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No. 37,486 


a- * 

Wednesday February 15 1978 nap 






iLeopold Fanner & Sonsi 

Agents, Valuers and Surveyors 
Property and Plant 

London-Leeds - Birmingham 


-j ^ 



buffed for 8°^ 

' ••^ ^WTEBSrretreatcff.-as the 

-- rgMet Thatcher, leader jairnary trade figures' dls- 
>nserrative Opposition, appointed the StoekTRarkets. 
ht rejected a call from The FT 30-Share Index dropped 
ae.Minister for a cross- - - 

: .onference.on Injunigra- 
least for the time bites. 

”■ t, during question time 
yrimmoiu, Mr. Callaghan 
: ’ at a challenge . to_ Mrs. 

- .% proposing round table 

- .slween the leaders - of 
. 'tain political parties- to 
L . ut an agreed national 

> to immigration, ainpti- 

• ‘ afterwards in a tetter tp 

• ir. statement the- Tory 
.'laid'She felt it best-to 

decision on Itr. Cal- 
“ -.suggestion until-the-ajl- 
alect Committee on Race 

- is had- reported..;-. This 
:.;s expected soon. 

r'^Callaghan's move came 
:- -.lerce Commons exchanges 
; ..subject of- immigration. 10.2 on thedayTo 
“ id Page 10 Gold' niines. Tiiade 

th gives :; 

s achanc^ 

• GILTS shed as 
. , . . and -: the FT 

n Smith, the Rhodesian Securities Index 
Minister, addressing- a 7430 r ’ "- 
raising, event .for war 

last -night, su'd--he # $]xttuNG closed 

«■'*** *■ ^appJST.«i 

.^/depreciation widen 

» U.S. arms’. + aau> «» isc 

forces in- ,the~.Og3iden tu-Aii .crnvispr 
: e being armed • 

-■ US., Ethiapia'^neeptL-'-* W* eoneem / 
is of:-5tat«''jKiaa.. : n|^i"?vM^.iBc.M.d0Hbc'Ml 
• 'omaIia*s weapons-^-idciwt: of'tbe, coal strike. •; - >•. . 

~were^g f^uj^^4^^P^ QOUBT has op- ™ 1 
had . captured. ..huge - nfP&Z 

First trade deficit 
since the summer 
puzzles Whitehall 


The UJK. had a current account deficit last month 
for the first time since July. It amounted to 
£179m. Officials admitted yesterday that they 
were puzzled by the £235m. deterioration com¬ 
pared with December. 

The outcome was affected by of exports since the late summer, 
various special factors, though The export performance is 
they were largely offsetting and especially odd, with a 4‘< per 
made little difference overall. cent decline in volume on a 

The figures produced an im- three-month comparison, after 
mediate adverse reaction in the excluding the more erratic 
City. The FT 30-share index influences. The average level in 
10-2 tower on the day at the last three months was only 
459.7. having been 4.8 down 14 per cent, higher than io the 
before the news. first quarter of 1977. 

Prices of gilt-edged stock also The slow growth oF world 
declined sharply, with long-dated trade is not a sufficient explana- 
issues 1| lower and the FT 

Tables, Page S 
Editorial Comment. Page IG 
Lex, Back Page 

£nu, seasonally adjusted 

Visible Current 

trade invisibles account 








— 109 




- 698 








—94 9 





~ ! -41S 
















t 145 

J -276 








-f 145 



Department of Trade 

Leyland plan 
to axe 3,000 


upset for 

Masters Speke jobs 


Government Securities index 0.77 
down at 74J39. 

The response in foreign ex¬ 
change markets was less 
dramatic. Sterling closed 4U 
points down at 1.9360, which was . . 

slightly above the day's low'and bon. and the erosion or the month comparison, again after 
some dealers 1 suspected limited U.K.’s .relative export price excluding erratic factors, 
official intervention. The trade- advantage since the recent rise Indeed, after making a rough 
weighted index was 0.3 down in sterling would not normally adjustment for these influences 
at 66 . 0 . be expected to have an impact it is -probable that the volume 

The figures are so un- until later in the year. The of purchases of manufactured 
expectedly poor after the recent Confederation of British Indus- goods rose by well over twice the 
trend of sustained surplus that try’s business intention survey stated 1 per cent, increase in the 
it is difficult to distinguish the has, however, become distinctly last three months, 
underiving trends. Rai the high loss bullish about export This follows a 12.9 per cent, 
level of imports In the last two prospects. rise in such i in pons last year, 

months is obviously worrying, as On the import side volume com P ared wilh li,7S - wit h pur- 
is the marked decline in volume rose by 3 per cent, on a three- Continued on Back Page 

U.S. ready to sell fighters 
to Saudis and Egyptians 




THE Government was defeated 
again on the Scottish Devolu¬ 
tion BUI in the Commons last 

By a majority of 19, a new 
clause was Inserted in the 
Scotland Bill, making it Impos¬ 
sible For the next general 
election and the referendum 
on the establishment of a 
Scottish Assembly to take 
place on the same day. , ^ _ 

As Ministers had insisted that) General 
there was no intention of 1 
staging the election and the 
referendum on the same day, 
the defeat is more damaging 
psychologically than in 
practical terms. 

It comes on the eve of 
lo-day's crucial votes on 
attempts to modify the 
requirement that a “yes" rote 
in the referendum must 
amount >0 40 per cent, of the 
total Scottish electorate to be 

One of the chief supporters 
of last night's new clause wag 
Mr. George Cunningham, 

Labour MP for Islington South 
and Finsbury. 

His tactical campaign led to 
the Government defeat last 
month which resulted in the 40 
per cent. hurdle being 
included in the BilL 

The clause means that, if 
Parliament is dissolved 
before the referendum, the 
referendum must not be held 
until three months have 
elapsed after polling day for 
the general election. 

When it was announced that 
the clause had been carried— 
by 242 votes to 223—Ministers 
made no attempt to disguise 
(heir dismay. 

It provided further evidence 
of the slender bold which the 
Government has over the Bill's 
fate and strengthened the 
feeling of many JUPs that 
Ministers have little hope of 
eliminating the 40 per cent. 


make ibe company 

LEYLAND CARS is ready to plans to 
announce the closure of assembly viable, 
operations ut its Speke plant. While the trade unions 
Liverpool, with the loss of almost pledged support they did add the 
3.000 jobs. qualification that all redundun- 

Nationul union officials and should be voluntary and lit a r 
Speke shop stewards were Ihere should be no closures of 

told this last night at talks 
with .Leyland in London. 
Mr. Moss Evans, general secre- 
i tary-elett of the Transport and 
Workers’- Union, said 


Mr. Edwardes may use the 
example or British Steel Cor¬ 
poration and offer generous 
redundancy payments as a way 
to dampen opposition from the 

Partial closure nf the Speke 
factory would prove acutely em¬ 
barrassing for the Government 
in an.area nf high unemploy¬ 
ment. However, Mr. Edwardes 

Administration cumes at a time when U.S.-teraeli Israel had wanted another 25' 

their lowest F-15s to supplement the 25 it; 
years. already has. hut under the new- 

abilsedito dohteance of the ““P * iS> ' i 1 l x anaoauai Ar! l ,,,!1 - Mr - ^ rus Vance. U.S. plan it will only get 15 more. It 
SPWia®*®™! 11 *' Jt is the first time the U S. has Secretary of State, said in a would also receive 75 F-16 air- 

- Mian nrnnncari prtllrflii ciliih nir- 41__L- .i ■ _ __r. 1 .. 1 _■ r *1 _ __■_ 

’ Commission 2 * said tp-daiy rtbat it is willing to relations are at 
dsinn that-Baited Brands hf r th» sel1 advanced fighter aircraft to point for many ye 

killed in ; 
isalem blast 

tanks, jeeps*___.. ... „ . 

y. Page 6 ' “ : banana market/ i& some 

countries. /Judgment is a 
milestone & joeyelopment of 
EEC rules dm marketing and 
' pricing pofieieiL BaeMnd Page 3 

Hsple were killed- and '.35 
-! In a Jerusalem, reslden- 
:a last night when, a.tbue- 
, exploded in .-a: crowdsv . 

Palestinian guerillas- 4 fl 
I rcsponability. ItirBeirut, . 

People were injured when 4 
mbs exploded in the coair- 
; district. The blasts Vere *o.< 

,est in the. series, which T 
ed Syria to -reinforce its 
in tfe. Lebaaes- «pita|. B^gtefegaaBN 

•. /grand 

recovery m 


INDUSTRIAL production 
ineid' /flat, 'in ; the closing 
jtfcs; of last year and output 
a whole was only 
Sly up on 1976. Back Page 

at the CBI 
eonhdl tneeting to-day are 


©n hasflu- , 

‘ . 7 «* 3 pected to votce strong opposi¬ 
te en and Prince tien tclhe-Government's plan to 

ed ’flu. The 1 Prince Of enforce .pay.-policy-through con- 
stood in for his motor it tracts- blackllsta/ Page 7 
aj^s. Buckingham Palace .... - • ■ . 

lure at which Sir -Richird #.. ALUMINIUM. production at 
the Queen’s phyridan, British" AJumihlum’s Inyergordqn 
lighted after, viriting hte kmeltex in 1 Scotland has _ been 
. The Prince of^V^aes. is, .halsretr because of problems 
an bffirial, virit‘t<£^Br 4 rir;to®tning from electncaty cuts 
enezuela from lXtedii -7 daring .the freezing weather^ 
- ; tj./.' JjFcdl production may not resume 

. t'/'VhntiT f’ 

oting: 3 die :# OPTIONS on shares in nine 

ih.station it qiapharCBed- based; options exchange opens in 
.ire. The^mea^were wotting -April. Page 37 
"t-use maintenance. •* 

■ss fair Massey omits 

dividend . 

tifC"* ^ 1‘rice rail tr'avel" Is -to" -be Ji. 
t* -tie-to-pupils and full time III" 

«s Vof 14. and over after 

. ■■ as 

decided- to omit- a first-quarter 
tiiv(d&nd' '.on'. common, and 
■ ■ * - _ . preferred shares. Trading in the-- 

let;scientist, addressing a company’ssbares was suspended, 
b-conmjittee iir New ..York jj i Canada ai>d Europe ahead of. 
ghL opposed any curbs on the Board meeting. Page 36 ted 
se nt HUiciear poTxered. L«c- ~ 

* 3 ' .. ." : , '•*; . - .4 CHESTER BARRIE, the men's 

raraguan Embassy at Safi wear’ group; has been placed in 
in El^Salvado^, jwas -hands of a receiver aitfer 

of ' a . Xeflywihg . 

• .WEST GERMAN uranium 
Sealand won Its fifst^ver group, ^UrangeselIsdjaft Js s^ek-, 
A Test twatfffi against tng a stake of up to per cent, 
bv 72 runs at‘Welling- Australian. uranium deposit 

. 'Earlier report. Page 1A owned: . by Western Mintog. 

.-Midi are .through to .the._ •• ... 

.*•; ' "ill League' Cup -final, after .• LONDON -SUMATRA PLAN- 
. - ig 04) at Arsenal. Jn ;to "NATIONS Boa^d has rejected ffie 

.’ nal, second.leg, winnihigr'S-l'Offer feonr-McLeod-Sipef. Page 

'■ ; >^^egate. • ; ' -134 and Lex ^ . • 



,>s in pence unless otherwise 

indicated).. . i^,.. 

” , ' rises . 

t Book Publishers -187 -■r‘1 - 

rd Conf. .ISS 4- If 

- , PALLS 

Treasury. SJpc 1982...£941 - !g ■. 
Treasury 13Ibc ’W..i£I09l - IV 

Brechtej- -.^...627 —-S 

Bibby U.) 232 - S 

Bowater - —.164 ~.5. 

Camfing fW .) 1 03 “ 4 

t Hldgs... 53^* 4 Conrtaufte -118 

inian • Cinemas 430 GEG'' 33j 1 8- 

t Spring ..GQS 272 - ; 6- 

-Vs Stores A — 22 .-H : ;l5.;Baggas..(J.i .. 109.— f 

iM.-p.) 40 +:^ .sso t-9 

ros. ■ .. 108-4- .10 V levex \X..;..— 15 - 

Group . 41 rt 4 .: : TUiC 1 ..112 - 7 

.bfi&sives ,95.^ 8' . Reedt *.-—10® “-f- 

/ini Syndicate ... 12a +.7 Baindjury'. (J.y ...... 167 — 6- 

itinn Hides. ... ffl Tarmac '■*. . 134 — 6 

........._9u-i-':7 - Unilever- ... 490 - W 

" ^Rand Cons. ... 152 ^ 14 . WigfalLfH.).264 - - 12 

as a vela lively low-cost multi¬ 
purpose aircraft 
To-day’s decision is certain to 
spark off a heated debate on 
Capitol Hill, where Congress will 
have 30 days to consider the 

The Administration has beem 

ever proposed selling such air- statement that the sales had to craft, only half the number 

craft to the Egyptians and the be seen in the context “of both requested. The F-16 is a smaller 

change ui the negotiating process and our aircraft' than the F-15 designed 

UB. -Middle East,policy which is objecive of a peace settlement." 

certain to strain further relations The u.S. was still firm in its 
wrth ;lsraeV . commitment to Israel, but Egypt 

Ih Los Angeles. Mr. Mosne als0 nee d e d “reasonable assur- 
Dayan, the ance of its ability to defend 

Minister, urged the 1>E. not to 

re ““ 6fl * .. ance that the U.S. has come to , _ 

. TheUA is also prepared to sell attach “to good relations with lobhjmg 

Israel far fewer aircraft'than it th e Rivadb Government." on its own account, and President £ in New \ork 

hod requested. Both the sale Under the Administration *’ a £ at r s recenr Washington visit 
to'.the Arabs and the scaling proposal, Egypt would receive is believed to have reduced sig- 
down of deliveries to Israel are 50 ^5 fighter-trainer aircraft nificantl y the opposition. J 

expected, to provoke a fierce re- similar'to those in service with 0 IN GENEVA, the UN Human; 
action in Jerusalem and to b& man y air forces. Rights Commission accused Israel | 

Warmly welcomed by President 5 -judi Arabia will receive 60 of war crimes, backed Palestinian I 
Anwar Sadat of Egypt. 5 V 15 all-weather fighter aircraft military action and affirmed the; 

Th 6 proposal is subject to veto although it will not take delivery right of Palestinians to establish 
by Congress where ail or part of of the first of them for some “ a full independent and 
it tsonld'yet be voted down. It years. sovereign State in Palestine. 

after the four-hour meeting Chat 
he was not hopeful, but that the 
union would resist closure of 
the plant. Leyland plans to issue 
a statement to-day on the result 
of the talks. 

rnu?v« tr-L^t cnii-!l nia >’ Point our that he was given 

follows a 15-week strike at Speke „ c i eaP remir hv Mr Pr»i* v-,rluv 

which has completely stopped ^dirrvTecreiarv to make the 

u ^n^AfTh 7 frpn^nfiv Statc-ovvTied corporation commer- 

ts the first sign of the frequently v , a hi P 

discussed programme to rationa- , 

rise Leyiand's fragmented plant M J 4 " * or . 0 . be .f HI ? e 
structure Mr. Edwardes s initiative will 

; Plans are well advanced Sf nd Ifl upo , n 1 reacli o n ° f 
within Levland to transfer *£ war{ ? s ot Speke and Canley. 
assembly of the TR7 to Canley. IS an unofficial agreement 

Coventry, while at the same time shop stewards ibat 

i redncing target output of the °-?L b .f* t ?v.° Sferred f 5 0n i 

car from its present level oF p ^, nt wtim 11 * the consent of 
almost 50.000 units a year. lhe men >o v o lvtf d. 

The number of extra jobs to • As union and management met 
be created at Coventry clearly in London last night, the Ainul- 
would depend on the company's gamated Union of Engineering 
revised production requirement. Workers executive gave official 
But Leyland is hoping that it support to the 15-week-Iong strike 
will be able to keep on the body at Speke plant which is over 
shop operations at Speke—which a work practices agreement, 
employs another 3.000 men—io Last week, the Transport and 

the Foreseeable future. General Workers’ Union, which 

The plant supplies body shells represents the majority of the 
.for 'the Dolomite model, strikers, also made the strike 
l assembled at Coventry. Workers official. 

in the press section may refuse • In Liverpool, efforts by the 
in co-operate unless their col- Advisory, Conciliation anil 
leagues on asembiy operations Arbitration service have failed 
are satisfied. to find a peace formula to settle 

Closure of asentbly at Speke the strike nr Ford’s Halmvood 
would pose an important polltl- plant of i .000 press shop workers, 
cal and industrial relations test • All car production at Yaux- 
for Mr. Michael Edwardes, the hall'* Luton •aclory was hailed 
new British Leyland chairman, with nearly 2,000 men laid off 
He clearly puts at risk the sup- last night because of a strike by 
Jport which he gained from shop cleaners and labourers. 

Instead'they arc expected to 'stewards when he announced liis Labour News. Page 

concentrate "their efforts "on. 4 -J..---:- 

scaling It down io 33! per cent; 

Assurances by 31 r. John 
Smith. Minister in charge of 
the Bill, that the Government 
did not intend to hold 4he 
general election and the Scot¬ 
tish referendum on the same 
day were treated with suspicion 
by anti-devolutiontsts because 
they fear that such a 
manoeuvre might be employed 
to secure a high turnout of 
Scottish voters. 

Parliament, Page 10 


EEC calls in car chiefs 


BRUSSELS. Feb. 14. 

A GROUP of senior exei-utives the first of its kind, follow^ 
from Europe’s largest mnr-ir efforts early Iasi year to develop 
J companies were called 10 3 meet- common industrial policy for 
i ins with Viscount Davtsnoo. the lh ^ ' ::,r »ecfo"- Although the 
EEC Commissioner for Industry, indmiry did not treat the EEC's 
'on Monday to discuss his grow- initiative very .seriously then, 
ing anxiety about rising imports. Community officials say that 
especially from the U.S., Japan yesterday’s meeting showed a 
and Eastern Europe. growing awareness by the car 

makers of future problems, 
in particular, the difficulties 

Among those present were Siy.. 

Giovanni-Agnelli, chairman of enc0U niered 

FeUnwiy 14 \ Tif. ioi,» J 

Fiat Mr. David Andrews, pxecu- 

Leyiand. and 

1 muiicb 
3 iikiuIIi* 
12 »»»*«Mflw 

recently by Voho 
and British Leyland seem to 
have impressed on European pro- 
senior managers dpeers the problems they now 

s 1 . 8 k-M. 937 a si.«57o-93:>j - from Mercedes, Volkswagen, facp in ovprsp-i<i ,‘nrt tho 

0 . 16 . 0 . 01 , 11 *. J.OMW .0Sp,„ Renault and PeueeoL X. S* overseas maikets and the 

; 0 . 12 - 0.07 ji, OAWis-par l uenauu ana Peugeot- dangers of increasing imports 

l.«N\a> 1 J 1 - o.M-a4v>.jis 1 The meeting, believed 10 be within Europe. 

Shell stewards accept offer 


SHOP STEWARDS representing it clear to them that the offer had not studied the offer in detail 
Shell - tanker drivers decided does not fall foul of pay guide- and reserved the right to refer 
hyiesterday to end their overtime lines. - the offer back to tbc companies 

Than from Monday following a Drivers at BP and Esso have if it felt it was outside guide- 
pay offer of 10 per cent, back- been meeting to discuss the lines. 

.dated to November, with a for- formula. .Although some depots The companies said, however. 
FWgrd commitment for at least have rejected the deal, the com- thai tbei' would not have been 
‘{jimitber 10 per cent nest Novem- panles appear to be quietly opti- prepared to make the new offer 
Jieiv: mistic that there will be an unless they had been assured hy 

second payments agreement. BP shop stewards - Government officials that the 
mode rn top of any new annual meet to-day and those at Esso deal was acceptable. 

Wage deal negotiated by the to-morrow. , The way the deal has been 

drivers at the end of the year. The disruption caused by fuel formulated was apparently taken 
T&Ir.tbat extent it tutflanks shortages will worsen this week. on . ,1,e ] n' l| at>ve of the com- 
present pay guidelines and however, even If drivers, at the P^ 1 ^ 5 ' a ‘ ter consultations with 
cushions the drivers against any four major companies involved 
rigid: Phase Four the Govern, jp industrial action accept the 
inent might be considering. deaL 

? The -major oil companies, who The general overtime ban at 
are -differing their drivers the the four companies is unlikely 
same pay formula, said the to be lifted until Texaco shop 

. d and. toehme-gadhed hy'vears of losses. Back Page ^Government, which does not like stewards discuss the offer on 

• IhiriKd'k' n> '■« Y.Dfhurtn<r “ - - " - - " i, 4 « mmmittmMllc ntlfl Pridntf T'Hin nil ^AAvnaniae e 4 U 

the Department. 

The drivers posed a real threat 
of industrial dislocation and the 
Government had prepared 
detailed contingency plan, in¬ 
volving troops, in the event of 

forward pay committments and Friday. The oil companies say 
bhtf .been, resisting them in parts it will take between 10 days and 
of. the public sector, had been a fortnight to get supplies back 
told' Of the offer's details. to normal after normal workinz 

Tie companies have proceeded resumes, 
fn ■ the belief that the Depart- The Department of Employ¬ 
ment of Employment has made ment repeated last night that it 

a strike. 

In 1974, when drivers and 
ancillary workers were also 
threatening to disrupt supplies. 
Mr. Michael Foot, then Employ¬ 
ment Secretary, helped the com- 
Continned on Back Page 
Editorial comment Page 16 


-European news ... 
American news - 
Overseas news ...... 

World trade uews 
Technical page ... 
Management page 


Home news—geuenl . 


HI inlug . 

.... 34 


—labour . 


lull. Companfes .. 



—Parliament ... 


Wall Street :. 

... 38 


Arts page .. 

Foreign Exchanges . 

.... 3& 


Leader page.. 


Farming, raw materials 

... 39 


U.K. Companies .'.30-33-34 

U.K. stock market.. 

... 40 

.China revises the-road jo 

^economic success .16 

Insulation and energy cod* 

.^serration —.. 29 

Turkey grapples with its 


economic crisis . 3 

Radicalism -withers on the 

li.S. campus. 4 

Suharto confronts renewed 
pressures... 6 

Progress In Japanese tex¬ 
tiles regrouping . 37 

Savannah cattle .may. give 
way to soya in Brazil.39 

< A 0 pajnMHwmr — 
, . CrMSHord —... 

Efltcrtftimncat Cnfdo 

\ FT- Actuaries tafias 

' Ufttttealns...—. 


Lot . . ^ 


Met* ud Matters -. 







Radm .. 

Saleroom ... 

Share lafonaadan .. 
TMlajr's events 

IV end Radio . 

Unk Trusts .. 

WsaUwr ... 










John Hassas .. . 34 

Lend Loose Gpn, .. 30 

Minina supplies ... ' 34 
Jonah Wdbb . 33 


Bank LemnMJ.K- ... 3T 

W. Canning . 30 

3b Hamy* M Haasaas 3 a 

For latest Share Index J pfume\0l-246 S026 

Laura Bras. Situs, 
Reaern Fund ...... 

industrial Credit ... 
Japan latL Bank ... 
Mardoa PaduglM 
M Miami Shires Fnu. 

Veraealilaa Rtlracs- 

Rase Lending Rates 

industrial Property. 




Itswhat Mexicans do to Maguey 
plant juice that’ll make your 
holiday unforgettable^^ 

■ JT- il ir.JvPi^.jc* And therevno t'c-ti's’ to '^uen.;h .'jui it ■n-..i - j!t-?r 

o hoi do/tr> thebiei;oModie 

•Toke cn Air Front;* Welcome Tour io Me -ico and e -peiieixe a on :ipk*t* , ly 
ditiprpnr hplidov A >■ different .culiuie IP co-.o liC<r.“ L399 

. your lord Travel ACteni foi a copy ol she v.'el'.O'Tie Toue b'ochuie. i 
OipcMihe coupe ji. 

lc -n C-et-r. PU be: " I-'t Vi-.t 5 J.-& - 

i. i-. ci'iur-5r > r roa'. ’ .if >w ir.-■£-•.« .-cum fj fA ?’ j 








Ui 8 New Bond ineet Icndcri'Ac 1 Resetvaiorn *J;.l' Otfic-i- -x-a ft^v?rigv: - j ] c, ,•? t 

WesDepi Ot-JW'Sfti • f.^cheyet'>rr. "5-V • r ' 

.... -jf 

Financial Times Wednesday Febrm«y,^;^ ; 


EEC Ministers 

isolate Soviets 
on Belgrade text 

Signs of I Big deficit envisaged by French Socialists 

WmlarnTthittfore^ c' 

- ---WV tup-. 



Soviet Union and its East Euro- But Dr. David Owen, the 
pean allies by presenting .them Foreign Secretary-, hinted to-dJ'- 
with the choree of either approv- that be believed there was >nil 
in? a document bached by the a strong possibility that the 
Nine and other Western States talks would end inconclusive!’-, 
or of rejecting it outright. The important thing, he >aid. was 

revolt in byd*™™™ „ PA "^ 

THE French Socialist party the first Frs.200 per employee would probably be covered, by of faith In being * jL irnum wage 
fiolion to-day published a detailed cost- of social security payments paid issuing a large lodexed State the rise in■ the Ehout the dill ine of its’Dolitlcat nro-ramme employers. This would cost loan. ....... reverberating ^ a 

* mg ot i»u^al pro^ra^rae F rs.27bn. and would be under- In 1879. the Socialists promise wages ladder. JhW «■^J Dt 

!• _4. which shows that implementation taken to soften the impact on a further 15 per cent, rise hi global increase of 18 P® e 

TIP GBPIO - naiTV of lts man,festo would tncan the companies of the increase «n the State spending to Frs.535t>n., but while average a a net a- «inrmtim‘'TS.iitr l . ■* ' 

l UilUjg p<U. t J tripling of the State budget defl- national minimum wage by 37 argue that accelerated growth in purchasing power of By Wmlan. 

cit and 3 return to a substantial per cent, to Frs.J.400 a month, will boost revenues and mean foreseen. stronely RTOClKHOt u 

By Paul Bett* shortfall on the commercial The increase in the minimum lower deficit. *. .. .. The figures wiu ^ UNEMPWyi&r ' AND' 

ROME Feb 14. balance this year. wape in the State sector would The ealculaaons suggest that contested- For ^vision for prices ro£e‘sba*ply -iil 

ROME. Feb. 14. * _ cost around Frs.8.5bn.. while the the balance for goods and contain no C.SwhS KtZ'Wwi& 

H&RE ARE growing signs vi ^-nii* «hKh,, c ^mn^nin promised increases in uoemploy- services will move into - a nationalisation of mdusnywhicn aj »on 

tc 10-nlghi of a partial hut porous stimulus to consump raent benefits and pensioni Frs.lSbn. deficit In 1979 because the Communists say J™. JJJ !*??- 

l ions revolt iu the long- ; Hon paid for in large would add another Frs llbn imports will - grow faster than undertaken immediately upon four V™?1 

ilins Christian Democrat 1 ™« n, "S * ? U !J* S^ind^on The Socialists are also pledged exports (Frs.llbn. shortfall, in aiming power. Th* Socialists per cmal^Of the. 

irt> against out I me proposes j I« e iera«£d * -rowth to create 390.000 jobs in 197S and 1977 and Frs^Obn. .the year, argue that nationalisation is a wiJhpW work, 

■ the Prime Minfsier-desig- *«*!*«noimchalf a million in 1979. before). On inBation, the tensthy process which will not 

iiv. hist. Cmho Andreoui. for ■* r ^i*° led ‘ reb “if* 1 a However, the increased spend- Socialists cauUously promise to impinge immediately .on the sum 

5=2rWm SfeS Wtmom BvSSS'SgSUSi 

HUT Ha- nc..» administration. J ■ would come from the fiscal gains modest selective price freezes unnecessary to buy out existing those 

Si™. Anrircoiii had a further 1 The Socialists claim .the cost consequent upon pushing econo- and VAT concessions. -• "holdinzs. - - secured by 

■ s ‘ .1 ...m. C! — f rtf imn omanfinn r*»m. 1 . r r . _ ■“ . 1 .1 _ - _ . ^^ ^_ “ • . _ . _ A ClflTl titanrC TJTP 

the" 1 Prime Minfster-desig- accelerated economic 

and on ^ 

growth. L°., c / eale 

- — — ... .«.« .i.LOiiuii-.ivLT.., general of ihc Christian j S.* 125 *, 1 "® Pdehcit of ^ Government is nearer to 4.5 be followed by 5.6 per centL.'io-the State system. The cost of, work force- 37351..^ 

nr of rejecting it nurrighl. The impoi unt thing, he >aid. was »i*m«i-rai Party, in pari to rrs.b.Hbn. <£950m.) inhenicd pCr c g nt in irs calculations). 1979, that consumption will, rise tltis has been put -at Frs.4f bn. by than 

The conference, called lo re- that the conference had taken determine whether his pro- lrom the present government. The rest would come from iar by 5.5 per cent this year and that its opponents, but such amove Tor uutimer t^jbojk- 
view the East-We.-q Helsinki place, and had allowed a full ex posed political deal with the The main new burden this on large private fortunes, on industrial Investment will would probably not coma in the fell 
agreements, has been under way change of views on detente, nut Communists would, however year would be the cost of trans- company assets and from econo- register a 5 per cent, advance.- • first year of a Government of same .period-- Ihe nc 

for four months and is officially whether a communique wa? reluctantly, he acceptable to fernng to the national exchequer raising on energy. The deficit The Socialists also place a Jot the Left. '* oat job? usually rises 

due to end in mid-February. issued. the rank ami Hie of Christian • winter 

But there is still far from a Dr. Owen and his French and Democrat backbenchers.-- But',. 

consensus over how it should be German counterparts also re- Si®. Audreotti has also 9 _ T _ _ LabOUY.',Miubtet. . .... 

b Thf y“vf« Cl0 u„ion has been Miners'Sere on A Yort Ship TCpairerS W Qf> rmanS baCk tClTOr mOVCS 

intensifying pre>sure for a rapid talks over the ueek-end on the which is uuriersiood to provide ^ v v • VJ» va UAMUkj *«. a. v sttmulate emplo 

end to the talks and has pro- future of Namibia (South West for an increase in the country’s LlirG3.LGri 3f*llOn ■ most-lweiy 7 4S^ 

posed a cursory final com- Africa». projecietl economic growth rate BY JONATHAN CARR . • • ' ■ ' ■ - BONN, Feb. 14. . the BCTtenJe.T^U 

. nut Coomjunisis houmi. however year would be the cost of trans- company assets and from econo- register a 5 per cent advance.-• first year of a ooverntneot ox same jjerwa. im wj 
wa? reluctantly, ht- acceptable lo fern ng to the national exchequer raising on energy. The deficit The Socialists also place a Jot the Left. '• oat jops iisnsJJy rises 

the rank ami Hie nf Christian "- winter 

and D-niocral backhcncUers.-- - Bat\.ttr. Pet.-Afi 

re Si®. Audreotti has also _ — LabOUY/.Miofat^^exp 

S S??SS=S Shlp repairers W. Germans back terror moves 

Ship repairers 
threaten action 
in Portugal 

---- Bat" ^ Mr. Per 

__ Labour. ;ttiofatet, __ 

W. Germans back terror moves sjgjggpt- 

' fflost-TU^Bjy'^ttV.iMi? 

BY JONATHAN CARR ■ . . BONN, Feb. 14.. the B^eine^jwde^. 

panies Site paid KiSlf 

A LARGE majority of West were asked “if the influence of. cent, against, only 19^ per ceaL jj 0ur r or - Gdcfc aafiteHM? 
German-? remains ready to the state and police has to. be. of those aged 60 or above. . oD-tbe-joh■. twiBine^ w * ? 
accept a limitation of personal increased to fight terrorists^ By party. 17 per cent, of ■ Of the 3 oer“<»atl' 

nnhlc frv hair. nnllaa IJ ..... K- nr -A, h. I .. f ,Ua anncaruQtiv A . . T- ^ ' 1 

BONN, Feb. 14.. 


rights to help police and the would you be ready or not to supporters of the conservative food bribes lft$t 
14. state combat terrorism. Sur- accept a limitation of personal CDU-CSU opposition opposed half was" du^'to'thfc 

posed a cursorv final com- Africa». prajccietl economic growth rate BY JONATHAN CARR . '• • ■ ■ BONN, Feb. 14. . the 

munique. The West however. All three ministers, whose this year in response to • rj^ ,_i . . ... ' ' ‘ J. panie^ire paid 

Ls seeking a more substantive Governments sit on the United I employer and irade union Ilfl f Ortljfffl I A LARGE majority of West were asked if the influence of-cent, against, only 19 per cent- hour /br.'.&ichl. 

closing statement recognising Nations Security Council, arait^d, demauds for urgent measures “ German-s remains ready to the state and police has to-, be, of those agod 60 or above. . on-the-joh. traiBing ? 

explicitly the need to implement that progress had been mad* in j Ju head ‘ o!T the developing By Jimmy Bums accept a limitaUon of personal increased to fight terrorist*.. By party. 17 per cent. Ofj 

more fuliv the agreement’s pro- the discussions, despite sonic j i n:J u s < r i u! recession and grow- rights to help police and the would you be ready or not. tO 1 supporters of the- conservative food .-pribes iBst-ibbi 

visions in areas like human reports u, ihe contrary Dr. Owen: uneBipiovtueul. LISBON, Feb. 14. stat ^ combat terrorism. Sur- accept a limitation of personal CDU-CSU opposition opposed half was" fiu^'to 7 the^ 

contacts. said that he was encouraged that i ' , „ nin n hai«. workfik at M - n9V A P^singly the figure is slightly rights through measures such limitation, as did 37.per cent of settlement; 'wKichTf 

The neutral and non Alinneti the South African Foreign: irade union dele- JORMjte AT .. Lisnave-; less than it vas in 1975—before as surveillance and house-Social Democrat (SPD) sup- &i&lf ¥ i® 

coua&lS hivp nut flS! Minister. Mr Pifc Bhtba.4i^ >k.i ; fror ' •i'™*}'™' ^e , Portia I s ship repairing }■■«!■ lhe fiercest and most-h.ghlv pu h- searches." • ". ported and u high 46 per cent. TheGo^meUris^' 

proposal, which attempts d to referred to the talks as a failure . ^ - r l,’!,\ c1 ^Xrehip iof *he I-^trv'i tma^'export L ,cJs ? d terror,st actjJ "purred A total of 62 per cent replied of those prefering the Uberal ii s T fonSLt Pf^Sp^ 

straddle the Soviet and Western lt nnw ' XvM.J 0 - n apJaStv earning hare threatened indtS' r „ that they would accept this, 26 Free Democrats (FDP). in - • 

posiuons. The draft recogmses ever, that the Nine tire Mill son.- v«r polic es : trial action for the second time . Th,s ******* from a poll per cent, said they would not. . Meanwhile, intensive efforts 

that there have been some short- * 3V frr "» *° how ; „ ^ Got ere- ' in lei than a week A two-hour ,ake " D > lD i AUeartacn Institute and 12 per cent, were undecided, were continuing in SPD working 

^k:!¥?S si G —■ srs 

s tfcSuSisws jrraSsSa 

Pan-European conference i lkeD 3 .- Jjnst South Africa. Dr. dwomeui ceuld if acreptrrt ai .dominated General Workers . len see ms endangered by the age and bv party preference, world—including their lawyers— THE SWISS frane . , WchMSej|j|| 

ran European .jnier.nce. Owen is arguing for n more shup.lcnr level—mark a sub- [Confederation (Intersindtcali.. j S3Ue . y ot surorisin-riv the voimeeat in tim P « r,f SDecial daneer reached;a new peBfctedasf® 41 

It also recognises there is cautious approach. He contends. improiemrni in Italian (which recently declared that no ; ] n ihe doII around '*000 a^e °rouD (1^*9’years) showed- Further measures are being appreciation against 

scope for improvement in rhat sueh decisions eannor h,- 1 industrial relatinns. and clearly I no i iPV n f wiriesnre.d industrial U* ® X ^ -v ,U Vr ’Jnf WfcArwmctek 

human contact—a 
demand — such as 

visa regulations and reducing Pretoria from co-operaiinc in- of Sc*. Audreniti's proposed j Government's budget on "March 
border restrictions. - - 8 — J — -u, . • . - -i. — 1 -- -— - •** • -• 

moves aimed at establishinc • emcrcenry 

"While the Nine are not wholly Namibia's independence. 

Moscow move rejected 

emcrcenry economic pro- 15. Observers here believe that; i 1 • j 1 * 

ari.r a ! K” a :^^ e Tfe ,e S i Poland hit DV power CU^S Expansive 

«%r , "J 3 i-X 5 l., ,r SlS !S?r ! «*«««»»««»“«"*' policy promised 

•.ui-un ihr .unto,i move men I .strategic sectors of the country's AN ENERGY shortage which has megawatts but a mere 470‘mega- f ~ 

!T l i ,, * ,M ii**v r ^hi|JR proposals, economy. . broughi cuts in power supplied watts increase was achieved and lYl (wrpa/io. .... . 

•J*® 5, ^‘v”rd hv b uni.'.n Inlersindical. though claiming'lo factories in the chemical, last.year the plan was 2.000 mega- . 111 vJIvvvC^ ' . '.. vl 

ll nn. niriiiiru u . wiiiun |. /.,iar cn nUpnoinwriri" anrt mptallnrofral t^aflc Bin rtnlv 1 900 niBcdiinitti n n... n_/•___. 


BELGRADE, Feh. 14. 

THE SOVIET UNION is Dressing The Western and neuttal enun- c!Hi*aaS;'s lo 1I1** economic 
ahead with a bid to establish tries here are still iosisling lira!' jm^cy docomein. r“ nu |“Sr e f 

that it will not be Moscow's Tauit they will not leave Belgrade Th.- union rank-and-file is f 

if the Belgrade Security ConFer- without a substantive concluding par! leu hi rb eunerrm-d 01 or the 1 

ence ends in failure As the talks document that gives nr* impetus leadership's aeiepiauee of Ihe ai,,,CUH,e '- 
neared their scheduled end. the to East-West relations on ihc rf labour mobility ; In the 

■ ’. ; 1 - time of‘; T tiie .Amithsanlaj). 
n •. ...''V; nieat^j December, 

Expansive . 

policy promised stronger than "in early. 

of this year, when' therffijJHti; 
reached "ah : all-time low. 

. The; dollar continued 
ground in. the. ..absence 
ytocing.-, signs of-. UA' i B3&&i 

Uo control over SO per cent, nf, engineering and metallurgical walls. But only 1,200 megdiratts By Our Own. Correspondent. - . grouM -iff. the. .absence fltfc 
economic p 0rtu5uejie labour, is believed to industries in recent days is re- was achieved. - ; . .toitmc' v ^ ttoflp&i ^signs 

11 nni-dnii R|„ be suffering from scrinus, fleeted in a mass media campaign This ha* meant that rnrmine j 7 ^ -BCdvtty.. droppin&- 1 ’.®tf. 

rnp? thP ^raanlsational and financial, here designed in persuade private IJJl JJ d 22k« SiJSfeS 7™ ljREEK Bwernmenjmfends SWJTSX9565. at, the .eridoLS 

difficulties. 'and industrial consumers to con- cS??ied out at S oerfS* ' t0 pursue 3 wedc and:-. SwFrs 1534’- d. 

aiiepuute of ine ... con-.. carnea out at pea* periods*. . moneiarv and reedii nntiev fhfk hainw i 

labour mobility 

Soviet delegation to-day moved basis of ihe 1975 Hel.-mki Agr*-e- -:ho» fear eoold ooen ihe issued by union representatives 

to counter Western charges of ment. which the Belgrade meet- ria'»r to iiv'is.-rimlnuio lay-offs. [ at Lisnavc. the presence of 
stonewalling by tabling new pro- mg was called to review. They ^re also, on the whole. Christian Democrats fCDSi in 

posals for concluding the con- ... ... _ _ . _ . onnw^d i. : ihe containment of }the new GovernmenEJ's severely 

ference. ,! , E t m-u uuse claims. icrilicised. * 

pean countries, including tne 

In the latest "communique serve encr *- v - carnea out at pea* penoas^ monetary and^iF poticy tbfa Mouday to below SwJr&l^ 

m«l bv , ,ve 1, td- powr dnrnandv at . SfiSE 

They i,re also, on the whole. Christian Democrats f 
onouvr-ti ii; ihe containment of }the new Government's 
new wage cJaims. ;criticised. 

uS: p'l US the u's ,“„d ,9 •ptf* fff !• Figures jus. relensed by the ^, s "" -- years." ' r ' ’ pir No FinHIMlk ruling ' 

rfffriiv rpipclpd aVfnaJ«?.iIS n hu Canada - are rcprescnied at the- r^. 1 /r-nF-'nn h. a Na “ onal i n f u ^ te nf Staustics| This ha* meant that factories. This Is explained by the con-meant to r^ve\rijo -econoiny^The Ffnnish GdvcmmentfadlSq 

M? Ce irtv.!^r I VJrufnv,nV- ,31 kS ‘ rial- 8 thTIS P 0 ^ 11 '™ *at Portugal s tounsl ] w hich have never had their ditions under which this year’s after a lower growth,rale m 1977. iSch^a*™dea'sitAi to-day 

^ r ‘ U °ri Tha We«tnm nwrrai , nf i n -.r, i % IrJliri nri ira v m a Jvun ntrt m dustp mspite cf its obnous: p0 cut off before, experienced annual checks were carried out f Mr. Rallis sa^d that real Gross devaluation of -, the Finnmad 

iw.f i J "S' J!? of b ^ y -' breaks in production. Spare parts shortages meant that National ProduK is irpected to Sring^ie deprSaUon SlS 

rheless to-da^sSoviet tevt'm^-ks the 8 Ute^Sovfei’ urnm.vufS %»ork thk morninc ijv a S eane hee^cnnSdeShtfSJStid b hJi 0ne of the masons for this equipment was not replaced. grbw by about I pe?cent this Nofwegran kroner last Bridal 

theiess, to aa> s soviet ien ma *ks tne latest soviet piopusut a? viorn mi> moraine ny a gang been considerably neglected by 9<t . r rr i; nn , n .ua p rj ijch Ptpsc: The Pre^s^ camnaien stresses vear comnared ’uvith-sST ner "Lddee • Kevworth . reoorts froti 

proposals m a niunoer 01 aspects, inents.___ mavninc g u,is.__ investment plans in recent years, being wasted. One-estimate by in 1976.:.Industrial outputs ei- 

In 1975. it was planned lo experts puts the amount of 20 j pected/-tQv' rise, by-ysomay5 per , ■ n g^bYuairy 

increase power supplies by 1.300 per cent, of the power produced- cent, compared to a-rise dfVper 

____ I e«*nr Mast vparVinri.Yin* nf iirvai- ,* ora ? Gqil^JC. 


Consolidated Statement of Condition - December 31,1977 


VIENNA. Feb. 14. 



Orfner Associated Film j; 


Chairman of ihe Board 
{Retired I A J. Sever Company 

E ‘ecufive Vice President and 
General Counsel. The May 
Department Stores Company; 
Partner —Purler Milhkcn. 
Clark l OH at a. 

Attorneys at Law 

Chairman. Metropolitan 
Theatres Corporation 
Chairman ol the Board 
{Pet iredl.Vtr ester n 
Air Lines.Inc. 


President Mid-City Heights 
Realty £ Mgmi. Co. 


Chairman — Business Faculty. 
Claremont Graduate School 


Partner - Ball. Hunt. Hart, 
Brown and Baerv/itZ, 

Attorneys at Law 

Chairman and President, 

Union Oil Company of 

President. Union Bank 

Chairman ol the Board and 
Chief Executive OlHcer, 

Host International, Inc. 


Chairman ol the Board. 

Redken Laboratories. Inc. 

Chairman ol the Board. 

Los Angeles Dodgers. Inc. 


Vice Chairman of the Board 
and Chairman ol the Executive 
Committee, 7/?W Inc. 


President. Pacific Lighting 


Cftair/.ian ol the Board and 
Chief Executive Officer, 
Tnledyne. Inc. 


President. Union Bancorp, tne. 

Chairman of the Board and ■ 
Chief Executive Officer. 
Young's Market Company 

Chairman. Union Bancorp , Ine. 
and Union Bank 


Cash and due from bank?-demand. $ 820,739,000 

Due fiom banks-.. 66.762,000 

U.S.Treasury securities . 779,331,000 

Securities of other U.S. Government 3gencies 

and corporations. 200.776,000 

Obligations of states and pofilical subdivisions. 353,425,000 

Other securities . 12.952,000 

Federal funds and other money market obligations .. 96,787.000 

Loans (less reserve for loon losses $23,807,000)_ 2,032,913.000 

Customers' acceptance liabilities. 350,317.000 

Bank premises and equipment. 23,881,000 

Other real estate owned. 25.162,000 

Other assets . 116,552,000 

TOTAL .. $4,679,597,000 

-cent-’iast'year'and-one bf.jdper- 

* • p# # cent, in 1970. • V. \ ' 1 

Big Austrian trade deficit aSuissrit 

cent, teyel this year, as against i 
BY PAUL LENDVAI VIENNA, Feb. 14. . 12 peivpei»t an# 13.3 ;per. cec|t; 

• - . i nthe.Iast two ycqj& respective 

A RECORD trade gap. .'mailer from a deficit of--Sch.l.3bn.* in Mr.-^faifis sitie that. 4o eticour- 
than expected net intake from 1975 to an influx' of. Sch.lObn.' age ^private invSsiSaent^aaa, hfelh 
tourism and relatively high Despite the capital influx, the bring-tftioat a ; chaYfge i*nthi? pre¬ 
capital imports, combined to in-basic balance showed a deficit vailing anti-investment climate in 
crease Austria's payments deficit of Sch.39.4bn. up by Sch.Ilbn. Greece.-the government-wiU soon- 
on current account by 47 per Central Bank reserves were announce 1 new incentives baked 
ceni. to an all-time peak of down by Sch.9.2bn. after allow- on a' system-of direct cash grants 
Sch.49.lbn. {about £1.7bn.) last tng for a book loss to the tune t 0 finance fixed investment, 
year. of SchJ2.2ba. and the leads and These grants-are to be - repadd' to 

The e-rternal deht jumoed by la ^. wil i ch reac . b _ e _^_?£^?^_* e State-in ahnuaL irfstalinents: 

Sch.2Sbn. to Sch.120.7bn. Central PJfJf- T^TTT- - .. 1 

Bank reserves in L976-77 fell by ff" 1 - i rl-'.V-- - 

I.; f^lVATE POSTBffljK 
g A tonion^' -A;personal tw a 029 ^ 
f bo«iwss am- Your Uii)rflCl 4 ^ 
y .fonwnled Hatty—UK iin»ninrt«< 

1 ' - LONDON WC1V 6XX 

8L4U MU 

Bitab. I9S5 wiU» tll« C-P.O. 



Demand .... $1,885,232,000 


Time . 

Deposits in foreign office . 

Total deposits . 

Borrowed funds . 

Bank's acceptances outstanding. 

Accrued and deferred income taxes . 

Other liabilities. 

Subordinated notes . 

Shareholders' equity: 

Capital stock. 

Surplus . 

Undivided profits . 

Total shareholders' equity .. 

















. bank 

Hatdquarlen! *45 South Figueroa Street • La* Abates.California #0071. 
Northern California Headquarters; 50 California Street • Sen Francisco, 
California 94111. 

Overseas Represent at Ion: Bogota.Buenos. Aires. Cairo. Caracas. 

Hong Kong,Jakarta,Lima,London,Madrid,Mexico City,Nairobi,Nassau, 
Panama City,Quito,Rio De Janelro,Seoul,Tel Aviv,Tofcyo,Toronto. 

Bank reserves in 1976-77 fell bv «nt. of the Austrian GNP and 
“a opr rnm is hardly conducive to a realistic 

' picture of the coimtiT’s external 

The visible trade deficit last payments situation; - 

year was up by Sch.18.2bn. to The item called here “statistical' 
Sch.71.4bn. As the surnius on difference" represent? the^gap 
services account was down by be twee a payments^ recordedby 
c.u■».,„ r, K .„n|„ the centra! -banks and tne 

bth."#nn. in s<.h.—-bn. the a n 2r eqiite value- of tariff 

SSSSt" r f aC ^h U S ih^ d W declarations"calculated by . the 
Sch - 49 - lbn - a « a, nst ceillra i statistical -office, 
bcn-i.lbn. A spokesman, of the .Central 

The overall payments ficures Bank has announced That, the' 
are distorted by two important major exporters'and importers 
factors. There was a substantial will be questioned with regard' 
rise in surplus on capital account to claims and outstanding debts 





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- _=•• EUROPEAN' Community-, 
'•." tiie . Aflantie Atnawm . . 
:'. a:“ flark. and danzeroqs'? ■ -. 
;, •, Mr.’ Geo®-ey RJpjnra, . 

:. ‘.“•-••of the Conservative- - 
. ' tdon, fold the. European 4 
• ; rti«it fo-day. v r v *v. 

.:- ■*. jetary systems were, ii vl ' 
'. -. ay, economies 'depressed 1 : 1 
." he halance of pu>wer was . 

. : 1§; ijicieasi n gly" fay oar 

: e Soviet Union..":• “ ' ’■■ 

‘ . '- EEC_ was .falling ;<p ; - 

■ ire/ np its,.’ 'wider 

•■ nsihifUies, Mr,., piping 
npd* 'lit a speech' that 

■ /ted : the .growing scepti- 

.• of his paarfy*s. leadersMp.. 
strongly criticised. Jhe - 
* /:■ an Gov eminen t for/its nii- 
. [. guess . to help member 

wttfa weaker ecotjomies; 
i .'.jovcr from the rcc&Bipn. 
>'; ypttor" Schmidt Had been.- 
" -nsible for frustrating:!!*? ; 
■^// linated; effort oftRe lasf^ 
pinlc smhmVt . smd’ tforv 
-- ; " ing the next meetingTDiTji ; 

>•; Mr. Rippon claimed- 'V_-- 
-' •' : -said that the Community V. 

: t attempt—also /-led ' by' 

•'. ^'.ahy-^-to link the British' 
nation of the green -pound 
. the 1 fisheries* question had 
rated again.’ the"' EEC’s 
encies; •■•"■■' 

‘ ■ :-he fisheries qnefitldn Is 

■ now just ' a ’ lest .'of the 

- biiity. of. the Comm unity, - 
a test of its - coherence. 19 

V. id. - 

we are to have the united 
‘ pe we desire, we/ .had 
(If r.,r do a. great destl 4 hotter. 
^•78 than we have done .in. 
^_".Mr. Rlppon adfl^d. 

cord Da nis h 
-roients deficit 

*■ - . COPENHAGEN, Feb. 14, ■ 

. :r » DANISH current; arcotmt 

ice of payment’ deficit for 
; -.: was' KrJ2.4bny (£I.l2bn.) 
rdin'g to ■ preliihtnkrV 
'• .es, compared witha record 
. I5bii in 1976, and foliow- 
. I'KrJHm.deficit ln r fhe ‘fimd 
-- .ter or- 1977, the.;Danish 
'^•■■:-.raI Bank, said in" .Its 
**! :.,terjy review. c 

:r -, • iwever,. economic experts 
that Che final, figures for 
" could show a eonslder- 
■:, r'smaller deficit, possibly by 
to Kr-800m. Last month, 
... Tranent economic experts 
east a KiUJbir. TeduCtion 'in 

"..1977 deficit, jas t against/the 

,. - J figure.. : ; . - 

.... .'.ae capital balance;for 197 Z 
J red a surplus of Ria9Jbn,“ 

’Cttng a bfg. rise In. the 
, p:_tgn exchange resenrcd... -./. 

ay - PHU. H*. • ra wsto rSi e 

ms; /-ROY. 'Presi¬ 
dent' .of : the/JEEC -: Commissi on, 
ta^day ? vigbroosly^^ea^erted his 

Remands for i determined 

4na j -faster ioayO" ■ -.-towards 
economic andijiumet^f union. 

.■ ■It ; effortd, the' only real 
solution to i'tiie::,Community's 
unemployment- ' iTuitt: ’■ oth er 
economic proWemsr h c told the 
European , Paifl|afflienV^ - - 
v * Our-'. need- A . ne y 

economic-impulse a&ah historic 
scale,”- JO-.i denkit^: /declared. 
-**The alarm -.4riM-rheed. to be 
.sounded.No. national .economy 
. is exempt from Um : prospect of 
present levels ’of .unemployment 
persistingindeed;grcraring. No 
national gcwenriaent offers a 

- ^':'Jeflhins--^aid^^e Com- 
l inanity should not delude itself 
thar’t&^orary-in^roviements in. 
. some member 1 Stetes meant that 
a, . fiindame nta! : econtH®fc tum- 
round'wa s just a matter 1 of time. 
Community, '-ventures- ' were 
urgently needed "td'/strengthen 
Ihe- base of Its-ibJyanced tech¬ 
nology industries; "such as aero¬ 
space,- data ptocflfldag, elec- 
tronies component£_and .telecom¬ 
munications. *. 

move to 



A. H. Hermann, Leg^ Correspondent, reports from Luxembourg on yesterday s United Brands judgment 

flniirt’s ruling is new milestone for EEC 

Nor should industrialists be 
misled by ibe Community's aid 
to the textile and steel industries. 

“ It is not the provision of pro¬ 
tectionist feather-bedding;" Mr. 
Jenkins said. The breathing 
space given to such industries 
could only be justified if it were 
used for modernisation and im¬ 
provement in their competitive 
position. ' 

Mr. Jenkins said the Commis¬ 
sion would press ahead this year 
with the first stage of its five-year 
.plan for economic and.monetary 
union. High priority would also 
be given to a common energy 

On agriculture, Mr. Jenkins 
said thfe Commission would con- 
tinue with its policy of modest 
price increases to check the I 
surpluses in such products us 
milk, sugar and wine. * 

“That long-term policy will 
not be an easy or a popular one 
with the fanning sector.*' he 
admitted. “ But in our view, it 
is the only policy which can 
avoid the introduction of even 
harsher measures to bring 
excess production under control 
or ultimately the disintegration 
of the common -agricultural 
policy itself.” 

THE EUROPEAN Court's judg¬ 
ment in the appeal case of United 
Brands handed down to-day cun 
be seen as another milestone in 
the development of the EEC rules 
far the distributive, marketing 
and pricing policies for multi¬ 
national and otber large com¬ 
panies. It established a new 
strict definition of market dom¬ 
inance, binding between supply 
prices and costs, and effectively 
made the partitioning of the 
Common Market more difficult. 

The judgment will strengthen 
the EEC Commissions case 
against Distillers and otber com¬ 
panies in a similar situation. Dis¬ 
tillers was required by the Com¬ 
mission to end its practice of 
charging the same British whole¬ 
sales customer higher price 
for spirits destined for exports 
to other parts, of the EEC, than 
those for sale on the domestic 

The crucial *rnling makes it 
illegal for a com puny to charge 
prices as high as the market will 
bear. Prices charged to impor¬ 
ters in different member States 
of the Community will iu the 
future have to be related to 
costs and not Lo the different 
! price levels existing in the indi¬ 

vidual countries. If the cost is 
the same, the importers In other 
Common Market countries will 
have, to be charged the same 
price a ad any profits resulting 
from the higher local retail or 
wholesale prices will have to be 
left lo the local traders. 

“TTte interplay of supply and 
demand should, owing to its 
nature, only he applied to each 
stage where it is really mani¬ 
fest,” said the Court, It argued 
that ns the importers and 
ripeners of bananas bore the 
risks of the local market, they 
should also gain any possible 

The Court said the charging 
of different prices to importers 
in different EEC countries was 
an “obstacle to the free mnve- 
meht of goods." The resulting 
" partitioning " nf the Common 
Market hud been further inten¬ 
sified. the Court said, bv a clause 
in United Brands' contracts pro¬ 
hibiting the riDeners from resell¬ 
ing banana? while still green. 
The reason given was that the 
transport of bananas from one 
country to another is possible 
only before the bananas ripen 
and* change their colour to 

The Court. also endorsed the 
Commission’s view that • it was 
an abuse of market power and 
prohibited under EEC rules to 
over-charge to extent that the 
price “has no reasonable re¬ 
lation to the economic value of 
the product.” This ruling repre¬ 
sents a further binding between 
the selling price and costs. The 
Court said that not only must 
there be a relation between the 
cost and the price but also that 
this relation must be “reason¬ 
able.” The new rule is that a 
price which does not have a 
“ reasonable relation ” to cost 
is an unfair price -and as such 
prohibited under Article S 6 of 
the EEC Treaty. 

The Court found that the 
Commission did not succeed in 
establishing the United Brands 
cost price and therefore failed 
to prove that the prices United 
Brands charged were excessive 
and unfair. The Court allowed 
the appeal on this count reduced 
the fine imposed by.the Commis¬ 
sion from lm. units of account 
to £50.000 units of account. 

This demonstrates the practi¬ 
cal difficulties the Commission 
would encounter should if decide 
to exercise a price control of 

market - dominant ?nterprises 
which it Is now authorised to do. 

These new. stricter rules, of 
distribution do not apply l ° a " 
companies but only to those 

which are in a “market-dominant 
position." The question whether 
a company is. or is likely to 
become, market dominant, has 
to be answered before adopting 

a pricing and marketing policy. 
United Brands, relying on pre¬ 
vious court decisions, believes 
it does not possess such market 
dominance because it could not 
Ignore its competitors when 
making marketing decisions. 

However, the present judgment 
tightens up this rule consider¬ 
ably. It rejected United Brands 
argument that because it had to 
operate at a loss sometimes 
while its' competitors were 

making profits, it co ul f. " ot 
charge as much as it would like 
and was therefore not market 
dominant. But temporary losses, 
said the court, were not incom¬ 
patible with a dominant position. 
The court then formulated a 
new definition of market domi¬ 
nance. Under the new definition 
an enterprise is market domi¬ 
nant when it Is able to keep a 
large share of the market even 

while selling at higher prices 
than its competitors and if it 
can achieve this by means of 
a. • “ flexible overall -• strategy 
against new nvnpetnors. - 

By implication this means that 
the price advantage derived from 
establishing a branded article— 
like the Chiquita brand of the 
United Brands—may be the 
downfall of a company’s market¬ 
ing system because it would 
place the company into a 
“ dominant ” category- 

The Court agreed with the 
Commission that the banana 
market was sufficiently distinct 
from the other fresh fruit market. 
It said that though the price, of 
baoanas was depressed during 
the summer months often by as 
much as 20 per cent due to the 
falling prices of other fruit 
bananas were a privileged fruit 
with a market of their own. The 
reason was, said Ihe Court, that 
the production and marketing of 
bananas could be adapted to the 
seasonal Huetuations of other 
fruit, that bananas had a captive 
circle of consumers—the very 
voung. the old and the sick—and 
that bananas could be marketed 
with greater flexibility than other 

Irish telecommunications 
strike leads to losses 


DUBLIN IS cut the 

world outside; /I 5 te^rlsh capital 
Was. .tofday belng^lpJd ‘ incom¬ 
municado : for the 5 /plh./day -in 
succession by 22 >^f- teleimm- 
nnmi cations te ebn af flus . who 
have literally “■ pul&wthe; piugs 
on ’Ireland's rater^ptipal tele- 
pta one^and-telex liPK&/ ... 

i Amid. ; accu satioMjnr sabotage 
by the striking .te'tJg&ians and 
demands for-a perSOTffTtoterven- 
tion -bv Mr! JacREtynch. the 

Prime Minister-.‘bu*^s activitv 
in Ireland is slpwhff lo^f^tand- 

IJanUJeryd. fortw^ -b^.f road 
conuhunicatrons tbfr ha^been 
cut jiy;. show an*.ice^Irish 
|^p4qstj^! j &, los- 
jng.irtillions .of pou§o|: aa*y in 
, eiport orders.. With^wh'^pial 
'tdepiianenetworiv haw^bcwSwe 

j own fast so tbat3am^tfrff«<rop« 
andjGalwav arc rirttialiy isolated 
» r -■ f . *-’ 

: tf-r- /V ■ 

-.• •. .j., /. 

If sabotage 
Brians and 
forth terven- 
Ejrneh, the 

: in road 

NEWRY. Feb. 14, I 

from Dublin,, domestic business 
is also suffering badly. 

Export-orientated industry has 
become pre-occupicd with re¬ 
establishing contact with its cus¬ 
tomers abroad. The main road 
north from Dublin to Belfast 
normally heavy with commercial 
traffic, was lo-dav uoticeablv 
leavened with streams of execu¬ 
tive cars as Irish managers tra¬ 
velled to Ulster to take advant¬ 
age or the GPOs facilities. 

At Dublin airport, flights to the 
British mainland were similarly 
in demand as Irish executives 
fl«*w across to set up temporary 
offices in British hotel rooms. 

In one dramatic ease yesterday, 
a desperate executive hired a 
private aircraft from Dublin to 
Bel fast at a cost of £125 to make a 
40p ,c?ill to London. He laier 
explained that by doing so be had 
clinched a £5m. deal. . 

Mr. Suleyman Demi re I 

THE ONLY fortunate con¬ 
sequence of the foreign exchange 
famine in Turkey is that 
apparently the Treasury cannot 
find the cash to import banknote 
printing machines. 

Nobody seems to know whether 
this is a fact or just black 
humour but It serves to underline 
two of the most difficult aspects 
of Turkey's economic plight. Last 
year banknote release grew by 54 
per cent. The hard currency 
shortage was so severe that one- 
sixth of the S5.800m. <£2.990m.) 
import bill was reportedly met 
by hard cash purchased by 
importers on the black market 

There were many other grave 
aspects to the problem. In 1977 
the inflation rate nearly doubled 
to 40 per cent The current 
account deficit was a record 
g3.380m. A sizeable portion of 
imports, estimated by some 
bankers lo be SI,500m. could not 
be paid for and the central bank 
was overdue on over 8400m. of 
banker's credits. 

Whnl made the economic 
situation worse was political in- 
stabilitv. Mr. Suleyman DemireJ. 
who came back us the head of a 


;i£ Wanted: radical action 

Right-wing coalition, after the 
June 1977 election, opened talks 
with the B 1 K and did take some 
austerity measures. But political 
weakness prevented him from 
going ail the way. On New Year's 
Eve he was toppled by Mr. Bulent 
Ecevit, the 52-year-old Left-of- 
centre politician, who is now in 

The general impression abroad 
since mid-1977 is that Ankara 
has been doing little or nothing 
to overcome what is certainty the 
biggest economic crisis in 
Turkish history. Broadly speak¬ 
ing, Ibis is incorrect. The 
notoriously bad Turxish public 
relations machine bas simply 
been unable io spread the good 
deeds beyond the borders of 
Turkey. Ankara has started 
implementing the measures 
suggested by the IMF since last 
autumn. For instance, budget 
spending has been limited to 
S13bn. and the Import bill to 
S4£50m. There was a small 
devaluation, measures to curb 
inflation and the GNP growth 
was reduced from over 7 per 
cent to 5 per cent, per year. 

Bur-political instability pre¬ 
vented the adoption of more 
radical measures and the IMF 


bos withheld its essential stamp 
of approval. 

Political instability is no 
longer an excuse. Mr. Ecevit 
appears tD be fairly strongly 
entrenched and stands a good 
chance of surviving until the 
next general election in 1981, 
But although be bas been in 
power for over a month he has 
not yet taken any steps in the 
economic field, which has dis¬ 
appointed the business com¬ 
munity here. 

There has been an abundance 
of statements and scores of meet¬ 
ings behind closed doors Bui 
virtually nothing concrete has 
emerged „ 

It is generally believed that 
Mr. Ecevit is waiting for the 
hudset. expected to be com¬ 
pleted by the beginning of 
March, to unveil his programme 
of economic austerity measures. 
How severe or all-embracing 
these measures will be is not 
known. Neither is it known 
whether the negotiations with 
the IMF will . be undertaken 
before or after these measures 
are adopted, although there have 
been hints that they may be 

What the business community 

here wants is wise but radical 
economic measures. The time 
has long since passed when the 
Turkish econorav could jog along 
with palliative measures. Years 
of neglect have caught up with 
the economy and many old 
structural problems have reached 
proportions of severe crisis 
requiring equally austere treat¬ 
ment. Economic austerity will 
need to be accompanied by 
structural reforms, including 
radical improvements in 

bureaucratic procedures. An 
industrialist in Istanbul told me 
that he had to fly to Ankara 
24 times before he could obtain 
approval for a SI.5m, loan to 
buy machinery. This was not 
unusual, he said. 

Many industrialists and 
bankers in Istanbul d«i not appear 
to have a high regard for Mr. 
Ecevit as ao economist They 
claim he lacks exper.ence and 
insight, is not pragmatic, and has 
many plans which cannot go 
beyond dreams. They also 
criticise his choice nf ministers 
and bureaucrats replacing those 
of Mr. Demirel in key positions. 
They say the choices are too 
rigid and hostile Lo private 

Mr. Bulent Ecevit 

Mr. Ztya Muezzinoglu. the 
Minister of Finance, brushes 
these accusations aside. He told 
the Financial Times that “very 
soon” the Governmenl's stability 
measures would be launched and 
that the Government had worked 
on them ceaselessly since coming 
to power. 

"We are going to establish a 
healthy ecunomic order' and 
restore the confidence of the 
international community,", he 
snid. Top priority would b'e 
attached to cutting down the 
speed of inflation. 

One of Mr. Ecevit’s biggest 
assets is that be is widely 
popular and enjoys the faith of 
millions of people. The popu¬ 
larity which be gained when he 
sent the Turkish army to Cyprus 
in 1974 has survived. He can.very 
easily use this strength particu¬ 
larly now that he is in the 
beginning of his rule, to push 
through the painful, measures 
which will sooner or later be 
forced unnn him and still win 
an elect ion. 

H-.WIM Timi.n ruhliVKiI aail* MecrtSim- 
Uavs and hnlirtsv, U *• Mil"*'1pi'On "p 
lai- frrlfihn inn ■"«•»< ^ “"CH?!- 

rlns- piwiaee raid a' New Mirk N >. 

Oi.ij o! Cur Lpt b l I'-jil t-i.iK cj-.ius , - it''- PIS 60 C 0 mI Hi-. _& iuiivt a H«i iJclit^nksi),. 

Simply Years Ahead 

Europe's largest electronics company- Philips- 
is now the world’s leading manufacturer of financial 
terminal systems; PTS 6000 terminal equipment has 
been ordered for some 20.000 teller positions since 
1971. The reasons for this achievement can be 
summarised in two words: size and service. 

Philips’ size means that massive investment is 
available for research and development in all areas 
of electronics progress: with worldwide sales of over 
£7,000 million, and an R & D budget exceeding £300 
million. Philips can offer a degree of technological 
sophistication which few other concerns can rival. 
Thus Philips is a world leader in micro components, a 
major name in computers, with nearly 70,000 
separate installations: and also Europe s premier 
supplier in telecommunications - the ke y to ihe 
distributed data processing systems of the future. 

Philips' size also accounts for the company s 
attitude to service: all aspects of Philips’activity are 
uniquely customer-orientated, and its standards ot 
customer service are acknowledged as being second 
to none. Nowhere is Philips' concern for service more 
obvious than in Britain: a nationwide customer 
support network, looking after £40 million-worth of 
equipment and 2,700 users, is recognised as setting 
standards for the entire industry. 

Launched only recently in the UK. the PTS 6000. 
system has achieved notable success since January 
1977, with twenty orders to date from banks and 
local authorities all over the country, while special 
versions of PTS equipment have been manufactured, 
to UK customers' specific requirements. The PTS 
6000 is rapidly proving itself to be the preferred 
system for counter terminals in the UK, as it is 
elsewhere in the world. For further details you are 
invited to talk to Philips about yoUr data processing 
requirements - ring the Special Accounts Manager, 
Bruce Anderson, at Philips Data Systems, 0206 
5115. You'll find that Philips' people talk your 
language. • . 

Philips Data Systems 
A Division of Philips Electronic 
and Associated Industries Ltd 
Elektra House, Colchester, ESSEX 



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New York Power crisis brings Carter 
unlonsseek call for new coal talks 

large rises 

By John Wylw 

NEW YORK. Feb. 14. 
LEADERS of New York -City 
municipal unions' have set the 
scene for a possibly, explosive 
. confrontation In the spring by 
adopting demands for pay rises 
of up to 12 per cent.. ■ 

The size' of the demands 
reflects city" employees'' pent- 
up.. frustrations at the end of' 
a two-year contract which pro¬ 
vided only cost of fiving 
increases^ However, the res¬ 
ponse lb their pay claim will be. 
framed by- a mayor wbo was 
elected on a -platform hostile 
to onion demands and who has 
since framed a budget with a 
5458m. deficit which makes no 
provision for «employee pay 

Moreover, the city admini¬ 
stration firmly believes that its 
prospects of .winning more 
federal aid to continue the 
fight against bankruptcy could 
be mortally affected by grant¬ 
ing substantial pay rises. The 
struggle for federal support is 
already an uphill one following 
last Friday's Senate banking 
committee report that no 
farther federal monies will be 
needed by New York after June 

If the committee's view were 
ultimately to prevail, .then 
:“Mayor Koch's, entire strategy 
for restoring the city's financial 
health would be undermined 
and the administration would 
face the choice of either savage 
cuts in services or possible 

The difficult choices facing 
Mayor Koch seem to be appre¬ 
ciated by senior leaders of the 
municipal unions tint increas¬ 
ingly their members appear to 
Teel that they have made all 
of the sacrifices that can be 
reasonably expected. 

Major contracts expire on 
April 1 and the possibility of 
a strike by bus and subway 
workers has already . .been 
floated for some time. But 
other groups, including sanita¬ 
tion department employees, are 
also making militant noises 
and the prospect of a wide¬ 
spread shutdown of city ser¬ 
vices cannot be rnlcd ouL 

The most that the Koch 
administration appears willing 
to consider at the moment is 
a new contract in which any 
pay rises would be riinded out 
of increased productivity. 
However, the cost of living In¬ 
creases in the 1975 contract 
were supposed to he self- 
financing through productivity 
improvements, but the reality 
is that they have become an 
increasing burden on the city 

Special case claims are 
already beginning to emerge. 
New York City’s new Police 
Commissioner. Mr. Robert 
J. McGuire, has called publicly 
for a significant increase in his 
men's pay and a break In 
arrangements which tradition¬ 
ally fix sanitation men’s basic 
pay at 90 per cent, of that of 
a policeman. 

Mr. McGuire's call has in- i 
fnriated the Deputy Mayor for 
Finance, Mr. Philip Tola, who , 
stressed that there is no money 
available for significant in¬ 
creases for any city employees. 

Masscy-Fcrguson dividend cut 
possible: SEC seeks postpone¬ 
ment of effect of securities 
industries law: Financial 

General Bankshares stock 
suspended; and other U.S. com¬ 
pany news, page 36- 


PRESIDENT Carter to-day: wit 
the authority of the White House' 
behind an appeal to both sides. 
In the coal industry to resume: 
their attempt to negotiate an end 
: to the Tl-day strike by members 
of the United Mine-workers’ 
Union (UMW). . : 

His move was prompted by.the 
growing threat of-electricity *0018 
which could- disrupt major -in^. 
dustries,. particularly * .motor 
manufacturing In Mid-Western- 
and easier? states: . 

Before making liis “pera'onaJ 
and most' urgent"” request for 
fresh negotiations, Mr. Carter 
had heard a report on the grow¬ 
ing energy' shortage in. -some, 
states from . Mr.' James Scbles- 
inger, the Enerey Secretary. Mr. 
Ray Marshall. - the Labour-'^'Secre¬ 
tary, also told the president of 
his efforts over the last 36 boors 
to bring, the two sides together 
again, including- 4wo meetings 
with union leaders and one with 
coal employers’ representatives. 

From the tone -of the Presi¬ 
dent's announcement, and from 
the' fact that he asked for an 
immediate resumption of talks, 
it would appear thast Mr. Marshall 
was having no great success. 
This was borne out by a letter; 
to-day from the coal employers’ 
association to tbe union, wfaufir 
made no reference-to new tafl&s 
and urged the UMW bargaining 
council to -reconsider its rejec¬ 
tion of the employers' contract 
proposals. ... - 

Mr. Carter’s appeal, which; Mr. 
Mashali hs to convey to employers 

- £7 'ViNCTT^YORK, Eeb. M. 

and-the union-: this evening, ’i nf hf :&e^ljnIori members is partly 
eluded an invitatfgn/Jpr the two - a result of secret bargaining 
- sides to negotiate ^at the:.WhrW"'-Whidh excludes most of the loeal 
Housed throwback; to the ■ time- union-'leaders 
of the Jahnson Presidency, when Warnings of. the potential 
several national; ..flegotiationsjsfeocisness.of the power sbort- 
weire' brought Into 'the Wht#-*8? cjttne to-day from tbe car 
House. - "—'-vcorapantes^ General Motors. 

-There is'little-'that-the WhlteJEord. wUjd ‘Chrysler warned chat 
Houses can dofaeyohd maximum-their \vcar output could be 
persuasion. The ^Presdept was seriousls-hit by- the end of the 
non-committal on' thCeubJect of months' 

invoking the Taft Hartley Act to Chrysler said that its entire 
try to 'force the miners to return production would be stopped If 
to work for 80 days while nego- key suppliers in Ohio were shut 
tUtions are held. The union has down by the increasingly, critical 
ignored three such injunctions shortage of coal there. Ford 
since 1948 and the Administra- thought that some plant closures 
tion fears that they might do so would be inevitable if supplies 
again. • manufactured: in Ohio were to 

A complicating factor is that ce ?* e * • . 

the rejected contract is proving , Meanwhile, the_ n states of 
a rallying issue for the enemies fed ka a. *24 Vliginte have 
within his own union, of Mr. heccann' thefirrt to introduce 
Arnold Miller, the UMW presi- ^ at ^SfLI? da, ? 100 T s i? «£• 
dent. As more details of the of electncity. In Indiana, the 
proposed contract emerge, it is reductions are - being imple- 
becomiOR dear that he has lent mealed by utility companies with 
his support to various provisions ?L TOa Li 0 to f ?I l l? r ». t ^ an 

which strike at things held dear 

by -large sections of the union, S?i9S* y ' w ! 5 m pre S d 

As they try to bring about industrial closures will be 
hir nSSnttn. «S» In Virginia, 

leader are stressing his industrial lay-offs totalling up to 
:acquiescence to thTpSble So- ^OOtt are thought likely by the 
position of financial penalties week-end; 
against, and dismissals of, wild- In Ohio, stockpiles vary from 
cat strikers, a diminution of being enough for 34 to 60 days 
health and welfare provisions, and mandatory power reductions 
and the elmination of pay rises are being considered for when 
linked to increases in the cost supplies drop below the 30-day 
of living. leveL This could happen as soon 

That Mr. Miller should be as next week for some utility 
found out of step with many companies. 

Payments inquiries over Miller 


WIDENING investigations' Into' 
the relationship between Textron ' 
and its former Iranian agents are 
threatening to delay further the 
confirmation of Mr. G. William 
Miller, the chief executive of 
Textron, as new chairman of the 
Federal Reserve Board. 

Tbe Administration is still hop¬ 
ing that the Senate Banking Com¬ 
mittee will approve the nomina¬ 
tion shortly after Congress 
reconvenes next week. If that 
happens, there is also the chance 
that the full Senate will inter¬ 
rupt briefly its debate on the 
Panama Canal treaties fOr,a con¬ 
clusive vote on tbe new Fed 

The present inclination of the 
committee and the full Senate 
would be to endorse Mr. Miller, 
who gave an impressive perform¬ 
ance last month -at tile Initial 
confirmation hearings. 

But there is also a strong feel¬ 
ing on Capitol Hill that the whole 
confirmation process should dot 
be too perfunctory, - *- ■ - 

Consequently, two parallel 
investigations into, Textron’s 
Iranian connection—one by the 

staff of -the Banking -Committee 
and another by the Securities 
and Exchange Commission (SEC) 
—are now being accorded con¬ 
siderable significance. It is 
likely that the Senate hierarchy 
will wait to see what these probes 
produce before 1 proceeding.with, 
tee nomination. 

The committee's,main interest 
lies in ascertaining whether Mr. 
Miller knew that tbe Iranian 
agency employed by Textron's 
Bell Helicopter subsidiary was 
controlled by an Iranian general 
who was also serving m; the 
Government in Tehran. 

At the hearings last month, Mr. 
Miller acknowledged that Bell 
had paid tho agent 352.9m. in 1973 
in order to facilitate a 5500m. 
helicopter order.. But . he. 
characterised tills fee as being a 
relatively inexpensive commis¬ 
sion and a termination payment 
for previous .services rendered 
by the agency. Mr. Miller also 
said. that.he waa..unaware that 
the agency. Air Taxi, was hieaded 
by an Iranian military official . . 

Yesterday the.committee heard 

WASHINGTON, Feb. 1ft, 

evidence from (be former Bell 
agent who was displaced by Air 
Taxi, that it was common know¬ 
ledge in Tehran that the Iranian 
firm was controlled by Gen 
Mohammed Khatemi. and tba! 
senior Bell officials were aware 
of the relationship. 

The SEC investigation centres 
on whether Textron improperly 
failed to disclose full details of 
tee payments to Air Taxi. In 
his testimony, Mr. Miller said 
That the i>ayment had not been 
charged nj> as part of the overall 
contract with the Iranian govern¬ 
ment ..and that relevant U.S. 
mttitaxy officials knew it had been 
paid. But he also admitted that 
the fee had been used as a deduction in Tex¬ 
tron's accounts. 

.- Renter adds: The Federal 
Reserve Board said that it has 
■postponed the next meeting of 
the Opes Market Committee by 
one week to February 28. it 
attributed the delay to adminis¬ 
trative-matters associated with 
the transition jo f the Fed chair¬ 
manship from Dr. Arthur Bums 
to Mr. Miller. 

Trudeau insists on wage monitor 


Canadian. Prime Minister, has 
rejected apposition from the 
provinces, at the economic con¬ 
ference here, to the federal plan 
to establish an agency to monitor 
wage and price increases aTter 
compulsory controls are removed 
in mid-April. 

He said that some version of 
the federal monitoring agency 
would be created, sought to allay 
fears of the ten provincial 
premiers present by adding, that 
the agency would have no power 
to investigate wages or prices 

set by tbe provinces. 

The provincial premiers agreed 
on one.- point that the federal 
government must do more to 
encourage investment which, 
creates-jobs. But they differed 
sharply on a suitable strategy 
for the- federal government 

From the second day of the 
three-day conference to-day there 
emerged some of the right-wing 
sentiment which appears;'to -be 
sweeping the.-country;. •’ It'ig- 
causteg "New Democratic .party 
MPs concern as they «ar that, • 
In the next federaI..eieeUon T the 

• OTTAWA, Feb. li. 

swing to the Right could lose 
them much support While 
specific resolutions wiU be pre¬ 
sented later in the meeting, the 
federal and provincial leaders’ 
■appeared to be approaching 
agreements to restrain the 
growth of government and to tie 
the pay and other benefits 
package in .the public sector to 
that in- the private sector. In¬ 
creases in government spending 
hpdLgrowth of the bureaucracy 
.emerged the main economic 
iwresan Canada as each premier 
aqtoasMl the conference. ■ 



The way they were—-police face anti-war protesters at Minnesota Univenaty in 1872. 

U.S. campus radicalism withers 


TEN YEARS after the student 
rebellions at Colombia and Har¬ 
vard, radicalism is conspicuously 
absent from U.S. college cam¬ 
puses. Compared with tbeir 
older brothers and sisters wbo 
demonstrated against tho 
Vietnam war as wull as the col¬ 
lege administration, this genera¬ 
tion seems apathetic and 
apolitical. Instead of fighting 
the establishment, students arc 
competing to Join it 

Several factors have contri¬ 
buted to this change of attitude. 
Many of the issues in education 
which were associated with the 
general protest against the war 
have been resolved. Life-styles 
which symbolised a rebellious 
attitude toward society ten years 
aso have, become respectable. 
Instead of dropping out. many 
students no-.v take either time off 
durmy their course or a year out 
before entering college in order 
to verb or travel. 

Curriculum reform was one of 
the major objectives of student 
activism in tho sixties. Criticis¬ 

ing the traditional liberal arts 
degrees as trrelevent to current 
social and.political Issues, under¬ 
graduates sought the right to play 
an immediately active role In 
society. Ironically, the conse¬ 
quence of this demand for in¬ 
volvement has been the rise of a 
new professionalism in college 

To-day, students not only take 
courses in preparation for medi¬ 
cal school (traditionally called 
pre-med) but those which they 
describe by analogy as pre¬ 
business and pre-law. Tie 
students themselves are treating 
their undergraduate education as 
if It were pre-professional and 
many educators agree that the 
liberal arts degree should be re¬ 
placed ■ by a series of training 
programmes similar to courscs'in 
British " universities. Unlike a 
British BA in law or economics, 
a college first degree in the VJS. 
is rarely sufficient for entry into 
business or the legal profession, 

Degrees. in business studies 
have become Increasingly popu¬ 
lar: the entire field of newspaper 
and magazine publishing lute, for 
example, become so complex that 
business, -degrees are being 
sought iii the ndustry 

As both business graduates and 
lawyers expand into occupations 
which previously were open to 
candidates with only a BA, tee 
pressure to . enter graduate pro 
grammes ' has forced under¬ 
graduates; to compete more than 
ever for.gxadee and recommends 
tions. But: the student, rather 
than 'the' economy, has deter¬ 
mined this . pattern In. higher 
education. Few take tbe gamble 
of entrepreneurship. Most, choose 
the big law. firm, the corporation 
or the- hospital that provide :aa 
easy transition. Ertint ■tbe' ihstiftri 
tiooal J[fe In. whiclfc,they—have 

already spent so 'many -years. 

in the Seventies, the original 
quest for relevance has evolved 
into a demand to fit into society 
rather than change it • As a 
result, its. education ia- resur¬ 

recting a system all too reminis¬ 
cent of the medieval faculties of 
law, medicine and theology. But 
does society have room for them? 
The American Bar Association 
has been optimistic that there 
will continue to be enough jobs 
to absorb the 20,000 graduates 
of Law schools each year. But 
simultaneously there are roughly 
half as many entry-level positions 
In the legal profession. Yet even 
with statistics like these, students 
still .feel that law is one of the 
only secure professions, 

. While.the campuses.are quiet, 
the roots of future trouble- have 
not withered: Th 8 . rising cost of 
educaftonjTOd'theaotual lack of 
Job ^frl.ty at the^od of six or 
seven qrfflraof raj&ej&ity training 

_§ifi(C£ihgu;dwn,pcfttlon within 

tereat&Bd^ the-p^tennistrators 

d&mant in the 
aatromesdnee the end of,the 


% ' : £ 


T ,. i 


-.. *■*. .. ■ . 

*» ts:*. v ^ ' ' «7‘. : 

:.» •* r.- H%•;*'■.• ••• 
■’■••'• ••.:<?>' ; «* 

- ■-> 

;**_r •. ■■*.* :* 


. --• 

, ■ . v v^». : C< * •'■■«■; j“ 


.. v ■ >*:^-^-v. 
"- :-: ‘ ; ^yx'^‘£K' 

-.*•:# "o'-- ■- 

* over 1 


1978 Morris Marina: £3077.10 

’ ?. ■/:. -•-' 

\\h havent lost 

• -^V * 

• '^Ypu still have untif^rch 31st to join the Morris Centennial 

VCallin andyou’ll di^vier 3 very rewarding tacts. 

L Morris mefhsvalue. 

..In 1913 , die first prXii&tion Morris (above) cost just £1 75.- The 1978 

equivalent of that£ 3^.022.'" 

; •■■■.- Yetthe 1978 Orfaarn^g&fMorris Marina saloons, coupes and estates 
$tarts-a;f6rdy£2537.73.; ..... 

^Plainly;'the Morrish^Edrih of offering economical, reliable, _ 
uncoirtgli^teci, shccessjSl cars at-yery affordable prices is very much alive. • 

2.Win yo^r new Marina for just £175. 

Every weekfeonuiowuntil March JlsrinHjiis Centennial Year, a new 
Marinahuyer cjm%ih his new car at die 1913 Bullripse price of £175, plus a 

handsome pair of hand-engraved Nuffield^Centenary glass goblets. 

A new Marina, every* week, tor £ 1.7 5. 

If you’re thinking of ordering your new Marina, call at your Morris 
showroom before March 31st: your dealer will give you an entry form tor our 
simple Morris Centennial Competition. 

3. Win a vintage Morris or £3022 cash. 

Nor everyone is about to buy a new Marina. But even if you’re not, call 
at vour Morris showroom before march 31st and pick up an entry form. 

You can enter the Competition, but for a different pri:e. 

You could win a real, roadworthy vintage Morris car or the current 
price equivalent of a 1913 Bui Inuse—£ j 022 in cash. 

: There are over 2000 Morris showrooms throughout rhe country. _■ 

Call at your nearesr before March 31st. It’s the only place in town 
which will be improving on the Morris sense of value. 

SSsip 1 -/ii&v, 

J ^ 

“SS* . 


-,kV 'S- 






- :FlftaijciaVTii00j >; ^^esflay f 




S. Africa to proceed withj 
uranium enrichment plant 


FEARS that the D.S. Government constructed the pilot enrichment and the need for it to be inde-j 
wilt not fulfil Us contracts to plant, for further work at Valin-pendent of overseas energy, 
supply enriched uranium have daba. near Pretoria. supplies. ; 

prompted South Africa to 30 Yesterday's. announcement Enrichment for the hoepurg 1 
ahead with its own plans for a stated that the pilot plant was station had been ordered from. 
uranium enrichment plant to being expanded to meet domestic the U.S.. for initial deliveries in 
supply its nuclear power stations, enrichment requirements, but 1981. | 

the South African Government would not enrich for export. Mr. Botha s statement, ai- 

has confirmed._-_ though disclosing no details of ; 

Mr. S. P. tPanic 1 Botha. South rmS 0 afri*** 11 J 1 ??*" mdlcate^Sat^^will falWarshort! 
Minister of Labour and Mines, ter PIk Botha said, yesterday . ^ 5 , 000 -tonne commercial 
confirmed that South Africa talks with Western powers on ■---•* 

would* be expanding its pilot a South West Africa (Namibia) 

W. German imports of 
U.K. goods up by 18% 



FRANKFURT. Feb. 14. 


BRITISH EXPORTS of wholly per cent, to DM159.8m„ although import market in this sector ^haScS'iE 2? 

manufactured goods to West Britain’s share . of the West ad^ced from 6.1 per cent to Pe^raent-has-tocke*the ^ 

Germany during the first 11 German tmports market in this 1 10.7. per -cent. Cosmetic Aid-. JOT*® 1 ,* J 11 ?- 
months Df 1977 went up by sector still .remains' a tiny 1.7'meriis went up 345 per cent. to. 'ImmatiM 

nearly 18 per cem.-far steeper per cent. ■ -DM42.7m. with the marker-share WJ/** 

than the average 7 per cenL in- Despite British ' LeyUfid’s'Increasing from 12.3. per cent to SmEi^SSS’ 

crease in the Federal. Republic's problems motor sales (which in- 145 per cent . ■Svin'^ne. SmiSta-*22? 

non-petroleum imports bill. dude a very high proportion'.of'* 'Pharmaceutical esP 0 ** ^ ^ 

uks wim i «»td Powers on { formerly envisaged. T 
South Hc*t Africa (Namibia) government has failed to find 

uranium enrichment plant at settlement were not dead- partner to share the 

„.Valindaba to meet the country’s locked. Diplomatic sources in ma rket and the heavy investment, 
needs “during the course of Cape Town said the discus- rcqu ired in a process developed, 
time." sions could be expected to hy the SA Atomic Energy Board. 

The U.S. has been withholding resume soon, Reuter reports- Britain was among a number of : 

supplies of uranium for enrich- ————-—-- countries that were approached ! 

meat at South Africa's small Since 1976. South African without success, 
research reactor for 30 months, uranium supply contracts with However, the industrial task 
The State-owned Electricity overseas customers have in- of expanding Vallndaba from ' 
Supply Commission is building eluded a clause stipulating that pilot scale of a few tonnes a 
South Africa's first nuclear power the fuel would be supplied en- year to a scale of perhaps a few- 
station, of 2.000 MW. at Koeburg. ricbed provided the South hundred tonnes will stilt be a 
near Capetown, the first reactor Africans were in a position to major undertaking. It. is un-! 
for which ii> scheduled for com- supply it at prices competitive likely to deliver sufficient en-, 
plution in 1982. with the international, enrich- ricbment for Koeburg's first; 

The Financial Times reported ment market. reactor on the timescales 

late in December that a major The Government statement originally negotiated with the; 
contract had been placed with stresses the strategic importance U.S.’. namely for fuel deliveries; 
the company which ’ originally of electricity to South Africa, by 1981. ! 

during the course of Cape Town said the discus- 

needs “ during the course of 

The U.S. has been withholding 
supplies of uranium for enrich¬ 
ment at South Africa's small 


---uuub a v mj!u pruuuruon . nr roirmatcuuuu - ^ Av. onZT nnnrtanf . - " ,;---T - ■ 

Depressingly. however. West components) advanced by 27.6'by per cent, to DMlOTm. urheeiir*' hii'vinr, 

German shipments to the U.K_ per cent, from DM594in.' in 'tie-while'the market share increased _Vo^r-TffOMwr 

almost all goods in the same comparable period of !»5RBier*tltfMI||r«5 SPsfiSAfflS 
category, went up by an even DM757An. At the same time the In the soap and man-made fibre £5.'- 

greater 20.3 per cent. share of West German motor.'sector exports also, show* sub- •!* V-£S3gP $2! L & SfetS ~ 

Among the sectors that have Jmparts, market increased fromvstahUal growth in^a rather fiat w. P .. r 

shown particularly promising ex- 6 per cent to.6.8.per cent. overall market: 'Thw r°*e Jy Wj- 52 

port .mnrtb for the U.K. are Export. ofmechanical T>an 4 - 393 per cent toDMllSSm. and £** g£j*£ ^**^**. 
*«?«■... ^Wcles, an equipment com *».*«on-<tbrtrohv* •/_**?“SW MdraSSwS^JSSSS. 

Rhodesian war 
swells spending 

Mengistu threatens break 





clothing, motor vehicles, linjs equipment rose -by a stun ’their share of the im pot! market 
mechanical handling equipment, ning 91.6 per cent, from DM3.3m. advanced from SS per cenL to goggS®* wwf. 
pharmaceuticals and cosmetics to DMBSitaiL. while Britain's- 4-^per cent. gjgg 8 ?^. : .ahout 

Uothing sales went up by 53.7 share of the.Federal Republic's However, total British exports t . . 

-.during this period - from "last r 63fS.- Oil miporfs Ol • 

Dutch surplus down . 

3U1 Ulua tlUVTll received their greatest ooost 

U UV n U - • &, m North Sea oil. BRITAIN WOCk textile,irabs.. 

BY CHARLES ratchpiqb iMSTFsniM v m ' Crode petroleum shipments try could soon sfcek restrictions 

oT CHARLES BATCHELOR AMSTERDAaL .Feb. M. ‘flying. the period favae grown oq toe.-impom of. Argentine 

HOLLAND'S trade surplus with total Gerinan' imports 

West Germany fell by more than iit ’' some sectors, Britain no ITcontrols 3.6 per cent matic rise - wbidb look \j£- \ 

Changed 19 ^“ 

imports, the Netherlands-German aijd 'plastics, good 'levels of jieariff 0.7 per cent. men- to^perate mevF, pxpeefinea. 

Chamber of Trade said. growth were recorded. " Industrial serai-nSanufactures whh^_ Cpqld ? g.ijt-the in^gort-pf .• 

Figures for the whole of 1977' German eyports" ttr" Hoi land ”on "The other hand sh0wed_ a tt» - 

By Guy Sacerdati 
in Jakarta 

Figures for the whole of 1377- German exports" ttr _ HDl land “on "roe oiner dud auuww n ^e,™**™* ,-.?”***>■* 
are not vet available but rose tl per cent, to DH*75bn. in slight decline, fallmfi hy 0.6 per duota^ntfe.-that^ffiey,.- 
3evelop°meni et in * toe first 11 the first 11 months of 1977 opm- cent from DM1.Wta- JJ . W . 

months indicate a surplus of P“ r ®d_ ® 6^6 per cent-in-.TlMV^lbn. - The.-market share ^, 

presented’ in the ma tiv rel^iiun* would be ' in Col.' Mengistu derided the call Hollands performance was willing to support greater Dutch-ceqt..but the declinei reflects the latest: order; zvahie^ rt^qveT . 

Rhodesian parliament «hi> after dan-er if ihev continued their for negotiations and criticised ^VuinLi ri.i-pinnmpni * also be!ow “'erase when com : parUcipation in German trade general weakness of the-nickel -£lOm., ^ts? for -the. design, anS’ 

noon cover the firing io-i of ihe present policy‘which he claimed toe Western countries tor not blow M s pared with other countries since fairs and more market research, market more than anything else, supply rof. the ra(ruchiral:^teek 

iimwii i-uvvi iiil- i i.-iiu ■ vi hit present policy wrnen ne ciaimeu uie weatern cuuuuies toi 1,u, - hlow 

war. extra awiMance hU poorted Somalia in its war with condemning Somali aggression . ’ 0o ' !S , er .,. a rry-m'> demonstra 
to lhf ajnciiluiral mduMry and Ethiopia over the Ogaden. Cof. Mengistu said there was, t ' k SW ., DQS ^t top Pre-i 

a large government investment, col. Mengistu said that toe confirmed evidence that Egyptian ldent -^ alleged famUv favouritism 
!nri, orv t,0U,,,Cd ,r0n and steel : : U-S- "as arming Somalia by troops were fifting alo^ide^^ 

mdusirj , proxv an d that the Mato Somali forces but he did not say i nt corTUD tin n and the “ mere 

tu^ a lril| n 1n^easp bv d <’76m rid toi‘■’ ountrips had supposed Soma- w-hat the evidehce was. 'facade" o^parliamentary repre 

-.hmji yiVem nf L- 4 K 0 OOP a dav lia ‘ s alle S* d afigresslon against Replying to a question about | se ntation. Suharto’s military 
But to* Increases are a I Ethiopia t0 bnn 3 down the Soviet and Cuban advisers. hej backers IaS hed out late in 

-further' 113.1? c^^sricultural ■ revolutionary Government said they were helping Ethtopia .January and arrested over 200 

Swiss decision on watch design 

BY JOHN LLOYD • .. . i . ... : .v 

THE SWISS watch industry will Last year, the Swiss .watch' By the early 1980s, the 45ivtss [$6ftDra; : award ; V 

work far the large, buildings ' 
requfret.’ for the- .rtilihift >'viaill : 
plant of The new steelworks; com-' 
plex. The contract was negotiated . 
is conjunctioir with>^e4path 
DormanllLongv ;tiue-Mhsidi^y of ; 
British^ Steel Corp oratibh .\ 

subsidies, which will now total. 

Unless the U.S.. Britain and io master 

weapons! student leaders. 

Rhode-,ian Iron and ^leel rom- Thl ? U.S.. Britain. France. Italy flying missions in Cuba, while exaggerated reports of student watches will account for two- jewel lever watches were 

panv—which has now*had £24m “ nd West Germany have called Cuban pilots are aiding Ethiopian activities. thirds of the world watch mar £500m.. the quartz worth 

from Government in the past for a negotiated settlement to forces in their counter-attack in kel < by volume i by 1982. and the pin levers worth £i 

' ..... Ogaden against Somalis, Ljrrait •*- - ~ _ 

iwr, years—as well as increasing the war. Last week-end. Mr. the Ogaden against S 
ns equity .Make in the group to Cyrus \ ancc. toe U.S. Secretary according to reports here. 

At the same continue to concentrate on the industry exported 66 m. watches,: would .be strong’in the “quartz a S60flto. !i tiralrairt"for;'c6BStrM-" 
lent muz-.ed production of mechanical watches of which axil y4^m.-were quartz analogue" (an electroni c watch anriin^iiaii nfl-utork nn an — 

. temporarily for the next five years though of various kinds, 32m were jbwej with a conventfonaTfice), which automatic telephone system in. 

'he industry agrees with fore- lever watches, and 29m. were pip would account for one-third of Saudi Arabia has beep, a warded — 
casts which predict that quartz lever. However, by value, the the output and was estimated to to th~e Bong_Ah Codstitj itjbirln-' ftYCA 
watches will account for two- jewel lever watches were worth account-for one-third'of world jiustry itt^SpbulL; '.Jlio- •(/[ jC 

thirds of the world watch mar £500m.. the quartz worth £90m. sales. . ' • : v ' contract, ’wrhfch witf'add 470,000- 

kel i by volume i by 1982. and the pin levers worth £80ur But most of ■ the remaining lines to Saudi'Arabia's existing 

Mr. Pierre Renggli. president Mr. Renggii said that it was output would be mechanical telephone network,.is the largest L-|*« 

49 7 per cent. ; •-- 

leaders at Rhodesia's internal: Differences at Sydney conference 

settlement iwlfcs will bold a; r-*- -- u u 

nrivate nieetina to-morrow aimed' BY KENNETH RANDALL iVDNEi, Feb. 14. 

; The Government claimed That of ASUAGO the largest Swiss clear that the industry couftf not watches, with only five tOVtWt singi£»B*iSKl«*er wofiMftong ; 
the repressive measures were watch manufacturers’ associa- now try to do everything in the per cent being quairt 2 Crii££ial Afr,'.v^($ -WUF act ast^kictpar-. 
!“ preventative." aimed at avoid- »ion. said yesterday that the market. watches. ...... V “ suh-contractocis'to L. M. EricssoQ;, 


settlement lalfcs will hold a! 

private meeting to-morrow aimed ; BY KENNETH RANDALL 
at breaking the deadlock over; 

the issue of separate white, FIRbT sharp differences 

voting rol»s. After a two-and-a-: emerged to-day between Com- 

SSiiI 8 if“fis fraikSiMii huMt 10 , prolesl e r nment c l! *S So I ie ' Caion..^Japan and less than oOO. and reduced: the large market ;for mechanical ME hotel plail . . 

sraft - une<|t,aI riismhution of the Far East. number of employees from S5;000 watches ul ; less-,-developed. Brerirm^r'the Bi 

L HI* wealth, and the lack; of controls The companies had thus de- to 50.000. The work of rational!- countries. The ouamt jmaHwT»i.r 

half session to-night, delegates • monwealth leadm-s allending 

reported that the talks remained; the Asia-Pacific Heads or Gov- 
stalled on the question of how; e^enliueetino., Australias 

the 2S white representatives in : .hi 8 ™? 

a 100-seat Parliament should be, Fraser, failed to rally the raeet- 
plecied : ,n * tn suPPOri of his recent 

Reuters adds from Lusaka: The ! sharply-crltleal line on EEC 
two wings of the Patriotic Front, trade policies, and Mr. Lee 
guerilla alliance have drawn up, Kuan\ew of Singapore made it 
plans for a single political party dear that the region looked to 
and a joint army under a com- Australia for a lead in trade 

was not a good omen for toe 

Australian leader's hopes or the , 0 - [ ndooe sianise " fo'teign busi 
regional meeting. Mr. Robert • nBSS _ 

Muldoon. or Npw Zealand gut there • was a distinct 

Mr!S- m.hS?K. th?t hi ! difference this time around. With 
hau biMih»^nw>d for anv new i the Presidential elections fast 
SSS %.SSm "Ln!p approaching. Suharto's personal 
regional institutional arrange- j an?er was ignited as he 

menls * „ • read in mid-Jamiar. the blunt 

The mini-states of the Pacific ^atemeni of «midents in the 
remain enthusiastic for West Java capital of Bandung: 
development or a new channel We dn not support Suharto, nor 
of regional cooperation, wish Suharto to reiurn as Presi 

mmwuuw -iTiu -umim .piou 

- ^evetopedL Brent ' ’Walker, the British ‘‘ 1 ' ** N 

command, senior; liberalisation. 

dear that the region looked to 
Australia for a lead in trade 

nationalist sources said to-day. 

Officials described 

Texaco iii ME 
tanker deal 

•*. . 1 } » . -East.'chaia,4Plw Brennan writeti-iv:' 

, ^ . . \ : . - - TfrtejRHiup'is ;to "design; buiM.5.._ 

Vosper seeks aid abtoad' 

of regional cooperation. 

Financial Times Reporter 


VOSPER. the privately owned the 

Zambia may face problems 
meeting debt obligations 

dent 0 r the Republic of lndo- TEXACu MARINE investments' snipbuilder wflb construction guidelines of thb.jOrgauteatiDtiifor.j 

1 ncsta." h« Termed a jofnt o^un^ ™ Singapore, is seekng Economic . ; CoktperaUon ^’ 

The statement wa< only the r^pln?' with MS c?ediT tomis SinipoS D^l^nt aTTfo «nr^f group Artpc., 

n f *ioa t/\ »Vta <?.*>.sun IInrl •* Ufhit.i * . . " ivfirnridrnhla urith tho I'Pflitnl innoItTAsf mror jAuah 1 % Y 1. 

oreface to the so-called "White interests. 
Bonk." in part a scar bine ' 

political treatise and in part a 
critique of aovermnent develop- 

Control of the company will be 
in toe bands of the Saudi Real 

Government comparable with the capltaf involved over seven)NL,,., p pnftII |f, ->.-•> 

those available from toe British years at 7.5 per cent. - y M xcw--ixcuauii • ■ . ; ’ _ " 

any will be. Government to U.K. shipbuilders. • Sir. John said -Vosper would 1 THE '' STATE- OWN ED, •_* xnptoYv 

Sir John Rix. chief executive 

mem stratesms On the political ^totc Investment Company Jono ‘ ^5?^®. cm. buiidiog patrol boats.-for mother step towards -the 'rejig- 

from the aamphiet attacked the * b J cb M , sbar r, s w,th *"o SLiipi P ?hi< wblc »U tt'ete was .a large inter- nation of ^ rtinge ol earif^A - . 


LUSAKA. Feb. 14. 

social iniiwtlce. 

UNLESS THE Internaiiooal climbed to S1.27bn. Amortisation report from the Ministry for I f actions 

Monetary Fund (IMF), whose that year was estimated at Development Planning for toe; Ahh . si=t1cli . d , tTl _ the company and will 'trade f ti0Tl ^ the . BritisIj ^rds- 

delegation arrived in Lusaka tu- Sl?9.7m. and interest at £66.2m. first time mforraat oo on Ji,uted by the «tudent^ Suharto under toe name of Saudi Inter-1 He said the Government’s and customs.launches. ’ - . ' Peugeot 305.. .. . t •«:.<-.V-,. • 

day. provides. sub»iantui assist- Zambia s Con>tiiutional and net forei s ,n assets. . , and the army were more con- national Petroleum Carrier; response bad been eocouraglng .' —__;_:. >.* -i,. • ' ' 

a nee Zambia will face severe statutory Vote tLS* provides •' ts »» Hjoujbt rSfJ ri ce , r .!?J"! c-med hv intetlixen-e reports tSIPCA). 'and he was hopeful that warship . • JapaBrChuia-*dea! v ; \^ 

l ! CS rf a !i,ii h / r r ° r 11 j 5erv,L M n " pen ’ ahhniioh nntv nnr evamole is'riaimin^ that th** basic data for The initial capitalisation of builders in Singapore would ‘hivesf' m RHtaiV 'A Japanese businesS tMlifWtipil ' 

cMernal debi scrvicin c obh^j- <;qn.s ;mdsm;illei miscellaneous altoou h o I. o e P .„-| ; the pamohlei came from non, the company is 12m. riyals eventually be granted access to - - v: .r'’ arrfre^-ld Peking: ■feSt- : wW-^40v^' 

tl °Thi 1 . 11 . . ... h ‘If 1116 - The Banks figures on 7 ^u j be ' ^ ed on" e .vear "loans : ' Tud?nt 50urces Suharto thought (H-Sra.) and its headquarters credit terras similar to those AN APPE.^ for moi^ ^en.(& ' * 

n? n i-- U «« n o - thc ,0 . la ° f amorU zalion and 2 e hanks—Barclav*i t>13t this nninted to three basic will be in Riyadh. - recently made available to its invcstments.lntoe U.K...Wasma^desifprad : h^bbastJ^ta"lareT ; tf?4|--'-. : ' '-- 

^n 0 vun?i ank 51 r f L °. ni ! l i l, i rL i r ^ 0 rori ,nteri? f l oc a}meri j® as ^ cfo CCnt ‘ f^>5mS r Standard (S*5m ) and fa?rions: thp Mos ^nia. Former This is Texaco's first joint merchant shipbuilders. ttniay by Mr.:AIan.Winiahis, by .$20bn. ‘ - 

.u'*'' .‘mJ- ***, of 542 P V Grindlavs^lOm 1 Last August ,ead,irs *' pr ps?l s?udenr mo** shipping venture in the Middle This would involve credit Minister of State, at tire LWparfr years. ; ^ 

av,'nJv P ^"n n i , ,«»!vf L ^ jb i c f- nl - ,n l97 ‘ an . d ®7- 4 P? r fi? n ^ standard and Barclays each ments - or - frnni hl? oun hack East - follows a number of [guarantees or toe kind provided ment of industry,, at-an •“-Invest of tts kind hetweejt^Cbitra^kniF ' - 1 ' . 

remm-n* 1 !. ,niP h , Vh Md *h , ** lS fnf D ^ ^ - v ® 3 ^ seem ^tolerably high. .. . s°0m and'Grindlavs!- varrf - 'iisenchanterf cenerals. <imilar enterprises by other otllby the UJL's Export Credits in'Britain J >seminar onzanised-at .Tanan.-te5fn<he' 7 Alpiiea.'o»'T^ul# : ; . 
reminances, which have more though they are partly due to the ro lled over & - om - ana unno,a>s i There was no direct proof or 

than doubled to well over government's heavy borrowing. circumstances I outsld,? influence, and critical 

Kwacha 400m. since tbe bank s International commitments IM p? vifttaiS? is re“aTded as' e,f,niem s of all three outside 
estimate dated January 19<r. have been financed in a number : ^ rft ups overlapped, so Suharto 

v*» -»*# Ur l Lent, f A . 7 | . • . « . • I Jl> UUvI V« * UC SUM* , y v « ' » w*. ■ . 

share. Two 200.000 too' tankers Th ® yard i? also , capable of rilatc atm of the car -will be .fit, v 

have been purchased from! » hiittnSthufJI!* building • corvettes, but • not •' eompemivify* -•ra: 

another Texaco subsidiary for iJVj 1 v?!?‘ posi * frigates, and its existing order middle pf tbe range, iapaincrf* 

book includes oil survey ships against-. • the recentiytaunebed 

Peugeot 305. .... * 

JapaprChinadeal 1 

A Japanese business c Wtgga ttga 
arrived, -in Peking ' 

s', first joint [merchant shipbuilders. 

