*, including freehold premises. 
Situated out of,London. Only offers 
in (he region of half a million 
pounds considered. 

Write Box G.14 32. Financial Times. 
10, Cannon Street, EC4P 4BT. 


CYPRUS 

Opportunities for Investment in real 
mute. Participation arranged In 
tourist projects. Relocation of manu¬ 
facturing capacity lor export to Mid- 
East markets. Offshore service com¬ 
panies formed and representative offices 
set up. Drayton Advisory Services 
A.G. (Zurich) offers full renge of 
services. Write: 47, Victoria Street, 
London. S.W.I. (Tel: 05.222 4651) 
or Bo* 47M. Nicosia. 


LIMITED COMPANY 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. City Road. E.C.I. 

01-628 J4/5/7J61, 9936. 


WEST COUNTRY 
Residential Caravan Park 

Over 2 acres with 41 garden sites, 
dose to Wen Somerset coast. Income 
£14/15,000 P.a., inCrtlted yearly. 
Permanent Hcenct. No trouble, Hctia 
effort. Freehold £120,000 aH at. 

FrH detail* from: 
SOMERSET HOUSE AND 
BUSINESS AGENCY 
Bridge Street, Taunton. Tel. 11396 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy, save op to 40. p.c. 
Lease 3 years from £3.70 weekly. 
Rent from £29 por month. 
Phone: 01-641 2365 


SUPERB LEISURE COMPLEX (OPEN 1075) 

In Bemififbl Boy of the French Coribbeun 
SurrouiR3d by Sandy Benches 

15 minutes from international airport 

Over 200 air-conditioned bedroms, each with bathroom, shower, 
w.c., radio, phone, fridge and private balcony. 

3 restaurants, bars, functions and conference room, cinema, games- 
room, shops, hairdressing salon and marina. 

This most unusual freehold property extends to 25 acres, suitable 
for further development and offered for sale with the benefit of 
large fixed rate credit facilities to bona fide major operators. 

Owners might also consider leasing, entering partnership or other 
form of co-operarion with established international hotel group. 

N'o agents. Principals only. First letter to N.C. 

Write Box G.1433, Financial Times, 

10, Cannon Street, .EC4P 4BY. 


SMALL BUSINESS ADVISORY 
UNIT 

Business development funding, import/export 
funding, product development funding, import/ 
export development and sales, property mortgages 
and remortgaging. 

For further information contact us at: 

' 13ft SOUTH STREET, 

DORKING, SURREY. 

Tel: (0306) 87588. Telex 859112. 


ENGINEERING COMPANY 

able to undertake wide range of machining and 
fabrication has capacity available immediately and 
seeks to expand its range of products. 

Please contact: 

Manufacturing Director, 

Box G.1418, Financial Times, 

10, Cannon Street, EC4P 4BY. 


ATTENTION SHIP OWNING COMPANIES 

We are Interested in purchasing a shipping company as well as 
several tankers (handy to VLCC, product, or LPG) whether laid 
up. redeliveries' or new buildings. Prefer ships with some work 
prospects: will consider Joint venture or other participation includ¬ 
ing management. No brokers: we are principals and will hold all 
replies in strice confidence. Write wich full particulars: 

P.O- BOX 706, GAUON. OHIO 44S33 USA. 


ITALY 

ex-lndustrialist, living in Bologna, the Italian all-important 
trade centre, seeks 

SOLE REPRESENTATIONS 
for Italy 

Ample and reliable banking and 
commercial references avaiiabic. 

Please write to: Mr. Gaetano Fontana. 

Casella Posrale 1634 a.d.. 40100 BOLOGNA 11taly). 


BUSINESS OPPORTUNITY SCOTLAND : 

London-based Manufacturing Company supplying Printing industry- offers 
partnership or Interest in iu Glasgow subsidiary In return for Management 
5upervi,ion and assistance with expansion, part-time or full-time Involvement. 
Would suit retired Person with commercial experience. Invetonenc level to 
suit, but between £2,000 and £10.000. 

Write In confidence to Managing Director. See G.1420. 

Financial Times, JO. Cannon Street, EC4P 4BY. 


FOR SALE 

A company engaged in the 
manufacture of precision engi¬ 
neered wood products. Profit¬ 
able, good order book. Freehold 
available with considerable 
amount of land. 

Write Box G.f42f, Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 


BUYERS’ OPPORTUNITIES 

Conference table I2Ft. x 4ft.. teak 
top. de-meuntahlei £125. Drawing 
standi by Btcffo with boards, new. 
£90. Mahogany, desks, curved top line, 
£135. 10 office chain, grey moquecte, 
like new. £18.. Filing cabinet* from 
£22. Thossand* of Items, hits avail, 
able. 01-837:9663. Commercial. 329, 
Grays Inn Road. Kings X, W.C.I. 


URGE FOOD 
DISTRIBUTOR 

wftfi £22Gm. 'buying power, currently 
exporting food, non-food. rice, sugar, 
booze, pharmaceuticals and toiletries in 
large quantities. We are interested In 
expanding this side of the business. 
Those Interested* write Bov 6.1403, 
Financial Timet. 10. Cannon Street, 
EC4P 4Br. 


WANTED— 

ELECTROPHORETIC 
PAINT PLANT 

Preferably 24in. wide continuous con. 
veyor system for small components, 
but I2in. wide continuous or manusl 
tank system considered. Drying ovens 
considered separately. 

Write Bov G.1428, Financial Timet, 
10. Cannon Street, EC4P 4&Y. 


ESTABLISHED COMPANY 
IN SURREY AREA 

with large export nrarket would like 
to acquire interest in press and sheet 
metal working company. New com¬ 
pany wH| take nvor existing contracts 
amounting to £100.000 per annum 
and tool lor additional products at 
present being developed. 

Write Bo k G.1369. Financial Times, 
JO. Cannon Street. EC4F 4BT. 


Thriving Advertising Agency 
going concern, fully recognised, 

available now. 

- For particulars apply to: 
Fraser, Threlford, Crookes & Co. 

Chartered Accountants. 

.31 Copthal! Avenue, London EC2. 

Tel: 01-628 0234. 


DEVELOPMENT 

FINANCE 

Wo spetialbc m arranging commercial, 
industrial and residential property 
finance throughout the U.K. 

PINEWOOD CONSULTANTS 
Jay wood House. Furzefield Hoad. 
Beacons field. Buck*. HPV IPQ. 
Tel: (049 46) 77339. 


CHAIRMAN, SCOTTI5H 
FOOD COMPANY 

Turnover £2.6m., requires to dispose 
of 25of the equity. Preferably 
to larger organisation with similar or 
allied activity who can assist In further 
development. 

Write Box G.I439. Financial Times. 
10, Cannon Street. EC 4P 4BY. 


MANUFACTURED PRODUCT 

Opportunity to acquire established 
business In boating' field. Annual 
profit' £20,000. This would be par¬ 
ticularly attractive to a company 
already in heating or control cabinet 
manufacture. Modem 4,500 sq. ft. 
leasehold factory also available, if 
required. 

Write Bex C. 1423. Financial Times. 
10. Cannon Street. EC4P 4BY. 


MOTEL 

Adjacent M 6 highly progressive 
populated area. Being con¬ 
structed now. Of Interest to 
hotel, / property companies / 
investors. Please reply to Box 
G.1406, Financial Times. 10. 
Cannon Street, EC4P 4BY. 


TAX LOSS 

Approximately £500,000 worth of 
losses In publishing available. 
Enquiries Peter Philips. 
01-580 0784. Ref: TAP. 


COMPANIES FORMED 
Expertly, speedily, throughout the 
world Compare our prices. 

ENGLAND . £69 

ISLE OF MAN . £9844 

GUERNSEY . £250 

LIBERIA . U.S.$870 

SELECT COMPANY FORMATION. 

Tel: Douglas (0624) 23718. 

1. Athol Street. Douglas, l.o.M. 
Telex: 623554. 


BRIGHTON 

Valuable leasehold interest for 
sale secured on excellent local 
covenant. Ten-year income at 
£9j080. Price required: £32,500. 
Sole Agenu; 

RELD & THOMAS, 

4 LITTLE EAST STREET, BRIGHTON. 
TEL: 21375 


SUCCESSFUL MARINE TRADER KCflkl 
additional capieai. £5,000.£50.000. Fully 
secure" prevon results. 01-954 B14J. 

El A WEEK for EC2 adorns or pnon* 
messages. Combined rates + telex under 
£3 a w*eie- Prestiflo atnees near Stocx 
Exchange. . Messages Minders inter- 
national. 01-626 0898- Telex 8C117ZS. 

GROWING Electronic Manufacturing com¬ 
pany with strong new tewcornmunlca¬ 
tions products wou*d be interested >n 
merger with company having mcurce* 
and looking lor Jlversl fi Lit ion. Writ* 
Bov G.1367. Financial Times, IP, Can- 
non Street, EC4P 43Y, 



































































































































EDITED BV ARTHUR BENNETT AND TED SCHOETERS 


• DATA PROCESSING 

BASF disc launch 


sets a pattern 


IN LAUNCHING its top end of depending on the way they need 
the range computer disc drives to be coupled and the control 
of the fully enclosed type last units to be used. It is possible 
week (using the so-called Win- to so couple them as to-give 2.540 
Chester technology), BASF is megabytes on line, and for 
presenting a challenge to IBM security, the 6250 disc packs can 
across a broad range uf magnetic only be removed from the drive 
memory media. by a field engineer. 

Tlie Winchester leeiinoloqv, on "BASF indicates that its prices 
which BASF has improved. Is a re “ substantially. below” IBM 
that of the combined disc pack a nd that any IBM reductions will 
and drive, in which the pack con- matched step by step. First 
tains both disc and read-wriie deliveries in the U.K. are 
heads. This allows the packs to scheduled for the end of March, 
he sealed, which, because it BASF use.i its own magnetic 
removes the possibility of stray recording expertise, inaairfac- 
dust. hairs, or grease marks. lurc «. 1L5 qwa media fit should 
allows for reduction in the space not “ be forgotten BASF was 
between heads and the disc amiar , g the first recording rape 
media. Such a reduction in and di<c j„ ; ,nuF 3 crurers) and is 
separation, of course, is essential , vorkin „ jointly with' Japanese 
when trying to increase both from the Hitachi/ 

speeds and life. Fujitsu group on the mechanics 

BASF claims a da(a transfer ^ electronics, but using lower 
rate some 25 per cent, faster C03l aase mblv areas in the Far 
than with the IBM equivalents. East for some of the work, it is 
The six models in the BASF believed. 

.6250 family consist of three fixed- If this becomes the pattern 
.head drives of zero access time, for the future of high-technology 
each of 1,144,140 bytes, and peripherals, it could become rt* ffi- 
th ree 317.5 megabytes per drive cult to lire with even for IBM 
units, the model selection and CDC. 


Tape stores the data 


DATA WRITING equipment the 
UDS 5.000D. which uses paper 
tape as the storage medium, has 
been launched by Ultronic Data 
Systems, a Dow’ty Group cora- 
. pany. 

The new machine is particu¬ 
larly suited to the preparation of 
a range of typed business forms, 
surh as invoices, purchase and 
works orders, invitations to 
tender, and customs and shipping 
documents which contain a high 
degree of prescribed information 
and format, and hence a large 
amount of repetitive typing. 
Data prepared on the UDS 
5.000D can be entered directly 


into a computer via the machine's 
punched tape. 

Either one or two tape readers 
can be fitted, and a tape punch, 
and the single element “type- 
sphere" prints at 154 characters 
r»er second. 96 characters per 
line, hi pitch. Codes are BCD 
or ISO. and the machine will 
operate with all normal grades of 
tape. The punch incorporates full 
parity and matrix checks tn 
ensure 100 per cent, accuracy in 
tape punching. 

Ultronic. UDS House.-3 Jefferson 
Way. Thame. Oran. 0X9 35U 
QS4421 3131. 



• POLLUTION 

Cuts waste 


.ADDITION of a fourth storage 
chamber to which petrol and oil 
accumulate in three interceptor 
chambers Is transferred, periodi¬ 
cally by the: use of simply 
operated slamming devices, over¬ 
comes the-two main disadvant¬ 
ages of the traditional inter¬ 
ceptor, that is, the need for 
periodic emptying by vacuum 
tanker and the risk of flushing 
considerable quantities of petrol 
and oil out of the interceptor at 
times o! storm Rows. 

la addition to the increased 
efficiency-achieved, a significant 
reduction in operating costs is 
made in. view of the charges 
levied by waste contractors for 
emptying interceptors. 

The Hibbing interceptor Is 
moulded from high-quality 


grp, formulated to withstand, the 
adverse effects of prolonged con¬ 
tact ..with petrol and., .oil. The 
.skimming pipework is formed 
frbzn stainless steel: ;V. 

The interceptor is -supplied 

ready-‘-for -installation, with 

consequent savings In -site costs 
of 20 per cent, of a conventional 
brick-built interceptor/ ’ 

- Typical applications for the; 
Hibbing interceptor -are found ’in 
.the treatment, of surface Water 

.and. waste from, garages, .filling- 
stations/ vehicle - , washing, :• engi¬ 
neering workSi oil- and :petrol 
storage areas, and- car. and lorry, 
parks. : 

More from Hibbing .at' 147 

- Connaught Avenue, Frlnton-on- 

Sea. Essex CO 13 9AH. 02556 
71565. : >•“" V 



IIESffiuSK 

uK 

(SaSIiajcassSc 



MATERIALS 


f \i:t 

: -V- •' ■■■-: 


• SECURITY 

Seals for containers 


FOR SECURITY risks such as 
containers, trucks, and ware¬ 
houses. normally secured with 
a locking bar and padlock. Seals- 
fast Security Devices has de¬ 
veloped a “one time use” identity 
lock. 

It consists of a 5-incb long 





. •?. : . ;v 


It consists of a 5-inch long 
piece of woven galvanised steel 
i inch diameter aircraft cable; 
with crimped end caps. The 
cable is located through die two 
holes in the locking .bar 
mechanism on the door to be 
secured, and a cap inserted In 
the end of a locking barrel. No 
special tool or effort is required. 
The cable can only be released 
by cropping off the barrel with 
z bolt cutter. The barrel can 
be embossed with company name. 


logo and a seven - digit serial, 
number. 

.The company has also de-. 

veloped a replacement ..for the 
lead seal traditionally used on 
meters. It is a one^Iece, two 
sectional seal, made of poly¬ 
propylene moulded ,in _vario«s 
colours, and incorporating name, 
number, etc. Tttfer-wire- to -be 
--sealed is wound round .-an arrow 
section, which is- then- -inserted, 
into . the second section;... This 
completely encapsulates. ’. the 
arrow! and ..the"'twisted wire, 
which is imposaibe to' remove 
without destroying the seaL 
More From’ the' maker at 
Powerscroft Road. Sidcup,_ Kent, 
DA14 5EF {01-300 7861). ;* 


APPLIED BY.. spray;gun. a ceaf- 
ing has- been developed which 5 
when used 7 on structural Btetf 4 
work re claimed to provide i hour 
and one Jjout fire resistance. 

Called Tberm-O. the material? 
can. be used -to. protect timbers 
concrete, or - plaster, walls -and! - 
fioors. . Available 1 -eff-wbite :dS 
coloured. It Is applied as.a’ 500< 
micron thick coat, and is stated’ 
to be durable, rost inhibiting arifl 
resistant -to - mechanical : impact 
while 1 with- an additional special- 
top-coat it can also be made V 
repel conffensatioiL. . The - 
is. slightly textoxei ■- 

When exposed ttf fire or 
temperatures, chemical reactions’ 
take ' place which - cause the; 
material to intumeScerriir fbalhv 
producing an Insulating. carbon, 
layer. - ;. 

- Details from the maker. Fire¬ 
guard, 32 Muswell HilL UHidut • • 
NIO 3TA (01-888 0139). -■>: 

• INSTRUMENTS 


Suitcase 


This £300,000 Windmoeller and Holschcr extruder has been installed at A. J. Bingley’s factory 
in. Bristol. It is capable of producing a web of high-density polyethylene film 1.6 metres wide. 
Both single-wound or tubed polyethylene sheet can he produced for bag-making. Bioglcy 
says It is now able to produce up to 2hn. bags a year. 


• PROCESSING 

Swiss watch quartz move 


Distributed on Series 1 


ALLIED Breweries have signed 
Contracts worib over Urn. for 80 
IBM Series/1 computers. Instal¬ 
lation of the systems will repre¬ 
sent a major move toward distri¬ 
buted data processing. 

One machine at Burion-on- 
Trent. delivered in the latter part 
o; 19/ 1 . bas been u~ed to develop 
a pilot order-entry and load 
summarising system and Tor 
demonstration to depot manage¬ 
ment. Four further machines 
were delivered in January while 
the remainder will he delivered 
progressively over tbe next two- 
and-a-half years 

Series/1 allows users to attach 
a variety of input and output 
devices such as line printers and 
keyboard display stations as well 


as custom-built devices for 
special application requirements. 
Modular in design, all Series/1 
units except the printers and 
display stations can he fitted into 
a standard 19-incb rack. 

Allied Breweries plans to 
replace an on-line order-entry 
system at present used by two of 
the Allied Group's companies at 
60 depots. Other Allied companies 
using manual order processing 
methods are expected to adopt 
the distributed processing 
approach using Series/1. In addi¬ 
tion io the distribution based 
systems, accounting systems will 
be developed using a PL/1 com¬ 
piler. 

More from Allied on 02S3 
45320. 


• COMMUNICATIONS 

Euronet charges fixed 


POST Office has outlined the 
charge structure for use of the 
Euronet packet-switched data 
transmission network being set 
up for the EEC. 

Planned to come into operation 
early in 197U. the network will 
give terminal access throughout 
the Common Market to a number 
of scientific, technical and socio¬ 
economic data bases. It will 
initially be a private network but 
is expected eventually To form 
the basis of a western European 
public packet-switched data trans¬ 
mission network. 

U.K. subscribers will work 
through the London packet 
exchange of the Post Offices 
system which is now about half¬ 



way through a two-year experi¬ 
mental period. 

For Euronet most customers 
will dial, hut private lines will 
also be available for large users. 
Character terminals (1200 bits/ 
seci or packet terminals tup tn 
48k bits/sec) will be employed, 
with packet assembly in the 
former case taking place at the 
packet switching exchange. 

There are three Post Office 
elements to the tariff: a usage 
charge linked to the volume of 
data exchanged and to call 
duration, an annual rental 
dependent on the form of access, 
and a single payment connection 
charge. 

The charges are not related to 
distance, a policy the* will 
continue even when tbe scheme 
is turned into a European public 


packet network. There might 
however, be a post data-base 
charge. 

Tbe volume charge is £2.30 
per Megabit, the duration charge 
per hour ranging from £1.35 
(1200 bils/secj up to £3.60 (4Sk 
bits/:*ec». Dial-up customers will 
use tbe appropriate Date! service 
and will also be charged at the 
relevant rate for a call to London 
arjd an annual rental of £20. 

Customers using private 
circuits will be charged the 
normal rates for the circuit and 
modem in addition to a single 
payment charge of £150 and an 
annual rental between £300 (300 
bits sec) and £3.000 (48k bits/ 
seo. 

More from Post Office Inter¬ 
national Customer Services on 
01-606 9716. 


WITH the clear intention , of 
trying to help the world position 
of the Swiss watch industry In 
the face of the electronic on¬ 
slaught, the General Corporation 
of Swiss Horological Industries 
(ASUAG) has bought from Statek 
in the U.S. a process for making 
tbe fundamental timing element 
in electronic watches (the quartz 
crystal): cheaply, quickly and 
accurately. ... 

ASUAG owns the big Ebauches 
organisation-and brands such as 
Longines. . Eterna and Rotary. 
Ebauches is tbe prime mover in 
the deal. 

In the new production process 
the quartz crystals are etched out 
chemically from basic quartz 
material instead of being ground, 
out mechanically as in most 
current processes. 

Tuning of the crystal—exact 
trimming to size to produce 


vibrations to within five parts 
per million—is carried out with 
laser beams and takes only two 
seconds in comparison with about 
45 seconds using mechanical 
methods. 

Tbe new plant for tbe crystals, 
at Grencben. will also, yield a 
second source arrangement with 
Stated ProductfbiLWiHitsrtJater 
this year with 5m. pails planned 
.for 1979. . .... 

Employment in Switzerland, 
however. will no t' be. helped 
much because the Grencben line 
is highly automated ahcFwill ulti¬ 
mately employ, only: about .ISO 
people. 

According to Ebauches re¬ 
search chief Hugo Wyss; the 
development is a logical step in 
the direction of uniting the 
quartz crystal and the micro- 
circuit “intone tiny package/? * 


SELF-CONTAINED- m *- Ugh* . 
weight but' . 'robustV-'fuitfltni 
measuring’ only 427j x ,324 « 
303mm, gas' monitor (JSflSJft# 
George Kent Electronic Products 
-makes use' of a katharometa 
detector. - ----- - 

This responds nmtspecificallj 
to changes.. in tit* formal .cqw 
ductfrtty of; the measured; gap 
stream: :eacb ’ analyser,: Is. calif 
brated far a particular ^as-mk?-.. - 
tare, a.tfibviag cbli, : meter show? „• 

Ing the ,percentage, of . .one -. 

within a defined mixture of -ttiq . 
components. - Each 1 unit is, egg* — 
brated at- the time 'of.' mainjfiar 
tore against precisely prepared 
gas mixtures; and some • Stt Af .. 


jj juLiugn, “riu whig w&lAT" j % 

ri^nlces are availaWei^ ^ ’ XF^fi! 1} r* i 
't SCbooedUtn to-Gi&Baji fourcis&*' , l v 
through a 6Am bore^neoprtd 


Jhibe. and ar.-simHar outlet all mg' 
the gas 'to be safely vented 
.waste J or returned to the prikitff 

from which r it was obtained 
Between' the two, a - pomp* vfc - 
a disposable : micropore filter: 
passes gas Into the katharometet 
block-where the ratio between, 
the tiyb gases in' the mlxtari 
specifically-alters the-balance-d-. 
two platuuun filament arms ixr l 
■Wheatstone bridge. f- 

. More irom. 4 Bosemary Laiu . 
Cambridge CgI SLQ (0223 4912lj 





t!££ull!!SUI 











_ wm 




r. -.,T. . ~ .': : -7 . ^ 

SI 

is 


mm 



t 






UMITORQUE Corporation, the 
worfd's leading morker of valve 
controls for refineries ond power 
stations, has established its first wholly 1 * 
owned manufacturing focility outside 
the United States. 


Located at Cuyk, Holland 
UMITORQUE BV will operate as an 
independent European entity, 
completing our comprehensive 
international service to customers in 
Western and Eastern Europe, the 
Middle East and Africa. 


The new $6m plant, which is likely to 
double in size in the course of the 
next few years, is headed by Robert 
J Komsey, who has over 20 years 
experience in alt aspects of valve 
actuation, is supported by a complete 
engineering, production and 
marketing team. 


From a central point in Europe, 
UMITORQUE is now able to give 
valve manufacturers and their 
customers the fullest advice and 
assistance on all applications. 


UMITORQUE BV 

Havenlaan 2, FO Box 155, Cuyk (NB) 
Holland 

Tel: 08850-5744. Telex: 48019 limt nl 


9 SERVICES 

Cutting 
cost of 



FIN 


computing 


DATA PREPARATION sendees | 
have been added to the list of 
facilities available from Centre-1 
File, tbe computer bureau sub¬ 
sidiary operated by National 
Westminster Bank. 

Centre-File (Data Preparation) 
has been set up 3t Romford, 
Essex with a dual. 51 keystation | 
Redifon key-to-disc data capture 
unit and tbe company has re¬ 
cruited 70 staff, including key¬ 
board operators, 

Tbe Romford centre will take 
over all other data preparation 
work now being carried out by 
the company, including the 55-60 
per cent, of internal jobs. 
Eventually, however, it is 
expected that outside work will 
rise to some 60 per cent of the 
centre’s loading. 

The bureau management will 
be offering the service to com¬ 
puter users who have no data 
capture facility of their own but 
also to those who are spending 
around £50,000 on such work in 
bouse since Centre-File believes 
it can halve their costs. 

More from Enterprise House, 
IS Eastern Road. Romford, 
Essex. Romford 25535. 


e ENERGY 

Plug-in air 
supply 


TO SIMPLIFY factory air sup¬ 
plies and eliminate the need for 
an air receiver. Hydrovane has 
developed an electrically driven 
compressor with an integral 
control panel, aftercooler, and 
water separator. 

The unit is tripod mounted, 
and when plugged io to a three- 
phase supply and connected to 
the factory air line, provides 
compressed air as required, at 
100 per square inch. Six units 
are available, from 3 hp deliver¬ 
ing 21.4 e/m to 25 hp giving 
95 efrn. 

Details from Hydrovane Com¬ 
pressor Company, Cl ay brook 
Drive. Wash ford Industrial 
Estate. Redd itch. Worcs.. B98 
ODS (0527 25522). a Comp Air 
Group company. 



MANUFACTURERS AND DESIGNERS 
OF INDUSTRIAL WEIGHING MACHINES 
& PROCESS CONTROL EQUIP. 


The right weigh to Profit 
-the World over 


Send lor your materials handling 
Prow improvement Package’ to; 
Howe Richardson Scale Co.Ltd. 
AmshJe Rd. Bey wood Est.Nottingham. 
Td'608181 



Applications 

are now invited for the 1978 
award for an outstanding work 
of industrial architecture in the 
. United Kingdom. This is the 
twelfth year of the award, which 
has proved a notable success, 
attracting over 700 entries for 
judgement in that time. 


Entries 

The award is open to all 
designers of industrial buildings, 
both within the architectural 
profession and outside it. 
Nominations of buildings' 
together with the necessary 
particulars, must be received not 
later than May 5.1978. 



















































The Management Page 


a singular mould 


®l^W®M£ : ESW£&“@y^RRISTOPHER-'tbRENZ-': 


WWBMMym: 


’} +&K7&MJL. 

L^jvANfc INDUCES- has 
a resilience as tough ana 
$ as its own grey iron 

P ^MN'SS since it emerged from 
'tymost disastrous merger 
ml, Repton Foundry group 
, ,J ife-69. From losses'of. more- 
j». *£ 200,000 just six years ago,. 

UljJhfSroup has been burned 

“m* to such an extent that' 
..' st accounts showed profits. 

a time when life has been ■ 
'om easy for foundries— 
ularly for those supplying 
, .'3T industry and ■ heavy 
eering — Midland has 
§ed an annual 38 per cent 
growth over the past four 
• and 94 per cent over five 
Only once during that 
1 has growth fallen below 
■ r cent • 



wasted ‘ onempire building; 
office poises, . meant ngJess 
paperwork and administration 
and hot enough toe was being 
'spent bn Tumnsg the business. 

** The managemant structure 
had taken on the appearance of 
the classic inverted pyramid 
and the year when we made 
our loss was when all our 
chickens came home to roost." 

A major management reshuffle 
under Mr. GtoldE&rough followed 
the loss. A' number of senior 


number of individual manufac¬ 
turers. was not the ideal custo¬ 
mer if the group was to main¬ 
tain sustained growth." sax’s Mr. 
Goldsbrough. 

"By spreading our interests 
into other areas (with a wider 
choice of individual customers) 
we felt that this would cushion 
us against, either a cyclical 
downturn in a particular indus¬ 
try. or major disruption at an 
individual customer. It is so 
easy to be caught out if you 


—during the ‘intervening years 
U.K. annual car production has 
fallen from 1.9m. vehicles to 
1.3m. 

Castings produced by the 
group's foundries now range 
from practice bombs for the 
Ministry of Defence through to 
tractor components. An impor¬ 
tant development has been the 
increase in castings supplied to 
diesel engine manufacturers 
(which are fast recovering from 
the set-back they received after 


v the group has embarked 
• ' _ • heavy investment pro- 
ue which will cost-it £6m. 
'80. But this should not 
a balance-sheet which 
d net debt last year of 
' 00 . less than a fifth of 
lolders’ funds of £3.5m.;. 
□d says it should be able 
lance the modernisation 
xpansion of its foundries 
. its improved cash-flow. 

® i^STjf.tan. a sm all private 
C'ry company, owned by the. 
. j n)f ,v '- ,fl d ^family, • made a 
tl i!e takeover of; Mwttami, 
tx,\e. ] 11 equally 1 small public-en- 
it^us company. Yet within 
^ears the merger appeared 
" ■ • heading for disaster. In 
the group reported a 15 
,i loss of £209,000 while 
• irrowings of £2Jim. were 
than double shareholders' 

Arnold Goldsbrough,. 
vice-chairman and head 
.3 foundry division since 
. says: “Following the 
-r we' had become top 
with head office manage- 
"«■ The chain of command 
: diculously long and -ineffl- 
too much time was being 


A management reshuffle, coupled with a programme 
of diversification, has enabled Midland Industries to 
recover from an almost disastrous merger in 1969. 
The group has now embarked on a £6m. investment 
plan. Andrew Taylor reports. 


personnel left (“those not 
directly attributable- to the 
money-making process”.) while 
head office staff was drastically 
reduced; greater, ; emphasis 
was placed cm divisional man¬ 
agement and local autonomy’, in 
place of an “unwieldy centra¬ 
lised management structure." 

Under the new management 
testa, the group closed' its loss 
making Belgian subsidiary and 
also a Scottish foundry' which, 
it was decided, would not fit in 
with Midland's plans to increase 
its range of castings and reduce 
its dependence on a volatile car 
industry. -''I.' 

* We felt that it was unwise 
to have too many of otir eggs in 
one basket and that the car in- 
dustry.-with only a very small 


only have one or two major 
customers.” 

While Midland’s pre-tax 
profits rose 341 per cent, last 
year to £l.Sm. on turnover up 
from £15.201. to £19.5m., rival 
foundries were having a less 
easy time. Ley’s Foundries’ pre¬ 
tax profits, for example, almost 
halved to £1.6m. last year as two 
or its major customers. Massey 
Ferguson and British Leyland. 
were bit by a senes of serious 
strikes. 

Five years ago around 40 per 
cent, of Midland's turnover was 
generated from castings sold to 
the car industry, and British 
Leyland was by far the group's 
largest customer. By last year 
the dependence on the car in¬ 
dustry had been reduced to 
around 10 per cent, of turnover 


the 1973 oil crisis) while cast¬ 
ings for industrial heating 
equipment are expected-to have 
a good 1978. 

The tractor industry’, which 
generated around 40 per cent 
of lasr year’s £19.5m. turnover, 
has taken the place of the car 
industry as the group's major 
source of business, just as Ford 
has overtaken British Leyland 
as the group's largest single 
customer. 

“The tractor business also 
lends to be cyclical but we have 
found that the peaks and 
troughs have been less marked 
than in the car industry. Any¬ 
way. wc have, hopefully, a 
sufficiently broad based product 
range to offset any flattening in 
demand from tractor manufac¬ 
turers—which looks like hap- 




petting in Tiv? i-urrent. year. - ’ 
says Mr. G-UiM'iraugh. 

The group also spread 
its buSincSx aiming a number of 
tractor manufacturers so it was 
able to shrug |"T the effect? of 
a long strike at Massey- 
Ferguson ijri ;..- : ir. 

Equally Mgn:jji.-ant is tiiar 
Midland ui-li?vo% it has 
developed a much mure efficient 
management structure based on 
small tigm-knn divisional units 
which operate with a minimum 
of central mmiul. 

To-day there arc only five 
people v.orkiii.- fiv.iii :he group 
head office m \;'..lvvrhamplon— 
compared wiili i.hc 50 or BO 
group and divisional managerial 
staff who operated out uf 
Wolverhampton m the early 
1970s—white .Ur. i.Ioldshrnugh 
runs the foundry division, which 
produced aium-t no per t-eni. of 
protfis last year, from the 
group's foundry at 

Bingley. Y o ri: - m r c 

“I was re-jne.-tcf} to move to 
the Wo}-. crha.i:r>ini! i,vad- 
quarters aii.-r -lie merger but 
l have aivi!;.. u.-licvvi thar i; 
is important management 
to be wile Tv ; ii'.- action is and 
not sit m n"U'.- of ivory 
tower, in i !*.-•■ a way from where 
the real d-.i-i.-ioo. Itave to be 
made.' say. *ip. 'ieltij.Lrough. 

“"We have i:ie»! ;o aim at a 
kind of 11 «».-■? :-.-ae rati on within 
the group \ui>i a- much local 
autonomy ;i- no--ir.lv— a i> that 
the man mi 11: • -.p-i! - is not 
frightened faking *nns. 
and if lie*. comvtive 

action can b*.- t.-i-.-n .mmedialeiy 
without gi-in.- f. reuvh a cunvn- 
luled chain ••• ro-nmanri." 

It is md. .-■!;■ tn<- croup's 

approach tl.n •>- Uingk-y plant 
—which produe.-if i^o-ibirds oF 
all castinj. !«-: v».ar—lias an 
official •■;«!' - -lai- of one. 

“All The maufjers hero are 
salesmen.' Mr. Golds¬ 

brough. “We i.-r. all g>< out and 
get order-- ajf there arc 




s&mm' 










Casting at one of Midland Industries’ foundries in Birmingham. 


any problems then I expect 
custnmers to ring straight 
through to me or any of the 
senior managers so that there 
is no-timf lay (.while memos 
are written i before action is 
taken." 

The group appears to enjoy 
good labour relations. The 
Bingley plant operates a two 
shirt system cwhich the group 
says is very unusual for the 
foundry industry’) and has had 
only one serious strike in the 
la.it .-lx years. This involved 
maintenance engineers but did 
not halt production. 

Midland believes that its 
workers’ attitudes arc moulded 
by a piecework system of pay¬ 
ments which prevail* in the 
foundry industry. "We provide 
huniis' payments when output 
targets are exceeded and most 
workers should be able to earn 
at least £100 (gross) a week. We 
find that the workers themselves 
quickly sort out any shirkers.” 
says Mr. Goldsbrough. 


tanL I believe strongly in an 
entrepreneurial approach to 
business and try to persuade 
everybody ar the company to 
regard themselves as * self- 
employed.’ only getting out of 
the job what they have put into 
it. It might all sound naive but 
it has been a successful man¬ 
agement formula for this group 
—and at a difficult time for the 
foundry industry.” 

Underlining the successful 
way in which Midland has 
emerged from its difficult times 
is the fact that it has recently 
spent £2m. modernising its 
foundries and plans to spend a 
further £3m. tu £4m. by 1980— 
even though the Government 
has turned down the group's 
latest application for an 
£800.1)00 grant under the 
foundry aid scheme. 

The investment is needed tn 
lift the group's output of cast¬ 
ings from 60.000 tonnes a week 
to 100.000 tonnes a week over 
the next three years. Mr. Golds¬ 
brough says “We are very dis¬ 


appointed with the Governp 
ment's reaction. It would seem 
that other lame-duck operations 
have been given money when 
our application based on sound 
and consistent profit growth has 
been turned down—but with or 
without Government help w© 
shall go ahead with this ex¬ 
penditure/’ 

Mr. Goldsbrough does not see 
the group trying to extend cast¬ 
ings output beyond 100.000 
tonnes a week. “ It's a sensible 
ceiling for 3 group this size. 
One** yni di» beyond This kind 
of target then you start tn get 
all the old management prob¬ 
lems that size brings with it: 
while you would probably have 
to grow much larger before the 
economies of scale start to work 
through. 

“I believe that once we have 
reached this Target then we will 
have reached a sensible limit for 
organic growth—without losing 
management efficiency—and so 
we will start looking around for 
other fields in invest in." 







mployee participation in Europe 


OYEE PARTICIPATION 


on profit sharing, and starts 


rown at such a pace in BOOK REVIEW BY with tables showing how dif- 


JOHN ELLIOT 


e during the past few ■*■*£* m rn anr ferent countries handle single 
that a confusing variety dOHIU ELLIOT. issues—such as worker directors 
atutory and voluntary ’ ■ • ~ ^ or safety representatives, 

ds have emerged in _ „ „ Inevitably, however, such a 

:nt countries. out all the relevant facte and a publication tends to he some- 

, . ■ _ ifecent publication from Manage- w ^at generalised and this mav 

:ach case, tfie significance njent Centre Europe hplps to sometimes lead to errors. In this 
- d^elopmetite ^«>t be fulfin this need. It is-a loose- case , the position of shop 
understood unless 1hey bound collection of fact sheets stewards in the British engin- 
lated .to the statutory and on practices -and traditions in ee^ng industry is incorrectly 
*** tahour feti&ns. ^d^Btjmuntnes. ^^^ttribiUed to the: whole country.! 
*■ "■«n<r^ 4>ractrees^t)f-<-ifihe^tludes v dfagnarns- to drow nte*^ le ^ BuUock Report’s i 
ies involved. relationship between. a com- recommendations for worker 

international comparisons pahy, its -workers and its unions, directors envisaged that such 
e difficult to ma ke with- It contains a special section pep p] e \ would be elected by 

trade unionists in a enmpany, 
f not,’as'.this publication says, 

appointed by unions. 

& Nevertheless, it is a valuable 

)CAL AUTHORITY BONDS I Western Europe. 

u Industrial Democracy in 

»ry Saturday the Financial Tithes puDlishes a western Europe by John Alan 
le giving details of Local Anthorily Bonds on cwmeu™* ’ i!££- 

offer to the nnblic. • - national. Management- Centre 

■ff Europe, Avenue Des Arts 4, 

For further details .please ring • a^. 6 ^ 50 Bn “ el *’ Belsttw; 


,J )CAL AUTHORITY BONDS 

»ry Saturday the Financial Times publishes a 
le giving details of Local Authority Bonds on 
offer to the ppblic. 

For further details .please ring • 

01-248 8000 Extn. 266 


2 ightstowindh 
1 he home front 
J t deserves your support 

The U.K. clipboard market has always been dominated 
■ imports. Same old claims—better investment, cheaper 
oduct. more reliable quality. 

But in ten years of innovation Scotboard have 
nsistcntly majored in the battle to win the home market for 
e U.K, manufaclurers—playing to the same rules as the 
erscas manufacturers, we have invested over £\ millio n in 
c last two years alone. 

Our initial production line was the first or its land, in the 
.K.: uc were the first to introduce tongued and grooved 
uiriiiQ lioard into the home market: we were the first UJC. 
odurcr to meet the stringent British Standard Flooring 
■ailc tests: and we have a couple of major innovations just 
i our sleeve. 

We do not expect favouritism, jnst consideration. 
Whether you use chipboard to knddk up a few sheh'es 
i a Sunday or to help build an empire in the furniture or 
,/nstniction business, buy British, buy Scotboard. - 

- A 

kotboord 

lnowatorskiChpboQfd ;j 

.-'Vine Industrial Estate, || J 

vine, Ayrshire KAxs SNA, 

ekphonc: 0594 - 72321 / 4 - . ' 




Business 

books 


/ Interactive Forecasting, by 
Spyros Makridakis and Steven 
C. Wheelright. Holden-day Inc., 
San Francisco, $25. The aim of 
this publication has been to 
rationalise the many different 
approaches to forecasting and 
to provide users of the book 
with a simplified and integrated 
approach to the subject 
_ Business Survival and Social 
Change, by John Hargreaves 
and Jan Daumart, Associated 
Business Programmes, £6.95. 
An analytical approach to the 
problems of business survival 
in a changing environment. 

. The Businessman's Guide to 
the Middle East, by Lillian 
Africa no. Harper and Row, 
£6.95 and £2.56 (cloth cover). 
A country by country guide to 
the do's and don’ts of various 
cultural situations, and to ways 
and means of initiating negotia¬ 
tions. It also lists information 
on banks, government minis¬ 
tries.- embassies, hotels and 
restaurants. 

Personnel. Administration 
and Industrial Relations, by 

J. Valerie Grant and Geoff 
Smith. Longman, A second 
edition of a book in a Manage¬ 
ment Studies Series which pro¬ 
vides general coverage of 
personnel management and 
industrial relations. 

- The Board and' Administra¬ 
tive Management, by Peter W. 
Betts. Business Books, £8.50. 
The various aspects of admini¬ 
strative management are 
examined and practical ways of 
introducing the function are out¬ 
lined, along with administrative 
aspects of boardroom practice 
and the practical implications 
of administrative management 
systems. 

The Myth of Petrepower. by 

K. Bh attach ary a. Teakfield, 
£8.50. A study of the financial 
dependence of the Organisation 
of Petroleum Exporting Coun¬ 
tries on the Western world, with 
special reference to Iran. 




roadline 

moving Britain’s goods 

AMerTiC •’ uU-piry c- nr ®r ,c v 3iion 


This frienaiy bunch works for R cadlme. Britain’s i 
i Hgosstroad-based carrier. And a more helpful lot you * 
i couldn't wish to meet. 

i The man in the middle Is Bob Markham. Manager 

of Our Northampton depot. His advice is valuable. And 

it sire*. 

Around him. some o\ bis siafi. Drivers like Da^e, 

Eiii and Reg. Local men who know the area. With 
our loaders, checkers, mechanics and office staff,they 
make a Roadline team. One of 75 nationwide. 

You cantrust them to deliver the goods. Speedily 
and safely. Efficiently and cosl-effactively. 

Ring Roadiine on 01-586 2210, day or night We'll, 
quickly chow our face. 

Wherever there's s road, there's Roadline. 













IS 

LOMBARD 


The will to 


manage 


BY GEOFFREY OWEN 


MOST PEOPLE have their own 
favourite explanation for the low 
level of productivity in British 
industry. It is a complex 
problem and no doubt it is wrong 
to put too much weight oo one 
factor at the expense of all the 
others. But a point which does 
not receive the attention it 
deserves is what might be called 
the demoralisation of manage¬ 
ment, especially factory manage- 
meat. It is true that the sorry 
plight of the works manager has 
been fair-ly well documented— 
his -low status in relation 10 
finance and marketing men, his 
poor career prospects' anl hence 
the difficulty of persuading 
bright young men to work in pro¬ 
duction. But the more funda¬ 
mental issue to which these 
unfavourable circumstances 
certainly relate, is the works 
manager’s attitude to his job. 


A brick wall 


It is generally accepted that 
most factories in the U.K. suffer 
from a combination of over¬ 
manning, inefficient work prac¬ 
tices and demarcation rules 
which reduce output by perhaps 
20-30 per cent, below wluit it 
could be. Many of these prac¬ 
tices have become so deeply em¬ 
bedded into the manufacturing 
system that to dig them out 
requires a quite extraordinary 
degree of persistence, ingenuity 
and sheer guts from the factory 
manager. Faced with a brick 
wail "of resistance from union 
officials and receiving little sup¬ 
port from above or below, he 
may decide in effect, to give up. 
He will run the factory con¬ 
scientiously and get the products 
out; he may even chip away ai 
some of the more flagrant in¬ 
efficiencies and so increase 
productivity to a small extent 
But -the built-in inefficiency of 
the system he may ctune to 
regard as given; he simply has to 
live with it 

It is arguable that this 
tendency towards despair has 
been increased by the develop¬ 
ments which have taken place in 
recent years towards manage¬ 
ment by consent and employee 
participation, matched at the 
national level by the role of the 
TUC in economic and industrial 
policy. Everyone agrees that in 
principle companies should nut 
be run in an autocratic style and 
that workers should be consulted 
about, and involved in, changes 
which affect their lives. But this 
can easily degenerate into a 
situation in which merely to get 
people to do a normal day's work 
requires an endless process of 
negotiation and cajolery. (The 
fact that coal miners are being 
paid large bonuses to perform 


to what many people would 
regard as normal standards has 
not gone unnoticed in the rest 
of industry.) The result is to 
weaken the right of management 
lo manage still further and to 
place on the factory manager, in 
particular, almost unbearable 
burdens. , . 

The position is not helped by 
the attitude of union leaders, 
especially at the national leveL 
Tbev pay lip-service to slogans 
like"“we want a high-wage, high- 
productivity economy,” but there 
is Dot much inclination to take 
or even to acquiesce in, the steps 
which are necessary to bring 
about that happy state of affairs. 
They are not seriously worried 
by the fact that, because of 
higher productivity, industrial 
workers on the Continent are 
two or three times as well off. 
in real terms, as their counter¬ 
parts in the U.K. The desire to 
preserve union membership is 
often a more powerful motiva¬ 
tion than any concern for effici¬ 
ency or even for the ultimate 
well-being of the members them¬ 
selves. 

Fortunately union officials and 
shop stewards do not always call 
the tune. It is sometimes pos¬ 
sible fur managements to by-pass 
them and make a deal with their 
own workforce. But loyalty to 
the union is a powerful force: it 
can Take ;« good dead of courage, 
as well as strong feeling, to flout 
union instructions. 


Tripartite 


It is not obvious that bringing 
the (Jovemmenr in on the act 
makes matters any easier. There 
is much talk about the tripartite 
approach to industrial problems: 
taxpayers have just been in¬ 
formed that lhe\ will he coo- 
tribirting 1250.00(1 to a campaign 
to publicise the objectives of the 
‘'industrial strategy'’ through¬ 
out the land. Ministers talk 
glibly about productivity, hut, 
like trade union leaders, they 
are nor so keen to associate 
themselves with specific mea¬ 
sures, often awkward and pain¬ 
ful, to root out inefficiency. 

The people who can initiate 
change are the managers. Per¬ 
haps the vrearest challenge for 
chief executives id industry is so 
lu motivate their works managers 
that they set themselves the 
highest possible standards of per¬ 
formance and. despite uH the 
obstacles, go all out to achieve 
them. The Government can help 
in the field of taxation, but it is 
not just financial incentives 
which matter. Somehow the will 
to manage has to be revived and 
strengthened; without it, no 
“industrial strategy" ran 
succeed. 


Secrets from south-west 


Financial Times Tuesday February .141978 



■' \ { l ** 


LONG BEFORE the calling lnr 
should it be called the mys¬ 
tery?) of Public Relations was 
conceived, as far as wine was 
concerned France's best practi¬ 
tioners were its kings, especially 
the Bourbons who attributed re¬ 
covery or continuing health to 
such diverse wines as bordeaux. 
burgundy and champagne. But 
the first" of theta all was HeDri 
of Navarre, whose new-born lips 
were wiped in rbe chateau at Pau 
with garlic and moistened with 
the local wine of Jurangon. 

The former was to assure him 
strength and vigour, the latter 
to give character and political 
acumen, which the Vert Galant 
king certainly did not lack, as 
his timelv transfer to the Roman 
faith and Paris amply showed. 
This lip-moistening ceremony 
with Jurangon was apparently 
followed by the Bourbons and 
is practised even to-day by the 
former French royal family. 

Whatever the physical or 
psychological benefits to be 
gained from drinking Jurangon 
at birth or even somewhat later 
in life, there is no doubt that the 
wine, when well made and kept 
adequately, is excellent. There 
was never a great deal of it — 
grown on 1500 ha. before the 
phylloxera a century ago. and 
on a mere 600 ha. now — it 
always enjoyed a special repu¬ 
tation. and even an historic ex¬ 
port trade to northern Europe. 

Later, however, it had its diffi¬ 
culties, and did not increase its 
reputation after the last war by 
producing some very indifferent 


wine, most of it dry- However, 
in 1950 a co-operative was 
formed at Gan, a few miles south 
of Pau. and this now numbers 
more than 250 members, half 
the total number of growers. 

There are only a couple of 
private growers who live entirely 
from wine; the rest also cng 3 ?^ 
in other forms of agriculture or 
poultry - keeping. The co¬ 
operative, along with an active 
publicity organisation. have 
done much to restore Jurangon’s 
reputation, though only °. ne * 
third of the output, averaging 
2S.0O0 hi. is the traditional 
fairly sweet or moelhnu typc ; 
which is certainly what Heuri IV 
enjoyed. The dry variety was 
mainly introduced owing to the 
difficulty these days uf selling 
sweet white .wines, other than 
the well-advertised German 
kinds. 


deeply in the mid-day Palois 
sun. 

The vines are planted on the 
extremely steep valley sides of 
the beautiful foothills of the 
Pyrenees, whose usually 
shadowy outline nearly 40 .miles 
away dominates the southern 
horizon. It might be imagined 
that lying so far south in France 
the vintage would take place 
earlv, but the reverse is the 


every year. Among the best vint¬ 
ages recently were 70, 73, 75 
and 76, though the latter two are 
not ready, as the wine is kept in 
cask for two years before bottl¬ 
ing. Then they can- easily last 
for ten to twenty years, but are 
normally d point after five 
years. 

The- great virtue of Jurangon 
as a wine to go with food—-and 
of course on the spot they drink 


WINE 

BY EDMUND PENNING-ROW5ELL 


Grown to the south and west 
of Pau in an area 50 km. long 
by 20 km. deep, Jurangon I s 
basically the product of wo 
local grapes, unique to-the dis¬ 
trict; Gros and Petit Mars eng, 
together with a. few supple¬ 
mentary varieties. Including the 
Courbu and the LauzeL Eolh 
Marsengs can produce wines of 
considerable alcoholic strength, 
with the “small” type rising to 
17 or 16 degrees, the strength 
nf much sherry. This is used ex¬ 
clusively for the moclleux type. 
Even the Gros Mar sen 5 . em¬ 
ployed for the sec bind, run 
so up to 14 degrees. Jurjngon 
is not a wine to drink too 


case and Jurangon must be one 
of the latest vintaged wines in 
the country. This is owing to the 
height of the vineyards that can 
rise to almost 1.000 feet above 
sea level. The sometimes pre¬ 
cipitous vineyards must be cul¬ 
tivated entirely by hand, and 
the growers are lucky if they 
can start picking the grapes m 
mid-October, but the vintage can 
start a month later and end in 
December, with snow on the 
vines. 


The sweet type owes much.to 
the noble rot that infects the 
Sauteri)es vines, and that depends 
od the right kind of warm, 
slightly humid autumn. So al¬ 
though the Bearn is accustomed 
to fine sunny autumns good 
moelleux Jurangon is not made 


it well chilled as an aperitif too 
—is that, owing to the altitude 
of the vines and the acidity of 
the soil, it has much more 
acidity than Sauternes or Mon- 
bazillac. So Jurangon moetlenx 
is not “sticky.” The only list 
to hand that 1 find it on is that 
of Duchy Vintners of Truro. The 
sec is £2.04, and the moelleux 72 
from one of the best' growers,' 
Barrfere, is £2.4S. 

The “ other half ” of this wine 
area is Madiran, lying to' the' 
north-east of Pan. This is au 
historically famous red wine 
area on the left bank of the-' 
River Adour which reaches the. 
Atlantic by Bayonne. Though 
the cignoble is said to date from 
the 4th century AD, it was 
Benedictine monks from Bur¬ 
gundy who imported. more 


sophisticated techniques around 
the-year 1.°°° AD. 

The wine, - foMaTOBJwJ hut 
-not particularly alcoholic, comes 
mostly from local grape vane- 
ties. particularly the^ Tannat 
especially associated 
Madiran, the Penfinc and the 
Bouchy, which' in fart is the 
Cabernet-Franc of Bordeaux. As 
in many of the smaller- areas, 
the production of the three 
local ct>-operatires is. important, 
the largest being , at CrouseiU.es. 
producing rather more than 10 
per: cent. ..of the total Madiran 
output of. about 20,000. hL of AC 
wine: Private' growers are more 
p romin ent here than in . some 
pans Of South-West France, and 
there are 22 who', bottle and 
. market their owii winfi- i .Was 
impressed with 'the; '.three . I 
visited; Laplace" of-. Aydre, 
Domaine Pichard of Soablecause 
and Domaine Bouscasse of Mau- 
m a umnss on — all ... dedicated 
growers. 

Madiran. normaly .vintaged m 
mid-October but later this last 
.year, like everywhere in. France, 
has to be kept in-wood for six 
months and bottled after 18. It 
is a hearty, fairly tannic wine 
-that' repays the keeping it seldom 
..receives. .-Madiran .of a good 
-vintage—1970 • and' .1975 .were 
' excellent—13. probably at its. peak 
at .. ten yearsi but is * lucky to 
survive four. 

The area also produces a little^ 
known white AC wine:-Pach'erenc 
du. Vic Bilh—though only the 
first word need be memorised. 


In the_ exceptionally plentift 
1976 vintage-nearly 900 ML wa 
made, but the average is mor 
like 700 hL It is made from th 
local Ruffiac; Gros Mars eng an, 
Courba.varieties^and some tjy^ 
with some -SdmtZlp^, too. 'Tfi 
Wine has a smoky aroma agd" 
firin taste that slightly rmtfhij 
one of the ** cut "• of wines ibaj 
from the Bauvignon grape. Tfej 
is .the. dry style, but traditional} 
Pediarenc ..was moelleux. . 

X thought the dry hadnrbf 
flavour than Jurahcon sec,' 
the other -'way round with’J'tg 
sweeter Pacharenc Was moejfeg 
One reason why ’production .hj 
declined is that the,basic gnu 
■the- Ruffiac, has suffered di 
ration, and so' the- 
character of toe' wipe: has; 
obscured. ■ 

-The obvious question th afcft 
reader asks—where _;ln Britja 
can these wines be bought 
not easy to answer. The ehfe 
prising Duchy Vintners has: 
Madiran 74 (£2.51), and perhii 
lists of those firms who Took ft 
for little-known wines will jig 
a Madiran and' even a Pacheren. 

Otherwise toe solution Waits* 
tie within the .region ■ itself.^' 
country, is exceptfonaHy atfa*a 
tive,, ihe food—as~wgll asf-'S 
-saucer-ri>f \tbe B€rn 'is iridic 
There is,\thetefore, no reaspj&* 
go further, but fp? those oh tM 
way to and from Spain—pargt 
larly those Who cross the ftontb 
by-'the cehtra3 Pyreneneanpaaa 
—a day or two’s .:pause: m-H 
Jurangoh-Madiran- area Is to 4 
recommended. -*.Y 


Surgery pioneer honoured 



Tt-rni Kirk 


A plaster cast of a bust of John Hunter, the founder of scientific surgery, was handed over 
for display to the Royal College of Surgeons yesterday by -Mr. Nigel Boonham. the sculptor 
(right), who is to cast it in bronze. Receiving the bust on behalf of the college is its 
president Mr. Reginald Mnrley. The college celebrates Use 25Dth anniversary of Hunter's 
birth this week with a reception at its Lincoln’s Inn Fields headquarters to-night attended 
•_• by the Qneen and the Duke of Edinburgh. _ _ 



BBC 1 


t Indicates programmes in 
black and while 

*.40-7.55 a.m. Open University. 
9.10 For Schools. Colleges. 12.45 
pjD. News. 1.00 Pebble Mill- 1-45 
Ragtime. 2.00 You 3 nd Me. 2.14 
For Schools. Colleges. 3.20 Pobol 
Y Cwra. 3.53 Regional News for 
England (except London). 3.55 
Play SchooL 420 Wally Gator. 455 
Jackanory. 4.40 Animal Magic. 5.05 
John Craven's Newsround. 5.15 
Star Turn. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 


6.20 Nationwide. 

6.30 Young Musician of the 
Year. 

720 The Rockford Files. 

8.10 The Good Old Days. 

9.00 News. 

9.25 Play For To-day. 

10.30 To-night. 

II .10 The Engineers. 

1L33 Weather/Regional News. 

AIL Regions as BBC-1 except at 
the following times:— 

Wales—2-32-2.37 p.m. For 
Schools. Tablau ( 6 ) Tabl tri. 5.55- 
.6.20 Wales To-day. 6.50 Heddiw. 
7.15 Pobol y Cwm (senod) pennod 
20. 7.45-8.10 Ask the Family 11.35 
News and Weather for Wales. 


Scotland—5.55-6.20 p.m. Report¬ 
ing Scotland. 1U5 News and 
Weather for Scotland. 

Northern Ireland—3.53-3-55 p.m. 
Northern Ireland News. 5.55-6.20 
Scene Around Six. IU5 Amateur 
Boxing (Ulster Senior Champion¬ 
ships). 12.15 a.m. News and 
Weather for Northern Ireland. 

England—-5.55-6.20 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). 


10.00 News. 

30-10 Made In Britain. 

11.30 Quincy. 

12.25 ajn. Close: Christopher 
Carenove reads poems 
about lore. 

AD USA Regions as London 
except at the following times:— 


ANGLIA 

1.25 p.m. Au^lli New*. 2.60 Hfuse- 
panr. 3.29 rb: Eh-ctrlc Tbeuix- Sltov 
545 Emmcrdal* Firm. 6.00 Atxam 
Anclia. 730 Movin' On. 1133 Lut There 
t>: Linton or a Whole Lot of Loving. 
1230 a.m. Chrlsnans in Action. 


Warn 3 d. 8-30 Cuckoo la the Nest. 1130 
EsociKir* Side. 

HTV Cymro/Wales—As HTV Genera) 
Service except: XJ8-L25 p.m. Pcnawdau 
NV.i-vddioa V Dy/W. 9JO Min Mm. 
Ci<M.4S Srr.a W:h. U0435 V D> dd. 
1033 Br«r<f. LUO World id Action. 
12 . o-12.45 a.m. Cdcbniy Squares. 

KTV West—As HTV General Service 
except: L23-U0 p.m. Rrpon West Head¬ 
lines. 635-433 Rrpon West. 


BBC 2 


F.T. CROSSWORD PUZZLE No. 3,593 

TT 



ACROSS 

1 Slap man with bandage f 6 i 

4 Reward international sports¬ 
man for stopping a bottle 
15-3) 

10 A courtly stroke at an earlier 
date (9) 

11 Pinched a long robe (5) 

12 Call for attention heard from 
drunk (4) 

13 Best way of arresting motorist 
on record (4. 6 ) 

25 Number one quite a few find 
objectionable (7) 

16 Young Dawkins playing hard 
to get ( 6 » 

19 Group in which Manchester 
and Leeds are united ( 6 > 

21 Biting chap playing with 
words (7) 

23 Modern music by dreamy 
weaver bits all-tioie low (4, 6 ) 

25 Peers against revealing family 
history (4) 

27 Sword for rattling backward 
graduates about (5i 

2g Defendant who's sorry? (9> 

29 Impressive form of industrial 
action (S) 

30 State founder willing to flag 
( 6 ) 

DOWN 

-1 Sport for men only? (4. 4 ) 

2 A team of giants comes 
abreast (9) 

3 Coloured hothead due another 
form (4) 

5 Contracted to be cheaper (7) 

6 New world cowboys in action 
in Yorkshire area (4, 8) 


7 Man with a record on bishop's 
staff (5) 

8 Arguments over eye-opener 
if you don't mind Hit 

9 Local reared in Beds? ( 6 ) 

14 Hard chance of running into 
bad luck (5. 5) 

17 Part ol plans for promotion 
(9i 

16 Stress note is inside limit (S) 

20 Caleb the 2.30 for instance 
and find Cockney female on 
coach l7i 

21 Part of atomic structure going 
in favour of heavyweight ( 6 j 

22 Credit is iwicc needed at 
danger point ( 6 ) 

24 Pole taking a toss from sports¬ 
men (5 1 

26 Masculine kind of poem in 
fashion (4) 

SOLUTION TO PUZZLE 
No. 3.592 


7.05-7.55 a.m. Open University. 
11.00 Play School (as BBC -1 
355 p.m.). 

2.15 Other People's Children. 
fa.ftO Propaganda With Facts. 
3.30 The Living City. 

520 Open University'. 

7.00 News on 2 Headlines. 
t7.05 Propaganda With Facts. 
720 Newsday. 

SJ 0 International Pro-Celebrity 
Golf. 

9.00 Spike Milligan in Q". 

920 The Man- Alive Report. 
1020 In The Looking Glass. 
10.50 Late News on 2. 

11.00 The Old Grey Whistle Test. 
11.40-11.45 Music at Night by 
Widor. 


A TV 

3J0 P.m. ATV .'icwsSesJc. 3JD Quick 
on the Draw 5.15 Lavcmc and Shirl*y. 
6.00 ATV To-day. 7.00 Emmeraale Farm. 
7JO Di\.' AU«n. 1.00 Charlie's Ansels. 
UJ0 GlhhsvIUe. 


SCOTTISH 

IJ5 n.m. Si-ct and Road Report. X23 
Mr. and Mrs. 5J5 Pipe! and Friends. 
5.20 Crossroads. 6-00 Scotland To-day. 
6 JG Whal'd Tour Problem. 7JO Emmur- 
dale Farm. 7J0 Dave Allen. 8.00 Let 
Thi're be Lanstun or a whole Lot of 
Loving. UJ 0 Late CaJL 1135 Rush. 


BORDER 

*1-20 p.m. Border News. 2X8 Roost- 
aany. 330 Friend* rif 5Jao. SJ5 Indoor 
Lea so-’. 6.00 I^okarounri Tuesday. 7.60 
Emmrntile Farm. 730 Dave Aflon. 
8 X 8 Charlie's Angels. 1130 Baretta. 
tUL25 a.m. Border Nevs Summary. 


SOUTHERN 

1.29 p.m. Southern Ne-^n. 2.00 House- 
party. 3.C0 Sum?aJ. 535 Bens Boon. 
533 Crossroads. 6.00 Day By Day in- 
rludirw Somhspon. 7.00 Emmerdale 
Farm. 730 Dave Allen. SJH) Charlie’s 
Atueela. 1130 Southern New* Extra- 
11X9 The Practice. 


CHANNEL 

1JS p.m. Channel Lunchtime Nc«3 and 
What's Un Where. 3.29 Wish You Were 
Bert. 535 The Flmutones. 6 X 0 Report 
at Six. 7.08 Treasure HunL 830 Pave 
AIL'D. 1038 Channel Late Newi. UJ0 
’.VesuMe l!edl-al 12-25 a.m. Commen- 
taires et Previsions Mcieoroiosjqbes. 


TYNE TEES 

0.20 a.m. The Good Word followed by 
North East News Headlines. 128 p.m. 
North East News and Loakaronnd. 328 
The odd Couple. 525 Nobody's House. 
6.00 Northern Ufe. 7.00 Emmerdale 
Farm. 730 Par# ADcn. - 8X3 Charlie's 
Ansels.. 1130 3-el There be La net on or 
a Whole Lot Of Loriiw. 1239 ajn 
EptiafOe. 


LONDON 


920 a.m. Schools Programmes. 
11.54 Felix the Cat. 12.00 Paper- 
play. 12.10 p.m. Pipkins. 1220 
Kitchen Garden. l.Oo News plus 
FT index. 120 Help! 1.30 Crown 
Court. 2.ttO After Noon. 225 Sam. 
320 The Rolf Harris Show. 3 x 0 
Couples. 420 Get It Together. 
4.45 Maepie. 5-10 Sportscene. 

5.45 News. 

6.00 Thames At 6 . 

635 Crossroads. 

7.00 Dave Allen. 

720 The Streets Of San 
Francisco. 

8.30 Rising Damp. 

9.00 Wilde Alliance. 


GRAMPIAN 

5.25 a.m. First Thine. 129 p.m. Gram- 
otdii Nnws Headlines. 328 U'anirn Only. 
3.* Canona Time. 525 Wln? s 'n' Thins?. 
6.00 Grampian Today. 629 Country Focus. 
730 ThinCTmirayJu;. 1138 Reflecunns: 
1135 Police Wuman. 


ULSTER 

129 p.m. Lunch tune. 328 Mr and Mra 
a.IB Ulster NVws Headlines. 525 Friends 
of Man. 6 X 8 Ulster Television News. 6 XS 
Crossroads. 630 Reports. 7X8 Emmerdalc- 
Farm. 7J8 Dave Alien. 8X0 Charlie's 
Ansels. UJO Pro-Ccicbnty Snooker 
foliowd by Bednme. 


WESTWARD 


GRANADA 

i at p.m. ThLs Is Voor RUbt. 329 Mr. 
and Mrs 5.18 This is Your Rlnht. 
t Crossroads 6X0 Granada Reports. 
630 Emrnenlalr Farm. UJO Pby the 
Game. 12.09 Walt Till Tour Father Gets 
Home. 


1227 p-m. Gas HazK-rbtm's Birthdays 
129 Wmuiri Nevus Headlines. 328 
. . . Wish Von Were Here. 525 The 
FTintstones. 6.80 Westward Diary. 7X0 
Treasmv Hunt. 838 Dave Allen. 1828 
Westward Late News. 1130 West side 
Medical. 1225 a_rn. Faith For Life. 


HTV 

128 p.m. Report West Headlines. 125 
Report Wales Headlines. 2.80 Kooseparty. 
328 The Electric Theaire .Show. 525 

Smbad Jnntor. 528 Cmssrea-Is. 6X9 

Report West. 625 Report Wales, 630 

Emmerdale Farm. 730 The: Bionic 


YORKSHIRE 

329 p.m. Calendar News. 329 House- 
party. 525 Indoor Ltairue, 6 X 0 Calendar 
• Emley Moor and Belmont oditimia'.. 
7X0 Emmerdale Farm. 738 Dave Alien. 
8X0 Charlie's Angels. 1138 A Whole 
Lot of Loving. 


RADIO 1 247,11 

6.00 a-m. As Radio 2. 7X2 Noel 

EiJiiK<rKls. 0.08 51moo Bates. 2231 Faul 
Burnett with this weeF's new Top :a 
dlnca, Indudlnc 1238 p.m. NewsbeaL 
100 Tony Bljcfcbum. «31 Dave Un- 
Travis including 538 NewsbeaL 7X8 
Folk TS *S» «joins Radio Si. 10 X 2 John 
P,n.| i Si. 12.80-12.86 a.m. A« Radio J. 

VHF Radios 1 and 2—6.00 »jii. With 
Radio -- imJudins: 135 p-«n. Good Li<- 1 i-n- 
1 IW. IS .02 With Radio 1 . 12.8b-12.06 

a.m. Wnh Radio 3. 



RADIO 2 1.500m and YIIF 

6.09 aan. N«wn SnniniarT. 6.B2 Cnckci- 
Fim Tent—X.-v Z-.-u l.md v. England 
■report*. 6 X 1 Ray Moore 'S' with Th.. 
Farly - Show. lOi-indim; 625 Pjmm.- l or 
Thought. 732 Crti.-k.*t- First T< sl • .-lose 
of play rcpnrt■. 733 Terry Wopao 'Si 

indudtutf 327 Rat-nn: EttlktUi and 8.05 
Pause tur Ttidnnht. 10 X 2 J»mmv 
Youni; 'P1225 p.m. W.mnutters' Walk. 
1230 PeU: Murray's fin^n House -Si 
including 1 C Sporus Dt-sk. 2.30 David 
Hamllluo 1 5 a invludinc 2.05 aud 3.45 
Sports Desk. 4J0 Waec«to.-r«' Walt. 
OX5 Sports Desk 4X7 Jnhn Dunti 'Si 
Including 5X5 Sophs be.sk. 6X5 Sports 
piasfc. 7X2 Folk Pt pn-senr? Ji-remr 
Tayla'ir In Cnne-*rt iR'a. 7J8 t'in tin- Third 
Beat _'Si. 8 X 2 Rub-rt Gr*.-ag at The 

London Theatre. 0X2 Among Your 
Souvenirs 'S'. 9-55 Sports Disk. 10X2 

Real thv Record. 1034 Bcwi^ Love 
«ays Be Jly Gucfl. 11-82 Criek-.-f First 
Test 'roporf'. 11.03 Brian Matthew 
with The Lair- Shmi. 13.00-12X6 a.m. 

Nehts aad Cnckri—First Te« ilurtfttr 

n-nort i. 


Berlin Philiurmonje Orehestro iSt. U3S 
Veca Wind ciolntet ‘S'. 1225 P-m. 

Lunchtime Prom, part l «ui. i.eo Nek-s. 
1.05 The Arts Worldwidi-. U8 Ltmthflme 
Prom, part 2 >S*. 2X5 Bci-thoren from 

Bristol «S*. 235 V Lurk.- Lisin Music 

iS*. 33S In Short ’talk*. 4X5 The 
Vaughan Williams Symphonies cottdurred 
hy F^jult i Si. 4.48 The rhromaile 
tei'onlhin iSi. 525 Jaic To-day ‘Si. 
3.45 Riiine't anl I'.mind. tt.BS Nows. 
t 620 Hoiii-.-warii Rill n .1 .'ituotlms.-d >■ 
T6JQ Lifelines: Work and Training. 739 
LUC Si 'it,ish S>niphynr Orehe-stra part I: 
Bach SchK-ntterr. Peru 'S- 829 The 

Aesthetic and ih. Thr^.- Unkno* abk-s 
Il»)k he Palru-k Huichinu--.. 835 BBC 
Si-oitlsli Syioli.itn I'r'-lun ra part 2: 
Schumann 9.3 Sor ai rdoutserrm 

iSi. 10.40 Hjvriii nht R.-cihuv.-n. piam: 
reeiu) .Si 1125 News 1138-1135 And 
Toniciit's Schuhcrt Sa.-ir IS -. 

Radio 3 VHF only—6X9-7.09 ajn. and 
SX5-730 P.m. rtlk-n University. 


Serendipity f S >. 3-5 5 weather, pro¬ 
gramme news (VKF1 Regional Now-s 
6.08 News. 6J0 The Bur kiss Way. 7X8 
Wws. 7.95 The Archer* 7X8 Time 
For Verse. 730 Love. Low. Love. 835 
BBC Scottish Symphony Orchestra (S 
■ as Radio 3'. 9X8 Kaleidoscope. 939 

Weather. 10X8 .The VorW To-nlnhL 
1830 My Sainted Aunt, starritut Trevor 
Bannister. 11X8 A Book at Bedtime. 
1125 The financial World To-nlxhr. 11.30 
Today in ParHatnenr. 11 AS Ncu-s. 

For Schools (VHF only) 9X5 a.m.-12.00 
and 2.00-3X0 p.m. 


RADIO 3 464m. Stereo & VHF 

iMediun Wove only 
1835 ajn. Weather. 7.IQ Neb*. 7.85 
Overture 'Si. 8X8 News. 8X5 Morning 
Convert ■ F i 9.QB News. 9 X 5 This 

Will’s Cnmpnsrr: Pal-^'.rim -5-. 9-55 

Vaiem: TnoD; piano recital iSi. 10X5 


RADIO 4 

(Mm. gglltiL -*5m and VHF 
625 a-m. Xc-.»s, 6.17 Farmma T-d,ij. 

635 Up lo ih..- Hour. 632 -VUri flcsiotial 
Newy. 7.80 7.10 TohIov. 735 

1>I> id the Hour leamluu.d.. 732 tVBF. 

Rewonal News. 8.00 News. 829-To-day 
tm-hidlni.- N’i v-s h> adllnes. weather, 
papers, sport. 8.05 Yr-Mordar in Parlia¬ 
ment 9X0 Newv 19.05 Tucalay '3aU. 
JU.08 News. 319X5 Round Europe Quiz, 
1930 Daily Sei-Tlcc. 318.45 Momini* 
^torr. 711.09 News. 73L95 Thlrry-Uitmts- 
Thcatr.'. T i l B Thraush African Eyes. 
12X0 Sens. 12.32 p.m. You and Tours. 
1239 D.;w>rt Island Discs. 11235 weatehr. 
program mi- nous VHF (ascept Lntldon 
and SEi n-'Blrmai News. LOO The Wortd 
At One. 130 Thi. Archers. L8S Moo's 
Hour: »: from 2.lWi Steelal St. Yam- 
tine's Day -~dltran liidudiP.K 2,00-2X2 
rtewn. 22X5 l.is'en With Moth- r. 3X0 
N-’ws. 2 05 Th..- wwrtlunirrt >Si. S.00 
,\*wt S.P5 CarSeners' Question Time. 
4.35 Slory Tui.e 5.83 PM Reports 5.49 


BBC Radio London 

-06m and 34.D VHF 
6X0 a.m. As Radio 2 630 Runb Hour. 

9 00 IVeutS fciiLro. 930 L->Ddun Lite. 
11X5 In Town. 12X3 p.m. Cali In. 2X3 
-0« ShOtt-case 4.03 Home Run. 620 
Look. Slop, l.ltirn. TJ0 m Town las 
11.0.1 am.-. 8-30 AD Thai Jar/. 10.03 

UP- Niuht Loudon. 12X0 Close: As 
Radio 2. 


London Broadcasting 

261m and 97.3 VHF 
SXO sum. Mornliis Music. 6X0 A-M.: 
Non-stop news, travel, sport, reviews. 
Information. 10.00 Brian Hayes. 1.00 
p.m, tflC Report inr-ludim; Ceorse Gale's 
u Clock CalL 8X0 After 5—with i in 
Gll-rhrtsl. 9.00-1.00 un. Mchtiioc. 


Capital Radio 

194m and 95.8 VHF 
6 09 a.m. Peter Youne's Breakfast 
Slriw 15> 9X8 Michael AsjxJ iSi. 12.88 

Dare Cash with Cash tw Delivery is*. 
3X9 p.m. Roaer Scott uHth his Three 
O'clock Thrill iSt. 7.80 London To-day 
•St. 739 Adrian Love's Open Line (Si. 
9.08 N'iri:v Home'* Yoar Moiher Woudn't 
LiYi ll S). 11.00 Tony Myatt'S Lute 

Shew iS' (neludln; JUS Moment of 
Terror. 12X0 iin, Duncan Johnson's 
Niaat Fhrtt iSi. 


World 

record 

£38,000 

atlas 


A WORLD record price : of 
£38,000 for qa atlas was paid In. 
London yesterday by D. Burgess 
at Sotheby's sale of maps aud 
books relating to travel. 

By J. Blaeu, 1667, of Amster¬ 
dam, the 12 -volome atlas has a 
French tent, is the second 
edition, and the maps are illns' ' 
trated with -sailing ships and 
inset maps and plans. 

The first volume of the. 
Spanish edition of Blaeu’s large 
atlas went to the Map House for 


SALEROOM 

PAMELA JUDGE 


£5.800. Spink gave £4,000 for 
Vincenzo Maria Coronelli’s three 
volumes on the T eotro delle citto 
e portf principali dell’Eutvpa, 
Venice. 1697. 

W. and J. Blaeu’s Theqtnun 
orb is terrarum terra pars-was 
bought for £2,600 by Schrcter, 
Kent, and the Map House-was 
successful at £2,400 for an early 
18th - century u ancient, and 
modern ” atlas hy Henri 
Abraham Chatelian. 

Total for the sale was £106,309. 

Highest price m Sotheby’s 
£126.173 sale of icons was £13.500 
from Axia, London. The large 



The cover of the first part ot Blaen’s-atlas of Asia and China|. 
The 12 voliunes Were .sold tor^ S&SMto In Londbn yesterdOf 

panel, probablyMoscow^ late 17th case in book formby -Jolien. the. lStb Century, it w^'C 
century, represents the Resurrec- Berthe, Paris. highest "price lot in the- wfcr- - 

tion. In New York .on Friday, old Chinese jade which amoaowf 

An anonymous buyer bought a prints and 19th and 20th"Century £983 44. ■ ■ 

pre-iconoclast encaustic icon for prints auctioned ‘by. Sotheby. Hartman, New York. wenU 
£8.000, a large biographical icon Parke Bernet made £256,977..' £4,900 for a greyish-white wi^. . 

of St Nicholas (Moscow, early - .An- Edvard Munch lithograph bowt yd-£2.600 for five nto^ 
16th century) for £5.600. and a went for £21,907 and^a Ropault spuiacb-green jade nttar.p^. . 
pair of royal doors painted with, series of aquatints printed', by Men®!?. MTopshire, gaye t^g . 
SL Basil and SL John Chrysos-'Jacquemin for Voilard -fetched fora mottled brown jade$gn.. . 
tomos for £5,000. £10,825. English funnture_ soid ® f _ a , • ' 

Silhouettes. English and Con- in New York- op Saturday . * n a "3^15 sale 01 
tinental miniatures and objets amounted to £85.850. . ■ p°ttery, the top 

vertu made £20.406. A signed Back in London yesterday, an ^ pair of Wedgwood.^ 
miniature by Benjamin Arlaud anonymous bidder gave £5,000 at Bentley fish-tail ewers..;. 
dated 1703 fetched £980 (Fry). Christie’s for.a greyish-white jade 
Graus Antiques gave £920 for a carving-of a-finger citroir in-the 
gold and enamel .memorandum form of a Buddha's hand.- From 


New York school museum 
given cathedral stone 


STONE REMOVED from the 
great west window of Lincoln 
Cathedral after being in place 
since 1380 is being sent to a 
museum of historic stones in New 
York City this week. - 

The move comes after :Mr. 
Thomas S. Straczymski. a teacher 
of social studies at SL 
Bartholomew’s SchooL Elmhurst, 
in the New York borough of 
Queens, wrote to the dean, the 
Very Rev. Oliver Fiennes, asking 
for an exhibit for the school 
museum. 

The stone is available because 


toe window, (he central feature 
of the famous Norman west 
front of the cathedral founded 
on . an order -from William": the 
Conqueror .in . JL072, is. being' 
renovated at a cost of . £37.000. 

Like most of the masonry in. 
the window; the -specimen js 
badly eroded by age and weather, 
but is still recognisable. The 
stone, weighing 1 £--stones, will 
be flown by Royal Air For* 
VC10 from Brize Norton, Oxford¬ 
shire, to .Washington. The dean 
will deliver the stone to the base 
on Thursday. ' . , 


Racing hit;4 

Yesterday's racing’ at.: Yf® 
side 'and WeflverhaniptoB-w| - : 
cancelled because of . 
conditioas. / To<tayV-<&rdira|: . 
Warwick and Carilsie arf ff . 
off; A., decirion. . regarnw .. 
tomorrow’s Ascot. nref»“Sj*M •. 
be made after< ah^ inspwHW' _ - 
to-day-_ ... 


MARIE 



.A liv'ui* vijJtiM'rrouja^ 

. narxirig, “waffaro, ufej):.-iwi*^“ * 

. Mirie.Cx’rio 
«rH( You *44 

Benerouily tfy tonWon.'(* R* 

•gift- .-o)-*: fepnort.'- 
woHl now .Fr tejlbdi ■ f** *. 
to thoJfr in tw«f. ; -- ’ j 

124 SlbaneStreet;Lobdon* 5 ^ 


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nancM 'Times Tudday^ Feoruaiy 14 -1978 

itt Society, Lomton/Minories, Colchester 






>^Yy> 


|{Florence letter 


by WILLIAM PACKER 


is not quUe the 
-• ry it was, i>ht many artists; 
; "11 take the epithet un- 

-' : ;•; doubtful compEUnent, 

.. ■ \ least, that would seem' 
; - heir independent crea- 

- Question, suggesting 

- ,.#hat orthodoxy has 
T \" f d over free expression 

imagination. And yet, 
t such- work .appears on 
-ji y mils, as it frequently 
‘ /onion ■— the Fine Art 
.'. has been making a 
'■. ~ fvffng out of it. for over 
. ars — it can he seen-to 
able da many ways,- to- 
. .'technically..and full of 
. . .. . . .For personality has 
coming through after 
'syhcra&ic and Jdentifi- 
. t the Academy is noth.- 

- -ar if the -work is good. 

. i is :£ha:t schools natur-. 

e to fimhody aher own 
. : marking their mem- 
— - » it: and, true 'of actual 
.'•aV so it is true of 
q the looser sense, Q>at 
. n of movement that 
P the history- of art 
:slty College, London, of 
.e Slade School is part, 

* " . ne extra ardinariyy fine 
'-'is of prints and draw-, 
t. since the War, has 
jOJroper gallery in which 
^nnhezn. Thus, though, they 
Sffi^SfonsUlerabie importance. 

rating, only 
the’ 1 Brrtieh 
aadv Windsor. Cas’de, 
how,.too easily, over- 

however, - 
i proposed at ;last; and 
" room-already set aside 
" purpose: but the Gov- 
s eeondmies mean that 
; cost of the necessary 
' m is hot to-.be met from 
rods; and the room wdfr 

« *i another use- If 
done soon. -And. so 
Fund >has-. .been 
tfiich the -F3*ie .Art 
^sorting by-3bowing 
irer., gallery '.(until 
7) a small portion 
ge’s treasures. There 
£J- f ./ings by John Flaxman, 
studio gift formed the 
on of those collections, 
®^a rman drawings, English 
ig >lours and old-master 
yrom different bequests, 
Tat together embrace tbfc 
such artists as Duxer, 
?;* Rembrandt. Van Dyck, 
r Rowlandson." Coya and 
,*e; bnt k is the Slade's 


» Opera 


Own . collection of works by 
artists associated with it, and 
popped : np eaeh year by the 
student prize-(Winners, that is 
most interesting in -this particu¬ 
lar. ... 

it is a.-small group-of drawings, 
but reasonably varied; though it 
is a pity . that .no dne jounger 
than Martin-Proy. and.-Richard 
Hamilton are shown; for what we 
see represented is v Che Slade 
Tradition; an - elegant, well- 
nannered, eduwded. Bile, patient 
and unaffected observation; and 
I suspect' it lives on. Many of 
-the drawings are from the life 
class, studies of.the male nude 
especially, ■ an V early:; and 
characteristic Augustus John, for 
example. ■ Dora-'' Carrington. 
Enrich, Qrpen, Bbroberg. Wynd- 
ham Lewis, Tonies,.' Legi»s. and 
Derwent Lees are all’iapieseoted 
by figures or heads, -hit 'there 
are landscapes too', 'and - other 
t hing s , ah allegonica}study by 




Stanley Spencer, and The Koyai 
Box by -Oshert Lancaster- 
The main gallery on the 
ground floor is occupied by an 
interesting oddity, the work of 
the late Victorian Scotch 
Academician, Arthur Melville, 
Water-colour is at once the mast 
seductive and the most testing oE 
all the painting media; and Mel¬ 
ville was a virtuoso of it. Many 
of these paintings are simply 
astonishing, broad and free in 
their execution, the colour vivid 
and fresh, the drawing and com¬ 
position brazenly confident and 
bold. He had the nerve, too, to 
leave the imagery often, for its 
time, daringly under-resolved. 
The results are frequently en¬ 
gagingly attractive. 

We are inclined to sniff a bit at 
technique Indulged con¬ 
spicuously for its own sake, and 
soon begin to look for the weak¬ 
nesses that at heart we hope are 
there, lack of serious purpose or 


: §tfsi 








PpggjRr 






4 rs 

M 








Bernard'Mcninsky: Feeding Time 


moral fibre, perhaps, or effort: 
work-rate is an insidious heresy.: 
Melville certainly had -his limita¬ 
tions, though we should be’ 
fairly generous to him. for they 
were not entirely his own fault. 
He was evidently an instinctive 
and very clever painter who died 
just too soon to be shown by 
greater artists that painting can 
be about painting, that technique 
can be its own subject-matter. 
His paiat jumps out at us. sitting 
lushly on the surface, the 
imagery breaking up in a decora¬ 
tive flurry of dots and Mobs: yet 
his intention is always closer to 
the subject, to the desert, or 
bull fight, or Grand Canal. His 
efforts go into depicting rather 
than looking, a concentration 
upon the trick of effect rather 
than the realities of observation 
and paint. And so the surface is 
not explored nor the images and 
ideas developed: and the work 
takes on a uniformity with Us 
neighbours, an insistent decora¬ 
tive flicker, that becomes oppres¬ 
sive. These paintings, so fresh 
and skilful, are really rather 
empty. 

To return to drawing: the 
Minories. Colchester, is showing 
(until February 19) an ex¬ 
cellent selection from the collec¬ 
tion of British Figure Drawings 
held by the Herbert Art Gallery. 
Coventry, work that covers much 
the same ground as the small 
Slade show but rather more fully, 
and with especial emphasis given 
to tbp first half of this century. 
We are brought well into the 
sixties by such artists as John 
Bratby. whose drawing bas been 
consistently stronger than his 
painting. David Tindle and David 
Hockney, and taken back as far 
as Fuseli with a tiny, delicious 
drawing of a girl bending srchlv 
over a mirror or table. But the 
mood remains curiously Sladeite 
and Bloomsbury, a mood set by j 
yet another early, flashier nude 
that might almost be a portrait 
of Genrgc Bernard Shaw. There 
are many splendid and interest¬ 
ing things to see. notably a large 
study by Eric Konnington of a 
soldier’s wounded hand, fine 
drawings by Epstein. Bomberg 
and the young Henry Moore, an 
odd Eric Gill, Ethel Walker. 
Sickert, Wyndham Lewis and a 
splendid Christopher Wood. In 
a show like this, however, the 
lesser artists are likely to offer 
as much pleasure: a charming 
girl on a beach, for example, by 
Arthur Henderson Hall, drawings 
by 'Edward Stott and Derwent 
Lees again, a lady smoking a 
cigarette against a window by 
Hubert Wellington. 


Werther 

by WILLIAM WEAVER 






by RONALD CRICHTON 


Foust. in the 'Striking. Jos6 in -Carmen, -but JosG is' a 
tilfcal production of Jorge far- -' more rewarding parti 
■ «Js. once more e&&Hi&ed<M6pbisUf-J-i$ treated by L&vei# 
^Jtiheatre.' of’ which it "long :not as ~ai .pantomime devil but 4s 

S ame a symboli ^Tbe nfew-Fausts,' alter, ego—sante age, 
was first seen an 1976, ‘same clothes, but superior in 
3 before Covent Garden height, worldliness jrnd wit 
turn revived the iffozk. .Roger Soyer; thonglj/bis voice 
summer preceding this was in only fair condition (he 
dusting - down. Valerie had been forced «i cancel the 
' on from the English first performance iff the revival 
I Opera had stepped in two days earlier),"gave a highly 
l notice to sing Matilda polished study-- in debonair 
- .ix Festival production of villainy. .* 

~ ■» a» eg* sag 'jspn&r. 

at th^Paris OoeS ^urgeo!* a Christian, the true 

• iSJt-fU Fnrtst ' cause, through -his intolerance, 

' '.'i u ?vi e -u? Wrtmibt con- '*“8 sister Marguerite's down- 
' he?aucce2 faD - Valentin, in 8 Yves Bisson’s 

iBD-t £? tel -Sid «ro°« au * h roughly 

- ideallv reouired for th e sung performance, revenges bun- 
gone but few soSkSs 5e « b y becoming the most vital 

, e ToTs?r js srarar "nsi 

" ? eS ^ 0 hL h >fi»^ 1 nn^ fnniich admirably done by the versatile 
roich^ofrS£-SwuS TaiUoa, is a Brocbtian 
p iS ? ‘ t he h "Roi de Thuid" caricature.of a noisy neighbour. 

* n ’ : Va S iLt right The love Siebel (Rende Auphan, another 

. ... wedkweetlv but with- talented Parisian artist) suggests 
' -r-gdj jor^e precocious 

.. ;re were both the thrust schoolboy,tn3ezg’s Lula. 

r - slightly hectic radiance. LaveBi and bis gifted designer. 
.- as the work allows*-this Max. Bignens, shunning conven- 
'esh and blood figure, not tioaal medievally, set their Faust 
a pasteboard' heroine in a vast unit set df 19th century 
■ettv things to sing. glass and metaL a slightly seedy 
r Marguerite was'.the. only Crystal Palace with a dome that 
--^✓artist in a front-rank pays possibly ironic homage to 
cast The Faust was Alain the earterior of the Opera itself. 
, surely the finest lyric This Imposes a kind of unity on a 
m^kjn France to-day. There loosely constructed work, whose 
<’ ,r " ire golden voices to be gradual - disintegration was 
•?lsewhere. but few rivals emphasised in Copley’s opposite 
matter of firm,.even line approach at Covent Garden, 
-sar diction. Mr. .Vanzo is,.'There are gains and losses. The 
er, a stylist apparently Kermesse takes alienation to 
. ile of vulgarity or affecta- absurd lengths. So does the- 
- s an actor he is less com- Soldiers’-Chorus, where the pomt- 
as Faust than as Don of having " Gloire immortelle De 

.. rside Studios, Hammersmith 

f Saltarello Choir 

' by RONALD CRICHTON 

. ;issy and RaveJ each wrote came two part-songs of Deling-' 
■' ‘ of three unaccompanied “ On Craig ddu" and Tho 

ms for mixed voices, splendour falls. 1 * Good pro¬ 
xy used poems of Charles gramme building, the studied 
ns. Ravel wrote his own, imprecision of Delius making the 
. good, pseudo-medieval perfect contrast, and the dreamy 
>“ To some extent, no doubt music better suited to these 
: ,-y’s set was the model for very English voices. Of the two, 

but that immaculate, the Tennyson setting made the 
, -nan was well able to avoid stronger effect. The bug'e calls, 
asser kind of imitation, sung by a small seml-cborus be- 
- both sets are of high hind the main body, showed that 
Debussy’s might be con-.the -studio is not unhelpful to 
i the richer. Yet the every klnd ofivocal writing. All 
of Ravel’s songs, "Trois the same, the two choral numbers 
oiseaux du Paradis”.is from theTristta of Berlioz (with 
" iy the loveliest of them John Isaacs-at the piano) were a 
' * . bit wan —the' “Death of 

iar d Beimas and the Ophelia ” can be more than this, 

rilo Choir, in their Anglo- An Elgar group Included some 
• i concert on . Saturday energetic .writing of unnustak- 
•. sang them delicately but ably personal cast But the 
it the extreme precision Byron setting (“Deep in my 
-’iisic demands. In a normal soul ”> is deeply depressing—one 
"r i sal! one might not have wished they had done instead 
• -d bnt the Studios, while the curious “Owls". 