’ tOrday by- Mr.:Alan- WlQIains,t by". 520bn. ’ over-’.;j 

At thc same time, the slump in ?!«*>'?• _„?" e ; bas : b ® e ° SlSSte abou^^he^likeK^terml 6 


: vV - 

copper prices has been longer steady increase in import and ? e b "L s !J culs ™,'n crack down nn the students. 

than expected, and last sear’s ^i tlanc ® a ™ rs ’ 10 Y?JI® v ? r recurrentand capital expend ture ! thus frc « in ? his morp voca1 
estimated copper production or K400m. iMO.-m. in IBra) m . P g _ cr P ceriL in . adversaries. Nn one with.any 

65(WB0.000 tonnes [S below both cff «« an unofficial forced loan * , to a Dolitical future in 

the bank's forecast of 700.000 and Th,? ^ a l c ba * heen mounting "“A 1 ®" te ™ l £j, 0 ?* ? amoumed lb - I r HonM, » w0uM SDeal! ?“*' a " rt 
ihe original expectations 0 f to spite of severe itnport cuts be cnnnected with - the 

■/un,hi,v that have Forced Zambian ° P? r ccni - ine o r, -‘. na i student " ntot - 

Japan builds ( SibepaiF|mi^ 

Zambia's economic planners. 

A further factor which must 
strain short-term foreign 
exchange earnmas is the sharp 
fall io copper shipments through 
Dar os Salaam in the last quarter 
of 1977—125.000 tonnes compared 
to tbe normal quarterly sum of 

1S5.G00 tonnes. 

Thc World Bank report does 
not directly comment on 
Zambia's ability to meet foreign 

industry, including tbe copper ai ?jj economists w-onder if this. 

s will happen again in 19 1 8. The-. 

,. _ high level of defence spending 

*j£ r « # fETtStaS"s ?TrS witbm thc cs v ° te ^ also 

otest at the killing of > col- malter of conce rn. 

I.ike Thailand and th<* Philip- 


jerianhridgiKi v 

TOKYO . •; " J 

protest at the killing of a col¬ 
league by an armed gang in 
Ndola over (he week-end, 300 
expatriate miners at Nehanga 
Consolidated copper mines 
Rokana division in Kitwe arc 
expected to return to work- 
to-day, our Lusaka Correspon¬ 
dent reports. They met Govern- 

industry, tbe Nisotrh.venture was--pfif? 

7 ,Ui • u- comineni on l(M j ay< our Lusaka Cotrespon- aeitvered to President institutions Kawasaki Heavy Industries has Russian company Prommashim- ^V“~ y j ' inside ' ‘‘'•L " 

Zambia» ability to meet foreign d en t reports. Thev met Govern- Kaunda earlier this month. I After Indonesia destroyed its nearly completed delivery of P°rt as a threat to further Odessa .and Abakan “ 1,i5jS5 1 * 

debt obligations this year. But menl 0 ffl C i a | s yesterday to Costs now amount to over| growina Communist Partv In the equipment for a a27m-container exports to the Soviet Union and!, 18 l in ^ e f°°S alDe ^ ® r- hri dc ^* -h^nesl’ '>wbia' novr " ' - 
much °f the data, taken with erpress conceni OVPn serious KL000 per tonne. The price of, mid-sixties, the military rose manufacturing plant and last more importantly, to bard com- ,nt " n *J 10 ^ 1 J} 8 ******: - .. 

developments ovei the past U rUe in armed robberies on toe copper is under K950. The mines (above party bickering and 'simply week S j g ned an agreement to Petition in Asian and other available .nr toe- Sqytet:.Untoo, rhS^^SSSSS^Bbtal!’ :i '' • T* - 
menth,. S<ves , di.<urb,. t p.c CpperbeU. consume __tw«hirds_ of the:.ook peer M.tlcj . supply .he^engineer, who „i,l S^i?„.<» ? .Phly._Singapore. L« b «'S2L f ^ 

Kaunda earlier this month. I After Indonesia destroyed its nearly completed delivery of Port as a threat to fui 
Costs now amount to over| growing Communist Party in the equip’mem for a 827m. container exports to the Soviet Union 

i . 4 . , . - —- foreign exchange they earn.; 'Despite Indonesia s improvedIsupervise final assembly of the Hops Kong'and Nigeria). 

The Bank notes that in the mjne t0 draw on tbejr trad i. Some mining authorities say. both economic and political 

past thc debt service ratio has JV*"”: „r r Jlfri cr*rtiln divisions should be ; stability. Suhartos military sup- 

beon low—below 3 per cem. until Theseare^ow aTmost exhausted' cl(Sd. with about 5.000 redund-; Porters remain sceoticaLof any 
1970. nsinq to S.6 per cent, in i j- ' ancip<; amongst the 59 000 'work'n p w political freedoms. Yet they 

1975 and 9.1 per cent, in 1976 ,1™™. ^ ,eadm S Jo" 0 '® 5 ° realise thn inevitability of 

Large capital requirements and b il K ,_ °' erd “®. pa> ‘ 4ccortiinE to the Bank. 19 per “succession." 

a relatively slow mining growth to JanunS ^srr^Rimf? or Z^ubia's S957 2m. debt B«*ni criticism has weakened 

rate are expected tu push the P'fiLj to _ f J j Kcn o, , ‘ outstandina and disbursed ai the, Suharto s credibility, so :i is 

ratio higher. S ..?« d .! f nd ^ roSlS Ind of iStI Sis anowStfonof I doubtful whether he would last 

At the same time, the loan ‘J 1 slerhru ^ere last made in mines In 1974 the figure was’ 3 five-rear third term as 

terms have heen shifting »sig- ^ U ^„ 19,6 ' and J h « ? ait , for i b nir ee'n i President Thus the military had 

Siberian transport witb'the large 

At the same time. Mitsui Ship- f be background of continuing deny anv <dlluslon toi-geT-the •^?,’ll eS i a f c H?, ba J?$L 
building and Engineering Com- —---1_ . . .. -wlITnot hgigWf 

r?Lputu7 n 5 ;“"em d .o e cSe?u f The Soviet Union Is achieving u dominant postMon in 
other p Mitsui-made contatoe^ p*rr>inj; freight between Japan and Europe—rthanUs 
terminal facilities at toe pon of Japanese companies whie}* arehetpiiig to set op 
Ywtochny near Nakhodka. a hishlv-efficient trans-Siberian Jransport/%stem 

•poq tain pcs. .bot .T 
deliver, the P*anf,r 

"Kawttsafei'^. Mr ’ 
travele&' — ... 

toe 4 Jast three-y,earfcaa-tBe. 

ciai sources. 

Tbe sharp 
and private < 

Zanii'’-<'< on 
from r*n tn-=i■ 

in February, 1976. is by far the _. . 7T ■ • “ ".. . - . '. Almosttbe 

most important. Until 1977, the ., SCUSS10 °^ between the Soviet Nisot.ra.project off toegrouni it' beeQ -buUtjtOvJap33toy-i 
“ |Soviet Union had to rely on im- Vlr n-apsport company. 1^ widely'-.kpown Jn. the jnduatry. ^-r-altoaiub- r ^b^'cdnt^n^, 
thp j ported containers (usually Japa- Sojunmeshtrans (SVT). three tlcaf iC^wasakh.; apd..NippboLitself^'origifldl^^fxiiim " 

inei_, - __r r Jununt»£t* franenm^ firms ■- -ir>r^ Fvnmcc _& jCS •, 

ncTppn, TThn eni of to andTnppofBS of a mixed e?o- aJlo , wing , L manufac ^ re « t0 S denFs re-ilection hv consensus ^iner plant at Odessa capable of tainer Transport have-tentatively knit group sufreqndjh^tf* 

oftoTfi nonty bas°beel^ resol vedieffavour more lhai) i fh? Si "\£v££S^U Producing 5.000 units lehl Kaheyo " 

Figure, in the report indicate of the latter. Hence toe intro- a fy, and the i ? *ue of succes- ?il e i S£ S 

Fieures in the report indieale of tbe latter. Hence the intro- a holdinu "mcasun* until Conner ’ assure ^ ancl tb ? * 5 * 
a steeo rise in coniniitnienti over ^'bnof thc Indusiria! ^ j^ prove . ' But Vt js Jj so ; s,on l ® forestalled, 
a period when ennner receipts development act which Provides hrjD _ d , ha , { the , MF -•ininrlma..- " 

a nerinn wnon Conner rcce.iprs ‘•‘-I «•«««:» wmviva hnnoH That ihp IMV •* tmnrlm-i. —-—--- 

which com nr i it* 95 ncr cent, of morefavuurabje terms for out- fur " 0 n Zam bi^s bandltog of toe'_ONOTHWPAGK^ 

Gambia s foreign exrhangn earn- side investors. criiii will restnrp intnrn-»tinnal i , . .. 

•mas. are falling, thev suaaesl z»mhiy ,i„-. 2T! ‘"rlSi 1 1°Sl l International Company News 

against German and French com- owned by SVT and the rest held Kawasaki '(its. - 4 bfgge9t‘ \shaj&fmlniiniii£ 
petition for the huge 40.000-unit equally between the three hnldert .and 

annual capacity plant at Abakan. Jananeae companies . in NicKinn HmiWt . S 

)hS' iinre fa to ns - J h , e - V nf Up ^ Z ' Amb ' ld a, “ ^ Dced ,u « n ^ence. in the meantime Dr 

h'l® 11 ■ f commitments by running down Kaunda will have to retain ihc Saabs recatere » 6 ;« 

her b dnht a ^,l?^n Plra wiI",'ton il f X« foreiyn confidence of his electorate, who £?-* 36,37 

in 1977. dehr nutria nding~ is ciii- to ^ nit nut, Klt5rn "af 30 rf l0 lhe P°H> in presidential, Farm Minister in London [man me wuu uutpui ui japans a««ru«.-u me monopoly .rnr. union set useii up.wrto j*-potm->Dy 

by the BaSk to have 1976 and th« and W*S al an . BracilLn soybeans 39 K* est container manufacturer. Siberian land transport between nant positiolr i^a 

. nc sank m nave and tow >cass economic unspecified date later this >ear. I ^5 . iaf l . sor H ean ^v , --„ _ „ - • ^ jTokyu Shai'yo, at its two plants. Japan and Europe where at least and better-organlsed-;^^ ,acti^i;s 

manager in charge of the Rawa- ministry nas witnneid ' its Put xtmpiy;.'mere: _ 

saki project, -the Abakan plant authorisatinn hecauce- nf fears in oiemn'in’fhp'-fapnfipjv’trSrisport ntdflf_ 

will be the largest ifl tbe world the Japanese industry thaT Industry that- '■"■Tapsnesc-. com- this MTay? 
and equivaleni to slightly more Nisotra might nne day he n a tries ore: h e i p i he-’S oVf e t 'BtTUCtfbtf' 

than toe total output of Japan's awarded the monopoly, for. Union set ilse3f ub:with ji-tfdmi-.'hy 

‘ 15.1978 



be tough 


taught m <>yer blacklists 

takeovers ^ BOXHO “ ON 

ISn ifii^^rmrc^ffflnrf 2*\ cr k 0rou sh. CBI president, and ment clause that wnuld make the 

3 LEA for more considerate ^ *?? pul >‘ chairman and niana^mc mam contractors responsible for 

tsnent of workers fl p d, ™ or °, f Shell U K - *”*'* » *uh-cnm rac tors observing the 

' ompany tahMJvere was^^e IndusG?..-headquarters that the meeting of the “inner cabinet” pay code. 

three' Industrial law judges d^^SdaV^^oTd fh Tr h v h the *° ? com P ain « in The Engineering Employers’ 
erday. - - : .difficulty.- tp-aay in. avoiding an the U.K. are represented. Federation, which is leading 

In practice and reality^ When *^fJH be r S 3U PP° rt ins the end io opposition to the clause, appears 

.; u^e : business is "tT&eri^ te^ ^^itS^miiirh^ # 10 whwh Government is work- to have the general hacking of 
a-one "owner to- another: the gnfprc e pay .po^cy ffirpugh White- ing. a reduction of inflation, the CBI members. 

..• in which the matter is^ftea •, , . inner cabinet vigorously rejected “ The Ciovernmcnt docs not 

died lacks ■ personal eon- of Lhe ll ,s see ^ l , nfi 10 understand enough about 

ration of individual caseg. a set employ with its sanctions scheme, industry to sec how impossible 

There Is a tendency'to deal ?- skilfully wortiep r^ommenda- • this sort of requirement would 

i employeesin categories and pons designed to (to£n ree things: Up5;n-enued be in practice.” said one 

ses,"said Mr. JusticePhilUps, take the heat nut .of lie row over . . industrialist, 

ident of the Employment ^dlhHh 8 more stronglv at the second CBI niembers also showed 

. eal Tribunal. . GSvSmenfowewfedSwaSf mee ting, attended by represent- themselves totally against the 

- is remarks-came m an appeal u*i!2il tw ®* of Britain's 100 lop com- Governments proposed powers 
-.' the plight. of lS farther P-mes. for Mr- Albert Booth. Employ- 

ioyees of Brentfortf Nylons, J" 1 'Tijjch The companies wanted to know ment Secretary, which would 
lost their jobs-when the Jgg* ^rk *®w they wuld possibly commit enable him to decide whether a 

lie company's aSsils were wftolIy 0n Government work. themselves in advance m taking com P an > was In breach of 

■n over by Lohrhb. .-Attempts at some: accommoda- up future Government contracts. Government guide-lines and 

^je decision to dismiss the IS ttan'-.with the ‘Government over and to observing future pay poli- whether a contract should be 
" based on the instructions of the issue may heswaniped by the cies beyond Phase -V They said ler ™ lna ted. 
member oE theLanrho Board, force.opposition from the that they would refuse to accent General CBI opinion i* that 

Jfying the employees • . . anyi such open-ended commit-'such powers would he far too 

:o industrial tribunal ' beldi The strength, of.companies- morn. wide to lie given to any r.avem- 

tbe 33 were entitled; -to] feelhiis was first made apparent There was almost unanimous meni Minister without' right of 
pensation- totalling ■ £40,000! yesterday when Mtr.*nin Green- concern on the proposed Govern- appeal hy the company, 
'..-redundancy and ■unfair 'dls-J: . :C ■ 

ial. The question^ now; -at *• r' -—----___ 

e was who_ paid;- ' ‘ . ...-- i 1 --.-'. : 

.- as the industnai.'iribunal ; " . ' - 

SiS1sH2^ : -Bfiz^ird costs company £4m. 

Id get no uitfair. dismissal - - 1 ?* -" ■*■ ** 

pensation; because' Brentford . ' ”>> f * 

had no assets. . The tax- FINANCIAL TIMES;REPORTER 
' ;r would have to shotilder • 

burden of redundancy pay; AT ^ __,_. L _ ___ ._ 


■Lonrtao-was the employer. ALUMINIUM production at the production lines have now been the time required fora complete 
aver, it should pay np. * British AluminhupVpprvergordon largely out of action for about a start-up calculated,'' Mr. Bonny 
ae appeal tribunal made -no smelter in the nptm^oi Scotland, fortnight. Utiger. British Aluminium chief 

IB on the question because ^ been halyedȣ because of Aluminium has frozen in 360 executive, said yesterday, 
ink-of evidence, but allowed electricity cuts. '-caued by the of the 320 metal manufacturing The £37m. Invergorden plant 

. ip peat by the 18 and ordered blizzards in the. Hi g hlan ds. pods, and must be extracted built in the tale sixties, is the 

h hearings on .the issue. ' .The rompany^a^Sl-. per cent slowly by a dual process involv- largest of the company's three 
. ean while; Stir. Justice. Phillips (owned subsidiary pfTube Invest- ing extraction and reheating, smelters. 

. Lonrbo might.-like, to con- ments, .said yestwiay that full There are fears that the frozen Tube-investments' shares fell 
r its “wider extra-legal output might. pprihe:; resumed metal may have damaged the sharply in the Stock Market 

onsibilities .in.. the■. matter." until May. That .wwfld cut the linings of many of the pods. yesterday, closing 12p down at 

ae court ordered- Tuonriia to smelter's normal^‘.output of “Loss of profit will be only a 372p. Tube Investments, and 
within 42 days,.a.statement. 100,000 tqns of aluttilnium a year fraction of the lost sales revenue, Reynolds Metals of the U S. 
v ny steps it was prepared to .by about 6;000 toos^worth some and cannot be assessed until the between them control 97.84. per 
•• towards satlsfyin&'-the dis- £tal- ; exact condition of the frozen cent, of British Aluminium's 

;ed.employees’ claims. ..-.^TVo pf- the..rhmipany’s four pods has been established, and equity. 





Financial Times Reporter 

LONDONERS are likely lu face 
- an Increase in the rate charged 
by Hie Greater London Council 
next year, Mr. Richard Brew, 
leader of the policy and re¬ 
sources committee, said yester¬ 
day In his budget speech. 

Outlining plans to spend 
£S,165Jm. during 1978-79 Mr. 
Brew said that the council had 
been able to keep its rate 
precept at an unchanged 17p 
for the third year running only 
by drawing heavily—and al¬ 
most depicting—the County 
Hall balances. 

Announcing that £61m. was 
. being taken from balances to 
peg the rate. Mr. Brew, deputy 
leader or the council, said: -1 
recognise thai ihe use of 
balances on ihu scale In one 
year makes a rise in the pre¬ 
cept next year likely. 

“But what London needs 
most this year is a relief 
from Increased cost." 

Tax change 
for married 
men urged 

Financial Times Reporter 

THE ABOLITION of the married 
man's lax allowance has been 
urged by the National Council 
for Civil Liberties. The council 
says the allowance discriminates 
against women and should be 
replaced hy bigger child benefits. 

The NCCL's propsals are in 
response to a report by the Equal 
Opportunities Commission pub¬ 
lished in December which said 
that the tax system had failed 
to keep up with the • role of 

Gas price policy wrong 
says electricity chief 


THE ROW over the freezing of 
gas prices moved into the public 
arena yesterday with an attack 
hy Sir Francis Tombs, chairman 
, nf the Electricily Council, on the 
I British Gas Corporation's pricing 
| policy. 

! Sir Francis, speaking to the 
Electrical Industries' Club in 
; London, said that gas had to be 
: priced at a level which took into 
' account the cost uf its future 
| replacement by other fuels, other 
; wise it would damage the long¬ 
term markets for coal and elec¬ 

i Posing the question of the pos¬ 
sible strategy of a business 
'which burned gas. oil. coal and 
I electricity. Sir Francis said: “ it 
seems to me that the prices of 
all these fuels would tend to a 
{common market level, and the 
economic rents derived in the 
short-term from gas would be 

placed in reserve in order to 
develop the costly and long-term 
substitutes such as nuclear power 
and synthetic natural gas pro¬ 

*■ If this would be good strategy 
for a private company, why is it 
not so for the country?" 

Id 1976/77. British Gas paid 
an average of 1.9p for every 
therm bought, while the Central 
Electricity Generating Board 
paid S.4p per therm for power 
station fuel. 

But. while British Gas was to 
bo congratulated for its exploita¬ 
tion of a cheap and favoured 
fuel, its continued selling or gas 
at a price well below that of a 
competing fuel meant that the 
limited resources of gas would 
be depleted rapidly. 

Gas had taken a large share of 
electricity's traditional space- 
beating market, and the amount 

of gas available to the market 
was likely to increase by 60 per 
cent, in the next few years. 

“If gas is to dominate the 
energy market, then its competi¬ 
tors and potential substitutes, 
electricity and coal, will have 
limited markets and will not be 
able to afford the investment 
necessary on a very long time 
scale in brder to provide the 
capacity to replace the gas when 
reserves are depleted. “ 

“ Manufacturers of main plant 
and domestic equipment in the 
electricity industry were forced 
to cut investment, since only 
limited investment was taking 
place in the coal and electricity 

“ Finally, it creates a precipice 
problem of substitution for 
depleted reserves of gas at the 
end of the century." 

The unkindest cut of all. 

| Again this winter, 600 British 
I Gas industrial customers are 
’ facing the realities of interrupt- 
lable gas contracts. These offer 
[such customers 20 per cent, dis¬ 
counts on gas used, in return for 
; tile right of British Gas to cut 
i supplies when it chooses. 

! ' The contracts are negotiated 
■ only with large customers taking 
I more than lm. therms a year, or 
1.U00 times the demand of a 
domestic central heating system. 

Already. Singer, the ' sewing 
machine company, has been 
forced to lay off its workforce 
of 4,000 people at Clydebank, 
i Glasgow. This resulted from the 
combined impact of the oil tanker 
drivers’ dispute and a reduced 

gas- supply. 

The decision to cut an inter- 
ruptable sas contract customer's 
supply—the disconnection can 
last between 60 and 90 days—is 
taken almost clinically by British 
Gas. An operator at a gas control 
station picks up the telephone, 
passes on the bad news and pro¬ 
ceeds to the next customer. 

The remaining 2,400 industrial 

customers of British Gas are 
either too small, or lake the 
different view of preferring 
reliability to risk. 

The corporation is reluctant 
to reveal Us marketing strategy 
for the contracts. It tried hard 




to build up its industrial gas 
load “very smartly’’ in the early 
days of natural gas in 196S-69. 

Most or ihe gas was soon com¬ 
mitted and the corporation eased 
ils sales campaign. But 12 
months ago. in preparation for 
new Frigs Field supplies coming 
ashore, new customers were 

The contracts were designed 
to attract desperately needed 
customers to justify the rate of 
natural g3s expansion. But. at 

no time did the corporation pre¬ 
tend that this system could cope 
with peak demand from regular 
customers and demand from 
those with cut-off contracts. 

The system simply had to be 
large enough to supply peak 
demand from the 14.2m. regular 
users during the worst winter, 
but the pipelines had to be full 
at other times, the difference 
being met by interruptable con¬ 
tracts. supplying gas to tbe non¬ 
premium energy market in com¬ 
petition with heavy fuel oil. 
Premium energy markets For gas 
arc those where only gas can be 

Now there are indications that 
the day of the interrupiable 
contract may nearing its end. .At 
the moment 274m. cubic feet of 
the total 4.000m. cubic feet of 
gas sold goes to interrupiable 
customers, a fifth of industrial 
users. .The corporation said this 
proportion is certain to fail. 

Total gas demand is expected 
to rise 50 per cent, to 6.000m. 
cubic feet a day. half of which 
will go to industry and commerce. 


Corset’ restriction 
>n banks may f ; 
lie reimoosed soon 


' •: GOVERNMENT- - will, ^e- 
ose the' so-called cdlrset 're- ’ 
.-lions on the- banks sooner 
. er than later to' control 
vth of money supply in .tire 
t £ nancial year, say the; stock- 
cere Phillips and ‘Drew., . ;. 
heir latest review’of fhe gilt- 
>d market to-day predicts a 
■p -upsurge of demand -for 
< loans from the private seC- 
Gro'wth pf more thaix 15 per 
■. in this demand Would put 
-jnuance of monetary re- 
int in jeopardy. - ■ 

iced with this prospect, ■ the 
iiorities would be likely to 
g back the. ""corset," which 
■ated to restrict ability of the 
is to increase their deposit 
. through . the ; wholesale 
ey markets. . • i 

ie effect of this would W 

ily to divert* credit-demand 
i banks to other channel/, 
there would still be signifi- 
upward pressure on short- 
• interest rates later in the 

,e brokers’ views. highlight 
of the*, main . worries in the 
v ; after ;the banking figures 
■' week, .which indicated that 
. orrow’s money supply figures 
; mid-January would show a 
“inued. high, vate'of growth. . 

. is widely feared that to meet 
,iew monetary targets due In 
/Budget, the Government will- 

"a- • . '■ sivivj. 

lake-stronger aertido .to r^trict 
'expansion of bank tending at a. 
time when the economy- is /begin¬ 
ning. to recover from the reces¬ 
sion; . , . -r • • ~v ' " 
Phillips .and DTew expect that 
in the cnrwntryear, ending in 
inid-Aj7ril,'1gro#Fth of the sterilng 
money supply on fhe wider 
definitions M3), will pot seriously 
breach - the garget range of 9-13 
per cent. • - -i. 

... Thiswmild be achieved only as 
a result of the slow growth in the 
first. jBmrmonths of the period. 
Suite then expansion had been 

•_ JThe difficulties -of maintaining 
ryoijctaiy restraint in 197ST9 
yere expected to-intensify. A rise 
ff 'S per cent. •■In real terms in 
consumer spending was expected 
/to, lead, to a rapid growth of bank 
'lending to the private sector. • 
With a-positive contribution 
from, the -public sector, sterling 
money supply .would rise by some 
IB pe'r.«int; well above what the 
financial markets would regard as 
reasonable and probably higher 
than any - official guidelines for 
tive period. ... 

- In view :of the latest banking 
figures a re-imposition, of the 
corset was expected. This wofild 
be helpftil to the Government's 
efforts - to restrict growth in 
sterling M3, though its effect 
wopid' be largely cosmetic in the 
■ drcuamstahces - of 1978-79; / 

- V-;>. 

• n'<i- " * .' 

S .#‘* * 

• i ■ '.. 

IV ; *. ■ . ■ • 

; - -v%;. v- • '■ 


^VIPs will question 
i r ;|S[avy Repair cost s 


CLAL questions con'ceraiag tagate dockyard efficiency. He 
management -and. efficiency reported in 1971- ■.•••" 

Britain’s■ four main naval However, earlier jn June.^70 
■ yards,' which spend-£294m. the/Mimstry "itroduced a. pe.w 
■ar and employ more thaa dockyard management structure 
-0 workers, are expected, to It created J ®® 1 

mt I to .- senior Royal -Navy Execiftve °° c ^ 8r ^ nrf 
■re. to-day in .private by .the- cruited a Mr. L. W. Norfolk from 

mans Public Accounts Com- ICI. . • . . .. ; -j 

-Mir; Norfolk’s organisation of 
’’ •„ :v.- tbe dockyards was immediately 

; ie MPs win want to anparenL The average percept- 

accorfing to/-figures jrab- e overruB in costs for major 
d last montii by Ahe/Comp- dr0PBe( j from 50 per cent 

er a r nd t in 1970-71, to under half (24, per 

; of running. the^Navys cgn t,) the following financial 
yard in. the .last ftoancwQ yegp _ qf the refits in 1971-72 
were £pm. more. than had out on 33 ships, only four 

■ 1 estimated. • .- ; . ^ verran 0 n cost and time.- 

jey are likely to. want an ex- Jibwever, M<r. Norfolk's con¬ 
ation for the'cost of major tract.-was hot--renewed by the 
refits being 55 per cent- Ministry, and he left .on- August 
the estimated cost last year 31 1572 : He was; # a 
d why this -record has. retired rear ' admiral. Subse- 
*ned- since the . 1970-71 q uen tly ; . the cost overrun on 
■e. ...maiftp, refits, has steadily risen to 

, ie MPs will also b^ iiiuuir- 55 per cent • 

why the 1971 MsllaberJRe- The .Commons expendifure 
ontherunning of the dock-" committee in 1071-72 said: “We 
has never beerr fu.Hy wete, however, -anxious to know 
emenied. 7 ' '. why the appoinunent (of chief- 

ie report favoured' giving-' executive-).; had a retired 
. o' civilian control 'over dock- naval officer.when the policy was- 
’ r manageraent andi-restrufr, to move .away from a awlto 
1E of finances to provide civtltaii management, and why 
e viable commcreiitl yard- the post had been gtvea.a fixed 
Is for dockyard efficiency. Civil .Service rank, when the 
' •' ir t hy the Ministry of Defence need, appeared, to be for greater. 
. incensed- the Civil 1 Service autonomy, and freedom from the 
ids, who" represent tire bulk, constratpUs or • the official 
iockyard executives. . - hierarchy-*’ • : ' -•'■ • 

■ r John Mallaber. a ehartered , A .member nf the committee, 
■untant and farmer chairman'in 1971-72-was Dr. John Gilbert 

‘ larland and Wolff shipyards, .now Minister .. . of Stale for 
.asted in July 286S -to ‘laves- Defence,. . . ; . 

Bygoingtaa bankforali your finance facilities • overdraft facility; you can depend on your Commercial Credit 

- ■ nSrag ' - : you’re commi tting yourself totally to one 

i Would you willingly do that in any other 

of your business?-' 

■ &notyoushould consider the common- 
-iterfcRaie ^hse benefits'a second credit line with 

'-gowup. ; v _■ . . Commercial Credit can offer. .. 

To begin*with,there's security 
In direct contrast to bank overdrafts. 
Commercial Creditloan facilitiesare 
, • : usually a vai lable at fixed rates. And for fixed terms. 

; TTieyare not subject to the vagaries fe. 

: 'V; of ^fluctuating Bank Rate (MLR).Which Chun; 

U ■ ■ ifieans you can accurately^rojectyour ■ 

4 outlbm^oyerthe comingyears. ' —"cf 

~ ’^ . ^ -"Ndrare Commercial Creditloans 
affected by changes in the economy And while 
. a n'eWbar^ managef imght change in your ■ 

Change of Bank Manager. 

loan to remain unchanged. ■ 

You might be well a dvised to have , 7 1 1 

your capital equipment on a guaranteed f 

second credi t line w-ith Coramercial ■ ^ 

CrediLThe only security we would normally Rei i l K-nv^r 

ask is the equipment itself, without any c,verdrar,i 

additional collateral. You thenfree up your bank facility for 
day to da y cash fl ow requirements. 

Commercial Credit can arrange plant and machinery 
finance,export finance,marine,aircraft and property finance, 
equipment leasing and development finance. 

Vfe have assets of over £2 billion and 24 branches 
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And we'd like ro meetyou to explain 
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Comrnercia] Credit Services Ltd. Grosvenor Hoase.I25 High StreeLCroydon GR9 lPU.TeLOl-686 3466. 

_. .Financial Times 

Weanesdav TStS0^Wf 

Buildings without I Oil Corporation must Piessey sells first 

insulation ‘should „ ov T nan i„WMt digital private 

be subject to a fine’ " ~ 1U4I1 IIUCrcM ! telephone exchan; 


• v-. -.V:' -■££’V.” 


: -1?’ 

BUILDINGS must be insulated 
to the highest standards to 
ensure that they are not energy 
guzzlers, according to an 
Advisory Council on Energy Con¬ 
servation working group. 

A report punlished yesterday 
says that the technology to-in¬ 
sulate buildings and hot water 
systems is widely available and 
tbe economics involved are 
favourable. AH that is required 
is the will to act. by individuals, 
property owners and the Govern¬ 

Government action is needed 
to persuade individuals and 
organisations to insulate build¬ 
ings. One course of action might 
he to operate a scheme similar to 
the Clean Air Act. in which 
financial incentives to improve 
insulation standards remain-for 
a period to be replaced by 
penalties for non-compliance. 

Among financial measures 
aimed at stimulating energy con¬ 

servation. the report mentions: 
-rants, tax relief or interest-free, 
loans to users or owners. It 
also suggests negative financial; 
measures, such as a ban on local 
authority mortgages for homes; 
with sub-standard thermal insula-; 
tion or the withholdi ng of build-1 
'mg certificates for sub-standard j 
projects. i 

The working group suggests, 
that rate relief could be given. < 
if onlv for a limited period, on; 
measures which- increase., the 
value of the property in question, j 
Prof Patrick O’Sullivan, chair -1 
man. of the working group, said.: 
yesterday that only about '2*m. \ 
of the country's 20m. homes had ; 
adequate insulation, representing! 
an enormous energy wastage. i 
Energy Paper Report of ■ 
the Working-Or^up on Buildings; j 
Advisory Council on Energy Con-; 
se nation .. Depart merit aj • 

Energy; £ 1.50 j 

Feature. Page 29 

poration is to pay interest on 
part of its Government loans, 
following pressure from the 
Public 'Accounts Committee.- 

Up to now* loans received 
through the National Oil Account 
have been free of interest 
although the Public Accounts 
Committee-said-this procedure 
should be reviewed. 

- Dr.. Dickson Mahon. Minister 
of Stale .for Energy, said in the 
Commons yesterday that BNOC 
would pay interest at National 
Loan Fimd interest rates. ■on 
much of the Government loans. 
The remainder would be free of 
interest but kept under review 
so that the Government could be 
remunerated when BNOC’s 
profits and prospects were satis¬ 
factory. : • 

The Corporation has an esti¬ 

mated £100m. worth of loans 
from the National Oii Account 
now outstanding. This is in 
addition to 3S25m. worth of bank 
loans raised through a group of 
12 British and Ameri can banks 
last summer. 

The National Oil Account is 
the Government’s repository for 
North Sea royalties, licence’fees, 
rentals and BNOC revenue. 

Equity capital 

Dr. Mabon said that in future 
would, consider its capital 
employed as being divided in 
the ratio 40:60. The larger 60 
per tent, portion—equity capital 
—would not be subject to in¬ 
terest charges. However, this 
capital would be remunerated 
on a variable basis; subject to 
BNOC's profits and prospects. 

It is understood that the Gov¬ 
ernment hopes that eyenmaljy, 
the -Corporation will be abie to 
pay as much on the. equity- 
capital as it will on the remain- ! 
ing 40 per cent. j 

As pari: of the arrangement it! 
has been agreed by the.Govern-' 
ment and BNOC that National: 
Oil Account loans will be 
regarded as equity capital and,: 
as such, not subject to interest 
payments. However, when the 
total of these advances, together 
with the Corporation's -internally 
generated funds, reaches 60 perl 
cent, of the total capital era-: 
ployed the position will chance. 
Thereafter, the National Oil 
Account loans will be divided. 
between capital subject to in¬ 
terest charges and equity capital 
in such proportion as to main¬ 
tain the 40:60 ratio. 

Lucas executive to head 
Leyland monitor staff 


New production licences batch 
boosts offshore exploration 


chairman of Lucas Aerospace, is 
joining the National Enterprise 
Board to head the support staff 
monitoring British . Ley land's 

Mr. Williams, aged 53. re¬ 
places Mr. Michael Carver, who 
left the Enterprise Board to join 
British Leyland's bead office 
staff soon after the appointment 
of Mr. Michael Edwardes as 
chairman of the group in Novem¬ 
ber last year. 

He will report directly to Sir. 
Leslie. Murphy, chairman and. 
chief executive of the Enterprise 

The Board's decision Id appoint 
an- executive -as senior as Mr_ 
Williams is a firm indication that. 
it will continue to keep a tight 
check on British Leyland. 

However, the main lines of 
Levland's future policy as laid 1 
down by Mr. Edwardes will have! 
been determined by the time Mr. | 
Williams arrives at the begin¬ 
ning of April. .- I 

OFFSHORE oil exploration will 
receive - a new boost this year 
folio wins allocation of another 
batch of production licences, 
writes-Ray Daftcr. 

Twelve blocks and part-blocks, 
first offered to the oil industry 
under the fifth, round of licences 
in summer 1976. have been 
awarded to seven consortia. 
British National Oil Corporation 
has a 51 per cent, stake in each 

BNOC’s involvement in all fifth- 

round licences, except-those with 
British Gas interests, has meant 
that the negotiations preceding 
allocation of the blocks has taken 
much longer than the Govern¬ 
ment first 1 anticipated.- Not only 
has negotiation over licence con¬ 
ditions involved BXGC fir much 
work, but private companies have 
been uneasy about some terms 
proposed. ‘ - 

For instance .there has been 
some concern in the oil industry 
about BNOC handling of con¬ 
fidential information and the way 
the corporation would.'exercise 

its majority interest in most 
licence groups. Of the 44 blocks 
provisionally offered to com¬ 
panies in February fast yeaT, 17 
have still, to be allocated: These 
are ■ expected to be formally 
awarded. in a few months tr» 
enable at least preliminary 
exploration work to beyin this 
year. This first batch of 15 blocks 
was awarded in November. 

The licences announced yester¬ 
day cover offshore areas from 
the northern North Sea to the 
English Channel and the Celtic 

copies of seized documents’ 

WITHIN hours of Mr. Judah 
Binstock, a London solicitor and 
businessman, being stppped and 
searched by Customs officers at 
Heathrow Airport. f Sir.. Eric 
Miller, the former property de¬ 
veloper who shot himself last 
year, had copies of the docu¬ 
ments found on him, Guiidhali 
Court was told yesterday. 

Mr. Lewis Altman a stock¬ 
broker. said less than 24 hours 
after Mr. Binstock had been 
stopped. Sir Eric had telephoned 
him to say he had come into 
possession of the documents. 
Some had Mr. Altman’s name 

and, the name’of his firm on 
them and he’thought they should- 
discuss them. 

■ Mr. Altman said that Sir 
Eric was an old friend but 
when he went to see him, he 
was very vague about what was 
in the documents and vvould 
not let him look at them. He 
later saw the documents at the 
offices of. Gerald Edelman and 
Company, in Harley Street. 

Edelraaps. were accountants 
to Altman and Company and 
also-auditors id a subsidiary of 
Peachey Properties, of which 
Sir Eric wa^-Lheo chairman. He 

understood thiai Sir Eric had 
passed- the- documents on to a 
partner in Edelnians. 

Mr. Altman said when he had 
seen, the documents he was con¬ 
cerned about whether Sir Eric 
was righ.tly in. possession of 
them. He was not sure whether 
he should go into this matter, 
as he understood it was sub 
judice. - . ... 

Mr. Michael Worsley, 
prosecuting,- .saidv You know; 
that someone has been charged 
under- the? Official? Secrets Act 
for abstracting these documents 
from the authorities?” 

Mr. Altman said: “It may 
have been that Binstock gave 
them to Miller—MiUer may have 
been lying to me." ’ 

. Mr. Altman. 59, and his 
partner. Mr. Robert Carnes. 31. 
face a total of 32 charges. Also 
named in the charges are their 
stockbroking firm of Lewis Alt¬ 
man and Company. EIC Eurn- 
securities. Tricornraerce and Mr. 
Binstock. who is" now ~ living 

Mr. Altman and Mr.' Carnes 
plead not guilty to -conspiring 
with Mr. Binstock and a number 
of others between 1974 and 1975 

. _ uneaavam; 

■ to contravene the Exchange system was 

■ Control Act and obtain invest- f 0 ' z a ra nge 

■ raeni currency premium on; 
millions of pounds which were; 

; not entitled to the premium. - 

Mr. Worsley has alleged that 1 S* 4 

> the defendants and a group of M. m. i 

■ businessmen had operated a 

• “ revolving fund exchange control THE VIS1 

■ fraud." which had netted a profit swung dov 
nf £2m. The profit had resulted £324m. in 

; from transactions invoicing the'end o 
‘"•ton. of foreign currency which with a suri 
i had.been, passed off as invest- previous qi 
; ment currency. , . ; jtf st und 

The bearing continues-to-day. tion" was" e 
i • _• 

Road spending 


port had underspent its bud gel 1976 
by £160m. over the past two 1977 

years, a road pressure group-- 

said yesterday. 1976 lit 

There were two reasons for | 2nd 

that, the Department said. First, i 3rd 

there had been a six-months 4th 

moratorium on road building -—- 

imposed by the Treasury as part 1^77 lit 
of the Government's soending 2 nd 

cuts. ’ 3rd 

Second, the *’ terrible weather' 

•since the aertumn" had "field up '- 

contractors." i 

The underspending meant that : 
trunk road schemes in the West 1 ..l. ,5 
Country were subject to delay.; 1978 I* 1 - 
Mr. Stanley John, secretary of 
the South West Organisation for • 

Road Development, said. ; 


PLESSEV yesterday . .launched in addition to. ■ ■ *«7 . “ ' Q ! 

the first fully digital private Because voice s^alsare X, . ' j ^ ^ 

telephone exchange to be-sold verirti Into to com-! By- Our -Cohcufrwv AfWra;^ 

on the . U.K.; market. The ex- PD3T can be; awtenefl . _ y- Correspondent- J: 
change,. called the PDX. is without any.Jg. 

claimed ■ to be more advanced- lion. The ordinary P ■ nr-mr xi iTirer - _r _ •. <; 

th^e^chaiiS produced by phone network -g® t -5E3d5?Si£ dSfE 

-EEuJE* iteL. word 

ranee of facilities to users. Bur typewriters, .witfr • -“JgJjSg 

ffiara: •ssr£- t ss.^l 

into computer-Rke bleeps which se^rfty. devices su ? h . y-au^o-. rue;ln tte.«FW?ar period... 
can'then be sivitched on micro--™^ic door locks and .j :: -'; ^7; 

scopir computer circuits. ' -alann..J anyone attempts te DeUr.JtB^S^eden ;^:/',.- 
Other systems, including them. T 

IB.Ws, use analogue'switching— ' “ *1^' 

which use;'conventional electric Average COStS ' . !°L 

currents to mirror speech pat- The facilities provided at each ^e^y n^Me^Hiurfe^d^ia^of 
teras.Tb'e dfelal pan of ttese 16 ij^. 

"w?fflc'iaas !F -tor 

PDx uas been licensed.froizz autoniltio > to a 

Rolm Cp^marion. of CaUfte^ $ ihtenS^L tlM^ W^g-^.gCT: 

develooed pf e <SS- Pt ?J phime conferences. - - ALMOST 1 *' :l® wOtkets"-- 

Nottingham fattori^where ih - Pre5ent production is at the prepared "to. -aerept\ .yplinstary 
flrsllS?h??eeshJ" e ^irealTb2n rate ^ about 10 systems a redondarafies: 
orodS save already been moathj wtich piessey hopes , to, factCH 7 ^ r d-xf r ^InteTuatkt^ 

The total devlODment cost will' ? nlId t0 abo “ t -.^° a . mo “^ 1 Harve^erS^wdMrer SlO nrorken 
bc^lflmw^rreiirraSle **-*** year .or-so. Average #aC e redundancy becausejotthe 

S With up ffSaBS ^ts- 7 .line work out ,at collapse ota major export 

iredSSS: for r;<“; 

The PDX launched-yesterday has-- the facilities r ® 9 Pjred. , . iii.ikw. a:. 

from SO to 800 extension lines' ^ erse y ^ -UK - 

and-120 mihlic exrhanee lines'- -9“Yate branch exchanges abOvCh'' .. • •■-.-, ^ \ 

^x C v 3 tems are alSvS lir- is - estimated"-‘at. aboul THE .Jei^y-fbfiseffvairlin^; ; lidm 

vice vShTfuSi year. The- Europeanf.Airwasi. tes ’apphedto ffie f^U 

innalle? Tmal ordlS so Sr is about £200m: a year Aviation Authority'to operate a 

arc mnre than f 5m - :-. and thd U.S. market aliotitfJfflOm. -service between.--die-Island-and 

' ■' .v '-. '. By' Its licensing agreement,^ Heathrow at auietUrn faie^off^ 

Primniifpr nnHp ■ . Piessey is excluded ftoto the.U.S.,-|^hich is £10 less- than‘British 

LWtnpuicr tuuc : HoSvever. Piessey Tiopes to scdlj Airways vrift'charge if its applita-. 

The svstem is still. beinj»'4®. and also' to export .tion.'for *i5'i«r^M!nt;indease jff 

evaluated' by the Post-Office for.sySteihs to Australia, Brazil and. Ldndbn-tSichrier“-Islands ;; /ah»' 
approval which roust be obtained .the Jfl.ddle EasL where thp cwh- from ApnKs gianteiL 
before an unlimited mark etinfs-hined- market is estimated-at ■ ^ a-~:\ 

effort can be started.' Piessey -is , about £33m. a year. - aDDeaf * 

hoping to gain full approval-by 1 As^ result of starting early, it - a-.- H - -*- 

the middle of the year. - - V. -is estimated that IBM took about LOSIDOJt Be^opal TndustvM. 

Mr. Jack Donnelly, managing 46 per cent of the PDX market Committee-= pf .'“the ^National 
director of . Plessey's private in the U-K. in 1976, but-this-share Savings*Movement ii ^qpuiU|> 
.communications and data sys^.’is said to he decUhihg as^cofolraise ftOO.OOOfrbminfli^trfaland; 
terns division, said yesterday that'petitors bring in rival systems. [ commercial'.companiM td'flhance’ 
o.i ead vantage of the fully digital Now ITT, Ericsson, Philips andjits iticmey^Hafia^ement eddtafitrfr 
svstem was thaUt could be use<L;the General Electric,. Company; progiiffii'me rh scSebls : ahd pHcea' 
f'or a range of switching purposes are .themain contetiders: ,; of woHti-%1- ^ " r 

Trade d^lcit is £324m 

Aiuuv xu oyw/ne m-M-mjk «... 

.■••'. - ~. ■*«•-. 'w- : ; .• i ■ *• ••• • • •- *■ 

.- • * i. - Z. ."V,C-. 

THE VISIBLE .trade balance in,.the more erratic.;- itemSi:- per cent,^bvthe same basis, 

£324m. in the three months'll'Oil:.-.... r..-,.:Somje.majgr-statistiEal- amfc.pre; 

the" end of January, compared The volume of^fexports; .was.seiuatiOQaLidianges, in-pariicu-.- 
uith a surplus of £275m. in flffe-well down' on i d thr^l^l^.Tar^^ltertfions-^ tiie ^easbnat; ■ 
previous quarter. - - ' "comparison. 4| per cent exchid;'adjustment add a-rebaaing pf tbe 

Just under half the’-deteriora^ ing -tbe - more erratic 4 factor: volume and.pther tmtires on 1975 
tion'Was' explained by changes'’while- import 'Volume rose - S-i prices ■retber :than 1970 jinees 

vs ~ r-'v '.-r~ < 





Bxportf7-; Imports' ’ »■ eiqWrts■- -• • -1#OTts'; * Tjrimhftiwit; 
£m. seasonally adjusted " Vdidpte ieaswwityadjusted i . 

• / ' \ v---C?»^s^9P7..I‘= -j 

25,422/ 28.932 b.‘ : 709-fc..- - 705S. F 7 ^ 

32,176’ • 33,783 .' Vt*;. 118Jr - :.r;\ T07J); : JOOJfv ''• 

— i —T - : ----- - J> -O ■ ~ /" u ' —T-L-T-r—■ 

5,655 4,198 - - .. J0« • v : r. >10(k3' : .: ' 99A - 

6.171 7JB0 --‘ HJ9-9. ’ V&JO -•."..*. ’'97^ -*-' 

6,499 7,596 1W.0 ! »8J- ' W- .fatti-" 

7.097 8,058 . 7 : _ )"AjS. •’ ■_ '-V -1673 • . 97J . ; 

~7J!X2 8,451'- -2 ^ 7 n57 '70?1 7 ' 99J) 

7,926 M95 117.9 10941 7 100 3 : . 

8^43- - - 8.497., • ‘■ ;1 WJ .-w. : •- - 

njy :;, 

2.761 2,696 4 ,V.-- M9A ; . -■ •->. W-4 " ^ *: 302.V ^t-. 

2,665 2^94 . T1S.2 ~ ' ' 9lL5 ,',v# ' V 

3L779 : • . • 3^850: i..; . .r 118.9 ^ - .‘.-1019: ’ i 1 , V03.4 

: 2,629 - 2,953 1127 _ , r .:.TI4A. r"/’: 105^,7- - 

-The ratio of, Report-prioai to taport prtcu 


^3.973 - 
' ^8047 - 

-■■f.-—947 7-J 

i- : ^isisi V:- 


r. ~Wl :t 

Arts Council grant 
Raised to £49m. 


provides your organisation with these key benefits: 

Immediate access to the major 
international business'information bank. 

* Comprehensive, rapid and up-to-date 
facts on products, markets, national 
economiesand-mtucSRiofe,' 5 ' ' 

Access to files on over 60,000 
companies in the U.K. and overseas. 

Legal, fiscal and scientific data. 

H 4 Files on over 25,000 personalities 
iri business and other fields. 

Confidential answersto your questions,' ~ 

- . r’ • 

5 fc Fast access to the Busi ness I nformation > 

■ Service by phorie, letter,telexOrby L : 
personal visit 

5k Desk research and monitoring service ■ 
available irtspecific'subjectsand ; 


THE GOVERNMENT has raised 
its gram to the Arts Council by 
£7.3m„ or 17.5 per cent., for 

The sum for the year is 149m.. 
it was announced in the Com¬ 
mons yesterday by Mrs. Shirley 
.Williams. Secretary of Stnte for 
Education and Science. 

The higher grant was gener¬ 
ally welcomed by.Mr. Roy Shaw, 
the secretary . general of the 
Council: “ It covers inflation and 

allows for very limited growth. 
Nevertheless, it falls far short 
of the sum required to enable 
us to meet all our obligations. 

“The £49m: includes £600.000 
for Hojjsing the Arts capital 
expenditure, leaving £48.4m. for 
revenue purposes." _ 

In the last financial year, the 
rise was just £4.5m. to £41.75m.. 
net enough to cover the rising 
costs of Art Council clients 
during a period- -of- higher 
inflation. - • - - •' 

Ford to invest extra 
£250m. in Britain 

Start to solve your busi ness information problems now - whether they a re complex or straightforward - by asking us 
to advise you on how the Business Information Service can help you. You will be surprised how reasonable the cost 
is.- and how much of your own and your colleagues' time you v.-ili be able to save. 

To: Beverley Pullen. Business Information Service. Financial TimesiUnnted. 

10 Cannon Street, London ECJP-4BV. Telephone. 01C4C8000 .'extension 7080. 7). 

Please send me more inioi.malioj 1 on how the Information Service can help ■ 
rnv organisation. - 

Name_■ '• ■ _^___ 

Position ' •" - -_______1_ 

Organisatio n ~ 

■ Addre ss • ’ ' ~ _ 1 '■■■ 

I __:_Teh No_ ' • •' | 

I Hrfczr® A service provided by the Business Information Division of the I 

FinancialTimes Limited, Registered in London, number227590. " 



FORD PLANS to invest £250m. 
over the next five years on im¬ 
provements to its British plants, 
it was announced last night. 

The programme will be in addi¬ 
tion to the ElSOm. earmarked 
for the new engine plant being 
built at Bridgend. South Wales. 

The figure, disclosed in Bor¬ 
deaux by Mr. Bill Hayden-, vice- 
president. manufacturing. r*f 
Ford of Europe, .includes spend¬ 
ing on foundry work at Dagen¬ 

ham. on paint shops, and on 
model improvements. 

Ford's rate of'capital expendi¬ 
ture over the last few years has 
been . about ,£50m. a j-ear— 
roughly equivalent to the pro¬ 
jected forecasts of Mr.. Hayden. 

Developments at the Dagenham 
foundry are being undertaken to 
coincide with the introduction of; 
the new! Bridgend- range-i-of- 
engines, which wUL us'e Dagtot 
ham eastings. 

- - ' You nia^aU'Tb 
B&zRrds at times 

, In Northern. ;Rx>c 
•with security—and-is 
V you need itv * ? 

We have ' ^ ’ “ 

well as;for ’ " 
is everybor ;M „ 

•A’ - '' '7 ■ 'Sf. 

Population down 23^200 


FIGURES released yesterday- 
show that the population of 
England and Wales dropped by 
23.200 last year compared with 

The largest Factor is that more 
people. left the country than 
entered it—accounting for 17.300 
of the total drop. The balance is 
taken up by a rising death late 
and a falling binh-rate. 

The figures, released yesterday 

by the Office of Population 

Censuses and Surveys, show a* 
decline for. the third year' ran* 
fling... Tbe ' total population of 
England and Wales at July,-1877 
was 49.119.200. Tbe decrease was 
the largest in the .past three 
years. . ' ... ._ 

The changes between raid-1976 
and 1977 algo “indicate that . the. 
number of children in the- popu¬ 
lation is declining while .the 
number oF people aged 65 or over 
is increasing. 

.. • = Anff>afi»gl fnr 1 
A Bffl5tifierof.thaBtnId£Cig i 

BR ACmiifey _ _ 

‘ • - ; Lon3ort Rg^ 0 a*l OfHce: If, O^fcR StrwEbafieaiAVlR 

. : .7 ^ Te£«iborie Or-*tf3 tora. _ 

.-Scontab CTIfc«.-Jf Cw to Slr w uBdtftftort&.'BiaaEK.- ■‘r 

. _ . BRANCHRS 'ANP AGEJCrS 115?^ 

. ■ ‘ 'y^P.:- : : /.r *.3 *^-‘ 7; -n‘:"';-:.-'r ”.*. 

fe '" -Pefauary 15 1978 


Hnl*&*7 J -•- - V- ; .';:■ .• -, 

" ' still on Lcyland 
16-week strike 

U 0\!«, „ • 


^ f, 


reason why the tribunal 
-Og of the prolonged 'Tether 
j dismissal claim In.London 
: into private session was 
lined yesterday—the .chair-. 
' “• nodded off" . daring the 1 
ng of what is thought to be' 
longest industrial tribunal 
ng yet 

IT WAS another raw day yester¬ 
day pn "the^dtet line at British 
Leyland~s ;Speke factory.- "Liver- ■ 
pool, hot 'evidently not cold 
enough to'undermine the deter 
mination 'Df inen who have been 
out fbr l& weelts. " 

.As‘at Swan. Hunter on Tyne, 
side there' is "la principle at stake 

reports from 
the picket line 
at Speke 

hv r?«® ssaamwft® 

the transport union’s recognition 
of the dispute — a move ihe 
Amalgamated Union of En¬ 
gineering Workers has followed 
— and strike pay could he back, 
e w dated to the start of the dispute. 

.i... A-nnn - ror the strikers, too, the dis- How. then, have the men 

as far as the 2.080 strikers are PUte is proving costly. It has managed to survive? In Jim’s 
concernad^-thrt British Leyland gone on much longer than any- case . all the big bills have been 
has broken, an agreement with one expected, and is beginning i e fc aside and. although he has 
the introduction''of new. work to cause considerable hardship, final reminders from gas and 
schedules—and 'they : “e con- According to one striker, electrieitv. there have been no 
▼meed that to mate.conce&soons Christmas dinner was chops, not threats to cut *,upn!ie*s. Credit 
would open the way. to •furtlier turkey, and there were fewer is not so easilv obtained else- 
demand for changes .in working presents for the children. Instead where. In a mo‘dern estate such 
practices. " 1. , „ D £ Butlins it will be two weeks as Speke there is no corner shop 

.Again as fn -ther:North-East, at home this year. Even if the and ail good* have to be paid 
there is the threat-or Jobs going strike is settled now there will for at ihe supermarket. 

“ the uuy^Xid&rio cm bea long period „f payinp back opnortunltlw For...oonii-htms 

■;a Statement in open ^«d- 

nodded off during the hear-. a large, area of which is now theiT previous weekly income. , here f s ,- It]p scop 3 c fpr wo S r fco f 

'blackened by-.;smoke -from a Jim. an assembly line worker thi< . kjnd an'™-,*! 3 a nd the cost 
: statement followed-specu -1 brazier^ it is tbe.oltLold story: on a basic, of about £60 before n r rransnort niakes: it difl'icnlt in 
3 over a sudden move which iBritish Lgriattd thw-believe. will and without overtime or trave ] Further afield or into the 

the hearing behind dosed take .its..decision!^Pti.jffhether or other additions, is married with C itv centre 
; on Monday * oof ; to"close Speke "’irrespective ihree children aged seven years. 

of tbeh- strike. five, and four weeks. Since the i j:s A 

. 'It has., beeir a'''particularly beginning of the strike in ‘J*-* 1 - 1 * 1 * Mil. 

damaging, dispute for all those October he ha* been able to Social life is affei-tcd in mut-h 

Involved. For Leyland. which claim £1L6Q for his wire. £4.93 the same way and. although most 
yestetday began talks with senior each for his two older children pf the men do visit dubs and 
National union officials after and £4.10 for the baby, giving pubs, they claim thev can afford 
the derision by'the^'Trapsport him about £27 a week in social only the first drink and have in 
and ■ General Workers’?Vnion to security benefits. Rent, in » depend on other people who arc 
.nal returned to public bear-1 recognise the' dispute; it has housing corporation house, is low working to buy the second, 
o allow Mr. Wells to make < meant lost output o? bodies Tor at only £4 a week but most of The strikers are hitter, which 

tatemem. . 1 one of its most successful export the other strikers live in council will make life difficult at the 

Wells said that represent- m bd6*s. the TRl^apd for the houses paying a much higher— plant for some time after it is 
s had been made by the 1 Triumph Dolomite^- if still not economic—rent or reopened. 

'* ‘ .ji-fal Times that he at - " perhaps £10 a week. Although Speke, inevitably, is 

• in times on some days last ' Debts tO paV-"^ M ? s ? of the workers are heinq quoted as yet another 

failed—or appeared to - •-** .’ . receiving tax rebates, although example of the difficulties faced 

■; {n B ( vp oroner attention to ' For Merseyside,-if; is another social security payments are hv companies settling on Mer«ey- 
ase F H . ;Wow to its Industrial rppmation. scaled down to take Into account side, it is the first major strike 

- :Speke is almost •■aytBWn on its at least in part any contribution the plant has had for five years. 

' own in the south hf Liverpool marie by hack-lax. Now that the Strikers claim thai L*»vland 

>USed I developed to houserpSPulattons strike has lasted lfi weeks, the has broken on acreempnt on the 

' • „ Idecantiwl from -city centre income for the rear of most of procedure to he followed in 

..t neither the other mem- j, s | unis . CompanIesljattr?ctPd to the srribers will bp much loss sotiino production speeds and. 
of the tribunal, who were lthe area includedIbitflop. Evans than when their PAYE codes civen thp background nf rumnurs 
unous on, the matter, nor j Medical. AutamotriiSt-. Products were prepared. .Tint, who benefits of closure, they sec sinister 
"Tether, accepted this. j and Metal Box. But^lnLevitably. From the recent addition to his motires behind the company’s 
': * ••• n a few occasions ” he had (it is on the motor nrtpufacturers familv as well, reckons his tax stand 

'•yes closed. On mdre than i that attention is ibettsed. At ’‘hanb’’ still has £15h in it. Thcv believe the union has 
jf them he was seen to be present, not only- liPSiand hut After paying the rent, strikers been so drawn into the ba«tlc in 
it; He said that on the I Ford is having profihfctjon dis- re.-kon they are left w*th 120 to 'avo British Leyiand ai the 
ion he nodded off he was* rupted by a strikb : 'gtj its* Hale- y^S a week whioh harriH- cover* highest level that its mandate 
ally aroused bv another! wood plant just a fewThilfts away the cost of food for a Family w'*h tn fipht Tnr its members has 
- " r - rp ~-—- fc two in three children. The been cancelled. 



am, the sacked columnist! 
" -Z;ng the claim. Mr. C. Gordon 
' ?r. and counsel for the 
.' icial Times were the only 
1.. allowed into the chamber. 

•er a further session in 
• - . ra yesterday morning, the 


nal,. member. 

added: “Each of the meni-< 
of- the tribunal is satisfied - 
no thread In the argument. 
-less any point of evidence., 
lilssed by any of them, in-; 
ag the chairman.” j, 

itice. he said, must not only • 
3ne hut must also be seen! 
■ done. It was regrettable' 

from the Triumph- factory. 

Booth ^es flexibility 

m new 



Tyne shipyard 
ban may end 

within a very narrow com-(THE GOVERlrifflENStsmtsmore relating .ail increase in Health ban™?^^o'bmieim^er"’which 
‘’ere was some conflict on[flwdbiUty fix the hfit phase of to total growth and demand. has crippled the six nationalised 
ue of fact between the j p a y policy. Mr. Albert- .-Booth. The Government had Intro-i ship repair yards on the Tyne 

nal and one o' the parties j Employment SecW^rr.^.said d uce d .earlier pay policy phases i and pm more than 1.000 men oui 

te one hand and the other] yesterday- ' *?,: knowing it was worth it he said. 1 of work is expected to be called 

on the other. , spgafcjag to the'^LQHdon but that there was a penalty to off to-day. 

the tribunal’s unani-1 Chamber of .■Comm ewe .be paid It did not want to eo ; The boilcrmakeri will be 

— ‘or on paying that penalty un-;.recommended to lift their ban 

a 'nSSfes'arfly. ■’ ;at a mass meeting at Wallsend 


view.- however, that it i Booth seemed to ...take?! 
■fbe-wrong, and manifestlyigranted ‘that there ko’”* 

it to Mr. Tether that because! further phase of pa/ rpstmnt, j£ the Government could find 
ig a few days in a long hear-1 .although he made ,it clear that sd me understanding between the 
' ne member showed signs of j he did not ye^fcnw any details main p^es involved in pay 

-ae. 23 days should be thrown 
and the. whole- : hearing 
j abortive. . ' ' ■ . / 

' e appearance of justice was 
-riant but if. “as we sbould 

- t/*- there was any conflict 
?en the appearance and the 

’ y. the demands of reality 
• prevail. 


Wells added: M lf it were 
*■ Bow that because one of 

- lartics on the question of, 
here involved agrees with! 

‘tribunal, the tribunal in; 

- ig to its conclusions on the 

about ,a ; possible Phase Four. which would achieve a balance 1 

so that talks can go ahead to 
resolve differences over pay and 
working an-angemems. 

The boilermakers applied the 

- He said-vthe-i Government's between the growth of nurchas- 
approach wis to look for some- ing power, and the growth of 
thine more-: flexible which. In wealth and. move to greater 
common vfehfthe present policy, flexibility, then that was what 
would play ^ important part In was required. \ 

QEC makes peace move 
storekeepers’ dispute 


SALS to try to end an The storekeepers want an in- 
ion by’more than 300 crease amounting to £2BB a week 

ban on January 24 after reject¬ 
ing an offer of an 8.75 per cent, 
pay increase to which conditions 
were attached over new working 
j arrangements. 

J The breakthrough came ai 
■ seven hours of talks at Gates* 
[head on Monday between senior 
'officials of British Shipbuilder. 1 ;, 
: executive members of the Boiler- 
[ makers’ Amalgamation, Includ¬ 
ing Mr. John Chalmers, general 
'secretary, and shop stewards. 


New Issue 
February 15, 1978 i 

This advertisement appears 
as a matter of record only-.. 


DM 150,000,000 
6!4% Deutsche Mark Bearer Bonds of1978/1985 

Offering Price: S9'i *.’» 

Interest: 6'.'.* *■ p. a v payable on Mateh-I of earn year 

Maturity: March 1.1985 

Listing: Frankfurt am Main 

Manufacturers Hanover Limited 

Westdeutsche Landesbank 

Deutsche Bank 


Merrill Lynch International & Co. 

Societe Generate 

Yamaichi International (Europe) Limited 

Alahli Bank of Kuwait IK-S.C.J 
Amex Bank 

Amhold and S. Bleichroeder, Inc. 

Bank ol America international 

i ■«i.v tf 

Bank Leu International Ltd. 

Bankers Trust International 


Banque Frarwaise du Commerce Ext^rieur 
Banque Internationale h Luxembourg SA. 
Banque de Paris et dee Pays-Baa 

Baring Brothers ft Co., 

L<m>:> a 

Bayer'reche Landesbank 
Bergen Bank 

Bankhaus Gabriider Bathmann 

Compagnio Monegasque de Banque 
Credit Lyonnais 
Den Danske Bank 

•• '{Cl A- Tir-flr-al' 

Deutsche Girozentrale 
- Deutsche Kommunalbank - 
Conrad Hinrifiti Danner 


*, ■.•.ii.t.fill-.l.'uilt 

First Boston (Europe) 


Fuji International Finance 


Algemeoe Bank Nederland N.V. 
Amsterdam-Roller dam Bank N.V. 

Bancs Commercials Maliana 
Bank Julius Baer Internationat 


Bank Mees & Hope NV 
Banque Arabe et Intemadonala 
d'lnvesdssement (BA.LI.) 

Banque Gen6rale du Luxembourg S A. 
Banque Nationste de Paris 
Banque Populefre Suisse SA Luxembourg 
H. Albert de Bary & Co. N.V. 

Baymische Vereinsbank 
Berliner Bank 

* j'cujer.-iterti.: , 

Citicorp International Group 

Credit Commercial de France 
Creditanstatt-Ba nkveretn 
Richard Da us & Co. Bankiers 
vormals Hans W. Petersen 
DG Bank 

Dresdner Bank 

EuromobiliarB S.p.A. 

Conpajm. E.WU l.i!f.-J5 • 1 

Rrst Chicago 

Genossenschaftliche Zentralbink AG 

Groupement des Banquiers Prives Genevois Georg Hauck & Sohn 

Hill Samuel & Co. 


Internationale Gonossonschaftsbank AG 
Kleinwort. Benson 


Kuhn Loeb Lehman Brothers international 
Kuwait Investment Company (S.A.K.) 
McLeod. Young. Weir International 
B. Metzler seel. Sohn ft Co. 

Multi Banking Corporation (Overseas) 

JU\ 1 

Nomura Europe N.V. 

Sal. Oppenfieim jr. & Cia. 

Rothsduld Bank AG 
J. Henry Schroder Wagg & Co. 


Smith Barney, Harris Upham ft Co. 

• roc mod 

Strauss. Turnbull & Co. 

Verband Sctweizerisdier Kan to nal ban ken 

M. NL Warburg-Brinckrnann, Wirtt ft Co. 

Dean Winer Reynolds International, Inc. 

E.F. Hutton ft Co. N.V. 

Istttuto Bancario San Paolo di Torino 
Kiedretbank N.V. 

Kuwait Foreign Trading Contracting ft 
Investment Co. (S A.K.) 

Landesbank Rhelnland-Pfklz 

- Girozentrale - 

Lloyds Bank International 

i -n.un 

Morgan Grenfell & Co. 

V, Lite 

Nederlandsche MiddanstandsbankN.V. 

Norddautsche Landesbank 

Pierson, Held ring ft Pierson N.V. 

N. M. Rothschild ft Sons 


Schroder, Munch me ye r. Hen gat ft Co. 

SocietA Generals de Banque S A. 

Sven ska Hendctsbanken 
Ve reins- und Westbank 

A. ■j!"S!U3iev.R 

s. a Warburg ft Co. Ltd. 

A. E Ames* Co. 


The Arab and Morgan Grenfell 
Finance Company Limited 
Banco del Gottardo 

Bank fur Gemeinwirtschaft 

The Bank of Tokyo (Holland | N.V. 

Banque Bruxelles Lambert SA. 

Banque de Flndochlne et de Suez 
Banquede Neuflize, Schlumbergar, Mallet 
Banque Rothschild 

Bayerische Hypotheken- und Wechsoi-Bank l 
Joh. Baranberg, Gossler ft Co. 

Berliner Handels- und Frankfurter Bank 


Akvan9rul | ’X t »l-. 

Credit Industriel d’Abacs et da Lorraine 
Oahn Europe N.V. 

Delbruck ft Co. 

Dominion Securities 


Drexel Burnham Lambert 


European Banking Company 


Robert Fleming ft Co. 


Girozentrale und Bank der osterreichischen 1 
Sparkassen L 


Hessischa Landesbank 
- Girozentrale - 

Indintriebankvon Japan (Deutschland) 


Kidder, Peabody kitsrnational 


Kredietbank S A. Luxembourgeobe 
Kuwait International Investment Co. sji Jc. 
Lizard Frcres et Cie 
Merck, Finch & Co. 

Morgan Stanley International 

timiivd . 

The Nlkko Securities Co„ (Europe) Ltd. 1 
Den norekeCreditbank 


Solomon Brothers International 


Skandinaviska Enskilda Banken 
J. H. Stain 

T rinks us & Burkhardt 
J. Vontobel ft Co. 



Wood Gundy Umitefl 

. ... 

would be biased in GECT^ I^TSaweeh. 

•rfESSV i «SSf , S^SJ 1? S5^2SEHl!!SiiS Co*«ti3r.-mi» company has offered the 
ribunaT would be put to the men by union storekeepers the maximum 

ed to perform any andiaat tn-morraw. aUqwed under the Government 

on ' ' / !r , . . .. wage guidelines 

e shall not -be so biasdd. 1 .. The • prpposals. delaii> or 

our unaniroous view that!which, are not yet known, wme - 

’ihiutal should continue'the | but. of a ineeong y ester nay 
g.” - • ■ ■.between management, union 

Welib. 6B. a £45-a-d?y‘ part-'Teaders and -the Advisory. Loo- 
tnbunal rltaimtan _ and iriliafion and Arbitrauon service. 

T Labour MP for Walsall The company has dela>ed iL< 

, adjourned the hearing-ta-^pijcgiKjh jn the High pjurt 
the paper's -counsel, Mr. -an'ihjunction to remove the JOURNALISTS yesterday staried 
. as Morison, to take instnic* ^^- - have been occupying picketing ,h e offices or the 

,. L - ^Jhe components Plant for more Worcester Evening News, where 
added: *' Cithec.things being v.xtfafi a week, until the peace 0 ne evening and nine weeklies in 
the bearing, will contihue'fQ^yja has been pul to thenj. the Hereford area are continu- 
- it .j„_ L More than 1.000 workers have ing to appear during a dispute. 

i been laid off because of the. This follows the decision on 

thp LorSba?d JolHmn for occupation. Others have staged Monday by the National Union 
the Lombard .column tor| a at ^ con ipany s. per; 0 f journalists to recognise the 


S-Iurray warns on oil revenues 

Protest staged 
by journalists 


ESTIONS THAT priority bient. . 

I be' given to overseas There would ?* av £. 

■pinents and simple repay- large , T d ri uc . t ^:l rt WDll ^ meJn 
of debt when deciding bow borrowing (which would mean 

ed were criticised by Mr. tore raB. or both. Mereow 

s “ ml SSf.TSSSLKT % JtaSS. 

told the titty <jf. Londoti controls. . ■ . . 

? nr the Institute of Mr.. Murray questioned the 
■rs that’for such a policy argument that overseas invest* 
c accomplished.-. Britain' meats and the export of capital 
have to .run a, largc generally were necessary to 
:e of payments surplus reduce upward pressure on. the 
....■■iii «ni K« /inmnstihiA ArAhunon ratf*. ' It was W no 


would not be compatible exchange rate. It was “ by n 
a return to full employ- means axiomatic” that a Fall i 

the exchange rate increased 
export competitiveness, he said. 
.- u Germany and Japan both 
Offer good examples of countries 
which have been forced to con¬ 
centrate on non-price aspects 
because, in purely price terms, 
-.their goods have become less 


• “Ear front stemming the 
flood' of Japanese and German 
exports, the appreciation of 
the yen and the D-Mark appear 
to haw consolidated. not 
jeopardised. the economic 
success of those two countries. 

itrikes down 90% at Harland 


j^ND AND WOI^FF- the: such a fecord speahs very loudly 
owned Belfast- ^ipyard, lot louder, “jhan the cntics 
,]y 855 man hours through who castigate us so fredy. , 
last Year, ■compared to Addressing the Belfast cnam- 
v 9 000 in 1A78. Sir Brian-her of Commerce he said that tn 
n. the company chairman, ,1974 the'shipyard, which basa- 
esterdav “ labour force of 9J100. lost 10000 

• ■..■■■ ■ . man hours through disputes. ThiB 
-. total time lost through dj^ppe^to 5500 hours in 1975- 
trial disputes in the bu t rose to 8£00 again in 1B76. 
years, not including poll- £_^st vear's figure of S55.maa 

- ctrlL-oc hari hf>pn rpm.Trk- <_ ’ _nnln civ 

.‘strikes, had been, remark 
small, .Sir Prism said- 

hours was. equivalent to only six 
minutes an employee—or' half a 
. an organisation which has tea break.- 
. than 40 separate trades and,- Harland and WoJff would tike 
,*‘om to work with. I think to operate- without asking the- 

-Government for assistance, bul 
without subsidies it would be im¬ 
possible to compete. In return for 
Government assistance the com¬ 
pany had increased Its produc¬ 
tivity by 33 per cent in the last 
three yea re- 

Host of the £31^m. paid out 
in wages each year went direct 
into Ulster's consumer economy. 
Sir .Brian said that £7m. was 
returned to the Government in 
the form of PAYE. 

" ,' 4 ' We could argue that this is 
the amount of subsidy we pay to 
the Government" 

New Issue 
February 15, 197B 

This advertisement appears 
as a matter of record only. 


Europaische Gesellschaft fur die Finanzierung von Eisenbahnmaterial, Basel 
Societe europeenne pour !e financement de materiel ferroviaire. Bale 
Societa europea per il finanziamento di materiafe ferroviario, Basifea 


514% Deutsche Mark Bearer Bonds of1978/1988 

Offering price: 

SB 1 V. 

5V? a ;» p. a., payable annually on February 15 

on February 15 of the years 1984 through 1983 in 5 equal annual instalments by drawings of series by lot at par 
Frankfurt am Main, Dusseldorf, Hamburg. Munchen 

AHgemeina Deutsche Credit-Anstalt 

Bayerische Landesbank 


Berliner Handels- und Frankfurter Bank 
Delbruck & Co. 

Dresdner Bank 


B. Metzler seel. Sohn & Co* 

Trinkaus & Burkhardt * 

Westdeutsche Landesbank 

Amsterdam-Rotterdam Bank N.V, 

Smith Barney, Harris Upham & Co. 

incorpora tod 

Deutsche Bank 


Bank fur Gemeinwirtschaft 


Bayerische Vereinsbank 
Bankhaus Gabriider Bethmann 

Deutsche Girozentrale 
- Deutsche Kommunalbank - 

Georg Hauck & Sohn 
Sal. Oppenheim jr. & Cie. 
Vereins- und Westbank 




Bayerische Hypotheken- und Wechsel-Bank 

Joh. Berenberg, Gossler & Co. 



Deutsche Verkehrs-Kredit-Bank 


Bankhaus Hermann Lamps 


Schwfibische Bank 


M. M. Warburg-Brinckmann, Wirtz & Co. 

Wfirttembergische Kommunale Landesbank 


Banque Populaire Suisse SJV. Luxembourg 

Swiss Bank Corporation (Overseas) 


Credit Suisse White Weld 


Union Bank of Switzerland (Securities) 


*Mi ■* 

Financial Tixnes Wednesday February 15 1975 


talks 6 will 
not be 

latcher urged to join 
-party race talks 


fifl.E.lL&i&JL't/!. V-9UL A Rl) u.\ri TABLE conference to Secretary. Mr. William White- demanded an immediate immigration only in strictly dc- 
r t „ rw enable the three main political lam. the shadow Home Secretary, response J’“ses . h 

By Ivor Owon parties evolve a national and Mr. Reginald Maud ling who Al ljne point. Mr- George Th ®{*jjj b - ec Tned ^ihll *Mr' 

BRITAIN WILL .Jo nothing to approach to immigration polio as Home Secretary in the Heath Thonws , the Speaker called on sustained Labour 

hinder or frustrate Hi,. talks *'** suggested by ihe Prime Government piloted the 19#l Mr . Andrew FauJds (Lab mnl&thm \h fhn Aci “r 
hi. , c ? Minister in the Commons vester- Immigration Act. should also w a rle\ Ei. to contrnl himself. WW***Jon ! Sf.JiJS* „* ,»„t 

between Mi. Ian Smith and the day In another healed dash with participate in the talks. * If you continue. I shall ask you ^uPPor^d the intention of that 

black nationalist groups who are Mrs. Margaret Thatcher over her An agreed national approach lo i^ve the Chamber." lie said. . ^v n , ir ,-,m n 

party to the negotiations in recent speeches on the issue. would offer the besl way or T i., t , h , r , n <i<ied Sons" ”' " na? dre ■ our ,IUC 

Salisbury. Lord Goranwy.Rolieris. Despite pressure from the avoiding raiAUism and the disj a ** ooDnsitionwoiiW nut he The Prime Minister renited! 

Foreign Uffice Minister of State. Labour hack benches, the Tory torlion and ,j£' C nation's’’ "„a<!ed " P bl the Prime Minister that the main argument a bom 

told the Lords last night. leader declined to make an iinme- ortterwise enter the r* aL,t * n * Labour back benchers into the 1971 Act had centred on ll«' 

B,„. r . . te «»e rara he re- 'W&XZjSZ K'ty * J— • <*«. on Irartra- 

affirmed Ihe Government a view .,0 .. surnrise to her and The re<i as concerned about trying lu non. _ _ ■ , k_ 

that any settlement, if it was of ihe shadow Cabinet. av0ld hatred and tension m The Opposition would use hoppd lh £, the opposition would 

to suck, must be generally Many Tory back benchers Midi- society as Mrs. Tnalrhev claimed the Parliamentary time . 1 * i n }ti a t e s debate soon. 

acceptable to all m Rhodesia, ca'ed. through shouted interjec- at the Young Conservatives disposal 1 o'launch such a debate g u . be hold tn hi« view made 
as well as in southern Africa tinns. thm they saw the Prime Conference al Harrogate, the at a time of its own choosing. e | ear . R excban ., ejS in the Hoiw 

and in the United Nations. Ministers Proposal as a " trap “ Opposition would wish to con- Mrj . Thatcher alsu directed last week, that an attempt should 

Lord Coronwy-Roberts denied for ^ lS - Thatcher, as she seeks sulev his proposal. attention t«i the 1971 linniigra- be made lo evolve a national 

- _ ... . ,■_„__ to contain strains within ihe The Prime Minister said that _... r-j ....«i -, r 

Earlier. Mrs. Thateher insisted tions? ” 

al the Opposition would uul he The Prime Minister replied 
;ifaded " hi the Prime Minister rhat the main argument abotu 
Labour back benchers into the 1971 Act had centred on 
itialina a debate on imuiigra- "patriality'' provisions. The; 

□ai any settlement, it it was or the snuoow «.nmnct. “' U1U , »,« hoped that the Opposition would 

u suck, must be generally Many Tory back benchers tndt- society as Mrs. Tnalrhev claimed the Parliamentary lime -■* in;riarc- a debate soon. 

ceepLaijle to all m Rhodesia, ca'ed. through shouted interjec- at the Young Conservatives disposal lo - launch such a debate ^ be j^eid in hi« view made 

s well as in southern Africa tions. that they saw the Prime Conference al Harrogate, the at a time of its own choosing. e | ear jn excban „ ejS in the Hoiw 

nd in the United Nations. Ministers Proposal as a “ trap “ Opposition would wish to con- Mrj . Thatcher also directed last week, that an attempt should 

a cnarge n> Lord George-brown, J? contain strains within the The Frimc 

tion Art—cited, bv Mr. Edward approach. 

former Labour foreign boerclary. : , 1 :' ‘ 1 ’ . Heath, (a notable ahwnfe* from Mrs Thatcher retorted that 

who now sus on' the cm .mf ifTe nS the Chamber ywirrday ■ Mr“SniSS had not be?n con- 

benches, that Dr. David Owen. %**■*£*' Tn „ Urn those oarUcipatin** S asserted on Monday «hai cerned with a national approach 

Foreign Secretary, had - e,e- ^i, lt I • r n rnre h d fi nh ! " det l uale P ow «rs plreadv ovist in 1971 . hlU h3d opposed the 

KnotP-'mcninna m°tnc sShs P W^wftha ‘"iJSSS? - ,£? dpi w Towiildf they would wish ‘o deal with .immigration Heath Governments legislation 

Du" ’ ;. s |^'' , ."e..| a ] uo iUon i! would prove to be unaciep*- to hold abuses. Tory backbencher.*, vigorously 

u». Idih.. 1 a special position a v»i,. tn the Gppnutinn. Never!h''- “What is more important." he She reminded- the Prune supported Mrs. Thatcher, hut 
Jle said (he purpose of the jess, he stressed his willingness added. " is the nationality of this Minister that, as a member of the Prime Minister reminded 

Foreign Secretary' s talks in tri «it down wish Mrs. Thatcher country “ tfce 1-leath Cabinet, she had them that the Government had 

Malta at the beginning of this, and Mr. David Steel, the Liberal Although the Prime Minister supported the Act. the main beep operating under the 1971 

month with ihe Patriotic Front .loader, m evolve a national intimated hi* willingness tn awaii purpose oF which had been to Act'since 1974. The present im- 

Icadeio had been lo bring them approach 10 immigration. a reply I nun the Opposition, end further large-scale invni- migration rules derived from 

within ihe l /a me work of ihe Mr. Merljn Rees, the Home Labour back benchers rowdily gration. and lo permit futyirc Conservative leglsiaiion. 

Anglo-American proposaU, which 
themselves incorporated Liu* 

essence of the six princij'ies -g, v f . . 

“Liri:r Callaghan line on secrecy Budgettax 

“rock firm" on the essential ^ ** pllfC P3.|| 

principles in the Angio-American V 1411 

SSSSSS2 comes under fire by Liberals 

Uonal Government in Rhodmu. B)r Richard £vanif Lobby EdJtor 


demand made by the Patriotic THE LIBERALS are tu press 

1-root and the aim ai the next THE PRIME Minister came chil servants of cynical Cabinet conducted its affaiis and Mr- Denis Healey. Chancellor of 
meeting wiih 115 leaders—if such under fire in the Commons arrogance in their treatment of the system il had set up. then he Jwcfaequer, to increase em- 
a meeting came about—must be vestprdav when hr innk a Pai-liammi and individuals would cerlainlv defend it. ployers National Insurance 

comes under fire 

by Liberals 

came chil 

By Richard Evans, Lobby Editor 

demand made by the Patriotic THE LIBERALS are to press, 

l-ront and the aim ai the next THE PRIME Minister came chil servants of cynical Cabinet conducted its affaits and Mr. Denis Healey. Chancellor of 
meeting wiih 115 leaders—if such under fire in the Commons arrogance in their treatment of the system il had set up. Mien he Jwcnequer, to increase etn- 
a meeting came about—must he yesterday when he look a Parliament and individuals would certainly defend it. ployers National Insurance 
to persuade them that They were cautious line on MPs" demands Mr Callaghan told ihe House There were indignant Labour '-'’Jnfributions substantially in 
oniy one element in a compost- uiat Ministers should be pre- yesterday that, in geneneral. shouts of “Why nol? “ when he ihe Budget to allow greater re- 
on of.elements on the basis of paj^rj j 0 give more information Ministers should be as helpful went on: “! don’t know ihji we ductums in direct taxation. 

■ *!i an er|lu } a ' de al,d durable ro scJet-i Conuniliees. ai> possible io ibe cominmecs need always expose—ai any rale As part of the agreement for 

settlement must lie based. There is general disquiet among and try to satisfy their requests officially—all nur working and maintaining Mr. Callaghan's 

Lord Gorenwy-Roberts cm- .MPs over refusals by Govern- for information, provided that domes to 1 lie public al large." minority government in office, 

phased that for the same ment. civil servants and normal assumptions about the Mr. Michael Latham t‘‘\ Mel- V r - David Steel, the Liberal 

reason, the Government must nationalised industries to di- Government's responsibilities ton 1 observed that when Ministers leader. <-nd his colleagues, in- 

reservv iLs position on the Salis- vulge information which com- were observed. were faced with a hoslilc report tend to demand a say in fram- 

bury talks to (he extent that the niittees Walm tc essential to ** h is well known that there of a Select Committee the golden mg the Budget, which could be 
intention, in practice, appeared their investigations are difficulties about this when rule seemed to be to ab 11*0 the the last before a general elec- 

to be to negotiate and imple- The nationalised industries mutters of commercial interest Labour MPs who served on it. linn. 

mem a >e;:lenient which did not committee, in particular, pro- are concerned." he said. Mr. Callaghan replied: “Thai is Their priority will be cuts in 

include a!i ihe elements of black tested al the lack of In form a- Mr. Kvtln McNamara (Lab. not necessarily true, il depends direct taxes nut only at lower 

Rhodesia lion over the financial position Hull Cenl.i wanted 10 know why on the occasion." levels hui also higher up the 

He iold Lord Home, the of Br ' lis h Steel Corporation. Ministers were so relucUDl 1.0 li was right that the '.o-ern- stale to increase rewards and 

former i:iin>rnative Prom- Th is was followed last week make *latement> about the mem slunild retain the c-'nfideu- incentives for middle manage 

Mini-ier and Foreign Secretary- by lhe report or ihe Committee mechanics of government. liahty of advice which w:«> given ment. 

who a«ked if th-'° Government ,,n Statutory instrumenis. Mr. Callaghan said lhat if he to it whenever it Ihought u *.ias They have already made 11 
would suppnrr a settlement which accused Ministers and was referring tu Uic way the proper lo do so. dear tu Mr. Healey that thej 

arrived at in Salisbury, that il • • : • would be in favour of tax cuts 

would have t t> satisfv iwu main _ _ 1 financed partly by increases In 

tests. Il would have tn h>- ]%/■ 19^ indirect taxation, such as VAT. 

acccplahle in Rhodesia and 1 Vi TOT lUflUirV ' a f rt ^ increases in the em- 

Africa. and a>cepiable to tiic «/ ^ J ployers insurame contribu- 

internalional enmmunity. _ _ • l ‘°-£ u of ^v 10 per cent ' 

?S£into Pencourt File allegations 

-Z'CZZ i and 10 phase oul child tax allow- lo thus*. in anccs Th6ir four nrooo^als wil 1 

KrrS* BY J ° HN HUNT 0«tI.I5S SyTSiL John 

happen in l n ihe Horn of Africa. Pardoc. the partv's economic 

It was important that a settle- THE PRIME MINISTER was Blaker (Blackpool S) referred to Replying to Mr. Blaker. (he spokesman, 

ment should be acceptable 10 the pressed yesterday to order an an allegation in the book that the Prime Minister said that he had Lysi year the newly formed 

United Nations, which would inquiry into an allegation that Social Services Secretary had read extracts from The Pen court Lib-Lab pact nearly 'came to 
have a major part to play m Mr. David EnnaK Social Sen-ices used his inliuence in 1976 to File but was glad to say he had grief when the Chancellor 
securing a stable and peaceful Secretary. had deliberately conceal the existence of a file on nor read the entire book. “As announced a ap-a-gailon increase 
transition 10 a new independent waived N'atioual insurance con- Mr. Scull. for any breacb of security, ihey in petrol Tax. He was forced to 

Rhodesia. tributions for Mr. Norman ScotL _. . .... . . have all been thoroughly abandon the proposal because of 

In his speech. Lord Home said the male.model. should make a statement issue a investigated and l have nothing, ihe combined opposition of 

that if Rhodesia was io survive. The demand w:i a made by Mr. ' rPS jo n ' to say aboul them. Liberal. Conservative and 

it was essential that her armed Nicholas Ridley (C. Cirencester , „ .' 0 . . . N-^t'onalist MPs. 

forces should he sirictlv |„val 10 and Tewkesbury) who said lhat Mr - Lalla-han caustically Mr. Ridley had urged an This time, the Liberals are 

ihe state, well disciplined and allegations in the book. The replied that Mr. Ridley was inquiry and a re purl tu the House letting the Chancellor know-well 
well trained. Unless this was Pencourt File, serialised in the operating at about his usual on whether the allegations were in advance what they want to 
understood. Rhodesia would be Dailv Mirror, were •‘matters level. He suggested that if the true or not. “Otherwise, the sec in the Budget and also what 
•• seni reeling bv the impact of which the Prime Minister must Tory MP was serious about the scandal will have !o he assumed they would oppose. This again 
Russian power and Cuban lake seriouslv." matter, he should put down a 10 be true fur iack of denial, includes any increase in petrol 

mercenaries.'' Another Tor-. Ml*. Mr. Peter specific question on the subject, he claimed. . duty. 

wrmtd suppnrr '* settlement w hicb accused Ministers and was referring tu Uic way the proper lo do so. 
arrived at in Salisbury, that il • 

would have t t> satisfv iwu main ___ ^ # _ 

iHSIvs Tory MPs press for inquiry 

international community. 

&svs3&£ into Pencourt File allegations 

settlement to those engaged in 

ihe Salisbury talks nr what was BY JOHN HUNT 
happening in the Horn of Africa. 


Defeat for Government industrial building 

on referendum date allowance changes 



PROPOSALS in modify Die though he had sold .it for . the 

LABOUR anli-dcvnlutfnntPts Section, a different course might day. “There would be more |" , j 1 “ sLrial buildin.s alloVance ^ pi ^ a f 1 ew*lease 1 ^ i ’ ranl 

joined Tory and Liwrul MPs-in be followed drinking than voting, he said, rules are to b- included m - Thc jndustrtilist holding llie 

the Go mm u ns Iasi nighi-lu inflict Mr. Smith had told MPs " U is Mr. Gordon Wilson (SNP. ibe Governnienl ? forthcoming nt . w j ease wna j d be entitled to 

another embarrassing defeat on' the Government's genuine inlcn- Dundee E 1 said lhal combining Finance Bill ~ T industrial buildings allowance, 

the .Government, by adding a tiop nol to confuse the two issues, a general elecium with the The changes will enable aa as though ihe capital sum he had 
nrvv clause ir, the Sw-j'land Bill l can give a categorical assurance referendum would save more industrialist who pays * capital paid had been for thc acquisition 
which ensures, ihat ih,*‘ next that we would not seek lo lhan E2m. It seemed some MPs suni fora lease of more .than 50 0 f tiip original "relevant interest 
General Election and ihe coincide the dale of (he refcrcii- w ore terrified uf fighting a years to elect jointly with the m (he factory 
referen-luin on the rsiahlishiupni duin with that of a General single issue campaign during an holder of the relative'interest in j n ( bis ^ay, an industrialist 1 
of a Scottish Assembly cannot Election. election- industrial building to regard paying a premium for a long 

lake place nn the same day. Although he would nol he tied Mr. Francis Pym. Opposilion the new leasehold interest as the lease of an advance factory will 

Protests by Mr. John Smith, down to agreeing (0 a minimum spokesman, said there was a real relevanl interest from the date he able to claim industrial build-j 

Minister in charge, of the Bill, three-month gap. the Minister danger that the decision about on which it takes effect.. inss allowance." J 

i,-,ai tiie Prime Minister did nut said it would he Parliament, and dales would be taken simply “as The changes were announced Subject 10 certain safeguards 
intend to choose an election date not Ibe Government, who would a matter of expediency." ir the in thc Commons last night by againsi lax avoidance. the. 
which would coincide with the decide the date or the referen- Govern men 1 was not prepared lo Mr. Joel Barncd. Chief Secretary Government would propose ibatj 
date fixed for ihe referendum, dum. give a “more specific under- to the Treasury, m reply to Mr. the right to make such an elee-| 

failed to allay suspicions among Mr. Tim Renton lC.. Mid- taking" regarding the possible Arthur Palmer (Lah- Bristol (ion should apply not only tof 
anli-devijlutinnists on both sides Sussex) said ii was very difficult closeness of the referendum to a NE). advance factories, but whenever J 

of the House. fr,r MPs to accept Mr. Smith’s general election, he would urge Mr Barnett said- "Following ;< lease of more Lhan 50 years j 

Th.' new cl-ume moved bv Mr verbal assurances. 11 thc Govern- MPs to support ibe clause if il such an election the holder of taking effect after in-day was. 

Tam Dalvi-11 (Lah West ment -proposed a September went lo a vote. Uic original relevant interest in granted out of the_ Teluvanl m-1 

. .* ■ .._ .c r, ‘ rpferpndum and the Prime Mini- Heni-win?. \Tr Smith -said he Uic factorv would he treated as tcrest in an industrial building, f 

Th.' new cl-tiKse moved hv Mr verbal assurances. 11 thc Govern- MPs to support ibe clause if il such an election the holder of taking effect after 

Tam Dalvi-11 (Lah West ment -proposed a September went lo a vole. Uic original relevant interest in granted out of the 

Jotbian) lavs down that if Par- referendum and the Prime Mini- Replying. Mr. Smith said he the factory would be treated as tcrest in an indusint 
Ibinipnr is dissolved befarc (he ster subsequently called an would nol rule oul the proposi- 

referendu'm 'takes place the October general election, the tion that a two-month gap" might 

referendum must not hV held veto. ■ which hath Houses or be put forward in the Lords 

until a period of three months .. C0U1 d X0L,ld n,> He promised that the Govern- Trjllro AQ1* lTTinOrt^ 

has elapsed after polling day Tor lon a er appl3 ’ ment would take careful account JL dl 8\N OO Ldl lUlfJvf* 

ihe General Election Mr. Jo Grimond (L. Orkney of MPs' views on a suitable 



. .. t^CtARATidj^ OF .DI Y1 DENDS— UN!T E D KINGDOM f 

CURRENCY EQUIVALENTS . .. J .. :■ , r * 1 . ' 

in atxBRMDce wln.lbc'mlMaro. ewMlllans rH»un» «■ 41° a B*?*'“janiair** '' 

jgWW-b> ifra. underrocBitonW conitfin'ES on ^ R«>*trar- I t3ij? 

19TB :re»aQah«iv «t«mB from (n». office oi tne b¥h 7020 South 

"■‘J *« ■"^dc in United Klngifam enrrener at tne raw oi "’-‘Trrr a-a'ldtle ‘ GR6 

* I, * UB currency eg Cl UmlM KlonDcra currency tntj «wl«B W , - 

rate al KM tor mnittances t*t«een the Republic o» South \ ■ " 

in acuRMDce xlui.lbe wanaara, 

fta. underrocBlta 
197B. rewoctlveiv payments fram tn 

01 runiiw 1 or mnittances Between the mpb""^ --Til comoanleV 
the United Kingdom on-1* February., 1978 as. adviacd n* thc comnanie* 

South African bankers.. 

. The United .Kingdom wrrrney' eoafwalents- el in* cH'itWnds arc the ore 
as tolims- • •- -v- 

-- .€acw ineorocnpfea hi the - f 

_ HeonbUc oi South Alricai '■ • 

Witwatersnnd. Geld Expbntlon' ‘ 
Cempajrv, Untiled :■ • — , 

Vagelsirvfsbnlt N»«*l Haltftmo Viral ted . 
Cwn Fleldfc O Scti U^ Africa Limited - I 

.London' Olto: . ;..f . ■ ■ 1 

*9 - Maofoate :-. -V - •• 

. LDBdon. EC2R 6BQ. ■ 

Unite* Klhsdom, Kt ytstr fn 
Close Registrars- limited. 

BOX High Road. . . 

L^vton .... . • 

LQr*oon El O 7AA... • .-- 

,i« February 197B. 

. No 

Amount -• 

per Share - - 

X-SS 6 ST 0 

order nl the hoards 
London SB. rfrUrv 


. :• >-.7?:. 1973/t99f ’-;UA' 50.000.000. 

Nocice is hereby given - 50J.: bond holders of the. afiove 
chat che amoonr redeemahle' on March 1st. 1978. i:e. UA 750.000 
was bought in .the-market; - — 

An additional amount of.' UA 750.000 has been purefmed 
pursuant to. paragraph “Optional Redemption" of the terms'-.and 
conditions of the loan. ' ,. 

Amopnt .outstanding: UA 25^00J)00 • “. 

. . Principal Paying Agent:'.'!: 


Luxembourg. February ■ 15. 1978: - - - ' 



. itwre -. io> 

.1978 ..has 
r o« O,recto. 

, 1978.-. to- 

> the' coraw 
I rhe ipth 
. - The- 
r African 
I from "UP 
I United' 
and Sltrllnc 
I • -DMeii 
. LtjRrten 
-Brftph, i 

J B> *' 

' hJrT* _... . r 

an-iran— - 

! "ednS the 

! r*w. otr-is. 

. navabie,. -.. 

. Far:,the e 
■ KiViifemr -the 
Share _ 

:-17th a 



: e*tw l . . 

. _ SY 

-Rvatstereo ai 
, ~Z2D. Com mil 
• ImyWTrut 

" SranBv.eiouS 
15 Soutfmnr 


I share ler 
| 1378.". -has 
1 'a!. Directors 
' ' T978 10 : - 
.1 m the bo< 
"(Of buslAes 
• -• The J 
from tfi. 
1 the rate, 
land 5ter' 

1 :.-oi»id< 

| London 
} Brttgi- - 
■to a 
.'r« a 
■ tor fri 
I; -ThC. ._ 

1 dMRtfc ■■ the 
i la* ■ 15 

j Davoble. .- - r 
1 -.- For the- 

1 dlyldcnd tlu 

I inclusive. 

• ' Dl«td*n( 

'!_, -ax.-. 

Burtmonlrent ^ pB- 

We are one of the largest and most successful drinks; ^, 
and hotel groups .in; the UK, and are now seeking to ; • J ^ 

appoint an able Accountant to complement ouf. . ^_ 

multi-disciplinary i^Fthin the Group Planning .:' . ... , 

Department. . = f . 

‘ . - r t - 'S*C,-eURO 

The pnme.functronsxrf this interesting and,.' .. : . . < -, 

raypqnsjble >qs t.?[e^to;deyelpp the Grou p.'s.-fijianq.aL 
plans, to analyse theimartcial performance oT. . ’* j 

competitors and other,cpfnpanies of interest^endlQ. ^-i.-. 
undertake a wide range pf special projects in the •'2Sw 

finance and planning area. .. . r. ; - ^ * 

.The ideal applicant-ivjil possess an accountancy. { 

qualification and a degree, preferably in Economics \ . r 
or a numerate discipline' though the essential;' v’’/ 7 -’ • ' ■] ? - 

requirement is for a proven strong analytical a^ry.-.-c. 

A minimum, of four!.years'experience iri. an. ^'^mas^Ssf 

industrial or commercial environment is required. - - ^ V ' 1 

Terms and working_epnditions are first q|ass^nd-7.-.v. j . ; 
fringe benefits metadei contributory pens ion;; \ 
scheme .with; free l.ife^surance.r _ L,.'.1^ •• 

Bass CharringtonTJrpjted r A ; .■ V' •: 

54 High Street,Burton on Trent, • \ V. 

Bass Charrington jpk 

r. ■ ■ • ;-Tr-U W; -BRVAMT. Secreiw 

NKton Works: 

TJ.- - 

..-- ■’-S 

-- "NO ' 


-and. i 


WarrJMs ~ 
HoWtrf of 
<rr«nM _fOf 
.lodtn Coooot 

i oraloj) ,Ei 

-••• '-M 

.,. -. Woc^e 

International Operations 

An' aggressive, medium'-sizBcf;' USA’; *: ' 
independent oil company lias an-innmediate - 
position .available m an -aQtaciive foreign... v 
location fof an individualfTiyrth - a college-/ ’'" 
degree or equivalent "irV . Geology, or ' 
. Petroleum Engineering and at least 20 years • 
varied oil- -add qas exp'enenee. Specific 
e-.penence mu si have included recent .line ^ 
management responsrbilitv for a foreign ' 
-fxplorat.ian and prochictiqu-. ■ operafion * - 

iricfudmg responsibilities intefface^ 

v.-ifh foreign goyernnienf of/feiaJs. Abifity 
speak and read Freiu.h 'yviH- tre ^^^fijTife,..-; 

. asset. .-The position is; fe.sppn^^-..;4'dt'V: 
nianagefnedt. of a current • letpbri gt idn '. 
operation now -in. advanced.’ ista'ges-'yAfh-.^;-. 
potentiaf- fp.t /ulur-e growth 1 -Ff : : :prwiuictra&'i. Z 
: operations can be developed: 1 :. s ‘Jf.?; 

For ^ immediate anrfcortfcfenfiil; - 
consideration, - forward .'.yptif i resiime --' 
complete-; with salary histdry ovailaMi^v: ;’ 
and geographical preferenesdata to. .;r" 

" Box F. 602 , Financial Times' .' 'j /- ‘ 1 'v 
TO. Cannon Street EC 4 P 4 B a y "' 7 -;-; 


-J orter ■.< 

I lL any. 

! The 

.«il whirt 

~.i <w fe 

t. - tpe'v*? 

. ‘ '.Qhnflcna*. 

■4 ■, ***;: • ! 

mew »« 

• ; <bi- Where- 
J '. il 
n«n ra ov 
1 . ‘ UfrCl 
" Otner "Uivia- 


- unmBM- 




r .daw: 

J -4Q7i 



.. - -.t 'C^-. -1^ 

Mlkardn < Lab.. Tower Hamlets) fj5 cti ° n < ';“ 1 "\ J * a 1 i 5 n - it was vx- 

S SSf ri'Jf'ifttTS =; y *** «»« vvo Military airfield 

MK. EDMUND DELL Trade varying kinds from lime (o time j, 

Sceretary mei t h. ? Japanese am- as a means of boosting their sales, sutters of AYu=s*imir uhitbo £9 |g 
bassadm- in London un Monday Reductions in interest rales are ■ uprphv- ^iwv «, ** 05 !' 

lo discuss the level of Japanese one means of offering such f „*^£ Tol *^ a 

ear imports into Britain Thc discoums. seal a Nremn! uf >he «wuiors or --: 

meeting was at the request of Mr Cryer added: “The l.ov- mutters or avi.eshukv lihuted .. . ■ 
Hit- ambassador. emment is. of course, very con- .. 


Borough .of Bournemouth -•: 

——:—"• •• •.- 

the new clause. Unless the Government was a* n i' „ ' . cerned at the current biEh level 

Mr. Dalyell said -his personal iryin n , 0 kill the devolution Bill. 0011011 TOF SlUClV . ]n ? w tt ' r '“ en *-«>nimon 5 reply f imporls . Bui , t is nol pos . 
belief was that the Prime they should accept that voting r " night. Mr. Dell said: * The - bl lQ lso i a j e t he effects on 

Minister d'd nr.( intend to hold should either he on the same day Financial Times Reporter Government Mill decide their CQT lnduslrv 0 f this kind of 

a General Election on the same as a general election nr put uff THE GOVERNMENT is to con- P 0,i ?- V ,n ,h * *'ghl uf these dis- sa)es ,, romo iion measure.” 
day a*, thc referendum. for some time. sider. developing a military air- cH i, s '’ 1 u ll . s ‘ jn d/V h| - ,r consultations jjj ss j uan Lestor (Lab Eton 

lie accepted that the Govern- Mr. James Dempsey (Lab. field a* a civil airport fur unicn ary taK i r i5 place. anti Slouch) asked whal siudy the 

nienl had been “ entirely honour- Goatbridge and Airdrie j said London's air traffic. t In 0 series of questions, the Government had made of the 

.Hilc” in giving the assurances that H a referendum had Lo be [n a Commons written reply Government was asked ahnul practice of foreign car lnamtfaC- 

voiccd hy Mr. Smith. But circum- held three months after an last night Mr. Stanley Clinton hire purchase facilities un for- lurers offering interest-free loans 

stances could change, and if 1 ! election, an October election Davis. Minister of Stale for eign cars purchased in Britain, to purchasers. 

became necessary for a final c-quld resuli in the re I trend urn Trade, said the Government was Mr. Bob Lryer. Under-Secrelarv Dr. Oonagh McDonald (Lab. r ,„„. an . .. n - rt . . . ..... . . __ _ 

decision nn the djic uf lieing called fm' January 1. prepared tn conti(Irr this option, for Industry -said; “ A large Thurrock) added that purchasers A : stLTlIL "mb • 1 ' ':f^l 

rei'rrrnduin in ho laken in He asked whether English and jn response 10 susgesiir.Bs made number of car manufacturers, of Fial cars were being offered r r 1 pteas"sho w '' '. riiti/i nV tt'n i nnitljo >? ^ ta ^ '-^UfF 

-he!|fi eireumstanres Srrti tish MPs had any id»*a dnrm= consul lotions 00 airport both Bntifb And foreign, as with hire purchase by the company at i sa«a airieit.' r«'ff 1 SG 4 aoa , ^ £ ’ T '-’ 

iiruxicdiaicl: prior in a general happened in Scotland on that strategy. other products, offer discounts of 5 per cenL Mon.-m. ciosea saiurea»s. oi-aj7 , 6«s5. ssor*,'.'"' -: ■ ;- T * tex - 

Mrn,0 ^^5^S 0UGH °' f£ 



CLUBS PROf*|RTi - • 

tKmmmmmmmmmmmmm j ^ jp“ 

tvE. ISM Rvpcni hcreec_ /m at7S. A I, ^ DS,A ' flfcOUR. rJxi rt ." ■ 

tdan !* j : -Sst 


: GERMANS -started-Yit: 
-*tly after Britain joined the 
unois Market they y put. Jt 
‘if that we : would .not he 
■ wed .to. sell 'UJ& beer in the 
sral- Republic because it was ■ 
good enough for them. They 
? strict rules ‘.about the 
ty of what goesintrv their 
ts. and British wallop—pas- 
ised' or not—simply failed 
rnteh-up .to “their standards, 
‘slpful as eyer. the Common 
. set Gommisslon :set‘ about 
ting a harmonisation, pro po¬ 
or' a. beverage which would 
...all national hygiene and 
ity ruies : and r which’ could 
be traded freely around the 
- countries of the EEC. In 
ay was it suggested that the 
tatilds, krieks. gireuzes 
other assorted • brews, 
hed in the Commomty were 
•r threat 

it no amoanfnf explanation 
i free the British: public 

the illusion that Brussels 
mucking about with their 
and that if the Eurocrats 
their way we would all end 
linking some anodyne stan* 
ised brew. To ; be honest, 
3 ress was somewhat slow in 
□g forward with'the plain 

• i. 

irobeer, the hltimate 
aucratic excess, created 
i froth. Harold’Wilson was 
c'lilairly fond of referring 
his fictional liquid In bis 
■er moments,; especially 
i he was playing the role of 
pragmatist for the benefit 
is more fractious anti-EEC 
iren. . 

this way the Commission's 
■running programme to eli- 
.te non-tariff . barriers / to 
in the food and-farming 
r was brought into disre- 
in Britain. 

strong was'the feeling, pai:- 
' arly in Britain, that when 
. Guild elach took over as 
culture Commissioner. a 
ago. one of his first public 

duties was a spruigftdean in the 
haxmbnlsatLon department At 
.*■slnlfuijy stage-managed Press 
Conference he announced that 
;he. Imd J^rowa out a job-lot of 
•wl dead, dying or doldrum- 
Tioumd- harmonisation, proposals. 
Some,', he admitted, had been 
IticWos around Brussels for ten 
years,'rejected bythe Council 
of -Mlmaers, but still nursed 
, by- r.their y-autbors an - the 
: Ccmimasion;. • 

To 'the glee of .the British 
Press, which Sped’. whooping 
with joy to foe news-stands with 
claims; of a M victory,? Commis¬ 
sioner Gundelach did to death 
the Comnuisrion’s plans for 
Eurobeer, -bread," -mayonnaise, 
'ice cream, krfmfedicmery and 
other products. 

- “In some case^: read the 
official death seoteiice, “pnbile 
reaction was: so strong as in 
make any reguJaitaon- am pos¬ 
sible." -.. . . .. . . j. 

Gundelach-s actio a. effectively 
took the heat but of an embar¬ 
rassing situation-'.He told his 
staff to be more careful when 
choosing their' harmonisation 
targets in the'future, while at 
the same time getting qn with 
the daunting task of identifying 
and -finding ways round tech¬ 
nical obstacles to- free trade. 
Many EEC. officials-.are now 
prepared to concede'; that the 
Eurobeer proposed Vras ■ a mis¬ 
take at least to -foe.; same ex¬ 
tent ai the. equally scorned 

"EuroloaF* project 

Experience had proved that 
nothing, was morejlkely to 1 igh t 
the fires of chgiivfiiiGm than 
" interference " Jn^such sensi¬ 
tive areas as food 1 and drink. 
But while virtually . every pro¬ 
posal dealing witiLthfe composi¬ 
tion of food nr 

shelved in the eariy&ays of the 
new ’ Commission's; ifoign, less 
spectacular projecfej’iike plans 
for harmonised labelling were 
left on .the Min&^’.jable. 

. - With much of-^the other 

clutter cleared awsy^more time 
was. devoted to such jpfoposals, 
and this one, according to Tim 
Fortescue, director'.bf the Food 
and Drink Industries/Council, 
will ‘represent “-a.'.bi&e step 
forward” when ijpris finally 

Christopher Parkes looks at the EEC Commission's attempts 
to remove non-tariff barriers to trade in food and drink 

A fresh approach [’ll 

to harmonisation I BRUS 

approved sometime this 

Technical proposals, affecting 
other less emotive issues such 
as the mccfjtnics of cars, iract- 
lors and other vehicles, are also 
progressing better now that the 
air has been cleared. 

But everywhere in the fond 
anti fanning business, there is 
an air of disenchantment with 
the whale idea of harmonisa¬ 
tion. approximation or law’s, 
removal of non-tariff or tech¬ 
nical barriers to trade—call it 
whar yoir will. 

Ashed for examples of 
changes which have benefited 
its members since Britain 
joined the EEC. the Food 
Manufacturers' Federation could 
comment only: “Nothing springs 
immediately to mind of benefit 
to food makers, importers or 

Mr. Fortescue suggested that 
since the nine countries in¬ 
volved were all fairly civilised, 
and since their laws were not 
designed to poison or otherwise 
damage their citizens, it would 
be easier if the Council of 
Ministers agreed that any food¬ 
stuff acceptable in any one of 
the nine could be allowed free 
passage anywhere in the Com¬ 
mon Market. 

This, he admitted, was far too 
simple a proposal for a political 
organism so inherently com¬ 
plicated as the EEC. But he was 
relieved about some of the 
changes taking place in the 
earliest stages in the drafting of 
new directives and regulations. 

Instead of waiting for the 
Commission to come up with 
ideas, the European food in¬ 
dustry has begun to take the 
initiative. Companies and 
organisations have begun to dis¬ 
cuss among themselves the com¬ 
modities and industries where 
harmonisation could do must 
good. They am also attempting 
m discover bow far each is pre¬ 
pared to sn in the name of a 
“common" market. 

In tliis way '"they aim even¬ 
tually to present the Com¬ 
mission with outline drafts nf 
legislation they heiicve is work¬ 
able and. most important. 

acceptable to the nme national 
industries and Governments in¬ 

Mr. Fortescue was hard- 
pressed to name any areas 
where the Commission had 
made real progress inwards 
harmonisation in the food sec¬ 
tor in the past five years. 
*' There have been very, very 
few positive improvements,” he 
said. “The formulations of the 
Treaty (nf Rnmei are such as 
t« give infinite scope for de¬ 

At least British chocolate 
rrmld now move freely about 
European markets, he conceded. 
In the past objections had been 
raised because U.K. chocolate 

contains a small amount of vege¬ 
table oil- an ingredient frowned 
on elsewhere in the EEC. “ That 
was a grr.-ai bone .if contention 
for a long mnc." said Mr. 
Fortescue. " But ihanks in a 
directive that ralher fudged 
the i.ssuc. the difficulties are 

The seejnr which would 
benefit most from more 
harmonisation, he suggested, is 
the meat industry. The nine 
member states all had a set of 
rules: “ all very strict, but all 
very different." 

It is obviously easy to he 
cynical - about wheihor the 
Eurocrats are spending their 
time in the best pussibie manner 
by preoccupying themselves 
with such unpopular or appa¬ 
rently uni in puna nt issues. 
Leaving aside the macro¬ 
economic arguments for Com¬ 
munity-wide fre-: trade, there 
is a crying need inr the removal 
nf the lime-consuming and 
costly muddles which beset 
traders. Take just one fraction 
of one country's legislation, 
multiply u nine-fold, and you 
get some idea of why harmoni¬ 
sation is needed. 

Scratching about in the 

British Ministry of Agriculture's 
Food and Knud Standard? Divi¬ 
sion. the poi'-mial European 
trader will come up wiih sheaf 
after sheaf of legislation govern¬ 
ing the labelling, packaging and 
composition uf *ood. The Trades 
Descriptions Act and weights 
and measures legislation con- 


ceal further possible pitfalls. 
Consider For a moment the 
mysteries of the Food Standards 
l Such Order 1952. Ponder the 
convolutions of the Milk and 
Dairies (Milk Bottle Caps) 
(Colour) Regulations 1973. 

And beyond the more 
straightforward legislative hind¬ 
rances are sull further obstacles 
which can turn trading' into a 

To take a topical example, 
according to C.K. law. pre¬ 
packed milk may be imported 
into Britain only if it has been 
packaged and heat-treated m 
the same factory — assuming, 
of course, that all other commit¬ 
ments have been met As it 
happens, it is not usual on the 
Continent for the facilities to 
be found in the same plant. So 
does that rule constitute an 
obstacle to the trade? Should 
a harmonisation project be 
launched, or should legal action 
be tried? Indeed, does anyone 
on the Continent want to send 
milk here in the first place? 
The Ministry of Agriculture 
sal's flatly that anyone keen 
enough to want to export nulk 
to Britain should have few pro¬ 
blems adapting his meihuds to 
match British rules. 

Anolher case concerns British 
flour regulations. During the 
war, because the average Briton 
was threatened wiih calcium 
deficiency, a regulation ordered 
ihe inclusion of a small amount 
of chalk in all flour. 

This regulation has not been 
withdrawn, and so all supplies 
must still come to. market com¬ 
plete with tbeir quota of ehaJfc 
powder. Continental millers 
object to this “ technical barrier 
lo trade ” and demand its 
removal. The Government has 
plenty lo do without fiddling 
with such minor details, and 
on the other side of the coin. 
I'.K. millers, well accustomed 
to treating all their flour with 
the necessary additives, and 
perfectly content to hamper 
their European competition as 
much a* possible, insist the 
rules should stay. 

Throw a little political inirr- 
ferenra inlet all this, and life 
can become impossible. Some 
memher Stales have. for 
example, hecn accused of main¬ 
taining obsolete regulations not 

so much to protect the health of 
their populations—- both animal 
and human—but more as a way 
of keeping the competition at 
bay. Particularly suspect arc 
British health rules, which 
effectively bar all imports of 
fresh pork. Alt nine States have 
such individual “foibles.” 

Given a respectable period in 
which to recover from its earlier 
embarrassments, perhaps the 
Commission may soon begin to 
pluck up courage and once 
again increase the pressure for 
harmonisation—or approxima¬ 
tion," as it has now'lakeu to call¬ 
ing it. 

Officials already recovered 
from their blushes are regain¬ 
ing their confidence. And they 
are happy to relate an ironic 
sequel to the saga of Eurobccr. 

They point out that ihc 
" traditional ” beers now enjoy¬ 
ing much popularity in Britain 
artcr all the public clamour for 
“ real ale.” appear to tally in 
all respects with German stan¬ 
dards . . . and they might even 
qualify as first-rate samples of 


;by our legal staff 

Coal retailing 

An old colliery sited in tfae 
Green BelL, from which retail 
selling or coal took place ever 
since it was opened. On the site 
is a spoil tip and part or the land 
adjacent to it was bought in 196(1 
and used for coal retailing. Now 
part or the tip has hren removed 
anil wc should like to purchase, 
this part for coal retailing. Do 
you think uc this without 
planning permission, in view’ uf 
the fael that planning require¬ 
ments are that land uncovered 
by spoil removal should revert 
to white, or eien green belt? 

To express :« fully considered 
opinion un your query would 
require full documentation 
the planning hisiory of the are:i 
in question and nr all planning 
consents and refusals of such 
consents from ai least 195R. You 
should consuli a solicitor or a 
surveyor/valuer wiih experience 
in local planning matters if you 
wish to challenge ihe view that 
the land may nni be used for 
retail selling of coal. 

Company loan 

fine of (he four members nf a 
private company bad a loan 
account in rredit at tlie time of 
his death, 18 months ago. lam 
told that interest charges Tor 
this period arc nut payable. Is 
this correct? 

Apart frnm any written terms 
uf ihc cnnirac* of loan which 
michi exist, we can sec nn 
reason why interest should not 
he paid frnm the date when 
the repayment nf the loan became 
due ilhia may not lie the dale of 
death). Tin- positron before 
death wriuld he resrilared by any 
express terms on which the loan 
was made. or. alternatively, hv 
the way in which the loan 
account "was -uerated during the 
lender’s lifetime. 

I No legal rcspensipility con be 
i accepted by the Financial Times 
| for Che answers given in these 
i columns. All inquiries will be 
.answered by pose as soon as 
I possible. 

. unce in September the wel- 
* news that the economy 
not been performing quite 
adlv as we had all tboughtr 
Is not some gimmick to 
tide with October election* 
lg or even the discovery, of 
en output—rather like the 
sional tinder-recording of 
•rts. It is merely an account- 
change since, the Govern-, 
t. or rather the Central 
stical Office, witf he fe.Deal- 
tbo results of. its.-regular 
/ear adjustment - lo cope 
the impact-of inflation and 
iges in the pattern of income 
ut and expenditure.- 
ke any ordinal business 
nisation. foe’ • Central 
■stical Office tor . CSO) 
npts to adjust for inflation 
he multitude of figures it 
tices. The purpose - is to 
an indication of the under^ 
; trends in the volume 
;r than value of, for 
sple, industrial production, 
itment and retail sales, 
involves deciding - on- a 
date and constructing an, 
c which reflects the volume^ 
price relationships which, 
ailed at that time. That 
ting index is then adjust®* 
hanges in the overall level 


• . . • ■ JJ C-.. 

Annual percentagechange. - 
Using 1970 -jUsing-^WS 
- price base ' pdee^ase 

T976 " 1-2 // 

-1977 0.6 ?S 

ijflrfon Sui^ess Scfmpl 

• ‘ •“ '. i 1 / 

of pnees^but not /or changes 
in relative drices. * 

These^apparent technicalities 
become mher important when 
on© prio*rises very mueh more 
rapidly than the general level 
of? inflation, as has occurred 
oil, and.tirhen a major 
new economic activity appears 
MmosiJfrom nowhere, such as 
Kortft, Sea exploration and 
development. . ■ • 
f. The present hase date is 1970. 
when oil activity was of neglig¬ 
ible importance. though natural 
gas .operations were butiding-up. 

a j m ijt rapid'y and the growth rate 

ACCOUMimS IOr iflC £nt d higher C ^han^°othenvis© 

X A V VV WAA 1 / M.VM. This is quite noticeable When 

the rate nf gruwth at 1970 prices 

economic impact of oil iiHiSar. 

changeover is shown in the 

So the relative weighting nf the nil rose by roughly fit times The National Institute of London Business School esti- 
North Sea sector was very small, while mher prices in the Economic and -Social Research mates in the accompanying 
A far more important influence economy doubled, indicating a has estimated that the adjust- table, which i* based on fore- 
mrtbe figures has been the much - 2 J times jump in the relative mom in relative prices should casts made at the end of last 
lo\ver. price of oil in 1970. The price of oil with hftie rhange in increase U.K. Gross Domestic year. The difference between 
YalcuTalons being carried out the relative price of natural product bv just over 3 per cent the 1970 and 1975 price hasc* 
this ye^r by the CSD arc on the gas. more between 1976 and 1981 .will not alter significantly even 

basis- relative prices and This will produce the than if measured at 1970 prices if f he underlying economic ex¬ 
weightings in 1975. apparent further gain in the The bi.’gcsi impact will have pansion is slightly higher. 

The reason why the indices rate of increase in real. Gross heen last year when North Sea The explanation for the re- 
cannot be more up-to-date is Domestic Pruduct. The revalua- output .vas increasing very latively limited difference made 
that the estihjatc.s rely on the tion of domestically produced 

Annual GensuX, of Production 0 jj the far higher relative ■ ■ . —■ ■■■ ■■ ■ -■■■ - 

and it takes a ^ong time for prices of 1975 will mean that 
company reports to. he received D1 j ^ 0 f mn ro significance pro- 
and analysed by the Business part innately. Consequently the 
Statistics Office. The results will rjie j n oiirpm from the mid- 
be shown in the National Incnme 1970 * nn ward« will, whpn 
“ Blue” bonk published in early jn eas „ rP d af 1973 prices, • m- 
September though the..change creasc the rate of growth by 
could be made slightly earlipr a c | c;ir amount more than when 
for the monthly industrial pro- at 19 

70 prices. 

dunion figures. 

The most important feature The preliminary official est;- 
of flits rebasing will he The rise mates are slightly more cautiou- 
in the price of nil. Between than some outside forecasts. 

1970 and 1075 the price of crude The Whitehall estimate before 

the final calculations have been 

' ___completed is that rebasing ai 

— — 1975 prices would boost the 

fjwr Qf* y increase in real Cross Domestic 

fl W I I llr. Product by less than 1 percent. 

between 1970 and the third 
g ^ quarter of 1977. The impact 

I. n >>^> be only 2 per cent. 

I 1 WT© I between 1975 and 1980. 


by reba.sing. according to official 
estimates, is that North Sea 
operations remain a small pari 
of the whole economy while the 
changes in weighting are also 
averted by a more rapid rise in 
the cost of imports than prices 
in general. Moreover, the impact 
of the rise in the relative price 
of oil may be offset by other 

JT- -inallr. the effect or a re¬ 
weighting is to reduce the esti¬ 
mated rate of economic growth 
below the figures on an earlier 
price basis. ■ This is because of 
price elasticities since if the 
price of certain items rises con¬ 
sumers usually spend less on 
them, notably fond in recent 

years, and so the earlier weight¬ 
ing may be an over-statement. 

The end result this lime will 
stiU be to show a faster eco¬ 
nomic growth rate than before. 
It- is. uf course, worth remem¬ 
bering that this is purely an 
accounting change and like so 
much of the discussion about 
inflation accounting ihe under¬ 
lying position is not altered. 
Nevertheless an uflicial econo¬ 
mic growth target nr 4j per 
cent, rather than the present 3j> 
per ceni. sounds rather mure 
reassuring — ai least as a 

i Peter Riddell 





the roof. 

*■ There are many elegantplaces for 
lean gin London. But veiy fewof 
m oner the same kind of spectacular 
w as theBoyal Roof Restaurant Or 
m the same kind of exquiate Prench 

That's why so many fivestar gu ests 
oy dining there., 

\ On another level theGarden Caf^ 

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- The immigration issue, 
onceafjain dragged 
imu British Policies- 

The bloody war in the 
Qpaden. where Cuban and 
Eastern European Military 
Ad vi sors ate a misting 
.Ethiopian rroop*.. 
The last vycek^of France'* 
election campaign. 
This week in Time 
an sale now 

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Finance for innovation 

Financial limes Wednesday February 15 1978 






Halving the size of generators 

Eases the 



Buying via the 
small screen 

AX EXPERIMENTAL superenn- generators with the support of a approaching the sire lumt« that an aluminium structure was 

ductin- electric "enerator—its two-year. S47S.000 contract from railroads ..can handle. In the designed to support the supes^ 

rotor chilled to 45 : > de«r« S F Electric Power Research event that still larger machine* cotiducting wmdiugs against the 
rotor chilled to degrees r InstUute (EPRl) in p a k. Alto. reonirpr , tQ c, raw n-T tremendous forces produced 

below zero—is under construe- California EPRf i* the research re re(Jmred *° n,eet '■ ro * ra » ■•■'•■"i current passes through 

non at the General Electric Com- ™ 5*?* f SSrie energy demands, superconduct. them . 




neinw zero—is unaer construe- California EPRric The research curreni passes through 

non at the General Electric Com- arm T^ the naSon's Metric * ner ^ demands, superconduct- them _ 

pany of the U.S.A. s Research and urnily industry. ,n - generators—compact in size Another kq y component, the 

Development Centre. The EPRl-spnnsored project. —could meet this challenge. liquid helium flow circuit, con- 

Substantially more powerful now near completion, calls for GE’s tests of its 20IIVA expert- trols the amount of refrigerant 

BARCLAYCARD representatives men ting with the system. Mr. undergoing UJS. tests, the GE superconducting machines. Sf“to x-Mipan>“s‘basic design, ductors. The transfer coupling 

told a public conference on Merv>n Garton who is Manager machine is designed to generate s of Meanwhile, the development and that supplies the liquid helium 

Viewdata held in Birmingham Business Development of the 20 fMVA'i of alternating current One of the major attraction- of f-u-jeation fl r . omooaeais for from a stationary liquefier to the 
yesterday that should Viewdata Barclaycard chief office described , n a pr0 €. ress report engineers 

become a public service, users the experiment and theMans for sav tbey have successfully de- resuithlSfJomX larkofS^- completed. This work has re- sent tertias for more than a 

would be able to purchase itpms its development to the 300 people ,qg nedi developed, and tested lance in 8 the flow of electricity in quired ' major engineering Jear. 

fur sale through their TV sets— who attended the conference. fiv .„ ^cy .-umponenls fur the Ihe ^indm-s. Another feature advances in four key rotor com- in Britain, a superconducting 

at home or in their businesses— He will also speak at View- generator, which is scheduled to lbe j r relatively small size, pommis—the superconducting unit was built several years ago 

by entering their credit card data's first European Conference be assembled and ready for lest- \ithou n b a conventional -■■enerat- rotor winding- vapour-cooled hy International Research and 

details via a keypad. In be held in Zurich on Tburs- ing hy 1S79. in'* untt weighs hundrcd-Ar tons. c ur rpr R leads, helium transfer Development for evaluation by 

The system would allow a day. March 2. Superconductors arc a class ii T* built from tecs of thousands coupling, and liquid-heiium flow the Central Electricity Generat- 

miiiiA* tr. u *ptrir*mpnt t ft Mi- r-artnw thnro ftf anri uIIgv.s thai ulTfcr nf nrppik^iv maTnifsirtiirpil marts, circuit ins Board out \ery lime .nas 

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conducting generators now , igns for 300-MVA and 1200 -MVA establish the technical feasibility temperatures for the supercon- 

The system would allow a day. March 2. Superconductors arc a class n i* built from tens of thousands coupling, and liquid-henum now the fientral Electricity Generat- 

reiailer to obtain a settlement A C cnrii,nc to Mr. Carton, there of metals and alloys that olTer of precisely manufactured parts, circuit ins Board but very iinie .nas 

from a card holder's account and ^ nothing new about this method practically no resistance to the For quality control -and cost fnc- The rotor. fn r examuie. i« oeen said wit smeet nan. no^.- 

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To illustrate the way this u ve . tr5 now—with telephone a result. a superconducting machine in the fartory and then tor. instead nL the customary'ducting power lines and 

would "ork. suppose W. il. ordering to retail shops anti, generator—chilled by liquid s j,ip it tQ the ut i|j tv ' customer, heavier copper winding. The advanced developments of that 

Smith offered a “Book of the more recently, for theatre ticket helium—should produce as much .... b =. ’ winding is impregnated to pre- Hk |t would seem ,that ILKi 

Month" or a “Record of the purchasing. electricity a, a conventional ran ' . vent motion, which couid raise h been-given 

Month “ The W. H. Smith p , f * ' fhp 7 lir ,_i. _..- n t rmm machine twice its size. The largest mnvennnnal lls temperature and cause the manufacturers nave oeen given 

sequence of Viewdata frames (!nx Z and Pa r lne «. GE is also exploring the reasi- generators, rated at rrum 1-200 material to cease functioning as J 1 ® 1 * 

would announce the name and bilily of large superconducting to 1.500 MVA. already are * superconductor. In addition, op the pioneering work of 1RD. 

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wished to receive the item 
Through the post rouJd do su if 
they entered their credit card 
details to Viewdata. 

When they had indicated, by 


Easv to use voltmeter 

pressing a hultnn on Ihe keypad. TRULY hand-held a digital volt- to be made accurately, rapidly 
that they wished lo purchase rneler probe is available from and efficient I.. 
usin'* their credit card, the next Planer Products of Windmill The unambiguous: display Iws 
frame would come up on the Road. Sunbury - on ■ Thames. 11 mm digits Input mmpedance 
Icreen filing °. hem ,lo key in Middlesex Designed for-uni- « W ^ 

-SJltarf? versa! ure by engineers and tech- thcvoUproberunson a wide 
Barelavcard number. When this nician«; in the electronics, elec- ran-c of supply from » to 24 

tri ?? , A n l SC Ll n J^!? d ^ ri wL a ! There arc four switch-sclected 

out the user's address from tts well as by hobbyists and borne JTgW viSTo JM 9 

data base and display it on the cnnsl racers, the - voltprobe " ,rom U ' 1WW ' oJt5 

screen for the user to yen y it has lhe 3 ; digit display presented G pi ane r. Windmill Road, 
as the address to which the uem t0 ;bp point of measure- Sunhury-on-Thames, Middlesex. 

V 'Barela" C ca?d 3 t d alread.v expen- nient. This enables measurements Sunbury 86262. 

lN;:- :■ 

ALTHOUGH basically no more calls is . greatly .reduced; and 

than a timer, a device now being muted reminder buzzer is-bi 
made and marketed by Phone iit to ; the .-ainit to ensure t 
Save fits neatly under ..the sisteot ujse. / ; Applications > 
standard telephone uistriiraent vieaged , include - departnicn 
and enables the user to see th&-allocation .of phone costs-, a 
rate at which he Is spending allocation of correct charges 
money on a call. - • clients*' accounts for solluta 

It is in no way connected, to- accountants ana-architects, fien 
the phone itself^ so that the sub - 7 is Front £1.40-per week. 
scriber has-to press one.of three .- A'.possiWelter devdopmi 
buttons depending upon ihe.ofthe device Is. awovd-in yersi 
distance of his calfr TffcaL band-a • whwm . ; |idtoniay<^^ 
or band b. The. expenditure 'i? "the- di{dtodteoag;a3id'a dittos 
then, clocked up on au LED -dis- raifi.^accflramgly. .'M 

play with half inch -munenils.':nn:0532 
Only a mains supply is jieeded to •>•.■=.'•.1 

operate the device. :■ - 1 '. 

_,U Ls claimed, that; because Oie |f lrl»gg l Al lP«i W H 
call cost is progressively dts- | |m F l||r KHnll(l 3 
pfayed. duratioB. pL telephone - 


New drive 
in systems 

■ ■ .1 

• m 




An impression of an ** instant" skaTebowl 
made up from glass reinforced plastics 
sections. Manufactured by Skate park Systems, 
an associate of Newporter of Staines. 
Middlesex, it is suitable for indoor and out¬ 
door use and has 9 Teet high curved side 
and corner sections which are boiled together 
with flat components to give any size of 
sfcatepark' needed. It seems lo offer a good 

alternative to the permanent concrete skate- 
park and associated planning, excavation and 
drainage problems. Prices are staled to range 
from £4.500 (700 square feet bowl) upwards. 
A bowl of about 2.500 square feet would cost 
about £14,000 including installation. Skate- 
park says enquiries should be made. to 
Stratton Agencies, Corral House, Pond Close, 
Loxnood, Biilingshnrsl, Sussex. 0403 752334. 

Mini range penetration Small tough 

SOFTWARE Implementation. fj a t components to give any size of Stratton Agencies, Corral House, Pond Close, 

vestm*e nt^ h a\ s igne degree me nts sk^park needed. It seems lo offer a good Loxwood, Biilingshiirst, Sussex. 0403 752334. , 

with international manufacturers __ _ _ _ 

of computer hardware and soft- A DATA PROCESSING • FARMING 

ware products as a new move for 

STL“£T— Mini range penetration Small tough 

have been concluded—Calcomp, q^ietLY working since the manager John Goodman believes ITQOTOT “ 

ea,)y 70s i0 he, P establish ihe that the SyFA label, is now no 5 t rfpVin -ind nrl 
The Calcomp link puls SIL into j dea of distributed data process- longer “a mystery" and expects CALLED THE Buffalo, and pri- 
!he hardware memory business, jn? and ils own minicomputer- that in 1975 many more IBM ™ arl .k d^Sped f or use in Third 
celling based product SyF A in the U.K.. users will in any ease be looking 

nrf 1 Sifi Computer AuiomaUon now has away from IBM for lheir dUtri- SSSSJEir nS e 'i?5!tS 

users uDd SJL-supported systems. 1 rnnnri dn/on nr mainT butEd Droc^ssmc ne 6 ds Barford^ of. BeJtoj) BrjtiSb 

SIL will also supply computer custom^? inSnz Fairchild VlsiflK thJ* U-K ? recenilv. Ley land company) and Industrial 

comitHinicaiion interfaces *n d James Hail. Provincial Insurance. Goodmans U.S. chief Ivan Sales (Elbar Industrial 

<v U, J™ eX i°n^ „L r0,M ,„ Tesco and Wootworth. Soeher said that over there Lr° u P>. • \ . . 

! " c f 'J, n n d fQ f ^ T,Mv' Lales1 order from AMP. business involving the use «f \\_»* 
lilc range of pnnteis from Tal|%. .., 1 ..., connectors and ler- terminals “at the ooint of l^l**®*) rugged tractor ^ul he 

- n T h M U?m25 *S« 5 l ST'S S"n?" for Foe elemorlfcs Sn " had hiome -effiive " u*adI in tevelooiqi 1 ooimn-i to 
e Jl!Lj^S,nH «u! indust C-- for two systems. One Europe was following the trend. tj^prs • pl ^ ghm8 

"'ill be used for order process- and CA has started a German «„nn.. 

ALBURY POLYMERS 15 offering 
i complete “packaged" service 
to consulting engipeers.and fbial 
authorities, covering; every&ing 
from preliminary survey to. final 
repair of damaged-concrete. .'The 
company believes-' Ijt. is 'th'e-pnly _ 
organisation offering a giiaranr • 
tee on the /remedial' work*- it I 
undertakes. '- : ; 

This is a natural progression 
for the company after years of 
experience in .tbe; development 
and application-of Apolymere far 
the repair of/ .spalled,.- cracked : 
and damaged concrete. 

Tbe team includes a polymers - : 
consultant who specialises in.the 
formulation of bjotb standard and 
special products, and the corn: 7 
pany will continue jo: supply pro* r 
ducts for ' contractors* own - 
application. . work -with . 

local authority 'building staffs 
and nominated.contrartors/. 1 /!" • 

Albury Polymers, The Old Mill;' ‘ 
Albiiry. Guildford. Surrey.- .048 
641-2041. •' . 


1 largist-iifip 

' V Pumps d;: 


■ Crinidc No ttingham fl&t ZAff 
\ Tel«HB!neflW2-24132f;^ 

be announced in the very near 


To support the expected in- nMarlpr< ,\. p n ,hor iwith ten nni-?pd tn start nroductinn in a cnH »» ls cuiuyic*: wiuj cugiuc, 
crease in SIL’s level o.' business. Snaisi w 11 deal with nu?- IrXnd and Sat Soch r gearbox, axles and runn ng gear; 
more staff, particularly in the i e h “ ? ISL V -1 nnuiiSiml Industrial Engine Sales will 

salc LJ ,r . M :...* 11 !. & rtCTUIlt f CA refu«s to reveal the value Mwnmenf »« underlay in .S h * . k . ils “??. «“ * 

ing with 14 terminals deployed subsidiary, to be followed by **i^ r i£T d * SlLiSfe a, !! ( .SSS 3F 

at the company's Stamp ore head- another in France. A factory is ?“«*"* 

a chassis complete with engine. 

V. - . ; ; v.; ;*".C:; - -.if 

Wilson - 

making a iotal of 80 personnel. TiTs nSw \tZ VnXS'™*" ..' ”* “two-man” seat engine cover. 

for r'r’T 6 ;? asar 

Further details from VU 10 !he dl!ic Slore for n,H1LS ' The offered CKD for assembly any- 


Wiisoi^ Generati.rigiS©ts : * L .:^^^^pp> -; - ; *:V: - 
are antongt^* -r 

Best in the VV<Srrcf^||^^W^ • 

House. 6 
London V 

liter'' details from VU ^FSSfw 10 the dl ' C S ‘° rP f ° r n, ’ n i?' I 1 ? offered'CKD for as 

. 68 St. Marlin's Une, wiSi deniand for s!ora - e ,n the I S - where in the world. 

>nWCSN4JS. Ol-SCo S411. be described as “ insatiable " An 1 Initial order wc 

is worked 
'Outside' in 

Guide to finishing 

The latest Yucu-Blast Rooms 
don’t need a shorbiaster com¬ 
plete with protective hclniei. 
plover, clothing nnd looking like 
an Apollo spaceman. Instead, hy 
means of si remotely com ml led 
mechanism, the nmnipufuLton of 

London WC2N 4JS. 01-82*; $411. aVdieied it more h » described as “insatiable” An initial order worth £100.000 

fhTn MOm P 3 “ ' ,nd only likely lo ke met by CCD h*. boon ploced for Ur, supply 

• HANDLING VK c ° w " u ■ mal sfsle,l,s sulii su,e bulli 4 - l5!e ” i - tadiwiSi Se sf Vi* 

building a 30.000 square foot 

OOm Enclosed •literature aSbiss 

■ ■ vibratory Guide to finishing %Sn o t£”I ZTH 

COnVCVOrS H ^ j book on 1 E^irop b I Pu g D jeew ^rt^chamers and 3 set- f? 1? mphf‘ the uEto? b°pbS!d 

■ V*vr*g ▼ V/j VpA he published on February 23. tion on effluent treatment has bv a 104 hp Lister single cylinder 

■ B W H ADDED TO the ranee of This edition of over 1.000 pages been re-written and extended to air coo i e( j di ese i engine. It is 

m hhA vibratory conveyors made by offers a practical guide to polish- include water conservation and 7 feet 9 j nc hes lone, 4 feet 

Hffiy HIMEmIiB HBfiB Triton is a series of enclosed ing- electroplating and associated materials recover}-. 4 inches wide, and weighs 

HH H units to prevent dust pollution in surface treatments and finishes Tbe latest edition is the fourth 1>7fi4 lb . ruel consumption is 

■ W " the iron and steel industry. based on the experience pf the to be undertaken under the direc- j gai./br.. and the !ttertank holds 

The standard open trough technical staff of the \V. Canning tion of R. Allen, manager of in- 12 gallons, 

in the Blast. Room has to b#> ex- conveyors incorporate a liner and Group. formation and technical services. Rough terrain "capability is if the operator is Lospc- cover plate using a .sandwich of Tbe book originates from a while tbe major work of revision S f 2 t ec j to be similar to that of a 
what he's doina. This is Yacu- sound deadening rubber. Units small. 16-page publication issued has been undertaken by P. -7. building site dump truck; With 

Blast's tremondou* advantage of 12. 18 and 24 inches wide and b >' the company in 1889 and is Norris, in conjunction with the which ihe Buffalo shares many 

ovtfT all other Room* - plus the 6 inches deep are available up to internationally recognised as one Group's technical experts. components’, 

unique waffle floor which pneu- is feet long, powered by twin of the major practical text books The handbook nun be pur- The tractor is expected to have 

motieally removes all flic dust, contra-rotating electric vibrator in i ; * fivld. chased direct from \\' Tannine a U.K. market among borticul- 

.;. r : yf&m 

■ AUwee fifcm4Kva'td 2000 Kvq 
. (Jsua/fy fri?msto?k in-quantity. 7 







» Central Trading Estate, Stairns, Middles^-EiqSml,-: 

(Mm CMW« (MCI _.H.uu -''.1- v 

State* srag>M7tt. ; Tetac 9J31W {hdted^Gcmif.e) 




chased direct from W. Canning a U.K. market among hortieul- 

motors up to 2» bp. Tno text has. been revised to Hamninn qtrf»Pt turalists. groundsmen and small 

More from Triton Engineering allow for the many developments „ . r ' * Hampton Street. fartners . . 

Co. (Sales). Wotton Road, Ash- in processes and equipment since otnningnam bis oAS (£9^n. details from Barfords of 
rortl. Kenu T.N23 2LB 10233 the previous edition of 1970. Pbis i'l postage and packing) or Belton, Belton, near Grantham. 
5133t. Health and safety in polishing through bookshops. Lines. (0476 2431). 

:Talk to Mike Hare orDoric 


Aluminium kegs 
is small beer to us 

the blo-r nozzle is ail done from a 
control console either inside or 
outside of the Room. In either 
event the operator is- working in 
the bt.-st pns-sible conditions. But 
(and it is a most impoi t.-uit ’hut 
the dun extraction rate and. 
consequently the visibility with. 

debris anil abrasive and returns 
it to the aenerator reclaimer for 
any i-e-usable abrasive lo start 
jif rn-xt ji.iurn rt y. It's a wry 
i-anny <y-'ieni and more Yacu- 
Blast Rooms are .-old than ail 
other make* put together. This 
seems to prove something. 

Today- mo=t beers are drawn 
from the aluminium - not l'rom 
lhe wood. Ah. well, that's pri»- 
Ktik-s. Etchinc tlic iuside of the 
ntiW-fnngleil alumuiium kes? so 
lliat a special plastic lifting cuut 
be applied, rails fur a system 
that is ifuii-k. precisely con¬ 

trolled and. above all. leaves the 
surface absolutely clean. And 
that's where Vacu-BJasI comes 
in with specially-engineerrd 
plants which blnsl-eccii 12 ke>rs 
an hour using a line aluminium 
oxide abrasive. 



wen get 
you out of a 

Tiny tubes of one eighth of an 
inch diameter or sritt'nt ones of 

V‘-■' . ‘v-'' Vr 

/faces oftweatv gisthcK ^sarrtls^are' 


Give us a ring and we’ll 

The leadinir UK makers of 
piston rings require to rieburr 
them as ono of the critical manu- 
lacrurinc piocesct*-.-. Obviously 
it is a surface treatment opera- 
tion onllinc for great preyisi^n 
ami Vacu-Bliitt Special Equip¬ 
ment rit-p.i rt mrfit lists cumn up 
■n-ith ilie peijivt answer, it j.* ;j 

compact cabinet machine fitted 
■wriili a powered turntable and a 
hydro-pneumatic blast nozzle re¬ 
el proca tor. Fifty piston rings are 
placed on a mandrel which mi»r- 
t'S as ihe lilast nozzle? oscillate. 
Result. Piston ring perfection at 
the rate of four bundled rings a a. 

Descaling wire before it is re¬ 
drawn to a smaller diameter or 
strnply getting rid of corrosinn. 

traditionally been a job for 
acid pickling. But the process is 
coming under ever-increasing 
attack by Government :in«l Local 
Authorities because of pollution 
problems. There had to he a 
better, quicker and environmen¬ 
tally more acceptable method. 
And so there is. It's called Wire- 
scale and Vacu-Blast invented it. 
One plant we've just designed 
and built, l- being used to re¬ 
move severe corrosion fnjm high 
tensile wire. It has a throughput 
of 295 feet ]ier minute and as the 
wire passes through the machine 
it is uniformly cleaned by twelve 
blust nuzzles firing Vacu-Beads — 
very special clast' sphci-cs about 

eighty fourltiches, straight, bent 
or whatever, they all benefit 
from Yacu-Blast's surface treat¬ 
ment know how. Shown here is a 
typical. fully automated-plant to 
blast-clean, the inside surfaces of 
small bore copper tube, used for 
domestic central heating sys¬ 
tems. Six tubes are treated sunui- 
ta ncously and- the electro-pneu¬ 
matic control centre ensures that 
the blasting process is carried' 
out must precisely, followed by 
an air purging sequence to leave 
the bores scrupulously . clean. 
This particular plant is able to 
process 1359 tubes . an 'hour. 
Other purpose-hudt plants de- 
scale the inside and outside sur- 

. /faces oFtwehtygisincK diaineletv 1 
/tubes At speeds af upto lO^^q^. 

‘ ft. per.hour/ Going .dawftVthejhes-irivqdjUr- 

-. scale, 

.- ■if?' 1 ' 

the size of a‘ pin head. Clever 
features of our Wi rescale include 
rt unique monitoring device-to 
control the flow of abrasive, a 
speed signal unit and a means of 
telling the operator when the 
level of abrasive in. the system 
Teaches refil! time. . 


[r %■ ^Ir6 

fevj v3 : : ;,4d| 


*8* I' : AV< ifc V. .5^-S 


^sr? •* ~*r*; 'iaUm 

I '.M 

5r : - 

^fe^Sy#a4%« jj ap^ 

PtfUIKiMil «jsp>- v 
STOir KaRw& imMfe, 

■tt i & 

* ^.s^njrs - :: ~s*r, vu *• 

ilJP!^ '^j| 





«ii ^ 


Map by George Philip and Son Ltd. 01978. 

3’*«= r “— - I 

■** <"* p C£ J 

?f«rS^ Sfi; 

y i i.i-* j 

; -. c 9 *■ - ■ / 
t '■ ,”5;^ 

f A range off International 
services no other bank can offer. 

’-. <t Tr f-^< 


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ternational Finance. Competitively. tf 

s53 ^ . .. Short-term and fixed rate medium-term m H 

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0 ? Negotiating or discounting bills, Acceptance 
dits, Eurocurrency finance. Export factoring; . 

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f International Branch Network. Competitively. 

d * . Being the exclusive U. K. member of European Banks 

*1 :emational (EBIC) Midland can offer their clients the complete 
V jilities of seven major independent European banks with 10,000 
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iternationai Transfers. Competitively. 

Foreign exchange, spot and forward contracts. 

Clean payments, mail transfers, telegraphic transfers, drafts. 
Bills for collection* documentary credits. 


* §§ Exclusive to Midland,direct access to the world’s largest 

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■ Financial Times - Wedn^sday.-TebHfey -15 IBfS 

ome colour for cold winter days 




THE IDEA of the stock market fil its assigned role as a guardian 
as the guardian of industrial of efficiency, 
efficiency is not one that would There was. however, another 
"command wide support in this possibility—that the surviving 
country. To the Left it is low-profit companies were insu- 
nothing more than a casino. | ate ,j from the threat of take- 
quitc irrelevant to the real world over because voting control was 
of making and selling things. j n hands of the directors. 
Lej; committed critics have The authors looked at 117 con- 
attacked. among other things. cerns which had shown con- 
ih? rights issue'sysr^m whereby s isientiy ptfor profits over the 
companies which have been whole period from 1957 to 1969. 
earning a poor return on their By the end of 1972 11 of these 
existing assets have little diffi- firms had gone bankrupt, one 
’culty in raising new money. The became government-controlled 
general impression is that sane- and 32 were taken over, leaving 
lions against poor performance 73 as apparently able to survive 
are weak: too many publicly the threat of takeover and 
quoted companies turn in a bankruptcy in the long term, 
dreary performance year after In 47 ou ' t of these 73 companies 
toey somehow get away ^ Board cont rolIed more than 
with it without anyone disturb- cent, of the voting shares, 

mg the directors’ comfortable * Io |: eover , 0 f the remaining 26 
existence. companies. 13 belonged either to 

rn 1 • the textile or the shipbuilding 

Oll&rc once and repairing industries—sectors 

“ where there was excess capacity 

One of the market’s disci- and the opportunities for more 
plinary weapons ought to be profitable use of assets severely 
access to capital—and the terms limited. Thus the authors' con- 
on which capital is made avail- elusion is more encouraging than 
able—but many companies rely figures at first suggested, 
to a large extent on internally *■ While the take-over mechanism 
generated funds. Another is the ma v work slowly it appears to 
threat of take-over. A company's provide a major threat to non¬ 
poor performance will presum- owner controlled firms which are 
ably be reflected in the price of incfficieniJ.v managed." 
its shares, which may even he 
below the asset value of the a „ ^ 

business: it thus presents an ASS£t-SfTIppIflg 
opportunity to a corporate raider 

who can put the assets to better Since 1S<- corporate raider* 
use. How well does this part of have gone out of fashion and 
the system work in practice? one wonders if the take-over 

,,_ ... , . ... mechanism is working as well 

It goes without saying that it s j, 0 uia. particularly in 
companies with consistently poor relation w contes ted bids. It 
profits and a low market valua- , g true that some notorious 
more likely to disappear. ra j^ ers indulged in crude asset- 
ihrough bankruntcy or take-over. sfr jp D i n: , anc j had no interest in 
than successful firms: the im- on a lone- 

WHO IS interested in 'winter 
flowers, except gardening 
columnists out of season? I 
sometimes wonder, though winter 
iris and winter jasmine deserve 
their popularity. Winter cherry 
still seems to me to be the best 
value among flowerinc trees for 
small gardens, especially when 
its buds are not browned by 
Frosts until February. It would 
be different, of course, if we all 
had frost-proof greenhouses. 
Perhaps your productivity deal 
will now enable you loo to cope 
with a heated conservatory or 
garden-room next winter. I 
would be tempted to try one, 
havitfg just toured thqse in two 
of our best botanic gardens in 
order to see what goes on there 
in winter. 

The best thing of all. indeed 
something so extraordinary that 
I would almost heat a house all 
night for it. is just going out of 
flower. Called Tibouchina Semi ■ 
decandra, it is listed for sale by 
such nurseries as Treseders. nf 
Truro. Cornwall. It can only be 
described as royal purple when 

in flower, an intense colour 
which will dominate any house 
where it is free to run high up 
a lightly-washed wall. The 
flowers, saucer-shaped, are ahout 
three inches wide and marked 
out by their fine protruding 
stigma. There is no scent, hut 
the flowers will appear from mid- 
September until early February, 
as long as frost is excluded at 
night. For this, you need no ex¬ 
pensive heat: here, good reports 
are coming my way from the new 
Calor Gas greenhouse healers, 
complete with a thermostat. 
Although 1 would expect this 
novel idea to be unpopular with 
plants w'bicb dislike gas fumes, 
owners assure me that they have 
had no trouble at all this winter 
and that the system is extremely 
economical. When your Tibou- 
china has flowered, it should be 
cut back quite hard, according 
to the greenhouse' staff who look 
after two of the best which 1 
have seen. They say this en¬ 
courages flowers and also. of 
course, keeps the older plants 

Ia Oxford's Botanic warden, is a method which suits it well. You can do this easily for youi^ 
the oldest in Britain, the cool as it likes to stand out-of-doors seif. I doubt, however, wnewer 
greenhouse at this time of year in summer and to be'veil fed yon would also grow a smugr 
is alive with a superb jasmine, on liquid manure; then brought white-floWered climber, whose 
not a scented one but a big back inside where it should be scent I happen turprefer, vet 
vellow-flowered one which has kept quite dry during the winter. Slnndemlla Suavvolens Is a 
climbed all over the roof. It All in all, an' excellent house memorable thing, bearing funnel' 
is evergreen. Chinese and quite plant if you can bold your roam- shaped while flowers with- a 
unable to resist frost. Called temperature above .40-“ F. at scent iri high sununer which is 
Mesnyj. it should be ordered on night. To see this lovely pliant quite delicious. Tt is an easy 
sight from any west country at its best, you should watch- plant, discovered ■forrg ago In 

- : Argentina by a Mr*Mandeml|e, 

-- one- of those Hilaire Belloc 

- ... figures of the laitchntury "with 

GARDENS TO-DAY . lots of s^ and-^^ apd 

. blocks or land in BusnosrAires- 

BY ROBIN LANE FOX I envy him the me^orialT.-for-Jt 

is as fine a plantlas .the ice-blue 
' ' ' ■ -— cliiftbrng. plumbago .-"a natural, if 

. , , , . ’ ■ , uMceflted, companion.'/''r;?* 

nursery s list by keen owners for it in villa-gardens around tltin - r 'ft fair 

of conservatories. Its flowers are Rome and Naples. We should, ' T° e thing, 1 , 

big, nearly two inches wide, and make more, of it. ■ y-Js the. easiest .ana mostTamTUar. 

are borne profusely, like those Later in the. year I assume Inquiries * still. reafcfc , me. for 

on the hardy yellow winter that you will also grow. thdV^e name-'of the..“climbing ” 

jasmine which we all like to abundant sweet-scented white- -erinhim whlch L' mentioned 

grow outdoors. Often, the jasmine called -polyanthum, the 

flowers are semi-double, adding florists’ dream. This is the one ln .. P ^f S f P ^V* 

to their impact. Only once have which is sold at. high prices^ np secret to it.. luff ail; CTOw 

I seen it grown in a pot and because it has been : trained ft;already. The. geraniums AvfiWh 

used as a house-plant. Yet this neatly over a sphere of wire, we bed.out in summer are'fcobj. 

- .■ , •. •* 

frustrated omfiffers, longing to 
Be given their Beads to a beicht 
of-12 f@M. TKe%ost RTl&tfen 
or .we cat' them, down, -Before 
-they, ean put: their 
forwards w^pn r grown 4 1 ^-beds 
outside. But.plant one; nb Tnnw 
aghinst r the wall of 'a-ieS-tQ 
'greenhouse of,in a large'pot 
where it can race tftihe-SRies 
After a year or so. you/gnH not 
ben-eve dt The - stron&jrsearlet 
Paul Craqipcl- becomes a--huge 
curtalu of fibwqr. among, sweetly. ■ 
scented leaves,""show'n^ i(ftj' Q t - 

so of iK : hig”heads orbWomHuSl 
-triimpiag any 5 other aSShef^n' 
the. book. - BflRiaut cohmzc'iaUs 
into -place rf you- allow jpsvoae . 
plant to race, upwards ^pd stand 
as a.bqjd-ang\e ihruK.^rhere'is 
no secret,; just al years^patfence 
a greerrbotisfe wiUilfirf'' 
a re‘adip^; to ^tTjadTtliis^dfig 
of a 11 * cli m&ete. wh etfever 1 
becomes • too hate 
middle * If ^alyJjr srarief jfeaaej. 
coaid: mso ,Be pi’ad®- 
upward! who knbjws.w^t jffiute 
it would h^ve. idng . 

in this cohantt?’ '' r 

New Zealand near historic win 

■ porLsnt question is how many ol b 1 j* But perhaps the 

the. Poorly performing com- ‘ -ulum h „ sv ^ n , too K far . Tt 

r^n-nt • Ja lha 1 companies with in dir. 

recent study by . 1 . R. Davms and fereBf prf)fit ri > C ords are Boding 

AFTER AN extraordinary day's 
cricket on a badly breaking 
pitch. New Zealand are within 
two wickets of winning a test 
match against England for the 
first time in history. Eighteen 
wickets foil as New Zealand were 
bowled out for 123 in their 
second innings and in the last 
127 minutes, England, needing 
137 to win in just over eight 
hours, lost eight wickets for 53. 

This is the moment which New 
Zealand cricket has been await¬ 
ing since they played their first 
test match against Arthur 
Gitifgan's England side in 1929- 
1930. England remain the only 
test playing country they have 
still to heat in a test match. 

Conditions during this match 
have conspired against England 
at the Basin Reserve. 

But if Boycott had pushed the 
ball around more in England's 

I*. A. Kuehn v identified 22 1 com- j cas j Pr to rose] unwelcome take- 
pa mes which in the period from “ ® rfictinrrum 

panics which in the period from 
1957 to 1962 earned an annual 

over offers: the distinction 
between as set-st Hoping and 

average pre-tax profit rate of efflf . jent a , s ‘ at utilisation can 

? per *i e j*' R urm? , l j?? 0 s,u J > ' easily he blurred. Some poten- 

ina!\' n L, P . e -? d ’ f rom t0 tial acquirers feel that contes- 

1933. about d 3 per cent, of these j b5ds 3rp more lrouble ^an 

companies survived 40 per cent. ^ are wrjrth . 
were taken over and 7 per cent. • . 

went bankrupt. ** It would appeor The social and political 
from this evidence." sav the obstacle* to contested bids have 
authors. “ that any capital market increased, especially with em- 
constraint which serves to trans- pl*»>"W* playing an important 
fer assets away from poor per- I" 1 ? ,n tietermining the outcome 
forming firms is at best weak." Th ‘* may be desirable on socia 
J rrnund* hut it could become yet 

The authors subjected the com- ano ther fact-.r tending to freeze 
panics to a number of tests to the industrial structure, when 
sec what distinguished the coin- what is needed is change and 
pames that survived from those mobility. If the stock market is 
that did not. Neither size of m play its proper role in discip- 
• company nor age nor dividend lining poor performance, the 
policy appeared to be significant, corporate raider must be free to 
As the authors point out, v the roam. 

more difficult it is to recognise * Paper presented 1o Second Con* 
survival potential the more diffi- j ere nee on Economics 0 / Indus- 
cuU it is Cn helieve that the trio! Structure. Intemnti^val 
capital market can effectively ful- fnstirutc of ."Wnii*ifjemenr. Berlin. 


Wellington, Feb. 14 

first innings when the pitch was 
not .so bad. England might have 
needed 50 or 60 runs less. 

Even before the match began, 
the pitch looked as if it had been 
under-prepared. The two first 
innings showed this, when the 
ball began m jump ail over the 
place, first flying past the bats¬ 
man’s nose from only just short 
of a length and then hardly lift¬ 
ing from the ground, tn the 
morning. Anderson and Ho wart h 
made a few heartening Mows. 
But after lunch, it was a differ¬ 
ent game and the howlers were 
encouraged by what they found. 

Rose and Boycott each rook a 
single off Richard Hadlee's first 

over and then Boycott tried to 
on drive Collinge's fourth ball, 
a half volley, seemed to lift bis 
bead and was bowled. It looked 
as if every New Zealander on 
the ground bad won a personal 
jackpot and Collinge could not 
have asked for a more important 
wicket to bring his total or dis¬ 
missals in first-class cricket to 

In Collinge's next over. "Miller 
came forward and when the bail 
flew up at him off a length, it 
lobbed gently from the shoulder 
of his hat to fourth slip. Six 
runs Jater. Rose tried to pull 
out of the way a short lifter from 
Richard Hadlee, whose pace was 
extremely sharp, and was bit on 
the arm by the left elbow and 
had to retire. An X-ray showed 
that there was no break and he 
will bat in the morning. 

Randall was third out in what 
looked an unfortunate manner. 
He came well forward to 
Grillage and the ball ballooned 
towards Boock at square short- 
who dived and failed to get his 
hands under it. By then appeals 
had been made and to Randall's 
amazement, he found himself 
given out lbw. -- 

At the same score. 19. Koope 
went half forward to'Hadlec and 
Lee took a one-handed catch to 
his right behind the wicket. 

Botham now struck 3 few 
defiant blows cover driving 
Collinge and hooking Hadlee 
before getting himself out. 

Taylor was run out in the 
same, over when Old played 
Hadlee past short leg and the 
batsman ran. but Boock’s throw 
from square le? hit the stumps 
before Taylor could get home. 
At the other end Old played at 
Hadlee from the crease and was 
LBW. With ten minutes to go. 
Hendrick pushed nut at Hadlee 
and Parker held a stinging catch 

at first slip. Both Hadlee (4/21) 
and Collinge (3/31) exploited 
the conditions magnificently. 
even if Hadlee was allowed too 
many bounces. 

Willis and Edmonds held out 
until the end. although by then 
Rose was padded up aod waiting 
to bat. The best England can 
hope for now is a day of con¬ 
tinuous rain 

I Collection 
£ 128,000 

No racing 

There was no raring yesterday, 
because of weather conditions. 
To-day's meetings at Ascot and 
Bangor have also been called 
off. National Hunt meetings 
lost this season now total 41- 

Totals were 228 and 215 respec¬ 
tively. When New Zealand con¬ 
tinued their second innings 
to-day. it seemed that a total of 
around 200 would give them a 
worthwhile chance of beating 
this weak England batting side. 

Since the match began, the two 
umpires have been amazingly 
lax in their attitude to fast bow¬ 
lers following through on the 
pitch and damaging patches on 
the stumps on a good length. 

For overseas 
viewing only 

ABOUT 10m. viewers across the 
world will tune in this week to 
watch This Week in Britain 
which is celebrating its 1.000th 

The five-minute programme is 
broadcast in 15 countries includ¬ 
ing Australia. Canada. Mexico 
and the U.S. It is produced by 
the Central Office of Information. 

THE MAIN part of the collection 
of watercolours' gathered by 
Walter C. Hetherington.;. ‘ a 
solicitor in the 1920’s and '30's, 
sold for £128,225 at Christie’s, 

The collection, centred on 
artists working between 1770 and 
1850, probably, cost less than 
£5,000 when acquired, and many 
of the works were bought from 
Bernard Squire, the Wimpole 
Street dealer. . ; . 

The top price was the £9,500 
(plus the 10 per cent premium) 
P3id by the Loudon dealer 
Anthony Reed for a view of Liya 
Cwellyn. near Snowdon, by 
Francis Towne. a record for the 

The Welsh watercolours of 1777 
were the first of four large series 
by Towne and in his possession 
at the time of bis death. Tfre 
same dealer, gave £6,000 for a 
Gainsborough drawing of bufliF 
ings near a lake in wooded land¬ 

A Rowlandson view of Barnet 
in 1S12 sold for £5.500 ■' and 
Andrew Wyld. another London 
dealer, acquired “Seaweed 
Gathprers on the shore ’’ by Peter 
d e Wint for £5.200. 1 

A Turner drawing nf a vessel 
on a rocky coast which had sold 
at Christie's in 1864 for three 
guineas, realised £3.S0b yesterday 

. Tv-,'!*■-A..V- 
(j. ■ 'I 

- "A^detail of W : 'i ■' 

Rowlandson: -sold for ;; i5,50<£ ' 

• ■ - '••• - • '_.■**’ ~ "i -y.f: ...r.vv^a-i ,w '?^ 

Towne watercolour of an Italian WHSou, '- T its'' r . 
landscape. £642,300: for ;■ 

Sotheby’s Belgravia was con-- The sate;-W«9 heBBf^E (JthiT 

cerned with Victorian pictures of Queen Parah’s' educational „ 
as well as water colours. The charities - and "sfaeteavn ^: thy w>.- 'fly! 
auction totalled. £248335 with strand pearl 
only 5 per cent, bought in. fetched the top price:of £326,D00. _ T 
The best price, and a saleroom-. Back in London; Sotheby's sold \ 
record, was- the .-£9,000 -fromr.Cbuthaa Ptjds. pojttety and porcer v t 
Gatin Graham for; "Forfeits,’ 1 a Iain ,foi'j£fi736&yitii a-top price f \ 
Victorian genre piece, by Gboj^&^o&£4C2(0-for a frecheh Amiorial- 
Bernard O’Neill. The previous. Bellarmlne of the 17th century; 
record for the artist was £6.000 arms and ajraoty: *ale - 
last year, and the same paInting contritMted'^71355 wfflf V-fepst .' 

sold for £3300 in l«72. " price £5.0fle‘'for •' 

Farmvard Friends: hv Edalr Hollandr .and HoHand^siaMav . 

Farmyard Friends, by Edgar HOltancf aid HOHand^spitrasg 
Hunt, a pair painted, in 1948, guns. ^ 

sold for £5.S00,.and a simitar At. Phillips, wis f5.000;Bt.-a " • 
pair by Hunt, painted in 1919,. book sale for the eig&tifoiaffce. 
made the same price:work, “A V^age rohuff ■ 

“The Hunter’s Grefitiiig. ,r “b'y Britain;v 1814-^5.'. .. 

Frederick Hulrae, ' realised DanuelL. ^The v<iriAqes,-.WJ.;5h;.: 
£4.S00: “ A Hooker:. off Cork iontaiir^B colour plajEk.„wra- ;. 
Harbour,” hy Captain-"-R ichaird estimated- 

Mar-. &8'ih£* i iW. 



artibt^ record in the £3,500 given 4 -- . , .. .. 

-for “Beaton Marsh, -Devon?* by ;t^lIe$ (T £i4£3& . EtUwgftlh^paid . . . 
DavidrFarQuharson, ■ : • 

I iH.l'.ehraivOKMppday, Satbriiy’s hardwood war .cfub: testinfafe- - • 
diailty'auction, handled by Peter £ljCMW),;,-' .. - .=/ ^ 

while the same sum- secured a 

BBC 1 

t Indicates programme in 
black and white. 

6.40 a.m. Open University. 3.15 

For Schools, Colleges. 39.45 Ymi 
and Me. 11.00 For Schools. 
Colleges. 12.45 p.m. News. 1.00 
Pebble Mill. 1.45 Mister Men. 2.01 
For Schools. Colleges. 3.53 
Regional News for England 
i except London 1 . 3.55 Play 

School ta.s BBC 2 11.00 .a.m.). 4.20 
Touche Turtle. 4.23 .Taekanory. 
4.40 Screen Test. 3.UO .Inh’i 
Craven's Newsroom!. 3.05 Grange 
HOI. '3h5 Paddington . 

5.40 News. 

5.55 Nationwide (London and 
South-East only 1 . 

6—0 Nationwide. 

6A0 The Wednesday Film: 
“ Elephant Walk." <tarring 
Elizabeth Taylor and Dana 

8.30 Tlie Liver Birds. 

9.00 News. 

955 I Didn’t Know \mi Cared. 
9-55 Sports night from Las 
Vegas: Muhammad AJi v. 
Leon Spinks and news of 
the Alan Minler fight. 

10.35 To-night. 

11-55 Weather Regional News. 
All Regions as BBC 1 except at 
llie following times.— 

Wales — 2.18-2J8 p.m. For 
Schools. 5.05-3A5 Bllidowcar. 3.35- 
6^0 Wales ToKiay. 6.50 Heddiw. 
7.iO Young Musicians of the Year. 
7.40-8-30 The Rockford Files. 11.35 
News and Weather for Wales. 


Scotland—11.00-11 JO and 
2.18-2.38 p.ltl. For Schools. 5.53- 
6.20 Reporting Scotland. 11.35 
News and Weather for Scotland. 

Northern Ireland—3.53-3~>5 
Northern Ireland News. 5.5-6.20 
Scene Amund Sir. 9.25-9.55 Spot¬ 
light on Northern Ireland affairs. 
11.35 N'c«s and Weather for 
Northern Ireland. 

England—5.55-liJCO p.oi. Look 
E:i5i t Norwich i: Look Norlh 
(Leeds. Manchester. Newcastle<: 
Midlands To-day fBirmingham i: 
Poinls West (Bristol): South 
To-day (Southampton!: Spotlight 
South-West (Plymouth). 

Potty Time. -L45 Pop Quest 5.13 
Emmerdalc F.irm. 

5.43 Ne;\s. 

6.00 Thames at R. 

6253 Crossroads. 

7.00 This Is Your Life. 

7.30 Coronation Street. All God's Children Got 

9.«n Mirage. 

lo.oo New*. 

10.30 A Prime Minister on Prime 

11.00 Pies* This Hou=*?. 

jj.30 World Snooker: The Lad- 
broke Inlernafional. 

12 . 0-1 Night Gallery. 

12.25 a.m. Close: c.hrisiopher 
Ca/onnve re«ds poems 
about love. 

All IBa Region-: a« London 
except at the IdlOMinc times:— 

Thjs Is Your Right (second chance to 
sev today's luachlhne programme). JJ5 
-'.ros^roads. 6.00 Granada Repons. 6-30 
Wish You Were Here 7 . . . 1114)0 The 
l ntouriiables. JU-35 George Ha nul tnn IV. 

IJ0 p.m. Rep-jn West Headlines. 1.25 
B'porl wales Headlines. 2.00 Hein Voar- 
vir. 5.15 Dodo the Space Kid. 5J9 
r.n>i?n?ads. 6.00 Report West. 6JS 
Repon Wales. 6J0 wish You Were 
Her-.-: ... UJ0 Ltd There be Lacgtoo 
or a Whole Lot Of Loving. 

MTV Cymru/Wales—As HTV' General 
■'orrpo eaceut: L20-L25 p.m. Pvoais-dau 
Xn-rddion y Dydd. 0.20 Mtn llawr. 
UO^.65 l r n Tro. 6.0O4U5 Y Dydd. 

HTV West—As HTV General Sem« 
wo:: L2D-L30 p.m. Report West Head' 
Urn-s. 6.15-633 Report West. 


BBC 2 

a.m. Open University. 


Play School. 

Open University 
News on 2 Headline?. 

Too Sic: to Bargain With? 

Inside Story: Behind the 
Front (story of the 1977 
National Front rally i. 

Ifs Patently Obvious. 

Play of the Week. 

Arena: Art and Desijn. 
The Light of Experience. 
Laic News on 2. 

Music at Night h.v Caplet. 


1.25 p.m. Anglij x-;v.-«. ;,50 n«msf,par;r. 
5.15 Hr. and Airs. 6.00 About Anaha. 
1100 Fryir. Taylor. UJO Bar-Ua 12J» 
a.m. Tli» R:; OU'-Jtinn. 

- 1.25 p.m. Ken-s and Road Rtport. 2.00 
Women only SJL5 Pipet and rriend',. 
5J0 Trossroads. 6413 Scotland Today. 
6JO Weir’s Atreigh. 10-30 Welcome io 
the Ceilidh. U.D0 Oat oi Town. UJO 
Late CalL 1 1 .36 Police woman. 



1.20 P.m. 6TV" Nf-vledf. 5.1S Mr. 
*cd Mn 6.00 \TVTMr.. 10J0 Clllzcn « 
Rights. 11.15 Tti.- Ba'Ln'r Graod Masters 
C'ars ChtmpKinslm>. U.S5 Police Surgeon. 

1.20 p.m. Southern Sews.' 2.00 House. 
party. 5A5 Betty Poop. 5JO Crossroads. 
6JM Da.v by Dai": 'Vednesday Extra. 
1LM Police Surgeon. 1130 Southerq News 
Extra. 11.00 Healthy Eating. 



♦1.23 r.m. Fura. r r. 2.00 House- 
n.irt;. 5.15 <m: ■■r Town 64N lawkaround 
W-dn-’iday u.00 The Odd Couple. .11 JO 
Th..- B'ltlms Grand M*m. r* DjUj. Cbam- 
tnonrhip. i'12.03 Sorrier -.ews Summary. 

9.20 a.«n. The Good Word followed by 
•Von* E art .Vetrs Headlines. L20 p.m. 
Xorth East News and Look about. 2.00 
Women Only. 5-15 Happy Days. 6.00 
Northern LUe. lUO Risko. 12JS sum. 




1.15 n m. Channel L>mi-.titbn» Nens and 
I' lij: ’ 'ir When.. 6.00 diann*-! News. 
6.10 P' nr.TTjii:l ill' 1‘ii.j Wondvr, 10-2* 
Ghann. I L.n.- S-.* ?. 10.32 Rlsnu, Damp. 
11.03 A I’rime on Prime Mlniv 
i-r>. UJ4 rnHCel.ibn:> Snooker: Cana- 
diau '."iih Trophy Final. 12.1* a. in. 
Eoilo;u«! followed bi XiM and Weather 
w French. 

1-20 ».m. Lunchtime. «JS UlKar News 
Headlines. 535 Dynomott. Th? Dog 
Wonder. 6.0a lister Television News. 
6 45 Crossroads. 6.X Reports. 1133 
World Championship Darts. 12.09 Hake It 
Count, felhnred by Bodnme. 



1 Water-bottle for soldiers in 
restaunint ( 61 

4 Bird and monarch boasting 

9 To have a whip-round about 

six is extravagant ifi> 

10 Loading a- mixture from 
corner to corner <Si 

12 Very thankful to be replaced 

13 Rotates backwards without a 
direction but it doesn't move ! 

15 One who draws a row? f41 

16 Duck feather? It’s a thought! 

-29 To drink with technical sol¬ 
diers is firgt-class (7) 

21 He accepts Her Majesty in 
this place (4) 

25 Scare ri?ht inside box (6) 

26 Tip fish in pudding (S> 

28 The expense of departing . . . 

29 ... and arriving in profit ('61 

30 Dwelling place for eastern 
people under canvas (S> 

31 Follow jccppting me is lower 
ic status (6) 

6 It could mean saying no, for 
example, in race (Si 

7 Native In pub at start nf even¬ 
ing (6t 

S A learner surrounded with 
blood—lots of it (t»> 

II Main drink on the coast iTt 

14 Change our name tn charm 
(7 > 

17 Mothers’ Union quiet area 
could expand rapidly (Si 

15 A short interval for musi¬ 
cians (5> 

19 Colour of vessel carrying 
hooter and Tom 1 3-5» 

22 Attempt to provide a bit of 
relief for them (61 

23 Unusual points seen in in¬ 
ternal combustion engine (6) 

24 Cake giving bad smell in the 

south-east (8> 

27 Wanting a name immediately 

No. 5.593 

9.311 a.m. Schools Proem rum es. 
12.00 Cloppa Castle. 12 .l« p.m. 
Pipkins. 15410 Sounds of Britain. 
1.00 .Yews plus FT index. 120 
Help! 1J10 Crown Court. 2 .IM 1 
After Noon. 2.23 itadleigh. 3.20 
Paint Alone with Nancy. .150 
Couples. 4.20 Michael BenUne'5 


*.23 ajn. first Thing. U0 p.m. Graro- Ntws il-.Mdluir,,. gas Cramnlan 
Tartar. 6.30 Police ::.Msruom. 11.00 
H-ilt^tions. 11.05 Cci-hrtty Concerts 
• Leslie l : ;”am>v 

12.26 p.m. Gus Honejtoun's Birthdays. 
1.20 Westward News Headlines. 64W 
HVacwartf DUrr. MJS H'csnvarrt Late 
Sew. UJO Rising Damp. U4W A Prime 
Minister on Prime Ministers. UJO Pro- 
Celebrity Snooker (Canadian Club Trophy: 
Final). 12.10 ajn. FalUi for Life. 


1.20 p.m. This Is Amir Bighr. 5J0 


120 p.m. Calendar riews. 545 Mr. 
and Mrs. 6.00 Calendar ■Emlur Moor 
and Belmont editions/. UJO Thu Odd 
Cnuple. 11.25 Rlsfcn. 

RADIO 1 247 m 

(Sj Stereophonic broadcast 
h.DO a.m. Itailin J. 7.0? Noel 

Ertmnndf a.ra Stntftn Bate*. U.31 Pawl 
r.iirn-n in,IndUKt 12.30 P-m. .Veustn-ai 
2.00 Ton; Mlackburn «J1 Da— !.• - 
Tr.iTis Itlrludiuu 5 JO X...\isb‘.'al. 2.00 

Sing SomrlhuK Simple ■ S ■ • tour. 

Radio 2' 10.02 Inhn Teel "S'. 12.00-5-00 

a.m. as Rdrttn 

VHF Radios 1 and 2—6.00 a.m. With 
Radio Includms 1-55 p.m. Good Li>trn- 
mc. 10J& With Radio 1. 12.00-5.00 a.m. 

With Radio 2. 

RADIO 2 I,300m and YIIF 


• 1 Sp?i>d with which it appears 

in plant <S| 

2 Composer played first-viol in 
but became entangled i S i 
? Football Association's reduced 
side could be close <6 J 
5 Western fiuit t- beat tc a 
ffoth 14/ 


Fa. fi'-m-m. s.v.a s; .a 

EL'-H ' B- S3 53 E3 ■ 3 H 

mm enasEiHsraag 
s f*_ra . R n - g 

|E2 T7j Dv’:-HL'-j B 

QSQ3B3S Eanaans 
H GJ -E 0' B : Q B 
QHHaHHasasiE Bn0[3 

u^m .s•. u 
sascis niiHHBEnss 
H-S-Q: Q E S3 a :m 

ansnonaa saEsaas 

6.00 aan. Xe>vs summary. 6.02 Cnel"-i: 
first Test—Xew Zealand v. Eauland 
ireporl'. 6413 Ray Moore tS- urilb The 
Early Shotr. includfus 6.15 Paus-; for 
Thought. 7.32 Crick.-t: Firs: Test iclov.- 
ot-i )lay report.. 7J3 Terry ivppau "Si 
tncJudim: 3-27 n.iuiic Bull'd") and S-rtS 
Pause (or Thoushi. 10.02 Jimmy Younc 
iS". 12.15 p.m. Wassonors' Walt. 12.30 
Pd'i Murray’s Open House <S* Inoludma 
1.45 Sports Desk. 2.30 Darld Hamtllun 
• Jt ■ induding 2.15 and 3J15 Sports P'>t. 
4.30 Wansawn' Walt. 4JE Sports D'.-sfc. 
1,37 John Dunn J nr led! no 5.0 Spnris 

Desk. 6.15 Spar's Post. 7.02 Sms Snm.-- 
ininR Simple is.. 7.30 t.i-.ii-ii to ihr- K.ui<t 
ulih Charlie Ch’«i-r -Si B.15 s-.-rrmnni 
Scjvimb- 'S.". 5.02 Ruis. p.iri ; s.5S 

Snorts Rryk. WJ.B2 Th - 1 Xr*rt Umldlin. ■- 
siarnns Roy llmlrt. 10.30 The Stmi»- With 
T"-n Lcnl. stwnne Krtrtn. Rrab.-n. 11.02- 
5.00 a.m. Tti>- Ml-Nishr>- Slion- ■.-.irh 
Prtstl MaUh»*i ini'iudin: ' li*•» *’ mm. 

[rmi l.u Vcisr> mi fS i-- ah «- 
5ptnl> WorH HraiTP-oighi i'iunini"n.-*i:n 
fisht: ntv* nl lli> \|..n Mint, r r. Sand: 
Terr-’? nniid dLTiimmr. atsu iiKluriinr s««r< 

RADIO 3 «Hn.5»w4iIfF 

; Mrdtum w* <f crly 

a.55 fl.m. wcauisr. 1.30 Nrwj. 

YfPir MM»r,v|r Chnlro. cart 1 »S». 8JO 
8.05 Tour MirtV'- k Chnlro. part 2 
■ s>. 9M 6415 This Wi-eh’s Com- 

pos"-r. M^ksinns *Si. <»4H> Jinac fnr 
nrsan iSi 10.10 T»n T-'arly Sohnrnlwrjt 
Siriiu Onark-i,. Pr.ihms and 
Si.-hu'j- n Sottas "S-. U.S5 >1 id-lay Cnn- 
•1TI "M. LOfl p.m. 14)5 Concert 

Hull <S> 2.00 Votllti I'rchcsiras nf the 

World, part i llHtarr -o ■. 2.15 imnp-.-n 

IlnHl <t."lk". 2-50 Youth iirchistrjo of the 
World, part 1 Holst, ilaydii. JJ5 lOth- 
tVnturj- violin Musi-- iS>. 1.10 Piano 
Rental iS*. 5.DO Rutldmu A Library of 
rwords "Si. 15.15 llometvard Bound. 
16415 N-ito? 16.10 Uom.’urd Bound icon- 
llnu<.d". 15JO Lifelines: Laiutuago and 
Communlcanao. 7J0 Tho Art of DInu 
l.ipatn ■ talk -vith records-. S.00 BBC 
Symphony Orchestra, part 1. BartoH, 
Smapuli iS«. 8.50 Tho Arts Worldwide. 
5.10 BBC Si-mnhony Orchestra, part 2: 
Schoonb-.ra -S>. 10JO Tne .Vrl of lh® 
Sonnvt muI(: hr Rob'-n Xyo-. 1840 
tJarinet Reolal -S-. 11.2S Xmi:. 11.30- 

1U5 And Toniein ^ S-.-hubcrt sons on 
re- -ml. 

Radio 3 VHF only—6.10-7.00 a.m. and 
5.15-7JO n.m. Op-n Lniicrslty. 


134ni.3-'ji«m. gfiSm and VHF 

6.15 a.«n. *.i6.17 Carinhs To day. 
6J5 (’•) m :h- 1 (-li ir 6.52 iVHF- 
rt-'Binn 1 1 ■>-.-« 74jn t.V- y 7.10 To-day. 
7J■ (> in th-- finur ironlinu-y|,. 742 
iVllr * Krnnnal '.'••-••s. s.oo ,\n«. 8.10 
To-rtiv iprliidm-.- m ; ws h-ad!tm'«. 
t.T.iMipr. t>.nyr« ‘tori 8 j 8S V.^t.-rday 
tn I'.irli’m. i ■. >><.%. N.05 The 

I i> i'i- W-irld. 11.3.1 M.v h- ar Music, 'r?'. ilO.DS in Britain Now. 
MJ4 !*-■ «l - s-.m- ttO.15 Jlofptn; Sb-ry. 
iU.on .'J-'*. ill.05 vwi. th-'. Jury. 

12.0" :.r«tn 12 02 p.m. \W <nJ Vo-irV 

1-’.^ ’Vh’’ Rn* ■jo,: 132 55 V-'4-lh?r. 

pro^r?minr -i-i- vijr -.'jr-T’ Lmw^n 
tnf ir- S-t-nrar t.lW Th- Unrtrt 

41 Or.s 1 yi Thf i 1“ •■•omao s 

Hear ti f:t 2 J :33- lnciudics 2.02 

News. 22-45 Listen With Mother. 3.00 
Kr««. 3415 Afternoon Theatre ‘Si. L5Q 

iTboral Evensong. *45 story Time. 54M 
P.M Reports. 5,» Serendipity. tSJS 
Weather. frogmairic news rVUFi 
Feeiooaf news. 6.00 7,'ews. 6 jd My 
?IiLsir -s.-. 7.00 N"tn«‘S. 7.05 The Archers. 
7 JO Flic on 4 8.00 Lord Peter Winner. 

S.m The Roith Lectures. 9.00 Science 
-Now. 6JO KaJeJdoscORp. 4.57 Weather. 
10.00 The World TtHUghl. 10J0 Round 
Europe fjuiz. 11410 A Book at Bedtime. 
1L1S The Financial world To-nlghr. 
UJO TtMlay in Parliament. 11.15 Xcvrs 
For Schools (VHF) only) 4.8S un.-32J0 
and 2.00-3.00 p.m. 

BBC Radio London 

206m and 94 J VHF 
6JO a.m. A3 Radio 2. 638 Rush Hour. 
4.00 Holiday Scene. 9JO Londi-u Lire. 
U.03 In Tu\rn. 1240 pan. Call In. 2.03 
206 Sfamrcasc. 1413 Home Run. 6JO 
Uiok. Stop, Listen. 7JO in Ton cas 
U.03 aanA. BJO in Concert. IO.oj Late 
Night London. UJM-Close: As Hadio 2. 

London Broadcasting 

-61m and 97.3 VHF 
5.00 a-nt- Mornlna Music. 6.00 A.M.: 
Nr-n-stop news, traxcl. -por;. reviews 
information, u.oo Brian Hayes. ij» 
p.m. t-BG Reports inrludlna Grors* 
Gale « 3 O'clock Ca]L s.00 After with 
lan Ctlchnst. 7.00-1.80 a.m. KUhtiltte. 

Capital Radio 

194m and 95^VHF 
64>o a.m. Fpter young-? ErcaKfa-t sn-m- 
'S. 6.88 Michael AaprJ 'S-. 12.60 Dare 

>.a-h will. cgJi nn Dclirrry 'S-. 3J0, 

p.m. Rnwr srott wth hf Throe 0 Cl»clt' 
Thrill ’Si. 7.00 Ijinden Today. 7.301 
\drian Lots j Omd Line t, ith Anna Rae¬ 
burn -<i. 6 J 0 Ntcfey Rnrne'. Vnor 

:fother H'-jtt/rtn't Like (f <5-. li.M Tony 
SI:«r ljw Pho-- ««• uiciudica 
*|cm«n» ?r Tirr^r 2 J 8 am. Dancar 
-Tihnaca j ?tight Fhght .fit. 

■ i 4’ 

• %#ifcesday 1 February 15-1578 

ivfer "• • ": • • ' 


• .. iSL&npoasibie to arold com-. 
r. -. '-• . ■. 4 g .ffik production ."by Peter 
. 1 P«ter GiU*s production 
; .'• ; ; KMn.ersmlth,’ camlWtM 

■ v Oirm* TiBOil a»m ^f -r‘*K 

same play can ;.# 
(asimersmitb, and the com- : '".- 
Iweneiy "at all; the, parquet : 
Se ftoor ie-repeated ioi the' 

; -walV and ; 'She. sets are 
: arei^i® ‘by -fe.j*la$er& _ At 
. rQliwer, -John Bnry^. bas 
V gned .detailed E^rts -tbat con- 
• ‘the.action;very speaficaiy.- 
H .'matter (rf- fad; they seem 
, ^tam-k : oha>dlfferent ktad 
■■ Sge-fnrai the QQvle£& there ; 
JBrm. line njwtag& 'erea in 
qpen-air second; act, where 

- background- stiowii on a 
ted^flaV and - the; acting Is 
Bd straight out from back to 
t-As. Vii the.'OUrrier-~had a 
cenjum arch..; _ 

vfc-n^w traniiation hy SGchael 
n is for once an" improve' 
fc-ea- previous translatioas.- 
beantifally convereationai: 
w. about that!” jsays>Gayev 
l it -strikes him .that, his 
case is one hundred years 
But it 4s free from too much J 
wnporary idiom, and-sounds 
irtant when this is required^ 
it is - (if Z can judge, only by 
daring it with other English 

New York Public Theatre 

Realism lives off Broadway 


Dorothy Tutin, Robert Stephens and Susan Fleetwood 

A hot summer night in a New 
York City police station, 
j furnished with two cops, two 
accused murderers and a water 
i cooler practically define a drama- 
|tic genre of their own. With 
; Thomas Babe's new play. A 
'.Prayer for my Daughter, the 
:stereotyped setting and ebarac* 
[ters. only emphasise the oryloa- 
: |ity and uniqueness of this 
i particular night’s work of the 
loops extracting a confession from 
• the accused. The cops arc fami¬ 
liar enough types, though Mr. 
Babe allows dome intelligence 
and sensitivity to the older one, 
whom George Dzundza plays to 
the hilt of niiddle-uged world 
weariness. His colleague, a 
i moody brooding man played 
i ominously by Jeffrey De Munn. 
is himself -j drug addict who 
■ manages tu manipulate bis young 
prisoner with Lhe drugs he 'keeps 
jin his desk. Familiar, too. are 
j tbe prisoners, hyped up on drugs, 
charismatic religion—in this 
case something called “eclectic 
! spiritualism ”—and the struggle 

_, among degrees of forbearance. 

uirianc cucWji confession and the temptation 
{to rat on tbe other one. 

out the window dreaming and 
writing of worlds beyond. 

A third play at the Public is 
an informal, modern production 
of MacbiaveJli's The .'/iiadrcfce. 
translated by Wallace Shawn. 
Who also plays the servant Situ. 
The production is modestly 
mounted with a palmed backdrop 
depicting Florence in appealing 
pink hues with props brought 
forward on a revolve as needed. 

The attempt by director Wil- 
ford Leach to make .up for 
modest settings with exuberant 
performances works only with 
Larry Pine, whose stentorian 
voice and bemused superiority 
make a brilliant cleric. Tbe rest 
or the cast get slapstick con¬ 
fused with farce, leaving tbe pro¬ 
duction mostly silly .md sloppy. 

The prolific David Mamet has 
a successful, if modest, new work 
playing in Greenwich Village. .A 
Li/e in the Theatre provides a 
backstage glimpse at the rela¬ 
tionship between two actors 
going through the paces of a 

variety yf rales. Fluffed lines, 
jealousy, quick changes of cos¬ 
tume all parade before the audi¬ 
ence. Scenes vary between a 
World War 1 foxhole to a hos¬ 
pital operating room, which the 
same two actors. ElEs Rahb and 
Peter Evans, play with their 
backs to the audience. Props are 
turned backwards and the back- 
drop depicts an actor's eye view 
of a theatre with rows of lights 
showing aisles -with exit signs 
in the distance. The scenes are 
consistently amusing and varied, 
climaxing in a tense operating 
room, where the two surgeons, 
argue over who has the next line 
and vent their frustrations on 
the patient beneath them. 

Another established off-Broad- 
way repertory company. The. 
Phoenix Theatre, first presented 
One Crack Out in a series_ of 
staged readings last year. Xow 
done in full production, the play 
follows the melodramatic story 
of a Canadian pool hustler who 
has two days to pay off a vin- 

fcj ■ ....•; -----—-v". “ "—V . "Uer accepting uie surrenucr 

£ at fh« bottom of the ^ ^ of France—but he is on the 

1 ladder ■ ^»»r^inter2f adequate stress .place* on Yasha's whole a dignified character. 

■EWSSS- failure to send -bint-to-hospital. canable no doubt with the aid 

guy expletives and exposed raw 
nerves. The vulnerability of the 
prisoners, beat up and victimised 
by the cops as well as craving 
their drug?, is matched by the 

-mibV'-Mm'’ annuo*! +« ; W* 13 ' inakes the play unique 

■'wntiin^s Mv into'TJ dow.forvsomeone to come and the estate—it made me think of well how she feels, but she never lis Babe's totally engrossing dia- 
time : 5. 0n ^2 cll ?i 1 Killer accepting the surrender makes an exhibition of herself.;'Iogue- a combination of wise- 

. She even weeps with dignity. 

Robert Stephens plays her 

performances by Derdc' w *'-*“** **“r- w-*™-,*-.,,,.. capable no doubt, with the aid brother Gayev with similar 

as the footman Yasha. Trofimov, however, comas over of his wealth, of settling down restraint: he may launch inio a. . . . . . 

. * ambition is kent ii^his very importaritiy in Ben Kings- as a bourgeois once the family speech off the cuff now and then. tiieir is matche< * b >' V 1 ® 

tiS Sdbvley's performance.^ There i s no has left. but he doesn’t seriously expect! older cops pre-occupation with 

; ■ epadiodov.-metiOTlOTsl?cS doubt .something o£tbe charac- Dorothy Tutin is a cnarming. anyone to listen very long. Judi, 1 ”* i5i lD L s n JiS ip {.®? 1 

^Vttouri.tohM.nbtbeen terUtic . A»Mnni : poll. Ranyevskaya. as usual Bowker^s^a" »ir=c.l« Anya, j ghoul' rt? 

Littler's maid Dunyasha there P'f 311 d source of the play's 

seems too little social gap. title. 

f»r in this, nilv n-m' Directed by Robert Allan 
Helen Rvan makes Ackerman .1 Prayer for My 
iarfora and dols i am »' ,,er is « "ishlisht of the 
with conviction: /iwiei iriaa*,' U nn.i-..i mu.k k., irikiv. iK/s Kr.*u>^incw season at the Public 

’ . of an old and sidr man, for 

■ Cais inarticulate speech. In Lopakhin. too, IJJi Albert emotion into 
" ast'scene, which mould eb- Finnqy’s capable =hands is an thermometer's 

-„ „ ___ — _ Cbarlotm. and does,--^ 

(Miss Fleetwood t an put as much her tricks with the rug better I 

"Anyway, the than 1 can remember seeing jt ; ! *«ea ire - 
h i-o ken 

Joseph Papp has re¬ 
turned to exclusive use of its 

ierf. Hall 

Public. The loss of an uptown 
theatre is compensated for by the 
full use of the Public's large 
premises and several theatres. 

The upstairs cabaret, a late 
addition to the Public's theatres, 
provides a Sundays-only produc- 
ition of Ntozake Shange's third 
! play which, like her immensely 
successful For Colored Girls lfho 
Have Considered Sufcide/Wlteu 
the Ramboic is Enuf fnow in its 
second year on Broadway), con¬ 
sists primarily of dramatic read- 


- cording to test wqek-mdVtninuTe length didvT&ot ior a the much-heralded young change from the Pthercal high 
’ 5 advertising,, the " per- moment seem wearisome.- His Russian. Yevgeny Nesterenko, io B flat to a quite different vocal 
era of; this Verdi Beqtuon.own spedaLtouch.jj& the his first London appearance. production for “Libera roe. 

• “Philharmorua-MutiNo end, wm a dramatically held- Music critics last night having 
{«’ names were mentioned, hack “Domine, dopjtee. hbera, - oeen sea ted so near the platform 2® r * Nesterenko proved himseirj j Q g S Q f p Detrv vcitb an easy jazz 

aps they need not .be;. and libera" and then _anymmediate ^ at almost anv choral sound first class smooth, sonorous and ; background provided by a band 

public flocks to the work accelerando — higUy. effective wou id have been overwhelming, 1101,16 10 voicc - even 11 he oocs “ " 

conductor's showpiece first and by no means At Intrusion j a b sta j n f rom comparative not wcia S every drop of terror- 

iL 'Whatever the origins of into the style. judgment between amateurs stricken pathos from “Mors 

Requiem as a memorial- Vocally, as it happened; this (who woulfl have been rat her slupehit as more seasoned fcK> ___ 

te to Manzdai, it . Is to-day was ajiighly unu^al perform- raor „ numerous) and pro- performers do. . I the poems, works fc 

lebration-of the Iwss drum ance-.-Tbe amatetir Ehilharmoma fessionals. Certainly this was a I found little attractiveness ; sulaject is Harlem 
he Philharnymia Orchestra's Cihoros had been -replaced’— for nrpi , icB aT1 ri roennnci OP as well Venano Luchetti s tenor— not • ^ t0U2h fflVV neo , 
two bass drama); of trum- reasons which seeifi- to baew as 
- on-stage and off-stage -, 1 of mflcih- .to’ . '■* s 

mum contrast between the demarcation 
night of the. rectttrmg Afes choice — ' 

and - the. Al^ Btl y _SCUJTyujg sionals uptwwfq me- >wu mna u* t m inA I fnroave 

tus. ■ - ■* Singers. (This- Is- thfe' -general j-.—jfied chorus Is possible In the ,s WT ‘ajnlj to mine. 1 forgave 

d so it was last, night, name given Jib ^ - highly “ P even l1 ? 6 odd flat ***** t 11 ? 1 

Hrfiill, rf.VJ affloiont vsnablP-fllXP/t ■ .’15001 \ ilramafipilli- in 

calling themselves Teddy and 
His Sizzling Romancers. The 
play, called iriiere the Mississippi 
meets the amazon, after one of 
best when the 
_ . streets and 

! the tough, foxy people who make 

d so it was last, night, name given to -tne^ ingn.y SanCTJ ^ vvc. „, e uu» u*i — 

txdo- Uuti powerfully._dis- efficient,.ynffebMaed yjvml - .- V . . dramatically poised delivery m 

ng the variety, intensity and enlisted and^traaned by/ John S\ ot g« JJough her recent 1Qne which proc i a i ms that 

pt the woril Following McCarthy.) .Tbe/soprano/soloist recordings have not found her - meaCM no - F meaos some . 

what a pile-up! 


,e f average ITV station was rnic programming, but can . 

ine bour& or 9^ per cent, of really be of relevance to the trouble . . Just look-at_ thi 

me- F British working man ? Perhapb trouble on this Monkey Hill here 

wiiii - it >an. At any rate. World aj . - - We’ve certainly had some 

- - -* • — ■- - *-— “— — are on 

What very 

SiLrt of f SnoSS a te? Footbai^teague Sporton tiie other Vide. aUhough action hero . C f. Here we a 

RrWfnS iS Dy g .he shorn - ffnSFhJ 1 ^ ! w 5 it 

i-strong desir^to weather and the da> s racing onnrf u -ith four s»rev- eood L-amora work bv mv ca 

rmqw it is unfair -"f’knowfhnf acaracp ITV station was imc programming, but can it Yes. T thought they were in 
" iliogicaL But each time 
iy Hill gives a filek of: his the AotaL 
and a twirl of his fouqtaip - Consider last Saturday, 
at the start 
m of Match 

W“SF-’ -Jff° e S loss it made good with four grey- good camera .work by my camera- 

*?”*&?*£ r *4sf -SS-- 8 ?? minuSi) Jjouncr races from Harringay. man here ... Tbe sun's still 

Jura, by the ttroat. . Z^e afcmdrjffour hours. 50 W as even harder at work than shining . . . Excelleot shot from 
.tion does not.pisrsiSL.After.and it-vFs ..World of Sport (four fj-p-ggn when ir came to filling the camera there . . . He's 
-’ « while my ey^ houra.: ^minutes) presumably £ e ^ B £ oze h n wa ^ tes of Saturday rammed him! He‘s hithiml^What 

- 8«tly tato ^mtL.bu^wWle attracted^ big audiences. ^ with its owh formula action!" ' 

last, the urgejS Ealnfhl fare w^re they • Rn , T _ v , for.-sport. With anchorman a moment later, still gasping 

■ disquieting. _ - -'■^Crmufetond. with Frank Bough jjfckie Davies looking quiffed and with excitement. Mr. Mould was 

is not..bis natungsS; Wticn. ag anchorman, won narrowly on jjgp pv- W e were served the world launching us Into the solo event: 
** for to -ti^anfi^suzting pointy although that js sawig tw^man bobsleigh champion- -The leader still Geoff Maze on 
I®? 5 fHtle./ It opened with Football ^ ips from LaJte pi a cid; a strange the works Kawasaki: this will 

. worry and gnaw. for he is someone—^inevitably—asked -Gop, get .hurt: and. of course, the and w T hat a'serap this is. what 
■■vant and reasonable to the don; McQueen: Manchester institution a Used wrestling slot at T-at-inc. Vaughan Simmons 

brlpk-of-irritation. . , United^ £500,000 signing, what 4 p .„,. SI iH in'second. . . . Simmons 

’ ' WandnessL find so It /elt tike running out there to Abovp aIJ we wC rc takes him-No! No! Oh! Geoff 

to take—h is u ?" his first match:»ith 1 a P” c6 given raoto cross—to be specific, is there—No, Banks has taken 

id and unrehearsed, to of half-a-million .on his head, e"™.™ H what marvpnons motor 

. ed__ . __ 

.-ale the-people and "events Good grief, it’s the silliest flues-. 

. describing with-a mould of tioo there is. Sportsmen -an-n-;-; 
ii- ; nableness which Is absurdly women are constantly being 
O-'iropriaie. Soccer ba& it ali: asked what It felt like when-tJfey 
be hypnotically exciting or heard the bell, crossed the.-line.- 
dull; it can pass mus- cleared the bar or short-changed 
s the beet game invented the goalfe. and they almost never J 
e wit of tnan, or as the most know. , 

. t tS ; itcanbe exaltingly athletic ' Thereafter, GTxmdsiand: took 
S" f C - -. ad, bad and dangerous. Yet os ski-ing '(a eheerless stand-in . 
i J - , .V sver heights or depths, it for the postponed racing at New-; 

ics on a particular Saturday bury), showed us more than was- 
Jimmy Hill smoothes It good for usr. of a Benson and; 

: ' owtL'ffi balances Ihis with Hedges snooker tournament 
and that with tbe other and from the New London Theatre,.. 

'ie process, drains .away -all momentarily attracted our atten- 
nt and excitement;..: . . .tion with a-dazzling table tennis. 

• •'t that he’s the worst Com- match between Teng-Yi and It-- 
:J j with some -of-his-:fellow--Chen-Shih. entertained us -with ■ 
lj itioners in sports abroad- some frightening shots of GB1I . 

' ig. particularly thldSe com- ploughing through tumultuous . 

•-■ ators’. • heavily m tiie seas -in the leg to Rio in the 
'i lity,-•wbo'-strive 7 'to infest MTtitbread Round ibe World - 

v* second with a drama it does Race, kept .iis in touch with the 
■ possess and infect each shot international, athletics match at 
v a ■ significance itf -cannot Cosford. between Great Britain 
the’demurdness trfjJimmy and.'West -Germany and finally-, 
is almost to be welcomed, pot us 'all out to pasture with 
f-t not quite. Increasingly, the .Leeds v. Halifax Rugby ^ 
on tbe"box is joiiting the League match, a game that was) 

- 3 wagon, particofariy ■ in one? whispered into the. 

, n t_ gome of it retains its star runnLng and positioning or 
■ V the BBC’s Sportsa^ftf is a- renegade Collie dog. 

,U J*- O od as it always was, andThere was considerable enter- 

Dickie Davies 

him. . .. What marvellous motor 
L-ross. . . . Oh, what racing this 
is! . . . Look at this, the cheek 
of it, . . . Vaughan Simmons 
goes down. . . . The leader is 
still John Banks tin the works 
Honda, beautifully turned out as 
ever. . . . There be is, riding 
superbly. . . . There’s Vick, look 
at Vick. . . . One lap to go. . . . 
Vick looks over his shoulder as 
much as to say let’s have a go. 
. .. There's the leader—the stifle 
of John Ranks! . . . Runs his 
nwn business in Bury St 
Edmunds. . . ..This is great! 
. . . John Banks is first. Vic 
East wood is second. . . .** 

Without, so much as a pause. 
Mr. Mould offered us the second 
leg of the solo event immedi¬ 
ately after the comrae-cial 
break, but T fell I had to decline, 
even though the sun Shone 
bright on. Monkey Hill and the 
works Kawasaki was roaring to 

Mr. Mould may not know it he 
may or may not care, but 
astronomers have long been 
aware that evidence of terrestial 
civilisation may be detectable 
over interstellar distances.even 
though we make no particular 

ea pap ««»*• *■*»* 

.IRMS-TiFtf & hC ™ m “ r - John tt’nSTltif ^ «» ** ~ 

' /rammers have str many/tributions to, the day* football Would. messages of Mr. Mould and his 

. M _ t( j fill in 1976*77,'the-BBC results, biit the assault course '“Look at that for action.” he colleagues, for the enttro lele- 
‘ out 1*122 hours of sport—-of tedium that had gone, before-.shouted when the sidecar event vision band is transmitted by the 
1 /•■»- 0 f its total broad- bad been extravagant fn con-, was underway. ’ 14 Upside down earth's ionosphere. It is a soher : 

._ - _.1._.L. nr <i.a mnmanl u-a I'nn't cm <nhn fno thmtohl that pui»n nnu “(lh 

/. ng hours and more than the wptton; 

.at the moment, we can’t see who tng thought that even now. “Oh, 

. <*' £,. liiEr Innlf o< tiiic cli'lfi urhQl ■, nilhiin* ** 1C innptlinr> 

Jibed hours devoted to Filling out tbe time with it is-just look at this style what a bile-up!" is travelling 

• j .v.a. music and light enter- itfbrld Cup ski-ing or an. Indoor here . There’s Skeet on his forth^at the speed of light as an 

nent In the same year, tbe athletics match of only marginal backside and Elliott on bis back- interstellar .emissary from 

y gy ; sports.-transmission. of- importance may make for econo-isnfe^..Are they in trouble? Britain. 


Christine Baranski as Wanda in • One Crack Out ’ 

diet ire loan shark. Tbe cfaarao 
ters look like refugees irom tele¬ 
vision. except that one can be 
sure that a television production 
would have at leas; had better 
pool players to go through the 
motions of the play. At times 
too much goes on as the poor 
slob, played well by Kenneth 
Welsh, looks for ways 10 pay off 
bis debt, and at other times too 

little, as we search for real 
motives from cardboard charac¬ 
ters. A number of decent set 
speeches indicate that the play 
might have gone over'well in 
a dramatic reading, but much i<t 
lost in translation on to the 

The Squat Theatre Company, 
settled - in a store-front in com¬ 
mercial 23rd Street after 
emigrating from Hungary in 
)976, show how little translation 
of another sort is needed for 
successful productions. Though 
heavily accented. extensive 
quotations from Dostoievsky and 
Artaud punctuate the scenes, the 
most successful parts of the 
work, entitled Pig Child Fire! 
take place in silence through the 
window- looking on to 23rd Street. 
Passers-by are drawn in tn 
scenes of gunfights and other, 
less provocative, behaviour as 
the audience observes them 
through the window. A video¬ 
tape camera Follows the action 
as well and broadcasts it simul¬ 
taneously on a large television 
on stage. Some of the scenes 
mock French films or American 
television or just elicit responses 
rrom New Yorkers strolling 
innocently in front of the 
theatre. Altogether it makes a 
strong impact with an imagina¬ 
tive use of film on stage and 
bystanders outside. 

Philadelphia has faiely acquired 
an experimental space in a river 
front loft for theatre, poetry 
readings, and films. One theatre 
production. conceived and 
directed by Jeff Cain, tries m 
enact the growing absurdity of 
what Cain characterises as " a 
visual serial poem." The Living 
Room at the Bottom of the Lake. 
its title, has some effective 
scenes when a mannered French 
bourgeois confronts ghosts, 
beautiful women, and New 
Year’s celebrants practically 
coming out of the woodwork. 
The cumulative impression, 
though, is too diffuse, for every 
scene does not carry’ the same 
force and too many just seem 

Poetry Society 

Michael Beckerman has been 
appointed general secretary of 
The Poetry Society following the 
resignation of Robert Vas Dias 
to pusue his activities as a free¬ 
lance writer and editor. 


C.C.—TJic« theutes accept certain credit < 
carat bv telephone cr 4t the bo* office. 


COLISEUM Credit ca/CU 01-240 52S3 
Reservation* 01-t>36 S16l 
Tonlgni. t-*!. A Tues. nevt 7.30 Ttwa: 

S um or. 5.03 Duke Bluebeards Castle 
u*nna Stmcchl neiv prodn. "Visionary ,. 
Gdn. - Plenty a! wit. 1 Tmi.. Prt. 7.00 
Carmen. 10-1 balcony seats always avall- 
iblc day ol aeriormaiye, 

DRURY LANE. 01-836 3103. Everv 
maht 6.00. Matinee Wca. ana Sat. 3.00. 

** A rare, devastating lo.ous. asior.ishirai 
stunner." S. Times. 

Mon. to Ttiurj. 

DUCHESS. 836 8243. _ 

E»BS. 6 00. Fri . sat. 6.1 S and 9. 

*• The Nuditv is stunni.19. ’ Daiw Tel 

COVENT CARDEN. CC. 240 1066. 

(CardeiKherac credit cards 836 6903) 

Tonight. Frt„ Sat. Tues- 7.30 Maverlura- • 
Mon. 7.30 La Bayadere. A Month In, 
Hie Country. EUte Syncopations. , 


Tom or. 7 30 Ariadne auf Naxos. 6a ■ 
Ampin' scats tor all oerfs on sale from i 
lu a.m. on dav ol perl._i 

DUKE OF YORK'S. 01-836 6122. 

Evenings 8.00. Mat. Wed. 3.00. 

Tickets £2 SO me. glass or wine 
•"This i* without doubt the most extra¬ 
ordinary entertainment in London.'* 
Evening News. 

Due to enormous success will transfer to 
Ambassadors Theatre 27:h Feb. 

ECI. 837 1672. Last week. 

In G.ifiert A Sullivan. Today 2.30 A 7.30 
THE GONDOLIERS. Tomor. & Fn. 7.30 A 
Sat. 2.30 THE MIKADO. SaL 7.30 
—»— Mem next- to Mar. 4 BALLET 

DUKE OF YORK'S. 01-836 -122. 

Limited season from 2 March lorevs. 
2a Feb.. 1 Marehi. johr Geloud -n 
Julian Mitchell s HALF.LIFE. a National 
Theatre Production. "A dazzle at ncn 
eomedv." ■ J. C. Trewm). instant Credit 
card reservations. Dinner and top price 
seat £7.00. 


• OLIVIER -open Hagei Ton't. & Tomor. • 

Chekhov trans. by Michael Fravn. 

[ LYTTELTON (proscenium utaoer Today S . 
I ired. nr. mat.r7;«s THE GUARDSMAN, 
bv Molnar. English version bv Frank I 
Marcus. "Diana Rios and Richard Johnson j 

I .. . stylish effervescence " Ev Std. Tomar. i 
7.43 The Lady from Maxim s. | 

COTTE5LOE ismall auditoriu mt T on't. 7 ■ 
•ooensi Tomor. 8 LOVE LETTERS ON I 
i BLUE PAPER by Arnold Wesker. ! 

; Many eaellent cheap seats all 3 theatres ■ 
day of perf. Car park. Restaurant 928; 
1 2033. Credit card bkgs. 928 3C52. ; 

: OLD VIC. 928 7616. 

Spring season Jan. 16-March 25 
in rep. 

HAMLET tonight, tomorrow 7 30. 

SAINT JOAN Fri. 7 3P Sat. .’ SO A 7.30 
ALL FOR LOVE returns March 6. 

Sunday February 26 

with Derek Jacobi as Lord Bvron. I sia 
Blair Timothy Wsst. 

FORTUNE. 836 2238. Evgs. 3. Tnure 3. 
Sat. 5.00 ana a.OO. 

Muriel Pavlow ll MISS MARPLE in 
Third Great Year. 

OPEN SPACE. 3B7 6969. Tucs -Sun B 0. 
A-OAY FOREVER by Michael Sharp. 

PALACE. 01-4 37 6834. 

Mon.-Thurs. 8.00. Fri.. Sa: 6.00 £ 8.43. 