V don’t dry out voices, do There was a small audience. 
x ,p lo blend them: by-the .Nevertheless the Riverside 
■f the programme one had Studios are not bard to find; they 
- ■ npression of bearing, each are adequately warm even on 
dual voice separately. Tbe such a freezing night; foodLana 
brases were sensitive in a. drink- are available. W net tier 

not quite relevant: soft you enjoy bucket seats, s^ffoid- 
; strokes instead of firm, ing and a. general impression of 
"j -pen lines- With respect I dust is a matter of taste, nut i 
" ' the liaisons in the Ravel can’t believe anyone actively 
X mwd reconsidering.-- likes the jumbo dustbins lined 
,'veen the two French groups up opposite the entrance. 


nos aieux” sung by a wretched 
handful of crutcbed and 
bandageff ex-warriors is scotched 
by tbe music's insistence that 
they sing out with the lungs of 
healthy men—^which the excellent 
Paris chorus accordingly does. 
Valentines death becomes the 
most striking page in the opera, 
but the ipurch and Walpurgis- 
nacht scenes go for next to noth¬ 
ing. The episode in Marguerite's 
room is omitted, likewise tbe 
ballet. 

Michel Plasson conducts with 
invigorating effect except (in tbe 
performance I beard) for tbe 
waltz, which went lumpily. Much 
of the orchestral detail — the 
clarinet solos, for example—gave 
acute pleasure. As with other 
Lavelli productions I have seen, 
because his theatrical instinct 
and visual sense are so strong, 
the final impression is convincing 
in spite of incidental irritations. 
Faust in Lavelli's bands does 
not seem the dead duck one was 
beginning to mistake it for. And 
In-the wake of signs of continu¬ 


ing life come questions. Why 
was Gounod, in spite of bis 
genuine talent, so stylistically 
unsure of himsetf? Is the 
shallowness of characterisation 
simply due to dramaturgical 
Incompetence or to some inhibit¬ 
ing. paralysing respect for 
Goethe? 

That Faust can still affect 
different listeners in widely 
different ways was amusingly 
illustrated on this occasion. Next- 
to me was an elderly German of 
the type that appears to hate 
good tunes written by non- 
German musicians (or perhaps 
just hates tunes). His dis¬ 
approval reached snorting-point 
when Marguerite sailed into the 
trio. At that precise moment, 
Arthur Rubinstein, sitting in tbe 
•first row of the stalls a yard or 
two in front of us, looking even 
younger than when he used to 
appear on the concert platform 
and evidently enjoying himself 
like a ten-year-old. was unable 
to resist beating time for a bar 
at two. 


I Total, unforced. warm 
enthusiasm is something rarely 
encountered in Italian opera 
bouses these days. Even at La 
Scala’s most sumptuous and most 
successful productions, there are 
almost always some dissident 
voices from the gallery to spoil 
one’s enjoyment (Milan seems to 
have taken over from Parma this 
unhappy custom). And when 
there is no objection to a singer’s 
performance, there may be—as 
there, was recently in Rome—a 
demonstration, complete, with 
printed handbills, against the 
cost of the performance. So 
it was particularly heartening to 
sit in the Teatro Comunale here, 
last Thursday nisht. and listen to 
che thundering waves of 
applause, the obviously un¬ 
rehearsed. unorganised cries of 
bravo, that burst Truin the capa¬ 
city audience at the first night of 
the new production of Massenet's 
Werther. 

And it was pleasant, also, to he 
able to sbare that enthusiasm. 
The performance, really, was not 
perfect, but it came close, and it 
had throughout the vital glow, 
the sense of participation and 
dedication that are essential to 
this kind of success. Curiously. 

1 IVerther is not a popular work 
here. In the 50 years of the 
Comunafe’s existence, it has been 
!given only three times rone of 
I those was a concert perform¬ 
ance), the Iasi being over 20 
years ago. This splendid new 
presentation had. therefore the 
Force of novelty, enhanced bv the 
sparkling freshness of both 
l staging and singing. 

Pier Luigi Saniantant has long 
been admired a< one of ItaIVs 
outstanding designers. e«peciaUv 
sensitive to romantic works (h’e 
did a Schumann-Byron .tionfred 
for the Rome Opera some years 
I ago that has remained memor¬ 
able). Bul except Fnr a one- 
act Menolti opera in Spolcto. he 
had never produced an opera 
before. His dehui could hardh 
have been hener. The visual 
side of this 11'enJier is always 
I coherent, msjoni. Needless to 
say. the sets are lovely: the 
Bailti’s garden, the opening 
scene,, with its leafy shadows, 
ivy-covered house, soft green 
| lawn, takes you immediately 
into tbe enclosed, domestic peace 
soon to be shattered by ICerthers 
intrusive passion. The other 
sets are equally beautiful: the 
Wettlar square seen from below; 
Albert's tidy, prim drawing 
room;, and finally, the garden 
again, now covered with snow 
(here Samaritani took a bold 
liherty. shifting: the scene From 
Werther's study, nut it worked: 
it seemed right that the tragedy 
should end where it had begun i. 
The performers also move with 
simplicity, naturally: the group 
of children, in Act One. deserves 
special praise. 

Georges Pretre conducted. 


working wonders with the 
Florence orchestra (which had 
played badly only a few weeks 
ago for a Barber not worth re¬ 
viewing). They demonstrated an 
expressive range that they 
usually achieve only with 
Riccardo Muti at his best, and 
the individual instruments— 
winds, notably—shone in their 
brief solo passages. In the title 
role. Alfredo Kraus surpassed 
even the happiest memories of 
himself: noble, impassioned, 
elegant, he was the incarnation 
of the romantic hero. 

His Charlotte was Lucia 
Valentini Terrani. Discovered 
by Italian TV during a contest 
for new Rossini interpreters 
(which she won), this mezzo- 
soprano has mostly been beard. 
in fact, in the Rossini repertory. 
Now she has proved she can ven¬ 
ture beyond it. Despite an 
occasional shortness of breath, 
she did ample justice to 
Massenet’s tormented character. 
Albert was the veteran Rolando 
Panerai. sober and effective. The 
Sophie was the charming Anas¬ 
tasia Tomaszewska Schepis, 
youthful and charming, and 
happily free of tbe usual simper 
iog that afflicts interpreters of 
this role. 

The smaller parts were all well 
sung. ( have only one serious 
reservation: the opera was sung 
in French, though there was not 
one French member of the cast, 
and none of the siDgers could 
pronounce the language 
properly (Kraus, in fact, was the 
only one who was intelligible, 
though his accent is strongly 
Spanish). The old Italian trabs- 
slation is quite adequate: why 
not use it? 

Elizabeth Hall 







m. 

lii 






LaSalle Quartet 


bv- RONALD CRICHTON 


The second or the four Berg- 
Webern-Schoenberg concerts by 
the LaSalle Quartet brought the 
single movement quartet written 
in 1905 but discovered and per¬ 
formed many years after 
Webern’s death, his Five Move¬ 
ments for String Quartet op. 5, 
and Schoenberg's Second. The 
hall was barely half full. Even 
if this music still doesn't draw 
land Schoenberg's Second used 
to be heard not uoappreciatively 
even in the dark and ignoraDt 
days before the war), the repu¬ 
tation of these players ought to 
tempt more lovers of ebamber- 
music. Or will they only come 
out of their burrows for the 
summer series of Beethoven and 
Mozart’.' 

The Webern half lasted, pre¬ 
sumably, for not more than 20 
minutes. Yet both music and 
playing compelled such a degree 
of concentration and oblivious¬ 
ness of the usual timescale, that 
it felt (and this is meant to be 


anything hui. disparaging) twice 
as long. The posthumous quartet 
is well worth occasional perform¬ 
ance. There are memorable 
phrases, as well as “easy” pages 
of a kind soon lo disappear from 
this composer's language. What 
is obviously lacking is the con¬ 
sistency of style and intensity of 
vision that were his four years 
later, when he wrote tbe Five 
Pieces. 

Tbe playing was unerring in 
intonation, rhythm, dynamics and 
tone-colour. Every bit as impres¬ 
sive as the range of colour when 
demanded l*y the music was the 
contrary effect in the second 
piece, where a quietly expressive 
melody is passed from instru¬ 
ment to insirumenl, beginning 
and ending with the viola, sound¬ 
ing like one long, unbroken line. 
As for ihe LaSalle Quartet’s 
cultivation and exquisite control 
of shades of pianissimo, all 
those mezzo forte scrapers who 
have done so much over tbe years 


to hinder appreciation of con¬ 
temporary music should be 
forced to come and listen. 

The change from the micro¬ 
scopic world of Webern to 
Schoenberg's larger canvas was 
difficult. Perhaps some of that 
difficulty was shared by even 
these experienced musicians. In 
tbe first movement of the Second 
Quartet the leader, by his own 
high standards, defined some 
phrases a little loosely, and the 
performance did not catch fire 
until the scherzo, where there 
was some stunning playing,.. 
notably at the incandescent end. 
The singer of the two Stefan' 
George poems heard in the third 
and fourth movements was the 
American Ecnita Yalento—sure, 
easy and even with plenty of 
power in reserve, hut little sense 
of strangeness. Thai over-quoted 
line about “air from other. 
planets' 1 should still give soma 
kind of a frisson evocative of the 
heroic period of modern xn)isjc: 


ENTERTAINMENT theatres , 

CRITERION. CC. Dl-930 3216. . 

A| ||nr Evenings 8. Sals. S.jo. 8.30. Tnors. 3.00. 

UUIIIL LESLIE PHILLIPS. „ , 

C.C—These thcauvt eccepi terrain erm » Imoecteble . ^ .^•^master. imes. 

cards bv telephone or ai the bo* office. •• HILARIOUSLY FUNNY.- N of World. 


OPERA & BALLET 

COLISEUM Cred't cards 01-240 5258 
Reservations Q1-&36 Jlpl 
ENGLISH NATIONAL OPERA 
TONIGHT -r 7.00 CARMEN 
'Television recording: reduced prices!. Also 
frl. at 7,00: Wed. A Sst. 7.30 Tpsca; 
Thun. 5.00 Lute Eluereerd's Castle. 
Gianni Scntafil new prodn. "Visionary. 
Gd". - Plenty ol wit" Times 104 Balcony 
seals always avai l able da y of per formance 

COVENT GARDEN. CC 240~~ 1086 
'Gardcncharoe credit cards 836 10661 
THE ROYAL BALLET 
Tonight 8 p.m. Maverting. World Pretmer* 
Gala penormanee m the presence of H.M. 
Queen EUUbeth. The Queen Mother. 
Patrons are recurs ted to be seated bv 
7.45 P.m. Tomor.. Frl. and Sat. 7.30. 
THE ROYAL OPERA 

Thurs. 7.30. Ariadne aut Naios. 65 
Amph.' seats lor all perts. on sale from 
_J0 a.m. on day qt peri. ie »cep i tonight I. 
SADLER'S WELLS THEATRE' Rosebery 
Av.. EC1. 837 1872. Last week. 

D OYLY CARTE OPERA CO. 

In Gilbert and Sullivan, lumgnt 7.30. 
Tomor 2.30 and 7.30 THE GONDOLIERS. 
Thurs and Frl 7.30 and Sat 2 39 THE 
MIKADO, at 7.30 —7— Mon. neat to 
Mir. 4 BALLET THEATRE CONTEM. 

PORAIN 


Elizabeth Hall 


Perlemuter 


DOMINIC GILL 


V Vlado Perlemuter is a pianist 
of no mean technical prowess; 
hot bis virtuosity is of the more 
subtle and intimate kind — that 
speaks in the half shades between 
the notes, in scrupulous phrasing, 
in meticulous control and poise, 
and in all the magical variety 
of emphasis, conversation and 
colour that lies beyond the strict 
limits of the printed score. He is 
not a pianist from whom one 
..expects to bear a display of 
'transcendental keyboard fire¬ 
works: a bold and unexpected 
.gesture then, to devote the whole 
of his recital, as be did on Sunday 
Afternoon, to the 34 Chopin 
Etudes op. 10 and 25 a tour 
de force in which poetry and high 
bravura, and sheer physical 
stamina, are nowhere more 
Inextricably mixed. 

it should be said straight 
away that the venture was not 
an unqualified success. To 
emerge fully-fledged, and with 
all their force intact. Chopin’s 

Etudes really must be served 
with more technical precision 
and finesse than Perlemuter was 
able to summon to his command 
on this icy, finger-freeting Sun¬ 
day afternoon. But there were 
compensations too: the .very first 
C major Etude of op.10 was 
delivered in a shower of wrong 
notes; but between the showers, 
the right notes promised well, 
eat with fierce crystalline clarity. 


sustained with a powerful motor 
impulse. 

Perhaps it was too early )n the 
sequence for tbe third, fourth 
and fifth fingers in the A minor 
Etude to have attained ideal flexi¬ 
bility: the best things in the first 
ten Etudes were the quietest and 
most personal—an E major of 
tbe finest eloquence and can- 
tabile simplicity” in the F minor, 
a velvet left-hand surge, con¬ 
trasted with a quick, sharp key- 
descent in the right hand, mar¬ 
vellous ghostly effect. The 
arpeggio E flat major was a gem: 
every strand perfectly con¬ 
trolled. exquisitely coloured, the 
rhythmic movement not severely, 
but proudly, restrained. 

Perlemuter introduced each 
set of Etudes with a Scherzo and 
a Polonaise respectively—tenta¬ 
tive, finger-warming perform¬ 
ances both, of no great 
distinction. But by the second 
half, and the op. 25 Etudes, some 
of the familiar magic began to 
flow: the first of the set was 
another perfect jewel, and the 
F major third, too, deft and 
vivacious, alive with singing 
voices. The black-keys octave 
study was blown off light as 
thistledown; a rather slow, but 
sparkling cascade of G sharp 
minor thirds, sweet and clean; 
and the Etude before the last— 
the very last was disappointing 
— spun off with powerful 
presence, a fine chilling chroma¬ 
tic draught 


Hampstead Theatre appeals for £30,000 


• / uie iiduuiu ii». *■ 

/ meed reconsidering: . 

,'veen the two French gr 


groups 


Hampstead Theatre (winner of 
The Evening Standard Special 
Award for Outstanding Achieve¬ 
ment in 3977) is launching an 
'appeal' to raise £30,000 to build 
an annexe to house the workshop 
to replace the area It is losing 
doe to Swiss Cottage develop- 
THeut. It is essential for the 
theatre to be able lo build its 
own sets economically: without 


a workshop that would be 
impossible. 

Camden Council will support 
the fund as will the Arts Coun¬ 
cil, but their contribution is 
linked to tbe theatre’s own fund¬ 
raising efforts. 

Donations should be made to 
the Hampstead Theatre Building 
Appeal Fund. A number of 
activities to raise the money are 
in preparation. 


THEATRES 

A0ELPHI THEATRE. CC. 01-836 7611 
Evst. 7.30. Mats. Thurv. 3.0. Sals. 4.0 
" LONDON'S BEST NIGHT UUT. 
IRENE 

THE MUSICAL MUSICAL 
SPECTACLE, CAPTIVATING TUNES 
. and RACY COMEDY." S. People. 

IRENE 

•INSTANT COf++-< R-MED CREDIT CARD 

_BO OKINGS ON 01-836 76 11. 

ALBERT. 836 3878. Credit "card bkgs. 
B36 1071 ((weep* Sat.). Mon.-Fri. 7.4S. 
TTnirv mats. 4.30. Sits. 4.30 and 6. 

■■ A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 

MIRACULOUS MUSICAL." Fin. Times. 
OLIVER 

"ROY HUOO'S splendid Bcrlormantc. 

S. Tel. ' Talented JOAN TURNER." DW 
Mail. ■' Cawtal Fun ...«•» show Is a 
deligtit. ' D Trt. ■■ OLIVER RETURNS 
TRIUMPHANTLY . . . CONSIDER YOUR¬ 
SELF LUCKY TO BE ABLE TO SEE IT 
AGAIN." Dally Mirror. 

NO W BOO KING THROUGH 1973 . 
ALDWYCH. 836 6404. Int. 836 533?. 
ROYAL SHAKESPEARE COMPANY 
In reoertoire 

Tonight 7.30 CDngrcvo's THE WAY OF 
THE WORLD '• a revelation. ' Sunday 
Times. With: THE COMEDY OF ERRORS 
•Tomor. 2.00 & 7 30. Thurs) and last 
perts- A MIDSUMMER NIGHTS DREAM 
(Frl.. sat. m A el. RSC also at THE 
WAREHOUSE nee onder W) and at 
Piccadilly Theater in Peter Nichols' 

PRIVATE S ON PARAD E._ 

AMBASSADORS. 01-836 1171. 

Evgs. B.90. Mats. Tim. 3.DO. Sats 5.00. 
SIOBHAN MCKENNA 
as Sarah Bornharttt In MEMOIR 
with NIALL BUGGY 
Perfect. • a song of triumph." E. News. 

_ Student tickets £1. 

LIM I TED SEASON. ENDS FEB. 2S. 
APOLLO. 01-437 3663. Evgs. 8.00. 
Mats. Thurs. 3.00. Sat. S.00 and 8.00 
DONALD SI NOE N 
(-‘Actor of the year." E. srandardl 
• MS SUPERB.'' N. of W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY." Times 

ARTS THEATRE 01-B36 2132 

TOM STOPPARD'S 
DIRTY LINEN 

"Hiiariwis ... see It" Sunday Times i 
Monday to Thursday 8.30. Fnday and i 
Saturday at 7.QQ and 9-1S _ 

ASTORIA THEATRE. Charing Cross Road.' 
01-734 4291. Nearest TuSe: Tottenham' 
CL Rd- Mon.-Thur;. B.QQ p.m.. Frl. and 
Set. 6.00 and 8-45 
„ ELVIS 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
Tickets S1.50-E5-SO. Instant credit cjuH 
res. Eat *n our futiv.licensed Restaurant 
or Buflor Bar lunchtime and before and 
after show — bookable In advance- Com¬ 
bined Dinner and top-price ticket £8-50. 
ELVIS 

■'Inlectioui. appealing, loot-stamping and 
Heart-thumping." Otrserter 
ELVIS 

“I was absolutely causlH op ■" it. corned 
along hr ft. refwvfoorated by the sheer i 
*erre and spectacle of it." Son. Tel. 
ELVIS 

“Statrearingty ellectiye.'' Times I 

ELVIS 

“Performed with a w*e rare In British 1 
musicals. The -show hterailv had the 
audience dancing m the males. This 
■Elms' « marvellous.'' S. Express 

Elvis 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
nr. before show any available top-price 
tickets £2.50 

Man^Tnurs. and Friday 6.00 perf. only 

CAMBRIDGE. CC. Ot-836 6056. Mon. ta 
Thurs. 8.00. Frl.. SaL 5.45. 8.30 

_ 1PI TOMB I 

“PULSATING MUSICAL." Evg. News 
THIRD GREAT YEAR 
Seat prices £2.00 dnd £5.00 
Dinner ana top-orne text EB-2S me. 

COMEDY, 01-930 2578. 

Prod. Price Prey. Mon 20 Fed at 8.0 
Opens Tues, 21 Feb. 

at 7-0. subs. evos. 8.0. Mat. Thurs. 3.0. 
_ bat. S.30 and 8.30. 

MOIRA USTCR. TONY BRITTON 
Margaret COURTENRY Dermst WALSH 
MURDER AMONG FRIENDS 
A NEW COMEDY THRILLER 


■DRURY LANE. D1-B36 B1DB. Every 
n.om 3.00. Matinee Wed. and Sat. 3.00. 
A CHORUS LINE 

1 *' A rare, devastating- lovous. -Monishing | 
| _ _stu nner.'' 5. Ti m es. j 

1 DUCHESS. 836 8243. Molt to Thurs., 

| Evgs M 

'■The Nudity stunning.' Dj.iv Tei. 
j 8th SENSAT IONAL YEAR ; 

I DUKE OF YORK'S. OT-836 5122.! 

Evenings S.O0. Mat. Wed. 3.00. I 
QUENTIN CRISP 

I T.ckets L2.S0 Inc. glass o! wine j 

1 ■' This is without doubt the most exua- 
I ordinary entertainment in Lonoon. 

Eyenmg News. I 

[ Limited season end s 25th veo. ( 

! DUKE OF YORK'S. 01.836 5122- 

•Limited season I ram 2 March. »»»»»•; 

1 28 Fib 1 Man.hi. John G’elPUd in I 
Julian Mitchell's HAUMJFE. A National , 
ThMtrv ProduCIlon A diztlr Ol lush 
cmSedr." Vj C Trewini. Instant Credit ! 
card reservations. Dinner and top price | 
sc« £7.00- _ 

fSS-aJTSbl Th r 3 

M ^URO«™ 5 vicarage" ] 

Third Gr eat Year. _I 

GARRICK THEATRE. 01 -M« 4601 I 

Evgs. B.O- Thur. 16 Feb. at 7_0- Wed. 
Mat 3,0. $At. b.1 S 
JILL MARTIN, JULIA SUTtON. 

ERIC FLYNN and R08IN DAY 
in the 

BRILLIANT MUSICAL 

ENTERTAINMENT." People. 

SIDE BY SIDE BY SONDHEIM 
■■ GO TWICE ■■ S. Mor lev Punch | 
■■ GO THREE TIMES." C. Barnes NT T. 

GLOBE. CC 01-437 1S9Z. E'»«'; n 5 O'*' 
Sals, 6.0 and 8.40. Mat. Wed 3.0. 
AMANDA BARRIE. JOHN QUENTIN 
In the SECOND YEAR o' 
DONKEYS YEARS 
by MICHAEL FRAYN 
The Best Comeov of the Year . 
last week. End s Saturday ._ 

GLOBE- 01-437 1S92. Opens Feb 22 K 7 
BARPY F^TEft ri> I'-'E FRAf'ClS 
DONALD GEE. JEREMY IRONS and 
SIMON v.AKD lit 
THE REAR COLUMN 
A New Play bv SIMON GRAY 

Directed bv HAROLD PINTER 

GREENWICH THEATRE. 01-MB 7755. 

Evgs. 7.30. Mat. Sats. 2.30. AN IDEAL 
I HUSBAND by Oscar Witde. " We applaud 

an entertaining evening. D. Tel 

HAYMARKET. 01-930 9832. Evgs. 8.0- 
Mat. Weds. 2.30. Sats. 4.30 4 B.O 

INGRID BERGMAN 
YrENDY HILLER 

DEREK DORIS FRANCES 

GODFREY HARE CUKA 

la 

WATERS OF THE MOON 
'• Ingrid Bergman makes the stage 
radiate—unassailable charisma D. Mat) 

'■ wendy Hiller Is superb '■ S. Mirror 

HER MAJESTY'S. CC^ 01-930 6606. 
Evgs. 8.00. liVeo, ano sat. 3.00 and o.bO. 
GLYNIS JOHNS 

LEE MONTAGUE. HELEN LINDSAY 
In TERENCE RaTWGAN'S 
CAUSE CELEBRE 

■•RATTIGAN REVEALS HIS MASTERY." 
S. Tel. '' Poweriul drama." E» News. 
" GLYNIS JOHNS plays brilliantly.'' D.T. 

LAST WEEKS __ 

HER MAJESTY'S. CC 01-930 6606. 
Doming March 2B 
BRUCE FORSYTH 

fix Leslie Bricvase and Anthony Newlev’s 
TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 
Directed by BURT SHEVELOVE 
Previews Trom March 16 

KING'S ROAD THEATRE. 352 7488. 
Mon. to Thurf. 9.0. Frl.. SaL 7.30 9.30. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 
THE GREAT ROCK 'N ROLL MUSICAL. 

LONDON PALLADIUM. CC. 437 7373. 
LAST 2 WEEKS. ENDS FEB. 25 
Ever*. 7.30. Matt. wed. and Satv 2.45 
TOMMY STEELE 
SALLY ANN HOWES 
AND ANTHONY VALENTINE in 
HANS ANDERSEN 
“DAZZLING SUCCESS. RICH. 
COLOURFUL! MUSICAL. REAL FAMILY 
ENTERTAINMENT." E. New* 

Gcnid seats avadabie new at T>eitre and 
Agents. Also at Do ore, except Sat. 
CREDIT CARO BOOKING 01-734 8961 

LONDON PALLADIUM. CC 01-437 7373 
THE TWO RONNIES 
FROM MAY ZS to AUG. 19 

LYRIC THEATRE. 01-437 3686. Crs. 6.0. i 
Matt. Thurs. 3.0. Sets. 5.0 and 8.30 ' 

JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA H^v£\ in 
F1LUMENA 

by Eauarda FUIIbbo 
D irected by FRANCO ZEFFIRELLI 
.'TOTAL TRIUMPH." Evg. News 
•■AN EVENT TO TREASURE." D. Mir. 
■■MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS." Sunday TVrik ! 

MAY FAIR _ CC _ 629 3036 

Mon. IB Frl. B-Q Sal S.3B and 8.45 
GORDON CHATER " Brilliant." E.N. in 
THE ELOCUTION Of 
BENJAMIN FRANKLIN 
bv Steve J. Shears 

"A compassionate lunnv fiercely cioaueni 
play." Gdn. "Hilarious " E ft. "Wlcieedlv j 
amusing and wild hr perverted." E. News 


THEATRES 

MERMAID. 24d 7656. Rest- 248 2335. 
Mon-aat. B IS. Mai Wed. & sat. 5.30. 
DAVY JuNEb. MiCkr 

in HARRY NILS50N5 
IHE POINI 

" A winner.'- u Mirror 
Stall tickets s.1.2-5-£i.t0. Lcmblnea 
dinner-theatre ticFcl LS.Y5- 
Must end Feb. 25. 

Next ProduLMHi lom Cu«TI Jan* ASHER 
•a WHOSE LIFE IS II ANYWAY 
Op ens M a r, b. 7, Prv>. trom Ma r. I. B.15 

NATIONAL THEATRE. f28 2252. 

ULlvIeK -open stager Isn't . lemur. 

7.30 THE CHeivnY ORCHARD ov 
Cnekhov nans Ov Michael fravn. t 
Lt ii ELTON proscenium siageir Toni 

7 45. Tomor. 3 A 7 -5 THE GUARuS- 

MAN bv Molnar. Englisn veiMon bv 
vrank Marcus. _ .. _ 

CuIIEplul Ismail auditornimi: Ten t b 
lorcv.). Tomor. 7 I opens' LOvfc LElIERS 
ON BLUE PAPER by Arnold Wesker. 
Many excellent etteae sears all 3 meat res 
dav of pert. Car para. Restaurant 9-3 
2033. Credit card bkgs. 92d 305. ; _ 

OLD VIC. „ . «2|L-7 616 - 

PROSPECT AT THE OLD VlC 
Spring season Jan. 16-March -5 
In rep: HAMLET Tonignt. Wed.. Thurs. 
7.30. SAINT JOAN Frl. 7.30. YJt. 2.30 
I & 7.30. ANTONY A CLEOPATRA opens 
Feb. Zl. ALL FOR LOVE returns March 6 
Sunday Feb. 26 THE LUNATIC THE 
LOvER AND THE POET with Derek 
Jacobi ai Lord Byron. Isla Blair. Timotnv 

_West_. _ _ 

OPEN SPACE. 367 6969. Tues.-Sun. 8 0. 

A DAT FOREVER by Mich ael Sharp. _ 
■ A| ACE. ~ F 01-437 6B34. 

Mon.-Thurs. 8.00. Fr.. Sat 6.00ii 8.40. 

_JESUS C HRIS T SUPERSTAR _ 

PHOENIX* " 'oi-83fi"fi&11 

Red. price. Prevs. Irom FeD. 17. Opens 
March 1 at 7.u Sub.. ev«v. a-u wed. 
Mat 3 C Sail 5 t> and B-0 
FRANK FINLAY In. . 

The Leslie Bricuise MusicM 
KINGS AND CLOWN5 
_Directe d by Met S hapiro._ 

PICCADILLY I 437 4506 Credit card Dkgs. 
836 1 071. Evgs. 8. Sat. 4 45 and 8.15 

Wed. Mai. 3.0__ - 

BEST COMEDY OF THE YEAR 
Evening 5ta. Award and iWET Awato 
Roval ihak e»p .-are usmparir in 
PRIVATES ON PARADE 
by Fetor N-chols 
"HUGELY ENTERTAINING 

_ EXTRAVAGANZA.” S. Ti mes 

PRINCE OF WALES. CC. 01-930 8651 
Monday to Friday at 3 n m. 
sat. 5.30 and B.4S. Mat. Thuri. 3.00 
"ZHE STAGE 15 AGLOW 
Daily Te:eflraon 
RICHARO BECK1NSALE 

I LOVE MY WIFE 

'.NAUGHTY BUT NICE. WITH * LOT 
Or LAUGHS.” News 01 tho Worla 
, INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-930_0646_ 

QUEEN'S THEATRE 0,_7 ,5 J a 1 ’x n 

Evg*. B.O. SaL 5 0. 8.30. Mai. Wed. 3.0 
ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
Variety Club cl GB Award in 
THE OLD COUNTRY 
A New- Play by ALA hi BENNETT 
Directed by CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 
Plays and Players Londcn critics awar d 

RAYMOND REVUEBAR. CC 01-734 1593 
I At 7 P-m. 9 P.m. 11 p.m. 'OPe" Suns.i 

PAUL RAYMOND prose-Is 

THE FE5TIVAL OF 
Erotica 

Fully Atr Conditioned. Ycu mav 
drmfc and smoke In Ihe auditorium 

ROUNDHOUSE. _ 7 67 2 .5*4 

WORDSWORTH HERITAGE WEEK 
6 p.m. Basil Braieina rr^ds Wordsworth. 

8 P.m. gpilrc Milligan. Brian Patten and 

Chrlltopner Logue. Tomorrow: Brecnt 
evening Janet Suzman. Beit-na JO"i. 
Edw ard Bon d ___ 

ROUNDHOUSE. _ _*B7 2564. 

Prew. 22 at B, Opens Feb. 23 at 7. 
Subs 9 a.m. nlanriy 
THE LIVERPOOL PLAYHOUSE 
COMPANY 

JAMES AUBREY ^'dON WARRINGTON 
in L ondo n premiere ol 
STREAMERS 

__by David Rabe __ 

ROYAL COURT. 730 1745. 

From ?n F’** THE SEAR b» Cneirhoy 
THE KREUTZER SONATA by Tolsiov. 

_ 5es also Theatre upstairs. ___ 

ROYALTY. CC. 01-405 P004. 

Monday-Thursday Evenings 8 00. Frlck-V 

5.30 ano 8.8 S Saturday 3.00 and 8.00 

London critics vole 
BUBBLING BROWN SUGAR 
Best Musical ol 1977. 

Tel, bfcqi, accepted. Major sred't C3r dt - 

5AV0Y- 01-838 aase. 

Previews trom iSth Feb. at 8.00 P-m- 
Sat 5.00. 8.00 

Opens 23rd Feb. 7.00 P-m. then nightly 

at 8.00. Mat. Wed. 2.30 Sat. 5-00. 8-00 
JOHN FRASER 

LADY 'haRRv 

An unusual play by Norman Rrasna. 
Previews and Wed.-. Mac £3 to £1. 
Regular prices £4 to £1. Credit booking 
MHHW. ___ 

SHAW- 01-388 1394. 

Mats. Tins.. Thors. Fn 2.30. 
Evgs. 7:30 iNo Perl. Mon-) 

AN INSPECTOR CALLS 
by J- B. Priestley. 

Highly Entertaining " D. Tel. 
STRAND. 01-836 2660 Fvenlngs 8 00- 
Mat. Thur. '3.00. Sits. S.10 and B.30. 
NO SEX PLEASE— 

_ WE'RE BRITISH 
The WORLD'S GREATEST 
_ LAUGHTER M A KER 

ST. MARTIN'S. CC. 836 1443. Evs. 8 00. 
Mat. Tues. 7.45. Sat A Goad Frl. S and 8 
AGATHA CHRISTIE'S 
' THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 
■Zbth YEAR 


THEATRES 

TALK OF THE TOWN. CC. 734 505J._ 
6.00. Dining, Dancing. 9.30 Super Rerue 
RAZZLE DAZZLE 
and at 11 p.m. 

VINCE HILL 

THEATRE UPSTAIRS. 730 2554 Evi. 7.30 
IN THE ELOD9 

I__t> > LQ nfta Ja niurck , 

VAUDEVILLE. 8 36 9988- Evos. at 

Mats. Tues. 2.45. Sals. 5 and 8. 

Oman Shcr.dan. uiuU-e Ci-y. 

Eleanor Summcrneld. Jams Grout 
A MURCER Is ANT43UKCED 
THE NEWEST WHODUNIT HIT 
by A^AIHA CHHFSilc 
" Re-enter Agnha wiin anatner who¬ 
dunit . . . Aaatha Christie is stalking 
the West End ret agi.n with anotner of 
ncr .londishlv mgen us murder mys- 

_t*rlg».^Fglu B arker. E». N ewt. _ 

VICTOR!A PALACE7 634 1317. 

Until FeD. IBtn E»s. 7.0. Wed. 4.45 
and 7.30 Sats. 2.30 and 7.00. 
CINDERELLA 

_TO NY BLACKBURN In 

WAREHOUSE. Donmjr Theatre. 936 680B. 
Rpyal Shakespeare Company. TonT B.OO 
Charles Wood's DINGO. ■■ Brilliant.” Gdn. 

_ All seats^ £1 50_Adv. Bkgs._Aljwvth. 

WEMBLEY EMPIRE POOlT Last 2 weeksl 
LAVISH ICE PANTOMIME 
HUMP7Y DUMPTY 

Nightly 7.J5 Sols. 2. 5 and B. Special 
HALF-TERM MATINEES Mon. lo Tnur. 
at 3. Crnldn & Senior cits, hall pric* 
ciuol Sals, at 2 S 5. Pav at doors. 
Spacio us ca r part'. Enquiri es 902 12 34. 
WESTMINSTER "THEATRE." CC. 01-B34 
0283. Ergs B.OO. Mat. Thurs. 3.0. 
Sat. 5 ana 8. 

Tickets Li .so to £4.00. 

PAUL JONES in 
DRAKE'S DREAM 

England's Greatest Musical Adventure. 

'■ Eccuing ' Fni. Times. ” Many Merry 
Reirams.” E. News '■ Bouncing Vigour.” 
E- Standard. 

WHITEHALL. _ 31-930 6692-7765. 

Evgs. 6.30 >at. 6.45 and 9.0. 

Paul Kcymand prcsenL. rhe Sensaiional 
Sen Reiuc si the Century 
DEEP THROAT 

Nsw L.«c sn 0 ug« Limited Sc non. 

1 ;.*Kt season prior to World Tour. 

WINDMILL - THEATRE. <X. 437 6312. 

Tw.ce Nigi.tlv BOO and 10-00. 

•OPEN SUNDAY* 6 00 and B.OO. 

PAUL RAYMOND presents 
K«e Orr 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

"Talcs to unnrecentca limits what U 
permitsisie on our stages.' Erg. News. 
You mav prink ana smoke In the 
_ Auditor ium._ 

•YYMCHAM'S. 836 302B. Credit Card 
tooling B36 1071 le'CEPt Sat.). Mon.. 
Thurs. 8. Fri. and Sat. S.15 and S.30. 

■■ ENORMOUSLY RICH. 

VERY FUNNY." Eietlng News, 
i Man O ra.iilcv's smash-iut Comedy 

I_ O NCE A CATHOLIC _ 

YOUNG VIC '"near Old Vic) 92 3 6363. 

Tent 7.45 THE REAL INSPECTOR 
- HOUND with SEASIDE POSTCARD Heats 

W»|. __ 

YOUNG VIC STUDIO. D2B 6363. 

Dannie 4S5fs GONE IN JANUARY. 
Tonight at 8.0. 

CINEMAS 

ABC 1 & 2 SHAFTESBURY AVE 83B 
5 361. Sep. Pens. All Seats Bookable. 

I: THE CHOIRBOYS <X). Shut Down lUl. 
Wk. & Sun. 1.1S. 4.30. 7 50. 

2: THE GAUNTLET X>. Wk & Sun. 2.00» 

5.00. S.OJ Hast 2 _dayk)._ 

CAMDEN PLAZA, pop. Camden Town 
Tube. 485 2443. Tavianis' PADRE 

PADRONE iXI Grand Prite Cannes '77. 
Musi end ISlh Feb. 4.05. 6JS. 8.50. 

CLASSIC 1. 2. 3, 4. Oxlord St. (Opp. 
Tottenham Court Rd. Tube). 636 0310. 
1: .YOUNG FR AN KENS 1 LIN lAA). 1.45. 

S 20. 8.50. THE ADVENTURE OF SHER¬ 
LOCK HOLMES' SMARTER BROTHER 
iA). 3.35. 7.10. 

2: THE HIDING PLACE A>. Sep. Peril. 
2.00. 5.00. 8.00. 

3: THE DUELLibTS iA) Progs. 1.20. 

3 05. 5 40. 8 IS. 

4: Last 2 Days! WIZARDS iAi. Props. 

1 0 3 0. 3. 0 7 0 9.0. __ 

CURZON. CurTon'street W.1 ~499 3737. 
PARDON MON AFFAIRE rXi (English 
aob-l {lea.' '* A apart'!Ino New French 
Carreov. Directed with finesse by Yves 
Robert.” Sunday Express. Progs, at 2.Q0 
■ not Sim.j 4.OS. 6.15 and 8.3u. 

LeTc"e 5TER SQUARE THEATRE (930 5252) 
STAR WARS iU>. Sep. progs. Dir 2.00. 
5.15 8.35 Seals bkble. lor 515 and 
8.35 nrogs. Wk*. and all progs. Sal. 
and Sun. SEATS STILL AVAILABLE FOR 

MANY PERFS JjD BBV 1_ 

ODEON HAYMARKET i930 2738-27711 
Jane Fonda. Vanessa Redgrave In a 
Fred Zlnnemann him. JULIA (At. Sen. 
progs, gly. 2 30. S.45 8.45. Feature Dry. 

2.45 6.00 9 00. All scats bkble_ 

DDEON LEICESTER - SOU ARE 1930 6111k 
THE DEEP t Ai. Sep. oragt. every day. 
Seals may oe spoked. Doors open at 

_K2 0. ^Z^TASj ____ 

OOEON MARBLE ARCH 1723^2011-2 > 
AUDREY ROSE lAA;. See. progs. Wks. 

2.30. 6.30. B 3D -____ 

PRINCE CHARLES. Leit. 5a. 437 8181. 

Final Weeks Must End March 8. SALON 
KITTY iX) Sep. Peris. Dlv. line. Sun.l 
2.45. 6.15. 9.00 Late Show Frl. and Sat. 
11.55 beats Bkbl e. Lic'd. Bar._ 

SCENE 1 A 2. Lett. So. (Wardour St). 
439 4470. 

SCENE 1: A BRIDGE TDD FAR IAi. 

I Progs. 12.50. 4.10. 7 40. UK Show 
! Fri. and Sat. 11.00. 

I SCENE 2: THE PINK PANTHER STRIKES 
I AGAIN <U> Sun.-Thur. 1.30. 5.35. 

! 9.35. Frl. and Sat. 12.40. 4.45. 8-45. 

! 12 45. THE RETURN OF THE PINK 
1 PANTHER rut. Sun.-Thur. 3 J5 7 30. 
Frl. and Sal. 2.3S. 6.40. 10.40. 














-i A' 


18 


Ftaandal.T*WsT;aesd^ ^ 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Ftnantimo. London PS4. Telex; 88G341/2, S83SS7 
Telephone: 01-248 8000 


Tuesday February 14 197S 


Pushing too 



ONE OF the chief diplomatic 
aims of the Carter Administra' 
tion since it took office has been 
that those industrialised coun¬ 
tries which are in balance of 
payments surplus, particularly 
Japan and Germany, should 
make a larger contribution to¬ 
wards the recovery of world 
economic growth by stimulating 
the growth of their own econo¬ 
mies. So far as Japan is con¬ 
cerned, the U.S. has been prin¬ 
cipally concerned to ensure that 
it relies less on a rapid growth 
of exports to support domestic 
business activity and opens its 
market more freely towards im¬ 
ports from abroad. It has re¬ 
ceived certain assurances on 
these points, the practical value 
oF which will become clearer as 
time goes by. 


But for the moment, at any 
rate, the main weight of U.S. 
diplomatic pressure in this field 
has been turned on Germany. 
Mr. Michael Biumemhal. the 
Secretary of the Treasury, is 
visiting Germany at presenr. 
Not only is he likely to push 
hard once again for more posi¬ 
tive action by the German 
Government to stimulate domes¬ 
tic demand: it has also been 
suggested that, unless sonje pro¬ 
gress is made, the economic 
summit due to be held in Bonn 
this summer might be put in 
jeopardy. Disagreement be¬ 
tween the U.S. and Germany at 
the summit, it could be argued, 
would result in its failure, and 
a summit meeting that failed 
would be w’orse than none at all. 


economic stimulus which they 
have already applied and insist 
on their right not to risk en¬ 
couraging a faster rate of infla¬ 
tion. 

But it is unlikely that public 
discussion of the sort which the 
U.S. Administration has been 
practising is the best designed 
to produce results of the sort 
for which it is hoping. The 
Carter Administration has been 
much criticised, at home as well 
as abroad, for its somewhat 
naive approach to the resolution 
of complicated political prob¬ 
lems. Certainly in the economic 
field this criticism seems to have 
some justification. The foreign 
exchange paarkets. for example, 
have not forgotten Mr. Blumen- 
thai’s assumption that he could 
get his wav with Germany and 
Japan by forcing them to let 
the price of their cnrrencies 
rise against the dollar without 
any danger of an international 
currency upheaval. 


Unproductive 


Discussion 


There is room for discussion 
between the two sides on this 
issue. The U.S. can maintain 
its point that it is aiming at a 
rate of domestic growth which 
tan only help growth in the 
world as a whole, despite the 
emergence and likely per¬ 
sistence of a large balance of 
payments deficit. Its new that 
its trading partners should 
absorb more of the strain 
caused by the surplus of the 
oil producers is likely to be sup¬ 
ported by Working Party- Three 
of the Organisation for 
Economic Co-operation and De¬ 
velopment, which meets later 
this week. The Germans, for 
their part, can continue to 
emphasise the extent of the 


That danger still exists—as 
the recent pressure on the 
French franc and the approach 
of the French elections demon¬ 
strates. The spectacle of the 
U.S., which will inevitably run 
another large deficit this*year, 
attempting openly and repeat¬ 
edly to force the German 
Government to change its 
course, and failing to do so. is 
unJrkely to encourage confidence 
in the stability of the interna¬ 
tional monetary system. Stabi¬ 
lity can he guaranteed only 
by a readiness of the leading 
industrialised powers to work 
together in a matter which 
affects the common good. 

But there are two more imme¬ 
diate points which Mr. Blumen- 
thal might do well to hear in 
mind. The first Is that, for 
obvious political reasons, the 
more openly he puts pressure 
on the Schmidt Government to 
change its ways, the less likely 
he is to achieve results. The 
second is that, once German 
businessmen or consumers sus¬ 
pect that the Federal Govern¬ 
ment may he pushed into 
further stimulation of domestic 
demand, the more likely they 
are to offset the stimulus 
already given by postponing 
expenditure. If Mr. Blumen- 
thal must carry a big stick, at 
least he should speak softly. 


The basis of 


energy pnees 


IT IS NOW nearly four years 
since the Government decided 
to reverse the policy of price 
restraint by the nationalised 
industries and allow a phased 
return to economic pricing in 
this sector. But it has yet to 
follow this up by re-formulating 
an appropriate framework of 
financial and economic criteria 
upon which each of these indus¬ 
tries can base its pricing and 
investment policies. In the 
absence of such a framework it 
is only natural that differences 
of opinion over pricing policies 
should sometimes arise between 
competing State-owned indus¬ 
tries. particularly in the energy 
sector where the rivalries are 
often intense. 


Compromise 


Complaints from the coal and 
electricity supply industries 
about the level of gas prices 
were temporarily stilled some 
14 months ago when Ministers 
arbitrarily decided that the Gas 
Corporation should make a 
contribution to the IMF package 
of public expenditure cuts by 
raising its prices by 10 per cent, 
from last April and using the 
proceeds to pay back some 
£lOQm. worth of its capital debt 
to the Government. The argu¬ 
ment now appears to have 
broken out again, the cause this 
time being the Gas Corpora¬ 
tion’s statement last week that, 
provided there is no major 
increase in the rate of inflation, 
it expects to be able to keep 
its prices unchanged until April. 
1979. a period In which coal 
and electricity prices are likely 
to be raised by be ween S-10 
per cent 

Thq Gas Corporation’s state¬ 
ment appears to have repre¬ 
sented something of a compro¬ 
mise between its own views and 
those of the Price Commission 
over the proper course of action 
to be taken when the dispensa¬ 
tion from the provisions of the 
price code, which was made to 
accommodate last year's 10 per 
cent rise in gas tariffs, expires 
in April. But. while the Gas 
Corpoartion has successfully 
resisted the Price Commission’s 
suggestion of a 10 per cent, 
tariff reduction, the outcome 
has not satisfied Sir Francis 
Tombs, chairman of the Elec¬ 
tricity Council. In a paper pre¬ 
sented to the Energy Commis¬ 
sion yesterday, he argued chat 
rhere ought to be some parity 
m the prices of all fossil fuels 


in accordance with their heat 
content. The cheaper price of 
gas is damaging the marketing 
of coal and electricity and will 
bring only a short-term advan¬ 
tage to the Gas Corporation 
since in the long run its prices 
will have to rise to cover the 
costs of the newer and more 
expensive supplies of natural 
gas from the northern basin of 
the North Sea. 

Sir Denis Rooke, chairman of 
the Gas Corporation, did not dis¬ 
pute this last point. He en¬ 
visages a gradual upward trend 
in gas prices as the proportion 
of supplies from the northern 
fields increases. In the mean¬ 
time, the Corporation is writing 
off the cost of conversion and 
-displaced oil-based plant and 
making sufficient profit after 
charging current cost deprecia¬ 
tion to finance the whole oE its 
ture, redeem more of its capital 
present investment expend i- 
debt and build up financial 
reserves for the future. 

On a more practical level. Sir 
Denis could have pointed out. 
too, that gas prices need to be 
set at a sufficiently competitive 
level in order to develop mar¬ 
kets in industry and other pre¬ 
mium sectors for the large sup¬ 
plies which are now coming 
from the Frigg field. It is true 
that these supplies could be left 
untapped if the Gas Corporation 
did not use them — unlike 
natural gas which is associated 
with oil production. But the 
Corporation is contracted to pay 
for certain minimum quantities 
whether or not it manages to 
sell them. 

Artificial 

However the main point, as 
Sir Denis aptly observed, is that 
resource allocation and energy 
conservation are both best 
served if the price of each form 
of energy reflects its real costs 
— in other words the cost of 
investing profitably in its pro¬ 
duction and distribution — 
rather than some artificial 
principle such as aligning it on 
the price of other fuels on a 
thermal parity basis. Such a 
method would not only mislead 
fuel users as to the choice they 
should make. It would also 
encourage inefficiency and 
destroy competition in a sector 
where, because of nationalisa¬ 
tion and other Ministerial inter¬ 
ventions, the discipline of the 
market system has already been 
considerably weakened. 



The dark secrets 







BY MICHAEL CASSELL AND ELINOR GOODMAN 


'"d&i 


W EAT IS likely to be a 
highly embarrassing, 
and quite possibly 
costly, process for Britain's 
major suppliers of “ blacktop " 
road surfacing formally began 
yesterday when 33 of the agree¬ 
ments operated in tlie industry 
were placed on the Register of 
Restrictive Practices. 

Embarrassing because the 
companies knew, or certainly 
should hare known, that it was 
unlawful to operate such carrels 
without first registering them 
with the Office of Fair Trading, 
and costly because the com¬ 
panies may find themselves 
being sued by aggrieved 
customers. 

As the price rings anvolved 
the supply of blacktop for the 
surfacing of roads, the bulk of 
the contracts were ultimately 
paid out of public funds. While 
it may be very difficult to estab¬ 
lish how much the prices were 
inflated above competitive rates, 
local authorities will almost cer¬ 
tainly come under pressure to 
try to obtain some redress from 
the companies concerned. 

There is also a possibility of 
criminal proceedings should it 
emerge that any contractor bad 
taken on a public highway con¬ 
tract having wrongly signed a 
certificate to the effect that he 
had not colluded on prices with 
his competitors. 

The agreements referred to 
yesterday represented only the 
tip of the iceberg. It is expected 
that eventualy the blacktop in¬ 
dustry will produce by far the 
biggest haul of unregistered 
agreements ever uncovered by 
the OFT. Eventually, the num¬ 
ber could reach 1,000 — dwarf¬ 
ing the 140 nr so previously 
unregistered agreements so far 
added to the Register from the 
concrete industry. 

The tarmacadam pacts came 
to light last year when a man 
from inside the industry volun¬ 
teered to tell all to the OFT. 
The Office had previously 
received complaints about the 
possibility of price rings being 
operated by the suppliers of 
blacktop but had been unable 
to follow them up properly 
because of a Catch 22 written 
into the legislation. As inter¬ 
preted by the courts this provi¬ 
sion means that the OFT has 
to have reasonable grounds for 
believing that such agreements 
exist before it can require the 
companies to produce informa¬ 
tion about them. The anony¬ 
mous informer gave them the 
necessary grounds in the case 
of blacktop. 

In November, the OFT duly 
served an order on nine com¬ 
panies requiring them to give 
information about any price 
rings they might be operating. 
Among the companies covered 
by these orders were Tilling 
Construction Services. Steel- 
phalt and Tarmac Roadstnne. 

The companies responded 
with a mountain of paperwork. 
At the same time, other com¬ 
panies. like Wlmpey Asphalt 
volunteered details of agree¬ 


ments to which they were party.’ 
In the majority of cases, this 
was the first time the agree¬ 
ments had ever been put into 
writing. 

The pacts registered yester¬ 
day are basically ol two kinds 
and mainly covered the North 
of England. Ten were one-off 
agreements where the com¬ 
panies asked to tender for a 
contract decided in advance 
which company should get the 
order and at what price. The 
other companies agreed to put 
in higher bids. The other 23 
were situations in which the 
companies agreed amongst 
themselves the prices they 
wo.uld charge for a job. They 
then all quoted the same price. 

All the agreements, which in 
some cases are believed to have 
been negotiated at a fairly 
senior level, have now been ter¬ 
minated. Some ceased to have 
effect in December—the month 
after the companies received 
the OFT's notice. 

As manufacturers of goods, 
the blacktop companies have 
been subject to the restrictive 
practices legislation since 1956. 
The law requires any company 
which agrees its terms and con¬ 
ditions of supply with a com¬ 
petitor to register the agree¬ 
ment with the OFT. For the 
purposes of the law. verbal 
agreements are treated in the 
same way as written ones and a 
handshake is as good as a signa¬ 
ture. Failure to register means 
the restrictive provisions in the 
agreements are automatically 
void. 



AMn Aahmxta . ... 

Road construction: its surfacing may make history on the Register of Restrictive Practices. Mr v GUrdon Bornean 

Director General of Fair Trading. _ . . . ' ‘ * ^ 




The public 
interest 


If the OFT decides that the 
pacts are registerable. it places 
them on the Register of 
Restrictive Practices. Once an 
agreement is on the Register, 
the Director-General has a duty 
isubject to minor exceptions! 
to take it to the Restrictive 
Practices Court to get a judg¬ 
ment on whether the agreement 
is operating against the pub¬ 
lic interest In the court, the 
onus is on the parties to prove 
that the pact is positively in 
the public interest. The -gate¬ 
ways” which spell out the pub¬ 
lic interest are very tightly 
defined and experience has 
shown that it is very difficult 
to get a price ring, through one. 
Only a handful of such pacts 
have ever survived the test. 

Although the blacktop com¬ 
panies have now terminated 
their agreements, the Director 
General of the OFT will still 
take the mnre important pacts 
to the Court. There, he will 
institute two kinds of proceed¬ 
ings. Tiie first will aim to stop 
companies giving effect to these 
particular agreements and any 
others now operated by the 
companies. Failure to comply 
with the Court's order would 
constitute contempt of Court 


and expose the companies to 
criminal proceedings. 

The next stage is to seek an 
order which effectively ties the 
companies’ hands in future. 
This would prevent them ever 
making any similar agreements 
and would mean that the com¬ 
panies would have to keep a 
very close watch on all their 
empioyees to ensure that none 
of them ever started discussing 
prices, even informally, with 
their competitors. Again, the 
penalty for breach of such an 
order could be criminal 
proceedings. 

However, such a " like effect 
order,” as it is called, might 
be contested by the companies 
because it would require a 
fairly fundamental rethinking of 
the industry's current pricing 
arrangements. 

The blacktop industry’s sys¬ 
tem of “ gentlemen's agree¬ 
ments” is being exposed at a 
time when details of similar 
arrangements in the ready 
mixed concrete supply sector 
are still coming to light. The 
circumstances behind both cases 
are similar. 

As constituent parts of an 
industry which traditionally 
confronts wild fluctuations in 
demand and is expected to tailor 
itself accordingly, the concrete 
and road surfacing material 
suppliers have apparently 
evolved a system of self-help. 
They believe that this has in 
many cases spelled the differ¬ 


ence between insolvency and 
survival. The Restrictive Prac¬ 
tices Court has in fact endorsed 
a common pricing agreement 
registered by the.cement manu¬ 
facturers and designed to 
counteract fluctuations in 
demand. • 


The suppliers, while not wish¬ 
ing to discuss the subject 
openly, vehemently deny in pri¬ 
vate any suggestion that the in¬ 
formal arrangements under 
which available work was often 
allotted acted against the in¬ 
terests of the client The appor¬ 
tioning of contracts, they claim, 
was principally designed to 
ensure as even a workload as 
possible for all the suppliers 
involved, against a background 
of very uneven ordering. It was 
not they say, being used as a 
method of extracting unfair 
prices from the client - * 


prices they have had to pay for OFFS attitude,-believing:# . 
materials on roadcontractor their unofficial system of ^ 
would have been substantially understandings is a lauaffik 
lower had competition; -been one born' out of- necessity^-SB" 
allowed to operate freely. - claim that- most county ^ 

Co-operation and - dose asso- 
dation in the ro«I surfacing i* 
dustry is not new.BefbreWorld 

War n, the industry had a het- abide bf.the. pricing ©Stegf a . 

work of representative organi- s 

sations which were initially no-oues interests.^ 


VJ u ' 


intended ti d^al ^suS mat- mat rernainsto bejfce*- 


4 ers as safety and welfare;, but ti >e adj uAcatiOijft.; 

which found .themselves agreements, wfli lei 
attempting to formulate soine : “W 


ottoer ' changes :/4n£$L 


measure of common, agreement industry, 


— 

"S . 


on pnees. 


It- may he that if the fit. 


With roads among the con¬ 
struction sectors worst hit by 
public expenditure reductions, 
the road surfacing industry—in¬ 
cluding. suppliers of blacktop, 
mastic asphalt surface dressing 
and roadstone—is now operat¬ 
ing at little more than two- 
thirds of capacity and it claims 
that without the system of 
pricing co-operation, it would by 
now have been lastingly 
damaged by plant closures- and 
dismissals which could make 
the agreements in the public 
interest under the 1956 Act 


Clients may well look at it 
differently and believe that the 


._ hat trend was eh- —.—- . -- — 

couraged by jthe trade, li pjotig vidual companies are unaftfe. 
which wanted to safeguard jobs, discuss . .prices 2 nd:" tap®? - 
„ - • among themselves. theyiA-- 

well ^ J 

SS “tS?? £5 S2FSf.^«SS»»% 

topping.^ stone mtoj edll , a5t . 

. . tions .about Ahe-.eristen«». . 
Despite - the . legislation, -the onnogistered price-fixing ago 
companies in 'the road-stone mente In. the concrete teditw — 
industry remained determined the latest djsclosutes wboitt^ -- 
to ensure that the benefits of blacktop pacts tnay also -tesj-- 
dosef cooperation • continued. It in pressure to 'change'.' 
was at this point-that mergers ih relation to rerfrictiwliH..V 
began and the big names like tices. There Is already , : 
Tarmac, ARC and Tilling^began- of opinion which believe^flL .. 
to-emerge. certain'--kinds of .p 

.Since the 1950s, the; industry should be banned aKt 
has'’ ■ maintained Its '^‘family made a criminal offence, 
characteristics,” with close ho- a change. wereto^be. 
operation ’continuing at all wo.uld ’ have - repereussie 
levels across a Wide range of beyond ;tbose cpmpahles^ 0 '. 
subjects. The suppliers say they facing -hearings in the 
have been surprised at the tive Practices Court; .V. i'jg-lv’' 

-*- :» ■ , r. 






Here comes 


superman 


After the Superwoman, brace 
yourself for Superman. The 
success of Shirley Conran's 
breezy concoction has impelled 
publishers Sidgwiek and Jack- 
son to bring out a sequel: Robert 
Heller’s manuscript is with the 
printers and is scheduled to 
appear in June. Why Heller—a 
financial journalist who for 12 
years has edited Management 
To-day? Perhaps S and J 
approached him because of his 
best known book. The Naked 
Manager: advance publicity for 
Superman has a subliminal tie- 
up by using as its motif a famous 
Leonardo da Vinci male nude 
drawing. 


It seems the volatile Conran 
was less than pleased on hearing 
about Heller's forthcoming title 
and sent waves of protest 
througb the publishers’ office. 
“ I’m sure that has all been 
smoothed over by now.” says 
Heller. “ In any case, my bonk 
will he quite different from 
Shirley's.” He says his theme 
will be “ self-management ”— 
covering such topics as how to 
improve your memory and 
organise your time. Different 
it may be. but Heller will 
doubtless feel quite like a 
Superman if he matches the six- 
figure sales of the original. 


of the Ethiopian People’s Revo¬ 
lutionary Party.” My colleague 
James Buxton last week saw- 
bodies left lying in the main 
streets in Addis Ababa as a 
warning to passers-by. 

Here are excerpts from an 
earlier account of a visit to 
Ethiopia : “Coming across the 
market-place. I had seen 2a 
Mariam, the Eas's doorkeeper, 
with three men bound.-one of 
whom he fell a-hacking to 
pieces in my presence ... the 
soldiers, in consideration of his 
haste, immediately fell upon the 
other two .the dogs fled into 
my house to eat pieces of human 
carcases at their leisure. "The 
Ras has given orders ... to wash 
away all this pollution in the 
clear-running water . . .” 

That graphic reporting comes 
from James Bruce a Scottish 
traveller who went to Ethiopia 
in 3770. 



his black blazer. Unconcerned 
about the harrying of Gold 
Fields over its South African 
involvement or the group's 
problems in the City about the 
rate of return on rights issues, 
Neil thinks the mine ought to 
go ahead. And he plans to tell 
the current public inquiry so. 


He will speak as organiser of 
the Whitby Potash Development 
Group—not a Gold Fields sub¬ 
sidiary, but a group of eight 
Whitby sixth formers. His con¬ 
cern is jobs—believing that the 
potash mine could slice into 
Whitby's 13 per cent unemploy¬ 
ment rate. 


“ I think we ? d better call the 
bomb disposal squad ...” 


Kipling hints darkly that the 
people opposing the mine do not 
need jobs —they are secure or 
retired. Not that he intends to 
work there himself; he hopes to 
be a Merchant Navy officer.- 


IF 


YOU KN 


iW 








t- 


ftdiic 



Jobbers’ joy 


Witness in Addis 


More and more reports have 
been coining out of Ethiopia 
about ti\e “Red Terror.” in 
which thousands of enemies of 
the Dergue have been 
butchered. An official has 
explained; “We wanted terror 
to reign in the camps of the 
reactionaries, too.” Another 
said: “It is not only a physical 
struggle but also an ideological 
struggle, to v.-ash away the dirt 


Two £ 1.000 coups within an hour 
and London jobbers reckoned 
they were on to a good thing 
—not in the Stock Exchange but 
across the road at Handles the 
confectioners. There, the queue 
stretched on through yesterday 
afternoon as they tried to repeat 
the early wins of two members 
of Wedd Duriacher on Lad- 
brake's Cashcade lottery scheme. 
Mark Braterman, manager of 
the shop, told m e that he sold 
out of tickets twice and had to 
wait for fresh supplies. The 
tickets have only been on sale 
at Kandies and other retail out¬ 
lets—not betting shops—for 
about ten days: but the promo* 
ters say they have “taken off 
like a rocket” 


His stand could pose political 
problems, seeing that he is 
chairman of the local Young 
Conservatives. The constituency 
MP. Leon Brittan, is also a Con¬ 
servative—and he has come out- 
against the mine. 


the tickets, since they earn 5-S 
per cent on queues like yester¬ 
day's. That does not leave too 
much for the punters: in fact 
Ladbrokes say that only 3S per 
cent of sales is paid out as prize 1 — 
money. Bad odds, you could _ _ ,. 

say. but that does not seem to The famjiy way 
deter those sharp-witted men 
who deal in stocks and shares— 
and who make up three-quarters 
of Kandies' Cashcade customers. 


Kipling’s message 


This should satisfy the 
charities and local authorities, 
who get 40 per cent. 0 f sales. I 
also heard no complaints from 
Braterman and others selling 


Embattled in Whitby, seeking 
planning permission for a new 
potash mine and refinery along 
the still unsullied borders of 
the North Yerks Moors National 
Park, Consolidated Gold Fields 
has found an unlikely ally. He 
has been brought to light by 
the passions dividing the town. 

Neil Kipling is a Whitby 
School sixth former with a 
prefect’s badge on the lapel of 


Michel Dehrfi. that flfryear-old 
warloardof the rare old days of 
Gaullism. has come up with'a 
new carrot to build up La 
Grande France of 100m. people. 
With present growth rates of 1 
per cent. per. year, that happy 
prospect would come true in 
around 2040; but DebrC, him¬ 
self a father of four sons, pro¬ 
poses to encourage parents fay 
giving them one extra vote for 
each minor in their family. 
Even some of his admirers 
though.suggest that he might 
hare thought of it earlier. There 
is less than four weeks to go to 
polling day. 


Observer 


- coriSortiian batik exfits irind, wboseri^^ s: 

. ba-veaggt^ater^otitxcesofoverj 
million- ' ; \ ; : 

- / Our ability to pfovide large 
use'tbrcwghotit file wotldis eo£o$ILBBSast^'f;i^'fi ^ 

. by an organisation geared to speed *^ v .--i 
■ effideacy andpfemo^serocei 

business will always bebandled bytixpetis /-*• 
who will tailor the financial package fcosuih:- * v ar£ 



'• ■ ' V •’-■-'—I' - • 




















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19 


SOCIETY TO-DAY 



f* 





. THATCHER would do 
to take care: opinion pells 
be deceptive. Yesterday’s 
m» 1 Opinion Pol 2 result, 
fed is the DaflyMail, is 
certainly right in its 
a .majority of 
approve offarther 
‘".on the number of 
. jallowed. into "the 
pat- ft- Is..' - almost 
jxrfagr inits suggestion 
the Conaurvalwes now have 
‘ 11 , per- cent lead over 
or:* 1 

e reason for these assertions 
jot -complicated.- Public 
on polling Is nearer to a 
ce than an art: they can 
it right and, given the 
it terms, usually da 'When 
go wrong, or appear to do 
is more often than not 
the, figures printed out 
computer have been 
TMtJy-; interpreted. ' 
course some polling organi- 
as are technically incompe- 
[ Their samples may be bad, 
their mathematical tech- 
is may be wrong. Clearly, 
ipectable organisation like 
45 is not ode of these. Again, 
polls can produce a result 
itis a. statistical freak This 
easonable assumption when 
;v seems to be an inexplic- 
turnaround in. public 
on —-but when , a number 
■oils, . spread over many 
, always point in the same, 
tion we can tak£ it that 
they are saying is reliable, 
terday’s result is one. 
It says that people are 
3d about immigration and 
e whole against it. Many 
ms polls have given much 
.me result; a large number 
em have not been pub- 
because they have been 
d out privately and shown 
to the client On that 
the notion that “Mrs. 
her is vindicated’* is 





.valid to file -extent that it was 
always obvious that if one 
uttered hostile phrases about 
immigration one would get a 
good mailbag. 

EVen .at this 'level there 
should - be a word of caution. 
Opinion poll results can vary 
according to the precise ward¬ 
ing . of : the ■ question. For 
example. National ..-Opinion 
Foils showed in-February 1975 
that five different forms of the 
question in a referendum on 
Britain’s membership of the 
European . Common Market 
would . produce. five', -different 
results—from-. a- A2 jper cent 
“No ” majority for' “ do you 
accept the government’s recom¬ 
mendation -that;/the United 
Kingdom should - come out of 
the Common Market? 1 * to an 
38.2 per cent ^Yes"- majority 
for “ do you. acceptthe govern¬ 
ment’s recommendation that the 
United Kingdom :-sboald stay in 
the Common Market?” . 

But during the campaign 
leading up to the referendum 
itself, the various polls showed 
consistently that on/the ques¬ 
tion the Government actually 
chose to use the answer would 
be yes -by two to one. In fact 
it was yes by 673? per cent to 
32.8 per cent And, as the table 
shows, the voting istesofiOn polls 
have in feet been fadriy reliable 
indicators of the final break¬ 
down between the parties at 
general elections. In terms of 
votes cast if not in terms of 
seats won. The largest error, in 
1970, was a 4.4 per cent over-, 
estimation of the Labour vote— 
which was. naturally, crucial in 
terms of seats. 

The Americans, take their 
polls far more seriously than we 
do, but it is only their most 
sophisticated practitioners who 
know how to read them. Imme¬ 
diately after his hig hly success¬ 


ful campaign in tbe primaries, 
and his triumph at the Demo¬ 
cratic Convention in 1976. Mr. 
Jimmy Carter was shown by the 
polls to be 20 per cent, ahead 
of tbe then President Ford. At 
that time the Republicans were 
still divided by the Ford- 
Bfiagen battle at their own con¬ 
vention, and their private poll- 
takers tried to cheer them up 
by pointing out that this must 


autumn suggesting the best 
approach over the next few 
years (“people’s expectations 
are too high; lower them”) was 
followed by a Presidential 
speech reflecting what the 
memorandum told him to say. 
Some Washington lobbyists 
believe that a copy of Mr. 
Cadell’s latest report to the 
President is a better guide to 
tbe Administration’s likely 


WHEN THE POLLS ARE RIGHT 


Ejection 

Popular 

Polls’ 

Polls’ 

vote 

forecast” 

error 

1999 

% 


% 

/o 

Con 

48A 

483 

OS 


Lab 

44 A 

453 

0J 

1H4 

Con 

42.9 

44.4 

1.7 


Lab 

44A 

46S 

1.7 

19W 

Con 

41.4 

41.1 

03 


Lab 

48.7 

50.4 

1.7 

1770 

Con 

462 

444) 

22 


Lab 

43 2 

48 2 

4.4 

1974 (Vofamqp) 

Con 

38J5 

38.4 

0.4 


Lab 

38 J) 

363 

13 


Lib 

19.8 

22.4 

7j6 

1974 (October) 

Con 

36.7 

34.: 

L6 

Lab 

402 

423. 

23 


Lib 

18.8 

193 

0.7 


* Avon* <* «m *»«■ b l«*. dmw In 1*44 mnd 1*44. fly, in 1*70 mi 4 
«br Is 1*74. 


be a heat-of-the moment result, 
and that tbe underlying trend 
was a Democratic lead of prob¬ 
ably 4 per cent. About 20m. cam¬ 
paign dollars later, the eve-of- 
poll gap was in fact 4 per cent., 
which some American prac¬ 
titioners took to indicate that 
the Carter polling organisation 
was tbe better of the two. 

Perhaps it was. I went to see 
Mr. Patrick Cadell. the man in 
charge of the Carter polling, at 
tbe time, and his grasp of tbe 
issues was as impressive as his 
apparent influence over the can¬ 
didate. What Mr. Cadell’s per¬ 
centages indicated, Mr. Carter 
did. By all accounts he stni does. 
The Cadell memorandum of last 


future policies than any other 
material available from the 
White House. 

British politicians are not 
quite so wedded to the concep¬ 
tion that the people must be 
given precisely what they want 
If they were, Mrs. Thatcher 
could devise a policy that might 
well increase her party's under¬ 
lying lead. She could stick to 
her anti-immigrant phraseology. 
She could announce that a Con¬ 
servative Government would 
treble expenditure cn the 
police, keep people in prison for 
much longer, and re-introduce 
capital punishment With those 
three issues alone she could 
almost certainly make a dent 


in Labour support, since a string 
of polls, stretching back over 
many years, indicates that not 
only would such policies be 
popular — they would attract 
an appreciable number of 
Labour voters away from their 
normal allegiance. I daresay 
that if she threw in a promise to 
cut social services to "scroung¬ 
ers" and reduce the level of 
unemployment pay she might 
even find that further polls sug¬ 
gested that she had tapped new 
sources of support. 

One reason why she could not 
embrace such a policy with the 
wholehearted fervour that a 
British Cadell might prescribe 
is that it would cause intoler¬ 
able strains within tbe Conserva¬ 
tive Partj'. There are many 
philosophical arguments about 
the degree to which political 
parties should respond to public 
opinion, but given the British 
part? system in its present form, 
they are mostly academic. Our 
politicians can and do take 
some notice of their private 
polls, but there are too many 
passionately held convictions in 
our ideologically-based parties 
for them to be able to give 
themselves whaily to the new 
methods. 

It is for this reason that Mrs. 
Thatcher should take care. I 
cannot say — for it has never 
really been tried — that it 
would he impossible for the 
Conservatives to win by Mr. 
Carter’s method, but it seems 
highly unlikely that the party 
could survive the attempt She 
can only play that game half¬ 
heartedly: hence she cannot 
play it welL 

Consider. The graph shows 
the long-tem trend of British 
voting intentions, with yester¬ 
day’s result seen as a distinct 
jump away from it. We all know 
the reasons for this trend: to 


1201 

Itf 


VOTING INTENTION 


GENERAL 

ELECTIONS 


'Conservative! 

/\ jSk . 

/ »** \ i 

* 



1° .. 


Liberal; 


_ Others 



601 


202 


io: 


n ■ 1 I I I-I.i-I M I I I I i I II i I . I I I I I I I I i LLLUuJ II I I I i i I lid I up 

1974 1975 1976 1977 1978 


most people tilings are looking 
better, and when that happens 
the Government in power is 
likely to do welL Until last 
week's argument about the 
blacklisting of recalcitrant com¬ 
panies, the Government was in 
that happy state of rarely 
appearing to put a foot wrong. 
There is a general perception 
•l borne out by yesterday's NOP 
result! that on important 
matters like prices and inflation 
Mr. Callaghan is proving 
remarkably successful. 

It is apparent that this trend 
is more likely than not to con¬ 
tinue. The only question about 
the April Budget is how much 


will be given in the form of 
tax reliefs. That money, plus 
the 10 per cent, and more 
allowed under the existing in¬ 
comes policy, will be in the 

voters’ pockets in mid-summer. 
If there is one consistent finding 
in the polls of the past it is 
that governments do better 
when people feel more at ease 
and when real incomes are 
rising. 

If Mrs. Thatcher is permitted 
by her party to turn completely 
populist she might be able to 
change this trend. But if she 
can only dart in and out with 
anti-immigrant speeches, she 
will probably be regarded as 


“ desperate ** and ruay lose the 
opportunity to build up a pic¬ 
ture of a competent alternative 
government. People will see the 
trend line return and say that 
" she played the immigrant 
card, too soon.” Such adverse 
opinion feeds on itself: ask any 
pollster. 

P.S.—If I had to bet this week, 
the money would be on the 
major parties being “neck and 
neck’’ on polling day, with a 
strong chance that the Scottish 
Nationalists will hold the 
balance of seats in the next 
Parliament. 


Joe Rogaly 


Letters to the Editor 


? v 


m- 




ie pay code 
id pensions 

Mr. G. Barites. 

—The Sun Alliance and 
□ is seemingly being 
u to task for reducing (to 
he contributions required 
its employees to the corn- 
pension scheme, 
le this may flout the spirit 
• paF code, there may be 
companies which, through 
alisation, or simply in 
to bring their own schemes 
□e with average standards 
bout tbe country, are 
jally reducing the rates' of 
*rs’‘ contributions to their 
n schemes. This does not 
arily mean that the mem- 
ill pay lower contribntions 
ear than they do this year, 
e of pay increases, 
re companies may be pro- 
marginally to reduce pen- 
:heme contributions in all 
faith, surely they are not 
any differently from tbe 
iment in its decision to 

- pension contributions to 
ate pension scheme. For 

employees are at present 
; for the state basic pen- 
t contribution of 5£ per 
>f earnings, this rate will, 
ntracted out employees be 
:d to 64 per cent on earn- 
p to £910 and 4 per cent on 
gs above. For an employee 
g £3.600 per annum (about 
tional average! this means 
ais contributions to the 
cbeme, for tbe same benefit 
ire (that-is. the state basic 
n) reduce from £207 to 
S—a reduction of over £40 
. after tax. 

se state considers St right 
its own arrangements to 

- members’ contributions 
» same amount of pension 
April 1078 onwards, is It 
ionable to expect that pri- 
companies may. - within 
.able bounds, make similar, 
al. adjustments to their 
■n arrrangementE? 

rnes.' 
loor. 

irket House, 
upmarket. S.WJ. 

id to reducing 
flation? 

Mr. <V. Mustoe 
—If company A sticks to 
I per cent, guidelines and 
a product to the Ministry 
fence for £10, while com- 
B breaks the guidelines 
ffers its identicai product 
), then the Ministry wQL 
o buy from company A-at 
a what way does.this help 
nee inflation? 

Mustoe. 

'ables, 

on. 

rley, Cheshire* 

.aladroit 

.motions 

t Mr. J. Jones. 

. .—In references to the 
cfc list” and its attendant 
' Ions, we have heard first 
. lealey and now Mr. Hatter*- 
suggesting that it would be 
%g **to use taxpayers’ money 
bsidise companies " deemed 
ie Government not to have 
■; red sufficiently rigidly, to the 
nes policy. It seems to m« 
' this argument is as phoney 
ie Government’s actions in 
ring these sanctions are 
droit. . - • 

vouid suggest that what the 
: rnment’s action amounts to, 
ie use of taxpayers* money 
uhsidifiP with orders some 
lanies that, because they are 
-efficient.and. competitive 
others, would not normally 
.d- receipt of such Govern¬ 
or controlled, orders. If it is 
■rujed, and this may, be a hold 
’ mption, - teat government 


departments, etc, exercise a 
competitive purchasing; policy, 
then to the extent teat, because 
of the black list, they do not 
place an order that would other¬ 
wise he placed with ^ Supplier, 
they most by definition be buy¬ 
ing second best, either in terms 
of price, quality or delivery. 

If certain companies operate 
at a level of efficiency teat en¬ 
ables them to pay somewhat 
more than the norm while at tbe 
same time remaining tee most 
competitive suppliers, then I 
would have thought this was 
entirely wholesome. ; 

The electorate has probably 
resigned itself to the fact that 
politicians will forever meddle 
with the market mechanism, but 
when taxpayers’ funds are being 
so directly ’ and deliberately 
applied in subsidising the less 
efficient and penalising the more 
efficient, then this aspect of the 
matter, surely needs to be 
vigorously Exposed. 

J. H- Jones- 
Invemess House, 

103, BaQiam Park Hoad, S.WJ2. 


A liberal 
world 


From the Director of Studies, 
Centre for Policy Studies 

Sir. — I am presented by 
Malcolm Rutherford (February 
10*) as the aatitees’s tp those 
Tories whom he describes as 
liberal. This misuse of the word 
liberal denotes dangerous confu¬ 
sion of thought .as well as being 
offensive to me (which I am 
sure, be dad_not intend) since my 
reasons for involvement in poli¬ 
tics are to defend and extend ow? 
liberties. 

Rescue of tee world liberal 
from blatant abase is vital to 
tee defence of our tiberal 
institutions. Ascription of libera¬ 
lism to policies of which -one 
approves, irrespective of te«r 
relation to the liberties of the 
subject, is one American import 
we could well do without. • In 
America, tee vogue has gone So 
far as to-produce a meaning 
opposite to tee original one: • 
“liberal" has come to mean 
sympathiser with communist 
dictatorship abroad and increas¬ 
ingly restrictive state power at 
home. 

Here, it has come to be applied 
with distressing regularity to tee 
wholly illiberal practice of im¬ 
posing mass teird-world immi¬ 
gration on the people of this 
nation against their known 
wishes, of limiting freedom of 
expression and discouraging 
debate on. this issue among 
others, of diminishing choice end 
opportunity in education, not 
least for tee sons and daughters 
of the poor, of denying citizens 
their natural right not to join 
communist and sociahst-con- 
trotled trade unions, with ail 
that submission to trade-union 
hegemony now entails. The. 
accolade fiber®! is also awarded 
to Tories who accept many socia¬ 
list premises not out of Intellec¬ 
tual conviction or from behef 
ra the possibility of structured 
synthesis but-simply because a 
central point appears politically 
advantageous, thereby confusing 
liberalism, with eclecticism. 

It seems to me teat the poeti¬ 
cal debate would be more fruit¬ 
ful were terms like liberal and 
Right-wing defined more rigor¬ 
ously, when it would become 
apparent that they are not at 
all antithetic- We should then be 
able to discuss issues on their 
merits, and adduce truly liberal 
policies, instead of brandishing 
tee words as slogans and imply¬ 
ing that those of us with whose 
views the Financial Times 
Political Editor disagrees, how¬ 


ever cursory his examination, are 
necessarily illiberal par excel 
lence. 

As foe tee rest of has rather 
fanciful article, Mr. Rutherford 
says at one point, “there Is a 
great deal of talk about..True, 
but he could have tried to sift 
it more potieotiy. 

Alfred Shecman. 

8. Wilfred Street S.W.I. 

Tory pay 
policy 

From Mr. N. Lawson. MP. 

Sir,-—In bis article of February 
10 Mr. Malcolm Rutherford huffs 
and puffs about a “ muddle ” he 
claims to detect in the Conserva¬ 
tive Party’s approach to what he 
insists on calling incomes policy, 
by which he means pay deter¬ 
mination. 

“Sir Keith and Sir Geoffrey" 
he writes, “ still insist that Con¬ 
servative incomes policy (sic) 
remains outlined in The Bight 
Approach to the Economy, in 
spite of Mrs. Thatcher." The fact 
of tee matter is that there is 
no . contradiction whatever 
between the section on pay deter¬ 
mination in The Sight Approach 
to tiie Economy (since Mr. 
Rutherford has evidently not 
read the document, let me refer 
him specifically to pages 14 to 
16) and the brief section on tee 
same subject in Mrs. Thatcher’s 
speech at Glasgow on January 9. 
The “muddle” is entirely in 
Mr. Rutherford's own mind. 

Nigel Lawson. 

House of Commons, S.W.1. 

Maggie and the 
Gang of Four 

From Mr. N. Tebbit, MP. 

Sir,—I doubt if many readers 
of the Financial Times are sub¬ 
scribers to “Labour Weekly.” It 
-may, therefore, be worth point¬ 
ing out that in Labour Weekly 
of February 10, there appeared a 
story headed “Maggie and the 
Gang of Four” which, save for 
-the omission of the name of my 
colleague Nigel Lawson, MP, 
bears a remarkable resemblance 
to that over Mr. Malcolm Ruther¬ 
ford’s name in tee Financial 
Times of the same date. 

Since Labour Weekly was on 
sale on February 9. one is 
entitled to wonder if tbe Finan¬ 
cial Times is reduced to giving 
prominence to plagiarised Labour 
Weekly articles, or if Mr. Ruther¬ 
ford is being fed his material by 
the same hand that feeds Labour 
Weekly. 

Norman Tebbit, 

Mouse of Commons. S.W.I. 


process T hav? outlined is 
evident in big urban district 
councils. What is so bad about 
it is that the total expenditure 
outjayed incurs rate support 
from central resources. This, of 
course, represents a nice bonus 
to districts to cover bad budget¬ 
ing. * 

Once the decision to impose 
cash limits was taken, it was 
bound to raise expenditure 
apportionment problems. If 
these are to be solved justly, 
they must be determined by 
population formulas, and county 
councils arc best qualified to 
make equitable allocations within, 
the individual cash limits. 

If HMG stands firm on this 
Issue, not only will there be 
massive saving on works services 
and wastage but considerable 
pr uning of administrative staff 
must follow. Then we may be 
able to afford soine of the really 
important things, which help 
wealth creation. 

John Goultfcourn. 

6. Queen Mary Avenue, 

Sf. Annex. 

Lytham St. Annex. 

.Immigration 
and freedom 

From Mr. AI. Brady, C. Tame 
and Judy Englander. 

Sir.—Apparently Mr. Smedley 
(February 7) sees no contradic¬ 
tion between stopping immigra¬ 
tion and individual freedom. 
Immigration controls amount to 
“ forced separation ” of the resi¬ 
dents of these islands and those 
of the outside world. Volun¬ 
tary exchanges between sea cap¬ 
tains and prospective passengers, 
landlords and prospective ten¬ 
ants. employers and prospective 
workers, and husbands and pros¬ 
pective wives are thus prohibited 
by the State. It is clear that 
the Chelsea Group of Young 
Conservatives will have to recon¬ 
sider the issue and decide 
whether they' are prepared to 
accept the full implications of 
the libertarian principle they pur¬ 
port to embrace. 

Mark Brady, 

Chris R. Tame, 

Judy Englander. 

(Members of the Executive), 

The Radical Libertarian Alliance, 
3, Elmdene Court, 

Constitution Hill, Woking, 
Surrey. 


Spending in 
the shires 

From Councillor J. Gouldboum. 

Sir,—There have been reports 
about a .group of large district 
councils who are seeking addi¬ 
tional powers in planning, high¬ 
ways, sewerage and social ser¬ 
vices. Al) administratively and 
labour intensive areas of local 
government expenditure. 

.Certainly there are duplica¬ 
tions of effort and resources in 
shire county Jocal government 
administration, but most of these 
are due -to the operations of the 
so-called “third group" of large 
urban district councils, whose un¬ 
controlled activities have proved 
(hat bigness .is rottenness. 

One of the worst duplications 
involves duplicated charging. 
When a private contractor does 
had work for a county, council, 
it is rectified at the contractor’s 
expense. When- a big district, 
acting under agency or contract 
to a county council, executes 
faulty work, that district rectifies 
the fault but charges again for 
putting right-its bad work. Tbe 


The customer 
rules 

From the chairman. 

The Marketing Society. 

Sir.—The most perceptive 
aspect of the planned regenera¬ 
tion of Leyland is the switch 
from the manufacturing based 
philosophy of Ryder to the 
marketing approach of its new 
management Improved pro¬ 
ducts. competitive prices and the 
single-minded rebuilding of 
brand reputations will do far 
more to stop potential customers 
walking past Leyland show 
rooms than basing growth upon 
higher production targets under 
a new corporate umbrella. 

An improved market share will 
safeguard jobs and benefit Ley- 
land employees in the long term 
far more than the protective 
activities of even the most 
powerful of trade unions. And 
reception of the new emphasis 
hy their representatives suggests 
that the correlation between 
market share and employment 
prospects has gained acceptance. 
Meanwhile, the CBL under Sir 
John Methven, is reconstituting 
its marketing committee. 

Both sides of industry should 
benefit from the recognition that 
The Customer Rules—OK ? 
Derail Hughes, 

The Marketing Society. 

Spa House, 11-17, Worpte Road, 
S.W.19. 




GENERAL 

Balance of payments figures for 
January. 

Index of industrial production 
(December, provisional). 

Major British companies meet 
at CBI headquarters to consider a 
concerted reaction against Govern¬ 
ment blacklist?. 

National meeting of Shell shop 
stewards on enmpany’s revised 
pay offer to i is tanker drivers. 

EEC Council of Ministers ends 
two-day meeting in Copenhagen 
on European political co-opera¬ 
tion. 

EEC Agriculture Ministers end 
two-day meeting. Brussels. 

European Parliament in session, 
Strasbourg - . 

Mr. Albert Booth, Employment 
Secretary, is guest speaker at 


To-day’s Events 


London Chamber of Commerce 
lunch. Savoy Hotel. W.CJZ. 

Mr. Alan Williams, .Minister of 
State. Industry, speaks on UJL 
investment climate end its indus¬ 
trial strategy at Anglo-French 
seminar in Paris. 

Greater London Council budge? 
meeting, at which formal decsion 
is expected to peg its rate demand 
at 17p in the £ for third consecu¬ 
tive year. 

Report of Advisory Council on 
Energy Conservation’s Working 
Group on Buildings. 

National Office Reprographic 
Exhibition opens. Wembley Con¬ 
ference Centre. 


Licensed Hotel Catering Exhibi¬ 
tion opens, Melropole Centre, 
Brighton (until February 16). 
PARLIAMENTARY BUSINESS 
Honse of Commons: Scotland 
Bill, remaining stages. 

House of Lords: Domestic Pro¬ 
ceedings and Magistrates Courts 
Bill, commit Lee. Motion to approve 
Beef Premiums I Protection of 
Payments) Order 1978. Participa¬ 
tion of Agreements Bill, com¬ 
mittee. Debate on Rhodesia. 

Select Committee: Nationalised 
Industries isuh-committee A). 
Subject: National Bus Company 
report and accounts. Witnesses: 


National Bus Company (4 pan.. 
Room 8). 

COMPANY RESULTS 
Haggas (John) ibaif-yearl. MFI 
Furniture Centres <half-yeari. 
COMPANY MEETINGS 

Bank Leumi (UJO. 4-7. Wood- 
Stock Street. W„ 2.30. Carrol] 
(P. J.'). Dundalk, 11. Hardys and 
Hansons. Nottingham. 12. NSS 
Newsagents, Woking, Surrey, 2.30. 
MUSIC 

BBC Concert Orchestra, con¬ 
ductor Ashley Lawrence, soloists 
William Bennett (flute) and Osiarn 
Ellis (harp l. in programme of 
Schubert (Overture: Rosamundei; 
Mozart (Concerto in C for flute 
and harp’: **<1 Dvorak (Sym¬ 
phony No. 4 in D minor), at Guild¬ 
hall. E.C.2. 12 A 3 to 2.15 pm. 
Admission free. 






. • •* /(.'J.',: 

:V\.V ; 


. NX./4‘V 
. • v ' *. 


Fewer seats and more 
room than any other 
DC-10. And there T s 
always someone there 
when you need her. 



XO/- 







, fry-:. 






.'S 

Because the MAS DC-10-30 
has only 252 seats (against the 
average 270} you'll find there's 
more room. And we have more 
cabin crew than many of the . 
others. So there's always some¬ 
one to give you prompt attention 
and care. 

Other beautiful features, 
uniquely MAS. include the three 
exclusive ‘executive suites’. 

Each has two rows of seats 
which face each other across 
an elegant table, forming a venue 
for business, or even a family 
lounge. In economy class there’s 
overhead lockers for the centre 
seats — something you don’t 
find on all DC-10s. 

Add to all this—MAS Golden 
Service, it’s a special kind of 
-warmth, a graciousness that's 
part of Malaysian hospitality. 

It’s superb food and a wide 
selection of drinks. And it's a 
MAS exclusive. 


Fly untilATkich of Gold 

mas 

malaysian airline system 


25-27. St. George St, 
Hanover Square, 
London Wl. 

Tel: 01-629-5891 1A, 























itHVi 


COM PA NY N KWS+COMMENJt 


Current 


Ritfiopsgate Plat. 2 nd tot.'i 2 r * 

Glass & Metal . 3.03 

JmpaJa Platinum 2nd ini.S 20p 

Nottingham Manuf.£ 3 . 75 m.ahead to £ 15 m. §!§£§==; i 

Plastic Constructions .. 2 .m 

CLUDLNG A £U7m. profit on ' ■ fifth in the previous year. Hon- Press Tools .inL «-S8 

e disposal of investments the 11(0 If I IPUTC ever ; in these gonjah western | 

e-tax SU mil IS of Kntilneham Hfhlll IIiHIa markets will be difficult to achieve Scottish Western .im. O.i 


Date 

Corre- 

Total 

Total 

of -spondtog 

for 

last 

pa 5 -men t 

div. 

year 

year 

April 5 

1 

— 

7.1 

April 4 

2.75 

3.03 

2.75 


10 

— 

70 

_ 

1.33* 

2^2 

' 2 . 1 * 

_ 

0.75 

— 

US 

April 10 

7.43 

15.56 

14.05 

July 3 

2.08 

324 

2.9 

• — 

2.47 

4.1a 

3.72 




on 

Glass & Metal 


IvhicJiiF 


fifth in Oie previous year. Ho'v- Press Tools . 

ever, continuing growth in these Scottish Western 
markets wili be difiScuk to achieve Scottish western 
if sterling gets much stronger, a Western Canada 


INCLUDING A £U7m. profit on ■ firth in the previous year. How 

the disposal of investments the (Ifnifl I fill TP ever, continuing growth in these 

pre-tax surplus of Nottingham HmHLmlllo markets will be difficult to achieve 

Manufacturing Co. climbed from ■ if sterling gets much stronger, a 

£IlJ37m. to a record 115,02m. in Nottingham Manufacturing’s eral Electric. On the results factor which will also eliminate 
the ye-.ir to Decemher 31, 1977. f i. vear figures, showing front buoyant figures from , _ a ' s . t > ea £.? c ^^ cy Ra, w S ,. ‘il- 
Turnover in the year rose*"" >ear , 1 " Ladles Pride pushed the shares Tii e gross wages bill is 

£24.15m. to £l28J29m.. and the profits up from £I1.3m. t0 un to a new 1977 78 hi „h while ab0 , u L lo P er . c * n L tosher—this 
result is after a £1 SRm (ftAim 1 n=n, In fine with market Up 10 d new 18/1 18 n, » a ' , nlle includes pay rises of about nine 

cSitTfbuUon from inleiSTnc £1 ’ , T" Glass and Metal’s results show per cent. with the balance being 

incomeand payment of loa^^tock expectations. JOd reaffirm the a steady upward trend. Man- accounted for by a -return to a 
interest of £6!W.O00 (£71 7,000}. At group’s steady progress. Lex Chester Ship’s results were far P>ece-njie wage structure "h'cn. 
ha ' f :" 3 - v , P rofit ' va 5 £4.54m. also takes a look at the im plica- from exciting with profits down "| c a l0 cent savfneTn ink 
1 aftJU't-* «r M-irr, lions of Glynwed’s South by nearly half after substantial costs through higher productiviiy. 

net ornfir for rhe £tfl*5m African subsidiary merging dredging costs, strikes and Meanwhile liquid funds are budd- 

?£<Ki Earm^fper shfJe are with part of South African Gen- lower volume. ing up ifO.lhsm. at November U'J 6 > 

■ L ono. , 1 ! . F and the company is searching for 

shown at -0._4p (lo.-lop) basic. ■! iaenuisirions. The shan>r are nn 


April 7 
April 3 
Aug. 29 
Mar. 20 


ing up (ID.&Sm. at November 1976) 
and the company is searching for 


Poor start for Homfray’s 
Australian operations 


1 uie year io uciuucr ^ ■. : 

22 record £L05m. against £314^05. h * s stated 

IS Sales improved by £0.79m. to the introduction at jl iiew. gj«s 
Sted £ 553 m; • toughening process -1 working^ 

eased' In July the directors said that only S • «n°°tos last:, yeary^at 
jk /77 the' new tempering line -installed'- Splmtest which has lifted • • 

l(£ at Sphntex ^ operaflonal and Profits from- £20,000- toJaroiSS. 
reflected in increased -profits, £85,000.. A first ume-centribiit&S 
«Windows tBSF) was: showing of about SM.OOO f r ®°“,APP' 

improved results turd the glass Glass will have . helped while BSB 
■ ■ ■ division was trading satisfactorily Window, making^., spec*.;-' 

S despite a downturn in demand, aluminium window framey hak r #' 
Overall maintained progress -was creased its qwtinputumjgr aroukri. 
forecast. 13 P« r P»t. The jglass div&ggj 

Stated earnings per 10p share has vir ttiaBy -no exposure ' 

for the year were up at i^p'^constoucttun;, industry-. and.', -fia •. 
<10p) and the net dividend is has clearly assisted the groupi«. 


and fully diluted at lS.19p against 
13.9S»p. 

The dividend tola I is lifted from 
2.9043p m G.243875p with 3 final 
of 2.33JS75p net per 2op share. 

The croup manufactures knitted 
outerwear, hosiery, etc., and 
tufted carpets. 


acquisitions. The sharer are on The current year has begun count Stores, Stanhope Lloyd, raised to a max i mum, permitted maintain a. so^d- P.fofit 

a p e of 4.8 v. hile the yield of badly for Homfray & Go's. Frescomeats. P. and M- Products 3 .Q 25 p i2.75pj. which- shows 2/ per cent, coar 


Tumnvi'rf .l?S.2j; 

Teailiu: prodl . li.sr. 

D*:3rei. , (,mon . 3.412 

Inr. incom?. 1 

Prohi on ssi? of inv. . .. i.~n 

Inivrust . £?> 

Profit before tax . 15.011 

Tax . ».3U 

Nc-I orofit . m.oOi 

Dividends . 1.B51 

Surplas* . .v 

L-avinK . S.SI; 

'Im-lndes ntSfim. *5i;.46ni > o 1 
mnipany saiek. 

•On cjnceUluon vl loan capital. 


m Tk JtT 1 a. second hall, wmie pans oi me 

^1 W/l QnPnPWPr port were closed for even longer 
al J.»JLull V'lIV'jjlWl by another dispute involving 
. locksmen. The .volume of toll 

^ paying traffic using the port fell 

1d b >’ 77 lwr cent, last year as oil 

1B _ tonnages fell away sharply and 

rwi mS ■■ trading conditions remain flat, 

im. 141 OllItTinC! with the world still in a sub- 

ii.sr: 13.U7 stantial oil surplus. But a yield 

f-Jg * of 11.8 per cenl. at 20Sp, with a 

J ^ 

4.314 a.234 improved from £21.48m. 
in.30i s.ftin £a3A4m. taxable earnings slu 


second half, while parts of the 7.3 per cent, is covered around Australian operations with an ( Construction), Lombard Wharf In accordance WitJj thfraccount- imtmd pretax profit growth ora 

port were closed Tor even longer three times. 11-week power strike in Victoria Motor Salvage and Poster City. ing treatment proposed in. ED19 the past Jive years. -However 

lj y another dispute involving, affecting »les for the firs: two Quorum Plumbing, Barry A. jhe deferred tax yamvisioii at Glass, and . Metal s engmeetfl^. ‘ 

locksmen. The volume of toll --- •_ months of the year. Titterell and Son, S. C. Walker, October 31, 1976, has been.largely interesp have bwn; legs succesg 

paving traffic using the port fell 1 [ ncil V*rrr^ Australian operations were the Salisbury House Haute Coiffeur, written back reducing tax for ini and made little or no .cordri 

by 7 7 per cent last vear as oil li^ Ul mainstay of profits in the year Masshouse Warehouse. Landmark 1976/77 by £77,314, --" i-. . button last year—thegroup is htiv. 

in^n^iw fpfi Nivav chnmlv and £ O to October 1. 1977. contributing Secm-ities. Shelton Hurst Shroping • WW-77 seriously considermg:.ifie-fntdh - 


locksmen. The .volume of toll 
paying traffic using the port fell 
by 7.7 per cent, last year as oil 
tonnages fell away sharply and 
trading conditions remain flat, 
with the world still in a sub¬ 
stantial oil surplus. But a yield 
oF 11.8 per cenl. at 20Sp, with a 


trading prospects. The p 'e is 8.1 


by Press 
Tools 


Mr. D. E. Giilara, chairman, says and Heating Contractors, Cooper Ar&ftwaWa - 

B (JOIN In his statement with accounts Clayton Developments and N-TJ4. “Mdemi .....—yesterday’s results-. dddArift 

V that UJ\. sales of Homfray have North Thames Newspapers. _ 1 ... earnings per share up42 per c&l 

THE SILARPLY imnroved nrofit b . e su n th « year shghtly ahead of Morgan Heating Services (North ■ Comment - treflecting the tower tax rate)® 

trend achieved hv pSess TooN in Ue Previous year, but says it West). Morgan Heating Services virtually all Glass and Metal p/e is 415. ' The ytoTd is 72 

the second half ‘ of 1P78-77 has ! v0uW be Premature to make any (South West). Kostyas, MjH- Cost Holdings' £L05m. pre-tax profit cent. . 

SSSLUrsfJSS,,**? *“ *“ ^ b, «fi5S ?£ SffRJZTSSr CTmx * ■ ■ ■■■■ 

months of the current >ear. anticipated tax cuts in the next py Capper fLondon), Votecan . J^t-m ■ - , ’ • ^ v, 

Mr. M. B. Barber, chairman, says Budget. Motor and Trailer Services. Denty- . H H1 I^TTI T1 ClITP HT OTftWfh: 

that the group has the orders and Expansion of operations in p^ss Firstciiff. MaHawn Dene,. VylMLLI.Uliiil iJULav VTlljU, 

the facilities to produce record Australia is continuing. Homfray and ChHtern Sawmills. *’ « -Tfc-I ‘ ■ w. • -•••' •. s .' V : Oii ■ 

figures for 1977-78. has recently purchased a small \n order for the compulsory f/vw f-C111Tl'/lf ■fUTl AfTIfl *TF £\-\' 

In the six months ended d « in ?> lant a ™? in wading up of Harpemten Hold- 1X>1 lUlttCll" ,r X t/l UiVgtd/.CO' 

Qclober 31. 19n group profits uptwiltin? aSd h»t set iS^E JSuSted 

h ! "“rtS * ia t 0 “ C 0 ™P are,d vtu be installed. SSfnt the BetWoii was di£ products persisting m the-current comftxtably exeeefed, 

with £104.000 in the immediately its German subsidiary Homfray ~ -year and every mgu: of - more : improvement nt ^ 

preceding six months and with a carpets 1 Deutschland 1 is now mtSi>ea - etabfe conditions ah-the paint steciang, ^t*-.re«suKedT.5o::4^ . 


’mot tHms ‘ ' The shares rose;^ to.;© 


See Lex 


Record for 


Construct. 


tors said that the decline, above 
alt reflected the greatly increased 
cost of dredging the company's 
approach channel in the River 
Mersey where viliing. which ».» 
cyclical, has occurred at a sub¬ 
stantial rate. It was necessary to 
dredge one part continuously, 
they said. 

Tax for rhe year was lower at 
£1.05m. (£1.93m.) and net profit 
emerged ar £1.07in. i£ 2 . 1 m.i. 


depr*fsed_£72.000 for the first half registering substantial sales after 


Stated earnings per £1 share came PRE-TAX profit of Ladies Pride 0 f 1976 - 77 . Compared with the jrs^hi-to ^ettin* un costs* 

. . . L i_ , ... n . Iliitaruii'ir ovn’.nr pH Ti-nm e__ __.v., __ _ i_ 1 1 3l - 


out more than halved at 24.fip UutenM?ar expa nded, m from first six months turnover has In "1977 Homfray increaed its 


(52.2p> and the net total dividend ^ S ® S - 0 S“*° a , rec ° rd J!£ m * 00 jumped from £U.77m. to fl.OCm. UK market share and the carpet 


AFTER INCREASING from w 

£165.493 m £214511 at halfway. “i"** 4p ' 

pre-tax proth of Plastic Construe- uf-iT.*", c fn 
tions has ended the September 30. " CPe hl =- her al u0 
19n. year ahead from £404,828 to 
a peak £503.149. A one-for-one OD^ratiiw revenue 
scrip issue is also announced. Operaiin* profii 

Turnover in the period rose * l nv «*- income 
£1.5Pm. lo £ 8 .fl»m. and after tax ™g* " 

of £273.4.18 1 £214.838» net profit SteSTS. r «™ .. ! 

comes out at £229,713 compared Pm-ax profit . 

with £190.190. Tax . 


IS stepped Up to 15.364p (l4iH9p) sales £I.16m ahead at £5.fr»m. for 


the year to November 30. 1977. Ai 


The interim dividend is in- operations were reconstructed 
creased from 0.575p to O.Bfip net with ail manufacturing and selling 


...... - ....... ... L,, r Hm , .U-. ... 3 . creasea irom u.oiop to u.onp net »im an nidnuus-ufii^ ana semn« 

At year end general reserves ^^ 7 J -l0 -Hie total Tor 197H.77 was IJWlPp operations now in one subsidiary, 

were higher at £ll).22m. (£9.9am.i up at £4H-.ia. a f am.-t W4-.-.0. _ ... ... The croup ha? also just brought 


1.172 l.lin 
si IM 


TOO 7S7 
Z122 4.031 


Earnings per share are given at . 

9.7»p (8.09PI and the final dni- fSSSls dividends 
dend is Up from 2.468p to 2.np. Ortilnary dividends .. 


taking the total to 4.15p per lOp Retained ... 


share against 3.71Sp last time. 

Directors say that turnover for 
the first quarter of the current 


* For redempuon of lean capiraL 


the first quarter of the current • Comment 
year is ahead of last year's level, _ c .. r __., v .... 

and ihp nrder hnnk i« 11 a hpaiihv Manchester Ship Lanai s pie-tax 
fpJii healthy profits sJumped bv 47 per cent . 


ip?? ing the directors were confident or The group's 
riMh) roiio the group continuing ii> progress, specialist too 

'7*!r 'Jisr Now the directors .*ay they have malic and cap 
M 72 uui an excellent order book for the 
$1 im spring garments and all factories ^ 

— 3 *3 a re fully employe d meeting this X/lAri 

iSS fl.oyi demand. oCUU 

1034 1 ru Earnings per -Op .share are 

l.ofifi ~ioo shown at 10.55p iS.21pi and the M'JT j 

39 m net total dividend is raised to W PCI 

J* 2.32p (2.1p equivalent! with a final ” T WOI 

*rs 1375 L56p. A further one-for-five 

piraJu J< scrip issue h> proposed. n f 1' \ 

Tax took £5.10.000 (£427.000) XX 

• leaving net profit at £490,000 

I £7181.0001. FOR 1977 Scot! 


Scottish 
Western 
at £1.9m. 


Its German subsidiary Homfray "SpS - year and every sign ; o£ more improvemeirt jn _. 

Carpets 1 Deutschland) is now mLS stable conditions in - toe paint stewing, nWch- v re«iim'6d;.^ . 

registering substantial sales after & • 1 t 1 / industry, Mr. N. G. Bassett Smith, TOonths. in. amore;co&MJeti’fiv 

its hi-Th setting up costs. AriPI I Dfilial chairman, is sure 4bat ^profite of .aftuatiqn in otrerseas markets^ . . 

In 1977 Homfray increaed its xuuuau ■ Bluadell-Perinosiaae Holdings will. The bufidiiiK <toemkais-.divL^ 

U.K. marker share and the carpet l^/vlrlc '2m ‘ ” •' increase in 19/«7^v.. . • .■ '.has still iw>i/reachedprcSifidHOT 

operations were reconstructed liUlU^ XU.J?ill* He says in ins statoneat; with despue rts new produrtTpnge.T'h 

with ail manufacturing and selling , . m-_ - accounts «that the year begkiniiDS dlvUion ttas.-. yef to..’^diievC^ 

Operations now in one sub«idiarv‘. of h 3 ITU Til £ ' with inflation at a tower level and *ufficient rtrtrJtetpenetrrtiOTrSiL 

The-roun ha? also just brought . “_ _ J. tor "rale of increase an raw the -conumung levfij.' ,t 

into use the first polvurethane Maintained xxKMemwa. at tnateriftl prices stowing dawn are activity in the.construction,ind» 
cushion bucking plant in'the U K.. ^5,900. agaunst: £322.o00^on sales important factors. * try continues to make Bluntkf jf*lj {’ 

after nine months of development ahead from or In ^ eoci&i October 31,■ te^k Affict^L^he ^ays. _ l 

work with riov Chemical Co. of reported by Ariel IndMWet for pre .tax (profit of the.group- ' The gwmp‘s. future p6%-% ... - 
the L'S vr Gillam believes this the^sut months to September 30, TOse trom a restated £0^8m.; to merchantmgjin Scotiaad-fetohiW 
ne«* ww of carnet baclttn" wili ^ t £lJUim., and Mr, Baasett Smith review fWlovrir^ significam W 1 . - 


developmc 


It — r*-- ’ post rrmu a resutim IU urci vuftmaij;. til• owuittm- O 

Li. fljara.. -and Mr. Baseett Smith revi@w foJlowingr sipbificantiosw" - 

The directors say that although the strong recovery in being incurred in. the ywir•■x;'*- 


In the i-ear therewas an overall demand f or products continues to ta the second half brought Capital spending frw 


si. 14 -m. decrease in wonong total dKdilenfla A , “ • “rSuTT 1 jT" 

capital compared with a £ 1.36m. be ff ft operataag combtaons, yOaidbrbe is shw .autoorwed.-ana:: 

increase nreviouslv. Net current n __1 we. 1^+ COnw 4 nced wdi continue. . spending for the current 7 &t.j 


increase previously Net current 2 .l34p, compared with L8S5p last C °K^ 1 If C ^r&ve told ZL37W}- 


FOR 1977 Scottish lVestern In»c<t- xr-'etin- Hufif.v \i a -eh r at to the paint industry. TDe. manu- tunas . .. 

ment Company enhanced taxab>e noon ' ^fito ttaToiSSura to too Sacturiffcompahy to the Republic increase) 

revenue by £fc2«m. to a record of Ireland returned a satisfactory - At J* 


£7.05m. 


inninHitiw ari prtrtiHmwi' nman^ sp*te of demand remainir^ static J&StiiL, and--a decrease/in- 
including an additional UB9p for industry. The. manti- funds . of . £3U,000. .-'4S 


level. 

Improved manu/actur/ng faciii- 


S' substantia I “d red Ji ng U CMts? In d us^ Thanks to more buoyant exports. 'ZrThnh^Z Windin^-im 

1 trial disputes and very flat trading full year profits of Ladies Pride *H*-*iG^ Up 


9 comment 


£l.94m. Net a sets per 25p Ordinary 


South African economy trading 


re). - - ",?.ntr 

January . 25. 1978/ '.ijCrpp * 


Turnover . . . . S lIRT.rAS S.499^1 

Profit before tar ... 503.149 W.8 

Tax . 271.C5 2M.fi 

orofii . 229.715 150.7 

Minority credits . . 2,2“ I d 

Dividends . . fi2.o 

Leaving . t*W.79t» 12flj 

t ATf'r waivers of £3 SID .£25.77S». 


A? SS B ».»ZieiniiS iSS ZZ T«^orders ^ST 

I 1 - £2.Sm. off profits and work is still ihc company's fashion outerwear share are stated at 2.42p tlflupi “P companies were emerged at £170,000 l£182,400). 'c%Li .- 

E 4 S 7 .rAs M 992 MQ being done on the channel— remains static, the weak pound basic, or 2.15p (l.#9p> fully P?. d - e Mr. Justice blade in the The company, which manutac- ^ TOiume ' va ^ ue ao ^ March S at gq qn. .1 - 

503.149 404.B2B although the group hopes that gave an edge to overseas prices diluted. Luurt jesterday. tures industrial fasteners, light . - •• • ...t 

2 M. 0 K costs will he nowhere near as and volume expanded by an im- The net total dividend is raised They '/ere: Lcllocast |V. oking), engineering products, has «***• 

_ , 9.»!.2 ise.190 heavy in the current year. Mean- pressive 36 per cent. In cash to 2£p (l.95p) with a finai of Lion and Unicorn. Top Grade Dis- dose status. •*' j ' - 

r>Wi while industrial disputes com- terms exports jumped around 54 1.6p and for the current year the I ■ ■■■> 

iw.ito 128J34 pletely closed the Port of Man- per cent, to almost a quarter of directors propose an increased _ -mm - I UUlflf I . W - 


Chester for two weeks in the group sales, compared with a interim of 0.7p (0.6pi. 




Investors Capital expects 
earnings and dividend rise 


TN THE CLTIRENT year Mr. C. F. an equal interest in the new uniL 
Leigh. I’hairman of In vest ora to he known as Anglo-French 
Capital Trn?t foresees a further Finance Company. It will offer 
rise in earning? giving scope for credit facilities to British buyers 
a hicher dividend for holders. of Peugeot and Citroen vehicles, 
In the year ended November 30, and assist Peugeot-Citroen con- 
1977 earnings ro-e by 48 per cent, cessionaires in financing their 
and ihe Ordinary dividend was stocks, 
stepped up by 37.5 per cent, from 


Interim Statements 
HalfYear BkHMi September 3977 


1.2 p to I.flop. Big dividend 
increases from both U.K. and 
overseas inveslments, the higher 
starling value of foreign currency 
income and lower interest costs 
associated with the dollar loans 
have all contributed to the 
increase. 


Charter Trust 
sees further 


The unaucfitediesuiisEnrthe half year to 30tfiSepoentoer last are shown - 
befow,togetherwthcomparative 5 • 

TheresuHsindixfefcxtoeWtinwthoBeoftheUftraBectraiks' i iyr.L 
Division oonsofidatad with efect f rom IstAP*^ 1977, the half year tomoiur. 
being £9/176,000 with trading profit of £719,00G.TJttscompares with - 

intBren restihs of Utoa Bectronic HokSngsLimited in the previous yeff oC.^ 

£6,131 £)00tunrxivBrairi£5TOXX)trac^pt^ Interest paymenkfortha ^% . 
hatfyBBrindiide€143 i 000anthecatoelBmentoftHaUltraaoqinsilipn.. ,’ :.i t.v -... 


mcrease 

Preliminary estimates of m- 


- BaforeinchxSnglNU^resutetrac^ixofite'Hnpm^bvI^oi^ . 

the frsthaffoffastywttsspiasson^ratktoiibnflfpr^In iheJS^vhct-' . 

Div»on dueto an fndustrirf (fiSputasTnce settled. A cpftlinuiog strpng 

^uto postionh^pad torninriBse interest costs. ~~ : - 


CONSOUDATED AND CONDENSED COMPARATIVE STATEMENT OF CONDITION 
IN MILLIONS OF U.S. DOLLARS 


Assets 

81.12.73 

31.12.74. 

31.12.75 

31.12.76 

31.12.77 

Cash and due from banks 

682.9 

1.021.0 

1,142.0 

1,344.7 

1,098.1 

Loans 

14,870.3 

20,856.9 

26,166.8 

31,932.4 

39,023.9 

Securities 

285.2 

338.7 

429.7 

506.9 

729.8 

Bank premises and equipment 

.292.1 

356.6 

373.4 

370.3 

900.7 

Other assets 

499.5 

663.2 

1,094.4 

4,772.4 

4,983.9 

TOTAL ASSETS 

16,630.0 

23,236.4 

29,206.3 

33,926.7 

46,736.4 

Liabilities 






Deposits 

10,872.7 

15,007.8 

17,537.7 

23,226.3 

26,565.1 

Demand 

6,485.7 

8,183.2 

9,129.6 

9,839.7 

11,019.8 

Time 

4,387.0 

6,824.6 

8,408.1 

13,386.6 

15,545.3 

Funds borrowed 

781.9 

1,147.8 

1,367.4 

1,504.0 

1,760.7 

Funds for refinancing 

2,524.7 

3,301.6 

5,882.5 

8,014.0 

11,341.5 

Other liabilities 

1,296.8 

2,070.2 

1,961.2 

3,493.8 

3,521.6 

Capital and reserves 

1,153.9 

1,709.0 

2.457.5 

2,688.6 

3,547.5 

TOTAL LIABILITIES 

16,630.0 

23,236.4 

29,206.3 

38,926.7 

46,736:4 


In 1977/78 Lhe Trurt expects to come for the current year In- 
benefit from further dividend dicate a further increase in 
rise 1 ? and lower interest costs on revenue for Charter Trust and 
the dollar borrowings.' Agency Mr. H. C. Baring, chair- 

Assets attributable to Ordinary man, says in bis statement with 
holders in 197G-'77 rose by 15 per accounts. 

cenl. and have more than doubled In the year to November 30. 
since November, 1974. This g3in 1977. revenue before tax rose from 
over the three years exceeds the £1.19ra. to £1.41m., and Mr. Baring 
rise in the cost of living over the says there was an overall dis- 
same period so the real value of investment in U.K. equities .of 
the assets has been maintained. £717,000 with the proceeds of 

Looking at the portfolio the these sales and part of cash 

chairman says that some sales balances being used to .increase 
were made in -Japan in early holdings of Government securities 
1977 and in the U.K. profits were by £809.000. 
taken in certain sectors where There was a £285.000 reduction 
a heavy emphasis bad been placed of investments in the U.S. with 
and v. here in certain cases the smaller reductions to E uro pe and 
market rating was fully discount- Canada. Japanese investment in- 
ing medium-term growth pros- creased, by £ 182 , 000 . 
ports. At year end. the U.K. accounted 

Soon after ihe year-end the for 69.4 per cent, of invested 

investment in Japan was further funds 157 per cent! and the JJ.S. 

and very sharply reduced in con- 24.4 per cent. (34.5 per cent), 
sideration of the decline in Because of toe extreme vola- 
corporatc profits now apparent tiiity.of the investment dollar 
as the Japanese economy adjusts premium the directors decided to 
in j growth rate far below its reduce the exposure to the risk 
post-war trend. of the Government amending toe 

The directors have reviewed the exchange control regulations by 
posture of the Trust in the present refinancing part of its U.S: port- 
in vest ment climate and they con- folio through a dollar overdraft- 
sider that the particular purposes A S2tn. overdraft was secured In 
of the company equip it very well the year and since the year end 
to meet toe chanping pattern of this has been -increased by. Sim., 
market demand for investment with- S2.7m. of the i3m. total 
trust shares. draws down. The proceeds of 

The chairman now expects a toe premium dollars realised -by 
better balance between supply this arrangement have been- in- 
and demand to he restored to the vested mainly in gilt edged securl- 
whole trust sector. This is because ties. 

a significant number of trust At haiance date quoted UJK. 
snares have been removed from securities stood at £20-97m. 
the market a-* a result of takeover t£l3^9m.) and overseas securities 
bids and. secondly some holders £8.57m. I£9,33m-). Unquoted UJv 
who have received cash ennsidera- securities were £0.6m, (£0.5m.) 
tions will want to buy back their and overseas £0.95m. (£L06m.). 
interest in investment trusts. i--——. . — 


Theotoerposition fty toe Group as a whole hag improved sto santHfl y ." 1 
with each division making a c ontrib u ti o n tuttas growth. Prospects for the 1 
remainder of this and nextyear are therefore most encouraging. Current' .j-i; 
ftwTxaafresouroesaisadequate. . • •" -t-. V ** 


r The Board has declared an interim dividend of 221 p pershare"’ 
(approximately half the present permitted maximum forthtfyear>.v 77 >,•£ 
amountingfio£1/3S^53Yyfnchcompareswith1-d8ppersha^.:..-J ,-'f\ 
{£1 ;i 21,262) last year.^Theinternn dividend wtt be paid oh31 a 
.1978, to ail sharehoideis registered at the dose of. business onS&iifi' '■}' \ 
Ftoruary, 1978. The increase in the amount of divktenfl refledts tfwfeoe of^■;? 
5,637,870sh*es as part of the consideration for Ultra apd 2707^81toares^ 
issued onconv»sxmof7% CUtS Cri30to September,1977. * 


issued on convwsion of7% CUlScxi 30th September,1977. ■; '• * J 

' 1376/77 


Haifftarto 

aWiSqit. 

cdoo 

45556 •" 
21725-.-- 


31st»ardj 


MtS rm#: jy 

,;anj,Sqiterije^ 


ftin Tumam 
&1.48? - UK. - 


44.628 flrerassrwdoiiwt' 

\ww " m . my 


im 

Q3JKI 

Q]. 


.11045 Trmfinfl Profit..'/. 
(13£y») (BtaijiDWttowW 


&s); j 


181)76 fnffltWbni-fei./.^ L 
•6324 T« (tack UX-CwpomtiontmC 


Profit Aftw-te/.; 7 ryjy 'i 


■4M8 - 
U46 


308 ExtraonBaaf item L j,-'- 'T’j '.-PB. • •. 

-■ Ptofit After la* ) ' ’ 


. B t &n o n&im t lM re 


Zjg; TySairidemfe' ■ _ 




Tne figures shoivn above are the conversion of Cruzeiros imo US. clol'srs ar the rate prevailing on the respective balance sheet dales. 


FOREIGN NETWORK 

London, Paris, Paris-Opera. Hamburg, Frankfurt, Amsterdam, Rotterdam, 
Milan, Rome, Lisbon, Madrid. Stockholm, Geneva, Brussefs, New York, 
San Francisco. Los Angeles, Chicago, Washington .Toronto, Mexico City, 
Tokyo, Grand Cayman. Panama City Colon, Buenos Aires, Montevideo, 
Ciudad Vieja, Paysandu, Rivera Asuncion, Puerto Presidente Stroessner, 
Santiago de Chile, Antofagasta Concepcion,Valparaso, La Paz, 
Santa Cruz de la Sierra Cochabamba Bogota, Lima Quito, * 
Manama-Bahrain.Tehran, Lagos and Sydney. 


Caledonian' 
Trust al 
£0.57m. so far 


your Doss'to get together wliai 
njy boss to sort out the detail^? r 


A bcss-secretaiy teato^a^in.i 






New branches and representative offices to be opened 
shortfy in other countries. 


Pre-tax revenue of Caledonian 
Trust Co. increased from £4:'i8.72!» 
to £570,885 in the six months to 
Decemher 31. 1077. 

After tax Of £234^17 (£212,451) 
net profit is rfhead From £286,278 
lo £336,648. Asset value per 23p 
share is shown at 92p (Q5.7pi. 

As previously announced the 
interim dividend is lifted from 
0.5p to O.Gp net per 25p share. 
A 1.1 p final was Paid on record 
taxable revenue of £1.03m, last 
year. 




. dream bfs^cQhg^buaii: 


of.the jcfa Tl ial waywe maefe^e to kee 



pegs wen a w^ &o mai^uaiehol^^'''‘■ , ; ■ 


Banking correspondents throughout the world, and over1,000full branches in Brazil. 


LONDON BRANCH 
15/17 King Street, EC2P 2NA. 
Telephone: 01-606 TtOl.Telex: 8812381 


NEW FINANCE 

COMPANY 

The French automobile croup 
rcugevt'-Cilrtieo *ays it has signed 
an agreement wilh Mercantile 
Credit to &ci up j finance com¬ 
pany in England. 

The two companies will have 




OS^^2-?toDlB5', 


m .. jpanDaijyspn acp ,tfflanyan-flegeiBgajvy.r 

-/■I.'.- .• ." ’..•f 1 -' >'vJ- Aer-’Z'&i-.i 

4- ‘ . v.- ;->t j■ v :■ 







r . V. i ■*" y ■''' 




















21 


•alf 


uaaw ■■+» 

• v ■ i “'j:V-:~ c -1 ~h'} .. 




-“>* :,v^ . -i. - 


-14 1978 


# 


BIDS AND DEALS 


Confusion at Marshall’s 




XENNCTH.MA|*ST<w; WNfNC E&fTOR 


Babcock to have 75% of 
new boilermaking group 


- . .' .toost; tolling argu- selling prices to the current level BY MA * WILKINSON 

' .?^!£2^v Who white the..-free market 

‘ ’SwS+kItS trans " Iewd ‘ a around «22t. ' AGREEMENT now appears to be . . 

- cpm tnente near on the terms fork merger DnflDn MCirTlurc 
tfpwssam to near-.eJaLon “’The Innawed marfcet conditions of the lares hoHermakfnff interests BOARD IWEXTINGS 


AGREEMENT .now. appears to be 


Stea and its subsidiaries. Dealings 
in <tbe shares are expected to 
start to-day. 


10 marr&fition "The tapreved marffet conditions of the large boHermakmff interests DU/lltV IMu IINU9 start to-dav. 

£ - ^ ? ibcock dud Wilcox and m, lolknrin* wnuwalrs have notified 

-j '’.J™ 1 * th e. sagge&tiog^that .excess .stocks Northern Engineering Industries of Board meetings to the stock puriTPC mrve 
.ftxrican -union Corporation. ovcThsm^g !*e ; m^k«t-haVe now —NEI was formed h* th** m^reer Excta| o*c- such mui-uatre are usually rniLlro tSUYb 
: Impaht KaUmun. . “ * Of m r* W4 for the pure ml- of considering Wvi- JLfORF Ff FCTRONtr “ 

. .. . ^, j. ,; SlJEi"™ CBapaan and ReyroUe UpJJ<to . official ,^ 0 ^ 9Tv nw aM u- . ,r t '" AKUI>lli/ 

• 'Wing.-A :£ist quarter.- pay- .PtJtflUlia, Which Parsons. able vbeibur dtvld>-n<fc concerned are RENTALS 

f. 20 cents this rival of the ? wns ■ 5® 1 " After a long series of negotla- inu-rima or muin ana mo sutmiviaons puninc dccnwaf«? 

^ssssassMRSjgS Sim sa“j? , jsr.- , s*«c —;:r “ SHsHSS 

•eirts (lL9p) from 10 cents 5/^_* £0share m the *»w company and mHrima:-JoiR> Hassaa. j.c.E.n., mfi j?- /rom «oS|Li™SS 

• 1 . t-CULS 71 cent* tkinw tIMIW Sr. «W 1 >M hL. .... iL. Cnmlnm. r^nim Vmi TnH.. Cuntfl..,* Its SIOKK 11VUI JU.UO per ceaz. JO 


PHILIPS BUYS 
MORE ELECTRONIC 
RENTALS 

Philips Electronic and Associated 


md quarterly dividend also 


GartWhe^ B * - Last, year Philips was obliged 

- Phfllne TVridno T!% «P««d «.« «. *£6S£rSS-g^SS % 

; .. u to aa St Jt A fneips Uodge ■ ^™i a.«rpn« WO uid »^,'”sr.rtoJa- S n. 5 isic“ Biff™!? JTS sftJE 

: profits hik > JSSnSVnaS: ^ m J UTURE DATES ^iSLSS^Co brokers to 

• flounced that because of with a mid-year- ctran-’Wt- some NER if^rr nv»Vi«' 1 cir!* Fno Stale c «5uw Mim-s. m*. m that there was no cause for ron- 

. . •> -or market .conditions In of its ootSt are Th?j£ ^wJ"iSSSS?i« Fnt T. h St ,? ,e J^ nlaas coW M,nos *? ccro. Philips had committed itself. 
~ • I^pdwv refleSd ^ower*^Siriae S Say irSon “e^th^t iSSm^W -i ri It at the time of the offer not to 

- tom .the existing terol^. ^[id °* lSd Ga ^ 5hea w h ou-aale g Ehfetromc Rentals «c£pt wiUi'the 

the S^arkSsupplied from $££*. ^o^hSSfver tbt^ order books lme * mew Trua - * Kb ,6 fK’ntejrt of eeneragoffer made 

sure ss D h » lsHS£o” w : :li 

Rust^Jiug raised Its on the sale of AJHetf Nuclear alleviated the worst fears of H«Ser * h?f„iT c l£Z 

to. ■'*:• price from S1S2 to S17S Khum inti (w-taln mlnfnv Hnfmc rprliinHani>u THa nriKntxts of i^rlanA Patm and tt'ilbiwf Fct>. 23 5 tart in OrmfiJOe, IIS StaKe Closer 


Rustenburg 


Its on the ' sale' of AJflof'-Nuclear I alleviated 


•o.been a rise in demand Sates of eopper fEoinibfr strrke- BLAKfcY o 
2»e Japanese, and. talk Of "hit Phelps Dodge' irrineaTasTyear The formal offer document with 
se&'for the U35. strategic amounted to 'go fr dnfr l y^w cnm. the bid* of 41 p cash a share by 
: "pared with 303,400 W-In 1076. Cwitreway for the 67.08 per cent 

^Rustet^urg and-Impala:'Production feU to 276.7M tons SffiL 11 S2? B n a, fcif , 5Sl2K.i!! d i.S 
mas farther raised theirfrom 331.000 tons. •'Ll. Blaltey’s (Malleable C^lings) has 

• " * • . - . to. . • ' ; • nhui Kaon cant ntit hV fl K llOUPQ 


The plao was hatched mainly to cmldbaii Proocny .Fob. is as-T- _ r 

allay union fears that the take- Minor ate and Rcsoaatcvl coron. .. Fob. is f} V 1 * 7™*' ° r ’J® ™ er ' , 1 p 

over of the Gateshead works smith Bros. . Frb.M buy more than 3a per cent, of 

wotiiH OI ° suriina Knitting ..Feb. co Electronic Rentals except with the 

would lead to wholesale Stocks .Feb .m approval of the directors or in 

^iow hSver. the order books lm efi0ne,B Trua ~ ^ W the context of general, offer made 

look healthier. The^ order for a Allen Harvey and h<ks .. Mar. 3 with a vi ^*‘ t0 obtaining control. 

new n«jTTR*‘ nower Vtvtion hau Bano ° and Sons . ** 1 5 The brokers were not surprised 

mSm L 5IS.f" in,sh . < ”.' n ™ TnK ::::£&! 

redundancy. The prospects Of Leyland Palm and WaOpapcr Poo. 3 start Nmf, ,a $ e B «nfcps 

orders for nuclear power stations London and Lomond invest. Trust Feb. to to the 3® per c.nt. omit. A spokes- 

aro^now mMh hetterihan thev Norrington iBooiyr .-.£*-!« man noted that share incentive 

are now muen oeiier xnan tne> Foitk-s .. 3 cchemes in Electronic Rentals 

were, and an important contract niMKbaii onuxBi . yet. u otherwi* E reduced 

xi the latter level: - ' the results, of those ofyts^oreign in Hong Kong has also brought wooivonb .F. w.. .Mar. k coaM T ^ % r 

••„W5l«e market prices-jnvestments wltich *x* 201 ^cent. ™ fresh work. .As a result the . . ■ ■ ■ ■■ ——— ■ 2ff^d ff PhiSw sStaequeiK 

:Bn ^S£ , ^ love .raach « more owne<L Thft TOUlted in n «*d for NEB cash, or for its w tSi its hofdhte b?ck u wr 

arWghg under the impetus-the net income for the first nine arhitrabon on. where . redun- tro i Ln g the activities or its sub- 30 < WttJ,t theS under a Panel 
tag from the Rmniau^ who months of 1977 bring, wfluced to Cannes rfumld fall has largely fiid i ar ik" j . , hiwbcSiou£ 

«en expenencing difflctdly $4An_ from: Ajrfewously disappeared. The offer it conditional on ^Sfke anoiher bid 

^“ Tes cotytracts- There reported S7.7m. T,^: . m AITPV’C acceptance which would give ^ spokesman expected that 

> 0 .been 1 nse m demand Salne of w»™r frArffHitL-ntriTrA- dLAKlLI o Cenlreway more than 50 per cent puii,,,- «- ou ld rontimu* to buy 

by oC BlakoyS> fljfSi a e JSr (SmaJhS 

Centreway for the 67.08_ per cent. urramTCinN ...iJL TSL-Lucr. tti.Ipc 


By tomorrow shareholders of 
Marshall's Universal should know 
whether there is a bidder prepared 
to put up £7.9m. for an undefined 
minority stake in their company— 
or not. At present, there is a dis¬ 
tinct air of confusion about the 
partial offer which was contained 
iit a letter from a Mr. David Maltz 
last week, but Mr. Roger Doughty, 
Marshall’s chairman, is expecting 
to hear from Mr. Maltz some time 
10 -day. 

The doubts over the authen¬ 
ticicy of the bid arise because 
although the letter was posted in 
Manchester, it was written on the 
letterhead of Atlantic Federal 
Investments, a company said to 
be based in Newport, Connecticut. 
Investigations have Tailed to 

reveal an address or telephone 
number for such A company in 
Newport. 

Furthermore, the Tetter 
described AFT as a subsidiary of 
the Florida based Atlantic Federal 
Savings and Loans Association. 
The executive vice-president of 
AFS Mr. Ross Roberts, categoric¬ 
ally denies any connection with 
AFI. 

Mr. Maltz himself has been 
uncontactable since the letter was 
received. 

Marshall’s shares were sus¬ 
pended on Friday at lafip having 
risen to 162p at one stage after 
trading at 13Sp a week previously. 
However. Mr. Doughy says that 
no unusual share dealings haxe 
so far shown up on the share 
register. At the suspended price 
the whole of Marshall s is worth 

^The shares were suspended on 

the adv£?of the Takeover Panel 

hut so far there is no endence 
that the potential “bidder has 
sought Panel approval lor ipe 


partial offer, which”- it Would be 
required to do jMt*.^proposed to 
acquire more than 30 per cent. 

Nor has the bidder approached 
the West of England Trust, 
Marsh all's largest shareholder 
with a stake of 26 -per cent 

prove, lau ndrie s 
AND LANCASTER 

The Boards of--* Provincial 
Laundries and D. M. Lancaster 
have now resolved a number of 
outstanding matters, and the 
merger of the two companies wifl 
now go ahead. 

This wiii be effected by a 
scheme of arrangement under 
which Lancaster w£B become a 
wholly owned subsidiary ot Pro¬ 
vincial Laundries. Accordingly, 
the merger will be conditional 
upon the scheme being approved 
by shareholders of Lancaster, but 
m -all other respects it wffl be 
upon the terms and basis pre¬ 
viously announced. 

Irrevocable undertakings to 
vote in favour of the merger-have 
been received from holders of 40 
per cent, of the Lancaster capital. 

airco&bocface 

NEW LAWSUIT 

A new shareholder lawsuit was 
filed yesterday against Ainu Inc. 
and BOC International In connec¬ 
tion with the recent BOC'effort 
to take over Ainu. 

The plaintiffs Martin and 
Shirley Kaye identified: them¬ 
selves as having tendered Airco 
shares to BOC in the British 
company's recent S43-a-share 
tender offer for IRm. Airco 
shares. This was heavily over¬ 
subscribed. 

The Kaye’s charge they have 


: been damaged in one of two ways 
—either because the price paid 
for the shares was too low or else 
because Airco subsequently 
refused to allow a further BOC 
offer at the same .price for the 
remaining Airco stock. 

The BOC International full 
offer for Airco was opposed by 
Airco and subsequently with¬ 
drawn by BOC.- 

. Airco opposed the offer on the 
grounds that $43 a share was too 
little to pay in a bid for all the' 
remaining shares. Airco then 
disclosed that it had been 
advised by an Investment bank¬ 
ing concern that $50 to $35 a 
share would have been a fair 
price. 

The Kayes who filed their suit 
In a New York Federal District 
Court brought the case as a class 
action on behalf of all Airco 
holders. - 

90p FOR TREMLETTS 
LOAN STOCK 

Freelands Investment N.V. is 
making an unconditional offer of 
90p per £1 nominal of Tremletts 
Holdings 10 per cent, unsecured 
loan stock. Freelands, through 
its subsidiary Vokeworth Securi¬ 
ties, acquired Tremletts last sum¬ 
mer' and in its offer document 
announced the intention to buy 
in the loan stock at a convenient 
time. 

A spokesman for Freelands’ 
solicitors said last night that 
Freelands did not mind how many 
of the 800 stockholders accepted. 
The important thing was to fulfil 
its obligation to give the minoritv 
an opportunity to get out for 
cash. A total of 284.414 units are 
outstanding out of a total of 
784.414. 



2 oer cent a year (the maximum 

SSSn^dciYmt 0 JUSdy hoid "5 RED 1 FFUSION allowed under the Takeover Rules | 

Slakes /SSbteStLSbas Rrdlffuskm has purchased the without triggering a bidi until 

SSStSS™ st rssui - - ~ ^ - reached - 

SSffFSSU advised by Singer and Wyatts Radio and TV of SINGERS BUYS 

« T^^acquisition^ involves, 2,300 WE Optical, a iriJM 


ico starts lay-o^s 


r- 


SANGERS BUYS 

Sangers Optical, a wholly-owned 


ae® - J2JE?Pt sshadVE -b*?2! 1 !L»L?*aa-s 


going ahead with' 'aie Tanjong. . 
huHdes. . . ra 

a S%3&*$‘%£:'Jg£ Malayan Tin’s- 

le- company' feels that: the- ■. ■ -' -• 

mendations would have - PTIOfl. rfcltlTIl 
unded the. current prob- VH l F l 

Furthermore, Iaco feels A, NOTABLY goba dboa 
: would not have be«m pos* Jknoary^^ tin. -couceartra 
to apply a moratoriums to the. Far Eastern d|j 
y-offis at such a late date: Malaysia ' Mining 
other things this wwfld group-is made by,SB 
meant reactivating the Even so.-Malayan’s P^d 


other things this wouM group-is made by Jtt^biyan. Tfa. 
meant reactivating ihe^^ Even so.- Malayan’s pyddoction for 
ions that have been, placed th,e past. seven. pjonths ’jrf the 
tand-by basis; current financial year-5tfll ]ags at 


com^y adds that It would toadies against J4)58 'fonnes 3-Hd-S iD S. Africa 

"ave expected to receive -the same period otU76:ttV;. . aa ti vo* 

r^to^nSro ^drefSdS hju^Sed*’'^?ro?^nes in SOUTH AFRICAN household of R15m. in South Africa and of replacement car/truck 

t can srifl. Oompahy stodts ^ &&sme mwtths^^agdihsir3485 appliance group Defy Industries, gross capital employed of about parts and accessories, 
old finished nickel are pbw .tonnes a year ago whlle^outhern in Glynwed has a stake of R22m, Comparable figures are * JDDrt 

ess otf the year-end record. Fima's lMnonth total amounts to oveT gQ pe r cent, announces a not available for General Elec- BfcJilVLLt x HAMdrU 
* 340m. ttw which oompareaf 1.^23 tonpes against. 1,237 tonnM, pr0D0se d merger with the trie, which is not locally-quoted, SALE TO SWIRE 

appjiance^^ di^ipiCof the Squfh but total turnover- is generally „ ^ Hambro Prepcrtv has 
f S f Africw TfiibitSary of Geaerid believed to be about the same as m sell to Srire Properties 

Mne-m^-be fofametrifh. ajid-mo^; ui. Defy at R40m. In addition to Intent idtS 

*»ur probtem, especially “ if total of 1,615 tonnes aadnst L2Sl • • . , • - - . domestic aDDliances however ^ remauiing mieresx in ine 

markets do not^Mnwe tpanes, . -. / . This news followed the report ^ mSSw capital in Berkeley Hambro ln- 

irther production c5S85;. The 'Tsitest jirod^on figures of sharply lower profits for Defy ^ ora A e A n l B , W Li°5^^™ 

cessary at some tune Ini tire: W compatedia^e following in' w7. Defy ■ shares (last JSSSEl!?*™ monves 11111 con- cash (£A39m.), effective from 
" 'table:-.: . oixoted-at 83 rented have been trolproducts. __January I, 19/3. 


HANG SEEKS ^ 
NJONG STAKE • ■'BedtU^V^-r^lTj 

y^' , RanninlinK _„.-i 

Malaysian tin-produemg’ Krwiaf —£. 

' ? Consolidated has. offerecU KuiI * k “ b p^--.- 
quire, a 29.8 .per cent. V ;• • • — 
d in Tanjong Tin Dredging -tmen- Jiv 
. 7 aber Uhlon for a consfde'ra- 
f 2.06m; ringgit’ (X45UH»>.r:ghn f -W«n* Can*. 

Union, a subsidiary r- 

Aferlfn Malaysia lU^affwJ: T^Saym*r'T 
* sale. Which would be con- -rromh Mines’.w 


. / I quoted'.at 83 cents) have been 

Dee. Nov: J suspended, S o the market 


,/HS, 

113 

118 

/ 138 

157 

180 

/'42S 

43ft 

428 

*3 

45 

44 . 


■c 

4= 

••-.T8' 

19 

'34 

••• Jin. 

Dec. 

Nov. 

... frame* 

tonnes 

tonnes 

, ". 2*. 

25 

23 

"«1 

1ST 

184 

... . 185 

1« 

126: 

.. 

137. 

158-' 

■171 

167 

jr 

30- 

23 

38-. 

<■ .-an . 

Sll 

•213 


The Defy deal, if consura- Swire already owns 51 per cent, 
mated, will be General Electric's of BHI which it acquired together 
second recent rationalisation in with $48m. convertible loan stock 


"7 „„ «L.}iotinp i<? sveona recenL rauouausauua in mui MJiin. conve ran le loan siock 

la-iiv ■ ?hP end 8 of South Africa. In November, the in 1976. 

Fph¥Tiarv )e ' r£ ™ ' • 1 switchgear and lighting sub- The value attributed to the 

reDruary. sidiaries were merged with local Interest now to be sold was in- 

After higher interest and subsidiaries of Tube Invest- eluded in the group's balance 
depreciation Defy’s pre-tax meats. she€ t at December 31, 1976 at 

profit was down from R4-3m. _ £3.25m. t and the income from this 

(£2fi6ra.) tO.R2.8m. .(£1.7m.), on • aeei^ex asset (before tax and deprecia- 

a turnover unchanged at R41m. ' ■ __ r _ T _ „„ _ 

Net earnings showed a drop from GKAJr r UFFtK WILL 
I9fi cents to 7.4 cents and the NOT BE RAISED 
final-dividend is. omitted. A pay- The saga of Graff Diamonds is 
merit of 4 cents has already been drawing to a close. In the docu- 
made so this compares with a 9.4 ments to shareholders accom- 


GRAFF OFFER WILL 
NOT BE R AISED 

The saga of Graff Diamonds is 


J cents total in 1976. 


phnying the latest revised offer 


tion) was £131,803. Proceeds will 
be utilised to reduce foreign 
currency borrowings. 

GREATER LONDON & 
ESSEX NEWS 

Greater London and Essex 


' As : already reported pre-tax : Defy accounted for 10 per cent of I4p per share (worth 70p Newspapers announce^ that Rav 
profits- for ion. improved from of-Glynwed’s profits to 1976. Pfi« to the capitalisation issuei m Jr FSJmCasUe New? 

Thedirectore of Defy indicate is d^erfoed as finaL ^“^red a Sari: 

npr Iflu-sirarp wfrp ?ivpn at 5_7fiD ^ ^ ... _i_ j a. uNo further inpfAasp in nn«» r : r. : . M . . 


'. uring IfiTY tije siriratantial nn. March,9, at U am. ... A ble - l ° see }i “ attempting to uke Graff private ™S£“™ < £rftp nf . hp , hn _ e fn 

•it formerb' heW-'in .the - - .. -i .opportunities. If the negotiations aMin « T "f majority, of-the shares in 

wEsrauv Canada && m jsr£L£‘. 2S ■assass'^ss SStSSSS 

"|« ft!. ™WGS ;rsx B MeS «*““ 

Col wS 1 S belng mer 2 ed with Defy. The can-yin E 90 per cent, of the shares. vT'WCPa dcd nc « i 

• 3b? consideration will take the form At present Sandstar holds 63.7 NEWSPAPER DEAL 

SS^^o 1 Decwf^SI? 19^ d* the allotment and issue of per cent, of the shares involved. Scotland’s largest weekly news- 

'5ecember-31, 1977,. freehold and-earnings-per 23p share a^q Defy shares to GE. ■ n*n\ P? w ff a feli ah ers * a 1 d 

nd buildings known as The sbown 2.1p higher at 9.7p. ■ The merged operations will Universal Newspapers, has bought 

Exchange^ Mark Lane, «- 1%e --Be?- toterim- dividend is Cpptinue to market'and service ® n , e!tt . K 1 **” *S d Blairgowrie Advertiser. Perth- 


nd buildings known as The stuwn-2.1p higher at 9.7p. -. , : ■ The merged operations will GKN _ Universa! Newspapers, has bought 

Exchange! Mark Lane, «. 1%e --b€«- toterim-dividend is Cpptinue to market'and service *S d ^ Blairgowrie Advertiser, Perth- 

n, EC, were valued pror -heW at 4p. East year a final <4 -General Electric. Hotpoint and paired John Smithof Birmlne- shire. The acquisition brings lo 
rally at £8m. (£6-S®.> on 12® was pafd from pre-taxrevemift Defy appliances and'the acquisi- manufacturers of mild steel the nmnber of titles owned by 
isis of open market value, of £107,686. tion is expected to : have' long- Wl £^.. , 5? r ifT Up 3,1 d 13 effectlV€ trDm 

property had been sold at. As known on January 26,_Sa^l, tgjnj benefit. Since-the merger .^ Ap 1- 
gure on December ai; 2977, tish Easteni Inyessment Trust; and C. J 

1,000). ■ No provisiou has equity-and preference shares thirt< heated up. ' ... UP DOWN INVEST. *.« u> »■«,« 

oSde far thisamount it did not already own. Defy has shareholders funds Cazenove and Co. announces B “J_ k has "JJ 2o,0 JJ 

“ ; - ... . that by February 10 acceptances Y^SLi ' s S c .. “ n,t 5. of 

' had been received under terms of 

its offer for 932,265 Ordinary Manufacturers at 23Gp, on behalf 
shares of Updown Investment Co. of “‘^^tionary clients. 


NEWSPAPER DEAL 

Scotland’s largest weekly news¬ 
paper publishers, Scottish and 
Universal Newspapers, has bought 


apltal gain arising. The of .Preference capital, made ana wi^^weauc «>iti^ny of 

it of such tax. is estimated approach with'a view to making [demand from the building sector. Bright Steel. 


it of such tax. is estimated approach with a view to making raemanq iram uje-ou.ia^s ww. 

to exceed £1,515,000 an offer, for the whole of ;the{ competition appeears to have 
1,000). - No provkion . has equrty and Preference shares ti»H heated up. ' - - 

made for this amount it did not already own. . - Defy has shareholders funds 



IONEY MARKET 


jarge assistance 


nk of England Minimum 
ndlng Rate 6} per cent 
/(since January «, 1978) 

.Mo-day credit was in short 
y in the London money mar: 
ester day, and the authorities 
a large amount of assistance 
' eying Treasury Mis from the 
irrt booses.. This was .not 
jh to take-out the-fuB short- 
wwever, whidi was parti cu- 
erident in the. interbank 
et, and banks -are expected 
-rry over heavSy run-dowai' 


bwlances. - tn a further slight steepening of 

Discount bouses paid 5*-5| per the yieW curve, 
cent, for secured call money-dw- .Banks, brought forward run- 
ing the morning, and closing down balances from Friday, fairly 
balances were'taken at 5Ht peri Jso^e-revenue ^yments to the 
cent ■. - fn _tbe interbank “Wket; Exchequer outw'eighed Govern- 
bvernkdit rates were also around’ ment disbursements, settlement 
: 5 ? pgr cart, ih early trading; but was made of gHt-edged purchases, 
rose sharply-in the afternoon, to and the market also faced the 
touch a -high point of arouiuTS Thocthly special-deposits adiust- 
ner cent^befbre dosing at SQ'per^ ipeot. The. only fovourabJe factor 
cent iSwf ne* maturities of Treasury 

other J -interest rates wert aSso 'bids. '■': 
firm, wrth fonger term rates shi?w- ----Rates in fihe fable below are 
ing the largest increase, te^dihg-.iiomliul in some cases. 


L*vAuth • Fican * 
nAgttfiabrp Houw 
- bailor Dfpnttt* ' 


BROWN BROTHERS 

Brown Brothers has acquired 
GJSI.U. Auto Parts, which will con¬ 
tinue trading-under this name. 

The company has branches in 
Stockton, Hartlepool, Red car. 
Newcastle and Tynemouth, offer¬ 
ing the trade a comprehensive 


SHARE STAKES 

General Investors and Trustees 
—London and Manchester Assur¬ 
ance holds 1,303,375 Ordinary 
shares (8.47. jjor cent.). 

Orange Trust—Altifund is 
interested in £30,000 5 per cent 
preference stock <7.5 per cent.). 


THE CHARTER TRUST 
& AGENCY LIMITED 

Extracts from the Report and Accounts for 
the year ended 30th November 1977 



:se0)ca we ftr mwn»iflh .Bank Mb-IUM. per cent?. iwwmmth pw mPL: -and three-mooUi 
^riStroawnKnhirwIe blits 6H» ow'.WOtt two-HMiHh tWBertwu «M »« 

■y, ffiiMta rifi Pi wt. ^ mwwirf ABtodeUoiUf- ■■* an cent from Febromr l an -ourfas 

'Deposit Ma hw enufi jBnasrat-twwsi -daw* WHiw.v s per riri. Ctrarfaw •auk - 'Rites for lemMnx; W wr cent. 
tryBMr Awrace nnii 'rateB of ,<a»eotiar5.^;pw^'e^ 


GROSS REVENUE 

NET REVENUE AVAILABLE FOR 

. ORDINARY ST^OCK 

EARNED FOR ORDINARY STOCK (Net) 
DIVIDENDS ON ORDINARY STOCK (Net) 
INVESTMENTS—Valued at 30th November 

Total value after deducting net 
current liabilities 
Attributable to Ordinary Stock 
Net asset value per unit of 25p 


Annual General Meeting—30 Fenchurch Street. London, EC3P 3DB 
Thursday, 9th March 1978 at 230 pjn. 

Final Dividend M5p net per unit of Ordinary Stock payable 
HMr March 1978. 


1977 

£1^53,746 

1976 

£1.450.960 

£849,955 

£696,494 

Ulp 

l.89p 

2»15p 

ifiOp 

£31,064,143 

£24,043,300 

£27,442^53 

£19,581,113 

72p 

53p 


r ^ 

fiurco Deon 

Notable progress in a difficult year 


w ^ r *^,***j offer by describing it.as. totally fSoo toRSding foHE acquired “th^ capitals of 

TE the recommendation by ditional on approval by Malaysian inadequate and advising share- ^ inn d ha V° sh(H , s in both MUton Derek Spivack and Putney Optical 
•itiirfo LegBftrtfofl Assembly Foreign Investment-CoAmittee. holders to take no action on it i R«S for *S3.600 cash. 

:.i0-doy moratorium on. pro The hoktihg, of 443j00fi Thhjong pending a further statement ixeynea t» i etcnieyi ana nwomb Ntt tangible assets acquired. 
■ employee lay-offs by shares, would make Pahang, the The Blakey's share price, un- FPTniRF/SIF4 essentially comprising the optical 

. a s Inco, the nickel giant is major single shareholder in changed yesterday at 44p. appears practices of the two companies, 

going ahead with the Tanjong. ■ :•■:£?*? . to reflect the market hope that TheBoard of Epi«re Holdup ^ properties at open 

» the terms will be improved. _ ?™o«ncea that, roitowing toe ^ t r* 


. SSS®-* S'-'SS 

«H -e Sisk SSS 5K.S 

offer is being made to convert a to the acquisition of Ska Hold- to Al ^ust 31. 19. j, wore cnarg 
minority (32 92 uer cent.) holding mgs have now been satisfied. tog directors emoluments ano 
in Blakey’s,' inferring only Documems hare been in non-i^^ns items is estimated 


Summary of Results 

1977 

1976 


£000 

£000 

Turnover 

24,312 

17,866 

Profit before taxation 

1*102 

523 

Profit after taxation 

655 

589 

Earnings per share 

10.26p 

9.21 p 

Dividend per share 

3.72p 

3.33p 


Points from the Chairman's Review: 

©Investment programme of earlier OUTLOOK "We expect to achieve 


years an aid to improvement in 
profitability. 

•Turnover increased by 36%. 

• Dividend, the maximum 
permitted, covered 2.76 times. 


steady progress and already in 
the first quarter of the Group's 
pew year further improvement 
has been secured in both turnover 
and prof it We feel that our policies 
are right and that the strong 
financial control in the companies 


A Da^ IM IH1 IIjIUI bUIIUUI III UIO UUIIIUUI 

... . , y. . ... . of the Group which has been 

kitchen furniture both in turnover _,_,_.- 


and profitability. Market share 
increased. 

• Steady growth for industrial 
engineering division. 


comprehensively tightened wifi 
enable our expansion and invest¬ 
ment to continue with very littfe 
increase in the total borrowing'.' 

Lord Hewlett, Chairman. 


The Annual General Meeting will be held 
at 12 noon on the 21st February at the Great Eastern Hotel, 
Liverpool Street London EC2 

Burco Dean Limited, Accrington Road, Burnley, Lancs. BB115DS 

.festhom • fosthcon fiurco • fastham TTIaxol 


TRUST LIMITED 

Annual Report for the year to 30th November 1977 


Valuation of Investments 
Net Assets per 25p share - 
Gross Revenue 
Dividend' . 

Assets attributable to Ordinary 
ShareboJders-rose 15 per cent in the year. 
Net asset value per Ordinary Share is 
dose to the highest recorded in the history 
of the Company and has more than 
doubled since November 1974 which was 
the end of the year in which the Company 
changed its name and adopted revised 
investment policies. The gain achieved 
over these past three years exceeds the 
extraordinary rise in the cost of living 
over the. same period and so the real 
value of the assets has been effectively 
maintained. 

Earnings per Share for the past year 
have risen by-46 per cent and the 
Directors recommend the payment of a 
final dividend of I.05p. The total of 
1.65p will be the highest net dividend 
paid to Shareholders for any one year 
and represents an increase of 37.5 per 
cent over the distribution for the 
previous year. In the coming year a 
further rise in earnings is expected giving 
scope' for a higher dividend to 
shareholders. 

In his annual Statement the 
Chairman expresses disappointment 


1977 : 
£78,720,000 
95.4p 
£3,273,500 
165p - 


1976 

£70,509,000 
83.3p 
£2,622,500 

*“ 1.20p 


that the market value of the Company’s 
shares still falls so far short of the net 
asset value stated in the balance sheet. 
The rating of all investment trust shares 
has suffered in the market place, yet 
within the sector as a whole. Investors 
Capital performs a distinctive role. It 
serves a particular, class of investors 
whose primary objective is capital 
growth and who look to the interna¬ 
tional character and the flexibility of 
the company’s investment strategy for 
protection in an inflationary environ¬ 
ment. While the Directors would not 
hesitate to modify fhe objectives of the 
company if the longer term interest of 
shareholders should so require, they 
consider that In the present investment 
climate it is well equipped to meet the 
changing pattern of market demand for 
investment trust shares. After discussing 
reasons for expecting an improved balance 
between supply and demand for shares, 
the Chairman concludes ihat the rating 
of the sector as a whole and of the 
Company’s shares in particular should 
continue to improve. 


Copies of the Report may be obtained from the Secretary 

.INVESTORS CAPITALTRUST LIMITED 

9 CHARLOTTE SQUARE, EDINBURGH EH2 4DY 
A member of The Association of Investment Trust Companies 

































INTERNATIONAL FINANCIAL AND COMPANY NEWS 


Steyr-Daimler-Puch raising $13m. 


BY PAUL LENDYA1 


VIENNA. Feb. 13. 


STEYR - DAIMLER - PUCH, 1be 
Austrian motor company. is 
increasing its capital by 
Sch.200m. 13.2m.) to Scb.lJJbn. 

by way of a ane-for-five rights 
issue at 160 per cent. Holders of 
option certificates from the Steyr 
1972 bond issue can acquire on 
a l-for-25 basis at the same price 
new shares which rank for divi¬ 
dend as of January 1978. Lists 
are open from Feb. 13 to 28. 

In anticipation of the capital 
increase and the reports about 
good business results recorded 
last year, there has been brisk 
demand for Steyr shares which 
last week gained four points on 
the Vienna bourse. The decision 
to raise new capital was already 
taken last summer. As a result 
of the liquidity squeeze, how¬ 
ever, the company has had to 
postpone its rights issue. 


Stevr last year reported a total 
turnover of Sch.14.lbn. (8931m.), 
up by 9 per cent, on the results 
reached in 1976. Excluding 
foreign subsidiaries, parent com¬ 
pany sales totalled Sch.l0.5bn., 
about the same as a year earlier. 
Exports accounted for 57 per 
cent, of the aggregate turnover. 
The company has a production 
staff of 16,700. 

It is estimated that the cash 
flow last year reached about 
10 per cent, of the turnover. 
Sales this year are expected to 
rise by 10 per cent 

One of the largest companies 
in "Austria with the number one 
bank. Creditanstalt holding a 
controlling interest, the company 
turns out lorries, tractors, 
mopeds. bicycles, cross country 
vebic-les. autobuses, ball and 
roller bearings as well as 
precision rifles and tanks. Invest¬ 


ments last year totalled 
Seta.500m. with Sch.300m. spent 
an commercial vehicles and 
agricultural machinery. The rest 
went for the expansion of capaci¬ 
ties in the two-wheel sector and 
ball bearings. 

Investment in 197S and 1979 
is scheduled to rise by Sch.700rn. 
and Sch.SOOm. respectively, the 
Board stated. Fart of these 
funds will be channelled into a 
new plant which, in a joint ven¬ 
ture with the German Daimler- 
Benz, will produce cross country 
vehicles. 

Other major foreign ventures 
involve Greece where a • subsi¬ 
diary company claims to have 
overcome earlier difficulties and 
Government orders are said to 
cover available capacity. Co¬ 
operation with Poland in the 
lorry sector is in full swing with 


products worth ScL400m. ex¬ 
ported last year. Steyr also 
erected a plant for the produc¬ 
tion ot lorries and tractors ir 
Nigeria and deliveries there last 
year reached Sch.700m. 

The company is currently con¬ 
sidering the setting up of an 
assembly plant for mopeds in 
the U.S. Exports, primarily to 
Germany. Switzerland, Holland 
and Frnace. already account for 
85 per cent, of the production. 
However, there has been only a 
slow recovery with regard to 
bicycles, sales of which suffered 
serious setbacks daring the past 
few years. 

Sleyr also operates as a 
general representative of Flat in 
Austria and has managed to in¬ 
crease the market share of Fiat 
and Lancia marques to 9 per cent, 
of the Austrian market. 


Conti Gummi makes progress 
but hopes for dividend fade 


BY JONATHAN CARR 


BONN. Feb. 13. 


CONTINENTAL Gummi-Werke. 
West Germany's largest tyre 
manufacturer, increased its pro¬ 
fits last year, and seems set for 
further progress in 197S. But 
shareholders, who -have received 
no dividend since 1972. are going 
to have to wait still longer for 
a payout. 

The chief executive. Dr. Carl 
Hahn, confirmed that the 1977 
result bad been better than the 
DMSm. (SS.3m.) net profit 
achieved in 1976. But be denied 
bourse rumours that the profit 
figure was around DM40m. — 
rumours which had raised specu¬ 
lation that a dividend for 1978 
might prove possible. 

Dr. Hahn said that overall 
turnover last year rose by 5.5 


per cent, to snore DM1.5bn. — 
and that it should increase by 
about the same amount this year. 
Tv re sales alone rose by 7.5 per 
cent, to DM900J11- and sales of 
the particularly lucrative techni¬ 
cal rubber products by 3 per 
cent to DM600m. 

A breakdown of the turnover 
figures shows that the traditional 
diagonally-treaded tyres continue 
to lose ground, and now account 
for only about 10 per cent, of 
Conti-Gummi’s tyre production. 
Radial tyres showed a two-figure 
rate of turnover growth last year, 
and production capacity was 
stretched to the limit Considera¬ 
tion is be-iog given to an increase 
in capacity. 

Fixed asset investment of 


around DM300m. is planned for 
197S-S0 — divided equally 
between the tyre and technical 
product sectors — against 
DMZOOm. in the previous three- 
year period. This further indi¬ 
cates that the company is facing 
the future with confidence, after 
the squeeze from low-price im¬ 
ports and -the painful restructur¬ 
ing of the Conti-Guimui product 
range to take account of this. 

Dr. Habn again firmly denied 
that there was any prospect of a 
merger between Conti-Gu mail 
and its big German rival, 
Phoenix-Gum mi werke. Such a 
prospect appeared likely late 
last year, but the idea now 
appears to have been scrapped 
by both sides. 


Reorganisation 
at Swedish 


EUROBONDS 

D-Mark still the centre of interest 


Br MARY CAMPBELL 


THE MAIN centre of interest 
continues to be the D-Mark. The 
surprise of the day was the 
pricing of the New Zealand issue 
at 1001. Having initially been 
scheduled at DM200m. it was 
increased to DM250ni. 10 days 
ago, and the market had expected 
a par pricing. However, initial 
secondary market indications 
suggest that it will be bid only 
just below the 100 J price. 


Also priced yesterday was the 
Norcera issue—at par on the 


BONDTRADE INDEX 

Yesterday Friday 
Medium term... 99.81 99.79 
Long term 93.69 93.65 


indicated 5J per cent, coupon. 
The coupon had earlier been cut 


from 6 per cent 
The dollar sector was quiet 
with prices unchanged, dealers 
said. Floating rate notes con¬ 
tinued to be in good demand. 

The rumours of sterling bond 
issues continue apace. However, 
all rumours so far seem at the 
least premature. 

New Zealand's Sw.Frs.120m. 
issue has been priced at 99 on 
a 3} per cent coupon- 



HAMBRO AUSTRALIA 
LIMITED 


Hambros limited, parent company of Hambros Bank Ltd, 
the London based merchant bank is proud to announce 
that its interests in Australia are now conducted through its 
subsidiary, Hambro Australia Limited, previously known 
as Australian Finance & Investment Co. limited 


Management: Edwin J. Blackadder (Managing Director) 
Graham J. Rich (Director) 


Head Office 

Hambro AustraliaLimited, 15th floor, Macquarie House, 167 Macquarie Street, 
Sydney, NSW 2000. Telephone: 2212355Telex: 24351. Cables: HMBROA 

Melbourne Office- . 

21st Floor, S lock Exchange House, 351 Collins Street, Melbourne, 

Victoria 3000. Telephone: 613426 Telex: 32545 Cables: HMBROA 


The merger of 
a wholly owned subsidiary of 

Spillers Limited 

into 

Modem Maid Food Products, Inc. 

has been completed. 


The tmdersl£ned a nasfrrf Spatters Untried 
in negotiations loading to this transaction* 


Lehman Brothers Kuhn Loeb 


INCORPORATED 

NEW YOK£ • ATLANTA * BOSTON" - CHICAGO - DALLAS 
HOUSTON • LOS ANGELES • SAN FRANCISCO * LONDON • TOKYO 


February 7, J978 


Match unit 

By William Du I (force 

STOCKHOLM, Feb. 13. 
SWEDISH MATCH is incor¬ 
porating its loss-making Kiibcl 
factories in West Germany into 
a new building components divi¬ 
sion with a new managing direc¬ 
tor. It will have sales of around 
Ki\2bn. (8430m.) or close to 40 
per cent of group turnover. The 
move is part of the restructuring 
undertaken by Mr. Gun car 
Datalsten. the group managing 
director, who took over last June. 

The Kiibel units are under¬ 
stood to have contributed heavily 
to the Kr.33m. loss reported by 
Swedish Match at the eight- 
month stage last year. During 
1977. production of house fumi 
ture in West Germany was con¬ 
centrated to one factory instead 
of the earlier three. 

The managing director of the 
new division, Mr. Bert-0 lof 
Svanholm, has been recruited 
from KeraaNobel, where he was 
managing director of the Nitre- 
Nobel Company. Mr. Arne 
Jansson, currently managing 
director of the Scandinavian 
building components factories, 
will become working chairman 


Credit Suisse 
tax settlement 


AMERICAN NEWS 


. .O! , 


By John Wicks 

ZURICH, Feb. 13. 

A SETTLEMENT between the 
Swiss federal tax administration 
and Credit Suisse has now been 
reached in the case of with¬ 
holding taxes outstanding in 
connection with the Lieehien 
stein company, Texon-Finanzan 
stalt It was to this company 
that officials of the Zurich bank’s 
Chiasso branch had misdirected 
Sw.Frs.2.17bn. of clients’ funds, 
transactions involving the avoid¬ 
ance of Swiss withholding tax of 
35 per cent. 

The bank has already paid a 
sum of approximately SvwFrs. 
193m. to the authorities in 
respect of this tax and will now 
transfer a further amount of 
Sw.Frs.23m. for, interest on 
arrears. The resulting total is 
equal to the claims made by the 
tax authority. 

Credit Suisse slated in Zurich 
to-day that current legal require¬ 
ments oblige it to pass on the 
tax sum to the clients of Texon 
as former recipients of interest 
payments. This will be covered 
by part of the bank's restitution 
payments to the clients blocked 
by Credit Suisse last year. The 
arrears interest payment is not 
intended to be debited against 
the clients in question. 

The bank points out that the 
sum of about Sw.Frs.2t8m., which 
will be received by the ex¬ 
chequer: approximates to almost 
15 per cent. oF last year's total 
witbhnldinq-tax income, of the 
confederation—or about 2 J per 
cenL of the federal Government's 
combined fiscal income for 1977. 


Domestic push 
by Olivetti 


TRW well 
set for 
records 


Row over 
U.S. securities 



fit 

4* 



SAN FRANCISCO, Feb. 13. 
TRW expects to report record 
results for both the fourth 
quarter and 1977 as a whole 
and 1978 is foreseen as 
another year of growth In sales 
and earnings. 

Addressing security analysts 
Mr. Ruben F. Mettler, chairman 
and chief executive, said sales 
in the 1977 fourth quarter were 
about $360x0. compared with 
S754J»m- Id the 1976 quarter. 

Net earnings in the fourtn 
quarter rose about 10 per cent, 
to about S43m. from S36m. for 
the fourth quarter of 194 6 . 
Fully diluted earnings per 
share in the fourth quarter 
rose over 20 per cent to about 
S1.1S from 90 cents In 19'6- 
P rima ry earnings per share 
rose over 20 per cent, to about 
$1.35 from $1.12. 

For the full year 19 «*, Mr. 
Mettler said, worldwide sales 
were about S3.26bn. compared 
with 1976’s S2J3bn. He added 
that he expects 1977 net earn¬ 
ings to be aboot $154m. com- 
pared with S132m. in 19*6« 
Fully diluted and primary 
earnings per share for 197 < are 
expected to be about 54J10 and 
$ 4.75 respectively, compared 
with $3.60 and $4.02 in 1976. 

ap-dj 


BY JOHN WYUES 

A HIGHLY sensitive judisdic- CFTCa understanding rf“ 
tional dispute with the Commodi- basic needs had pnmuwa a prus- 
ties Futures Trading Cqjmmis- pering futures industry- ... ._ 
sion (CFTC) has been reopened : The public squabble “ 
by a Securities and Exchange•ther manifestation of unease-at 
Commission proposal that - it the SEC which flist_hecame 
assume regulatory authority for apparent when the wa 

futures trading in securities. set-up by Congress In 4 “e 

In an audacious memorandum-SEC retained Jts responsibility 
to the General Accounting for regulating tvadjno in ?iock 
Office (GAD) the Congressional -options but the 
agency; the SEC suggests that it' jurisdiction over g^res trading 
transferring authority over- m Government Nationad Mort 
securities futures were to prove association cei^rai®. 

too difficult, it would be willing Treasury bills and Treasury 
to assume all of the CFTC’s fane- bonds. TTiese fu 2f“ ^ ^de 
lions. . ba the Chicago Board of Trane 

CFTC officials dismissed the and the Chicago Mercantile 
proposal as “ a flagrant grab for Exchange- 
territory” The co mmi ssio n ’s The;:CFTC 
chairman, Mr. William Bagley of trading m 1975, 
angrily contended that -thelately drew an jiuety 

Securities industry is dying-from the!SEC as to ****** * 
under SEC regulation while the - meaningful distinction can oe 


NEW YORK.-Feta. 13. ‘ 

drawn between securities- optima 
contracts and futnres: contracts 
in securities.” • 

But in Its- latest statement. £& 
SEC has gone on to. argue -Quit; 
futures markets are-exp a ti ding 
into areas " affecting:.the'nation’s 
financial' and capital raising 
systems " under a ^CFTC regjf 
latory system which -is-unable to 
deal with.the potential for man£ 
pulation in markets - in/undet* 
lying securities.' 

The SEC's move on CFTC ter, 
ritory comes at a time when the 
CFTC is trying to defend itself 
against broader charges of 'ini 
adequate regulations.- The GAQ-rf 
will shortly ;be reportingCofi-fti 
gress on the GETrC'fc- perform-^ 
aUtee ’durtHBrits^ ttxSt three years 
as a prelude to House and Senate/' 
hearings. -, which . vwilL decide 
whether to renew its authority,, - 


,h‘ :£ 


Sherwin-Williams lowers sights 


SEC warns on 
‘manipulation’ 


WASHINGTON, Feb. 13. 
SECURITIES and exchange 
Commission chairman Mr. 
Harold ill. Williams said the 
advent of a national market 
system and its increased reli¬ 
ance on automatic data process¬ 
ing will “generate new 
opportunities for market 
manipulation.” 

Mr. Williams told the House 
Appropriations Sub-committee 
that the SEC must develop its 
own computer capability to 
recognise certain conditions or 
patterns so that suspicions 
trading activity can be investi¬ 
gated. . . . 

The commission s market 
surveillance capabilities are 
alreadv stretched too thin and 
have been "severely tested by 
options trading." 

Reuter 


BY TERRY BYLAND 

A SHARP deterioration' innected with discontinued °P er ^~ 
tradingoperations has bronght g,,flfiwartU be about *2.60 a sharer 

downward revision of forecasts...: ^ lted 
at Sherwin-Williams, the Cleve- .1 The revised projectionnreatiteji 

land-based paint company, which 'irpm a 

said that if final results-for 1977- margins.in the ! 

are “ close to our present pro- sion of its Co **! 2 Hi? r «£n a °. 

jections.” itwiU be prevented by even poorer r^ta than 

its term loan agreement from peeled by Sherwin-Williams of 

declaring cash dividends on its -Canada. • Cl _ . 

common shares. On December . The company said while sales 

23, Sherwin paid a quarteriy accelerated rapidly m the trade 

dividend of 55 cents per share, stores division as the year .pro- 

Sherwin. which only. two of competitive 

months ago looked to break even 01 8 d ^gj^.than- 

last year, now says that income ^SldverSuing and merchan- 
from continuing operations will. 

be about $1 a share and operat- <Msmg expeditures. - 

ing losses and other charges con- Final audit results will not he 


GM seat belt offer 


available ' until Februaiy 7 -^ 
Dividends normally : -would Mk 
considered at the-direriars’^m&t 

ing 'previously; scheduled for ■ 
February 22, said : thevcompany 
. At the ' nine' month stage 
Sherwin reported earnings 
S7.6m-.or $L27. a .share again* 
$19.6m. or $3:49 a year e ar liet 
The group is in the middle of i 
major transition after being hi 
badly by the severe wintar.o. 
1976-77, which, discouraged'safe ■ 
of household paint ^Cffiepic* 
operations have also j^fven. ratter 
for concern. ' .. . 

The latest statement^ is Tibet! 
to bring a return of the takeo^: - 

rumours wluCh_ circulated. '01 _- 

Wall Street last year. 

—— ;.J> 


By Paul Betts 

ROME, Feb. 13. 
OLIVETTI SPA, the Italian 
parent company of the elec¬ 
tronics and engineering group, 
to-day reported domestic sales 
increases last year of 31 per cent, 
to L320bn. The electro Dies and 
engineering parent company’s 
foreign sales last year totalled 
L255bn. . representing tittle 
change on 1976 export sales. 

The company confirmed to-day 
that Its consolidated group turn¬ 
over last year amounted to 
Ll.365bn. (S1.5Sbn.). represent¬ 
ing a 21 per cent increase over 
the previous year. 

Olivetti also indicated that its 
performance last year was more 
profitable than in 1976 when the 
group reported a profit of Llbn. 


Pepsico to buy 
Taco Bell 


NEW YORK, Feb. 13- 

PEPSICO and Taco Bel! said 
thev agreed for Pepsico to 
acquire Taco Bell which 
operates over $69 fast-food 
Mexican restaurants through 
an exchange of 1-43 shares of 
Pepsico stock for each Taco 
Beil share 

Mr. Robert L. McKay the 
chairman of Taco Bel! said 
that arter holding merger dis¬ 
cussions with several com¬ 
panies, Taco bell management 
decided that Pepsico was the 
“most attractive choice.” 

He said he and Glen Bell, 
who together hold 32 per cent. 
oF Taco Bell’s outstanding 
stocks, were “enthusiastically 
in favour" of the merger. 

The two companies said the 
agreement is snbject to a defi¬ 
nitive agreement, approval of 
directors of both companies 
and of Taco Bell holders. 

Taco Bell operates over 860 
fast-food Mexican restaurants 
in 39 states, it said. 

Reuter 


By Our Own Correspondent ' 

GENERAL MOTORS announced 
to-day that it wiU be offering an 
automatic seat belt system as an 
optional extra with its fast seU- 
ing small car, the Chevette. 

The system will he available in 
the spring and is being launched 
says GM, in an effort to evaluate 
Its performance and public 
acceptability. The U.S. motor 
industry is required by Federal 
Law to include such “passive 
restraint ’* systems in some of its, 
1982 vehicles and GM's market¬ 
ing of a seat belt version at tins 
time raises some, interesting 
possibilities.- =' 5 ; 

Under the legislation, airbags 
can be considered as an alter¬ 
native to automatic seat belts 
but the motor industry has. 
argued that neither should be 
foisted on the public. Many 


NEW YORK, Feb. 13. 


Optimism at 
Fluor Corp. 


GM executives believe that the 
'consumer will reject automatic 
seat belts in much the same Way 
as public reaction-forced Con¬ 
gress to drop the requirement 
two years ago which prevented 
an engine being started unless 
the driver's seat belt was 
locked. 

The company, hopes to offer 
the automatic seat belt with more 
of its 1979 models and If ’ 6 M 
customers prove to- be -dis¬ 
interested in .the option, then' 
the company could well be urg¬ 
ing Congress to -rethink fhe legal 
option. , TJie'industry As a, whole 
is also opposed to the.mandatory 
installation of airbags, which it 
claims 'will add at- least S200 to 
the price of a car and that for 
a system which may be compe¬ 
tent in only one land of accident 
—the head-on.?co!tiaion. 


Rockwell Int. set for good year 


ROCKWELL INTERNATIONAL 
president, Mr. Robert Anderson, 
told the annual. meeting that a 
37 per cent earnings increase 
in the first quarter offers “an 
opportunity for further earnings 
growth " for all of fiscal 1978. 

In the first quarter Rockwell 


u.s. quarterlies 


CL LETT PEABODY 


Fourth Quarter 


W17 
S 

Revenue . 

Net profits. 6.59m. 

Net per share... 0.70 

Net share dii... 0.67 

Year 

Revenue . 5S9.4m. 

Net profits. 19.2rm. 

Net per share... 2.00 

Net share di!— L95 


1 TO 

S 

166 . 8 m. 

6.16m. 

0.65 

0.63 


5S0.7m. 

17.02m. 

1.74 

1.71 


WALTER HELLER 


Fourth Quarter 


1977 

S 

99.0m. 

8.3m. 

0.71 


Revenue . 

Net profits .... 

Net per share. 

Year 

Revenue . 382.0m. 

Net profits. 30.3m. 

Net per share... 2.62 


1976 

s 

94.0m. 

6 . 0 m. 

0.52 


343.0m. 

26.6m. 

2.32 


Steady growth 
at Bancaire 


By David Curry 

PARIS, Feb. 13. 

THE BANKING and credit hold¬ 
ing company. Compagnle 
Bancaire. achieved a net operat¬ 
ing profit of Frs.S0.7m. ($16.6m-> 
last year against FTs.59.Bm. in 
1976. This is after provision of 
some Frs.50.2m. for tax. 

Banking operations yielded a 
pre-tax Frs.75.7m.. but the 
Frs—8.3m. costs connected with 
the bond issue of March and the 
incorporation of reserves -into 
capital have been charged to the 
account. Gross portfolios 

revenues came to Frs.55.2m. 

After various' provisions, the 
company's net profit has been set 
at Frs.65.8m.. of which Frs.30.6m- 
will be distributed. The dividend 
of Frs.S per share dotting up to 
Frs.L2 wilh the tax bonus) is 
repeated but applies lo capita! in¬ 
creased by a quarter in May 1977, 
from Frs.306m. to Frs.3S2.Sm. 

Consolidated profit has not 
heeo worked out yet. but the 

company says that it is likely to' 

he 10 or 15 per cent, superior to 
tbe Frs-219m. of 1976. 



- 


IllAPCO INC. 



Fonrtb Quarter ' 

im 

im 

Revenue .. 

l42J3m. 

136.6m. 

Net profits. 

16.6m. 

18.7m. 

Net per share— 

0.89 

LOO 

Revenue . 

-524:1m. 

424.9m. 

Net profits. 

59.9m. 

56.1m. 

Net per share— 

3.20 

3.00 

MOTOROLA INC. 


FoonJi Quarter 

1977 ■ 

1976 

Revenue . 

523.8m, 

420.6m. 

Net profits. 

30.14m. 

26.9Sm. 

Net per share... 

Year 

Revenue . 

0.99 

0.89 

155hn. 

1.53bn. 

Net profits. 

106.27m. 

91.83 m. 

Net per share... 

350 

3.04 


PITTSBURGH, Feb.13. ■ 
Fiscal 1977 'profits -totalled 
$144Jja. or S4-.18 a share. '- 
Mr.. Anderson also said the 
company Is expanding produo 
tion of plastic components for 
cars and trucks at two plants 
because the-business is growing; 
Last year sales for this, part-of 
Rockwell business totalled 885m 1 
he said. .. 


IRVINE, Feb-ir-' 
FLUOR . CORPORATION, - 
expectations for substantial t^v.- 
orders,, said it is .optimistic abdri 
continued .growth in fiscalJlffi! 
endng October 31 and beyond.^ 

The company'made .the projei: 
loons in its annual report wren 
it gave its first detailed analyst. 
of 1977 operations since release 
of year-end figures last Decembe 
12, It made no specific forecast 
for 1978. - : 7 . 

' • Floqr said that despite a U:5 
Justice Department inquiry int.- 
its acquisition of Daniel Intemr 
. tional Corporation last May, i • ■ 
does nor-^expect-the, merger t- 
he challenged , fry \ the iCdveq 
ment ; ;. 

Fluor*, said, - new orden_ . 
declined 12 per cent in 1977 tf 
$2JS8bn. because only about ha! 
of the -orders expected wen> v 
booked due to delays in major', 
contract- awarife “As a result v- 
however, we believe fiscal 1971' 
bookings should be substantial’ 

Market projections indicat* 
tbe. Middle ^ast will be a majof 
source of new' business.;...' .'vi : 

It also .said it sees strong-.- 
evidence that ■ the west^ : 
hemisphere is likely; to' emerge: 
as a source of new work equals' -. 
-as Impurtant. as the Middle : 

; -Its latest subsidiary. - ■ 

Engineers and Constraetwr - 
Incorporated, bad record preya 
earnings of $133.4m. in .-.19« 
versus £125.5m. the prior'. yesE ; 
.Reuter ' v'.'-v '-.- 




NORTHWEST ENERGY 


Fsortk Quarter 


H7if -. 

: s; ? - 

Revenue. 232.0m. 

Net profits —. 6-2m. 

Net per share— 1-46 

Year 

Revenue 773 . 0 m) 
Net profits ...— .23.4m.. 
Net per shared. . .5.47 


im 

■■■ s -." 

19.40m. 

6.3m. 

1.48 


626.0m. 

22 . 8 m. 

. 5^3 


NORTON 


Fourth Qwrtor 


Revenue,-™.—. 

Net profit?-; 

Net per share-.. 

vew- 

Re venue .; 

Net profits. 

Net per share... 


iwr 
■ '. 5 

219.6m, 
' lOlSm. 
L26 


MTS 

209.4m r . 
S_2m. 
0.98 


847 Jm: 

413m. 
, 5:06 


749.7m, 

34.9m. 
• 4JZ8 


REVERE COPPER 1 '—: r> 


“Fourth Quartar 


1971 

" s • 

Revenue-.—. 142.7m, 

Net profits ...... . -4.1m.-, 

Netpersbare.-.- 0.71 

Year ■ •• ." . — 

Revenue'. —• • 597.flnt- 

Net profits .■ 

Net per share .■2^-* 


A. H. ROBINS 


Fourth Qurtar . • WTt-,- -7 

. w! 

Revenue 
Net profits 
Net per share... 

Year .' :. 

Revenue ';:..307 
Net profits — - -- 2&8m.. 
Net per share..';..-- 



wii&ty- 


This Announcement appears as a matter of recwTTonJy; 


NEW ISSUE 




7^- NOVEMBER j 

- : • 







f.i- ■ - 




US$15.000,000 ; 
Negotiable Floatingf Rate 
U.S. Dollar Certificates of 
Deposit Due: : r 
29th November 1980 


‘ ^ jlv 










Managed by 


DBS-DAIWA SECUBTITES 
INTERNATIONAL IJMIXED 




The undersigned acted as an advfeqf 

Sumitomo Pumance QncESklxtbiun 


■ ■ sawroMo 




rf.-iis'-r 

















































Toyota Sales at peak as KL-Kepong issues ! Ai-Rajuu 

operatingprofits fall shares to Mala y s 

BY YOKO SHiBATA ‘ : “ v . 1: 7; * " - - TOKYO Feb 13 BY WONG SULONG KUALA LUMPUR, Feb. 13. 