ADELFHI THEA1RE. CC. 01-836 7611. 
Evas. 7.10. Mali. Tnurs. 3.0 ■-«* 4.0. 



A NO RACY COMEDY.-- S. People. 

BOOKINGS ON 01-836 7611. 
ALBERY. 836 387B. Credit card bhg* • 
836 1071 lexcept Sat.). Mon.-Frl. 7.45 • 
Thurs math 4_3o: Sau. 4.30 ana 8 1 

OLIVER _ , | 

- ROY HUDD's splendid performance “ 
S. Tel. “Talented JOAN TURNER." Dlv. . 
MU " CapiUl Fun ... the inow is a ; 
deiient '* D. Tel. -OLIVER RETURNS i 
AGAIN ** Daily Mirror | 


ALDWYCH. 836 6404. Ini. 836 5332. | 
in repertoire 

Today 2.00 & 7.30 tamer. 7.30 I 
THE COMEDY OF ERRORS. ’. Hllaripul . 
and brilliantly necuted." Financial Times, 
with. Last 3 peris. A MIDSUMMER , 
NIGHT'S DREAM iFri. Sat. m. & C->. . 
RSC also at THE WAREHOUSE "See under 
W1 and at Piccadilly Theatre In Peter 

GARRICK THEATRE. 01-836 4601. 

Evgs. 8.0. Thur. 16 Feb. at 7.0. Wed. 
Mai. 3.0. Sat. a IS 9.30. 

in «ne 

- GO TWICE - S. Marie, Punch. 

PHOENIX. 01-036 3611. 

Red. price Pitvi, from Feb. 17. Opens 
March i at 7.0. Subs. mgs. 8.0. Wed 
Mai. 3.0. Sau. 5.0 and 0. 
The Leslie Bricussc Musical 
Directed bv Mel Shnai-a 

GLOBE. CC. 01-437 1592 Ercn.ngs 8.1 S. 
San. 6.a and 8.40 Mat. T dav s o. 
in the SECOND YEA,* of 
The Best Come-jr ol the Yrar. 

Last Wee!. Enos Saturday 

GLOBE. 01.437 1S92. Opens Fen 22 if 7. 
A New Play bv SIMON CRAY 
Directed hr HAROLD PINTER 

AMBASSADORS. 01-836 1171. 

Eves. 3.00. Mao. Tues. 3.00 Sats. S.DO.; 
as Sarah Bernhardt In MEMOIR j 

■■ Perfect. A sang al trlumon." News . 
Student tickets £i. 


APOLLO. 01-437 2663. Evgs. S.OO. 
Mats. Tnurs. 3.00. Sat. S.OO and 8.00. 
Actor ol tbe Year." E. Standard! 

■■ IS SUPERB." N. or W. 


ARTS THEATRE. 01-B36 2132. 


- Hilarious . • see It.” Sunday Times.' 
Mandav to Thursday 8.30. Friday and , 
Saturday at 7.00 and 9.15 

Logs. 7.30. Mat Sals. 2 30. AN IDEAL 
HUSBAND bv Oscar w,ioe. " We ausiaud 
an entertaining evening " D -el 
HAYMARKET. 01-930 5932. EȣS. 8.0 
Mat. Weds 230. Sa:s. 4.32 6 8 0. 



- Ingrid Bcigman makes (he stage 
rao'die—unasuilaoic charisma. ' D. Mae. 
" Wernv Hiller suae re - s. M;rrcr. 

HER MAJESTY'S. CC. 01-930 6606. 
Evgs: 8.00. Wed. and Sat. 3.00 and 8.00. 



S. Tel. " GYNIS JOHNS plavs C-iiliantly.” 
O.T. Last 3 WceFS. 

ASTORIA THEATRE. Charing Cress Road I 
01-734 4291. Nearest Tube; Tottenham 
Ct. Rd Mon.-Thurs. 8.D0 u m.. Fri. and - 
sat- b.oa ana e.4S 

Tickets I1.50-LS.S0. Hntunt credit card • 
res. Eat m cur ftriIv-Deemed Rerauran: 
or Bullet Bar tunciitlme and before and' 
after snow - bookable In advance. Com¬ 
bined Dinner and^top-^nce tlckei £S 50. 

"Infectious, appealing, low-stamping ana: 
heart-mumping “ Observer 


-I was absolutely caught up m it. carried 1 
along by it. rtinvigorated by the sheer ■ 
verve ard ibectaele of it." Sun. Tel. 


StaOBerinBlr ^effeaive." Times 

■'Pertormao with a verve rare-in British! 
musicals. Thr show literally nad me > 
audience danerng In the aiHes- This; 
'Elvis* is manreilous." S. Eygress ! 


>; hr. before show any available ton-price 
nckeu £2JSC. I 

Mon -Thurs. and Friday 6.00 pert. only. J 

CAMBRIDGE. CC. 01-836 60S6. Mon. to 
Thurs. fl.OO. Frt_ Sat. 5 45. 8.30 


Seat prices £2.00 and £5.80 
Qlnpe r Md top-grlco seat £8-25 me. 

COMEDY. 01-930 2S7B 

Red- Prf4» Pre«. Mon. so Fea. at a.o. 

Opens ities. 2i Feu. 
at 7.0. MU. evgs. b.O. Mats. Thurs. 3-0. 
Sat 5-30 and 830. 

Margaret COURTENAY. Dermot WALSH 

CRITERION: CC. 01-930 3216.' 

Evcnfofll 8. Sati. 5J3Q. 8.30 tnurs. 3-00. 

• imDKca&le . ■ ■ a mast er." S. Tites. i 


HER MAJESTY'S. CC. 01-930 6606 
Opening March 28 

in Leslie Bricuue enu Antngr.v Ncwlcv's 

_ Previews from_Mar; n IS. 

Man. to Thurs. 9.0. Fr,.. Sit 7 30 9-30 
Evgs 7.30. Mats Wca. I'C Sals. 2 45 
Good ’-eats available now at Tneatre and 
Ageniv. Also at Doors, except Sai 
CRE DIT CARD BOOKING 01-734 8961. 
LONDON PALLADIUM. CC 01-437 7372. 

_FR D M MAY 25 to AUG. 19 

LYRIC THEATRE. 01-437 3686 Evs. 8.0. 
Mats. Than. M. Sato. 5.0 and 8.3C 

bv Eduardo de FlHippo 
'TOTAL TRIUMPH.” Evs. News. 
MAY FAIR. CC. 6=9 3036. 

mob to Fri £.0. Sat. £.30 and B4S. 
GORDON CHATER -’Brilliant." E.N. IT 
by Slew J. Spears. 

' A comoasiion*1* tunny fmtrolv eloquent 
play." Gan. "Hilarious" E. St ■’V/JcLctily 
amusing and wildly perverted." E- News 

MERMAID. 24£ 7656- Rest. 248 2835 
Mon -Sal 9 15 Mat. Wu. & Sai 5.30. 

- A WINNER ’’ D Mirror 
Sun tickets Combmeo 
dinner-W*41 re M^er £a S5 
Must end *eb. 23. 

Next Production Tom CONTI '*"* ASHER 

Open* Mar. fi. 7. Prvs trpm Mar. 1. 8-15 1 

PICCADILLY. «37 4506. Crcti I care Dkga 
936 1071. Evgs, B. Sat. 4.45 ana b. 15. 
Wed. Mai. 3.0 

Evening Std. Award and biVET Award 
Royal Shakespeare Company in. . 

. bv Peter Nichols 

'prince of - wales.- cc oi-sjo B 68i. 

Monday io Friday at L p.m. 

SaL S 30 and 8-45. Mat Tnjrf. o.OO. 

__Dai!y Telegraph. 



OF LAUGHS." News ot rhe World 
BOOKINGS ON 01-930 0B4 6. , 

QUEEN 5 THEATRE. - 0I-7J4 1166. 

Evgs 6 0. Sal. 5.0. 8.30 MaL wed. 3 0. 
Varie-.v Club ot GB Aware m 
A New Play av ALAN HNNETT 

_Pl a-s and Piavers London tnu r s awaid _ 

RAYMOND REVUE BAR. CC. 01-734 1593 
At 7 p m. 9 p'.m. 11 p.m. opeh Sur.s.1 
PAUL RAYMOND presents 

Fully Air Conditioned >ou mav 

drink an d smoke in the aud'tarum. _ 

ROUNDHOUSE ' 267 2564 

Bom Brecht evening: Janet Suzman. Bel- 
:lrw Jon'c. Edward Bono Tomer. 6em 
Ronald Blythe lAkenheldi reads Thomas 
Hardy. Bpm Teg Hughes reads m mselt. 
ROUNDHOUSE. 267 2S64. 

Prcv. Feb. 22 at 8. Opens Feb 23 at 7. 
„ Subs. 3 pm. nig‘irir_ 


in London prcmleiC o' 

_t ry Da vid Raoe___ 

ROYAL COURT. 730~ 1745.' From Feb. 20 
at B prev J Fn. 21 at 7 -ciocnsl Subs, 
evs B Sa: 5 A 8.J0. TVE BEAR br 
Ta lsioy . S ee also Theat re U pstairs._ 

ROYALTY. CC" ci~JOS 5004 

Monday-Thursday Evenings 3 00. Iridav 
5.30 and 8 45. Saturday 2 00 and 3.00 
London critics voie 
, , Ben Mu&kai oi 1977 

Tel, bfcps. atcepied. Major s redl i card s. 

savoy. . iTbs '6 eoaa 

Prcv inn lTom 15m Feb. ai BOO ot 
„ ,, Sai- 5-00- B-60. 

Opens 23rd Feb. 7.00 P.m., the' 1 nightly 
at 5.00. Mat. Wed. 2.30 sal. 5 DO B 00. 


An unusual play br Norman Krasna. 
Previews ana Wed. Mats L3 id £1- 
Regular or ires £4 to £1. Credi: booking 

THEATRE UPSTAIRS. .750 2S54. Evs 7.SO 
bv. Lenka Janlurgk. 

VAUDEVILLE. 336 9988. E«BS- al 8. 
Mat*. Tues. 2-4S. Sats. 5 and 8. 

Dinah Sheridan. Dulcie Gray. 
Eleanor Summer-field, James Grout 
“ Re-enter Agatha wltn another who¬ 
dunit . . Agatha Christie is stalking 
the West End vet again with another of 
her fiendishly ingenious murder 
J myaeries. - ' FtHi* Barker. Ev. News 

i VICTORIA PALACE. ~~~ 834 1317. 

, Until Feb. ISUi Evs. 7-0. Tdav. 4.4S 
- and 7.30. Sats. 2.30 and 7210. 



' WAREHOUSE. Don mar Theatre. 836_68DS. 

■ Royal Shakespeare Company. Ton't.. 
t Tomor. 8.00 Barrie Keene's FROZEN 

• ASSETS. • Tense and cionueflt." 8- Timas. 

. All seats £1.50. Adv. Bkgs. Aldwynh . 

■ WEMBLEY EMPIRE POOL. Last 2 weeks. 


Nightly 7.45. Sats. 2. S and 8 Special 


1 at 3 Childn. A Senior cits, naif price. 

' except Sats at 2 & 5. Pay at doors, 
j Snaclous car park. Enquiries 902 T234. 

1 0233 Evgs. BOO. Mat Thurs. B.O. 

I Sat. 5 and 8. 

Tickets £1.50 to £4.00. 


. England's Greatest Musical Adventute 
” Ekciting." Fin. Times. " Many Merry 
Ropalns.” Ev, News. " Bouncing Vigour." 

• _ . . £■ Standard. _ 

: WHITEHALL. 01-930 6692-7765. 

1 . Evas. 8 30. Sat. 6.45 and. AO. 

Paul Raymond presents the sensational 
Sea Revue of tbe Century 

< Now Live on Stage. Limited Season. 
12-week season prior to World Tour. 


; WINDMILL THEATRE. CC. 437 6312. 
Twice Nighilv 0.00 and 1D.00. 
OPEN SUNDAY5 6.00 and 8 00. 
i . PAUL .RAYMOND presents 


- Takes to unprecedented limits v-hat ■■ 
- Permissible on our stages" tvs. News. 
' You may drink and smoke in me 
j Auditorium. 

WYNDHAM'5. 336 3028. Credit CgrB 
: booking B26.1071 leacept SaL'. Mon.. 
Thurs G. Fn. and Sal. S.1S and Bod. 
VERY FUNNY." Evening News. 

Marv O'Mailer's smasn-hu Cornea v 

' YOUNG VIC -near Old vic>. 92S 6353. 
j SOp;. _ 

, YOUNG VIC STUDIO. 028 6363. 

! Dannie . Abses CONE IN JANUARY. 
Tonight at B.O. 


l ABC 1 & 2. SHAFTESBURY AVE. 836 
8861. Sen. Peris. ALL SCATS BKBLE. 

1: THE CHOIRBOYS iXi. Sbut Down 
|UJ. Wk. and Sun 1.75. 4.30, 7.S0. 

2: THE GAUNTLET LX' Wk. and Sun. 
2.00. 5 00. B.DO. (Last Dayi. 

• SHAW. _ D1-3SB 1394. 

Mats. Tugs.. Thun.. Fn. 2.30. 

Eros. 7.30. fNo Perl. Mon i 
.. by J. B. Priestley 
" Higniy Enter taming." D Tel. 

|_ • Low Prices Easy Parting _ 

STRAND. 01-B36 '2660.' venings BOO. 
. Mai. Thur. 3.00. Sals 5.30 and 8-50. 



. ST. MARTIN'S. CC- 836 1443. Eva- 8-00. 
1 Mat- Tues. 2 45. Sat 8 Good Fr>. 3 & 8 

,_ 26th' YEAR ’ 

■TALK OF THE TOWN. CC- 73* Sa35> 

1 B OO Dining. Dancing 9.30 Super Revue 
and at Horn 

| CAMDEN PLATA. Opp. Camden Tows 
; Tub?- 485 2443. Taviams' Padre Padrone 
1 iXI. Grand Prize Cannes '77. Last Dav. 
| 4.05 6.25. 8.50. - 

: CLASSIC 1. 2-' 3. 4. Oxford St. lOgpT 
. Tottennam Court Rd. Tuocl. 636 0310. 


. iA). 3.35. 7.10. 

. 2: THE HIDING- PLACE <A). Sep. Peris. 
! 2.00. S.OO. 8.00. 

, 3; Keith Carradine THE DUCLUSTS <A1. 
! Progs. 1.20. 3.05. 5.40. B.1S. 

, «: FINAL DAY! WI2ARDS <A). Progs. 

I 1.00. 3.00. S.OO. 7.00, 9-00. _ 

jCURZON. Cure on Street. W 1. 499 3757. 

sub-tltlesi. ” A sparkling * ew French 
Comedy. Directed with linesse by Yves 
Robert.'- Sunday Express. Press, at 2.Q0 

| I rot S u n.'. 4.0S. 6.15 and 8.50. 

5TAR WARS (U). Sep. grogs. Dlv. 2.00. 
5-15- 8-35. Seats bkbie. for £.15 and 
' 2.35 progs- wu and all irons. Sai. 

jODEON HAYMARKET r930 7738-2771)' 
, Jane Fonda. Vanessa Redgrave In a 
!' Fred Zlnnempnn film. JULIA fA). Sep. 
; progs, dlv. 2.3C. 5.45. 8.45. Fearure Dly. 
, 2.45 6.08. 9.00 All seats bkbie. 


- THE DEEP A). Sep. prsgs. every dav. 
Scats mav be booked. Doors open *c 

1.20, 4.30. 7.45. _ . 

IDOEON MARBLE ARCH 1723 2011.2)7 
I AUDREY ROSE !AA>- Sea- orogi. Wks- 
' - 3 °- 5 B-3Q- _ 

IfRINCE CHARLES. LeiC SC- 457 618l" 
I Final Weeks. Must End March B- SALON 
KITTY 'X). Sea. Peris. Diy Sun.) 
2.45. 9-00. Late Show Fn. and Sat. 
11 -5 5. Seats Bkblfc Lin'd ax. 

{SCENE 1 ft 2. Lelc So. (Waraour sfT. 

I 4 39 4470- 

IAI. Proos. 12.50. 4.10. 7.40. S:s. Thur. 

; AGAIN JU). Sun.-Thur, 1.30. 5-35. 9.35 
Fri, and SaL 12.40. 4.4S. 8.45. 12.45 
iUt. Sun,-Thur 3.2s 7.30 Fri. and Sab 
2.3S, 6 40. 10.40. 

“C-VCv.. i '"J't*: 'Xz-p&ty 7». 


Financial Timas Wednesday Febjnia^ 15 1978 




Telegrams: Finanlimo. Lonioo P54. T*!® 888341/2, 583897 
Telephone: 91-248 8IHW * 

Wednesday February 15 1978 



figures were disappointing, tbe 
January ones are downright 
bad. In December a visible sur¬ 
plus of £71 m. was transformed 
into a deficit of tbe same size 
and the current account surplus 
as a whole (after taking account 
of an estimated net credit for 
invisible transactions! fell from 
£216m. to £74m. In January, 
however, the visible deficit 
widened dramatically to £324m. 
and tbe current account as a 
whole dipped into a deficit of 
£179m.—the worst outcome 
since January of last year. The 
coincidence may suggest that 
the difficult!' of making seasonal 
adjustments for an exception¬ 
ally long Christmas holiday in 
both 197S and 1977 could be 
largely responsible for the poor¬ 
ness of the figures. But the offi¬ 
cial sraffstician-:. while recog¬ 
nising thai this factor may have 
had some effect, do not regard 
it as importani. 

They find it hard, in fact, to 
pin down any very obvious rea- 
no ns for what occurred in 
January. It so happened thal 
trade in items which normally 
tend to fluctuate sharply from 
month to month tNorth Sea in¬ 
stallations. ships and aircraft, 
precious stones) moved in our 
favour during the month. The 
deficit on oil fell, and the terms 
of trade moved further and 
quite sharply upwards. Vet all 
this was much more than offset 
by what are described as 
•■erratic movements" elsewhere, 
notably in imports of food and 

does make it easier to pick out 
the trends which most need to 
he watched. 

There are two in particular 
which stand ont, and which were 
worrying even before the 
January figures became avail¬ 
able. One is the fall in the 
volume of exports, which 
amounted to 41 per cent, even 
when the more Clumpy”, items 
are excluded from the com¬ 
parison. This is larger, on the 
face of it. than .might .be 
expected from the slate 
(admittedly not very buoyant) 
of world trade. It has come 
about earlier, too, than one 
would expect on grounds of 
price alone. But the last CBI 
survey of business opinion 
found a sharp reduction in 
optimism about export pros¬ 
pects. in which the increased 
difficulty of competing on 
grounds of price played an 
important part. Relative prices, 
of course, may well not be the 
only influence at work. 

Import rise 

Export fall 

The rise in food imports could 
conceivably be put down to anti¬ 
cipation that the Green Pound 
would be devalued. But it would 
take a good many other and less 
plausible conjectures to explain 
the January figures. Ii it better 
to stick to the assumption ilia! 
there were various erratic fac¬ 
tors at work on a larger scale 
than usual and lake a more 
detached look at the recent run 
of the figures — comparing the 
last three months with the pre¬ 
ceding three. Even this is not 
altogether satisfactory, since the 
com pari sun is distorted by 
special factors like the end of 
the U.S. dock strikes and the 
appreciation of sterling, but il 

The other.- if anything more 
worrying trend, is the way in 
which imports of manufactured 
goods bare been growing. 
Between 1976 and 1977 the 
volume of imported manufac¬ 
tured goods rose by 12.9 per 
cent, and that of consumer goods 
by slightly more, though output 
was flat and consumption 
slightly lower nn the year. This 
tendency seems to have con¬ 
tinued. 'though output is still 
flat. It looks as if the rise in 
imports of raw materials and 
semi-manufactures - which is 
bound to take place as produc¬ 
tion moves up. nnite anart from 
the need tn reb'iild stocks and 
the nossibUitv of simply bottle¬ 
necks ar home, may be augmen¬ 
ted bv a sharp rise in imports 
of fin’shed investment and con- 
sumntinn goods. 

The Chancellor has given him¬ 
self rime in which to collect 
a< imvb information as pnssihi® 
shout the state of the eoon«tnv 
before introducing hi* Budget. 
The*** latest- trade figures must 
reinforce hi« determination to 
resist the wilder caile for a laree 
increase in consumer purchas¬ 
ing powers, and *ive point tn 
the warning issued by Mr. 
Barnett last week, that hopes of 
a cut in taxation should not be 
pitched too high. 

Tougher but 
more brittle 





thought that il had hit upon a 
clever way of resolviug an irri¬ 
tating challenge to its pay policy 
when it sanctioned last month's 
settlement with the firemen, 
giving them an immediate in¬ 
crease of 10 per cent, and a 
firm promise of more later on 
when the present phase of pay 
policy has expired. But the 
formula was one which Minis¬ 
ters could hardly expect other 
groups of organised workers 
Co refrain from taking up once 
they had seen the firemen pave 
the way. Already, local authori¬ 
ties are privately reconciled to 
the fact that Lord Edmund- 
Davies's inquiry into police nay. 
which is not due to repon until 
tbe spring, is expected to sug¬ 
gest an arrangement similar to 
that of the firemen. Now the 
Shell oil tanker drivers have 
agreed to accept an otter 
couched on broadly similar 

The settlements may differ in 
detail. The firemen were pro¬ 
mised two further increases 
which, by November 1979. will 
put them on a par with skilled 
manual workers' pay and which 
will be automatically adjusted 

to keep them there from then 
on: while the Shell tanker 
drivers have been offered a 
new basic rate, giving them an 
extra 10 per cent, back-dated to 
November, and a further 10 per 
cent from next November when 
their overtime pay will be cal¬ 
culated on the basis of the new 
rate. Bnt the effects of the two 
settlements are the same. Sub¬ 
ject to whatever the Depart¬ 
ment of Employment may yei 
say about the tanker drivers' 
deal, both groups of workers 
have been persuaded to settle 
within what appears to be the 
letter of the current pay guide¬ 
lines by a formula which defers 
a substantial part of the pro¬ 
mised increases until a period 
when tbe present guidelines no 
longer apply. 

successive years of pay restraint. 
They saw the prospect of slip¬ 
ping further still in the face of 
the 13 per cent, settlements 
which had been reached in 
other sectors of the road haul¬ 
age industry. 

These two groups are by no 
means the only ones to have 
become deeply concerned by the 
erosion of pay differentials. 
Furthermore, somewhat more 
than half of the settlements due 
during Ihe present phase have 
yet to be made. It is true that 
most groups of manual workers 
have by now agreed to a Phase 
Three increase. But the elec¬ 
tricity supply workers' negotia¬ 
tions have yet to be concluded. 
This is an area where feelinss 
about loss of differentials are 
running hish and where the 
unions involved could exercise 
considerable industrial puwer 
should they choose to use it 

The firemen's formula has not 
been tbe only way in which 
the strict application of the 
present guidelines has been by¬ 
passed. Many negotiators have 
made full use of the exemption 
made for productivity schemes. 
It is true the • Department of 
Employment is monitoring some 
of these schemes to see if. in 
fact, they are self-financing. Bur 
to what purpose? 1/ the Govern¬ 
ment should become dissatisfied 
with the outcome of — for 
example — the British Oxvgcn 
productivity scheme, will it 
then stop the hnspital service 
from ordering medical gases 
from the company? 

Losing ground 

This was not the only point 
of similarity. The firemen 
believed they had been losing 
ground in the pecking order of 
public sector pay while the 
tanker drivers, who see them¬ 
selves as an elite among drivers 
because of the inflammable 
cargo they carry, had seen 
their differentials eroded by 


The point all this illustrates 
is the impossibility of main¬ 
taining a rigid pay policy for 
more than a relatively short 
period. Last summer Ministers 
were obliged to recognise the 
need to provide some flexibility 
in order to ease tbe anomalies 
and negotiating pressures which 
had built up during the two 
earlier rounds. They have now- 
gone back on tbeir original in¬ 
tention and are trying to apply 
a 10 per cent, ceiling to all 
settlements. What is more, they 
are talking of many more phases 
to come. It is bad enough that 
they should have changed the 
nature of the present side¬ 
lines without first seeking the 
approval of Parliament. It will 
be monstrous if. as seems likely 
tlie new rules have to be ap¬ 
plied as arbitrarily ax before. 

T UCKED away in the reams, 
of small print published 
by the New China News 
Agency since the New Year 
there are some startling 
figures which show Peking's 
economic ambitious in cold 

The Chinese have already 
said they want to be in the fore¬ 
front of the Industrialised world 
by AD 2000. Originally, this 
piau sounded more like dream 
than reality. Now, for the first 
time, they seem to be genuinely 
doing their sums.. The aim 
seems to be to* keep GNP grow¬ 
ing by the same average rale as 
in the -past 23 years, --when 
il multiplied 3-4 rimes. The 
vita! issue is whether they can 
maintain this for the next 23 
years from a much higher base. 

In past moments of enthus¬ 
iasm, Peking has been prone to 
publish over-ambitious targets. 
Tbe difference now is that some¬ 
one is clearly thinking hard 
about The ways and - means. One' 
has to take the Chinese aims 
seriously, because they are 
plainly doing so themselves. 
The question is whether by 
adopting foreign technology and 
exploiting local resources they 
could possibly come within 
hailing distance of (heir target. 

The figures in question come 
from two industries. Chairman 
Mao's mid-1950s dictum that 
China should overtake the U.S. 
in 50 or 60 years, much quoted 
during the past 12 months, was 
recently hardened into a pledge 
by the metallurgical workers to 
catch up with or surpass 
American steel output by rhe 
end of the century. U.S. steel 
production is currently about 
lOOra. tons (though this is well 
below capacity!: Chinese out¬ 
put last year was approximately 
25m. tons (an estimate like 
others in this article, based on 
published CIA calculations!. 

At a conference in Peking. 
In January, the workers 
promised to increase iron and 
steel production ** by an annual 
rate of 4m., 5m. or even 6m. 
tons for the next 23 years/’ 
which (assuming that this 
ambiguous statement refprs 
only to steel, not iron! would 
give them a minimum total by 
end-century of 117m. and a 
maximum of 163m. tons. If this 
is to be taken seriously, the 
Chinese must be planning for 
an increase of at least four times 
.their present. steel production. 
..This tallies, roughly with the 
end-century target of 100m..tons 
that Sir Charles VilJiers. head 
of British Steel, was given on 
his visit to China last autumn. 

These arahitinns are paralleled 
by what a Chinese minister said 
recently about coal oulpuL 
While this, too, was ambiguous 
(the Chinese-language NCNA 
said “triple" present produc¬ 
tion by the year 2000 and the 
English version “double . . . 
and douole again") the order 
of increase is roughly consis¬ 
tent with the projected steel 
growth. Chinese coal produc¬ 

tion is already huge, being esti¬ 
mated at about 490m. tons for 
last year Tripling it produces a 
possible output of nearly I.abn. 
tons, in AD 2000, quadrupling 
it. a i moil 2bn. * 

These are astonishing figures 
and yet the Chinese have 
already set about the ways and 
means of achieving them. In 
steel, the first step appears to 
be to gel foreign technology to 
help improve existing plant. 
Chinese teams have already 
looked at foreign steel mills 
wild a view to modernising 
their own without interrupting 
production. The second possible 
step is to buy further foreign 
plant to increase overall 
capacity. Tbe third is to use 
the plant they already have to 
its full potential. 

Building up the steel industry 
presupposes .increased supplies 
of raw materials. One of China's 
problems has always been a 
shortage of higtgrade iron ore. 
Pekin,; is importing more and 
more iron, but imports could 
never be the backbone of an 
expans, w of the size envisaged. 
For thi. coming year, the iron 
mines »re to increase ore pro¬ 
duction by 10m. tons by tsup:ns 
their pr.duction potential." the 
Minister of the' Metallurgical 
Industry said at a conference 
recently 1 .'. That may do for now. 
but huge investment would be 
needed to make it an annual 
growth rate. 

A vital part of the plan seems 
to lie in a continuing build-up 
of small industry. Chinese fig¬ 
ures published last year showed 
that 11 per cenL of the coun¬ 
try's steel came from small 
steel plants, many run by coun¬ 
try authorities using local 
materials. Still more striking, 
27 per cent, of the iron ore is 
locally produced.- as is mrc- 
third of total coal and hydro¬ 
electric power output. Of all 
coal mined in south China 70 
per cent came from small 
mines. Provided that the local 
steel is of adequate quality 
(and foreign visitors seem tn 
think it is), this sector can 
make a useful contribution. 

By the middle 1980s. China 
is to be divided - into sis large 
economic regions, roughly corre¬ 
sponding to the ' natural geo¬ 
graphical boundaries. This 
should reduce bureaucratic 
delay as each one wih operate 
more or less independently. The 
Chinese have a6o hinted that 
they plan to bring much more 
specialisation into industry, 
which presumably will be 
plained on this regional basis. 

Specialisation was heavily 
attacked by the radicals because, 
they said, it gave all the power 
to experts and administrators 
and none to the workers. The 
Chinese now say that the 
economy has flagged in the lost 
ten years just because of the 
policies advocated by the 
radicals: the current system 
where a iracior planr may make 
every part itself down to the 

last nut with wasteful duplica¬ 
tion of plant sometimes a few 
miles away, will probably go. 
But specialisation will depend 
for its effectiveness on skilled 
managers—people in sbon 
supply at presenr because' of 
past hostility to anything like 
an educated elite. China will 
have to start training them now. 

For the rest, the - Chinese 
are pinning their hopes on 
increasing mechanisation. By 
1980, the coal minister has 
said, there should be a con¬ 
siderable degree of mechanisa¬ 
tion in mines of any size, while 
in all the biggest mines fully 
automatic coal-curting machines 
should be operating. By 19S7. 
he added, mechanisation should 
be Universal, .and all the large 
and medium mines should be 
using automatic coal-cutters. It 
is this mechanisation, almost 
certainly using some foreign 
machinery, which is presumably 
expected to bring about the first 

the population level—have b^n 
discussed only in general tarnfe- 
Although Peking'has. probably 
reduced the popuhrtioit increase 
to about' U5 per "cent per 
annum, even this is expected to 
produce a total of LSbo- people 
by AD 2000. Somehow they will 
have to be fed, and for political 
reasons, at a higher standard 
than that of-past years. Unlike 
industry, farm production has 
risen by only 50 pen: . .cent., or- 
so since 1957. just enough to - 
keep - up with population 
growth. ...If' the. farmets r.dip 
maintain even that record, diet 
will have improved a little 
by the end of the century,. a$ ; 
the projected! population growth, 
is only 35 per cent. However, 
even this rise in output is 
doubtful. - 

Chinese agriculture is already; 
highly efficient. Western visitors 
report, and in some places the 
application of fertiliser -has 
reached the point of diminishing 

' Plans for the 

1890s, to which sudfyj sptimia- 
tioa really relates, cap flgWjJ 
/verv tentative.. 3fbre TO jne 
joint, the Chinese have drawn 
up- plans for the next three 
years (1978-80) and the follow¬ 
ing five (19SI-S5). These are 
closely integrated. But apart 
.from the aim to double coal out-, 
/■pat and complete mechanisation 
of agriculture and coalmining, 
■they, have not told us much 
about' their mid-1980s targets, 
beyond declaring that farming, 
.steel* energy _ajpd. transport .are 
to receive increased investment. 

Alms for 1978-80 have been 
more publicised. Agriculture is 
due to be “basically, mech¬ 
anised ” by 1980—which means 
that' 70 per cent: of all opera- 
- tibns now performed by- hand 
are to, be' taken over by 
maehlne. Supplies of tractors, 
the-planning minister recently 
announced, are to increase -by 
70 per cenu tractor-drawn farm 

logy.: Yefc .so tac-no deal-of 
really significant size has been"! 
signed. jUjSoes not seem to be.' 
money that is holding them up- 
although estimates-of China’s 
surplus oa the last. pvo years 1 / 
trade range from $2bn. down to • 
only- SSOOnu, that plus .other 
earnings should be enough to : 
start the ball roiling. It maynot : 
even 'be ^rgumpftts.- -of . the 
missile - versus - power ■ < station, 
type: it could just be the diffi-; 
colty of evaluating the-j®edse - - 
balance - between rural, and 
industrial -'investment .-..{about? 
and transport requirement^ and • 
the future pay-off from each. 

" The Chinese have *? tafegEafe. 
foreign trade 'asrisBiB^X^ as, 

.possible;,into- Jplans^ferjfae 
economy as 

it represents e very smalt itais: 
tinh of GNP, iti sigmficahce is - ^ 
out of all" proportion^ts;-i^; she.A| I 
because tofMiprte- artfsSefcsSqrt 
cut to modernisation//?. 1- 


GNP (bit 1976 U5. S) 

Agricultural production index 
(1957= TOO) 

Industrial production index 
0957 = 100) 

Machinery index (T957= TOO) 
Electric generators (mil kW) 
Machine tools (th units) 
Tractors (th 15-hp units) 

Trucks (th units) 

Locomotives (units) 

Merchant ships (th metric tons) 
Ocher producer goods index 
(1957 m TOO) 

Electric power f bit kWh) 

Coal (mil metric tons) 

Crude oil (mil metric tons) 
Crude steel (mil metric tons) 

Foreign trade (bt! current U.S. S) 
Exports, f.o-b. 

Imports, cJ.f. 


















. 323 















. 126 









: 385 









: <52. 



602 • 







- 930 








3 S 



5-5 ■ - 






, 750 









: !364> 



18QJT .1 


7 S 

























313A : 


















:12L0 • 









427.0 < 


1 S 


2 8l 


43.1 ' 



.. 743 




17 Jt 


‘ 234) 



. :sjo . 



. 183 



. 295 












--T4.4 - 





' 1A 

" 3.1 ‘ 








• ■ 22 

5.1 - 

• 7j4 : 







Soares: Notions! Forcija Assessment Centre'FCIA) 

round of doubling output. 

The Chinese now blame the 
Gang of Four for the failures 
in industry—particularly in 
steel—since the 1960s, but in 
5pi»e of their alleged crimes, 
ouput in many sectors seems tn 
have risen satisfactorily. Total 
industrial production in 1976 
was five times that of 1957. 
which although small was by no 
means negligible. The founda¬ 
tion of China's heavy industry 
had already been laid by the 
Russians. Post-1957 industries 
such as oil and petrochemicals 
have, of course, boosted the 
figures enormously, but even 
those already established, such 
as si eel. coal and power, have 
respectively tripled, quadrupled 
and sextupled since then. 
The vital question is whether 
anything approaching these 
increases can be kept up from 
to-day's much higher base. 

T'-v.i factors which it i? 
essential to take into account 
In any plan to catch up with the 
IVpm— agricultural growth and 

returns. More mechanisation, tools by 110 per cent, irriga-. 
which features strongly itt the tion and drainage power by 32 
plans for the next eight years, per cent, and chemical fertiliser 
may allow more crops/ but by 58 per cent. Fuel and liibri- 
China will still be plagued by cants for farm use will- be 1.2 
unreliable weather and limited times the 1977- supply, 
harvesting seasons. The fwiriers Farming is W gel a bigger 
need hardier and faster-growing s jj ce 0 f u, e investment cake, 
types of grain, but the lack of xban. it has had hitherto. : But 
consistent research and the.long what'no one knows yet is how. 
break 4n adequate university i arge * ,he. national cake- will' be, 
training since the Cultural^ pJ where^griculliire jkULuIiuL. 
Revolution have delayed -Jbese.^^ a ^ industry,.-..Last'yqar^ 
What China will hairrffS tew"trops * probably. did ' no better 
years is peasants to spare wb«. tb® 1 in - the previous couple of 
thanks to mechanisation, .can J" esrs because '.of drought ana 
be occupied elsewhere. 'Phis coW- Although, industry per- 
pool will presumably provide formed better than expected 
the workers for ito-raorrow's last.year (officially -a 14 per 
locally-run coal mines and steel cent- m^easejn value of nutput 
works, and all the plants that compared with a/projected one 
will grow up using their pro- on Jy ? per cent), the*, disr 
duets. Niu all will be able to appointing harvest may Mve 
take on full-time-factory work, caused \a. re-writing ■ 0 f 7-jhe 
as farming will have busy 1978^0 plan. *. ' t'r. 

periods. But others can • be The-delay, .this; .would liavp 
occupied in land improvement causadF\hay hpye affected' tra^tf 
work or seasonal plants like deciszb'ns". Repeatedly since 
sugar mills or "vegetable oil October 1976, tire "Chinese havd 
presses. said they need fbrfign techno* 

But m o derpisrn£.is TOVsuflpl j. 
a matter pE 
contracts for/pbwejv 
tninutg-Bwcbinery and 
ting baefc to aWa^'depvery^gid ‘ 
a rapid growth- hi :GSfiP£. Orer- : j - 
doing ^ucam |p| | ] 

congerti ju i l 

efficiently requivesTdiii^*triiiA- 
port and handling/<sju*pmaiL 
Although shipping njeh: report , u 
a much taster- rern*q£ 3 f juhe ^ 
in the ports last year, expanding... 
the railTOysr^the .main ,trans¬ 
port artery—is a much slower 
business. Trade in ; l97^ T(wfi '. 
by ta per eenL to ab rword 
figure (-515ba. or so; if earlier 
CIA calcBlations were correct); 1 0 
annual’ spurts of tha^ size would 
need aft equaTexpansion of port 
eqnip&ent and railways; 

Higher wages and : growing 
incentives,.already in farce, will 
help ' While they might attract 
scarfed resources into' ennsump- 
'tiod arid away from investment, 
the^Chinese seem-to. have 
thought-of jin interesting way of 
reducing the problem. In the 
official account of last year's 
trade,' * China-watchers were 
amazed to see that imports had 
included Watches and TV sets. 

This defies the conventional 
wisdom that Peking would never 
buy -'foreign consumer goods. 

The best-explanation yet is that 
the Chinese bought them to sell 
off at very , high prices, thus 
un oppirig up excess spending • 
pow efc .j . 

■- Inducement, 1 

phis The' skill; hard. Stork ana 
natural resources of China will 
be enough to achieve a highly 
ambitious target remains to be 
seen, it looks just possible that 
the planned, growtif ^indns try 
and GJ^Fxopld bevaftasied if 
development. partie!j)a?iy , )n tbe 
rural / areas;/ conre&/ -up to 
expectations^ ; Cbina^may not 
catch.with the..:West- by 
A0 2000 :in farms of., spare 
expiration or private cars; but 
it could have an-, eawmously 
productive industry. Modest con¬ 
sumer' edmfeo-t, and'/a leHrag 
mi litany; capacity. 


. '■»' • -7" ;.V 

the compass 

.Norman Harding, chairman of 
the City of London planning 
committee, is in the h3bii uf 
walking every morning from 
London Bridge station to Fen- 
church Street, where he works 
as a director of Asprey'a the 
goldsmiths. His route takes hint 
through Lovai Lane, running 
into Eastcbeap. What he saw 
going ou in the lane one morn¬ 
ing recently made Harding 
decidedly vexed: a group «»f 
workmen were busily pulling 
down a building for which his 
committee had refused, only the 
week before, to grant a demoli¬ 
tion permit. 

The. 125-year-nld properly-— 
number 26—that was disappear¬ 
ing before his gaze had once 
been the domain of fish mer¬ 
chants. L«Yat Lane heine close 
by Billingsgate. Although sadly 
dilapidated, it had arched win¬ 
dows and an unusual steel 
frame. The lane is being partly 
redeveloped bui is also a con¬ 
servation area, so Harding felt 
that tbe edict about uumbc.r 26 
was being treated in a pretty 
cavalier way When he reached 
his office he called the Cilv 
architect, who conveyed a stiff 
message in Compass Securities, 
owner* of the nrnperty and 
wnuld-he demolishers. 

Negotiations are still in pro¬ 
gress. but Harding has quite 
definite views—that Compass 
Securities should rebuild what 
they have knocked down. 
“Speaking personally” he told 
me. “ I should like to see a 
restoration of the orifiinal 
features.” Compass Securities 
have failed to respond to my 
request for a comment 

ij» completing its third report 
on the British Steel Corporation. 
This is expected to appear dur¬ 
ing the next fortnight, but 
because of the leaks with the 
two previous reports, there will 
be a break with norma] select 
committee practice: confidential 
final revises will not be sent 
out under embargo. 

However, despite the empha¬ 
sis on security, l i.-an tell you 
that the report will be hoi stuff. 
Committee members are in nn 
mood to spare the feelings of 
Eric VarJev. Industry Secretary, 
and Sir Charles Yilliers. BSC 
chairman. The two are seen as 
the twin villains, who last year 
tried to keep confidential the 
worst of the corporation's 
mounting woes—leading tn this 
year's probable £520m. loss. 

nf all vehicles over 1700 cc. 
When car dealers offer to buy 
cars for such prices, they are 
addressing diplomats serving in 
that country. In Fact, purchases 
from them are also hedged with 
restrictions, hut for some 
foreigners there is a silver 
lining in the poisonous winter 
smog clouds wreathing the 
Turkish capital. As for the 
Turks, one or twn must 
obviously be on Sunset Strip to 
pay such prices even if foreign 
businessmen are talking of the 
Turkish lira as “ Monopoly 

Secret of success 

The Tacts lately elicited from 
Varies- and Viltiers are not in 
dispute. The interpretation of 
those facts will be much at 
issue when the new report is 
oui. YU Hers and Varley may 
well protest publicly that their 
tormentors have treated “raw" 
internal forecasting as no dif¬ 
ferent fmm real-life business 

Calling all crooks 

Should you chance to see a 
young man earnestly talking 
into a walkie-talkie set m a buss- 
shopping street, do not assume 
that he is a plain-clothes 
policeman enaaged in crowd 
control, or even the itinerant 
owner of a hire-car business. He 
may well be a look-out for 
illegal street traders, warning 
Them that the Jaw is proceeding 
in their direction. 

he was getting a better view by 
standing on one of the seats pro¬ 
vided by local retailers for tired 
shuppers. When 1 asked him to 
get down, he just swore at me." 
The illegal traders and their 
scuuts arc taking a rest in the 
cold snap, but Dutton expects 
them io be hack with the first 
rustle of spring. 

The Metropolitan police say 
they have not yet spotted any 
walkie-talkie men in Oxford 
Street, so it seems that Welsh 
petty crooks are technologically 
well ahead. 

An ‘‘assessment'at perfonffaiice 
unit" at the Department oF Edu¬ 
cation and Science is about to 
begin testing the mathematical 
ability of British children. A 
leading professional body has 
(so it is said} been doing just 
that with its new. recruits. Its 
key .question is : “You axe given 
a barometer and told to work 
out the. height of a .tall dffice 
building. How would you sei 
about it?” 

The first of four candidates 
said he would rely on- Newton¬ 
ian physics by dropping the 
barometer off the top ~ot the 
building and measuring how 
long it took to hit the ground. 
The second proposed taking the 
barometric pressures at pave¬ 
ment and roof levels, while the 
third had a complicated theory' 
about measuring the length oF 

shadows cast by the building 

Diplomats’ delight and the barometer. 

Red-hot steel 

Behind a smokescreen worthy of 
Port Talbot, the Select Commit¬ 
tee on Nationalised Industries 

In Cardiff, the "suitcase sales¬ 
men” axe already equipped with 
walkie-taLkies. Eric Dutton, 
president of the city's chamber 
r.f trade, tells me that he 
spotted one look-out talking imo 
a transmitter in the new 
Queen's Street shopping pre¬ 
cinct. "To add insult to injury, 

The equivalent of £60.000 for 
a Range Rover may sound a bit 
steep, but it shows that British 
Leyiand's flag is at least flying 
high in Ankara. For Rolls- 
Royces tbe price is, of course, 
higher — £250,000. But before 
our keen and eager export sales¬ 
men race off to Heathrow, we 
had better warn them nf Catch 
22—that Turkey forbids imports 

The fourth, elegantly dressed, 
explained that he was a stock¬ 
broker, but feJt a need to im¬ 
prove himself. .‘‘So how would 
yiiu solve the problem?" asked 
the panel. “I'd go up to thfc jani¬ 
tor and say. ‘Here's a barometer 
—I'll give it to you if you tell 
me the height of this building’.” 




Nine-tenths oi the H unting Garc Group LtcL is never 
seen, bur our financiers and lawyers, our piahnirig 
experts, our architects, our sur\ e\ , ore, ourbuilding - 
engineers workijo^itlier on every projeerfrom initial 
plannmgdnrni^i tinan dng to tinal consniictioitOur 
te^.h^i^^complete individual ‘design and build’ 
packages, andmakes sure they are completeddn dtne. 

' That’s good for our industrial clients likeBOC 
Ltdi'The Goodyear Tyre & Rubber Co/fGt/Sriraln} ; • 
Ltd. ^Engineering Laboratory EquipmentLuLand,,. 
Regma (UK) Ltd., whose directors know they isn'jcdf 
on us. Ir’s also good for the record nurnberoffanriOes •. 
who last year moved into Hunting Gare builthoiri^ 

" ■ develop our own sites, our dienis sitres or find 

sites to meer:specific needs. And it was dieHtittnhg;. 
Gate .Group who pioneered industrial esrate' ",-/’ '-.: : ~ 
partnership schemes with local authorities.? '•£ ? 

" Our good planning has meant security r/ V V 
steady growth for us and our clients. Thadsjfteiway W* 
like tt- aridd-iat's die way we intend td cbritmiie;-:: 

. Z y : 

X:-, 4 

Hunting Gate^Qroup 
- MbreThanBulfders 

. c .-.. r-^Cv^:;-... _ 

- ----.. -vv - 

Hitchih. Vi-: 
HertsSG40TB .-.. _ «... 

Tdephoncrf 0462};4444 • 
Telex; B2444 ,* -' X- ■; - 




raissaapfl a._ 

: - - -v-'j**"* 

Emandai Tidies Wednesday .February 15 .1978 




. . '“s'.. jfiV'- * • • -J- • .-v - ■ 

. V? -£&->,&•• i*!». .-.s. v -v-' • ■ 

-** - -V. <fc£. ■ v?: : • . 

.1 ■ 7C . .... 

•*v£ : -V /-:- * * ;. 


Wednesday February 15 1978 

The past year has seen a scramble to invest in industrial property. The market has been made 
particularly attractive to fund managers by its sustained rent and capital growth—a trend 
which seems likely to push the cost of modern industrial space up by about 20 per cent this year. 

- fohn Brennan • 

_'erty Correspondent ' 

space partially reflects the 
simple need to find a home 
for an ever increasing weight 
of 'inyestable funds. Recent 
r...... v. - -"surveys suggest that the pension 

■ -funds alone will'.have some 

n ..-. _£7.5brt of Investable funds in 

. 1 . 1978.' Those funds traditionally 

try'to invest around 20 per cent, 
of- their cash in-'the direct 
• . . - property market, and they have 
recently heen trying to bring 
the industrial element of their 
property portfolios up to the 25- 
30 per cent: level: If the pension 
funds’.were to .acMfcve that in¬ 
vestment pattern 1 hj 1978. they 
alone would be'pouring £375 in. 
into the industrial, property 
market this year, .and that 
would be equlvaletit-to 40 per 
cent of the total unstitutional 
investment in reaL^property in 
1977. - - *■'* 

JJ case for industrijil property 

■*£“ investment in has the 

.e. But-the blam} £ fewest claigi - elen j ents - 6T'a self- 
non denominator- ajjchitec- ^i fltT ; n p • prm*e^r~*I buy 
that houses British indus- beeause prices .arediSng. and 
has been - settiofi--fund heause^ • • 

igers' pulses .racing .over., ^ ew ^ ^regarded 
oast 12 months.^.,,, ^ something of a vinous circle 
the end of . lfl77 { institu- a4xe admili driven 5® flocks of 
7 passion for factory, and rjtfeepjfl* f^d mahagers.’ But 
house Investment^. faati. investment appeal of the 
■■ding to. Allsop's 1929-77 industrial property -^-sector, is 
i schedules, forced, .prime underpinned by sopfa evidence 
st rial yields down to 7 .per -<yf sus taine d* rental.ffig capital 
for the first time and, bad : 

d into the traditional yield . a number , oF..'recent rent 
between industrial !, .and surveys- illustrate nUSajpace and 
3 properties.. This en- consistency of industrial; rent 
iasm for the sector, which growth. *One of^the most 
»s no signs of tiuting-aff in graphic of- these swveys came 
, has been generated de- from stockbroker:;. :Pejunure 
i a still depressingly-slug- Gordon, who c‘o'mpii^n>re|§ and 
recovery in industrial agency ’ rent repdfteC between 
ity. : T 1980 and 1976.*. Over tho^ 16 

le institutional scramble years industrial , rents.juribe 
good qua! i ty industrial . South' gasf rose 

more than twice the pace of 
average shop rents and well in 
line with office rents. 

The broker’s comparison of 
overall annual returns on each 
category of property investment 
shows that industrial space in 
tlie'South East was producing a 
capital and rental return of 24 
per cent, a year between I960 
and 1976, compared to only 
around 18-19 per cent for pro¬ 
vincial offices and around 16-17 
per cent a year for shop invest¬ 

These figures give only a gen¬ 
eral indication of investment 
trends. But they do help to ex¬ 
plain the investment appeal of 
industrial property, an appeal 
that has been further empha¬ 
sised by accelerating rent 
growth in recent mouths. 


A review of the industrial 
sector by Grant and Partners 
confirms this continued rent 
growth. Between June, 1976, 
and June. 1977. Grant shows that 
modern industrial rents near 
London Airport rose by 25‘ per 
cent. Year-on-year rent increases 
around the country range from 
just over 9 per cent, in Glasgow 
to an exceptional 36 per cent, 
in Luton. The figures average 
out at around 15 per cent, over¬ 
all and nearer to a 20 per cent, 
rental increase in the key indus¬ 
trial distribution centres of the 
South East. 

This rate of industrial rent 
increase looks odd against the 
background of the highest level 
of unemployment since the 
1930s and a lower rate of indus¬ 
trial production than in the 
threeday week during the 
winter of 1973-74. But the 
reasons for. continued rental 

(Overall totals of floor space in sq. ft. as at mid December 1977; August 1977 figures in brackets) 

(Vacant and 

IB leVTor sale.) 

(Vacant and 
to tet^or sale) 

(Occupation within 
six mnoths) 








By Regions: 

(including North Wales) 






















L32 5.000 

































A. London 

B. Home Counties North 

C. Home Counties South 










NB. Exclusions from the Totals: 

1. Premises with floor areas less than 5,000 *q. rt. 

2. Premises still occupied but unofficially on [he market to let or for sale. 

3. Multi-Morey mill premises mainly in the North East and North West Regions. 

4. “Semi-Derelict" premises where It would be difficult to justify refurbishment. 


A. Number of premises over 100.000 sq. ft. 101 (123) 

B. Approximate percentage of buildings not more than ten years old 50 (57> 

C. Approximate percentage of •jingle-storey buildings 64 tS3) 

D. Approximate percentage of multi-storey buildings 16 117 1 

Source: King and Co. 


20 (23) 

79 (SO) 

21 (20) 

growth arc fairly straightfor- potential because they make up per cent, increase in rents will 
ward. * a less significant element of a have a greater impact on the 

Fa us of tli e sector li are always company's overhead*; than office investment attractions of a fac- 
argued that industrial rents have or shpp rents. And it seems tory than the effective increase 
.'greater quality ’ and growth reasonable to assume that a 20 in rent—from. say. £1.10p to 

£1.32p a square foot—will have 
upon ao industrial tenant." 

Another key influence on in¬ 
dustrial rents is .the surpris¬ 
ingly finely balanced relation¬ 
ship between supply and 
demand. The relatively short 
development time involved in 
a factory or warehouse project 
enables developers to keep this 
supply-demand balance in rough 
equilibrium, a point made clear 
by King and Co’s latest national 
survey of the sector. 

The survey, published yester¬ 
day. shows that there were. 
72.5m. square feet of industrial 
space available at the end of 
1977. a 3.1m. square feet cut 
in the August toiaL That seem¬ 
ingly enormous overhang of un- 
let space does in fact, repre¬ 
sent less than 3 per cent, of 
the national stock of factories 
and warehouses. And even this 
percentage figure over-states the 
scale of the overhang, as nearly 
half of the available warehouses 
and $0 per cent of the empty 
factories are ten or more years 
(rid. A sizeable part of this 
older space can b j ruled out of 
the market, bemg either struc¬ 
turally or locationally too out¬ 
dated to attract a tenant. 

The relatively narrow margin 
of available industrial space 
goes a long way towards ex¬ 
plaining the steady increase in 
rents through the recession. 
And that narrow margin pro¬ 
vides the base of an argument 
for a very much more dramatic 
increase in rents over the next 
few years. 

The industrial developers’ 
ability to build into .a rise in 
demand for space is a rwo-edged 
factor. On the on$ hand, the 
care for a, prospective space 

supply shortage, a case that 
seems to ensure an eventual 
leap in prime office rents, does 
not apply. On the 'other hand, 
the short development period 
for factory and warehouse build¬ 
ing means that rising construc¬ 
tion costs are rapidly incor¬ 
porated into asking rents. 

Construction costs have more 
than doubled in the past three 
years. And it is clear that this 
increase does not fully reflect 
higher material and labour costs 
as contractors have been willing 
to trim profit margins to the 
bone in their efforts to keep 
workforces logether through the 
slump. The building industry 
is still in the grips of recession, 
and competition for a restricted 
amount of work is still keeping 
prices artificially low. But even 
with a cushion for developers 
in low contracting margins, 
building costs are putting an 
irresistible upward pressure on 
industrial rents. 


This upward pressure is 
increased by higher site costs. 
Availability of development 
finance has increased competi¬ 
tion for land just when the 
supply of such land is being 
restricted by the effects of the 
Community Land Act and 
Development Land Tax. Al¬ 
though developers have been 
able to overcome the worst 
effects of the legislation by 
entering into partnerships with 
local authorities, the laws do 
mean that suitable sites are no 
longer freely drawn on to the 
market. Reports of sites costing 
£200.000 or more an acre in 
prime locations in the South 


L Enfield, Middlesex. 

8,000-78,000 sq.ft Modern warehouse Units. 

■/. V- 

.■* ' • •*- ■£ 2r■ & Cfi'V-.-: - ? 

3 $ 

0,000-86,000 sqJtFSttaMm 15.62 acres, 

or Sale Freehold. Suitab^orrftteveloprnent 

2. Maidenhead, Berks. 

44.750 sqit. warehouse. 8,275 sq.ft Offices. 
TO Let 

6. Lowfield Heath, Sussex. 

10,000-30.000 sq.ft New warehouse Units 
available now. 

10.000-145,000 be built To let 

3. Northf leet, Kent 

From 9.000-128,700 sq.ft New Warehouse Units. 
To Let 


50,000 sq.ft Modern Factory ■ 
For Sale. 




4. Winchester, Hants. 

44,000 sq.ft Modern Factory/warehouse. 

Finished to a high standard including air-conditioning. 
For Sale or to Let • 

Potential for high office content 

8. Highams Park, London EA 

11,500 sq.ft Modern Factory, 
lb Let 

Supplying a need for industry 

Professional judgement aided by jlw computon 
can provide an immediate and comprehensive service 
relating to all industrial property matters. 

Details of these and other properties are available from: 

33, King street, London EC2V see. iei: 01-606 4060. 

industrial Property-One of the jlw computon® Services. 

i* v. ' 


Chartered Surveyors 
International Real Estate Consultants 


Financial Times Wednesday :¥?br*ary ' 


Business prospects 

Assets £24,000,000 

a Property Unit Trust *or tax exempt Pension Funds 

continues to seek 

First Class Property Investments 


Shops, Offices and Industrial Properties 
in lots of £250,000—£3M 

Please contact with details 
David Doubble M.A., F.R.I.C.S, Surveyor 
N. M. Rothschild & Sons Limited 
P.0. Box No. 185 
SL Swithin's Lane 
London EC4P 4DU 
01-6264356 • 

VVhen Handleiby burldpirwof tfcKhicol and firianciatprcfessionab. 

On your land or ours buying or (easing > " 

S;. vye:b.ay ei;? Desigtia nd Buil d P ack a ge’ ta i lored^to 

THE PROSPECTS for industrial tr 
development are rather brighter ti 
during the next 12 months than « 
they have been for some time, n 
Thi.« can largely be explained si 
by the improvement in the out¬ 
look for the economy as a whole o 
with an above average rise in i: 
consumer demand and indus- i 
trial production generally 1 
expected and. most crucially- a l 
sharp rise projected in nidus- r 
trial investment. But there are r 
still doubts about-the rale at J 
which the economic recovery c 
can be sustained and few are i 
expecting, or rather fearing, a I 
boom of 1972-73 proportions. 1 
The impact of the pick-up so 1 
far can be seen most dearly in ' 
the Department of the Environ- 1 
meat's lieu res for new orders 
for private industrial work. « 
These show that In the first nine ’ 
months of last year orders were ■ 
nearly IS per cent, higher than 
the quarterly average for 1976 
(in terms of 1970 prices, season- ■ 
ally adjusted). 

Admittedly orders for private 
industrial work between August 
and October were 16 per cent, 
lower than in the May to -July 
period of last year. But this 
may have been a statistical 
quirk and orders between 
August and October were still 
9 per cent, higher in real terms 
than in the same period of 1976. 
New orders are still well down 
on the levels of 1973-74. 

The end-year projections by 
the .Joint Forecasting Com¬ 
mittee of the Building and Civil 
Engineering Little Neddy indi¬ 
cated i hat this upturn should be 
maintained. After an estimated 
3 per cent, rise in the real value 
of private industrial output in 
- 1977 • compared with the 
previous year, an increase of a 
tenth is forecast for this year 
with a gain of 7 pier cent, tenta¬ 
tively indicated for 1979. 

These projections depend 
heavily on the extent of the 
overall recovers' in industrial 
investment. The most recent 
Confederation of British Indus¬ 
try and Department of Industry 
investment intentions surveys 
have both pointed to a signifi¬ 
cant rise in capital spending this 
year—even though the increase 
may he somewhat smaller than 
originally hoped. 

The Department oF Industry 
survev indicated a downgrading 
in the growth of spending by 
manufacturing industry and a 
slight upgrading in the esti¬ 

mated expenditure by distribu¬ 
tive and service industries. 
(This is anyway slightly larger 
in tout than investment by 
manufacturing companies). 

The survey, published in 
early January projected a rise 
in the volume of manufacturing 
investment of between 10 and 
13 per cent, between 1977 and 
1978; CBl staff economists have 
recently projected a 12 per cent, 
rise in 1978. Tbe Department of 
Industry noted that that might 
be “a slightly greater increase 
in new building work than in 
plant, machinery and vehicles 
in 1978. but this is unlikely to 
raise the share of new building 
work in the total to even its 
1976 level." 

An increase of between 6 and 
S per cent, in the volume of in¬ 
vestment by the distributive and 
service sectors is projected by 
tbe survey for this year. Indeed, 
the expected rise in consumer 
spending—up 3 to 4 per cent, 
to 1973 levels—should stimulate 
investment in distribution and 
warehouse operations. 


It is important to distinguish 
the cyclical pattern from the 
long-term trend in these projec¬ 
tions. The traditional pattern 
has, been for expenditure on 
plant and machinery to recover 
earlier in the economic cycle 
than investment in new build¬ 

Tit is is partly because of tne 
time lags involved but also re¬ 
flects the fact that a higher 
degree of business confidence is 
required for construction. 
Spending on plant and 
machinery is likely to occur first 
because the return is more cer¬ 
tain and quicker compared with 
the greater risk and financial 
commitment involved in creat¬ 
ing extra capacity in new build¬ 

The level of new orders and 
output for private industrial 
work has in the past tended to 
follow a cyclical pattern in line 
with the business and invest¬ 
ment cycle in the economy as 
a whole. Thus the ups and 
downs of the early 1970s in the 
economy were reflected . in a 
drop in* new orders obtained by 
contractors from the private 
industrial sector from a late 
1960s peak of more than £800m. 
down to £4l7m. in 1971 and 
back up lo a high of £520m- in 

1973 i all expressed at constant’T 
1970 prices). . ! 

Since then the level of new * 
orders has declined sharpiy « 
with new orders down to just » 
under £270m. jn 1975. a low for si 
the period since-1963. The low 
point was in the 
months of that year, only a few « 
months after the. turning point c 
for industrial output and Gross 
Domestic Product. 

The trend of Industrial Deve- i 
lopment Certificates has fol- 1 
lowed a similar pattern. 
Approval of IDCs. which are. a 
required to make a planning i 
application for building. * 
rebuilding and extensions of i 
more than a certain size, j 
reached a peak qF S3m. square l 
feet in 1969. falling to 4am. J 
square feet in the recession •« 
year of 1971. This was fol- ] 
lowed by a sharp- recovery-to : 
a new peak of 85m. square feet ( 
in 1973. with a renewed decline , 
thereafter to just under 36m. '; 
square feet of space approved.. 
in 1975. 

Fluctuations in new orders . 
have also been matched by 
variations . in total output, 
though the cycle has been less 
marked. This is both because 
' of the inability of 'contractors 
1 to carry work immediately and 
[ quickly when orders aw high 
, and then a desire to spread out 
. work when demand is less 

; But apart from cyclical 
I factors, there has also been,a 
r long-term decline in the share 
s of construction in fixed capital 
formation by manufacturing 
i industry. The proportion was 
t just over 22 per cent, in 1965. 

but had fallen to 18j per cent 
h in 1970 and down-to 17 per cent 
1 by the mid-1970s. The down- 
t- ward trend is shown even more 
1 - clearly by comparing the drop 
of more than 3 per cent, in the 
d level of private industrial out- 
il put in real terms between the 
o peak years of 1969 and-1973 
« with the rise in real Gross 
t_ Domestic Product of more than 
is a tenth in the period, 
d It is arguable that a recovery 
e in the share of construction in 
a total fixed capital formation Is 
iv long overdue. A Little Neddy 
e report of a year ago suggested 
:e that there was no shortage of 
a. industrial buildings, though 
id some may be unsuited to 
m modern production methods.- 

The view of. most lending indus¬ 
trial agents and developers 
would be that this qualification 
is crucially important . and,, 
indeed, the most recent purveys 
suggest.that if oFd nuTls apd 
other, properties which^are ipot 
easily' lettable are excluded then 
industrial and warehouse space 
currently vacant In England arid 
Wales is less than- 3 per .centi 
oE-the total at most 

Mini itium 

This is less than-would norm¬ 
ally be regarded as an - accept¬ 
able minimum to allow for any 
expansion and i normal - move-' 
ments-in and 6crt of units.."The ■ 
problem appears;, to. be: particu¬ 
larly acute in r certain regions. 
For. example. «.-recent analysis, 
by Bernard Thorpe and -Part¬ 
ners pointed out that between 
1967 and 1974 the amount ■ of 
industrial floors pa ce - in south 
east England had risen by only 
2$ per cent., compared with a 
7} per cent.-rincrease -for the 
ILK: as a whole. - 
•Since 1974., industrial ...con-. 
strucHon has slowed down an# 
activity in the south east re¬ 
mains a small proportion of that 
in the U.K. as a -whole. The 
region obtained no .more than 
17 per cent’ of the value of new 
industrial construction, w.ork 
placed with contractors in 1976 

while accounting for around a 
fifth' of : tbe total industrial 

-Thq proportion of new con-.^ 
stf&btion fnn Greater'- London7 
wasvery Tqvf'. no more ifcan :<P- 
per -cent: OF/thenational total*- 
in -1976/ant? was far fob;tittle* 
to coiapb'usate"_;T6f the' atUTe- E 
'decline in'; the-/supply- of 
dustrihT property. Bet*ebh Tafi7-f 
and 1974fioorspace in the -GLCh 
area dropped ;bjf-&2 per sent, *■* 
These , flgures ; suggest 1hafi£* '. 
the planners* aims - of - stipiufeig ; 
ing more imfogtiial einpfeyme|i?J 
are to Succeed .then 
, have' - to W c con^derabittVeSf: 

buUdihgr'Xjh;^ nati'oMl tfevfepi *' 
.’■the'^maii'sciife'of : devt^G^fmcnt^ - ’• 
jn. ihe^ast. few^yetanl ■. 

room f6r ‘etibstfaSjS/u . 

structieh . /merely. - in'.; repl; • 

"It .’IS Janrii&fil*. .h>lT‘say‘‘ bdii*. ’ 

« --■. rent*. - 

much; flfAthiS. work ; will 
underfoliba.-by' property 

'tio'hsl^.,' -. 
more M : ./ 


from titi’^,skft8ng;hahKa;sh^^g-... 
thatr'u^ch. of: 


ocdup^ii^ r^h ^;-■ 



140.500 si| ft 

Waterloo SE1 

30,000 sq ft 


18,506 sf ft 



Stroud Glos. 

78,000 sq ft " : 


0acreo^-r '‘Vv : 


| 0.5 acres'" - 

I'? 1 'v : . •. ■ , i ‘ ‘•oV ‘ 

hi:/ .•..t'.'/.: /-;..' 

■ (0r „ ■ i ■- 

Modernised -‘HeadqSif&rr;! 
i GoTTTptmr: OffiTcfeSv; Wk'rebgiree Jfr 
- Factory on Jifajr fliVJSe 

Ground F^Wwirau.^; 

.' IdealWinj_%; Fpo^.;D«^oL 

• • V J;.. rSttwr ••• ‘A-ri-.f 

Modem smal«-«are5r. Factory^ 
.on 1-acre See-> Clos^Hl- ’: r. i "' 


! "Q^ice & ffrge jjaLfd.' Freehold. 

"• ■ ; / - A‘ ■'V: ■ ■ . J* 

■' • .- .-r • > 

Modem siwgrer«orey Faceoiy 
; with Offides on 3.3-a’cre site.' 

/ ' " ..-*’• 

Freehold developmant site. 
Planmng’Gonsent fdr 97.000 ’ 

■ sq; ft. on 5^; acres." - 

'Ffeebold development site.- 
.-.luHtairte: fucHeadquarter 

,G-ontpl«>tcrz.-:- '• •- ; " 

56/62 Wliicn Road. London SW1V10H 

V V / ■ , 

/. , ; : . - 

SH! liiilllll 

;;i : \ i-i'. t*" •'*** 

_u> ;; : ' ■: 



Lilia),all Industrial Estate near Workington in Cumbria. 


New Prominently Situated- industrial Estate 

Industrial Estate - New Warehouse/lndustrial Units 


Warehouse/Industrial Units From 8,000 sq.ft. 

Sq. 6,770-8,700 ft.;.. Immediate Occupation 



For further details and brochure contaet Agents 

6. Arlington Street, London, 
SW1A 1RB. 

Tel: 01-493 8222 

East guarantee a further sharp 
rise in asking rents. 

One increasingly important 
restriction on the supply of de¬ 
velopment sites is the reluct¬ 
ance of planning authorities to 
release land exclusively for low 
employment warehouse use. 
Figures produced by Debenham 
Tewson and Chinnocks re¬ 
search team show that between 
1967 and 1977 factory space in 
England and Wales increased 
by 10 per cent, tn 2.58bn. sq. 
feet, but over tbe same period 
warehouse space increased by a 
full 77 per ceuL to l.lbn. sq- 

Developers* enthusiasm for 
warehouse space merely reflects 
the relative strength of demand 
from the distribution industry 
as it follows the national change 
In transport patterns towards 
motorway linked dopois. Thai 
enthusiasm is shared by insti¬ 

tutional investors as factory- 
space- tends to be too 
specialised to fit easily into a 
portfolio without the worry of 
future voids. But planning 
officers hoping to generate more 
local manufacturing employ¬ 
ment have an understandable 
'preference for factories. 

In recent months most local 
authorities have been wilting to 
apply a reasonable amouut of 
flexibility to their planning 
rules, and developers with 
estates zoned for both factory 
and warehouse use have been 
building the warehouse first and 
renegotiating the use of later 
pha»es of the development in 
rhe light of lettine demand 
Where" there is clearly no fac¬ 
tory user on the horizon, but a 
queue of prospective tenants for 
the warehouses, authorities have 
generally been willing to alter 
planning permissions accord¬ 

ingly. But over time this addi¬ 
tional bottleneck in site supply 
is bound to have an impact on 
costs, and eventually ou rents. 

There is a firm consensus 
within the industrial property 
market that tenants will be pay¬ 
ing at least 20 per cent, more 
for modern space by the end 
of the year. That increase is 
already well discounted in cur¬ 
rent investment yields, and fund 
managers are showing signs of 
re&l&ting any further fall in 
initial yields on prime, build¬ 
ings. That resistance does nor; 

. however, curb tbe funds’enthU' 
siasm for new industrial . de¬ 
velopments. And With amole 
development finance ".-available 
only The growing shortage -of 
suitable sites looks., likely to 
prerent new . building Trbm 
keeping pace with -steadily ris* 
in*- linin'* demand in 1878^ 



fc,: •* jUesi.'-S*®# 2 / 


Hernnii, Snu- 
<S; l )mv 

: .. •. : - C! l aiiirtcpetil: Sar?\-evo 


•HfTnnq; Soi ; 

\'- : A¥)xx 


■• \s. •.. ;V;'. r>:-*-*i*:-*-*-V**.~.* 

. ■.. .• , . : *-. s .-* ^*--v / V.-;>v>. 


•■Fia&nsy la-1973 


land supply 

\^? SP ^ T 5®*. >*&* 1» regarded as a mess" 

22?5«««S"-t» i™*™* Mr. Latham said 'that a mere 
"'•aite whisk do becumS market and 33 acres of Jami acquired under 

to tLS? 4 P Tl^ Smimen ' l! the Att had been resold for 

- fcpmy.E^trdh^^ nMrtSSr’ . £utnre . “Wl- development in England end 

'■■• - *“* i0tas W« “ f operation. * In ^e ^period! 

i - w^°7 ermn f ntg Community he said, over 100 offiSal iLtruc 
Wl f 0Ut doubt t'ons. orders or documents of 
*.'.*>* ^0 supply.situation advice had been issued-more 

hM .ttee^mstto^^e ite. ttaougboirt the ■ development than three for every acre of 
eat. . improvement . ux land market, with rates of up land resold - 

ypn&zA aic&At9 apd: tbat . to 83 per cent being levied on w. 

.. ects.foryaa-ejwior supply profitsarising out of sales—a W nrt«S^f 
.' kni .Sd'-Bot Idekfeo^'^ba' ■pemporaay concession limiting T* 1 S? 1 ®* fSn ^"5 

ooT wbdM a^^ unr- the top: rate to 66* per cent l owe aily t« out of 6.500 land 
. -T~- ■„j: ..• .. . , transactions. Mr. Latham said 

* pn ^‘ - at least that the stated intention of the 
e.pafc&y^wnicffl th« untii recently, together with the leei station—to brine land for- 
.■‘gWSPfS* .. . _ prog>e et_of heavy-taaatioii have ISSfS? development ?o an 

.. industrial land-matet «n*med to keep potentially orderly way and to ensure a 
recently become : nfaA-awJWfle land off the maiket reasonable supply of land to the 

- .competitive,, owing and the resolve of Private land- building Industry—had not 
= nation of. : : baroeoioe ^wners ; not to seH has only been carried through. He said 

meat yields stabilisation Peen^streiigtbeDed m the know- t ^at at the end of tfie scheme’s 

- fifing'prices and jtgt&ienff.ledge 5“^*. ** a “- alternative first financial year, the total 
to: far - rather 'taaajffi jfrp, '.A^uffustratlo a. -th e Conserva- loan sanction for .land, acquisi- 

. in confidence s£bout tile, pledged to reducing tion in England was just over 

n'in conflctence shoot the^the leira of tasatioa^-to more £24m., but only half of this had 
iripurag-oftiie ecppotny-, ■ - T eas o natfle levels.^ . - b een spent. 

h tile mcreasdng'i^loiw of _ , _The prospects for land 

- jtronai funds iirto-new h-WflPflPP acquisition under the Act cer- 

ng projects, thedb&rtage . awjivv - tainly look uncertain, with 

table devetopnaent-skes is - H there is sufficfenfcevidence public funds likely to remain 
■lin g " - jfnft yx»iaii^} jr '• T>i g b- ro show thaf the tax 3s'proving limited and with the local 

land m gome awwa of instrumental'in. restricting land authorities either running into 
“.notably tfio pjfli -not ffgppllps and , -.'heac^. pitsb i ng problems in meeting some nf 
development costs,upioA point their many' obligations under 
"feast""^ pt?cfes :? ‘ of; . "well wfiicii will : iniiiWt^ii$dustria 1 the scheme or refusing to pur- 
dates availsdile for .Indus- expansion, ttien thft^obby for sy* it because they are idealis- 
■ • .schemes: are begimung to' a reduction in the^u^ent rates tically opposed to the plan. 
l- ; r their scaijcfty; value, . ‘ can be expected to ^^tiorceful Developers and builders say 
■ v market- for prime tand one* . . that while expenditure on land 

icome extremely brisk and The question-outlet people's acquisition remains at such 
of between £150,000 and lips is how the otfrer part of limited levels, tbe scheme can- 
• : OO an acre 'are being, paid the Goveriment’s land/palicy— not be expected to have much 
1 -e London area, whereas the Gonmnnuty Laid^Act—will effect on the supply situation. 
00 on acre, was : '«we' |urt .woric out wni stod^l£rom the The fear is that until the 
mths ago. private sector- diy- isp com- acquisition programme—-which 

-.-.ts are in heavy demand by pletdy, and if they^dO^wiB the would be repealed by a Conser- 
.. evelopers, institutions^'and local anthoifties be *83e-to fill vative Government—becomes 
triaBsts and- tand now the gap by suMng^land avail- really effective, the land supply 
irly being sold by tender, able from their own'fahdbaiiks situation will simply remain 
. v-hod of disposal vfUch baa on long ground chaotic. 

.. .dly been uhheardbf ihtiie $o far, the ’role •aMihnpact Mr. Latham and his suppor- 
iree or four years. 1 ' - ' r of tbe Land tAct *5fetvbeen. a ters believe that the irrvolve- 

r picture is by no means confused one, wim open dis- ment of the local authorities 
jed to the south-east corner agreement .on whetii« ,or not can only lead to more confu- 
: te country- and agents-tbe scheme is- wflti^ng and sion and even longer delays in 
ghout the ILK. report tim agents accusing looaLiauthor- the planning-development pro¬ 
pattern; buoyant demand fties of; blatant -Jand^feartfing. cess. 

mor supplies of- suitable la particular, they '4ay, the They base’ their theory of 
: opment sites. . . authorities^ a “too little land too late" on 

. ’elopers cite two - mmn distinctnnwinin^e^'W release ’the past record of the authoii- 
; as for the. situation, -both land for smalle^ 1 '- private ties and their handling.of their 
kh are predicfeWy Warned industrial ochmies. existing planning respbnsibili- 

1 Government 'Ihey daim Only -a few day^ :agrf r Mr. ties. The whole planning 
. .substantial plots of tend MjehaeII^thgm,/MR,^bie "cham- machine, they say. is already 
. in private hands aze nowlpion” of the oonsti&^ioa'f«ec- grossly overworked and the de- 
withheld from the-marfet- tor, voiced a .comnioqty held lays in the handling of planning 
se of tiie “crippling'ffnan- oplnion when, he clafarfel that applications are probably worse 
enalties.of doing sa^ Tb^rr^and;.ziatimudisatipn ^lemla^Qn now than ever before. eveH 
v ^to ihe.-peveioj^let^. Land ^ha^.reaalted'in *a£buro^fcfe4ic jhou^the low level of develop¬ 

ment activity means that fewer 
applications than usual are 
being submitted. 

The industry points tu the re¬ 
sults of recent surveys which 
show that more land is brought 
forward for development than is 
identified by locaJ planning 
authorities and that many plan¬ 
ning applications arc granted 
only on appeal. This, it sug¬ 
gests. shows that local 
authorities are out of touch with 
the practical needs of the com¬ 
munity and will not function 
well when they are entrusted 
with extensive and exclusive 
powers over land use. 

Above all. developers fear 
those delays. The community 
land legislation coniains a time¬ 
table under which local 
authorities can suspend plan¬ 
ning permissions for a year 
while they consider applying for 

a compulsory purchase order on 
a site for which permission has 
been sought. 


A decision to proceed with 
the CPO wilj load to further 
delay while the application is 
considered. Because CPO pro¬ 
cedures will take much longer 
under the new system, as fewer 
potential vendors will be will¬ 
ing to sell land, delays of 
several years are in some cases 
expected to elapse between 
planning applications and de¬ 
cisions by a local authority. 

As previous reports have 
already shown, the total de¬ 
velopment period for industrial 
and enraiuc-rcial schemes in the 
U.K. is consistently longer than 
in other r.'mparable countries 
and the developers' conclusion 

is that the new system will make 

matters worse and not better. 

In the short-term, however, 
the level of inquiries and subse¬ 
quent .sales of industrial de¬ 
velopment land are rising, de¬ 
pleting the stock of available 
and suitable land at a rapid 
rate. It seems certain that land 
with planning consent can only 
continue to rise in value as de¬ 
velopers take advantage of the 
present low borrowing rates. As 
one agent in London com¬ 
mented: “In many eases, high 
residuals can nevertheless be 
achieved by working on low 
profit margins. It is therefore 
clear that developers are 
speculating on increases in the 
price of their final product to 
ensure their survival.” 

Michael Cassell 

Institutions take 

a bigger share 

A- MAJOR shift has occurred 
in institutional attitudes to¬ 
ward investment in industrial 
property in the past few veal's. 
This has been reflected in the 
comparative level of yields as 
well as, incidentally, in the 
stock market rating of the few 
quoted property companies 
specialising in the industrial 

' •: ':f& - '"A • - 

In the past there has 
traditionally been a gap of 
between two and three points 
in the yield which a fund 
would pay for a prime indus¬ 
trial property and for a prime 
office building. For several 
years a number of leading 
industrial agents and developers 
have argued that such a 
differential was too wide hut 
their views took time to gain 

During the 1960s and early 
1970s insurance companies and 
pension funds preferred to put 
the bulk of their money into 
shops and offices. While indus¬ 
trials, especially prime motor¬ 
way distribution units, were 
becoming increasingly popular 

the yield gap was generally 

However, in the last -IS 
months to tw«i years there has 
been a noticeable change which 
must now be regarded as more 
than just a short-lived fashion 
in the market. The main funds 
have shown a definite willing¬ 
ness to plate a higher propor¬ 
tion of their growing revenue 
into industrials and this has 
been reflected in tbe yields 
paid. . 


In part, this has reflected a 
greater wariness about certain 
types of office investment in 
view of the impact of the re¬ 
cession on demand, and. in 
particular, the much slower 
increase in public sector space 
requirements in view of the staff 
cutbacks. This has principally 
affected some regional offices, as 
London and City office invest¬ 
ments have returned to their 
previous favour after the 
reverse in 1974-76. 

But .there fe also a positive 
enthusiasm for industrials now 

and this resulted in a large 
demand for suitable units—in 
particular warehouses rather 
than factory schemes. This is 
partly because there is believed 
to be a stronger demand for 
modern distribution and stor¬ 
age space near motorways than 
for factory units—especially in 
view of the prospects for a 
sharp rise in. consumer spend¬ 
ing during the next 12 months. 
There' is a continuing tendency 
to avoid factory or warehouse 
units which have been built-to 
a highly specialist design and 
may be unsuitable for easy and 
quick reletting. 

Moreover, many funds have 
set themselves a target propor¬ 
tion of their portfolios to go 
into industrials which is higher 
than the present percentage 
holdings. So.this provides an 
extra' boost to demand beyond 
that coming from the steady 
growth, in ..their available 

The result - has been that 
yields on prime warehouse units 
have fallen from around 85 
down to'7 per cent in the last 

year.or eo, while the return on 
offices has edged dawn from 65 
to between 5i and Si per cent. 
The traditional gap has, how¬ 
ever, been maintained with 
shop yields where hopes about 
the possible impact of the 
revival of consumer demand on 
rents have slashed yields from 
a range of fi to 6} per cent, 
down to 4J per cent—and even 
as low as 4 per cent , according 
to reports of some recent deals 
in the centre of major cities. 
This competition in the High 
Street has led to, raised eye¬ 
brows about the possibility of 
a return to 1972-73 conditions 
with suggestions that shops may 
be over-bought. 

But these doubts apparently 
do not yet affect attitudes to¬ 
wards industrials and the key is 
the recent and prospective rate 
of rental growth. The rate of 
increase in industrial rents 
lagged well behind that of other 
properties between 3969 and 
1973. According to the Inves¬ 
tors Chronicle Hillier Parker 
index, rents on all commercial 
properties doubled in that 
period while prime industrial 
rents rose by 60 per cent 

The relative performance of 
industrial rents has been, spec¬ 
tacularly better since then. The 
index for all commercial pro¬ 
perty rents increased by 38 per 
cent between 1973 and the end 
of 1977, while industrial rents 
jumped by 86 per cent .Scot¬ 
land was in the forefront, 
boosted by the impact' of North 
Sea oi! operations on certain 
north-east coastal areas. 

But the general rise in indus¬ 
trial rents in a period of the 
most severe recession since the 
war might appear to be rather 
curious. The. explanation has 
been partly that there is little 
good space available, as shown 
by the various surreys of vacant 
units, so a small demand can 
have a very large proportionate 
effect ' 

Tbe absence of a large over¬ 
supply of modern' units, as 
opposed to older property, also 
reflects the ability of industrial 
developers to put up a unit 
quickly and not. to be tied to 
a long timetable of development 
stretching several years ahead, 
as is the case with larger office 
buildings or city centre schemes. 

This flexibility of supply 
should ensure a dose matching 
with demand," hence maintain¬ 
ing rents. 

This has alsp meant that rents 
on industrial properties have 
more dosely reflected the rise 
Id building costs than offices or 
shops. Construction costs are, 
of course, a much larger per¬ 
centage of total costs for 
industrials. 1 

. These same influences will 
apply in future, ^and with a 
significant increase in demand 

expected In the next year or 
two for good quality warehouse 
units some very bullish fore¬ 
casts of rental growth have been 
produced. Some agents and 
specialist commentators have 
been talking of a rise of between 
a third and a half in the next 
couple of years. 

This rental record, and pros¬ 
pects, has counterbalanced some 
of the traditional scepticism 
about industrials. There has. 
for example, been the argument 
that factories and warehouses 
only have a working life of 20 
to 25 years, while office build¬ 
ings can still be used after r.Q 
years or more. There has also 
been concern about the special¬ 
ist nature of some factories 
coupled with fears about poten¬ 
tial empty space—though this 
has been answered during the 
recession since there has been 
no large overhang of space on 
the market. 


In any event there is no 
shortage of buyers at present. 
But a yield gap of some kind is 
likely to persist and could 
widen slightly if provincial 
offices regain favour. At present 
it looks likely that part at least 
of the recent re-rating repre¬ 
sents a fundamental long-term 
shift which will not be com¬ 
pletely reversed. 

The intriguing question now 
is how far tbe re-rating of indus¬ 
trial investments will affect the 
funding market for speculative 
schemes. Many institutions who 
funded new schemes a year nr 
two ago must feel reasonably 
satisfied now since target re¬ 
turns were often 10 per cent, 
and current yields for created 
investments are two or three 
points lower. 

This, of course, applies mainly 
to prime quality developments. 
Many funds still prefer to avoid 
the development risk on specu¬ 
lative schemes, though there has 
been a marked increase in such 
direct involvement in the last 
year or two. (There has also 
been a narrowing in tbe differen¬ 
tial in the return on pre-let 
developments and created ware¬ 
house investments.) Moreover, 
the tax allowances available for 
new industrial development 
dearly affect the relative atti¬ 
tudes of insurance companies 
and tax-exempt funds. 

In general, the note of in¬ 
creased confidence in the last 12 
months in attitudes towards borh 
investment and development 
looks like being maintained pro¬ 
vided, of course, that the econ¬ 
omic upturn is sustained, with¬ 
out a sudden rise in interest 

.Peter Riddell 

who have made it in 

If you r d like to add your name to the list, youll 
need to know ours. 

Because the Welsh Development Agency is the 
springboard for industry wishing to invest in Wales. 

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

We can help finance your expansion programme 
with equity capital or loans. Or both. 

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

your development 

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

These are available immediately. Others are under 
construction. Or well build to your specification in 
the area you choose. 

If you need it, well give you expert advice about 
running your company more profitably. 

Well also advise you on the range of government 
incentives available (including rent free concessions) 
and help you take steps to get them. 

Remember, the Welsh Development Agency is a 
commercial enterprise, staffed by people wit’ ' J ^ 
experience in industry and commerce. Our 
business is to help your business. 

So call us on the number below, 
and well make it together in Wales.TIEOroCOllITM 

Trefotest Industrial E s r a te ^jgtypddd^fid Gk m o rgm CE37 SUT.ik: Tkibrest (0-54 385) 2tt6.Telex:4975l6 





BILLINGHAM Cleveland 3 ,ooc 

EASTLEIGH hants. 10,001 


PARK ROYAL 8 ,ooo- 

SOUTHEND essex 13,175 

TAMWORTH staffs. units 2,00c 

3,000-90,000 sq.ft 
10,000-30,000 sq.ft 
3,000-70,000 sq.ft. 
‘8,000-100,000 sq.ft. 
13,175 & 19,300 sq.ft. 

UNITS 2,000 & 4,000 sq.ft. 



25,000 sq.ft. TO LET 


WAREHOUSE 40,000 sq.ft. 


WAREHOUSE 53,000 sq.ft. 


5,000-240,000 sq.ft. TO LET 


WAREHOUSE 98,500 kj.ft. 


SKELMERSDALE factories for sale or to let 

425,000 & 624,000 sq.ft. 


WAREHOUSE 50,580 sq.ft. 


For further details apply 

May & Rowden 

77Grosvenor Street, London W1A 2BT 01-629 7666 

and City of London-Edinburgh-Paris-Amsterdam-Sydney-Melbourne-Brisbane 

A selection from our current instruction 



New estate. Units front 

BRISTOL 5,000- 

3'25 acres. Ready May *78 52,000 

50 acres. New units 

Freehold H.Q. Warehouse 

S UNBURY adj. M3 
Freehold Factory 


Factory. Realistic price 

Freehold S/S Factory 

Freehold S/S Warehouse 

HAYES CHeathrowl 
25 acres. Units ready 








10 , 000 - 



Range of Units 


8 acres. Units built from 


5 acres. Freehold. 

New H.Q. Factory 


6 acres. Ready JuSy’TB 

.City Centre Warehouse 





f 160,000 


Would divide 




ENFIELD 33,000 

Factory/Warehouse. Low rent 


Freehold Factory/Warehouse 

17 acres. Available on 
Ground Lease. Units built 


Small service depots at 
Glasgow Stoke-on-Trent 
.Leeds ■ Smethwick 
Preston Wolverhampton 
Llandudno Edgware 
and others to be released 

10 , 000 - 


2 , 000 - 



IT HAS taken a long time but 
the builders have at last decided 
that they can no longer continue 
giving Their profits away. 
Already many builders have suf¬ 
fered the consequences of this 
change of attitude. Their turn¬ 
over has fallen, while some have 
lost a possibly irreplaceable 
market share. 

But • whatever the conse¬ 
quences builders have decided 
that the rot had to stop, even 
though office development work 
accounts for around a third of 
total new orders and industrial 
development another tenth. 

For “goodwill” work, where 
margins were shaved to the 
bone to secure the order, to 
keep a labour force together 
aDd an order book going, has 
been found to be more trouble 
than it was worth. While this 
type of work may have bought 
time it did not always secure 

It took the financial crisis of 
1976 to lift the scales from the 
industry's eyes. High stock and 
work levels were of little prob¬ 
lem during a period when in¬ 
terest rates were stable, infla¬ 
tion was moderate, and a 
builders' bank borrowings were 
under control. 

All this changed when in¬ 
terest rates roared upward, mak¬ 
ing the financing costs of a 
modest amount of stock and 
work in progress expensive 
Whatever wafer-thin return was 
being earned on a goodwill con¬ 
tract was quickly wiped out by 
higher interest charges. Even 
now the cost of long-term fin¬ 
ance -is still relatively expensive. 

So high finance costs on lew- 
return contracts has proved to 
be not worth the effort or the 
risk at a time of unstable in¬ 
terest rates. 

^ «;v 


The interest rate spiral was 
not the only problem. Costs 
were soaring. Replacement stock 
rarely remained at a constant 
price from one month to the 
next, while at the same time the 
wage bill was mounting. In the 
last three years building 
materials and total wage costs 
have more than doubled. 

Individual material prises 
were themselves distorted by 
special factors. Through the 
Cement Makers Federation the 
cement producers have been 
protected by a “ price fixing ” 
arrangement. This is an agree¬ 
ment among the cement manu¬ 
facturers that competition 
should exist only oi service to 
customers and not prices. With 
a high utilisation of fuel, the 
costs of which were rising 
sharply, the cement manufac¬ 
turers were allowed regularly 
and uniformly to increase their 
prices by the Price Commission. 

As a result between 1974 and 
tbe end of 1976 cemeat prices 
rose by 87 per cent. Cement 
prices wore last increased in 
June 1977 by 12 per cent And 
there is another increase of 
between 8 and 12 per cent, on 
the table. 

If that increase is allowed it 
wiH mean that cemeat prices 

A Tumerised Roofing Company employee w&rtherproofirigthe 
trial complex near Prefton: The process .can reduce the necessityjor 

/roofing at a later stage, 

have risen by 50 per cent, overretail price index rose by around is absorbed J>y - 

the past two years, compared 17 per cent. . ' and the cutba{* in'd(^^pjhMtt ; 

with « 29 per cent, rise in the - With sterling Increasing in programmes, P*t> 

retail price index over die same value during last year si gnificant vmces: the-out!ooK is^ pwre Mr 
period. V price falls in timber prices are 

The cement producers have now beginning to come through. 

STt^TpriciX7f£^ in^aOm 

™ “Xover *e W picture, 

that the Common Price Agree- which has been relatively stable . • be absorbed- - • 

ment was in the interest of the for the last two^years'anmng F ^-commercialdevelopmBiils 
consumers and should , ^be the stalled ^es.feUowlng are bang started invhweTtb* 
allowed to persist Now doubts, “™ plian f. high' longterm ' interest rates 

have been expressed insqipe trades u ith thetovermnents ^ construction .costs./-'pA.' 
quarters whether the price fix- Pri^hmiL, looks life b^gim- developer - planning „a>1>new.' 

this rear. suc H h “ . xe« bt around *5 

Cartels are under scrutiny foot .to obtain a gross mxtfpt 

elsewhere. The ready mixed ^oF 10 ;per?cent acftr^g S 

concrete producers .h^ve ^ eon- reCe ° t Quilter HuM” 

attracted the attention of the Gpodfeop, even assuming, ;$f i 

Office of Fair Trading, and their ThTtSreSTtoSt in reaHsticaDy, modest land cesft. 

price fixing agreemenis have rents in nfiost cafiw 

been referred to the Restrictive ’I[j* ^ast’Taw vear^unlwfb* an * Substantially 

Practices Court Between 19*4 ^.sjuare^tfbt,... . ” 

and the end ot Mt. J*en 
cartel began:to breakyup, ready.;-™. 
mixed concrete pruafe rose by 

84 per cenL Even -without the , ..... 

cartel prices ha* risen,-by • ...... ... . 

nearly 24 per rent, in the past . be & a jj nft 

year, against infiatam of around hike Cf 

12 P er cent ' . ^ recoveiyl" Land values, 

This month tbe tarmacadam Snipped since late lTT^ tendering are 
suppliers were revealed to have pr0V jd^ig- sohre' v.cushio^h^ ord^^ ^ day fOT^^ 
been operating pnee fixing againsttho intxease in the pric^-tq Tjtuoej'vTSratnakjiie^sffiiiot'b® 
arrangements as weH. ■ - t naterjalg, are ^climbing ag^ruehoeighi ocansdetioos itili 

Timber prices were heavily ^ tfi^Seffbcts if tbe Comnmrit^^ rneee^aiy 4n 
influenced by the sterling crisis Larwii^lt juid Development Lantf ’-fwiT;' the iinajMnng 
of 1976. As the pound collapsed Tax-^^io to bite.: ' ;• Mips;'-' 

timber products were particu- -U'~~ ' J 

larly TOlneraMe sonce contracts no a*ai» strong ehOiigh yet ; -to 
with the Scandinavians and the 5U ggeXtr that true tosts can 
Russians were guaranteed for- through’into' rents: True,, rents 
ward agmnst payment in are rising^n Central London and 
sterling. the City, as the surplus 


ward against payment in 

Tbe 1976 decline in sterling 
precipitated renegotiation of the 
contracts, which greatly ex¬ 
aggerated the costs. During 1976 
softwood timber prices rose by 
43 per cent, at a tune when the 

Plans for 


Established1820in London 

29 St. George Street, Hanover Square, 
London W1A 3BG 01-629 9292 


THE SHEER size of London’s 
dockland redevelopment scheme 
is staggering. Of its kind, the 
development has been referred 
to as the greatest challenge of 
our times, while Sir Hugh Wil¬ 
son. chairman of the Docklands 
Joint Committee, has been 
quoted as saying that consider¬ 
ing tbe area that is involved 
and what needs to be done it is 
in effect comparable to building 
a new town. 

The Docklands Strategy is the 
largest single area of urban 
development in Europe. It 
covers an area of 5,500 acres, 
although only around half of 
this will be available for devel¬ 
opment. The total area covered 
by the Strategy indudes exist¬ 
ing residential sections and sub- 1 
stand al commercial and 
industrial operations, which will 
continue to b* operated, not to 
mention the docks that are still 
functional. Of the amount set 
aside for development about 25 
per cent has been assessed as 
land most suitable for industrial 


The Job of putting this ex¬ 
tremely comprehensive pro¬ 
gramme of development 
together rests on the shoulders 
of the Docklands Joint Commit¬ 
tee, an alliance of the five 
boroughs involved and the GLC. 

The task is dearly a monu¬ 
mental one for the DJC, and 
there has been a fair share of 
criticism given to the establish¬ 
ment of such an alliance. One 
major area for concern is that 
the committee may slow down 
the development control pro¬ 
cess in the area. This would 
naturally happen, if all the 
boroughs were to move 
together, in which' case the 
slowest would command the 
overall pace. But the DJC has 
proved .flexible^ and. where 
possible individual boroughs, 
that have had the ’means -have 
gone it alone, on' the'lines of 
the Trade Mart in Southwark 
and the London Industrial Park 
in Newham. 


This in itself, however, may 
not be enough, as a recent 
survey conducted by a Joint 
Docklands Action Group points 
out. Here it, is claimed that the 
local authorities and- central 
Government need to take an 
even greater control of the 
area. Indeed it is felt that the 
London ' Docklands will, not 
survive economically if left to 
private developers. 





. .. / - ."'vv-. 

London Leeds Paris Nice & Fra 

''$£#:'.•.>.£.., 'I''*- • '- ••• - 

^?snctal> , Bmes Wedi^day February X'S .1978 


outlook for 



r^VfcAR Iras a-re markable" 
ifoir-^dT^trlal-property' At 
) period .there did not seem 
L single^,institutional in*. 

Ik -^not. charing factories and 
B houses" ta bolster its port- 
Rj *apd industrial property hit 
Sj h^htthe-TropularitiT'Charts. 
JJ e :■ traditional ■ beliefs that ■ 
K rtri al 1 -.! premises become 

|| e$c*nt.: 1 png"before; offices 
l»ihop& -outline’ their useful 
B«ahd^tkat companies close- 
ffi^easiufacturiiig andidlstri- 
WiJ^ricftes ••' before J their 
E ^.ycrefbdth: forantfen in 
» nsbWsaGoTi - tnfipstrial 

» ^J.^COrided a better de- 
H -^t^tosrrecesrioti than any 
n ■£&&&.?i-j -■ 

9E *^qjulflrity of industrial 
bad e spinoff in 
■ W toefetjiaricet .fd^ihdtu trial 
\ tdevriopers* whlcli also 

strong de- 
^'^feuttr^RS^.iTnvestors be- 
aware'; of the 
.^ ^^^Kh loyer^earing in 
. tbrs/they, 

;vfi^fjoi^edoint6‘ sales 
vpiroperti es ■ and- 

• . ,'pdrt* 

; -virtually intact': 

• • reoyer,there, weTe: few 

in-'those portfolios, thanks 
Jy to the- 1 flexibility nidns- 
■■ *.. developers haYe always 
• ’. ed over' construction", pro- Because af/theshort 
~“ime between construction 
... .--tig-and a factory'orware- 
. ~ y. being -ready for joccupa- 
industrial. developers are 
' ,'f‘.to' hold hack ' building 
' J until they have'&*i«ved. 
■Viet or at- least until :the 
■ f> demand at the .time Of 
’Tetion is crystal clear. - .*> 


According - * to Mr.: Naresh 
Gudka, property, analyst at 
stockbroker (filter Hilton 
Goodison. this has been possibly 
the most important.; reason why 
industrial property 'companies 
have fared so welL . v 

Realisation of' these - factors 
bdth^mdded with; and helped 
to: Create a sharp .‘rise in the 
value ; of industrial' proper! y; 
yields fell to*au all-time low of 
6} per cent" for -prime units. 
Thi$_ in ." turn'; enhanced the 
asset values of'^tite" industrial 
property companies and fuelled 
further- ris^; .^ I4heir share 
prices. ■ 

Quoted % 

-The -extent of the jises is 
clearly-shown foir theaix. quoted 
companies who.. speciaiise in 
industrial .develoiraehE In 1977 
their shares virtually-doubled in 

price and "ht the :bsginn:ng of 
February had; oniy^j&llen back 
an average of 8t percent, from 
their 1977 highs (seetable). 

The extent of theorise in the 
share prices, coupfe&^with the 
increase in net ass#^ue as a 
result of the popularity of in¬ 
dustrial property, • ^.-probably 
now a limiting factori-as far as 
further stock market^gains are 
concerned. In their-jrecent sur¬ 
vey of the property ^sertor. for 
instance, stockbrokers-Rowe and 
Pitman said “ toroughout the 
past year we have Teo^nmended 
industrial property,' companies 
but these haw strongy. Outper¬ 
formed -the propariSV. sector 
average and no longer-Jopk such 
.good value in the sbc^ttKlerm.” 
Rowe and Pitman ijr^ot alone 
in believing that tM^unusual 
growth In industrial^property 

companies* shares is. probably 
now over. In its latest review 
Quilters updates the net asset 
values on a conservative basis 
to lake into account the recent 
sharp rises in industrial values. 
On the new; levels the major 
indusp-ipr property companies' 
shares are standing at discounts 
of 10 per cent, or under to ibeir 
new estimated net assets. This 
is historically a narrow margin 
which must, hold back further 
'share price rises. 

Notwithstanding this factor 
there are still grounds for be¬ 
lieving that industrial property 
companies will continue to look 
attractive over the medium 
terra. On industrial terms they 
are continuing to show strength. 
With the worst aspects of the 
recession now behind them the 
characteristics which-gave them 
defensive strength ought now 
to turn-into positive attractions. 

Each of the companies, for in¬ 
stance, is continuing with its 
development programme and 
mostly on land already held for 
some time and therefore in the 
books at historic cost. Alinatt 
has a land bank of about 50 
acres. Perry Billon owns 
around 100 acres on which it 
could build around 2m. square 
feet of space, Brixton Estates 
still has half its successful 100- 
acre Woodside estate at Dun¬ 
stable available for develop¬ 
ment. and Slough Estates mens 
almost 1.000 acres of industrial 
land both at home and abroad, 
including 17 acres at Slough it¬ 
self on which it could still 

Because these land banks now 
look cheap most of the com¬ 
panies are showing returns on 
their developments of well over 
10 per cent. Brixton, for in¬ 
stance. is known to make 14 per 

cent-plus at Dunstable, and 
Property Security Investment 
Trusr obtains margins generally 
of between 12 per cent. 3nd 13 
per cenL 

Thus the development pro¬ 
grammes will continue to swell 
pre-tax profits T.r rhe next few 
years. Moreover. 4his will come 
oh .top of the benefits from rent 
reviews and reversions which 
arc now conning through. 
According to figures on rental 
increases, industrial rents have 
risen by a minimum 60 per cenL 
on average over the past live 
years, which suggests the degree 
of uplift from rent reviews now 
failing in. 

Prospects fur both the de¬ 
velopment programme* and for 
reviews 3re underlined by 
optimistic .statements from each 
of the companies which have 
reported in the past six months. 
In Percy Biliun's case, for in¬ 

stance. at half-time the chairman 
spoke of lettings of 300.000 
square feet between January 
and September. Rent reviews 
could bring in another flra. for 
the 1977 year and a further 
£Jm. at least in 197S. 

Bilton has yet another factor 
likely to work in its favour this 
year, and one w'hich could prove 
a distinct boost for the sector 
as a whole. It has promised a 
revaluation of its property port¬ 
folio to the end of 1977;—the 
first since 1971. 

These prospects reinforce the 
existing relative strength of the 
indutfrial property companies 
which, unlike roost other com¬ 
panies. are showing not only pre¬ 
tax profits i mostly after charg¬ 
ing interest to revenue! but 
substantial growth in those 
profits since the previous peak 
in the property market in 1973. 

Christine Moir 





.-• it, 


Price at tM- r 
i_% .. Feb. 3 decrease 
Increase " (p.) fr6mT977 high 

8 b ' J 215- 

43 ■ *.174 ' 5^: -fr:'; " 

- 87 - -303 / 'h$i Ji 

145’ r 84 

•v:7a v ' iis 'V 

MSI-.200 14 1 ?•' 

A study of seven private 
developments around the dock¬ 
lands show that more than half 
of the available space has been 
occupied by non-manufacturing 
industries and these only pro- 
ride 32 jobs per acre. This 
compares with manufacturing 
companies who provide in the 
region of 60 jobs per developed 

The target employment 
density adopted for the indus¬ 
trial areas in the Docklands is 
in the order of 40-50 jobs per 
acre when fully developed. 

A closer check on companies 
seeking space, with some 

possible vetting system, has 
been advised while the survey 
stresses the need to offer some 
encouragement to manufactur¬ 
ing companies in an effort to 
attract them to the new 
industrial estates. 

The report also attacks the 
size of the industrial unit that 
are being developed which it 
claims are in the range of 
4,000-10,000 square feet and do 
not attract the interest of the 
smaller companies. The survey 
concludes that if the strategic 
plan to attract good growth 
labour intensive companies is 
to be successful then local 
authorities should control the 
type of tenant that is taking 
space on the industrial estates. 

The number one priority of 
the DJC. however, is the mad 
and rail system. Mo large-scale 
industrial development is pos¬ 
sible until there is suitable road 
access and transport for the 
prospective workforce. 

Even given the comprehensive 
rail/road network that is 
planned the DJC is still faced 
with a major problem of attract¬ 
ing industry to the docklands. 
The docklands Strategy means 
that at 1975 prices ihe Govern¬ 
ment will need to provide some 
£1.14bn. in direct grants. On 
top of this it is estimated that 
private capital investment of 
the order of £600m. will be 
needed. Of this amount some 
£400ra. will be needed for 
industrial development. With 
these sums involved the fund¬ 
ing institutions are naturally 
"injnssB jo i of e paau 04 SuiOo 

that the project will be viable. 


Weatheral Green and Smith, acting jointly icith Prerezer and Co. have completed a major letting on the first 
phase of Galley wall Trading Estate, London. S.E.16, to Courage, the brewers, for use as a distribution centre. 
\ The scheme is being develop'd by First St. Georges Investment Trust. 

A £55m. interim scheme to 
improve transport Hnks in 
London's docklands has already 
been announced. This includes 
a tunnel 11 miles long to he 
built under the Thames. This 
will carry a tuhe line between 
Woolwich Arsenal and Silver- 
town and will eventually form 
part of the Jubilee Line tfor¬ 
merly called the Fleet Line). 
There are ton schemes for road 
improvement, with a cost rant¬ 
ing from £300.000 to £2.8m. The 
whole of this £55m. package 
could be completed in the next 
four years. 

More recently plans to build 
a new bridge to link Poplar 
Mith the Isle of Dogs have been 
announced as part of a £7m. 
improvement to the Isle of Dogs 
loop road — the island's only 
main road system. However, 
work is not expected to be 
started until the early 19S0s. 

A prime example of this is 
the massive International Trade 
Mart in the Surrey Docks which 
has been put forward by 
Trammell Crow, of the U.S. The 
project will involve the company 
in an expenditure of at least 
£300m.. and it is claimed that 
some 12.000 jobs are involved. 
The scheme is for 6m. square 
feet of permanent exhibition 
spaced 24 acres of warehousing, 
shops, open spaces and three 

The scheme, which first 
gained approval hack in 2974 but 
was shelved originally because 
of the economic climate, is 
regarded by the GLC- as the 
catalyst for the whole of the 
Docklands redevelopment plans. 
But the consortium of institu¬ 
tions and pension funds that are 
prepared to back the project 
will only do so if they can get 
sufficient financial guarantees 
from the Government. No 
approval was given by the 
Government, and at one stage 
the project looked to be 
destined for failure. However, 
it has been suggested recently 
that the promoters of the 
scheme could apply for loan 
guarantees under Section 8 of 
the Industry' Act of 1972. 

If t-his major scheme is nut 
allowed to proceed the whole 
docklands strategy would need 
to be reconsidered. Clearly the 
DJC needs to conduct a major 
promotions campaign to boost 
industry's confidence in tile 
docklands scheme. In this con¬ 
text dt is easy to see why the 
Trade Mart means so much. 
But in the meantime many eyes 
will be glancing at ihe projects 
in hand, not only to see whether 
.they can be operated success¬ 
fully. but just w-hat mix of 
industry is attracted. 

David Wright 

Green & Smith 

Unit to let 

One ■ 

JV-—3$^ Unit 


jj \ : t V (Divisible) 

i ; ^\ -^ =======4 12,855-28,831sq ft 

4f High office content 6,000 sq.ft. 

vS-. industrial use subjectto lDC 
■77 High Standard Specification 
* Close A40,2 miles North Circular 

/nf.-caucvno Agents nw/f be full/retained. 

For further details contact: _ _ 


Property Consultants, 

& Devetopment. 

17/13 Dryden Cour:. Paikleys, 
Ham Common. Surrey TW10 5LH 
Tel. 01.5495201 

Construction groups wary 

4 Acre Site Wanted 

For Heavy Industry 


Details in confidence to: A. C. Elliott, FRICS 

p Knight Erank& Rutley 

t W 20 Hanover Square London W1R0AH 
+ K g| Telephone 01-629 8171 Telex 265384 

THE MAIN constraint on pro¬ 
perty development is The cost 
of building. So long as building 
costs exceed the realisable value 
of the building there is JitUe 
incentive to bring forward new 
schemes. Only in recent months 
have institutional investors been 
prepared to fund speculative 
developments. The rump or 
schemes started have tended to 
be pre-let. 

The larger construction groups 
are better placed as they are in 
a position to fund internally the 
developments of their property 
divisions, which in turn provide 
work for their building divi¬ 

Yet even large contractors 
have been wary of the property 
market. Some have preferred 
to confine their interest to the 
less problematical area of 
“ ready-made ” property invest¬ 
ments. while others have sought 
shelter through joint venture 

Their caution is understand¬ 
able. After more than four 
years of deepening recession in 
their Traditional contracting 
activities, financial resources 
have had to be husbanded and 
uncertain markets avoided. 
Those that have taken the 
plunge have met with varying 

Among the big groups. 
Tarmac's record in this field is 
uneven. Its property division, 
which undertakes developments 
in both the commercial and in¬ 
dustrial sectors for disposal on 
completion rather than reten¬ 
tion for investment purposes, 
has been judged by analysts as 

a disappointment After making 
a profit of £500.000 in 1973 the 
division has been a consistent 
lossnuker since. 

In 1974 losses of £640.000 
were reported: in 1975 flit?.: 
and in 1976 £360.000 before in¬ 
terest In the latest financial 
year. 1976. £2.7?m. had to he 
set aside for an anticipated loss 
on disposal of a Brussels city 
centre office block which was 
completed in 1976. Thi- was 
designed to take care of the 
worst. The provision effectively 
pegged the total pre-tax ad¬ 
vance to 11 per cent. — to 
£22.5m. for the year. 

To be fair to Tarmac its 
problems directly mirrored 
those of the property industry 
at large. Delays in the com¬ 
pletions of schemes, escalating 
costs including interest, and the 
difficulty of obtaining tenants 
for premises all contributed to 
the poor performance. 


The group’s experience in the 
Brussels market was no excep¬ 
tion. Tarmac was one of the 

many victims of the massive 
over-supply problem, which 
started during the property 
boom and saw the end of 
smaller but more ambitious 
companies such . as Ernest 

By contrast the performance 
of the more experienced .John 
Laing group has been encourag¬ 
ing. Unlike other contracting 
majors Laing’s property involve¬ 
ment makes a weighty contribu- 

f.iiiiAKiniHiiii n ictiuiwm; 


Single Storey Warehouse with large secure yard 
12,600 sq. ft. on 1 ! i acres. 

Long Lease for Sale/To Let, 


Prestige Company Headquarter/lndustria! Property. 
146.000 sq.ft. 

Lease to be Assigned/To Let. 


non to group earnings. In the 
last financial year. 1976, 
property activities provided 
27 per cent, of the group's pre¬ 
tax profit of £ 18.5m. before 

But even Laing has not 
escaped the ravages of the 
property development recession. 
Property development profits 
have fallen by half since 1974. 
But this has been more than off¬ 
set by a 56 per cent, increase 
from property investment 

Since a 1970 revaluation 
Laing’s investment porfolio has 
grown from £17.6ra. to £50.1 in. 
in the 1976 accounts. The most 
significant increase occurred in 
1973 when the assets of the 
joint companies with the 
Grosvenor Estate were divided 
and the outstanding 51 per cent. 
oF Holloway Estates was 
acquired. So the 50 per cent 
interest in Grosvenor-Laing 
Holdings was replaced by addi¬ 
tional U.K. property assets and 
a 90 per cent holding in 
Canadian Allied Property 
investments: The latter had two 
large shopping centre develop¬ 
ments in Western Canada and 
an interest in a Vancouver office 

The Holloway acquisition gave 
Laing the long leasehold in¬ 
terest in Riverwalk House on 
Mill bank. 

Laing’s developments in re¬ 
cent years have covered shops, 
offices and industrial units. The 
shopping developments have 
been particularly important, 
with projects completed at 
Burton-on-Trent, Exeter. Fam- 
worth, Leeds, Letchworth. 
Plymouth and Rochdale. Office 
developments have been com¬ 
pleted at a number of pro¬ 
vincial centres including 
Birmingham, Bristol and Man¬ 
chester. The major industrial 
estate is located at Patchway, 
Bristol, and this has been ex¬ 
tended over a number of years. 

The report for 1976 stared 
that the property portfolio was 
fully and well let. The incidence 
of rent reviews plus further 
additions would contribute sig¬ 
nificantly to increases in income 
in 1977-7& 

The development programme 
had encountered difficulties in 
securing tenants for three office 
developments nearing comple¬ 

tion—at Birmingham (Hagley 
Road, 105,000 square feet); at 
Bristol (Whitefriars,. 140,000 
square feet): at Poole (Town- 
gate House, 19.000 square feet). 
It had been decided that "the 
commercial sices held for de¬ 
velopment could only be valued 
at relatively nominal amounts. 
Provisions on these sites, 
accounted for three-quarters of 
the £7.6m. properly provisions,. 

But the development pro¬ 
gramme had not been. moth-, 
balled. Schemes worth. £30m. 
were in progress, while .another 
£30m. of investment was' to 
spread over the next three or 
four years from October 1976. 
This latter spending will Include 
industrial developments at 
Chelmsford, Nottingham, And: 
over. Harmondsworth and 
Wrexham, shopping develop¬ 
ments at Blackpool and Roeb^ 
dale- and office blocks .« in 
Glasgow and Edinburgh. 

George Wimpey chase to build 
up its property interests largely 
through associate companies, 
with a half-share an companies 
like Ariel Developments, Eustra 
Centre, Headley Properties and 
LW Properties. Along with 
Laing it also held a fifth share 
in Paternoster Development It 
retains a 10.25 per cent, stake 
in Oldham Estate. 

However, an September 1976 
Wimpey extended its direct in¬ 
volvement in the property! 
market through the acquisition! 
of Wingate Investments., The 
latter was acquired for £555m. 
in cash following an indication 
that Wingate’s bankers and its 
main creditor, the Inland 
Revenue, would not continue to 
support the company unless 
there was a major improvement 
in its financial situation.- . 

The attractions for Wimpey in 
this deal included the acquisi¬ 
tion of St Alphage Bouse, in 
the City of London (book value 
£8m.); the development of the 
£I7m. Wingate Centre ■' at 
Aldgate in the City; the housing/ 
potential of the 312-acre 
Handley Page airfield and £X6m. 
of long-term low-coupon finance. 

It is only since 1975 that 
Wimpey has begun to under¬ 
take property development on 
its own account But the acquisi¬ 
tion of Wingate soon led to the 

creation last August of a wholly- 
.owned property subsidiary, 
Wimpey Property Holdings, 
which started out with an initial 
portfolio of investment and 
development properties valued 
at £l50m- This is expected to 
emerge as a major, force in the 
property development field. 


■ Taylor Woodrow has built up 
a substantial portfolio of invest¬ 
ment property since 1961, 
shown in the accounts to repre-. 
sent £92,5 m., over three- 
quarters of which is based on a 
top-of-th e-market 1973 valua¬ 
tion. Rents less outgoings 
amounted to £B.24ra. in 1976 
before charging interest . on 
investment property Joans of 

The 1973 accounts gave an 
analysis of property investment 
income—at that time £2 .Sim¬ 
as offices 28 per cent, shops 62 
per cent, industrial and com¬ 
mercial property S. per. cent, 
and ■ residential 2 per cent. 
Although three-fifths of the 
portfolio is in Britain, three- 
fifths of total rental is estimated 
to come from overseas. 

’ Almost all the portfolio has 
been developed by group com¬ 
panies, sometimes financed by 
joint arrangements with institu.- 

tions with which the group has 
dose relationships, such - as- ' 
Standard Life and.the ICI pen-' 
sion fund. 

Taylor.. “Woodrow's : largest-.- 


Katherine’s. Dock near!.Tower .3 
Bridge;, where - the.'. Ldhdoh^ 
World _ Trade Centre,. .She "*:r 
Taylor Woodrow subsld^ry_-i^ 
housed. The . whole t ideyelojpv- 
ment, which, comprises office^’ 
trading floors, • a - Jpiihtij^ . -. 
marina, hotel and .l^ j^ygg 
and private housing.iriZl 
ably cost. £80m. but- .T^ioi^ 
•Woodrow is nirt stuznping -apalls 
the finance.- 

Taylor Woodrow Industrie 1 
Estates owns sites in Newc^^f' 
Southampton, ' Manchester ..-angq 
Ipswich and three/-in Scotland,-) 
all of which it sails piecemeal^ 
to industrial companies, norm-' 
ally complete with premises to , 
suit their requirements. Speco- -. 
lative building. is not often! 
undertaken.. . \ - • . ;.. . 

Ironically, the company which 
has; kept , its .property develop, 
ment at a lowleveL with hardhr ; 
anything significant undertaken: 
since 1973, is Richard Gostain,- 
ibast year it was the best per. 
forming contractor in the 
sector; Costain’s approach per¬ 
haps- is instructive. ■ ; 

John Moore 

_an Epic one*_ 

Estates Property Jnvegfanenl: Company are 

m the Mowing locations: 

Llandow, S. TValea 
Chandlers Ford, Hants. 

Singie Storey Factory/Warehouse with expansion land. Brooklands Industrial Park. 
122,000 sq. ft. on 7.1 acres. Units available from 30,000 sq. ft. 

For Sale/To Let. To Let. 


Modem Distribution Depot. 

5,325 sq.ft, on 0.82 acres. 

Freehold for Sale. 


Warehouse, Showroom & Office Building . 

20,000 sq.ft. 

Lease to be Assigned/To Let. 

For further details andpther spacenews contact.. 

Modem Factory/Warehouse with large yard. 
16,000 sq.ft. 

Lease to be Assigned/Tb Let. 

(Current Rent only 79p per sq.ft.) 

Demand rising in 
the South East 

Gets to the heart of your industrial 
accommodation problem. 

y £*. : •••> ^detaflrtttfyiPfficGw^S gCT ^o c *' 

Estates P r ppot y I n Tt atfl igsi Company liih, . 

' EyacHonsc, East Sncctj Epsom, Surrey. TcEEpson* 21942. 

Ciurered Surveyors 

3-4Holbom Circus 
London EC1N2HL 
Tel: 01-353 6851 
Telex: 25916 

ar X $■»*>**! £<3*w <p & =*y < :• 




Warehoase or Indestrial Units 
TOTAL AREA 121,882 sq. ft. 

Units of 4,004 — 5,751 sq, ft 
or multiples thereof 

Immediate Occupation 


Warehoase or industrial Units 
TOTAL AREA 145,000 sq. ft. 

Units of 4,037 — 5,969 sq. ft. 
or multiples thereof 

Occupation November 1977 onwards 





Units of 2,687 sq. ft. to 4,895 sq. ft. or multiples thereof 
Immediate Occupation 


Telephone: 01-852 7407 TELEX: 896544 

THERE WERE definite signs in 
1977 that demand for industrial 
property in the South East was 
showing a marked improvement 
Surplus capacity that had been 
around for some time was 
quickly utilised and in a matter 
of months there was a shortage 
of industrial developments' in 
prime areas. The net result was 
a sharp increase in prices 
and this in turn encouraged the 
institutions to return to develop¬ 
ment funding. 

Industrial property can almost 
be regarded as a barometer of 
the U.K. economy; when this is 
right demand for property is 
buoyant In 1977 confidence was 
beginning to return. The pound 
was stronger and interest rates 
fell sharply. 

Demand for warehousing and 
industrial units has been par¬ 
ticularly strong from the 
smaller companies. Throughout 
the South East property agents 
have received numerous en¬ 
quiries about smaller units of 
up to • 5,000 square feet The 
Government is at present show¬ 
ing a great deal of interest in 
the smaller companies since they 
have a vital role to play in the 
regeneration of British industry 
while at the same time helping 
to solve the employment prob¬ 

But the private developers 
are reluctant to concentrate on 
smaller units since the high cost 
involved can mean inadequate 
returns. Thus much of the 
responsibility rests with the 
local authorities and it is notice¬ 
able that they are playing a 
more forceful role in the provi¬ 
sion of small industrial units. 

Such was the level of demand 
for warehousing and industrial 
developments that areas like 
Reading, Slough and Heathrow 

were quick to shrug off surplus 
capacity that bad been over¬ 
hanging the market Cheap rents 
disappeared overnight and 
figures approaching . £2 per 
square foot were to .be seen. 
The encouraging movement of. 
rents meant that the developers 
.were showing more interest 
The buoyant trend was notice¬ 
able throughout most of the 
South East Rents in Essex rose 
on average by 50 per cent on 
the year and demand was most 
apparent for units up to 5,000 
square feet although there had 
been lettings for considerably 
larger units. Warehousing space 
was particularly popular and it 
was significant that a number 
of foreign companies were keen 
to take up space. 


With the M25 now operational 
there has been an equally good 
demand for property in Kent 
At one stage there were more 
inquiries about industrial space 
than at any time since 1972. 
Conditions have been a bit 
quieter in the ^Brighton area 
and rents may have only risen 
by 10 to 15 per cent over the 

In West Sussex, taking In 
Crawley and Gatwick, an area 
which has always been 
extremely popular with both the 
developers and the industrial 
companies, there has been a 
noticeable shortage of skilled 
labour and bousing develop¬ 
ment is being restrained. 

Berkshire. however, has 
attracted a considerable amount 
of interest Once the slack was 
taken up in areas like Reading 
and Slough rents took off par¬ 
ticularly in units under 10,000 
sq -ft It was in Reading that 



SWtNTON—lO^CO sq. ft. *vu 
Moderp slngle-storty '."TS 
mdcstriri/warehowo premises,^ 
4.165£*t.*yds- site 1 -area; - 

EOkS&bE. . L. . - • . 

MII>0%TpN~9^»sc|.rt . - ? t 
Modern jingle-storey warehouse.; 
wkhiyini; overhead inane, 
natural lighting—FOR SALE 


Hunt.&revt^IO^pOO sq. ft 
Single-storey factory. 

Excellent fire precaution 
facilities, -Good yardspace— - 
FOR. SALE ... 

G rag'5treet—6^25 sq. ft and ■ 
Tvro ^round floor Industrial 
warehouse urn tj—TO LET . 

WAftfejffiTON—IXOOO sq. ft. 


ihdustrial/warehouse unit. 

Good'motorway access. 

£1 peV- >q. ft—TO LET 

HOLYHEAD—*1,000 sq. ft. - 
Modern single-storey factory 
with 3.85 acres vacant land, 
close to docks—FOR SALE 

VWBFORD^U^OO sq. ft 
Modern single-storey 
-light industrial premises 
with -space hearing and offices— 



15,000 - 31,000 $q.ft 

' HEATING •’•'r 


. * EAVES HEIGHT T5 FT. *.j 


’ > ; i. - . 

AIT enquiries to: : 


& DOhffi-\. . . | 

32 St. James’* Street * ) 

- LondoivSWV1 

0^#3DP38r*_ . - J 
'orj-.ii; S \.. J' j 
- 22 Gomntercbff Way i 

Woking, Surrey j 


„ , (A rtWarJi . . - 

’ 10,«W iq. ft Factory 
/ . cm One Rte _ 

. ■: Freehold iUOiiBbo 

favourite builder 


BovisQm^rticrimi thrhoSi- j 

. V'".. _ ' ’ . ” • T ■i'r 


Trafalgar House (Industrial) De 
acquire further industrial and w 
more in Iiondon and the South E 
Details should be forwarded to 
Developments Ltd, 9 Berkeley Street, 
the attention of B, G. 3V1cCkD!mbie/T.J. Morg^« 




na&asl It^es Wetfoesday 'February 15 1978“ 



m reversing 

s decline 

.‘wH &*?■ “"easing co-operation between 

corridor trom. Heathrow to the 

- -^ 8Aific3 ? tl7 London Employment Group was 
-I •the,<ACTera.bare dressing the balance oE ecoco- formed by the boroughs of 

; *, c l p ?S is „• wealth aceuma 1 atei in the Haringev Hackney Enfield 

;,r: • — Uth ^ Sl re ^ on as a whole. Islington and Waltham Forest! 

\ • %rono^sic ^rfnm 0 ^ Now that the inner cities have The conumttee—made up of 
: * becor ° e areas forrenew&L'the representatives of the member 

•*-• ca»ttaJnrav= tdvr- London. boroughs are trying lo boroughs, the GLC and local 
*• '-sSKoKJSSf an ^ ^ak their image of- being MPs-helps to coordinate pro- 
^ ' ^ tus But nmhlpmt faffed by. planning martinets, grammes of industrial land iden- 
-> "hfbifeh 'emeraSnnlsiT more *»nce™Bd wittrvdefr than tifieation, and a number of mem- 

- developments! Efforts-to ber councils have allocated 

- . not pe resorveu bringjife- London's places on their housing lists 

dQcklands, the ’largest. area'of for incoming manufacturing 
- 'S' ht rfrir^-HV developable “tand wiffiih any workers as an incentive to new 


cussed - elsewhere . in.:,;.ibis 

In boroughs bordering' the Conflict 

fifth' of all Jobs 

- - and' ‘ Wales were in 

- 3 w commutes sorted 2S ckI>nd ! » tfc'ioath ft tte 

- . : -r . -»— tuu.iuuii..j wuiMu TK-mio t sM^ath » ^ Although industrial schemes 

;re- capital, and'nearly occasionally conflict with trans- 

- ... of those worked--in port programmes—aD unwilling- 

. Vuring industry. Eifteen neSs to permit new urban 

- 1975, London’s nf molQrw ay links in the north of 

V bad; dropped -'by ™ Ij0nd on sits uneasily alongside 

. 3:9m. — - 2LW55SS“t Jf %&U£- talk- of the need for new factory 

vdine had been Jed’by JJjJ* 1 ^En «d warehouse space—each of 

- ‘s of- factory workers, “^basthe North London boroughs has 
»7o only 22 per ccnL ' made « n effort to establish its 

wer total of jobs was ai< * th * construction ^ustrj. owrj advanced factory pro- 

. for by mamriactur- gramme or to enter into partner- 

without the drive -for ativanted faptpry bujlding^Crom shi T ^ th prWa te industrial 
renewal, that decline /nursery units of a.OOO.Sfluare dex » e [ opers 
ted to accelerate. feel or less U P to 16.000 Square H _ , 

*ter' London Council foot buildings. By the tnid^980s Westwards. the pull of Hcath- 
L « jlated' that hetweeh-borough hopes to have-xre- row airport and the dramatic 
CDlC fWVlOSl a further S00.Q00 ated 3“®* under 500.000 &uare increases in volume of “ ! ‘ 
f % be lost to London, feet of new industrial spacemad freight in recent years 

.. .. nfhe sharpest Ml to have brought 1,700 new jobs drawn manufacturing, and to a 

'• * E '— ! S-4.„rr„ into the area. . .. _ ,r^- greater extent the distribution 


ur nails 

Demand pressure is evident 
from the rent increases for 
modem space over the past year 
to the £ 1.80 to £--1*0 range 
throughout the London area. 
Edward Erdnian and Company 
in its annual survey of the 
industrial market goes so far as 
to predict that new space will 
soon be letting for over £3 a 
square foot, a forecast that will 
cheer developers now forced to 
pay well above 1973 peak pnees 
for well located sites. 

On the face of it there should 
be little problem in finding land 
for industrial development with¬ 
in London. Aggregate figures 
of totally vacant land show that 
in 1971 16,140 acres of Greater 
London lay unused. If one 
added old industrial estates 
available Cor redevelopment to 
that total, inner city renewal 
ought not to be delayed by 
site cost problems. But, as the 
British Property Federation 
(BPF) recently commented in 
its statement on the Govern¬ 
ments' inner cities policies. 
" The return to the developer oC 
sites in inner city areas must be 
in line with that nf alternative 
urban and out-of-town develop¬ 
ment. At • present the gap 
between the cost of develop¬ 

ment and Its post-development 
value is too great." 

The BPF explains the disad¬ 
vantages of Loudon develop¬ 
ments and the consequently 
lower development returns, 
partially in terms of a continu¬ 
ing unwillingness of local 
councils to dispose of land at 
market price, rather than at 
historic, and often now un- 
rcalistici costs. It also explains 
the shortage of suitable sites as 
a consequence of inadequate 
road systems, services, housing 
and ancillary amenities. The 
continuing local planning con¬ 
trols and delays imposed by 
Industrial Development Certifi¬ 
cates also 'create a bottle-neck 
cutting the supply or sites. 

Unless initiatives are taken 
to simplify London's planning 
laws, to update council plan¬ 
ning systems, and to improve 
the inner city infrastructure, 
the BPF doubts if talk of urban 
renewal will be translated into 
fact. Unless these initiatives are 
taken, and, “the spark of 
demand is kindled by Govern¬ 
ment effort,” the BPF sums up 
its views with iiie sad. hut 
realistic warning that. *' the 
prospect of dramatic change in 
the drab and derelict inner city- 
areas is remote." 

John Brennan 




is situated two mites south- 
of the centre of Aberdeen 
and is within very easy 
access of air: road, rail and 
harbour facilities. 

Aberdeen, the centre of 
. Scotland's most 
prosperous and growing 
Region is not only an 
attractive place In which to 
live, but has also excellent 
educational, recreational 
and training facilities.. 

Per further information and submission of application, 
write to JAM US J. K. SMITH Director of Law and 

Administration, Town House. Aberdeen. AB91AQ- 

by way of Registerabie 
Lease for periods of 99 
years with right to 
extensions, etc. 


to be agreed with the 

Main Site servicing is fully 
completed and 
construction work can be 

HI City of Aberdeen the City forali 





UNITS 6,380 sq. ft. to 33,640 sq. ft. 

Entry May 1978 


UNITS 3,630 sq. ft. to 36,000 sq. ft; 

Entry Immediate 

BRIDGE OF DON miller developments ltd 

UNITS 10,340 sq: ft. to 22,800 sq. ft. 

Entry March 1978 



f^ryjo^- -To”^W of'l&fteth. industry, to the boroughs of 
- . rr ^-^ Wandswhrth council is'piling. Hammersmith, Baling, Brent 
~ "* . :r»v* State • industries to release Hillingdon, and Harrow. Houns- 

reverse this exodus vacant land for development low and even the primarily resi- 
r.:r ^. .-;^V radical' change'-iirtiie-and-hopes tb-have sufficient for dfcntial Kensington and Chelsea 
. V m of planning stratecy. '.aroundlm- square feet of fhdus- have also attracted a tide of new 
' ^ ^ last war New. T®*ns trial bitilding by the early i980s. building. These councils have 

- r - ablisbed in a ring- FKr^ tod'private developers’ re- 

~~ —radon in the hopes*bf; luctance to build small fitttory 
X T —- overcrowded ' inner tfcdits^ has sparked' a council 
J ! .v>_ 0 f tjjgir hoiss- advanced factory programme. 

ems. No one antici-^ Wandsworthf . plans -.-I80,p00 

t the policy wonhr~cn square feet of municipal mdus- siasm for industrial develop- 
* drain the economic -trial., development by £1981,'nient matches a significantly 
those inner boroughs, enough:for 1,000 jobs. more active private industrial 

it their capacity to v Other southern boroi^fts a»; development market over the 
problems of decay. allocating .areas for new;indus- past year. Most Loodon agents 
did the planners an-t trial -xi^yelopinent. Blit the-new talk of a near-balance of 
, that, .generation? ; suitable'. votes 'demand and supply in modern 

H Of ic.fevetopnjedt-aid, itii^ explamscoiitiBued upward pres-rindustrial space in Greater 
v - :-v-T-fr tightly dr?ym Pian^H^.vO^*h^;£280/W0 an acre London, with a marked shortage 

J * ~T - CAon • of oifa mir_ aI hmivaWt. 1 omJ Oa^niHkl 

tended tn support new factory 
annli cations, but warehouse 
schemes are increasingly closely 

London councils' new enthu- 

“-‘1^ actions wtt^. Lpn^hjz.^'eMrti -prices seenr at site auc- of good warehouse and general 

: ;^idhstrial . . industrial with part office space 

system^ .dri>'e. .North,._ol_-the riv« J&ere is to the west of the capital in 

dre offering this facton/,' o^ice and ivarehause complex on the East 
^OttieLGld Ford Road^Uondon, E:3. A total of J52,000 square feet is atxriL 
* r able to let 2'.' 

s%th East 



.dates' recently : made future. . rejpdnal pdHcy. Any company 

land sale for some Some, however, still feel that thatiwisfaes to carry out a deve- 


c "i the- Suttons. .Seeds demand, is too patchy to have^lopjpejit where the floor space 
H'his site'Slough hopes any confidence .in rents at this Ifrinaxcess of 12^00 sq. fL must 
^total bfn06i00a sq ft level. Which are dearly needed-Obtidn an Industrial Develop- 
^nging from 7^00 sq ft to justify^ any' major investment, ment- Certificate from the 
V-DOO-Sq it Neverthele^ the demand for DeparCment of Industry. Until 

'j fhA 'arpa have’ Tavesimente ’ throughout the -rCoButly it has been very diffi- 
f 'inder £130 ner sa ft region rose' steadily during cult 'to obtain an 1DC for a 
✓Munroaching £2 “1977. T»roperty companies took speculative development unless 

/ ,ertv developers are advantage o£ the rise in pric« the ^veotual occupier could be 
^ns for land and an to cany out substantial rational- suppled. However, since March 
rtage in this area isation of their portfolios. WA it has been easier to Obtain 
_ It in- a iharp rise in The shortage of prime invest- mqs v, but the conditions 
tbe not 'too distant ments.prompted many investor, imposed are more severe. 

' --- ; -7I|® venture baric into the fund- ^ now a strong 

lug market-_ '. ^ to iscrap IDCs and introduce 

change in dimate that whue m( ^g refined policies towards 

the start of the year only pre-let industrial and office develop- 





. . «£{fiLREH 0 aSE 

" m * 


* ;o LET 



V? enquiries 

[jJevylopmHJts werfcSOBght the J ment5 ^ the SoutJl East ^ an 

™ ™ interest tos » effm to check the slide level 

pressed m speralan™ desktop- o£ tttnufacturjttg employment, 
meats in the latter months. .... rL „ T7aT , L , i . i , . 

However, the amount at Anyway the improvement m 

eronnd for speculative 

ds?dopment$ ‘ yras in c ® rr ^ nue ^ ^ cur ‘ 

actual develop- ^ ^ar. As a resjtij rents 

meats got off^he ground.- Even i®.Jise further and 

^*nnr« wpto ** the level for larger units 

creep towards £3 

takmg a positive e per S({uare {oot prope rty gpecu- 

..'.....u nr-it? T.nt «rt JaTio n must increase. Interest 
secondary raC8s remain at the lower levels 
M ^ e7en greater'number of 
^T^tower- d ® ff e*OP i nettta will attract the 
TbA Im» 1 of necesrai y finance on a specula- 

****** is Abatable. Equally 
Su£S^i^ring ffi 7mSt- n »eertitih is the availability of 

time erf the peak in the property industrial developments must he 

^ JW1 property 
maricet coidd be set for a major • 

recovery but the stumbling prope 
Worit iemaius the Government 


David Wrighl 

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

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

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

Ah, I thought, caught them out. 

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

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

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

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

Weston Favell Centres and 

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

For further details phone 0604 34734 
or write to: 

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

Northampton-better for business 

*•' * LAl—X, . 


. FiiiandafTimes' Wediieafey 

industrial property 


r > oilu it Mew warehouse unit 



,2m Oi 'O *q tt. New warehouse unit 
To let 


31 y»o ..q it. Modern lorty buiidir.5 
To let- For sale 


10 fiO.L'OO sq rt. New units 
To M 

2'J 100.000 st| it. New tactor un'iS 


1 0 • 150,000 sq it New units. M3 junction 27 
To let 


3“1I111.1 y;j ft. New' warehouse unit.M 5 . junction 30 - 
To let 


14 i iiVi s«.| n w till: ’ acre 
To lei For sale 

Walker Son & Packman 

__ mT=TE3 EJafaWwdmlBiSr 

rturltfNd ZU tHwwun™ 

Blossoms Inn 3 b Trump Street London EC2V8DD 
Tel 01-606 8in 

Branches in U.k. a nd crerstMS 



in the 

;,■•; .* 4vi i T» 

Sales , Lettings, Acquisitions , 
Valuations, Management, etc. 


from offices in 

58 Grosvenor Street 
London, WIX ODD 

01-629 8151 


85 London Wall 

London, EC2M 7AD 01-628 0735 



Barnett House 

Fountain Street, M2 2AN 061-236 8827 



Estate Agenu 

A MARKED resurgence In 
activity, sustained since last 
autumn and quickening through 
the early weeks of 1978. has 
Ween lifting 'Spirits and stimu¬ 
lating investment hopes in the 
industrial property market in 
the North West. Merseyside 
agents Mason Owen Forecast " a 
very fruitful year.” From 
Manchester. Edward Rushion, 
Son and Kenyon confirm the 
upturn and point to the sub¬ 
stantial number of deals at 
present under negotiation as 
evidence of the growing volume 
of realistic inquiry. 

The trend is also supported by 
regional figures in the latest 
survey by Kins and Co., pub¬ 
lished* this week, showing total 
factory flnhrspace of 6.327m. sq. 
ft. available for let or sale in 
the North West (including 
North Wales) at mid-December 
—almost 2m. less than four 
months earlier. Available ware¬ 
house space also showed a fall 
at 3.597m. sq. ft. against 4.88m. 
But the pattern was nor reflected 
in a compensating improvement 
in industrial buildings under 
construction and ready for occu¬ 
pation within six months— 
867,000 sq. ft. against 1.014m. 
last August. 

But even though the basic 
manufacturing economy nf the 
region is still slow to expand, 
a number of other factors point 
to a rising rate uf building 
starts in the medium term. The 
most consistent is the historical 
one that the North West was 
one of the earliest industrial 
regions and still carries the 
visible legacy in a relatively 
high ratio of old industrial 
buildings. A more recent fargor 
has been the widening scale of 
local authority and Department 
of Industry initiatives and 
direct involvement in stimulat¬ 
ing the region's industrial deve¬ 

There can be'few county or 
town halls in the urban zones 
of the region which do not have 
at least a linger in the deve¬ 
lopment pie. I 11 Greater Man¬ 
chester. it amounts not only in 
partnership involvement in 
estate development with, private 
sector firms but to a full-scale 
commitment to the launching of 
a county development agency 
with initial funding of £5m.. 
the establishment of a guarantee 
company as executive arm .fos¬ 
tering closer partnership Links 

with the private sector and 
offering a range of financial 
assistance to.local indu.-try. On 
a less ambitious scale. Cheshire 
County Council is ahu turning 
towards direct involvement in 
The bricks and mortar uf deve¬ 

But a further lellinff and 
immediate factor has been the 
allocation of industrial units 
which were 111 the building pipe¬ 
line in 1973-74 and have stood 
vacant since completion, in some 
cases for two years or more. 
The changed situation is 
summed up by Edward Rushton. 
which says that if deals cur¬ 
rently under discussion go 
through it will have achieved 
100 per cent, allocation uf pro¬ 
perties in this category. 

A further factor in the case 
of Liverpool and Manchester- 
Salford is their inclusion in 
Government partnerships for the 
revitalisation of inner city areas, 
with the prospect uf financial 
support for a significant number 
of new construction projects. 
Additionally, three North West 
districts—Bolton, Oldham and 
Wirral—are among authorities 
identified as having inner area 
problems meriting special atten¬ 
tion and central funds, with 
powers to make Juans and 
designate industrial improve¬ 
ment areas. The building of 
workshops and nursery factories 
in run-down inner areas is seeri 
as having special potential. 


Meanwhile, both private and 
public developer interest is now- 
turning towards cither new in¬ 
dustrial estates or the next 
phase of existing projects in 
many parts of the region. 
Typical of this latter category 
is the start of a pha^e 3 exten¬ 
sion of 66.000 square feet at 
the Royal Insurance—John 
Finlan estale at S T akehill. 
Middleton, where there is hope 
of attracting a single occupier. 

Elsewhere in Greater Man¬ 
chester. King and Co. ;=; await¬ 
ing a sketch scheme for an in¬ 
dustrial building plus offices of 
55.000 square feel, confirming 
reports uf a growing demand 
for larger buildings. According 
to the Manchester office of King 
and Co., an “encouraging 
percentage “ of inqu: ries is now 
coming forward f»r industrial 
buildings of 20,000-plus up to 
50-60.000 square feet. But in¬ 

quiry for factories and ware- 1 
houses up to 10.000 square feet - 
is still a strong feature of a 
region with a high ratio of small 

But when it comes to the other i 
extreme there can be few vacant 
factories in Europe to match the 
spectacular size of one currently 
being offered for sale by Edward 
Rushton. It is the former Court- 
aulds weaving mill covering 
624,000 square feet in the Lanca¬ 
shire new town Skelmersdale. A 
price of £3.75m. is being sought. 

Meanwhile, as catalysts for 
modem development, the North 
West's new towns are setting the 
pace for factory and warehouse 
construction. The progress of 
Warrington new town, strategic* 
ally sited between the conurba¬ 
tions of Greater Manchester and 
Merseyside and possessing the 
best motorway links in a region 
well endowed with motorways, 
has been outstanding. 

Development corporation 
sishts are set on building 
500.000 square feet a year and 
so far nearly 2.5m. square feet 
has been completed. Nearly 40 
new firms moved into Warring¬ 
ton last year, occupying 400,000 
square Feet of factories, ware¬ 
houses aid offices. The latest 
addition to the 215-acre Grange 
employment area, which in¬ 
cludes such names as Rowntree 
Mackintosh. Safeway, Grants of 
St. James's and Barclays, is a 
trans-shipment depot of 85,000 
square feet .for Woolwortii. 
Work is to start this year on the 
town's third employment area, 

I Winwick Quay. 

Runcorn new town has this 

■ month announced plans to build 

■ a further nine factories this 
1 year on its Whitehouse indus- 

■ trial estate, where nearly 
' 200.000 square feet is currently 
' nnder construction to add to 
1 the L236m. already completed. 

1 Nearlv 600,000 square feet is 

under construction at the-town’s ..1 
Astmoor estate, where 1.130m. ! 
has been completed....... 1 

Further north, 60 factories j 
have now been built at the 250- : 
acre Walton. Summit employ- 1 
ment area of Central L an c ashi re ' 
new town, based oh Preston- 
Levland-Chorley. Work is now 
about to start on the town’s ' 
second employment area at Moss 
Side, dose to the major develop- 
meats by Leyiand bus and truck 
division. The town’s third em¬ 
ployment area is to be sited at 
Raman Way, north of the River 

Away from the new towns, 
Crewe is involved with two de- 
velopers in a new 100-acre 
estate development, the biggest 
project In this part of Cheshire 
for some time. Cobden Com-, 
merrial Estates is building nur¬ 
sery units ranging from .2,000 
to 4,000 square feet available 
this year. Lesser Land is. in¬ 
volved in units.of between 5,000 
and 40,000 square feet work, 
has also started at the. Crewe 
site on a warehouse of 200,000 
square feet from Banbury ; *Tea 
Warehouses. A new furniture 
factory of 50.000 square feet is 
being built by Frsyling Furni¬ 

But the textile belt of neigh¬ 
bouring Lancashire stiH .carries 1 
a surplus of former mills, many 
multi-storey* seen variously as 
an environmental blot and a 
disincentive to .modern indus¬ 
trial development or . 'alterna¬ 
tively as a ready and cheap 
, (anything from 2tip to 50p a 
square foot) source of aocom- 
, modation beneficial to ..modest 
[ but promising entrepreneurs 
. and possibly the major deterr 
’ mining factor in the . continued 
r viability of some others. 1 What 
r has become dear is that there 
, can be little demand or future 
for the upper floors. of. many 
| multi-storey mills (there is even 

talk of demolishing -unwanted 
floors, which coidd beanexpen- 
sive business). One/area with 
an absoluate. shortage of hew 
industrial buildings. hut,',1.3m. 
square feet of available indus¬ 
trial property, 1 including' mills, 
is North-east Lancashire. - “ . 


But north-east ;La nca s hi re.-is 
sharing in.- the substantial 
gramme of Gqvenmient-advance^, 
factories being built- in.. the 
North West Regionally, heaiiy? 
180,000 square feet of floorSpace 
based on 13 new factory units., 
was allocated in the three/, 
months to January 1.. AppUca- . 
tions for a further 15S;00Q 
square feet .were belngVcon- 
side red at the same date;A 
total of 197,000‘‘square feet'is 

163.000:sqaare; feet 
structian. ' r -f:? 1 -.; 

Now ? infltts&iairv 
North Wqstare sUznbibgJ 
£1.05p. ant('*Ei-2$p j§u$ jhr 
. ahd . jsecoad LPha^ssj-Vdf, 
located' esfgtes Completed 
of four years ago^devefop 

is" taUfVhf : ^-65p: bhing! 

embarking bh : hew-£ 
thjiiRSifeA 1e$fr v 
Similarly," an - active .4 
Tike h. Warrington-based 
.Gross,! -/specialising; in' 
small : fe9tqty• juiuts! 

meeting 'i£ 

dei^d^^pr^ianM; t<v 
lion/ bdyecs'lb. a rise/In 
xr® cbsts.qf up tir.Sfl. 

Tr'.-J < 


of the 

South West 

By Order of the Joint Receivers of Brentford Nylons Ltd. 

K. R. Cork, Esq., F.C.A. and J. D. Naylor, Esq.,F.C.A. 


0 m 


or a Leader 

idon Airport and the Ciry Centre 
ters Building comprising 
Office Podium 
rose & Showroom Space 

500 sq. ft. 

of top car parking for over 1S5 cars 
For Sale Freehold or To Let 


iCdVaM t=>J 

56-62 Wilton Road.London SW1V 1DH 

Tel: 01-834 8454 



y ; :-f- : . 


EVERY \"EAR the tourist traiT- 
from London to the Smith West 
riogs the motonvays and brings 
a little joy to the lives oE British 
Rail accountants. Every year 
estate agents throughout Corn¬ 
wall. Somerset. Avon. Dorset 
and Hampshire dole out sheets 
of “cottage for sale" particulars, 
knowing that by the end of the 
holiday season few of the coun- 
rry cottage dreamers will have 
diinp more than window shop. 
A similar pattern of business 
has applied to the industrial 
estate agencies in the past two 

>S The South West has attracted 
its share of decentralised ot'Ves. 
despite competition from 
heavily grant assisted develop¬ 
ment areas. But it is an uphill 
struggle to counteract the out¬ 
flow of local jobs as firms are 
seduced hy Government-backed 
industrial programmes in South 
Wales cr the North. 

The area's appeal as a resi¬ 
dential area — c-ncnurages tb# 
employer of office staff, as the 
revional imbalance in favour of 
service rather ihan manufactur- 
ina job* shuw*. The office em¬ 
ployer a better chance of 
retaining key personnel if he 
moves -South West from the 
capital rather than to the less 
traditional beauty spots of the 
North. And in most areas he has 
little difficulty attracting local 
clerical labour for less than 
London rates. 

Industrialists have less reason 
to be drawn to the region. Few 
centres If w a sizeable pool nf 
•skilled manufacturing labour. 
And cyen with improved road 
and rail links the South West 
is ton far removed from other 
major industrial centres to 
mesh easily into the transnort 
networks for manufactured 
goods that bind the South Wales 
renion. the industrial Midlands 
or the Nnrrh West together 

Development Areas and Inter- 
, TG mediaie Develonment Areas to 
''j. the far We«i of the resdon, as 
well as Industry Act assistance 
for employers creating jobs in 
^pB any oF the South West Assisted 
*/ r - ' la Areas have helped -to draw- com- 
panies into the area. And 
although tourism and agricul- 
ture rema * n critically impor- 
t-ant, the north and north east- 
C rf the rezinn does boast a whole 
ranse nf ciiErineering. rubber., 
chemical, leather, tobacco, aero¬ 
space, electronics and even 
nuclear plant. 

Nevertheless, the regional 
planners .have had to accept that 
their best hope nf attracting 
Ijjjfjlfy*' hidre jobs is tn concentrate on 
easing expansion difficulties for 
^- V1 i n -.-. ■ existing firms, and concentrat¬ 
ing on drawing in light engi¬ 
neering. electronics and other 

smaller employers who do not 
need a well established heavy 
industrial infrastructure to 
operate. __ 

One of the problems here is 
the private developers’ reluct¬ 
ance to build factory units small 
enough to appeal to these com¬ 
panies. The developers areun¬ 
derstandably- keen to 'stick -to 
units of sufficient size *0 be of; 
interest to institutional funds. 
As a result responsibihly -for 
much of the smaller, factory 
provision 'has been-forced into 
the hands of local and regional 
authorities. .. 

Planners and private de¬ 
velopers also have . differing 
views on the type of property 
needed in ttie South West- De¬ 
velopers are happy building 
motorway or city fringe ware¬ 
house space to serve the thriving 
distribution industry. . But 
planners are reluctant, to re¬ 
lease 1 land- for a warehouse 
which will do little to resolve 
local unemployment problems, 
and which will take. a poten¬ 
tially prime industrial site from 
the market 



This clash has-resulted in an 
extremely patchy market Over 
the South West as a whole a 
recent IKing : and Company 
survey - showed that, last 
autumn, there was l..Bm. square 
feet of warehousing and 1.8m. 
square feet - of factory space 
standing empty with a further 
275.006 square feet of new space 
under construction. The total, 
3.33m. square feet, compares 
with 3.38m. squire feet at the : 
end" of 1976 and just L13mf 
square feet in November 1974- 
Tliat regional over-supply, 
which as the ;1976-77 figures 
show, is very gradually , being 
absorbed, masks extreme local 

In Cornwall the English In¬ 
dustrial Estates Corporation is 
carrying out a fairly -active de¬ 
velopment programme satisfying 
the demand for smaller modern 
units or 5,000 - square feet; or 
less: There is;.plenty of older; 
multi-storey . space-, available. 
And as . thg _ Cbitporatio n, local 
authorities and.the major.local 
mining, 'companies effectively 
control the land 'market .there; 
has been -little private' /develop 
ment activity-in recent month% 
Industrial rents ranging- from 
45p to 90p a square foot are also 
too low. to attract : speculative 
schemes.' .• ( - 

Bristol’s' planners '.-.' are 
amongst those who make clear 
their reluctance to release 
prime land for warehouse rather 
tpan .factory projects.- But-.titer 
cityis releasing, land on ."its- 


. . -r-‘.rA^.r ji 1 

Sk - 1 A Tra 

.. ; v=^.;v 







tiS'’’ ' - " ‘ 



f Mew Factories & Warehouses 
From 5.980 up to 213.5C0sqf t Hampton k SO-: 

Phase 1 ready February 15' 

•igs .... 



Fgbfnary T3> "1978 


in North East 

itEJUDICES of 'big bus> anrfal incentives .;;uow: .'-Jreing 
- ret the reality of uhem- offered by-the public sector are 
.. itin the North East The makin S private development 
iee«s industrial deretop- e “<K“ i «U3 r unfeasible. 

. mt national and; , inter- - But even with their range of 

businesses, even. . if ^uUvefcfte *BBe secter ft-.- 
Bvrune* j ’ tory developers have found that 

to expand m the North tenants 'is AH uphill 

5 wary of straying from tattle. The Nortii EastJs still 
or towns. Similarly; the heavily dependent .bn- iradi- 
developers building tiofta, industries: three," ensin- 
- mses to house Industrial Spring sectors ■mechanical,’ 
-® re .^ ra1 ?. de^®P; electrical and marine “(including 
n^goth£rthantbt?TBOst shipbuilding)—still aaxrctnt for 
' • * e5r more than half the‘regiohJs man- 

* eu 11 , coasgrvatl f ni . ^ ^factoring jobs. But those three 
-. r. ■ t ? e -.. ta!ves1 ? lg ; ^ sb ?~ sectors/ . Plus' the ’chemical 
' aud- co alniin ihg;. tiave' 

been reducing their manpower. 

^requirement over the past, de- 
oE- anything mat is not ^g. •-.;■ 

■» nnWiviv. V„« *vV. r Last year,wiieii.PIessey' closed 
r behtodTn its Sunderland factory and 

' others in the North'East Special 

: Wm Development Area-with a 

^ total J«* of 3,270 . jobs—the 
32; tZSLSFJZ? Prime Minister asked' .the 

^ i spe^ Sfudy-bf the 

Tt is th&. Department of In¬ 
dustry's English Industrial 
Estates Corporation which has 
been responsible most for di¬ 
verting industry away from its 
green' field preferences. ' The 
Corporation has developed 
numerous small estates through¬ 
out the region, ready for indus¬ 
try to occupy immediately. 

Pre-let . 

d by either' local' or * es * on " - 
CSJ •* ^government But whiter- -^Sie. • NEB- reported: - back: 

'iugh and county conn- “There were difficulties iiMfteer- 
- the English Industrial Ing new industries to the areas 

TGtia? Corporation can rightly which most heeded employment 
} credit for developing because of-the mdnstry’s ,pre- 
5-e4«i :ew private developers Ference for "green fleMT. sites. 

xead, there is now a as opposed to .tradittonial sites 
mm that their;very action along the Tyne and Wear, and 

• id *rpetuate the private -because mostof.the unemployed 

jreluctance to stray from lived In scattered mining vil- 
!s or motorways: the fin- lages^” ,-y *: 

Even'if prepared to develop 
in the same locations as the Cor¬ 
poration, few private developers 
are prepared to build units 
other than on a pre-let basis: 
the Corporation with its advance 
factories' available for immedi¬ 
ate occupation thus has a clear 
advantage over the private 
developers. But it can also- offer 
a rental advantage: Corporation 
factories are let at current mar¬ 
ket rents as assessed by the 
district valuer, but almost all 
-tenants qualify for an .initial 
rent-free period of at least two 
years: Since last year new 

industry in Special Development 
Areas will be eligible for a rent 
free period of "up to five years. 

And though the Estates Cor¬ 
poration' is usually thought of 
in terms of- its-advance factory 
programme, factories will also 
he built to tenants’ specific 

Competing further with the 
private sector are the local 
authorities, particularly the 

>uth West 


and is applying for in* modern space renting at/up to 
ate assistance status in £1.30 a :squar* foot ami-rising, 
i to bring its generally Motorway linked site*' near 
istrial stock up to par. Newport and Chepstow/ again 
f .cwry units can easily be primarily warehousing,/ fetch 
** r - 3 the city's dockland area £1.20 to-£1.40 a square foot de- 

ttle as 60p a square foot pending 'on size and location: 
>..!v> vr .^dem units let;for be- But there are still a number of 
il.10 and £1:50“ a square - reasonably' placed oider^states 
Jibe letting market'has; available for under £1 a&quare 

-.the supply of .well foot ■" - . 

& ■* £ 3 ?^^‘itfarehousiiig ias ilteen ’ - 

sites:; teaW^ to SwaiUD&fl - ' 

*^ 3 ! requirements ^end ' Speculative traUdin$--«trand 

fe^^ ^^^v^l- J 4Q-£140 ; : range. -Tauntott '- : JBridgwatej^; and 
shori^.i.ofv/dfr: Weston^apewMare hatfiwrafflped 
in.tiie.Batft and a : : w^ck' Hrtt&g mallet, "«nd 
nhd.ihJtotJr initial, yaking';rents of K ar<m 4 d 
Jj^j^i^giwarehouse ctmveriJd^:V£L 20 ^ jsquare lbqt have: easfd 

let for 7 ^!; a*to “ffie £ 3 Fi 4 iaik: withoti|^ijto^h 

&&&> $&■ . balanrt^ Dev^i^^ and for units .with easy 

a l978 are-3ik^y 'tb be acc^s^ tq - th&-JI5, ; Kirrts range 
' ed iit a lessor’s' foot. .. . 

ta^ lE^twards,TH^|^hir&agei^ 
\ ' v /f: L. S/ Vidl -aad ^n report re- 
‘ ‘ ' •‘S’ft-'fpM:- of a ; problem living interest ®the- Industrial 

iTtalnooester. ■JTtot local market. Here -«gain'The con- 
noyr~ taSklDg of tinned growth^ffTight^ngineer- 

ing and electronics firms means 
that units in the 3,000 square 
feet to 10.000 square feet size 
range attract most letting in¬ 
terest Rents of between £1.20 
and £1.40 a square foot for the 
under 10.000 square feet units 
are common throughout the area 
with the occasional £1.50 a 
square foot letting for prime 
space of 3,000 square feet or 

The Dock Workers Regulation 
Bill, with. its proposals to con¬ 
trol handling of goods within a 
five mile radius of the coast, 
threw a temporary scare into 
the warehouse market A later 
dilution of the Bill’s provisions 
eased this problem. may 
prove a damper on. demand for 
space in Portsmouth, -and 
Southampton. There has been 
little new development in the 
past year, apd even with firmer 
rents, development may be re¬ 
stricted by the shortage of suit- 
aide land thanks to the Com¬ 
munity Land Act provisions and 
local zoning restrictions. 


TVne and Wear metropolitan 
council, which has sponsored its 
own Act of Parliament and last 
year launched Bnlain.s first 
industrial improvement area to 
be backed by legislation. 

Tyne and Wear's plans fit 
closely with (he government's 
own inner city politic* and 

beside* new (actor}’ develop¬ 
ment. the council is giving exist¬ 
ing owners grants 10 improve 
their premises. The first im¬ 
provement area at Pelaw. Gates¬ 
head, has also received finan¬ 
cial help from the European 
Regional Development Fund for 
site preparation and the provi¬ 
sion of basic services. 

The Norwood Coke Works 
Industrial Estate, also at Gates¬ 
head, has had similar aid from 
the fund, and finance from the 
fund is also being used to pay 
for land reclamation, as at Tyne 
Dock Arches, South Tyneside. 

Industry itself can be eligible, 
too. for Regional Development 
Grants on plant and buildings. 
Associated Dairies has received 
£329,000 in Newcastle for in¬ 
stance. but nationalised industry 
is also eligible; the Coal Board 
was granted £385.000 at Suther¬ 
land. And Regional Selective 
Assistance will also give inter¬ 
est relief or concessionary rate 
loans and removal grants. 

Further central Government 
aid has been available for the 
development of industrial 
estates under the Community 
Land Act. South Tyneside 
Borough Council, for instance, 
has received £80,000 from the 
Department of the Environment 
under this Act for site works on 
its Mill bank Industrial Estate, 
a former British Rail site. 

Faced with such competition 
from the public sector, it is 
hardly surprising that private 
development has been severely 
restricted. This fear that private 
development wi-Jl be deterred 
has concerned Tyne and Wear 
County Council, which has com¬ 
pleted over three dozen fac¬ 
tories itself and has as many 

The Newcastle local autho¬ 
rity’s St. Paul's site, about li 
miles from the city centre, is a 
compromise between public and 
private development. The coun¬ 
cil has licensed a private 
developer. Inde.scon. to build on 
the site. Speculative units of 
up to 10.000 square feet are 
heing developed. Some other 
estates are mixed Government/ 
private developments. 

But'the public sector-private 
sector conflict has virtually 
meant that the industrial prop¬ 
erty market has been divided 
between the two so that there 
are few sections of the market 
in. which they* compete. 
Geographically, for instance, the 
prime urban and motorway sites 
are being developed privately. 

whereas the less popular areas, 
where rents but not building 
costs are lower, are the province 
of the public >r-i;Lnr. A bigger 
split, however, ss by us e: the 
English Industrial Estates 
Corporation develop* only fac¬ 
tories, thus leaving.ihe ware¬ 
house market free to private 

The usual prejudice by 
planners in depressed areas 
against warehouse development 
is hardly evident in the North 
East; it is aorepierl that ware¬ 
housing with its low job crea¬ 
tion Is better than no jobs at 
all. Thus at Teesside a retailing 
and wholesale estate has been 
developed at Portrach Lane. 
Stockton. Asda. Comet and 
Calor Gas are among those sell¬ 
ing from the mixed private/ 
public development. 


Teesside’s industrial property 
market is stronger than that in 
most of the rest of the North 
East, however, because of a 
relatively strong local economy 
in which both ICI and British 
Sieel Corporation are expand¬ 
ing. Both group 6 have premises 
on the Skipper* Lane Industrial 
Estate at Estnn. Cm her Tenants 
nn Hanover St. George Securi¬ 
ties' development include Boots, 
Wallpaper Manufacturers, Ber¬ 
ger Paints and Yestey and The 
final unit was let last year to 
Brown Brother-? at y; a sounre 
foot. Now. however, nearby 
estates are commanding rents of 

The rest of the North East, 
apart from the Tyneside conur¬ 
bation. has neither much pri¬ 
vate development nor strong 

The very best rents in Hartle¬ 
pool only just achieve £1 a 
square foot, for instance, but 
the Estates Corporation is the 
leading developer there. The 
English Industrial Estates 
Corunration's objective of help¬ 
ing local employment extends to 
the use of local builders, archi¬ 
tects and survivors on its many 
sites, which range from the 
smaller Nonhumberland towns 
like Alnwick arm Bellingham to 
the Tyne and V>ar heavy In¬ 
dustry’ centres of Sunderland'or 

Typical rein* below £! a 
square foot for areas over 5.(100 
square feet, out the Estates 
Corporation is concentrating in 
some areas on ihe development 
of smaller nursery units which 
commend higher rents. Terrace 
development is therefore typical. 

Such small units—like six 
to tailing just 17.000 sq. fL due 
for completion this summer on 
the West Chirton- (North) 
Industrial Estate at North 
Shields—are particularly useful 
to small businesses starting up. 
On .tile Team Valley Estate at 

Gateshead (where the Estates 
Corporation's own offices are 
based), for example, the newly 
formed Anderson Ceramics has 
taken an advance factory at 
which it will manufacture sani¬ 
tary ware. Anderson has taken 
over ihe design rights of the 
famous Adamsez company 
which was based across the 
river at ScotswootL 

But the Corporation's fac¬ 
tories allow small firms to 
expand. In 1972 Cumberland 
Fibres took a 26,000 sq. & 
advance factory at Hare Law. 
County Durham . The estate's 
planning has allowed it to 
expand three times — most 
recently last year—to now 
occupy 85,000 sq. IL The Cor¬ 
poration's space is not only foe 
small businesses though: Swan 
Hunter is also a tenant on the 
West Chirton estate at North 

Most of the Corporation’s 
land bank is at Gateshead— 
three-quarters of its 100 hec¬ 
tares in Tyne and Wear. The 
private has only 17 hectares 
available immediately there, but 
across the river in Newcastle 
tiie private sector has nearly 30 
hectares available for industrial 
development, whereas the Cor¬ 
poration has less than one hec¬ 
tare. Apart from Teesside, 
Newcastle is the private sector’s 
only real foothold in the region. 

The Tyne Tunnel Trading 
Estate begun in 1967 has had 
over 750,000 square feet of 
space developed and let to 
tenants including Marks and 
Spencer, Prestcold and Security 
Express. The developers. Pro¬ 
perty Security Investment Trust 
are now on the estate's fourth 

A 55,000 square feet industrial warehouse property 
in Newcastle-upon-Tyne which is ]or sale through 
Fuller Peiser. 

phase and asking £1.05 to £1.30 
a square foot—a rate that is 
almost being aehieved- 

Tyne Tunnel is the city’s most 
successful estate. Elsewhere, 
however, demand is weak, 
usually for units below 10,000 
square feet and usually from 
local rather than national com¬ 

Nearby the Tyne Tunnel, 
estate Drum Developments is 
offering seven units which have 
been empty for four’years des¬ 
pite an asking rent of below £ 1 . 

Drum has been more success¬ 
ful on the Scotswood industrial 
Estate, however. This is a joint 
development with Vickers of 
the former shipyard.' Its -posi¬ 
tion four miles west of New¬ 
castle’s centre makes it well 
located for communication with 
both the motorway and the 
centre. In two years 110.000 

square feet of space have been 
developed and let to tenants, in¬ 
cluding Boots. Over the two 
years rents have risen from 
£1 to £ 1.20 a square foot, and 
only 30.000 square feet (all fac¬ 
tory space rather than ware¬ 
house) remains—divisible into 
three units. 

But the private developer 
again h 3 S to think of the ulti¬ 
mate investment value of his 
development. Many of the 
small businesses from which the 
factory demand i* coming are 
poor covenants, the best rent 
guarantee they can .give being 
persona] guarantees. There is 
little incentive for the de¬ 
veloper to increase his risk— 
and little reward when he has 
to compete with the public de¬ 

Richard Thome 





38,000 sq. ft. 






18 High Street 

*032 92) 85W1 

Commercial Property Dept. 

' •- r i! v- 



a.'. r.t-.v 


al Estates. 

Perfvafe,PerfvaIe Industrial Estate 


A 25 acrqlndustrial and Warehouse development wflfi 
phase LI00,000sqft to eommenceshorfly. Units from 

6,700sqft Also land available lor units to tenant's 


"••••. ;vn i e h ,s'^ 

’ -- IBu&inghamPa^ 

A ' V 

NW2, Staples 60*116^ 

• At junction t of the Nl fitter proposed development 
promises to be oneof the most important estates in 
London, If nottheUJC 255.000sqlt In units from 
&,500sq ft COnstrtKfipn tostart shorfljv ... 

NW10, Cumberland and Whitby Ave Estate 




Factories shortly to be coanBmonced.lKODOsqfiin 

unitslrom 5£)00sqfL/WaB^Dle Autumn 197a 

SE 2 ,Abbeywood 

A newly established industrial estate wrtfi units 
immediately avaflabfefrom aooosqft. 

SE 18 , Westminsferlndtistrial Estate, 

A popular andwdlestaWsbed estate with unite from 

4,(XX)sq ft I rnmeifiateiy available. - 

SE 18 , WooiwicJi Dockyard Estate . . 

A new devdopm«it of Warehouses and Factories, 

and 19,364sqft Ready now.- - 

Basingstoke, West Ham Industrial Estate 
Aprestigenew Industrial and Warehouse development 
of 30 acres which has already proved highly successful 
With ova; 210 , 000 sq ft let to major companies. Present 
phase of28,000sq ft under construction with units 
from 5,000sq ft Sites available for purpose buBt units 
tijbe^constructed to tenanfs requirements and a 
Factory 0(27,085sq ft ready for occupation now 

Basingstoke,Thomycroftlndustrial Estate 

An estabfished estate, part of which is being developed 
to provide50,000sq ft of I ndustrial accommodation in 
un i ts f ron t fiOQQsqfl. Ayaflabte Summer1978. 

Winchester Bar End Industrial Estate 

Two excetent new Warehouse unite of 19^00 sqft and 

16,200sqftj«araiteLble February1978. 

Pofegate-Sussex, Chaucer Industrial 

Phase otwte complete and fully let; phase two is 

pJahnedto.comprise 25 ,000sqft In units of5,000sqft 
Also land svafeblefor purpose built units to be 
constructed to tenants requirements. 

Manchester Qff ice 

Elizabeth House, SL Peter's Sq!, Manchester M23DF. 

Haydock, Yew Tree Trading Estate 

An established estate with 7 acres of land available for 
units to be bu9t to tenanfs specific requirements. 


Leeds Office 

29 Paris Square, Leeds LSI 2PQ, 


Leeds, Dewsbury Road 

A new development of Factories or Warehouses just 
off Dewsbury Road to comprise90,000sqft in Units 
from15,000sqft Available Summer1976. 

Leeds, Whitehall Estate 

Phase III available comprising 42,000sqft capable of 
sub-division. Also substantial areas o( land for units to 
suit tenant s specific requirements. 

Leeds, Grcveland Industrial Estate 
A14 acre Industrial site, for sale to plots or units may be 
built to tenanfs requirements. 

Doncaster; Thome 

A 50 acre site forsale to plots or units can be erected to 
suit tenanfs requirements. 

Northumberland, Delaval Trading Estate 

Nursery units from 1.000sqft to 13.557 sqft. 

Newcastle Office 

16(18 Hood Street, Newcastle NE16JQ. 


Co. Durham, Drum Industrial Estate 

An established estate with many national complies 
in occupation. Phase V comprising 43,200sqft in units 
from 7,200sq ft AvaflaWe Autumn 1978L ' 

Co. Durham, Bowbum Industrial Estate 

A 40 acre estate. Units erected to tenant's specific 
requirements for sale or to lease. 

Newcastle, Bellway Industrial Estate 

Sites available from '4 acre upwards for sale or units 
erected to specific requirements. 

Newcastle. Walker 

Units available from 6,900so ft* 

ikf- Jy. 

vs;4&--jzrr! •ia'.s**; 


Edinburgh Office 

36 George Street Edinburgh EH22LG 


Inverness • 

Warehouse units 5 . 000 - 57,000 sq ft 
Excellent access. Available mid 1978 

Glasgow Office 

37 Bath Street, Glasgow G21HW. 


East Kilbride. Fairfield Place 

Two Warehouse and Factory units of 5,719sq ft and 
5.546sqft Immediately available. 

Glasgow. Gientannar Road 

Two Warehouse andFaclory units of 13,360sqfland 
12,152 sqft Available Summer 1978. 

For further particulars of these and other properties 
available kindly telephone the appropriate office. 





' Financial Times Wednesday February K 1953 

for growth 

Factory/warehouse units within minutes of the M6/M62 
intersection. Within an hour’s drive of 15,000,000 consumers! 
With plenty of skilled labour on hand, and excellent housing 
for you and your staff. 

Pick the size you need! 

j 400 sq.ft 

j 80 @sq.ft 

400 sq.ft 


These units in Rivington Court and Tatton Court at Grange are available singly or in 
multiples. All services are laid on, there is ample car parking space and offices can 
be custom-designed to your requirements. Also, government grants are available in 
many cases. 

Many other ready built units - and fully serviced sites for purpose-designed 
premises - are also available! 

For further details ring Tina White today, or send this coupon to her at: 

Warrington Development Corporation, PO Box 49, Warrington 
WA1 2LF, Cheshire. Phone Warrington (0925) 51144 Telex 627225 











at Warrington 



FT 78/2/15 



AS FAR AS industrialists and 
property developers are con¬ 
cerned Wales remains some¬ 
thing of a conundrum. With¬ 
out the incentives of lavish 
government grants and assist¬ 
ance it is doubtful if many 
would consider the region an 
odds-on choice for expansion or 

After all, what is to be made 
of an area where unemployment 
is endemic, yet company 
failures are also high; where 
major industrial projects seem 
to be starting up and closing 
down at the same time ? 

At Merthyr Tydfil, for In¬ 
stance, Tri-Ang Pedigree, which 
employs 490. went into receiver¬ 
ship at the end of the year, 
within a year of the closure of 
CourtauJds hosiery plant which 
lost the town a further 386 jobs 
and only five years after Ted- 
dington Aircraft closed its doors 
on 600 workers. 

Yet at the same time Asda, 
Associated Dairies’ retail off¬ 
shoot, has just opened a hyper¬ 
market outside the town. What 
is more Hoover, which makes all 
its washing machines for the 
European market at Merthyr, is 
now to spend £10m. building a 
270,000 square feet new factory 
plus 47,000 square feet of office 
space in an expansion pro¬ 
gramme which could mean 3,000 
more jobs. 

Even that, however, big as it 
is, will not quite offset the ex¬ 
tent of the planned closures at 
British Steel Corporation’s 
Ebbw Vale steelmaking plant 
which will result in 5,000 lost 

None the less, the Hoover 
move must be seen as an indica¬ 
tion of confidence in the future 
from a group with inside know¬ 
ledge of the area—after all it 
has been established there for 

long enough to learn all the 

What is more, there must be 
major benefits to come from the 
interminably delayed road pro¬ 
gramme which has now finally 
got the go-ahead. For a start, 
the main road to the beads of 
the valleys from Cardiff, which 
only got half way to Merthyr, is 
now to be completed. And the 
last stretch of the A40 upgrad¬ 
ing—from Abergavenny to 
Raglan—ds also due to be com¬ 
pleted and should be open by 

But for all this promise^the 
bulk of industrial property, de¬ 
velopment (outside a tight belt 
along the Cardlff-Newport axis) ■ 
has been left to Government 
agencies. Private developers 
aigne that they cannot compete 
with the carrots held out by the 
Government bodies, such as two- 
year rent-free periods. -For. its 
part the Welsh Development. 
Agency claims that it 'Is sot 
competing with private de¬ 
velopers but simply stepping in 
to fill needs which the private 
sector has chosen not to ser¬ 

the coming on.streaky at-Pcai 

Rnarl and. at. .Tvruiall £5 

nartioulariy in the valleys, was agent 

concentrated on small “nursery” One ot the problems fa 3 
SSJrieTof up to 3.500 square new premises canwt re^ 
22° m*. Tony Pender, .the made to. showr^a 
commercial director of the below £1,60,, ?owever, 
WDA, explains this pre-occupa- now some promise uqg 
Son by saying that studies from the current .*U*«S[ 
dearly indicated that these and Mr. Hales has ,t&£ 
were the size of factories for advised a couple; of 
■which there has been pent up clients to go ahead on 
demand. They are not difficult ins, estates of smg^ 
tQ i-t existing land banks. . .- 

nmmnuiie. As far as land jffices/ar& 

The Ls for cerned, there is yerylittie-a 

Writes tere£ available, tat oti^e othej 

gr™ *. five bespoke -^SSSSSS 

buildings. bank of about-600. aeresMajj 

The WDA has industrial sites ^ ^ ^ market -Mr.M 
scattered throughout VTalj ^ . not seeh any, focrtew 

(with the ? £ prices. Mr, Hales says aS 

Wales where the development that h ave -,heen at# 

role of New Town has been pareels ;0f ^ bought-jhf 
absorbed by the newly formed tWQ yeaK that- he can 
Development Board for Rural a price t0 at-aIL ^ 
Wales). It has, for instance, ^ seems to be no pp^ 
acquired 100 acres of derelict 

find the best 

site in Britain, 

This bus was made bvBrifash LevlancL 

> - 

. Its one o£ the thousands ot buses they 
manufacture every year, which could spend 
its lite in London, the plains ol Africa, or 
Hong Kong. 

But as you can imagine, the competition, 
for these world markets is extremely tough. 
■Which is why British Leylamlhave recently 
announced a -£33.7jmillion investment in a 
new Technical Centre tor their truck and bus 

To be completed by1980, it's destined to 
be the most advanced test and development 
centre ol its kind in die world. 

But the 64 dollar question is ‘Where? 

Manchester International Airport offers 
daily flights to major dries in Europe and 


Whatever the reason- the 
Welsh Development Agency-has 
the factory sector pretty much 
to itself. Set up in April 1976 
to take over the development 
role of the Welsh Industrial 
Estates Corporation as well as 
having a pure Industrial invest¬ 
ment function similar to tee 
National Enterprise Board, it is 
very active as a builder of- ad¬ 
vance factories and industrial 

Two of its biggest coups in 
the past year have been the 
Hoover deal, where the WDA 
is to provide the building, and 
the site for Ford’s £180m. car 
factory at Bridgend. The WDA 
pieced together the 170*cre 
site and sold it to Ford which 
now intends to build- a lm. 
square feet factory starting in 
the middle of this yean 

But these two jobs are only 
the tip of the iceberg for the 
WDA. It owns a full 15m. 
square feet of factory space of 
which 2m. square feet is either 
available for letting, under 
construction or abo.ftt to be 
started. Last year it embarked 
on three building programmes 
totalling 773,000 square feet. 

The first two Of these pro¬ 
grammes, of which the bulk of 

former steelworks land from 00 P nces * 

British Steel at Rassau near r'Lniurp 
Ebbw Vale and further develop- V^IlAllgy 
ment to the tune of£lm- jn. J.1, ---Traditionally,^iwwclfe-i 
factories is under way 'at t5e interest in deveTopff ^ 

Shotton site on Deeside. investment has been 

Mr. Pender says that the. WDA Wales, but there are i«j 
is not permitted to charge less 0 f long-term scope ii: 
than a going market rent for its Whales, particularly Jw., 
premises (though this, of codrse Deeside,'Wrexham area&i£& 
substantially reduces if grants The \ Government,'^3 
.and rent-free periods .are taken ins tance, has-just axmoon^ 
into account).' £I80m. ' 10-year .roads^ 

Average rents, he says, .are gramme .for Wales 
currently about 75p per sq. ft, North will get top prioritjfg 
ranging from 60p-65p for larger programme will include £ Jjj. ... 
buildings or...those in less interchange at Qneaorfa**'^'.'. - 
favoured areas, to £1-£1.20 .for DeesMe.. and the i aim" 
smaller premises and those in strengthen access, into ‘A 
plum areas. His figures are borne Waies from the North Wes 

out by evidence from the private the Midlands. By -19811 

sector who confirm £L20- as. the start, for - 

top figure achievable. A si milar direct , link between'Wr^j 1- r ‘ ' 

ceiling exists for warehouse and and; Chester! : . - 

distribution space. which is the in the meantime^ hpw^l *'■) 
area where private .developers the emphasis is still on r $ei 
come into their own. (The WDA Wales ah£" particularly oSl' ; ', 
does not bull'd.^warehouses.* avis froriTNeWport io Swp Bic". i 

Mr. Paddy Hales of E. J. Hales, especially with -the • twig. > ; . 
Cardiff estate agents, says chunks, of the motorway ^ 
demand for warehousing, par- portl6 Cardiff and CardgEj - 
ticulariy. for.. distabntiohr-^n- Bridgend) 'completed. It h] 
Cardiff hhs crime bacfcvwell anti-'tinft'Sxis :*bat Ford has cSr 
that there is little good spacer tobuild Its new plant- wl 
available.W -- r'* must in turn: attract service » , *SS5 
The demand has^not -so; far component firms.-! .Ajid 
tempted developers to embark from that axis that dlstribu.fl 
on ambitious estate develop 1 - to the valleys must begin. .;■] 
mentsthough two schemes-have. . rtr 

just.-been-completed;-.and- are ' UinStWC Mfl r || 

Andyoumay get help with govemmeni: 

Not surprisingly, they’ve chosen a 150 
acre site in Central Lancasliire New Town, 
which makes it the biggest single investment 
ever located in one ot Britain's new town 

Not surprising that is, whenyou learn 
that Leyland will require over200 skilled 
technicians for the hrst phase alone, and that 
Central Lancashire has a highly skilled work¬ 
force with an excellent record in industrial 

As for communications, Central 
Lancashire lies slap in the middle of Britain's 
motorway system, with the north/southM6 
linking up with the castAvestM62, the 
M6'L and Mi¬ 

grants. because CenteaLLaricashire is classified 
as an Intermediate Area, 

So if you take advantage of the advance 
factories or offices that are already availahlev 
your company can soon be reaping the 
benefits that Central Lancashire oilers. 

If yoirre bringing your key personnel 
wichyou, they re infor a very pleasant stay. 

Each of the newvillages of Central 
Lancashire offers a wide selection of attractive 
housing for sale and to rent; as well as a village 
green, a pub, and miles of open countryside. 

And, since Central Lancashire is based 
around the lively towns of Preston, Leyland 

Central Lancashire. 
New lawn 

and Chorley, yoiill find modem shops and 
traditional markets, and good educational 
facilities. Nearby are the varied splendours of 
the Lake District, the Yorkshire Dales and 
the Fylde Coast 

For further details on the opportunities 
in Central Lancashire, please contact; 

And Preston, in Central Lancashire, is 
just2V4 hours sway houiLondon or Glasgow, 
by electrified Inter-City. 

The Port of Preston has good roll-on/ 
roll-off ficilities. and the major ports of 
Mancliester and Liverpool are an hour or less 

WMcNab, ARICS, Commercial Dircctca; 

Central LaiiciJiiir Development Coiporation, 

CuerdenI^Baml^BridgcvPrestcmEEl5 fiAX 
Lancashire, England. 

Tciq^honc: Proton (STD 0772)3&21L OHcs: CELADECO 

Central Lancashire/7 

The foundation tor your future. 

An admnee factory (subsequently let to Motil Plastics) nearing completion on 
the site of the former Nine Mile Colliery near Cwmfetinfach, Gwent. The 25,000 
sq. ft. factory wasindlt by the Welsh Development Agency. 

THERE IS NO way one can dis¬ 
cuss commerce and industry in 
Northern Ireland, without refer¬ 
ence to the Troubles. The 
bombings and the murders, the 
apparent intransigence of the 
political groups create such a 
turbulent foreground to activity 
m the Province that all too often 
economic life-is obscured 
Yet the truth is that, in the 
main, industry and commerce 
have not been the target of the 
terrorists. According to official 
sources last year, since 1969 
only 17 firms hare been put out 
of business as a result of bomb¬ 
ing and only 800 jobs lost as a 

The firms which are estab¬ 
lished there show no signs what¬ 
soever of cutting back on 
development programmes let 
alone pulling out Of the 30 
U.S. manufacturing groups 
which have come to the Pro¬ 
vince sauce 1960, virtually aid 
have expanded their original 
operations. Among those which 
have just announced a farther 
major commitment is Du Pont 
Which Is to spend £29m. on 
extensions to its neoprene 
synthetic rubber plant at May- 
down. That this programme 
represents a real commitment 
to the Province is shown by the 
fact that it comes within a year 

of the assassination of one of its now get SO per jeast of their 
s, Mr. Geoffrey Agate, costs of bujfcMng and pilant paid 

executives, '■wmcj Agate, costs n-r Q uAMlng mm ntant 
other recently for by. the 
announced expansion pro* ®IsawiSena- in : tep‘BrOiviipqe 
grananes,,. Blue Circle Cement figure has been .raised from 
has plans -tor a £4San. cement P er ■cent, to-.^perocnt 
plapc at Larn^ Ford has started , The 1 Common ^^Marfce t;.^ 
on: aa £llm ; espansw^n; Hughes ah oth er^source of fnnds. 

Tools' is £4m.; aiid the Eixropdan Khgio 5 ? 11 

G<fflaher, ; .’ jtdbaxxo-. mentFand.' aid to ihdus_,. 

gronp,: is to invest -« further ,n Norteern Ttedami over y 
f ftm. ■ ' past rthreei?-. years. has 

Two factors whiih moat. Me £2 ^ ; . . ^ -.J 

behind teedr oontiouinig pro- ■? 

gross in Ulster are the esculent - s “PP°rf from, the^mjmber^w 
which Shcw cp 

in .tee towest number iff days ^ 
lost through strikes anvwher* in * ..Northern:-9Wt. 

lost through strikes anywhere In ^ 

the U^L .ahd a level of produo- or tb *v L ??* 1 
tinwty wfarch ter outetriBs the 55™* 

tivrty wtech ter outstrips the 
rest iff.te»'Conn*ry, 

Of bdniiirse, there aire also tee 

£«• -wm?!**!*.** % 

ite ti a tgl teer pack -- at^ : 

m Northern Ireland. , 
the electiriBity e&aiBes to Indus- Wheihar^the " 30 perrKi^a^La.lQ.per, .._ 

cent.' «Fcrea^-:-in Aw; seenf . . 

plmt and shortage: thrt^ghotft 

'.In the areas'of h ig h est-unem- try,-’ 
pioymaot: ■ ‘mamrfactnrers can lempied 


revival in Scotland 



I f IE THE first commercial 
jand oil finds in lhe:Norjti 
« economic planners arid 
icians have been, .pointing 
3 to Scotland's industrial 
T: . usance. So far the direct 
• .itrial spin-off from North 
• activity, has beep r dis- 
•intinely meagre. ■' But.infa 
:. . subtle and. in tire long. 

a more effective 'Way, the- 
;. s r Sea finds , have provided 
3 e for economic recovery:' 
/■ and 3 ' gas ■' has r given 
. and- ‘an effective political 
- . ’and tfte groWth bf confi- 

' riationar politics . hag 
i : successive Westminster 
nments to. look* ’more 
. tly at Scottish’ needs; The 
Sea tias also helped nr 
. cotland onto the mtfp for 
ational companies drawn 
•- V latest oil State .and stay¬ 
'd - tap its real wealth of 
■ i labour. Less visibly bat 
..ual Tong-term significance 
..a impact of "the oil on 
:rial ' confidence. . . The 
Sea "has made Scotland 
, . ‘rionable area for invest 1 
- ." for the first' time in 60 
„„ . and local 'industrialists 
. .. aw. beginning to react to 
.. hang p of fortune.-"--' 
•istrial developers" Irr the 
1960s and early. 1970s 
~ *.^SHriiaied the time-lag 
- North Sea finds would 
P an effect on indusaaal 
Vy. And, like everyone 

else, the developers misjudged 
■ the depths rof tbe- recession that 
?DUowed; thc :Oil price rises of 
1973;-:' The result has been a 
temporary. . over-supply of 
industrial space on Scotland's 
east coast and in the industrial 
heartland of Strathclyde,,. 

That. oversiipply . Is!., slowly 
being absorbed... An .indepen¬ 
dent economic ; survey of 
.{Scotland commissioned by 
'Edinburgh ' agents';. j~"Kehneth 
Ryd.en and . Partners and 
published in January, forecasts 
a steady ' industrial 
investmenr/from -T978. Taking 
data from the Confederation or 
British . industry’s . Industrial 
Trends Survey the economists 
show a sharp decline in 
industrial investment s both 
plant" and buildings in. 1974. 
1975 and, although' actual 
investment' figures far Scotland 
• do not yet--run beyond 1975. 
^they believe that investment fell 
in 1976 as well. The tide seems 
to have turned last-year and. 
“on past evidence the"recovery 
of investment expenditure in 
1977-78 might be 'expected to 
be extremely-strong.”--; • 

■So far so good;.' But the 
economists urge - caution by- 
pointing out that. Scottish in¬ 
dustry shares the pfobjem: of 
excess industrial capacity with 
the rest of-the -industrial 
capacity may. be rispiR.- Biil 
output is still below: 1973-level-* 

“and shows no disjunct upward square feet of new space on the 
trend.'* ‘ • drawng hoard. Edinburgh is 

Without increased production unlikely to show any dramatic 
the anticipatory expansion pro- industrial rent increases in the 
yraiumes of Scottish industry nest Iew y^rs- 
would have to be axed, and Thu letting market is more 

factory and warehouse space finely balanced in Aberdeen, 

would* continue "to stand empty, despite 130.000 square feet of 
n , space available at the yearund. 

LZFT?* MU <* 0r U,e *P«C is 

** esumate of * 1 banched in large units, although 

1 ^n, in ?K lflVe S“ Suniey has built an 
ment in 1977 followed by a 15 Aberdeen Harbour estate with 

Thev'“SSLSfS! .211 iSJ* ^ree 6 ..180 square feet blocks 
d i h -35 ^ and Sougii Estates has built 
tish economy has ridden.the d to joooo snuare reer 

present recession better than lo JU * UUU ar,uare feet 

the remainder of the OK and Que pote;Uia] cloud on the 

the increase in AUerdeeo honZ on is lhe mass 
nvestrncnt .n Scotiand to ead oriho#| i ihScbo]d property on 
that tn the rest of the O.K.. 

the market. Ryden warns that 

Selection of 
Factory/Warehouse " 
Premises to Let /#; 

Waltham Abbey,.Essex ^ 18,000 

Single-storey factory .premises .with Offices • • ---^-7 

Brfxtcn SW2 14,000 sq. ft. 

Single-storey factory premises. wi;b. Offices 

Greenwich SEtO 13,100 sftfjt. 

New single-storey warehouse/factory • • \ 

Farringdon fid. :EG1 5,360-11,675 sq, ft. 

New warehouse/light .industrial floor ... .':/Tv .. 

York Way HI . 10,650 sq.ft. 

Good warehouse.premises. lift, ch, - 

Camden Read NW1 5,150 sq^ft 

Modern industrial floor 1 * . 

jole Agents 


Estate House, _ 
B London SW<Y4yC"-i 

possibly further stimulated by -i, e we i E h t 'of leases with five 
Italy development ™/ r ht ,V ''““run^could' 

Sea Wl aDd SaS P1 °' eventually unsettle the market, 
cessing. The danger 0 f a maiiS transfer 

g-H | of existing .tenants into more 

CraWl modem accommodation could 

. , ^ , have a cautionary impact on 

A slow, but steady crawl out investment interest in the City, 
of recession has now been Edward Ertf-ntan & Company, 
accepted by . the industrial pro- in. its annual review of property, 
perty developers. The bpilding notes the increased availability 
buom of 1971 to early 1974 col- Qf investment funds to prime 
lapsed leaving only a shadow new building in second tier 
of the previous years workload towns, such as Sterling. Perth, 
for Scottish contractors. .Bui as Inverness and Kirkcaldy. And 
financial recovery prc-daied an ihroughmit lhe counlr>- small 
increase m industrial activity, local replicas of ilw now 
Iasi summer saw a renewed standard h-.ish caved warehouse/ 
bnut uf develnpmem -chcines factory unit are springing up on 
as companies dusted off shelved tine edges of even the most 
schemes to Teed an apparently minor East Coast towns, 
insatiable institutional market The bland design of modern 
for modern factories and ware- industrial buildings is. spread-, 
houses. ing throughout Scotland. Bull 

T ., " . ___ __ Glasgow, and the Strathclyde 

u-I « n S l region as a whole, remains the 

10 an °?fL. 111 ^ °. e '' industrial heart of the countTj’ 
building acUi-itj- aa letting ^ b f t largest property 
demand failed to keep pace mar j. et 
with construction. The resui- Xhe recenf strathdyHe struc 
tant over-supply of space has tun , plan asms l0 dircot the 
put a temporarj' damper on ui- ffj- ow th of the region over the 
rlu ST rial rent growth and devc- ncxl five years. The draft plan 
lopment Throughout Scotland, follows, recent Government calls 
Edinburgh. Kenneth Ryden s f „ r thp creation of industrial 
home ground, provides -a classic sites in advance of industry's 
illustration of lhe 1977 mini- needs. “No industrial invesl- 
buildiog boom. The agents nient or job" argued Whitehall 
report that-there was only some - should he lust to Scotland 
60,000 square feet of new in- through an inability to supply a 
ductrial space available in the site in the right place at the 
Edinburgh area at the begin- right lime.” 
ning of 1977. By. the end uf the One of the plan's most contro- 
year 220,000 square feel stood versial recommendations con- 
empty. cerns the identification uf site-- 

The agents, report that rents fur the. creation of new heavy 
for waller, modern units in industrial centres. 

.Edinburgh now average £1.00 a The deep water port of .Hun- 
squar? .foot, falling .'to. around lerstnne on the Firth of "Clyde 
£).q0! far larger lettings-. It is and Irvine New Town to its 
hard tu see any marked increase South are seen as natural area-- 
in rents until the existing over- of expansion, for - lhe metal 
supply i- absorbed. And-even and pharmaceutical industries 
then,” with a further 798.000 respectively. Newhouse West. 

near th? new town of Cumber¬ 
nauld is also earmarked as the 
site for a heavy industrial com¬ 
plex. The most controversial of 
the proposal* i- to make 
far undeveloped Glen Fruin, 
a Strathclyde beauty spot, the 
site Tor a pctro-cbcmical plant. 

Whoever wins the conserva¬ 
tionists versiu planners battle 
on the major sites, the private 
industrial property market will 
be taking more interest in two 
other strands in the structure 
plan's industrial strategy: the 
redevelopmenr of run-down in¬ 
dustrial land within and around 
the cities, and the projected 
need for a fun her 1.800 acres 
of land for general industrial 
development within the region 
by 1983. 


At the bear: of" the redevelop¬ 
ment programme ■ s the Govern¬ 
ment's £l20m. grant tu revive 
the decayed East End uf Glas¬ 
gow. The cash is enabling the 
Scottish Development Agency 
to take i*n the Miiall unit 
advanced factory building pro¬ 
gramme that public sector 
spending cm- forced from the 
hands of the City council. But 
more critically, plans to update 
the infrastructure of the area 
are helping to draw in private 

Investing institutions’ 

preference for medium to large 
sized units keeps the private 
developers out of the under 

5.fKHI square feet market And 
su the myriad of smalt 
businesses in Glasgow arc m 
general forced tn stay in other 
multi-tenanted building.- nr rely 
upon immuipal or Development 
Agency schemes for modern 
spate which rent for £1.25 to 
£1.45 a square foot. 

At the year-end there -was 
around 150.000 square feet of 
larger industrial units available 
in Greater Glasgow with a 
further jOO.OOd square feet that 
could be brought to the market 
by early 1979. Rents range 
from £1.10 to £1.50 a square 
foot, and as the market firms 
there are s;gn> of another boui 
of development activity in the 

The Structure Plan assumes 
that it will not be possible to 
stem the population drain from, 
the area without some excep¬ 
tional change in the economic 
climate. Yet. even alhming fori 
an annual exodus of 18.000 
people for Strathclyde the 
planners e.-nmate that 45.500 
new jobs are needed by 19S3 
to bring the regional unemploy¬ 
ment down from 10 to 6 per cent. 

Attempt- to meet even this 
modest target will probably in¬ 
volve calls for further Govern¬ 
ment assistance. And every 
additional development incen¬ 
tive won from Whitehall puts 
that much more hounce back 
into Scotland's industrial pro¬ 
perty market. 

Outstanding Sites 
for Expanding 
Industry in the 


- strategic locations 
unusually good labour supply 
superior standards of appointment 


Tran^Fenninelrading Estate 

Fr^a-/ —>s ■jwrtfhert.ii-v •.•"•Jv lo !-■ cn c 35 c--? ?■'-'■■ -d 
• L-.' vif -he fl£j3~ M- erp'r.hftw.. 1; ronh o‘ ' ^ ;-c 
*q jiaisiB-' ftoo* Liverpool or.d Law: wnlh a:---'. % c a .*i 

'■otorwsrv' nerw&rit fo qI- pans of the fO'.r;.. 

L'r..-< T-OT-. 5.560iq.!;. 1C. -41' .s :: -Cl. l.;. s: 


LynTawnTradingEstate, Stretton 

A; .T.cit . . led ^7 cm- v i ->-\-‘ r s cr 5 1 '•■-r. c-"'i 

rr j'am.i r i 3 rr>,i-$ joc*h of 'Aorrrnc-a-. • c- ■ -• 

Wc”;r«ie-andUve-Dcftl. e-rerlng e/celle-.i oirso'- : : 

:o'3iiAe% airedtv su»ib «ticn ::-e 
l. 1 -.!■_ cor’p-sing oflice and {iW'-wt- 

Ovai'otile for early occupohon oil her iio.jiy or ,n , 

f-ejm !o 200j)00i4 h. ,i lequ.rei 




PLYMOUTH N. Ireland 


^ NEW; . 

j^jwiries! awi' invites'- 

'tfjyor/ The Civic Cejitre, Plyjnouth^ (Tel. 0752,. 
l e^tension 2O02) to discuss the facilities in tli e 
and see 7 the-availa&ie sites.- 

^ ^ - . 

: '' ‘AiBEiS' 




arehousesTO LET 

Sts available 4 ^ 00 / 15 , 000 .- 30,000 «« 

rxcefierrt com mu kc a tions(M62 ImHe) 

ecurity Force (throughout theyear) . 

feuehouses can a^ bust tospecific reqtwemeftts 

* PwlmanEstate' 

landaiioc o -£•*■*>*<*ohm 6 »<s 






HOPS' ■ 
4 bAL- 
- 3 AH!:\ - ' ' 
3RLEY: - 

2P.MQ-RUJ*.. 30.000 vj.'ft., 50.000 >q, ft. 
14.000. uL ft. 23,000 M.-ft.. 40.500 «. ft. 
Fran 7-iOO nj. fu—60,000 w. .ft. . ;■ 

Fnorfh 5.600 sq, ft^-»30.0M iq. ft".' 

From-5:000 W. ft.^42.000 v*. ■ : .0 

From 2iM0 jq; Ft.—TM.tHJO M.' ft . 
From-3vU0Q,aa_ ft—jq.'fr. 

From 6SS9-n. ft.'—ltfr.MH'»q.'ft- 
From 2l500 iq. ft—40.000. su t:.. . ■ 

/FinanceI)irector^s . 
lurite builder v) 


'CcnstmcttoiiXi'nirted . 



tutions to put money into 

. According to one prominent 
estate agent in Belfast, the only 
.British institution to have made 
;any - investment is the Coal 
Board- The only source of long- 
fernr 'finance or development 
J‘ take :out M is the local govern¬ 
ment pension scheme, which lias 
about £3m. a year to invest, and 
title pension scheme of Northern 
Ireland Transport Holdings 
which has. perhaps £im. per 

^' According lo Mr. Herbert 
’3bnt<£ of Belfast estate agents 
Bnan-7 ^Morton and Co... the 
absence of investment - funds -is 
tfie "single biggest problem, for 
property developers in Ulster. 
Wtii few prospects of long-term 
Binding or direct purchases from 
frtstitotional funds, banks and 
finance houses are reluctant to. 
provide development finance 
even though, according to mar¬ 
ket sources, developers could 
-still, make a profit after paying’ 
TI per cent, for development 
finance. 1 

j-For this, reason there is vir-’ 
(Pally no industrial development 
being carried out by the private 
sector despite repeated claims 
that tenant-demand is steady for 
well located unil:>. and that capi¬ 
tal’ growth through rental 
- increases-has been demonstrated 
over the past decade. • 

-The best warehousing.-almost 
exclusively in the docks area of 
; East Belfast, now fetches £1.25p 
: per square foot and supply has 
, virtually dried up. Mr. Hunter 
says. - Within a 10-mile radius 
n£,4bis area good accwnmoda- 
tion lets at around £1 per foet 
and outside this belt new units 
average about 80p. according to 
the private-sector. 

The. lack or competition 
aiSORfi. investors mean that 
such'- premise?, -even when let 
to.vprinic covenants, sei} . for 
yields,-of around U i to L 2 .per 
c^dt, a source of acute dis¬ 
appointment to industrial deve¬ 
lopers, Who. see similar accom- - 
mpdatibn finding buyers at 7- 
pep-.cent across the water. 

Nevertheless, there" are some 
developments . under way at ■ 
present: JR. J- McKinney, a local. 
stetf construction group with a 
-development arm. has an estate 
at-Mallusk just off the M2 link 
■to. The first phase of 

72,(KKL square feet is. now com- - 
pleted and let and Thorn Elec- 
tricdJ is .one of the tenants. Now 
pbaseitWo. of 40.000 square feet 
has "been started. 

Ih. tire main, though, the. 
Department of Commerce is the 

only really active developer. It 
has some 60 industrial estates 
spread through'out.:tbe Province 
either completed or under .con-, 
struct!on,- -amounting -to - 422 
units totalling some I8m. 
square feeL In all the depart¬ 
ment owns some 5,700 acres of 
land valued at £15m. 

The biggest estate is. just 
north of Ballymena, in County 
Antrim, and adjacent to the M2 
motorway. The Department has 
334 acres in this area on which 
it has already developed nearly 
Lm_ sq. ft. of mixed industrial 
and warehousing space. It has 
now begun lhe' infrastructure, 
for a further phase on 77 acres. 

. -At Acinagelvin. in London¬ 
derry, a 22-acre site is in the 
process of development and 
units should begin to be .ready 
by ibe autumn. This estate was 
developed to rehouse firms 
forced to relocate as a result of 
urban redevelopment plans'for 
Londonderry*. ... 

Despite the massive size -of. 
this programme, the Depart¬ 
ment’s official ; figures last 
Qciober showed only 11 per 
cent. Of total-completed space 
as vacant.- The - number- of 
empty units was given as 34.. 

Neither the "vacancy 1 figures 
nor the rent ■lcvels are ccm- 
firmed by the private sector. 
Local estate .agents talk in 
terms of a disproportionate 
number -of the Department's 
advance factories, .empty for 
some time.; They also, speak of 
Sasking rents of 75p a foot on 
recent Department estates. Bui hard tocome-by. 

"What is clear is that the 
industrial property market is 
not [healthy despite a reasonable' 
level of demand,' particularly, 
fur. smaller units; •_ One source 
of worrjv apart from the con¬ 
tinuing scarcity of investment 
finance, is future demand. 

The number of major new 
manufacturing projects "has . 
dwindled in the past couple of. 
years theiice Mr. Mason's risits 
lo the U.S. and Japan to invite 
industrialists to the Province), 
As:-a .result! the’ formation- of * 
distribution or service firms to 
service manufacturing -has 

Nevertheless, In selected 
pockets such , as East Belfast, 
any new development would be 
a sure fire success. . Only new 
development needs development ' 
finance' which in turn requires 
the prospect of long term invest¬ 
ment “ take nut.” And that is 
hard to come" by." . 


1-Tere at Telford, w e’ve considerable experience in 
helping businesses to start and expand. We know* 
lhe t\*pe ot place they're looking for. 

A place where tltev can grew at the right pace, with 
lhe right kind of workforce, in the right kind of tuetoiv 
and with the right kind of support and finance. 

Telford is the right place. 

Teltord is the West Midland" major growth point. 
It's centrally located dose by the heart ot the nations 
motorway system. 

Teltord offers the businessman a wide range of ready 
built factories. ?00sq. ft. workshop units; standard units 
from 1,000 sq. ft. upwards, and prestige units up lo 
40,000 sq. tt. 

ll you w ant to do it your m\*n way. Telford protides 
serviced sites from 05 acres to over 30 acre*. 

Tlte ready availability of a skilleti and adaptable 
tvorkiorce is further supported by the unique Telford 
Homes and Jobs Plan - a register of skilled workers 
prepared lo mot e to lelford when specific jobs become 

Telford s commerciallv orientated industrial team will 
proxide advice and assistance at even' stage with a 
minimum of fuss and at maximum speed. 

Even more, Telford can arrange special financial 
backing for start upand.growth. .". 

j^jTj Telford Development Corporation 

R.C. Tilmouth. B. S c. (Esi. ManXDip.TR. ARIC5.C omnerria] D rredor. 
Telford De^riopmertt Corporjf ion. Priorslee Hall,Telford, Salop.TFZ PNT 
Phone; Telford (0952) bi.^L’lTelcx:j5.'59 





Planetary Industrial Estate 

PH ASE 1 —^remaining units A superb situation between Wolverhampton c'3 miles) and M6 Junction 

6,000.-10.000 sq fl or 10 (3 miles) and in the heart of- 7 he industrial West Midlands, 

multiples thereof J;m; Letting AQerts 

PHASE 2—50,000 sq ft upwards Debenham Tewson fyHwHffimV ”lr 

—Feady now “ C .“ ,nn ? 1 cks . Sorts £t Cassell . 

Bar.croftHBUse,Pate"oi:«rJ.(!u«:e. ■“■ 

• •- • - London EMP 4£T a; 7 . 53 Chapel Ash. Woli'srtanmts-: 

^--t-ajflrnTCnTfTTnimTFfTTTvSw^i^—Tel:0i-2S5 rli 5! * Tel. W-llverhemptor. 2B75S 




Financial Times Wednesday February 15 1973 



Better auguries for 
the New Towns 

offers a helping hand 

with information on property and land avail¬ 
ability. v,uh help in claiming go .eminent grants 
and other assistance, with on various 
regulations, planning mailers. ~ :urces of funds 
and many other problems. 

Haw a Talk- wi:h: The Industrial Development Group, 

Greater Manchester Council 

County Hall. Manchester M60 3HP 
Telephone 0^1-247 3311 

The Finance Director’s 
favourite builder 


01-422 3488 

Boris Construction Limited 

OX BALANCE 1978 should be 
a good year for the New Towns 
—at lea*f so far as industrial 
development is concerned. This 
time there has tn he some logic 
behind the feeling that in¬ 
dustrialists are beginning to 
consider expansion again after 
four years of sitting tight and 
seeing their manufacturing out¬ 
put slump into the deepest 
trough since the 'thirties. 

Little by little the news is 
percolating through of a hand¬ 
ful of really big schemes—such 
as the new £4.5m. Coca Cola 
panning plant at Milton Keynes 
which is part of a planned 
i'llm. scheme. But even more 
importantly there is a definite 
revival of interest in small 
nursery factories which are the 
nub of the New Towns' advance 
factory programmes. 

But in addition to the general 
economic upturn which is 
glimmering on the horizon there 
are more specific reasons for 
thinking 1978 will see the New 
Town development officers wear¬ 
ing more of a smile. 

For one thing the concept 
has survived last year's political 
battering which led to the aban¬ 
donment of the latest generation 
of nropo^ed New Towns. True. 

c-M r - 

vv- vrJSj 

'/t v 


niiiiwi ii'iiiniicM—■ wmom w—rt -^ 

A section of Warrington New Toicn's Grange employment area. 

® Slough Estates Limited 

Who started developing an industrial estate in ; 
Slough in the 1920's and now has 16 estates j 
throughout the United Kingdom and overseas j 
developments in Toronto and Montreal in • j 
Canada. Chicago in the USA, Paris and Lyons 
in France, St. Nildaas in Belgium, Cologne-in / 
Germany and Melbourne and Sydney in 

Slough Estates Limited always believes in answering 
questions before they are even asked. 

Slough Estates Limited is now one of the world’s largest 
industrial property development groups. 

For further information on the.Slough Trading Estate or any 
of the various other estates and commercial developments 
in the UK or overseas contact: 

Slough Estates Ltd, 

234 Bath Road, Slough, SL1 4EE. 
Tel: Slough 37171 Telex 847604 

the existing ones are still 
grumbling ioiidlv about the 
downward adjustments to their 
planned population targets. 
These adjustments, the New 
Town corporations suggest re¬ 
flect a certain lack of support 
from central Government 

The hard fact is that the Gov- 
vemment is now less concerned 
with New Towns than with the 
decay of the inner cities, which 
are to become the top priority 
for Government assistance after 
the Special Development Areas. 

But mirch worse could have 
been in store for the New 
Towns. The cutback in their de¬ 
velopment programmes could 
have been much more severe. 
They could have been dis¬ 
banded. or downgraded in the 
hierarchy of regional develop¬ 
ment schemes. At least the New 
Town Corporations now have 
the turmoil behind them and 
can get back to the business of 
building towns. 

Moreover, another major fear 
—the threat of competition from 
exiting local. authorities 
through the Community Land 
Act iu the fieW of factory and 
industrial building—has virtu¬ 
ally evaporated. The Community 
Land Act. which was to ensure 
that local authorities handled 
most of the country's industrial 
development land has proved 
impractical. - 

“Hie powers still exist for 
them to carry' out developments 
or buy and sell and piece 
together parcels of land at 
enticing prices. But little is 
actually going on. 

Instead the Community Land 
Act is actually working in 
favour of the New Towns 
because it is inhibiting the sale 
of land for development. (Who 
wants to sell when the surplus 
gain is taxed at 66 per cent?! 
This makes it extremely diffi¬ 
cult for would-be private devel¬ 
opers to find land on which to 
build their industrial estates. 

Powers 1 

Thus the New Towns—most 
of which have sizeable land 
banks, nor to mention com¬ 
pulsory purchase powers which 
they know how to use — have 
reduced competition for their 
o^n industrial estates just at 
the lime when demand is 
beginning to rurn up again. )t 
is no coincidence that Milton 
Keynes let 13 advance factories 
in November last. 36 in the 
preceding three months and 
TO over a 12-momb period, nor 
that it has 500.000 square feet 
of space planned. 

The accompanying table com¬ 
piled by the Town and Country 
Planning Association gives 
some idea of the virility of the 
industrial development pro- 


Plant ana 

Machinery . 

Valuations Owl'll fr 

E enryButcher&Col 

Leopold Farmer & Sons hJ 


V:r.. vYC’.V sec 

UK and Overseas 

i&sk IS 



Completed from 

Voder construction 


at Dec. 31. 


to Dec. 3JL 


No.of ■ 

Size (000 

No. of 



employees sq.ft) 

units extns. 

sq. ft) 





























Hemel Hempstead 











Welwyn Garden City 


1.548 . 



Total: Londou Ring 












Central Lancashire* 










Milton Keynes 

























































Total: Others In England 70,194 











Mid-Wales lNewtown) 1.113- 





Total: Wales 







England and Wales 












East Kilbride 



















345 . 

Total: Scotland 






Total: Great Britain 



























Total: Northern Ireland 15^91 





Total: U.TL 






grammes of the New Towns as a 
whole. Nearly 6m. sq. ft./of 
space was under construction at 
the year-end in 444 newunits 
and 52 extensions to- 'existing 
units. '• ; 

Considering that the Govern¬ 
ment has made it clear fhat Ahe 
New Towns will hare to generate 
most of their growth, oja; their, 
own from now on. rather.-than 
relying for the bulk of Jt .oh 
assisted overspill from the towns 
they were set up to relieve..this, 
suggests a considerable,degree 
of optimism. V 

In particular it suggests that 
the New Towns are not cutting 
back their programmes as a 
result of the new emphasis oh 
aid to industry within the inner 
cities. To be sure, there;were 
some outcries when this, move 
was first announced last -spring, 
but since then what opposition 
there was has virtually died 
away. . 

In fact the aid that fc-being 
given • to the inner areas' is 
pretty small when set alongside 
the incentives which develop¬ 
ment areas can offer. '. The 
£I00m. Mr. Peter . Shore 
promised the inner cijies will 
spread only thinly; it isvinlikely 
to attract sufficient/ industry 
seriously to eat ihto/the poten¬ 
tial clients of the New Towns. 

Still, the concept of inner 
city restoration has caught the 
rashion of the time and it is 
there that the real competition 
to the New Towns lies. If the 
concept germinates and results 
in pressure to pour really large 
sums of Government aid into 
the inner areas, then the New 
Towns will have - cause for 
concern. That is why a forecast 
for.1978 must contain a note of 
caution—even if on . balance it 
looks like being a good year. 


Sr#irt 3 it we've got test 


Three prime estates within 

seconds of Yorfcsfure’jL-.. 

I motorway network. Freehald^ 
I plots from acres far 

3 industrial or commercial 4* 
A development to your 

or information make a . ]* 

connection with Radney 4 
Spragg ( Wakefield and 
&Bradford)-at Bradford' •>» 
^.(0274) 68474Qor David 
r &.: Ward.(Rotherham}at 
" Sheffield (0742)738#96 



i 00 acres. 

Anthony Brown Ward 

Euroway Estate Office, Rockhill Lane,. 
Bradford BD4 6QB Tel. 0274- 684740. \ :.j 
25 North.Church Street, Sheffield SI 2DH-C 
7el. 0742 -73SS96 ‘ 

London Office • W 

Anthony Brown Stewart 

35 SackviHe Street, London W1X1D 8 — 

%l. 01-437-0035 










Gildersome Spur (South Leeds) 
units of ; 

6,000 to 46,000 sq.ft- 

Aife&ale Industrial Estate 

' 11,165 sq. ft. :jjcyi 

Knight Frank & Rutiey 

20 Hanover Square London WlftOAH 

Telephone 01 - 6298171 v Telex 2657 ' 

L-HIrLU ’ Jg a i^ TgFTiri 

182,142 sq. ft. CROYDOff — FOR SALE , 

_ - ■•••' f »■ Mofer n iFaciojry o ff Parley Way _ 


S, H ARDMVG or-Bitm i J 

• v ChaiTgfgclStBV«?y«s.—. . ..J 




FOR SALE, 75,000 sq. ft. ' 

'W v. ..>* 

Built in two bays.- modern single-storey factory^ of': 
exceptionally high specification.' Internal loading 
despatch bays served- by .an internal roadway < jgfoeirt. : ‘ 
General and private office space with showroi^ jnd 
canteen facilities. Services:' Include toilets, compr^faadaiir;- 
-Tines. sprinWer system, heating and lighting. 