Ot’OTA MOTOR COMPANY has" quite' so striking* as the increase a- , . ’ * KUALA LUMPUR-KEPONG. ooe cenUi on the Kuala Lumpur COHlD3.nV 

3 -Shff r° : S of - YW58ta * ?« ■eo«S. Operating profits revenue' (StSwt* and dfviXnds ' ° f ‘ hc ,arse * of U u a!aysu, ' s plan ; . ^ u » wee J* IT J 

■■StS^* 0 ! months 1 declined by >.5■ Vper cent to- received ' l nrinS interestna^d?! tat,on companies, has announced Aseatnbankers Malaysian Ber- : By Our Foreign Safi 

Ie<nj«ab er 31 last,- up 18.6 This re- inSeteed toY&*bn K'the issue of iSm. shares l0 had. which is managing the issue. _ f 

.L5Sk.«jaL-iL.afejft «■» .™». i» —* .^sa«5ss., 

ats were Y55.i5bn.i ancc . with tne t.overTunenis j nV estor* ihai ihey would lake has set ujj a company with a 


BY YOKO SHttATA ^. 1: —** ** 

COMPANY has quite'so striking'as the increase 


3ted rec 

>!22biQ 


- from thev^mpanj's Mansion to previous >wr and Toyota'^ : to lak 

>h«gish, domes tie- -sales of •’ plan. This.- involves Installing a balance ^heet orniuon Imorovert pirate 
258jyuts (down 5.4 per centj ^rodudtioS tihSifcproduce 10 000 further eoSuv retio rose 5!! 

siflSS IF- sJl 

^oweyer.Tpyota s expansion of thanks to the -lfavoiirable per- *. Ie . SS * 1 1 " 39m " unlls ' .SS? 
JducUOtt; and jsales '.was -not formance -• of r >’ “nan-operatin'* In delation to mi exchange a - ■ 
..- ‘ ’ ' .. .. ° loss caused - J - 1 n ''~ 


INSIDER TRADING 


SEC backs off 


BY LEO GONZAGA IN MANILA 



TOKYO. Feb. 33. 


;ybta^s car sales "for the period Net nrefitT P £?vS%». anoi S rUnSnS taWiUis from institutional Malay changing, fan,rty in'Saudi Arabia 

- an -all-tune high * of L37m ch*raes tuoYffShn:) resiinn^ raJXL i P •» k e V5 ®* ,5bn - r lh AM 1 investor* ihai ihey would lake has set up a company with a 

its. Up -7.3 percent -■■- SP 3 i“*^- up '* 5 ppr f 6 ^* ove . r :F„ oIc: ; t,f ? coura ^ n ? Malaysia up 12 m. of , he shjir( . s whiit ^ paid-up capital of Saudi rivals 

Sluggish domestic -sales "of-* oh?'' TSa-toSS^taffiuS ? ?? previous year, and Toyota ^ . to lake a larger stake in cor-- res{ wuuId ^ ofrcred t0 the 800m (J 5iT3.4iw.). . Cnlled Al- 
250mts (down 5.4 0W "“^ Ip - Malay Public. As a result of .Rajihi Company for Currency 


luriner. lts equity ratio rose toj The mew shares will increase good prices anti higher produc- : Exchange and Commerce-, it is 
Pv\ wn L *rOtn 55.5 per cent, i KLK's issued capital by 9JS4 per tion. KLK made a record profit based on the wealth of four 
as _of December 31. 1977. j cent, to 167.5m. shares. The com- of . 42m. rinagil iU.S.S17.Sni.) brothers Saleh. Suleiman, 

For the ciiTTcnt haVf year end -1 pany’s capitalisation is the second last year and paid a 12.5 per cent. Abdallah and Mohammed. The 
mg June 30. the company places) largest on lhc Kuala Lumpur and. dividend. Second eldest. Sheikh Suleiman 

its sales target at 1.39m. units. 1 Singapore exchanges, after SIme Last week another Malavsian ia, ' Ra ^ hi - is likely to be manag- 


cQiupauy. United Asbestos partner. 


appreeja- The price for the Malay chares Cement, announced that it was, 


company 


iVliUitkane gas^lpw 


tion of the yen. the company has not been fixed and is subject offering l.Snt. shares for Biuni- ; ministerial approval 


received 
for its 


expects a further YlObn. 
increase in. depredation charges. 
Ciirrent profits', for the year are 
forecast at Y190bn.. down R per 
cent., and net profits could 
decline by 19 per cent, to Y95bn. 


to approval by the Capital Issues purras at a price of 1.8 ringgit, establishment at the beginning of 
Committee. KLK shares closed compared in the current market {this year and is to start opera¬ 
nt 1.57 ringgit (about 67 U.S. price of 2.34 ringgit. tions next month through its 


. BY LAURENCE STEPHENS decline by 19 'per. cent/to Y95bn" T?OTlt bIqIIC = dom - 

'SYDSBY, Feb. 33. -:_ . It dlflll UullA ijLXlU The moneychanging operations 

B SOUTH AustralTan Govern- Was ’ an . ihdltatkfn' that the TnR fruits’ vrnwth by l daniel °h th i«±n Ra n!' i ih ,m r^ir T hrnTho« 

nt is hoping that its financing Munkarie Well'had encountered 1LJ " 1111515 growth by u DANIEL the 1940s and the rour hjothei^ 

the Munkarie Well will lead separate ...significant gas ISRAEL DISCOUNT BANK_ „ A . reo. u. ,eventually set up separate 

\A commercial gas find after a accumulations.. .: :- . Israel's third fargest bank -- UNITED MIZRAHI Bank, nne of tn. nfier in thr public iJ.6in.»«MhJish)Denis. Their business 

gas flow to-day.. Munkarie, the first .well in the reports that the assets of the! Israel's five largest, intends to sterling worth (nominal value i ° xp a nd ^ d co nsi de. .ih I j ^ after t h c 

?he well, in whichitbe State present'. pcogrsuhnke£ is i being eight trust funds it manages rose; increase its capital in the near £?*** "*« "SS ” JK’-SSt ** 

vemment, through the South funded by .the. State Instru- by 87 percent, to the equivalent f UtUre throueha scrip issue and l together with. 19*3 Arab-Israeli var. 

stralian Oil and Gas Corpora- mentality PfpelTnes Authority 0 f of I1 d 0m. sterling in the course the , u of ' eaniMi notes an d ?SSn°ruin l c.»ri.« omi TK ' aiuc i f i ^though lhc new company is 

“l Pty. LtiL, has a 10 per cent South Australia. It is expected of 1977. th * >-«ue of capital notes jnd £400.000 sterling. They are to ! lo off,,,, finance for the profitable 

-erest,.is in the Cdoper Basin, to reach a- total depth of 8,323 The different funds invest ?£H, ons at the raUo of one * r °''{»e offered in units comprisingf sectors of general trading and 

‘ifh.cunnl iao A foA* •- v'irvina nmnortinne in indnv. inrce. iXJ.iAI i - J--- SierilTlCI 110111 *7131 Itrnilfnn in bllildill'i materials 




BY L. DANIEL 


TEL AVIV. Feb. 13. 


head office in Riyadh and 4a 
branches throughout the king¬ 
dom. 

The money changing operations 
of the al-Rajihi family started in 
the 1940s and the Tour brothers 
eventually set up separate 


VX1TED M1ZRAU1 Bank, nne of tn offer to rhf> pubiic U.6m. iestablishraenis. Their business 


it-h:supplies both the Adelaide, fee l 


varying proportions in index- inrce - 


rce. IillnJ tij.jj sterling! nominal | trading 

In addition, the bank wilt make value of notes and S0p sterling, accord in 


building materials. 


1 Sydney-markets .av present.' The cooper Basin" program me linked, foreign-currency linked. In addition, the bank will make ^***'5. nc ., unci S0p sterling, aceordins to Mr. Jnhn Browne, 
las flowed from the well at ia is aimed at proving additional and/or shares in local and a small amount of shares avail- ' nonj,n: " ' :<luei of options. .director (Middle East Opera- 
e of 6m. cubic feet a day from gas reserves to" cover contract foreign currency. All of them able to its employees and pen- The new shares to he issued! tions» of the European Banking 

interval. 6,417 feet to 6.482 options, held bv -the .Australian are paying considerably higher Gioners. with the total issue of will not entitle ihe buyers toiCompany Limited it is clear that 

in the Patchawarra fortna- Gas Lrgbt cotnpiny for gas dividends than in 1976. some of ordinary' shares to come ro dividends in respect of 1977 f 15 its main conceniraiion will be on 

supply to Sydney, ^nd to the them in cash, some of them in *J2.24m sicrlina. nominal value per cent, cash plus 20 per cent, its traditional money-changing 

lis ..follows a similar flow home stale of "South' Australia, cash plus bonus certificates. in addition, the bank intends "bonus sharesi. I operations. 


t in the Patchawarra forma- Gas Light company for gas divide 

• i. supply to Sydney. dud to the them 

'his ..follows a similar ..flow home stale of "South'Australia, cash | 

: m another well early last week Without further- ^serves the 
the Epsilon formation, which company will be-forced to allow 
not the' venture partner’s the options to lapse/-; . 

' jor "drilling target at present.. Partners in the Munkarie Well 
mailer hut significant flow was >are Santos Ltd., 56. : per cent., 
ountered in the interval Delhi International Oil Corpora- 
; ween the two larger, gas shows, tion. 30 per cent., Yamgas Ltd- 
'he South Australian Minister 10 per cent. and. South- Au sir a- 
.. Mines and Energy. Mr. H. R. lian Oil and Gas Corporation, 10 
- dson, said to-day that the flow per cent. 

Anglo-Alpha earnings dip 

BY RICHARD AOLFE . ZJ ^ i » 

’ - - • JOHANNESBURG. Feb. 13. 

LINE with declining national from R3m. to" .RlTtp-, or from 
;?s 7 of - cement, Anglo-Alpha 9.8c. to .SBc. ^pdr-^share. The 
nent, controlled by the Swiss interim-'dividend , i* maintained 
derbank group, has reported-at 3.750. per^share.^and assum- 

• nover down from R73tn. : to ing an unchanged .filial; of 9.25c.. 

>m. (S76m.) for the six months- the yield on the..stores at 125c 

. ond-December. and forecasts is lfl.4 per cent 

’.t I’esults to date-indicate that The Beard-points .-out-that the 

: previous full year’s profits deterioration in/'.; proBtabUity • 

'1 not "be maintained.. -coupled with low- sellingj.prices 

iperating income was down 
m R16.9m. to R 15.4m, 

7.7m.), but a high level; of H£ ns «Z*, r r Z^inlw 

visinn fnr ripnrfari-itinn wak “te group continues jo- expand. 

' imained at and nt December'31,.coptrac is 

iparabie six months. ^ half year was B9.4m> The 

Yitbr; interest; paid nearly- Board regards curren^-condriidns : 
bled to R39m: and afax rate’as depressing,, butrat^rates-lhat ... 

48 per cent at Tll^m- «arn- it has "** everr confidence in’the 
s for the half-year were down long-term .fnture. M j 7 '’ 

Cadbury ahead in S. Afir^a 

BY OUR OWN CORRESPONDENT " /' 

JOHANNESBURG, Feb. 13. 

JFTTS AT Cadbury-Schw'eppes company, 1977 being the first full 
uth Africa) were up from year of operations under the new 
n. to R2.3m. ($2.7nr.) for the structure: . 
r to December 31 bn turnover Earnings per share of Cadbury- • 
m sharply from R4L6m.. to Schweppes rose from 2S.7c to - 
-.Im. (S30.1m.). But the lower: -32Jte? and the "final dividend has 
aover reflected disposal oTthe-been ridsed. to make n total l-5c 
-making Schweppes side of up. on tiie: year to 12.5c. With : . 
business to Coca-Cola Export-the shares at 125c; the yield-is . 

- poratlon 18 months ago, . exactly. ID per cent. The figures . . . 
s a result, -. Cadbury- reflect .a price increase since June 
weppes, as the local company_i, which helped.restore margins 

till known, how h^s an invest* eroded by higher costs, and also • 

..it in its former subsidiary by coincided ^th the second half 

- of Amalgamated.Beverage of . the- - year, traditionally - 
js tries. The latest figures in- Gadhury - Schweppes’ belter. , 
le a dividend from the latter period.- . 


ELECTED EURODOLLAR BOND PRICES 
" MID-DAY INDICATIONS 


THE SECURITIES and Exchange 
Commission of the. Philippines 
(SEC), has postponed indefinitely 
the implementation of a policy 
which would have "banned stock 
market trading in shares or com¬ 
panies by stockbrokers sitting as 
directors or officers of the same 
companies. The policy was 
approved by the SEC on January 
IS and was to have become 

effective on February 4. The 
CDiumUison decided on postpone- 
meni following a request for 
reconsideration made by the 
Philippine Association of Securi¬ 
ties Dealers fPASDj. 

Originally, the SEC had wanted 
to prohibit stockbrokers from 
becoming directors dr""officers of 
market-listed companies in view 
of inquiry findings tending to 
link certain trading irregularities 
to interlocking ’ brokerage/ 
dircctorale/officership relation¬ 
ships. Such a ban was planned 
as far back as 17 years ago when 
interlocking relationships repre¬ 
sented only a minority ' 'Now. it 
has been estimated that up to 
seven oiil of every 10 stock¬ 
brokers ai the Manila and Makati 
bourses are boldine concurreni 
positions a a directors or officers 
of listed companies. 

With the PASD mounting 
vigorous opposition, .the com¬ 
mission derided only against- so- 
called “insider trading.” Though 
this was less than they had 
wanted, the SEC decision was 
hailed in the newspapers and 
among market traders. The 
grouping of securities dealers, 
however, requested a reconsidera¬ 


tion of the policy on "insider 
trading.” Pending resolution of 
the request, the prohibition 
would not be enforced, the SEC 
announced. 

Meanwhile, the Manila Stock 
Exchange (MSEi and the Makati 

Stock Exchange (MKSE1 have 

ended their quarrel over the 
stockbrokers' ■ ; commission fate. 
Under an .agreement reached 
recently, the MSE and-the filKSE 
are. free to charge a rate below 
the 15 per cent, ceiling allowed 
by the SEC,.hut no one'exchange 
can unilaterally charges less than 
the maximum u-iihmii the consent 
of the other—ihey have to make 
the reduction, at the same rime 
and uniformly as well. Again, this 
will be unwelcome to investors, 
since they will have tn pay more 
in terms of brokers’ commission. 

The suburban bourse. Mataki. 
has now abandoned its 21 -day 
round-turn trading practice 
under whiuh ii was charging 1.5 
per cent, commission on buying, 
and 0.5 per cent, commission on 
selling if the two transactions 
were on behalf of the same trader 
within 21 days. 

Before the agreement, mainly 
because of the commission rate 
differential favouring MKSE 
over MSE. the suburban bourse 
had been transacting -more busi¬ 
ness than its city counterpart. 
Of a recent week's turnover, for 
example. Manila’s share was only 
29 per cent, in volume terms or 
37 per cent in value terms, 
though it is the bigger and older 
exchange. From now on, the two 
are expected to split the business 
more or less equally. 


\1GHTS 

i Australia 84pc 1889 

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law BanV&pc UK 
hm- Mdc 18S5 . 
diau X. Rly. Sine 1086 
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• narlt jipc. 1881 .-- 

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V’.Rpc 15W U.. 

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?)pc lflsr - 

.- Canada Sine 1984 ... 

' ltfllaD Bloedej Dpc IMS ' 
*y Ferenson 9{pc 1891 

el to UPC 1988 .. .. 

ind lot. Fla. 8!pc *62 

Sue 1BS7 ..:- 

V westnUnsrer tec J8S8 
otmdlaod 9be I9SB 
Jk& Komrn. Bk. Bh* '92 
Rjdro Elpc 19M 
X. Hydro Pipe IMS 

tec 19SS . =: 

i Amooounr-tec J99) 

. Quebec Bp* 1995 ..... 
SbskaicheicflD Mdc '88 

. inti. «tk 1987_ 

- • : »pc iS92.:._ 

fiou Tmi Sipe 19S9... 

£n. 9pc 1991 
Spc 

lea fKasdm. i. Sfvc "S7 
Biscuits 9pC 1989 
) Spc 1037 March .-, 

ES 

ralia 7)pc 19M . ....... 

Canada t{pe itoi .- 

Colombia Hr. 7{pc 'Si 
Pacific Site 1689 
Chemical Spc I8S8 ... 
7Ipc 1983 ... 

Si pc 1589 „.r 

7*DC 19S2-- 

TJPC IBM-:. 

G titieit Si PC 1984 ._ . 

Verts mi 7JPC 1982 
Ortt? &PC 1983 

din 8jpc 1983 . 

real Urban Mpc 1981 
Brunswick Spc 1984 ... 
Brans. Pv. SJnc 19S3 
Zealand Sloe t9S8 . 

Ic inv. Bank 7h>£ 19M 
k Hydro Tine 19S3 ... 

ray Tipc 1982 . 

rlo Hydro Spc 1887 .... 

.•r.&tpc U82. 

niland Elec. Sine 19SI 
ligto iKngdm,) Jjpc 'K 
H$b sate Co. 7ipc -82 

uaf Wise 1M4 . ..... 

««J T!pc 19C ~ . 

smUen 7ipc IK7_ 

. ULIHC H0H1IS 
t.t.lauldp Slpc 19S9 

1 Bite 1989 .:... 

: •’ 9'pc 19?8 . 

SJpc 1SK .... 

For Industrie BSpc *5? ' 

.»i HKpv 1BW ___ 

Iflpc IMS . 

nrtrt- lujpr 1958L...W. 
s 'Dio.- 

1 011 Sine ISM ......JJ:. 


DM BONDS . 

.Austria atoc iflss .. 107 - n it 

EPCE Tpc 1987 ... 16« IBM 

Denmark flint UBS- 1M i«l 

- E1B Uuc 19S4 . 1B6 1M|- 

GnuXJ MtL Tpc 1984 - 193 HW. 

HrtnMJutJliec Mpc 1697 ... 1024 

ICI 61nc 1*87 _ 103 X63f 

Montreal 7pc 1987 . 102* iffi 

’Koreca -Cas 7pc 1986 •—.. 1074.--- 1WI" 
Norsk Hydro BSoc US9 ... I«4 I0»- 

Korway ,5tpc J38I... 1M IB41 

Shell UpC 1949- »« - JW 

Spain 8toc lS8i - 102 UBt 

Sweden fljpc IBM -- IBS* . . W8 

World Bank Mpc -1997 - KM - ; 10*1 

FLOATING BATH NOTES.-. . : ; J 
Bk. Tokyo 1984 T^wpc 99 ■ M 

BFCE IBM TPC. -- 98* »*■ 

BNP 1983-tec --- m UOf 

. CCF US3 tec .. 99* . - -.Hi; 

CGMF 1984 Ttoc . Mi - Ml 

; cradmmtav IBM 7JjW 9M »»- 

Credit Lyonnais 1683 Spc ... B9|- IR 

D.G. BJUlk 1982 - BM .1091 

GZB 1SS1 74PC ...L.- 100* r.iow 

m.'Wszmnster. IBM 7»i»pe BENI . «*. 
Lloyds 19SS TJpc ...... 100 .Mi 

LTCB I9S3 .—-- BM - M* 

Midland 1982 Bpc ...»- 10U Wll- 

Mknxnd 1987 7»wic- »l . W 

OKB 1683 rite- .IM 

SNCF 1985 Site - m .m 

Smd. Chartered W 7i'i»pc 981 .Ml. 

Wins.- A Glyns 1SS4 tec .. »» . MM-, 

Source: While Weld Securities. , -.. 

CONVERTIBLES "i" 

American Erprws Udc *87 « 

Ashland Spc 7S» . » 

Eaftcocjc * WUcox fltpc l 6t W 
Beatrice Foods (|sc W4 

Beatrice Foods -siw: 1892 10- 
Bcvcban! ftjpc 1992 9i| 

Borden 3pc‘»82 .tDt .... 

Broadway Pale 4Ste «87 .... 

: Carnation'4pc "i9S> <■* 

Chevron 5pc 19SS-- ^ 

Dart 41PC 1887 .. 

Eastman Kodak 4J»c IMS *- 
Economlc Lads 4lpc 1997 Tet. .. 
Firestone Spc 1988 J 

Fort tec. IMS _. ........ ... w 

■ General Electric 4jpc 1987 SO 

Gfllone dlBC l987 ....— *« . 

Gould Ste 1987 . 1W 

.CHJf and Western- 5pc 1959 j5 

. Harris 3pe. iM2 i 13* 

HoncrWCD UPC IK6 - *** 

1C1 Mpc 1992 -- MI... 

ISA tec 1W » 

lndnCan* Bine 1893 ' 

ITT <lpc 1997 .. 'J - • • 77- - 

Jwco tec un. 1»* . 

Wmutsu Rdc'UM JlS 

J. Ray McDeanoo 41sc "ST 1-^ 
Matsushita Sine ISM ..... 12. CT : 
. Mlm! 7jpc 1M9 IW! ■ tf7| 

J. P. Monaxn «inc t93T W4 9« 
Ksblsco 54nc 1958 ._ ...... MW 1921 

' OlfelS nfluols 4|pc 1987 ... 11B_ II? ' 

j. c. Penny 4 »pcTB7. <W . ,^ 4 

IRpfkin 1987 . 109 JB 

Perilous Metals tec 1988 M • M 
tenftvflc Site MBS . IM . . IfiSi . 
Sperry.Pand «PV' 1*97 SI W 
Squibb 4*oe l9W —..... .-TM-.-- -WS. 

-Tenca tape Hfls -7Wts« 

■ Toshiba 8ipc IMS.. iW/ my, 

L'lBWi Carbide 4MM? IBM... 9l • . 793. 
Warner Uimherr ajpe 1997 M K 

.Wkrner Umhen 4lpe 109? -^.r ■••nr-' 

Xero*-3oc l*M.-“—" .775 . wf 

-" Source;- KMder Peabody SecuriUK- "■ - 



e 




at 

to 










sa 







As a matter of fact he’d need one-before 
he ever took off.Because the visual flight rules 
determine the amount of visibility required ■ 
and in the situation described here no one 
would be-Iikely to leave the ground in the first 
place. However-with the Sperry Flight Systems’ 
little on-board opmputer it's possible to get 
airborne in appalling conditions. 

Quite simply what the Helipiiot does is 
to take care of all the headings,speeds and 
attitude instructions from a press of the pilot’s 
finger and all without the need for perfect 
flying conditions.-Which makes his job a 
whole lot simpler and safer A very efficient 
system that, like all the Sperry products. 

Their computer equipment and business 
systems at Sperry UnivacTheiragricultural 
products at Speriy New HollancLTheirfluid 
power products at Sperry Vickers. And all 
theu: consumer products at Sperry Remington. 

JL 

nr 

Making machines do mo 


It’s quite possible one of these divisions 
could give your-company a bit of extra lift. To 
find out that and more about Sperry Rand 
Corporation and all the things theyjnake,tick 
a box or two,cut off the bottom part of the ad 
and send it to the address below. 

Please send me information on the following: 

□ Computer Equipment and Business SjVenis 
D Guidance and Control Systems * 

•I] Agricultural Equipment , 

□ Hydraulics and Pneumatics 

i—i Consumer Products . . EH Annual Report 

Sperry Rand Limited,78 Portsmouth Road, Cobhara, 
Surrey KT111JZ. 


Position— 
Company. 
Address_ 





































WALL STREET + OVERSEAS MARKETS 



Early 3.5 loss in reduced activity 


Dollar 


GOLD MARKET 


V. Feb. 13' 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, Feb. 13. 


Trading was quiet, bat nervous pended fading yesteriay. . 
in the foreign exchange market Gokt rose $1J to 
vesterday, following the devalua- 

tion of the Norwegian krone, the P^rs^F T • 


STOCKS ON Wall Street trended Fur the: 
lower this morning in thin trad- $2; la: 
5ng, which was limited by many THE 
institutions being closed to-day in Value 
observance of the holiday fur of 0.-1! 
Lincoln's birthday. volume 

The Dow Jones Industrial Resi^ 
Average receded 3.55 more to soared 


rurther to 824 ‘ following a faH of higher portfolio and other Conti-Gumml receded DM2.40 although demand was rather secret meetin “°5 ri ^ eSt ^ 

1“ • l". Friday revenues in 1977. following reports that its earning selective and there was also ministers m France, and discus- 

TUTT IMFI'IC v\ SE Market L'Oreal moved ahead 21 to improvement for last-year will slight profiMaking. sions between the U.S. Treasury 

V. . Infipv Sustained a reaction Frs.493. Sue* 4.8 to Frs-209.8. and not be as great as first expected. Olivetti Privileged advanced 60 secretary a nd officials in West 

value tnuex sum.uiivu a re 41 . non _ _.. -« crre loan Pi.hlir. Anrhnrinr V»„rtL>rf tn TJKS and Snla Vivoa 50 to « _ 


£ ASJUNST 
THE DOLLAR 


772.44"at 1 p.m.. and the NYSE trading resumed—the company is 
All Common Index was 19 cent-: the subject of a tender offer. 


inv^s -BRUSSELS.—Local issues dis- pfennigs. The Regulating Auori- to L32.530. • ' Under these conditions, and the. 

er pluved mixed movements after ties sold DM3 3m. nominal of JOHANNESBURG—Gold shares closure of New York banks for a 

third- moderate activity stock, compared with DM.5m. last trcneraUy improved afresh in pu bHc holiday, the dollar lost 

i busy EBES shed 75 to B.Frs.2.300 Friday. light trading, helped by higher ground against most currencies, 

after announcing a proposed Both parts of the Government's Bullion indications. including sterling and the French 


lower at S49.82, while decline^ 
held a seven-to-four lead over 


Allied Artists, on a third- 
quarter loss. ea w t*d 1 to S2 in busy 
t mding. 


STERLING: 


(inlti Bullion. . J . }' • 

(a rise ounce? • * • “ • 

Cloe SI761s-177l4;S17«6.1.7St» 

Opening,_3176-1765* $174-1744. 

Slom Injttia-tfVl76.50 .8174.00’- -i 

.- [£90.900> i£S9.BB2i'-" 

Aftera’afts,Wl77.00 . S174.65 .* 51 
>,(£91.167). ■ k£90.225) ;- ; I 

Gold Coin._l . - . ’ -‘-3 

domeaCKaily t .7 

Ezngen&ndL:jS183te-l8ei£ S1BI-1B3- 
iU»*fe-951ci 0293141-941*1., 
S*w&CV’gB9.'$&63A-38S 4 - j$56-6ff 

l£Sffll«-301i» 1 (£35-301 • 
Otd Sow* rg^n$565»-B73* (5o4Si-563i , j 

_ licaai*-»Lr 


capital increase. 


announced 


rncluding sterUng and the French 


-Iwajiousa* 
85 L&K.19n>m-| 
■ UmUiIE 


Gold Coloi.-! 
(Intern»t‘[lyji 
Krugerrand .SS1B2-184 


S182-184- - - ‘SUsj-lBw.- 

.£*35* w4S*i. 1 ( £9S-94 t 


Closing prices and market 
reports were not available 
for this edition. 


Financial Minings, however, franc . The pound closed at 


OTHER. MARKETS 


N’wSon-'pu'soevssv ii55ij-a75i.' - 
t£20i*.3ai 4 i. tfeaavassj *i 

out Smr’Kiw$5534 -S75J... SS4ii-5&!* H 1 
|(£3B3 ,^i95 4 >.-. |(£ 2 a vaaiffL 

930 Eagl8s....iS267fe.27Pfe;g260t*.B63i4 


ILFrsJiifi. but Sncfete C.enerjle pared with an official price of HONG KONG—Mostly steady basket 0 f currencies, based on the 


gains. Turnover came to io.94m. Canada irregular 

shares, a decrease of 1.alien. com- o 

oared with last Friday's I p.m. Canadian Stock Markets 


Banque added 40 at B.Frs.2.S43 99.75 per cent. They will be following slow trading. 


and SoGna 70 at B.Frs.J.OSO. 
AMSTERDAM.—Slocks were in- 
re- clincd to soften a little in very 


Washington Currency Agreement 


.sep Oct sov dh; jab 


pared with last Friday's I p.m. Canadian Stock Markets re- clincd to soften a little in very further forward in at 
level. corded irregular movements at quiet trading. supported by ihe h. 

Analysts said investors are mid-session jeMerday after a Unilever and Royal Dutch were pf the capital marl 

concerned about the Administra- moderate irnde. The Toronto each around FI.IL3Q down In Dutch latest round of u 

tion's ability to deal effectively Composite Index was 1.6 easier at Internationals. reductions, volume 

with preying economic issues. 1.0132. although rises and falls Elsewhere. In# • Ommcren Zurich duo to the ho, 

such a* winding down ihe pave on the Toronto exchange were declined FIs.3. UeinekeBi Fls.l.io. of the Basle ,. u .£c e ' 

of inflation and bolstering the abuut cvcnl> matched. Metals and and Buhrmeisicr _ Tetterude Interest centred 
rorcign exchange value of the Minerals receded 7.G to 816.3 and FIs. 120. but Bols. H»kker and stocks and shares 

dollar. Oils and Gas ST to 1.344.3. but Naarden gained ground. .'etch-. 


i.J, 0 S 0 . placed on sale to-day. . Main business was concentrated of lQr , 5 as cai cu ] a ted by the Bank ' . .- - - 

« were in- SWITZERLAND—Shares pushed L n -2 U whSP'SSda?‘Site*X of EngiancL rose to 66.3 from SM, CURRENCY RATES 

tie m very further forward in active trading. 5£“£ »l./SrSLr after standing at 66.3 at noon __ • - 

' supported by ihe high liquidity SHMi.-M and J 4 S?, e i htb S and 66.4 in early trading. The . Special \ Ei 

Dutch were of the capital market and the unchanged jii &HK1220. bwire doJlars index on the same basis J Dm vin e j -l 

in In Dutch latest round of interest rate A held sleady at fell to 912 from 9L6. Morgan _ _ L *--A 

reductions. Volume increased Id , Guaranty currency Tates were not. i **bn*rv m 

• Onintcren Zurich due to the holiday closure T0 ?\ 0— available. iuiriiD* ! o 626173 1 ■ o. 

vn Fls.l.io. of the Basic Bourse. _ SS5L Nervousness surrounded Scan- C.6. «toll»r.i 1.21168 j 


FOREIGN EXCHANGES - ^il 


t European 
i Pou oJ - 
\ Acconn r 


• . *• Market UatM ^ 

:u*ok,- 1 ——: 

•yeb. 13 IMyW .t .^y 

. % t 6pr«rt 1. :Ckm.- t 


Ft-bnarv I5 - b'eton*ty"iS' 


New Yotr...V $t5 , Ls5flO-1J4<3 l l.e4®-lieB ' v 
AIootxaU„..i 7laiL14a9-2.1BBuia.tt«-a:te£| V 1 * 1 

A I A XfiJ Ul- ‘I \ A IE, ■ mWT ' 


mixed but with a firm bias after 


Massey-Fergusan, the volume Golds 
leader, shed more tu 81 li —the move 
company slated on Friday that 1.53 t 
activity in the sio&'t may be flB.ij. 
related to speculation about pa; 
future dividends. irrcai 


96 15 last Friday's good performance. 'V:“ ^ 

PARIS—Shares presented an BMW declined DM2 in UotOT^ hi5e? wRh B cSSs ^eltfndS 
irregular appearance, with con- while_ Engineerings had KHD ^ white B 


r and UertiRou-Bnehrle Bearer .wnin-ww mark and Norway arc members 

Domestic Bonds closed actively Electric Power Ptent N*uei European currency snake. y*“-f 


Heavily-traded Pepsico, which tinned political uncertainty being DMI.SO 


is proposing to buy Taco Bell in 
an exchange of .-lock, declined 
to $251. ITEK were down 1 


a drag on yentlmem. retreats 

Michclin ! B “ rose 13 to vided a 
Frs. 1.049 in response to sharply DM3.50. 


” retreated DM4. but KJockncr pro- were sllshtJ - v harder. Gamed pwnd- however and Finnish banks sus- St Hs afra p-. ^ 

to vided a firm spot with a rise of MILAN—Market made further p , 2a ] n s' b, export* 

_ headway in fairly active trading. oricntated E fe C £ricals, Vehicles rartcc-RATPC 


1.34587 

18.3305 . 

39.7046: 

6.94504 

2.85473 

2.73B01 

6^4008 

1046.75 

292.703- 

6.22903 

98.0398 

6.64669 


2.57881 

2.76449 

5.98249 


Amsterdam 4.AS-4JBf - , 

Unnwlc... filfli 65.ffi43.ra rnS.Bkai.iH' 
L'opentiaeeo s ! ILJfli-ll.lB '.ll.JW-Tj. 7 jj ', 

Fraoklurt... . 3 k 4 

Lisbcm_... 15' i MibA-IBL't, ! 78.1M2.m-.. 

lUrtrW_ 6 jlS6M5.16a.90 1662&-K6.9B 

Alitsn-- Ills; 1.67B (,b75 ; 1.07 

Oslo^._5 j 16 M.W.65' .IttffiToir-' 


Arts.-1 Sic] W-Mf;' 

atorkhDim.^ 3 .}. .9Jff-«.lB \ 

Tokyo 4^;. 4*6415 '-4S7J-M.V, 


6.27854 

98.6824 

^.68024 


Vienna_l..|- JHj> 2i.1S-S8.40 Lla.'W-2»5jj 

Zurt’h-:.l ’ll? *- 

? Rate; jpven an lor amreitain r mnpi , 
Ftnafidal franc 63.3M33S; y 


EXCHANGE CROSS-RATES 


Indices 


X.Y S.E. ALL COUNON 


Bises and Falls 


NEW YORK -DOW JONES 


ret’. Fell, 
a A 


Hi"b ! fon 


1 1 -? Qj»['rl. 


775.SE 777.61 762.65 778.85 76S.62' 770.96 269.75 

o l.iTi 

69.75 69.66 65.54, BS.70 69.76 62.74 55.57 

«i:5i 

212.65 216.36 214.55 213.4a 212.16 212.89 24tf.£4 

■■ .le-ji 

105.65 105.62 106.12 105.51 105.21 105.51 110.67 


'Iniilint; -r.-il. 
000 , t 


19.480 17,240 21.500 14.730 11.650 19.400; — 


. 1C 

.- im-« miiqiiai n 


■4-|;7i. 


Hi^b ' Lou- 



7S5.fi 

1051.7c .41.22 

MONTREAL 

Pel*. . 
IJ ■ 

»?.JJ 

1tici 


fo-fn-rriaf 
Cvmhmcd , 

as 

ffilH 

1SS.S0 

.1«2«r 

TORONTO Ojnif«wite 

1014.8; 

1 104.77 

i?lM.lfc. 

■ j0'4,fc?i iaj/4M2i 

1 

JOHANNESBURG ! 

fir-1,I 

1 nil n»i rials 

200.r* 
2io.e; 



tvs. to 

Fell. 9 

lei- * 

ria-ie-l . . 

1.825 

1.808 

J.848 

. 

649 

558 

920 

Pllllm . 

724 

7B9 

490 

1 iN.!iaii3»l. 

450 

461 

488 

>(•)■ Hi^rn. .. .... 

_ 

32 

32 

Xev |,,v % .. 

— 

23 

23 


¥ ran Wirt- { 2.097586 I 43.06-15 I 6.40MI4 | 4JJSU <jX 85.40-60 j UBJ0-W 

\™n- Yuri* 47.50-63 - ' 20.4648 i L063TOR.; 1.937-9:8 44-i8-afi 6L4&56 

Vans : 2St.56 E.06!+i5V3^7l5 1 — f 1*841^76,5.4296 44851 £15.25 26 J&LS8-2.18 

BnrMfhi.I L09 64 | 32.68 73 , 6.72-75 1 . - , «J-44-tO ; IMtt -MUR 

Looilmi-. 4.f6'u7:' ^.*843 -i 6340^1 I ■, 4J&»36i ; 3-<6:7o 


166.33, 166.50 165.66 166.33 746.47 ili:3i 156.02 r* 7». 


173.54; 173.78. 173.38 173.57- 157.83 iliLTTii 165.60 (CMv- 
1014.8' 1012.5 1014.4 ! 1010.2 1067.4 <13.7. j 961.0 (33il>. 
■ • , ; i _ 


Motor were finally Y4 down a: •' • • , T - - ~ •- - • ; _ 7-\ 

YS03. Olympus Y5 off at Y740. F3TIS Fankiurt-\e«- fork j Psr Lf j 8niw l«. linden jAwty in [/Zorich 

and Matsushita Conunumcatlon j—^ ' s.i?9T5-«6 I «3.06-Io I 6.404-4W j 4xi8ti «M i a5.4O60 i 10850-70 

\J0 cheaper at \ 1.110. 47.sck£3 ■ - ' 8a4648 i 3^63-coe.; iMI-icB 44-iS-3fi bL45-66 

AUSTRALIA — JfarketS were •,. aris _Ijsi.56 2.06Ui5yS-87lS : — f HA4l^7g,J.42B6 44f6[ £16^5 76 J&LS8-2.18 

mainly in firm vein. Bnr«*hil!~! IoJ9f4-[ 32.68 73 i 6.K.75 i . '— i «i.4* to ; WjBW , teA-n -. 

Among Banks. ANZ rose 7 cents London..; A.fs;v7;«iJscaa-MosJ ^.*843 ■; 6840^1 ; - »4J&i36i i; Wjh . 

? is?s&SMtsssr^i m ass ■: 

Stores had Wool worths, at $ A 1.99. t'A s in Ton-oto C.S. S= 1 IL 06 -W cuM-iUn «nti>. - , 

■ 4 nd Mver. at SA1.39, 4 cents c«n»lkii S in New Y-wt =_80.^C6em». D.8. S In 3MluiS81.pfUJO .. 

higher apiece tirtrlingin ililan 1S7L8S-1672J5. ‘Kates iw Feb. 10. 

In the Mining sector, MDt 

added 4 cents at 8A1.T2, CRA 3 A • ' 

cents at 4A2.1L and CZntnd EURO-CURRENCY INTEREST RATES 

Norseman 10 cents at SA8.40. .. 


r ' . OTHER MARKETS • 

• ■ I . 

Arsen Lina j 1271-1275 . fgn-jmdm, nwa.™ 
Austral tA ^ 1.7009-U 18oUnarta_r.4 284^ 
HnuaL .....Tl 00.88^1.93 ra^Ma.'eSOWt 
Rnhuid^j -ibr«zifc.7^t 

ri^. u Li <117 71 in , - - ! B n.7» •- 


inn..-.( ; tOiPlSe'- - 1 Fran**^■ a. 

Kuwait...:.] B^iS-0.549 (tteinafelA bBAU! . 
Lutoaib'tRi 66.40-63J50 TB^tfr. - 

fthuaymt... 4^64^- iftalyULLUB-ffa 

n iwi: i.esffi -t. 3 i2natirr. j:. 3 reuhr - 


f.H. S in Tor..atci C.S. BmULOfrOB Canadian «ntt. 

Cana.lian S in N«?w York — 90.-0306 cent*.. D.8. S In Milan 361.90-2J.Q 
artrling iu Milan l$mS-lGI22S. ‘Kales lor Feb. 10. ‘ 


n ^«vu, net.] i.esffi -T-.3 i2notirf. «at»hr ■ 

oaudl Ara» ' n.t94i.78 ./iVeOferl’iarti - 

?,ap»ix>ro J* JTJH-4 v SJ60,S«n*-«t-._., W.4t-4il 
S.-Uri-jt.. Jl.q740 LbBatF.«<)«aI„! 764*4. 

aad,:. 


t'SL-.'.j : 7.«4W . 

C-S. .-equr.; 20312-311.05 iY mywtaateHSTt^t];' 

'Rate«ive&- for Argentina fc.a.free ntt^ 


£12.7' 218-7 .L>2:73, ! 
211.9 214.4 .4A;1el ] 


152.4 12* ■; 
168.1 i2L-i 


NOTES : Cn-crseas prices St»vrn belo-v 
cscludi- 3 dP aulina. Bclsum dividends 
are a/icr \niHholdmg tax. 


* Ua-ii ui index vbanscc) from Aogust 24. 


In.l. div. i iel.| % 


Jan.iO ' Yearap.i loppcux.i 


STANDARD AND POORS 


F*n. Frl-. 

^ 3 


:ln.iusiruiiv 93.12 99.40 IOfl.01 e3.4b. 38.51 38.66 118.92. 97.47 134.94 5.52 

i3.I'77i 'SMTet <ll,’l|78ri30/8.e2 

ajr^ir- 20.08 80.30 90.85 90.33 69.50 82.6? 107.00 69.56 125.36 4.40 

___ _ ■ _ , <?;l:ni 'Stj.'l'If, ,lli'l|13i ilfeiefii 


i 

Fn.. 

P-*r 

1977-78 

19,'7-7 S 


15 

1 U’,|« 


|yn» 

1 

■d 

47U.26 

4cY.9i 

119. C 

ili/' 



>.-iL-iO"ilt>, J .77i 

Batrium <’ •. 

94.27 


•fcr.li 
■1C.1/77 

■eVM 
ill li'ie 

Denmark*”' 

y*.cs 

94.9e 

I0i.fi-. 

94.(0 




iJe, 

pj.2. ii , 

France *!:• 

43.fi 

49.-i 

r:.4 

4;m* 




1 I • • 3 • 

1 Iw e ■ 

German yiu • 

? 10.7 

513.7 

C 1' .5 

iL:.t 




.till. 

.k'-oi 

Holland 

£2.1 

?2.l 

4; ,, 

i:." 


Spain ...> d 
Swede a e- e-A.s 
Switeri'dt - 


, IlUAV. H-..0 

35o.j4 i < It.eb 1 - - 
I rft.ii 11 

320.91 *209- - 


Feh. 15 J 

Sterling 

Canadian 

Dollar 

C-d.XXjIlar 

tfchort term ...j 

5 5*-6 

6»*-73* 

65b-67 S 

7 -Iats not nre. 

6-6 fe 

61*-74* 

658-670 

Month_ 1 

653-7 

&: 0 -7,v 

6fe-7 

Three uK-nthi. 1 

«-7fe 

71 t -7fe 

7fe-7fe 

fciv nionilis....l 
(me year— ! 

75J-8 

818-838 

738-73, 

7.1-7ft 

7fe-7a* 

73,^ 


Dan-11 
6'aibfer-s 


7. German 
mart. 


>33 


FORWARD RATES. 


we mcBitbi 


Q 0ly eA r.^ . 1 -B J :^J_7^,..I ? ^.J 

of suspensioa. a florins. b Schillings. : • 

<• Cents J Dividend after pending rights Euro-French deposit nues: two-day 1516J per cent.: seven-day 15-154 Per cent; 

nd or senp iisu- v p-k- share, t Francs, one-month I6i-I6i per ccol: three-month I5|-la9 per cent; szx-tnonth 1-U-I44 per 
ri Cross, div. * :. h .Assumed dividend nftvr ««.; one year Uitf-llS put cent • ... /. . 

SL-rlo and 'or rudns issue, fc After local i__ c,~d.n, r t ■«.. _ai.. mat 


flu.-i.Ki. >• .-• scrip and’or rights issue, fc After lo^I Luos-ienn Eurodollar deposits: two years 715i6-8'i« per cenL: .tnree -years 

—---—-—-- taxes, m < ,u free, n iFrancs: tccinai-B 31 l 6 -i3^ per oenL: four years S5]6'95]6 per cent.; five years S5i6-37«"Per cent. 

In,J ills jnd ojtfr.- Jams tall base \jIii.-s l oiije <llv. v Nom. «z Shan: split. iOic. • 

140 eXLcpi .'lYSE AU tjanunui. — .iu a nd • icid uxclud- special paynicnr. I Indr- Th<- following nominal razes were quoted Tor London dollar cemBcates of /IfeP'isir: 
Suiidard« and I’oorr — in an a m-nr.in dir. u tnohiclal ira.Ung. r Mi Horn v one-month 6.SS6.95 per cent,: rhree-monUi 7.10-7.20 per cent.; aix-montb T48-7.50 per 

iitM-i.MKi n« U‘i ujiiK.-d OaS'.-d on iimidcrs nnir. •< Mersor Dcmiim. ‘Asked'. cenL. ooc-y ear 7.65-7.73 per cool. 

! ExLliiditrf IWMlh i-whi umu*-f:.,» » B,d. -Traded. ISeDer. .’.Assumed. * Rates are nominal calling rates: ’• y •» •’ 

14011 411 LiiIiUl-s. 40 F inane- . 1.0 srE-; r.xhts. xd Ex dividend. 5 l Ex <.<mm» «< . . 

in Transpon. Sydney All r..-*1 if np ,j,n c . xa Ex all. j, Imcnm since ^ abort-term rate* are call for sterling. D.S. dollars and Canadian dollars:_ two 



| F*K r ' 

F«>. t 

-lull. 1? 

Year *cu Mppros.i 

Italy >■' 

Ind. dir. yield % 

5.17 , 

5.22 

5.22 

5.99 

Japan 

Ind. P h Ifatio 

: 8.77 

8.69 

| 8.62 

10.85 

Singapore 

f,'ng Govt. Ik,ml yield 

i 8.28 | 

8.18 

8.20 

7.64 



Holland'* - .' 62.1 22.1 A— i?.* s 4fMi li,u. 4o fnliinrs. 4o Kmanc- .no 5r Es mi 

■ *-?i '<•? hi jo musp-in. Sydney All r-.-d scrip usn< 

Hons Kong 411.C«s alu.So 4to.i« .-cj-S-* «.:* Bslo,an SE 31-12-*r: Concnru-m mertased. 

,**» .lie .1*1.7* SE 1 1 7J *<ti pans Bourv INI. 

Italy <■' ' 61-31 ' l.*l io.»l ' i;.i Comm.-rroank Dec. 1953. of.Anii'-r- 


NeW YorK!par4J.18i-dis 
Montreal ^QJ)54L1S >-/Hs 
AmsL'dem;} cpcu-.I calu .- 
' linaael*_$. 15 > ».£' - 

vV[)'rrii^ti.9-ll nivrtw 
' FrahfcfuriyTfa-iajiL pm 

Lisbon.,&%» 140 alia 

Madrid ... ZJ-9U dis 
XTlIao 8 -ire dis 
Oslo13-8 oie dir 
I'-rft* ...;..‘64-7i.c.«ila 
feockltTni 4-S t«e div 
r ieaufc....ep«p-iaiiri»dis 
Zurich .j.^hfie-Ug-c. pm 


jfl.BS pm-DSeffi 

u [pur-0.10 oMb^ 

.Ssriesc.po,].. 

Jl5 23 .-,d»3 . 

SSSMSS: 

,160-230 e.4te 
H6 24uK-<fi?. 
i9 11 tve (loi“, . . . ., 
'|11i -»* «r.dfa “ -V. ! i' 

-Ob -114 orefli*'. 

•f^is gm «Th • 

, 6445 * c pm-v .-. . 


days' notox far guilders and Swiss francs. 


Six-month forward dollar Q-22-0J2c can 
12-month o^5-0.65c gm. - .. 


.'.61.31 •=l.*l io. * I ’ ta.a. t:.i Comm'.-roiank Dec. 1953. i«. Aziiv-r-. 

i=-.l«3i..srr.lti dam. Indiuiria! I97» •'•..Hang SERMANY ♦ 

•i/i Vio.la ae-i-S* ,'of.48 Hank .H-7 - 64 -. s 'i Milan 2.-1/73. in* TuKvhI 

.--4.il, New St: 4 I M. 161 Siraus Times 
' — Otfi 71 ^ 71 -avjft >•; Clow.-. Madrid SE 70'12'7.'—uuh 

i .10 '*'18 » 3 ;« and to*' far :*rs only. ici SlocrMm 
• - Imiti^inal 1 155 * I • Swiss Bank Coro 

■ «, f ii.il a liable. 


TOKYO 1 


AUSTRALIA 


tfci.il. '--“.71 ;*vjfc 
i.IO 2.'J6 '3.0' 


AhO. SZ.4—D.5 • — — ,\sahi<5l»w..! 31* 

Alliwi: Vewi-.h... 490.0 —6.5 u 18 1^ Caooo.| 475 

HUH... -.250 -2 20 : 4.4 Usw_I .58^. 



14 22 

12 I 3_3l ACMIL fflboent)- 


159.7-J.l: 17 . 6 .IJC 11 I 14 ..U.I 396 


OVERSEAS SHARE INFORMATION 

NEW YORK I ‘is- ‘.r I ^ r- I Mu 


« 8a |.2J. 

I 20'2.6 \ll«ed Alnr-ltrie, 


Abf-.'l * latl.v. .. . 
.Cl ire**Mginpl».. 
A'liia LiieA Ua-- 
An IVtiii'-r?.. . 

Air,.'-. 

Ai *uAliiililiiiiiii. 

Alrf. 

A Jl«e;llv»i Lii.lt. 
AHeehenv P"irei 
Aiiie-itiienu 
A!lie>l itniv,.. .. 
Alim ■ .Ilialinen... . 

A M AX. 

Aniei^'l* Hew... 
Aincl. Alllinr... 
Ainvi. llianils.... 

Aiiier. llp.a.1 n-l .- 

Aun-r. L4U. 

.1 >!■«(-. 

Amei. 6ltl-. Pr r.. 
Au-.ei. I.iprt"... 

.. . l’iv»i 

Anwi. 

Aioei. XI■ »l■•r—. 

Ainei. lil.iia, . 
Amer. e-lan-fm-' . 

A mer. Sirne*. 

Autri. Tel. v lei. 

Anwit*. 

AVL/„._. 

AMI'. 

Ani|«ev. 

.Vu-t,nr Hv»-kma. 
Aolienw Unvli. 

Ann ’• . 

A.^. A. 

A«auieni < >n ... . 


- 1 .. k 

Frl*. 

ll' 

Frl. 

•1 

J M..-k 

1 ■•<•111111! i.la-i. . 

•*7-, 

-<81* 

1 l.'Uii* Mam illt. 

'. I' 1 Ini u ii.iiih 

fi43< 

94U 

; 1 <liliv.ll JtillTlj4.fi. 

IMIIH . 



1 . .mi■ ■ -ii ■.■■inri' 

V 1 ,M'k"l .\*l„ . . 

*4i* 

24i S 

: -I'"- Manilla- in'u- 

1 . rr.'i ll Xoili-rlnit, 

30*8 

oO j* 

ft. Weill. mi|. . . 


O „ c-ici, r —ui «r Layer.; 159.7 -0.4, 16 : S.7 • Inu xiNAn PHni. a 16 -.1 18 ' 1.7 lAntpr* feplnnwloir^uc.- 

Im. S Frem. at Si.60 to f—itfl'.A fiS.^l u»v«.. uviw.1 293 -2 . 20 • 3.41 rn,t-i-hiZ,,... | 557 ,-3 r is ‘ i_3 -vmpoi i*etn)J^im_u_^..i 

Effective rale (al 1.9355) 32;% <32i%) Ua'vc. v>n-iu,r.u 320.0-0.5 20 3.1 j Hlnu-bi 1 215 ;-2 ; 12 ; 2 . 8 1 A«or. UlMnta... J 

■.|I«||||I1.\|M.WH* 210 VlS-Si — I Homla Motcns....' 58* 4-8 18 ; 1.5 j Aesoc. Pulp ftper SL./....I 

• irf.. l ei.. • .Koi.. Feu. U-nnierdunli.... _ a27.8 ... - .> 18.3.9 Hiaise K..idd. IL ^ 3 ° i~o° 1 it i i’i , 's*°c. t^ Indwilrtea— 


iir|llii tt |n. 


; I 'nllR. 

' I ■ai l lli'iutlrii",.. 

l*'.-vn.. 

l».-i Mniilf . 

• D.-l|"ii«. 

i Heul-l'li- lnl*t.. 
i I *el r- -M V., i,,..ii .. 

I uam'.ii.i i k 

hi IhuIiiiiii.. 

• lUallai L,|-iii. 

Lii-IU-i Mali ... 
I'■••el • •■it-n .. .. 

. I'. .«• I. lietiiii-al. . 

" .. 


haiwr Amiulill'lu 
h«:-e- l,i>Iii-ti tr," 

l»mfcieei...... 

' k««. 

• k«nn«'4l. 

. h.-i .11 lip-. 

■ K.i|,l( 
j I*inil*.. 

i . 

'• K nil . 


31*13 I. 

70K I ...ii V|e4al>., 29 

■*95b ! KtvmW, l:. U . &5A, 
321* | UKii'-'P Meireli. 21 
*5 : l. , .«-l > «r,,Mn;ei .. 31 '3 

«9jfl ' l.'idnr A Haa-..' g9,. 

^■*4 1 

24U | Iftiol I'Uli-ti. T’h 

' l:rh. 13n f 

23>1 I li'n* laia*. . . 12-'« 


«2fi iHfer-rvieni.-.. 


.8j* • , ** | e“6v M-a — 


h "Ef . 

1,1 VI --lixuu. 

Ul'li,Hi.4.„l . • 


! "N. 4,». AI:ii,-ni.F.' L7l; 

pl.Uagl- i'*|ai.. 27 m 

Mill* IV li,il«„ . *6>, 

■ ~an llivcl..., .. 41, 

:iw*i livi-. 5'.i 


=6 

13n f ' 13i* 

12 * 12 s, 

14 li 141« 
a8i- aaii 
171; ' *8 
277„ 283, 

:6v 1 36** 
4U in 


411, !U»4».mii. 

29 i '1 in. 

55i« ! Xenix.. 

2 1 , >C4iMl .. 

30 ig l /«mi> /ft»w .. 
SOU ' I*.7.Iiwi i-i la.-i' 

• I. ?. I re* -4‘ l r ; 7o.7* 


>-fc. A l**i- in"-.. 6.41(. . 6.41* 


<.ii»iliii.Vel.wnsi 210 ♦lS.Si 
U-.im:er:*«nli.... 227.8 , .„.i... t 

i-'-inu liumuii.. 81.1— 2.4 i 

Daimiei Hen .. 316-5 — Lh ; 

I ‘CiUrMi. 275 .■ 

IV-mn. 166.0—1.5 ' 

Ueiilwrlie liauk.... 315.6—0.2 I 
Lnexdner llarik.... 252.4—0.4 j 
Uvem-rii-.'IT /erui., 153.8 + 0.5 ; 
'•melK■.Ilium!...' 224.0 —0.5 j 

Hiqa-; LlojM. 113.5 —4.0; 

llsrpenw., 245.0^-0.8! 


tO.76 jtO.OI 

tl.28- W£i 
W.74 y+d.te 
J-JArfJ.- 


81.1-2.4, - | - C.lMi.< 2*7 ;—2 . 

316.5-1.5; 19 I 3.1 ffn-DAnifc*..LiflO J+10 

166.0-1.5 ’ 14 : 4.2 J.4.L.._... 3,7BO i+20 

313-6 -0.2 | 20 , 3.2 Kxnsni KlcV.Fw. I.c40 ; +lu 

252.4—0.4 • 20 : 4.0 Komntou.=27 | + 9 

153.8 +0.5 ; 4 ; 1.3 J Kijbwa___ 2/s# .. 


j* ] luM. FouiuUtioa Invar..'. tl. 
13 | 1.0{Audinm*..'.-..-.:_1__.-...l. .to.- 


l l ■ j"d Au ' u 0,11 li "*.Lit..—; ii.™ 

Ja ! 2‘® “‘V Uetni.Ind-11.0.. 


VqL Cr.f7*n. .Shares 44Sm. 
Senrce: Rlo’tie Janeiro SE. 


CANADA 


- illit. Ilien IU 2 ..- 13.i 


l.llilirll f* r> a Ip.... i 27s, 


Hi, Is.Ill. 


IJIU hu . 

Lilli■» In.n.,1. 


11 VMM- Ill-Ill. II IH." 

Khl-Ic IVI'i-i. 

Iji.i \ii ;iiii*» .... 
hart man h'->mk. 
bai"ii. 


■ ki<r»l Ailcl'll 14 


A jin--. 

.WiUn-1 i'll. 

An. Kl -hliel-l. 

.ti,f,.'lViii I'm,. 

A'«. 

A' -n. 

Av-ai IV.-ln-l-.. 
lialt l.i*5 Kin-l.... 
Bans Aliiiril-V, .. 
Banker, f r. A.l • 

Bari—‘I . 

B«»l-r IraitiK i 


351a i 35U 


; h. tl. A I.. 

Kl Baku \«|. Iia- 

hum. 

- kuiel*“.i| fcl«p|'l|. 
Line*! \i, f r'ljlil 

Luil.ail . 

1.11.1. 

i hnseil'«,.|. 

, h-III 11 l> .. 

hi In. 

1 h,J,..|| . 

; ran _ li 1 1.1 Laiiirm 
j I ci. I i-lil. :i»r(* 
j Kiiii.li.in. | ire... 

til. 111. If.»l,.ii. 

F'cm Ian. 

! |.''i»lk"U. .■ 

. r -.'i l-la l'..n hi . . 

I l I’lvi'...j 

I K.M.l . 

1 . 

I • h|u> ai \|. 

' K.IXlaU". 


, L-ur "lir liiili,. 181, 
U-li-* I Mail-' Lin. 18..} 
I l/ai|a|0l|, ijUI-l.. 21l« 

•J l.,|l«»>4.. ' 36 

Lr.h.v S|<n».... , 13 U 
I. ki-V'llllnal'w II 5 'fl 

i '.la. JI illan. IG^j 

. Mu v I!. U. 1 3bi(, 

. Allr-Hatir.ver. 32aa 

j UH|«». 341* 

I ilararlkm fill.... 1 43>j 
j Marim- Mi'llaii-i. 13 A* 
•luriliali MeUi.. , 31 -b 


| a lilmiilrl &•*■.... 

271« . 

40*1 ! *■"" Hni-r. 

141* ' Mr« . . .. 

' 12ta ! 'Hr him Ih 
1 idea i . . 

loi-. [ l"iirniei... 

I 21U . 

■ 55og . 

la I* 1 “etr: w4*“iek... 

. !^bu.. 

1 lUia ;'•hen OH. 

i 36 i Ml*!* lf»n*i«ai... 
: o2.« £»Wi*.. 


Valin) l*t|<ei. 

A -nien Eas 
iMiiAiiiRiiiiinn.- 

Aik-'inm Mi#. 

VUiKalnr . 

, oafiii ..I H,,nir«. 
i'ank Xnvi 'o* 

■ lit—■ ain-r-. 

! iipil Telei'ln.iie... . 
lli.w Villa, ln. 1 * 


H'^ar-i. 

..—. 

Ij-.rteu.| 

k«ii nii'l ail/_... 

ktrvteill.! 

KsuCik*-— ....... 

iMi*-krierU*ii 100.! 

VH V .. 

kmpp .I 


224.0—0.61 12 
113.5 —4.0 ; 12 
245.8 -a 0.8 I <9 
129.3,-0.6 ' 16 
44.9+0.2! 4 
119—1 • 10 
153.0 a-0.5 , 9 

292.0 +1.5 | 20 

19B '.. 20 

98.5 +3.5 - 

176.7—l.B. 12 
98.5 —1.0 | - 


3.7 , MHsutavlnH>nl>..| 


4.4 j Mitsubishi L’orji..' 

4.21 Milam S C-o.., 

2.9:UiU*iki*.|jr. 


— ' — ; > HUD Mown. 


Uinie.1.1 244.5 j-0.6- 16 

Luweii'irau Ku,«... 1.510.' 2U 


— — ‘.-MMiyv Klecirtc... 


20'* ' 'l«l - t*H,4. ^flllH- 

451* ] Mi:A. 

*6 jj . M. Dei imiii. 

55S* j 'I 'l^mieii ikai*' 
15ii I U (in* Hi'l....' 

=51, : Meimeex. 

17i„ | Min k. 

*21s$ ■ 11'THU Lvn -li.. 
311* .' '.Ihvi IVi r.ilrnin • 
33i* M'i'l. 


Minn ilm^AMl*-.. 47<a 


Buslri.^: Pi«-I. 

22 .» . 

22,4 

j Flunk In 1 Min'. .. 

77 6 

Be :lvnL>i -kens. >11 

39 'S 

391* 

. f irr|>>ri Mineral 

19 '* 

Bell v H.nte'i. . 

161/1 

16 

| Fmii-liani.; 

1:61, 

Beni 11 . 

34i* 

54'j 

1 l'rii|iiii Iii-Ih-i nr>- 

10 

HfUj-iii'l 1 . Vila "M‘ 

Bethlehem "rteei. 

21 58 

2-1 

2 i; s 

j li.A.F . 

11 

Blnck A l*»-ker.. 

15-)* 

g% 

)<innur.-n. 

36 


30ls 

30’, 

1 ■ <..|i. Amer. In.... 

Big 

HniMr Cavutie.... 

24 >4 

241 a 

! li.A.I.A. 

2 &U 

Ht.i.len . 

30 

29 i t 

‘ 1 i.-n.Lal.lH.■ 

123* 

ikii a W arner . 

26 ?-8 

26.* 

1 ihII. Mvuaiiiltm,, 

ID* 


M.J.Ii ., 

U-IIMUil. 

■•1./IS4N J. r. 

'Irtrt’W . 

Alnrpliv Hll. 

.'•alil«a. ... . 


lal. ■ mjii 

111 *5H, 

lljj. ‘-lienon.; 3U 

36U i Mien Ininsi-al... iBU 

32-8 .. 

a 3 j, 1 Mgl|nlrl<«|i.. . 35 7 S 

44*2 i ‘impn. in- I’ai..., life 

IS.a I*"*".-.— 

3 q,* . ?inilli hniK. 47i? 

' n.. 2 

‘ r.ailihl..-»n. 241 r 

■•'< (Sulhe-iiI:*•.!>■ 26‘* 

35U TaailliHII C",. 16 7 * 

26U ; -link Vai. lie-... Z9J * 
to 1 ® i ^auliero r«.-iik_ s3A* 

j -Mrtitiernlraiinni, gOfe 

56U I >"4*liaw.l. 22; 

141* L'an^ltaier. B4fe 

36 ia H'llcli. 16U 

ukl* |fc|*S»iA Kall-1. 53»* 

471* •' 

601* j ■’I'”'lam Hn.ii.l~i cSfe 
am, 1 ■Jf.I.OllCelli-.'iiia. =7«s 


| i-r i.ana.la. 

' nra« Tin. 

: unn .. 

1 1 i 'I'm n p-vwur... 

, Laniihj Mine-.. , 

■ .aim*la ceine.nl,, 

1 caiiailji MV Lxii,. 

• 1 . ail liiij unkl '.If... 
1 1 .aiDvla ln.1’is*. . 

. can. I’* -111 __ 

I c an. I'a -■(■. h.\ 
i i.'an. 'i|,«ri i *|.... 


LnUUnn-a.. 112.0 .. 

MAX.203.5n)..■ 

Mimuekiitnun 175.5-0.2 

Melange*.• 230.3 —1.5 , 

Jli.uclienerUuek. 1 520 —6 ■ 

XevkV-nnuin.■ 110.0—1.9 1 

fniuia;; l>m LOO.j 114.5 —0.5 ' 


12 2 9 l . a> vho Marine.. 



a 

IS 

.2.660 

so 

36 

'• 621 

1 + 7 

20 

*»79 


10 

! 138 


12 

■ 420 

p. 

13 

- 51a 


14 

535 

.. 

20 

■1.180 


15 

615 

1^4 

12 

8U3 

—4 

lb 

1.47a 

1 

48 

213 

j—i 

12 

893 

1—3 

4U 

l.OUrt 


20 

'1.910 

:.. 

<*> 


1.5 Coos. iLoldueldt Aae_ 

2.k IVffltAlner fSh. . .C.l 

1-9 Coorrine iUdUnto_‘_.i 

0-6 Ccetaln Australia...,_— 

1-0 Duoinp Uutaber {51).——• 

1-6 escok._:__ 


TLM j+LCS 
t2.82 ,'j-B.OB 


‘l2.ll rttoR 
ti^a !-8.« 


1-7 Uen. Property Trust.. J 

1-b --- 

, 1-0 Hooker.....-.-,...... 


*1-36 ; 

t>^6 I. 

ri-91 rM.«r 
tl.9d l. 


tU7 ...... 

12.30 

10.76 ...... 


14 4.0 

10 j 2.2 

18 ; 1.7 


1’akHita ijtif-imc*.., 3i5 
IDE--.1.660 


fthemWen Elect .1 Z08S —1.8. 16 
9c-liei io»_ 265.0 j- 1.8 ■ 20 


Mi'rnerm_.298.1'—0.4 

suit flicker.i 25J.5 —0.5 

Chi>kc-n A.G__ 124.1-0.8 ; 

' u.-iu... 176.5 —0.5; 


1.7 frj*o___j 117 1—1 

_ I iokio Marine......! 496 [— 1 

6.1 lY*iuEl*t bpw'r.jl.070 i. 

3.8 I I'nkjuEmii». K58 !+l 

3.7 j iy,*yt,slvihaur8...‘ 129 ,—2 

2.7 ! fmv... 1*7 —1 


-1 , 11 

.—I 


3.4 I b'vnw Motor.. 


13QI iio 

I 10 ?■?! Jone* (DmmlL-- 

1 4 Leotard Oil.—..*...__ 

I io “■**'» Bscpwcntiiw- 

J.? ff H131 Hofriincs.:._ 

an Hyer Emporium- 

I 10 3.9 _- 


52 09 f+s.01 
10.395 

n.40 |_ 

*1.01 


VhUA...: 118.5—0.5 


I erei/ii West Hk. 


Vuihnecn. 211.5—1.1 ■ 


Source NikRo SecorUiBS. Tokyo. 

5-0 { 

H j BRUSSELS/LUXEMBOURG 


22U 1 -.arinii: i I'heeiH. 


'.'a-.-t.ir ,l«f«ha 


B9J* i 29A? 


i*l>I.Oii livliiin.', 46s, 


■'«<"•< lmni'*l.... i!6; 


Saliniui 111 . 


3 5 ” I SM. Oil Uhl.. 

jc l Maiitr dixiunaii.. 
49 1 * i 5ie«lim: Dm- .... 

A7 *>nfetohM- 

uiuiCik.• 


29A? Cl’WHViaUr .. 

34 1 1 .mii line,.. 

501, [Own IIMbinil — 

. n ' ‘•’•■"'‘imet l '"-. . 
22U :t»tu Ifecuiu*. 

Z-»U •C-Minn Kieli. 

IfcU j 1 <.-iiiv.,ii Mm—. 

33-"a ; ii'in,'M,ii'.v. 

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artarm 

xporters 


Copper market confused 
over output cuts plan 


Our CoRimoditiey'StalF V {- • ,~Z r: ~ m 

^^pwww, commodity EDITOR 

tal -produce, tractors and "• 

0n “ e ^.driving force behind decline of $0 tonnes catting total 


Ivory Coast EEC AGR|CULTURAL prices 

= crop Pampered f 


PARIS, Feb. 13. 

FRENCH TRADE sources said 
they estimate total 1977-78 
Ivory t oast cocoa production 
(Including second erop) at 
between 270.000 and 300,000 
tonnes. In 197G-77 production 
amounted to a boot 240,000 
tonnes. 

Variations in the .amount of 


Pampered farmers ... 
misled Ministers 


BY CHRISTOPHER PARKES 


5SE . — — me tnree months quota- - 

mors, increasing sales of Z amb ia '..and . Z a * re "were Nevertheless, there is no doubt -n... Variations in the .amount of 

meats by about 70 per cent. SSi«2 ^ 0 ? I S1S- S k *? 0,511 P ress « re For some means of inPjJJ rt ly . a ™ ait ‘ smuggled in from Gbasa 

V d while earnings from beef PUshin S U P copper prices to more ‘w^k tbiS l ,arge,y acrount for 

.'abroad rose by a - relatively pro °?^?5. 1 Eut : °° Friday remunerative levels is build in 2 ilP - - s ^■ ee 7 on “ e Carter, the 30.000 range 

.*t Xisra. to £l22m? export 25^*SS^fi?^ ? !«SSi r i t up - “ d production cutbaek^arl s om°e nr In A «™ MMUIt. the 

: .f pOSltrymeatJutf 4 bumper]JfErTJi faTO - ucof *. T * dactlon the logical way to reduce the jJJjgSfed Tln as°°its contribS^i Coe ** Marketing Board 

'« tterSbw. «T, si d, r . Sfiyys’Ssi piaent depre *-««»»*«■ SUTTSLi fij 

told to £Z3m. . ahle ranf.irfm, Tl-ift.Vnftwri that VSE _ra*rh«. International Tin A^rPPmont I L®* M 1 * **•*:«■ ma,n «"»? 


ral chemicals and- animal khle ta«ee Wi . p,ie l ne aPP^nt conflict be- uie «j-o. overau stocKpue re¬ 

sales-went im 4 h iwr rant , * josses at present level tween the producing countries l easc policy. 

'iS -’S mSjKi Zaire Is in. a similar invo , ved . p ^ countries Nw J« k confirmed y esterdayl 

SiS ^vS ■®5i P chae We-it quite , £, n the Meta! E**«*S* yes- it had cut its official European, 
l £937m.—V22 per-cent terday cash wrebara closed £8.75 HK producer price by S50 to: 


olain nt tho rTPEC meetinp in , ■' hmw w.ia --- yjt | season main crop pur- 


^“ k *rta December *at with most'of Friday’s gains. But once similar reductions by other pro- 

M cglpc ^ initlal profit-taking sales Queers, including Prerussag, who (9th week (ended February 101 

• opased to a production, cutback were absorbed, the market are also cutting production. Cash »he cumulative flran/fcari 

■ , ' while in the trad^e erf expand- s ^ owcd a steadi ; r raarKei zinc m fact closed slightly 2 Jrhe 7 300 iS lorSS 

(SaDDOint ^ n *' output overaJL;-. . As exoected, copper slocks in higher, following some further NierHa-c 1077 -a rron 

MET BntniTJF F»»h iW Peru, which has also embarked LME wtrehouses fell by 4.400 borrowing (buying cash and sell- Ic ^^liated Jt 

°n a mine expansira programme, tonnes to 631,825 tonnesf ThU iT1 S forward). Lead values, how- 2 W».n 00 and 220 000 

AIL SALES of. woot textiles 1 agreed to prodnrimn -cuts in was the third successive weekly ever, continued to ease on f^c„sr f h " d l v " J? 

' ‘f ^f jw^ern hemisphere's {principle. But it is believed to decline in stocks y speculative selling pressure. “ /re 

Z h ”® r t , i a ?T P 2 tatil, I }be 1 p ^P E i?J i *® i ^ p £ I S“ £ lhem The steadier trend io copper Lead stocks rose by 1.130 to Arfrviu™^SlSrtSSJt firtd 
' ; h ! Xc fl ep L^- tbe J J - S r Mdionly l/OiUe also redflriis output m afternoon trading helped 69.450 tonnes, while zinc Tell by k^Ltch Vrem 

AmSS U,! " V °® 1 Cor- and if the cuts take into account limit losses in other met*ls too. 600 to 64.400 tonnes. LME silver) dispat ch from Lagos. B eutor. 
!«“ra (A - C) 8ays in Jts planned eipansion. ■ ' Tin stocks also fell for the holdings also declined by 530.0001 

iro report - , ... It-is argued. 0at the Zambians third week in succession with a to 19,410,000 ounces. I \yfovina Jahiac 


MELBOURNE, Feb. 13. 


amoonted to aboot 240,000 FARMERS IX the European pampered. They do not seem to before there can be am- question 
tonnes. Community have been feather- be prepared to make tie son of of a return to the practical appli- 

Variations in the.amount of bedded and have grown adjustments to their farming cation of such a standard, a 
eecoa smuggled in from Ghana inflexible under the protection of practice that others have to.” he decision bad to be made on the 
this season largely account for the Common Agricultural Policy, commented. best level at which the present 

the 30,000 range The Farm Ministers of the Nine. “ ” you get the prices right array of national prices could 

In Accra meanwhile, the too- have allowed themselves to any policy will be manageable. converge. 

Ghana Cocoa Marketing Board be led into believing that farm M If you get the prices wrong J os n ag - s persona f D n S f- 

said cumulative purchases to prices cannot be reduced, while no system is goto* to work. \ou ^ was quile lain He w^s 
date for the 1977-78 main crop cuts in commodity prices are . J .™8 in production quotas eager for the < 5 erman Govern- 
amoum to 204,362 tonnes. commonplace in the world out- 00 “ ls commodity, lj, nit inter- meai l0 accept jj, at tbeir -hj Eb 
In its previous statement, the side the EEC : ° n “ ol £ r l ? a ? price" policy was too high to 

Board said it estimated cumula- All this will have to change J,® 1a be applied in all Nine member 

tire purehas^ fo F ebruar>- 6 if the CAP is to develop, accord- Sem^nother^ croi uo " Slates and a,read >' Causiog 
at 178 .j» 4 tonnes. Matncrap mg to Prof. T. E. Joslwg. former P r “ plem JJJJJJL “ p * , h _ great difficuities for other EEC 
purchases commenced October holder of the chair in agricul- - JJmmon" Sees for some key countries i 0 a less robust eco- 
14- 197 -- lural economics at Reading ^ or so j? e K ^ nomi c state. 

Last season main crop pur- University, who leaves Britain ne^cenL^Iher fhS mSSLirv 

chases started on September within the a ext few days for pe pr Q f riwiinf t SS > ta thenmre A I* 

Sft. 1976 and by the end of the Stanford University. California. V 0 2ble memblre of SzricJltSro? Alignment 
19th week tended February 101 Prof. Josling told a Press con- rSdemI?frinee B 

the cumulative figure had ference in London yesterday that . report 0 n S EEC farm price The report itself shows that 

reached 300.132 tonnes. over a period the “common" policy* prepared by himself with a ^§ nzr}eRt national prices to 


level of prices for cereals, beef. Mr. Christopher 


existing definition 


‘‘.ere arc few signs of 

incy in the West or the - ; —:— 

ally - planned economies, _ _ 

commercial stocks of raw a ' J •*» w g* j 

™ Jbats aflu oils record forecast 

~ roughont Europe and 'in 

1" RECORD -WqHtD-Stt;.nd oils record SUM. tonnes this j 


Mexico denies 
Brazil call for 
coffee curbs 

MEXICO cm - . Feb. 13. 


year Southern Hemisphere crops to befSR.DANIEL MORALES, eoramer- 
77. harvested this spring, and on tree) dal director of the Mexican 
and crops harvested throughout the Coffee Institute, has denied a 


dairy products and sugar would colleague from Reading Univer- ‘ community" price would bring 
have to fall considerably. Jjty, and two notable farming an increase in British farm prices 
Farmers* Incomes from cereals- academics from West Germany, more Ulan 20 per cent. On 
related produce such as eggs. Theodor Heidhues and StefaD l ?P of the rises accruing from 
pigs and broiler chickens would Tangermann. t“® recent 7i per cent, devalua- 

also come down. The paper itself is concerned ^on of the U.K.'s "green 

There was nothing unusual mainly with the operations of the pound." Similar, though smaller, 
about this. Mr. Christopher CAP and the merits of the increases would benefit most 
So&mes. when be was Conserve- monetary compensator}' amounts other Community farmers, 
live Minister of Agriculture, had which have been largely respon- although German prices would 
presided over the progressive stble for balding the whole drop about 7 per cent, 
reduction of key British farm policy- together. Such a substantial increase 

prices for a period of about five The authors conclude that in in average prices throughout the 
years. Pro. Josling pointed out. spit® °F piecemeal way the European Community, in aridi- 
* MCA system has been developed tion to those negotiated annually, 

T*» « r- “It appears remarkably well would almost certainly take the 

ID O. D16SS suited to the requirements of the Community into an intolerable 

agricultural policy at the present surplus position for a number 
“ In other countries, particu- time/' . of key commodities." the paper 


market rumour that Sr. CamtUo [l^y exporting countries, farm They come out ^broadly in says. 


i back on L 
weeks be-? 


AWC said the recession in 
*ool textile market in Japan 
^r-iues, with Nagoya wool yarn 
. 3 remaining well.. below 
cememt costs and- yarn 
‘—-s still above the desired 


and oils is predicted-to . 1 reach a phere crops - already harvested. 


I Soya meal stocks to rise 

[WORLD end-of-season stocks of ber) will rise by 10 per cent 


icks held by the A;WC rase soyabeans arid soyibean meal or 

iS. hides at thl end of wi " c »“ 1 > “ ««« W, <" s bj ‘ *' 
try' from 1.25m. in mid- • September 30-despite an To 
nber and 1.15m. at the end anticipated 9 per c«iL-Increase to 

n nar v last vftar • ID consumption 61/ ‘SOysbcsil tOI 

T - - ‘ - meaL according to tte^Haniburg- 


f replenish depleted stocks. cause of low prices. I ^ M ___ ______ ^ 

lalks open on new gram pacts 

on, me group lorecan, may we are trying to organise our-: ” ■* 

increase moderately m line with se jves in the best possible way," i r y rwm rnMMrvnirirc ctaf* 
the long-term trend of 3 per gr. Morales said. *• | BY OUR COMMODITIES STAFF 

<umotinn r nroiPin^mAals' hc added: " T must stress! PRICE FLUCTUATIONS in inter- reserves of grains could quickly countries during times of sun- 

., soSSedbv LSkA W«ieo as well as[ oatjooa i grain markets bad been be reduced to dangerously low plus. 

it u p r A ' _ f ri u™ ■ Guatemala and El SaUador,, unacceptably wide in recent levels in the absence of an inter- The EEC has also insisted on 


Th* Qoacnn’c fafariii G,vexi supply pros-; Jws ™ au S2 ’° l « pound. Sr - and Development said yesterday shortages, be pointed out talks on international stabilise- 

i. a!so indude tbe f Xon}*s smd: “Any market in Geneva. However. Mr. Rossen noted tion measures for coarse grains 

tonnes 3 against on?? 61 6 ^ 1 ° a ’ ike J hood of \ a ree oilseed pro-1 reportj ^f Xencn registrations j M r Rosse n was speaking at the that in preparatory meetings im- will be held in Geneva at the 
ve-.r parifpr S ° n 5 1 - 6 - m - a duction again in 1979. prices of (at Uwer prices than tins are ( 0 pen j n g sess j on 0 [ t h e six-week portant differences had emerged same time as the wheat pact 

jCJr earner. mnst fate rule and nrr>t<nn m«al« I false. I ___ ._. ,L.__J <■ “_ __ 


■ r • - ' • meaL according to the Hamburg- ,... Given present supply pros-;je*s Tnan f pound- br - and Development said yesterday shortages, be pointed out talks on international stabilisa- 

—_:_ based weekly pubSatiou. Oil n ™ t !*S?l -5S? a!so include the,Morses s^d: “Any market in Geneva. However. Sir. Rossen noted tion measures for coarse grains 

PJUP liNCPF-n WorId - reports Reuter. .. t^Ses aerins^ on?v ^ ’ ike if hood of large oilseed pro-j of Meiaran registrations Mr. Rossen was speaking at the that in preparatory meetings im-will be held in Geneva at the 

Lmfc LlJXJSttU It forecasts the end-September ? pp " e * * 8 a r mst onlj 61 - 6 - m - a auction again in 1979. prices of I at kwer prices than this arej opening session of the six-week portant differences had emerged same time as the wheat pact 

IUENOS AIRES, Feb. 13. • stocks at 10.90m. .{fanes on t *” r . most fats, oils and protein meals false. . 'conference called to negotiate about the scope and form of any negotiating conference, 

lentine linseed output mav meal equivalent bass, and notes Meanwhile in Brazil estimates are currently 10-15 per cent. _ He said a meeting this week i the terms of a new international international arrangements. Any arrangements on coarse- 

■ nt to 600.000 to 700,000 they would be 49 per tent higher of the soyabean crop in Parama, under their 1977 averages. The in Jalapa Menco with repre- grains arrangement to replace Leading wheat exporting coun- grains, which the EEC claims, 
s this season, up fromrthe than a year earlier, and'll per the second biggest producing group added that unless supply sentatives of the El Salvador the existing International Wheat tries, especially the U.S.. are have a direct impact on the wheat 

—X) tonnes forecast’by the per cent, above tfa- previous state, have been cut by 15 pep prospects diminished sharply in and Guatemalan coffee authori- Agreement due to expire on opposed to fixing a rigid minimum market, would require a great 

ulture Department late in high recorded, in the autumn of cent, because of the dry weather, the coming months, or a ties established that Mexican Jnne 30. and maximum price structure deal more of the preparatory 

try. As the weather became 1976. . . . .... The foreign trade department of large and unexpected demand coffee export availability this He told delegates that the de- under a new agreement. But work that has already been 

d io Buenos Aires province, 1 The prediction is based on an the Bank of Brazil is to meet emerged from the USSR or [year will not exceed 2m. 60 kilo cisions which they took, or failed consumers, led by the EEC, undertaken for wheat. But it is 

—5 resumed normal growth estimate that world production Ms week for a genera? review China any marked or lasting bags. Last year’s exports were to take, could have results bear-favour assurances on prices and argued that any accord could he 

the average expected yield of soyabean meal in the current of marketing prospects for the recovery in international prices '947.000 bags. ing on the lives of many people, supplies in return for their co- added to a wheat agreement at 

•harvest also improved. ■,.* 1977-78 season fOctober-Septeria- year. seemed unlikely. I Reuter It had been shown that world operation in protecting supplying a later date. 


ea on an me nans ot Brazil is to meet emerged trom me u&i»K or [year win not exceed am. t>o kiio cisions which thev took, or failed consumers, led by the EEC, undertaken for wheat. But it is 

this week for a genera? review China any marked or lasting bags. Lavt year’s exports were to take, could have results bear- favour assurances on prices and argued that any accord could be 

^current of marketing prospects for the recovery in international prices '947.000 bags. ing on tbe lives of many people, supplies in return for their co- added to a wheat agreement at 

r-Septera- year. seemed unlikely. I Reuter It had been shown that world operation in protecting supplying a later date. 


MMODITY MARKET REPORTS AND PRICES 


.CC BAFT'AT C - arc* b* Obb *nd dome’ an ibe KbiU 

L>JD JTltlALy . . «r rsso. Turnover ?5.S$t*nnM. 

PER—Lower an ihc London Metal Amalgamated Metal Trading rrooned 


COFFEE 


:wo sources wa» weU-abaartxrf at *5^* mon ^ w JS.S.- Kerb: W,rebars *»£,_—- t .‘; 6290 '_1ZS — i ... 

K. in the after noon mo price thro momjitWgfct-A g*'- 5 - AJi-.-rnoon: Standard • • [ 

.J •..«_J I_... __tt n>htrt each ihnv. m.nih^ S*““ lu i ____ 1 ... ___ I . 


'rf r wi——it^S- fOFFFF flCCA—Acerjce ea-farm mm orlcef for Qooutiong c and f C-K. for February PRICE CHANGES 

IT_ ' Unofficial' — LWlLXi . . ireok emliag F bnury 9. Ota or milliner sblemeaz: VFoz. *0-toch £10.47. 7i-oz. £7JO Pncea per tonoe unless oiben»-t»e 

'_ 1 --- ! .. nobuttas opened the day weaker rluui 4P. KM>. East *V70. E. Midlands per in yards: March £10.59 and £7SS; s1a,ed - 

K : £ : £ expected in the face ol chart selling. *jj.00. 87.*,. X.W. M.M. Scotland April HO.57 and a.08. “B" rwlUs £29.89. - , -.- 

laoii 6500-5 —42 s Drcxt-l Burnham Lamfaen reports, with f 5 -®- *■"<>• Chaoce Tomtage {.to.35 and £30.89 for me respective ship- 1 , 5l , „ 

-Ub\ 6Z50-50-3z! 9 New York closed the afternoon was un- *.«•*■ h*to£-*.Z. KM . S.W. 70.S0. mem KnoisL Y ans ud cloths „Im. + __ W ! M ~ th 

155 1 , usually muet until the dose when Best THAO. S. Midlanls 79.(56. W. .Midlands W . — { o*o 

I a**n-sslve local dealer burins took the ZJ-*®- N-E- NJ1. «.W. J0.80. Scotland UTAAT EUTITUFC 1 _'_ 

6dOO-S -42 fi ro ar*« io the hlgha uxtehanced to £S <1.99. b.K. 7B.70. Chsnse nil. Tonnage *V FUIUIaIjO , l 

^^ P £ L "Ar^V° r maJUn * LON DOM—X0 trad** Metals J I I 

—ISpj — j r 5f55J5v^l U.K. fomrd prices for dekvtry during <Pwice p?r Mio) AJnmiaiom M NM . n .£6dO L.£600 

+ 14J — . - UOFFKlt I +oe April—MUUns w^t-at 'br**d> ti39. ~TTT3^i.. n lySSidT~iS 5n£» Free Market (dal^*???.. i 


Feb. 13- + or | Month 
197- ; — : 


Shrimp boats 
are licensed 


WOOL FUTURES 

LONDON—ICO trading. 

• Pence per ktioi 


or Hu*ioe~ 
- | Deep 


axa, • I - I 
.... 632.5-5-1 J j 631 
is.. 645.5-6—U ; 649, 
■mi 635 .-III - 
'.Ml ! - - ■ 


• . Bedne selfins came ont and ihc back- «. '<5. Aftennon; Standard cash 1S.310 _ 

635.5-6 -8.75 wardatlgp qsnrowl. taking ihe price £8^88. 85, Ufri-r months £8J50, 40. 35. 


SS.O-b -«./!» waroaiiop wnora. taiung in>: since is^oo. 9s, IHTl-p montns -w. *>. 21 J*w-06.6 : H2S I7BS 

9.5-50 :—B- down to E5.5S0 before It steadied at the High Grade cash £6.310. three months u BV . ri m.o- j MAr-eULW u Bo-it 19 

— . .1 lower 1 lyweL Responding to the perform- £6^59. Kerb: Standard three months j u jr , ’» 60 j-v B2.w-i2 Oi lbo2-lL22 

ancejOf other metals. £H,360 was touched fljja. Ir” “ iT 


April—nuns wnuat 'oreiat .vurf^lum Xe«r«day;+ oc! Vmluet* 

mirnoe Wheat fotheri 9X50. reed wheat Gmey Wool wSa — I Dono^ 
81.79. Malting barley nil. feed barter TUB. 3 ^ 

Way—MUling truest thread. mL Milling ; j 


at the tower leveL Theclose d a sales: 2.149 u.713) lot* of 10 tonne*. 


May..;i 68.0-1 a2.V+14.D UB*-rtt9 feed hi Her 74.60. “ 

July--— I 60.J-1-.62.w-r 12 O) 1602-1122 MARK LANE—The market was j.K"*"' 

Septerober...,1610.u.l671.u|+i#.a 1611-1476 exireroeir aulet with reticence on part of . 
Xovombai Ol — oeDera to reduce in price. Coowrsely. 

January.—: f< 2.0- MT&Jif-t- W 5f I5K-1S94 bur.-rs were unwilling to panlctpare at 

March-,U9jm-l4UJl| T *lLO: .563 advanced lwels. CeneraUr. the volume of ~ 

. _ ! 'I busmeSB was thin. Nominal values: J.-* 

Sales: 2.149 IL713) lots of 10 tonne*. Hllliao whoali—March fSS.O* London. - _ — 


March..... 

•234.D-57.D 

M4.W70I 


226.0-27.0 

October_ 

lift-ember... 
MarCta. _ 

228.0-47.0 
242.0-44.fl 
246.0-47.0 1 

May- 

<46.0-49.0 1 

4ulv-- 

f«6JW8.D 


Index Limited 01-351 3466. 
amont Road, London SW19 OHS. 


July Cocoa 1452-146* I™ 


tha Kerb was £31& Turnover: 2,875 tonnes. ico igdkUr ’prices for February ifr April 198.00 London. AprU-Mav-Jane £99^8 Sales: Kfl tan. lots of L309 kilos. 

_:...:___oj.S. corns per pound*: Colombian Mild London. Deaatnrabto and nnaltar wheat lltADFORD—Business turned a little 


)MPANY 

3TICES 


IAZL1AN EQUITY HOUHMCS 

■ SacleteAnonvmc. i 

Registered Ofece; 

rue J.>C- Biassetir. Lnxcmbounr I 

•tVUKNO AMNOUNCt MMT ‘ 

? Boar* ol Brsxman aoulty Hoid- 
S.A. have pleasure hi conAnalag 
-.n accordance with Hraototion. 
t Ol the Annual Hep art a dlWdeod 
< per share was aaorevea. Fay- 
will tw made, on 7th M arch. 