PHONE □41248 


A- Staiilf 

la !‘ark IMaci*. 1 1. Vimn H«fU<r. Qnrcn Sir- s t_i; 

Irirpliorw 1 : (i't.VJ HiO'Jaa I.omlun L('IK1.I>. 

li'icpilunc; (ll-JoO 10 

This tabic is reproduced by -courtesy of the Town and Country 
Planning Association, 17 Carlton House Terrace, Loudon. W.L It 
forms part or the statistics on New.Towns to be published in a 
special issue or the T & CPA journal later this month. 

M Post designation figures are available only for development 
curried out by or on behalf of the Development Corporation, 
t These figures’ are currently under review'. 
i Actual figures at October 1 K 1977, are given under all estimates 
for December 31. 1977. 

§ Figures only available for premises owned by the corporation. 
■; Actual figures at September 30, 1977, are given under all 
estimates for December 31, 1977. 

1 f ‘-i 1 i • 


1DC Propeftjr Jnve^menc Ltd-1 
I DC Hou5e^ 23 &. Jam^> ; Square.;L9n^ 
SW! 4fH: -Telephone: 81^839 

maiicial Times "W^nesday February 15 1978 

Wide scope for energy saving 

By MICHAEL CASSELL, Building Correspondent 

225? le»S«W; -Dr. ■ John the main probJea in for in.™- 

SL/S i o i'S?#'- - • • ■ W»m»taiy Ution invoke* the existing 
u “ lend added uraeney r^y. v of! .State for building stock 

n ° w hejr £ insa& tD Ehergy-aad tK* aatt rsspmisible Over a quarter of all energy 
** consemtion of forenergy co^VgtioS.recently used goes to peoples homes,the 
ecotnes a ..vital.element told the House of Commons that greater part of it for heating 
energy, pqljo^. ^v' ^-Government's programme and hot water, and it is on 
measures wgs now,'one of the most for- houses that mach of the Ad- 

- to energy SaTrasB-^orth Ward loqking^and aosc effective visory Council's attention has 

- . ^ated £ 2 btt. qver ’tiie-iast in operation asywhere: . ■«■ been focused, 
trs,. but faced with tile tte ippsuBOff gfrttivis that The reeent Waft Committee 

, ... * if the U-Khasbcen'dragging report on energy described 

v' Ilw ^ aecaaes ^re ex-|m-feetrin the past tt-fe. now houses as “one of the major 

energy” and Prof, 
supported that view 

--- -- esiimated that of the 

.oetng stepped tjjx _ energy conservation-when nation’s 20 m. homes, no more 
- has been cwisideraMe. compared with, say. tt*e ie*t of than :ljm. are well insulated 
i Of. both the level/ of -Europe, but if it StitKreinains He believed that perhaps an- 
^awaxenesa aad the re-behind other C ountries4n legis- other tm. have some form or 
jacuoo vn savingr energy latiou enacted, ii'appears to be insulation and that the remain- 
^. and.the reportilroin as far ahead asmost 4*-what is der had “nothing worth men- 
^oityfiouncai onB&ergy actually being implemented tioniog.*’ The workin- -roup 
iba-, underlines, jt^ now. . ; he said, was concerned that 

*b^here rs lqft*to be : exhortation had failed to per- 

• T iiMir IJfrt suade the majority of house 

uaJJy, there is oq. doubt 1 jOI 12 ill 6 .. . owners to carry out the basic 

iiqton has- .changed good-housekeeping measure* of 

and-.that the Govern-. Much of the emphasis on con- insulating roofs and hot-water 
ta^ - bf achi«ving^im- r ‘ serration is understandably be- tanks. 

Efficiency - of energy use un directed to PfttaiinV build- i t was ** a national scandal,” 
t emphasises is the res- trigs'where^ according to Mr b e said, that millions of hot 
ty i>f the individual as Reg Freeson. Minister for water storage tanks remained 

* w 3r ; 




, KtnC^iAi CfcrtTV »T3V 4i£Cr;sT (ON 

For buildings outsjde the a good case, however, ror re¬ 
domestic sector less is known commending further changes to 

about Vat losses and the stock ™ r ™< ^™ al ‘“j*'?*' 1 ™ s,an ' 
r dards and this possibility is now 

_ , , .. * uaiuo auu inJ j pvpaiuiui * uvn 

of premises is so diverse that being , iwlwMd Wlthm lhe De . 


mrcs are generally favourable, conservation campaign 
All that Is required, it adds, is include positive incentives 

the true potential for energy partmeni of the Environment, 
savings is not as clear, although Mr lan juunro. secretary, 
the report Imagines it to be general of Eunsol-L'.K.. the 
“enormous.'’ Association of British Manufao 

According to the Department turers of Mineral Insulating 
of Industry, which has roller- Fibres, says that minimum inci¬ 
ted Information from visits to ution standards in the U.K. 
over 2.000 factories as part of still compare badly with many 
its Industrial Energy Thrift other countries, as do the finan- 
Scheme. an estimated cost sav- c ial incentives provided by the 
ing of £370rn. a year —or nearly Government. 

10 per cent of the annual rate ‘-The simple fact is that to- 
of industry's fixed capital in- day nothing should be built 
vestment—could be achieved with less than a 100 mm layer 
through energy saving tech- of insulatiop to protect it. al- 
nology. ' though the regulations stipulate 

The Department admits, liow- dnly 50mm. There is evidence 
ever, that while the total mag- to suggest that, in housing in 
nitude of energy savings nray be particular, private sector 
large, there is po one simple builders are laying down mini- 
way of achieving it because of mum thicknesses in order to 
the diversity of the problem, cut costs.” 

There is. at least, a very real Eurisol. like other represen- 
incentive for industry to insu- tative bodies with a substantial 
late its premises, with operators element of self-interest in their 


of industrial buildings able— actions, has for some time been 
must improvements to the fabric of s)nce the 1975 Finance Act—to urging the Government to lake 

_ --“ W “ of 

to a building are not likely to be 

... _ .-- - -. - BWlHSt Mi ,^, 4 cjuuucu .. . -- - - — - . offset the total cost of insu- the sort of action which is 

! tthe State) is one which Housing and Construction, 15 uninsulated when the cost of . w, *‘ t0 act on the part of private home owners and that ramed out without some eie- jation. including materials and touched on in the Advisory 

;wr $ 

being given priority per cent of the nation^ annual doing so could be covered, by ihdivfduals, property owners ex -j st i n{ . evidence shows that the me nt of encouragement and sug- installation, against tax. 

- ** a -» u a i . a . ... . . _ . avifl thn i. Avomm Ont 9 uncle rovor? 1 wove m U’ hlfh f HP n.. L _ .lm . . a-.. _ < ■ ; 

ests several ways in which the 

*s cjcar,- witutf vj uomg .««- momns. iwsciniates suca its inose - - -- ^ -.- owner occupier iu take action ’ nsu * at ] on drive should 

compared-with. most .tuffues and methods of power- which suggest that Ml insula- l ? 10 *}■** December of last year. v ^tut offeri Hnancial h^Ip 

iuntries, is well iff in saving tion measures could in the ^ r - AHthonj-^Wedgwood Benn vunout o "-.P- 

„ if- ' • consumption of energy could be lower fuel 

^■piessage is dear; while saved by using existing tech- months. 

.bills within six SHl^kheen some Government cannot rely on the 

Estimates such as those n * T ? ® owner occupier t.j take action 

But while attention is 

.V * - * 

\J ST? 

— measures ... , _ 

f energy supplies, th<» As the Advisory Council's in- average home, reduce an annual _ Ior Energy, announced 

d medium-term pros- terim report points out, £200 heatlrig bill to less than 
■ national self-sufficiency ings occupy a sperial*position £90 have in too many cases. 

Ht insulate it from a in energy conservation c° n - fallen on deaf, if not very cold. 

\icrgy shortfall expected sideratinns because of thmr ears. 

Vthp end of the century.-long life—on average well oyer Neither is the picture any 
ie question-of altema- BO years. Buildings now being more encouraging as far as 
■ irees apart, failure to put up. therefore, stand- non-domestic buildings are con- 

"ie future 

which the U.K. may sign and construction wdrk, will that must inevitably involve 

Council’s report. 

___ _ __ pri- Bodies like the National 

be marily and rigblj- being con- Home Improvement Council 
centrated on the existing stock have added their weight to calls 

Thpre is now somi- hone how- B ” ild ’ n 2 societies, it aprs. of buildings. There is concern for more incentives and. if 

-euuloi j *« ... fhat the Gm-ernment mi^hr cou * d consider withholding ^ at ixisufficiem progress Is be- necessarj’, more lesislation and 

a 10-year energy conservation JL u ..Alenrivatc U,ans “ n P rr, P er , ties w ‘ th sub T ing made to ensure higher stan- they will bo pleased to have 

programme, designed to save bS lIJL. s,andard insulation^ and might dards for new buddings. found a valuable ally in the 

n ° ” Building regulations govern- Advisory Council's findings. 

ing the non-housing sector have Publication of i;> repnn was 
not been subjected to any fun- brought- forward to stress the 

eventually a* much as £7W)m. . . , . .. 

a year at present prices. Among at a scheme whereby the 
the measures to be taken are owner occupor obtains nn 
increased insulation standards jnsulataon grant and repays it 

later as pari nT his fuel bills. 
The Advisor;. I'-nuiK-il report 


also make loans available purely 
[nr domestic conservation mea¬ 

for over 2 m. public sector 

t.»ran;>. lax relief or idamental review for many years ne ed for immediate action mi 

and. although this process has improving the level of energy 
now been carried out and will conservation in all types of 
lead to a doubling of in ‘ buildings. Us warnings and 

L\lhV i, which the U.K. may sign and construction wdrk, will that must inevitably involve with a pmgniqime i 

A!U: achieving -a reasonable spell great trouble to? fUtdre extravagant use of energy for littan. domestic e 

M-nnomie srnwth • eenerationx: - heatine 9 nrt mnih.. public sector building*, has been '_ • .. . 

- ■ :■ 
to ^b.o:: 

of lufl 
nergv con* 

. -fcnnomle growth. * : generations; - beating and cooling. ” i""U’™ r «»°^ r * sumption would drop to the 

•i^siims that, in spite of Bnt as Prof. Patricfc O'SulIl- As the report emphasises, cntlclscd by many people, who p 0 j nl w here a once and for all 
ning prospects. the. UJC van, chairman of The Advisory methods of insulating buildings claim that the private sector has maximum cash saving of 
sistently appeared^way Council’s buildings- >;teorklng and hot water systems are been discriminated against. £ 5 -fibn_ could be achieved, 
e international “thermal group, emphasised yesterday, widely available and the econo- They believe that any energy The Council accepts that 

free loans in encourage conser 
vatinn measures for both hous¬ 
ing and other buildings are also 

together su ^ e l * ,ed - elation standards? it is still not recommendations will be taken 

insu. nu ' ' ha ' . n °' a " . lt, r gg dear When the now rules will seriouslv by a Cluvernmenl 

neCKSanly Govert,m.nt tji _' ^ whlch has pledged Itself tn 

action and that the way is open building regulations reducing the nation's energy 

for building societies and affecting housing were last up- consumption by the end of th ; s 
“ other enlightened organisa- dated at the beginning of 1975. century to a point 20 per cent, 
tions” to take the initiative tn the culmination of six years’ below what might otherwise 
some areas. difficult work. There Is already have been. 


Letters to the Editor 

1 6S , r -s of pension 

‘ ds 

_• I. •• *, 

vestments previously favoured. 
This is f per cent, above the rate 
on new money. received after 
that date. ' ■ . : 

C_ 1f r. A’. McLeod. ° De of the reasonsthis 

likitUlidi'S action was to soften in 

" -Vour property corresponr rafes f or those earlier-ia«pstefs. 

: ... s,;..- ... h « Brennan iFebruary gesture is not. sug- 
— ears to have misunder- MCtll f me milllnns -ner 

vested “costing us mUllnris pcr 
ic reasons ana conse^ month.-" -The actual , ffgavfc-is 

of Tom Jackson -and a bont £I. 6 m. per montii^ 

—daily responsible Jin3n- 

r* r v -i-cies on the part of pen- -' 1 r bbev SteesaI.-». : - 

Kt T - rids. WJ. r 

V-msiem funds involvement . ;• ,■~>- 

* '.gricultural land market *'■ 

t increase the areaof IlBl|)IgFatlOIl 
which crops are grown- ° 

jet QSM ' farm is P ut n P fDr sate -^ nphfltp 

-majority of c«ses ii is. 

!. ‘.i 

single rumcay. Indeed, there the policy of this Government 
are verv few airports with this that it should take any action 
amount of traffic. However, the with the intention or conse- 
British Airports Authority is-con- quenee of causing, a breach of 
vinced that there are no over- contractual or other legal obli- 
riding reasons why such levels gations.” 

Of traffic should not be sccom- this company is engaged 

modaten with a-single runway. (j a j| v jj, the business of advising 
According to Bntish Airports p m p‘j 0 vers on Lhe interpretation 
Aulb« ,l y annual report for 0 f t he welter nr legislation affect- 
n ? 1 V— Beatbr °w handled j ng them, we communicated with 
- 4 . 101 . 111 passengers in that t h e special information unit of 
TWr. , the Department of Employment 

Wc suggest that the L.orern- an(1 tt .„ re 3dv ised that a siate- 
ment would also like to convince ment on t i lis <llb j e ct was to he 
lhe British public, as it is appar- issued hy t he Department or Em 
ently convinced itself, that Gat- ptovment within a matter of 
wick will be able ir» handle 25m davs Subsequent!v. however, 

assenaers per annum with its we * were in f urt her tolenhonic 
ne cxistine runway, by a simple communication and were advUed 
■exercise. Could it not close all lha , a sLa temenl was not now to 
hilt one of the Heathrow run- j, e exp eeted 


Prime Minister speaks at Jnsti- 
|tute of Export lunch, Connaught 
Rooms, W.CS. 

CBI Council meets and is 
I expected to decide its attitude to 
Government plan io insert pay 
|clauses into future contracts with 
| companies. 

Power workers' pay talks 
resume. Electricity Council. Mill- 
bank, S.W.I. 

European Parliament in session, 

Professor .Inline Gould. Pro¬ 
fessor of ’Sncinlnuy. Notlinghatn 
University, speaks on " Educanon 
land Marxism” ai Si. Lawrence 
•lev-ry nest Guildhall. E.C^, 
1.15 p.m. 

Victoria Sporting Club Inter¬ 
national Award for Valour in 
Sport. Guildhall. F..C.2. 

To-day 9 s Events 

weekly hours (Januaryl. Monthly 
index of average earnings 


Sir Peter Vanned*. Lord Mayor Meiklejohn (10.30 a.m.. Boom 16). Birmid Qnalca^t (full year), 
of London, and his Sheriffs attend Nationalised Industrie* (sub- Dalserv (half-year). 

Evers' Company dinner. Dyers’ committee B). Subject: Brilish COMPANY MEETINGS 

Hall. EC.4. National Oil Corporation report Comnair. Institute of Marine 

and accounts. Witnesses: Engineers. E.C.. 12. Martin the 
British National Oil Conioration Newsagent. Connaught Rooms. 
..... . , . . _ (10.45 a.m.. Room 8 >. Overseas w r , 9 Westland Aircraft. Hyde 

Bill, completion of remain ing Development. Subject: Re-negotia- p ar j|" note' S.W. 12 . 
stages. Motion on Metiicmes t j„ n of Lo^ne Convention. Wit- 
(Exemptions from Restrictions on ness - M r.- Edmund Dell. Trade 
the Retail Sale or Supply of secretary (4.15 p.m.. Room fi>. 

Veterinary Drugs! Order. Expenditure (Social Services and 

House of Lords: Debate.- on Employment suh-commiltee). Si«b- 

ject: Employment and Training. 

Witnesses: National Union of 
Teachers and Manpower Services 

House of Commons: Scotland 

land purchase difficulties; and on 
pay in the public sector. 

Seleet Committees: Science and 

Technology (General Purposes Commission (4.30 p.m., Room IS), 
sub-corn ml ttee i. Subject: Dura- 

hi lily and efficiency of electric OFFICIAL STATISTICS 
lamps. Witness: Mr. I. D. M. Basic rates of wages and normal 


' Stamps or Haiti and Brazil. 
Gibbons Gallery. 3H0. Strand. 
WC.2 (unlil February 281. 

Sir Thomas More—His Life and 
Work. National Portrait Gallery, 
St. Martin's Place. W.CH (until 
March 12 1 . 


Tennis: BP Cup. Torquay 
(» a.m.). 

_ ~ _ -majority ui caxes^ -. . -» j--. 

the seller wishes to txKfe- Mwir th« Rec:- J. Cross',. ^ — 

Qf ;u , r | cUUuTe /lf j*,- ways for several weeks (anyway 

someone else* estamwti tne rensioiiity or naaai- regional Business Services. 

can ^ the number forecast as ficgumol House. Troy Rood, 

possible at a single-runway Hors/ortn. 

‘ QAca C placing . 

5 - :D 'r The same can oe Ru therfonl (F^ruary ID) 

the purchase of paint- about Thatcher's recent 

interview on television I began 
c ase of pension: funds to wonder if- 1 -sad watched the 
if Of industrial and comnier- sam e programme. not be comparable with condi- 

_ K„;m- As I understand Mrs. Thatcher tions applying In 1990—the date 

- r she, was .demonstrating what bv which a second terminal is 
mess or aiternati .ely r psychologists call empathy for planned for Gatwick. 


Gatwick ? 

No doubt, the official argument 
will be that this exercise would 

But such 



L I l eS 5 .LL*wt r ?.n^.^,n nsycaoiDgWtS cau Viupauj* iyi nioiuieu >ur w«iwit-*, uut.vuvn Ur r onnmr 

Xflhi-^ihus Sos»-«T English origin who live an elementary precaution might Fr ^ m ■ • • ' . 

robs * That b k in a«»s (rf large .immigrant at. least prevent the disaster of Sir.—For over fifteen jeara l 
T - ■ concentration. She said that such another Heathrow. have been_ysmg a. solid fuel 


That Is concentra tj a0- she said that such another Heathrow. - , 

_ . English i people . might feel The BAA renort also shows room heater and for all tnat 

■owtb in the money pen- swa mp«rt by the concentrations ^, aI e t ^ e average number or **«• until this year I have been 

ids have to invest is of tourigrents in their area and passengers carried per plane at able to keep during the winter 

increasing. concern, tftat. ' UAless' M ainStrearn politi- Heathrow is considerably larger ample stocks of the appropriate 

-**■$£* they* sxid SS tStat as 3 so fuel-anthracite stove nuts. - i 

and^j^iqejmTa understood such feeh is _ t j, e 0 ff.peak period, the 1 have not however been able, 

act m toe larere^s or j D ^ were prepared to do p r0I>osed exercise would in any to obtain any supplies of this 
’-le, instead or for unan- spritetkhrg'to allay the fears to caSe f avoar Heathrow. fuel since the early summer of 

that such Beveridge. 

,Tity. then the}*.win have whlch suc j, feelings 
■union and Government ^re was a danger 

3977 and have had to make do 
with ail kinds of alternatives, 

a..the .not.too ^“I pjopie 'might turn to political Little.Swrnbivrn. Petworth Road, sonie 0 f which have been quite 

•• _: ui.« 4V, n V-.iinnat. HudorttW ?urrt« ___ , _ _ J J:.: r__ 

. ... _ . f . . extremists Uke the National. Haatemere. Surrey 

ve, that during,the,rvext Front Mrs. Thatcher made it 

‘ p ^i2" ^P^-very clear that she herself woul^ /lrivornmpnf 

/■ se«j their, aj^jcultural d eprecate such a reaction. In ,: VXOVCl HUlCllL 
nyestments anixeinvest of t v e fat;t lb3t the i"- • .--f- ^ - 

^i D r^?Ld u ^^^* tion3Li ? :ront js ^ ,o draw iflQlicy' 

The roots ana repairs ^ j^bour supporters for every, p \t e tr mH a 

- responsibSlitj' - consereativVlI would have ° ^ cKC7l,ia 

Mansppinpnt ' nitiitnl .. . . * Cf T n fwiF Ip thought ff, at ^ p rijne Minister - Sir.—m ’your leader 
n. return on funds in- and sos:a ued liberal-minded February i you quote 


unsatisfactory, in addition, for 
over a week 1 was out of stock 
of any kind of fuel. 

I might say that during the 
period concerned 1 have been 
in constant touch with both my 
coal merchant and also the local 
office of the Coal Board without 

---- an „ uu « w -.„...y« ___ . you quote the any success except some vague 

/nuld all be similar to CO mmenmors such as Mr Rogaly ^Attorney-General. Mr. snkin,- a* promises. The latest tale 1 have. 
«ral land, and t&en? Mr Rutherford would have follows: “It is not now and-has Ls that the transport drivers 1 
e the bonus of money aDD j ai . d €d her "Yet, on the never been the- policy of; the strike in Wales is having an 
■red for improvements j, as subjected Government that it should take effect on anthracite supplies. 

* 0US1D5 - . to abuse’from MPs and strictures any action with the intention or E Barrow. 

Iture would not miss the jh your columns. consequence of causing a oreacn 

funds and output might Mr. Michael Alison has already of • contractual or other legal 

rease with more family replied to Mr. Regaly (February, obligations." -. _ 

8 ) on the matter of statistics *■! have difficulty vn reconciling . , . 

from which ! observe that strict this statement with my under- AU-BntlSll 
application of existing law* gjiudln? of the Grants £ ^ 

might well reduce .the. numbers ?emunerdtion aiflllierS 

le°al L Benomley Crescent, 

° Almondbury, Huddersfield, 

:Leod. • ■ 

.t Hall. LonpJmmi 
eharn. Norfolk. 



Deputy Choir won. 

of immigrants without in any. of. 1875. As i understood, it this 
way “reneging" (Mr. Rutber- legislation relieved employers of From the Director. 
ford's word) on previous British establfthed t ^ contractual The Tory Phoenix Group. 

e ect o sir.—It was ironical that 

JUIU -5 RVI til Ull JILX.MWUO ,7. . . _ 

commiunenis. Mrs. Thatchec obligations Jf the 

the | 

ivjiuuuuwiu. ------ air.—ii was ironical mai 

docs -not appear to have pro- jjnquring s t “ c J fnitoe thexntoy day after you P ut * listlPd Freddie 

posed to renege on commitments, have been to oreaK me men pay Laker's powerful plea (Februarj 

so “renege n seems a funny rode -. ^ .. c.iL-tn r »n rernn- 9) for an all-British airliner, we 

ulumal Building Society, word to use. at least as funny -Perhaps Mr. Silkin can recon read ; n t hc press of high level 

sorr. ro see Mich,* as. U. e w Hr Rothcrford tHo for us this spp.reot ,. lt . 

eferring to the building -thwks Mrs.-.Thatcher runs the conflict. 

invomnnf hninc* ? ''SuadQW HttulflCi. 

loveutcm bcinn " deeply Laomci. Peter McKenna, 

d” about ns future A ^d on the subjei.’t nf funny m. Johns Road, 

y 13J. wards it seems to ,ne Huzlemerc. High Wycombe, 

TI \ S^^JSLJSmjS ^ 

of Centre Conservative MPs upon 
in uc tuber. 1 ®". their leader as "unholy" and 

k- "t'n n «£hiH e !I^Mft!nW' runni£,r » ul1 that )«ur sub editor 

*»!«•■ -^ nyw “ yl ° 1 

l undeistaixhng iH^what •!< H. L Cross, 

done, and the putiJOse. 37.. Tregiaiier R<ia(t S H’.W. 


Breach of 

A make- it-per/eeti^ifcar' 51 rtfl 

HilL our citatnnan^was. VJfdtniLh auu 

y uttering M contorting;/ , tt •* aJ-iirtixi 
■’ when h e spoke on rtC'ElllrOW' • 

31 inrentiSS t 'in C dSSle 'the ^ce-chairmim. ' ' 
.fnSli S Hbslenutro District Aircraft 
it is nece.-»sanjjr a xomo* Action Group,- 

ort-terra Situation /need- wtL 

talks between senior executives 
in British Aerospace and their | 
counterparts in Boeing. 

The Prime Minister has spelled 
out his belief that North Sea 
oil revenue should be used in 
part to regenerate BrilIsb indus¬ 
try. and what barter field of tech- 
riologv and science is there to 
develop on a com me rein 1 basis 
than the next generation of 

j , It is all very well for men of 

Sir, — We perused With great ‘-goodwill" tn press for inter- 
r interest your report on the state- national co-oneration and under 
wepr. oF Mr. Sam SlJkfn. OC. be- sjaodmg. Bos in commerce 
; roc-the.Appeal Court m roe mat- these sentiments cut very little 
: Tctf'pf Holiday Hail ■vvElectnua! j K , < a5 the British car indiistry 
■ and PlumbingTrades union pub- has discovered in it* unsuccess- 
•: lished'on February”. . ful attempts to reduce the level 

U may be noteworthy to draw of Japanese imports, 
your, attention to the proiTsion* j n m y view there should he 
of the Remuneration Charges a concerted attempt by British 
• ' Grants Act 2975 which. Aerospace. British Airways and 
accenting to our information, re- Ministry of Technology to 

I mAiioc rnnTt'flrtlial ftWlPS- — 1 v D.UUV 

% - 

gree of flexibility, of UP* Sir,—In the'recently published movers any contractual obUga* produce an all-British, airliner, 
the general altitude to- White Paper “Airports Policy." on an employer id pay The current attitude of resigned 

iterest rates relating to the Government slates that it remuneration which would be in despa i r i n Whitehall is shnoly 

nev, which is the'sensi- intends, by the construction of excess of the pay umlls set out not g00d eTlQU gh. It is ahoui. 

second terminal. Iu increase in Government white Papers on t j roe someone siarted fighripp 1 
.’in one other respect cor the passenger handling caoacity this subject. This provision has for British industry instead of' 

. Cassell on a lapse of of Gatwick Airport to 25m. a been, extended until July 31. permanently canitulatine to the 

' .-si accuracy. My society’ year—and without building a 197S. , fashionable intellectual idea rba» 

./'is he supposes, contihu- second runway. -One wonders now mis piece no . major British commercial 

' ” ay 6.7 per cent, on share .The White Paper stales (para, of legislation is capable of re- venture is ever likely to succeed- 

•'.holdings at Ortober Jtt, 91 >: “There Is at present no conciliation with the Attorney- ^ . 

-•’* t j* navmc 6 ppr cent on airport, in the worid which 'is General'® declamatory statement Jim ou ™ ,l ‘ 

:• oidinqs of Januarv .11. handling a throughput of about before-their Lordships “that it W. Coleheme Maaaonx. 

•ludirig those existing iu* 25m. passengers a >ear off a Is not now and has never been 228,'Old Brampton Road.. S .V 5. 


to £1.7m. at halfway 

M ITH SALES £7.05m. higher at 
£22J29m.. pre-tax profit of MFI 
Furniture Centres more than 
doubled from £835.000 to £l.7tm. 
■n_the 26 weeks lo November 2 U. 

>s confident that, with trading 
since November at higher than 
anticipated levels, results fur the 
year \*ili show u continuing satis¬ 
factory growth. Tho half year 

• oral pre-tax earning* of £t.$ijm. 

MFI achieved peat-' earning -1 of 
in 1972-75 before slumping 
to only fo.-Slm. and £7S.CHJft in 
the two following years. It 
recovered in l975-7fi to £ 1.03m. 

Mr. Southern says the good 
results and improved profit 
margin Jiave been achieved hy a 
significant increase in sales at all 
the group's branches. 

In the period four new branches 
v»ere opened and two smaller out¬ 
lets cloved. Programmed expan¬ 
sion Tor the remainder of the 
.'cat- will take the number of 
MFI branches to 5l» by the end of 

• A one-for-one scrip 

Arden & Ccbder 


Page Col. Company 
i 30 4 Macpherson (D.) 





BIT Scheme 



Meat Trade 



Canning (W.) 






Crest Nicholson 






Drake & Scull 



South re n Television 



GcnI. Consold. 



Thermal Syndicate 



Haggas (John) 



Wades Stores 




' 30 


Wardle (Bernard) 






Webb (Joseph) 



a quarter of the UJv.-produced 
vinyl sheeting market with annual 
sales of £40m. It will also enable 
the company to further penetrate 
the growing packaging and 
stationery market, v.hich last 
year accounted for almost a 
quarter of group sales. At 20;p, 
the shares are "on a p e of 4.4. 
while the yield is 9.6 per cent. 


Date Corre- 
of spending 









- year 

Arden and Cobden 






IV. Canning . 





Crest Nicholson ... 






Gen. Consolidated 



April 7 




J. Haggas . 

.... MX. 



0 £• • 

- ■ 



.... inL 



0.45 - 



D. Macpherson ... 


Aprfl 6 

1.5 - 



Meat Trade Suppliers mt 


March 31 




MFi Furniture . 



April 4 


— ■ 

*’ 3^4 

Palmerston Trust .. 

.... lot. 


March 31 


— - 

: 1^7 

Thermal Syndicate 




■a 8: 

Wades Stores . 

... int. 


.March 23 




B. Wardle . 


April 14 

0.7 . 

1.27 ’ 


Joseph Webb . 

.... int. 


April 24 

0.1 S* 



Financial Tiroes Wednesday February - 15 ul<ffs 


Lazard Sterling 
Reserve Fund 

£2.6m. from 
Drake & 

Dividends shown pence per share net except where otherwise stated. 

'“'Equivalent after aiioiving for scrip Issue. fOn-‘-capital 
increased by rights and/or acquisition issues. i 0.035£>. additional 
dividend for J976-77. 

i. rise 
for Crest 

. - . sue is pro 

po>ed. The shares from the i?.-ue PRE-TAX profits or industrial and 
will not rank for the interim leisure group Crest Nicholson 
dividend this year. rose rmm £ 1.2:1m. to £l.S2m. for 

The interim 

is up rrom l.jCp Uvl- year to October 31, L977. after 
to net per lUp share. After ri:.43in. against £0.41m. at half- 
' v ?i'. ve A S cost is £13".uOO lime. The directors then said that 

irilii.000>. Last year’s total pay- with the improvements in trading 
buj_ was 3.93fip per fhare outlook having laken place the 

increase »n profits they 

.. seeking for the 1076-77 

ftihjen to rax of £912.000 would he achieved. 

c- - 1>:wn P per snare o 

Earnings per share are given at h 
against 3.5p. With the pic-fit s< 

i£44S.fJfi0i net 

profit is £700.000 

vertible ter massurance contracts 
by up to fi+ per cenL Under the 
new scale, the yearly cost of a 
whole life non-profit policy, where 
the sunt assured is paid on death 
only, for a man aged 45 is now 
£1.72 per cent, for sums assured 
up to £50.000 and £ 1.66 per cent, 
for sums assured of £50,000 and 

Premiums for convertible term 
assurances have been improved 
for ail ages and all terms above 
five years. Now the annual pre¬ 
mium for a man aged 45 for a ten- 
year cover for £50.000 will be £243. 

These premium rate reductions 
were consolidate the company as one of 
year the leaders in these classes of 

Acquisition boost 
for Macpherson 

9 comment 

■MFCs first rmir 
eci(a inly 

Turnover for the year was 
ahead ;u £29.73m. compared with 
I‘J J am I the di reel ora 'laie 

that :in; current year has started 
results art - well ihr •uchuui ihe group and 

cut a inly impressive when • i hey foresee further substantial 
looks at the ruiRtmre industry - n arnwih in the level of profits. 

vohnl.t'^r/rir.f.'n Ll Stated camines per I Op .share 

■olume are demn h> about 
cent, uvf-r the period D 

l 1 .'-’ 1 arc up from 5.0bp ;«> 8.57p 
rm ! rs .Hid ihe dividend is stepped up to 

ahead 36% 
at £1.06m. 


di’siort comparisons but MFi ha'v a ^a.-i *i-d company ot 

cem^hrnn “h me !** ab °, Ut i0 pu . r (n&0W>I for the period, 
cent. ,hrou,h sales outlets whim _. .. ...... 

have increased in square fono’e The directors report that the .... 

by 25 per cent, to 75U.000 square property division achieved excel- half due to difficult trading rondi- 
feet. The company's Bat-pack lenl re?l11 * 5 in th e private housing lions. Full year turnover 

PRE-TAX profits for the year to 
November 27. l*+77. at Bernard 
IV'srdic and Co. expanded by 36 
per cent, from £778.000 to 
£1.0-56.000. despite a fall from 
£456.000 lo £467.000 in the second 

kits have clearly been a vorv market and accounled for about increased by 17 per cenL to 
popular alternative to assembled 5U P«? r cenL of tiroup Profit peak of £18.64m. 
furniture in times of low consumer ^^ 1 .. ! JL.i!S?“»h! With the reorganisation of the 

spending. Also the extra volume !P ar ** d, . } to'vards the end of the j(roup struclure “ nd important 

has given much better margins unancul year, they say. acquisition of the Armoride 

on sales (up two points to 7.7. per The industrial and leisure divi- facilities, the directors say that 
cent! ana prospects for Lhe year sions produced doubled profits in the company faces the current 

look good, especially as sales out excess of Uni. and have room for year well placed to take idvan- 

tcii are being further merged further improvemenu they add. tagt- or even a minor upturn In 
“A™. 3 b-V al, ouL 14 tier cent, to The yroup has developed a direct consumer demand. Hela- 

manaueimsul structure to enable ll V cl T sm ® u improvements -n 
tine group to achieve substantial volume and product mix should 

AFTER A LOSS of £4.37m. for 
1974-75 and pre-tax oroiits of 
£879.000 for 1975-76. electrical, 
mechanical and construction 
engineer?. Drake and Scull Hold¬ 
ings achieved a record pre-tax 
surplus of £2.62m. for the year to 
October 31, 1977. on turnover of 
£54.0Um. against £49.54m. 

At the half-way stage the pre¬ 
tax figure .was £529.060 compared 
with £17,000. 

In January. Mr. Michael Abbott, 
the chairman, said that full-year 
profits were not less than £2m. 

The directors now say that the 
full accounts will show that the 
group has also achieved 0 con¬ 
siderable improvement in 
liquidity. Cash balances at the 
year-end amounted to some 
£2.5m.. an improvement of some 
50 per cent. 

No dividend is to be recom¬ 
mended on the Ordinary shares 
for the year, but it is hooect that 
payments may be resumed in the 
current vear at the time of the 
interim figures. 

The group w pursuing i»< pro¬ 
ceeding. - . against Tarma".- in the 
absence of that company’- pay¬ 
ment of a further in*raiment due 
on September t. 1977. fnr the 
purchase of Holland. Hannon & 
Cub i its. 

Tarmac has indicated that it 
will be counter-claiming for 
alleged breach of warranties 
under the sale agreement, but its 
counter-claim has not yet been 

However, the Board is satisfied 
that money is still due to Drake 
and Scull from Tarmac and that 
the provisions made in the 1976 
accounts are fully adequate in 
respect of amounts receivable 
from the sale of Cubitts totalling 

vjy.OOO square feet. With the'ihility of some rise in c*»n 
sunier spending in the sevir.d 

half, the company 

£3.75m. for the jear. At >24? the beneliVs"oMhta ^oaranime^Thi* ‘ Tax took'fSObTooo (£95.000> and 
jield is o-4 per ci iit. on a ntaxi- j ino , enC n U ra"inc for our ion- - aflcr an exchange loss of X19.0U0 
mum dividend which comp.,res ierni .’msnecis*’ t£53.000 garni, available profit 

se .’’T:2 long-term growth, they state; “in fiuickly be reflected io higher 
could .each ]P7T v>e he l0 experience the protit*, they add. 

i_ ,_fit._L_ ■ Tit '.Ant O 

with around 4.4 per cent 
stores wtor. 

in ihe 


AFTER A Jo^er provision for un- 

term prospects. _ —. . „„„ 

was ahead from 1 1 29.000 to 

O rnmmpnt £522.000. Stated earnings are 

comment 4.59p. ,4.,J7pi per I0p share and 

Crest .Nicholson’s housing division a final dividend of 0.77p lifts the 
continues to recover viih profit total for the year to 1.27p 
up some £200.009 to £D00.OM t!.1375pi net. absorbing £22S.UU0 
# despite an underlying dull trend <£294.0901. The amount rctamed 

r,j ■rwhS\Trti4'lhiC' hm'rtina F.uj this is only part wa.* up by £69.909 at £394.000. 

i3.fL\ of lhe story nchind th- - latest. Comparative figures have been 

4y ner cenL .lump in profits, for restated on thy basis of the 
the groups diversification into accounting policies which have outside housebuilding been changed in respect of the 
nuv, accoum for more than half treatment of deferred tax. 

.. ... .. ... .. its profit*. The marine and leisure The group manufactures vinvj 

matured profit of £ 68 , 001 ) aiium.M activities has made a significant sheet and film, coated fabrics, 
£142,090 household furnishers recovery moving out of the red plastic foams, and moulded and 
Wades Departmental Stores to produce £’m. pre-tax. Export fabricated products, 
reports taxable profits up from demand Tor boats and an improve - _ 

£362,000 10 £443.090 for the half ment in sale* »>f a ports .surfaces ® Comment 
year to October : ;i. 1977 on turn- (tennis courts and running tracks; Doubled Grst half profits at 

have been instrumental in bring- Bernard Wanlle have been 
ing the leisure side into the black, followed by minimal growth 
but margins are still relatively in the second, a consequence 0 / 
Inw. Elsewhere the industrial industrial action in the automobile 
side, mainly pumps and genera- industry which accounts for 
. ... .. - . . . . tors, continues its steady pro- almost haLf of group sales. Never- 

healthy advance in sales during stress. For the current year the theless full vear profits show a 36 
November, December and housing division has got off to per cent. rise. While sales—17 
January, hut the full .-ears a reasonably good start and per cent, higher—reflect no 
of SU effortJ de to d maint!tin ^his yac t t sjles „ artf Poking better fnlurae growth.' margins are a 
mcr^ while a; ”he same t me at h ^"„ Hou * v "’ « ne ^ point better following cutbacks on 
JSSfn'ever-? sin-- expanses growth aU-round if the group is unprofitable lines tsuch as coated 
c jfirn*n»< nnr «oi» ihw i rP s °' na t0 achl - vc Uie fui1 recovery rabncsi, a reduction in overheads 
shnin a-ai'nst swfnand *S. aSm - P re ' td ' ; ls h ®P m 3 for. an d trimming of the labour force 

P* prospects make the shares by ab0 ul in per cent. However, 

OTp (0.n225p)-last rear’s final 1°°* 
was 1.3Sp. 

naif rejr 

Cons. Trust 

other surface coatings Donald 
Macpherson Group reports_taxahle 
profits advanced from £2.76tn. to 
a record £3.05m. for the year to 
October 30. 1977, on higher sales 
of £55.73m. againsr £40.0Sm At 
midway, the surplus was ahead 
£0-25m. at £1^7m. 

The directors state that they 
will be disappointed if current 
year results do not show a con¬ 
tinued increase in profits and 
earnings per share. 

Full year figures include for the 
first Lime, results of Unennan 
Holdings, which contributed pro¬ 
fits of £935.000 from-£10.5m. sales. 

Stated group earnings per 25p 
share are 9.Sp (9.6pj basic and 
9^p <9.1p> fully diluted. A final 
dividend of 1.6915Sp raises the 
total to 2.63538p i2.35P.3p) net. 
costing £376.000 (£313.000i. 

The profit contribution of the 
overseas companies showed a 
further solid increase in excess of 
20 per cent, and MJlf represents 
some 25 per cent, of group profits, 
say the directors. 

In the L : .i\. the general 
economic climate and market con¬ 
ditions in specific sectors created 
a difficult trading environment for 
the paint and surface coatings 
operations — sates overall in¬ 
creased by 14.8 per cenL but 
trading profit was down by 6 per 
cenL These figures do, however, 
reflect widely divergent results 
within the divisions, the directors 

They report that the industrial 
division, accounting for over 50 
per cent, of the group’s UJC 
coatings sales, did well in main¬ 
taining its market shares and 
achieved worthwhile increases in 
sales and profit. 

However, in lhe decorative 
Debits division, the depressed 
levels of demand for retail and 
building paints ied :o a reduction 
in volume output with the 
resultant effects on profitability. 

The directors -ay that reserves 
have been credited with the' 
surplus arising from the quin¬ 
quennial LUC. revaluation cf free¬ 

hold and long leasehold land and 
buildings and with the surplus 
arising on a similar revaluation in 
an overseas subsidiary- Both- the 
revaluations incorporated'are on 
an existing use basis .resulting in 
a net total of £J.49m.; being 
credited direct to reserves^. 

Sales ... 

1876-77 1375-76 

tm sm 

35.728 40.034 

u.x. -- -- 

43.AM • SLBlS 

Exports - 


DiTers^as . .. 



Tralina profit _ 

lrtr „. 









Profit before tax 

,. NI1 

5.050 2.JSt> 




Xot profit .— 

IJS7Q ■ 


itlnorlty imeresxs .... 



Eitraord. debira 



Artriouiabte - 




376 - 


Po rt-wrve': . 



The prospectus is published 

to-day in com i ecUO, L (1 w,til Sl ort 
introduction to the . 

Exchange of La»«* Brothers 
Sterling Reserve Funds l.-ni,. 
Participating Redeemable Prefer-, 
eoce Shares of lp- . 

The Fund waa incorporated, 
with limited liability, to Jersey on 
October 21. I9'8 and ** resident 
for exchange control purposes in 
the Scheduled Territories.,. Jt 
operates in a similar-fashion DJ* 
unit trusts, in that each week U 
may issue and redeem Participat¬ 
ing Redeemable Preference 
Shares of lp each at prices based 
on their underlying asset value. 

On February 8 this year the 
price at which Participating 
Shares could be redeemed was 
£11.18 fex dividend), and the Fund 
had a net asset value- of £19.44m. 

It i? intended that in each year, 
substantially the whole of the net 
income of the fund—-which is 
aimed at investors who require 
a high degree of capital protection 
combined with a reasonable re¬ 
turn and ready-.avariability of 
funds—should be .distributed to 
Participating Shareholders by way 
of an annual dividend. This, 
would normally result in a divi¬ 
dend yield of approximately i per 

cent:.-tb i per cent,:7 

Between TwovemHer 30. 1976. * 
December 23,-last year, the Dci 
of Participating, shares rose fa 
an initial offer price of £10 ft 
redemption price’of £ 11 . 11 . i t 
proposed to pay > l dividend 
2 l?p for that period Riving a toi 
annualised, cate of return of 1 , 
per- cent; . . 

■. Lazard.,.says that’ the averj 
rate- of return,on the - current po 
folio - is-. - lower .than that ■, 
perfeocerf in The greater part 
the'• previous period (up. 
December. . 281 vreflecting j 
gettbral iialT m UJC : interest ret 

The r&frqpany -adds that 
interest, fates remain at tb 
present levels, tbq current rate 
return... for the ^jariod op- 
December : 27, i-.'IBFS would 
ap'proxiaiately 5.6 pbr cent. 


■^Epicnire ' HoMfings ^ 
retlirued - to the •' Stock Mai 
yesterday,- after Its reverse tai 
bipR^f its former parent compg 
siefT'Holdings. The. share ptf 
opened at "U}p.- • cose to y 
before slipping baek to dose 

■tta the closmg-.-.pnce and., 
forecast dividend tife. shares yk 
4A. ; per cent, •’ ■ : : 7‘ 

• comment 

The acquisition of Unennan, the 
furniture hardware suppliers,/Is 
the key to Macpherson’s profiT 'in¬ 
crease. Net or financing charges 
of around £400,000 it conlributM 
about £Jm. to pre-tax profits, as 
well as adding £lm. to export 
sales. This was a real boon at a 
time when the home market .for 
paints, particularly in the second 
half, was obviously . difficult 
Decorative paints, furniture var¬ 
nishes and domestic appliance 
coatings were all markedly "weak¬ 
ening from about July onwards 
so the market was not looking for 
strong results from Macpherson. 
and die shares were marked- up 
2}p to 59p after the announce- 
menL At this level they-stand 
on a pfe of 6.2. and yield 7 per 
cent. The price could be on-the 
low side as Cover Plug Jias 
already had a strong. January 
promotion which has run..Wool- 
won h’s stocks right down,''-amt 
building trade paints are picking, 
up in line with the industry, while 
the worst part of the ’ furniture 
recession is probably past, ’• In 
addition there could be. -more 
advances as Uriermaii!. is : _-fully 
linked to Macpherson** outlets. So 
£3.5m. pre-fax looks in-Sight this 

After rising a full point in - a 
fortnight, the coupon rate on this 
Week’s local authority yearling 
bonds slipped 4 per cent, to 75 
per cent. The bonds are issued 
at par and due on February 21. 
1979. - . • ’ 

This week's issues are:-City of 
Aberdeen District Council f£4m.). 
Great Yarmouth Borough Council 
(J4m.), RedcHtcB District; Council 
ffjm.l. West” Yorkshire. ■ Metro¬ 
politan Courify CouncD (£tm.). 
City of Glasgow District Council 
(£2m->. Oxford City Council 
-f£lm.}. Meirionnydd': District 
Council (£im-). Trafford Borough 
Council f£lni3. Cambridge City 
Council (tfen-). Borough of Poole 
(£im.), Borough of Sunderland 
(£im.). 'Wokingham District 
Council f£!m.), . Middlesbrough 
Borough Council- (£)au). Spel- 
thorne Borougfe -CoahcU- 
Warrington ^Borough Council 
(£lm.) and City of Saifoi-d-iftm-F 
•two-yearbonds carrying ■'■ a. 
coupon of 9per-?'cent. .at ps^ -and; 
due on February 1980^;g$e- 

issped by Thanet'Wstrict Com 
■ f£|ss..> and- Cleveland Com 
Ceton'cil Ulml)..- • 

.gftriek. and Lauderdale Dab 
CouJrriJ has .-raised 1 :£jm. tbros 
the.Issue of IDS per. ceni. btu 
dtie-ion-February 9.-1B83. Issi 
ar far. ' .i;V 
Bolton - Metropolitan Boron 
Council : has ’ issued, a five+ 
variable rate bon'd at par andt 
on.Febniaiy 9,19S4V Interest! 
be^l of a point above LIBOR* 
the first half-year.payment doe 
August- 15 at the -rate of & 
percent. . 


TSe rights issue by Janes N 
Hol^ngs has been; accepted as 
4.016',033 Ordinary >sbares, rej 
seating S9.6 per cent, of the is 
TbeL balance has been sold 
the;,benefit of thf entitled shi 

holders_*. Li*” . 

r Flowing the;- issue. % 
Capital-, for IndustryVholds an; 
pec^ostit; stake compao 

V.•; " 

Midterm slipat J. Webb 


over, excluding VAT. ahead 
£6.26ra. compared with £5.5Sm. 
Profit for the 1976-77 year was 
down slightly from the record 
£885,332 to £872,841. 

Directors say that there was a 

Consolidated Invest mem Trust 
climbed from £9t»n.:>43 to 
fl.J7J.22S in ltiTT. Gr.v-* revenue 
was £l.4m. compared v th 11.19m 

After lax of £43I,77‘} 1 £384.273> 
net revenue emerges at £740.452 
compared with £603 672. 

A final dividend of 2.55p acain. - .! 
2.lp net per 25p share is recom¬ 
mended. taking rhe total payout 
lo 3.73p compared with 3 Ip last 
time. Ordinary dividend-: will 
absorb £692.703 (£567,436/ leaving 
retained revenue at £34.099 

Net asset value per share is 
given at 105d (S7.?pi. and fully 
diluted at i04.sp (S7.Sp). 

J.C.E.G. first half loss 

Record £133,864 
for Arden 
& Cobden 

the yield is 
p.-e is 8.4. 

•TurrAvcr . 

Trarttni! oroi'r. . 

-Prnrision . 

Pr*-ia* profit . 

Tax . 

prolii . 

* rtolurim; V.vT 
- For iinmaiiir-irt tir-iii - . 


KM.MJ 1 
3! I 



- . -- .o 

21 ; 




reducing i 
whole life 


per cenL and Lhe stantial recovery in the national 
economy, Wardle’s growth pros¬ 
pects must lie with its acquisition 
of Armoride. which extends the 
company's activities in PVC sheet¬ 
ing and vinyl leathereioih and 
increases manufacturing capacity 
is by 50 per cent. .irmoride will 
i premium rates on start contributing to profits from 
non-profits and con- February and give Wardle about 

A second half jump from 
£46.742 to £100.964 enahled Arden 
and Cobden Hotels lo achieve 
record taxable profits of £133.864 
for 1977 against £76.342 last time, 
on turnover of £876,000 compared 
With £683,943. 

Stated earning? are more than 
doubled from S.SSp to 8.43p per 
50p share and the net dividend is 
increased from 2.7Sp to 3.1p. 

Following a downturn from a 
protil of £9S.08fi 10 a lo.* - , ol 
t’47.'i94 Tor lhi- 1976-77 year, con- 
struct ion group J.CE.G. reports 0 
loss of £32 98$ for 'he six month’s 
tn September 39. 1977. compared 
wish a Drofi: of £49.185. Turnover 
was down from £l.41m. SI.34m. 

There is nn interim dividend, 
a cams: 0.45p Iasi time, and direc¬ 
tors say that a final dividend will 
be renewed when full year's re¬ 
sults are known. There was no 
final last year. 

The directors s«3te that Octo¬ 
ber 1977 saw the beginning oF a 
hotter trend in home sales, fol¬ 
lowed by some improvement in 
ex nor is. 

The changeover to new dumper 
models and the phasing out of the 
old ones was also completed 
during the period The new 
models are now in production and 
are being well received, they add. 
These factors, they say. coupled 
with economies should result in 
an improved performance during 
ihe second half of the year. 

There was a fas credit for the 
six months of £12.255 (£25.750 
charge) reducing the loss to 
£19.828 (£23.435 protil). There 
were no extraordinary items this 
time, compared with a credit of 
£8,146 last time. 

Canning Limited 












Trading profit 








Profit before taxation 



- 954 





Profit after taxation 



518 1 

Extraordinary prof!t/(loss) 




Profit attributable to Stockholders 








Profit retained 







Earnings per Stack Unit 




Dividends per Stock Unit 




• Overall 1977 a satisf actory year with the development of new products and new markets. 
® Sales and profits before taxation show increases of 25.6% and 24.0% respectively over 

1976. Trading profit for 1977 is after £77,000 start-up costs of new marketing 
subsidiaries in France and Germany. 

The taxation charge represents the amount of tax that the Company will pay in the 
foreseeable future for the profit stated. The tax charge for any one year can be affected 
by the incidence of capital expenditure and changes in stock levels, it does not 
necessarily relate to the overall trading profit of the Company. 

The 1977 extraordinary loss represents write-off of goodwill arising on acquisition of 
Copal Foundries Limited. As Copal was not acquired until 30th December 1977 it has 
not contributed to the Company's 1977 trading profits but will make a significant 
contribution In future years. 

• Directors propose a final dividend of 2.026p making a total for year of 3.526p, the 
maximum permitted under current legislation. The Company has increased its dividend 
every year since 1966 except when prevented by legislation. 

• In the absence of any unforeseen circumstances we are confident that the results for 
1978 will continue to be satisfactory. 

W- Canning Limited — Great Hampton Street, Birmingham, B18 6AS. 
plant and materials for The metal finishinfl trade. 


BIT scheme 
goes through 

for each £1 nominal siock All toe 
New Ordinary shares will be 
acquired by Black Diamonds 
Pensions, a company wholly-owned 
by the National Coal Board Pen¬ 
sion Funds, on the basis of the 
higher of either I65p cash or the 
formula value in cash for each 
share. / 

The formula value will be cal¬ 
culated as at the cJdse of business 
on February IS.' by Thomson 
McLintock, chartered account¬ 
ants In the manner specified in 
documents despatched on Janu¬ 
ary IS to holders of the 6i per 
cent, and 7i per cent, stocks. 

Cheques for the cash considera¬ 
tions will be Torwarded not later 
than March 8. 

Following the implementation 
of the schemes, BDP will own 
S2.5 per cent of the Ordinary 
capital of BIT. Th* offers on be¬ 
half of BDP'for the 6| per cent 
and 7J per cenL stocks which 
accompanied the Schemes and 
which were conditional on the 
Schemes not becoming effective 
have lapsed. 

The offer hy BDP for the 3.673 
per cenL Preference stock of BIT 
which was declared unconditional 
on December 12. has been accep¬ 
ted in respect of £1.668.635 nomi 
nal of stock, representing 79.48 
per cent of Preference stock. The 
offer will remain open until Feb¬ 
ruary 27. 

Pre-tax - profit®.- 'far l-the 
months to' September 30. tfiTT W 
Joseph Webb anil Co. feU ifrora - 
£287.638 to £237.763- but .the direc¬ 
tors say that frtff year profits-will 
nor be less' tifad ,the‘ £40fl,5S4 : for 
1976-77. ’ ' • ' 

First half earnings are shown 
to be down from 0£p to 0.7p per 
op share. The interim dividend is 
0.131Sp (equivalent 0.1S125pJ net. 
Last year's total, was equal to 
0.4S185p after toe one-for-one 
scrip is&ye,. 

Sm mourns 
, 1977 1978 

\ • , £ - E 

Group, ninwvcr - 1.454.W3 1,344.110 

TriuKlR profit .—. 425361 430.566 

Holidays —.— 3S3.368 336,1!* 

Property 1W. - 4X045 47,344 

Estate dev. . 44,127 46.883 

Interest and expenses 1S7.19S 162JN8 

Profit before tax . 237,76? 267.108 

Tat . .. 123,637 140,573 

Netprofit.. 114. W: 138.088 

Pref dividend aj«3 8.563 

Interim. Old. - SO.fltn *-. 30.673 

Trading profits of the holidays 
and" leisure division were lower 
even though bookings for the 1977 
holiday season were at a reason¬ 
ably. good level. The effect of 

doth Satie., inflation Ton - fen 
spending Aar reflected In -the It 
of ijroflts, say the directors, 
^anticipated the nvp./new site 
Nesv Qujiy which ,wete opera 
during the, season did not« 
tribute-materially to profits. 

Full year results from 
holiday anti leisure in'ere«ts 
largely known and one hal 
included In the interim figi 
. In adidtlon certain neyoual 
in estate development are ■ 
in hand and if as expected tig 
negotiations mature beforej 
end of the year a mats} 
increase in group profits .* 
resulL ik 

The -current level of Jfj 
marine . bookings for the^W 
holiday season shows an Unpm 
mem on those for 1977. ;-a 
increased capacity brought aW 
in the new subsidiary, FarklK 
Caravan. Holidays . by 
acquisition at DawUsh.AWHJ 
Paignton (Torbayl 
the foundations for. a 
move forward in {proup 
members are tokL.. 

The new company set up by 
Pengem-CitreejT and Mercantile 
Credit will offer credit facilities 
to British buyers of Peugeot 
vehicle* - only. 

Yesterday’s report* inadver¬ 
tently stated tiv.-ii facilities would 
be offered on Peugeot and Citroen 

The schemes concerning the reali¬ 
sation for cash of the tij per cenL 
Convertible Debenture stock tflitt 
and 71 per cent. Convertible De¬ 
benture stock 1396 of British 
Investment Trust have Leen ap¬ 

As a result the slocks have been 
converted into New Ordinary 25p 
shares of BIT ai the rate -ff one 


A profit of £129.180 was 
achieved by Bellabie Properties 
for the year to June 30. 1977 
compared with a loss -of £20.172 
last time, after a nil tax charge 
(same) Again there is no 
dividend—the last payments 
totalled 1.5075p net per 25p share 
for 1973/74. 


to the holders of Debentures payable in American Currency 
oF lhe hsue designated 

9 % Sinking Fund Debentures due April 7,1982 

(heroin called "Debentures'’} of the 


Public Notrce is Herebv Given that the City of Quebec intends to and will redeem for SINKING FUND 
PL'RPOSHS on April 1,19TS. pursuant to the provision* ut ihe Dcbcnliucs. the following Debentures as 
indie j;ed. of the above-mentioned issue, ai luCh'e ot principal amount plus accrued interest lo the 
redemption date, namely: 



















5 c 63 





























8840 ' 


























































































































































































































































Debentures to be so redeemed, will become dne and payable and will be paid in such coin or currency 
of the United Stales of America as at the lime of payment is legal lender lor public and private debts in 

c-iirj Ilniirtt Stales of America. M lhe office of the Paying Agent. Bunk of Montreal Trust Company in 
City and SUL; of New York United States of America or at invof ihe 

Front and" alter Ap. .... .. 

coupon*, maturing subsequent to ihA date v-ul DC' bid- 



LEND lease corporatidn 

Half-Year Profit 22p.c. Up: 

Good Prospects For Record Fuff Year 

The Directors of Lend Lease Corporation Limited 'report 
audited results for the six months to 3lst December.'1977: 

Six months to 31 Dec Percentage: 


Group Sales 

Trading'Profit before charges 

Extraordinary Items 
Interest On Borrowings 
Depreciation, etc. 


sathm : / 
121.285 ;^+VH r 

4^79 '," >247 
-H32L .V- i '.'-t. 

- .Tn-s+su: 

IW* :.+3S5 • 

.. 5^v^ +22J ? ) 

-I jOG9 - 

Consolidated Operating Profit 6,977 

Tfie Directors have declared a same again interlm-.dividend 'd. 
635 cents on capiral increased la^ti August by S - f-for-5 stricr 
issue. Payment will be made on 17th March, l9?8/ 
Australian whoHy-owned operation? 4rave-progeeased.-' 
as planned. Several orgariisationaf and-markkafinf 
merits have been introduced to sharpen the group'seSecth®* 
nesS in'Changing conditions. New Jbasiness bppartsspSesif^'A. 
■ been identified and a recruiting campaign for addftfcWi.*?*^ 
is under way. ^ 

increase In the rate of tax from 423p.c to fepIcyvUir'fM^, - 
. an additional provision for tax of approximately:$A5flWW^y 
Despite this there ere good prasoects xhat currea^ 
operations will yield a r esutr of aaoroximeteterAl*' 
”'fter *ex for . the fuff veer "* ’ -■’* —• • ■’* 

' : • :TY in':: > v- 



. • •. ]3sued-%>; .: 

Chemical-Bank *“'• ' ' 

' ...' against 7^'vW-'V. - -.:j& 

Floating Rate Proi^fs^ry^otS^- i 

cjtie: 1982of Bancorp 

For.the she months February 15th, 

"' the Bearer Depositary Receipts ; Wiii c6W^(h ; 

• v Interest Rate, of 74f%.per anmrtn 

' • . Age’nt & 

Chernical BankI’nternatiGhaflWf^v'^ 

‘' ; LondOn " T ' 










[ iek ! 

th e 






•V. ■ 'i-'-- ; f r~ - 




m slip® 

i ’ - 

I . •. ■'••>.•' 

U- > • •• 

/> • * 

1 v 

jv. . 


' '‘"• ■ -»~%*rr>*►'■ ■ V '■£&{ 

A grnup of Morgan s. internationally based Financial Services tpecialUls at a meeting in \ ew York. Clockwise irom left. John Sands. New York, head of the department; Lucile de Baudry 
d'Asson and Guido Cefalu. Paris; Frank Beclihc and Gianni Raga/zi, Frankfurt. Marc Yarangot, Sao Paulo: Michael .Allen. London. Keith McDermott. London and the Middle East. 

.V. -.j 

v »•*-? V'-.V . ' . ' • • . . - 

1 i^Dr comprehensive advice on 
I ifeirs, acquisitions, divestitures 

i. #•■»• £•* l- ’ “V %J * W ^ f 

r t . - : . / - * —. .. :*■. • •■' • 

ta|| with Morgan Guaranty’s 

ASt £ ufsri 
r j 1* 

international experts 


At Morgan Guaranty, there is a large,, international, de-' 
partmpnf as si sting corporations Ml over the world with 
mergers, acquisitions) johit venfiires, and divestitures. 
The specialists in this Financial Services group work 
with companies in a wide range cf industries. They may 
be able tolielp your company to expand, or to sell off an 
mcompatLlale. division. 

Corporate moves like these entail a complicated series 
of financial decisions. Morgan help you throughout 
^.proc^ss. We can help you identify and weigh the 
capital, ownership^ and tax implications of a transac¬ 
tion. We^an help set criteria for potential partners or 
purchasers arid, because of our extensive activity in the 
field, establish a list of candidates. We can advise you on 
the 'valued a deal, recommend how to finance it, and 
analyse tl^e probable impact of the’transaction on your 
future financial picture. If you get recommendations 
from mar ketin g and technical consultants, we can help 
vou fit their finding s into your financial evaluation. 

Morgan. Finanpial^Services is fugjhly experienced 
in designing capitalisation plans. Frequently, after an 
acquisition or divestiture, we are called in to assist in. 



Vw. - :. 

J '*? S' 

lUsk?- ■■ ■ 1 




Llf ! 


•ij.:: ■. f.. 


■ XJt\ * \v* : 

forming and implementing a financial program for the 
restructured company: 

Your company need not be a client of Morgan to use 
our Financial Services group. Compensation is by fee, 
agreed upon in advance and determined by the nature 
and scope of the particular assignment. 

Besides our headquarters in New York, Financial 
Services specialists are based at our offices in Paris,. 
London, Frankfurt, Sap Paulo, and Tokyo, and work 
closely with our affiliates in Madrid, Amsterdam, Singa¬ 
pore, and Jakarta. For more information on how these 
experts can help you anywhere in the world, contact 
Michael Allen or Keith McDermott, vice presidents, 
Financial Services, 49 Berkeley. Square, London, 
WlX 5DB —or enquire at‘any Morgan Guaranty office. 

Morgan Guaranty Trl t st Company, 23 Wall Street, New York N.Y. 10015 • 
In London: 33 Lombard Street, EC3P 3BH; 31 Berkeley Square, WlX 6EA 
* Other Banking Offices: Paris, Brussels - , Antwerp, Amsterdam (Bank 
Morgan Labouchere). Frankfurt, Dusseldorf, Munich, Zurich, Milan, Rome, 
Tolcro, Singapore, Hong Kong, Nassau • Representative Offices: Madrid, 
Beirut, Sydney, Manila. Jakarta, Sao Paulo, Caracas ©International Banking 
Subsidiaries: San Francisco. Houston, Miami, Toronto <J. P. Morgan of 
Canada Limited) • Incorporated with limited liability in the U, S. A. 



The Financial Times 


L.G.B. Halliu/elL 

Chairman of the Rai'ensdown Group. 

“The growth of the Ravensdown 
Group-sustained in a year when 
the steel industry has been 
suffering from a serious recession 
-is powered by one simple idea: 
service to the industrial buyer. 

Stainless steel and aluminium 
stockholding are the heart of our 
business. The stockholding 
division has maintained its 
growth programme and is being 
expanded by the formation of 
new strategically located com¬ 
panies: RDM Metals (Anglia) and 
RDM Metals (Southwestern). 

Our planned diversification 
programme is built round our 
stainless steel and aluminium 
expertise. The thriving Engineering 
Division, whose formation I 
announced last year, has made a 
full contribution to the Group’s 
welfare. In addition to stainless 
steel fabrication, architectural 
aluminium, store fitting and 
swimming pool equipment we 
have now increased our range of 
engineering services. The division 
is doing some substantial export 
business in the Middle East and 
elsewhere. The newly formed 
Transport Division has been 
created to offer, not only delivery 
but the leasing and hire of 
commercial and private vehicles. 

We are proud, again this year, 
to be sponsoring the Ravensdown 
‘Buyer of the Year’ Competition. 
Its theme ‘Buying for Growth 1 is 
designed to highlight the role that 
efficient buying can play in the 
resurgence of British Industry. 

There are two reasons why I 
know the Ravensdown Group 
will continue to grow in 1978. 

Our goals are clearly defined. We 
want to offer a comprehensive 
service to anyone who purchases 
stainless steel or aluminium in 
any form for the engineering and 
manufacturing sectors. Further¬ 
more we think we have some 
understanding of the dynamics of 
corporate growth. We’ve grown 
bigger by staying small. Each 
company benefits from the 
financial underpinning of a 
substantial group without 
incurring the expenses and perils 
of‘big company-iris! 

We owe our success to the 
directors, executives and staff of 
the operating companies and 
on behalf of the Board 1 would 
like to say thank-you to them. 

1 would also like to thank our 
customers for their business and 
support of the past years. We 
hope to serve you well in 1978.” 

L.G.B. HalliwelLThe Chairman. 






The RDM Metals companies have 
become the fastest growing stock¬ 
holders in the competitive field of 
stainless steel and aluminium for 
good reasons. Their strength is people. 
High calibre metal professionals are 
trained to meet your requirements on 
large orders or small, standard or non¬ 
standard items with an extensive 
range of on-the-spot stocks backed up 
by bulk tonnages in both metals. 

Energy, efficiency, expertise: that’s 
how the RDM Metals Companies live 
up to their name as the customer 
service specialists in stainless steel 
and aluminium. 

Telephone speed and courtesy is one 
small way we live up to our promise of 
service. No switchboard delays, no 
sleepy secretaries... within five seconds 
of dialling the number of any of the 
Ravensdown Group companies, you will 
be talking business to an expert in the 
field whose know-how is free to you. 
Accept our challenge now and ring us 
now it you have a requirement. 

RDM Metals Ltd. 

RDM Metal Services Ltd. 

RDM Metals (Anglia) Ltd. 

RDM Metals (East Midlands) Ltd. 
RDM Metals (Hampshire) Ltd. 
RDM Metals (London) Ltd. 


A fast responsive door-to-door 
service in the delivery of metal and 
general freight is where Ravensdown 
Freight Services score. The Blue 
Streak Service means efficiency all 
round: load schedules that are tailor- 
made to suit the pulse of your 
business and a commitment to 
ensuring that you meet your delivery 
deadlines. Coupled with this is a 
comprehensive service in the hire 
and leasing of both private and 
commercial vehicles. 

Ravensdown Freight Services Ltd. 


UK Major Users: RDM Metals Ltd. 

Contact L-Skinner 01-5781103 
Birmingham: RDM Metal Services Ltd. 
Contact D. Quinn021 -622 35Z5 
Anglia: RDM Metals (Anglia) Ltd. 

Contact R-Greygoose 01-575 2636 

Derby: RDM Metals (East Midlands) Ltd 
Contact R. Bennett 0332-364531 
Southampton: RDM Metals (Hampshire) Ltd. 
Contact D. Halliwell 04216-7701 
London: RDM Metals (London) Ltd. 

Contact L Maclean 01-578 0957 

The Ravensdown Engineering 
Division can offer a wide range of 
services and manufacturing processes 
related to both stainless steel and 
aluminium. Blue Streak Service 
assures you of a top-quality job. that's 
designed to meet your precise 
requirements and on-time delivery 

In the area of stainless steel 
fabrication and metal finishing the 
British Bumper Company have 
extensive experience in the manu- 
facture of balustrading, barrier 
rails, hand rails, and s tore fitments 
and offer services in bar and tube . 
polishing and welding. They serve the 
retail, catering and architectural 

Swimming pool equipment 
demands an equal quality of work¬ 
manship and product design to take 
full advantage of the aesthetic appeal 
of stainless steel. British Bumper are 
producing fine fitments for domestic* - 
municipal, hotel and hydro-theraby; ^ 
pools for the UK and e xport markets. 

In the field of architectural ■ - 
aluminium, windows and patio doors. 
Custom Made Developments offer a 
comprehensive service through from 
quotation to installation, to architects 
specification, for contractors,builders, 
and local authorities. 


Contact R. Ward 01-578 0017 


(Principal subsidiaries) 

The British Bumper Company Ltd. 
Custom Made Developments Ltd. 

The British Bumper Company Ltd 
Contact P. Anstev 01-965 3500 
Custom Made Developments Ltd 
Contact M-Trevett 02013-79401 


The Service to Industry People. 



: TOR : 

t? at i r-T-T > 

bivO v v ion 



. .. . . i 

-All too often the role of the -j 
.buyer in industry is neglected bjf 
economists, by the Government 
by senior management.In fact ;, 
efficient and imaginative purchaT^ 
does a substantial amount to ep$^-\ 
that delivery deadlines are i 

costs are controlled and that t&‘ 1 
resources are available for ■*. " f • •• 
production growth to take place *' 
That’s why the Ravensdown 
Group is pleased sponsorin. 
again this year-jointly with 
Modem Purchasing-the ‘Buyer* 
the Year* competition. The them 
‘Buying for Growth’ and the foa 
will be on the purchasing skills d 
are required in companies thatai 
planning a programme of contra 

£1500 IN PRIZES 1 


The Ravens down Buyer of the 
Year award is the only national . >- 
competition that is opento;aIRn£ 
You are eligible to enter, wfctev#' 
your industry, your qualifications 
job titled however large or sraaJHy 
company. ’ - 1 > 

Putyour buying skills to the fe 
with the twenty questions in the* 
entry form. Write, telex or phon£ 
Mrs. Dobson of the Ravensdown 
Group(01-578 2277)foryour : fi| 
entry form and you could be onyj 
way to winning £ 1,0Q0 and the ^ 
“Buyer of the Year’ Trophy : \i ^ 


.. 4 . 

. : - 

' ->7’. • 

'' ;'V'- 

■'-CU' .••• 


■•"•’•j. - ■ 

Lost year ift Ms speeck 
the: prizes at the first fitcyer o 
award dinner, Sir Montague 
F.R.S.: Chairman of Stars fi 
and former-CkcUTTr^n ofth4 
Steel Corporariorii'TrE^^ 
between 50% and6b%.pftlie 
product is incurreddn ikep 

of the buying funct ton, r 

• ' \'~*2 

Rockware Avenue, Greenford, Middlesex, UB6 OAD. 
Telephone: 01-578 2277. Group Telex Service: 935962. 


We^esda^ Ftebziiary IS 1975 



ad sees peak year 

Thermal Syndicate little 
changed with £1.7m. 


a spinners John 'Baggos 

«ahle profits upl-rain __■_■■ S en J‘- SALES FOH ihr y**»r to October The now research and develop. r.K. and overseas, this year i* 

& il-55ml for the fcjjf BOARD MEk I |NG5 . dropped slightly. Tba 31.1077 at Thermal Syndicate rose ment block is nou complete and 'ikel> to be one of consolidat or. 

December SL aW.:«-‘recovered by UM 2 per cent to in.84m. but occupied. ,n preparation for tukinp fiii- 

ilOJ3m., against £&.51m jnei ^ BranJ. nifinhijs rtw Siceir ,„7 e ; . af . tBe -u r ^ t quarter drop pre-tax profits were liltlc changed During the year extensions «er« advan,!l ^ ° r improved market 
say they expect, profits ,soeti .■ meeiuaw «».naan? 5 OI l? 1 * 5u ^? n profits is at apairi:i li.iftm. after m ade to the manurin'! urine »rn-i opportunities in the future. Hnw- 

ull year to again soot* ISSL®*-.®! ^ cwiswauie An- now virtually unchanged despite falling from £Q.Glm. to £0.55iu. in n f soecial Metals KahriMiiort -mi ever. Sir John emphasises that 

rwsa***® s^aaraas.-s: e ;sr xj&ssl **“h ^ “ _*58U. i»o£3iffiS£ 


ae scr?p Issue the twertw: Bank PndiM Gflws.' b<wM. ceni- up - 2"J5p per 25p share and the final and associated market* than was 

Umaend as unchanged MgMx. Jotao Jama, RtskmaJ The company ta still a com dividend is 3 . 7 p net for a maxi- previously possible, and last 

equivalent Dip 'net pea. ^SS^TfST' 31 ” mitted investor in lung dated mum permuted total ot fi.Tp f 6 p>. year it doubled its order intake. 

f«| TOa,.t£«B ^S5*. «“* ft «rr«tl» hold! Ili” Tie Mk> for defend in B ^'iTttu 

t, 7Zp V - 0«tow. T CDfa!b; Dtctus, Fanm **x »onh of these securities and made in previous years W con- apparent io rms and subsequent 

ionat analysis of ' sales; iSSW* jT ^L^ nm ^ ne - eari ted Investment income oF aidered adequate to cover any tar >ears - 5 ,r j0 ° h 1 s no doubf of 

flfK X>uT c . SLJZHZ Mntoas lviqer. Ycoou towOTbem Tnet. MMftfin <« J* 2 L Cl *“ 12 *. .. « . y , .. the profit potential of the com- 


?«* shows: M28.000 In the first six months, payable due to a i 

.£5.26m.) and £0.6Sm. iriJn_ PBnaB PATgs However, while profits for the capital expenditure 

L J 'iPS** 1 *, AOwrcoro tnvomntnts . * fa *2 - vea f are forecast to increase the relief in the foresees 

ana uMSm. (sarae)r tur Grieperems .Fen :o real interest will be in the effect No further prove-ion 

«*f J of th c M.F.a agreement on next wade therefore m t 

•as* Meier ti-titi ***** f«*rei. The shares felt atTounts. 

as higher at 6 p tf. 103p where the \ield is li 

' w S*?* ,T * K - "* * H> -••••' £? ?a “ rawnc ? 1 C * m ' The "historic Turnoff . . ... 

spinning division the £££, ..— 7 cover ts 20 Utues. **ni fcef«r* tut .... 

I n.nRlr aF Ik. ...__ r 1 ?® 10 .. «• v — Var r. t.. 

lio.iSm.). Tnvestment c«tA Tr«i«porx . ._... Mir. ? 

as higher at £0.4Sm. lott 

' Sr«Hn* iT. c*. and J R > .......' F»t» Ja 

spinning division the ..SS-'f 

, of ^ corres ' Mdrcftwict . l‘„.... .'.T. r«q 

lonod of last year have sud'ahd Bank ..xiar w 

I been attained directors Plantation Moldings . j.„ _ -i-va 22 

I short dme w’orkine and J 1 ®*® *Cr«i Bndaci p*i». =1 

value was a record due 
use of more expensive 

ial$. notably wool In.. . - 

nstances, the division make any difference either way 
well...they say. to profits for the 1977-78 year, 

rery poor first quarter. However, they say if the MFA 
profits ot the knitting agreement is strictly monitored, 

Drop at 
Meat Trade 

Prgfli befart UXt .... 1.W5 l.Uft 

Tax 217 .«2i 

Vri profit 1 4i< > 1.4 

PrW rti» idt-nd*! ! I 

ln:onm orj. r.» i-.: 

Rr-onimcniii.d fliu: .. :mt in 

K- raln.-d t.irai ',44 

1 Im-hirtlng taBB.M". <£J4ll^4i on «dli- 
of know-haw 

Sir John Paget, the chairman, 
snys the additional turnover uus 
almost entirely attributable 10 

?°h rU K° rp ' The biggest opportunitv for region, sroup pre-tax profits rose 
ti,. in-market expansion „r Thermof by le * s tfian 1 per cenl ,8 - el > e3r 
me 1 j.e-.. Allierican Fused Quartz lies in the Trading profits fell 2.» per rent — 
...... US. though a pan must d^piie a 10 prr reni. turnover 

Sii u.mi be based on incrcaeed monufae- nu-rvs^. im ludmc -into volume 

ft.*41 >9o* tore in that country sums tj w Min*—as margin-, foil rnnMdcr- 

1.M5 i.uo chairman. ” ably in ihe fare ol stiff mm- 

2»- . _ ... peli;inn oversea*. In the r.K.. 

144« >.,4 Lost jeara site in f.corcctown. wh erc the group claims t« hold 

1-0 Oe hi ware. ll ’I* a *. l _ 1 * , fft ,l,r,fd and u 7.i per eeni ol the market for n< 

■ht 1 . 7 . f nc * or y b ^j, T K .' V; h ,s no ^ 1 aL T"’ products, irudim: ha* been vers 

1 .inn ',44 P'ed partly b> the transfer of a pm Against this, proili.-t from 

G.224■ on *-t.- small optical component operation or'group lechnolocy—bene- 
04, J[ enn< l- lv un j a fittne in the past inn year* From 

e chairman. rurtner processes and prod nets a worthwhile Ea>t German enn- 

ays the additional turnover was arp being transfer red from Wall- tract—have risen i»4 per rent. The 
Imost entirely attributable lo '; L ' n, i 10 °° lh Bewware and \’ew balanee-shc' , i remain.* very .*trims 
xpori-i where it wan impossible Jersey to enabu* llu* L S activity with interest received ristna 

B wen,..they say. to profits for the 1977-78 year. ^llTVrillp)*C exports where it was impossible ■»*-*rsej w emon' me i. *, activity «:|ih interest received ristna 

■very poor first quarter. However, they say if the MFA UU BJIJUtwl. ij to get price increases cnmnien- t» expand n.« opera non. and at trom WS.uflo to £|.~>imhh> as ia.*h 

■profits ol the knitting agreement Is strictly monitored, * * surale with the rate «f UK. the sameutnc me r ua >c ihr outlets balance* peaked at around ft ,5m. 

Rsde a msrlted recover; and the ■mare .optimistic forecasts SUPPLIERS of sausage casinqs Inflation. This pretsu re on profit- From L.K. factories m terms of (£S3O.()00) This ma* rhance m 

■s were Similar to last oriucreajsee in consumer speeding and butchers’ equipment. Meat ability was further ex.icerb.iied >emi-finished pruiluci*. plain and the current >ear with the qrnup 

if .company ts currently become-fact, there, could well be Trade Suppliers reports profits by increased competition oversea* equipment. embarked nn' an expensive expan- 

j'anachmfery -to double Us a'.rapid build up Of demand: for “°"' n fr0Tn £200.629 to £185,275 and the hardening pound, both of In spite of thc rather #tarc .*i«n programme which it hope* 
iff log capacity .and the group product*. . For the six months to September which also affected Trading per- of the US. economy the directors will* enable u in increase market 

expected to accrue in Thev'remain of the bmnion that 3U * / H,T ,ar of lormnnces 01 tne u 

^Muarrer. lobe daldd cSw are 2 . splendid ?T h ‘ nst Crt - 4flS - Turnover came to American subsidiaries 

mfir fabric division both ferniS." 1 5 tf 5 f4 ^ m ' '°«»? ared rfl "!‘ h «-« m - - 

mnditlons have been-. ^ man. and others have q-aived d 

Iirectors state . and. .. .. ww S jw? on 800.000 (910.000) shat 

as especially poor for Sale* . . .. ta.i?5 >pu ».2» P 1 ® “ual dividend for 1976-t < t 

7^.*.. fabrics. However, in S'lE*^ 0 " .2? ,22- s pre-tax profits were 

th« flivlciort tvac «ften PnjRt befom tne ... L5SI W record Hfil.44o. 

down from £200.629 to 1183,275 and the hardening pound, hnth of In spUe of the rather *ratc .*i«n programme which it hone* 
for The six months 10 September which also affected trading per- of the US. economy, the directors will*enable u 10 increase market 
30. 1977 subject to tax of £93,870 form.inces of the German and ;,re confident Hie tun facifi- >harc .i» world trade reenter*, 
ssainst £^4,498. Turnover came to American subsidiarlc* tic* will be fully and proliiablv Last year most nf the sale* 

F om R ared W-Jfim. The director* estimate that utilised. ’ growth rame from mv-n.a>cd 

•hv inierim dividend is up accounting for the effects of Infia Despite the >iuuci*h German expon*. ami. with the pound 

Trom 3.23p To 3Jp net per 25p tion would reduce the 1970-77 and French ccnnnmie* The-mai strengthening, trad ins urosnerls 
share. Mr. \V. C. Anstls. the chair- proHt by £350.000. Quarz-Schmel/.e achieved a modest currently remain dull. Tin- -.hare® 

man. and others have waived divi- fn the parent company new pro- trading profit. «hvh was .it I2.ip \ 10 Id s.-t per cent. The 

'r '-l.. the division was often t^uoT 0 
'Aj-'.’tched to meet the s« profit 

i 9 r 7 1, , w» » 7 £l 7 1 T an J anti 0Thers har<? waived divi- fit the Parent company new pro- trading prnfii. nhwh wa» ai I23p yield S.J per cent. The 

;duo mwi S5 >nd i on 809-000 ( 910,000) shares, cesses and products are now absorbed by ihe *tari!nu up co*t* p e 1 * 4.4 with earning* increased 

M.tca >pu ».fH» Tit® final dividend for J976-77 was romlng on stream, and more ore incurred by a joint u-nture with «S percent, a* a result of •-hange* 

.217 ,25 *55 sfts h and pre-tax profits were a in the pipe line. These will help a French company. m qroup polio on taking deferred 

k®* " L*.. record £4(11.445. the at lack on export market* The German Democratic tax. - 

J7S" l.TK 
■TM r t^BJ 

A.:Vthough sales sire not • comment . X' 

^motmrina 8 init the* Interim pre-tax proflts ar John 

■ il« "S?™** '.MfewS -ft ***? 8 »w only rajjwally 

been signs In recent fihoad. while sales show an S 
. . "etter retail sales which P*r cenu taerease. The-Overall 
' a trickle of orders for trend i s . in line with .the. per- 
formance during the first quarter. 

do not expect the. with some variation between : thc 
Jl-he MFA aprecnient .10 divisions. S pinning profitjr are 



’ " YEAR ENDED 30th SEPTEMBER 1977 - : 

. Six Months SixMdntiw 

Thc directors say the reduction wherein growth must lie says Sir Republic contract for the sate nf 
in flrsr half proflf was due entirely John, and af.*n give additional p/ant and know-how was mm- 
to a Tower contribution from the support to the oversea*, sub- pieted on time and i* *ati<- 
casing companies. sidiarius. fueioril; meeting .ill technical 

to £0.2lm. 

to a Tower contribution from the support to the overseas sub- pieted on time *i >.1 i, *ati<- ti - 

casing companies. sidiarius. fueioril; meeting .Mi technical £ Ol \ 3.11 


Group order intake .v 

W jf^I _ *_ 1 l beginning of thc fiirrcm year w.,. itrLUVclN 

. Canning advances by ’Wv^irtriT!,; 

I.K and. the is. hnvr hw. XU.^rllfl. 

£0.3m. to reach £1.54m. SSvKrECs^ 

rent, total n. i a**e 1 .< ha-.c , ’« rta,r *£ ram pa red 

AFTER RISIXG from £605.000 to service to customers and in profit- increased by T7.4« per cenr. t .. V! ,h h ‘‘| f wIl 7 ‘ W ,h.- ^mVInv “hLj 

£731.000 .in the first half, pre-tax ability. - r «S3m. Overall ihr company i* t V ‘ ‘ h ‘‘ «""!«"> iaU 

profits of electrical and mechani- The engineering activities had a in . ■ veiy strona financial nmiibi 11 £ -'°“ w,r ' '«*» 

cal engineers, etc.. IV. Canning good year. Many customers can with good liquid resources and , P , hir nr p H - rf ai* 

finished 1977 ahead from £J^4m. no longer forego plant and equip- ln spite nf a Isret* capital expend!- nf ,5uu ^ nH = rnm^ 

to £I.54m. Turnover expanded ment replacement schemes, which ,un .' nrogrumnw of U.Sm- the " f ^ 

from £24.lm. to £30.27m. has resulted in a substantial work P r «W««I p,,s " ,on i ,? n -h f^ 

With tax taking £378.000. com* programme for the group's fac- rB ! n “SiJ ,e if t Jh' r • . veu- la- <. 7^to hl^n-Srd^ ’ Nod " ldend 

pared with only £16.000. e,minfs tones. JlJT.? f 

Iceland's Development Bank 

Another Recoid 

highlights firm statement by Chatman Mr. T.J. Barton 

“Our Disbursements were 14.5% higher than 
last year’s.” 

41 We provided funds to more than 1,000 
separate projects and of these more than 85° ' 0 were 
for concerns employing fewer than 100 people.” 

“Our deposits have shown satisfactory growth 
to £20 milfion.” 

“O’er 65% of the S30m loan arranged with thc 
World Bank in 1975 has now been committed to 
clients ” 

Mr. Barron announced the addition of Hotel 
financing to ICC’s range of activities. 

“Pre-tax profit for the year reached a new- 
record figure of^l .85 million, an increase of 22% 
on the previous year’s figure.” 

The Chairman explained that quite a small 
proportion of ICC’s additional capital requirements 
were now being financed by the State - excluding 
shipping activities, additional Exchequer advances 
amounted to only 10.8% of ICC’s new' capital 

Year ended 31 st October 1977 1976 

Disbursements £m lm 

Industrial and 

Commercial Loans _ =4-9 18.9 

Shipping Loans 5-3 "-5 

Total 30.2 26.4 

Profit before Tax 
Earnings Per Share 
Total Assets 

On turnover uhnaii from £4.lm. 
to fn^ini taxable. profit .-f 
Porvair was £213.2*7 ram pa red 
with :» E777.WHJ lo** prevlou*!;. 

Ai halfway ihi* company had 

I5-7P n.Sp 
£g 2 .Sm £ 76.602 

Copies of the Annual Report and Accounts may be obtained 
from thc Secretary, The Industrial Credit Company, Limited 
32-34 Harcourt Street, Dublin 2 . Tel. 01 - 720055 . 

The Industrial Credit Company, Limited 

icer foreco olan/ and #aum- l n s P* ,f * capital expend!- T1,e result 1 * brfore a tax crcdi; 

replacement' «hm« Xcb nro^ramnw r>r aSm . the « 713 (ONMt and varn.nes 

'Suited In a subsumtf-il work projected liquidity pusilion IW share are given at I 2p i>cr 
suneu in j suosianuai worn {; eTna j tls healthy. 9 .\n <h:iro i-ft m 1 v» diviri»nH 

In view of the relatively la - i'p La to be paid. 

23p share l2.lp Juss). Xo dividend 

are shown to be sllghtly lower Profitability in export markets, hrtn”S3;S!teftK* nnreox 

af io rgp UO.fllpJ per 23p share, although affected by the h-n-iw. ci)rrenti.\ bein r undertaken_inj. v porous * 3 nthcnc material 


30th Sept, 



' to-:.'. 

30lh Sept, 
• 2970i. : 

- • umover • i.*o 4 .iwj> . i.-m.i-'u - 

rad rag Profit 425^61 450^86 

' ‘ days I : 333,389* 356.ITS 

_ "erty Investment 4S.045 47.544 

le Development ; '44.1271 46.S65- 

md MaDagemenl Expenses -187,798 l 82 - 9 !® 

ofii before Taxation 237,763 287,638 

-52% lsamel 123.637 149.572 

r'Ofit aflcr Taxation 114.126 138.066 

- ce Dividend 2,625 pence per * s’ 

t,' ; . 6 ame) . 6,562 / 6^63 

y.- Ordinary Dividend • .•■ .. . u 

•pence (Note 1).per share > . 

_ —25 pence) 20,681 \ 2D, 61 3 

per 5p Ordinary Share (l.Tp ' • / .OiSp 

. ? 2 ) -<7—?-y -—‘-r— 

FT* The Interim Ordinary Dividend is ^payable on the 
' Share Capital as increased by the one for one.scrip 
on the 30th September, 1977, 10 members on the 
the close of business on the 5th September. 19T7. 
The earnings per share' are, based on 15J5Q.660 
Shares in issue following the Dne. for one^scrlp issue 
orresponding adjustment has. been applied to the 
n of the previous year's earnings per abare., 

. . 2 tors give the following mfonnadon: 


■ year's results from our Holiday and Leisure interests 
- J-" y known one half of which is included in~the report. 

'' income ifi expected to remain steady. Estate Develop- 
made a similar contribution in the first half compared 
year, and as there will be a further addition to the 
veiopment contribution during the second half. Group 
rofits for the year ending 31st March. 1978 will be 
. *: ian those for 1977. 

.. n certain negotiations in Estate Development arc well 
rad If as, expected these negotiations mature before 
/ if this financial year a material increase in Group 
'..11 result .. 

• *. V> 

■ - ' ,- cctors have recommended an Interim. Dividend of 
.■!r share (1076 — 0.2625p) which is. payable on the 
.■"'’ Share Capital as increased hy.the one for one 6 cnp 
.-Ve on the 30th September. 1977. TTie Interim Dividend 
lid on the 24ih April. 1978. to those members on the 
Shareholders Register at the close of business on 
tTarcb. 1978. . 


jmt level .of Hoiimarine bookings for 197S holiday 
ffAws,an improvement on Those (or 1977. The increased 
r iMb rought about in our new subsidiary. Parkland 
/^■lolidays Limited, by recent ?ict]Uisi 1 ion ui Dawlfsh 
anignton (Torbay) should lay ihe foundations for a 
fbrward'in group.profits.- 

The final dividend is 2.026p net ins value of sterling has improved 
for a maximum permitted 3J26p due to the obtaining of substun- 
(3.157pj total. rial orders against strong inter- 

i^a S national competition. 

Tancvcr . su.iTu slow .P^ r . in S the year two new sub- 

TiKeren . iss .is stotaries were formed in F-anw 

Pre-tax profit . uc i.«4 ano West Germany. The starl up 

S" 1 !?" . " w cost amounting 10 £77,000 has 

SSie . & 1 . 2 V 0 5 "^ c f« rsed ift^ ,nst am Jd5,, 5 

t Credit prohti for J9ifi-77. Althmiqh 

" The directors-say they are con- Lheso operation \\ ill incur iurtner 
fldent that results for 1978 will ^ , lhc 

continue to be satisfactory h o- W x the - J ons wrm 

-.Members are told that overall. "»►* * significant conmbu- 
l«77 was a satisfactory year with u °n, 1 t ,?„S r 0 ,u!! P r ° r,tad jhty. 
progress made both in the deve- JJJrtng the y^r the com pan v 
lonment af thc comoany’s nro- ectfuirea Sr.Si per cent, of me 
ducts and m new markets. The jjjjjy *)! - , \ 1 ® rkp T 

company Has only provided for ut h »L* fMn«oT'J.h!. s i 

whioh k rPFarrl^rl ic h«|nn ' POrUarj 10 ua> I82P>0SU tthirt 

payable in the foreseeable Future. ^ IJ1 £2l4 " B57 ,n exccss ° r ,he cosJ 

payable in the foreseeable Future. , 

! ic«SmS n s7andard ^ Pr ° P ° Sed In D^ber. 1.077. the company 
accounting standard. nurcha.sed the equity share rapital 

SLi^L “S™ in Copal Foundries or West Drom- 
rtiv 1 ^ iv»5 ^appointing show- Mhich As Copa| was nnt| 

activity wag disappointing show- 

iriin" «■ ww' tradP acquired until December if has 

export markets the world trade n0l contri b U ted to 1976-77 profits, 
recession resulted m .sirong cpm- (j U| ( f, c ji recIors have written off 

petition and some erosion of profit 

in the 1976-77 year as an extra- 
crdina’ry toss the goodwill arising 

The group was able to consoli- ,- n purchase. They are sure thru 
date on the result achieved by copal will provide a significant 
its materials activity in 19i8 and contribution in the future, 
although m pertain product areas ype Broup C nrc rs IB77-7N wirh 
such as the distribution of metals Sl >me reservations due lo Use* 
< and in particular nickel, which industrial problems which are 
suffers from a world surplus at besetting the country and the 
I present, it has faced severe price effects that a strung sterling 
competition, il ha« manneed to c-M-hange rate k harinR on export 
hold its own. The new computer markets. In the absence of any 
stock ccmtrolled warehouse which unforeseen circustanccs, hnwevoi. 
will become progressively on the directors are confident that 

on 1977results. 

ruiHiJcmjiiM. u nil? ninimveo cM-nan?e rale i«; naving on pxport . t - « , 

hold its own. The new rnmpufcr markets. In the absence of any Valty investing S IV// result^ were 3 
stock controlled warehouse which unforeseen circustancos, hnueiei. r p.-.irri n'tVrtin«r oiVi<r-mti-i1 
will become progressively on ih e directors are confident that Te '- ora * D.IieCling bllDMJnildl prO.L- 

stream during 1»7S should result tHt results Tor IU77-7S will con- TCSS of 3ll principal operations: 
in further improvements both in unue to be sa us factory. , , , r - , 

worldwide manuiactunng. housing 

. and insurance. 

Lookers expecting highlights 

_ Citv's revenues surpassed S3 billion. 

higher profit fail*Amin*. 

iv . Net Income was a record S8-.5 mil- 

ANOTHER SUCCESSFUL. rear and ro prosper through its- expertise 
benfetii from the forecast enlarged and further improvements to non. 

vehicle markets is foreseen at facilities and systems, he says. r .. , 

Lookers, by Mr. R. E. Tongue. The directors are continually vlpcrating income Iroill V.liy s 
the chairman examining possibilities for further mannk'nirincr or,«in n.l 

Hefei Is members that, including expansion and a Hmitcd divursili- ClomtSllL nianUuh_tunn a -Tt. lip au- 

the ' .profit earned by Platts, cation of its activities. vaiHXli further, nrimarilv due lo lhe 

acquired in 1»77. present mnnaye- The •• imi" dnwn-m>t sura" oF • c i. . 

men, «coum, mdicjie prelit Tor , h , Herf„» n siree, prom h°i progiw.s of ihe water lieaicr. air c. . 11 - 

«dSi»»d >n iiu?v!ar ° f lhe rocord now e, . ,ded bv the Wn5n, i ,,r J lhc ditioninq, container and magazine 

n 2 r Tea as > car -.. property on icrm< considered to . ° 

The company conimucs to grow 1)e Uie bl? „ obtainable. Mr nrilMlllS operations. 

In strength .and sbould connmie Tnnguc say s. A small pan nf ‘ e . _ . 

the property suit remains to be International pmius increased sun- 
JB Mamwllv. with major contnbuiious 

vemcie markets is foreseen at facilities and -systems, lie says. 
Lookers, by Mr. R. E. Tongue. The directors are continually 
the chairman. examining possibilities for further 

He teils members that, including expansion and a Hmitcd divursili- 
the/ .profit earned by Platts, cation of its activities, 
acquired in 1»77. present manage- .. , ftll£ . UniWn . out safra ■■ of 

■mem accounts indicate profit for Hardman Street property has 
1H77-,R in excess of the record now ended bv the letting of the 

at iL tred ' asi J car - . property on it 

- The company continues 10 grow i )e t i, e 5 ^ 
in strength .and should continue Tongue says. 


property on icrnw considered to . 0 

be the best obtainable. Mr priming Operations. 

Tongue says. A small pan nf _ . _ 

rhe property suit remains to be international profits increased Slin- 

p,imnrnvnmnni • SLaiUUHV. With THRIOr COIllnblillVulS 

runner improvements and . ..... . 

extensions to parts and service lrom Otv s businesses in Brazil and 
operations are being carried out yr ■ 
at soiile sites during the current -'lCXlLO. 

tt was to a great extent due to Ciiv 5 housing operations, pariicu- 

thc improved performance hy ] ar j v sin‘ T lc-felTiilv home buildinff 
parts and services that taxable L 


Continued earnings growth is ex¬ 
pected from Ciiys domestic and. 
international manufacturing opera¬ 

A substantial order backlog provides 
a favorable outlook for City's homc- 
building operations. 

Properly and casualty insurance is 
expected to show further improve¬ 
ment based on current favorable 
underwriting experience and con¬ 
tinuing income grow th from the in¬ 
surance investment portfolio. 


City Investing i> ihe world's largest 
manufacturer of water heaters and 

steel shipping containers. 

And a leading I'.S. manufacturer of 
heating and air conditioning equip¬ 
ment for residential and commercial 

City is also the nation's largest 
primer of newsstand publications; 
i»ne of the country's largest home 
builders and mobile home manufac¬ 
turers: operates the largest chain of 
budget motels in the country: and is 
one of the major property and casu¬ 
alty insurers in the United Slates. 

T> learn more about City Investing, 
contact: Jerome Honan. \1ce Presi¬ 
dent. taty Investing S.A.. Sioeker- 
strasse 3S. 8(X)2. Zurich. Switzerland. 

SngiaBil. Minlmupi 
tale fii T>w cv«t- 
anuary 6. 197X) . 

.Minimum ' landing 

This Ukfcn at 5i-fi per cent. 

probably uq more than a jritftrtttnk market oiermght 

defensive reaction, however, re- touched 94M per cent, nrounfi 
fiectmq Jhe reluctance tn pur- Juheh time, apcl 4hoived froqueni 
chase bills in thc present un- fluctuations, before clusinq aj 

' nf which conditions: The labour arotuid 7 per ceoi. 2 . 437 S 0 ,2.22izpT and the chair- 

•ondoo money market xituatinn sijlj gives rise m some Ufjgp asslsunce nas given by man „ indent that ihe dividend 

» part of last week concent, -while the market also ihe authorities, through purchases Tor 1077-7S can apain be increased 

••-t afialn yesterday, publication of . the .Treasury bills from the houses. ,\f year end net ffauM funric' 

vbili’suon of the U.K. supply figures to morrow won . Bank* brought forward heavily u . ?re down Xl.Slm. (£SS.6261 with 
* s for January. The more than academic imcresi. run-dobu baJanccs. and a small bank overdrafts up ai £2itf»m 

.- to In tbe trade deficit *. The rise in fixed period rates rise in ihe note cireuiauon was (£j.53m.j. Fulure capiial spend- 

merest rates, leaving was also a reflection.of thc strong also against ihe market. There ,- n » totalled £124.974 (£18.07.11 ?r 

*'■■ iges buying rates-for competition for overnight funds, were, no significant offsetting which I2S.3S1 (£3.57,11 had been 

Treasury bills Discount houses- paid 6-6^. per factors. auihorised bui noi contracted. 

'c the. trigger point' cent, for day-to-day money al the Rates In the table are nominal p, plans and Sons and Platts 

m thP prohl r -°/ fhe ■ vei ! r beptember and mobile homes, continued iheir 
ght rates ,xi. wm .i. Sales for ihe year Vigorous recovery. And the 

fSiqJSl'frSSSi iJ^ried if m , ‘" W* bud § Ct nwlcIchain haJ 

tefnre closing at 11C , dividend i s lifted to a record vear. 

:DI - . . 2.4572P (2.2212p I and the chair- 

■ n Bank of England start, and ^losnig balances v,ere in some cases. - 

_ diet miis 
.'.V tiricafe 

1 i!e|n*ue 

j (Bfertonfc : 

- Lm* 

: ^ntlHiritv ‘ 
! nValll 

lo** Antli 

n«C*>tta*«ip ‘ 
fit aid* ; 

Mefv*lu 1 


_■ IJllLXHfll 


i Bilk * 





iPme Tredt 
[ Bln* * 


l 5-9 le ! 

1 _ ■ 

_ J 

_ i 

6 J i 

; 5J?.61p 

j . 


i _ 


> _ ] 
i i 



"• — 


! - 



i 6-6 1 * ! 

! ' 

■_L ! 


■t 5ip 6 *b 




8^-6 Sr 

[ 6*64i : 

6'* i 

63*-flSB j 

bh-frSi ; 

O'l • 


f 6t4-* 

; 6 >i b>« 

j 6 ! »*7 

6ij fiia 

; i 

— 1 

. 7ig-bSi i 

bi« 1 

' * 

• '* ’-V. 

' 8S.-7 

7 6\ 

B^t-7'* j 

6V.-6JI ; 

■it 4 n... i 

. e: S ‘7u • 

j 61#-* l* 

' 6lfl-6Jy 

: 6H-7 

7SS.73® : 

: 2*Z' 4 ; 

7i. 7tj ! 

. Tir-fiSg | 

- 71-B 


j r —, 

1 _ 

■ 7 71# 

f 7 1s l 

7- ; -7j« 

7^j 8': | 

8 m 7vs 

a:* ; 



. — 


81 ,7;i 

7t s 8ia 

7’i 8 

8<1 ’ 


' . — 

l ^ 


i — 



8’j-9 ‘ . 



1 •- 

r factors. • authorised bui noi contracted, 

e ■ Raves In the table are nominal p, plans and Sons and Platts 
e in some cases. - \gricullural Machinery Exports 

. ___ which were purchased, for XiHa.OM 

: 1 Bn*iLii ' —£707.300 of il In cash—in March. 

11 - mnr*u j - nv«®iin • ifcnfc iPinc'irau* I9n. made a satisfaciory coiKri- 

* - *tni«*«ii , Biiif * him** ; Bin** bution to group profit and the 

|-1-i—*-- Integration .of its business within 

!• _• * • “ " t Z the group is proceeding well. 

: j During the year the company 

4 51 a 6 * ' - ; - - also acquired further shares *n 

. 6i4-fi ’ est-7 its n«o«Mnfe Aulof^rry Services 1 

i : taj; m ss 30 - ,9 " htld: 

- _ - From thc introduction nf 

ti - } -= j counter inflation legislation in 

•' * _ ~ 1 '~ April. 1973. tp September SO. lest. ; 

^ - , the company hart earned £ 6 . 4 ( 1 . 00(1 i 

*1 . ’ l-nnser-te-tn local auihiTji” shave the nerrairtPri Ibvau- I 

lot 3»r tern * Hano Ml nip in table are 

real. f<Hr-ia'.inm bill* 7 prr crei However the directors say if -he I 

Particularly significant were im¬ 
proved results in rhe Company’s 
property and casually insurance 
business, reflecting a return lo prof¬ 
itability in underwriting and 
further growth in portfolio invest¬ 
ment income. 

As a result of further financings un¬ 
dertaken by City- in 1977. the Com¬ 
pany has repaid all variable-rate 
bank debr al the parent level and had 
$200 million in bank credit available 
at year-end. 


r r 

Year Ended December 31 




! Revenues 




I Net Income 


44.253-OOU. 1 


! Per Share. Primary 




Per Share. Diluted 

r. 2 1 * 

1 . 2 ** 



| Fourth Quarter Ended 

r r 

December 31 





S 822,9U0,0W> 

S 700.136.000 


Net Income 


19.935.000 1. 


Per Share. Primary 


. i i 


Per Share. Diluted ■ 




n - RfV'il:' : :h>- f. Wr. c:M-rraft.d *•■«? mdeJ Dcsemhcr 
>*•”** Iw.r hr* - .-. ;*.,:.ic4 :>» g:*c cllc.t :■* winpann ■*; 
■■•iAUtivuis F:nd.-.,^i Awiikjim Sur^J-, \... Jft j iw, 
uviiirtr.c ,apiij|i,aiii>: -f .crjm leas: obliuiinn. mj rhe 
arenob-'b -I :i:.»r<l;i! »S,-n< owning !nr ,>.l alii* ;. a s 
:.. v •■'•icn- • A. s .ic: i'.nim- lor ihe omiter aid ‘.i-ar 

o:i.l*l lw,vrK- i i. uj. n-Miiei! jnJ mitniuvrlv i?- 
cjiua c-j £!I 'jSii* j-,! ;j!.h*CXc: iiuaiuc 

ycr ■JttSTf !>■: :hr :o*ri.::r-. - wai rtdore,: Vv and 
S.-O a puawtv iM r-.anJ K> S 0- wJ S 7? lulh- JiUi:o4. 

-Vfr.isc rn-T-T' 

:o r-***.v ,,, ? > 

: J ..*■*”. lot ilK%iurirxdnJ:v.ii,e months 

vihJod .51, i<*" jhJ l*r*> rc*pivii.eV. Au-r.we 
«hjH-*-j-.-un;i:ii: fuil Jjluir , n-MCir -I'SS.lKiU* 

anJ ii .I'-’ljl'UU kr :hv.' sj:r« :t.-j*e.;i»eye:ioUS. 

!»ie* an-l inunjp *«v#rr dss*' ,r->u<e. urn*»r* »'*v"Ji itav* - 0 xe»l . * loinsttr-Te-tn local audu-ni” rti'm^MA ,un narmitraH i A ,. n i.. 

jnrrt Hj-ifi per o-n' • four yeath :«* nor rrn:.. fin- rear* in* s*»r rrm dBanc Ml rur e * in table are -5.-*- .u- a!!ti.V_' ren 
prim? pjpftr Kuynui rate: fnr fnur-month bank htlh M'aSS'.ier reni. foip-ni'.inih lrad» bill* 7 prr com tisupvrr tnc dirccrnrs say it ■ n<? 
Millinx run- fur nne-munth Treasury MU-* r, ,, i- p*r can) tnA-momn ji tier rent.; and ihrei*niiiflih a N c*3J1v? company lonk .idvantage nf Slftrk 
''Xi.niai- M-llng ta^ tftr mv’-m-nth back kill- * aw t«i*-manri) m-j-I per cent . and tlirar-nioiun reliftf Provisions no - possible 

r,-,. ■5nc-tn r >n(fi trade bill/ «-«-oer teat.- ' t^n-mniKh *(.*»! per e*-nt ■ 7n<t al«u thrrf.month rfi-iff ikt arm liahilitv ..nuM 

m M* R*l« .»unli*h«l Hi :h- Rum »l-.-I*-- r Cf* '«nt torn WhruarT | JB7?. Clwreig ^ 'u"”, reM *JI' , 

tk> ■ f-r -m-r. .sum-- a? .n«tn *ur--- r*n;_-v i fir •■-v.. Clbcrina Ra»*f (or Irndin* Ki per rant Electing, slnncncsler, on March 

Arorafo lenSv rate-. : -f dt-c.-ur.i ;-W ;tta- rea'. S af nnon. 

a City Investing 


Financial Times Wednesday February 15 1978 


r 11.1-r iy 


. Ihi-Jf.' 



£ 857,711 

fo.- .. * ..*_■** 

£ 357.525 

£ 395,112 * 

•occluding £128-953 an sing front 

Extraordinary I iemi 

Mr. W. G. Hanson (Chairman) reports 

$ Results in the first half year were better than in the 
second half but, allowing for the poor summer, 
the Company had a good year. 

^ Profit before tax. at £1.61 m, is again a record for the 
company, despite heavy increases in prior charges. 

sfc Final dividend has been raised from 4.6p per share 
to 4.9p, making a total for the year of 7.Op per share 
against 6.4p. 



The Directors of JOHN HA GO. AS LIMITED have declared 
an Interim Dividend in respect of the year ending 30th June. 
197S. of 0.2p per share on the issued Ordinary Share capital. 

The dividend v:ili be payable on 6th April. !07S. to share¬ 
holders whose names appear on the register of members at the 
close of business on 6tb March. 197S. 

Group Sales . 

Hair Year 
ended 31st 
Dec. 1S77"' 


Half Year 
ended SJst 
Dec. 1976- 

30th June 


Depreciation . 




Profit before Taxation 




Taxation . 




v Unaudited 



Industrial Bank of Japan 
Finance Company N.V. 

$50,000,000 Guaranteed Floating Rate 
Notes due 1982. 

For the six months 

15th February 1978 to 15th August 1978 

In accordance with the provisions of the Note, 
notice is hereby given that the rate of interest 
has been fixed af S per cent, and that the interest 
payable on the relevant interest payment date, 1 5th 
August 1978 against Coupon No 3 will be U.S. 540.22 
By: Morgan Guaranty Trust Company of New York. London Agent Bank. 

Wigfall defiance supported 
by 45% of holders 

Liver 43 per cent or the .‘hare- 
holders of television rental com¬ 
pany. Henry Wig fail, are opposed 
to the £ bid front Comet 
Radiovision. it was revealed 

Details of the strong opposition 
which Wi«f all's Board has 
marshalled come in the rejection 
document seni lo shareholders 
yesterday. It was supported by a 
Forecast of profits of £1 Jb. for 
the year to April—not withstand¬ 
ing a first-half loss of £333,000— 
and a promise of a 35 per cenL 
increase in the dividend this year 
plus a further SO per cent, next 

The news brought a 12p drop in 
Wig fall's share price to 2Wp but 
this leaves it still comfortably 
ahead uf the value of Comet's 
cash and share offer or 245p. 

Wisrf all's directors have won 
auditors' approval of the profit 
forecast, which compares with 
El.Oflm. fast year. It attributes the 
mm round from half-time losses to 
the benefits of gettlncr out of the 
mail order business in 1076 
'which left it with £2.3nt. lo invest 
in buying I.loyds Retailers thus 
increasing the number or outlets 
from US to 1B3>. plus rationalisa¬ 
tion and cost reduction. 

The Board is now looking for¬ 
ward to a period of increased 
consumer spending hut has 
^looped short of a definite Tore- 
can of profits for the 197S-79 

Nevertheless, it is promising 
that dividends fnr next year wi/J 
ri«e Lo l".5p “subject io unfore¬ 
seen circumstances," arter an in¬ 
crease front 4.84p to 7.3p this year. 
Because there will he no tax 
liability this year (apart from 
ACT on the dividends! the earn¬ 
ings per share are estimated at 
19n based on the profit foreca-i. 

The Board controls 45 per cent, 
of WlgfaH's shares together with 
family and associated interests 
and these have thrown their sup¬ 
port behind the rejection already. 
The document is therefore aimed 
it the remaining shareholders 
who arc reminded that although 
Comet's offer represents a 
generous p e of 22 on fully taxed 
earnings’ mr just under 13 on 
the earnings forecasll. the real 
issue at stake is assets. 

V.'isfall claims that the market 
price of its shares is fully sup¬ 
ported by net tangible assets 
while Comet's net tangible assets 

amount iu only lop pei shaie 
compared with a market price 
yesterday of U2p. "Furthermore." 
the - document claims, "the en¬ 
larged Comet Group would have 
borrowings of o\er £20ra.." against 
net assets of £3.09ni. 

Aurora buys 
more Osborn 

Aurora Holdings, the Sheffield 
engineering group which last 
week acquired a 24 per cent, 
"strategic investment'' stake in 
fellow Sheffield *teel makers. 
Samuel Osborn, ha* been topping 
up its holding. It now .stands 
within 0.011 per cent, of a com¬ 
pulsory bid. 

Only ]ast Thursday Mr. Robert 
Atkinson. Aurora's chairman, 
announced that the company had 
bought Johnson Firth Brown's 
13.1 per cent, srake in Osborn 
plus a further 3 per cent, through 
the market. The deal was rlaixued 
to he an investment with Mr. 
Atkinson saying that he had no 
plans for a bid but wanted so 
establish a good working relation- 
shin with Osborn. 

Since then Aurora has picked 
up nearly another 6 per cent, of 
the shares giving it a total hold¬ 
ing of 29.3S9 per cent. At yester¬ 
day's market price of S2p t un¬ 
changed on the day» the latest 
purcha*e must have cost over 
Tim. This compares with the 
share deal by which Aurora 
acquired JFB's stake and which 
pul a value of 76p on Osborn's 

Since last Thursday's move the 
market has been unanimous in 
believing that Aurora would not 
be content with holding a 24 per 
cent, stake in a similar sized 
company in the same field. How¬ 
ever. Mr. Atkinson's first move 
was thought likely to be an 
application for a seat on Osborn's 
Board in order t>it Osborn’s 
profits could be consolidated in 
Aurora's accounts. 

Jessups is*to. buy the land on 
which ECP operates from ECP 
shareholders for £120,000 and the 
company itself for the balance of 
the total figure. The initial pay¬ 
ment of £16-5,000 will cover the 
property value and the goodwill 
of £45,000. The -ftmount in excess 
of this will depend on auditors 
valuation of the ner tangible 
assets of ECP at the end of 
Part of the cash for the deal is 
being raised by placing 230,000 
Ordinary shares in Jessups, or 6.4 
per cent, of the capital, with 
institutions.. This has already been 
done and Jessups received 35p per 
share or £90.000 Jessups is find¬ 
ing the balance out or its owl] 

suitor fails 
to appear 


Jessups (Holdings), the motor 
vehicle dealer, is to start a Ford 
main dealership in Stamford. 
Lines, with the purchase of ECP 
(Engineers), currently a British 
Leytand dealer, for around 
£200,000 cash. 

It is now fairly clear that the 
purported "partial bid" for 
Marshall's Universal, the Peugeot 
car distributors. will not 
materialise. Mr. David Maltz. the 
mystery bidder claiming to repre¬ 
sent the equally mysterious U.S. 
company Atlantic Federal Invest¬ 
ments. failed to lurn up yesterday 
lo meet the Marshall's Board as 
promise d. 

Mr. Roger Doughty, Marshall's 
chairman, confirmed that there 
will now be a lull Board meeting 
to-day. It is more than likely 
that this will lead to a resumption 
of share dealings by to-morrow. 

The next move is likely io be 
an appeal to the Stock Exchange 
for a full inquiry, both into the 
share dealings prior to suspension 
in which the shares leapt by more 
than 20p within a few hours, and 
into the bid approach itself. 

There are several parallels 
between the letter to Marshall's 
from Mr. Maltz and the letter to 
Senior Engineering last August 
from an unnamed overseas bidder 
which also failed to materialise. 
The Stock Exchange has just com¬ 
pleted a full investigation into the 
Senior case and this must provide 
a precedent for a similar Inquiry 
into Marshall's. 

Ldn. Sumatra rejects consortium 


McLeod-Slpef. the creation of a 
Rothschild consortium, last night 
sent to sliareholders of London 
Sumatra Plantations the long- 
awaited offer for their company. 
And soon after the Board uf 
London Sumatra responded by 
recommending shareholders to 
reject it. 

The document goes over the 
well-trodden ground of the cross- 
hnldings in the Harrisons and 

Croslieid plantations empire. The 
chairman of McLend-Sipef, Mr. 
.1. Kenm-th Dick, comments that 
actions of recent years have 
increased Harrisons and Cros- 
te'd's over London 

•Sumatra "io a level that would 
normally involve either your 
ipprnvil or a bid.” However, the 
me'hod used had required 


MrLend-Sipcf points out that 
larrisoris and Crusfield and 

■ticorlaie? now own appn>\lm:iie)y 
per cent, of the company. 
H and U con buv a further 2 per 
cent, a year without having m 
make a bid so " in little more than 
three years" legal control could 
be obtained. 

•' in these n mint nances.” say* 

McLeod-Slpef. "public share¬ 
holders will rightly look io their 
dividends as the principal reward 
for their loyally." At the offer 
price of HOp pc’ - .share Che 
historic dividend yield i« only 2.75 
per cent, compared with 5.56 per 
cent, of the FT Actuaries All 
Share Index. 

Rip while hijinne dividends arc 
a matter of record, there :s no 
such certainty in McLeod-Sipef's 
valuation of London Sumatra. A 
substantial section of the docu¬ 
ment is headed. “What is L«nd-"» 
Sumaira worth?" and lists six 
sow rate area® of doubt. 

A letter to shareholders from 
the Board would follow in the 
next few days. 

See Lex 



artiest Packaging 
nSemational Ltd. 

ummary of results 

Vear to 30 th September 1977 

Sales to customers outside the Group 
Group Trading Profit 
Attributable Profit before Taxation 
Attributable Profit after Taxation 



£'miff ion 




22.6 . 






Sales increased by £65.5 million and 32 0 o o\er 1976: excluding 
the effect of acquisitions and inflation, real growth was 
around 6%. 

The increase in attributable profit before taxation over 
1976 was £7.3 million and 60°* and. excluding acquisitions, was 
£6.1 million and 46 rt 0 . AH divisions contributed towards 
these results with a good performance by most UK. companies. 

Profit margins improved as a result of considerable 
investment in new production equipment, particularly in 
flexible packaging, and somewhat better market conditions, 
especially in the UK. 

Mardon Packaging 
international Ltd. 

Clifton Down, Bristol BS8 3HJ 

P.ickagiii 2 manul'acHirer-ami primer? operating in the 
I.K.. Ireland. Canada. France. German} and 

^ouihern Africa. A compart} joint!} owned hj 
Imperial Group and R. \.T InJu-iric-i Lid. 

McLeod-Sipef questions what 
i* inr* value ef the Important 
Indonesian e.«alc® in ihe eye* or 
the London Sumatra dirermrs 
and what restrictions arc there 
on remission of profits from th*i 
area. Ii also wood*-* whu a—* 
the chances that London 
Sumatra's on the estates 
will he extended and what cont- 
miintent:* of capital expenditure 
have been given to the local 


Rut despite the uncertainties, 
'hp f.lTIni. offer imuJicU'y nuts a 
value on the Indonesian estates 
since the worth of ’he other 
■tss**;s are more easily estimated. 
Mi’l.^nd-Sinef breaks down the 
*epirale narfs thus*- .Vet current 
fuseis in l'.K. and Malaysia £lm_ 
investments lesv contlnueni 
rapuiil uains tax liability £4m.. 
llal.tysisn estates £2ni. and Indo¬ 
nesian estate* £in.5m. 

L:*«t niphf the Bo*r»' of i.<*nrfnn- 

Sumatra and ii$ advisers Robert 

Fiemm-j n-ae'eri swiftly, advising 
shareholders nm to accept Ihe 
offer. Mr. Cooper, or Fleming. 

ihar an independent valua¬ 
tion of the estates had been com- 
mtssjnned but the result was nnt 

yet available. Nevertheless, the 
offer was considered so inade¬ 
quate Hint rejection could be 
recommended eien without ii. 

lie noted that the value put on 
the Fuinnrsiun e-dates, after 
fieriuciin” net current assets in 
1 '*■ i enunlrv. w;i< ‘if thr: order nf 
iTrt per acre. This was plainly 
.ou Line m mcw yf the fact that 

"‘■"•'-i ns rrofisi plus tienreckiiksn 

from ilwi area amounted lo a 
similar fisure in a year. 

He included depreciation 
because 11 was an o verst a led 
■isure for tax reasons as disclosed 
in the Iasi London Sumatra report 
and accounts. 


For £200.0011 cash and 97.500 
Ordinary shares. Cutalin ha* 
purchased (he capital of Resin 
films, makers of resin-based pro¬ 
ducts. from the English Electric 
Company, a subsidiary of »he 
General Electric Company. The 
freehold factory formerly owned 
by Fesinfilms ha^ been leased to 
the company. 

Pre-tax profit of Rednfilms for 
ihe year ended March 31. 1977. as 
adjusted for the rent now payable, 
va* £57.000. The adjusted book 
••ship of the net assets was 

r»c«nlte Caialins expansion in 
lhi< field over recent years this 
«eetnr now represents more than 
nne-ihird oT urn up turnover. Tile 
directors realise that havinc 
much larger competitors In 
Enropo further expansion was 

Nnv. with the arttnirilion or 
Rednfilms. the enlarged promt 
ha« a wider ranee of resin 
imoreunareii product* and i< in a 
much viranger portion lo face H* 


The chairman of ft’L. Mr. 
T. r. Hudson. ha-« sold almost 
half of his holdin-j in ihe 
company. Between February K 
and 13 h» disposed of 12.0(k.l 
Ordinarv shares out of a holding 
nf 27.000. at prices ranging 

lic.ti.-aun -1JO-. 

between 24fi*p and 258n 


The offer hy Ladbruke firmip for 
I si* nrc and (ienrral Holding!- has 
received aeecu'rtncos of i»0 
per cent, and ir now uncon¬ 

This bring* Lad broke’s holding 
to »2 per cent of Leisure and 
General. The offer remain® open 


Mr Boy Hatterfley. bcVretary of 
Stan- for prices and Con-umer 
i’rolection, has decided not io 
rercr ihf? proposed merper 
between Coral leisure Gnmp 
ami Pnntin's lo the Monopolies 
and Menier# Cnmmis'-'ion 

Southern Television 
jumps to £3.85m. 

Taxable profit of Southern 
Television lumped front £2.SUm. 
to f:;.S5m. in the October 28. 1977. 
year after the profits based 
Exchequer Levy of £5-28in. com¬ 
pared wiih £3.55m. last year. 

Turnover for the year was up 
from ‘ m fctj.lp. T.ix 

took £2.ti7ni. t£1.5m.l. leaving net 
profit at £ 1.7?m. l£l.3m.». Divi¬ 
dend- .ir £l.4in. ifl.lnt.) leave 
retained profit at £0.3Sm. a^amsl 
£0 2lm. 

Mr. C. D. Wilson, chairman, -ay* 
that the improvement came 
de-piic the economic unccrtaiu- 
lie-s ii'liicli continued to be*oi 
British industry ibroushoui the 

in the year advertising income 
climbed 27 per cent- with much 
of the increase cumins from 
advertisers new to television, 
especially in the retail, automotive 
and financial field-. 

But the most important advance 

»vsa in corporate ariverffrinn used 
to pronuHc companies lo 
shftrchnlderv cniploycc? and 
customers. This is non runninc 
at a rue of fTm per year while 
five year- aito it was a negligible 
source of income. 

j.oqfcf:tc tu flic future. Mr. 
VV*ii«fin *ay.* ihat Southern Tele- 
vision i< -\aitinc ihe publication 
nf tpr r invent men! While Paper 
;nn the future nf broiidca.-tin'A 
Ii is knnvn that jn exten«iqn 
io iJte iite^cni broadcastni? Act 

and contracts wilt he necessary. 
We d<v not know for wjial period 
such an extension will be." he 

•• Long-term programming plans, 
staffin'* and capital expenditure 
will all be vitally affected b> 
decisions that will have to he 
taken by Parliament, and subse¬ 
quently by the Independent 
Eroadcastins Authority." 

On ihe hopes for a «evond ITV 
channeL Mr. Wltson says Southern 
would expect to make a sub-tan- 
tiaf contribution in such an en¬ 
hanced ITV service. 

Duriny the year £2.:!t*9.VTH of 
the surplus from the revaluation 
of as-=c!s was pu: lo issuing that 
number of ill shares to the exist¬ 
ing -harehohler-. so as lo more 
adequately reflect the canital em¬ 
ployed In the company The com¬ 
pany'.* capital is 75 per cent, 
owner! by Associated Newspaper* 1 
Croup and Rank Organisation with 
the remainder held by D. C. Thom¬ 
son ;mri Wo. 

Account» -h*t" -in increase in 
net current a*.*Pt< in the year 
trout to ^ 15m with cash 

on *hori*term ricposil doubled 
from Il.-lni. m £28m. There \»;i* 
a tl Sm. ilNlm > ntcreafc In 
um kiriK capfial 

For lhe current ^c«lr pio^ramnic 
huri^ei* haw been mcrca-ed hy 
‘ and pmwianime and tech- 
mtdl deteiopnienis me planned 

Germans seek stake in 
Australian uranium 


group, UrangeseUsehaftr is seek- 
ine a stake of up to 14 percent, 
in the Yeeiirrie uranium deposit, 
owned by Western Mining,, in 
Western Australia. The dis¬ 
closure in Sydney yesterday-came 
against the background of muted 
satisfaction in .the local industry 
at what appears to be a slight 
easing in. trades union attitudes 
to uranium development. 

The slackening hostility was 
clearly signalled when the Sydney 
watersiders voted three-to one in 
favour of dropping their ban. on 
handling uranium shipments fn- 
export. Most Australian uranium 
is exported through Sydney, but 
other waterside workers are 
expected to follow this lead. ' 7' 

UrangeseUschaft is- owned by 
MetailgesellschafL the Frankfurt 
group with extensive metals and 
chemicals interests. Steag of 
Essen and Veba of Bonn. It is 
already active in Canada, the U-S-, 
Niger. Indonesia. South . America 
and has a subsidiary in Australia. 

Casinrir Prinz Wittgenstein, the 
MetaUgesellscha/t deputy chair¬ 
man. said char a stake of-beeween. 
10 and 14 per cent in Yeeiirrie 
was sought, subject to Australian 
Government approval. Discussions 
with Western .Mitring have aireadJ- 
taken place. 

It is expected that Western 
Alining will soon build a pilot 
plant a( Yeeiirrie. and subject to 
satisfactory tests, the deposit 
could come io production at the 
rate of 2,300 tonnes a year of 
uranium oxide around 1983. This 
wqufd he' just before the- inter¬ 
national market needs an influx 
of fresh capacity*, according to 
calculations made by the Organi¬ 
sation for Economic Co-operation 
and Development. ... 

Mr. Douglas Stewart. Western 
Mining’s fuel and energy 
manager, said that terms and con¬ 
ditions of any Urangeseiischaft 

purchase had not'yet been agreed. 
-Further progress depended on. 
the Government making up Its 
mind on elements-of policy like 
the uranium marketing board. 

In that case definite decisions 
are not likely to be hmg delayed. 
A major Government announce¬ 
ment is expected within the next 
fortnight. A Government spokes-, 
man said in. Canberra last week 
that private companies would' be 
permitted to make sales, contracts 
under the' overall supervision- of 
a marketing board. 

The Government has been 
sioivjy working its way towards 
the enunciation of a practical' 
policy to cover new uranium 
developments but has been made 
cautious by developments within 
the trades union movement. The 
Australian Council of Trades 
Unions, sitting astride a-divided 
movement, imposed an interim 
ban on exports last December, 
pending voting on policy by 
individual unions. 

on Ranger as far as Aborig 
are concerned and last 
declared a stringent sales p 
aimed at furthering the cau 

Yesterday, in London, Mr. * 
Grey, the Pancontinenml c 
man. told the Financial Time 
recogniso that the ACTU nr 
tion was tbo culmination of 
long and' agonising process ' 
the trades, unions have 
through on the very difficult 
divisive subjecr of ura^ 

—“I-know that the trades.u 
movement takes very serii 
the necessity to minimise 
risks associated with nu 
power and uranium mining 
is' sincere in its concern 
resolution was » responsible i 
•Mr. Grey said. 

Last week, in the-absence of 
any widespread voting, the ACTU 
recommended Lhat labour . be 
withheld from new projects pend¬ 
ing talks with the Government on 
nuclear safeguards and Aboriginal 
rights, but said that existing sales 
contracts should be honoured. . 

Spokesmen for the Feko*\YaU- 
send and EZ Industries joint ven¬ 
ture at the Ranger deposit and. 
for the Pan continental and Getty 
Oil joint venture at Jabtiuka, both 
jn the Northern Territory,- said 
in Sydney that the union mov&on 
honouring existing contracts was 
a step m the right direction. 

What the spokesman. did not 
appear to say, and yet probably 
felt, was that ihe conditions im¬ 
posed for future movement on 
new projects were precisely those 
which ihe Govern men t Is any case 
taking care of. It has adopted 
the provisions of the Fox report 

- The companies hope that 
struction will begin ai Ranger 
Jabiluka later this year, in'thi 
season. The Ranger partnesj 
Planning talks .with the Go< 
ment on the necessary enal 
legislation. The Jabiluka pan 
are hoping that they fvtfl be 
to have preliminary talks wifi 
Northern Land Council, repre . 
ingr the' Aboriginals, in paj 
\vitb those held by Ranger.' 

. A . :Pancontrnenta] . spoke) 
said he expected the Aborig 
to be bard - bargainers. ••* 
Aboriginals, are expected to 
the companies, for an c 
profits tax, a royalty and o 
•participation in the corapank 
a price' for permitting ih£i 
mine. - on their '. tradit 
territory.. j-j ; '- ; . y 
To further their demands 
Northern Land . Councils 
engaged Mr. Stephen ZortF-as 
sultanx. He. is an Ameacau 
has worked for the GoverN 
of Papua New Guinea in it$- 
Jaas with mining coiopaii/es' 
also foe the Navajo Indian 
the U.S. .... -r 

Warkworth’s SAlOOm. deal 

PARTNERS in Australia's huge 
Warkworth coal deposit in New 
South Wales have queUed doubts 
about finding a market for their 
product with the signing-of a 10- 
year contract to supply Japan with 
5m. tonnes of Warkworth. steam- 
mg coal, reports _our Sydney 


A brief statement yesterday hy 
the leader or the consortium. 2L C 
Sleigh, said the Contract was to 
supply the Electric Power Develop¬ 
ment Company in Tokyo, with the 
coal, in the 10-year period begin- 
irm in 19SI. 

Although no prices were dis¬ 
closed. it is believed they are in 
the range of $A2l to SA22 per 
tonne, which puts a value of 
between SA!05m. i£Sl^8m.) and 
SAHOm. on the deal. , 

It iv also, understood that 
Mitsubishi of Japan, a member or 
the consortium, played a strategic 
role in securing the,, agreement. 
The contract comes at a rime 
when competition for coal -ales 
lo Japan is intend, and Sleigh 
itself said yesterday that th* 
Warkworth associates obtained 
the business against fierce com¬ 
petition. but nevertheless achieved 
a «atHf»*lory price. 

Deliterir., will start at an 
initial rate of 300.000 tonnes a 
year and the contract will require 
additional capital investment of 
the order of S22m. 

The contract is a breakthrough 
for the Warkwnrth partners in 
more ways than one. Not only 
does it dispel uncertainty about 
markets for Warkworth coal, hut 
also it will allow the consortium 
to move into Hie bic-money 
spinning reserves of soft coking 
coal in the area. 

Total reserves at Warkworth 
t about SOOnt tonnes, of which 
trim tonnes are good quality 
learning coal. After the develop¬ 
ment of the mine to meet the 
existing contract' the associates 
can iry far further sales of higher 
duality coal which i* likely to 
re'Hi un to SA3.S a tonne. 

P^rlnors in the venture are 
II. C. Sleigh (45 per cent.l. Cos¬ 
tain Ansrrnlla f3fl ner cent.), the 
T and <V Mutual Life Society no 
per cent.) and Mitsubishi (15 per 
cent l. 

average world price of cupper, 
basi-d on London Me tot Exchange 
cuotations. declined lest year. At 
the same time the group’s proces¬ 
sing costs had Increased, while 

interest charges'on .development 

loans had been a greater burden. 


present nine men are emptc 
but the number could swri 
more tiuo 20 itr the event : of 
duction resuming. Last'pin 
tion was in 1966. 

Force Crag is ”54.66 : per. i 
owned by New Force Craga 
of Canada, an amalgam of 3 
exploration comoanles. 


Thcrp tc no dancer of sub¬ 
sidence on the North Vork«hire 
moors from' the .solution minin-j 
of potash, according tn Con¬ 
solidated Gold Fields. 

The a«spriion was made yesier- 
dav ar n public enquiry in H’hitbv. 
where the company is making 
rase to eslahlish a solution mine 
tn the North York Moors National 
Park and a. refinery on the nut- 
■ikt'-'s of the town. 

Dr. Jan Geerrsma. a rock 
mei-hanlcs consultant with Gold 
Freldy. said solution minma. which 
uses hot brine to dissolve the 
notssh salt, would be harmless 
s far as subsidence J« concerned. 
ThP cavity left 4.000-5.000 feet 
Hnrieraround would he filled with 
iturated brine, and this would 
kern tin? rock structure stable, he 


Fears have been exorcised 
locnllv about the possibility of 
subsidence, and the issue is likely 
to be raised again later in the 
enmjlry when other organisations* 
make their submissions. Some 30 
orsan'satlnns are objecting to the 
Hold Fields’ plan«rand the enquiry, 
now in its second week, could last 
fo r five weeks. 

Mr. John Trotter^ a mining con¬ 
sultant at Gold Fields, refused to 
give the enquiry an economic 
anpraisai Tor the mine, bur said 
the company was prenared to ro 
ahead if there was 25 per cent 
of potash in the ore. 


It. line with Ihe irend esiah- 
;shed by other copper producers. 
.Mins Consolidated of the 1’hilirv 
nines suffered a sharp d-np : n 
profits last year. In the fast 
quarter of 15177 net earnings were 
.sf.jfi.172 rOSfi.fl.S5! again# «4.5».n. 

the same period of IflTfl pnd 
rh*- not income for the whole 
eai was St Ini'. (IM.fiTm.). coo’- 
pared with 825.6111. in 
Mr. Jos*' Soriano, the A!!a- 
rc$idenl. pointed -out- thai - the 

Production at the Force Crag 
lead, zinc and barytes mines near 
Keswick in the Lake ' District 
could resume by. the end o/ the 
year, if the planning authorities 
agree. ; , . • 

The plan is to drive a horizontal 
shaft into the mountain—this 
would be self-draining — and 
permission will be sought from the 
Lake District' Special Planning 
Board to enlarge the waste tip. 

■"We are doing exploration and 
development work at present, but 
are hopefuMhat we will be able 
to go.nito production at the end 
of the year.” said Mr. Robert 
Gunn, theipine manager.. 

Work an. rehabilitating the - 
mine and on exploration started 
at the beginning of last-year. At 


Cornwall's Peewit Tin 1 
proposes to make-a 4hree-foi 
scrip issue. The cwtpj 
capital is to-be increase* 
£875.000 by the creation of.1 
shares of 23p. Last nJgb&i 
was 4T0p. - - 

In the year to last M 
Peevor raised it's net attribw 
profits to £342.000. from D3 
in 1075-T6^and lifted its dhfi 
lo lS.Oap neL : 

Earlier in the year the cow 
had made a rights issue tgl 
£194.000. For ihe past 10 m$ 
of-'the current financiafj 
Geevor’s production of nh|. 
centrates am ounts to- 88r=w 
against 779 tonnes a ypariag 



Improvement expected in sepondht 

29tJ» OcL 1^77, -iothGgL 1‘. 

• ‘ ■ 

. . 17,297,00ft::.. 

36 week period ended 

ifixunv tuyear~enj m/,Un 


Consolidated tradiijg profit 
before taxation (Note /) 
Taxation (Note 2) 



Consolidated profit after taxation L58,0flft - , 

ACrre.v . • : ■ . ..T : . t- ; —..,-. t . 

n n< ."•■nwWJirt.vf trader* profit tKic-rr .-ium«»i H after charging JeprcJjti* f 

2) Thepra\isi<'n tm been i^ilaiiuieja: 52 L on ike. fruJiiirjpf<Jf*y5r 

•u atfjitiieit I'or layutlc-npitrptsor. 1 -•".-" 

.“The reduced profit is due m a in 1 yioa JossT in ihe pcpod.f® 
mining maehiner}' manufacturing. We ajjtoSuIfered Jreffitt 
effects of the BOC strike which reduced productidn. H^l 
development expenditure vvas incurreddnringihepenpafl 
the new coat producing system. This is now aEceptabfe*5 
NCB lor testing and production of thc n.cwsvstem sbouW 
commence shortly. ■ . ... 

With the continuing restriction ntiposcd oddividen d-' 
payments, your directors havedecided uot la recomnttnd* 
inlerim dividend. r ' . . • ' 

Wc anticipate some restoratioivin die JeveLof profits 
second half but it is unlikely that profits For the ye&t wnf|l 
Uft high as those achieved in the year to. 30rh Apfik 



. ; - FARMERS UmiED * M 

id his. Annual. Report to members 6n_trading fer 
to 3 1 st October. 1977, the Chairman, Air. "D'.^-C..A- 
advised:- . r.- '• * 

ALES—Increased by £« injlUon tn 

A -OTflFITSL_Innruuail W N7C CIO fA-'. 

). Loin 

-ReiireesfniprLt 'of . 


.. Capital—12%. .. Bonus on -- i ' “ ,h!f ? 

distributions £495,000. 

paid at 12 %. i .-. . 

O ,MEMBER - SUPPORT——^iirvestjijvnt "pf. ... 

, ; share '. interest approximately '>^% :eli^rii^;,? 

- suppon far expansion: ‘^ V; ■ / ■ ' '.jfc* . 1 

9 -DEVEXX3PMENTS—Expdn^p'n jpi. itf e'd' prpces^i^^^ ■ 
Expansion of feed cub^43!arrt. Tn4Tpdactioo 
."•• Own Brand .Chemicals. .'Profitable o^ricuimraI.W^^>'. 

.. aatoisition add Hading -oF:Kyhar.d .CblwftH 
0 -^TARRETING— Formaijop .. ' of ^ ; - 

" company with two :othe^Snciuties>jtd > 

• ■ Limited. *•“£.?. '• 

qp '(MEATY LIMITKD—Yeir'^ trading; * wr,Kv 

■ Mrftli .maximum permrssrth^ (jivideirirf. 
> * for shareholders.. ‘ 

a -rvi n'OTOJTmM r\i on 

_ ;CO : 0P-ERATlON lN PRACT<^riThe.;ye?r^.suc 
.. to slrnhfe links. ahU development^^of 
Tlie ''Annual' General Meaiiug'WHl^bt 5 srt.-Agricufisf® 
Wnrpesterl- ir.00 'a.m;; 34th-'T£bMui9f-':ilK9> 


vci. T* 

-. ; .■ :• i’y. -e* >. 

Financial ^Rmes Wednesday Febrnaiy 15 1978 

in compliance vith the Ri 


rectors reflectively and indi* ideally 


(Incorporate*? with limited liiibjlirr in Jersey « a eompavy under the Ci?vyv;Av , Jcr’c\ i La. 1 t. /.W/ ,*,» ;;W 


Authorised '*'■ 

• ‘ 

90,000 in unclassified shares of ip each of which 1.737,751 arc 
: . I : ; in ; issue as.PailscipatiDg Redeemable Preference Shares 

10,000 •. -ih: ; MariagefnentShares of £1 each 

Issued and fuUv paid 


1 , 000.00 

As at 9th February. 197S the Fund had no loan capital, borrowings or indebtedness in. • 
the nature of borrowing outstanding, including brink overdrafts, liabilities under accept a ncc% 
acceptance credits, mortgages., charges, hire purchase commitments, guarantees and ether 
material contingent liabilities. 

.100,000; ; 




directors y.r fm ->- 

7. Simon James Scrirogcour (Chairman) 

La.Tmroaut, I/Elacq. SL Oberv Jersey, Channel Wands. 
(Managing Director, -Mindcn Securities (Jersey) Limited) 

, ■ David WfltonBulstrode. A:I-8«- 

La Ghaumine. Coast Road. Grauviile, Jersey. Channel tslands. 
CDirector/Secreiary, MindenSecurities (Jersey) Limiicdj 

; Ran die Joseph FciJden, " 

The Old^ectory. Sheering. Bishops Stanford, Hem, England. 

_ (Director, Lazard Brothers &. Col. Limitedj 

• •. Francis Nicholas Hoogewerf, F.C.A.. 

Ferrne Lorenscheoer. Bcrtrange, LmtKfibourc. 

(Senior-Partneri Hoogewerf &Co.,Chartered Accountant, Luxembourg) 

Lucas Hendrik Wurfbairi, {Dutch), 

••• Toronlaan 49, LarcnfN-H), Holland. 

.(htanaging Director, Piersoa.Heldring&KersoDj ^.V., Amsterdam) ‘ 

Mindcn investment Services (Jcrsc>) Limited. 

2-6, Church Street. St. Helier, Jersey. Channel Elands. 
Telephone: Jersey (0534J 37301 
Telex: 4M 54, “Mioden” 


2-6, Church Street, St. Helier, Jersey, Channel Islands. 


T.Ioyds Bank Trust Company <Channel Mand'-i Linked. 
Waterloo House, Don Street, Sil Helier, Jersey, Ch.uincl islands. 


Lloyd* Bank Limited Jersey Tro*l Branch. 

Waterloo House. Don Sn-cet. Si. Helier, Jersey. Ch.-nnel Islands. 
Mindcn Securities tJer-cj i Limited. 

2-ti. Church Street. St. Helier. Jersey. Channel Mand 

Coopers & L; brand. 

Chartered Accountants. ' 

La Mottc Chambers. Si. Helier. Jersey. Channel Islands. 
Ca/cnove & Co.. 

12. Token house lard. London FC2R 7.AN and The Stock Eich.m^e. 

In Jersey: Voisin & Co.. 

P-O-Box 31 .Templar Houa',D on Road. Si. Metier. Jersey. Channel Ivbn-is. 

ht Etinlomi: . •: 


Grlndall Home. 25. Ncw.pjie Succt. London EC1N 7L1-L 
La.'jrd Securities Limited. 

21. MconicIJs. London ECZPTHT. 

. • ' :r ; • 7 HISTORY 

ne Fmd was incorporated with limited liability'in Jep*y on 2l«t Oanber. J076 under the 
dons of the Companies (Jersey) Laws. 1861 to 1968 and rsTe&ident for exchange control purpose 
s.Scheduled Territories. It operates in-a similar way io a onir trust in iliai each v.vvk il itmv 
and, redeem Participating Redeemable Pr ef e rence Shares of. Ip each C Participating Shares’*) at 
based, on their underlying net asset value. 

he first issue of Participating Shares of the Fund was nu& on 30th November. 1476 when 
*•0 Participating Shares were iv-oed at £10 per Share, raising approximate!*- £1.25 million. Over 
riod from 30rb November, 1976 ro 8th February, 1978 the tolal number of Part ici pat ins Shares 
was 1,779,777'and the total number oF Shares redeemestwas 42,026. On Rth February. 1978. 

it Subscription Day before the. date of this document, ihe jracc at which Participating Shares 
' be redeemed was'.±11,1? ex dividend jier Share and the JFdoAhad a net asset value of £19.44- 


be Fond is designed for individual and corporate investors who require a high degree of capital 
tion, Combined with a-reason able return and ready availability of their funds, it would, for 
tie, be suitable for those who have set aside sums* to provide for a known liability or whose 
1 w form the liquidity reserve for a business. The Fund thus offers an alternative m those who at 

% 111] L it must Irv to meet their, investment needs either by searchmg.for a fixed-i merest stock which 

* ... ' .. 



dosely matches the circumstances of their liabilities or by leaving their funds on deposit, 
be Fund’s asrets consist'of investments denominated In Stoimg most of which mature within 
.-mgnihs of .the dateJSCpurchase. When .conditions seem pWpiuons. a small proportion of the 
lio is occasionally held in first class medium term investments of up to live years maturity, hut 
cater part comprises cash deposits. Bank.and Trade Bilk.:other prime quality commercial 
ies. Local Authority and CommonwTialth issues, and very sfiort dated Gift-edged stocks. The 
5 portfolio normally hns an-everage term to. maturity of 3-9 months- The major ponion of the 
on the Fund’s-portfolio h derived from the increase iit : *alii* as the investments approach 
ity. . — pi>. . ■?.!'. • 

is intended that in each year substantially the whole of the-net income or the Fund 'should be 
uied to Participating Shareftoldcrr hy way of annual dividunLThis would r.orm.illj result m a 
nd< yield of approximately j prt cent, to I per-cent, per annuing.* 

t 6th February. 1975.- the last Valuation Day -before tbe-ittB of this document, the Fund's 
Ho was made up as follows: - 

dte mirkeC value) : 

Board Securities 
ate Securities * . 

Miveolth CovcmmcnfSecwides - - 
ruthorHy Secnrimw . ‘ 
-idle market value) ; . 
olea of Deposit 

tlU - 

JJTS , - 



: -“■>> 

7>nri tf> 

. .'fj/" 








7 ?S 




r '. JO» 





V 347^48 

or tfolio 


J J9.398.4fiR 
• C73^93> 

•13:1 r ‘ : - 
•IJ '. 

.i«u .?*/„ 



6 mi 

Jll Assets 


- •s- . r-rr 

- - ■ -s • .. . 1A725.17S 

Wrirfued Avemcesr Tnin iildayv(3.7jnon^s) Rrtan»^9?f 

the period 30th November. 1976 to 28th December. 1977 (the date to which the latest audited 
15 of the Fund were made up) th© ■price of-a Participating Share roseTrom an initial offer price 
OO lo a redemption-Price of £11-11 (ex divideutHApr e scntine an increase of Jl.l per cent, 
ilion, it is proposed to pay a dividend in respect ofcfhat period of 2.7p per Parthripatire Share 
is recommenoed for payment on 10th March, 1978 following the Annual General Meeting., 
'tal annualised rate of return for that period induding the proposed dividend was therefore 

tin at their present levels the total nnhual-retum for an investor Tor that period would be 
'Unaiety 5.6 per cent. 


ufcge” . .. r : j -T ... -. ■: . ■; . 

- / inden Investment Services (Jersey) Limited (“the Managers") i* responsible to the directors for 
ng the business of the. Fund and a ho undertakes the duties of Secretary, and Registrar to the 
“r-nml Tn'fnmi!iiinn n wirairiiili 4Tvlfflii Cnr-s- Srirr Hi-.urinuan of the Mntiacenent 

see- “General Jh'fonnation”, paragraph 9^bdowfora brier description', of. the .Management 
tent). • - 1 -'' _ 

e Managers receive for their services a monthly Tec from the Fund of I(I2tb per cent, of the 
'f the net assets of the Fund as at the-Iast Valuation Day of each month, calculated ini accordance 
.■ provisions in the Articles ofAssocMtion for determining the subscription price qf rartiapating 
The Managers-make no initial charge to purchasers or PanieipaJing Shares other than py 
ig up the offer price of Participating Shares to the ncaxesl penny and retaining the rounding 
r own benefit,' and make no change on redemptions. 

rtam expenses.specified in the Management Agreement are paid by the Ftuyl out of ils income 
hide management, custodian, audit.and directors' fees together witu reporting expense ana 
3nal costs (including dealing costs). In addition the Fund has met and amort ixiijk over 5 jears 
,0th November. 1976 certain specified expenses amountinc to £9Ail*, -namely formation 
s of the Fund and expenses of the first issue of Participating Shares. Jt^s intended that the 
s incurred in connection with the listing of the Fund’s Panrcipjnng ^Snares on The Slock 
ge which are expected to amount to £26,000 will also be amortised mcnjOR. The Managers 
cl all other expenses incurred by them in connection with their services, 
nden Investment Services (Jersey) Limited is a wholly-owned subsidiarv.of'Mindfn ikoiriiirt 
Limned which » a registered Jersey bank and is, itself, a wholly-ow ned subsidiary of Lazard 
s dfCo:, Limited. ' • " ‘ ‘ 

cnl Advhcr - . .. 

rard Securities Limited is responsible to ihc Managerv for continuous investment policy 
■c and advice nn the Fund's portfolio (see "General Information", paragraph 9, below for a 
■scription nf the InvesCmcm Adyiscny AgrccmcniJ. - 

e Investment Adviser’s fees arc not borne by the Fund but are paid by the Managers out of 
numeration. k 

r.ird Securities Limited is responsible for providing the investment managemcnl.service', offered 
ird Brothers A Co.. Limned of which it is also □ wholly-onned sulvsidiary. Lazard Securities 
i maniigcs world wide investments for U.K. and overseas clients and nr amongst the larger , 
lanagcrs of discretionary funds. ■ ■ . 

•Ill • " 1 

»vds Bank Trust Company (Channel Islands) Limited ("Llnvds’T acts as Custodian to hold tho 
ents and cash of the Fund isce “General Information’’, paragraph 9, below for a brief Jc.vrnp- 
thc Custodian AgreementI. 

,vds receive from ihe’Fund a monthly fee of I.'JfOth per cent, of ihc vafyepf rhe net assets of 
d l up to £25,uOU.OOOt 05 at ihc last Valuauon Day or each month, calcnwfedasfor the Muiiugcrs 
1 l/24)lih per cent, of the balance of net assets over £25.000.000. The monthly fee will in nn 
less than £250. The Fund reimburses to Lloyds certain expenses incurred by them and specincd 
:usiodian Agrecmcm. - 

rcipatirsc Shares nwv. except whcrelhcre is a suspension of the valuation of assets (see below!, 
r-med-byahe Fund-on-anv Subscription Day a* the redemption twice. As on alternative the 
;rs may elect to purchase al a price not htss than the redemption prn«any Participating Shares 
id by a Shareholder redemption. (Subscription Days arc normaHy^every Wednesday, or if 


MondaW'Thfi rede it)pt ion price per Participating Share is delermmedby assessing tlw value 
; asseis-of th© Fondrdeducting the paid-up capital on Nominal and Management Shares in 
d a provision for duties and charges payable on realisation of tnc who e oitjae Fund's portfolio 
Vidirtg the amount so c^cuiaied hv tbc total mnpher of Participating Shares m issue, pr deemed 
’ issue. The resulting sum’ is then adjusted downwards to the nearest whole penny. 

- - directors of the Fund-may suspend valuation of assets ai any time if, in^tlnnr opinion, it is 
: ionaWy practicable, fpr. rbe Fund to dispose or investments or fairh- ip determine the Value 
fficts. or tr a breakdown occurs in any of the means normally employed t^asecnafn such value, 
redeem all or part of his holding, d Shareholder should compfctcthe form on the back of each 
rtificate and send"the certificate to the'Mahagers- The instructions shaplu b©received not later 
to p.m. on the bil6tnes^day immedmlely preceding the relevant Subscription Day in order to 
for redemption on that. Day. Requests to redemption received late may btfbdd over-untd tho 
bscription Day. .. . 

ihareholdcr may not q ithdnrw his request Tor. redemption except in the ewrff of a suspension 
. aiuation of assets and In such ciimt a withdrawal will be effective omv u-wntlcn notilKaUon 
' Uv received by the Fund before the termination of the period or suspension. If the request-is 
Aithdrawn ihc redemption- (or purchaso by the Manager;I of.ihe Patiiapating Shares will be 
i the Subscription Day next following the end of the suspension or on such carter day following 
of the suspension as thc directors may agree. 

ire business days aQer-the later of ihc date-on which, the redemption (or nuithaye by Hie. 
rO takes effect and (foe date of receipt of a duly endorsed ccrtiricaie lor the Shares to bo 
.-d (or purchased by the Managers). 

. fund shall not Fc bound'to'redcein oh. any one Subscript ion Day-more than ont-quaricr of 
1 mimber uf Paniapaims Share* then m issue. . . "• • 

sorv redemption > .... . 

t an v lime jfter 21st October, 1981 the value oi l«Fnnd s net assets snnlj,on each Snhscnpttpn 
’bin d reriod of2*i consecuthe weeks be Jcis than £1 million, the Rms} may redeem all oflne 

aims Shares (hen in few at the relevant rrdenjpijgn price. 

Participating Sh3K« net previously redeemed wilbhe redeemed by the Fund oh ?f»t December, 
if that date it not a bu$m'c&S day pn the next (oliowiug business day at the icdcmplion'prico 
n the dav'in nucstion. 

The Manneen are empowered tinder ihc \ nicies of A«wia:ir.:; t.i rccu<rv I lx tranuer nr redemp¬ 
tion nf any Panicipannn Share whivli is duceiK or bcncfici^;:. by ,m> pcr.oii in oreech uf any 
law or requirement of anv country i»r go-.ernmcni authority or by ifuj u!' which vuch per«-»>n is not 
qualified to hold such Share. 


The Articles nf A«oet.iiinn provide Thai, eveept where there i - a «ir.pen«:nn of th* valuation of 
the Fund’s assets (sec above). Parlicipairni: Shares may be issued or. Sub'-cnnlmr Davs at a price per 
Participating Share not less than that determined by assessing the; - lue ofihe F-ind's iV.-t assets on the 
Tetevanl Valuation Day, deducting ihe paid-up capital oi> the No-unal and Management Shares in 
issue, adding a provision for duties ana charges payable on acq'ii-iimu «*f ih- whole of she Fund’s 
portfolio and dividing the amount so calculated by lbe total number ol Panicipuimg Shares in i;sue 
aad deemed to be in issue. 


The quotations for Participating Shares on The Stock Exchange v. .11 appear in The Stock E\dian« 
Daily Official List. 

The Managers will also arrange for the Financial Times to puMi-.h d-iik a price for the Parti¬ 
cipating Shares. 


Copies of the audited accounts nf ihe Fund made up to the last Valuation Day in each rear will 
normally be seni to shareholders at their registered address in February of each j ear. Shareholders 
will also be sent half-yearly reports relating to the Fund. 


The Comptroller of Income Tax in Jersey has confirmed that income of the Fired arising outside 
Jersey, and deposit interest receivable in Jersey, will be exempt from Jer ev Income Tnv The Fund's 
liability (o Jersey taxation K- therefore, limited M Corporation T-current!-. £.*(*» per annum, and 
its dividends are payable without any deductions of tax m source tr. -harehoiders redden: outside 
Jersey. The Fund is not resident in the United Kingdom for taxation purposes. 

Jersey doe* not levy taxes upon, inheritance*, capital g.n.-.-, gifts, soles or turnover. rr»r 
arc there any estate duties. No stamp dut* i> levied in Jersey on the transfer or rcvicmpiion of shares 
in the Fund. 

Holders of Participating Shares who are the United Kingdom for tax pnrpo«-.*s will, 
depending on lheir individual'. be liable to United Kincilora Income Tax or Corporation 
Tax in respect of dividends nr other income distributions of the Fund. Holder* t'other than those 
holding Shores as dealing stock who are <ubjccl to different r.i'— ». who arc reader,; or ordinarily 
resident in the United Kingdom, will unless exempt be liable io United Kingdom Capua) Gain' Tax 
or Corporation Tax in respect of gains arising from the disposal or redemption of Participating Shares. 

Oca ranee under Section 464 of the Income and Corporation Tax-.-* A-t 19~0 (cancellation of in* 
advantages from certain transactions in securities) lus been given by :iic United Kingdom Board of 
Inland Revenue m relation tor- 

fa) the issue of the unclassified shares of the Fund partly a* Participating Shares and partly as 
Nominal Shares: 

(hi the subsequent redemption by the Fund of Participating Shares and Nominal Shares. 

■ The attention of indiv idual* ordinarily resident in the United Kingdom is drawn to Section ■*"« 
of the Income and Corporation Taxes Act 1970. which may. in certain render them 
liable to taxation in respect of undistributed profits of the Fund % _ • 

.. The foregoing is ba«ed on the law and practice currenll*' in force in Jersey and the United Kingdom 
and is subject to changes therein. However, inveaors should consult liicir professional adviser* on ihc 
possible tax conseqaences of buying, holding, selling or redeeming Participating Shares under the iaws 
of itacir country of citizenship, residence or domicile. 


The following fc a copy of • report dated 6lh February, 19?$ from Coopers & Lybrand, Chartered 
Accountants, the auditors or the Fund:- 

To: The Directors. La Motte Chambers. 

Lazard Brothers Sterling Reserve Fund Limited St. Helier, 


Channel Island* 

,6th February , 197f 

Dear Sirs, 

The Fund was Incorporated on 21st October, 1976 and made its first issue of Participating Shares 
on 30th November, 1976. 

We have examined the audited accounts of the Fund for the period from 30th November. 1976 to 
28th December. 1977. the Fund's first accounting period. 

, The summarised balance sheet and income and expense* arc pun: set out below are based on the 
Audited accounts for the period. In our opinion these summaries togieihcr v. ith tbc note*, thereon (V'-e 
a true and fair * ievv of the results of the Fund for the period stated and of the state of affairs of liic 
Fund at the date slated. 

1. Balance Sheet os at 281b December, 1977 


Investments at mid-markei value (Note 1(a)) 

Time deposits 
r all de no-ils 


Formation expenses less unoraits written off 







Hue to broken 



Nrt assets 

P*-present! re: 

>tawnai at Shares of £! 




Unciasiifiod_Shares of Ip 



Issued: Nomina] Shore* • 

Pjnitipaiirv Rerteemable Preference Share* 

Share Premium Aeceimi 

Pesrnue ACInUM 
tflte-umr.t Reserve 

Surplus on realisation nfinvesimen»« 

Surplus on revaluation of io-esimenii 

Income and F-xpenxes for the 

period 30th November, ]97o to 28(h December, 1977 



Investment income (Note lfh<) 

Deposit and other imereti (Note liej) 




17.NV 17 



rw. **i 

ExpenresfNate 21 
Management fees 
Custodian fee* 

1 egal and audit 
Directors’ remunerstwli 
Brokerage and sundry expetues 
Cm porannn ux 

Amarus* ood of formation expenses (Note 3) 



I. 1 *!! 

2.? , 0 






Dealt with as follows! 

Propped dividend psj-aWe 10tb March, 1978 £2.70 per 100 Share* 
Undistributed income canned forward 




1. A cqoantine Policies 
Id J.ivesinvems 


(i) On disposal, proceeds are jet agaln*t kwis and the resultine surplus or deficit is transferred to 
invest mcnl tcrerve. 

tii) lnvedmcnih arc valued at mid-market pnees and the rcsutu'iifi surplus or deticii is iranslccrcd to 
invr*tmenl r t i wvv. 

fiiil Dealingexpenves and brokerage are debited to the income account. 

(hi Investment l*Komr 

The Fund Ud-e--credit for investment income when ilw relevant imenment ones ex dividend. 

(e) Interest received on Certificates of Deposit held to maium> is iimlucd io Revenue account. Deposit 
inicreat is accrued on a day to day basis. 

(d) No income equalisation recount is operated for issue and redemption of Participating Shares. 

. 2. General Expenses 

The Fund is responsible for the payment ofmanagemenf, custodian, audit and directors' fees lOEdher wuh 
reporting expenses and operational (including deelingl covi. Ali olher ctpciucv. nuh tine cvLCptiou of 
formation and quotation expenses, an borne by the Managers. 

j. Formation and Ouoiauon Expenses 

The formation expenses af ihe fund, amounting lo£!>,420, arc being amortised over a period of five jesrs:— 

f nr mar inn Expense'. 

Lets amount written off to date 

■. 5 -*i 

■ f rt assoeiiied with the lilting nf the Fund's Participating Shares on The Stock Exchange fcvun^ied at 
£Zb.Q0O>vtiH a bo be amortivd over five year-. 

3. .Statement nf Change in Participating Shareholders’ Equity fur the period JuUt November, 1976 to 
28ib Dec cm her. 1977 

"Net raivecd'-xn the ia-ueof shares 
Suipiu-. nn rralhalion of invevlrncnu 
Siii plus on revaluation of inveslinenia 
X'ndisirihuTnJ Income 

l - . !"*.’« 

Change in Partieipalint; Shareholder*' Fawff 

Yours fiiiffipffly. 

Coopers A L* brand. 
Chartered Accountaotre 

}' s .v>re 


Tlie autboriseJ share capii-vl nf the Fum! i. tIMUMh*. di\Klcd-ini.- 10.000 M.inngsrepni Slur?* of 
£i each .n:d f, .O0P.v0u unciussitied - iur.-*of !7 each. Tht uneUs-.-irtcd ‘[ur-. , » may K; i.-ucJ a- Pjrlic'i* 
pjtmg Sr.Tcx ■-«' Nominal Shares. There .ire i.fbiO M Jll J genu* m SJi.irc- in i-.ue which «-cre i^u-.-d .it 
rnf .snd uhich .v- held by thj Man.i’ P vr ; -. U :s not intended lk,u .my further Man-jeement SEiarcx will 
be i'.iucd. Nn Nominal Shares Jru in i»ue. 

Management Share* nf £1 each * 

The Mar.ipcmc.-H Share* havr been created so that F.iHLtip.timc Shaft*'may be issued. (To bo 
parii^ipiling redeenuHe prufcrcncc 'hare*, the $harc* are required, under. Jersey iav.. m h.we .1 
p.'-Tercrcr-o'er some other tiu«* of.share c.rpnah'i The Man;,cement Share* carry one vote e.ieh <?n :l 
poll. do not carr.- eny rrahi to dr-ideuvU ar.vL in a xvjndinp-up, rank only for a return of pud-ap capital 
Ij.'ier return of capital on Participaiins and Nominal Share.-:'. TJie. Alonagumenc Shares are noC 
■ redeemable. 

Partidpaiing Redeemable Preference Share* of ip each 

The Parrieinaiin? Shares carr* a right to dividends declared bv the Fund in pencral meeting nr 

pe.iJ h> lire di.-ectors. The Artidex of Association provide tli.u no dividend shli be payable eveepumt 
of *uch funds ;r. may be lawfully di-trfouled . 1 * dividend. In no event will an;, dividend be payable 

cut of any funds representing a «urplu; over hook value, derived lr»- ni the -'ale or renli ..ition of any 
cgpiral jv-er or out of fund* rcpre-erlme accretion* to capiul a«vi*.’i holder of participating 
Shares is entitled, or, a poll, to oiw vote for each Share b:ld. In a winding-up. each Participating Sharif 
h.-.s a preferential right in return of capita! pa.d up und j right to share in surplus a: sets alter return 
ol CJP 114 I paid up on Nominji and Management Shares. 

Nominal Starr* 

The Nomina! Shares can only be ij-ued at par and only for the purpore of providing fund* for 

the rcpavrie; : of the nominal amount of I'.irtieipating Share* redeemed i’* the I'anii. 1 lie* earn- no 
right 10 'dividend. In .1 windir.g-up. they have ihc richf to rcp.ivmvpit of paid-un in prioruv 10 
renavnwrt of p.ud-jp capilal 01 ; il.c M.inajie.-.ient Share.- bui have no further right-. I'ach holder of 

N.-miral Share* i* enulicd. on a pol', 10 one vote irrespective of ihc number of Nonvhnl Shares 
held hi h-iti. 

The™:r* arc obliged to Mih*crihe for N r **niin-il Share* for ca*h a! par -.‘hen I’.irri. ip.itmg*arc redeenvd. in order to proviJelhc fund* pcccs*ur iiLXep.i* ihe numu'.al .invuinil ..ft he Share- 
wneemed. uric** tire director decide Lhai the nominal amount of sucii Shares if t" 'v ie>le-;nicd out 
o' profits. Shires may be convened inju P.irtii-ipjime Share* b;. the Manager- |.*r -ale to 10 r* b*. the Managers paving to the Fund on 1 So bscription Da; in re-peci .if each M-ntin.-.i Share 
an amount equal to the subscription price of a rariicipaling Share on iliaL date le.Ip pvr Share. 


In .idd'tien to the provision? summarised :ibn»e under "Particular* of Shire Oipital" and referred 
tpekewhvrsabove.the \rticlexof Association ofihe Fund com.un or.*uh|eci 10 the pa'-sincof n*co*.'.:rry 
it avlutiiv*.* j: Extraordinary General Meeting* of the Fund to be held on " 1:1 March. I’O jnd 2"lh 
March. I67F. wiil contain provision* 1 Intpr iti'.\i 10 the following ctleci: 

1. The rig'r.L* a “ached to :iny el.v-x of hare* may. *i»biecl ir- my provoion nCJer-c* l.i-v or mdc* 
other-iv provided by the term* wTi.->ue of ihc share, of ihai clj*-.. K- varied with the i-ai-em in 
writing -n the holders or ihree-fourth* of the if sued .Ip re- nf that cla •* or with the ■.jneiiim 01 a 
resoluyor paxsc.1 at a separate meeting of ihc>ioTder.s’f.ilie riiarc* olTI'.a cl,:", h. nviiornv .-f 
Three-fourths of the voles ca*i at that meeting. .TheJ^ea-.-nrs quonim .11 an*. Mich mix-tin;: shall 
be wo person* at !ea=) holding nr rerre .enimp Sy proxy mie-lliird of the i**ited share. nt the clj* r . 
row that if at any adjourned meeting such a quorum 1 * n--t present, the hoi Jer* w-hn are 
ffutfl tw a quorum. •*"•••. ;• 

S. Dir rixhts attached tn the Partidpaiing Share* shall he deemed 10 be varied by any variation oT 
th? nu!.t*mtawhed to shares of jnv olher cLi-snr by the ercnlion or Issue ol anv share* .-•iher 
Partieipating Shaw* r inking perl pasm with them as respect: dividend rigiiis or in a wmding-up 
or reduction of capital. 

3. Subject to 2 above. :hc rights conferred on the holders of any share* i«%ucd w ith preferred or oilier 
righ;* shall, ur.le** otherwise expressly provided by ihe krai* of issue of those ‘lure*, be deemed, 
not i«> be varied by the creation of further share* ranking in any respect p<m pass* ilicrewuh. 

4. A director may act in a professional capacity for the Fund (other than a* Auditor). :md may receive 
remuneration for such professional services. A director may also hold any other office or place of 
profit with the Fund (other than die office of AvJimrl and may be a director,, officer or member 
■of any company in which the Fund may be interested 

5. A directcrmay Dxniract with the Fond and nocop-.r.iet or arrangement made by the Fund in which 

ar.v director is ir any way interested shall be liable to be avoided, but the nature of his interest 
mu..: be declared at a meeting of the directors. • ■ 

f. A director may not normally vote in Jicspect of any contract in which he is materially ini crested. 
7. The a Tenors hail be entitled to such remuneration a- nvjy be voted to them b> the Fund in general 
m'.vti;?. Th-.* directors may be reimbursed fore-pen'e* incurred in. .:*•■ 11 .net. t ion v it a the bu-.ines 
of Ihc Fur J. The directors may also grant remuneration 10 any director for special or extra service*. 
S. The directors may exercise ihe Fund’s borrow in* pnwyr-. hm borrowing* r.f ihe Fund and its 
subddiane.- I:f anvl shall noL except with Ihe e.»n-en: iN’tl'C Fund in-general meeiine. v-ceed t!ie 
.aeeregate c-f r‘*.ue capital and consolidated rcrenc:. of the Fund tjs delii.ed in the Fund's Articles 
or A-.*oc:jticnt. 

°. There it no share rualifiration fnr director*. 

l(t. Tliere a.-c n.* rrov>%5on« requiring directors to retire .ii any specified ace. A director ma; be 
removed cl jr.) iimc bv ordinary resolution of the Fund hi gem mi nirenne. 

The inter::;* of the directors of the Fund and their f mull.- m »hc share crpiral of iVr F-in-i v l-.r-n 

wou*d K? required be shown in the register m.nm.nnvd under the provisions ■■ f live C .vr,ip.niie« 
Act 1^6“ if :tie Fund ttdvtxfufjhc prnvsssoq- ofd^at Att* drirtun pvaggregate e .n*.-J one 
per euH. i f r'ie «<sucu shaie'CBphjtloflhc F.i:iid. • J /I'• - ’■ f. . 




The director .ire a*van Thai uny'shaniboTdcrPTtl-.TT'ind han nn'rnreftsi in execs* r.f :V e rcr 
cep.t. m ii-..* •■/.••e.' I’ariiup.iiine .Capilal of the Fund. 

Ali the I.‘ Vi),»iued .*.*:• nape roc at Sharpslrfre.o'.' n-.-d Ivncl’si'aff'-Tv 1 the \1. expen w of ihe ii.nng including lire ocO'q'ni.uK . mi-1 lecul Gutges.'.*u‘j.o.| ,.f rrir.tin.e and 
cm i-i r .g, T^: Stock Lxehanyc ILling lee and .■ ti-e 1 ** live brokers jre •.•■Mii.aieJ !•.; to 

\'u l : «:ga:ic-n or claims of material importance arc penJine or ih real ere. I :ie ihe Fund. 

1 he agurega:; ci.iril.wrt'. of ihe directors of il*e l : iind for 1 lie .lewoununc peri- .-l !•» r'e 
ber. ar? propos’d ai 11.250. .\t the Annul General M-tliny so h..- !iel-l .in I: \! ti*"*. 
.acorer.ite e*i-.olu:uent> ef the dircclors of.iheTui.a-of i'.isl|> vnj} bcipr-ipn-vu tor the l uncut 
fiiVaiieial; ur. * • • - ’ • ■ 

There are no -rrv ice acreements in existence between ihe Fund and its director, nor arc any --ucii 
a greener!, proposed. 

I?* Mr. K. .1. Scrin^cmir. Mr. D. W. Rul-lrodc and Mr. It. J. Feilden. wiio are direcmr: v r tl-.i* 
Fund, use also JI rectors of ihe Manager*. 

titi Mr. R. J K.iidca r. al*n .i director of Secnritiei I imiid. tlw Investment and 

of La/.xrd Pro'her* ,*t Co.. Linulvd, uf wliivli boili Hie Manager* and lave-inien! .\Jvirf* rrc 
su'nsidury e."nip::mes._ 

Giil Save :■.> Ji'fliKii herein, no director of >]ic fund Iv.i-; any interest, direct or in.hreei. in any 
i*ir’v •■*. “ich nre been or are proposed 10 he acquired or disposed of b*. or Uu-eJ t.u I lie 
Fund «Sscs the dale of incorporation of liic T und nod no director or the Fum l !us a < 
interest :r. any w on tract or arrangement cnicred into bj the Fund uhich is jienilicani in 
reunion to the bu- ine*s of the Fund. 

Tie following contract*, not being contract.* in 1 lie ordinary course nf busine**. have been entered 
into since tine dale of incorporation of the Fund and are or m.»> N: material :- 
(i> bv an agree men: dated 26ih October. l'-»7h made beiwuen ills Fund inff the M.m-iger-. the 
Ml!neper* were appointed to manage tin: business of-the Fund and to aef:-* Sctrerary and 

(if) by .in agreement dated 26th October. I'lTfi made hetwevn-thc Fund. tr,c Manager* and 
Securities L.mited. Lazard Securities Limited w-i* appointed a* (merLmem Advjser tho 

Sii) byar. agreement dated 26th October. I*>76 made between the Fund.the Managers and Lloyd*. 

Llojiis wsrc appointed as Custodian m the Fund. 

All the above agreements are- terminable by either parly by not le*"* than rmety day.’ wrii'.en 
notiee. " - . 


11 . 

The Fund docs not hues a place of business in' Ihc United Kingdom and does not have any 

12 . 


Nc> share or loan capital of the Fund is under option or agreed Jo be put under option conditionally 
or unconditional!* and. save as disclosed herein: 
til no. ; hzre cr loan capilal of tlie Fund ha.* been issued for cash or for a consideration oilier 
thar. ctsh: and 

tiki no commi? iinp;, discounts, brolrerages or other 'pccijl tcrms.have been gror.led by the Fund 
in connection with the issue or sale nf any capital of the Fund. 

Coopers Si Lybrand lias given and has not withdrawn its written consent to the '* ; :ie of this 
document with the inclusion or its report in the form and context in w hich il appears. 

Further information relating to the Fund may be obtained from the Managers and irom tha 
following Stockbrokers 

Cjzciuivc & Co.. L'ddun & Co.. 

12, Token hour*.* Yard, National Westminster Bank Bmldinc*. 

London. LC2R TAN. 1 IN116. Bute SI reel.Cardiff. CFi 6TA 

Hcseiiine Mow & Co., J. W. Nicholson & Son*. 

Cum men:id) l-nion House, F.O. Box No 132, FjrgaJe Court, 

73. London Road, Reading, RG1 5DF, Sheiheld. SI ILL. 

liliniworth .L Hc.nriquc*. . N'ciltPJi. Hornby. Cnclaon i.Co., 

Ran 1 -. Hoiire. Cb.irlotic Street, ■ • Sraie rli'U*e. 22. D.iie Street, 

VI IK.-Ii.iur U|!|l VU1 


Manchester, Mt*U 2Hi.. ' Liv*-rp.i.j!. 1.69 2DD. 

t.'upiv* i»f the follow inr documents will be available for inspect Wn iittiia office* Fre-idieMs, 
tirmdail Huare. 25. New Cute Street. Lrmdou 1-A 1^ “l H -luring iuiijI bq-sine-, hour- on.-iny 

ve*A:l,);. fs-aiurd.r. e'wcpledi. up to and including 1 a March. I'-TS.- ... 

ci the Mc-.iiorandura and Artklr- or A- neutioii of the FitR»i.a'rM theo| ihe F-Vnt- 
orduiarv Genera! Meeting, at w hieli various supem'nivnts In tine A ruck • •' iH K- proposed; 
fiii (lie report end at.counts t>i the Fund for the period .•lltlVNcuvriliher. lit.ft to -Slh December, 
i:‘ -M 


(i’f* tbu C'u'ir.iLN referred in unler piracraph 4 above; '■ ■ ■ -■ •- ■■ • 

uv'i the report ar.d conreru of Coopers &. L;. brand. 


-feiiianclal - TMeslveanesday: vF^fehiaiy .;15^i978 




Profits up, peak orders at BMW ^ew film Massey-Ferguson omits 


LRANKFUBT, Feb. 14. 

BAYERISCHE Mot ore n Werke 
(BMWi. the West German ear 
and motor-cycle manufacturer, 
ended 1977 with the largest order 
book in its history. But while 
last year was an excellent one, 
it seems that the advance in 
profits has not fully matched the 
increase in turnover. 

Group turnover last year rose 
by a healthy 16 per cent to 
DM5.53bn. f¥2.6bn.j while earn¬ 
ings were “thoroughly satisfac¬ 
tory " according to Herr 
Eberbard von Kuenheim BMW's 
chief executive. They had not 
grown at the same rate as turn¬ 
over, but they were well above 
1976's levels. 

In the car sector, volume sales 
in Germany grew by 8 per cent, 
to 140.182 units, while motor¬ 
cycle, production went up 11 per 
cent, worldwide. 

BMW entered 197S with an 
order level SO per cem. above 
the level of a year earlier. The 
order book at present is sufficient 
to keep its plants in full opera¬ 
tion until well past the summer 
works holiday period, and 

dealers are quoting delivery 
times of at least four months for 
the top of the range and nine 
months 3t the tower end. Admit¬ 
tedly. these are nothing com¬ 
pared with the very lengthy 
Daimler-Benz delivery periods, 
but they should be more than 
sufficient to inspire confidence in 
BMW’s prospects for the coming 
year at least. 

Dr. E. Haiber, the finance 
chief, said that it was too early 
for predictions on the dividend. 
It seems, however, highly un¬ 
likely that BMW will be able to 
maintain the previous year’s 
record 20 per cent. rate. This 
assumption reflects the effects 
of West German corporation tax 
reform rather more than the fact 
thar the 1977 dividend will be 
paid on a share capital 20 per 
cent above the 1976 level. 

German shareholders for the 
first time, will be able to offset 
the corporation las paid on their 
dividends against their personal 
taxes. As a result of this change 
in the tax laws, holders’ real 
earnings should be substantially 

higher even with a hefty cut in 
dividend. The people who really 
suffer under the new system— 
which lifts the -36 per cent lux 
on distributed profits to Lbe 52 
per cent. levied on retained 
profits — are overseas staarc- 
' holders who have no German 
personal taxes against which to 
offset their corporation tax. 
However, it is understood that 
foreign holdings in BMW are 
relatively smali. 

Herr von Kuenheim has a 
reputation for caution and does 
not view the concern's current 
order boob as grounds for a crash 
programme to expand production. 
The executive Board's philosophy 
is to gear itself up for steadily- 
increasing demand rather than to 
create capacity which will only be 
fully utilised at peak levels. 

It was quite wrung, he said, to 
take on labour that had to he laid 
off when demand slackened. In 
this context. BMW's management 
believed that it is nussible that 
there will he a reversal in the 
current “car boom" during this 
decade—a view shared by other 

West German motor manufac¬ 
turers. However, whether this 
will affect the specialised end of 
thf market rhat BMW has 
deliberately structured itself to 
serve remains debatable. 

Turnover growth this year is 
unlikely to be as **spectacular’' 
as in 1977. said Herr von Kuen- 
heim. He forecast that sales 
would increase by about 10 per 
cent This slackening of the sales 
rate reflects BMW's approach to 
capacity expansion rather than 
weakening demand. On possible 
price increases, he said: “ This is 
not a theme of ours." 

Exports of BMW ears last year 
went up by about 4 per cent.. 
again reflecting full utilisation of 
production capacity. It was in¬ 
teresting io note that exchange 
rale fluctuations have not been 
without problems even for BMW. 
Herr von Kuenheim said that 
changes in parities, provided they 
offset differing rates of inflation, 
caused no difficulties. Things 
were different when the move¬ 
ments were sharp and sudden as 
at the end of 1977. 

lifts profits ;;■- 

at Columbia first quarter 

NEW YORK, Fell. 14. 

Honda to set 

up subsidiary 
iu Belgium 

TOKYO. Feb. 14. 

Unheralded recovery at Saab 


STOCKHOLM. Feb. 14. 

HONDA MOTOR said that it will 
soon establish a Belgian sub¬ 
sidiary. Honda Europe NV. to 
help it buy more vehicle parts 
from EEC countries and improve 
servicing in Che area 

The subsidiary, capitalised at 
Y300m.. will be managed jointly 
hy the parent company and other 
sales or manufacturing sub¬ 
sidiaries in Britain, France, 
Belgium and West Germany, it 

Honda said it signed a 26-year 
lease for about 400,000 square 
metres of land in Ghent, about 
60km. north-west of Brussels, to 
build a head office, and facilities 
to store locally-supplied part$ as 
well as make pre-delivery pre¬ 
parations for its vehicles to be 
sold in Europe. 

Building costs are estimated at 
Y3br? The subsidiary will give 
employment to about 200 local 

Honda said it exported 423.000 
cars last year, of which 94,000 
went to tb^ EEC. 


AFTER a totally unheralded 
second-half recovery. Saab- 
Scania. the Swedish truck, car 
and aircraft manufacturer, 
reports a 22 per cent, increase 
in pre-tax earnings. The prelimi¬ 
nary figures for 1977 show a 
pre-tax profit of Kr.375m. 
<S80.5m.) against Kr.307m. in 
the previous year. Sales grew 
by 12 per cent.- to Kr.lOJSbn. 
tS2.32bn. i. 

The result is the more surpris¬ 
ing in that at the half-way stage. 
Saab-Scania showed a Kr.tim. 
fall in pre-tax profit to Kr.lITm. 
and forecast lower earnings for 
the year as .a whole. This 
prediction was repeated in a 
bond issue prospectus published 
as late as November. 

A change has been introduced 
in the method of calculating 
depreciation, which has been 
altered "to conform more closely 
with the estimated economic 
life” of machinery and plant. 
This is said to provide a better 
basis for comparison with other 

The new method, when applied 
to the 1976 accounts, boosts the 

pre-tax figure for that year by 
Kr.52m. to the Kr.307m. reported 
above. In the half-year report 
for 19n. which showed pre-tax 
earnings of Kr.lITm.. deprecia¬ 
tion had been calculated on the 
earlier system. 

The Kr.l17m. half-year pre-tax 
figure is not. therefore, com¬ 
parable with the Kr.375m. 
reporied for the year ns a whule. 
But. if the Kr.52m. difference in 
the depreciation estimates for 
1976 is taken as a snide and 
spread over 1977. second half 
earnings would come out at just 
over Kr.230m. against just over 
Kr.l40m. in the first half. This 
at least indicates the strength of 
the profit recovery, which is 
understood to have been due in 
a particularly strong per¬ 
formance by the Scania truck 

The managemeni underlines 
that the unaudited preliminary 
figures are subject to i.'hanee. 
The preliminary earnings shown 
include currency losses from the 
effect of the krona devaluation 
on the group's foreign loans. 
These Jo*.s**s total Kr.lOJm., of 
which Kr.49m. is included in the 

Export record boosts 
turnover at Sobering 


Dollar sector falls back 



BERLIN. Feb. 14. THE D-MARK sector was a bit 
. . , . . , . weaker yesterday while prices in 

fSfKi SSS to* dollar sector fell back in the 

nhfniS?'' wE5 Berlin inlet". wake of the currency weakness. 

,«£»!!? ,wth’ though dealers were divided on 
l ! 1116 extent of the fall. Neither 

and amounted to b0 per cent, of j sector was very active though 

me t0,al , dealing on D-Marks reportedly 

Last year, Sbering took over;picked up late in the afternoon. 
Philips-Duphar. an agro-cbemi-j 0n lhe primary market the 
cals producer in West Germany. Fujitzu convertible bad ns 
from Philips of me 0U p 0n cut f rom the indicated 4 1 
after eaflier negutiations failed**, ^ per on a par p r(c i n g. 

D 0 w-r^ C n Ur £ haSe - hy A Ch ?.o£? nf iThe conversion price was set at 
Philips-Duphar in Amsterdam. - [jmo.sq— a premium on the basis 
which controls a variety ofi Qf Monday - s exchange rate and 
chemical activities m Europe. yesterday’? closing share price of 
Scberin.* has two wholly- n.$»6 per ceDt. 
owned companies in the U.5L Terms of the private placement 
Nepera in Harrmian. New \ork. [ or french steel industry 
and Nor-Am Agricultural Pre-. group, GIS. have now been con¬ 
ducts Inc-, of Chicago. It also j firmed. The DM40m. placement, 
" as * per cent -. slake In 4-he; f 0r w hicb Bayerische Landesbank 
Knoll Pharmaceutical company f j s j ead manager, offers 6 per cent, 
in New Jersey. Profits earned on a five-year maturity (41-year 
in the U.S. are being retained L> e », e j ife) 
there, and Sobering says it is con-1 . 

side ring new American invest-' ^ S40 n - syndicated Euro- 

raents. The company notes tbat!^™^ b f “ k A?ll' s , l) a nS^ cl S? 
it will not be moved by the cheap! 1™*?** . f ®L £ 

dollar or hy lower overall :Soc^te Generate and Bayerische 
American labour costs compared I Landesbank. it offers a margin 
with West Germany, but instead' ovl,r inter-bank rates nF 1* per 
•hy the long-term outlook for' cent - f° r 3 five-year maturity, 
profits. In the dollar sector, a 825m. 

WEST BERLIN'S Sphering pbar- 
maceuticals and chemicals com¬ 
pany raised its world-wide group 
sati*s by 6.7 per cent, to 
DM2.13bn. last year. For the 
first time the figure included 
Nepera Chemical Companv in 
the U.S.. which was acquired in 
1976 and had a turnover equi¬ 
valent in DM62m- 

Schering AG turnover rose 
6 I per cent, to DM1.2Sbn.. which, 
the company admits, was better 
ihan average for the German 
chemicals industry, but did "not 
meet expectations in many sec¬ 
tors." Schering notes, however, 
that profits last year, which are 
to be disclosed at a later date, 
were satisfactory. 

Exonrts made up a record 63.5 
per cent. Schering AG turnover, 
ri^ng by 9.4 per cent., compared 
with an increase of 0.9 per cent, 
in domestic sales. This the com¬ 
panv attributes to declining sales 
of pharmaceuticals on the home 
market as a result of pressures 
fmm the We** German health 
irieurnrs to reduce costs. Sales 
o r indi>et-i a | chemicals avere well 
no on 1974. 

Investments last year in 

Issue for Jutland-Funen 
Electricity consortium i ELS AM) 
was announced by Bfyth Eastman 
Dillon. The issue offers an in¬ 
dicated 9 per cent, coupon on a 
seven-year bullet maturity. This 
is the same coupon as was being 
indicated on New Zealand Forest 
Products (due for pricing last 
night) and although the final 
maturity is one year shorter, the 
average life is longer. Avco is 
also indicating a 9 per cent, 
coupon, for the same final 
maturity as ELS AM. but again a 
shorter average life. 

The detailed terms of the Aus¬ 
tralian yen bond issue have now 
heen announced. They are signi¬ 
ficantly less generous to investors 
then other recent issues. The 
issue, for which Nomura is lead 
manager, is Y5Ubn.—other recent 
issues have been a maximum of 
Y20hn. fwith the exception of 
the World Bank's YBOhn. offering 
in December). The maturity is 
the usual 12 years, but the aver¬ 
age life, at 10.3 years, is slightly 
longer than the 9.9 years which 
has become standard recently. 
The coupon of 6.6 per cent com¬ 
pares with 6.7 per cent, on others 
and the issuo price is 99.30 
instead of 99.70. 


fa Swedish corporation) 

through a US subsidiary 

has acquired approximately 98% of the shares of 

common stock and all of ihe warrants of 

Burdox, Inc* 

We initiatec inis transaction, acted as financial'advisor to 
AGA AB. and as dealer manager for the tender oiler. 

White, Weld &. Co. 


International Investment Bankers 

COLUMBIA Pictures Industries* 
second quarter earnings were 
aided by early results from the 
film. “ Close Encounters of the 
Third Kind,” which went into 
broad domestic release in mid- 

Columbia earlier reported 
earnings for the second fiscal 
quarter ended December 31 of 
S2.I7 a share, which included 
an extraordinary credit of 
$1.05 a share, compared with 
41 cent-,- a share the year 
before, whieh included a 10 
cent a share extraordinary 

The company said “ Ouse 
Encounters ** continues to 
generate substantial revenues 
and that domestic box office 
receipts through February 12 
exceed S76m. The films over¬ 
seas release is scheduled for 
later this month. 

Columbia Pictures also said 
its Arista Records unit had in¬ 
creased revenues and operating 



TORONTO. Feb. bfc 

THE PROBLEMS that caused-a' 
sharp drop in profit for Massey- 
Ferguson in the fiscal year that 
ended October 31,1977. continued 
into the first quarter of the 
current fiscal year and have 
forced the company to omit the 
dividends on its common and pre¬ 
ferred stork normally payable m 
March. The company estimates 
it had u net loss for the first 
quarter to January 31 of 

Profit for fiscal 1977 fell tq 
$126 a share from $6.04 a 
share a year earlier. Results for 
the three months ended January 
31. 197S. will not be issueduntil 
mid-March, but Mr. Albert A. 
Thombrough, president, warned 
shareholders. in December that 
“on balance."2S7S will be a year 
of substantial adjustment for 
Massey-Ferguson. The problems 

'and difficulties of 197? wilt con¬ 
tinue into 1978 and will have an 
adverse effect on income in ; the 
.first quarter and possibly';longer." 

The difficulties are largely the 
reflection of reduced farm'corn.-, 
modify prices and. the inability of 
the major economies to achieve 
higher rates of .investment and 
growth. .• 

air. Thornbrough said the com¬ 
pany will give the highest 
priority in 1978 -to actions to 
increase profitability, reduce the 
Jevel of inventories, and improve 
the flow of production; all of 
which were begun last year. 

How successful the company 
wUl be- in reversing the down¬ 
trend In earnings is a matter, for 
speculation among financial anal¬ 
ysts, but a major advantage,the. 
company carries into this year- 
is a strong competitive position, 

resulting from the introdhc&t 
of hew and improved produc 
in 1977 and early this.year;.; 

Among its major profit lines, 
mixed performance for fax 
machinery, is expected. Denial 
is'seen improving-In 
kets, notably Asia and Afm 
but. others on which . the coi 
pany is highly dependent, such: 
North America and Brazil 
not as certain. -7; 

Any..improvement in dema 
for industrial and construct 
equipment and diesel engines 
dependent largely on worlds^ 
fixed capital investments, 
many European countries ha 
announced plans to stimulate't 
capital goods sector this year; 

-Massey-Ferguson shares yfe 
suspended in London yesterdg 
following suspension in Canada 
markets on Monday. - -' 

‘ • Sec Lex - 

Sharp drop in 
U.S. car sales 

SEC seeks delay on ruling 


NEW YORK, Fbb.14. , 

pre-tax figure and the rest as an 
extraordinary item. ’ Earnings 
after extraordinary items but 
before tax are shown as Kr.331m. 
agamst Kr.3l2m. in 1976. 

.Vet adjusted earnings are pro¬ 
visionally reported as Kr.34.45 a 
share compared with Kr.2S.25 in 
the previous year, and the Board 
proposes to pay unchanged divi¬ 
dends of per Ordinary 
share and Kr.5 per Preference 

A turnover breakdown shows 
a 17 per rent, increase in sales 
by rbe Scania trur-k division 
(which includes the Volkswagen 
and Audi agency for Sweden» to 
Kr.5.37bn. Car sales rose hy 
15 per cent, to Kr.3.2Sbn.. while 
the aircraft division reports a 
decline of 4 per cent to just over 

I'roup capital investments in 
1977. excluding leasing cars, 
aninnnlwl to Kr.410m.. a decline 
Of Kr.5-4ni. from 1976 The 
parent comoany reports pre-tax 
earn <ns$ of Kr.22-»ni against 
Kr.lSOm. on a Kr.R47l»n. turn¬ 
over and a net profit of about 
Kr97m. compared with Kr-SBro. 
in 197R. 

DETROIT, Feb. 14. 

February 1, 1978 

SALES of America’s leading 
motor manufacturers have 
plummeted this month as a 
result of the severe snow¬ 
storms and floodings. 

General Motors reported a 
drop in early February sales of 
17.9 per cenL, from 128.927 in 
the corresponding period of 
1977, to 105.881 cars. Sales for 
the year to date were 401/148, 
off 13.7 per cent, from 464^28 
cars the year before. 

The company, whose shares 
closed 50c off at S58J, denied 
nunonrs that price mis were 
planned, adding that it and its 
dealers were “ optimistic and 
expect an early spring upturn 
In the market,” 

Chryslcr’s sales fell 13 per 
ccnL in the February 1-10 
period, to 224119 from 26,315 
in the same period a year ago. 
The new Omni and Horizon 
model sales continued to set 
corporate new-model Introduc¬ 
tion records, however. 

Since the beginning of the 
year Chrysler sales were off 
13 per cent, to 94.253 cars 
from 107,907 In the correspond¬ 
ing 2976 period. 

Ford’s sales also tumbled, 
reflecting the severe weather 
this year and last year's record 
for the period, which was the 
end ofa dealer contest. 

THE Securities and Exchange 
Commission is seeking Con¬ 
gressional approval far an IS-' 
month postponement of a law 
which would force the securities 
industry to divide brokerage 
activities from investment 
advisory services. 

The law was due to come into 
effect on May 1. but the SEC 
decided this morning that an 18- 
monlh postponement was neces¬ 
sary because of changes which 
have affected tbe industry since 
the law was passed in 1975., 

In essence the law would 
prohibit securities Brms fmm 
executing orders on an exchange 
for institutional accounts which 

they are paid to manage. ,U was 
designed to prevent institutions: 
from becoming meinbers-fef stock 
exchanges and to prevent the 
managers of - institutional 
accounts from possibly boosting 
their trading .commissions By 
unnecessarily, trading on- behalf 
of those accounts. 

.The SEC adopted a more 
flexible approach in the rules it 
issued last March which were to 
administer tbe law. Among .other 
things, the rules would have, 
allowed securities firms to act 
as broker and investment adviser 
providing that they charged only 
a single annual fee .'for both 
services. In addition, institutional 

Investors would, .-have \ 
allowed lo join 1 stock exchafi 1 
prdviding trading In tfteirni 
accounts was executed, by aif 
members. v.s" 

■A delay in implementing .t 
law will permit tbe SEC to revi 
its requirements in the-light 
probable developments dun 
the' year aimed at creating; 
national market system. -.:.T 
securities ’industry is broa 
opposed to the new law. .'Ahuj 
other things it., could fart| 
reduce Income from instimtigi 
business after the big erositip' 
the. last three years caused 
the ' abolition of fixed _coinri 
sion s. -. -’7v 

U.S. link for Rhone-Poulcnc 



Inc. jitock fell around-84 to 326 
on the New York Stock r ,Ex- 
chaage yesterday on the news 
that it had entered into a co¬ 
operation agreement with Rhone- 
PoulenC S.A., France's biggest 
chemical and textiles, group. 

The agreement will give 
Morton, the diversified drugs, 
household products, chemicals 
and salts company, the option to 
select for development ' and 
marketing in the U.S. all phar¬ 
maceutical compounds ' dis¬ 
covered and developed by Rhone 
and its subsidiaries. 

U.K. purchase 

NEW YORK, Feb. 14. 

CROUSE-HINDS has “agreed 
in principle ” to acquire Cable 
Supports, London, and certain 
affiliates for an unspecified 
casb amount, the company said 


The agreement is subjerf lo 
approval by Crouse-Hinds 
directors and owners of Cable 

Cable Supports manufactures 
products for electrical indus¬ 
try markets in which Crouse- 
Hinds is not presently partici¬ 
pating. it will be operated as 
a subsidiary under present 

Crouse-Hinds now operates 
a plant at Plymouth which bad 
1977 sales of more than SlOm. 

As part of the agreement. 
Morton will sell to Rhone 800,000 
shares of common stock-at $31 
per share for a total of,S24Bm. 

This stock, plus the 600,000 
shares of Morton-Norwich cur¬ 
rently owned hy Bhone, will- 
bring Rhone’s holding to-10.5 

per cent- of ihe 13.4m. shares 

Under the terms, of the agree¬ 
ment. Rhone may acquire addi¬ 
tional shares, .from time to time 
through open 1 market arid priva¬ 
tely negotiated purchases, but it 
has agreed to limit its stake for 
a period of ten years to 20.5 per 

Rhone-Pouleno said that, it ex : 
peels to acquire enough addi¬ 
tional shares to bring its interest 
up to this figure when it con¬ 
siders the price and other con¬ 
ditions to be favourable. 

Under the agreement; Rhone 
WUl have -rights to new Morton 
pharmaceutical products in 
France* and -the two companies 
will .examine the possibilities of 
interchange of products In other 

In addition, Morton will 
explore, avenues of co-operation 
'-in the. speo**iity chemical busi- 

. ,1'if 

ness, one of its most import 
growth areas. ' ./> 

- .Two ...of Rhone's principal & 
cutives will sit on the Moil 

John W, Simmons, chaittqs 
president and chief executive 
Morton, said that tbe SSi&mi 
be' realised as a result of'U 
agreement adds to the cbmpair 
equity base, strengthens 
balance sheet ariS^ places it 
a much stronger position to mii 
sizeable casb acqiusttrons - a 
accelerate. mternaT growth..} 
Rhone currently operates 
th,e U.S. :through its Kbodla. J 
unit. Total U.S. sales of Bill 
Pharmaceuticals, produced'^ 
sold under licence In. the :? 
amount to some 3100m. per M 
Rhooe-Poulenc's sales in-’fl 
.were, over SL8hn„ while Moot 
N orwich had sales of $808 qh 
fiscal 1977. - 

—----•’ r ' J 

Exxon Alaskan oil share risei 

Oscar Mayer 


CHICAGO, Feb. 14. 

OSCAR Mayer expects higher 
fiscal 1978 earnings despite a 
first quarter decline, chairman 
Mr. P. Goff Beach lulil tlie 
annual meeting. 

Earlier to-day the company 
reported earnings for the first 
quarter ended January 28. fell 
to 44 cents a share from 54 
cents a year earlier. For all of 
fiscal 1977. ihe company 
earned 82.43 a share. 

President Jerry jf. Siegel 
said the current price of hugs 
to the company is about 18 per 
cent, higher than a year ago 
hut added that he expects 
.somewhat lower raw material 
prices as hog supplies increase 
in the remaining three quarter* 
or fiscal 1978. 

Fiscal 1978 capital spending 
is budgeted at about S47m. 
against $32m. last year. 

Stockholders approved an in¬ 
crease in authorised common to 
20m. shares from 16m. of which 
about 14J5m. are outstanding. 
The additional shares are 
needed for future acquisitions 
hut there are - no negotlatlous 
under way at present.’’ 


THE CHAIRMAN of Exxon Cor¬ 
poration, Mr. Clifton C. Garvin, 
said that Exxon expects its share 
of Alaskan North Slope Oil to 
average about 180,000 barrels p«r 
day in 1978. 

Mr. Garvin told investment 
analysts here that Exxon's North 
Slope offtake averaged 124,000 
bpd in the 1977 fourth quarter of 
which about 100,000 barrels went 
to Exxon's Benicia refinery in 

He said although Exxon has no 
plans “to move any significant 
volume of Alaskan crude through 
the Panama Canal, we are con¬ 
vinced as (Alaskan 1- production 
increases, a pipeline system will 
he needed to transport Alaskap 
crude past of-the Rockies." 

Exxon plans to drill a second 
well this year ui Point Thomp¬ 

son; Alaska, to evaluate the dis¬ 
covery it has made there! The 
Initial well flowed. 2,300 barrels 
per day. -. • 

..jA further find was made at 
Fiairaan Island, seven miles east 
of .-Point Thompson. But Mr. 
Garvin said because North Slope 
development costs are very 1 high, 
Exxon wriil take a closer look to 
determine whether ' these pros¬ 
pects are conmrerciaL. 

Exploratory drilling in the 
Gulf of Alaska was hot encourag¬ 
ing, while Exxon hopes to start 
production early next year from 
the Hondo field offshore Cali¬ 

Exxon's share of North Sea 
..production is expected to rise to 
uaboul 85.000 barrels a day ;this 
jyear from 40.000 hpd i h 1977.. as 
■production.resumes at the 1 Brent 

. WASHINGTON,^.: l| 

Field sometime during the.sea 
quarter.. —!: \i» 

At the end of -1977. East 
total investment in the Nortiri 
was 8L8bn. ' S 

The two prodhriion pmftu 
installed offshore'-Malays!a 7 -J 
year are expected to start!? 
ducing b$ April .and; bj.^S 
production in the are* 
reach 165,000 bpd. •-* • - 
Mr. Garvin said be Is cb ujqfl 
about the Energy - Depaitai 
audits which claim Exxoc;0j 
charged customers by “sew 
hundreds of., millions of dol ia 
He argued tbat .the eng 
pricing, wa£■ agreed .beret 
Exxon apd - the now^dem 
Federal Energy>_CpmntisSm^ 
the ^icwru.le»;“b«Dg- aPitif^ 
ihe Enet^-}Det&^medt::^® 
Pot be reliWcfitaS :.Reuter-^f 

Anaconda Canada sold for $22m. Slow start fori 

THE ANACONDA company will 
sell all the shares nf its Anaconda 
Canada subsidiary to Auto¬ 
motive Hardware of Toronto for 
S21 5m. 

The purchase by Automotive 
Hardware ts subject to formal 
agreement which is ireelf subject 
to various adjustments and con¬ 
ditions and the exclusion of cer- 
lain Anaconda mining proper 

new york. Feb-is. Sun Life mow 

Anaconda Canada is the larg¬ 
est Canadian manufacturer nf 
copper and copper alloy sheet, 
strip, tube, rod and wire pro¬ 
ducts. Production “acilines are 

located in metropolitan Toronto, 
it has been on offer for-sale for 
more than a.year 

Mr. Irwin .Goldhart. president 
of Automotive Hardware, a 
public!y-owned -Ganadinn -.Cor 
poration stated that the aeree-! 
ment will be particularly eondf-. 
tional on The negotiation of a 
satisfactory new lahoiiri.conrraet 
with Umted Auto -Workers Local 
339 in Toronto,' He also said his 
company intendsYo coritrnue-the. 
i”fistine Brass. Mtn- operations tn 
Toronto. : . . .. 

Anaconda is a wholtv owned 
subsidiary of Atlantic. Richfield- 

Reuter- •' -. • ' . ' . 

v -: ■ , MONTREAL, K*. * 
StlN LIFE AssuranCe of Cap? 
president, Mr. Thomas 
the company's proposed;!^ 
XOFpnto from Montreal wig 
jnvtilve iai^e numbers oiy& 
Ior*aHeast two years. . ■ -A 
. Hr- Gait fold the anauai a 
Inq that no decisions 
made bn whut, percentage 
n%‘s ' 4*00 head: d 

pfoyees will be moved. --Vi 
.. The company has schea**^ 

April 25 meeting In'Toroom 

a How 'policy boldere to: 
proxy vote ooL'thejirttPQsettH 
Re titer ' . 'V- ‘ -••■•J 



AEP unit sues Fourth Quarter 


First Quarter 


Bevenup . 30" 2i». 298.1m.! 

“ : r |: Foii«h Quarter •>. V*p ■ y £ 

tm - .i 5 ; r - ■' 


ROANOKE. Feb. 14. 

subsidiary of American Elec¬ 
tric Power (AEP). lias filed 
suit in U.S- Court of Claims 
against the U.S. Government 
due to the 1976 nullification of 
it.s Federal licence Tor its pro¬ 
posed Blue Ridge Project. 

The project would have been 
a 1.8m. kilowatt combination 
pumped-s forage and hydro¬ 
electric development on the 
New River iu Vlrslnla. 

The suit alleges the act 
designating portions of the 
river in North Carolina as part 
or the National Wild and Scenic 
River System in 1976 took from 
it the right to develop “one of 
the best remaining dam sties 
in rhe eastern U.S.'* in violation 
of the Fifth Amendment. 

Not profits ; ... 
Not per share 


Ttovenu** ... . 
Net profits : .. 
Net per -iharc 

1 2bn. 

1 ihn. i 
40.3m ; 

Revenue 667Jftq. S3Q 7 ol ffjet profits..d:4nL ,® 

Net profits. : :3S-BnL - 3018m'. i Net per share--•-■ « L5Q .:.d 

Not per shares ;CK99.-;.. _fl,79[ .Year •1•'- l -Vf- 

« f fnonRicH . 77 ~ ‘Net.profits , 20#n- - M 

B. ,F. GOODRMTH - - Net ner store.?: *£ 


Fwrti Quarter 


Revenue -.-.,....- ' 540.8ra:%51 oim ; [ Fam^Owirtfl^.,; /, 

Year 1177 lot ! 

S 6 j 

Revenue . 7S7.4ra. 743.2m.; 

Net profits- 25.9m. 23.0m.) 

Net per share...., "J-40 2.13J 


Ner profits .. 5.Bm..:.22.Sm.r B r.: . -^osjaai. 

Napershare-... M7.,. s . LS3 J 

Revenue......... 2i2hn. - 2 

Net proBts ...... 60Jm.-: 1 - 

Goodyear tire: 

Fourth Qaartor 

Revenue . 

Net profits. 

Net per share— 

Revenue . 

Net profits . 

Net per share— 







5 . k 

7 6 An. 


j. Nef-per ^ 

^ • / \ SQUIBB GOBS*. *; A 

V»Ti_ i. ; .WTO . '^Mrtb Quarter. 1 ‘ ' . 7 

■ .it. .---ui*-. •S'. 

.-Revenue 17bi».- - -Lfibn. Revenue V-.l---'-- 362^0- 

33S.6m. 25Hi5rn.' 
34.7m. * 2 . 210 .: 


» UoreportMi. 

•.U../.I •» • - 

z ‘-.:?;•:• _;.; 

financial and company news 

• sr- 


Tindemans plan for 
Fairey subsidiary 

r nine. ILK 



on. th? shares oF niri& 
om pa hies, three each. 
■. iin. Holland,, and the 
be ; dealt in. when tbe 
?rd am-based European 
Exchange — the first 
. venture in traded 
Jns-^opens on Aprif4. 
Irish- companies are' 
’Chemical -Industries, 
'etroleunt -and- 'one 
to" be" settled:-- The 
:ei'di : are Unilever NV. 
itch- Petroleum .---and 
Jip; and the U.S. ones 
Genetal Motors, and 

ief list reflects the 
the Dutch to lauatt) 
arket — modelled on 
liictive Chicago Board 
!?$xchange — cautiously, 
eras likely that the 
‘f stocks ia - which 
c dealt in.srfirittfc 
er a month or two. 


D has been estimated that-the The three top men in the 
figure coord grow-te 70€0 after- Options Clearing Corporation of 
a year if all goes-well; Contrary lhe ,, _ ^ ! 

to itfitial expectations.-' no ,. W . c ears 10,1 ; 

optiBns in.’ German shares will “^ Jnlse ® options business on the 
be. traded at the outset. - Chicago exchange and four other, 
.• In -.a: traded options market, ^-S. options markets—have been; 
investors can -' not only- boy m London for the past two days 
options - to purchase- shares talking to the Stock Exchange 
within a specified future period and others, 
at set prices, but can trade in One topic they are likely to 
the-options themselves, a'.-’ discuss is the possibility of stn j 
Three, foreign members, "one arrangement between the U.S. 
British, one American and one corporation -and the European 
French', are expected ' lo ■ be exchange's European Options 
appointed very shortly to the Clearing Corporation to enable 
Council ' of the - European options in ' C.S. .shares to be 

Exchange. ' cleared as though through a 

Britain's Stock Exchange is single market, 
actively preparing its-own pro- Last year's action by the U.S. 
ject Tor trading in-share options regulatory authority., the Securi- 
—» scheme many hope wiji be ties and Exchange Commission, 
launched little.- if any, later than lo halt the development of U.S. 
the Dutch venture. But plans share-option trading .while ii con- 
for the Britishv'scheme "arp not ducted various investigations may! 
as complete as those -£of..'the inhibit immediate developments 
Dutch project. on this front. 

W-Fokker sees small profit 

"* r> 



HSR, ' the troubled 
iajj-- -aircraft maker, 
Jiiake a small profit 
■ iw that production-of 
14 short-haul jet has 
1. But shareholders 
•ly.have to wait for 
. payment' until the 
overhment , loan -of. 
ias been repaid and 
Ora. -write-down _jqf. 
•—been made good. 

? c-maker has not -yet 
1977 loss, but this is 
|:V be higher than the 
viAnU. iir 1976. JUfe; 
ist made a profit of 

ker ceased production 
■V-614 at its Bremen 
December, because' of. 

the plane's poor sales perform¬ 
ance. Only 16 have beetrJsold 
since production began- m^T974. 
compared, with a breik-even 
volume of 250. .. .. 

In spite of the 
foruance of the post few.years, 
prospects Tor VFW-Fokfeef.; are 
good, the Board fold an extra- 
.ordinary shareholders meeting in 
Amsterdam. The F-16 fighter 
programme wjll provideimany 
years’ work, and there are signs 
that the Airbus.project is making 
a break-through in the U.S; ' 

Mr. Gerrit Klapwijk, the.'com¬ 
pany's executive chairman^ said 
that there are no plans to^split 
tbe Dutch and German halves of 
the company. However. :-~ the 
Board is in favour of talks aimed 
at co-operation with the German 

AMSTERDAM. Feb. 14. 

aerospace company. Messer- 
schm i tt-Boel kow-Blohra. 

Amro profits up 15% 

AMSTERDAM - Rotterdam Bank 
(Amro; Holland’s third largest 
banking group, has announced a 
rise of 15;3 per cent, in net 
profits i Q 1977 to Fls.212.5m. 

This compares with lhe 14.2 
per cent, rise to FLs.184.2m. in 

Amro proposes' increasing its 
final dividend to Fls.2.50 per 
Fls.20 nominal share from 
Fte.2.30 last time. This brings 
the total 1977 dividend to 
FIs.4.70, compared wth FIs,4.50. 


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BELGIAN Prime Minister Leo 
Tindemans last night proposed 

- lhe setting up or a new com* 
, pany lo lake over the major 

part of Falrey’s bankrupt Bel- 

- Rian subsidiary, Fairey S„\., 
in which l hi- State would take 
45, per cent of the equity and 
four private Belgian companies 
the majority. 

Total capitalisation of the 
new company, yet to be named, 
would be B.Frs.ZOOm. ($3m.t 
with the State advancing 
another B.Frs.542m. In short 
and long term loans lo get the 
new company off the ground 
and secure its future. 

But Mr. Tindemans' propo¬ 
sal. which lia* yet to he 
accepted hv lhe Belgian rourt 
liquidators, is only for the mili¬ 
tary division of the Fairey 
plant in southern Belgium, lu 
main activity is subcontracting 
and assembly work on the big 
. F-16 aircraft contrarl. which 
Belgium and three other Euro¬ 
pean countries have signed 
with General Dynamics of Lhe 

It does not cover (he assets 
of the civil aviation division, 
which until last summer, was 
making Islander and Tris- 
lander aircraft in conjuneliun 
with the now defunct Fairey 
group’s Isle ' of Wight sub¬ 
sidiary, Britten Norman. It 
was the financial problems or 
this division that caused the 
U.K. Fairey group to call in 
a British receiver Iasi autumn. 
Subsequently, most of its non- 
aviation assets were sold off to 
lhe U.K. National Enterprise 

The future of lhe civil divi¬ 
sion. which employs 600 ul lhe 
tola] 1.600 Fairey S.A. work¬ 
force. is still under discussion 
hetweeu the Belgian couri at 
present caul rolling the manage¬ 
ment of Ibc Belgian company, 
and lhe receiver for Fairey in 
the U.K., Sir Charles Hardir. 
The Government-owned Short 
Brothers of Belfast originally 
offered some £15m. for both the 
Belgian and Isle of Wight ends 
of tbe Islander-Trislander pro¬ 
duction line, and there are 

BRUSSELS. Feb. 14. 

understood-to hate been other 
offers. Bui none has vet been 
accepted by the British 
receiver. ' 

The shareholders in the pro¬ 
posed new Belgian company— 
lhe Belgian Government, plus 
Fabrtque Nalionale, Sabca, 

SAIT and Carl on nes—-are itoi 
keen to continue making civil 
aircraft, unless new v»urk can 
he found to replace the 
Islander-Trislander line. A 
Belgian minister is tu visit 
various American companies, 
including Grumman Corpora¬ 
tion, later tbis month to try to 
get additional equity participa¬ 
tion in the new company and 
some more work for the 
Belgian plant. 

Fairey Company >ources. 
however, le-rtay warned that 
prospects did not l«mk good for 
the civil ditfsion. and workers 
might soon have m be laid off. 
Prime Minister linrti-mans al*«i 
made It clear Iasi niglu that his 
Government had only inter¬ 
vened lo ,h, ‘ F-16 fighter 
aircraft project. lie said thai 
once lhe F-16 is finished 
(which will not he mi lit lilRT). 
"we will take another look.** 

The overriding concern of 
the Government here has been 
to assuage lhe growing Tears 
or the main coulranor for the 
F-fff. General Dynamics, that 
Fairey SUL might default on 
the large amount of F-16 work 
il has been given. The value of 
the F-16 contraci lo Fairey has 
been put at Siniiui.. at 1975 

The Government is now 
holding out the possibility of 
giving the new company more 
defence' work, in addition in 
the F-16. hut Faiicy official.-, 
complained that the private 
shareholders would bring noth¬ 
ing 10 the new rum pany. 
Fanrique Nalionale, which only 
makes aero engines, and 
SABCA, partly owned by 
Dassault, do not apparent!, 
plan to shift any production, 
while SAIT is an electronics 
firm and Carton ex a cardboard 


w progress 

ailing synthetic fibre manufac¬ 
turers has accelerated recently 
- alter a long standstill. Asahi 
Chemical Industry. Japan's top 
synthetic staple fibre maker, and 
Kane ho. a leading spinner, have 
agreed in set up a joint .sales 
company for acrylic staple fihre. 
Almost simultaneously Teijin, 
the largest polyester maker, and 
Unitika. tbe se< - und largest nylon 
| producer, have announced that 
: both companies will shortly hold 
talks nn sotting up a joint sales 
| company fur polyester and nylon. 