. to registered holders on record ! 
tse at baKness m ZlsL February, i 
. and to warm- holders aaglRSt j 
. ntatlon ol Coupon -No. 2 to the - 
g agent at— I 

,. two Genera I do Lu* cm boors. LA. 

■ rembaurg- 

HE BDArlO OF DIRECTORS I 


EDIT LY0MNA1S—1S77.’1903 
O.OOO.OOOr— TLOATtNG RATES 

ndholders are hereby ' inlormetf 
tauPOK No. S ot the above loan 
be payable as from August' in. 

. at a price ol USS3fL59 per 
•n. representing TBW3fi0th ol an 
si ol 7\% per annum and ' 
■no the -person from .February 
1978. to August 9rt. 197B. 
(w. 

The Fiscal Agort 
>1T LYONNAfS-LUXEMBOURG. 


■EDIT LYONNAIS—1976(1382 
5.000,060.— FLOATING SATES 
ndhoiders are hertbv" Intormed 


• BISHOPS GATE PLATINUM 
• LIMITED 

- AND ITS SUBSIDIARY 
COMPANY 

(Incorporate* ;tn the Republic of 
Sooth Africa) 

DIVIDEND ANNOUNCEMENT 

For tha second quarter ol the year 
coding- 30th /ure. ( 978. IrnpiU 
Plsxlnum Limiud has declared a 
dividend of 20 cents per share (second 
quarter lv7 )—iu cents j. in con- 


L I * 

Cash-—1508.5-.75 - 8.1 


hW l7, | + Arebteas 285.00 fSM.881; untrash^d idellrered E. Angllai-March April g«w dunna the part veek aa prices r .n ihriT 'ec 

— , UruiffidSi I AraUcas 210.09 iiaue); other mild SStJO, Aprll-MayJnne 38336. Barley Blared op. Cn» 6 breds. especially fine 5 months Sc ss? sU.sn oiiife 2 ?R 

-n-hr- ArtWcag 202.59 <282.57.; Robustaa 17158 1 delivered East Angliar-Wareh 74.98. crossbreds, tarred up wmlnand SB'S are WolfmmZ8joih.taTfSiS.Mi . siSbT" 

(37100 1 . Dally average 188 J 8 .l»54>. April T5.80, ApriJ-NayJone 79.08. now being quoted at aboot 23 peace per ^ c*J^^ £231?5 + ijM&B3 

530-5-3 pMS LONDON ARAB1CA5—Qnlet again and EEC DAILY IMPORT LEVIES—The Ulo. arell over 18p higher than three or a ^. , h .-*Sg ; «!_?•«-Sawe 

5.5-7 1—25 generally weak trUh local trade on both following EEC levies and premiums are four weeks ago. Pnriuonrs_I " ‘s6j j 

— . ..... aides of the market brail Bur nham elective for February 14 la unis of SYDNEY CREASY—Close. (In order .. * . 

- I - Lambert reports. Prices (tn older buyer, accoonl per tonne. In order current levy buyer, seller, business, sates). Micron Olia 

rpfff » nt nnrr.^ seDw, change, bnsfness)—April SU.00- Pins March. April and May premiums Contract—March SM.7-M15: 3C.IV3405; Loocmut iPhlb-s565* ' + 2.6 5-65 

mbs 015.5 !«■«: +3.15; MMUL Jnne lM.DS- iwith orevtoos in brackets'. Common « Mar 3413-347.0; 347.3346.0: 32. Jobr Uro und n m -^699 j '£601 

monti» -OJS: 197.SM7.00. Aug. 134.7S- w beat—57.72: Nm Xfl: 1.15 (88.07; Kfl; S53.W54.0; 35L5^33 0: 38. OcL 357A- CJnseed Onntotm.. gn71 Sa60 

Mbs* three J85a0; -o e: ,w - 30 O® 1 *- on - 37135- Nil; 8.lSi. Durum wheat—i|&29; NO: 357.8: 358.5^57.0: 54. Dec. MU4B.0: ftilm Malayan-5517,; +24.&5607 


x.Y.St«iJ ,|_—_ 1 ..... | — I —... Lambert reporta. 

Morulas: cash 009. w.S. three months .<**b 

OJ5. S. 5. Kerbs: three months 015.5. ** +1 ji» SVfc' 
8.73. Aiterwxm: cash £3*.l, three months J***' —0 -p- ‘J*; 
xaifi, uj5. 10.5. 17. 18j. Kerbs: three *•* 

■«* >’• « £S; 

~ ZINC—Little chaagad with some nil. 

scauervO aolHna bat with the market _______ 

steadied by lurther lnfluv-rirtal borrow Ins Rl jRHFR 

of cash metaL Forward metal was v 


ansS 5:31 ^ dweafter UNCHANGED opening on tbe London 


is 5t« p taat. " ^ .■ *** ai CS3 ’ i 

DECLARATION OF •-- 

DIVIDEND NO 18 2ij!t f JR 

: Notice is hereby jrven that dividend -- 

No. 18 of 1 cents per share, being i. l £ j 

the second interim mvidcnd tor the <a.,h . 250-2 ' + .6 I 853 

year ending 3[it Anguse. 19/8. ku acauuiiu.., 264-5 I+.73' 2Si 
been declared payable to roemhers. 5’oiwn„_.! 252 J+l | 

registered In tbe books of the Comf. 1 West! — ! ....i Suodl 

party as the close* of boshtess od - 

3rd March, 1978. Morning: three months 1252, 1 . 3.1 

. The (rarafer regiscers and rtgiutr% Utrei; months 1254, U L La, L 
of members will be closed from 6d> boob: caeh £258, 52. three months 
to 10th March, .1978, both days’ «J. 54. Kerbs: three months 
fncfdslve,. and. dividend warrants wilt 54. Qj. 
be potted from dm jobsimesburg and. . - u-j/is per pound. T On 
London transfer offices, chi or aboot inofficial dost ISM oer Bleu 
4th April. 1978. 

Members paid from the United, .j criifFD 
Kingdom will receive the United^ . V jtltv 

Kingdom currency equivalent on 10th, m 


Barter—78.C& Nil; Nil: 0.97 (79M; NJI: JuU' 37l.yzr2.(r. 372.0-371.0: 14. Total Boeda . '. 

Nil: 1 . 34 i. 000—7222: rest NU <72.tt: selee. 263. Otpra Pbiitp..__‘*392.5.'-f 5-0 i95fl7.£ 

resr NJ'. Matte {other rhan hybrid tor . „ T __ Soyabean CD^.).^.l«Z56.7Bc ^-0.2S»250 

Medina — 77.6: test Ml 177.35; rest NU.. MEAT/VEGETABLES i 

Burfrnhcrn— All NDy taJi N«s». MJlJei— T 1 ' UC1 . r ^,, no 1 


__I_■_ By Our Own Correspondent 

; j ! GEORGETOWN, Feb. 13. • 

h .«Qgn THE EEC couaci I of Minirters-' 

uoppeemahw. Lr»£636.76 ^s'jb,Usb. 76 i has granted licences to sevea’ 
6 ranntha do. do. T649.7 3 i— b.o ^#2.75 countries allowing theio to fish. 

reC"s & .'iS’lf for shrimp off the coast of, 

Gold-..Tiap^; 5 W 6 B7S-rijs^-iis 87S ^ renc ^ Guiana (Cayenne) until 1 

Lead Casta_£3l6.75.-3.26ifa51.75 the end Of May. 

4noothi.__,.„„)C316.6—2.5 £557.25 vvr' «. r*.....-. . 

Kickai_ _ _ i | _ the fitL delegate to Guyana, 

Free Marti* £*»'.“ si.85-2.0,’.di./M.Q Mr. Tue Robrsted. said Barbados,' 

vistuuni troy ne..vcio6.5 '. ch 6 Guyana, Surinam and Trinidad! 

Free Market.._ £ii3.9 j + z.6 [£ 105.25 and Tobago bad each been 

'i iisi^nB 0 ^ 6 all °cated 40 tonnes of shrimp 

i Serial?:®!lJsSS'l',’ Z ith a masiinuin of 607 vessel 

rm Uadi..-k6.d92.s,~42.5!£o.282.5 days each during the four-month 

i month*-S»J232.5^-30.ffi:6.22tj period. 

Wolfnira28jDltaw4<5lf!8143-M . 3 Ibb./i 

Amc c»*h__^251-75,+i.Kf?70j The United States has been 

JL2!2£ -i SSft B n 1 - 0 ^ T 7 - Z6 g‘Yen 1^14 vessel days au.d 80 

uoer?-?5&o-60o|. s&jj toDnes. and Japan and South 

SSmuiFhio—.S565. 1+2.6 i|56S fa Utile less than that An! 

Uroundma s :699 j_ '£601 exclusive 200-uule 'fisheries' 

OoMed Uradstm.. $a7i L....'«a 60 zone came into being on January 

Mm Malayan— ssi7„ j+24.^5607 i when the EEC declared its own 

I zone. French Guiana Is a Depart- 

Boeda ‘ ment of France- 


Wfl iny uc oufj-iiow— jui mug rail /*?«», Musri— . M 

tended to hold around £253 and £254 before physical market. Little Interest through- 77.79: 8.34*. 0.S4; 8J4 (77.98: res Kilt. SMITHFICLD—.prices In p*nre per lb, 
closing on the Kerb at X2S0.5. Turnover: out the day. dosing easier. Levis and Crain sorghum-61.46: -SS. 2.83. 2.® —Boof: Scofch kaDed sides 49.9-5L9. Ulser 
4,489 tonnes. Peal reported that the Malaysian godown Kfl; Ml; 2J3-. Hd oers. 58.WSLA F. otrs. 5941-41.0, Eire rum 

__price was 202 1283) cents a kilo (buyer. Flour levies—-Wheat or Mixed Wheat Ud Olrs. 59.9-62.0. F. qtra. 39.MI.0. 

' rn.ni, + CW- u.co. -Am March >. and Bye Flour 134.44 'VX™\ Rye Veal: DMdb Hinds and finds 96.&.95.0, AO " 

-•ZINC • Utn-ia — Lomttrta i -_Flour-117^3 H17.63,. Lamb: FJighsh fmaD 59.MS.ti. Medium 

■ \ : I -V !~1T >io. 1 j Frorloua iYastmtiayy Buslnes# SOYABEAN MEAL 44!^5Xo! Heavy Imwwa1 ; rtwn 


Homo Futons...'£7 2.85 ^-’iu6'€70.9 


l t f ar ;' -a: •' fi 1 i Fret-loua tYastatdayV Buslnew 

Utah.' 280-2 ' + .6 i 251.5-2 :+lJ» ttdd. , ekao | | feme 

amuutha... 264-5 !+ .73 253.5-4 —I -1-j- f - 

d'nioutw— 262 l+l i — :_, J .. 


-March „| 46.084bA8j W.40-4666; — 

■— April ....i 4c.«U-4flJ& 46.65-47.00; - 


l 1117.631. Lamb: En&H&h fman J9.MS.ti. Med mm ^ • i i._ ' 

nriaj uriT 47.9-33.9. Heavy 36.0-^A ScoKhM';dlum K®- 7 ® iB ?- 6 

kBtAN MJtA-L 44.9-53.0. Heavy 36^-i5.0. Imported Frozen k£S22^.K?^ 1 , 0 2 K 

__ K.2. PL Ntni* Season 45.9-48.9. PM N«*w “msllidi JUlnute .,b95ir -£95.5 

.leutWtTvfci + <-r; tetaam Season U.O-iS.0. Cc ?» **nmaL...n:).t,7a M4MM.7e 

i Clow — Done Pork: EngUsh. nndcr 190 Itaa S3.MLB, Future Slay-£1.461.5.—18.6-C1.571 

- 190-120 its r3.»4A8. 129-199 lbs 34A40.0. CyCoe Fnturos^. J ! 

{Epertonoa' MEAT COMMISSION—Avenge fatstock May-.--.-‘cl.ffil ■ — 1Z.5'£1.842 

, P BJl-KI.O —0.26.107.90 prl«-s at representative markets In wvek Cotton *A {Ddex_.-66.5c —-0.95lo4.05, 

;K!flJO».y+n.fOil*d.56-«40 ending February 11. U Cattle CS.lto ■fW"™ ABC'.- ■ -457 ,.ifW 

M.I- I£ e-u.ZOi 1.-S.3 -4-6.78 per kg.Lvr. t-9.»>: UJt. Sheep IM.lp per . :46.2a !—O.Z5;48.5p 


Nickel stocking 
plan rejected 


w£s^‘ 44 ";“ B - 78 j~ ;“ a I plan rejected 

No,1Bad Spring 288-76.U 8.75 tB4.6 r J 

6o£.BELrdWlaoM4 j L. i 1 . _ , ._ 

Em-IUh AJliiine.itiBOtr _i£95.5 [ OTTAWA, Feb. 13. 

MK- ALASTAm GILLESPIE, the' 
reSST&r-l 61 - 481 - 5 .-- 18 - 6 ^ 1 - 578 Canadian Industry Minister, has 


l^DCItODOM 

f —, P BJVKI.O —0.2S1Q7.BQ 


c^P^Zr^'-T 9 ^ Canadian Industry Minister, has 
w - l -imr 1 -iz.5i£i.8i2.’6 said tbe Government does not’ 

'“‘“.'A’index- eBJfc j—o.D5!o4.05. support any programme for 
iZE^SSjk. stockpiling nickel to avoid lay- 


ri. S3-* _ Apr^oe M.BB-S4JK] — Oclotwr ___ I863W4J+0£010SJW 

* LeVU’ per pound. tOa preview Jlv-^ep. 66.10-a.lb 65J9-56.66 -6 M-66.16 December—U4.0> >4.0 +0.96 — 

inofficial dose UN Per oldll. Oot-Dec 68.86-68.7. S7.10-J7.J6j SJa r&nnrv i(-i&.a ■-• B.8 * Q.60. — 

: ■ ---Sates: 38 (O krta of 180 lomtes. 

'SILVER Salea: « fZ 30 » lore or is mnnea. CIlt^AD 

_ nj __ .. . Physical cloflng prices ibnyersi were: otiwAJK 


0-66.26 June..192-8 - 5-fl +u.20il.-6.i -*-».7B per kg.Lw. t-9.»>: UJt. 6hcep IM.lp per ^”y ini o . 46.2a ^-0.25;4a.5p S,_ Ctl ~ „ 

WlJffi August_'103.6 ^ia.7i_..| i= 6.60-06.69 kg.esLd.c.w. <-8.«i: 6J8. Plas 59.9p per PUel £ KAJL—-5^3-46'.I556U-70 * n “ie Sudbury area of. 

— Omotwr___ nuK 4 j+o^o I 0 BJO-O 4 J 9 ks.Lv. (- 0 J). EosiBad and Wales— 2 «c«r iK»vj—— t.107 41.0; £U 2 Ontano. He told Partiament- 


coupon Mo. S o t. Tho -bbow-loan jl| 1 j ar0 h 0 i l }-, rs < ux n IS per «nt. - 

' ■^gr l, T%^J T ^&JS!S^pb- ^JjI 3*. i! ?• 

,n rcoreseni'.no ig3!3«m» ol an III conditions wh«h can be utspecceo ax. 


SILVER Sales: 133 f230> lots Of IS tonnes. 

• „ .. . Physical closing prices i buyer* i were: 

(nr^rnnl ^ 11 .^ - S «»« «$»7 <«7.rS): 

for spot deuipry is u» Lawton banma inrfl 47.790 14 s q, 

market yesterday, at 354 .Kp- U.S. cem ^7 J* 
equivalent of the fixing levels wore: fiRAlNG 
ism 493Jc. up 3.6c: t&ree-mtmth G902c.' vn/lliiD 


-est at Bta orr annum and covar- 
the period from foamlry 6 to 
U 7. 1978. Inclusive. 

Ttic Flxal Agent 
PIT LYONNAIS—LLI3CZM80URG. 


11 Vaughan. Key and Payne. 

: *— ~ " Sccretarlvi- 

M.L. HOLDINGS LIMITED ] , -' per It. G. E- Billing. 

3RDINARY SHARES Of 25P _ \ Regijteratf Office: 

EDDIMABlC PREFZRENCZ OF. £1J Ifld, Ptoar “Unltu.' 1 
IC£ t5 HEREBY GIVEN tlwt t«e ‘S™ 

■r Books and Registers M Memtaor* « Hirthill street.. 

.- CLOSED Irom <6e Z4tlt PetaniarY, | - JohUMecburg.' 

10 Ibe Sth March. : .1978. both. 200! - 
.nciunve. 

Bv Order ol-»* Board. j Transfer Stcreune* 

_c : H jo nes. Secretary ! Union Corporation. Limited. 

DRIVE ENGINEERING COMPANY^ I ?*T 7 * Marshall Street. 

UM1T2D ' 'j lohannefburg. 


41m. difawj 'I» «■’ S9c; up 3.7c; and LONDON FUTURES (GAflTAte-TBe vas February 13^G»,-^CaLUc »^ PW 

cendibons urtuch can. *?* £*f** t *l f “: ; Eanomb 589Jte. up 3.8c. The metal majkei opened five lower on old crop ** l{ ' 11 p T tw ? »®e 1"* POtms Wov ™™ ar y.”- . 

tta Jotasonciburg md London tramfor. 'Kened at 339XKL3P (483-48340 ml n^cat but found good spec, was oomrSy Bfc^rtead levris. reports C, Ciardkow. S ta S 5 

th *™ C 2Tclosed at 234.7-23S.7 p (4g44-4fl6ci. seDlna and desrtw some short-cov firing ? er ®? r lf!L « 009 ^ flX*, *“ 

I3*b Fcbroiry. T978. - • • ■ __ values closed weak bedreen 4 W 0 Dotatfi tiuefd further losses of aronud GO prims « i+in. EuBlwd and w yes—catue 

By Order of d» Bo*rd, 1 J | I loww. Old Barter wa« a antes affair and ever ti* mpntins. Lateri b&vertr. short 

- VidBlun, ICe/ and Piyn<« jilvuhi Hhiiimi U or LM.B. i4- or oirit hfapn apmno won 9huMt^< -hu corortaz w-birfi sum Dnce 83 ,Md ^—0.9bi f SoP^D DamWrs flown 


diLviiK: 

UulllOO 

l+or 1 ' 

L..M.EL j 

par j 

11x10*1 

* — | 

duao | 

troy or. ; 

pririn* 

; i 



cattle' No’s OP 26J per cent, average Wool tope Mr lrikv_| g7Qp U i.o|a67p additional nickel stockpiling 
sn^c^tf 1 ptilTiisS* c- 0 .«i: . Ji oni, 5.“ L osriter-s Quota- ivouId create more problems 

K No’s ceutTr average “Sj W TSSl 2EX* iSSS n0W e3dste(L 

® March, a May. About 3,000 workers were- 

London oaily PRicc for raw sugar f-«-7i; sheep Kos on sep per cent.. jrCT ___ expected to be laid off io the 

£107 ,£1991 I loan* cH ftr Fed.. March *f*m» price i3BSp (+ 1 . 0 ,: wg m«p nickel industry yesterday as a- 

SffThEnjS? daib FINANCIAL TIMES reduction in world- 

price* at represHiuriye markets on "Fat>. Ihi Tg~g ■rri gSra j p - d ®“ ia J ld - Mr. Gillespie urged 

February 13. G.B.-Cauie. 63.«*» pee I * Moota nickel companies to discuss 

bvS 22768 ig27-7gI 836.27 1 869.46 work-sharing programmes with- 
1 K (+ 6 . 71 . 'VagUud god wateHCattte **** l ww=ioo> the unions involved. 

numbers dawn 16.5 per cent- average __ Reuter 


MEAT COMMI5SION —Average faistock 


to 11x 6th March. : .1978. bath. 2001. • 

Br Order ol we Board. { Transfer Sacraune* . 

_ c : H JO NES. Secretary ! Union Corporation. Limited. 

BRIVE ENGINEERING COMPANY ' ! J*T 7 * Mjraliall Street. 

UM1T8P • "4 johaimrtbprg.. 

OfllMi&Y- 5lure TransJor looks Of A r '.„||, arviTK 

ic Engineering Comowiy Limited 
e dosed 1Bti« February to 2nd GranOf 

I97B, both dates. Inclusive. 95 Southwark Street. 

By Order of the Board.. - -. j ^London, S£1 DJA. 

. C. MERRY. Sacreure. ’ UJ "‘ 


-lot 264.05p '+1J 6 265p 
i months., 257-96p T l-lo 259p 
.-kOJMlUla..' 263.ip ,-+1.16, — 

tKiuninbv 273.7p '-v 1-1 — 

; . LME—Turnover 84 <2IB» 3ms 
ounces. Morning: Three months 
AZ* ELS. M, 6.4. Kerb: Three 

M 8 . 4 , &5. Afternoon: Cash 21 
motlite 25xB. 8 . Kcrt): if(d-I 

S&t. three months 2at>.9, fl. S.i, i 


—— a good fob trade u tbe lower levels. New --—— 
1 crops remain «lct tor Kcady sjtfi dosed 
+ 1.2 between ID lower to 1 ft hither, reports 
,1.26 AdL Comm 


so**’ : 


IVei. Tee'rtayt Previous : 

, Business 

Comm.. Ulew ; Clow | 

Done 

L'oDn- . i i 

i 



average price S0.7p /-*-u.7,. '.’0 SeOttiSh 
figores available due U> holldu’. 

COVENT CARDEN (Prices la sterling 
per package except where otherwise 
stated —Imparted Proflu co: Oraages— 
Spauia: Navels 3.20-3.60; Jaffa: 3J0-3.95; 
Cypres: Orals appnrc is WJ« 54*0’s 


LONDON COMMODITY CHARTS 


FINANCIAL TIMES 

Feb. 10j Fefa . 9 JytonLh »^pi l'wato 

287.881827.721 836.27 1 869 46 

"* QSE July L 1853=100) 

NEUTER’S 

“Fetal VT3 l Ifruouib aji? Year ago 

1405j| 1408^j 1483.7 j 16 2 1.7 

(Saar. Semeoiber 18. 1331=1091 

DOW JONES 

IW I Feb. ‘ 1 | SoocEj lear 

dunes ( 10 i 9 l ago ! xn 11 

opot.-353.04 352.69 350.20597.02 
guMrajSgjLBTggg^ 5 38,62391.55 
<AF8S98S tSS4-Sa-X=im 

_ MOODY’S _ 

~ f Feb. Feb. ,11 oath l«u 

JfcwdrV f 20 9 | ego «so 

■>ple Commtv(910,g)905.4) 898.BIM5.7 
(December, n. I 8 S 1 = 1 «B) 


i NEW CONTRACTS 
| FORCOMEX 

j NEW YORK. Feb. 13. ' 

The Commodity Exchange, Inc. 
(Comex) hopes to develop some 
new contracts here in the next 
' six to 12 months. Mr. Lee 
j Berendt, its president, told a 
Press lunch. 


laily High/Low/boie. figures Name ;. 

osted every Friday nig be. • 

pdated to Friday’s dose. - -"-Address. .. 

lease send we details. .0 

. ..... 

enclose cheque for £85.00'. 

3 r 12 months’ subscription. ... 


;Yed**tay’‘ 

CkM 


fori SiSi» 
— I Dose 


While Mr. Berendt would not 
give any details. Mr. Fred Baer- 
wald. Comex chairman, said the 
exchange in no way intended to 


28. Panton Street, Cambridge Telephone:. (0223) 5625V 


rnrm 3S US i^S iSJSSHS^ iSSh* *J2L -r B »i s p “ ,0,d a 

-COCOA Baslwss done-mini: uvr* S3.4MS.S0, Sales: 2.916 ) 0 u of J iwmes. French; -ID Jhs GrAnar Smith 5^8.60. Moody's lo o' X mp „ „ 

, n s , n on SeuL 83.»gLsa. nov. Tatu «a Lrtc cx-reRncry prict for GoWen Deiteiou* *sd-j.w: » as tc.-ioo - ■__While Mr. Berendt would not 

"JES ®‘ ra on,, ‘ i* 0 - ml - Sales, 108 lots. CranuTatet! baMs wbJir sugar iras C4S.49 Granny Smith 1604*8. CoWen Drflooos -.pte CommtvblO sfas 4 l 898 2'905 7 sive anv details Mr Frad Baer- 
e 5S l %S "SSrt.ii'SS !?*?»T Marc 5 nJKLU. May 74.38- a'Mnr hr home trade and SITS SM*H R«J Dellcteus 189. Start Crimson Sa& rlr* 

Aronghout thti day. reports Gal Ud ,4^8. s«u. W.7S-78Jij. Xov. 814021^5 lUrt; for export. SSft-SffO. jinnble park, per pound. GoWm fDecember. n. 1831-1881 Wald, Comex chairman, said the 

Daffte - ' rr.iots. lotonwUrea/ sqv Agrtemeut-iudica- Deiictous o.uHi.u. cranny smith o.ihut, l t=="==— —: -—- exchange in no way intended to 

“-;-Vpstattiar*. 4-on' HiistM^ - ' WHUT H I ;IBwt! CHUS'Ko. l. 13J lor prkYS <V& cents per pored fob and Italian: Gotten Delirious 8.11-0.13: U.S.: . < " tttl ? 5 . B T PgH-rfiupply pood aiid be exclusively metals-Oriented 

UOOOA I Clow* — I Doob CTRL. Feb. and Mutb 36.73 Tilbury, sowed CaribOean pont tor Fob. 10: Dally Red Delirious 9.08: Eastern Stales: 8.80- ^_** U e sa iH ttep mrchancp Wac coni 

_ _ I __ G - s - »arit KoeiMni Spriog No. 2. u per pnw S.5B ib. 43): i»day tmu« WS S.4ft Quusarian: Red Deileloas 7.oo; Ndeflwjeepijft Shelf cod S.WSO. Zi i- jl anse WaS COn 

So.nV’utr’t . • ! «UL, Feb. 93M. March a owwIUpmeut >»->'- Danlrij; per pound IfcJuttoll 8 . 8 MJ 0 . hixe^tafidPCk ft-OO- Stantly investigating new prtte 

rt 4n *_ 1665 6-84^ -19 6 '' 1810 .D-fHO Coan. C.S. Hard Winter Ordinary ESC IMPORT LEVIES—The friVnrtnE Spartans ff.QM. 10 . Pears—lialu; .4.5 0. m edian! haddock £3.68X4.09. OTulI jeCtS. 

1411 .SBLU -iO.v ! 1486 . 0 - 76,9 WWied. AusoiUan Unowned. EEC Import Icnes me vhhe ^nd rax wear English Produce: Potatoes—Per 56 lbs. naddodt C£MLtt; large plaice £3.40. . ^ • 

l Ut T r ..UBB.ii-BQ L -4l D ,1*70.1 66^i uawttt sre vffraflwg fnr FeDiuars n to units of WhSes Reda 1.5M.GP. LotioCo-Per 12. “ e ^ r " n, „ ^ best small Some market sources have 

.. i44 1-IB0 i<40.i,-S7jj ti-^ PreMii Bei. BS.7X, March animnt per loo Mb* ivrUh prev. in bfcts.i. indoor LTff. Cihha a n l\r 1-M2 fThao SJHJi 0 J“* e suggested trading In financial 

ite? .... Mli.l-i/B !-l<L6 :H21.6M.U W.,3 (ranrfiipmeci East Coast. S. African Wb(t« sajar (denshired au$ non ae- 1.00. Beetroot—Per 38 lbs 0^9. Carrots— rodcfish iS.4ft-i3.Sft; instrument WQUld be ideal for 

'&Und!. 1338 6-flo.B 10 9 li398.b-60.fl March 07.75 quoted. Kenya haTured—3346 Uamei. Rax $U 89 T 28.10 Per bag 2S lbs 0.5M.60. Onions—Per rfflSs £1 - 6 #'—2®. sattbe ILfiBrliSO. ' ha V«u Vnrlr 10 * 

*££. .: h “‘u7B."iK >14.” ftSSu fig*; 3 Tft-M iwnbial. «IWT». " 66 lbs 0J8-LM. Sweflcs-Per bas, Devun * the ACW \ork exchanges. 

™jute ss sa , id “» 

Infenmttenul Corea Orgaubatho i U A Other milling wheat—Ml. Feed barley— „„ Peart—Per pound. Conference 0.0WI.14. rt ports F. W. Tattertails. Fresh demand ^°P cd 1° begin trading in C0m- 

wi’ If 5 ?f?- lk r0J8 - N ’ B - Scotland 72.(10. °“!l? E ®r5. Ble V kul Brm - Prlt * s Jr 72 Coralcc 0.154.14. Sprouts-Per pound 0.(18- developed Sn various uu aides with Middlfi modify uptlOQS in the next Six 
^ «° r >?iottu. F ^i i L,: l7Deffidenj for the Jbr lorBft’C and £265 for &WD. ff-OB. Pamlw-Fer wuad P.te-O.09. Eastern and South Amcricjn to the fore, months 

l ^ Fru —^ley wck bcglnalns Ffibruacv a wlU remain ^ [or ®TC. 1357 for BTD a^oai Turnips—Per S8 lbs OS8-O.BO. Rhubarb— Support a bo came In Alricao and Far j 

arawe J3 j.» unduased.- • - at Dundee. Calcutta stsds steady. Per paged UH^ Eastern desertndoos. ! Reuter 


S'a.otl’urr’r . * 1 

Wil _1685.6-B4.& -18 S 'lnflJ-IM 

-U»v-.I4BI.9-Bf.il -*0.v ! 1456-9-76. 


flu®:.-.lsBB.ft«.6 -il 0 ,1*70.1 &6-d ... 

.144 .1^43. . 1- IB 0 1448.1.-27Jl 

J . 1416.6. if B I-14.6 :1421 .ft 14.0 *£{* frawiiPmeui Km 


flurrii.1338 5< 0.6 •* 10 S W398.U-60.0 

tUv . U7i. -88.P >14.ii ■IM6.L.71.9 

Sales: 2.370 13.987) T«b of 3 losses. 









26 


Financial Times Tuesday Febniaiy 14 


STOCK EXCHANGE REPORT 




Lethargic start to Account ahead of trade figures 

Share index eases 1.1 to 469.9—Gilts fall to I—Golds up 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealings (ions 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 time " dealings may take place 

frem IJd a.m. two business days earlier. 

Stock Markets made a drab 
start to the new Account yester¬ 
day. South African Gold shares 
provided the one bright exception, 
the Gold Mines index jumping '6.3 
to 152.3 with the help of gains 
yesterday in the investment 
premium and the bullion price, 
the latter improving SIS to Sl87i 
an ounce. 

Uncertainties ahead of the 
January trade figures, due tn-day, 
the latest money supply Genres on 
Thursday and the retail price 
indices on Friday kept potential 
buyers of British Funds on the 
sidelines. Sentiment was also still 
unsettled awaiting developments 
in the tanker drivers’ and electri¬ 
cal power workers' pay talks. Fails 
to i in short-dated stocks and to 
?. after I, in longer dates loft 
the Government Securities index 
0.24 off after the improvement of 
1.33 in the previous three trading 
days. 

Leading equities opened 
cautiously and eased slightly in a 
thin trade before closing slightly 
above the lowest levels. Second- 
line stocks showed scattered firm 
features on trading announce¬ 
ments and speculative demand, 
the latter partly reflecting week¬ 
end Press comment. The narrow 
trading range in the leaders was 
illustrated by movements in the 
FT 30-share index which traded 
down to 4(5S.l at 11 a.m. and grad- 
uallv hardened thereafter to end 
at 409.9 for a net loss of 1J. 

Rises led falls in ail FT-quoted 
Industrials bv 7-to-t, but the 
broad-based FT-Actuaries three 
main indices all showed minor 
losses on the weight of falls in 
shares of the larger companies: 
the 49.6-sharc Industrial group 
index gave up 0.3 per cent, at 

mss. 

Official markings amounted to 
5.920 compared with last Friday’s 
R.143 and the week-ago level of 
6,411. 

Gilts cautious 

British Funds moved lower on 
caution ahead of this week’s 
batch of economic pointers. 
Seldom was there any pressure 
of selling but the absence of 
potential buyers allowed quota¬ 
tions to drift downwards until 
mid-afternoon when a slightly 
favourable reading of both the 
.January retail sales and 
the tanker drivers’, dispute 
encouraged a small recovery'. 
This reflected bear-covering and 
cheap buying, the combination 
or which reduced the falls at the 
longer end of the market from 
3 to 4 leaving the tap Exchequer 
1 Oi per cen L 1993 that much 
cheaper at 23*. Shorter issues 
staged rallies on two occasions 
before settling near the day’s 


lowest in business after the 
official close, with losses extend¬ 
ing to £- Against the trend, 
demand for selected low-coupon 
maturities found supplies rather 
scarce and Funding 31 per cent. 
1978/80 established an exceptional 
gain of ?. at 95}: other isolated 
improvements were restricted to 
{. Corporations were virtually 
untested and remained generally 
at Friday’s- levels and the situa¬ 
tion was much the same in 
Southern Rhodesian bonds, 
although the 2! per cent 1965/70 
issue hardened a point to £63. 

Sterling’s early firmness con¬ 
tributed towards lower rates for 
inrestoient currency and the pre¬ 
mium reacted to 775 per cent, 
before responding to moderate 
institutional demand which, being 
difficult to satisfy, pushed rates 
higher in thin trading to a close 
of 794 per cent., up a net 1? 
points. Yesterday's SE conversion 
factor was 0.7472 ( 0.7568). . 

Minster Assets firm 

A week which takes in the start 
of the clearing Banks' dividend 
season—Lloyds report on Friday 
—got off to a sluggish start. Busi¬ 
ness was extremely thin and the 
closing tone was mixed with 
Lloyds a penny dearer at 206p and 
NatWest a couple of pence easier 
at 266p. Foreign (ssues were 
harder in places with ANZ 7 up 
at 260p and Bank of New South 
Wales 10 to the good at 4l5p. 
Press comment drew buyers’ 
attention to Minister Assets. 2] 
firmer at Gulp. Also in Merchant 
Banks. Guinness Peat added a 
similar amount to 214p. In Hire 
Purchases. Wagon Finance cheap¬ 
ened 2 to 85p: rho annua! results 
are due on Friday. 

Activity in Insurances was also 
at a low ebb and price movements 
of note were few and far 
between. Sun .Alliance picked up 
4 more at 54ftp. while Guardian 
Royal Exchange hardened 2 at 
232 p. 

Breweries had an easier bias 
following a quiet trade. Allied 
closed a penny off at 83p. while 
Whitbread A eased 15 to 85Ip and 
A. Guinness 2 to 175p. Yaux, 
however, finished 15 harder at 
104p following the share-slimming 
operation. 

Buildings were firmer in places 
after a thin trade. AP CemersL 
at 235p. retrieved 2 of last Fri¬ 
day's fall of 7 which followed 
news that the Price Commission 
is to investigate the group's 
application for a price increase. 
Speculative demand prompted 
gains of 2i in both Orme 
Developments. 56} p. and Royco. 
34p. while Wilson (Connolly) 
hardened 2 to llftp. after 120p, on 
Press comment. Vibroplant firmed 
4 to 174p xd and Gough Cooper 
unproved 3 to Sip. J- C E. G. held 
at 25p awaiting to-day's first-half 
figures. 

With the exception of Fisons. 
which softened 4 to 364p, 
Chemicals displayed a firmer bias. 
HoechsL 423p. and Scottish 
Agricultural, 2l2p xd. gained 7 
apiece, while Brent ended 4 


better at 190p. 1C3 were barely 
tested but improved the turn to 
355p. 

The January retail sales figures 
failed to enthuse leading Stores 
although the close was firmer for 
choice. Gussies “ A ” added 2 at 
278p as did W. H. Smith "A” at 
134p. Else twhere. MFI Furniture 
Centres rose 6 to 122p, after 124p. 
on buying in front of to-day’s 
interim results, while Ladies Pride 
Outerwear gained 3to a 1977'78 
peak of 50p in response to better- 


recorded in S. Osborn, S2p, and 
Record Ridgway, 8Sp xd. Ran¬ 
som es Sims finned 2 more to 14Op 
and Capper Neill were a like 
amount dearer at 65p, after 66p- 
Smaller-priced issues to make 
headway included Spencer Clark, 
38p. and W. A. Tyzack, 24p, both 
of which were the turn dearer. 
By way of contrast, falls of a few 
pence were ■ sustained by West- 
land. 45p. Clayton Son. 73p. and 
W. G. .Allen, 42p. Among Ship- 



420 


JUN JUL AUG SEP OCT NOV DEC JAN FES 


than-expected profits. Demand in 
a restricted market prompted a 
rise of 4 to 9Sp in Moss Bros, 
Foster Bros, put on 3to S9p and 
Polly peck 1} to Sip. Church, 
on the other hand, shed 4 to l$3p. 
Booth (Internationa)) put on 3 to 
C3p among Shoes where Newbold 
and Burton edged forward 1J to 
3ft ip. 

Little of interesht occurred in 
the Electrical sector, the leader? 
moving extremely narrowly and 
closing generally unaltered. New¬ 
man Industries responded to 
favourable week-end Press men¬ 
tion with a rise of 2 to Tip. while 
Ever Ready rallied 5 to 137p and 
Lee Refrigeration 3 to 74p. AJB 
Electronic firmed 2 to Wlp and 
similar improvements were seen 
in Telephone Rentals. 131p. and 
Jones Stroud. S7p. Electronic 
Rentals held at 122p: Philips Elec¬ 
tronic announced yesterday that 
it had increased its stake in ER 
to 31.2 per cent. Comet Radio¬ 
vision rose 5 to 112p making the 
offer for H. Wlgfall. unaltered at 
276p. worth nearly 245p per share. 

Engineering leaders barely 
stirred from last Friday’s levels 
■until the hue afternoon when they 
moved slightly higher. J. Brown 
ended 3 dearer at 29Gp xd. while 
GKN, 281 p. and Hawker. 190p. 
both settled with improvements 
of 2. Vickers hardened a penny 
to !83p. Elsewhere, retired specu¬ 
lative demand left Weir Group 7 
■up at the day’s best of I2!>p. 
Buyers also continued to show 
interest in Spirax-Sareo. which 
finned 4 more lo 266p. whale Press 
Tools responded to the forecast 
of record annual profits with a 
rise of 2 to 2lp. F. Pratt put on 
4 to 6Sp and gains of 3 were 


builders. Yarrow came back a 
shade to 2S0p. 

Press views on recent bid 
speculation directed fresh atten¬ 
tion to J. B ibby which unproved 
5 further to a 1977-78 peak of 
230p. Ro wit tree Mackintosh also 
benefited from newspaper com¬ 
ment and rose 5 to 385p, while 
similar gains were seen in British 
Sugar. 455p. and Cullen’s Stores 
A. 77p. Tate and Lyle, however, 
closed 5 cheaper at 200p xd. 
Supermarkets were idle and little 
changed. 

TrusL Houses Forte continued 
firmly, rising another 2 to 194p 
xd following week-end Press men¬ 
tion. Ladbrnke finished a like 
amount better at 187p after 
reports of a buoyant trade in the 
Cash cade linery venture. 


Reed Int. rally 


Much interest -centred on Reed 
International which rallied 5 to 
107p. after 108p. following an 
active trade after reassuring Press 
comment had attracted cheap 
buyers. Other miscellaneous 
industrial leaders were idle and 
closed little changed. Turner and 
Newall managed an improvemeni 
of 2 to 2lip but Motal Box thed 
4 to 3Q0p. Secondary issues con¬ 
tained set-era 1 firm feature--, 
including Office and Electronic, 
which rose 6 to 98p in response 
to speculative support, and Vin- 
ten. 3 higher at S6p for a similar 
reason. Investment comment drew 
buyers' attention to E. Fogarty 
which gained 9 to 127p and J. 
Billam up 3 to 43p. Glass and 
Metal rose 5 to 67p followin'? the 
preliminary results, and buying in 
a restricted market left High 


Gosforth Park 18 higher at 435p. 
Annual profits and a proposed 
100 per cent, scrip-issue prompted 
an improvement of 2 at 70p in 
Plastic Constructions, while rises 
of between 3 and 5 were recorded 
in ETR. 2S6p, First Castle, 42p. 
Hays Wharf, 146p, and Photo-Me 
International, 270p. Fresh specu¬ 
lative interest despite Friday’s bid 
denial from Vickers left Of rex us 
a penny more at 117p, after USp. 
By way of contrast. Wilkinson 
Match, a further 5 down at 178p, 
continued to reflect Press com¬ 
ment on its revised terms for 
True Temper, a subsidiary of 
Allegheny. Profit-taking after the 
recent speculative spurt brought 
about a reaction of 6 ro 250p in 
ICL. 

ERF continued firmly in Com¬ 
mercial Vehicles, rising 6 further 
to I26p ex the scrip issue, follow¬ 
ing Press comment Other Motors 
had little to offer awaiting deve¬ 
lopments in the tanker drivers’ 
dispute. Dana Corporation edged 
up } to £15t, while Automotive 
Products, 94Jp, and Flight Refuel¬ 
ling, l05p. put on li and S 
respectively. Garages provided 
the occasional firm spot Invest¬ 
ment demand took Heron up 4 to 
105p and W. J. Reynolds rose 35 
to Sip in fairly active trading. 
OL Perry. 164p, and T. C. Harrison. 
I07p, put on 3 and 5 respectively, 
while Henlys were notable for an 
improvement of 2{ to 123p. 

Among irregular Newspapers, 
Thomson were quoted ex the 200 
per cent, scrip-issue at 21Sp. up 2. 

Quietly firm conditions prevailed 
in the Property market under¬ 
lying sentiment being helped by 
publicity given to a broker’s 
recent circular. Leading issues 
ta harden a few pence included 
MEPC, 124p, English, 40p. and 
Land Securities, 220p. News of 
the sale of the company’s remain¬ 
ing stake in Berkeley Hambro 
Incorporated to Swire Properties 
for nearly £4.4m. stimulated 
Berkeley Hambro, which rose 4 
to 102p. Fresh scattered demand 
left Clarke Nlckolls up 2 further 
at S2p and similar gains were 
seen in Peachey. 76p, and Slough, 
121-p. Town and City hardened 
a shade to 15 ip in front of 
to-morrow’s interim figures. 

Oils quiet 

Despite a lower volume of 
business, leading Oil shares ended 
the day on a firm note. British 
Petroleum held at around 786p for 
most of the day before hardening 
late to finish 4 higher at 79Gp and 
Shell closed only 2 lower at 504p , 
after 500p. Dollar premium infiu- 
ences left Royal Dutch i to the 
good at £38J. Revived North Sea 
speculation pushed Siebens (U.K.) 
up 20 to 290p along with Oil 
Exploration, which gained S to 
22Sp. Elsewhere, fresh demand 
developed for KCA. 21 dearer at 
34Jp 

Lunrho figured prominently in 
Overseas Traders following week¬ 
end Press views and rose to i.p 
in active trading before settling 
at 75p xd for a net 4 gain. 

Investment Trusts passed a 


quiet session despite Press com¬ 
ment on the sector's prospects. 
News of higher earnings lifted 
General Funds Investment Trust 
3 to 133p xd, while Robeco were a 
shade harder at £501 following the 
results. Elsewhere, Camellia 
Investments, at 215p, recouped 5 
of Friday’s fall of 15. Press com¬ 
ment casting doubts bn the take¬ 
over of its associate Marshall's 
Universal unsettled West of Eng¬ 
land Trust, which fell 4 to 42p 
following Friday’s jump of 7J. 
R. Kitehen Taylor, however, 
moved up 3 to a 1977-78 peak of 
70p. 

Apart from Manchester Liners; 
10 off at 240p. Shippings were idle 
and rarely changed. 

Nottingham Manufacturing 
were favoured in Textiles and 
rose 5 to a 1977-78 peak of 114p 
in response to the substantially 
increased earnings. Sola VTscosa. 
continued to improve on -Conti¬ 
nental support, the Ordinary 
gaining 5 more to 56p and the 
Priviliged 7 to 32$p. Corah edged 
forward a penny to 35}p, while 
Radley Fashions, 47p. and SJdiaw, 
DOp, pat on 2 apiece. 

Press comment failed to 
generate much enthusiasm in 
Tobaccos, which fluctuated nar¬ 
rowly in light trading. BAT- 
Indastries Deferred dosed with¬ 
out alteration at 240p, while -Imps 
finished 14 cheaper at 74p xd. 

Greaterms ns A stood out in. 
South African Industrials with .a 
late fall of 9 to 113p on the first- 
half profits setback. Gold Fields 
Properties were also on offer at. 
TSp, down 4. 

In Rubbers, Koala Lumpur 
Kepong eased a penny to 44$p, 
the capital proposals making 
little impact on sentiment. 

Golds strengthen .'. 

South African Golds advanced 
with buying from New York and 
the Cape, in addition to the emer¬ 
gence of some investment interest 
in London. The Gold Mines index 
rose 6.3 to 152.3. 

The market was helped by the 
continuing firmness of the bullion 
price which closed at $176iE3 for 
a gain on the day of $1.75. At the 
same time stock did not seem 
freely available. LEbanon were a 
feature with a rise of 49 to 320p, 
while Randfontefn were 1 higher 
at £32J. Western Holdings gained 
J to £16$ and President Brand 
were up 52 at 922p. . . 

The higher bullion price assisted 
Consolidated Gold Fields to a rise 
of 3 at 190p, but Rio Tinto-Zinc 
showed the strongest rise among 
London Financials, moving, up ft 
to 177p. after touching I78p at 
oae stage. Charter were 3 harder! 
at l2$p. while Selection Trust 
were unchanged at 3&4p. 

Platinums were a steady market 
with some London buying at the 
start of the new Account and 
little stock coming out of the 
Cape. Bishopsgate were 5 firmer 
at 76p after their better interim 
dividend, consequent upon the 
higher secoDd quarter interim 
from ImpaJa. Lydenburg gained 


financial times stock indices^ 

-——yarTFeb. ] 7<j». r e®rrswfc{ 

a i 3 i } ! **■' sbt-'i 


Feh. 

15 


Feb. 

10 


Government 

Fixed Interest.-— 

Industrial Ordinary-— 

Gold .— 

Ond. Drv. Yield.- 

BsmhigvY’ld % UulUtiV 

PlJB Hat Id (net) l"t)- 

DeaQngu marked.—j 

Sqarty lumcrtr Hm—] 
Equity bargain* total 


75.16] 
77.89 
469.9 
153.3 
6.71 
17.39 
8.12 
5.92Oj 


79.40f 
78. Ifr 
471.0; 
146.0] 
6.701 
17.37] 
8.13j 
6_143j 
75.97 


473.3: 
143.41 
5.671 
17.881 
~'S.t7t 
5.926} 
95.76] 


76.34! 74v4lJ 74:05] 

77.96| 77.31[ 78JJ3] 

468.4] 463.7) 456. 
MSA 161.6] 151. 
•»«' 6.76 

17.56 

ajy? 

5,652 
66-38) 


6.72! 

17.45 

8.09) 

fi.871 

64.10! 


16,592j 16J44114.1651 14,S90i 13.7 



7JS99iil, 

16.3®5?T 


fl". SB Activity July-Dee. IBIS. ... 


highs and lows 


S.E. 



Mira 


tfliK-e l'oBi|iHation , 


Hipli 


Otrr*.5e«...; 

c30/9) 


Fixfsd Int.. 


81.27 
| pn/rej 

ind. Ord_..J 649A 

lM/9) 

GoW SUnw. 174.5 
flBflOJ 


Low 


60.4o 

(4/1) 

60.49 

(</b 

557.6 

(12/D 

96.1 

( 1 / 2 ) 


Hiyh | low 


Fch.' 

13 


•10rrra~ 


127.4 49.16 1 

(»/if»S) J (3/L411) I 


160.4 


i(2S/U/47^ (3/1/75) 


540^ 

(14/9/77)1 


60^3 


40.4 

(28/b/40) 


442.3 I 43.5 
(22/6/75)i03r 10/71) 


—Daily ' ' s 
Gilt-Etaed 
Imlnstrlea....[ 
e*peealativa..4 
Totals -! 

Qilt-Bdged~4 

Lnd _J 

tspecolatlxn-i 
Total- 


188^4 802^1. 
203-5 I ZlQJfrZr, 
35.0 j sas jtj 
134.7 ] 

207*1 [kw 
19X.3 |191 
34.7 3531— 

13L2 


3 to 5tp and Rnstenbarg gained 
5 to 88p. 

" Australians had a very steady 
.undertone, helped by the higher 
investment dollar premium, but 
trading was subdued. Some 
Canadian buying came out for 
Paneonttnental which firmed 50 to 
S75p but generally rises were more 
-restrained- In the coal sector 
U tah Mining were 10 higher at 
2S0p after the record profits of 
Utah Development, white Tbtess 




were 2 harder at 14^).. 

Coppers were.untested altimogb, 
Palabora were ID firmer at P” 
on the . higher, dollar f *; 



Rhodesians were sTightly 
where changed, awaiting 
political news. , 

There was a very : steady 
among Tins, again partly tecaas® 
of the premium, but also bn-gar. 
Eastern advices. Southern 
gained 10 to 150p as the 
responded to small buying.' 


OPTIONS TRADED 




DEALING DATES 
First East Last For 

Deal- Deal- Declara- Settle- 

ings ings tion ment 

Feb. 7 Feb. 2ft May 11 May 23 
Feb. 21 Mar. 6 May 25 Jim. 7 
Mar. 7 Mar. 20 Jun. 8 Jim. 21 

For rote indications see‘end, of 
Share Information Serefce 
Money was given for the call 
of Town and City Properties, 
Reed International, Lonrtao, 


Premier Consolidated 
sol Ida ted -Gold-£leldv'BtR^k. 
Land, BriUania Arrow, XjiMi* 
burg Platinum, Intemnmp^t 
Property, Burmah -Dn. JadbdoS^ 
Warrants, Status Discouat,Am»l-‘ 
gamated- Stores;, Charterfifit 
Fitch Lovell. English 'Frapfife 
and Mills and AU&V 
national. Pats'Were'don^fe 
R. Costain and Taylor TVoedro%, 
while a double was arranged^®-" 
Brittania Arrow.. i-7 

■ _■ •••:' -iiite 


NEW HIGHS AND LOWS FOR X977/78Q;. 

rExrn.Es (i) • : :v^.. 

TRUSTS (4» ■ 

M. & G. 2nd Oval Inc. Ktttfteir-Taylor “5?. 

N. r. A Ganmore Parte Place . 

- MINES <1 1 - 

Pa Inns 


The following stc wlti a i quoted In the 
Share Information Service venerday Notts, Manf. 
attained new Highs aod Lows (or 1977-78. 


NEW HIGHS (31) 

BUILDINGS (23 


Bryant HMgs. Warrington (Ta 

STORES (31 

Porter Bros. Polly Peck - 

,,,b,,vU ■ , hotels m ■ • 

SMdfi (Reo) l8) 

Billam >J.) Lang & Hambly 

First Castle Office & Elect. • 

Fogarty i£.) Wade Potts. 

Lindsay A Williams Watson iR. K.) 

INSURANCE £fj 
Edinburgh A Gen. Inv.’ 

MOTORS (2) ^ , 

E.R.F. _ _Reynolds <W. JTL 

NEWSPAPERS (T) 

Wilson Bros. __ 

PAPERS 131 

Bnmning Goa. ' Olives Paper MKto 

Brunning GrP.^^ (i) . 

ES “ teS Pr ^iimi'AFRICANS (1>, 
Greaterman^ A, ■ .. ,. 


NEW LOWS '(1) . ” .-.HP'.- 

_ Canadians cn - : - 

Masse/ -Perguson 




Rises and FalM 


yesterday 




and 


UpOwiSinr 

5,. M’rTSfc- 


ty j 


British Finds . 

Cam. Dora. 

Farolm Bonds . 7 

InduStriels . do* 258 K 

Roan dal and Prog. 115 W aj r 

Oils * 2. • 

Montanan _ 

Mhws .-77 M •# 

REecem issues '_ 20 C ■ 


Totals 




S» 


<17 


IMPALA PLATINUM LIMITED 

(Incorporated in the Republic of South Africa) 

DECLARATION OF DIVIDEND 

The Directors have declared a second interim quarterly dividend of. -0 cents. 
South African currency, per share (1976—10 cents). This will absorb R2.400.0Q0. 

INTERIM REPORT 

The unaudited consolidated financial results for the six months ended 31st December 
1977. are as follows: 


Profit for period after deduction of minority 

interest . 

Provision for taxation . 

Profit for period after taxation .* 


Six months 
ended 
51.12.77 

Six mouths 
coded 
31.12.76 

Year 

ended 

30.8.77 

ROOD 

ROOO 

ROOO 

16,274 

18,163 

33.117 

451 

596 

992 

15rS23 

37.567 

32.125 

an amount of R1.8S3.000 was 

set aside 


NOTES 

1. It will be recalled that in December, 1 

as a provision for damages awarded against the company in its dispute with Colonial 
Metals, Inc. As stated previously, this award for damages is being contested. 

-. The profit for the six months was arrived at after charging in Irapala’s own accounts 
R3J228.000 for interest on loans (six months to 31.12.76—R3.414.000). 

3. During the six months uuder review further increases in working costs have again 
had an adverse effect on profits. 

4. Group capital expenditure for the six months to 31st December. 1977 amounted to 
KS.054.00U (1976—Fx3.009.000i. Further approved expenditure at that date amounted 
to R31.05S.iXl0 (1976—Rl9.255.000l. 

MARKET. J’here was an improvement in the market for platinum and Impala moved its 
producer price from 8162 to S1S0 per ounce on the 23rd December. 1977 followed by a 
further mcreasc 10 S205 on the 25th January. 197S. Impala also increased its producer 
price for rhodium from S450 to S500 per ounce on 25tli January. 1978. On the 7th 
February, 197S the producer price of palladium was increased from $60 to $65 per 
ounce. 

The improved market conditions for platinum are encouraging as suggesting that the 
excess stocks overhanging the market have cow been absorbed. 

The market for nickel and copper has remained weak with copper prices falling to 
new lows. 

DIVIDENDS PAID. The following dividends have been paid during the period covered 
by this report: 

1. Final dividend for year to 30tb June. 1977.of 20 cents per share, absorbing R2,400,000 
(1976—22 cents per share, absorbing R2,640.0001. 

2. First interim quarterly dividend of 20 cents per share, absorbing R2.400.000 (1976— 
20 cents per share, absorbing R2,400,000). 

On behalf of the Board 
I. T. GRE1G 
R. C. BOVELL 
Directors 


London Secretaries 

Union Corporation (U.K) Limited. 
Princes House, 

95. Gresham Street, 

London, EC2V 7BS. 

13th February. 1978. 


Registered Office 

Union Corporation Building, 

74/78. Marshall Street. 
Johannesburg. 2001. 

(P.O. Box 61357, Marshalltown 2107) 
South Africa 


A UNION CORPORATION GROUP COMPANY 


APOLLO 


Edited by Denys Sutton 


THE WORLD'S LEADING MAGAZINE OF ARTS AND ANTIQUES 


Pitbliihed Monthly prke £1.50 
Ovan«» subscription £14 
Apollo KTigizinu, Brjckan House. 


AimIimI Subtcrlptlon £71.00 (inland) 
USA & Canada Air Aniitad S40 


10. Cannon Strget. London £G4P 4BT. 


Tel. 01-240 0000 


RECENT ISSUES 


EQUITIES 


l«U4 

Prii.tr 

I 


= _ 7 i 6 ■ 1?K.3 

’ li =»i! —’— 

* High : tirw 


Slo-;k 


r 1 

f l-i+jr =i| 


- 

- - — 1 - - - - . - 


i-- 

FIXED INTEREST STOCKS 

2 ? 

%l ’I \l 1977,-8 

’ = 7 * :. 

. s S + ur 


-li. r£ jHiau Low j 

i i 

; 1£1 

nil - 20(2 ■ 40 ;ini Mpnv Xutomated Svi. l*, t.nv. Cum. Pref.. 

... 35 nm . 


I’.P. | 24/2 I 0 f>i- I 01 p RatJer* uf Y-cfcibin- 10 $ Cum. PrcT_. 

_.- 104 jp —lj 

•• 

F.P. 21:2 109 |i. -tvr. i.cntfe»ny rum. Prcl... 

... 108 p ~1 

£99 

F.P.! 3.-3 Wi • 9 <J '4 ■ rmtnpiau lii-j. l£fcc.... 

...100 | 4 |J 

3100 

I.P.; — 1 ill . S>-li IncoaiiN-'l^. L* 4 ... ... 

._ >98 ,-ti; 

SlOO 

F.P.! - ' s»: S'*:.: U* 9 $ UeL. 1 »&... 

...-S 98 

£100 

£50 i 24 .‘ 5 ' r< i>; ; 0 l; Kcnviupx , ii 4 . U,i-I<w 11 ^, 3 ^ 7 —. 

... 52 >; -r lj 

£100 

. F.P. ! — 1001 ; w.j Uc-. It... Vn;tal>kr'b 2 . 

... lOOJe . 

£100 

. F.P.: .- .KOI* MOljLeUwter Virsil-L- 19 H£. .. 

... 100 l 4 __ 

rc 

- nil . 28-4 .102 It* P«f 9 «n i 5 .i 101 ;^ liy. Cnv. Ln. 1995 - 95 ., 

.. 102 t 2 

£ 100 , 

F.P. — £PoJg l,-..xntrev Jut), lu-i lAfh. 

£ 98*2 *19 


■ F.P.; — -£S* £T*SI Scan Inti. Km. >' - V. 10 :% 1938 . 

..£99 . 

_ 

, F.P. — .-V. '-IreU loll-Fill. V.-V. riuar. ISftflJ. S 97 

£ 99 '4 

F.P — 'tO.-.V Ii*rowi>le' HnnlOe l'-«o 3 . 

.100 . 

£ 99 >«: £10 204 - l -?F. 7 W (to tOJS Kci’fri-j. 

...i 91 ; . 

— 

\ F.i*. 24'2 • !Cnp KVUliiltbuw 1 !.' ll^Cuiii. Pw,. 

* 061 - 

‘^RIGHTS” OFFERS 


I ,>ue s - 
Price- =3. 

r: 


(jllCtt 
i.'CCIUUx. 
Datv 

*■' 9 • 


ie; 


Htiii 


65 I nil . — ; 

as • F.l\ 1 31.1' 

50 IF.I'.J 6,1 

32 F.P. | 25/1: 

I-.V1.73 ni. 24-2' 
10 ’ usl ’ — . 

10 F.P.! HZ' 

21 ! nil : 20/2. 


330 : nil 
S.\1.73 n:! 
B* 

56 
32 : F.P. 


21.2 

. 17 2 

P.P. • 10,2 
F.P. ' 3 2 


10 


18.1 
F.P. 19 11 


— • L'lnm 
24-2 IU_ 
10 5' 75 
27!2 ?( 
10i3r-Jinni 

— 1 llc-in 
17 3 1212 
30-3 i|.in 

:31'3. 17f.m 
; 3.3 t-Slili 
-10'3 « 

3 3 d 
3.3, 40 . 
> 16 - 2 ' lg 


a ! Cir»rac' 

1—^ Siocb . ‘*"7 ■ t . W 

| _, 1 • j 

13inu AGB.- 2Iprrr . 

11/ >Arliu*ft'-n ilotor..I 119 .*5 

t>jj ICAlilcinriii... ' 70 '. 

& rCItrirry Un.*. .. "42 .' . .. 

4opm C-jram. Bank c-t Australlu.; 461«\ +2 

lOpUJCTyttalrtc.— llfimi . 

31= -L.ILI-. Imeniailoiwl. 42lg -.|: s 

E^pm-ilfuii-heiler Garanes...-6 ,7i»u . 

llpcrdHunk .. .. 13pm’—1 

i'pm'XaiFiMl Hnnk «i Australnits. 52»iu; -2 

SlIjIAein -‘Jat.i.■ 86 .--I 

7t jPiVO-ly >.\ li re.lt. 1 82 ■ . 

37 R-C.F.. 37 1 . 

11 pun-in (Oe-j.i.! 14 


RrmuK-idtion <laic usudily ijsr day (or dealing free- of stamp nuu h Figures 
based on prosp-.-rnis »3iitnj:t. 1 c Assumed dividend and yield, u Fnr-v-ast dlvidviid 
cov-r basod un pr-.iiuus j^ar's eartUuss- f Dividend and yield based on prci^o^cius 
or ofii-.r officlaf i-sunut-.s for Iflrt. w Cross, r I’/cares jtsumed. : Cover a/lows 
for conversion ot shares noi now ranking tor dividend or run kins only (or resirieied 
dividends. S Placlnu pne; to public pi Penc>! unless othennsp indicated. ' Ktued 
by lender. ; OfU-nd to hclo -r^ ot Ordlnarj shares as 3 ■■ rlEhis.“ •* Richts 
by vay of caDitjJi< Jt-on. - - .Miniraum tender price. {3 ReimnxJULed. St Issued 
in coaneLtioo -with reprcanisHuon menrer or take-over ft: lmr-xlu-.-iinn 3 Issued 
:o fomipr Prcfc-rebco holdt-rs. ra Allotment Iciuts >or fnlly-naid-. a Pro-, i.-um.i! 
or panly-paid ailounem l-tters. * With n-arronis. 


ACTIVE STOCKS 


Dennmina- 

of 

Closins 

Change 

1977-73 

1977-78 

Stock 

uon 

marks price (.pi 

on day 

high 

low 

Reed Ininl. 

£1 

11 

107 

— .1 


102 

Lonrho . 

- op 

10 

75s d 

4- 4 

88 

62 

•Shell Transport 

2»p 

ft 

5W 

- 2 

Si-) 

454 

AGB Rsch. *Xew* 

N'il/pd. 

8 

2lpm 

—- 

21pm 

lftpra 

BATS Defd. 

2-lp 

8 

2-io 

— 

?fil) 

202 

Distillers . 

-TOp 

s 

173 


193 

120 

GEC . 

3Ap 

s 

203 

- 1 

234 

163 

IC1 . 

£1 

7 

S5-> 

+ 1 

440 

32.1 

Trident T\’ A ... 

lOp 

7 

53sd 


5S 

31 

Beecham . 

2.”ip 

ii 

B33 

— 

693 

372 

Boots . 

2-lp 

a 

205 

•1- 1 

2+1 

113 

British Le.vland 

nOp 

6 ' 

i!.i 

— 

28 

17 

European Ferries 

*J.7P 

♦i 

1*3 

+ i 

116 

33j 

Grand Met 

Slip 

S 


- 1 

1(19 

92 

GUS A . 

35p 

ft 

278 

,-r 2 • 

347 

176 


FT—ACTUARIES SHARE INDICES 


.-VH’ 
■ctT. 


These isdices are the joiat compilation of the. Financial Times, the Institute of Actuaries J* 

and the Faculty of Actuaries : • - : 


EQUITY GROUPS 

GROUPS & SliB-SECTIONS 
\ 

Tfnirrs iu pari-nthese* shoa number o 
Kt(Kk» per .»ecUon 


CAPIT.LLGOOD^iITfli 

Building Materials'27/_ 

Contracting. Construction i2di.. 

ElectricaLs > 15>-- 

Engineering contractors 1 13:— 
Mechanica/ ETngfncering(72i_ 

Metals and Metal Forming H7). 

CONSUMER GOODS 

IDURABLEH53) 


I*. Electronics. RadioT^'/la-_ 

Household Goods «'12’ 


Motorrand Distributors 06i ... 
C0NS17IEB GOODS 
iSON’-DlRABLDtiTfll_ 

Rrcwcricsi I4t.——... .. 

Wmosand Spirits itft_......... 

FntcrloinmenL Catering il8> _. 
Food Manufacturing(S2L. ....... 

Foi-dReiailingtlG}... 
Ne**>pai*ers. Publishtng'lT'- 
Packaging and Paper. 151... —. 

Stores 38 - . ...... _..... 

Textiles1.......... - 

Tobaccos i3>. ... _.... ........... 

Toys aod Games ---- 

OTtfCR CROC PS <S«»_ .. 

chemical .->20 >. ... .- - 

Fnarmaceuiical Products-7'— 
Office Kquipirenl (6«.... .... 

ftltipping* lOu __... ....__ 

Miscellaneous '34> 


INDt'SvTRIAL GROUP (496i 


Oils'4i. 


300 SHARE INDEX- 


FlNANCLVLGROlTHOOl. 

Book*(fti ... 

Discount Houses -10u- 

Hire Purchase <5i.~ — 

Insurance -7afe«i I0t- 

Insurance** omposite*i7>.. 
Insnaace Brokers*IDi 

Merchant banks-14'._ 

Property.ai ... . . .... 

MI‘Cellaneou‘i7i- 


l | In vestment Trusts.30»_ 

JI ( Mining Finance.4>-- 

U\ erseas Traders - Ifli- 


91 1 Q\erseaa Tra 
997 ALLSHARE 


AUrSIURE INDEX lG73t.__ 


! ■ 

j Mon., Feb. 13 . 1978 

n 

Thors. 

Feb. 

•9 


Tnas. 

Feb. 

7 

| 


Ert. 

Gross 

Ert. 







Earn tegs 

Div. 

P_E 


- 



. Index 

Day’s 

Yield% 

Yields 

Ratio 

Iitdes 

Index 

Index 

Index 

1 No. 

Change 

■ Max.i 

CACT 

iNetO 

No. 

No. 

No. 

.. 3lL 


- % 

Corp. 

HI 34*£ 

Corp. 





r 


in art 


ZartK. 

■ ■- 

' «;■ ' 


_ 

204.84 


3731 

5.69 

8.14 

204 83 

20525 

20132 

20163 

182 03 

-oi 

16.77 

531 

830 

18239 

183.09 

179.23 

|TTT| 

326.02 

+03 

17.71 

338 

821 

324.90 

37616 

irrn 


44L95 

-02 

14.9a 

4.01 

9-56 

443.01 

442.97 

43676 

290 S3 

-02 

2020 

631 

6.78 


292.82 

28930- 

28933 


+03 

1836 

6.42 

7.75 

16137" 

16133 

158.48 

157.73 

III 

+02 

19.05 

829 

6.94 

164.49 

16479 

16352 

16315 

fnni 

KTl 

1&08 

4.95 

8.02 

18821 

188.93 

1S57S 

185.01 

226.35 

£QifcJ 

35.74 

3.68 

9.18 


227.71 



jl7032 

jH'F ■ 

18.60 

6.96 

735 

171.37 

17130 

168.99: 

169.93 

11432 


2L67 

631 

6.81 

134.36 

114.99 

113.06 

112.35 

192.81 

-0.6 

16.64 

6.05 

8.47 

193.96 

194.41 

192.09' 

190.82 

>21456 

-L0 

1536 

6.49 

9.99 

216.67- 

22677 

213:71 

3337- 

244.94 

-1.1 
' -0.8 

16.89 

5.87 

8 98 

247.(0. 

247,86 

244,47- 

23988' 

188.28 

-03 

2123 

5.67 

6.70 

188.85. 

190.13 

18739 

iiaut', 

289.68 

— 

1437 

4.81 

1031 

189.60 j 

190.77 

ZOJSj 

18625 

332.04 

+0.6 

10.12 

535 

14.68 

329.99 

327.62 

321.99t 

32133 

12190 


2L65 

9.54 

6.64 

12141 

-122.77 

12237. 

12346 

18120 

+03 

2038 

436 

14.82 

18037 

180.86 

17837: 

17738 

17SJ7 

Elf 

19.91 

7.56 

535. 

174 31 

273.70 

17L6J,. 


223 39 

-4.8 

2525 

838 

• 4.79 

23474 

23324 

23L4T-. 

Zltfi 

100 69 

+L4' 

2050 


652 

■XI 

9939 

.9837. 

•m 

16833 


16.87 

5.76 

8.06 

18819 

188.65 

185.72 

25530 


1941 

655 

7.24 

255.02 

25648 

25330: 

’24908, 

,24838 

-0.1 

11.08 

3.99 

1138 

248.51 

249.62 

248.00 

24628 

13L00 

-02 

20.98 

4.72 

632 


130.07 

.12733 

12692 

45931 

— 

2L43 

637 

553 


45932 

45162 

.45101 

.19742 

+0.1 

16.00 

621 

8.86 


il/Ayj 


E33I 




E3 



r>rii 

ftjujJl 

E23I 


Bill 

tj-Ml 

Km: 

hk&iMi 

rm 

rrrrnii 


mi 



EEJ 


KgJi 

FJTli 


rrri' 

FTTTfl 


+02 

-03 

25.99 

H 

m 



E5E2M 

im 



-03 


19868. 

T?y/I 



6J)9 

■_ 

13572 

13938 

136.13 

137.69 


Btl 

— 

637 

1 

12629 

127.93 

125.65 

12634 


Ell 

33.79 

4.41. 

LLl 

31114- 

312.51 

rriTi 

30764 

78 50 

+0.4 

. — 

PLU 

_ 

7822 

77.73 

7741 

7738 


+0.6 

2.84 

2.83 

6638 

24036 

23935 

23615 

23681 

106 90 

+0.8 

24.10 

736 

5-76 

106.04 

10615 

10459 

ET33I 

184.80 
89 51 

-0.6 

+23 

•3 36 
17.42 

5.01- 

6.54 

29.73 

6.68 

16586 
87.47 * 

185.08 

8&.SZ 

18234 

8641. 

182.12 

87.91 

.274 27 

CAJI 

17.19 

7.11 

732 

274.76 

273.67 

268.26 

268 96 . 

204 62 

-oil 

— 

559 

— 



t^Ei 



Year 

Ago- 

laptmJ; 


late.- 

• :.,vis 



SB® 

~ 5. 


jaSiY 

j am 
t naw?’ 

a®- 

-m- 


j 

Wji 

M5»: v 
14632; - 
47331; J 
17Zi7_ 
ED.W : 
136* 
147.V- : 
ML* . 
ia?& . 

S7.M ’ 
245« ’ 
6143 

157W 3 • 

njL 

157 

MB ' - - 


FINED INTEREST PRICE INDICES 


British Government 


Under 5 years... 
5-ISyearv .. 
Over 15 yea is ... 
Irredeemables. 
Ail stocks ._ 


Mon. 

Feb. 

t:i 


IQS. DO 
120.36 
12796 
144 27 
US 18 


Day’s 

chansc 

■k, 


sd artj. 
To-duv 


-006 
-042 
-046 
-0 3S | 
-0 30 J 


022 


i “ 

009 


■cd ndj 

taw- 
to due 


L75 
1.43 
; 1,64 
0.00 
iu 


FIXED INTEREST 
YIELDS 

-Br Govt Av. Gross Red 


10 


Low . 
Coupons 


Medium 
Coo pons’ 


5 yoajr. 
35 years.. 
25 years. 


High 

Coupons 


5 years 
Wyeans 
2a yeary 


.5 years.. 
15 years 

_ 25 years. 

Irredeemables Z ..".. J... 


Mon: 

Fch. 

12 


-7.70.- 

9.96T 

10.45 


9.86 

2092 

11.06 


10.46 

11.85 

1194 


ns- 


Fn. 

Feb. 

1(T 


;768 

:om 

1139 


.9M 

30.86 

.1100 

1037 

.2*38 

1187 


1148. 


Year 

afio 


855 . 

■as," 

. UP" 

W 

\y&L: 






llondsy, Feb. 13 

ludex Tidd 

n u . ■■ 

Friday 
Teb. *. 
ID 

Xhura. 

Feb. 

. B 

Wod. 

Feb..’ 

.8 

Tues. 

Feb. 

-7 

• \ 

lion. 

Teh/ 

s... 

.Friday 
T PA.-. 

.' i? T-r-. 
• .'r 

Itaw- 

ta: 

- ‘■i • 

15 l20-yr. Red- Deb. & Loans (15) 

16 1 Investment Trust Prefs. (15) 

17 jComL and IndL Prefs. (20) 

i _ 

61.75- 

57.03 

77.42 

112.05. 

1&S& 

11.71 

■ 

6L57 

07.10 

77j44 

613&: 

56^0 

77JJ3 

61.83 

57.47 

77.BJ 

62J20 

B7J47 

77.77 

eaj’s 

57A3 

77-77 

62.641 

67A& 

SFIJB2. 

77-® 

67-8* 


fm*— 
































































































































• ..'ftrtonjntii TnuB^-gsiuhmia 


D UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


V/ CmgmL^si. 

- ••■tlMOBM. ...... 

tlBr.Jst LTd. 
c.' X3eq,Ttt'.,_ 


t»ry.. - . k 0=&59Wi-Prt!f«s*jo«s*L—. . 

ier RfKZ 9 .SHiavJU.f 

393-03 -fe.4 

- 3i5+fll] 437• S?««*CJ»nta-; - 

44-M-oif mb Udr&wro- 


OJft+OH Gartraore Fund Manager* y i a )fgl 
MW... 232 =.Senary \k- K«73\BRr*. 013133 

£3**gf •-» ij.AinoriranTa .122 6 2441 .; I c 

39-71*0.1 «49 RmixhTm iAto i M95 533-01 s 


First Viking Commodity Trusts 


; id Hno&ro Group<i)(g) 

S^twaod, Zmac. 

■ •! Ml- or Brentwood joznj 2fl«o '■ 
v ^4 ftndr'. 

; - i^FuSdlZllw.? ■ tfS i* 


The Bfitlsh Life Office Lid.? fa) 


*0.1 449 BnltxhTrt |,lro i 495 

-.J 2.93 LoxqavxiitySharc. 1311 
'riFarEattTrasl... 243 
* IM-f (ft) H»sh InromeTsi .. 55.4 
Income Fund. __ » = 


'• 7m» • - • 
wi.Futid.'^, 


t ia)fgl Perpetual Unit Trust Mugmi.? fa) Arbuthnoi Securities IC.L) Limited First Viking Commodity Trusts Ring & Shu&on 3! 

01303.531 4“ I lari. St. Huilrvon Thame* frtOlifiMS PO 8ns2S*.SI IWi*T.JerjC»’. 0334725T7 fl Si.rv-orfii- 1 . Sl. DmielaH. 1 r 3f. I Chari nc i im; st H« 

095 l r petbalOp.tit h-137.7 40 2! t 3.95 CipT4.JwM.-x. |Ii60 120 « .._ ] 3*5 f«'« -WC Iain yro Dunbar;fc C«.. L*J. &i«t 

—01 541 .. Ncxl rh-ahr- dale Feh 31. 53 Pall Mall, Itondon KKIi jJH O1JC0 TEST ij-.li Funil iJer.M-vi rfbll 

■*o.7 3.69 Piccadilly Unit T. Mgr*. Ltd.? laifb) KM<fclnil.Ta<tfi.iuio moi.| 3 J 8 Fa.Vjk rmTxi. .|n« cie* .. i ih Uib Tra-siiio y'. |n 6 - 

In? aa? •anUn.llw.SOatnodooWanEW SSnuoi , „ **»*«•■. P*. » r* \ k Dbt OpTal. |s 6 0 9101 .J 0 20 MLMfa.T« 

*£ luniwam*.. . | 3 o b 3 =<ha ... I 950 Australian Selection Fund NV ci m :„ 9 » aMW c a MSET"* ' 


+0.1 112 
+oa on 


iSii fS Tfiiftm-Shipley. tc CkLtjL? 


wFw.,—r 
roAcc;Fd.__f 

SSfed 

4fclw t i-E 

utest-Ambi ■ 

IbtFmub 

&SHBal 

BrySiW_-a 

Jn-ftCdtp-^E 


J- 0 .U ^ Blown ODipvr, a ui, UU.T 

-oil 4 J 4 MosntFonndmCt.Ecz.. :-••• . •.whoobsm 

^f .a .S^^rJ 8 r,Sa:zJ is 

-aa *99 Gsk»].., ,■ 


23.RlomIielil St, EC2M 7NL 
Incorne*.. „|3>.4 


g .4 4131+0«j B.49 An 

2 S3 ::.:J 55 Practical Invest: Co. Ltd.? iyRc) M Ke, ‘ 0 - :e * 1 <uh rta > ^ !i - f;T Slanagemenl l-Ii 

•3 r I»i«rft»1l«rt 44.RlooiMtmrrSq.wciA5R.1 01*23 8883 Bnt of Lndn. & S. America Ltd. tSSVJbS in?" 

Govett CJOhn)f Prartlcai Kobr ^11334 HIM \ 07 40daiQwen VunonaSt VC4 131 800 2313 T1 01«!8 RI.3I. TLV 

440 -77.London WaJJ.ECi Ol-MBrXKB Aceum-CnH* -. -|1M4 2901| . .. j 437 AlMaoderFuml ISTtf* _ I. I — Mwagriwml Intenuilonil 

5.S Hfeil.I Provincial Life Inv. Co. Ud.f %« , ata * Feh. k 

5 Do.Ao*tmtnl^J«i^ „...4 223 ^ bl%hotaeaUi}lr: . D , „ 7B533 BamjPC Bruxelles Lambert Avkorlai Fd .. .ftLS3» 

3M Gricvcson-Management Co. Lid- JOgMSiJiSl?Z“|S« , 2 an^lSU 7 . 7 J S^oFUndLF ! > *5S7 030 Rk T 'rf*BrtTrud»!^-rorI Sf 

IS J * udL portfolio "“S”* Ud ^ f«W»KO B«v’»y*>'nicorn InL iCb. Is.) Ltd. SjESSE^I^—L_ r“*& 

|;g ‘■AmumVglBk-2BLO. JBsS 4 47 Hoi born Bars. EC1N3.V7I Q 1 -HSB 2 C 2 l-^V” «*• IM'fr. J r*y 053473741 Ltd 

574 BagnHV F#h.a_: 1*92 177 J .... 7u lYufleatiat 11105 12 * of -0 c ‘l 446 Omrscf* lo«>nie_.Ba 2 5L0d ... 1 1003 “ 0 . 

a/% lAcetun.Tjnitai—.. 19QO 194i _ 7 65 - 11 ■ L “ u ' " ^ UaWplIirTnia F«10« l«5| . .. I 4*0* • llutfluson Hf~. IMrrqun 

if M ?-.... 15>3 164.4 . o! 48 Quilter Masaacment Co. Lld.v -Subini n» lev and ^llhboldmc u*rt liT.A#l«K . —Kmcaji 

;ivw — yjV 8 . TheSrt Kaehancr,RC2N lllF. U1/K5C4177 Barclays I'nicom ink (I. O. Maul Ltd. •* T HnmlHind — I S' S. 

437 " lAccum. UtdU)..’!!!! M .2 09 io ijundrantGen.Fd..MJ.0 3043 ... .J J17 IThonaeSi. ajuRl«. J o iL 08244054 G.T. Management ije 


.nj Eii Evna liwome .. . 

04 SS SmalKv^l .1 
;b J 15 capita] 6W- 

+o1 1 S !pV»na fcAMcfe. 
+0 3! 136 rHialeriinil_ 

CS. Ud. Aecumlir. Kumi.. 

0. «841U ; 

+0 B 49 American Fund . 


S 3 * 03 all 1 “"*** r >W ,on un«iP«. s 0 lnih VmlB* <1 
oXS IV, IlS ougiwailr. 1" Ki+ii Si. **dn*«. 
SOM+OV 3 * t'SSlShare* . . irsi«z - ;...( — 


39 Ik +0 
67 0 +0 
62 7 -0 
24 5-0 
S3 .... 


*■*-'1 «“<?> >-aIue Fcbninrv 3. 


fa. Vjk Cm Tsl . .139 B 41 9 rf . .. I 

Fr V k Dbl Op.Tsi -106 0 91 0{ J 

Fleming Japan Fund S.t. 

37 to Noira-liaiee, Lu\pmh*nirg 
Flmtf Fob 8_|_ US4037 '.| 


King & Shax&on Mitr* 

2 Chajinc 1 mu Si. Heller. Jmer. 
- . . 1. Tbimia; Street. 

TEST 1 j-.li Funil iJ<*r.«evi tU10 lfl.Unt .. 
2 00 i.liti Truflilfi M'. fil640 11930].. 
0 70 Inti. CevL Soc* Tu. 

liru MPrimc . rifcOS 16 06 J 
fiM mil. .. . *517740 177411 .. 


Schlesinger International Mpgt, Ltd. 

41. La Mode Si. m Melicr.Jcrr, «1S34 TAiBa. 


SAU__ 

[770 

S3 0) . 

S.AOL .. 

50 83 

0 M* 

Cull Fd 

246 

24fl .. 

Inti Fd Jerxrv.. 

978 

102 5j 

mini FtU-xmbrs.. 

.59.60 

1040-0 01 


Free World Fund I Ad. 


Klein wort Benson Limited 

•Jrt Frr.i-h:ir«.liSl_EC3 


Schroder JJfe Group 
numn.’in KnierpnM* llmup. Poruimu'Ji. 


4.12 BMk <* America IntemationaJ $-4. HlirlPrtlPld nids.llam.lum. Rem-jda. 


JW 35 llrt-al. U%prnbmir« G.n. 

310 WWiaiv-a -TSC'-lfi*99 U75H ... | 674 

Prlre ■■< Kel. o Ke*t <uh day 13. 


Practical Invest: Co. Ltd.? lyhc) race, eei. o ..*« < U h da>- b+b ia 
44. RlaoDHbiirr $q. WCIA SR V 0i-623B«83 0°** of Lndn. & S. America Ltd. 

Practical i«b.£ 11334 143 ■ 1 4J7 *0-fS. Qui'Pn Vn-Uiria St VL4 IMB30S3I3 


.Vav Jan. 31— | SI 516419 ;....! — 

C.T. 3Ianagemenl Ud. Ldn. Agis. 


Park H.m*., 16 Finrb>u> Circa/, tendon ECS. 
Tel Ol-«a *131. TL\ 8 KIUU 


\;WB® 


.*99 Gawonl.-.._ 

7.0* growt h ACCUM 

7 ; iffOWlblllBMB* 


01-568 303) Aceom. Unit* .. ..|1664 
.I |-g Provincial Life Inv. Co. Ltd.? 

b.T7"‘" a&Bi*hop»C»te.lS.»'i. 01 217 8533 


437.1 AlKaader Fund . |Si ;-599 — | _| — 

N« a*>el lalue Feb. ft 


Maiiirmral InleeBilloaal Ltd. 
nRk of Ri-nmida Frnni Si. rbrnlfn. Bank. 


Banqnc Bruxelles Lambert 


Plt-lltlc Colts_[719 

High Income .|1B4 2 


354 1 5. Rue Lie U Hefienee H 1 DOO Hnmrli 


AnrhoT 'K t'nil*_IS'J-8.3 

AB'-horlnl fri .. .fiLSJJfl 
r.T. Brmdi lid. 


Internal [onal l iind. 


5Equity _• 
CFlaed Iniemi 
SFixerf Inlere.l, 


KUlnll rund .... 5LS1D V* , . I in 

KR Japan Kkin .1 SUS2ft27 j.J 0.61 - -Wl* 

K B. ITS Cirlb Fit S10J1 .1- iX,jna « rd . 

S'SOW RrmuHa . SUS4 34 . J* . _ „ , . „ 

•fnilondsimr . 18-55 19.50] . .. I *72 J. Henry Schroder Wi 

•KB aei u l^adoa pajfns agent* only. 130.1‘lit-ariurfe. RC’J. 


102 2 

108 7 . - 

1138 

119 5 — 

140 1 

249 D ... — 

1020 

1085 . 

1212 

128 < . . — 

[107.4 

1142 . . - 


7.76 j H*ota Fund L.F . 11.957 2.010) -7| 030 ngJtomrtK F«l *. Hudl^, Ibn^ JJo?(JtT » 


* 700 Lloyds Bk. 1 C.I.) V/T Mgrs. 
ImJa. p 0 Box lni - Helier, Jeiwy. 


n* on»>. 13). ilii-apurfe. F C 

UmanSFeh in 51M0 67 
Train]car Jun.31. . 5I. S107 16 

OSrlZTSSl 4Hin Kd Frt. 6 . |I<UI1 UC 

1 ... •UarlinnFnrt _ . SA17S 106 


*07 BKFOttPMUI..... 

573 'lAeeiun.Uait»v__ 

574 BlgnHVF>b. 1 __ 

[Aectun.llnlist_i 

idM ?»dea* r Feh.7 t -.._ 


ti.T.SFd__ 


uSV 40*! | ~j nj UtrbnnFnrt ..K,U75 1 flfcj . 510 

Nt^SJSdate 6 >bSs: J * pan «• ™ ,0 -B 6«3 1 017 


r Wage & Co. Ltd. 

ni fast**) 
5L.M0 67 |-0 06j 3 71 


L99i T. 7 65 -“ UaldpIlarTnis. Brsu« IBUj . .. ] « 68 * IlnU-hison H>+. lUrrrjun Rd Horff Kong 7 Ru+ du Rhone p 

164-5 . 148 Qallter Management Co. Lid.? -Subject i u ic- and .nhbeidinc ii.r.A*i«K ...KllKrjn »«|-0O7j 197 mnJsim.Grotiib' 

■i’’ . 15 * TheStk KachancVi EC2.N ll!P. U:4C041T7 BOMlOyO I'niCorn Ink (I. O. Man) Ltd. ■* T Knndyiind _ | VS1L93 .....I 530 Llojdr InL Tncpiov. 

09 "Z Z« Quadrant Gen. FA -[101.0 1043 ... .J 4.17 J ThomasSi. a?uRlas. I o iL 08=44858 G.T. Management (Jersey) Ltd. „ , _ _ 

£1 . Ml WuaOtmntInrorac_ 1115.7 11935!.3 7.08 UjWnAuftht IM6 42fcg ... | 2^ R Wal TR..Hi.Col < «.heriv.S l .lie!ier.Je«er » * « G ™ U P 

737]....J VtH Reliance Unit Mgre. Ud,? "B2 Sfl.In 40 CT.AMaSierltoe- l€M*» H25| -1 1.87 TbrreQu^Tn^r 


I'J’J* ^tcraaliQB*! ***"“*• s -** ro iktM, JUmilion s. 
■ Rt>" do Rhone. P.O. Bm ITftMIl Genera 11 3 ^^^ . _ {K<m 

Lloyds Ini. uromb | gM7 38 329801 .....J J.70 

LloydrTnltnrpn>v.|S7JK» Rt«] ...-.] 6 30 SinSer * Feindlande 


• 2al24 2S CnudaXJfe UaUTstMofTS. Lid.? — gj «M . QnUtcr Managemeut Co. Lid.? -subject^ ic- and .uhbwd.nc m«« ij.t.a«*k . _wigjn ihi-ooij 197 mydsiBi.Gmt.ih |g»ss .-I H8 

aSa+03 lis «M«hKt,7VllUnB9r.BW4J^P^ar51IM T 7 * 3 . ' n ** k Kaehonce,EC2N Hlr. 01^004177 Barclay* I'Bieom Ink (I. O. Man) Ltd. 'jt HondUmd - I SIS1L93 .I 530 Lluydr InL inrpmv,|sTKSB Ri«| .-1 6 30 

* ***^ C^GdaW^psS^WJrtaOJI lAeeffijdSilr.'Z: B.2 09 “Z i« Quadrant Gen. FA .MkO IMS ... J 417 J ThomasSl. ttouRlas. I o 1 L 08=44858 G.T. Management (Jersey) Ltd. „ . _ _ 

rwP'TMt Trnat Mjn» i r»w r 7 -*' - ' 437 l4L*BrsU.Feba_ 6*2 TU . Ml «uamantlnf0iiM_ilI5.7 11934 .1 7.06 UBleo«Aurt.but »6 «W... ZIO nmaiTti H«- Colwahw-U-, slIW ier, Jerter M & G Group 

M ^ ?.s n -* m T*a fiance Unit Mgrv. Ltd.? gj gj “ £* Sr^^liSS 1 *Si|-I «r S" * 

wuUT.--0,9]. 4*7 — Guardian Boyal Ex. Unit Mgrs. Ltd. RcllaiiceH*e..TuiihnilceWella.):L OfBZZSm Da inti income .. 39 7 * 2 d SJO But of Btrmato muenMwyi m. Aua i5 Frt 0 ‘" bniji LB. — 

• ^ -w i. V4' ; - "v Capcl {James) MmcCLULV Royal Bxrhangn .EcaPaDN. oiaaaoil Oro«TunltyFd..-.l58 0 62.10 .. .J 554 . !H a!-3ft Iw Wirt. Ownyi. (HMtcaMO GoldE».F SS .sratli io9 . — 

- ficfcer Unit Hgxnfc-Co. Ltd. inoidBrMdSt. erafiBa'■ -ot.mani* '■8>Guard)uiiTM.>|04j 07.0(-03| 442 Se ^i5 <^T • ,Ac,: ■ , • *3o|+ojj 545 1 w.ManaMuiuai_.i 221 uq. 210 %?. ‘iolSVatd ilS 1,l * nd —.. in7fl n *n 32-S 

5* ■Sk.Bay 7 3A. v. .MW*. 014^4 “A Henderson Adainistmioniallx) ^ BI*hop«atc Commodity Ser. Ltd. S^affc-»** .Arc-f,,-, _. |3W uofl+ 0 , 1 ] fl.77 


Sentry Assurance Intcmatiohal Ud. 

70 ilflt fCE, llamilion S, Bermuda 

Manastd Fund. . |*l'H4Tl ]ffH| ... | _ j 


Do. Aufi. Mm. . . 
Do. Grtr. Paei/ir. 


ocher'Unit Co. Lid. xoooidB^Sk'BnwSo^' oi-SBaeoia , ^ >GuarfWU T*.»|B4a O7.o ]-031 4« S?l*2-2l IS »• ^ 

aSL.ECZV7JA. . 014B3B8M. w**?'! J* T£ Henderson Administmionia)!^ sctfordcT inc _....|S3 4za| +ozJ 5.45 MohopoOle Commodity : 

«awryi»d.il7ft0 -.Joatf ._..4 «30 ---.S3 ■.. 7 St fw7t Ridgefield Management ltd. «***«.iwusia,.ioit 

&^ U ^ nU ^ R * ylCl6hK ^ 7 217258 POBci419. Back Use.. Manchslr. 081=MK=1 A^HCP^FrtT I S ^« 

thnot:Secujift« Ud- (aWO *VaV. ifMwmiia.—B7« »ji 1 i« Ridsafiewinttrr.ma n.a 1 24 ? SAH&P&l&\ D £L 


-;;;■ 2. GT..VM*.4it+llnC- IC1069 11251 .—| 

aao Baak of Benaada iCmrmti Ltd. 

. I BO 3] 33, Le Pallet, GuernjWJ . (KBI r8=S8_ 


Allaotie E+.Feta 7..BHS2-W 

Aufl. La. Feb 8_GlSUI 

Gold Ex. F+b 8_KL'SSJl 


I573R* ■■■-■! ■** Singer & Fried lander Ldn. Agents 

=0. Cannon Sl, D.'4. n| 24S 9646 

HJU PC3R fiOQ- 01-8S8 4588 ^^'rftTFob l“i| Il3 SL:s3fl.|^ 4# } | 200 


thnot-ScomUies Ltd. (aUO .. .. ^, . v 

rtOSL London EC4R1BY : CJ 23832C1 Ca ^°^ iinlfFd. Mgn<if4d.? UKO 

rtcomeFl ^. 118.7 ' 119,71_j X0A3 MRtwrn Bouse. NeWOT^eupoTvTrne 2JI65 

«5uLi «3 _f3M _ .J CariRd_640 —.J 4 77 

i ni. nptofe,- 543 • 58 »d -tC_la 9JJ4 IVi Accum Unji»_]5» -> : 477 

S 2 .. J 930 Do. Hi eh Yield-UOJ. - . 4ra .—| 005 

tawlteL- B.7 2S-0.ilM.04 Da Aaron. UnlU-fiv.V: V«« 4 005 

.m_TJnlia>-.... 341 . 4LM . ...1 jz. 00 Naxtoaallaa. data Fkb. L 


■s’AuKnliao_f 

cap Growth lac. 


aaPancr.;^. *83 

yyA^Sool 

race Fluid.— 3.7 
-m.TJnlta!—. 30.1 
- lFnnd«; 164 
>dity FttndtJ 5X1 
rUnitaM... 7Zi 
Wdrwl U3ft«6 2 
Top.Fd.TT 16.7 
'■Fund-JLf—: 36.9 

n. Units)_42.7 

l Fund.—_ 36.9 
'YUii)W.j^_ 1*4 
Gth.Fd - m: 
rn fclntLFti. 2Q-2 
W’drwLUtaO 165 

n Fd.+w_&T5 

er.tUu.Fd. M3 


t ieldlnLUT.I 
leld Income 


\V, SBS®?- 

I I aos •lO'FiaMt.fcrru 

f J’ S « »%!SS! 


773 ... 
«.l : _ 
111 .. 
3ft0u -O 
460* -Q 
333a +0 
393* +o 


. 0.n. Charterhouse Japhet? 

“■■■ l.PMarnoyterRav.BCU. 

4-yi 'CJ.IawMB-^JM4 . 
-03 3J* Aecvra. Units 

-02 35 * CJ.lncoioe _ 

+00 047 CJ fiumHo 

!S JE'SSZSSS 

igi 

2.28 •.. 


8 05 JOlJRIoHlBeoae— 5*8 59.9a i-I. 

FVb? L 4 TOne.AAaseta- 31.0 33 0 

- - ■- - MpInLenurtlonal-.. »2 25 8 _.._ 

ic'Nih. American-. 323 3«.7c . 

N-A.GrosaFeb.10_ 1M2 1073 . 

: 4H24838S9 gfl&Nal-.-:.-ZJ7 2ft2a . 

S TIM 3 J 7 VT.Wld.Feh.IU-732 71J .... 

2X3“.: 5 77 <»PCabM-69.6 741 . 

3*8__ Bos C»b«Entrains _ Bii 36 0 . .. 

2hM _ 374 •For t» exempt land* only 

S-3 5 69 H ‘ 11 Samuel Unit Tst. Mgrs-t la) 

¥_,.... 3 09 43BMcfaSt,£C2P2IJC 01-8=8 

Fab. 15. fb'BiirtuhTrna* [1470 15731 -0.3} 

igilailTtuat:_1324 tw -ml 


29JO .“ l.« RldBrfeld'lntXlT.gijI 87.W .j 259 cwSt^FwTb - ' n rnlt . I “"I — 

«S .... 3« Rldcrtcld Income pi 0 101^. i 907 CO *gSS^aiy .« u 'id * i Oft 

MS . 219 KoUtochiid Asset Management fg) Bridge Management Ud. 

3 “ . 2JJ 72-rn.GalchpuacRd. r Aylesbury. (ESaaMl p.o. Bos 508. Grand Cayman. Cayman I* 

HX :_:. 1 $ iS9+&2 » SWb^mo hoI,* Sf 7 1 “ 

2 S :::: §£ L 2 ■ 4 0M 

J 7 I II 224 N4 , :!'Siur F co'<5‘p r d]i445 lSfl Bll] ill Britannia Trt. Mu grot. <CT) Ltd. 

7ft! :II. 4M Rothschild & Lowndes MgmL (a) Vr^'iaa* 

2-i . |S -SLSrtthlm.Une.Wa._EC4.__ OI^SICBB gS?r£. ~ ' Jgf S.H "..'.'J 1 M 


*3 In . 227 724D, Gatehouse Ri 

254 . 3*1 N.C. Equity Fund- 

59.9n —.. 8.07 79.LV ^Say.RoaTM 

330 - 5.94 N.C. Income Fund. 

_=6 8 _.._ 222 N.C. ImL Fd. line. 


0834-239) 1 

.I _ Garlmore Invest. Ltd. Ldn. Agls. Samuel Montage Ldn. Agto. 

_-I| — 2. SL Mary Axe. londuB. Ed 01233:1531 114 Old Broad SI. EC2. 

"J.L- GarlBMTie Fund MnfL (Far Emd) LUL Apollo Pd. Keh «SF«- 

Cl **■ 1503 Hutchison Hsc. 10 Harcourl Rd, H.KOCR Japfert Jan.31..._ p8K« 

I1K & Par. r.Tid_KH5236 2W L 3.00 117 Grp. Fch. 8fH3fl: 

.. Japan Fd . ICSlOSrS LLB51 ._..) — U73en<ar Jan.=S 16*23 

■ymaa I*. N. AmericanTsl — pl r S9Ji 99»-.. .[ — llTJnyOaFeb.l. _K9.40 

I-i — 1M1. Bead Fund ._ 051641 j — 


Surinrest (Jerseyl Ltd. (x) 

PO lloi E*. Sl. Uull+r. Jcrsej . 

American ImLT a. (f*75 *89( 001] H 

Copper TruM_ .(£9 95 1016 -0181 — 

Jap Index TsL_|f8 70 0 Of-OSOf — 


0ra47SB73 

0011 145 


_ ,, Japan Fd .BCSUaS 12J35) - 

X. AmericanTM—BtORJ) 9W -...( - 
—■ 1 — Inti. Bond Fund — [nmn JW] .._ j - 

• n mo CMtawr Intw aimoH Mask Ltd. 

■ -* P U. Bo* 32, DoueLi* Io5L , 082423 

Internatiooal Inc.-IZZ 0 22 at -1 U 

LUL Do Growth-]54 * 501| .....J 5 

"at-MU Hambro Pacific Fund Mgrak Ltd. 

-...I 4« ,n .1 _.ka 1 *.-.^ U_A fA.rt 


M-3*** 1 Sonnvest Trust Managers Ltd. ix) 

- lS 4ft Athol Street. Douftlaa, LoM. nffia 23314 

212 The Silver Tru*_ ,|97 1 99 51 *0 4 _ 

_ 0 85 RJCbraond Hoad 97. 189 2 199 3 . 10 08 

...... _ Do. PlaUnumBd ...p04S 110 3-14 

DC Gold Bd_(96 5 10151 -0 B — 


Murray, Johnstone (Tnv. Adviser) 

163.Hopest-CUaEaw.C2. ■ 041-2213521 


Sw Rothschild Sc Lowndes MgmL (a) *m , r**\n*w a* Hambni Pacific Fund Mgrak Ltd. 

3 40 .Si. Swlthliu Lane. Wn_ EC4. 0I-6314338 S^IFd 59* u3 rS 211ft iToonaught Ceolre. Hone Kong 

0.93 New CX Exempt—(017 0 , 1240) . —I 322 Jcrwr Enmy'til ! 1355 14*33 II 150 Far East Feb. 11..-J9M U20I .1 — 

Price on Jan. 1 $. Neat dealing Feb. 15. L'nivsl. Ur.W -.55 0 7 5J4|_ — Japan Fond-(ILSSH 63.’-[ — 

L... Rowan Unit Trust Mngt. Ud. Un vVi u S c T Feb l V a” dcaim* fw> ij 1W Harabros (Guernsey) LtdI./ 


5341 lui 163.Hopest-CUasaw.es. ■ 041-22155 

SB 11 1.1 532 'Hope St. Fd.. | 5US27SQ I .1 — 

. 'Mon-aj Fund_| SUS9B1 | --] — 


NAV Jan. 3L 


TSB Unit Trust 31auagcrs iC.I.l Lid. 

BasateileRd. Sl Sa«lour, Jei>C% OKU73411* 

Jerecj Fund ._ (427 45 D dt .1 4 27 

Cuemsej Fund ... |«Z7 45 OnS I 4 27 

Prices od Keb. 8 Nol r-ub. day Feb. 15. 


«2SSr^fflaa 

• American:. .... 2Udt-0-U 2 70 fbilnromeTruit.- 


R0Wan l,nil Trurt «”«*■ Ud - U v5iue Feb in' *3% dealing Feb. 13 

WR-iTfi' SSSZEKtfE'*' a Ek •TS? Bntt - rfi<Jd Management Co. LUL 

“Sy ?■*' Rbwao Sec Feb 7_fl5il) 160.01 “.ll 4.08 p0 - Bcv l® 1 - HanUUon. Bermuda. 


Xegit S.A. 

Ida Boulerard RocaT, Lurembourg 
NAY Feb. 10_| SL'S10 22 1*0151 — 


i-X Rowan Hr Fob 9. .1 

1 J“X (A*euM.ualu>__ . __ 

Rwn.Mrln.Feb.13.M0 723] -09^ 4 42 Prte« at Keb ft Xe\s mb. da>- March li 
.AcciunOplu.-_.p8 “3-1 d| A42 Capital Internal tonal S. A. 

B1A Royal Tst. Can. Fd. Mgrs. Ltd. 37 rue Notre-lunie. Ijitcmhours. 

Sf.JennynStiTO4.SWi. aidCNKSS Capital ini. Fund | 51S1S41 ;-006| — 

012477243 - wi *77j.. .j 38* charterhouse Japhet 

-M *80 mV J 7101 . 1 * M 1,Paierno+i*.Tlt*«u. e<‘4 01=40399 

v . Save & Prosper Group Adimpi - fruntu 32J0I_| 55* 

4. Great SL Helen*. london EC3P 3EP Adi verba-Mtmu Od 5* 


American:-_^_-,]uRU rngf^H 2 70 fbilneomeTniafc- 
-V • «y-Unk Tsk Mg»- Lld.? (aKc> 'KSSit*:::^ Sftol 3^ jUBaSt 

--^ Intel.? (aKgl ' ' 54;Jcrniyn Streets W I. 

Iljr >s atFch.L -Nesa sub. day Feb.' 15. Confederatmt Funds MgtTJd.? fa) is.ChristopherStreeLECi. 01-2477243 - \S\ 

^3 ■ — . —— ■■ ■• SOCha J w« 7 ^o I u !s W^A.tKe . 01^420=8= Intel.Inv.Fund.....)064 919d| -M *80 , ~ ^ 

- lUflTCOttMtt Growth Fund-pfto .. 319| —| A4i Key Fund Managers Ltd. CaKe) * Pros P fr Gf 

r-.-v „ . nHo.2B2R nmf o rd Rd.E7« 014M9M ■*«. Mllk<b cm/iur mmim 4. Great SL Helen*. Io 

? .ir ' ‘ ^-Coaaopolitan-Fimd Managers. < rt 0, ' aD8 l?2' ^ ^1"^ 

i5-u£5—— S-} , S-aiS-Z.SS Gotfthall Awe.;LandoaEC2R77X- 8288222 xSlSSwitel.'' M 0 68 0 ' ' 1 M «?a1lnc to: 0 I 8 K 8M 

. - i KfiC;— 6t£3_fli ija Couaopohj.Gth.Fd.ri75 „1M!—j 4.93 *KeyE«^n>tPd ..M0 4 1494 *50 Save A Prosper Se 

• I* (m gsssfi 

'• * ■:-•• , CrMccntGrowth'—B*J■ 'ad -„l 486 Kleinvrort Benson Unit Managers? Unir Growth.P7 8 

''wftAti.lI 33 • 4X31-02 427 Com. Iwwmft'l.—j«7 ] SftS +021 050 20. Feoehurcb SL, E.C JL 0141238000 Inertealag Income Fun 

• » . “ . Itane.-ru..— 782 Mlm -0is 5.41 S* - fee' ei^ZSil 4M RB Unit Fd. Inc.-M8A 87.0*8 ... I 457 Hlsh-Yield-153.7 

• - . .7- t Abia.TH._|uS3 14L71 A« Cr«*.Re»eryea_—_Oft4 4L2SK -a.l| 455 fth.B. UmtFdAc...-Jl«2 1085a* | — High Income Fnnd* 

' ' 8 *t J an. 31 Next aub. day Fefa. 8B. ___ 'mm. _ T a e ii.u w- m v....__ • .j .. ninhR^mm_ (61 A 

- Mvery_— J8.9 .4X11—0: 

aMFund— 1014 USAd -0J 

•dwlde Trust 44.4 4733. .. 

' ■ -FdJnt*.— 595 623 -Oj 

..'inn.-- 66.9 MJ1-0J 


Hambro Fund Mgrs. iC.I.l Ltd. 

P Q. Bos 86. Gmt-il*? 0481-26521 


Tokyo Pacific Holdings N.Y. 
Intfmis Management i.n. XV.. i'ur»can. 
NAV per *h*re Feb. 6. SUS43 05 


Neglt Ud. 


Tokyo Pacific Hldgs. (Seaboard 1 N.V. 


754 Bulim^Fqu.ly IJ.03 1 971 .....J 209 SLuSldT"Z."K3ij» jSStS 8S0 

754 B*ittrass Incarar jlW 192j .... | 749 InL Enuirv _ crury 1107? f 230 
4« Fri res « Keb 4 Next mb day March IX S13B lH “1 A50 

Capital International S.A. Int Savmpi'B' _ SlViOW ldj .„„l 2 50 

we fnin rii,- ___ >*nw* « Np *l dealing Feb. 15. 


738 . 
68.0 
1494 
020 -0. 
65 7 . . 
898 -0 


9 1447 I I 3 « Bermuda Bldga. Hamllloa, Bnada. 7nljBllr Management i'o N\.i'« 

J17J? IBMri ..] 850 NAV Feb.3...J£3.94 £394} .| — NAV per share Fteb. 6 Jf» 


B50 Old Court Fund Mngrs. Ltd. 


3 m ^ Wld WULT1I OL. LAJiniAUkll LtIU. 4.9.1 

ai04 I ' callnc - S ,n: "I -SM 88BB or 031 =26 7:111 

6 50 Save & Prosper Securities Ltd.? 

}5 Inlermathmal Foods 

‘5 

ay Uahr Growth.&7 8 6M] — ,| 

anna lBereetlng Incoaw Fund 


57 7| —0.2} 


fu> Discretionary Unit Ftmd.Managers L & C Unit Trust Management Ltd.? &&£* un5 -Igl 

22.BloutfMd5L.BZtt?AL u W-838448S Stock;&hange.EC2N IMP. 01MB 2800 .,.-,1. 

AM -pa«; r rtu|^ 528 {^JS^rrlgi 5 J BSJ=| 1 m toJSSL - Ku 

... urn._.-.-^46*.9 mj,- ojj M> E F WinchesterPnnd,Hngk Ltd, Lawson Secs. Ltd. WaHc> *****". ps 2 

r.g Brothers & Co. Ltd.? f»x*) ow Jewry. SX3 • * OM082187 03 George SL Edinburgh EH22IG. 031-2283811 -J?? 011 ..|Ei 




I I, Paieruoeivr ln.i*. Ei'-t 0 j-=j 

Adirepa . linnata ixar_ 

Adi verba-MuilD 53*8 . 

Koadak.. _. I'VJl^ 3540 . 

Fondis. Pit20 43 21 5C . .. 

Emperor Fund 7!i2U =71 . .. 

HiFpano - . HiilE *4 71 ... 

CumbllMns. (Guernsey) Ud. 37. nu*r Noire Dam*-. 1-uxeaboun: 

3 73 p.n Rot i.TT. m i'eter Puri. Guernsey pisb5f 1721-0.02 — Phoenix International 

325 Intel Han. Fri .. 11610 177 5} .j —- r..ij arij-m»1 Pvin n Inr Hnwt 13*1 PO Bax 77, Sl Peter Port. Guernse*. 

Delta Group L*®- iMMMki-rkmd .JR.5J2J 2 «j.J - 

n ft Hits v n ,* s „ nah^mwe ro R23T. 58. Pitt Sl* S}dDt^, AU5L 

6-72 Delta Inr. Feb 8 1SI2B 1 34j .| _ Javelin Equ I ryTa. {5192 182J | — Property Growth Orerseas Ltd. 

B48 Deutscher Investment-Trust J.E.T. Managers (Jersey) Ud. 28 !nsb Ta*n. Gibrahar. lG:b)6108 

124 PnsUach =68.-. Uu‘L4>rcav«c ft-10 0000 Frankfurt. Pri Bu* bM. Roval T*L Hso. JerreyOSa* 27441 U&pollw-Fund _.| SUSB8Z7 I.I — 

Coo centra.. JI-1C040 2208} . I — Jenev Extra I. Tst-Q08 0 U60| J - Storting Fuad _ ._| £32880 I —J — 

4aa InL Rentonlond* IM7I2B »Sg . - .\* at Jan. 31. kext mb day Feb 28. M-# ¥ij| 


15. 

Henderson Baring Fund Mgrs. Ltd. inc- Fd L>b_ f i'l _[1562 us 

POBoxXTOX^u teOHta'sTlSw 

Japan Fd_R487 1552 1 

Price* on Feb 8 Nest dealing dale Feb. 22. A M r .„ H riMm^Kh- 


Tvndalf Group 


°®. 1 P.O. Box 1ZSS Hamilton 5. Bemuda. 2^789 


0, = | iS Pnce* on Feb. B^Nest dealing dale'Peb. 2 
I” I 534 Hlll-Samuel & Co. fGuernseyi Ltd. 


Oversea? Feb 8.._ (51 MI ft 
iAccum Cnluti . SM51 
3-Way lot Jan 19. jir«M75 
= New sl. Sl Heller. Jrncy 
TOFSI.Foh 8 . .. 116-20 
iAccum Shunt-' .. K960 


f 27 8 LePebire St. I’eter Port Guernsey. CJ. O.CComdlyTsi 
Guernsey TsL —.1147 0 15731 -0 3! 350 OC.DUr.Cm Tsi 

lM Hill Samuel Overseas Fond S-A. tPnoe on°Feh* 


did Court Commodity Fd. Mgrs. Ud. 

PO. Bot 58 St. Julian's CL Guernsey048l 2674! TASOF Feb. ft 
OjCLCtomdtjrTfl * . U22.0 129.7d .J 175 f Aeeum. Share 


0534 37331/8 
S I 4 00 


fPnee on Feb 7 Next dea 
Phoenix International 


ijrs? asasBsdB-- Hid is 

I' 4 Pm*., t. TU. JT-m TV*- X M 


ton hall SL, ECA m ^anawm Orort WipchesteT-PM- - ItT)* ■■—J 7.72 *Rnw.MfiteriaJe 

et | />.,-« TsL _[166-2 1732} .._.J 487 GfcWneh'er O-aaasSB - i S38 ColtaL— 

^ L0 AS FCi^N^tey *- w Emson & Dudley Tst Magmuk Ltd. 

Vp»^ ProercsBiT. Mpt C.» S^SSSfSi "i*SfS 
'■P^gnttvE-Ci 01-3886280 , ■ **Utgh Yield—- 

V-Feb.7..J16tJ 172.9} „, .J 387 EquHw SeC8. Xtd.?(a)Cg) > ■ ^Acctnu Untw^.: 


026 

.. 1059 

.... 1059 


7JO “■»-- 

733 SkIW Funds 

331 Commodity___ (65 4 

311 Energy —-- [61 8 

2.98 Financial Sees . |63 9 

0 26 ni|hJ nwl*mm f Vn.il. 

“-26 Select Internal .—1219 3 
Select Income — . pli 


80 8) fOg 

§1-0j 

70-Jj +0.3) 
664* *0l| 
617} +0J 


Gill Fund Feb ft .1126 114a .10 45 

lArcum Share* .[137 8 140 4] .. | — 

Victory House. Douglas. I«le of Man. 06=4 SS 629 
Managed Jan. 19 -R272 134 01 .. } — 


^^uEIri IS ipe* ". 

■iJan .3lJl|130.0 1809].. 296 PTogreadro —V 
«xt «uh. day Feb. 2k -Fab. 2i. •, • V 


41 BJahopsgxte.EC2 - - : : 018882851 Deo3 ' * Mon ' * Tnes - ttWed. JThum. -Pri. 
Progreariroj—)*13 I***!'—I 98X Legal & General Tyndall Fund? 

D..U.I t — ti. te /.in.v .1 18. Canynge Road, Bristol. 027232311 

Equity & Law Un. Tr. M.? CaMbXc) Diajan .12 _( 5*2 svm .1 4.92 

AmeraljMnRd,HltbWycdnibe. ^ ; j09#4 83377 'Accum. Unh»»_:..[fi9A - 73.H J 9.92 

Emiiv&Law—1*1.9 - . *5Jl-a21 *39 ■'<« mb. day Feb. IS 


-4 Fuad Managers?!aXc) AnwmhmRtLH^h^wtihn ^ JWWJ 

• JIlamSLEOiaflAR 01-823*051 Equity* Law--* 1 -?. ; 454-»21 <39 

'IS iattllBii |v3 sit FrgmHngton Unit. Mgtlid.-(at 


13»: 

[nU.Inc-t—133 1*3 . 

, ..IntLAcet ,.[l*.4 154) . 

1 -Kta Feb. 7®. Dealing *Toem. 


5-7. Ireland Yard. EOS ODB. 

Capital 7sL_QO&6 2 

loceaMTU _(97* -3 

InL Growth Fd._raft 

Do-Accnm.^--{958 2 


Leonine Administration Ltd. 

2.Duke SL. London W1MUP. 01-4665091 


ILK. Funds Coo centra.. ..|l<JCOiO 22081 . 1 — 

UK Equity_(41* 44 7>4 -.02) 482 InLRentwlon d* IMI7I2B 7551} . [ — 

Onrsaas FnsdMxi Dreyfus Intercontinental Inv. Fd. 

Europe.1758 SS^SS fS P.O. Box X371S. Nassau. Bahamas. 

{fg 00 . wl-oi 3U AVf».7- . NITJH nui. .1 - 

-I '-- | Mh- * Emson & Dudley TskMgkJrsy.UtL 

Co mmoc" n- , 1*5 4 70J1+O3I 4 55 P.O Box 73. SL Holier Jersey 0534 20591 

Energy_Kit * **U ♦o‘ll 290 E.DI.CT. 11279 125B( .| — 

Financial Sees. . 1*3? 68 7[ -*0j| 2 87 p. & C. Mgml. Ud. Inv. Advisers 

IHgh-KUtlamm Fund* lJ!.Laurcnec Pnuntnet HiH.EL‘4ROBA. 

Select Internal -.-{219 3 ■ 23L41-06J 2.87 018=3 4860 

Select Income — -|SU 544|-0i| 7.71 omFd.Feb I i SUS426 I . ...J — 

Scotbits Securities Ltd.? ' Fidelity Mgml. & Res. (Bda.) Ud. 

Scotbita.. ..._135.7 38J(* . . I 403 PO. Box 670, llomillnn. Bermuda. 

Scotyleld-MZ 52.g-0lJ 7.00 Fidelity Am. .V-s. 5US201IM ... — 

Scotabare*.-1538 5721-001 480 Fidelity)nl.Fund . SIS1B.45 .... _ 

ScoLEx.Gth-0_Q98.2 2fl7Ax4 .. J 288 FldehSPac.Fd .. SUS3859id . . — 

S^&Yld 3- ljlEi 17 o 3” .1 713 FldcWyWrldFd. 51-51222 -0JC - 
•Prices at Feh. 8 Next Mb day Fen. 3 P7d#biySle r . pis — . . — 

_ , _ . __ ,,, ... Series A llnuil.’. L310 ... — 

Schlesinger Trnsl Magrs. Ltd. laKg) seriesB(Pacific 16 W ... — 


Property Growth Overseas Ltd. 
2ft Irish Town. Gibraltar. iGi 

UJS. Dollar Fund _.| SU58827 I.I 

Storting Fuad_I £32880 )..] 


Jardine Fleming & Co. Ltd. 

«Sh Flour. Chnnsuglrt Centre. Hong Kong 


Utd. IntnL Mngmnk iC.I.l Ud. 

14. Muleasier Street, Sl Helier, Jnw?'. 
lGtb>6UM U.l B. Fund_i 515100 j . ...| 8 ZJ 

I::::::! — United States Tst. IntL Adr. Co. 

« ii 14. Rue Mdnnfvr. Luxembourg. . 

_L’.S. T*L Inv Fnd. .| SUS9 74 J-Dfl4| 0.97 

T- 053427441 Net asset February lo. 


4«h Flour LTmnsugbt Centre, (long horg r t i-.-i m ki co m 4JH . I 3 00 

JardlneRrtn.T-J-.1 SHK204 90rC j .I 340 ILT Inl'LiJii'lFd'fa tfij . ...I 321 ? G Vtarhure £ Co Lld. 

S5SttfE\ w H 5 £& a 7? !::::: iiS *""•" Jm - ^ 15 tSJSSSLtf^ 

jardineFiem^toLt l JJjggf Save & ProsDer International £! l l“._ F “.W« 10 l jjVjRlR 

Next sub Feb. Ift 




Kemp-Gee Management Jersey Ud. 


I. Charing Cross. Sl Helier. Jersey. 0534 73741 Dir. Fid. InL “5.. .19A3 


J -‘ ‘ 30.Greabam Sireei. BC2 

Save & Prosper International S^^io 10 [ s 

Dealing lo Gr KLSFdJnn 31 ! 

St Proud St. SL Helier. Jersey 0534-20581 Mer Eur Fri Feb 8 ffTSL 

■L'-S. DoUardemiulaalcd Fund* _ 


i-.Bd.Fd Feb 10. SUS942 1 *0 011 — 
o.ltn. Feb 10 ... SCS15 62 -O0.V — 

SLSFdJan 31 . SUS6 47 1 .1 — 

r Eur Fri Feb 8 IT SHU MU .... — 


Scotbits Securities Ltd.? 

Seuthha. -U5.7 38.3d . . I 403 

Scotyleld. _M8Z 525^-01) 780 

Scotabare*._1532 57 2J -0-2 430 

.GUT*_[198.2 207.6rf .. J 208 

Yld . ..JL625 17ftfl .. [ 7.19 
tf. at Feb- 8 Next Mb day Feb. 22 


Kemp Gee Capital .fl 
KcmpGev Income.) 


ScoLEa.GLh"*_ 

ScoLEs-Yld'*- ... 
•Prices at Feb. 1 


St;S3S59rt 

SCS1222 


-1694 7311-051 542 V 40 & 

.~r-l ?-54 Leo Accum .(73.9 77.3 -0 Sf 509 

Lloyds Bk. Unit Tst. Mngrs. Ltd.? (ft) Am. G 


iota Trust ManagementfaMft) 


ReglstraFs DepL, Goring-hy-Sca, 
Worthing. West Sussei. 


-. s n Wag BttUdlngs, London Wall. 


CC2USQL 


/VCC---- 

‘i?5E 


urnme.—.. 

olSeca-L—. 
Tenet*!.. — 


BttaKffl Friends’ Provdt. Unlt Tr. Mgr*,? Fi«.Bah«Li_ 

hi^uiwr™ FfahamEnd.Deridag. ‘ 00005055 Do.(Aeeuni 1 - 

«3iTS stssssijB ias^ a ^ 

5 « G.T. Unit Managers Ltd.? •••;■•■ Fourth iExine.)_L. 
-02 3-9* 1ft Flosbury Oreo* EC3M7DD .01-8SU31 Do.iAcctunj- 

^ 32 “BM - SSfr rf 12 Lloyd’s Life Ui 

GT-tolMASCrKnJ -ra"1 786 ■nWO.CotelHxmelU 
-02 4 36 r.T iis acm htti in yaimimm._ 


nncorporating Trideni Trust* 1 
140. South Street, Dorking. 

Am. Exempt’_1189 1< 

Am Growth . _ . (24.9 21 

Exempt High Yld.-KS.l 21 

Exempt SQL Ldn H23* V 

Extra Inc.TsL_|285 30.1 


Series D tAm A*s . 


__ Keyseler Mngt Jersey Ltd. 


— Internal- Gr.*c_6.10 

838 FftrEancm*?_31.42 

North Amen can’t 344 
Scprw-J-81 


PO Bov B8, Sl. Helier. Jersey. 'EnqOl ftlfi 70701 Sterllng-deoominalcd Fniid* 
Fon«*lcv._ . — IFr.l3» 14431 -81 310 CbanbS Capital#-0121 2 


Kotow lev. - . ... FrU20 
Keyacle* Inti. .1577 

Xeyselex Europe E3 84 
Japan Gib Fund — 2188 
Kevvelev Ja[>an . £353 


rtXXWi 86441 

i • I 2-22 


— Cenl. As*euCap 


-8 320 Channel Capital* - Q121 223 34-0.4 

. 4*9 Channel bland**- 1425 150.0d +0 4 

. 390 Commodity—1 .1143 12fl4d_.. 

. - SLFsd. Ini*—: — 1392 1254 .... 1 

, .. 871 Price* on -Feb. 13 -Feb. a —Fel 

006) - tWeekly Dealings. 


... J 70* Warburg Invest. Mngt Jrsy. Ud. 

— I.ChanncCrura.St HeJicr.Jny Cl 0534 7IG41 
+B nS “ CMFUd Jan 27 „ jrSttJI 1208) . „ - 

_ CMlLltLJan 27.™ E1148 11.77 .... — 

Metal* T«L Jan. 10 . £3117 11.44 .. — 

... TMTFebft..SYS926 950 ^056 __ 

-J-fl iZ3 TMTLld Fcbft.. .. 913 937 rO 35 — 


World Wide Growth Management^ 

1 . 0. 10a. Boolrrord Roval. Luxcmbouix. 

Worldwide Glh Fd| SI S1275 f-x 0 02f — 


947 Income DiiL.._ 


INSURANCE, PROPERTY, BONDS 


9 97 Ine. 10%Wdrwl. .Zpl.O 


+2^ 352 Idu» 1 Growth. JJ- 
+5H f59 Inv. TiL Units_ 


— Abbey Life Assurance Co. Ltd. 


_ 2i1 Market Leader* . . 

1H3 -0^ 6-n -Nil Yield-_ 

.1 122 Pref.*GUtTTu«_ 


4 tp 1 ft SL Paul - * Churchyard, BC4. 


HE IN 


.wth— 
sLSfcar**_ 
•Ts.- 

t l-t, T» 


Jriiinc-.[ 


G.T. U5. * Gen-0323 

iZ® G.T. JapanftCen.-.C»l " 
ii! •GLPenaEx.FJL^.^JI .l 
Jg-G.TrlnCT. Fnnd-_rfilQ5ft 
G.T.Fimr YdsFd.—p22 . 

?G> t A. Trnst la) (*) 

452 S. Baylrigh Rri. Brentwood 
L« G It A-[30.4 


Fourth iExInc.)_L.|572 6L5I I 7 70 Pref &GiltT7ustJl 73 9 

OI-OBM31 Do-'Accum.I-(635 682) I 7.70 fvojiem aSS_ % l 

—j IS Lloyd’s Life Unit TsL* Mngrs. Ltd. &;£ gj 

. 780- 7280.GatehooseBd. Aylesbury. 02865041 U.K. Grth Dia ZTpa* 

iZ. i 2 » EuultyAccum.-(U8.9 1462| J 437 -Next sub 

''y M & G Group? jyKcMz) . .. .. X. Henry Schroder 

^ 2» Threc Qua!*. Tower nHL BCSR 68Q. blfiSB 4E8B 1T0. Cbea^dc. Et'i 

- 7Aft sec aho Stock Exahamte Dealings. vnjmalFeb.7 :-ma 


2951 -D1 457 EquityFhnd -- -E7 

2931 . 881 Equity Aec. -27 5 

. . 1150 ^TopcdrFd_ 1397 

*01 219 Property Ace - 145.5 

tOJ 277 SclcetwaFbnri . 817 

-03 5 66 Convertible Fund. 128 0 

-OlJ 5*6 V.MonvV Pond . U9.B 

Pens Property . — 1*33 
„ ..... Pen*. Selective _ 77 0 


Ltd. Eagle Star Insur/Midland Ass. M & G Group? 

01-248 Pill I. Thread needle St., Ed 01 5881212 niree Qua.v Tower HiH ( 

... j - Eagle-MidI Unit* ..(493 52 If -G 1| 600 Per*. Pension—- M26 

• - j — Equity & Law Life .\ss. S*oc. U«L? Coni.Depont-_Kl*5 

. H Amcrsharn Hoad. High Wtcombe tKM33377 ^ u "f'.5g D < ^r— P 249 , 


CLrVE INVESTMENTS LIMITED ?' 
yal Exchanse Ave.. London EC3V 3LU. Tfi.rDl-2SS 1101 
Guide as al 7lh February, 1*78 (Base lOO at 14.1.77.) 

.’live Fixed Interest CapitaL.::.. 13S.06 

live 1 Fixed Interest Income ..._1^3.17 


CORAL INDEX: Close 46&47X 


INSURANCE BASE RATES 

t Property Growth 7i% 

Cannon Assurance ... 

t Vanbrugh Guaranteed .. ..745% 

T .Mdress shown ntdar laairaoce and Property Bond Table. 


BASE LENDING RATES 


- N- Bank- ... 6{05 

, r ?d. Irish'Banks'Lid. 8j^-- 
.rican Express. Bk. 61% 

.. ■* 6 Bank... 

Bank Ltd. '{4% 
n Ansbather6J%: 
.. . to de Bilbao "■ 6i% 

■ “- .c of-Credit * Croce. 61% 

•■’ :. of Cyprus b|% 

:: L of.N.S.W. 6i% 

:...• . quc'BeJge Ltd:61% 

.)ue-dn Shone ...... 7 % 

• . Mays Bank .;... Si% 

- lett Christie Ltd.... : 

.. nar Holdings. Ltd:.: .71% 

'. ■ ■?.: •. Bank Of 5iid.'Eist J ' 6 i % 1 

. vn Shipley.6*%- 

. : J ida Permanent AFI :6*% 

• -' ; tol C & C Fin. Ltd-_‘ 9 % 

■■ 1 er Ltd.'.,...--......,.' 7 % 

. ar Holdings S % 

.- . terbouse Japhet;.. 6*% 

Coates .. 

:olidaU)d Credits ... 

'■ pera live Bank.* 61% 

::- _ithian Securities...-■■64% 

£? ‘it Lyonnais ..‘ 61% 

- -'j'- Cyprus Popular Bk. 6}% 
f ?an LawTie :fl 61% 

■ 3 -I Trust .. 6§% 

• ish Tran scout....... S % 

London Sees....... 61% 


6{% *11111 Samuel ..5 61% 


G-Hoa re & Co.-;.t 6*% 


5S5),- 1 Sec tttoo StochRxchaimy I 

• ' Amertcrnn- 392 4l_a 

.. . t ■ lAccum. Oni»>- 40.0 42 

V ' 02771227300 Aust ra l* s laa-— J9.7 42.7 

*’325| -0.11 06 J A SSd^‘“’.” SJ Jl 

^_ iAcciim.uifi»lL to P Tk 

• Lompound Growth. 952 102 

Conversion Growth 87.9 51- 

Com-ersion Ine.- 54 0 575i 

Dividend-U02 117. 

i iai lAccum Uuiul-,— 104.4 217- 

r-2S3 1101 - European--_45.7 48. 

1ft 1 77 1 pA ccum Unfix)- 463 49. 

’ ‘“i- 1 ,m> Extra Yield.--81 0 tft 

3S.06 iAecum. Units).—_ 1054 112 

■»n | - FfrEMcm....-— 377 40.9i 

lAccum Uoitsi_... 413 49. 

- Fund of Inv.Tst*... 552 59. 

(Actum. UnlU)..-— 6* 1 71. 

General --1532 l*4Ji 

IAcgoblU nits)-. - £340 251. 

- High Income-96.1 -102 

[Accum-lTntt*i.__. 15*3 166. 

■■ . Japan Income —123 B 132 

(Accum. Union-124 0 132' 

Mtxnum-- 1781 lS9 7d . .. 

fAccum Unto)- 2211 23*3 . 

MWl^Kf—-- 1544 U4.4J *8 

(Accum. Unite'_2501 2 **. 

nmrovery-- 7A8 79 7i 

1 (Accum. unitsi- 75.7 80. 

. Second Gen.__ 1547 l*63i 

_ (Accum. Unltw-2312 21ft! 

Special-143.9 1532) 

(Accum, Upital - - - .1180.4 192 

Special Ued Funds ' 

Tnulw-{1386 146. 

(Accum. Unto)-— 261.4' 276. 

Charfbond Fcb.7., 1129m 

x Aire (Tmrlfd. Feb.7- 136.9 139.0, 

.S bj% tAccumUulisi_16*5 1*9. 

{ Tens.Ex Feb. 13—{1222 128 


Special SiLTsL... -(253 27.2-»0-l^ 277 ScleCtjra Fund 

UK. Grth. Accum. 12113 2lS -03 5 6* CmivertlWe Fund 
UK.Grth. Did.—pJ* ' 20.01 -0 1J 5*6 V.MonrVFWld 

-Next sub Feb. 22. Pen- P»P*rt> - - 

X. Henry Schroder Ifagg & Co. Ltd.? Penv Scrmt} 

ISO. Cbeapaidc, E.C2. __ ,'01-810343* Uw. lfanycd 

Capital Feb. 7 :-*1 9521 2K . " 

lAccum )- ._U83 11431 ? t? VPrnp. Fd. ber 1... 

Income Feh 7 __1*93 175.43 .— 7 24 ?«» R^SerJ . . 

(AccnmUniUJ-M*4 2S53M .— 7 24 ^“ity Fd Sec 4 

GetieralFeb.8_ 7*6 7973 334 ^nev Fri-bcr.* 


_ Equity Fd . .*[1054 110 9J-0SI - 
_ SSproLvFd.. .. 102 2 107 5t... J — 
_ Fixed lnti-rcM F. _ UU 131 -0J< J — 


G Group? Scottish Widows' Group 

Qua-*. Tower HiB CC3R 880 01R28 *588 mnoxBOa Edinburch GH165BU O31-C«9fln00 

Pension *•*_ P0J.6 - — Inv-Fly.Senes I . IWJ 9*11 .. — 

Deposif. __ 1162 121 . — Inv. SeriesZ . 92 8 • 977 .. . . — 

■Bond--— 124.9 1312 . — Inv Cash Feb.3..... 965 1016.... - 

vTftW**-... 1482 — ExULTr Feb. L.... 1326 1383 . — 

V8I-80*’.. -tt33 .... — Ugd fen Feb. 1... {2393 =45« .... — 

— 10*4 111“ 


■ .lit Depo 
.Mixed Kd 


— General Portfolio Life Ins. C. 


Equin-Bond—- 

Film, 1y 1880**- 

Farm Iv 8186*’.- 

Gib Bond--"_ 

Inlernalnl Bond" 
Macaredftd*" . 
Property Bd" .. . 
Ex Yield Fd- M - 


io j^S'Frt:f r:.:: 

^ 18 

18 «SB*!fc= 

+03 403 —, 

+0.4 4 09 -■ 

+03 878 ’SpeetEx Feh.7._ 


—• 60 Bunholumeu i uWahbam Cross. WX37971 Recovery FdL Rd 


Solar Life Assurance Limited 
107 Cbeapsidc. EC2Y 8DU. OlftOOMTl 

Solar UUiapcdS 11245 1311! -0J[ • 

-Solar Property S.. JlD6 5 112 3 .. 


7 24 VEquhy Fd Ser f 
339 WTonv. Fri.scr.4 . 


Portlnlio Fond ... I 

_ Porrtohoi'apilal Ml 5 

_ Gresham Life Ass. 


“•-.ilrj = 

Soc. Ud. 


American Fd. Hd 
Japan Fd Bd -_ 


Solar Equity 5..11514 

Solar Fxd.lnt S.1179 


Pricer on -Feb. 8. "Feb. 9. 


_VNoncv Fd.Ser 4 .11075 . . __ _ , _ 

1 40 JTicev ai Feb. 7. Valonlioo* normally Tuca. ,; l EouilrFund p5 0 100.. 

In Albany life Assurance Co. Ltd. !;t Sl fed ion! 

4.03 3I.UldBurllnelonSl.Wl. 01437508= G L. pptv. Fund. . ’..195 0 100.1 

51* f&muirKU Ace.. nW-B J27J | — Growth & Sec. Life Ass. ! 

9F1XM lilt ACC ??84 Jfiil -- I ffnrlbrb Rmi- n.ThlM B.--1 


— 2 Prince oi waie> Kd. b mouth o=o= 767655 Merchant Investors Assurance? 


-TV. U.L Cadi Fund ... 


+0 3 8 78 ’SpeetEx Feh.7._pilft 21831—J 4.03 31.Hid Burlington 

-QJ flLll 'Recovery Feb 7 _|1772 1826^ J 51* fEquiiy KH Acc-. 

-nj » )i 'For tax exempt foods only . VFixed lot Aec 

: D oi 2 H Scottish Equitable Fnd. Mgrs. Ud.? 

+02 1.42 3ftS l Andrew*Sq .Edlnbur*U 001-6909101 VProp Fd^Mrc.. „. 


■ 42 3ftS l Andrew*Sq .Edinburgh 001-6S09101 VPrnp Fd^cr. 10*2 

842 Income Units - 1475 50.71... J 5.40 WpcInvAcc 157.0 

325 Accum.Unil*.. . .(53.6 571| . .] 5.40 A “ 

4 ^ Deallnc day Wednnday. 1 ?■*?" - }S2 


3.25 Dealln£ day Wednnuiay. . j l*en ATO-.. 172-9 

4 68 _ . _ .. CIdJlfln.Pm.1rt.. Ipf 

4*8 Sebftg Uml Tsk Managers Ltd.? fa) imLMn.PnFdAec 1025 

6M PO Bo* 511. Bek] toy. I Lsc. UC.4 01-ZSO 5000 Act' 190 4 


S S » saassiS::»f 

i5|5 + 0.7 L3a Security Selection Ltd. 

132.7 +0 7 158 !•.» I.nwiln'<(nfi VlaJrii UI*) DtJCTI 


1 * L IntL Fund „ . 
01437506= G L Ppty. Fund. . '.. 

122 z Growth & Sec. 

Illlj — Weir Rank. Brav on 

10 13 _ VIuaiMc Finance 

U 17 I Land hunk Secs. . 

1*5 jj . . _ 1 jrdbankSc* .\cr 

=09.31 .... — «;.* S Viper Fd -J 

18201. .. — Guardian Koval 

■■ “ Royal ExcliariRe. E' 

225 ft’”.". — Property Bund* .. | 


— 125 Rich Street, Croydon 


— i.'orv. Dep Fit- 

— M«oey51rkLFd._. 

— Mer Inv Stan. FdL 

■iL-PpIv Fund. . ..»0 IM 1 -- Her Inv Ply Fd . 145 9 ■ - 

Growth & Sec. Life Ass. Soc. Ltd.? Equity Bond 568 . — 

Weir Rank. Brav rai-Tkemes Burks. Tel 34281 fiv»p Pena- J5S 5 ■■■ ' “ 

£vr. m wH:-;Jz 

Guardian Soya! Exchange NEL Pensions Ltd. 

Ri>yal E^clionKC. Ei'5 01 =837107 Milton i-'oort. Dorking. Surrey 50 

Properly Bond* .. |165 9 17281 . I — Nclcx Eq. L'ap .. ...180.0 843. . 

Hambro lift Assurance Limited? ScioEii Actum.Mn 112.7 -0.4 — 

7uldPnr*J2»ne.ltondoB.Hl ni-W9«BI O!}” M S17 9R 'IS ? Sf • Z 

Fixed Ini.°cp • J12|* 1»1| .... I — XelevGih IncAec.Ki 50 0 Z" — 


*821 AMEV Life Assurance Lt«L? 


Alma Use, AJraa RtLHcifiale. ReigrtefOlOL Fquit 


Feb 10 -Solar Cash S-98.9 

Solar InllS-94 1 

ICC? Solar Managed P... 1243 

••■1 “ Solar FxdlnLP.... 117.B 

-•••• “ Solar Cash P_ 988 

. ~ • Solar Intl.P-.94.1 


Sun Alliance Fnnd Hlangml. Ltd. 

Sun Alliance House. Horsbam 040364111 
Exp.FkllnL Ffeb.8 105390 160301 ...I — 
InL Bn Frto. B... . | £10 43 | . | — 


F ixed Ini. Dcp 


80* +0, 
663a +0J 
2485 *0. 
533a +0; 
192.7 +0. 


..548 5*31 .....J 172 SiUxhnrigeRoad.HT2 

.590 61M —J —. Scl.Mk.Fd.Cp.UnL.IU5 

)451 48ij_j — >L-I Uk.Fd.Sl Uni- W7 7 


Arrow Life Assurance 


61%- _ Julian S: Hodge . 7i% 

&1t% Hongkong & Shanghai 6i*n 
Industrial Bk. of Scot. 61% 

61%: Keyser Utlmann. 6;% 

6 i% Knowsley &. Co. Ltd. ... 9% 
61 % UoydsBank . 6 j% 

6f% London & European ... St% 

61% London Mercantile. 6i% 

6i% . . Midland Bank. fij% 

7 %■ Samuel Montagu .. 6J%' 

64% ■ Morgan Grenfell. 

8j% .National'. Westminster 6i% 
.74% Norwich General Trust 6J% 

6?%- P. S. Refson >&. Go.64%' 

6»%-. Rossminster Accepfcs 64%' 
6*% Roral Bk. Canada Trust 6J% 
9 % Schlesinger Limited ... 6*% 

7 % E- S. Schwab . 81% 

S % ■ Security Trust Co. Ltd. 7|% 

6*% Shenley Trust.. 94% 

74%. Standard Chartered 6i% 

6}% . Trade Dev. Bank. 6J% 

64% Trustee Savings Bank 64% 
6i% -Twentieth Century Bk. 74% 
64% United Bank of Kuwait 6]% 
64% Whiteaway Laidlaw ... 7 %■■ 
64% Williams & Glyn's. 64% 

6§% . Yorkshire. Bank . 64% ; 

S % ■ Mcmb«r> of the Acceptins nooses 
fiicc - Cntmntricc. , 


SumLife Mahngcmcnt Ltd. 
SL George's Way. Stevenage. 
Growth Unit* .....1490 . 5L.6J 


+ ° 7 <2 10-19.Lmcolp's Iim Fields. Wtl 01-8318SG^B SS^K* 1 " HSi lg3 “ ~ 

3*S ' 4JO H23} rth^5;3 •~| iS Ntoncj Fdl 103 4 108.3;;"" — 

164.4 *Oft 7 00 Uuvl Ctb Trt Inc... P9.6 2a “ — L 3M .VUEV MgdJVn FdlOO.O 105 ft . — 

^ 1^2 a? 2 r 

BO* +OU 474 45, Charlotte Sq .Edinburgh. 032-2383271 .... 

*3e +02 5.25 Stewart American Fand Arrow Ldc Assurance 

*ni Standard Units. ....154 8 5131—J 172 Si UxhnrigeRoad. W12. OJ 74SBI 

^ iSfl ax Accum Unto-1590 6 L« ..._J Scl.J1k-FdLp.UnL.E15 W.l . - 

L92.71+0.41 4.25 Withdrawal Unto fel 48l|_1 — . s~l Uk.Fd.Si Uni- W77 103 J| ... I — 

.... . ._ Stewan. British capital Fund Barclays Life Assur. Co. Ltd. 

tSI Sct ‘Standard-11263 137.01 - 3*5 Pnm f on i oa ft 01534 55 

^ Araaa - Un ^ i® 3 - SESSfflS/J ^isj 1213 “ 

s.oa.:. 78* Sun Alliance Fund Mngt. Ud. .107 0 112.7 -02 - 

1521 ,? ! 547 Sun AUianceHse.Horsham OM30IJ4I «K^fr d - 20 S1 “* “ 

d. ■«aa»ii»"Ta4ni & BgL—R- ffi m = 

00856101 Target Tst Mngrs. Lid.? «t)lg) • 3SS - ” 

5L6J... J 3.94 31. Gresham St. B2. DnUbcsOMIMI KdclTOdAce.'. 963 1016 — 


Scl.Hk.Fd.Cp.UDL.lU5 6531.1 - 

Sri Uk-FdSt Uni- W7 7 103 J| ... I — 

Barclays Life Assur. Co. Ltd. 


35C Romford Bd . E7. 
Barclaybondy...- IU5J 

Eqnhy. . ... ..-P07 0 


10 . Uqiiny. . ... ... 10 /u 

■ojj 384 «ana,-.cd.- 3034 


12LS ... 
11271 -0. 


118 7] -6 4 
301 il. .. 
308.5 -02 


— Proivriy.. 1549 1*311 . . 

. - .Waged can 130.0 136? 

.. . . — Manaxcd Acc -. 199.7 1*8 21 . . . 

. — ft enci' . — 111 5 11/ft 

. — GUl Ldccri . . }ai 1283 . 

-.... — Pen.F I.Ltep Cap 12*3 135 W . 

Pen FI Dep Ace... 1453 153.01 . .. 

Fra Prop C»p .. 156 9 207Jl ..., 

01-7459111 Pen. Prop Ace. S 0 0 26321... 

I _ Pen. Han.Cap ... 2008 Zll-ft . 

.I “ Pen. Man.Acc .. 254 9 268*. .. 

• ' Pen 'Jill Eric Cap 127 7 134 9 

d. Pen Gill EdR. Acc 132 7 139 S .... 

01-534 S 544 Pen. BS. Cap _. .. 121 4 12801 

Pen RS.Aec_ 1369 143« ... 

"o ? “ Ten (i.A.K. Cap - JOff ... 

l2i[ “ Pen. U A.F Acc .. - L00[ 

__ Hearts of Oak Benefit Society 

-02 — Eanlon Road Londun. VW 1 014 

-01 — Heart* of Oak_ |»3 375? 

“ Hill Samuel Life Assur. Ltd.? 


Nelex Gthlnc Aee.»7J 50tf....l 
Nelex Glh Inc Cap.(475 50J ... | - „ . 

Next *ub_ day Feb. 3. Sun Life of Canada (L'.K.) Ltd. 

For New Cum Property are under 2.3.4.Cocispur S 1 ...MVIY5BH Oi 9305400 

■tothschlH Aaarl Manaaenml Maple Lf. Grth- —[ 1884 1 1 — 

NPf Pensions Management Ltd. £S#5 ft. gSl ,d .: oils uS : 

48GraccebuicbSl.EC3P3Hn. 01-02343)0 Peranl. Pn Fd .. ..| . 1964 J..| — 

drobng\an:A 1. . Target Life Assurance Co. Lid. 

Norwich Union Insurance Group “^& b WgSSrj»« 

Pu Box 4. Xonnrh NRl 3XG. 06082=00 Man. Fund Inr MS 2 10071 ... I — 

Managed Fnnd-.-W4.5 21521 +021 — Man Fund Aec _11127 1192^.I — . 

Equity Fund-5=0.7 33761 -ill — Prop.FH.lnc- [1068 U3.ll .. .. — j 


Sun Alliance Linked life Ins. Ltd. 
Sun Alliance House. Ilor^haro 0403 84141 

Equity Fund-(1029 10841-0 2] - 

Fi>id Interest Fd.. 100.1 105 4 . — 

Property Flind . 981 103 3 . .. — 

Inu-raaUonalFd. 862 90 B +12 — 

Deposit Fund ._ 953 W0 4 — 

Managed Fund.. 98 0 1032] +0.1 — 


TnS “ Properly Fund .. _U22 2 12BW 

•»nSl — Fixed Inf Fund ^-HH* 163fl- 

“ “ LATiwit Fund .... (102.0 1073^. 

nefil Society Nar.L'nlLJan ts_ I =05 3 I. 

J* 1 _ ®i-*8T*Q* Phoenix Assurance Co. Lid. 

Assur fid.?' ~ ttSSHS^ « ' 


•13 — Prop.Fd.Inc .... 1068 U3.1 .... — 

— Prop Fd.Arc.. . . 1310 .... — 

-0 9 _ Prop Fd Inv.. 102.0 ... — 

. — Fixed Ini. Fd. Inc. 1091 1153.... — 

.. .. — Dep Fd ACC Inc.. 971 1025 .. — 

ReL Plan Ac. Pen.. M3 74.8 -0 J — 

■_Ret FSanCap Ten - 56 5 617 -0 1 — 

018389878 KeLflanMan .Vcc. - 1211 1281 ... — 


[Mayflower Management Co. Ltd. Targ« commodit> 


I lacomeFeb.7-1107 7 11341 —I 7.79 

GanenlFab 7._|*7 7 71 Jj .—J 603 


Mercury Fund Managers Ltd. 

50. GrwihmnSl .EC2P2EB. OIft0O4f«S Tai 

Merc.Gen.Feb 8—.1171.4 M23j .... 459 Do -- 

Acc.L1».FabJt_ a9.S 208 .... 459 Target Inv 

HoreJnLFeb8...-. 558 59.«- 155 TargetPr.Feb 8. 

Accm.UtxJ-'eb*— 595 *3.« . 1 85 Tg-Tnc 

KeraExYJanftS - 2U.9 220 7ii 415 TjcLPr et _ __ 

Accum.UU. Jan20 2523 263.ft 4.15 Coyne Growth Fd 


Target Eqintf.- . 
Tar*ox Ex. Feb-8 
♦Do Aec. Onto. 
Twurt r.m Fund 
Target Growth 


3*1 +0.1J 458 Do. Initial . B2 100.3} ■>.. 

*>4 -<U 450 Money Pena Ace ..fe 5 102R .... 

»J -Of • 6^0 Do. Initial ■ -101 j| 

207 7 . 621 -CurmiL uun valnc Feb. 10 

tjsI^qt tec Beehive Life Assur. Co. Ltd.? 

30.6 .... 453 71. Lombard SC ECU. 

S-2 “22 £22 Black Horse B<1_... | 


arietlnd 
W. Heitrv. Units 


_ s*ainnei wre raasur. i^u.v WealthAi*_no«2 109W-13I - RexPlanSton rap h!28 1194 .. . _ 

_ NLATwt. Addtwumbe BxL, I'ru.'. 018884353 Eh’r.PH A» [706 - | ... I — Gilt Pen Acc Il371 144« J — 

— property Laiis _.|M5 0 15231 ... [ - ta»T. Ph Eq E_|» 7 742J . | — Gill PeaCap . . .-(13L4 UflS|.| — 

Z m^SSuSiS" Mi 2*25-O^J “ ^roP- Eftulfi' * Life Ass. Co.? Transinternational Life Ins. Co. IJ. 


2*3 - 0 . 
29* .... 
1573a .... 
303 +0. 
163 ... 
195 -0 


3 . 1 * Canada Life Assurance Co. 


1 .. .4 — Managed UniD 1541 
1 . 10 Managed Scnt-e A 91 0 

. a Managed Series C 89 9 

la “ Mone>- Unit* . ... _. 118.5 

0I-8SI1283 Vonn Series A . _. 96 0 
l .... I _ Fixed InL Scr. A ... 942 

Pns Mgd Cap 142* 
•- I'm. Mgd. Arc . - MIS 


4-45 2ft High St- Potters Bar. Herts. P Bar 311= Pru Gtd. Cap- 


Grth Fd Feb 1-- 
“ 5 I RetmLFedFeb G. 


■ 1 J Trust t-... 6§S£ Yorkshire. Bank . 61<5. 

■ ‘ish Tran scon t....'... S % '■.Membera of the AccepUac Douse* 
London Sen....'.:. 64% . Cotmntnw. 

* Nat Fin. Corpn. -8*%^■*. Jjtar-departs 3-S. i-numtb deposit* 

-■ r Nat-Secs. Lid. ... 8 J ? 7 -day .deposits on rams of no.ooo, 
: ny Gibbs.... 6}.% - and under.3?i. up in sssmo sfi 

> hound Guaranty..r iiki ov« iss.DOiMitr. 

. dlays Bank .:..J .6496. * cjH aw*?*L2,Tf r S. m rAm 

' n . c , Unb*n - 'Aim ® Demand deposits tftr. 

.. ness Manon.. 64% s RatP al58 a ppiie* io sterime ind. 

'. bros Bank . 6i% Sues.-. 


Midland Bank Group Target Tsl Mg 

Unit Trust Managers Ltd.? (a) io, Athol crescent.: 

Gourfrood Home, Sliver Street Head Target Buie... ~.. 

Sheffield. Sl 3RD. TeL 07427$643 Tarpet Thistle 

Conmioriny ft Gen.. fe.6 59 K . *12 Extra Income Fd... 

8US“-^r.S:5 SISit 

Do. Accum._J4.a 17.a_ 352 100. Wood Street, E 

5©ilaL_ _ 24.0 25.74 3.91 TUUT Feb. 7 .. 

I^Aceum - s.9 ^ 3g Transatlantic a 

Do. Ac ram.— 543 57.1 *« 91-88 New London I 

International-39 2 42.4 .._. 3JB BarbicanFeM 

2?_A?vum.-04 44ft ..._. 3.02 (Aoenm. Onltn— 

mehYtold-UJ BarhEnro. Jan.28 

Do. Ac cum- — M3. Burton. FebJ).. 

Equity Exempt*— 1034 1M.1 ... . 5.2* . (Accum. Units' 

Da Accum*.-- 1034 189 IJ ... S26 Colemco Feb. 10 

- ‘Prices at Jan. 31. Next deal Ins Feb. 28 i Accum. Units) 

Minster Fund Manager* Ltd. ggSt 

Hhutor Use-Arthur Sl^C.C.4. 01-0231030 atenFeb.7._ 

Muster Feb. 13 _ »5 3S.W -031 5*2 (Armnn. Units) 

Exempt Dec. 31-fe-4 Sift ...Z\ 5.92 Marlboro Febi7 

KLA Unit Trust MgemnL Lid. vK m 
O id Queen Street, SW1HBJC. 01-8307333. <Aecmn.U^B) 

feAUnto-134* 36-ft .4 4 67 ^S^TOFeka- 

Mutual .Unit Trust Managers? (aHg) itoimjwui - 
l^eopthall Ar^EORTBU. - M^ft-nUiT: 

II K^. ,a 

MuuuaHlBbYldf , -^2' 6Sft ...31 S3* Tyndall Managi 


, , . ^ iScatlantf) i«>b) . , olvmpif Wv . Wot 

1 (a) 10. Athol Crescent, Edm. 3. 031-3388821,2 | pill 

Head .. TaraetEMle... —fg* 24U+0Jj 139 {ftplm UftB M 

L-074279642 TargetTliiJtle- -.M3 43X -o^ 5K Equity bond Exec . 

I , '*12 Extra Income Fd... (607 653(+0.11 9-99 }>rop. Bor-d'Excc- 

' Trades Union Uni* Tst. Managers? 

...L 352 100.Wood street,E.Ci Ol-SSSOOU Equity Accum. 

3.91 TUUT Feb. 1 .|489 - 52.31 — | 532 Propert y Accum_. 

, V.'j; IS Transatlantic and Gen. Secs. Co.? S!hk^.Sv*TJ1~- 

—? 81-60 New London Rd. Chelmsford 0=45 51*51 2nd Propcrt.v,- 1 

•— VS, Barbican FebR 

- n CAoenm Unto I— 

BarbRnro. Jan. SS 
-— Burton. Feb J.. 

• (AccumUiuwi 


Pnr. Cid Aec . . .11086 
Imperial Life Ass. Co. 
Imperial House. iSuild/i-rd 


15*4 . - 

118 C] .... — 

U46J . | — 

i. of Canada 


119 Crawford SiraeL WIH 5AS. 01-W8 08 
R. Silk Prop Bd _ J 1703 I»]I3( — 
Do EqonyfM .. '.. 681 j-1« - 

Jai F\ Mnj- Bd Fd] 1519 I .. .1 — 

Property Growth Assur. Co. Lid.? 


— Leon Heux*. Croydon. CKPUX 


9* “J® 8 IMS ■ = Bream Hide*.. EC41 NY. 
•If — Tulip Invest Fri . J129B 
-1U - Tulip Maned Fd .1103* 

••••I — Mas Bond Fd_IlD* L 

I tri w Man. I’m. Fd.Cap 11088 

Stan. Pen. Fd. Act. |U*3 


Co. Ud, 

01-4058497 


Property Fond 
I'm perry FundiAi.. 
ACnculUinU Fond. 


. Cannon Assn ranee Ltd.? imperial House. (fUiidiv 

Ii,- 1,OlympicHy.WembleyHAS0NB OIBOaeST^ p^Fd Fel, lb t*42 

?Ja S?" 1 ^ L| !| , *I. - -BJ 1 -- |- aol l — t-nli Linker 

JJ* Property Unto . . .1950 - J 1 — Manaced Fund. . 194 4 

Equity bond Exec. KM. 85 1244-0 0^ — Flxedlnl 'Fd - . fel 


n=55 Apje FnndlAi.-..I 
Ahbcr Nat. Fund— 


Q0.15 lit 
0252 133 

1259 13- 

109.4 115 

164 

E3L75 — 


l-nli Linked Portfolio 
Managed Fund. . 194 4 99 Jl . 

Fixed Ini Fd . fe 1 1001| .... 

Secure Cap Fd..„ fel 1001] . . 

Equity Fund . ...fel . 1001] . .. 

Irish life Assurance Co. Ltd. 


Ten i rtnocy->ai. runa..„ 

3ft " Abbey MU Fd iA>. 

. 1 Investment Fund... 

M,i i InvcMuienlFdlAi. 

MU' ' — S4««l> ■ ■ 

noil ""I _ rxjonyFundiAi — 

BOll ' ' _ Mono Fond- 

” « .a 1 Monc > Fu »d iA'. 

O. Ltd- Arlxartal Fund . .. 


m - 


11.FmaburySquare.EC2. 01-6=88=53 }! StSHSCS 1 ?..- 

blueChipFeb 1 . 16* 7 70JI . ...! 528 CUvBdged PcLiAi. 

Managed Fund„ -El6 = 22 d ... — ■ 

Prop uod Feb.l . Ij*7 2 Z7*a ~ *lmmed Ann1> - 

Prop Kod.Gth. — P8L1 190.6| .( — Prop. Growth Pen® 

Ring & Shaxson Ltd. 

3=. Corn hi 11. 01 d=3->433 vim-. Fd IK_ 

BondFd Kietnnl H1226 11425I-0.79J — Peerion Fd L'ta 

Next deal ioc date Feb IS. I'onv. Pena. Fd_ 

Govt. See. Bd-P30-8 12750) .... | — Cmv. Pns. Cap. lit. 

l-inflham Iftfn Auursnce Cn. UlL Man.Pena.Fd _ 


_ ORclire Anncnt) .. 
_ Vlmmcd Ann’ry - i 


• wmiwaviHiv' 

t? ColemcoFeb. 10 
• w (Accum Units) 
Cunarid. Fehft, 

. lAccum. Units) 


77.41 __ 

94il 

324*] . 

34791 __ 


2nd Managed-05 . 9*1 

2nd Dcpeial-.955 301! 

2nd Gill_ 92.8 971 

2nd Ki|. rVnt.'Acc.. 88.8 941 

2ndPrn IYn* Acc. . 1M3 1051 

;k 2nd Mod Pens'Acc 94 8 1D0 : 

2nd Dep. Pena. Ace. 95.9 lOU 
25? 2nd Gilt Pens’Acc. 9L9 97 i 

*75 Li ESI. K- 3*5 39,1 

S*| Lk ES.I K 2-S.0 Z7 ■ 

5 'is Cunvat valoe Fob Ii 


301 1 . .. 
97.4 . . 
94 0 - 0.1 
1859 - ■ 
1D0 3 .... 


I<!a _ 


— Prop. Growth Pemionc & An sallies Ud. 
AllWIberAe luiuu I382| I - 


VAlI Weather Cap. 125.4 132. 

fill'. Fd UU_I 1383 


Man. Pens. Cap. Ill 
Prop Pens. Fd_I 


Trideni Lire AsKorance Co. Ltd.? 

Rcnslade House. Gleuccslcr - 1)452 36541- 

Manned ._-fll9.4 1265) .. — 

ijid Mad_ 1499 158.8 ... - 

Property. 1453 1531 . - 

Equity American... 79) 81ft ... — 

TAK Equity Fund .. 102.1 1081 -0? — 

HlchYield .. . 139* 147a .... — 

Gill Ed fed-1245 1315 .. . — 

Money.. 12*3 12*1 . — 

International _ 923 978 — 

FlFeal. . ... .1273 134.7 . - 

GrowibCop . ... 126* 1341 . — 

drouth Acc_ 1293 13*9 .... — 

Pens. Mned Cap. . 1325 119.4 .... — - 

Pens. Mnfid Are.. 1158 1226 — 

Pens.Guf.Drp Cap. 1D0.7 306.6 . — 

Pens Gld Den Acc. 1034 1895 ... — 

Pens Ppfy lap .. UL2 1171 .. — 

Hers. Pty. .Acc.. . .1142 1210 ... — 

TrdL bead . . 347 36 7...— 

•Tidt U.l.Bond. . 1004 — 

'Cash value fnr 1100 premium. 


Ihewarthat never ends 


.* » We British arc a peaczfol people When a war is 
SS over wejiketo consign il to thehofotj’ books- and 
forget iL. 

' 1 But for some the ware Dveon. The disabled from 
’ both World Wars and from lesser campaigns, now' all 
ido easily forgotten: the widows, tbfc orphans and the 
! children ^-Xor than ihdr warJivesoa, every day and 
all day. 

In many cases, of course, there is hclpfrom a 
| pension. But there is ah’jnit lb' what'any Government 
-Department can do. 

; This is where ft rmyBcnei dencc steps in. With ■ 
uridcrsUinding. With a sense orurgency... and with 
pjucfical, fimndaJ help. - ■ . - 

To us it Is a pmile^c to Help these brave men -and. - 
vomcri, too. PJcpic.will vbu help us to do more ? We 
most not let our soldiers down. 


836 TyodaU Managers Ltd.? 

National Commercial ib , Can yngc Road, BristoL 

81. St Andrew Square.Bdiabnrsb 031-3969151 JSSSltwi'"*'* 1 “ 

LoeoowFcb. 1 ..— I142.S Mas .| (C f»p Feb 8_ 

JAcramUnto!.. ..192.0 1993 . 6g ( Accum. Units) 

CapLFeb L-1214 .■} Exempt J« n =S- 

fAcrum. Unitsi 0-46 8 15221 -] 336 , Accum. Unto*. 

National Provident Inv. Mngrs. Ud.? “SMB.? 
9^Qntcechuitha.BC3P3HH 01-8234300 Jw.Eani.FWj.8 

XliJ.Qth.Un.TSt- |44.4 4731 .| 375 lACrms Unitil . 

(Aoctaa Cuitai* _ .g73 5*8j ...J 3 75 Sc«.C«p Fkh.8. 

NPJ Okk Tnirt... ull-4 117.g—J 32 i Accum IhdtM. 

fAtcumUnitsr"-.|ll75' 12471 3.20 Scot.IncFeh.8 

Nutaai w«w«r«;V 

ML. Cheapsido. ZCZV ftBSU. OlftM Kfta ■ Do. Accum __ 

Crtritt] (Accum.). _ 157.7 4-75 Flnuodal fYriy 

Sxtraliie.-W.9 69ft-05 £|9 Do. Accum_ 

-}-| S-2 High Inc. Priority 

“Hi f'S iritornattoaai 

-D-2 6-« SpedalSUa... 


*5 WrdiK '*■*&! m 3.1 r Langham Ule Assurance Co. Ud. «|= . - 

S2 Lfclf.l K'2:”_Sl zll;.;"!- LunAb4mlls.Holmr.rookDr.XW4 01^038211 PWp P^x. Fc^J:?: Mil ™" - 

13 Cuitmh valoe Fob 10. Iftingbam 'A' PlarL_|63 9 Wft .-.. — imp.Pens.Cap lU 1303 _... — 

3.M ._ --- ftProp.Hood-(1394 14671 -1 — KdgA. Soc. Pen. Ui 1272 . ~ 

yS capilal Life Assurance? wisp rSPi Man Fd|743 787j ... | — Bd* Soc.Cap.ut _ uai * .... — 

3-51 OoBisumHiwse.ehjipelArt w’ton 0SKC28S11 Legal & General (Unit Assur.) Ltd. Provincial Life Assurance Co. Ltd. 
IS pSJwSak’i'rtovFrt" I—J — KitUlswood Ildus*-. Kia£rtcivxl Tsdtt'prth 2*2.Blsbop&culc;Efi. OI ilTCSS 

S C., - SrtH’™: w WT 9- RS; snC!H0 HI:.:J = 

53= laniraurrt&J.UxbndgeUBaiNB S2I81 -JJ™® - - ■ «9 ^_ 01 “ Gill Fund 20.. ..|l232 1=98|-0 7|- 

"Eo? »9. - Do Accum-.;-1322 1)82 -03 — Prudential Pensions Limited* 

8*2 Chritof ltonSed'Mi -40'a — FUcdlmlul- 115.5 ] - H.-lbora Haro.ECLN 2X11 01-Wr.SCS 

SShS-SSfly :»o . - SL'iStHK'-ifi* Sf z )u, U itFd nu » i mv. 23951 .. . ■ — 

Siaeaa Bid Soc... . 124.6 ._. - IM4 1 T 05 -Q 2 - Fxd IniJan.W.... p944 19^ . - 

5311 unciui Mnnafied ... 153 6 "I- Khtoi; fe l iw?:“j = 24 77| 


— TyudaJI Assurance/Pensions? 


Equity Jan. 18 ... 
Bond inn. 19.. 


1 532 chrihsc Energy ... 
8*2 fhrthjc-.Mriney.-. 
8.62 ChrthM- Maamed. 

CbridM' Lqvily . . 

Macao Bid. Soc... . 
027232341 Uocna ManafiOd ... 


SO 3*8 

)2 30.8 

38 -4fl 8 

SO 368 

1246 
1536 


? S Cily of Westminster A&snr. Soc. Lid. Do Accum 


_ KinCswood House. Ki&£WM>d TUduunh 222,Blxhomeale:Efi 

fSaraBP": pu jK-Snff"HW 

52,81 Su’Wuui.rL:UI5 ml-03 = “ 

“ Do Accum_1222 usil -03 — Prudential Pensions Limited# 

Fixed Initial—.115.5 J2l«-0.1 — H..lborn Raro. ECLN 2X11 01-Wr.SCS 

- &.•££'to£ai'- 1U6 uta -4tz — &5«™ j« »8 img 23«j J “ 

- Do Aecum _ . 1144 121)3-02 - . 

Property Initial . 951 100 z] . — Prop F Jan. 18 . . ,|£MJ>3 24 77| .... 1 — 

Lid. Do Accum ... S5.8 10091+01 — Reliance Blolnal 


Deposit Jan. 19.... 
:i W«f I¥n. Jan 19. 
O'scasluv.Jan 19 
Mo Pna-WFch. I . 
L» Equ ID - Feb I . 


Bristol. 

(127= 

120.2 


15L* 


1612 ' 


1004 


1252 


342.0 


6L0 


1*4.6 


2444 


1800 


SLB 

. 


Prudential Pensions Limited* !>••. Prop. Feb. I slb | 

H«.lbora Bars, ecln 2NH oi-wr.9C2= Vanbrugh life Assurance 


168 b .. 

1155 ..._ 

1596 . 

97 2 ..... 
119.4 __ 


iu hincaeari Hoose. 6, Whiteborae Road. 

434 i’TOrd*m.i.TU)2JA. OlftMOSe 

70 FSrvfnitn. ..-11160 1213 .| — 

7 43 Property I into— 153.0 55.3..- .! — 

City of Westminster Ass. Co. Ltd. 


,„ n „ Lesal ft General (Ijall P»d«ul Ud. 

^nuMui EvemMi fariUnit • (95 4 100 5).... 

0l«49684. Cm Arrtnn. .. .fe7 HMaj .... 


Kx«-mpt Eql}. Inn _ 
l*n Accum . ... 


Exempt Fikcd lnil[97 3 


aa=: 


IS WkrtiSSR s - m,,lehart# "&£»»». ln,L 


nn. Cheaps! do. EtTVjJEU. 01408 HN. ■ 
Cajatol (Accum.!. _ 57.7 6251-0.1 4.75 

iSSAinc. _649 69ft -0J 729 

, 3 Z2 34*3 -03 528 

gmnfeivr-n* S7 j3-oj j.w 

hiconie..._....... 348 37ft-02 *49 

Portfolio Inv. Fd...- W.4 72.0^ +0J 4ft 

Unlratsal Fdtd) —1473 5091+02 3*0 


BA +02 

»6 . 

43.0 +0.1 

U4u 


5 40 Croyilon CR02JA. 
510 West Prop Fund....; 
3JO Managed blind .. 
9.11 Equity Fluid...— 
Famiand F}dHt._. 

*16 Money Fund-: 

til Gill Fund .- 


01-B84 06A 

7 0 60ft . . — 

666 ’ 1351 ... - 
53 582 -0 3 — 

49 723 . — 

196 1253 . . — 

45 673-9 2 — 


Kscnqfprop loitife# loosl.... — Royal Insurance Group FixedInwrrai.'.". feo 100*1 1 — 

1*d Accum . fe.7 1008}. | - New Hull Plare Lrop oo L os 122744= Property-|9S0 1000| ..| — 

Legal'&'General Prop. Fd. Mgrs. Ltd gcyalSbeMPd . ,|129 8 137J| I — Guaranteed we 'In*,. Rase Rales' table. 

} ? :4X4 .^ti 0, ' r . W967B Save & Prosper Group? Welfare Insurance Co. Ltd.? 

IAI.I9F Id Ml B WJB rail ....4 — 4.17L.SL Helen's, Lndn T EC3P 3EP. 01 554 88a9 The Leas. Folkestone. Kent. 0303.+7333 


104 8 . 

105 II . . 
10231 .... 
1028] .... 
104 a.... 

IDS if . .. 
100 5} .. .. 
100 B . 


SS"£!to“i“„ 19 wj*. m» «« 

Prop F Jan. 18 . ..K24JI3 2477| .... 1 — Managed Fd-11402 147.6J-D2| — 

Reliance Mutual fmni IS F5»d~..7 S* 1 ^ij+oi - 

Tur.hnd s vHirill. KenL VtCZSti Flxedlnu-rd Fd I7l5 189 6-01 — 

n+l. ITop Bds. I 192 2 1 .. I — l*r«pvrt> Kd . .. 1363 143 7 .... — 

Rothschild Asset Management UaxhFUml. .... 116 2 1224|. - \ 

sl bintbins Lane, i mi don FT4 01 6=84356 Vanbrugh Pensions Limited 

N.L 1 rrop. Dec.30. [1141 1214} .... | - 41-43Maddox Sl.1 An WTlfl9L\ 0I-4M13E8 

Next aih. day March 31. Managed _|950 10011 .I — 

„ , . _ UquiD.. J95 0 180 0 ...I — 

Royal Insurance Group Fired Interest-feo 100.0 .1 — j 

vniii.nn.iH. 1 Property-195 0 100 0 .. — 5 


. . |140 2 

147.6) 

- 02 \ 

..[2171 

2286 

-13 

.. 858 

904 

+0.4 

1715 

1896 

-01 

.. 1365 

143 7 


.. U6 2 

1224 





IS Pl'L.1 Fund..--&72b 176.01 . | ■ 

■'n Fnd csirentb dra cd to ant iarcstaienl 
Ito Perfociw l n»& 1 MID | ... I 


iftGFrp Fd Keh 
Nr« i 


B 1970 101 If_[ — 

Sob. Uar March I. 


*K *5* .2 Commercial Union Group 
277 404 HS SL Hcltui's. i. L'flderstaall. K.'a. 
30.7 +0.4 355 Variable An Ae L’l*J 50.4* 


+u| 380 TSB Unit Trusts (y) 


NEL Trust Managers Ud.? (aKgl 21,L '“ mnr f S , An “ 
lUJton coon. DnrtiJ^orrey. 5811 , brrsB fi el SS , . a,!S (4i 

Ndllfli ..„... — [SS6 62 71 —0.11 547 .tj.rip Aynim 52 

NelstarTlighUtc. - fe8 Slil..-.| 940 JE'tomSSST: r, 

■■■ For New Court Fuad managers Lid. <bi Do upim-. . sj 
see Bottechild Asset Managfoeat - “' hi 

Norwich Union Insurance Group ib> 

f‘DfBox4. Norwich.TJRl3X17. 0803=00 L™ 

™ ■ - »* “? •>*> 5 “ IZSS 

Pearl Trust Managers Ltd. failgKz) .... 


Sl.L-hamiy Way. Andover, Haata. 0=6482188 

Dealings lo 0064 8343^3 


J 35 SL Helen's, 1. L'udenhafl. DCS. 01=837500 

3*5 Variable An .le Up J 50 . 4 * I I — 

^ 1* Annuily i'u-....| 17.36 | .... I - 

Confederation Life Insurance Co. 

C18a ro,ChaRcxwLane,HC=X ill): 01^420=8= 

3H fEqillly Fund-046.3 154 Oj .... I — 


—a -on ia vtqunyv"™- 

563 -03 IS ¥MannK«IFuirf. - 1777 

tit _n 5 793 pemmal IVo Pd... 70 6 

us -Si 7 ^ • 

n.S iio JK* 1 


. |HU J^Vlf 

tou.iu ;n Wnnng Street BeUart. 
,7 . .. . i bill later Growth _ ,|34.9 


Propcrt' fin Fd..] 

yproiLetod In. Pnl 


_ Life Assur. Co. of Pennsylvania rt ~- mm 

" * 304= Nra Bond SLWITORQ. 01 «38385 tlihFd-- 1209 

01 "I 300 Uoyds Bk. x^hft nw ua.’- ggR-ffi ■ ■ ■ |g| 

. _ 71. Itotnbard SI, 1X3. 0! «3 13S8 Prop.l'en.'.Pd.* 204 4 

RvrmpL.. ...f97 9 1D3 0[.| 7R5 Gill Fear. Hi .. .. 9J 4 

rel °- Llovds Life Assurance i)e(wiu«W». Jfo 

0I342M82 ,j 1 ^ajk-ntollSt,KC3M7,.vi. 01 CUfiCM WeriSyde! 

wii ’ ’ - -RitW 1 *;£•: ms^feooj -. - Schroder Ufe ^««p 

ro 11 —... _ l i W 3 Kq B .p, 4 ,{| U76 123 ft... — hnlorpru-IkiUse, Furtxnj. 

_ (Till r.flv pchJJ 157 7 IUO . . — Kqmlv Fl-Ii 7 ...„...l 21 

— „ I.»I4 5 Van Keb 9 140 3 147 71 — Kquil) 2 Fel. T.. J2018 

_ npl 5 Ltopi F«b S . 119 8 126 21. — FquilyXFr* 7... }1102 


125.0] -0.1 
154 ft 

127 3 -O.i 
127ft .... 
20491 T 
176 S -0.1 

2159,. 

99ft .. 
1014| .. 


a • 


Mooeymakcr Fd. -| 9S.B I . | — 

For other fundi, please refer lo Tfie Lonriic It. 
. Manchester Group. 


Windsor Life Adsur. Co.' Ltd. 

1 High Street. Windsor. Windsor 6H144 


Def* 1 * Kent Fd t. J963 1014| 

Prices on -Febniiiiy I 
♦Weekly dcalincs- 
Schroder Life Group? 
Knierprij"- lloiise. Purtxmnuili. 
IXj.iilr Fell 7 _I 2126 1 


Life inv. Plnni-. 
Fururf/Usri Glbiai 
KuturcAu-d Uthibi 
RvT.AAnt Pmi« . 


Hex Im.GroHib. 1)06.4 


4 72 

19 0 
470 
127.75 


— I „ rijdSMan Fi*»j 9 [140 3 147 71 .. t — Ftjmf> 2 Fel. T. . [2018 

I _ npiSDepi F>bfl.|ll9B 126 21 . I — Foully3Feb 7... 1102 

- ixmdon Indemnity & Gni. I ns. Co. Lid. JJwg jnj. Feb 7... H 0.4 

lA=n Th»- Fnri-Ui>. Rradinc r«SI 1. ]„i iTFul»7." .1119 

01-6=05410 Monev Vanacer . 130 0 32 21-O.Ii — Y*Sii:ll Ft'h.7.. 1471 

, MMFfex.M,.. 262 27S J - KftS'X Sr.Frt-.7... 1244 

— j “ Kixral Inl.-n-l . |H 3 1621-0 7( ••• MfijM iFknFi-b. 7 . 1249 

j _ The London A Manchester Ass. Gp.? Mncd3Frt 7 .. . lgc 

nee Tlirlva* FoHcrolimc. Krnl. 1 1*357233 v|!^ SKeh f 115.7 


The Army. Benevolent Fund 


SP High HiOboru. Wf i \ 7KB 
Pearl Growth Fd.. 1223 24J 

Accum Uniu_ 236 * 271 

Prartlnr..... 505 321 

Pwm:ninvt^„. 337' 15' 

• Arcutn Unto' .. . |422 45 * 


Unit Trust Account'& Mgmt. lid. 

Klnc Will film SL EC4R BAR 01 «3 4051 


023=35=31 Corn hi I! Insurance Co. Ltd. 
375ft-121 4 90 .■e.rrtmhill. F.C3. I 


□ 1 603 Klnc WilliamSLEC4R BAR 

-01 603- PWartHT*. Fhnd 03*0 J44 

-n? 69* RiderGnb Fnd..|29 7 3 

-02 514~ Do.Accuol _...133.7 3 

-0 3 514 uq.l.. nn.fi. c„.j 


_ Dept. Fr,.Di*c of York’s HQ; London SWJ4SP 


^Utnuntov- . 4541 -03J 514 mr i Pr .Growth Fund 

Pelican Units Admin. Ltd. ishxi sine wiiuam a. kc4h par 

ALFaunLam&^Manrhruer - • MWao«Rfl Tnrwwl nto [29 7 

Pelican Uni»-178 9 «4.B| *0J| 5.10 Actum Vails-p37 


.-I f-H Credit & Commerrc Insurance Tirolea» Fotkroiiirr.Krnl. 

sailI »»fttaSTWA. k?6 

ift-Mncdtd -11228 132 01 ... I - f FZvmipt Pm P Fd 86 3 

010*4101 miMdri Insurance Co. Lid._ ™ 1056 


'■jtMinl 'ai' 15 -- plIS — | .... { — 

CS >icc Jan 15 M9 0 - .. . — 

Mn nih K«L Jnn 36-tl&S 0 774 0| .... |- 


H=J 


NOTES 


f Evronjit Prop Fd 
4 Evp« Ini. T; 1 Fd 


■- I ** VW ' lT3 « .. MJ » i IrtT Trt.« FWT 


JJOjOfh. Prop. Jan. 


Bft .-t — Flfperl:- Tund_| 


Dfp«SF(t.7 1111 

l'rnpi?rly Frb V-_1477 

r■pry* t!/ 3 hob 7.... 1455 

rsiii 171 F»h r. ua 

KSFn Mr Frh 7 . 12a 

Mn Pri 'V F. h.T ... 1170 
Ma-Pn-3rc Feb.7_ 3192 


1114 . — 

1218 .— — 

1181 . — 

1556. .. . — 

1531 - - 

D .. . - 

8 . — 


196 9| . — 

230.fi! „..J - 


Prices do no! inelii'li-S premium except «ht-(i| 
inrimia-ri J. anil art- iti p.-m-H unless nlhcrwi<<!' 
Indira!c-ri Yields •% ibhoa-n in Iasi cnlilmnl 
iillirit for nil buxine ■•xpen.xrs a idfcrctl pnccs 
nirliid.- all cMfPM'S. *> Tcslm'-- prici-K, 
c Vivid 1 ms pi I on nlfiT pnre d K'limaied. 
K Today ‘ npcnir.p imrr h IilMnhulirui [rex 
»>i t’.K. Iaxv5_ p Fcnmlic premium insurance 

plan* s Sinfil.- premium insuranre. 

i ■"iffiTi’d jinre include' all nvpcnpp. pyerpt 

S ralS ciunraiMinn. • i>I(crr-d price Inrl jrici 
cxpCni-D- i( bnuchi Ihmigb manaerr/, 
r Previmix da; r pnrr t» Yet n| |q\. .m 
realised capjial coins imles. mJi'atprl *>-' * 
5 Guerp'ni cro-s. o Suspended 4 Yield 
before Jcxsc) lax. t Ei-'uM;’ inou. 






















'iPinandal Tunes Tuesday February-i 41$78 -* r 





BY CHRIS SHERWELL 



THE MEDnERKA?-"EAN coun¬ 
tries face a dilemma: they can 
either watch pollution of their 
sea disrupt tin? lives of some 
JOOm. peonJe living in tlie ?r p s. 
or they can try to tak® cor¬ 
rective action so expensive that 
the disruption misht he worse. 

Until January, all but oue of 
the IS states on the Mediter¬ 
ranean concerned with the issue 
<the absentee is Albania I 
appeared to have chosen the 
second alternative. Then, at n 
meeting in Moot® Carlo, they 
failed to agree on a crucial 
stage of their strategy. The 
effect has been to delay their 
plans and. unless they can 
fashion some sort of mm- 
promise, perhaps even nullify 
them altogether 

The failure to agree can he 
explained in a word: money. 
Doing nothing about the pollu¬ 
tion of the Mediterranean would 
he costly enough in terms of 
reduced tourism, increased inci¬ 
dence of di-eases such as 
cholera, dysentery, typhoid, and 
hepatitis, and mntaminatpd 
marine lif®. But the cost over 
JO to 20 years of combating 
pollution in th® coastal areas 
alone is put. pot at millions but 
billions of dollars. 

Such calculation * are in®vif. 
ably full of uncprlaintm?. as th® 
inlernaMonal agcnn'®s which 
produce them would acknnu. 
lerts® EtniaJI:. it is ijnmrlam 
prer»s®l> wh«rp the rnst.s would 
fall, even allowing for a well 


One statistic on the sewage problem quoted by the United Nations 
Environment. Programme is that someone taking a swim in the 
Mediterranean has a one in seven chance of catching a disease 


^imed application of the so- 
called " polluter pays" prin¬ 
ciple Changed economics of 
production can he expected to 
affect industrialists, workers 
and consuniprs. 

AVhai no on® disputes is that 
rhf McditPTraneap is sick. Some, 
have claimed, v.iiher dramatic¬ 
ally ihai il »s actually dying. 
For official- of th® United 
Nations Environment Pro¬ 
gramme il r NPP». whn'h is 
supposed in rn-orrJmaf® ih® 

Meditprcancan strategy-, tli® 

qnr^tinp is whether the. illness 
which ha? afflict®d parts nf the 
Mpdu®rranean for centuries I? 
now- h®coiping sn widespread as 
to h® inrurabl®. 

The coastal populations which 
have srnwn so markedly over 
the past two dpcades are one 
cause of lh® problem. The 
gTOwth nf towns, hnoz-ted by 
tourism, tosrei.hnr with postwar 
industrial growth, have both 
taken thnr toll. The result is 
that untreated nr inadenuately 
tr®atpd sewage from well over 
IPO rnavf.it (owns pijlirs into 

llie Mediterranean. So does 
effluent from refineries, from 
rhemical and «te®l plants, from 
replies and leather and food 


processing works, and from 
thermal power stations The 
amounN nf waste are all ex¬ 
pected fo increase. 

One statistic r »n the sewage 
pmbleni quoted by T.nVEF is 
that a swimmer m lh® Mediter¬ 
ranean has a one-in-scvpii 
chance of ralching a disease. 
Maps nf contaminated resorts 

speak for themselies. Health 
risks caused ifi® closure of S3 
oui of so beache- at Genoa in 
Jfi74. One mile of Tel Aviv's 
nine mil®« of beaches was 
closed in l3Tfi 


Chemicals 


Op top nf th’? the number 
of factories along th® Mediter¬ 
ranean coastline increases by 
thousands each year. Most of 
the polluting works are on the 
northern shore. They disgorge 
an estimated 1 la.onn tuns of nil 
into the sea each year Added 
m Hup ih®re ar® chemical pol¬ 
lutant? carried from inland, by 
ricer. and by wind and ram. To 
many, they ar® the real prob¬ 
lem. According t« one calcula¬ 
tion SO-?? per c«nt. nf the 
pollution of lh® Mediterranean 


deuve* from sources upstream. 

France 3nd Italy are the two 
biggest polluters nf this kind, 
the Fo and Rhone being: the 
ma.ior offending rivers. The 
Phone is said to release into 
th® Mediterranean each year 
30.000 inns of petroleum hydra- 
rarbons. ?nn tons 0 f pesticide*, 
rnci tons nf phenols. 1,250 t«ns 
nf det®rgenls and 24.000 f" 0 ? 
nf organic pollution. 

The atmosphere provides *h° 
chief pathway for lead, mercury, 
DDT and polychlorinated 
biphenyls (PCBs) into the 
Mediterranean. Metals lit® 
lead, mercury and cadmium 
threaten fisheries. Many 
species of fish, for example the 
tuna, contain mercury at higher 
than acceptable levels. 

Offshore the Mediterranean 
as a wlmle is in surprismgiy 
good condition. Tts siz® and 
depth, its ability to r®p!®ni*h 
itself apd mix relatively* 
rapidly, and its paucity °f 
nutrients, all conspire t® put 
well over half the sea at pn 
im/tiedfate risk. At certain 
Dlares. howe'er, things arc 
different. Some 320.000 ion* of 
hydrocarbons are riumperi ®ach 
year from tankers and refinpnes. 


mostly off the shores of o»s 
richer countries in the north¬ 
west Mediterranean. The 
Mediterranean forms only 1 per 
cent, of the wnrld’s oceans; but 
has 50 per cent, of its floating 
i?«J and tar. 

Offshore drilling for oils and 
minerals po=e another threat. 
Thermal power stations, on the 
other hand, at least offer a pros¬ 
per/ of fish farming to he set 
against the effects of their dis¬ 
charges. 

Measured against all this, the 
achievements of UNEP’s 
Mediterranean programme so 
far seem shm. A productive 
three-year marine research and 
monitoring programme is to end 
this year. With the results of a 
survey of pollutants of land- 
based sources it should yield a 
much-needed profile of where 
the pollution is. and how much. 

Establishing th® conditions of 
the sea does not entail agree¬ 
ment on what constitutes ''pollu¬ 
tion." A limit vet for a pollutant 
in one part of the Mediterranean 
may be deemed unsuitable for 
another part because of the sea's 
different capacity to accom¬ 
modate the pollutant Follu- 




Dr. Stjepan Keckes—the Yugoslav marine sdcntistifl 
nf the UN's Mediterranean -action plan. 




When Viking landed on Mars, it 
obeyed commands received: • ■' 
with the help of an NEC 
device". So today we know h 
much more about that 
mysterious planet. Nor quite; 
so. romantic yet also of great'.* 

catpl 1 jf pciL 

Mm H H H ■ ■ ■ A contributions 



savants 


expanding the boundaries of man's 

lr-rSV-iTAT 1 



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given equal priority by NEC. Satellites in the INTELSAT 
IV-A series, for example, use NEC-made transponders. 
These transponders are critical for transmission and 
reception in global satellite communications. 

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surprising because NEC is one of the very few with wide-ranging integration of electronics, 
communications.and computers; 

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employees aren't proud of merely technological feats. They're dedicated to discovering what s new 

and making knowledge available to everyone who wants to know. So the 
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tie®. after all, is a matter of 
degree- 

Pollution is an international 
problem demanding an inter-' 
national solution. Many people 
count it as one of the great 
successes of the Mediterranean 
programme that countries at 'V7-ri 
odds with each other—Greece ' j 5 ^ 
and Turkey. Egypt and Israel;:. $-*?• 
for example—should have - sat ’sJo?#! 
down together to talk’ of pf d 
ro-ordinating domestic policies. ■ 

It is a concrete achievement that 
som.® forms of pollution are now >„k 
banned altogether. An umbrella 
convention agreed by Med iter- • • 
ranean countries in Barcelona., 
in I97fi. which became inter¬ 
national law this week, carried 
two protocols on the prevention, 
of pollution by dumping and on 
co-operation in * pollution 
em®rs®ncy 

The Monte Carlo meeting in.. 

January was supposed to add to 
this further by putting some 
finishing touches to a protocol 
on the all-important land-based 
sources of pollution, thus round* 
ins off a series of meetings'. V' J'J \L ’ . •■» 

bejun m Athens and Venice bltter debate within who 'runs UNEFk Jfedi^lV 
last year. the CoTTnraum ty which has never rarieari Action PUiEiDr^f&pafr ! v 

The precedents elsewhere in been satisfactorily resolved. Keckes, is^ not ! ?'>entlrelj 
this sphere—the Fans Conven-' Both envisaged **black lists'* depressed about the-.autcqjh£xi 
tion on marine pollution from and “grey lists " of dangerous Monte Carlo.. He-sayshewjait' - ' 
land-based sources, and the J976 substances. • classified on the ■ countries to'"'"BppretioW-'triis ■ 
E'lropean Comm/ssion directiTe'fiasis of toxicity, persistence they are. letting-themselva^jg 
on land Bourced pollution— an( j acrumulation. The idea was for. -..In his; view.' nn Hiing ^g 
were hardly auspicioiL*. The i 0 reduce pollution by “black worse than ahagreementsign^ 
convention has never come into list " substances — merenry, but not-ratlBedj' hs ; gie 
effect, and the EEC directive cadmium and their ccenpounds, the Paris. Convention drarA 

■ for example—to harmless levels, straied. • : : . ">. - 

. The Fan? Convention wanted a -' V’.vv . 

them plirmnated altogether, oj JiurpT;;-: 

Some nf the Nine wanted the ■ W 

EEC directive tb . prevent the. Yet the failure tbagtee m^efc 

discharge of dumping of such mot^ than a n^ere iu'atus itt'^tu 
substances altogether, others three - year. -Told^prograimile 
wanted allowance made for the After the- smooth strides 
absorptive capacity of the hitherto, -it-wast/a 'sharp; jpe 
.. environment with “ grey-list» minder of why {an. agreeaa^ 
substances being subject to less may in the endprore extreni^ti 
strict controls. ' difficult to a^iieve. Fuinie 

These complications were meetings are ,)schedul.ed..bay, 
hardly conducive to agreement delay nf, up to a year in fe' 
at Monte Carlo. Bnt worries original programme ; 
about costs were the greater likely.^ A signed" trraty n|» 
obstacle. The 17 states at lmpossible.befqr&^he mi 
Monte Carlo split between .of 13 78. ■ - . . 

developed and developing coun- .■& 3eyond this there are uisggj 
• tries. To developing countries, ambltiona elsewher?.. .Ths^j 
anti-pollution policies look like tent i to the Caribbean/.’.jifi' 
a costly constraint bn develop- Golf, the Red Sea .and oftfc 
ment, designed to deal' with large^ stretches of water. 

•• problems they have not caused, ings have taken-place pf.-ao 
-.. These countries .are also con- pl anne d for all .these ..veta 
cerned that any Mediterranean. UNEP's overall aim. is =:'4‘ 
treaty will in effect, oblige them implemented action- plan, {fa 
tb buy anti-pollution equipment them- by. 1982. The Jfdrit- 
from devploped countries, rem- : Carlo - experience' now- inake 
forcing the dependence . itiey that target look over-optimWfr- 
• wish to escape, and draining The bright aspect is that tii 
further their meagre foreign prospect of .an agreement-£ 
exchanse reserves.- - the Mediterranean has "iii 

The Yugoslav marine scientist vanished altogether. ■ ' i 


NEC 


Microwave transistor 



Spreading the word to the world. 

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- ? d-'was o de d 'wifcb iteowir 
)yrfibol.»* : " >' 
Tfre fymbqlsprojiuced 
jverthe ^ea'reiU^strate. f 
;hfi:w3e vanfity.of . v| 
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nyolv.ed,. .- ^r/'- 
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World's largest ‘ 


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irthar^Smith 

' - lils'’jCdrrespondeni ■ 

DF - ^" "upturn Ifi 'econ- 
aetlvits* in the "Midlands 
befti^apparent-^for" some 
|jut confidence is stiir ladk- 
' «i]lj[.at growth in output this 
dll be anything other than 
Certainly the' business 
Tias; improved \vith the 
" Ytaeitfs Success in holding 
: Tte : 6n : pay awards;"‘hut 
* are no " indications ‘ that 
dfl" have * any significant 
■ t ■ Aipo'rr investment and 
' ymeifti'' •' “ 

1 ‘ > regifln'with its highprb- 
•. n of manufacturing iridus- 
•and ■■ imafce ■' of ’ brash 
;rity. "has emerged from 
*; ioh~ somewhat tfhastened. 
• pldymVtit levels are once 
; - below the national sver- 
ut : a -'downturn Which-saw 
.uihbet-'df jobless! reach" 
if records and Witnessed 
.... fiifandil ; disasters- in 
ef,‘ British Leyland. ■ and 
.. .I Herbert'; • has 'left - uts 

eraiisfttion ■. is: obviously 
"It Jor.'fl "region - as 1 diverse 
; the.Midi finds: stretching 
" market 5 towns, such as 
' ’ ‘ tr£ arid Hertford, on the 
bbrders.-across the indus- 
teartlsaKl of the country, 

' mds eastwards - to: the se& 
towns bfv Skegness, and 

-thorpe. - * Regional affinity 

ch less pronounced than 
» North East or North 


f'Wesfe pdppIe .-oiE ^thev^IidlaiMis 
tend to relate xdore to their own 
locality,--whether the JPoueri es. 
the: Black' '.the Bir- 

^ingham^venfe^iiantirbation. 
or commeffiMlf-Centres of 
Leicester and NoStiagbam. 

Unlike the :West;Midlands 
with-ife cwnniitfteirt auto¬ 
motive industry -Eastern 
-half of .the. region can claim 
a more. broadly- based, economy 
embracing not only, one of the 
most prosperous agricultural 
areas in Europe,- but also one of 
rbe most- efficient coajtfidds. Dis¬ 
covery of -new reserves;. in- the 
Vale of Belvoir will add to The 
importance -of Midlands cot 
. lieries - which - already-.rank as 
UJC leaders in output d>roduc- 
tivity^and profitability*- - 
.. ‘The region’s stak^ in the 
energy industries is- underlined 
by the ring of-modern coal-fired 
power stations a]ong]the. Trent 
valley which providesnearly 20 
per ;-,cenr. of the -'nation's 
generating capacity;,.: ";/ 

-.-But-it is the automotive in¬ 
dustry, and British'Leyland in 
particular, - that ’prompts, most 
discussion in the region. The 
rate at which the icars group 
is turning- out vehicles;ean have 
a. marked- effect upourthe whole 
pace of economic activity not 
only within . the Birmingham 
wnmrbation but beyond- Com¬ 
ponent - suppliers and the.sup¬ 
porting engineering ind metal 
•trades . have' ' already.. made 
effort* to diversify away- from 
reliance upon. Leyi&nd; and to 
rai se exp o rt ^sales. " ■" - - .. 

Output 

• News ■ • that -Mr. i^'iSichael 
Edwardes,*the new cha irm an of 
British:Lev]and. had ctit output 
targets for the curren’tyear by 
20:per cenl. frcnp tbe more than 
lm. '.vehicles projected under 
the original-Ryder rescue: plan 
caused little surprise-within the 
components sector; Most com¬ 
panies had anticipated such .a 
move. ‘ 

Of * more significant are Mr. 
Edwardes'- forecasts for the 
years up to 1983 which suggest ’ 
Leyland will achieve; only, an; 


Over the past year industrial activity in the 
Midlands has improved, but there is still 
excess capacity in many sectors and no 
great confidence about new investment. 


1MN 


— :■ — ■ .nyu'W'iiy . Ill| i | . l 


average 25 per cent, share of 
the U.K. market and an-annual 
oil t pul Of around 800,000 to 
900.000 vehicles—projections 
which offer little prospect of 
growth for the suppliers. 

The foundry industry remains 
unsure how much wo.rk it will 
pick up even jf Mr. Edwardes 
goes ahead with the expected 
decision to cut Leyland’s £110m. 
foundry, .modernisation . and 
expansion programme. The 
main casualties are expected to. 
be plans for a new ferrous 
foundry, at Wellingborough, 
and an aluminium plant, at 
Leeds. 

The inevitable re-phasing of 
investment programmes which 
must follow Mr. Edwardes' 
review of capital spending will 
have an impact upon the 
region. However, consolation 
can be taken from the fact that 
the go-ahead has been given for 
the £250m. project to produce a 
new small car at Longbridge, 
Birmingham. during 1980. 
Priority has also been given to 
the new middle range car, 
scheduled for Cowley, Oxford, 
in 1982; expenditure on this 
replacement for the Allegro and 
Marina models is expected to be 
well over £300m. and much of 
it will be incurred in the Mid¬ 
lands. 

The Midlands machine tool 
industry, which has passed 
through its deepest post war 
recession and is still working at 
only around 80 per cent, 
capacity, has received assur¬ 
ances from Leyland of spending 
of between £50m. and £60m. in 
each of the years up to 1982. 

Of Leyland’s problems, the 
issue which has excited most 
controversy is that of redundan¬ 


cies. Mr. Edwardes has 
announced he is looking for a 
loss of at least-12,500 jobs this 
year. Given the low morale 
within the company and the 
high.labour turnover. There is 
no reason why such a shakeout 
could not be achieved through 
voluntary redundancies and 
natural wastage. The impact 
upon local unemployment levels 
will be minimal and it should be 
remembered that Leyland Inst 
around 17,000 workers during 
a similar exercise in 1975. 


Decision 


There is some good news for 
the Midlands motor industry 
with the decision by Chrysler 
U.K. to produce its new mini 
car, originally scheduled for 
Lin wood, Scotland, at Coventry’. 
The front wheel drive car 
should go into production at the 
Ryton plant next year arid may 
serve the whole Europe market. 
Output is likely to be perhaps 
treble the 800 Alpines currently 
produced. Introduction of a 
night shift and additional 
recruitment would take the 
Ryton labour force back to the 
levels preceding the 1975 
financial collapse. 

Unemployment levels through¬ 
out the Midlands are expected 
to remain fairly stable over the 
next 12 months. One black spot 
is likely to be Corby, where 
British Steel Corporation, the 
principal employer, is hoping to 
shed around 1.200 jobs. 

The latest survey of business 
intentions conducted by die 
West. Midlands Chambers of 
Commerce, though more opti¬ 
mistic about orders and profit¬ 
ability, indicated that few com¬ 


panies, were considering taking 
on new labour. The shortage of 
skilled workers, which has been 
a feature of the Midlands 
economy even during the reces¬ 
sion, conunues: bin few firms 
report that it poses a constraint 
upon production. 

There is sun widespread 
industrial spare capacity 
throughout the region but the 
pattern is mixed. Many com¬ 
panies which experienced a 
steady expansion of output of 
between 3 and 5 per cent, last 
year expect the trend lu con¬ 
tinue. Sectors performing well 
include ceramics, motor com¬ 
ponents. and diesel engines. 
Industries, such ns carpets, tex¬ 
tiles and foolwvjr. hit hard by 
recession are showing siiins of 
recovery. 

The capital goods and heavy 
engineering sectors anticipate 
only marginal growth in the 
current year Manufacturers of 
consumer products, with the 
exception of motor vehicles, 
take a similar view and hold 
out little hope that even a tax¬ 
cutting Budget from the 
Chancellor will provide much 
improvement. 

Mr. Eric Sxvainson. managing 
director of Imperial Metal 
Industries and chairman of the 
West Midlands region of the 
Confederation of British In¬ 
dustry. maim a in* that there is 
lack of confidence about the 
outlook for U.K. demand. He 
also points to the slow growth 
of the international economy 
as an important restraint upon 
exports. 

-Midlands companies enjoyed 
particular success in overseas 
markets last year, but expect 
the rate of growth to slow down. 
Quality and speed of delivery 


E eld < ' L ' nco,ri 
^Ewark 

■ .. ''^tv. Boston 

ingham • 


Skegness' 


?« *Bainsborough ^Ldutlf 

: >25i 

v MRwark ' 

fln .. Boston' A 

v. 

, Grantham 

. 'X 

(borough i : * Spalding^ 

. Stamford'- Jr 
icester - 

L iti -**—tj >4 r e WT ' ■* 

^ ugh B Borby^\- tnal 

v j.wmm 

'■Kettering - 

jl/ rtT 

_ IL Warwick Leamington spa P* 

^^Lsste, , r "^Northampton 

“• . A re : 


'Oswestry 


Shrewsbury 


1 Leominster 


are regarded as important as 
price in meeting international 
competition. 

Against a background of 
fairly sluggish demand, it is no 
surprise that companies are still 
taking a cautious attitude to¬ 
wards new investment. Midlands 
industry has used the past two 
years to rationalise production 
and seek productivity improve¬ 
ments. Much of the investment 
taking place is not to raise 
capacity but to replace man¬ 
power with machinery. 

Many companies which have 
halted investment in order to 
wait for an improvement in the 
economy may be forced to spend 
this year merely To replace worn 
out machinery. However, even 
with inlerest rates at dramatic¬ 
ally lower levels than just 12 
months ago. banks report that 
funds are not being taken up. 


The role of Government has 
been important in bringing 
forward investment and stimu¬ 
lating modernisation. Assistance 
offered under the 1972 Industry 
Act has prompted projects in 
the foundry, machine tool, and 
clothing industries. Particularly 
successful was the accelerated 
investment scheme whi.ch has 
set in motion projects worth 
•£25m. in the East Midlands and 
£75m. in the West. 

But the factor which has had 
the greatest influence in im¬ 
proving business confidence in 
recent months is the relative 
peace on the industrial relations 
front. Fears of industrial strife 
and a wage explosion have 
receded and many employers 
would admit in private how 
pleasantly surprised they have 
been at the tough line taken by 
the Labour Government 


Most companies have man¬ 
aged -to settle within the U» per 
cent pay guidelines laid down 
by the Government; in negotiat¬ 
ing productivity deals em¬ 
ployers arc looking for genuine 
improvements and have wel¬ 
comed the opportunity to intro¬ 
duce incentives Into pay 
schemes. Pay anomalies and the 
problems of differentials remain 
but at least there has been suffi¬ 
cient flexibility to prevent any 
outbreak of damaging disputes. 

Midlanders pride themselves 
that, with their high proportion 
of manufacturing industry, they 
are at the sharp end of the 
economy. For the moment no 
one is making any bold state¬ 
ments about the future; it is 
enough that things are a lot 
better than they were just 12 
months ago. 




T 




mm. 


with"industry advisory 
jroups-...: -J ... 

_ AlXjpaxfc of t&eJTF 
Service that brings - 


IMlHi afKIIMj: - 


- -..--ft-. -/■ 

'•*'/ %;■. : ;>v ^ Ti . 

r'V' *<:;■ r'-.-::: : ‘ *• -' 

'■ ... 

• . r‘c, r ^-'\ sir*:-:: w* : • - • 


f- '. ■ si s ii S 


TheWhys. 


More and more people are 
discovering the convenience of 
our routes and timings from 
Birmingham. They’re finding they 
prefer our friendly service.. 

Other airlines, too, recognise 
our high standards of efficiency. 
Twenty-four international 
scheduled carriers have already 
used our Boeing leasing 


service— earning valuable 
foreign currency for Britain. 

These are just some of the 
reasons behind the continuing 
growth of Britain’s second 
largest independent scheduled 
service airline. And why, if we’re 
going your way, you should fly 
British Midland. 


And theWheretos 

BIRMINGHAM—AMSTERDAM 

BIRMINGHAM—BRUSSELS 

BIRMINGHAM-FRANKFURT 

BIRMINGHAM-LONDON ^ 

(Heathrow) ''^BpsgsWx 

BiRMINGHAM-JERSEY 

BIRMINGHAM-GUERNSEY XHis 1 


British Midland-lP^^ 

The friendly independent 

British Midland Airways Ltd., Birmingham Airport, Elmdon, Birmingham B26 3QB. 
Phone: Birmingham (021) 236-0121 or (021) 236-2461. 

































I- 


iFinancial: Times Tuesday February: 14l 1978 f r 


H 


THE MIDLANDS II 


Hidland Bright Group 

No.1 in Bright Drawn Steel 

Our three companies — Midland Bright Drawn 
Steel, Hemmings and A. E. Godrich & Son— 
have a capacity of well aver 100,000 tons of 
bar and wire annually. 

Freecuuing steels. Mild steels. Carbon steels. 

Alloy steels. Wire. Stainless steel. Hounds* 

Hexagons. Squares. Flats. 

In short, a drawn range — up to 4'diameter— 
that's unbeatable. As too is the quality of 
every single one oF our products, thanks to tho 
advanced procedures we use throughout 
production. Our unique range of production 
equipment ensures that we stay number one— 
and provide you with the best posable bright 
drawn steel service. 

MUandBngttDnaimSKd United AEGoftich&Son United 

RicibbowJ Waife. BncMamse Ume. Wwl Street. ASM.Bmnnijhain 

VfcStBRSnMte&BTOOOk. B6SS8. V 

Teluphone: 021-5574871. fetapflane 0210Z7 IMS. - 

TStw:338911. Id ex.338755. 

HemrmuBS Unwed 
Grange lone: SbeneMSSOM. 

(074 1 5)3225. A Member of the GEI International Limited Group. 


Tasks for motor it 

ENGINEERING L\ T the Mid- well over IOU.DOO units a year switched to the Midlands away weakness had been.highlighted' vehicles. 


ENGINEERING L\ T the Mid- well over IQD.000 units s year switched to the Midlands away weakness had been highlighted vehicles, made under the which is much more highly een- 
lands is dominated bv British to about 40.000—dunns the re- from the group's plant at Lin- by the dramatic collapse in the Jaguar-Rover-Triumph name, tndised. ^e qu^on now 
ianas is aominatca n omisn isatl011 of its prot juction wood ._ wLd This will market to an all-out ens is. Ley- and another for components, is whether this, will rem vigor ate 

Lcylaod motor group, both as rollow j n3 the Govern- * °° d • " JEji land is now fighting'with its Some of tb*se companies will the Leyland management. -Some 

a customer for component sup- rescue package. A large p *. 11110 ™* “““ aaoth * r back to the walL It has reached also have their own sub-groups, extremely difficult problems re¬ 
plies and as a buyer of sophis- proportion of components soing medium-range car, based on the a po i n t, in terms of production Components; for example, will “lain to be sorted pot. Edwardes 

ticatod machine tools. It is an into Chrysler cars to-day are successful Alpine model which and market share, at which an- have a Pressed Steel Fisher has already stated that the cora- 

acccpted Faci that the decline of made in France rather than Chrysler now makes at its Ryton other serious hiccough could division for hodywortt manufac-"pany - . must shed -ahont '12^500 
Levland has weakened the Mid- Britain—more than 50 per cent, works in Coventry as well as at send it into an irreversible spiral turing. and JR.T will have a unit workers this ■ year,- and there 

S. r*»i,w at present. Poissy m France. of decline. for Land Rover and Range must be many more jobs which 

mem has become more difficult Both companies, rescued with- At the same time British Thte reasoning *£" 1 n ^ DeSonf aL^ha^'to' be 

to 'find some components com- Vta^t^crosT-riads! teStt'ctidf£tbSSeS EdwSfes^the new’chairman, havTfuiT profit*:rSKibiity. the jguemr^pf Oie 

panics have come under pref. VBither ha _ reCOvered suEB- management at the top with its has been spelling out to thecom- w jth control over its own Protacttoi? units.• 

sure, and the tooling industry J.. ent]v to be a „ ured Q f a investment plan more or Jess pany*s workforce and the British marketing and production l*n d - Several of 

for the motor sector has been in h UJ ; V rutl , re . nor has cither intact. There will be some public in the last few weeks. He engineering- Edwardes has 

sad decline. slumped so far that there trimming on some projects, but has tried to establish much, more tried to give the managing do not appear to be economic 

These problems have been * b p hope for Ule future. the model line-up identified In realistic targets for Leyland directors as much authority baas of 

exacerbated by similar difficul- nup ^ u, e Ryder report has been Cars to aim at during the next within their own separate ^fads, and there is a case for 

ties encountered by Chrysler ho far both the BL and . meaning that few years, rather than fighting domains as possible. But at the dosing them down. Question 

11 W- 'Thj- nc^oH Ch rater rescues have led in i^eiy enaorseo, meaning tnac tn rota i» TT__ „-marks also bans over^the 


exacerbated by similar diGScul- _ ** 

ties encountered by Chrysler __ So far both the 
U.K. This U.S.-owned company Chrysler rescues hav 
has reduced the number of than was orlgina 
vehicles il makes in the Mid- in terms of revitahs 
lands quite substantially—from areas of influence. 
-- - —--j for example, has 


WEST MIDLAND OFFICES 

TO LET , > 


1 

Z- 

* : . I 


fl-' ** ' . _ 





--------r 7 :•\ v.»- 


BIRMINGHAM 
CITY CENTRE 
ATTWOOD HOUSE 
26,400 sq.ft. 

luxury air-conditioned 
offices with 
car parking, lifts, 
solar glazing. 


Sole Agents 



ST. JOHN’S HOUSE DUDLEY 

Modem town centre offices 
25.7S0sq.ft. 

# Air-conditioned 

# Lifts 
Carpark 

# Suspended ceilings 

# Carpeted 

V Suites available 


in more work as its activities 


Joint Agents; Grimley S. Son 021-236 8236 




DORCHESTER HOUSE 
HALESOWEN 
66.000 sq.ft. 

❖ Central heating. 

5 ^ Car parking 

❖ Lifts 

❖ Direct access to M5/M6 
Available in suites from 3,000 sq.ft. 


Joint Agents: Elliot, Jones Martin 021-236 8811 J. Trevor & Sons 01-629 8151 


ker 

EstabRshed 1820in London 

29 St. George Street, Hanover Square, 
LondonW1A3BG 01-6299292 


.; TerryDodsworth 

PetCF'Cartwright Motor Industry' Correspondent 







iWW''* : 

i __ 

ws nja% V 




1> f ^ \ 








'K ■/ * ^ 


•• - i 




» fi 

*Jk 


Our financia I help can come iiiaii shapes and sizes. 


For ncarlv fifiv vears. Forward Trust has been Fr 

helping indusiri’ wi fh the finance lor new vehicles, helped 
computers, factory- extensions, plant and for nev 

machinery... . inaehit 

In most cases, workinji out a rmaneial ]) < 

package that's tailor-made for each company— sen. ice 
jarge or small, private or public. ' 1 '! 


Forward IVu>t personal loans ha\ e also 
helped millions of people ilh the money needed 
i'nr new cars, honie improvements, washi 15 
machines, even holiduv's. 

If you'd like to know more about any oi our 
sen ices, just call in. 

There's a neiw ork of branches ihroushoul the 


Ami w c have d M ol experience and resources countiy. So ihere '" 5 sure to be one near you. 
lo draw upon. After all. we re part oi the Midland Or post the coupon and we ll put \t»u in touch 

Bank Group and \s e ve been in the business with our Reuional Direeior. 

> ' nci ^p t ~ l ! i ia[ c jusi ton line nurscivcs w helping {Q F©rwwar«3 Trust 

industry. Vnrranl Tnj<; 


car production is tailing years, viriuauy an ot wmen win uroaa uase as a juauuiatwrer uibuuc luamuiu year . Revamped models 

between 400.000 and 500,(JGO be spent in the Midlands at with an interest in both toI nme vanced engineering, and f 1 ® 31 '^ on the way. but the eumu- 

units short of the Uni. level on Longbridge. Birmingham, Cow- and specialist car manufaetur- chising. Leyland will continue ‘effect 0 f -bad publicity 

which was based the prediction ley, Oxford and Solihull near ing as well as a range of unique to have two main franchises, one been damaging *he 
of sales in the rescue document Coventry, along with their satel- four-wheel drive vehicles. For -for all cars up to the Rover coinpanv anjj ghsund lo s t'will 
prepared by Lord Rvder. lite plants. But the question production purposes he will and the other for additions to ndt Be'recovered'«asUi ?w r 

However, on the positive side re raains whether this will be break this conglomerate of the line such as the Jaguar, - Chr ^ sler VJ £ -* k sirniiariy 
bolh these rescue efforts, with sufficient to keep Leyland in interest down into smaller units four-wheel drive and Sherpa w „ Bhino . hnrri in «i e tjjt mar- 
their heavy money c->mmit- anything like its present shape based on three mam areas. ranges. - ket, where its image has'-suf- 

ments. remain intact. Indeed in and 5IZC - One will be for volume cars. These moves have .created a fered equally from the effects 

Chrysler's case some of the In contrast to three years ago, made under the Austin/Morris structure more similar to that 0 f ^ad publicity over the past 

planned investment is being when the company's inherent name, another for ■ specialist of General Motors than j)f Ford, three years. The Ryton plant, 

. . however, has recovered substan¬ 

tially from the effects of .the 
4 ‘ 1975 collapse, during which it 

Component imports sk-s-I 

-A. -A. teremely good output record 

since then, will be receiving 

LAST YEAR for the tir?r time of the home car producers to like the Allegro. Granada and ary industry dealing with another new car next year, 
in over a decade imports of defend their U.K. market against Capri, which have been ttans- clutches, brakes, shock ab- similarly, the Stoke plant in 
components and accessories Japanese and European com- ferred for manufacture to the sorbers and, increasingly, with Coventry is'gradually gathering 
began to eat into the lead pelitors. But it is clear that Continent, are made with electrics. In contrast the French more work ^ lts aC Hsities 
establish'.-d by exports. This if the changeover in the British parts, it depends very market Is strongly^^ regionalised. more dcgely Unkeifwith 

narrowing of the surplus of imports/exparts situation is much how you count exports and wholesalers are apt to boy- cijyysier’s needs in France" As 
exports over imports u ex- confirmed as a new trend, it and imports as to where the cott products- from other ^ pig^ which’Have become 
peered to continue for ai least will become increasingly diffi- balance of trade lies. regions, especially if a supplier c j 05ely associated’ withthe 

another year or two. and such a cult, and perhaps impossible. Imported car registrations.has for is trying to create) his fn, n t-wheel drive expertise tte 
reversal of the previous strong for the industry as a whole to last year took 45 per cent- of own distribution network. T^ere gm™ has in Frmce their 

trend has wide implications, earn £2 abroad for every £l the 1.3m. U.K. market, and are no national chains in ft^re seems quite sound_ 

especially for the Midland*. worth of imported vehicles and there are well over 2m. foreign France, and they have existed m ij C k sounder than anyone 

About half the 200.00U or so parts. cars on the roads, or about one in Germany for less than 20 wou jd have dared suggest two 

working in motor industry The collapse of British Ley- in seven. Only the Japanese years. In Italy the scene is years ago. 
supply factories arc employed land and Chrysler has handed (and some of the negligible im- different again, with the tradi- Leyland and Chrysler 

in the Midlands, and of those a substantial share of the ports from Eastern Europe) do tion of repairing,, rather than will, of course continixe to walk 
more are to be found in supply- market to importers, whose not incorporate British-made reworking, still dominant. a tightrope for several’ years 
ing factories than in the L^.K sales have been running parts. Volvo, one of the first Leading British suppliers, yet Yet as car sales through* 
aMsmbly plants. Together they at 40 per cent of the total, to- buy British, has around 25 manv of which, tike GKN. Auto- out Europe have shown in the 
represent one in ten or the blrikes.at assembly plants and per cent, content, and leading motive Products. Assodated past ten years there are'still 
manufacturing work-force in Uie in the supply factories last year component makere are supply- Engineering, Lucas, Wiimot plenty of opportunities open to 
region. This high dependency siK-ed another 400,000 vehicles mg ail the major fhiropeaiLi^en Sd others are Mid--4gres!^ 
on the automotive' industry off the buUd~twice as many producers with a growing lands-baied. have moved into STso long as they do not 
makes the legurn s. economj a* did the three-day week, volume. Volkswagen, BMW and wor id markets, and particularly cut their own throats with finan- 
susceptiblc to the kind of major .omponen suppliers have others are all stepping up their in Europe ; t0 ^ extent that -dri bSSSmSd Shotgun- 
trends now occurring. therefore had to contend with requirements as raulti-sourcmg a third to half the profits are rest ~ “ 

This is not to say that the* ** reduced ^ offtake for home (which also involved” U.K. coming from' overseas^ . *. nr» .. n , 

components supply sector is not market vehicles and watch the vehicle assemblers buying . . .. TcTTy x/OuSWOrtH 

prospering. Last year shipments growing internationalisation of abroad) spreads. Jr^er’CaTtwrigtlt Motor Industry' Correspondent 

overseas rose by a creditable var building further reduce the The Japanese have r pm^i ppri . .• ■■■■ .' ■ -:- . '. 

22 per cent, to £l.B4bn. But .home base potential. aloof from t his trend except m | 

imports, which in 1976 had frjorAilCP a minor way, like taking Jersey 

registered a massive 43 per lIIvIv<loC Kapwood seat coverings, Lucas 

cent, increase, went ahead even This has resulted in a big headlamps, and manufacturing 
faster last year by a shattering increase of imported parts into under Automotive Products and 

66 per cent, in £756ni. This this country. The Chrysler other licences. And there is vir- 

meant that the balance of trade Alpine is assembled at Coventry tually a nil content at the 

came to £SS4m. Iasi year com- from parts that still come moment of replacement parts, 

pared with £S90m. in 1976. thr mainly from the associated which-represent tne more juui a- JMHIHBH 

first time in recent history the Simca plant near Paris and-will live side of the business. Natur- Bimiingham means - .■> 

expon balance has failed to continue to do so until the com- ally every car maker does his C3ty at the centre of England;.. 

grow. pa ny can meetjts commitment utmost to follow sates with 28 million people within 100 miles- radius. 

Tm? strengih nr fhe com- nf switching 5» per cenL of replacements from the country Rlmriniiham means 

a&r-s «“.iiTS 

in srww a healthy export surplus bringing in more parts for ence of do-it-yourself repa,rs a . an intwnaupna airport ... . . # 

and ea>;ly m the inability'assembly here, and while models growing feature of the after 'Birmmgham means ;T 

raarkeL in which users are Heart of Britain's'rndustriar.mi 0 ht...skiIf 0 d labour with fine ; Z 

more interested in tne price traditions of craftsmanship. 
than whether spark plugs are Burmnghara means 

Japanese to go with Datsuns or International sendees for finance, irwurance, marketing.The city's 
wiper blades French for size and significance gives the facilrtfes expansion .demands-like 
Kenaulls. the etty-sponsorad National Exhibition Centra; 

The imported car replacement. . _■ :_, 

parts market is estimated to hr* - Kfiwnfllwirt means- . . . •• 

currently worth £350m., but in . SpecaacuJaradmimstrat.veand commeroal grovrth.y.pvrpose-. 

J. i f many instances is not yet big built offices available at competitive rates. ’ » 

_enough for British component Birmmghammeans ’ » 

M suppliers to-tool up for some . The log^.centre-forexpansion.' r.^V', j 

'n$i 'Jr \ ol tne more sophisticated Items, i .CentraGty...accessibility...skills^in abundance...udfomational J 

. althjugh this is beginning tb ' ?e nrices...comm^ciaI growtii,; > ■ ?'"• ■[ " ; -I 

; happen. The Japanese will also . ■ . 1 : . ■ 

1 / , 7 7 , ''l be coming under much heavier : . VIam. Pi^wsrhow - Birwigiiam'oiBflns ) 

J — j ffWfWfRjq gg3BM [ iWjiVk O f M‘ pressure to fit batteries, tyres, ■ ■1115 irttBrhusinissforyiw.'." 

Ey a n~ Vi I I t!. I j II' M —* —Tf apark plugs, windscreens and Gatfaa-packed brochura Sinhingham -nwans busmessi 

A 1 ■ uiher similar items (Lucas may it write to.The Comnwrciaf tiffioar. CStyof Birmingham Estates 

>V ’ ' I later tit headlamps over here Department i Duchess.Pteoe-Hegtoy Road Birmingham i B16 SAID 

f • I-k^rn -I)PKM41 instead ^ of^sendfog them to TeteiAbna; ^ S21 : 23B3682•" ’ f . • 

^ —“^■^T 5> a*. In one of the most significant ' 

British Ley land's Uniparts divi- y . ~z^Z —■— : —:- *’*• . 

--> ^cMsrar Mve^centre 

W r ' ■ ' : ^ ^ ssTuS^ s!Xr“«"s ^BIRMINGHAM 

r’ 5 ' a*** •• of prc:..ti £30thn. annually, , . . ■ ■ . . - 

® 2 y - a third of which follows its own —■— ; -rrr— ■ - -r^rrrrr 1 —r rrrr —r— ■ — 

$ :■ s.'HP • and other British cars into ; ^ ~ . 

— 3 S r of m thS“nw-^ w?n P S n f fl complete design and 

I* I &' Uou l - hl 10 I Lhe of origin. Iff -li. iff manufacture of Jigsand . 

Hz?— »f; r t - « 7* such as Japan. The division _ ( 

—’ : " markets 180 ,LOO different spares fixtures to suit every need m industry I 

< and is extending i-ts. retail out- - • _ • - 

lets here and overseas—50 shops 
— ■' in Australia alone were recently 

acquired. When it considers 
TJW ]s • 1116 tlmc ri3hl il is Piwwlng to 

QlMB QIlir 3 nuke some P ar ^ ror foreign 

MiUt vehicles, which means that it 

EL _could be competing head on 

llso \~~2i SkHZ! vZ'S^: S3BSS SSESB which some of its suppliers to — , _ . - : t 

nnrriM ' ^ . Rs Austin Morris or Jaguar, wiio Manor Road.Atherstone, Works. TeTr082773991/2/3/4 l 1 j 

: To: Forward Trust Limited.Bankers, H also are waiting for replacement ------^-:— -—-:-:■ ■ - i 

[ MarlcctingDivision.P.O.Box562. ^ volumes to reach the point . --- . ■ ; ~ ■ — 

Birmingham Bl5 lQZ.Tel:021-4546141. where tooling up can be con- / --- ' . ■ ' ’ ^ 

'■° l0ur ' . ... rdlite«odiscu»vourfin«ncc. W “nuSb success of' Ariel HmiSP GOflChgi- 

. , facilities. Plca-se put me in touch \Mtll your |§ British suppliers is basically . .- lfifartetaff ■’ 

photic no ^ Regional Director. due to assessing the opponuni- '■ - -a'anwa^ 

Si ties and exploiting the potential * ■ IHlMl KH VI . .towhnecav aeT 

1 in touch ^ Ot markets here and overseas •- 014500179/ - 

— • 11 ' L -ax well ahead of the opposition. V#iXy vplIUC Frodk.j. 

B ^a : -^ ddrcss -i T he reworking of ^components « Ifi rAfi h ' r „V f . . Ok Pepper 

ISS " —-—- * ,s .. a , n more %9UOl9 f OOUSq.n ^ QSons 

ts widely followed on the Can- .. V*, 

. 7 - „ Unent. especially in Germany. PreSt®eNewOfnceslbLet. 

«--*■ - SSl; 3SS which has a substantial second- • - . • 02T6439761 


r*ri«wnx^ - 1 
iv* 

&±JLJLJ r t »v. 






ISHOMjdChT 




V ^ - Lf . . 




-y 

■ < .- s 


. Birnilngham means - ■ •> 

City at the centre of; England;..-' — 

28 million people within 100 miles- radius. 

Blmiingham means ^aucHnilljlLffifc.-_j 

Hub of the nation's motorway and Inter-city rail systems... with 
an international airport ... 

'Birmmgham means . ' ' JT 

HWut of Britain's rndustriarmi 0 ht...skilf 0 d labour with fine Z; 
traditions of craftsmanship.' ' 

Burning ham means 

International services for finance, insurance, marketing.The city's 
size and significance gives the facilities expansion .demands-like 
the Cfty-sponsored National Exhibition Centre. . 

Bamingham means ' . . _ 

. Spectacular administrative and commercial growth'.purpose-: 
built offices available at competitive rates. . * 

Btrmmghammeans " ;£C” V - J 

.'Ihetog^.cerWforfflipanskm. • j 

'. Cwitrafity... accessibility... skills in abundance... idtemetkirca! > 
services...commtfrcja.lgrowth:- '■•' j 

WteCte tiw^rhow' BuTningharn'meens } 

' |'||Vr beMffl-busHiassforymi."-' 

GaVtfw tea-packed brochura Bimitngham tnaans business. 

Ring or write to ..The Commareiaf Offioar, City of Birmingham Estates 
Department 1 Duchess Place-H8gtoy Road Birmingham-4 BIS 8ND 

■ Tetephbnar 02t ; 235 3682 . ’ f . - 

. . _II’ .r 


nyiTTr ja 

icity at the centre 

iiRWHNGHAM 


offer complete design and 
manufacture of jigs and 


fixtures 


fyllrcngeof 

BURGMASTER 

turret drills 
available 


in industry 


tt?3! t!2S3 S3SSS 

^ To: Forward Trust Limited.Bankers, *2 

~ r Marketing Division.P.O.Box 562. ^ 

Birmingham Bl 5 lQZ.Tel:021-454 6141. § 
T f 'd like to discuss your finance • jg 

lari lit ies. Please put me i n l ouch with your |a 
—. Heaional Director. 

M 

b. Name-!-^ 

- .^ddrg?S— - -- H 




UwDHJjapnaj^^eriaiafaa of yourf»oi«tl«« »rth«jt - 
dbmAhquptut. 

fapttrttenntlorwidoB' • , 

TBfcm’ofeC ibaut ttw rowontol 
ImmiBsaMiw tM^^i^ialinnsraSranR. '1 
DECalnvadMwiadatagfi]^ ; 

fliEtii. DESIGN ENGBQEERm^ j 


Manor Road, Atherstone, Warks. Tel: 082773991/2/3/^. 


JototAgms 

Goochs ‘ 
VWagsstaff- 

-fi'iZKIrttSBtwi 

.lowtanecaveer 

OHSOO.1797; 

Frodk. J. .: 

eg Pepper 

vriSons 

rt-tonpfeSbwrt i 
BbnmsiiMRBKSOE ’ 

021-6439781 


Birmingham 

City Centre . 

^900-19,5Q0sq.ft 

Prestige NewOffeesTo Let 


area* oi inoumo. ‘J*’ vamps PoremoforC main-Board executivevice^hau- ine mu is.maue. -- 

for example. ha s no. >ct P Jl SrBUlClCrS man (Edwardes himself at At the same time as solving 

reached the 57 per cent, level Investment m these cars, • Dresent \ whose iob it wiU he these difficulties Leyland has to 

af U.K. component buying along with tbe Land Raver and Tbe ™ a 4Lj ,ar ^ xet ^ r * v ri^ im to i QO v Lfter the whole of- the m ake Some impression on the 

which was suggested as a Range Rover expansion pro- which Mr. Edwardes intends to “jSff U.K '.market, where its share 

target for ihe end of last year gramme, could well amount to work are already clear. He is “ r mieresu*. fell to 21 per cent in Janizary 

in the rescue agreement. BL’s about £lbn. over the next five aiming to maintain Leyland's These centralised functions. from an average of 24 per^ cent, 

car production is falling years, virtually ai! of which will broad base as a manufacturer include industrial relations, ad- 1ajtf year . Revamped models 

lim I1/1A fUlft Ito cnnrtt in ffia LfirlVenrYo at with art irttoTVCf in hnfh imlirmo CJinrPff Anpinefirinp. and fran- - - 


rz 
& » 

£ ^ 
i V * 

l,:. .t, 

fe ? 

fe 


it ? 















3 


THE MIDLANDS III 


activities 


Mr. Tom O’XaJley, the managing 
director says: “The consumer 
business has been relatively 
subdued, it still hasn’t blasted 
off at all, but I think there are 
signs that it’s picking up. If 
there are significant relaxations 
in the Budget, there should be. 


EENGTHY- is" the list of 
eial . institutions ■ •which 
v moved into thb 'Midlands 
Jfiiiig Birmingham, Britain’s 
ond city,” like a mini City 
london—that some- people 
. wondered in. the recent 
; ult years whether the place 
not} becoming over-banked. 


.' iv..- 1 •' • ’ not a big boom, bur a lift-off.” 

; Ortp ^ohsftfe'ra.hre-number the.balance when the liquidation presides over the Midlands overseas, has been established 2® 1 finMt 

hLitoi 1 >Pnr 0 S^ : Yi/STmI? * TOmpIel *: * good operation, has noted a growing in Birmingham since 1972. with hewter™ndofindStfiy 

SjlS? represemed^in.the Mid- man? months later. interest by British companies in a particular eye to the inter- 


Sarb^i^wiKSe^i^ ' A considerable part of the seeking links with U.S. industry. 0 f^ the M ‘ dl “ ds - industrial commerdal 1 market 

JSSeSSS fi w jssa MES jjMMTBiS g/MSSSS - 1 — « 

brother^'r.nSngef DawSl companies rtth°sn»n operator* with a substantial immigrant ® efle ^ g 

™s iS pa^sea S oo„ £4 «“£ S 

deal of . its rending has been Holdings director, are buying interests there looking for ^ Indian sub-continent now SSS-ISm 
through the-medium-of accep- Rabone Petersen, a confirming minority stakes m American operating in the Midlands. S3SS£?Ss iiatoSblB* a £d 
lance credits, which were house in the Dawes group, from companies, be says. Central Bank of India has just E?nk?ne firms Sn nf the 

cheaper than bank: overdrafts the liquidator. The activities The fast-expanding Bank of opened a branch in the Binning- ,„ f ShfihSitorts 4 Hdav 
qver much of tbeperiodof fall- of the G. R. Dawes and Co. Credit and Commerce ,Inier- bam area, where Bank of <- ith Keen Cutler — run 


— he adds: “ The P art of the 
Midlands. Mw,i a i m «FVar 


. is therefore reassuring— 

. perhaps a sign of} better 
s-ahead—that a significant 
force' has .thought it worth 
s : 'shortly to -open up in 
ingham. The newcomer 
be County . Bank, the 
idlzig merchant- banking 
of - the National West- 
rer Bank; -County Bank. 
1 already has regional 
:hes in Edinburgh, Leeds 
Manchester—as well as in 
. i in the Gulf—is launching 
Midlands, operation, from 
ises with a Wellingtonian 
ir St - Wellesley House, 
' rloo Street, , on March 20. 


appeared.' lake .'.others banks, mem. corporate finance and Gulf—and in which Bank of gtan, Muslim Commercial Bank, . In jnsurance world. Bir- 
Hill Sainuel hax converted cer- company registrar business are America has a minority holding united Bank and Sonali Bank nimgbam is the home of Bnian- 
tain workingcapital . into being similarly bought for —now has two branches in Bir- are also represented. Assurance, a life company 


medrarn-term loans, .while leas- Rabone Petersen. 


mingham, and one each in j n th e finance house field. 


which, on its investment, spec- 


mg has been anotber active 0ne of the MidIaa4s . tradi- Leicester and WoJver Kmingham is the base of the SSSLm jZpET aiS 

"**' - . ’ V' w tionar institutions, the former hara P t00 ' Midland Bank s subsidiary. hag a substanlia i number of 

Other merchant batiks with a Birmingham Municinal Bank. Among big Continental banks. Forward Trust, which takes us tV ,_„ vrerievau and General 


Other merchant banks with a Birmingham Municipal Bank. Among big Continental banks. Forward irust. which takes us Wesleyan and General 

presence in Birmingham include founded in 1916. two years ago the French groups Banque name from the city’s motto ^m^nce Society and Mid- 
Si tiger and Friedlander, Charter- became Birmingham Trustee Natlonale de Paris and Society ‘•Forward." Af ter a 42 per cent. *, d Assurance, a‘ subsidiary of 

IamVim .nnX ^Ulainu;nrt C ___n_»_ a _ ■in nico ito r.ro.tov nrnfitc tn _ - _ * . 


:>m- its■ -new Birmingham 
, to be headed . by air. 
sn ■ Huntiy, a' director,- 
. ty Bank, it will probably 
ntrate on seeking to finance 
Kpahsion of concerns which 
dy have annual pre-tax pro- 
f at least £100.000. (The 
•nal Westminster's own 
ess development - loan 
ae caters for smaller 
0. However, the general 
; of merchant banking ser- 
wfli also be available, 
ty Bank's . parent, the 
nal. Westminster. has been 
mg in the Midlands; where 
ays—whose Barclays Mer- 
: Bank has a branch in 
ingham—is also strong. 


.house Jtpbet. and VRleinwort Savings Bank, but with its trus- Generate are represented in rise in its pre-tax profits to Ea „ le s tar insurance are also 
Benson. tees still appointed by the Bir- Birmingham. £l42m. in the year to October ba ® ed in the cit « 

"Given the wide Tange of mingham City Council. It now Standard Bank. the British Margaret Reid 


smaller companies^ In the Mid- has 72 branches in the Binning- group with a business mainly signs of even better times ahead, 
lands, there is a major role ham area. The bank, which had 


s other two of the Big 
cJearers, Lloyds and the 
md, have even older links 
the area, since both'trace 
origins to Birmingham 
ire often looked on locally 
Midlands groups. Samuel 
agu,' the Midland Bank's 
bant, bank, has. eh office In 
ingham. * Williams and 
s, one • of the smaller 
srs, has a regional office in 
ingham and. branches in 
itry, Solihull and Wolver* 
■ton. ' 


there-for Industrial "Bid Com- lrjn 8 run in dose parallel with 

mercial Finance- for -industry *hs other TSBs. continues its _ _ 

which backs growing Concerns |ong-estaWished activity of mak- T „ 1 _ , _ _ X 

with loan and share capital, mg home loans. In the next I /| 1 O 1 |T PC 

ICFC has offices tn Birmingham. or two. it will be adding a I , I f I 1111 l|l^|I|S| 

Nottingham and Leicester. The budget account service to its B J Vi L/ V/ V4A KJ ky V k/ 

smaller Gresham Trust. also ™ting services, which also in- 
backs growing concerns, taking c ‘ ud ® cheque books and per- 

minoritj' equity stakes.. aon.il loans and overdrafts. -w -w -w m -g -g 

In the centre of the financial /-W I /-\ S~\ S~\ S~\ 8 JT 

venture XlGlU Ill LllGLiv 

The past year hasbeen bne of headed by the Agent, Mr. David ' 

dramatic developments'and in Nendick, who not only maintains , ^ . 

an unusual directipi-at G. R. close contact.with banking de- THERE IS widespread relief in nonary wage settlements. From workers demanding an end to 

Dawes Holdi ngs, the banking, velopments but keeps the Midlands industry that the their efforts over the past l_ pay restraint, 

financial services and Industrial Governor. Mr. Gordon Richard- labour strife and wages ex- months, in particular those ot The campaign, led by Leyland 

holding concern wbldi is native son. in touch with the course plosion, which as recently as the Chancellor. I do not believe s jj 0 p stewards, gathered pace 

to Birmingham and’-wss for- of industry in the Midlands. Jas * summer seemed inevitable, we can pin this label on the during the spring, and in April 
merly known as Neville Group. Ir - - Pf . nfi(4 . n<> - s _ *** so far been avoided. Government s chest any longer. rank file Trade Union 

The company is in voluntary th gn f ? he vidi^ds is The mood is " flected in «*“■ Conference" wa s held at Birm- 

liquidation, since the chairman. one of Britain - S main i ndustria i ments by Dr. Cedric Thomas, VjUlQGllIIGS ingham Town Hall. Some 1.700 


held in check 


a Co-operative. Bank, now 
a clearer, has branches in 
ingham (with a. sub-office 
itish Lcyland’s Longbridge 
a), and several other towns 
e Midlands region. . ... . 


company base, hanks w j t h overseas interests. musI B*'*e full credit for the corae which few personnel abandou wage restraint with ine 

This, as it happens,'has raised have been drawn into setting up ‘ tousl1 ’ , ! ne 11 has taken, and managers would have forecast of P 1 b a ^ “J® 

the value of the-stares since, there. by and large maintained,, in Jlist a months ago. The Mid- l%”T eni * p * y po])Ly on 

after a'payout in December of c,,..* TIC controlling both the money i andSi ll:> traditionally Jld -' j1, 

£1 a share the market still " l ‘ lh major L.b. groups as supply and expenditure m the niiutant car workers, usually The most dramatic expression 
vilues the atom SI S;' ?I v Se" SSS ***" SeCt ° rS " ^.Lhe pace in the annual wage of frus,ration.. about, pay 

the aggregate 167pof these sums J™ 1 ^hMe^Chemfeal Ban?Lnd Dr ' Thonlas added: “ ln the round: 00 Februar - V 12 - la st anomalies and the erosion of 
compares with a low of 55p last ^ we in P r,vale 'ndustry year. Mr. Eric Varley. the differentials during the period 

year before the first distribution. W™ k h ”? p ' have - ^ uile in ray Industry Secretary, on a visit to of prolonged wage restraint 

A further payment of it least Bank haie representative offices. mind blamed the Government- British Leyland's Longbridge came from the Leyland tool- 
25p is likely in'April, to.be .fol- Mr. Harold Cotterill. the vice- controlled public sectors for plant. Birmingham, was greeted makers who staged a month- 
lowed by a final distribution bfpresident of Bankers Trust who being the pace-setters in infla- by a demonstration of 4.000 car long strike which brnughr the 


State-owned concern to the 
brink of financial collapse. 

The real turning puint for the 
growing mood of militancy, at 
which hopes began to rise that 
the pay explosion might be con¬ 
tained, came with two well- 
publicised disputes in the West 
Midlands motor industry. Tele¬ 
vision cameras were present at 
the Leyland car factory, Long- 
bridge, on August 28, to record 
a remarkable “ we want to 
work" demonstration by a sec¬ 
tion of employees which over¬ 
turned a planned strike by the 
20,000-strong workforce. 

The shop stewards were dealt 
a rebuff by a ballot which 
showed nearly one-third of the 
workers against strike action. 
The message to the Government 
was clearly that, despite the 
militant noises, the workers were 
in no mood for a confrontation 
over pay. The inability to com¬ 
mand full support from the 
membership dealt a blow to the 
sbopfioor leadership of the Ley. 
land unions from which it has 
still to recover. 

The other dispute to have an 
important influence on trade 
union thinking was the 10-week 
strike by 1,200 tool workers at 
Lucas Industries. The action 
brought output almost to a 
standstill at Lucas' 14 electrical 
factories in the Midlands and 
caused widespread lay-offs with¬ 
in the motor industry, particu¬ 
larly at Leyland. 

The tool workers, who nor¬ 
mally set the pace in the annua] 
wage round for the 55,000 
workers in the Lucas group, 
were seeking a large increase 
in their complicated bonus 
payments. Management made 
concessions in the early weeks 
of the strike, but it soon became 
clear that the company would 
go no further. The deal 
reluctantly accepted by the 
strikers in mid-September set 
potential earnings well below 
the original target. 

The fact that such an 
important member of the motor 
industry was prepared to sit 
out the action, io spite of its 
obviously damaging impact, 
must have served as a warning 
to other would-be militants. 

Throughout the autumn there 
was a tendency by trade unions 
to hold back wage claims in 
the hope that some other group 
of workers would breach the 
10 per cent, guidelines. In ibe 
event many shop stewards have 
scaled down their original 20 
or 30 per cent, claims to settle 
within the limits. 

Management points out that 
the trade unions, in spite of 
militancy from some groups oT 
workers, have taken a very 
responsible attitude towards 
pay. There is the fear of a 


return to the massive wage 
increases and rampant inflation 
of just a couple of yean ago. 

The element of flexibility in 
pay policy introduced by the 
allowance of self-financing pro¬ 
ductivity deals has proved an 
important safety valve. Unlike 
the late 1960s. when employers 
bought peace with a rash of 
phoney productivity schemes, 
there appears to be a real deter- 
mination this time to improve 
efficiency. For the workers, it 
offers the chance of improved 
earnings and for management 
the cbance to restore a measure 
of incentive to pay structures. 

Inevitably some bogus deals 
will slip through, but the full 
extent of such practices will not 
become apparent un'il statistics 
are made available in many 
months time of the increase in 
output against t£e level of 
manning. 


Boost 


The greatest boost this year 
to hopes that the relative indus¬ 
trial peace can be sustained 
came from the decision of the 
miners to settle for a 10 per 
cent, increase from March 1. 
They have also agreed to stand 
by the rule not to seek a 
further increase within 12 
months. 

The productivity element in 
the Government’s phase three 
policy was aimed specifically 
at the miners. The moderate 
colliers of the high output Mid¬ 
lands pits have been in the 
forefront of the campaign to 
introduce incentives rather than 
seek a confrontation with Gov¬ 
ernment over an all-round wage 
rise. 

Welcome as the settlements so 
far achieved have been, man¬ 
agement is aware of the hurdles 
which still have to be overcome. 
Of particular concern to the 
Midlands, with its heavy con¬ 
centration of engineering, is 
whether or not a national agree¬ 
ment can be negotiated between 
the employers* federation and 
the Confederation of Ship¬ 
building and Engineering 
Unions. 

The gap between the two sides 
remains wide with the unions 
claiming new minimum time 
rates of £70, a week for crafts¬ 
men and £65 for labourers com¬ 
pared with the present £42 and 
£33.60. The employers are in¬ 
sisting that, if overall earnings 
are to be contained within the 10 
per cent, limit, concessions at 
national level must be minimal 
so that workers can negotiate 
realistic increases within' indi¬ 
vidual plants. 

. Arthur Smith 


ADVERTISEMENT 


sense 


--''UILDTNG SOCIETIES arc playing an important 

in- the lives of more than toff the janpulation by 
, *U. ^ Hding the resources for house purchase and a secure 


mi 




mf* * 

; 


te toil ding society movement over the past 50 years 
begQ'Jtiflsed on the twin factors of separity and 
ilierty. The element of complete seconty;for invest-- 
t and savings, often accumulated through a lifetime's 
lence, has been of increasing importance in recent 
s -when Jhere have been problematical times for less 
established financial organisations, 
ae saver, or depositor, has regular weekly, monthly, or 
illy enjoyed a simple but Jump sum saver, 
preheusive method of Ease of withdrawal, other by 


ae saver, or depositor, has 
illy enjoyed a simple but 
preheusive method of 
lining rewarding rapay- 
of the funds placed by them 
te care of the societies. A 
petitive rate of interest, 
net of basic rate income 
is available for the 


cash or cheque, applies to the 
majority of customeraccoun ts. 
. The movement has been so 
successful in its .aims, to 
attract savings tod provide 


loans and finance' for home 
ownership, that it is now the 
largest .holder of savings and. 
investments'as well as the 
single, most important lender' 
of loitg term.'funds to' the 
housing market. Each year, on 
average, over-80% of ihe 
funds invested with the build¬ 
ing societies is re-lent, along¬ 
side the proceeds from loan 
repayments, to new or existing 
home buyers. 

■ The origins of the building 
society movement can be 
traced back more than 200 
years when small groups of 
people came together to pool 
savings, in order to build their 
own. homes. Many similar 
clubs stiD exist today as 
holiday dubs, death and 
dividend clubs etc., but none 


By Gerald Colverd. 

Building Societies Correspondent 
Investors Review _ 


**“•*'* 




ri& 





has grown or prospered like 
the building society. 

However, all growth patt¬ 
erns have to be reshaped with 
the changing needs of social 
environments and the building 
society movement is no excep¬ 
tion. At ’the turn of this 
century there were 2JM 
societies in operation. These 
have since contracted to just 
over 340 societies and the 
process, is still continuing. 
This trend is motivated by 
two factors. Firstly, a large 
percentage of those societies 
in existence in 1900 subse¬ 
quently terminated when the 
founder members had com¬ 
pleted the financing of tbeir 
homes. . 

Secondly, a progressive re¬ 
duction io the numbers of 
building societies has been 
effected by mergers, ln parallel 
with the consolidation of the 
movement into larger unhs. 
there has bedn the substantial 

S wtb in the amount of 
ds 1 the societies handle. 
Recent figures, issued by the 
Building Societies Association, 
put the total assets of societies 
in excess of £34,000 million. 


British industry is currently 
debating the wisdoms of the 
theory that "'big is best” and 
the advisability of a trend 
towards the belief that -small 
is beautiful”. Several major 
post war industrial mergers 
have been criticised for tneir 
lack of operational efficiency 
and inflexibility in adjusting 
to changing economic condi¬ 
tions. Yet these are the very 
benefits which have readily 
arisen from mergers within the 
building society movement. 


The prerequisites for society 
mergers are not fraught with 
the complex issues which 
frequently confront industrial¬ 
ists. In the majority of cases a 
merger only becomes feasible 
after long and detailed con¬ 
sideration fay the directors and 
managemenruiih their result¬ 
ing proposals subject to the 
close scrutiny and approval of 
the Chief Rcgist rar of Friendly 
Societies. Not until this ap- 
. proval is forthcoming, can the 
details of the merger be 
circulated to the investing 
members seeking their attend¬ 
ance at a Special General 
Meeting, where they can vote 
tbeir approval of the 
proposals. 

Textbook theories or econ¬ 
omies of scale are difficult to 
evaluate, but thfre arc numer¬ 
ous practical example* of how 
savings in expenses can be 
secured through the skilful 
streamlining of administrative 
operations in larger building 
society units. For example, 
societies may be able to com¬ 
bine bead office or branch 
premises and so release su rplus 
accommodation. Indirect 
benefits stem from the applica¬ 
tion of more advanced com¬ 
puter systems and equipment 
producing additional and im¬ 
proved information for the 
society's members. Funda¬ 
mentally. each building 
society’s success or progress 
win be determined by the 
quality or staff they can both 
employ and retain. Larger 
societies will inevitably employ 
more specialised stall's and are 
able to create and offer better 
career opportunities. This is in 
complex harmony, with the 
increasing demands being 
made by both investors and 
borrowers for more variation 
in the types of accounts and 
facilities offered to them. 


This is already evidenced by 
the recem growth in the avail¬ 
ability of term shares and 
monthly income- accounts, 
plus the ability of the larger 
society to advise borrowers, 
quickly and efficiently, of 
repayment amendmentscaused 
by movements in interest rates. 

There has been a reason¬ 
able and understandable ap¬ 
prehension that society 
mergers diminish the role of 
the society in local affairs and 
may produce a faceless organ¬ 
isation losing touch with its 
grass roots. Aware of this 
criticism many societies have 
rciuined local boards of 
direciors who are given the 
responsibility of ensuring 
traditional local coniaci is 
preserved and developed. The 
local branch manager is en¬ 
couraged io join local organ¬ 
isations in order to understand 
and respond (o the needs of 
the locality. 

Whilst it may be unwise to 
dismiss too readily the dan¬ 
gers in too few societies 
the contraction in the 
number of operating societies 
would need to develop at a 
considerably higher pace be¬ 
fore the public interest ap¬ 
peared io be at any risk. 

Against a background of 
constant and intense com¬ 
petition for savings, requiring 
progressive controls over op¬ 
erating efficiencies, it can he 
argued that there is room for 
further mergers in the move¬ 
ment. These, however, must 
continue to be carefully 
monitored io ensure they 
compound the prime object¬ 
ives lor offering attractive, 
secure savings and investment 
sfcHemes in support of the 
most laudible of personal 
ambitions - a home of one's 
own: 


DO YOU STILL 
NEED TO SAVE 
FORA 

RAINY DAY? 


True, things have improved over the last few 
months. True, most of us are better off in real terms 
than we were. 

But the economic climate, like the weather is 
unreliable. And good weather now doesn't mean 
blue skies for ever. 

So it makes good sense to be prepared to build 
up your savings now. Just in case. 

And in our opinion, the soundest way to do that 
is with Wolverhampton & Mercia Building Society. 

Your savings will build up quickly—and safely. 

At an interest of at least 8.33% gross.That's not only 
5.50% net at 34% basic rate of tax, but more than 
many other forms of saving. 

And that kind of figure means you can look 
forward to the future, rain or shine. 

We all need to put something away for a rainy day. 
And one of the best ways of doing it is with us. 


Save. Save. Save. 


Wolverhampton & Mercia Society 


Two societies with roots in the past. 


C HIEF OFFICE Building Society House, (POBox 91), 37.41 Lichfield Stxcct, 
Wolverhampto n WV I1 EL. Telephone: Wolvorhampton 23202:2967 i. 

HEAD OFFICE 52 Lower High Street, Wedncsbury WS10 1 AN. 
Telephone: 021-556 1031. 


4.i. 


'Whatever your Hfcstyle^avings are one of 
* the Sets of pfe that you cannot ignore. 
&vea h^.orialot.withMidshires- 
)uuil begjad thafyoudid.. 


LATE last year two important West-Midlands-based 
building societies announced tbeir intention to recommend 
to members that they should merge. 

Midsbires Bidding Society, formed as a result of a 
merger of Wolverhampton & Mercia and Midsbires 
Building Societies, will have assets in excess of £220 
million with more than SO branch offices which, together 
with an extensive agency, network, win cover the 
Midlands and extend te Merseyside and Manchester in 
the North and the borders of Somerset in the Sooth, 
taking in Mid and. North Wales. - 




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A- 

rlh 


MDSHKESBuilcSng Society 

The Best Rididyour iiTOneyev'erhad 


. Thepresent Wolverhampton. 
& Mercia- Building Society has' 
its-roots in the past - as far 
back as 1851. The Society is a 
. combination of Waiverhainp- 
toa '& District, Wolverhamp¬ 
ton Freeholders, the Wedoes- 
btiry bated -Mercia and the 
Cradle? Heath-based Midland 
-Permanent Building'Societies. 
One of the original Societies 
was conceived by a group of 
workmen from the Great 
Western Railway engine works 
in Stafford Road, Wolver¬ 
hampton, who got togeiher 
to poo! their savings so that 
they could ultimately own a 


house or their own. These 
origins alongside the steam 
engines are perpetuated to this 
day by the stylised railway 
wbed which will be adopted 
as the ha w of the symbol for 
the iiew Midsbires Building 
Sbdety. 

The present Midsbires 
Building Society' was itself 
formed as the result of mergers, 
bang an amalgamation of the 
Redditch. Worcester and 
Halesowen Building Societies. 
The Society's origins can be 
traced back io 1859. 

Both Societies, therefore* 
have-a history of mergers in 


recant years. It is the strongly 
held belief of the Directors of 
both Societies that the emer¬ 
gence of the new Mrdshires 
Building Society as a very 
strong regional entity is in the 
best interests of the Societies, 
the building society movement 
in general and not least of all 
the members and staffs of the 
Societies. When the merger 
takes place luier this rear, 
members will have the import¬ 
ant benefit of ihe enlarged 
network of branch and agency 
offices spread throughout the 
» geographical area. A full range 
of services, including advice 
on all aspects of saving and 
house purchase, will be avail¬ 
able to investors and borrow¬ 
ers at an office in their locality. 
The Society is purchasing a 
new Honeywell level 54 com¬ 
puter system which will pro¬ 
vide capacity for growth for 
many years and enable each 
branch ultimately to have 
direct access to the central 
computer system. By pooling 
its resources the enlarged 
Society will be able to in¬ 
crease its specialist staff to 


P P ANCKES AT lUtnOft. Banco Mdws Bulge. feKoheMl. atrau^Usi. BJw-Cfl. El »K- HU). 

C nitty Hmu. Emuacs. Dotky. Hnfcv. LnepoeC, MaT V H£L Nicmrfa. Oxjry. Rsqrirc. Satslev. 
SumSirv. 7cnena.lL waloll Pta*. nwnnlieU, Wemnjton. WMipoal WJkAhaU. WoMOampcoa - QuMa 
Sim, Hcdn Conn. Heabcame. 


ASP NTS n. - Abarpnemy. Acock Green. Altcigbion. Brewood, Enttjcont buvon TVjairr 
R'j-mra >r Su. oKiltn. Borca-iipa TM&L Cumoo:. Ore Ten** Golby wSw Conan. Crew, Cra>br, 
Oleic. HiMceea, Hialrworih. Kn^wrjjferf. Kimer Ud£kid. Lwerpool. Loan on. Mach; ditch. Huuieccoc, 
l'-^ran iSdoc'i. NrMTTOn rPoeyi). itonhAdd OAisoua. SaribxA. SbirU-. Skwww W r. Sailed 
S'.vctr.lye, 9 Helm SanuCeM.'idd.TtOMmlye Tywyn. WaloU Warnagiwi. ’.IBHcSnren Wrta&jlua. 
VoBnon. Wohw tampion, biexhiip 


Members ol ihe Building Snewnei Amnaiipr. earned C123n 


enmre that the services offered 
will be kepi up io dale and 
impro\cd. Hie interests of all 
staff will be fully proiecicd 
and. indeed, it is Iclt that the 
career pros peas of siaff will be 
very much enhanced. 

The Society places great 
importance or. personal ser¬ 
vice - backed up by local 
knowledge and contact. In 
order to ensures continuation 
Of the.high level of persona! 
service^the Society intends to 
have a system of Regional and 
Local Boards of Directors. In 
recognition of the importance 
which is attached to the two 
main areas or business. 
Regional Boards will he ap¬ 
pointed in Wolverhampton 
and Worcester. In addition, it 
is intended (o retain the Local 


Boards which arc now bared 
in Cradles Heath. Halesowen 
and Liverpool- These Boards, 
together with the local man¬ 
agement, will keep in dose 
touch with members in their 
respective areas. 

The integration of the 
financial resources of the two 
Societies will not only bring 
the assets in exces of p20 
million, but will'result in a' 
reserve ratio in excess of 5%, 
against the national average in 
1976 for the building society 
movement of under 3.5%. 

Special General Meetings 
will be held by both Societies 
on II April when members 
will be asked to approve the 
resolution to merge, which 
will then become effective on 
30 September. The Board of 


Directors of the new Society 
will be drawn from the present 
Boards of the parent Societies. 
The Chairman of the Board 
will be Mr. John R. Wdlings, 
the Chairman of Wolver¬ 
hampton A Mercia Building 
Society; and Mr. Alan G. 
Wright. T.D.. J.F.. the Chair¬ 
man of Midsbires Building 
Society, will be Vice- 
Chairman. Mr. Philip Court, 
F.B.S., the Managing Director 
of Wolverhampton Sl Mercia 
Building Society, will be ChicT 
Executive; and Mr. Kenneth 
Barnes, F.C.I.S.. F.B.S., the 
Joint General Manager oF‘ 
Midsbires Building Society, 
will lv Deputy Chief Exi> 
cutivc. 















I 




VAVGHAN 


ASSOCIATES LTOilTeD 



Delicate investment 


Our programme of advanced 
machine tools from leading 
European & American builders 
and from our own manufacturing 
resources covers the whole 
field of production engineering. 


VAUGHAN ASSOCIATES LIMITED 

Machine Tool Specialists 

LONDON • NOTTINGHAM • SHREWSBURY 







COMPARED WITH 18 months so in September last year and 
ago there is now a distinct feel- 19 per cent, in June, 
uig that a better climate exists It ^ d though, that while 
for new investment. In this, the ^ . “ * .. 

Midlands are refecting trends “= ■>»* considering 

reported by the most recent putting m new plant they are 
Financial Times business very hesitant about expanding 
opinion survey for the whole capacity. The same survey 
of the U.K. The feeling is. showed that fewer of them bad 
however, extremely tentative improved their capacity plans 
and needs to be treated with compared with, the previous 
great caution. quarter; 11 per cent- reporting 

The problem about resuscitat- ® n upward revision in December 
ing investment in the Midlands ? ga ' n f!Ll? P® r cent - ^ Septem- 
is that the region has taken ° er - 1S ' / * 
such a tremendous pounding Within Birmingham itself the 
over the past four or five years, figures are even less optimistic, 
and this has inevitably destroyed with only 5 pear cent, feeling 
a lot of confidence. Although that they would put in more 
Rolls-Royce might be said to capacity, compared with an 
have overcome its difficulties average figure of almost 9 per 
and Chrysler on the way to- cent, for the rest of last year, 
wards doing so, there remains 
a lot to be done at both British PnrAllorit 
Leyland and Meriden. On top V^UXUUAlj 
of this there are now fears that In other words what toe 
Cadbury will move its tea Midlands is showing is that 
interests from Birmingham to &rms ^ , ooking for more out . 

Chester. put from the same, or even less, 

All these, and in particular labour. This is a natural 
British Leyland's problems, corollary of the economics of 
have had a cumulative effect the slump. Nearly even* 
on the climate for investment, company has de-stocked in 
making it that much more diffi- order to relieve the pressure on 
cult for the area to climb out overheads and to generate a 
of the slump. But there are better cash flow. The conse- 
indicators pointing in a hopeful quence is that companies are,, 
direction. The West Midlands economically . much fitter than 
group of chambers of commerce, they have been for a very long 
in their December quarterly time—probably since the war. 
survey, showed that 28 per cent. The Ihree-aay week, ill-judged 
of firms had revised their invest- as it was cut political grounds, 
ment plans upwards for new showed what could be achieved 
plant and machinery over the by a better distribution of 
next 12 months compared with resources, and management has 
only 23 per cent that had done responded since the oil crisis 


by trying to cut away surplus 
fat. 



















The greater response to new 
plant than to buildings in the 
chambers of commerce surveys 
shows mat firms are now highly 
conscious of the need, to instal 
the latesr math: aery that they 
can. Aud they are receiving 
every support possible from the 
banks. With lending rates 
lower than they have, been for 
years it is possible to raise 
money cheaply for new invest- 
mear. What perturas the joint- 
stock banks is that demand for 
these facilities is just not 
com big forward in sufficient 
quantity and the banks are very 
much under-lent at the 
moment 

What is tending to happen 
instead is that firms are ap¬ 
proaching their banks seeking 
an extension of facilities. A 
company which has an overdraft 
facility for, say £2m.-3m., will 
probably seek to push this up 
to £5m. The intention ir to be 
able to meet contingencies in 
future rather than spend at the 
moment 

Other factors limiting new 
capital spending are the non¬ 
availability of new plant and the 
severe shortage of skilled 
labour. It is always possible to 
find plant somewhere and it 
may be that industrialists are 
really evading the issue when 
they cite the difficulty in ob¬ 
taining new machinery. But 
there is no doubt that, in the 
Midlands as elsewhere, there is 
a desperate shortage of skilled 
men. This shortage is not just 
.in the large industries such as 
motors, metal manufacturing 
and foundries; it extends right 
down the scale to those indus¬ 
tries for which Birmingham has 
been world famous—jewellery, 
silversmiths—and which com¬ 
prise a large number of small 
firms. 

There are hopes that the 
Government’s change of heart 
over inner-city development 
might have some beneficial 


SELECTIVE FINANCIAL ASSISTANCE TO THe WEST MIDLANDS 

SECTION 8, INDUSTRY ACT 1972 V 


(a|3l 


- Number 
of offers - 
WM GB 


Mu 


Accelerated projects 
Selective investment 
Wool textile 
Machine tool 
Ferroos foundry 
Non-Ferro os foundry 
Red meat 
Clothing industry 


67 - 276 
11 31 


& 39 

18-.-.'"-285 


Value of offers - WM as 
'WM ’ : GB 4% 
£000 £000 of GB 

8,778 844»3 10.3 

2445 19,726 10.9 

261 17404: JL5 " 

1,478 10,344 14.3 

13,916 54,664 25^ _ 

LOSS 2.479 442 

463 246 £.’ 20.0 

1 268 3,592 7.4 


:;tdtrf : - 
' PmjectW 
WM "iSR 
£m. 

78-4 6^ 4 

IL6 l!% j 

7.5 ^ 

02 irat 


•Paper and board i 
Textile machinery ^ 
Poultry meat ) 


733 11,039 — 


is H 


* Grouped for reasons of confidentiality.-' Table excludes rescue cases.:. „ 


effect. The Midlands, with one 
small exception, receives ■- no 
regional grants other than those, 
for selective assistance .under 
Section 8 of the 1972 Industry . 
Act. The area has had to com¬ 
pete for new and expanding 
business against the assisted ad¬ 
vantages of South Wales and 
Merseyside. 

As far as selective assistance 
is concerned, it has managed to 
do quite well, as the table- 
shows. The West Midlands has 
gained 442 per cent by valued 
of all the aid given to the non- 
ferrous foundry industry and 
25.5 per cent, of that to the 
foundry industry. With its con¬ 
centration of foundries' this 
might not be unexpected, but 
even under the category or "red 
meat" — in effect,' improve¬ 
ments to abattoirs—it has won 
20 per cent. Other grants, how¬ 
ever, are simply not available, 
and this is why hopes are rising 


:for the change of policy aver 
inner-city developments. 

There have been ,compIaints 
that local authorities fake too. 
little consideration, of the needs' 
of businesses, particularly small 
businesses, into account when 
.planning new - schemes. The 
Aston expressway, in Birming¬ 
ham,. led to 3,000 jobs being -lost 
-to the city because--it . cut 
through districts which were 
heavily populated with small 
businesses. 


Local authorities' are now 
joining industry in discussing 
how the Department of the En¬ 
vironment’s inner-city policy 
might be implemented. A work¬ 
ing party of. the Birmingham. 
Chamber of Industry has a local 
government executive in attend¬ 
ance. As a result of the Govern¬ 
ment’s change of emphasis, 
local authorities can now build 
advance factories and there is. 
certainly room in Birmingham 
on both council land and that 


- owned by BritiatoR&ilfor 4iCl' 
developments to.take.place&i J 
The Government is also flflj 
ing the pause of nevr^estsast^ 
; by adopting: a pra^natjc, npfit; ■ 
say. liberal,' [approach toward. - 
the definition • nf'.an. itmer tii?’ - 
f« Bir mingham^ iaa&- foMhi^ - 
which is, iri-fact; en buter pai ’ 
of .the tity-T-has 'been iriekidet 
£ince So fibrin -iJbiay.-land asaf \ 
-able, the-cSaw^Wfiriasl^ 
able to expand, iiiithe area itav^ 
been enhanced.-p - •— •. . 

•= Nothing wlUJ^peitbowtrtW' 
until there - ir .a ^more -jitr 
npuneed pick-up ••in ; 
economy. "Everyone ^ treatfi] 
the' element ■ of - hpthnismTwii 
great -caution. There is - lift 
.hard evidence to-^how 
vestment is-moving-ahpad: Mil. - 
-that- iriooks as - 

nirig to move Another yeg^; 
least, ie needed foranythiT 
firmer than that. .. ■> ; 


Anthony Mortfe 

Regional, .Affairs .fiifiti ■ 







Optimism in property 


-" "Vtn. -. ; . -y •, s 


Here at Telford, we've considerable experience in 
helping businesses to start and expand. We know 
the type of place they're looking for. 

A place where they can grow at the right pace, with 
the right kind of workforce, in the right kind of factoiy 
and with the rightkind of support and finance. 

Telford is the right place. 

Telford is the West Midlands major growth point. 
It's centrally located close by the heart of the nation's 
motorway system. 

Telford oilers the businessman a wide range of ready 
built lactones. 500sq. ft. workshop units;sfandaid unite 
from 1,000 sq. ft. upwards, and prestige units up to 
40,000 sq. ft. 


Ifyouwanttodoit your own way, Telford provides 
serviced sites from 0.5 acres to over 30 acres. 

The ready availability of a skilled and adaptable 
workforce is further supported by the unique Telford 
Homes and Jobs Plan-a register of skilled workers 
prepared to move to Telford when specific jobs become 
available. 

Telford's commercially orientated industrial team will 
provide advice and assistance at every stage with a 
minimum of fuss and at maximum speed. 

• Even more, Telford can arrange special financial 
backingfor start up and growth. 

Lsfj Telford Development Corporation 


OVER THE past three years 
any Midlands' property man 
brave enough to talk cheerfully 
about business in the region 
has been dismissed with a wry 
smile and a reference to the 
massive regional over-supply of 
space. But he may now expect 
a less sceptical audience as 1978 
has started on a significantly 
more optimistic note- 


K. G.DImouiii.B. Sc. fEstManlDip.TP, AEJ.C5.CommercuI Di rectoc 
Telford Development Corpora hon, Prii?r?IceHal[,Telford,SaJop,TF2 9NV 
I J huiie:Telfonii0i , 52) 61313lTelex:3; 359 


The summer and autumn 
months of 1977 saw renewed 
letting demand in all sectors of 
the market. And although most 
major cities of the region still 
have a marked imbalance of 
supply over demand, the over¬ 
hang nf buildings developed in 
llie early 1970s, and standing 
embarrassingly empty ever 
since. is gradually being 
absorbed. 


v." •• • 

-:y v 


—i*sfc 












TOC 139 [FEU 


Industrial property has been 
leading the way out of reces¬ 
sion. In the West Midlands 
local agents have been talking 
nf a 20 per cent increase in 
warehouse rents in 1977, push¬ 
ing prime located modern units 
around Birmingham into the £1 
to £ 1*5 a square foot range. 

Increased letting demand for 
warehouse, rather than factory 
units continues to influence new 
developments. A recent survey 
by Debenhani Tewson and 
Chin nocks show's that through¬ 
out the West Midlands in the 
ten years from 1966 warehouse 
space increased by 102 per cent, 
to 109.8m. square feet com¬ 
pared to a 13 per cent, increase 
In factory, space, to 416.4m. 
square feet. 

Pressure to alter further the 
balance of industrial space in 
favour of warehousing is reflec¬ 
ted in the predominance of large 
warehouse schemes among appli¬ 
cations for Industrial Develop¬ 


ment Certificates within the 
regia*. Bat developers are 
meeting increasing planning 
resistance to purely warehouse 
schemes as local authorities 
become reluctant to zone prime 
industrial land for low employ¬ 
ment use. 

This planning reluctance, 
with its consequent effect upon 
site costs, could become an 
increasing problem as letting 
demand and greater availability 
of development finance draws 
out more new building. But for 
the tune being, although some 
spectacularly large industrial 
schemes were unveiled"last year 
—particularly in the Birming¬ 
ham fringe areas—development 
activity throughout the West 
Midlands is still at a relatively 
low ebb. 

After a temporary leap In 
1976, the number of Industrial 
Development Certificates gran¬ 
ted in 1977 dropped by nearly a 
third. The letting market 
revival has not, therefore, 
primed a new bnilding boom, 
and this situation underpins the 
prospects of further strong 
industrial rent growth this year. 

Fears about the future of 
British Leyland apart, the in¬ 
dustrial connnrbation that 
stretches from Birmingham to 
Coventry has managed to ride 
out the recession better than 
most of the rest of the region. 
Industrial rents reflect this 
resilience. Outside the Birjm- 
ingham - Coventry axis new 
space ranges up to £1.30 a 
square feet throughout the 
West Midlands. The weight of 
older multi-storey space in the 
Black Country tends to keep 
older units below £1 a square 
foot and there is still ■ little 
demand for btsUdings without 
reasonable motorway access.. 


BIRMID QUALCAST 


anywhere to the region. thei steady fall in asks . 

, Eastwards, relatively modem rents,in recent years seests^ . .. 
factoiy -and ,warehouse . space-haste.beehhalted. 
can still be found in- Derby- •* Areuftd 500,000 square feeti t. 
shire, for legs than .£JU. arid there. offices ^ -were - taken. from'.* tl 
are plenty of older -units- on the - Birmingham, market in.- lffi. , 
market for as, little;. as 50p a That.still leaves weU qverliK 
square-foot.- Nottingham’s Ml• square feet of empty 
links*keep Smaller new'space city centre arid EfigbaSta" 
in tite 1 £1.59 a ;Square ^ot areas. But rents firmrf^ri-^ ' '• 
range-witb-larger units letting to £3 a square 
around the £1.20 to £L3ff mark.- air-conditioned buildings.' to 
Most of the long" standh^ over- £2 to £2.'K) a squ^T 
supply of warehouse .space. in lower quality offices. There'S! 
Leicester^has now been -taken mass of older office space 4v& 
up, aJthf4&b rents are still down able in Birmin gham at arenffl 
in the' 75p to £1 bracket. And £i a square foot. But prospfe 
in ®n, - active .;Northampton. tive tenants remainiBriuctto^l 
market reqts have-stabilised at consider refurbishmeats, 
around!£140 to £L20 for larger allowing for a_£1^0 ; to ^ 
space and; lOp to 20p s quare square foot rear differential#, 
foot more for small modern Leicester’s office over -sup|3 
factories. ' ; ' has crept Into the textbooSsi* 

' To'.the South, motorway con- the dassle example of o® 
nections with the capital gives development. But a mpre'acOT 
the _Liuton/Dunstable area a letting market last year .cdt * 
stro^ appeal And Connells overharig to under lm. sq# 
recently warned of a prospective feet That weight of. 
shortage' of new space by 1979 space keeps rents fof large w® 
with rents breaking the £2 bar- at less than £ 1.30 a sqiiju« l f® 
rierby ti^ aut[EmaL..^7 ' rising'to £li5WL69i ; - a- 
i ’ ! . '■* foot for small office. suiteS^jfi 

PP7lh*P? city centre. > ' . : ;; • -4. 

- Rerits. fc yary;.frtHri 

The market for shop property £2.50 a . scpiarei.fopt .hi 
has been patchy in the East Mid- amptbn, where." local 
lands. The tightly defined and G.overrinierit- 
prime . shopping / area- of the .limited’. market ■ forilw 
Northamptori has proved a pro#, ^drifts 
lem for investing fundi. - In: 
search of provincial '5hops,~Jriid ;;'rihgham^^ 
this shortage, of' prime spac£ 
clearly reflected'In rents.Twfo^i^ycterefy;^ 
topped £17 > a. square, fqotj-'for j^t. 

Zone- A. space .in - the; 
area'Of the towm bnt t&djTpecfc- 
to only £3 to £4' a 
in' secondary 

new covered centres,. the rent risesi 

borough Ceatre, !KetteriBgf- ; rind' 
the Am dale Certtire in .Welllrig- .rahveiiL favdur-hf 
borough,. wereKfirnw^ 

^sharply : - differing markets 


BIRMID 


QUALCAST 


BIRMAL 


outstripplnginterestin.; its prema® 

. StrtrtLg ;.-; re t^r%dein an d-> 

Leicester ■ is . keeping* the Ideal- mnh'ori*^ aa^-ahtiriB 8 ^ j 
agents habpsi ).with;: fepofts of. -revival- of avT^onal . P 3 ^ 
prime rents-: rip' by -20 per cent matfefctimtslaniped'deeper« 
la 3977. ; and : Investment id^ -: lbri^r* 

manil■' TiTTOsarno- " r v r im 'a• - ■ iwalife' - ‘ ‘ 


DARCAST 




i 


MIDCYL 









QUALCAST-DERBY 
QUALCAST- •: 
WOLVERHAMPTON 
STERMET 
C&B SMITH 
CONEYGRE 


lr .-*> “ 


paid .-£i.ifor stake;, a j^robe^,,jOp TT^P ona ^ 

Capital' and.VCounties ViwhsHa p^ ' ■■ • -■^~s=g= 

Centre 'in Jfo ttirigbam last .y^t; . 

investment; interest Tn - ;’^. fUTTflU L/ROWLEi ^^l ^ - 5 c 
shops has generally .-been Juke-^ 

warm...Prime c ;reriteTia^ s£a^i : *. WEST!^£e. r 
Used aroririd- tiie .£lj5-£20. level: 

is presentedvby West Midlands 

shops.' Biuningbaip, -rents have - ^ 

been hdd dowruby Jack of re- ■ s 

tail: demand^ arid Iocal- agenfs . 


Warley.West Mid lands, B 661BW, 

England. Telephone:021-5581431 Telex337438 


BIRMIDAL 

TRUCAST 

PERRY BARR METAL 


spare. But • $plce: V;“'.^TT^S '>C-' > T 

is accelere6^;arid^,rBln^ " 



























33 



Fmaneia! _TH£es jp6lrrugzy 14 197s 

THE MIDLANDS V 


H 



wornes 


MIDLANDS is barely lhe teefl “espedal2y active' in has hepn wirn 
*T place that comes to mind organira^^traae missions to couragemen? to mend a* few ’ ‘ 

the.many parte.>of fthe world mSTSuSL ffli £ ^ 




Bath:*" V./>'ss 






.4 38 cast, nlwwtbtitmz bronze pump casing Jrom 


.: ■_ -1 alia. . . :■• *' P 1 

'•-■ either market "Which ■ has 
;*; >d to offset the' lack of 
• s in the home market has 
- the Middle East, which 
.: • sen responsible for a good 
.'. companies entering the.* 
-t 'field-‘for'the first-time, r 
' nds architects,* builders, • '•' 
Rials 'suppliers, educational' 
hospital equipment, valve 
"rs and pipe manufacturers, 
e component and air con¬ 
ing producers, and not for- 
g the ice cream maker who 


•■- V-i*' ■■ 

'r-t US*. 


m 


Potteries 


pe 


regular run to.Iran, have VERY FEW industries can rival the world. Success has been to be the second most important ‘JJ 

en glad of the extra turn- the ceramics ■ manufacturers in born of amalgamations and of its kind in Europe, strongly n * n(f ,. nntl ., f fit.t,r, T ,c 

-for the engineering indus- t he proportion of output ex- rationalisation, which have challenging the German show. ‘~°™ a . riiffprinp 

a A*are still waking for. the ported, which has run consist- made possible the profits enabl- Last year the fair P»* ?«I!L>i no ni .*rb»tini and 
]fV ently- above 40 per. rent. m» the industry in reeent years duced about £10m. worth of J sk X ' e " >- 

/ V.UW been a fairly fiat time And nnhe -..excel itJiiC.it* to invest around 5 per cent, of business for . the ceramics ._ 'rnrinniT 

ne majority of them, a& conversion vaiue of almost turnover in modern factories industry, and this year should 2.. J SS 

h it is necessary to qualify whoUy indigenous materials, and processes. And if there see this comfortably topped. f ne JJ* Shi hr.™ ;f it 

uite extensively according Moreover, it ia one of. the very were Queen’s Awards for indus- The buoyancy of overseas * ',1 0 

company’s standing in few industries, probably' the trial relations, then ceramics markets, and the concerted a „ rf ***,=,._ i-jjLn 

markets. Plenty of • in- only one, whose mqfn sector. In Would deserve them as often as drive -into Europe, which has 

. - ;s can- be found of com- this -case ” tablaware which ther become available, for it seen EEC markets collectively n ", I',^ ™h 

is. having improved their acrounts fof aboht €0 per cent has one of the most settled and overtake the U.S., together with ° 6 

’ t performance,: especiafiy of exports, m ilking overtime responsible organisations in the price increases, h are enabled tries stra . ^ . i 

T.rich and developing coun T to try to^keep^Up Math demand, country.'. the industry to chalk up new Feter Lartwngbt] 

. * ‘-because of a wen known It Is not adase of small being this factor as much as any records. Last year productions- 

- ..'rusted name. Devaluation, teahtiful-anfi-successful. The has helped the industry to main- is expected to have reached 

-j the • inexperienced Oto nfdin grotiplng£-are as big as* tain - Its competitive technical more than £350m. (final figures 

"‘’•■•overseas markets more'zaty of their kind in the world and marketing edge. Before the are not yet available), with 

'-*• isively Binninghain-ahd onb'pr: two,;like that-xhak--war forced concentration there total exports of nearly £140m. 

*" bet.vof Industry".-* has ingwtdljtiles, are the biggest in’’were around TOO pottery firms. These figures compare with 

: -.—“—- •-.>* . <By^the early 1950s there were £298m. output in 1976 and 

• ' •'**:/JjJiC:_ only half that number and a £U9m. exports. 

- . .... *’ / i -.'••••*•;• decade later only some 150. n • 

- .'.'-.S V Since then there has been a JKCVFrSGQ 

•-V ' . TUr I strengthening at the top of the Thk v,.r wiu hp ^ tn BS 


THE 

fllFESSilNM 

APPROACH 

to: 

MBPEKTY 


4 This year it wiU be hard to 

■Swwsszzsez: ^ 

in TImaLmT weakness of the pound and high 
pre-eminent in fine tableware, 

, n j n hMithii j. ■ p. , export demand ensolea -taoie- 
and a healthy expansion of the ^ 

._ ware and some other makers 
craft at grass-roots level as de- , nh ,„. 

signers, technicians and casters , t0 !>r ces ov f rse ^ s 

haver, eome together to re- .^ 0UI J ler U * K * pr, ^f re ^ Unctlt J ls - 
generate a cottage style ^ ?f" fl ser|«mnd and weaker. 


L 


Chesshire, 

Gibson 

&Co 


. Chartered tutwinre 

S3 t«mpta Wow 
Wnnin^wm SX'SLY* 
satmnsv 

ts Vvrtwtoy Street ' 
U»wi«a WlX SAE 
«M«2MW 


Arden Industrial Estate 

f BIRMINGHAM 

Closeta Gity-GentifiandMotorway 
NewOnitsfronfi14 f 915 sq.ft. 

, immediate^ possession 

Units Torequirementeinlater phases ■ 

Joint L etting Agents 

Fredk. J. Popper & STpns 

27TempreStreet - 


&w 


Birmingham B2 5DE 
Telephone 021-6439761. -. 

GoOCh & ; : 

Wagstaff 

'CHARTERED SURVEYORS' 

9/12 King Btreer \ ’ 

London EC2V8ET- 

7etephone 01 - 6001797. >: 


, cottage style 

! Pertvaps in- no other section ^ is '^ ncI . a f d “ 1o be 
T haq the- influence of craftsman- ****** J T0&t maJ?ins 
’ ship for pecuniary, or. visual be squeezed. 

-r. delight been so evident as in Nevertheless, investment is 
that section producing omamen- c ? Qtl ? I ul 9® 1 at f ^ ev . e 

• tal ware, from exquisite vases sb 011 *^ help to maintain the 

: and birds to Toby jugs. Judging industry’s competitive position. 
.' from the crude statistics of ex- difficult to estimate the 

.*• ports, it is a good deal- more aggregate of projects within the 
; i “worthwhile exporting them even industry, but informed sources 
. than, fine china. The latter Is -Put the current rate at £12m.- 

fShipped overseas, at around or around 4-5 per cent. 

£3^000 a tonne (compared with of turnover. Wedgwood, which 
■ a third of that for earthenware), exports 62 per cent, of its pro¬ 
while ornaments sell for an ducts and is working overtime 
average of nearly £5,000 a tonne in the fine china and Jasper 
. (more than £5m. for 1,264 sections, is about half way 
tonnes in January-November through a £10m. modernisation 
/• last year). and expansion programme. The 

, j . capacity of the Barlaston fac- 

JJepenuCnt tor>'. to the south of Stoke-on- 

-.-i so. mundane a branch £«*• « being raised by one- 

• of the^industry as sanitary ware ^t^nrv 3 fnr 

has been doing extraordinarily built factory for making 
.. Well. - overseas. ’ Encouraging inuiftfera. and the sam- 

; though this is, exports have by W ware Afoiy • ic being 
Hi means offset the downturn “bended Altogether about 
in the home market. Since 1974 L°P° b ! infi 

About £l.5bn. has been taken Pleated by 1981. The Doulton 
out, mainly in construction, and group, which has 21 factories, 
only £530m. has been put back bas an investment programme 
in, making a fairly.hefty deficit, or around £6m. a year to bring 
and leaving most sanitary ware oWer faotories up to modern 
makers at only 70-80 per cent, conditions, to expand prodac- 
capacity. The home marker-is tion selectivity and-to give 
becoming increasingly depend- greater • flexibility. Royal 
eht on home renovations, grant Worcester-Spode is also under- 
aided, improvements and the do- taking a number of projects 
it-yourself sector of the market,"aimed at consolidating and then 
vhich to-day accounts for an expanding the group's interests, 
estimated 60 per cent, of sales. The main aim of these and 
The electro ceramics sector other programmes is to make 
has also been grateful for export more economical use of scarce, 
sales for* proriding additional highly paid labour and to -im- 
turnover to, a’ stagnant home prove quality. Like-other Indus- 
market. One or two of those_ in .tries, the ceramic industry has, 
the smaller product .end, which ..felt the impact of equal pay. 
uses powder-forming techniques, foj- women. Health and Safety' 
are diversifying into the more Act. Protection of Employment 
traditional lines, such as, small and other measures which have 
animals and other items likely to added to, the pay roll without 
catch tiie tourist's eye. increasing overall efficiency. In 

• The giftware market is be- some instances they represent a 
coming an increasingly import- burden .not borne by competi- 
** outlet. Proof if this is seen tors overseas, and mechaaisa- 
at the Internationa Spring-Fair, U(m of tbe less skilled proces5es 

^■ h SSJiS, d0 ? d * T at ^ ^ going on apace to offset the 
National Exhibition Centre near greets B « 

Birmingham. It is now reckoned F.U 


MARWIN 

HtTERHAnOML 


MARWIN 


curmc tools uo. 




’MARWIN 

CONTROLS 


'LODGE, 


-~- v.uio.aiHay parts.- ox -me worm years in aenuirirtp a slriii that * : • ••••{ • • '• .y ’3M-T' 

I; h SM^ndother. exploration most of them hav§.Mt on early more thana semi skilled man ‘ * •* W - 

r. Itii only-if you consider-begitrairigS't6_good effect Very am Jeara ‘ 

^leeda of the. people- living often thebuoyancy of some. The other human banler is' ' ^*' V 

working there that the busi-. overseas majkSh»*'contrast^d- the Employment Protection Act 

i ’J lke t ^ cate engineering market, .and there'are still no particularly smaller concerns- * -SB .- 

: txends^eggijag thar^TS-chary of taking on labour. Whai jH 

■-1^ :WjI rtahse tbgj/pm « a.4 seems to be happening in a lot L 1 Wi '■ ' "7 Bllgr 

l-^ hes “ d P 0 ^ *? d ^ Per cent exp^^t, or what- of instances, where the big com- ^ 

-.ere are, in fact more.tiian ever it has beta eadbwed with’panies have a temporary bulge . 
j t^v ictiye suppliers in tiie &Hd- by the eronoraie"pundits, at any in work schedules (or can't find 

Of goods ranging frbin the rate for. the - gmttffaf engineer- the skilled workers) some of it : f ' ‘ 

J^^^oupla^-tp^the technie^y tog industries. A -- * is ^being subcontracted-out to ' ; - 'jpaJj 

“ --'riment of Industry of&ce m T ' On the other'hand there are 

-v'.^SJngham-.has handled more . -. . . some sectors of hieh technology - ■' i 

1600 from firms , il industri es* like aSospace and %aT^.tS ^fSiriBSH Hi 

>tid small trying to getrurto J? 1 of Mldlands-todastrialists is instrumentation, and*many corn- : 

: Tb* Department -S' panies with S>edaUsr niches ' • 

--^■ tself stimulated a lot of babihty, of the nymfey to be re- that are doing a good deal : • - 

^ enquiries over the . lamb j^ff d - -te- taX-CUte- a nd other better-than the average, and : ••• - 

- : l: years* by holding more incitements to e xpenditu re be- looking for increasing exports i 

” 600 information sessions ^:pvax*&\imo -tEmyaner dur- , 0 taJte t u mover to higher 
rious parts of the* region. that casewill be levels. While it is a valid - • 

s <2Srt' , ®S B 2 E2i e T*f , „V ^ M . un » B(, » has A ns aluminium bronze pump casing from 

in an otherwise dull canvas e»tic apphance makMS. but not the newer Industries T M ' JIMIington and Newton’s foundry at Stoke, 

iany engineering and con- c^ctly what the heavier bat- ironies and petrochemicals, it for use m offshore oil work. 

. r goods makers. ‘Among a rtohons are looking tor. There nevertheless has two or three - 

: -’..'range of products are big ?T e small signs of improvement, niajar li^cs with aerospace in.- 
- .^'ampressors from:Btrmingi ^ e :the-.:imn;ease-Ia;. 3 <)b>vacan- Lucas- Aerospace Dowty. Dno- 00 decisions which still have to portions. Vacancies m the 

».:•-> medical, equipment from des * but this could-be^to part.iop. Engineering' and Smiths be tak <5 n * llke t* 6 Government’s vehicles industry group, for 

- '"'-'iek, titanium unddes from due ^ inri)ihty^to., find Industries. ... . ... decision over the BAC X-ll, instance (where Rover and 

'■"■^rhampton. " catalogues workers 'Withoifr whom Lucas, for inka^nce, is heavily which has a direct competitor Chrysler had been recruiting). 

‘ ‘‘ "Coventry " diesel" engines tbeless iddlled'cMindf'be taken involved in secondary flying to toe 150-seat Aerospatiale showed only 400 inure jobs 

- ' Shrewsbury electrical on. There is a-chxbntt Shortage controls for the A300B Enror A200. No one is underestimat- available Iasi November than in 
'-- iboards and hospital equip- of maintenanceelwtricians, pea 3 airbus and fuel systems tog the intense competition that February 1977. (Industrial 

. ' ■ - from Birmingham metal' welderfi - fittecs » draughtsmen. f or the RB211, which powers has been developing. action has made more recent 

- -mg processes from Dudley, Pattern makers.-'turners and the Lockheed Tristar and Using seasonally adjusted comparisons unobtainable.! In 
' oofln° systems from Smeth- others involved either - in de- Boeing 747. Dowty. which figures, unemployment to the metal manufacture the same 
' ^ soh^ equipment for find- vel °Ptog n ®w’product* or keep- makes undercarriages and other Midlands is seen to have been comparison reveals only 28 more 

; ' 'idersea pipelines, corrosive tog plant and equipment ticking hydraulic equipment, as well falling in recent months, and vacancies and only 52 more in 

• • 'apt piping as well as the ov « r - Chrysler,-fpr-instance, as flying controls, and Smiths even more encouraging, the mechanical engineering. There 

ten „ig ^[bies. souvenirs couId put on.anofUefc:shift at Industries, arionics. are also number of vacancies has been may well be. and probably are. 

'^.'Erom the Stourbridge glass toe Stoke engine .factory if it engaged in these and other floating upwards. But when the more vacancies available than 

*•••'»holding a globule of oil) C°uld recruit sufficfeaBt-skilled collaborative enterprises, statistics are broken down into are notified to employment 
• other everyday para- people-. So much *foh -toe.com- Whether present workloads can industries, the ebb and flow is offices, and if a general upturn 

., a ] ia ... pression. of differentials which be sustained depends very much only of Medilerranean-like pro- occurs it will he interesting to 


MARWIN 

FOUNDRY UMTS HO. . 


r MARWIN ] 

(ERClMEEfUNCl ITO. J 

7z gl 

MARWIN 

i HARD METALS 170. t 


MARWIN 

mhnc roots an. 


h\ 




A&N 

FOUNDRIES LHX. 


P.M.T. 


SNYDER 


’MIDCAST 

OBOEsrmi J 


SNYDER 

AUTOMATION ITO, 


1 MIDCAST 

(WALES) A 


UNVAR 

R.S.A . 



MARWIN (HOLDINGS) LTD, BARKBY ROAD, LEICESTER LE4 7LL, ENGLAND 


Industrials—Birmingham 



.-yiirw' 


are for skilled people r»f whom 
there is already a considerable 
shortage. This could become 
acute and inhibit expansion. 

If this happens it could hit 
the smaller companies, which 
are now .being invited to out 
of the cold by the Government. 
Regionally they provide a third 
of the mr.oufa during jobs and 
comprise 86 per cent, of ail 
companies. 

The industrial scene in the 


TYSELEY 

Modern Factory and Offices on new industrial 
estate. Placing Shop. Rear Yard and ample 
Car Parking. Tolet75p persq. ft. 28,000 sq.ft. 

ASTON 

Single-storey Factory with cranage and first- 
floor offices. 41.000 sq. ft. Three-storey 
Faccory/Warehouse. 59.000 sq. ft. Will sub¬ 
divide. For Sale or To Let. Total area 
100.000 sq. ft. 

ERDINGT8N 

Gravelly Industrial Park, a prestige Bryant 
Samuel Development. Ample car parking, 
hard-standing and loading bays: 500 yards 
from Spaghetti Junction. Several New Units 
To Let. 4.500 sq. ft. 30,000 sq. ft. 

HIGHGATE 

Substantial Freehold Factory/Warehouse s- 
miie Birmingham City Centre. Heated and 
lighted. For Sale. 21.000 sq. ft., plus 17.400 
sq. ft. mezzanine. 


HIGHGATE 

Modern 23.000 sq. ft. workshop unit adjoin¬ 
ing development sice of 933 sq. yds. Industrial 
Site 0.4 acre. Industrial Site 0.9 acre. For 
Sale as a Whole. 

HOCKLEY 

Proposed industrial estate I mile Birmingham 
City Centre. 3 miles Spaghetti Junction 
(M6). Units built to requirements up to 
80.000 sq. ft. To Let. 

Total Area: 156.300 sq. ft. 

TYSELEY 

Substantial Freehold single-storey Industrial 
Buildings capable of refurbishment on site 
of 4.3 acres. Demolition will provide 81.000 
sq. ft. of good space with ample car parking 
and circulation space. For Sale. 

W0LVERHAMPT0N-W.MIDLANBS 

Factory premises, single and multi-storey, 
the majority heated and lighted. For Sale 
Freehold. 75.000 sq. ft. 

Offices—West Midlands 
COVENTRY—COVENTRY POINT 

Modern offices to let in suites from 1,000 
sq. ft. in prime City Centre position with 
multi-storey car parking adjoining. Rentals 
from £1.50 p.s.f. to include fitted carpets 
and boundary partitions. 

DUDLEY—ST. JOHN’S HOUSE 

Air-conditioned offices to let in Town Centre 
with basement car parking. Small suires 
available with fitted carpets and boundary 
partitions. 

SHELDON—ELMD0N HOUSE 

New centrally-heated office building, 24.000- 
sq-. ft., to let close to N.E.C. and Elmdon 
Airport. Parking for SO cars. 


St Philip's Race. Birmingham 83 2QO 021-236 8236 
London 01-839 6951 Brussels 02-512 16 12 



The lease of a factory that you have outgrown can be something 
of a millstone. 

That’s one problem that you won’t have on your shoulders in 
Milton Keynes. 

If you move from one of our factories to another of our factories, 
you can hand the original lease back to us. 

This means you can afford to pick a factory that’s just big enough 
for your immediate needs. 

We can offer you a choice from 500 to 25,000 square feet, allready 
and waiting to move into. At very competitive rates. 

■ We’re now building factories up to 50,000 square feet. And we 
have serviced leasehold sites available if you prefer to build your own. 
So if you need more room in the future, you can have it. 

We have a workforce ready for work, too. And a wide range of 
housing to rent or buy. 2bC" '- 

We also enjoy a perfect 
business position. 

Milton Keynes is right on the •*-'S^3?’^~ 

Ml, the A5, and the main line from f ^j" 

London to Birmingham. (We’re ' p 

almost exactly midway between i I 

the two.) 

Our factory leases leave - p y \ 

you free to move, in every sense. ° *?r 




i 


J" 

i tf** ,r srwMi&« 

'Wi.TKi, 




THTmTa 


KEYNES 


; D 
n 




I I would like to know more. Please send me details. 

| Name_' _____Position_ _ _ 

1 Company_:_- _ . _ 

• Address ________ 

_ 

DRElICR Cf COf-7-EFQi. MUON KEYPfcS DtVER.fCICW h£Vl£S 740G.1 
















% 


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34 


Financial Times' 


FOR YOUR COMPANY- 


BAD DEBTS 



contact -B D Kav 

INTERNATIONAL FACTORS LTD 

Circus House. New England Road. 
Brighton BNI4GX Te(- (0273J 66700 

Birmingham Cardiff tredi 
London Manchester 


HOTELS—Contniued 


FT SHARE INFORMATION SERVICE 


im-s-. 


Stack 


-i.*: I* 


ISl ! i 


AMERICANS—Continued BUILDING INDVSTRY-Cont. DRAPERY AND STORES-Cont. ENGINEERING—Continued 


1JTTS 
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byteslJ.).. 


(ifsoiiaSJ.*.- 
tta'A 1 


EC. Caws 10 
EaaereProd! 



©hirf 


: [Beco^IIijl. 

Bert. Ind. Sea 
_ EUJpdPTi’lD.IOp™ 
37. BsonScBohbiDk 


1 EmhsrtCorpLS .. 

LsprMiServJUp. 
- Eng.4©rer’sifip 
E^-Clnna days 
E^perema I2a>. 
531? Bird Ferries —1 
42 Erode HldfCs.2Dp 
Ewer George IOp 
Estei. 


Fairaasn Lawson. 



9iW. 


First Castle Wpr. 
FMrwilton;—^_. 

JFosecor 



• Cestetaer*^ .i. 

■ GiWBnsDmDay. 
msia 



■ GnWmanTHllQp: 
, gommeHI ds-^. 

, ; Masada 


■Hgtiy 

■ 1 Raima 

ra-RESaboa* ISa J 
68 -} HannngrCp.tSc. I 


set .. 
.-57^-1--.. 


: mantea*T3p50i>. 


55 

-.BEfatair^ 




JStSw^wtasp^ 


HOTELS AND CATERERS 


iFJInnJ _| 72 l-l j 13.771 2.0| 


BorelL.'Fr.IOO 
Brent Walker a>. 
Kip; Hotel# iip_ 
I^Vwe Hotel* 
Grand Wet Sap... 
Ph ihpr 'r- TiaJ 
Ku^a'jl, ir He?, 
Ijdbr.Aeliip 
Ijehdivijtr. [lip 


36 

£ 11 % 

52 

96 

162 

98 

06 "; 

187 

68 'i 


29fl3ij.63 
28] M_8.fi' 




IntS-t- _ 

■ Junes Oohcv—J 
teStaJL'bfe:' 

■ Iflidta'S 


BOhrs^i-TB 

.. .._dm*?!. ~ 

Lift 

[ 48. __ 

’»-• am 

na Beater-^p;’ 

1 371* HesfrErfUIogs 

; 6(J ' tCP.Ta&LV 


-3 


-1 


+V 


+2 




*1 


-1 


■t9. 


*1 


rtl 





+i: 


9fV 


}+3; 




td42£a 


1§M\ 


13.71: 


ntsa 


1027 



12J 




-r-lW 


495- 

0331 




^lif; 
633 -a 

tub 


fl*!? 


AS 






jra 


«.75 

fH 




28 7.911 

■ii i 

1 5 -*‘ 


in 

63 ‘ 






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mm-i ! - : 




■11 




































































































































































































Ternary J4 ltffe 
NDUSpttAli-^oiitMiued •■ : ' INSURAN 

w| / *£k±. l.Pricfj^f’SSl 
■ jlilUjc innop„j 424 


35 > 


Hath Lou 


INSURANCE—Continued PROPERTY-Continued 

siwk ip^h"] Si L |J™|_, m* I j+«i Kt | irui * 

** ! ™* I - I .Vi iC'T I (if * 1 1[(. High la* Hark | Price 1 - I Vi l(?n|lin|p.T. 

^. M t?f, J2 - H “ W 216 Prop Hide Aim. 318 . «, 54 13 31412 

m „l 5 iL - 5? - % <0 ft»bitF»£] W . MO 08 b.b |3fi5 

713 -11 fiW*. - 07 - 72 y Hopm-dinp. 47 . tl.» 20 3b21.5 

nil I ■ ■ ini,* 1 ?* - Ig " 325 176 rrap&fcr. .V. 3D3 .. H469 15 23433 

iB^U'-RVrt »* Hi™ 1 * « iTup "rr i B . v* 136 . tiae _ 21 

270 1-2 !t7.bl 2 6 4313.9 fat, 2 RadanhuiSb 5',.... - - - - 


■iin-7» ’ 

Hi£h LA* 


INV. TKUSTS—Continuea 

i+ ar| Wr I {T 
Pnce I — | N*» ICWlG 


35* 
160 
• 56 
£91 
124 
20 
12 
300 
B3 
.41 
145 
54 
tna 
10J 4 
121 
37 

HossiBafeLilOp- 35 

Maiiu« 10p _ I 12 




547 216 Prop Hid jsi-lnt. 318 . c6 54 13 71412 

% 40 IT? Ir.i {. F:r il 92 . t4 0 0 8 6.biM5 

72 34 Hop ncftbip. 67 . tl.59 20 3 6 21.5 

3! 5 176 Prop & Re'. .V. 303 .. H4 69 15 2 3 433 

156 44 fop «tr |g< »|p 136 . |1 a& — 21 - - 

6'< 2 RanIanPrup Sp 5'j ... . — — - -» 

15 3** Rcwlidn ,12 ~ 

B5 30 RejitmulProp 78 - 2 0 65 - !3 -• 

77 ?9 ho A 67 -1 0 65 - 1 5 - 

115 28 fit--. 1 - Tw;.a. 106. i?ol 21 3714 7 

46 34 Sarauelfcup. 87-1 2 1 09 3.7 458 

118 58 Stm JIhkp 9lp 106 -1 si 44 13 2E481 

431. 2«i- Swnprint;. Iftp 40 -J' 1 73 20 6 5 114 


MOTORS. AIRCRAFT TRADF^ ”5 78 Swilw;.Lf 1D6, i?ol 21 3 714 

Diuiuw. 1R/1UU& q 6 v SamuelPr-jp- 87 -1 2 1 09 3.7 45 

Motors and fvH pr ”8 58 v« sip 106 -1 si 44 13 :e 48 

wu. s> cies . . . 431. 251. SwMrii-.inn 40 -*, 173 20 6 511 


.w.rv^ .I ^ --J -- 129 75 SUuurtEfl* 121 c2.Z6 1 5 2 0 38 3 

LrLriit. 2 22 . 18 Uw® ?5 £174 i3l4 [»UP«uu.« 30 £162 . QlO“. lH f&3 - 

■ 4 9. . ■ ■ ■ -- - - 270 158 Storkluver-n 246>a -1 W0 24 12 514 


Reliant If it. Sp 
iSoUvRevreM:.-. 
£19<;f762 IYoKgKtW. 


J 1 *!-- - - 79 230 40 NunleyP-lr.i. . 206 . 3.97 

* 7 . M 11 a 8 6 9 51 3Hj UirePn.ooniei 361?.Q181 


Ql^.j 0 61 7.6(22 2 70 24' Ttwn.riurc 


36i; 018* 15 6 710.1 

60 .0B2 1.3 2.1600 


Commercial Vehicles 


17 5 h'wnAi.'iii 10p 151; +lj 0.01 — — — 

98 39 nraliordl’nrk_ 87 . 3 65 1.4 6 4 168 


r?^ , 0p I t *Vni Ml HHl 2 « ® liESSp™ 2« :::::: &.» « 30352 

M 5fiZ 15 2! i? 148 75 Warner Me. 132 . 266 « 31 • 

ifelmM&Um in • *2? II 55 ,2 A 285 172 ka.-nl.cn lpi atp. 2B5 . i4 86 1 6 2 6 36.0 

tbtoBWlOpI 10 -t; 05 29 7.7 6 9 20 Vt «vhh-Jn..ilp . 18 dM48 2 4 4.1 15 8 

foifSaiie-Mn i' of? H 4 Z 19 71. Wmin.lLTP20p 16b . — — — — 

Tor*TrailerlOp ] 66 -1 1211 | 45 4 9 7« ^ lg iv ia -4nnEsts32b .1.16 1J 5.42L1 


Components 

68-1-32 ItbhfjPWKlf-.; 50 K ..'d2.64 
■78 n5J;.lAnfl»Swaa..' — ' - 


73*i 1 38 
141. 
H2b 
70 
24- 
D5% 

375 
*124 
123 
12 
531; 

338- 
38. 

129 


50 ; ..Jd2.64 Also-* 
7? .. T4.47 15 9 4 4 6 


SHIPBUILDERS, REPAIRERS 


IngEq. lOp 60 l-l" 2.M I 3 o| 51 99 

/Sf-'B. 122 | 1:69 3.91 58 67 I 23 I Hawthorn LMp I 65 




9V>+liil Bo 8 8 3 0 6) 162 40 Su-na Humer£] . 140 1. 6 86 1 8 7 4 116 

69 J .... 3A7 2.6 g'l 65 181 73 Vesper -_163 I. 1413 18 61 3 9 2.1 

22» U 06 1 8 71 12 9 295 140 VarrowSOp_ 280 |-3 4.61 5l| 25| 86 

tl5"i -*s Qtl24<- 37 4 4 81 ' - 
174»a .1 t4 22 3.7 3 7 1JJ2 

iB -»■ fit lo 3.7 ioi SHIPPING 

10 ..025 1.0 3.8 45.4 w 

53b -1 10 71 35 2 017 2 323 212 ftn: &i'tim.S0». 270 »842 41 47 7.7 

259 B22 4.7 4 5 6 7 298 143 r»™«Rre« to 190 -3 5 81 - 47 * 

.37 *1 hO.77 MR 3212.7 170 54 RshenJi.. . 117 -2 Mil 38 61 1.8 115 

111 399 5-2 5 4 4.2 354 204 FumessWilfr £1 312 -2 t7.43 6.3 >6 5.6 

61 -b 12 8 4.9 7 0 4.5 310 140 ilLniinjijihrail 200 ... 1009 67 8 3 11 

96 . .. Th341 53 54 5 2 41 25b JoccA-n-J 1 -20p 39V -U. cl S5 4 6 7 0 4.9 

113 [.... 4.0 2.7 5.4 10.6 57V 33b LmOw Frr ; 35b -b i> 7 3 8 14 4 -2 Oi 

172 Ufa lileShliipnc - 140 14 46 54 4.8 58 

d Distributors ’ T5 ‘ 1S Man-Utwr-JUp 240 -10 5 10 16 3.2 28 9 




- - 06 
272 43 52 64 

17 44 3 7 8 7 3.4 
15 95 26 81 <5.5i 
J1 64 39 1132 

•1 64 3 9 ±45 


id Distributors 275 215 lltan. Uner-JJp 240 -10 5 10 16 3.2 28? 

, DUl0rS r ?4 6 Mervevhk l !lll< 18 . - - - 06 

84 -1 401 41 72 52 Sj 4fa MillotdIVck-LI 80 . 272 43 52 64 

M : , . r, I 7 ’ i«anTran-Ton 129 . 17 44 3 7 8 7 3.4 

i?o "i 4 , 4 lr \\ 15 104 r*ntaM£| 111 . 1595 26 BliSi; 

*2 17 75 24 9.9 7.2 ?3 5 ]15 Heardr-nMn jop 118 . il 64 3 9 *132 

->» H21 29 83 5 4 B4 38 Da-VVto 40 ... *1 64 3 9 ±45 

43 -11 193 L9 7 0 112 * 129 102 Ru,1 « n “ n,tt »- 106 1536 25112.? 5 2 

22itf -1 * 2.4? 17 s’g <}2 

99 -2 5.E4 21 89 8.1 

S -u S-B Is li U SHOES AND LEATHER 

2i " x wit H qS 1 ^] 22 10 y'ehoiwiqi*i-_ 17 -b an fiS^PSS 

SS 2 r H, 6 Si in 51 6fl 35 BomhdrtJil.— 63 +J f4J9 4J 10.6 33 

ft -i HI i* f"? I 2 SI 36 Footwear lore.... 63 -2 d3.89 2 4 9.4 6 8 

S; "? y 5 .. i. il 1M 67 GanurScwblatT 100 . t4.5 63 b.B 4.7 


44b .. «.7 

55 -b 1.43 
33 -i L25 


SHOES AND LEATHER 

0 lAHehono](mi-_| 17 i-*2 i *1011 0 9t 
lPooth(InUili— 63 +J 44J? Ufl: 



FINANCE, LAND—Continued 

J 77.78 I I art Kr I I Vldl I 

Eh Ln Sw* Pri« I - | Nn !fir!c.r\|p;E 


CtrlCFi.lPE uiehLnl fiw* i 

.11} 6.4|22.B 54 221; IVV nx'. r.« .j 
l.q 9.8 X 78 50 ‘M.inir, R ? :p. 

E12H 920 lMi- M.li.Rft-; 
18 13 M.‘. iMi i-J-.-p | 

225 200 

. 14b 5!' iParaahe I0t* 

| 2 b li hiTiPlbiifc‘ — 
207 120 Pti*•« ‘ ixa. 
£57 £41 PKiSiSFMjl. 

12 7 St i><«e lOp.. 

Ill 471, Scot L Mure X- 
£51 £40 S E£4-*pc.ATJi._ 

61 37 Smith Brw 

13 7V SihnPwHKaOc 

£38V E27i 4 Suk PibXFKiO. 
tlOV 900 ^nn; ?ii Tc Ip 
28 22 Wan. Select Sft 

Ufa 22 Wen a r England: 
79 33 YuleCjnolOp-. 


... 0 68 2 21 1.91370 

5 93 11J4 6 9« 

-10 <JS116 - I 7.4 - 
U 0 7 11 6 18 2 

-1 10 Zb 58 Ta 

619 37 5.0 8 H 

-V Q94®i - 62 - 

. 10.44 0 9 63 27.7 

. 3 02 1.7 3.9Z2.7 

. Q4.Z5 - 83 - 

.4.47 U 12.111.9 

.. .. - - - 3.6 

-V Q221; ■ 101 — 

-25 Q4302 16 4.9 X 

-1 21 * 11.4 * 

-4 138 31 50 98 

-1 tl 24 33 2313.8 


s? 


128 
187 

m 

79 

83 
£64 
£16V 
66 
34 

£18V 
550 
170 
12 
45 
195 
OOTV] 
418 I 
24 I 
32b 

Sm 
I sk* 

635 
69b 
350 
£66 
49 4 204 
24 9 266 
218 157 
4 110 
no 
*99 


OILS 

46 AtlorkMp—— 102 
130 Bni Borneo lto. 148 ■ 
760 Brit Petrol’ittl 790 - 
60 Do 8!. Pi £]— W 

41 BunnahU- 53 

£40>i DoS'LnSI 96. £59 
£10 tuiCPStlSeai:. £10 

44 Cenroyiop — 51 

18 Oarterhall 5p - 25 
£12V Cie Fr PetroleiS . £131; 
400 nciufi0iin._ 450 
100 rtClydePewcd£l 132 
7i> EndeoMHjrSOr— 10 

24 KCA-,341; 

162 LASMO._176 

£041, LlSMhitMSBl-ffi £100b 
260 LA5U01*x'iqp- 360 
13 HunetMeuhlOc. 20 
78 CnlExpLJOp— 228 
B Prearier Con* 5p 16b 
£145. Ranger'Ml-£17 V . 


426 0.91 4A1--443' 

tb 13 16 6 3157 
r22 10 30 42131 
5.6"-. 1348113 -- 


Q6I;- b .. elf j .. 

t2~43 Is 12 40 

-- 642 

QliUr. 1.9133 5.9 


YASUDA 

TRUST AND BANKING 

■Lcrdm B r Mxn:0 ' -623-S 7 21 
H<*3 Ot fj ce: 7 c-ry-; 


MINES—Continued 
CENTRAL AFRICAN • 

1977-78 I I |«r Kr. JTU 

High Lew j Sleek J Price j — Set IcVrlGi'i 

195 70 Falcon Rh.Hr— 180 . Q50c 13}^>.0 

24 9 Rhod"nCorp. 20 -1 0.57 43 43 

165 52 R«ini.'0DS.K4..^.. 65 . — — -- 

7-1164 115 rsiifiaiiiiltaSOp^ 132 . Q11.0 13 83 

80 70 Do Pref 80ti-78 . ... 09V. 16.4 9 2 

42 27 WankleCtrf.Rh.l... 37 -1 Q7bc 1.4173 

27b 10 Zam-Cpr JBDCUM _ lib -1': — — - 


180 I.| Q50c I 13(26.0 

20 1-1 0.57 43l 43 


132 . i]11.01 U 83 

78 . ... 09V. 16.4 9 2 

37 -1 QTbc 1.4173 
lib -lb - - - 


Z0.1 - 0.4 - 

Qm -T ellw II 


1.92 33 L3|370 


454 SfwUTraus Reg 504 
54 Da.7VPr£l - «> 

88 itStebens CRi£l 290 
£55 Tewo4V"«Cm. £59 

10O Trice ntrol-148 

116 Ultra mar-230 

85 DoTpcOiv.— 130 
50 Weeks Na. lOrii. 105 
50 Do Pfi'W 10c— 105 
49 Woodside.450c.. 61 


1050% 2 5 64 63: 
tl4 2B 4 7 43 5.4' 
4.9% U461L4 _ 

Q^% 3 i83 - 
L27 4.5 O B 19.2 

- - - 78 

7% 13 0 73 — 

(JlSVc -T Fb — 


20 10 

127 57 

128 69 
325 119 

65 18 

112 77 

35 10 

242 125 
105 10 

S .5 

12 4b 

144 87 

55 ?0 

£13 575 
19 8 

555 345 

164 85 

75 40 


AUSTRALIAN 

11 1 ... 



11 .... - - - 

79 -1 Q8c 1.5 6 4 

71-1 - - - 

166 . 09c 23 33= 

62-2 - - - 

88 -2 L45 4.1 2.5 

13 . - - - 

133d -3 Q9c L7 4.2 

19 . - - 

2 .... - - — 

87 -1 QBc 13 5.7 

81; . „ - - 

141 . QUe 1.9 4.9 

35-1 _ _ - 

875 +50 -- ---- 

12b . - - - 

435 . Q15r 4.0 2J. 

75* . - - - 

89 -1 QBc 1.4 4.2 

40 ...... - - — 


*[195 

io.a 33 


1 f, \l ?, 1M 67 CantarScottdalT 100 

m I i t 7 » 12b Headlan.SiosSp. 33 

Sr * 5 t^ 72 25 5-? Il 72 37 Hiltons20p- 69 


*■“ 5? 4 J 72 37' Hillons20p.._. 69 i:"" f.« 1R) 9.7 83 

B5 >.98 3.0 7 1 73 in 55 2 27 376350 

123 *2b 659 * 8.1 * S LaSflihlDir 37 2 91 2 5119 52 

+* ’ 3 ,.23 3.1 4710.2 ^ HI, StafiTltaft. 391; +lb tZ54 13 9.710 7 

*153 t 1 Q10S21.8f6.7 - 50 2 2 CHiieriGi'A*_ 48 . tl.71 1.9 5.4 144 

Vr, -1 fir 4 ’ 5? ?s IS <>6 45 PlttardUn). 63 + 2 1232 5.7 6.1 4 4 

32 44 59 5 - 8 39 21 jaeadl-Sim-A' . 36 .thl 92 1.6 81121 


1.25 4.5 5.7 6.6 


Renown me ISO 
Ren wick ijroup. 


Ropner Hldp 


Rcya] wow. 
RumII'AiII 
St-Ucbara Frt 


Sanger* Grp 


78 -1 4.15 


.... 424 41 9.2 41 

-b 156 23 4 614.4 

11.58 29 7.9 66 

. C.7 53 5 8 5 0 


8 -I? - - - * 

4V -'3 -- - - - 

164 *1 14 93 4 6 4.6 7 2 

515 . +11.17 * 3 3* 

46J : . *1.62 4.5 5.3 6.4 


(.j? 


641 
57 
6Bi 2 51 
66 4ff 
1221; 71 
59 42b 

75 49 

110 74b 

83 s* 

38 
56 
61 
37 
122 
41 
35 
8 

600 
3fab 
97 
52 
107 


t, U t. SOUTH AFRICANS 

31' -3'; g062 4.8 3011 5 152 SO AtwcwnRnW 84 I IQ29.-1 2 1 2T1 fcj 24 

5^ -U — - - 179 jno 390 AncJoAmln R1 450 ....^ 065c 24 84 At 

51 0 63 136 19 6.7 X33 79 AngTrMnd Sk 90 . 3]9e 36138 15 

122 ?? 9 7l 9f 37 17 Edworks 10c 


Q4c 2 9 7 7 44 


76 1-2 | 20 I 53| 4.0| 71 ii7i, 41 GoMFM* P 2'*' 78 -4 Mr 12 6113 3 
230 “ 113 Grtmitf VSOc 113 -9 iQ36i- 06 i 83 

130 87 Huietl'fifn RL 108 i<f31c 14 *4] 

455 288 0KBaua>50c 295 i058v 19 * 4 

C PUBLISHERS 11* 35 Primrose lQrt.- 35 .QlObc l«Jl7Q 4 

O, ruuiiianimo z , 4 150 iijxrnitiora-t^r 160 . .. Q28r 4 0 10 5 2 1 

154 -2 15.23 4.1 5.1 '7.2 68b 40b SA Brewi20c.. 62 +l 2 UJ9i;c 21 9 2 5. 

180 . . 13.66 6.4 3 1 7.8 550 395 TiperUafcRl455 ... tOAlr 34 54 5- 

47 2 87 2.4 9.3 5.9 63 4b 1msec-59 . tQIIHjl' 13I0.6|7.0 

60 .... 1213 2.9 5.5 93 

73 .... 4.46 1.6 9.2103 

110 . 15.8 2.2 6.0 8.5 ™ 

132 . 14.64 4.4 5.3 6.3 TEXTILES 

132 . 14 64 4 4 5.3 6.3 XRiAXXxaiJO 

315 -5 111.61 1.4 5.6198 137 173 |ADiedTexrile-_ 134rf +1 649 


13.63 4.4 7.3 5 9 55 28 AHdiuBnx.- 

1+2.64 4.1 4 5 7.9 67 33 BealesO.'ZOp 

T3.55 2 5 9.6 62 74 48 BfrtmanA.I0p 

6.5 2.6 7.9 7.4 30 16 Blackwood Mort 


+1 3.34 
t262 


123 . tfa.6 2.7 8.1 6JI 

56 . 13.96 1.810.7 8.1 

200 . +265 b£.6 2.0115 

266 +1 18.12 4.6 4.6 72 

180 . 544 4.4 4.6 74 

42 .td2.21 23 8.0 8.6 

163 ... . 'lb 3.9 3.4112 
138 +2 td3.03 5.0 3 3 9.2 
213«c-r2 hl.97 1.9 1*63.2 
324 .... tl271 2.9 5.9 8.8 
-31b -b RL22 2- 9 5.9110 
47 +b 1128 3.4 4.1 92 


, 47 |+b I 7128 i 3, 

PRINTING 

1RT1S1NG 


Bond St. Fah. lOp 
Bright 1 Johni.. 

Bnt Brkaion... 

Bril Mohair.. .. 37 
BulnerL - Bb20p. 43 
Caird'Dundee 1 - 14 

SfSWt s, 

airlnd.—- 30 
CoeliPaimts— 7» 

Corah-35b 

;wirteuWs-123 

Da 7% Deb BIT £77b«< 
CmwiltenJ *— 36 
Dawson Inti—- 112 

n. ,11 19A 


15 3.' 

g3.1 21 


Rrit Pnniinc 
Rrunnincirp 
Ilo Re-^ir 


nwDod Up. ?p 


tTDTywliWi 


100 
£ 

49 90 .- 
18.6 320 
1 92] 14b 
270 
64 


Da Cap 20}> 


& 

172 
28 
91 
69 

§h 

£103 
63 | 38 

20b 111 

■■ 

32 
28 


PiwkteBf'A 


PradsatulSp 


1 

I 



lit Forilard 50n 


Gwneeatbp 
Jtuttmerwn V - 
HM5r;btT^a)p 



35 

184 

0.35 

4.0 

n 

28 

U 

1.0 

335 

♦13.75 

LO - 

1.1 


rskme Houw 


Eij'lnrailooi.e 5p 
KasiciH4Geu.5r 
Firinre&Ind (id 


OVERSEAS TRADERS 


305 

BIS 
T H 

* 31 

16J 319 
303 240 
306 £66 
24.9 425 
44.4 92 
243 428 
158 24 

•86 
49 
275 
103 
240 
235 
57 
lib 
120 
3t2 
W* 
£92 
53 
S3 


93V African Lakes — 
60 Aua.Agric.50c_ 

134 Periston!.S iff.’. 
124 Booker McC. Km. 

68 Bcrth'nck'TbK.'atfp 
17i 2 Bouflead'itoj— 
150 Finlay'Jas.i50p_ 
161 GilliEmfius — 
£49 GLNthn.no— 
2761; HTis‘ms.Cra.i£l. 
66 HoHnung.Si— 

335 Incheape-1- 

9 JaeksWm..__ 
10 Jamaica Sugar— 
62 Lonrho.- 

36b Mitchell Cc«s— 
146 Nigerian Elec. _. 
72b Ocean Wl sns 20p 

135 Pal sou Zoct lOp. 
130 DaWNVIOp — 

41 SangertJEilOp. 
41, SenaSu2Jr50p_ 
80 iSirae Darb> lOp 
205 StwlBros.SOn . 
35 To/er Rems lip. 
£7fb DoEpci'r.i 3: 
“OV f. O 1 ' Mere ii'p 
21b I« H<p L'-’. 8 p 


295 . 

63 . 

215xrf -b 

211 t* 

71 +1 
2S 3 ; +1 
283 

220 _ 

£51 ..... 

362 . 

70xd +11 

358 . 

22 ..... 

Il . 

75a) +4 

44 . 

267 . 

83 -2 
205 -5 
200 . 


h!75 30.5 
02.5c — 
825 4.7 

(7.08 3.4 
6-2 LI 
1.52 L2 
g6 54 7.0 
b8.71 32 

a 12% 23 
2.72 3 B 
4.2b 21 

05.0 3.2 
Z0.66 - 

6.55 22 

3.4 18 

1157 12 
h2.29 3 5 
7 0 79 

70 79 

4 43 13 

B- ~ 
03 5 3 3 

1125 4.4 
3 09 2 5 

08". 105 
h075 11.0 
030%312 


5.8 3.9| 

5.1 8.9! 
135 (9J>i 
, 8-2 1146.! 

35 5 2 
68 7 2 

2.4 72 
1 5.3 85 

92 65 

6.4 8.8 
- 92 

152 <42i 
1L7 5.9 

6.4 iU4t 
4 2 6.9 

5.2 3.7 
55 3.6 

14.0 8.6 

TsiTo 

5.4 5.3 

10.6 5.6 
(91 - 
23 61 

3.6 — 


39 18 

395 240 
57 25 

260 155 
570 260 
13 8 

325 190 
150 72 


85 30 

490 260 
410 217 
49 40 

70 50 

215 133 
90 35 

73 55 

210 77 

305 148 
160 57 

*60 19 

102 42 

95 45 

203 93 


Aire! Nigeria — 
Aver Hi tain SMI— 

BerahTin- 

BerjuntaiSMI- 

Geevor- 

Cold 4 Base 12bp_ 

GopengCctu.- 

Hongkong . 

Idris lOp-- 

JantarlZbr.- 

KamuntincSMOaO 

KUtingbal!- 

Mala? Bredgint SMI. 

APahanc- 

Penckalen 10p — 

Periling SMI- 

Saint Piran. 

South Crofts lOp — 
SourhKiciaSMOaO 
S' hn Malayan SMI 
Sungd 8esi SMI 
Supreme Ucrp.SMl 

Tanjonglfip - 

Tongkan Hrbr.SMl 
lYwwhSMl- 


TINS 

_...| 28 
265 

_ 50 


I...2.51 1.6136 

+5 Me 7c 0.9 33.B 

. 3 75 25 11.4 

+5 tO60e 4> i 
. 18.05 3.4 5.8 


. 15 0 <b 8.6- 

""I: 75 V lVfa 


.ZQlrfc 0 7 4.9 

... . 0125 * 27 8 
+10 Q95-5c O B 7.0 
+4 1Q2 5 05 5.1 

. 6 5 « 18A 

.m012<c 10.9 L6 

-l slW * 5.8 
+1 b412 1510* 
rB iQ77 Be L4113 
.iQ15L3c LI 115 

:::::: zoToc — ?6 

. 45 * 70 

. Q»B?. 16 16.5 

.2Q30c 2.0 4.0 


COPPER 

198 | 84 iMesnnaRO*_| 85 |-1 |+Q30c( 1.9} * 


MISCELLANEOUS 


RUBBERS AND SISALS 


91 , 9 Burma Mines 17i;p 

115 58 folb* Mines SO... 

600 225 Ctms.Murch.IOc_- 
475 250 NonhgateCSl — 


Q30c *■ t 


1877-7? 

High Low Stock 


91 34 

77 43 


200 82 
57 25 

108 75 

55 28 

12V 5ij 
250 15$ 
76 49 

6b 36 
48 34b 
34 20 

127 40 

57b 31b 
33 10 

■33 12U 

66b 331; 

£23b nO f * 


Anrio-ludouK'n.- 
BerumCons lOp.. 

Birdi.Urirti- 

Brzdw&l] I Op_ 

Casdefield 10p— 
Chersonese] to— 
Cons. Plant !0p-~ 
■Jadek Malay lOp . 
Grand Central top-- 

Guthrie £1-- 

HarwoiVh Eg !to. 
Highlands M50c . 
Kuala Kraong MSI 

tlKulimfioOc- 

Lda Somalia lOp- 
MalakoffMST __ 

MalayalamlOp-— 
Muar River lOp— 
PUnunou Rka lOp 
Sunset Krianll — 


liar I D 11 . I I rid | 

Pria I - | Net IruiGr's, 

91 . 254 2.4 4.2 

76 . 35 15 7.0 

15 . - - - 

38 ...... hL27 1.0 5.1 

1B3 . s2.8 10 2.4 

54 ...... 2.03 LI 5.7 

104 .QUO 1211.5 

50 . 0.71 2.1 - 

12V . 0 55 + 62 

218 .... 11015 LB 71 
71b -b 3-05 — 6.5 

65*2 ■‘■I; 1012iir - 4 1 
44b ~f Q13c * 6.4 

33b .«U5c 1.1 7.6 

114 .+2-0 1.6 2.7 

57 +3 tOllc 1.7 4.1 

31 . 61.15 0.4 5.6 

32b . fa0.43 3.1 2.0 

63b +b f2.18 25 5.2 
£23»; ...... 50.77 L7 35 


247 169 R.Ti 177 -6 185 q3J 7.3 

70 28b Sabina tads C51 „ 34 - - —, 


E14V BOO TaraEspra-Sl-.. 
55 39 Teh.JvinrealtlOp. 

160 121 Yukon Cons. (Si...' 


82o - — -1 

45 1^1 2 5 4.1 


125 -1 l Q7c| + | 34 


TEAS 

India and Bangladesh 


Beei'itraaiFi'JO 

r*Mr7rfurieir.R; 

EasiDrieH: 


El-bnrr Ri 
Hanebiff*t Ri 
Eloci'joldP.l 
Uturwn Hi . 
Sc^rn'.arl S»X 
c v.l:uT.cin 5iV 
Thai Reess-Vh 


NOTES 

Unless tthmsike indieau>d. prices and net dMdrwto ore In 
pence and dmuluiMiu are 25p- Estimated prlrefearnmc* 
rpLiae and coien are baaed an latest annual reports and bccwupU 
and. wfem poeitble. are updated on balf-«earl> flcni+h. WRt am 
calculated ■■ the IwsIk o( net dioriboilon. braeketrd flpirrs 
Indicate Id per rmL or more dWrrmce II calculaird on “nil 
distribution. Overs are baaed on -mavtnunn - dbantmikm. 
Yields, are based an middle prices, are Rran. adjusted to ACT ar 
S4 per tnL and allow lor velar ml drclared diiiiibutMU and 
rights. Securities wllb denominations other than steriitm aro 
quoted Inclusive of the investment dollar premium. 

A Sterling denominated securities which Include investment 
dollar premium. 

* -Tap" Slock. 

* Highs and hows marked thus have been adjusted to allow 
for rights issue* for cash. 

t Interim since Increased or renmed 

* Interim stnee reduced, paused or deferred. ! 

U Ta*-free lo non-residents on application. 

+ Figures or report awaited, 
it Unlisted security 

« Price at time of suspension. . ' * 

1 Indicated dividend alter pending scrip and or right* issue: 

cover relates 10 previous dividend or forecast. 

— Free cf Stamp Duty. 

+ Merger bid or reorganlsaDon in progress. 

4 Not comparable. 

+ Same interim, reduced final and.or reduced earnlnjol 
indicated , . . . 

i Forecast dividend, cover on earnings updated by latest 
interim nUtcmeot. .. 

I lover alio*, lor conversion of share* not now ranking for 
dividends or ranking only for restricted dividend. 

+ 1 o'or doe* not allow for shares which may also rank lor 
dividend ai a future dale No PE ratio usually provided. 

W Evdudtmt a firm! dividend declaration, 
v Rcguinal price 

II No par >a1uc , „ , . 

a Tav free b l-'icures based on prospectus or other official 
r-nnuiw c v ent- d I'mdend rate paid or payable on part 
•if ,-npilal rover bond on dividend on full capital, 

P Rericmptinn yield I Hal vielrf g Assumed dividend and 
vii-l.l h \-*unH>d dividend and jield after scrip issue, 
j Pavn'Cnt :rt-ni capuut *«iun-c- k Kenya, m Interim higher 
than* prrviou- total n Richl- issue pending 4 E arnin g* 
ha**d on protvnnnarv figures r Australian currency. 

>. L'tv idend and > mid cvcludc a special payment, t Indicated 
dividend iover return lo previous dividend. P.'E ratio based 
nu l.iic-i annu.il earning* u Konra 1 dividend: cover based 
on I'rt-vi-ju- >c.-vr'* earninc* 1 T.-i\ tree up to 30 p in the L 
<1 Yield allow* for > urreni-j clause > fiividend and yield 
hii-L-'l on mercer term* r L»vvirtcnrt and yield include a 
cpc.-in! pivnienl ' 'over doe- not applv to special paynienL 
\ Not dlviilcnn .mrt yield II Preferen** di 1 uie>w pasM-n or 
deferred f Canadian D t ever and P F.rai 10 exclude profitj 
.if V K aerospnro ubsidianv F. I ruo price F Dividend 
iind vieW ha.M.*l on prcn-rajciu* or nihcr off.vml estimates lor 

1977 78 1; wiinvcil dividend and yield after pending^rip 

and nr ncht* i-*»ue II IT.lvIcmJ and • i+irt ti'seil on 
prvwwctu- or other »flitl.i! comi.iie-. fur 1978 .. K F, curel 
ba^cil on pro-1*001 as **r other affinal estimatcr f**r istb. 
M LnvidcnvJ and vield based *>n rru-|*ev.t*i- or *'lher •■rtlv'ial 
mates lor IP 7 S N Ui.i.tond and ' icW ha cd un pr<r,r*e.-tux 
ur oilier offlolsI <*«iniHle, f*.r !P 7 fl P lMvidrii*l and -Teld 
hoi-ovl on prospectus «*r other nil km I islllMie- tor tin* 

1 } 1 ,rc..< T htcuier giwiimnl t No -icmtieani v-orporatisin 
Tjs r.ivaMe 7. Mu idend total I*, dan- ft Yield bn-ed "n 

iirrumision Trs-asurv hill flute -t.vv • un*-'-aivccJ until matliniy_ 

1 01 lock. 

.1l*hrc*iat|aui- Jrv In n't nd •: cs--rip :» ue r ev riglit--. •»«* 
all it c' > av-ttul diftrihullon 


•• Recent Issues ” and ” Rights " Pag e -6 

This sen icc is avaj'Iable to pvprj Company dealt in on 
Slock Kxchanjjrs throughout the United Kingdom lor a 
fee Ilf £400 per annum for each security 


REGIONAL MARKETS 

The followine i» a selection of J.ondon quotation?, of share* 
previous!! lined only in re^i^n.it m.irkei* Pnces of m*h 
fuiues mo*t ot winch art- not officitiiiy livted in Uondon, 
ore ns quoied on the Irvyh ■."'rhanue 

Albany Inv 'JJpl 23 J . I shelf Sefr-linil | 51 | | 

AshS|»inniii« ** ■ 1 Shiloh Koinn 19 I. .1 

Berxnm 16 I... •[ sttidalliWm • | 85 ■ . 


Pres Brand iCr 
Fre;. M«.rn 
it Helcrj Rl 


Albany 1m UUp 23 
AshSpinninc «* 
Rert-im 16 

Ftdg wtr H*l 5tip 282 
•.Toler •.'roll ** 
t rail! 4 Rove £ 1 4M 
Pj-sor.vR \* 38 

Ellis A MclMy 6B 
Evans Fr’klup 58 
Everetl J7 

Fife f orgo 4j 

- - Finlay I'kg Sp jl 

7 8 tiraigShip hi . 240 
3 0 HipsonsBrevi 83 
84 1 u M S;m.£l 140 
2.7 Holt<Jo- i25p 245 
Nlhn iJoldsPuxh M 
I'canrc"’ H < 

I'eel Villi , 17 

Sheffield BncU 47 


»"onv S'. HO 82 l£96t«<c . 
All i.ince 1 *3* 70 

Amott 315 

Carroll iPJ: 105 

■ Tondnlkin 80 

i.’nnrreto Prod* 125 

Henon<Htdcsi S5tJ -rl 
Ins C’orp 163 

In.shRopc^ 130 

Jacob . 60 

Sunbeam . 30 

T.J1.U . ... 174 
Lnrtlare. -70 . 


15 11.6101 
-- 10 - 




be 1.4 1. 


Lodbroke 
i-eji.il 4 lien 
Ley Scr.iev 
Uoyri* Dank 

tendon Brii-k 


Rank tire 
RL-.*dIml 





































































































































































































































































































































































































































































































































































































































86 



FINANCIALTIMES 


Weatheralf 
Green & Smith 


Tuesday February 14 1978 


Chartered Surveyors-Estate Agents 

London Leecs Paris Nice Frankfurt 


Spending in shops 
shows slight fall 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


SPENDING IN' shops fell back " 

slightly last month from the high_ 

December level, but it remained 
much stronger than during the 
rest of last year. 

Latest figures suggest that the 
recovery in consumer demand 
still falls well short of sustained 

boom conditions. Reports from__ 

the retail trade indicate a 
possible slackening in the level 1976 1 st 
of sales for the next few weeks. 2 nd 

until the time of the Budget in 3 rd 

mid-April. 4 th 

The retail sales volume index 1977 1 st 
in January was 109 (seasonally 2nd 

adjusted. 1971 = 100), according 3 rd 

to the provisional estimate 4th 

published yesterday by the Oct 

Department o. : Trade. Nov 

This compares with the revised Dec 

figure of 107.0 in December, but 1978 Jan. 

is more than 2 per cent, above _. 

tbe average level last year, and ' 

is IJ per cent heigher than in * 

January. 1977. 


RETAIL SALES 


Volume 
1970 = 100 
(seasonally 
adjusted 
Index) 


Value: per¬ 
centage change 

compared 
with a year 
Carder (not 
ae ai onaBy 
adjusted) 


of workers delaying pay settle¬ 
ments. 

This should be only a tem¬ 
porary check and an upturn 
could occur sooner if there is 


State industries 
likely to follow 
contracts policy 

BY RICHARD EVANS, LOBBY EDITOR 


THE LEX COLUMN 


cuts a 


The gilts market was feeling 


its! South African ’subsidiary to 


kVUHl DVLDi 5VVIITI U aU- ■*- - « uwrmhuuj IV 

TSssioC:as?^ • lBd « fe “ M. 

53 g™"*™ PZSr .HLS X! uSLi£?«* wm local «*- g»i » Imam. impossible to * 3 " ^ 

- JiSf' hifno WrT isiu rities will follow the Govern achieve the central objective of __ " year’s profits of £0.7nx. 

... hP^fisp 1 K nf b fhe 8 rnvernnmnt'i ment's example and operate con- an increase in average national ^ was first operated last week. ^ir£- . • . 7 \ According to fee chairman!. 

Ill concern about 1 boldinedo2n the tract Causes with private Indus- earnings of below 10 per cent However, prices picked , up a Exchequer, 10fT &ere is a ’Teakboncern’’ that 
tJJ rate J? nS inSon 2 try to force observance of the while still allowing some settle- little towards tbe close. 3n v IT tooc ^- • South African exchange controls 

Ij l "coSsuSS? spends is expected « per cent, pay guidelines menij significantly above that 1 "? ■ become ^S^ngenFm 

j -14 to rise strongly from the second . emerged last f ^L. ■ . . . Noltlflffhsni Mb’. * I 1 1978-79, thus making it increas- 

-'3 SS^ r of ^e a sh a S n. reco^erv^ hI.i" "SmHo” nf tie ti™ from ibeChanretlor. tiai Nottingham Manularturm- 28 ' UliSfi - m 6 b|a^lt to remit diridends 

T 15 Exchequer in the Commons that similar clauses on pay guidelines has emerged with style from a ■ to the ILK. 

+]i tbe Government intended to would be inserted into contracts lean summer for the garment 28; ■ ■ - 3 J1 \ “ ' 0 „ . :■ 

+13 ir LMost economists j nv ^ le ail nationalised negotiated under any future pay business and a very tough year \ a Small A.U(JltS :*■ . •- 

til JESS 1 SLSTqfJ a I take account of the “ blacklist~ policy. “It would be quite ridicu- i n th e carpet trade. Profits 27 -+- .I \ „ pure tha# - n <, ^ ^ 

x,.. a V.UMIK-OC 9 »..» mr - ----- + 1 * tore of be twe en 3 and 5 percent. w ^ en negotiating public sector lous to confine the operation of before tax are iust over a fifth I \ +° e news that,U.S* account* 

figure of 107.0 in December, but 1978 Jan. 10A0* +13* m 1978 compafed contracts. the pay clauses to tbe particular bi gh.er at £13 6 m, excluding a qa ‘ I ' A WOPOStag^to Introduce-^ 

is more than ‘J per cent, above_ _- * ast y . ear ’. . . . No decision has yet been taken year, in which the contract was « ir nins ™ Th 26.-. H./'V r Jrevimvs of accounts &r privates* 

tbe average level last year, and * r , .. ,l “i not jet dear how long 0D whetber t0 issue a formal in- signed.” he said. V) 4 .. * companies coincidesjwith 

is IJ per cent heigher than in _ *"*” ^ mS vitation to local authorities to Mr. Healey although scathing mvestmente Ceiits. pli^ its 25 :-::: t ..... 'J ... J bate in thaC UJC-aBSut'wheth® 

January. 1977. !!Kv . 0 do the san,e - Ministers acknow- about the “irresponsible and des- Wpod Bastow holding). Exports , TIT 1 -1- - small companies here should I» 

It would be wrong to read too . , . _: of^the previously high levei of ledge that Conservative-control- perate poIiUeal opportunism’ hare played a part, having risen -»» { ^tP/r fmm Hixnire iA 

much into the slight fall in boosted by pre-Uinstmas bua> industry s stock- of finished led authorities would oe being displayed by the Conserva- by very roughly two fifths. The' 31 TArniAHV' 

January, especially as the esti- ness and New Year sales and is goods. A significant part of the un!lke , y t0 comply but hope that tins, appeared hopeful that tbe h ome market performance bus January . . FEB. . a full-scale awliLJThe U.S. pg* 

mate is subject to later revision, no higher in ** a | terms than increase in spending may also t bose controlled by Labour will CBI Council would take a “sen- a is n been Impressive, consider-' ' posals whidi are- on similar 

The pick-up in the last twn the average level In 19*6. Even leak out into imports, as has do s0 as a matter of course. sible” view, when it meets to- *{5®™ MrtTSIi ■ - 5taes to practice already -co*- 

miSL'SHi that the volume jftjr the <w«l -yg! adjust- already been happening with d0 morrow. Aside from the growing poll- w» in Canada and Austria. 

ffTTpJ’SWJS 5!S M ?he expected strength of Sanctions S “feeTe^ ^ tical pressures kei£b«,4kt0 

Uian in the' previous three The view of the ReUil Cwispr- consumer demand and imports The extension - of the sanctions to support it. T believe In 1978, the trading back- bear ** for^Sffferent^ teS^rSeoS- 

months. tium is that the volume of sales later this year, coupled with the meat’s sanctions policy into the lt S h 0U ] d be possible to satisfy ground should be more favour- ness i n South Africa, the-Repub- * or . (tt gerent levels ot account 

The Department of Trade savs could slacken this month and in evident slackening in the growth whole public sector, underlines them . . . that the use of these a bi e Nottingham is not ameer M®*S- economy Is a. shadow 'of mg services. 

that fee rise mav have been March, after which a sustained of exports, has made some the Chancellor's determination c i aU ses should not be oppressive • ' h | nnturn in ran" ^ former sell During the • Opinion leaders in the IML 

affected by the backdated reduc- increase should develop. officials more cautious about the to do what be can to get fee in- or unreasonable.” . “* “ ,_ “ Z 1960s it grew at an average 6 profession are pressing j-fur 

tion in income tax. ’ This is partly because some size of the reflationary stimulus flution rate down to around < per # sumer spenou^unui after the annually and in 1974 similar changes. Instead off an 

Spending in the p 3 st couple of spending power is being held up to be applied in the April cent, by the early summer and to Arbitrary Budget but it will T 6 el .he GDp _ ose by 71 per cent aadit which might not mean 

months may also have been as a result of the large number budgeL maintain that level for the J F ^ ^ „ change quickly if and when n r0 ^ “ y '^ Pf r much in fee caL rfa 

---—“- remainder of the year. The tone of the Chancellor comes. And it believes that the ? veT theiast coupleof years, too mutt m me case ofr.a 

Anv increase in inflation In following the announcement last Qew Multi-Fibre Arrangement ^ contrast growth has private buaness and a local 

. . till 1 1 the summer or early autumn week of the controversial pay ^ u, o{ assistimtuL in averaged 1-3 per cent, while accounting firm, the suggestion 

I AVtr ftimr VITlfhhAm wouid severely damage Mr. clauses, was totally unrepeptent. ^ bini feVLmaikS tS inflation has been running at »that private companies should 

I Sft*f#51rTTlBPnT Ifia V WITnnillll Callaghan'S prospect of calling The Government had no intern : the market over 10 per cent For most U-K have the option of choosing a 

1/VlliU illlvlll ▼? lUIllUlU a general election in October, non. he affirmed, of fhrowlna ““JJVSfiTS companies South Africa is.no review - a half-way house 

** and Conservative MPs believe away, all the benefits ° f i B °ne loneer ouite the moneyspinner between an audit *nd nothing 

that this is a major factor in the moderate pay increases by restricted category of imports “"f®* . ^ 

increasingly tough attitude on “going soft” when It came to under the new scheme. . that it once was and the scars at ali, 

111 V 1151 VtTlPllT Vl pay being displayed by Ministers, taking action to. make sure the backer0nnri thft aw. beginning to show ■ The pressure for Such a 

1112111 ™ M J ilil Y lllCllllJ Mr. Healey, facing Tory anger moderatloncontmued. The news that Glynwed’s change in the UJRL Company 

“ •/mT */ during a censure debate at wbat Sir Geoffrey m his attack on shares have been stiong per- South Africa subsidiary .Defy Acte is, for the most, part, com- 

BY MICHAEL CASSELL AND EUNOR GOODMAN Chancetfo^deSribed a^fee tlie blacklist condemned tbe they closed at I14p yesterday, ^“^^the C hou^o^ 

__..._ _ _, ..... ^“j=~J2S=£afta-S!!*SSST^SSte23L?JS. 


■■nnnam ahrtiit hnlrlino rlnwn rVi» CiaUMJ5 ’■'HU saiumsa ui uciuw per - ’ --. r - 

rate o?nrice 1 inflating “ try to force observance of the while still allowing some settle- tittle towards tbe close. 


’• provisional ultimate 
Source: department of Trade 


rate nf nrlrs inflorinn U J lu uusei reuic «uvn ujs auiue whip —Ofl 

r n n.„E^ 10 per cent, pay guidelines. raents significantly above that 30 

^ was auo a clear ,n„c, ^.« 

S}--j5;ss* *-*ȣ gg^wa-i. js sassjs^ssajs; M 

f* a / the Government intended to would be inserted into contracts lean summer for tbe garment- 28 

m inc ome tax. Most economists j nv ^ le ail nationalised negotiated under any future pay business and a very tough year 
I™ 1 .Jf ^ "\ take account of the “blacklist” policy. “It would be quite ridicu- i n the carpet trade. Profits 27 

iQ 7 R 5 ^n^rf when negotiating public sector lous to confine the operation of before tax are just over a fifth 

,n -*£ e ? , J erms m 1978 com P afed contracts. the pay clauses to the particular uiX^ aTfiRRm exrfodim. 

with last year. No decision has yet been taken year, in'which the contract was rJf, m engine tho 

f Il Jl oot vet clear how long 0D wbether t0 issu e a formal in- signed.” he said. * 1Am ; su ^ las , , sale 


JANUASY 


highway payments 


BY MICHAEL CASSELL AND EUNOR GOODMAN 


THE DEPARTMENT of Environ 
ment may withhold payments tt 


iron- ment insists that companies an undertaking on all highway, and unconstitutional methods, tions gainst companies and years. At this level the yield ‘! 

ts to carrying out highway contracts contracts that tenders have not j “admitted that the 10 per cent, workers who had negotiated pay ig on j y 4 3 pg r ^nt and Not- incomplete record?. .-.v, 

, omp on its behalf sign a certificate to been fixed or adjusted by • guidelines were being enforced settlements beyond a rieid limit Hn - hnn> does nQt ba feg __ Elfectnc, ondwlines the prob- The big accountants .believe 

,0 . provide a specific assurance that arrangement with any other body • far more rigidly than originally which Parliament had not nf _ nc+ rQ _ tno lem. Defy, which has around that the profession’s auditing 

they have not been involved in or person, the exposure of fee; intended. approved. He demanded to know ty P o textue two-tliirds of the local electric standards will not be seen to 

. ,, any collusion during the tender- pacts could also lead to criminal; When challenged by the Tories. £' hen t ° e . 1 “ J*** c *® t * ® ve ^f groups, uut tnen other com- market,’ has . had a be tough though if they have - • 

f V ,y mg process. Some local aufeori- proceedings. ion tbe Ford settlement of 11.9 per figure had turoed intc, a ngid pames do not have its profits cIjeqnered fajstory and 1977 to eSteScTanfypes^S Sea • 

nals ues operate a similar policy. The Department said yester-; cenL Mr. Healey argued that this ! ul \ l . a iVL b H ' ^ b autIlonty ^ record, its dividend cover (6f prove ^ tQ be a very dlfflailt of companies the re^ 

Yesterday's move bv the Office day that it was reviewing the: bad been made early in the pay had been done. times after a low tax charge* or SSJ!LS} te dowsSralr ^ 

? ree ‘ of Fair Trading could open the situation in the light of tbe OFT | round when the Government still Parliament Page 12 its cash balances. These amount View proposal. 

L ydoor for large numbers of cus- move. One option might be tor- __ _ _____ to well over two-fifths of fee ™L>d Gl^Pd L+nVt at^l However, there, are Wg- g •. 

{*0 !Sr^ SP£t redrC!S ^ _ . _ . - ^capi^on 0 :^ 

n R s Pr ^ s r Barclays considers Sonth ^ : 

st »nssss 1,1:asSaturday onenina ssc,^ a«■<! *^ 

local to establish what would have were TarmacRoadstone, Wfropey trouble-free winter holiday. environment, and are a smr^e 

rern- been a fair price bad there been Asphalt, Tilling Construction , However, times change and South Africa will Imve to P 3 ? * 1 price to pay for the privile 5 — 

trac- DO» collusion ISSSH' ^?°r,wnn^ ard ’ and BT NICK GARNETT, LABOUR STAFF aitbougbi some UJL companies Jntemattonid DmHea liability. “’TOe *at?T 

nen. Because the Department of the Redland.and Cawoods. are shU making handsome 15 na doubtaware, has never been fee cate in other v". 

iron- Environment specifically requests- Feature, Page 1 _ BARCLAYS BANK is considering selected branches with opening returns J in Sjjrth Africa, busi- Ode company, however, feat, countries—even the if.S. still -i 

the ^resumption of Saturday hours including, wife staff ness P°Bti«»l probiems are has decided to bite the bulletis h^ xw statutory requirement / 
# - -- gm -m # morning opening at some of its approval. Saturday mornings. now taking up.more and more Drake and ScnD. It recentiy for unlisted ‘Companies to hAVfe < 

(Tif'nMwnnTn II AnTAni^l hlH branches as part of a programme The staff bodies would also of the chairmens time. sold itff75 per ! cent interest in audits. ' * . r > - '.r • 


in the road surfacing materials ij e s operate a similar policy. The Department said yester-; cent Mr. Healey argued that this ■“ j , and 

industry. Yesterdnv's move bv the Office day that it was reviewing the: bad been made early in the pay had been done. 

It is understood that the agree- Q f p a j r Trading could open tbe situation in the light oF the OFTi round when the Government still Parliament Page 12 

raents are the first of as many as dpor f0f lar5e numbers of cus- move. One option might be for ■___ 

1.000 involving road material t omers to seek redress through it to withhold payments and to I 

suppliers which are expected to the tourls . pursue suppliers involved in j 

be placed on the Register of Res- Under the restrictive trade completed work to see if there/ Tfc _ r-. n rl 

trictive Practices within fee next practice", legislation, it is unlaw, was a possibility of evil redress. KOrP 1 Q VS CftflSlflCTS 

few months. ful to operate a price ring with The agreements revealed yes- UUi V'J.C*. T >J VVllUAM-VA k7 

The agreements, which have out first notifying fee OFT. terday were mostly in the North 

now been terminated, covered Aggreved customers can sue for and Midlands and involved 14 . 9 

the fixing of prices between sup- damages through fee court, companies. Among the com- Wn , T111 a fln'f7 AnATllTkfT 
pliers of blacktop. The major though in practice it is difficult Pames placed on fee register I V |||||^|ID||M 

purchasers of blacktop are local to establish what would have were Tarmac Roadstone, W1 ropey m *’**’«7 Jr & 

authorities and ventral govern- been a fair price had there been Asphalt, Tilling Construction , 

ment agencies. Building coQtrac- .no collusion. Services. Thomas Ward, and B y niqk GARNETT, LABOUR STAFF 

tors sometime act as middle men. Because fee Department of the Redland and Cawoods. 

The Department nf the Environ- Environment specifically requests:- Feature; Page 18 . .. ' . . , . . ... 


Rheem withdraws Redfearn bid 

XAAewaaa TTai/lAMXMrTk/ m which could have ^ride5p^f? ,l everwfiPS including a review nfl — 

repercussions for fee other dear- the branch network which could 
BY CHRISTINE MOIR ine banks. lead to a large number of 

The hank wants to introduce cl ^f eS h 3 nir Hpmflnfiin»r an 

REDFEARN NATIONAL GLASS Commission which is due to whereas both Rockware and,. pilot schemes at some branches, 1 finm ihe To staff mW 111 L«B ■ 

has just lost one of its three report next month. In the presumably. United, are both which also involve changes in to earrv out mv SUMMUmMBMbB 

suitors. Yesterday. Rbeem Inter- interim, however, the three had seeking a total takeover. week-day and evening opening 2™**. X, _ 


BY CHRISTINE MOIR 


suitors. Yesterday. Rbeem Inter- interim, however, the three had seeking a total takeover. week-day and evening opening rr“"- . ~ “ - 

national, the U.S. company which re-affirmed their interest . - hours. These could then be made J™ £r feewhol erf thisvSr 

made a partial bid for Redfearn Yesterday both Rockware and permanent if they proved g“ a ™ “ e VERY 

last August, suddenly withdrew United Glass claimed feeir 'V’icii’rkrc Kr-lnrr successful. , union ’ which has thrown * r0Bt - 

its offer. offers still stand. United Glass V lSllOrS Dnilg All the London clearing banks ^tional Negotiating machine^ Londoi 

No explanation was offered by said: There is a reference in , asm are keeping their opening hours inW con fuaioo by announcing its * 

Rheem except that it had “gone progress in which we are par- under review, but fee Barclays withdrawal would have to sus- Brig 

cofd on the idea” of seeking ticipating fully. We had a project is meeting stiff union pend that decision for at least showei 

control of Redfearn, but a meeting with the commission £ ^PYnnrtC 9 resistance. j/j months. SJ 

spokesman for Rheem’s merchant to-day. Ul CApUl In j D 2D attempt to negotiate Yesterday the union said that Saov 

bank advisers. Morgan Grenfell, ^ KocKware. .ur. u. m. g. spENDING j Scotland hv flexibility for the schemes, a fee conditions were completely (30F). 
said fee bid had involved Rheem Bailey, a director said. \\e RENDING.in Scotland . 4 : DroducUvilv deal with ven- uo acceptable. No case had been i ’ 


hours These could then bemade S?? tor "fe^whole'of this ve^ in? H-K-TO-DAY - 
S 1 if ftey P 1 ”™ 1 ^ lidiliS: toe bSk «pi. ? : cold wilhsnawMd severe 

V ^ , . . . ees’ union, which has thrown l ~ „ 

All the London clearing banks national negotiating machinery London, Cent. S. and N. faghinl 
are keeping their opening hours j nl0 confusion by announcing its Midlands, C h annels Is. 
under review, but fee Barclays withdrawal, would have to sus- Bright spells, scattered snow 
project is meeting stiff union pend that decision for at least showers. Max. 2C (36F). 


resistance. 12 mon ths. 

To an attempt to negotiate Yesterday the union said that 



SJEL England, EL Anglia 
Snow at times. Max. —XC 


...the next step 


said the bid had involved Rbeem . Ti f iLrTJrt he tn taurisu and husinp« visitnis : productivity deal with very unacceptable. No case had been E. and N 


ti<Tn from the Manoooiies Com- sion and we think we have a overseas represents nearly 5 per'- ...... .. hmirc - - » 

ntission --uonopones com CiSe . \ Ve believe cent of tbe total “export” I .The deal, wnich both fee hours. ac ... Snow show 

mission. . . _ there is a lot of industrial logic earnings, a study has shown. | National Iren of Bank Em- The group staff association ic (3&34F). 

It was Rneem-; original offer t0 a raer g er between our com- The Research Institute of the Payees and the Barclays Group which is due to discuss the offer gw Et, 
which started^ first a full-scale panv and Redfearn.” Scottish Council said yesterday sta , ff Association have been to-day. said that it was not re- scattered . 

hid worth EMLom. from Rockware Tbe withdrawal of Rheem, feat Jn 1973 the total Value for reeking, would be based on in- jecling the proposals at tbe 2C (36F) 

Group, the L.h. glass container however, re-awakens fee possi- Scotland of this business was creases in the number of moment hut it would be very N ' >’ 

manufacturer, backed by Pi Iking- biHty that Redfearn may remain £19Sm. of which £56m. went to accounts and transactions and difficult for staff to accept them. 

ton Brothers, and then a state- independent Of all three bids hotels and restaurants. would run from January tins Barclays said it was aware of 

ment from United Glass feat it Rheetu s would have been fee Although the amount spent in , ,. the bank union’s attitude to fee b n>h» fnW« 

was aJso contemplating a bid. most difficult to fault on mono- years since then would have . ln return, Barclays is seeking conditions, but talks were con- 

All three bids technically poly grounds since Rheem was increased, relative to other activi- ir reP° m experiment id tinuing. ri 

lapsed in September when they only seeking a fraction over 50 ties it would remain in much fee --—_ _ __ 

were referred to the Monopolies per cent, of Redfeam’s shares same proportion. I . 


and. NJE. England, Borders, 
Unbnrgh, Dundee, Aberdeen, 
Highlands 

Snow showers. Max. —1C-to 


.Social Security 


New oil tanker safety rules ^ ex j°^ ns 

BY IAN HARGREAVES. SHIPPING CORRESPONDENT | Lonrho City HQ 

ALL CRUDE oil tankers over carriers over 40,000. dwt from 1983 and after 1985 for 40.000 1 

40,000 deadweight tons will have the date the protocol is accepted, dwt plus vessels; BY TERRY DODSWORTH 

to use either a clean or segre- The package now before tbe Existing product carriers over: 

gated ballast system or be fitted conference proposes feat this 40.000 dwt to have dean or,. rR .. _ 

wife special crude-oii washing should be from June, 1881. segregated ballast from June: 'be fonner would 

facilities under the terms of a An original American require- 1981. ° f BnDsh L f> t0 . thu 


S.W. England; $. Wales 
Scattered snow showers. Max. 
2C (38F). - 

N. Wales, N.W. England, L. 
District, Isle of M an 
Scattered snow showers wife 
bright intervals. Max. 1C (34F). 
S.W„ N.W. and NJB. Scotland, 
Glasgow, Moray Firth, N. Ireland 
Wintry showers. Max —1C 
to 3C (30-37F). 

Outlook: Cold wife-snow showers 
and severe frost 


rib? 


Gtowfk 

Penaon 

. Wng p— j 




BY TERRY DODSWORTH 


package Jikelv ro be accepted ment for double-bottoms in all 
bv a tanker safety conference in tankers over 20.000 dwt has now 
London. been modified to a requirement 

The package, which represents ^ h a i TP s fnIf^ip d inchSirf 
a compromise between American ’ s « h>h 

demands for compulsory segre- he Placed ^ 
gated ballast and tbe British maximum protection 

rasp for crude oil w a shin" sv> asainst an oil spill in the even! 
rems S r an a U Ueroa!ivVfor v 1 Jls of co,1 ^ on or grounding. 


land and the foremost casualty 


, . . , , , Berlin S 

auld be a useful complement Binnctna. s 
this range of activities. fn* 1 ® 1 p 
A cost and works accountant 1 r 


Authors given 
library 

payment offer 


.of the recent management shake- by training, he has worked with Cairo* s a R iSjU ' f -5 S 

!up of ine company, has joined a U.S. company in Britain at Cardiff s a 36 Reykjavik c-* S 

.Lonrho. tbe international trading Cummins Engines, and rose to £3“*° —® Z* mo ro c si & 

ir^ l ‘P owns the. Volks- financial controller of Rank ggSa c*“5 IK™ l g ® 

i a a,in franchise in Britain. Xerox in the company's most j Edinborf* c i 34 UiSSota, Ic § 

Lonrno refused »o say yester- expansionary phase in fee eariv | Praturfnr: c o as stmins. r i 34 

day -,vnether Mr. Park. 52. will 1970s. ’ jSSSS w S g srdaej. s a is 


BUSINESS CENTRES 

Y’day Y’day 

WltWay MJtHlay 

“C “F “C ®F 

Amsttriia. C —3 27 Uandiatr. Sn 0 sz 

AUiers s is 84 Melbourne s so 79 

Barcelona S m 50 Kn«n F 9 da 

Beirut S 18 M Moo (real C —€ 21 

Belfast F 9 32 Moscow C 0 32 

Belgrade H 6 43 Munich c_1 SO 

?erlln_ S —S 2S Newcastle C 0 32 

Blrrofitzm. S 1 34 New VorS S —I 38 

Bristol V 2 36 Oslo C —6 21 

Brussels F l 34 Parts C 0 S2 

B. .liras C 25 75 Perth - S 32 90 

Cairo S 24 75 Prague F —1 so 

J^rd'ff S 2 36 Reykjavik C -r* 21 

Chicago So—8 34 Rio de To c St sa 

Cologne So—3 2$ Rome F 11 W 


SSL S'.TIffna JB'SJS STSUi oi ISK' UiKm Uliei b,™ ,*■ „,V,„ -a/S hT W*e Britt, b LeylaDd „ assy 1 

session of the Intergovernmental 20.000 dwt to have segregated taw put to fee Society ol side headquarters^ tho rin- nf 1 “ !2!2L_ L r » 


C 22 72 Toronto 

Uon'ttHnorwI!* lBati0n 0rsanisa ' p1HoS3^5 ^ tl S IT-! 

Althouch th. agreement rep- ^ to P r = , eaploatona ; Vj v , hy in [“5“^ tTSko _ HOUDAY R1SORTS 

resents a big success for Britain, during tank cleaning. thS books Ss aSt raen ^ Although it has dropped legal action after fee critical Ajaccio s 12 54 Jersey 8a a 90 

Japan. Holland and their allies New product earners oyer SoposaU to'srt uo a klnsSSd ?r, 1 me rositjon in the im- Department of Trade report on c u m laa Ptaa. s is I 

in heading off an American 30.000 dwt to have segregated “S"® 1 ** 11 porting league 10 number four Lonrho completed in 1976. I££2nt £ S £ ttS*™ 0 r * » 

scheme which it was said would ballast tanks and all over 20.000 d ^ F * ku+e end resu?moW' ,n i re w B| : '’ ea . r5 .- faa s proved a A spokesman for fee DPP said iSmSX cal? mUSS f « 2 
have put up the price of seaborne dwt to have inert gas. Both these ^re clearlv ea m ? 'arable acquisition, contribnting yesterday feat Lonrho had been Botuogno c 3 37 mmSi r i| U 

oil by 2 per cent, there will be items to be effective for vessels SJ„? HiiiSS otad™? ab0ut t0 erou P P™ fi<s Jast sent no official communication g “ * s -4 S 

some reservations in the U.K. ordered from June next year: H liman chairman of fee. year. aad ^ aov case no decision had gp? ^ n k 2 S B? " S » « 

tanker industry about tbe com- crude camersover ° <JfvL. d e ^v reaU00 , Sm?e , ineV '''takeover. Lonrho yet been reached. DnbrovnDc r “ S nj«wi* I “ « 

promise on tonnages. 40,000 dwt to have dean orse:gre- Q SfJJI f ree.Siudmuwjto- has emoarked on a policy, of Sir George Bolton, deputy ^ u k opw 0 k « S, 

Segregated or clean ballast (fee gated ballast or washing facili* Tne more popular an author s spreading Us interests in the chairman of Lonrho, said there nSr f i? 5 ? h 1 °f ea £ it «3; 

former involves building In ties from June 10SI wife clean work, the more copies of earn U.K.. wife the acquisition, amon: had been frequent infonnal K l ^ | a ® p| 

sneciai seawater ballast tanks, ballast ceasing to be «*n option book would be bought. But at ojier*. of Brentford Nylons and communication between fee Jnndjreck >' —z is Tcncriie c 14 af 


s 12 H 
s 30 as 

C S 47 
C—7 i» 
c —2 aa 

s— i so 

F—1 30 


. ■ ^IsiiDwafeQttercfurgecit^l^ 

OtKadfitvjgxpeiiencBcifthefaaQffiB efoiKy wdl 
TswidetbcScrfufiraiyou areseeiung. '"p 

I Douglas W ScofeManager Group Safos &Service 

I Depatferentpru^tJ^ Irourarice Co. UtL Vincula House, 

.^7b»w«rPfpC6tlj0txiQnEC3P3SE. ^ 

-. . 7 '.. .'i-ji ■ ..k ■* 

i » ■■■-*- -- • -*•••*■ • -- - - m tr. 


lom interested bribe 


Uas/equM&t). 


I ^ca^DSwaaa* j 


3 37 Majorca 
3 37 Malta 


tfco ,sb0ut to Group profils last sent no official communication r 2* S? (f* i 7 3W 

: ye c r ‘ - - and in any case no decision had c5k c is « 

uob since me i u takeover. Lonrho yet been reached. Dubrovnik r is m Nicosia 

, ■■“ s> emoarked on a policy. °f §ir George Bolton, deputy J is R owato 

j ls ^ter^sts in the chairman of Lonrho, said there GiSSur v it H Suw 

^ c Jl L ■* lf " fee acquisition, araons had been frequent informal Cuenucr c i It 

1 ar oJier*. or brenlford Nylons and communication between fee p»nrf>rock v —2 2 ? Tcnorue 


f a w 
S 14 57 
F 12 M 
Run 
s 24 73 
c 12 64 
S U SO 
SUM 
y JO m 
F IT 631 
Sa 0 32 
s 14 sr 
u 14 87 
« * « 
f 11 a 

FC 3 ST 


HISIIRMVGECQ^FMYUH 


a_ifc ■ 

e Bowring < 


ResUaared at tbe Pasr-OfSce. 'Prlnfed by Sl Ctownfr>ra^ -"SSEfe. - 

>• ■ H ■ • . - © Tte FtouieSi^l 1 lS.,%