A similar joint venture was 
inaugurated last November by 
MiiMibishi Rayon, and Toy oho. 
Tbe remaining - two companies 
nut of the eighl majors, namely 
• Toray. a lop manufacturer of 
.synthetic fibres. 3nd Kura ray. 
:are expected io announce a 
i similar l:e-up. 

I The Japanese synthetic fibre 
; industry has been hit by a 
serious structural recession 
i caused by dull domestic demand 
land ihfe incursion by South 
J Korea. Taiwan, and other 
| developing nations whose nrodue- 
j lion roris are around .10 per 
Irene. Ies< ihan those of Japan. 
|.Japanese makers are also 
: burdened by naphtha prices. 

; which have heen set-politically 
jhigh. partly in order io allow 
! the price of kerosene to remain 
j cheap- The price of naphtha in 
!.1apan is about 20 per cent, 
higher than in other textile- 
I producing nations. 

According io Ministry oT Inter- 
. national Trade and Industry 
: i.MITli. Japanese synihelii fibre 
i production capacity is about 
SO per cent, in excess of presenr 
real demand This has resulted 
: in excess competition among 

In the face of to-day's unprece- 
dented recession, the chairman 
of Japan Chemical Fiber Associa¬ 
tion (.TCFA). Mr. Kasayaki 


Miyazaki (who is also president 
Of As&Jii Chemical i made- e pro-, 
posal for regrouping of the syn¬ 
thetic fibre industry based on the 
principle, of .*• survival through, 
co-operation rather than invitinjj 
extinction through heavy com¬ 
petition.” His proposal for 
regrouping caused a stir among, 
synthetic fibre makers who were 
already keenly aware of Japanese- 
industry's lag in structural im¬ 

* Since then there has been 
much talk of business co-opera¬ 
tion between Asahi and Kanebo. 
Teijin and Unitika, etc.'. How- 

stabilise the polyester market, 
but encouraged a flood of Korean 
and Taiwan polyester imports. 

Japan's'synthetic fibre exports 
last year were still runniny Slhn. 
ahead of Japan's imports. This 
situation could change rapidly, 
however, with the recent rapid 
increase of polyester imports 
from Taiwan and Korea. Things 
are already bad enough for lhe 
.TCFA to be contemplating an 
application for the imposition of 
dumping charges against Korean 
and Taiwanese imparts. 

Worse still, the recent rapid 
rise in tbe value-of tbe yen has 

Apart from dull, domestic demand. Japan's synthetic fibre 
industry has heen hit by incursions from South Korea. Taiwan 
and other developing nations, where production costs are around 
30 per cent. lower than, in Japan. Measures to counteract 
this are now accelerating, with leading Japanese manufacturers 
planning major regroupings. 

ever, lhe only project which has 
actually gone ahead is the 
MiAsubisbi-Toyobo's. joint sates 
i-cmpany-. Moves towards inie- 
graiion have been handicapped 
by ihp corporate pride of the 
fibre makers based on iheir cun- 
Tit-iousness of the gkirrnus past 
as, a member of what was. once 
one of Japan'.- leading industries. 

In order ro pull the synthetic 
fibre industry out its prolonged 
recession. MITI introduced a pro¬ 
duction guideline for each com¬ 
pany starling the fourth quarter 
of the las* year. Tb/s- has heen 
extended m the «-nd of Maivh 
because fo far there has been 
nr, significant impi-nvemeni in 
•he industry MITI at lhe same' 
time instructed 15 major syn¬ 
thetic fibre ■producer 1 ' to. subnut 
hv- the end or March, plans to 
scrap 20 per cent, of total 
capacity of three major fibres: 
polyester, acrylic and nylon. 
MITf'S production curtailment 
since last October had helped to 

undermined lhe profitability of 
synthetic.. fibre sales, which 
account for about 50 per cent. 
Most makers have been operating 
deficits in exjiorta sim c .iround 
last September. The yen appre¬ 
ciation. in rad. has fnix-ed the 
industry to decide in favour of 

According to MITI. co-optralion 
in lhe establishment of joint 
sales companies can do no more 
than diminish excess competition 
in the industry—it will not soh - e 
its basic problems. The basic 
need is to restore intern.-/non a I 
competitiveness which MITI 
plans to-achieve by reforming 
lhe industry into ihree integrated 

As Tor the scrapping of excess 
capacity. MITI plans to help the 
industry to form a company 
which will buy up excess equip¬ 
ment from individual makers. 
Tbe scrapping of excess capacity 
in the industry ig estimated to 
cost around Y'JflOhn. vSS20 5m.i. 

Decline at Greatermans 



' 944- 


• «;■ 

• 97* 

' Wf 



CfennatUds 9*pc-1089 >-*■— 


Eifl' loss •'.. 

E1B 9ipc 1092. ... 

Finance fDr*nut..filPc M97.- 

Fi«jna. iOipe .1987-.. 

tXA. Upc 1988. . 

Raunttm-19*pc 1098 . 

Scars lOipt IMS .. 

Ttnai on si«r issr 


An-ena 6tvc 1985 .._v« c : 

6KCB Jpi 19S7 - 
Denmark Kipc 1939 

ETB «PC 19S4 . 

Grand Mci. 7pc .1084 .-. .... 
Hydro-Qui-bcr St pc 19S7 ... 
ICi SJpc V0«7 ■' 

Momrcal 7py 1987 . 

Noraca Gas. 7pc 1999 . 

Norse Urdro Bpc 1989 ... 

N'orvar 3?PC 1982 .. 

Stwll B!pC '1990 ' -- 

Spain- SJpc, *934 ... 

Sweden .. 

World 'Banlr^Rpy t*f7- 

Bant: pi TbkpJ 1984 7Ewpc- 

BFCE 19S4 Tpc -- 

BMP W33 Toe- . 

CCF KWJ 9|K' - 

CGMF 1984 Tine . 

CrcditansiaJi 1084 Tfpc ..." 
Crrdir Lyoranis 10»? 8pc . 
nn Bank J9SS 7L5u,TK .. 

r,7 .B 1031 7‘pc ..- 

InU. V/rtmrw. "gi 718UPC 

. . L 


9R •- 






















. m 


* 6« ' 

- m. 




' J»'73 
: ins 
- 1 W -. 























American Express 44 pc- *87 
AiSland Spc IKK 
Babcock L Wilcox si pc ‘07 
Beatrice Foods 4ipc 1092 
; 8riw« Foods «pe 1099 

-B&ttani *lpc. 1003 . 

BoiHeu Sjk: 1903 .. 

-Btindwx*. Bale-41 (K' 1987 

! t3B?naain‘'4pc 108".— ■ 

- Ctffvfon Spc 1088 . . 

K ri 4JPC W7 .. 

stmon Kodak.44 pc I0S8 
Economic Labs. 4;pc 1997- 
, Firestone 5pc IMS . v .. 

Ford Spe 1998 . 

General Elecinc 43 pc 1937 

Glllsiie Otoe 1937 . 

Gontri ape 1BS7 ... 

Gulf and VVewern 5pc iww 

Hams 5jw 1992 . 

.BoncyweU.Gpr .19S0 _1 

1C-1 Oipc 1992 .. 

INA Spc 1997 . 

ItH-beape Sjpc 1992 . 

ITT 4Ipo 1987 ... 

.lnsco fipc 1S*S i. 

Komatsu 72pr 19M 
■ J. Ray. McUenaoti 4UK- -87 
Maicncliiia -OiDC'1900 ... 

M|l«ni 7*pr 1990... 

3.-P UoreaB 4!oc 1987 ... 

. Nabisco Spc .IMS . ... 
n»-roa mroors 4tpv 19*7 .. 
J. .c. P«inex .4Spi--lM7 

Revlon 4*pc- 1987 -. 

Rt-TnoldB.Metal*. 5pc IMS 

Sandvtk 64pc 1988 . 

Sperry Rwtd 41 PC 19*7 . 

Squibb -Upc 4937 . 

Tfflwco’■Opr. 1998: . 

Toshiba ?lpc 1902 ...' ... 
Union Carb.Mje 43pc IM" .. 
Warner tanA*rt 4*pc 1K7 
Warner Lamherr 4ipc 1988 
Xerox. 3pc 19SS .... 
Sonrce: Kidder. Peahodr 






76. . 

. M* 












120 ; 








ffc s . 


















. 1853 




IDO* . 102* 

IM* 2»» 
73*' • 77V 

101 * 




77> . 79* 

Sc co rifles 


THE RETAILING group Greater- 
mans Stores, which has about 
240 outlets in South Africa 
covering a wide spectrum of 
trading, has reported a further 
sharp fall in profitability for the 
2fi weeks to end-Decemher and 
has cut its interim dividend from 
11.5 cents to 5 cents. The shares 
feil 50 cents in - 'Johannesburg 
to-day to ISO cents, and seem 
likely to remain an unsettled 
market until signs of improve¬ 
ment materialise. 

Trading profit fell from R2.4in. 
to Rl.5m. but .higher associates' 
profits confined lhe fall at the 

f ire-tax JoveJ to R0.2m., from 
I2.7ra. to R2,5ni. The tax charge, 
however, remains at a high level 
because losses in the depart¬ 
ment and discount stores cannot 
be offset against profits else¬ 
where in' the group. Tax has 
therefore absorbed 5S per cent, 
of pre-tax profits against 65 per 
cent, in the past full year. 

Earnings per share in the 
latest half-yearly period were 
down from 16 cents to 9 cents, 
and compare with 23 cents for 

Johannesburg. Feb. 14 . 

the last full year to June 30 
For ihat year, however. 36 cent 
was paid in total dividends: and 
the implication uf Hie reduced 
interim seems t«> l*e that the 
group wilt nni pay any dividends 
out of reserves in the current 
year, at least unles.- there is an 
improvement in trading in sight 

With net worth «»f 790 cents 
in the tgst balance *hecl. the 
group- a classic a-iset 
situation,- but- control is firmly- 
held by lhe Berber family. The 
chairman. Mr. Nuvtuan Herber. 
denied rumours to-day that con 
trur of the group was for sate 
but indicated that with reduced 
losses in the department stores 
ind at the Rave discount chain 
it was hoped to achieve 
gradual improvement in profit 

But retail k;,]cs remained at 
low ebb, and throughout the 
sector trading conditions are 
difficult.. Results for the second 
half arc forecast to depend on 
the winter season, with big 
potential replacement demand i 
the climate is cold. 

Faber Merlin ahead at halfway 

HIGHER half-year . results are 
announced by Faber Merlin 
Malaysia Bhd.- - the -hotel and 
property group whose shares 
were granted a requotation last 
month by the stock exchanges 
of Singapore and Kuala 
Lumpur, reports Reuter. 

Group pre-tax profit amounted 
In ringgits 'J.34m. ($9S9.000i for 
the six months -ended December 
31. against ringgits 2.28m. for 
the corresponding period of 1 &7G 
Turnover was ringgit* 26 7 m 
<811.2m ». against ringgits 24.05m 

• Ofnce :KO. Box 2 /lF. 4-7 Woca^luci: Zl. Iccaca. IVM i'Sif, 

Hu- Tel: 01 -q'ZS I£0o 


1977-a year 


' Highlights from the Chairman’s stat0ruent 

• by Mr. E r L Japhet at the Bank’s 
• Annual General Meeting 

The-Bank’s busirie.TS continued to expand as did the. diversifica- 
m of-its serviced Profits were slightly-lower thanTnihe .previous 
•rtrdue in fhemairi {o.thesubstciiitiafly lo wer interest rates prevdii- 
O in the second half of lhe year. Your directors proposed deciafe 
final dividend-'pf-4:684p per^:hare, making a totat'cM.364p per 
are. maimainiiig a gross dividend of 11.157 per cent,-as in-1976. 

■ The Bank succeeded in increasing significanilyifie toiai of its 
^posits from the public, has seen a substantial increase in the number 
new accounts and the continued broadening of. the sources of its 
jposits and of-other'business. Demand for Bank credit remained 
iggish. • ... . . . 

We have continued the expansioirof our servicesi'^arly in 1977 
? introduced ‘Sunday Bankm'g’et ourNc-iih West London Branch, service found an immediate welcome. During th.&-'second half 
the year we have further developed our securities portfolio 
inagement and consultancy services. 

At the end of the.year Leurrii International B.V, fa v/holly-owned 
bsidiary of Bant Leumile-Israei B.M.) granted us si medium-term 
bordinated losri ‘of £2 million. These additienai funds will enable 
• to further expand the Bank's business. - - - -...: . . 




tank leumi iffii 'din 5 bn 

’ 1 r.j'- -v.-is-*-! 

LE-»SRRELE.m. -DUa 5NlUJ*b 






■ f Incorporated iff th« Republic of South Africa j 
DECEMBER 31, (977 

The following are the audited consrilidnied results nf the 
group for the year ended December 31. 1977, together with 
comparative figures for 1976:— 

Net income before taxation... 

Lees: normal and deferred taxation . 

Net income after taxation . 2 446 

Less: minority shareholders’ • interests . 1944) 

Net income available for distribution. 3 390 

Less: preference dividend . 

Net income attributable to ordinary share¬ 
holders . 3 336 

Ordinary dividends declared: 

No. 61 of 9 cents a share declared August 3 

1977 ..*.. 

No. 62 of 21 cents a share declared February 
14, 197S ... 1 050 

Earnings per share—cents . ®6-" 

Dividends per share—cents. 

_ Dividend No. 62 of 21 cents per share (1976: 20 cents) 
being the final dividend for the jear ended December 31, 
1977. has been declared payable to members registered in 
lhe books of the company al.lho close of business on February 
24. 1978. This dividend, together with ihc mierim dividend 
of 9 cents per share, declared on August 3. 1977. makes a 
total of 30 cents per share (1976: 30 cents*. 

The transfer registers and registers of members will be 
Closed from February 25, 1978, to March 10. 1978, both days 
inclusive, and warrants wilt -be posted front the Johannesburg 
and the United Kingdom offices of the. transfer secretaries 
on or about March 23, 1978. Registered shareholders paid 
from the United Kingdom will receive the United Kingdom 
currency equivalent nn March 14. 1978. uf the rand value 
of their dividends, less appropriate taxes. Any such share¬ 
holders may, however, elect to be paid in South African 
currency, provided that the request is received at the offices 
of the company's transfer secretaries in Johannesburg or in 
the United Kingdom on or before February 24. 197S. The 
effective rate of non-resident shareholders’ tax is 15 per cent. 

The dividend is payable -subject to conditions which can 
be inspected at tbe Head and London offices of the company 
and also at the offices of the company's transfer secretaries 
in Johannesburg and the United Kingdom. 

By Order of the Board 



5 375 

2 929 

5 562 
1 S67 

2 446 

3 6S5 

3 390 


3 314 

3 335 

3 259 




3 000 







February 14, 197S. 

UJL Transfer Secretaries: 
Charter Consolidated Limited, 
P.U. Box 102. 

Charter House, Park Street, 
.Ashford, Kent TN24 SEQ. 

F, KEMP, Secretary 
Registered Office: 
Barrage Road, 
(P.0. Box U7J, 
Vereeniging 1930. 

Extract from Accounts at 31sl December, 1977 





Issued Capital 



Retained Profits 



Subordinated Loans 









Total Assets 



Profits before Taxation 



after Taxation 



Japan International Bank Limited 


Fuji Bank' . “Daiwa Securities 

Mitsubishi Bank Nikko Securities 
Sumitomo Bank Yamaichi Securities 
Tokai Bank 

7/S King Street, London EC2V 8DX 

This Advertisement is issued by CHve Investments Limited (licensed dealer m securities) 
in connection with the publication by Clive Gilt Fund.(ChannelIslands l Limited ("the 
Fund") of a prospectus complying with the Companies Acts 1948 to 1976. 


{Incorporated with limited liability in Jersey. Channel Islands 
on 2nd February. 1978) 

Issue of up to 

OF Ip EACH ON 10th MARCH, 1378 AT 

(exclusive of the Managers' initial charge} 

Applications for participating redeemable preference shares in the capital of the 
Fund may be accepted, only on the basis of completed applications in the form set 
out in tbe prospectus issued byjhe Fund and dated 7th February. 1978. Copies of 
the prospectus may be obtained during usual business.hours (Saturdays exceptedj 
up to and including 9th March, 1978 from 

The Secretary, 

CHve investments Limited, 
1 Royal Exchange Avenue, 
London, EC3V 3LU. 
Telephone: 01-283 1101 

The Secretary, 

Clive Investments (Jersey) Limited, 
P.O. Box 320, 2-6 Church Street, 

St. Holier, Jersey, Channel Islands. 
Telephone: 0534-37361 


•‘*-•-1 . f , 


,.Financial Times Wea*33S(xay:_ rl 



9 on dollar and economic fears 


NEW YORK. Feb. 14. 

CONFRONTED BY forecasts of an 
economic *lump later this year, 
rhe renew ed weakness of the 
dollar, and the impact oT rhe U.S. 
coal strike on the economy. Wall 
Street moved sharplv lower in riay 
in active t ratlins. 

The Dow -tones Industrial 
Average fell !l—7 more io 765.16 
anti the NYSE .Ail Common Index 
retreated 4" cents further to 
S4P.47. while losses outseored uains 
by HTiH to 3S7. Turnover amounted 
to 211.47m shares, up 3.titizn. from 
rhe total for yesterday when trade 
was limited by the Lincoln s birth¬ 
day Bank holiday. 

Chrysler and Knrri Mated that 
the coal strike could completely 
halt (heir production, while 
General Motors said continuation 
oT the -strike and resulting coal 
shortages at electric utililies could 
fnrcc some production cutback*. 

Be lie r-thsn-expected U.S. weekly 
retail'sales, reported M-day by 
the Commerce Department, failed 
to hah the stock market slide 

.Morton-Norwicf) Fell sharply by 
4; to $26 after trading resumed— 
ir has signed an agree mem with 
Khonc-Poulenc, of France, under 
v.hit'll It will sell KtHi.UOd shares of 
its Common stock :tj $:;i each fur 
a total t»r $£4.Ma. This « ill raise 
the French concern's holdings in 
Morton-Norw ich to 10.5 per edit. 

Motor issues were hit by 3 
-lump in early February car sale.-. 
(.Vneral Motors, with sales down 
nearly IS per cent., declined i to 
$.»S:. while Ford Motor were down 
; at $42 on a 21 per coni, sales 

Index was 0.74 weaker at I23.B7 
following another moderate busi¬ 
ness. Volume 2.46m. shares 


i Jur.-n 

: ra J-. -1 

Wo-.-arl fo'm.'.iii .' Mti 

krms.ri-n:: CnrV i:; “m 

Mil ..(li.P'M 


trdt r-Dam .-l Jlt.1L .'M-'■» 
Wurnj-rt t-'. - , ."i 

Pis'll fc''ini-Hi r; :T ; i''" 

F.ik J.i-<-.n:n< in*' 1*1 

vr <•« -'.ii.riif 

I S M-'r i :.t'lll 

i. «<iaj 



Canada lower 


The dollar fell sharply tn Europe 
following failure r»r Treasury Sec¬ 
retary Elumenthal !o convince 
West Germany to step up econo¬ 
mic growth. 

stocks on Canadian Markets. 
were also predominantly lower 
yesie-nJay after moderate activity. 
The Toronto Composite Index de- 
rlinvd ".1 more to t.ft 10.3. while 
(.ill* and Gas receded 14.6 to 
1.324.1. Metals and Minerals 3.4 
10 Si 2.2. and UfJI/ties 0.4ft m 
160 41. t.inIds. -tr'eng of late on 
rising Bullion prices, reacted U.n 
t o t -164.3. hul Binks i mproved 
afr-.ih by 2.02 In 244 16. 

WesDnghou-e Canada pained ! 
at S24 on an increased dtvtdend 
and hiaher earnings. Vn Ford 
Canada fell -3! to 573 after report¬ 
ing sharply lower plolils. 

PARIS—Prices showed a bta*. to 
higher levels in thin trading. 

Foods. Construe! ions : .id Elec¬ 
tricals firmed, while Banks. Finan¬ 
cial Institutions. Metals find nils 
were steady 

Motors. Engineerings and Rub¬ 
bers were mixed. 

Carrcluur recovered 14 to 
Krs.l.-lS. while Pcrnod-RIcard 
gamed at Fr-\WM.l and B5X 
(iernJb Danone B.-'i to Fri.3S9.3. 

BRUSSELS—Local 1-sue.s l-oii- 
tinued to move irregularly. 

Union Minicrc advanced is io 
B.F rs.728. Vieillc Muntagne 24 U» 
BFrs. 1.3-30. and Arhed 50 to 
B.f’is.2,lS5. but declines of 30 
were iecn in Electrobcl. 
B.Frs.ti.120. and Pctrotina. 
B.Frs 4.045. 

.AMSTERDAM — Losses were 
again in the majority. 

Unilever receded FIs. 1.30 and 
Royal Rutch Fls.O.RO among Dutch 

Elsewhere. HVA shed Fls.l.Sn. 
but Elsevier added FIs.6 and 
i’akhned FIs.O.SO. 

GERM ANY—Shares lo.-t ground 
across a broad front, with un¬ 
certainty on the Foreign Exchange 
maria-is keeping trading thin. 

Daimler and Volkswagen 
declined' DM3 apiece in Motors 
Dcniag and MAN each receded 
DM4. while CulchofTnungshucttc 

'fell D316210 and Deutsche Rank 

Pubhc Authority Bonds were 
mixed, with gains ranging" up to’ 
30 preunii!!s and losses extending 
to 15 pfennigs. The Regulating 
Authorities sold DM4.5m nominal 
of paper iDM-' Mark Foreign 
Loans were steady. 


mained active, although price- 
showed no set trend after recent 

Among 'mixed Banks. Credit 
Suisse rose 40 to Sw.Frs.2.400. 
while Hypi> Winterthur were also 
actively higher, but Insurances 
generally eased. Schindler moved 
ahead 13 to Sw.Frs.343 in Finan¬ 

Domestic.- and Foreign Bonds 
improved afresh in moderaleij 
active dealings. 

SPAIN—Stock.? generally slipped 
further. leaving the General^Index 
0.70 weaker at a new 197S low 
of p:> 2 h). Utilities continued to give 
ground after recent buying, with 
liquidations believed iu be con¬ 
nected with tax reluin< season. 
Elsewhere, Astillero- was a firm 
exception. i*ecovvong II points 
more to 251. 

MILAN—Following recent good 
»how ing. stock-: reacted in a 
moderate business 

Montedison non-tjentina shares, 
however, jumped 11 to LUi2 on 
technical buying factors ahead of 
the unification of the two 
Montedison shore quotes? at the 
end of this week, but Montedison 



Rises and Falls 

. I'd-, li Eri% 1 i tVl.. 10 




r<-t>. >•-*..• »i.. - • • 

13 tvi :» 111 * 1 ' 


'.'l.MplUI II 

43.47 49.30 SO 01 SO. 11 57.07 
■4 1 ii. 

■Ji't 7? 













Hi "b 

U‘»- fliyh 


1 (l-mil 1 l»i 


i« t.fti 


77 ;.SI 




753.34 1031.70 


•3 l 77. 

itf.l'K'iIl. I'lOi 

.1 7.-2- 

B'meB n.,. 




69 66 





■ 7 ■*! 

l '7c 

t l*Lr.-l».-11. 



1 12.65 





lBa.SU 279.86 


•Txi-lv> M'-rcOi 

-? 7 3.1 

1 1,1,11*. - 






1 IS.67 

104.35 163.52 



■ D *7<‘i.\}« 68,. 

2:,< at. 

( H-lillJ ... 

o: r.- 

' co. -1 ro 






Iv-in-. im.l>-l. 1.850 1 826 1.823 

l:i-.- 587 358 649 

fail- . 999 796 724 

I m Iwnscl. 444 472 450 

\*» High'. 9 24 31 

S*-w l«ir-. 66 33 36 












!„>)•■-in* l 
I ..inM iiisI 

164.81 165.73 156.55 166.60 186.47 ‘17..?- 
173.48 174.04 173.34 173.76 187.95 -It* I *77 

156.02 lij. lvn 
165.60 .2S/Ii7. 

TORONTO '.win ii- ilc IQIO.5 1015.6 1014.6 1012.5 10G7.4 il3-i 

S6I.D .36. U>. 


I n.ln'Ii ihI« 



2 10.5 

SUJ 205J 218-7 
210.6 2U.2 214.4 i«.fl.-7:--. 

139 .J -24 j. 
163.1 -22-4. 

' -.1 iMe- • tuiutJ fi.-m August it. 

In i. -in . I i+.-i — 

TV., ti? 

W-. ; 

•Mii. 2? Veax-i^o mptum.' 






Beltn UTn 


Frli. !',*•- 

P-v. • lifti-i- Im-iS I* ■■'•■’** 

141. if 14, ...S 
Hiab l+,» 


Hia'i U<-i ——■ —- - -— 

_Suaio '«• A5.20 ei 

1-m.X S: .60 


xi'XkV ?!;.-• 

SO li .4 Si- 

.• 1 (r..l>-.7! Sweden •• .■':4.4.-* 

4li.rc ijc-tir 


:ii.;i :t$\- -L.-: 

■ ■ * .« 11; 

1 1,/ f -1 j' Swjlerl n. .*Ja.i 

yZ'.l :.*.i— 


•I4.ft.-X l++-•>' 

14 ■ - 

In i. -in. ri*ln 



In i. H.k. K»Mi. 




L ‘Oa I.nut. t*.'i[il Vlplil 




_ . . . . v. . a. MJ'ri. .. mi ■ •••»' 

.. y.r-M v , ..-V B<|ak ; hi . |..\IiLp ; I 7.: --n Totvc 

. 'y! 1 ' 4K -4 1 6 S <h‘.s:r-n> Time* i°i+ 

2iv.« i*"."4 iiO.^ .4..^. „ Irf. Majr'ri SK *i’ 12 7.—liwt 

14 _ ic 


^•i(1 ii»- tur IKS on| ic-SiM.ktiulrn 
1 Mu''rial 1 I 58. * I ■ Swi« Bant; t.orn. 

in. • iisirfiLblc 



Inv. S I’ri-m. at S2.SCI io £—78j ,r „ 
Effective rate (at 1.9353) 32^?, (32i«^) 




I 1 




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AnK'li LsM. 

\ 11 nwvs:r*i-L.. 
ttfina Lite A 
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inwciif H«—. 
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kin*i'. * An. 

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lm*!. 'le-lu-ai . 
luiei. Mul-'i 
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lni-l. 1^1. A lei 

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lini";^.. ■ 


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1 ii 
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22 i 

19 H 



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4 61- 
* 61 - 
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17 V 
; 101, 


15 >s 
5 0o 
22 is 
7 j* 

I • As«*msii t Kin : Ntv?fi 
l Traded. H Nr* nock- 

Gernina shares foil 4-6 per cenL 
in line with the general market 
weakness. . 

- Snia Yiscosa lost -T4 to L*ib6 and 
Fiat 27 to Ll.360. 

DONG KONG — Shares were 
lower in a very quiet business. . 

There was some selling of 
Hoag Eoag Bank, which lost 20 
cents to .SHK17.2Q. while 
Hutchison Whampoa shed 2.5 
cents to 8HK3.525. lardine 
MnUieson 10 cents to SHK12.40. 
and UTiecIock 5 eents io SHK2.125. 

TOfTYO — Slarhw mainly lost 
ground, with .the Nikkei-Dow 
Jones Averajjc slipping 22.07 to 
3.13633. Volume 270ra. shares 

Electricals. Vehicle.- and’ Pre¬ 
cision Instruments declined in the 
wake of Toyota Motor, which 
receded Y7 to YS62 despite 
announcing on Monday a dividend 

Shares dT concerns having busi¬ 
ness relations with China also 
hardened, reflecting the planned 
signing of a Japan-China trade 
agreement in Peking. 

JOHANNESBURG — Golds con¬ 
tinued to edge forward, in fairly- 
quiet trading on rising Bullion 

Financial Minings were higher, 
in line with producers, while other 
Metals and Minerals were nar¬ 
rowly mixed in 'modest trading. 
Strong overseas demand arose for 
Platinum issues. Rustenburg add¬ 
ing II cents at RI.7.T. 

Industrials were easier-inclined 
in slack conditions. Greafermans 
Stores fell 30 cents to R1.B0. 

AUSTRALIA—Share prices dis¬ 
played an easier bias yesterday. 

BHP shed 2 cents to $A5.4K and 
CSR lost 4 cents more ; .o SA2S0- 
-WZ reacted 3 cents to SA:5 31 in 
niumly dull-Banks, but 5XS M ales 
kdded 4 cents more at $A30s. 

Among Mining issues. <1RA 
icire'ated 6 cents to $A2.0> and 
MIM came back 3 cents to 
SAl.69. but PaneontinentaJ rose 60 
ceuts to 3AI1.20 and Renlson Tin 
li! cents to SAS.SO. Central 
Norseman improved 20 ceris tur¬ 
ner to SAS.fiO in Golds. 

ing support by central banks to 
steady their decline. Disappomt- 
ment over the inconclusive results 
of recent-monetary meetings in 
Europe contributed to the 
pressure on the dollar. The 
authorities, in Germany, and .Swit¬ 
zerland intervened to. help the 
dollar a^-the"D-mark touched 'a 
high- point of DM2.0790. and the 
Swiss franc, a best level of 
Siv.Frs.1.9085. ' Dosing rates 
against the dollar were DM2.0860 
and Sw.Frs.l.9IS71. 

The’ dollar’s trade-weighted 
depreciation since the Washington 
Currency Agreement of Decem¬ 
ber, 1371, as calculated by Morgan 
Guaranty. ' widened to 4-69 per 
cent. 1 from 4.43 per trent- on 
Friday. • The dollar's index -on 
Bank of England figures. Fell to 
9L2 froth 91 j. 

NOTES : Overseas ont-ej Shawn below 
i.xUudr; S piKDilum. k*l?un diVldellU3 
arv after ti-iihituMin^ 

0 Ullji dcutnu. unless oihcru ise siaiea. 
V Plas oOii donum, unlisss oiherwiso ;ialed 
4> Kr.iou dr.uom unless o'Jicrwisc sni«d. 

t-rsoOn donum, and Bearer sbarvs 
unl*>s uihvrw iw siau-d. r Yon 50 deuom. 
iidIits om-nrisc stated g Price at uiik- 
of snspi-Oiiun. rr l- junnif. h SUMUinss 
'•.Ccms. it Divicend after uf-ndtos riidls 
iiuj vr a:rip isiuv. o Per sharu r "r^ncs 
o (.truss dik ' • ii Assumed dividend aliur 
svnp and or n^tn> ismj». ir After 1o-al 
r-axcA. m ■- lax fre-j. >i t rjm.-s injuduu: 
l. mlftr. il>,. !■'.on: u Share >ol,i. » Div 
and vi, ld cxiludv -u'-cui iiajmen:. r Indr. 
car'd .*!/». ’* Vnr-mcnl irjrtuv. > Muiono 
hnlrj.-rs unit u ilern-r i>,ndrw * V'keri 
• Bid - Trad-rt Sy|!:r. - Assumed, 

xr ft rutiis. x-i Ex dividend w Ex 
w.-np llano, xa Ex all. * In ".'rim since 
wi creased. 

£ and $ weak 


'Ye'. ‘ 


. G*jUl Birtl.ton.' 

Sterling and the U.S. dollar to 66.0 from 66.3, after standing ..fiumnyr — J,_. 7 ct " ■,* 
were Snerally weak in the at 68.0 af noon and 6W 4n early — ; ^io? istsT 2 Im£’ 
foreign exchange market yester- trading. ? ’ • M^ulii'v'iiisivT.eJ 

day. .with both currencies requir- Gnlrl rose St to S 17bJ-1774. sba '■ *■**•< ? 

Gold cose SJ ta §176^-1774. 

A a ern'a I is' u 1 S177.40 • 




Gold'Coin... ! • s 

i ftb'mnticalty " ", 

r -krugerrand;-S184lip-106Lft-SIfliJ . 

1 - • : .£OSJ 4 -96Ul j,<ME 6 

>'ewiov'gni.'.S5l49 * - .?36S» 

* ;,1^9t2-30ifli' 'C25U. 


'rt^ft-aeSfti (wuu, 

Gcdd C«nr... - ..'y 

. (lurenut’Url ’ *. --- 

Knwnud 10215-18412 {IBi 


Cl'ivSorr^sne'507.59' -• 

..t 29 iB- 3 Qisi keaa! 

OW Socr’inn SB5AL674,- jSBflS* 
• : -£88 j,-m3 4 i Kraas 

- .S26fc 


- Sterling opened at SL9445-1-9455, ^ BATP c 

and touched s best level of CURRENCY RATES 

Si:9480-1-9490 as the dollar • 1 _ — - 

declined against major currencies 
in general. Nervousness ahead of 
publication of the U.K. trade 
figures probably prompted * some 

Fcti. 1« Hate*! 

Rich:* • 

.-.yev Tocfc..-| 


Anrauarfaix, 1 


Spread I -*j 

- PufiruMA 14. 

Bl s ; 1.3345-1.9432^ 
/4 2-tB1Q-2.l6i5Xm 
41g- 4.42A.J6A ’’S 
61g; 6a.7B4ri.60 1 ® 
a H.u<.H.l3}^ja 








support for the pound from the j, lerl , n « I 
Bank of England, as the rate u.*. doUarV.. 

against the dollar fell to around caandian.. 

si.9400. ■ •' Ur -5 ru r!:- “I 

Further support foUow^d news ^’ h u ^' : 

that the -lanuary trade -.ngures ijeui^erairt' _ 

were worse than expected, byt Lhuvb gnihturj z.7i40i 
sterling nos allowed to fall to tn-ntb n»nr... 5^691 
51-9345-1:8335. ' before ■ tishg ! 293481 

slightly at the close to 31.9355- 6,68509 

$1.9365. a fall of 40 points on the : 97.9753 

day. The pound’s index, as ealeu- s«e<i^rr krone: 5.67193 
lated by the Bank of England, fell *«•»«»• 2 - 5a ? °?. 


Don o* • 


rv-l« r fnr olfrurt-..! 4 f 4x3J.BTH-' ft 

^Ll>r.-jn . [“15 1 /9.0O-«.7B i.jE 
llB-lrir* • • tj (SB. 16-156.9(1 Bfc*- t.hsi 

4.1*40_- b '18.51*: lawi’iaj 

Paile. *lj YSSi-a-O. fa . 

Stn.-khoim.. H . ,8.02-aJiai { M 
Tnkw,^..:..., "4V 412475 ].•*- 

-Virooa..nlfc SBSfi 28.20 i*£L 
.Ku.U-lv _ ••■ 'Wei AMsSJiy 

- 7.04206 : 
1067.63 Jf‘- 
6.6962B . . 
99.2330 - 
2.56141 -• 

. ^Rates siren velar amve roiff 
Financial franc S2.T3-Kt.3a. . j 


TrtTT* liauwnirt SIw ifnrh 

2.1637 47 

j Bruuelft i LTOdun Anint'irm; Zunvt' 


.Nevr.WrL I **7.61H>ti ■—: 

partft.Z»li"2.5; 4^SJ.03T 

Briktsels.... i LCw5 <£ ^441 W 

L>:*adoo j v -"- nos,; T - " 

Amu'Uam.. i:7.e95 Mr ^*197 2322: 46.15 M Iz.cli ■ 3326| T 

Zurieb. 'It02.07 L916& 80 ! 39 607 658 >127 ^<130 723a35.82j-9g» 


AtgenfiM.1278.77^0;7T Vrgrotl^ 
' "Vustnlte.. l.B367.|:7]JB l AHaer)^J 
HruH.;i M.SI Jtat-iteigtoraB 

Finbmd ' ti-e. ■ uauik. 

U revet.,. „ .'.39.381 'T1.IIU.ljiHi|ft 
R'iucKoaKi b.v24%4^'pmnmj 

l,*n .. 1 &-US 'rninee 


Lu.remt>’rv l t 

43.0012 ' ‘i.iS-fto i 4.U58?.48 J xUJMO i tUBJ*-7b 
20.6364 ; 5 0676-7261. 1 93W-837ff «.6645T r?.l»-10 - .jl«* 

. ■ ' 1 M.dia-916 9^885 *8fi 216 So 30 «1 *6-235 v ^ Ml: 

t .iS12 ' •».!« 64.08' tAfil 56 lti»96 . A-^tand. l_ Mt■ LimJfiM.. 

gj&iAirt . “L . 4J2 * ^ -illK, 

f ilb.OUb I 

>in^ft|i>vBj4.‘lS5fl4Vo 1 
■ „ ■- ^..Uria... krfB-M.rWa njrtuilJ 

L'Ji. 5 tn-3-.jrvmri UA 111.42 *6 UeumJiaa 'VOts. 

K a nation » iu >'e^ Yort = 89.7<"7S rti.i?. L . 5 . 8 m Milan 808 ’("Kl. 
■ -sterling ,n Milan 1663 .iXJ- 1666 . 00 . 

I. .3. 

. kftUSltft.... 

L'SL.. "• 

' . *fU*J 6 &v 


Rale given lor -Argcntur? 

fab. 14 


I ftrml lln 


,Short; term.. 

1 1 lay ft notice' 
Mnarb — .... 
Three immbi. 
Six mwuUis.... 
"•no veer.'__ 

6 ?, -7 
bl;-D *8 

73b 7ss 




L'.s. Dollar 

Ci u tld era 




mark ..... . 







4l fr -5l a 



k - A*. 





T - Un? numzh. . 1 Uire^ ; ■ 

3 ra—^^r "Se* y*irfc, im7 .fiin/.DSodu'B '.\ftft 
314 . 31 , Miiuimi .‘0.06c.t«v.-.05 -ditJl.ittlU 
31g-3i4 . Xiast'dum ta c-nn-J^c-dw 

* •Uii»4*«i.u... : 5c4ini. :s : .7n* : - 

31ft -3i s ^C**p‘nhg« .-91-1 li ore dii' • i£6ffl . 
■JFrsakruti'iis-i; pr. ptn 

. . . .. _ HJe?3|i 

Elira-French deposit Mies: cwo^lay- 104-11 Bor cent: ae»en-dar 131-12J per ceaki : .-._.;6^140dr* . 

etui-mooih t3i-i< per cent.: ihree-monOi MS-US oer cent.: six-month 13S-K per Madrid ...2 J-8Q i .diy* 
cent.: one year Kii-JJi per com. - ... «!<«>,_...-6-11media- |1 

kong-ierm EuroduIUr aeptwni: iwo ?eara Hsio-S'n.. ner cent.: a»ree yeaxs- tW'?..—.. .2r4iiji*dt* '6» Bv 
Si,.^S!b oer cent.: r*wir vean, SJih oer eenr,; flve yejm our ceoi. •. rarl* ■ .. .4J-5f.c, Hr' :-JWI 

Ilv* iiinnvins nnniiDal me*, were aume*i for l.onriMi iluiiar ceniheBie^ of demwit: &iockh lin 41-5i twedi* ; -iotBlft 

one-month 6.S7-5.P7 per cent: three-monili 7.10-7-11 per ctdL: ihc-month 7.49-T.aO pef Vbauia-ptir-iO ipudia. A-lBri 

ceni.: nut-year 7.03-1.73 per nnl. /.uruiir,.' 21 «- 114 -iv( ; rn 1 • 

- fSaie- arc nominal caUniu rates. ---■■■“■■ . ■ -- - ■ ■ • ‘ a 

* ShrirL-ierm raies are call Mr sterims. U.S. doDars. and Canadtdn dultara; twn Six-ntonlh Mrwartf dollar Oi!-t 
'days’ notice fur guilders aod Swiss francs. _ 12-maoih O.Sw-a.8t!c pm.;. • -. 


M-. 14 

A Hr.. 

A limn.' len-icb.. 


8 Iff . 

ifaier. Hvft*. .... 
U»* ei. t erem-lil 
k i'«lni.Nerl.»rT- 
tirtrlllieV.t'WIM*.. .. 
1 . *iiu 1 Unpin,,:. 
lt**nti*T Ktn!' . 

I Inju-ift. 

Uemau.. . 
l>eul -■ l,u bank.... 
Urra.lner Uarik. 
ilfti ki-rt*. JT /ami. 
n»|rd . J.lnlrt . ... 

Mirier <r .*;lirl. 

H-^.'i . 

H/neii ..... 

Kjtft II,l-l Mur. 



• knerlrin luV. 

h H l' . 

kii'lJ.' .• 


L , t:.»ii1.i'*ii lUj.... 


Pik’w +i*r Du. Mil. 

•Price* ;-H»riDiv. in. 

Dm. — t ^ 

ten. 1 * ♦en y- | », 

93 -0.4 

Asmhi Lrlass_. 318 >1 ! 14 3.2 

48T -3 * 18 1.9 

(.anuo.. C61 :_14 ; 18 1.3 




1 ‘ 


Pen. 14 

Aue^.,5 1 — 

240 .. 

139 -0.7 
139 -0.7 
JS91 -2 . 
229 -19 

^ 6 . 8-1 
313.=--3 1 
274 -1 ' 

162 -4 

311 -2.6 

260.4- 2 • 

162 - 1.8 
113.3 ...I. .. 

243 -2.8 
128.9 —1.4 
*4 6 - J.3 

117 5-1.6 
150.7 -0.7 

390.5- 1.0 

198 .. . 

95 -3.5 
1/5 -1.7 
93 .5 *-1 

244 -0.5 







4.4 ; k-ajic.. 

6.11 i.'lnnon. 




18 4.0 




















Dai .Nippon Prim 

Yitii Photo..... 


HowIa Miftora. 

390 -6 

al 6 . 

666 . 

l.v-20 -1J 


, ZJ 
I 18 


ALUIL itocentirt.-... 

j.O ; li'KW Auarsltn.: 

2.6 | A'rfe* Mfll-Ttrift? | D doi Slj 
l.-V : AnH^l4aapJomOon...^..:..3 






12^5 '-fl.M 
♦1.30- iHUd 

ASBI.X fiup reaper ? l.j 11.12 . 

Aawjr.Coo: Indnatrieu.-.a tL65 

\ are . 1 Mineral*;.. 

Aftiwi hiip faper 51.| 

.. „a : In l Z'r , 1 “r-vci.. inqnitnes^...a . ...— 

y- h;?*'.-. * l.ft AunufctmdrtloR hwert.;.: - tl.06. ■. 

llo-lolnt/M.1,2£0 —10 , SO IllJtf J a.N.I . .tt.46 *+th(K 

lO-luKVfM . ... rL4B 4+tf.m 

.join *2 i .** : 1 .\uUiraeqL~..-4....i:.,'.»-4 "W.45- +H06 

l.N.L ..... .....2,730 aO I - - 1 aiw. OH Si Qaak..^.^.^./ ■: t0.28 MI.IE- 

Iuuiibj Elect.f*w.T.k40 


+ 3 








12 3.4 


Uauu>.-,n«na .. . 

'I mii.-Lciicr 1 ,’uck. 
Ne*.W*-, iiibiiu .. 
•iviisme L>m LiA. 1 . 
i'lieiii '1 ?,l tW 

Jiiwius . 

''lenien* . 

Met /.uckei - ... 

r_liv»ieii S.i<. 

V«"r,f . 

1 WI l . 

Vei*-in»vS\'^ft, HU. 
V, ilk - 1 * B "rn .. 

199.5 -4.0 

l i4.l —J.4 
231.0 - 1 
S40 -20 

108.5- L.n 
207.8 —0.4 
262.3 - -1.7 
296.1 -2 
25J -0.5 
123.7 —0.4 

173.6- 1 

117.5 -1 
299 -2 
408.5-3 ' 






























Km. It 

' —]frii-e 

+ or 

“&lr. YU. 

All.-Ml -KlA*. .... 
AkT .1 (Fl.fji .. 
I me,'. ■ El.Il)i.. 

lli^nk.m . 

UpMa U\-t' m> f 1 rO 
L'uhrm Irtleiiftlt 
EWrier • El.if.-i .. 
EualM.N.' .Befttyr’ 
i..'i>i Bn.fttrlniFK 
Hein“kf,r FiJZti. 
Hl>riL‘ryeit?' FI’lCll* 
liniitei ||.<F. iOc- 
I.H.f. Hun* no . 
hL.M ElOi, .... 

I III UlllU‘l l|3>r.. 
\Hflr.lrfll ‘EIIO- 

,\i*|i uelAUiEia: 

■ Sv ■ El.Al». 

I mi , ininittvii... 
H«kh.v.iin_a;ii .. 
Hiilipi' 'fl,|ni.. 

I.'i rnM‘l,S ei-EUK 


If-rl 1 u.-n iEI.SUi... 

Utieiii.uf’ijaC-. ... 
Ii'nya I [lull'll ■ F1131 

-iim viilnii p. 

t..k.v<-l , a«- HiiI? *. 
I.'mleier ifl.&J... 
l'il>ini>l!i».lnr i SI 
SVettiR nrfii. Hank 


100.3 40.1 ; 24 
- 2K.3— 0 . 1 . — . - 
33B.5—1.8 6.7 

68.5 -U.l. 22;! 6.6 
83 -0.3 i 23 | 5.6 

120.9 .’ 70 : 5.8 

67 . 25.7.5 

270 -6 121 1.6 

134.9 —0.6 1 4.3 

6 w .. .. 

39.3 - j.7 

lOS .—0.4 
2 a. 4 — 0.1 

14.3 . 

127 -rO.2 


40.5 4-0.5 

107.6 +0.B 
‘53 *0.1 
187 -0.7 

15S —1 

1-2 . 

46 ,-u.a 

23.5 —0.1 

64.5 —0.5 

22 5.6 
10.26: 8.2 
12 B.i 
10 .7.0 

1H 9.3 
10 2.5 
46.2 4.3 
. 2o • 7.6 
V34 4.2 
8 5.6 
21 ! b.6 
16 1 - 

117 — J.5 - 

130.2 —0.2 14 

la5.3 —0.9 A50 
240 .-1-0 2 1 19 
1*2 —1.8' 
93.8 *0.3 
43 v 1.6 
430 ?-5 












feb. 1« 

Price ! ■+■ nr , DIP. ’ 1M. 
Kroner: — : % I i 


Uiu-m'‘lrlv_a /S .. 

Unnslte Uank .... 
bs-ftt AMMIrlv..? 
K iim rub* liken... 
for. Brys^eriei- 


(fsildel»haufc..._ : 
i.'i..N'[h'ofl.(Kr9C Kjibel._... 

Orielilrril. . 


I'p’i instwnk. 

Aiph. Benenitsec.: 
•suf^rto? . 


1404ft! . 

433 1-5 , 15 

130',.. 11 

2311,—l 7 1 12 
116 !-»-*« : '13 
323 ; 


2S4 ",-ift : 

265 1*2 
a? .—IX* • 

136M 1 _ 


3701ft 4 . Ij l 

I82i a -5ft '• 

8 1U.5: 
12.4.3 I 
12 ! 4.6] 

11 ! 8.2 

11 ) 7.7 

12 j 3.2 
12 1 6.6 

Kirin . 14 .. 










\Uuu-h,m Ind... 





M iiiubikL iBank.. 

si a 





+ 2 



tlil«uL>ikln Corp.. 





VliLsui A to-. 









1 -a 

•\ 11+ruU UcDMI. 




OX bhiu[4,D.. 





Al>na ALrlOri.... 





Pi. nie«u- 





nauv-i faiet-uic.... 


-2 ■ 



sektiftM I’reiat.. 









c ?u.\. 





UirrOu Atarine_ 


— i 



tak«<ta 1 hennea.. 















I’oViu Marine. 





1 Mkiutroa Po**’r. 


. __ 


3 . 1 1 



12 ' d.4 j 





3.9 i 

1 .. 


- 1 



i“iiir* llnior .... 





«nnn+ W,kkr* 4prurm« Tokyo 





Yeh. 14 







'% . 



+ 50 

U*ft. Brx. l»mo... 





deken. “B”. 





C.B.k. Cemeni... 


+ 12 











Biec* rot?ei,—.. 


—50 1430 


Pabnque in...... 


+ 5 



U.b. lono-Hro.... 





Lera err... 







+ 15 








Kred letbaok.. .(6,390 

+ 40 



La. KovbIo Bei2e.j3.19kl 

5 OS 


Pan HoPlujg 







IBj 1 


>?; Cten Banuue— 

2.850 ' + 3 



<si:vk*en BeUtiaue, 1.960 

+ 16 : 140 





6.6 I 

^-■"ray . 


+ 10 


d 01 

PrtL.-ttoo Elect..... 







■f 16 

_ 1 

k n .Urn.* LlCri. . 


+ 18 



Vieilie M'mrapjnr' 








+.or 1 Dir.'Yld. 1 

FeK 14 






1.40 J 









Lit* Uej£FiFr.kXn 

1,333 -J 




Jki. I’t. Certs,... 





L". Hee.. 


+ 4 



Credit Ciiu>ae._:... 


+ 40 



U+.-pniMit __ 




2 7 

Fl».-lMir ilTeweei.. 

770 «—3U 



UuHmau t'r. i lert» 


550; UA 

U.>. iHnj&lh._~,9.075 


55 1 0.8, 

loierfooit b 


+ 150. 20 


-Telinoli 1 Fr.UiDi_ 





.Ve^tie • Ft. lull.... 






I OeHik-^*-H.'FJfiaya.50Q 


<15 '15.0. 

Pirelli BlP/F.UXT., 


+ 3 



1 >!»nd'4£.-' FrUSbOj— 





1 Do. KwCert+- 548 






+ 13 


Sui«er Ci* iF.UWj 




Sirinslr (PJ&tB„ 


+ B 







a jt 

Swim fKe.F^S0p„ 





Dnirvn B»nk__ 





Zurich tm.. 








: . 

•Price |+ or 

otv. ;Yid. 

• -- Eeli.'14 ■ 

1 - 

- Ure 

Urej S- 

t0.95 ft+-i.W 
Tl.fcS :-tt.0Si 



blue Metwitnd... 10.99 ■—i.01 

bnuspilavtlle Copper_—■ 'tl-OO -PJH 

Broken HIM Proprietaryro.46 ]—OJ02 

8H South-.! *'> 

U’«niou linued Browers-....’ 

C. J. Uues.~.:..:.fl.92- 

L5U (Sip_....T-U.bQ- 

U=o»ts. GoldAelda Auk.. ■ libO 

UAmtanw (Sit... : 

umemc Klotlolo..; 

U<n.Uin Australia.. 

Dun 100 ilu"Her ,Sl>. 1 


Hldnr smith.• 

tfX. Industries... 

Oen. Eiopert.vTrust...-.; 

Lw | Hamw-sles ....r,..'.. 

Hut.kei ..' 

Lt-.l. Austrolla:.’ 


leniilnns tailustrm.. 

Iimiir /Unviiir '. 

Veil. W ■' t 




n '» ■/--•* 

■ 1.14 ;-oj« 
rartl BP..] . 3.70 

oretu »r,.r Nl, IU i-4W 

BeltfoNTlneiraPK 1.65 .*-AJ 

DmtsOK... I 1.16 j+0.1 

Xrojtt Anw. OP.;j‘ 3.03 |+0.l 

1 A M 


.. 3jS4 

PlroUfOP...... 2:10 

douaOmeOP^.J, 3.88 _ 

Vale EioDore Pf^ 1.66 J ^0, 


"VoL Cr.97.6n]. Staresj 
• _Soarce:‘ Riff rfe Jb“ 

■. -dij 

. - - .‘.s -:t*. 

• ' r -KnjoBr K-.-aql 












ben‘—:^-’.92 % 

tkirrepMid.I... 60 


Krorouft.— 340- j—.v.yr- ■ 

-D.t6i Kredrtluinseu.103J 1_:. • 

O.w! I'.VrjrrbHVrtmhr.U.'- l87Ta .— .ft" - -. _ 
-1 j • •'• sriw, asl. 


+ l.ut [ 


3tfiebiand_. 8 S~.00.-sO J5» 

*■■ ' }'.. -..-S 

• ; Mines:- 

Feb.. 14. -j... ;'T Saw* 

Auto AmeriCkn-canwi-- •• -aJ® 
Charter CmsaJidxtwl'. 

{2.10 ■ 

rtX205. _ _ 

*1.28 .1-B.i)2} Eum Drtefonieifl' -!••- 

.Met, - bXMMWiluu.' 

Mill H'.iidiugt.... 

.News. . 

: Elsburs 
I Hurniony 
*..,Al .Wnro» . 

- -ar3; racwr L.: 

,lj»7 .'-i.<ii j Rust * nb trr» .'F.%iifljirb_ • ■ * 
:2.32 i :.. 1 Su Helena " . ♦! 



Hi. lb 


itauoin ■-!/—•*• 

tO.sB V i.u2i South Vaa 

Aort* Broken H’dlntM wfe- . rl.10 '-'♦•LtT 

OakbrliUw.• >1 84 Ld. 1.8 Union 1 

Oil -em-h. 

Otter foploraruin.- 

Pitiueer uoni.-nne . 

tteektu & Col man.. 



H. sieiBh....... 

ffoutbland Illume.i.-.j 

Toot* fSli;.„.,;. 


Western Aliniou (oU ■.’’nlftl.j 
Woolworth* 1 

»0 20 
♦ 1.88 

1 -tun 


Keb. 14 

Priee • 4 -or' Div. | Yhl. 
Fra. • — I Pra .1 -% ■ 


Air Liiftuld._ 


ulC _ i 


B.6.3L Genrala....r 


U.I.E. Aloatd-; .. 

Cle uascatro^. 238.3a-+ 2.4- 12 



B 60 
448 —1 

iaoit 2 L& 

fe*-. u 

Enow r of 


v ro-wtanttait... 



^emcerir . 

-leyr Dannie-, 
t nt tlaanp»i(. 

350 - 

Z6Q —2 
577 —2 

A1UU . 

! Auaoaia.AUK......l 

'! (festotf.. : _ 

Flirt...J1.960 -27 

Do. Pnv._.U»75 —22 

_ Hustder .79 —1. , — 1 —. 

% I taieement.10.610 -80 l. 800, LB 

1 ItAiskier.. 122.75-0.26. ^ , -4 

ISO! T.7 
■IfiO. 0.6 

lit • d.9j Hedk*tjaiuai....«.i a*.050 —480|l r OTfl( 3,7: 
<9 1 S.4 | Uuoiertiwn—....I ie * .>11 ! — 1 ■*- 
»8 j 8.4*‘ UliveUi Pnr M .._, 860 '—5 i — • - 





4 - 1 - ' Piieih 3; Lri..;..-..12.180 

-40 t HO! S.0 

nl 3.61 PirolU ipa- 1 .il-067 1-19 ; .80; VS 

J4 6.2 rinia Vimh*. .... > .668 —34 } —'—••= 

1 'tejffi a.7 
4.5'. 14.2 

Uneusoc Loire.._ 1 


Pi. Petrolte-. 

tibt UccItienbUe, 

Loeuu —1.!, 

J atones Rord..-....' — . . . 

Utar«e_...:..._ v .t 7AS.4;+0.2il8j77'12.T-' 


IB 88-A.2 

-.I---500 J#J7 -- 

-=1.2:0 - ,.L.,51.86', !f- 

ju«ii«*aPbant*.../ 645. ? _ 18 I 39.9, 6.S 
AUnbeJln "B” —[LU41 l^a .-.\S£S&:&A 

ytoet Heonesfty_ 330: '—2 

Minilinex ...... i." 13L2i+0.9 L>!3 i^af. 

:Par,t*ui --- ‘..1 ’• 141^+2^118* 14JR 

,Hecbine.r—.- . 71.8;+ 2.0 

Benwd-fi&autL —> 199. 1st- +.5JT 7.6’- 3.B\ 

£K“" , H “gS:SS^SJ+ L 1 >*w 

4l0-. J\ ZSiJ BJJ 

467 |-4 ■. i 24’. 1 6.2' 

l '51. 1 A. 9 -T*M‘ 

,pL595 ; 7M. :> 39 J 334 
^OOJl—O Jf 196:612.1 
b84. ]-2 .(22.78} 4A 

18.0+0.71. — "[ — . 

■^S&.'V.* x . '* » >i L - A . k 

Corpora non.' •:.'- 

rO. 8 j _I Pe Beers OeJcired -. 

♦0.17 'HJ.ui [Btyvoornirzichi .C. — 

tl.47 ; .. Eaa Rand PU. ... T&3 

?2.70x. =-4t.02 f rev State CednJd .- 1IWK 

tU.BO 'ft.ft.LZ * President Brand --=- w-g 

1+0.01! Presudcni Steyn-?—--r. 

-0.01 [ SUItonteln --—— ' 13 

- 0.02 ‘ Welkom . —- -- 

' W«i Dnefoiiiein ‘ —- 

Western Holdings — -*2 
Western Deep .—.....--=».j. 4*^ 

AECI .-... jS 

AnkJo-Amw. .lodffitnai - "5 

Barlow Eland ....-- ,,7 

CXA laveaunems . '^3 

Corria Finanw 

Df Beers Indoatrud ——.*?2 
Bdgan Consold.' Inv. 

EMuara Stories 

Ever Reads SA .-.- 

Federate VoUcsbeteggiffiS • T*? 
-tSreateanans Stores '.IS 

Guardian Assurance <$&/ *^5 

HulfttS ., -____^ 

McCarthy ’kodway''.'*3 

NedBantc --— .r 

OK Bazaars T ; 

Vremier Mini a? — 

Pretoria ■' Cemwt.- -=-—— .•'Ti 
P rorSa HoldiiS)& — 

Rand ■ Mines' Properties 
^.Rembrandt .Group 


Sasu Holdings - 

■C. 'J. SmWL-fiufiBr + 

^0 cec VTT “= 

Secorities -Rand 

+ 1 I 4ia! u.6 
300.0 +4.9 '21.K; 7.0 

wa9.5,.' 16.5 6.9 

311 ^-2 • 24*! 7.7 

464 .'12.76! 2.8 

5&7.0.+5.5 8.9 

559.5 ft 6.5 ' 3f.8!li.l 
,218 1+14 !' eu.i S.O 
M66.5+3.0 < 27.6,10:5 

767 .*.,69^' 7.6 

: 12 ! 6:0 
« # 8.S + l f 4_<6.3t. i ;84 
i-j7 _• 1 + 3 . lr.-iitejf. 

81 1 
442 ',+2 

9BJ5 +l>. _ 

1/7.0 .BwSBI-XtT} 
8bA..i. r l.? .*25; UJ.'S'f 

Badio XeohnlouieJ 


Ulrabe PoutaoL-...., 
cH. Godainj.. 

dk b Uoadgztet— ? 

duee . 


.nromaon Brandt.! 

_ _ “ _ :-TTT 


. Peb. 14. 



AG A Ail CKr4t))_ 
Alla. t*vaiBUCrcO 

'AtLftur Cft*pco(Kr 26 

do yjn~— - J 

189 +7 - SJSi’^S 

W |+I | ."fi t 5^ 
lie —s i 

78.8—0.8 ;A6.8 j+J.7 
185 Ui- I- -a 'SJi 


Blecfc'l nx'B* fK.OO) 
HHmm ‘TEfKrbC-. 

218 +1 • TOT^S 
129 —^J'6J5-[4.5 
129.• L—Tl;i' '6 1 43 
asd +.._^.y; - 8 >ij», 
88 , [+2 .i f - B. laa-.i 
a ranges (Trees..... I WI.9L...JJ 
aandAbnikeo^j .282 , L'^.144iB7l 
-MariLbub——.• 12u-, i;.. — . 4 ... JB,, 

> 1 * 0 :-h ltomsfo—' 63 /!0;5 

Baodvik .Y.b^... .215; [+2- -jSt03-v . 
d.tCE. -B'fi™. ..! • 69.5r4i &«.< 
dkand busk,Ida.-’ 129 :-2 'c- 8 ^ ;eS 
lanostlk-B’KrtiC.. ' 


land- . - —• +•■ 

two BHt>g«P..-. 

-atwo Central 
Banco ‘Grsoadfr •JCL*** 

Banco iftnam ■ 

Banco lBd. CW. a.SM) 

Be lad. Mednerranee— 

Banco Popdlar 
Banco Santaialer. <^* 

Banco Uroulfti (LSM) 

Baum, Vizcaya - 
.Banco 'Zaraenzaao — 


'Banco Adi 
.Banco ~ 

Bamw Andalocta —. 1 S : - 

Babcock- Wpcus mi 

etc .j.-;..——■. 4S.*t7 


E. L Aragoocsfls --- jS; 
■EabanoU:'. ZIB?.;~ gft -aj 
SxnL Rio Tiato- 

Fetttsa 41,5001 


'-'iSf -I 

SWrola . —1 «. ’ 

rfCenmerff ■ ;*+»>,■-.■ i»;i* 
Bunitizittf s 1 .C- 1 " ■", nif f 

OUn-flJiH'c ^—sttli 


. !r-“ %■■*;.• ■-■.’•: • Tar^i 

Pwm»«W:' ■• gr*H 



«4 .V.^.rw.f.-'.ScfJy 

■iinucuviAl.’....Vw; 45.6|-8 iS-!;.+. i'l:-: 
■* . ■ “■ ■ • » ^ 

i- •'.■; ; - ; r: : ' r -• * *■ j.v 

1 -. 



fall in cocoa prices yes- 
as seen by many London 
ts heralding; flic re$urop- 
;thE long-term', dacline 

as -'‘been Interrupted 1 by 
leal; rally--ja tjjg. 



iot March futures posi- 

1 the permissible £40 


, on® stage- and nwF May 
,® ■ d a y: £33".':lower, at 
aV twine, only a fe^ 
ibove tbe 16-montb low 
at the end of January- 
teeat..'. rally bad bebn 
. ! by conti nuing jjfayglcaJ 
■Merest. But.fresh offers 
from producer sources 
vfqpncij few takers and. 

entiment. turned round 

nfl eaters', thought the 
ad beee encouraged by 
recasts of bigger West 
- ‘ crops — on - Monday 
rafle' sources estimated 
■ .Coa st ■ 1977-7?: pr*>n a* 
, OOno tonnes f240.000 in 
. And the U.S.- Depart, 
if . Aericnlture. put 
1977-78 production at 
0.000 .tonnes (170,000 

. i. 

v: ; York traders said 
tad been a light seller 
lately after b£ing wlth- 
im the market for some 

>utcfa Central Statistical 
.5- January cocoa grtnd- 
led 11.200 tonnes com-,. 

: ber slates. 

seek EEC 



BRUSSELS, Feb. 14. 

scheme for 
metals trade 

proposals. But he is the past year and cannot he I 

By Our Commodities Editor 
A SPECIAL meeting of ring 
dealing members ur ihe Lon¬ 
don Metal Exchange yesterday 
approved unanimously plans 
for the Introduction of a moni¬ 
toring scheme aimed ai limit- 


nI;tvT atv:!w..J ~ f _r: <r—r«;—>“• pui u« » lug i»m year «uu vaunut do 

naluugf.irulusiry are es- believed to be. keen to conclude expected to concede much more. 

f.^b^Jesagreeinent and clear Our Commodities Staff writes:< m»i»b **-«***^ «.«•«, a> nom- 
8,,r b® fore the annual farm British fishing Industry leaders: tug the financial vulnerability 
? Brains demands pnce review gets underway. said yesterday that they bad no or the market, 
ff tD 8 ^ „Agriculture and Fisheries reason to believe Mr. Silkin was! It Is hoped that the scheme 

*° ne * °- ffi . c ' aIs ’ scheduled to planning to alter his stance odi will be in operation by October 

t fc 1 fu 1 meet Br,Us k fishing industry European fishing. . [ l, although some members feel 

refjWA-SiJSt SdJ^the representatives this week, are Federation sources doubted' that January I next year is a 

t0 P° lnt uut that Mr. that there was any electoral! more realistic date. 

-Olav-Silkin has .made no major con- advantage to be gained from an; 

Snn„ 8lac ?' ***? EECT-Commis- cessions so far but the other early settlement unless it came 
£!!ntak‘ £ hL Agncullaire, has states have moved significantly’very close to Britain's original 
aMepted his proposal.- that the closer io the U.K. position in demands 
EEC Cbuncll ofTfflniters resume 

negotiations for a common fish¬ 
eries pohey on April 1. 

T hc U_K. demand for dominant 
preference,'aimed at securing for 
Britain a major share of the in¬ 
crease in fish stocks expected to 

Potato offer blocked 

Brussels. Feb. 14. 

Undet the scheme all ring- 
dealing members—the only 
companies entitled trade 
across the LME “ ring "—will 
have to provide a minimum 
guarantee of 11500.000 and 
above that further guarantees 
based on their estimated 
“ open " net position. 

If they exceed that estimated 
figure, further guarantees will 
have to be provided. 

The monitoring scheme is a 
compromise worked ont in 

mae'e at 

result from present conservation PROSPECTS FOR an EEC agree- June. Since none of the other! 

measures; was the main reason men! with Cyprus receded eight states is prepared to con-i 

tuF 18 ' * Be |®-“ a “? BS further today after the Aqrlcul- cede Italy's demand the issue has! 

ai tne enq.of.last month.-- .jure Ministers’ meeting here been referred to the Special; response to pressure for a 
ine other eight states agreed to failed to agree on proposals for Agriculture Committee fori clearing house system, similar 

il temporary fishing regime but a Common Market organisation urgent discussion. : to that used by the other com- 

Bntaip .decided to revkn to for potatoes. r L e meantime the EECi moditr markets in London, to 

^At^lhat^SSr' Mr Guniiiiaph ltaly> wh}ch ,s boldine but for Commission's proposal for tariff I avoid «** finanLia! difficulties 
■^tSmJSS ^'fJSSSSSi an export subsidy on potatoes cuts on potato imports with 
SS such “ ir alread r has OD citrus Cyprus will remain blocked. 

'sn^fvinff^wL^if^lamld^Sid fruitSi bas refuaetl 10 “alee an F This includes a 17 per cent. 

conc essions on the Community's reduction in the present 21 per 
™ andate lo negotiate with cent. tariff on potato imports 
'^ ri E£P ' 8 of Cyprus until its demands are from Cyprus, an increase to. 
non-oiscn min anon age Hist mem- satisfied. 75.000 tonnes from 40.000 tonnes! cipals to all contracts 


The Bank of England, which 

affecting one member company 
bringing the whole market 

It means, however, that ring- 
dealing members of the 
exchange will remain as prin- 

h 10^920 in December f De L* w j*£L. M aims to protect its own pro- in this year's quota offer, and a 

;5 in January last year.! *f r - 8 ® va no indication ducers. who export about 60.000 proposed 60,000 tonne quota for 

to-day that he was ready to table tonnes of early potatoes each next year. 

Malaysian tin output declines 



jer mines 

: LUSAKA. Feb. 14. 

?00 white tnioe ' era- jMALAYSIA'S TIN production the tin mining profit tax and from royalty and thc 30 per cenL, 

the Rhokana division |f*H. an. alarming 9.5 per_:.epnJ. export duty, and took over the royalty on the next 3.000 baht 

last year despite high prices for responsibility for contributions remains unchanged. ■ 

the metal Figures frintt the to the International Tin Council -n,, mva i. v on OPP of heru-epn- 

Statistics Department :>;Jiere buffer slock from the industry, b OM aSd 3 9 MO hahr TOlue S' ! 

P ^rs-yj«»-w«p r . U.^5 £ ££? from « Sr cem! 
5 ^X^ 0m? ™ d —i 3 ' 400 S“ nd Pahang—saJd they ^ above 9.000 baht is cut to 40 
tons in 1976. . ; would open new land for mining. centL f rQm ka n(t _ een * 

Last yearis production was the The Selangor Government^ COTL from 50 per cenL 
lowest in IS years, and reflects in a joint venture with Conzinc • u - s - Congress subcommittee 
depleting deposits in existing Rio Tinto to mine 1,440 acres In ““riogs on the proposed U.S. 
mines, and the failure to'tg&aise the Kuala Langat district It is contribution of up to 5,000 long 
hew land for mining. -j - negotiating with the Malaysian ^"® of ,0 the international 
The Statistics Department said Mining Corporation (29 per cent. stock have occn postponed 

there were 874 active mitres in owned by Charter Consolidated) £," e da5, becsosc Mr. Jonathan 
the country, at the end. df last to work 30.000 acres—also in tbc *r n P" am ’ the subcommittee 

has been pressing hard for a 
clearing housp system, is 
reported (0 be satisfied that Ihe 
monitoring scheme will im¬ 
prove the financial stability of 
(he market. But supporters of 
the clearing bouse claim that 
it is only a half-way measure 
that will make little practical 

a’s Nchanga Consoli- 
jper Mining at Kitwe. 
ay from work for the 
-?nsecutive day in pro- 
e killing of a British 
in. the area on Satur- 
'ihes spokesman said, 
expected to resume 
r>;s*ow. '• •. 
tners' launched the ir. 
fter a British miner 
lead Jiy- armed robbers 
(seeing urith his family 
e.- reports Reuter. 

the second white killed! year, comprising 53 dredges,-784 Kuala Langat area—which is 

chainnan. has flu, it was ao- 

Hangs in a month on i gravel pump mines, and 37.Other known to contain at least 300.000 nounced -| o Washington. 

_ 3 —_ 1 . rm.*-_-Is__ 1 rnA- «._ r m .. . 

rhelt and miners are 
what they claim is a 

They employed .38,500' ton nf tin. 

The three days of bearings 

Grain seed 
going up 

By Our Commodities Staff 
ROYALTIES on sales of cereals 
seeds in the 197S-79 season are 
going up 80p a ton. Ao all¬ 
industry working party an¬ 
nounced yesterday that the 
royalty rates for certified seed 
nf varieties of wheat, barley and 
oats protected under the 1964 
Plant Varieties and Seeds Act 

ppage' helped bring a 
re on the London Metal 


people. Reuter reports from Bangkok conducted by the House Inter-! ivuf'be' f'flJO a ton for second- 

dice protection in thei In the past few-months, there that Thailand bas cut tin national Trade and Commerce I generation seed and C I 5 S 0 for 

have been signs that’“the royalties m an attempt to sub-committee, which were a!solfi rs i generation. 

Malaysian, federal and staje^gov- encourage the mining industry to include testimony on general 1 The increases were calculated 

ernmentirare-beginning totalise~and to curb tin ore smuggling. U.S. policy on International com-(according to an index which re- 

. copper market, yericr-! the need for . new invostpieiit in the Industry Ministry said. raodity agreements and buffer; fleets the increased costs of plant 
1 wirebars closed £4.75 j the tin industry-to halt ffie-fall,.. Trade sources estimated the slocks, were scheduled to start 1 breeding in the past year. 

- >.5 a tonne, despite no in output . move will cut royalty averages to yesterday. j The working party has pro- 

ews of the. talks in The_federal. _ government, about 28.4 percent a picul from They will now get under way J posed that this index should be 

is week discussing pro-.recently decided to increase the 38:17 per cent, previously. to-day, and icontinue on Tburs-jused for a further two seasons 

•nrproduction by.lead- share of. revenue whic|i goes to VThe first. 3,000 baht value of day. The third day has not yet when its value and efficiency 
r exporting countries, the tin-produeing states, reduced tnK ore per picul remains exempt been scheduled. will be assessed. 


Savannah cattle may 

give way to soya 


laOm. acres of cerrados (type of 
favannah). which is equivalent 
to a country the size of Mexico. 
In the past tins land has been 
patchily used for rice cultivation 
and rattle-rearing with extremely 
rudimentary and precarious 
farming methods. 

Mr. Elmar Wagner, bead of 
the Research Centre for Farming 
in the Cerrados. summed up the 
region's potential: ,** We hope 
that over the next few years, 
125m. acres uf this total will be 
incorporated into the country's 
modern farming sector. The 
cerrados are Brazil's next 
agricultural frontier 10 be ex¬ 
plored in the natural expansion 

The opening up of this region 
started prematurely 20 years ago 
with the momentous decision by 
President Kubitscbek to build a 
new federal capital. Brasilia. 
To-day. Brasilia functions effici¬ 
ently as the country's admini¬ 
strative centre but remains 
bizarrely situated in the middle 
of a largely unoccupied plateau. 

The real economic occupation 
is only beginning now. witb the 
rapid influx of farmers. 

Although prices are starring to 
shoot up. land is still cheap at 
between £10-£1Q0 an acre. Small 
producer:, from Brazil's south, 
where land prices are high, arc 
selJjng up their plots there and 
using these re-ourees 10 pur¬ 
chase much larger farms, nf at 
least i’.SOO acres, in the t errados. 

Large companies, some of 
them multi-national, are also 
moving tn. with really ambitious 
projects of up to 250.000 acres. 

Until recently. Mr. Wagner 
explained, would-be farmers of 

tbe cerrados were deterred by 
tbree obstacles: the total ignor¬ 
ance about the region's resources 
and possibilities: the irregular 
rainfall: and the low level of soil 

Now ail three problems are 
being solved or by-passed. The 
centre is carrying out an 
ambitious, multi-faceted mapping 
project and. by 19S0. it hopes to 
have an adequate characterisa¬ 
tion of the region's main natural 
and socio-economic resources. 


The centre's research has 
shown that perennial crops; such 
as coffee, orange. lemon, tan¬ 
gerines and avocado pears, are 
well able to stand up to tbese 
droughts. Perhaps more signifi¬ 
cantly. tbe experiments have 
shown that soyabeans—a broad¬ 
leaved legume which creates its 
own shade — is also fairly re¬ 
sistant to the short summer 
droughts. One of the most vulnep 
able plants is dry land rice, which 
is a narrow-leaved grass which 
provides itself witb little shade. 

Soyabeans have been little 
cultivated in the region because 
of the low level of soil fertility. 
Particularly serious U the high 
aluminium content in the soil. 
This is. however, a problem 
which can be readily solved 
through the abundant application 
of lime and fortunately, the 
region possesses Brazil's largest 
lime reserves. 

The acidity of the soil can he 
combatted by phosphates. Mr. 
Wagner explained that the soils 
have a marked tendency 10 

absorb the phosphates, leaving 
little over to correct the 
deficiency. But once the critical 
level is passed, tbe soils have 
shown an impressive capacity to 
respond with high yields. 

This means that during the 
first year farmers must fertilise 
heavily or their efforts are in 
vain. In subsequent years, fer¬ 
tility levels merely need topping 
up. Mr. Wagner said that, even 
with the present high phosphate 
prices in Brazil, the excellent 
yields which result allow the 
farmer a good rale of profit. 

Previously dry land rive was 
widely cultivated, despite its 
vulnerability to drought, because 
it is much less demanding in its 
sol! fertility requirements. But 
since modern farming methods 
have made it possible to control 
fertility levels—hut not rainfall 
—the soyabean is proving the 
more suitable crop. 

Throughout the region soil 
drainage is good, which means 
that machines can be used just a 
few hours after heavy rains. 
The flatness of the land also 
favours mechanisation. 

It was with tbe cerrados poten¬ 
tial' in mind thai a World Bank 
report recently predicted that in 
the next eight years soya would 
be Brazil's Mar export product. 
It was Foreseen that exports of 
soyabeans would almost double 
from 3.5m. tonnes last rear tn 
6 . 6 m. tonnes in 19R5 and exports 
of so.vanteal would -:row even 
more rapidly, leapine from 4 5m. 
tonnes to 11 6 m. tonnes. 

It was predicted that soya ex¬ 
ports would account for more 
than one-fifth of Brazil's exports 
by ]9$5. 

N.Z. Minister to discuss Iamb sales 


New Zealand Minister <rf Agri¬ 
culture. is expected in London 
next week for talks on the future 
of tbe European Community's 
market for mutton and lamb. 

He is mainly concerned about 
the possible effects of the Com¬ 
mon Market's plan* on the Veil- 
being of his country's export 
irade. Last year New Zealand 
supplied 40 per cent, of Britain's 
lamb consumption. 

By the time Mr. MacIntyre 
arrives the British Government 
should have the full details of 
the EEC Commission’s revised 
proposals for a Community 
regime governing trade tn mutton 
and lamb. 

The New Zealanders are wor¬ 
ried that a lamb regime would 
operate in the same way as mast 
of the other market organisations 
in Europe: pushing up prices and 
pushing down consumotion. 

And if consumption falls 
Wellington fears that New 
Zealand Iamb imports into 
Britain—currently 200.000 tonnes 
a year—would be the first to 

The same bas happened tn 
some extent with the butter 
market, and although New 
Zealand is still allowed to send 
120.000 tonnes a year into 
Britain, its annual quota bas 
been steadily whittled down.-_. 

It appears that New Zealand 

has lost its place in the British 
cheese market. Last year it was 
allowed to send 15.000 tonnes, 
and there were hopes that access 
for a further 10.000 tonnes might 
be negotiated for this year. But 
>n far there has been no sign 
of any talks. 3 nd a blanket of 
silence has settled over the 

The Commission in Brussels 
has already had a couple of 
slabs at launching Agriculture 
Ministers on a constructive de¬ 
bate of the lamb market, but 
each time the talks have found¬ 
ered on British resistance’ to thc 
inevitability of big price In¬ 
creases, in'Britain and. attempt*; 
to include a “safeguard clause” 




. <»ah«r on balance on die 
Exchange despite easing m 
. Alter a hesitant ran-it 
8 forward metal edvsDeed 
^T_vr 1 th name loris 'ooaJUons 
Comet did not start as high 
and the London oflee fell 
n*-at fSatn on the- Kerb. 
•■25 tonnes. 

Amalgamated Metal TratOnfc reported, 
that Jn Ihe morning cash wtfebars tradeq 
at £839.5. 49..three months CB33. U. X. a. 
3.5. '■ Cathodes, three months 1944. 4 5. 
Kerb; Wlrchars. tbree ■ ntomhs £933.5. 6. 
B-3. 7. IL5. 6. 5.5. 3. 3.5. ^AfrernoOn iWi re¬ 
bars, dash' £8425. Jhnte-hnonfhs «3fi. 9 5. 
S. 55. 5, 45 . 4~ Kerhi Wfrehart, three 
mondrf M335. » SC. it- 32. . ~ 

'TIN-Aost omnia following pressure on 
die Eastern market overnight. Forward 

.m- ft ori p.m. jt+or 
Bi-» t — • Lnomciai J —, 




f W P.HL t+o t 
— • Lnnfft-rUi' — • 

CL.3 +7.5 640-1- 
S-.S +7.5 G54-.5 

0-J5-d"7-5.- ti-.-. 

1.5- S +8 . 680-1 J-f-4 

1.5- 3 +8 . 643.-3-4 +4 

38 - j+8- •+-. -• •; .... 

*■' Blqh Grade *'• ' c f r 

Club_• 6840-60 -57.5 618G2DD -112 

+4.75 a months 6100^815 -35 6160-76 -77.5 

+4.5 Secttam-’t.! 6860 ;-t39 ;. - . 

I-• StasMiptd;-. - ■*- 

£Aah..^....'6840-60 -37.5'6180 800-112 
6285-95 -37.9 6145-50—85 
Swlem.i.1 6260 ;—3D 1 — 

Strait*#: ;5170Q —50 i - . 

New YoekJ • — - ! -...J *500.00 -75 

metal starred in London at 18500. fell to 
£8.195 and then recovered to ffi.200. 
where tt stayed tor most of the day. Bnl 
Is the aJtenwtfb. the downward movemeni 
resumed, stop* were 1 cinched off at 18.130 
and the price fail 10 £ 6.110 before closing 
on ihe Kerb at £6.140 after an active day's 
trading. Turnover, 1.630 tonnes. 

Morning: Standard, cash £6.240. three 
months ru.190. SO. M. 95. £0.288. £6.190. 85. 
BO. Kerb: Standard, three months £6.195. 
£6.200. Afternoon: Standard, cash £fiJM. 
Three month* £6-190. H. '0. tD- ’0. 40. 50. 
30. 20. 10. 20. 30 . 33. 40 30. 45. Kerb: 
Standard, three months £6.140, 45, 35. 50. 

t-EAD—Study in quiet trading. Forward 
metal opened firmer at £317.5 on the pre- 
martcet - and rose' to £513.3 Influenced by 
the trend • in copper. However, in the 
airemoon profit-tikina pared the price to 
£313.5 on the kerb. Turnover. 7.835 tonnes. 

£29.95 and £56.3! for the ro&pectrre ship¬ 
ment periods. Yarns and cfntfcs gtdet 
but Rrm. 



Robust* futures were initially strong 
as follow through buying from Monday's 
close rook values to the highs at lunch, 
reports Drexcl Burnham Laid ben. In 
the anernoon. however. New York failed 
to respond to London’s steadiness and 
this caused a reversal towards the close. 
The market finished virtually unchanged. 
Earlier buying ihrs week was generally 
seen as short covering by local dealers 
and yesterday's action confirmed a 
reversal tn the uptrend. 

ABOUT UNCHANGED opening on the 
London physical market. Fair interest 
throughout the day. closing slightly 
steadier. Lewis and Peat reported (har 
the Malaysian godown price was 363 '20!< 
cents a kilo ■ buyer. March’. 

W i yesterday* Previous 
R.5.S. ■ close clw 





i L'ow i + i»r 

K per inme I 



1 s.rt.- m- p.m. ;+ o- 
LEAD | Official ■ — |Dnofflcta<i — 

limited 01-351 3466. ' Three month Copper 640-654.5 
Road, London $W1D OHS. • 

miffeur < Drive ( §ervke 

star Britain is the chauffeur'drive service 
of Avis Renta Car. -• 

I n ! e 

£ £ 

Cash.; 311-.5 +*.92 

311-3 +.5 

ont.Bithi-j 317.0-8 +2.62j 

317.B-B | + 1 

Sett'ua'm! 311^ +*.76 

\.Y. Sp+.| — 

- 1 ...... 

March -15 ] 

May.. 1US7.Q-it 68.0:+ 741 ! 

July.l-:66-iMt6841+65 I 

September-. .1682.6-1505.0:-7.0 I; +4.5 r 

Jmuiiai-r.>14 B.0-1416JH + 15 

March.'.-itofiaJL 153JJ1 — lO.Oi 

i_!• I 

It SB-It 46 
If 26-1518 

J ly-cScp.; 





47.40 47.61' 
SJ.78 so.BJ 
66 S5-I6 90. 

i4E.D0-46.50 1 46 10-46.60 
4to.SD-4B.55 47.60 
47410-4/.C5' 47.00 
48.6D-4B.7t •8.di.-4B.35 
50.25-50JO 9U.45-S0JW 
fil.B5-52JH>! 52.15-S1.7i 
SI5D-U.IB| iS.ii 
56.10-55.15! --j 55-F4 DO 
5B.BM6.7c, 56.06-56.65 

Sales: 240 <1251 lots of 15 tonnes. 
Physical dosing prices (buyers' were: 
Spat 4Sp (48.2311 March 47fip rsunei: 
April 47.730 (samel. 


>MUU 5444, IUIVT UMW I il W 

K«b: Three months £255. 6. 3. A/temnon: 
Three months £255.5. 5.73. i. 6. 3.75. 6, 
6 3. Rerp; Three monihs £236. *-&. 5. SJ. 

ZINC—A shade firmer although business 
rematabd subdued. _ After- openlnB at 
£25£5. forward ■ material rose to £236 on 
tbe TO otto na herb with sentinwnt affected 
bv_fhe gahta in copper and lead. Activity 
taSed Off Jn the afternoon and the price 
eased’bach io £233.5 on the tete herb. 
Turnover. &230 tonnes. 

Sales: 1356 (2.146' lots of 16 tonnes. 

LONDON ARABICA5—Dull but dealer 
support gave a firm tone to proceedings, 
reports Drexcl Burnham Lambert. 

Prices iln order buyer, seller, change, 
business’—April d!6.73-.T.7.0B, + 0-63, 
217^3: June I97J0-IBS.06. +8.92, 198.25- 
197.50: AU*. T85.73-133^0. 4-0 JO. IS630: 

Od. I75.W-I76.00. +9.47. 17BJM73.73: 

Dec. 168.06-168.00. +0.30. ML Feb. 137.00- 
Io9.S0. +0.15. nti: Sales 23 (30) lou Of 
17^50 kilos. 

lYesterd’vsr 4> or i Piumees 

* Oiftw- I « ! Dene 








,'110.0+11.0'+3.5 : f 12.00 
1.4 5V 4.6+1.45 li 4 60-03.70 
Ii 4 0 >- 4.3 + 1.20 1-4.01+5.10 
■Mb i. + U» U 4,70-05.70 
IC4 7+4 5.3 +u.9a 106.2 
tu4.7- 6.0 +1J5 
f 8.00-i.e.O +u_5 lOfiJH 




+. or) p.»n. 

— lUnofflidai 

+ or 

- • v •. 

£ ■ 

£ | £ 


801-8 . 

4 .5 | 253^-4 


4 omndja^r ZS4-j5 

—-25j 800J5-7 

+ 3 

f> men L.:., 


P&L .Weal 

.! 30-0-31 



Sales: 39 '3fii Iocs of 100 tonnes. 

Wontfeg: Cadi £3113. three mouths 
£3ia: IS. 17J. 1 19. 19^. 17.S. 18- Kerb: 
Three months fSlS.5. 19. AJiernoun: Cash' 
£312.-11.5. ii. three months £318. 18j. 18. 
17^ . Kerb: Three monihs £316-5. 15J. to. 

1 Cew» m-i uouun < On pcavtous 

uimi uv ricsM -.fiM car ueuL 

market opened 20 tower on old trap 
wheat and with the help Of an easier 
country marker values moved quickly io 
55 lower on commercial sell ins. lined 
shert-covering in the last to muimc>> 
mesn> a steady dose with losses of 30-40 
prims. Old crop barley saw a very 
«n*H two-way trade with i-onin ere Lai 
switching of March-'Way a faahnv. wnh 
merchant Hquidauon of the spot opnun 
anl steady sbon-covenng of the ’.lay 
position. New crops were quiet stlhougfl 
wheal found good hedge selling, rvpons 


LONDON DAILY PRICE (or raw sngar 
£\-J> (samel a tonne df for Feb.. March 
shipment. White sugar dally one? wu 
&»-<■ at £116.30 'same*. 

Pncrs moved ahead about 50 pa mis in 
the monline- Later easier New Vnrk 
advices caused losses of 100 points. »»nod 
support -was uncovered at tho iuui and 
tf-.., niarfcel soon recovered and chwed 
«mh nm gains of 33-40 poos on the nay. 
re pons C. Caarolkow. 


Stiver was Hgcff t.lSp an ounce mgner 
tm spot delivery tn the London bullf-m 
markfj ryesierday. at !3o.2p. U.S. (*)» 
tKidmlenia of the fixing levels were: 
Spo> 40318c,- up 3.2c: titree-mpnth aKcc. 
ub 3c: are-momh 312.4c. an 3e: snd 5JI.4C." up Lie.' The metal 
opened at 3Mi-2S3Sp f 485-45610 and 
domf at 254MS5JP (49M94*c). 



!Yeat 0 ^>y‘«| tf or 

M'utb |. — 1 

Y»t€MUy , *j + Ol 
rtr+6 ! — 






nuaar ! I 

iYfxn’rtlay't Pweious .- Bosineas 
Coram.j Clove Clove ! Hone 
Conn. ! ; 


—O.M 1 

71.75 j 





i— ojb! 


78.75 |- 


81,20 | 



83.65 (• 

- 0.10 

-J. 1 B 


dlLYBB j Bullion + on 


■per 1 flxfnsr — 


irovoe. | uridw! 1 i 


4ptB._-J 265. 

5 nuiothaJ ZM. . 
4 nHHtifuuj 864.6p 
IS 875j. 

.flp Liu 

.Bp |+1.96r 

l+l.B ! — 

1+1.5 | - 

t fi.96 

LME—Turnover i 1M f941 lots Of 10.000 
ounces. Morning; Three raonthi 260. 30A. 
0.7. Kerbs: Three monihs 239^. 9.7; 9.6. 
Uiernodn: Three tnontha-259. 8 8, 9. 9.2. 
Kefbs:. Three 'months 239.2. 


The Ureal of firbthand celling was 
I'lHxuifa ra pm' bojvro on the defensive 
with prices trading limit down on near 
March, -reports; Gill and Duffusr 

C \$kU-Mai' 
LWCXJj:',' LT«t 
‘ --LJ- 

i 4 tji >' tiualnew 
I . “ flood 

Nu.aC'ou'V • 






1-40.9 j 1589J>-(2.0 
F-I5-0 1474.0-46.0 ' 
Lifi,0 11460.0-KLCT 
1-2B+0 iWS.5-1541 
L20.75t 14 W-1884-6 
i-lD.fiO 1 1876.0-70.D 

Soles; 4,031 (Soffit bu of S Mimes. 
Intamatlanl Cocoa OmnbttiH (U.S. 
cents per pound)—Dally price Feb 13: 
130^7 fl31.T7i. tndlcaior ptieds Feb. 14: 
15-ddy average I29SS fUSSOi: 22-day 
jvr-rage 131.34 j 131,791. 

Business done—Wheat: March S3L25-B3LS0, 
May S5.0tf4S4.fi0. SepL 83Jtf83.00. Nov. 
S5.7tf85.45. Jan. 88.00. Sales: 135 lota. 
Barloy—March 74.90-71.70, May 74L3S.7195. 
Sopl 78JMW8.70. Nov. SL2SSL20, Jan. 
nil. Sales: 234 lots. 

per cent.. Feb. and March B8.73 Tilbnry 
U5. Dark Northern Spring No. 2. 14 per 
cent.. Fab. 83.00. March ES transhipment 
Bast Coast. UJS. Hard Winter Ordinary 
unquoted. Australian unquoted. SSC 
wheat unanoted. 

Metre: U^S.-Frcnch Pcb. 88.73. March 
99.73 transhipment East Coast- S. African 
Vrilow March uneuoied. Kenya Grade s 

Earley: Unquoted. 

hcca — Ex-rarm spot prices an 
February 14. Ftod wheat: Humbemde 
fTV.70, CloucuSter ,£7S.2u. Feed aarlay: 
Humberside £73J0. Gloucester *?A ih.. 

77w L'.K. monetary cu-efficlcnr tor the 
w *>-8 from February 20 is escpccKd :o be 
irmsased to j.302. 

EEC IMPORT levies—E ffwnve 
today in order current levy pins March. 
April and May premiums, with previous 
in brackets, all in units of account a 
tonne.' Common wheat—87.75. nfl. nlL LSS 
187-72. nil. nil. 6-161; damn whcav-lliL2C. 
nil. nil. 13-10 tsamet; rye—75.72, nil, nil. 
L34 r75.72. nil, nlL nfli: barto—79.86. nfl, 
nti. 0.67 (same); oats—79.82, nti. nil, nil 
(nmei: matte (other than hybrid for 
seedhtfj—77.65, ufl. oil. ofl (satneri 
buckwheat—all nil: ei«ia»— 77 . 79 . ' fts*. 
0J4, 0^4 tsatnei: grain sorjhH*—8LS4. 
2 , 68 . 24S. 2 J 8 <samel. 

Flour levies.* Wheat w mixed wheat and 
rye—134.44 iswneu rye—117-93 

1 |#r luu lie 

Marco .-114.40-14.511114.15-14^51114.7tf 15.80 
Mav118.4 > 18. < 5 118.a0-18^6| 116.7* 17.:U 

Auq.U1.46 21.1.0121.25-S1.4uLl 1.7J-'<1.Q1) 

Ucl ...'1.5.50-5-76 iaSJtf25J0|l. 5.76-: 5.10 

Dec.Il2o.76-iB.B0 126.50-25.48 I2n.7a-tfi.00 

March ,i 150.2 j-5u.2r 128.55-26^0 15fi.75-29.4il 
May 152.70-53.^1151.80^2^2,155.00 

season 43.0 io 46.0. PM new season 44.0 
to 45.0. 

Park: English, lets chan 100 lbs 33.0 
tft 42.0. 109-120 lbs 34.0 10 41.0. 120-160 
lbs 33.0 tn 40.0. 

Haros: English • large* 170.0 tn 190b 

MEAT COMMISSION—Average fetstnch 
nrlycs ar represeniative markets on 
Feb. 14. C«—Cattle KS.33D a tg. l.W. 

i -D..’8>: U.K.—Sh.'-ep 130 3 d a Kg 
d.c.w. I-O S*; CO—Pigs Htfap a teg. t.w. 
.+1 England and Wiles—C^’ile down 
17.0 oer cem.. average once b3 4lo 
i- L 9Ji4i: Sheep down .VS per cent, 
average .price 130-Sp ■ —0.7>r Pigs down 
10.0 per cem.. average price 80.5p l-^ 
Scetiand— Canle down 8.7 per cent., 
average price 63.13 d * -1-0.04': Sheep down 
8.4 per coni., average pnce 12!.!? «—5.7»: 
Pigs down 17.0 per cenL. average nrree 
t>0.5p i-02l. 

COVENT CARDEN iPn«s in sierhng 
a nseteage ttxcc pi where olhenrise staled i 
—Imported Produce: Oranoes—Scania- 
Xavitis 2.30-3.30: Jaffa: 3.30-2 93: Cypriot: 
Ovals approx 1G kilos 34rMs 210-O.SOi 29 
kilos 3.30-3.80: Egyptian; Balatli 2JO-2.TO: 
Moroccan: 740-2.00 Lemena—Italian: 

10(14120 2JI0-32D: Cypnot: 2.50-2.30. Grapc- 
Fruit—Cypriot: IS kilos 140-2.60. M kilos 
2.0tf3.60; Jaffa: 20 kilos 2.80-3.70. Sours— 
Spania: Approx 40-lb 2.80. Satsumas— 
Spanu: 3iSh0.40. App'os—French: 4tflb 
Cranny Smith Category 1 3AW.60. Caie- 
gory II 4.36-3.00. Golden Dl-Uqous 4Stf 
3 GO: 20-lb 72 IOT Granny Smith 2gtf3 30. 
Golden Delicious 2.70-3.20. Red. DtHicious 
250. Stark Crimson 2.80-3.20. nimble pack, 
per Ih. Golden Deilclnns 8.10-0.14. Granny 
Smith O.u-O.i:: Italian: Golden Deticious U.S.: Red Delicious 9.09: Easiero 
States: 8.00-9 40: Hangar Ian: Red Deli¬ 
cious 7.00: Danish: Spartans O.Otffl.lO: 
Oregon: Newtons 8.M. Pear*—Italian: 
Per lb Passacrassane OOS-OJO: South 
African: Clapps 3.20. Wir.iam Bon Chre¬ 
tien 7.00. Plums—S. .sfnean: Gn iotas 
0.36-0.40. Red Ace 0.2SKJM. Kfiiaey 6A0- 
0.43. Grapes—Spanish: Almena 
Caltforalan Red ESmperor per lb 0.38. 
■snanas—Jamaican: Per lb 0.13. Tema- 
t MS—Per 6 kilos. Canary: 2.88-2A0. 
Melons—South African.- White 4-res 4.0tf 
6 00. Cucumbers—Canary- 3.00-150; 
Dutch 3.40. CauUfiavMrs-Jeney: 420; 
French: 6.30. Pratoes—Canary: 25 kilos 
7.00: Cypriot: 3.00. Celery—Spanish: 

14/365 3.30-3.66. Lettuce—Dutch: 24s 8.M. 
Capskamt— Kenya: Per lb 0J3: Israeli; 
0.55: Canary- 0J5. Peaches—S. Alneaa: 
21 24S '^0-3.sU 

Eng/isb Pnaduee: Putatues—Per 34-lb 
lVTtlie&'Rcds 120-1.60. Lettuce—Per 12. 
Indoor 1.30-1.70. Cab base—Per f-baa 
Prima 0.90. Beetroot—Per 28-lb 6 80. 

Carrots—Per Das 2S-IU O.'tfdSO. Onions— 
Per 35-lb 0.50-1.30. Swedes—Per hag. 
Devon 0.43. Apples—Per lb. Cos's 0.13- 
0.22. Bramlev's o. 12-0.16. Spartans o.ltf 
n. 15. Pears—Per lb. Conference 0.09-0.14, 
Comice 0.12-0.14. Sprouts—Per tb OJO- 
0.11. Parsnips—Utf 1.40. Turnips—Per 
2S-lb 1.06-L20. Rhobarb—Per lb 020MJ2L 




tofiiw unlus otherwise 

Feh. 14. +yr! Mouth 
197' ' — «gt- 


Aiunnmum.£680 . £680 

Free Market icui,8*65-65 ■.'5990 

L oppercssh W. BerijG640.5 , + A.75 Lb53 
3 ninntbi rto. Jo. [£664Jti:+A.D .^65.75 
Cash Lathode_...._ £fi50^ i+4.0 i:641.75 
f months do. do.....■£643.76'+4.0 ; £654.25 

L..W-.Trwna.l9177.12S +O.B.S172-B78 

Lnrt L'aib..£311JB:+0.B W45A 

5 monihs.£317.76;+1.0 £353.26 

Mekei.' - ; 

Free Market (cJm.„iS 1.B»-2J) 

Plan nurn rrvyoc..£ 106,5 T.,_...:C96 
Free Market_j£U6.5 J+2.6 [£102.25 

Quicksilver T76lbb).l913li-dB].5130.56 

Silver Tregrw ..-_ Z55.2p 1+1.151458.2,> 

5 muBtha..,. : aw.2u ;+IJtS|462. Ip 

Tin _tC6,19Q t—112J5'£o.402.5 

5 months-£6.14785.026,28b 

Wnlfram22.01bi.4df 'S148-54 |.f 106./ 3 

Zinc cash_£263.75'+2.0 i£270.25 

A mouths 



Coconut tPhil).^.„ 

& rouodnut__ 

Linseed Crodafn.. 
Patm Malayan.. 1 



+3.0 ;££75.26 
I - S 6 J. 








Seeds r ; 

Copra Philip_! 839On 8380 

rviyafiean tCAl—ifZSSj/ J—_[024-1 


Grains I 

asriej-SEC_! . ._ 

Home Futures _ £71.7S pQ.i ;£71.6 

French So.A Am'£S8.7S 
Wheat . 

So. t Red Spring £8S.73i 

Xo2.Hani winter] ; 

Sneitth MiUma.:d9Sie ...„...£95.5 
Cocoa Shi pnuoL. v '£1,699.8’—38.5^1.755 
Future filer.—..,£1.443.5,—3i.9>£1.574.b 



Coffee Futures... 

Mar.— £i. 6 S 8 

L..<u<n - A' lnuez„;66c 

lute LJ AUK._i >437 

UuMwr kilo.. .46 u __ 

■*i*el £ &AAL. -'4523-46;..JS56O-70 

^uftar 41107 i_! £112 

lV,».iroiM 84*. kUo_.l 27Qp |_|267|. 

j+7.0 i£l,850.5 
1—0-3 ! 64.1c 



Nominal. tOnouoted. a Seller's quota¬ 
tion. c cents a bound, d Ex-lank London- 
Ruil U April. I Pab.-March • r Mareh- 
ApnL «Feb^AprtL to March, y April- 
May. = May. rPer too. 

Salem 1,469 <3,0181 lots of 3 tonnes. 

Tate and Lyle ex-refinery price lor 
tnnulsied baau white sugar was £242.49 
(tame! a tonne for home trade and tiff 
(Same* for export. 

International Sugar Agreement—indica¬ 
tor prices (U.S. cents per pound fob and 
wowed Caribbean port) ror Feb. 13: Dany 
Price a«a (5.321: lMay avenge t.n 

Arabs buy 
more U.K. 



LONDON—No tracung. 

rPence oer tain) 


&reut Wiml 

Venn-Mi.* '>r] 
Olree — . 




2S4.D-S7.0 . 

2M.O-57.9 ; ....... 

256,0-67.0 i .... v , 

i)uly. M . MI ... 

— $$ 

266.0-4/.0 ; 

' Si* 


242.U-44.0 .. 



246,0-47.0 . 


yu\ ... 

. 46,0-46J) l . 1 



«4B.a-4B.O . 


Sales: NU ■'nilt lots of l^Sfi Mlos. 
SYDNEY GREASY—Ctose: «ln order 
buyer, seller, business, sales). Micron 
Contract—-March 341.0. 54L5. S41.tf341i 
23: May S46.5. 347.0. 347.0-34&5, 19; July 
354.0. 354J. 27: OcL 357J. 
3575. 356.0057.3. 68; Dec. 363.0. 363.3. 
383.5^83.7, Si: Man* 367J. 3875. nil; 
May .1685. 369.0. 369.5-369.5. 1; July 
•"*3. 371.1. 371.1-371.1. 1 . Total sales: 




DUNDEE—QulU but very firm. Prices 
c. ami (. '(j:K: for. liardvApril bljlpment; 

UWC £297. ElWD S2SS. Tossa: BTC £293,: 
BTD £286. Ceieona goed* ■ riaadu euiarL 

.qimriuiun c. and f. U.K. for Fob. this- 
mem: ltfn?, lll-lnrii £10.34, tkm. £753 
067 199. yards; .-Martti £10J7 and 57.90: 
April £16.44 Ufid £7.97. B ” WlHs £29.80. 

COTTON—LhrerpoeL. Spot and shipment 
sales amounted tn 60 tonnes, bringing tbe 
total for the week so far to 457 tonne*. 
There vru" hshr covering in certain 
specialist varieties, mostly in the Middle 
Eastern range, reports F. W. Tartarean. 
Scattered in:eresi was shewro in North and 
South American growth*. 

SMITH pi ELD (prices in pence a pound > 
—Beef: Scuttlth killed sides 49J> to 55.0: 
Eire tundauurtern 59.9 to fit.o. fore- 
quamri. m o to 4i*fi. 

Veal: Dutch hnain and ends 94.0 to 

Lamb: English jicill fill.O to (Ktil, 
medium 47.0 io 33.0. heavy 39.0 to 45.0: 
Scottish medium 44.6 >o 530. heavy 3n 0 
to 46.0. Imported frosen: NH PL new 

By Our Commodities Staff 

EXPORTS OF British poultry 
meal are already running ahead 
of lasi year's record levels. The 
British Poultry Export Company 
has an order from Iran for 12,000 
ionoes this year compared with 
10.000 xoones last year. 

The company, which repre¬ 
sents tbe interests of most of 
the major broiler chicken and 
turkey producers in the UJx., is 
also selling 1.500 tonnes of 
broilers a month to buyers in the 
Arabian Gulf, ft expects to ex¬ 
port 18,000-20,000 tonnes this 
year, compared with 16.000 to 
17.000 last year, 

Mr. John Maher, secretary of 
the company, said the competi¬ 
tion was becoming fiercer in the 
Arab countries, which have 
become the world's fastest grow¬ 
ing market. The U.S. had'long 
been active. Now countries like 
South Africa were also trying to 
move in. 


Tel*. 14, Feb. Ul^itinth 


826.99 1826.67 j 232317 


(BUM: luiy 1. 19X4=708) 


Feb. 14i Kei-. UTfiluiith ago! feu'iiiu 

iy»g.5l 1405.5: 1415.2 I 1827.2 

(Base: September is. ibsi=imi 

Uo« '; Fel*. | heji. r fikHjibj'l'wr 

J*<n« I It j IS 1 mfC < ajji> 

spot.... 348.68 550.04 -347.57398.68 

(Averoee 19£4-2S-2fi=lflfl> 


I fell. 



Moody's | 14 

13 | 



'pig Cpmmt.vglE.a309.4! B99 J910.8 

(December ZL I6?l=7wi 

GRIMSBY FISH—Supply good and de¬ 
mand Fair. Prices a stone at ship s side 
unproeeswd: Shell cod fj.oo-£3JiP. cod¬ 
lings £2 4tf£3.20. large haddock H.0tf£4.5o. 
medium haddock snull hjonick 
£3.79 £3 39. large plaice £3 40. medium 
plaice K.OtfEUS. bur mull nUicu fJvfc 
rUO. *dnnncd doafisb nirtiium CG ni> 
lemon solea i9.0tf£ sJjihe fl.iU-ilOO 

U.S. Markets 

Slight faU 

m precious 

NEW YORK. Fab. 14. 

PRECIOUS morals eased slightly on 
kpecutaUve use 111 ng folluwiug a vkghily 
firmer dollar late tn the day. Copper 
flni->hed Imi-er on trade lellimt. Sugar 
rioted lower on Canumuann Uau^r 
UaoldaUon. Coffee finished mixed in quiet 
condition*. Light trade selling welsJied 
oo cocoa. Soyabeans were firm nn 
severe weather in growing areas. Bache 

Cecaa>—March i i. fit ay 

133-50 <135.101. July 12B.3&. Sept. 118.00. 
Dec. 115.10. Slarcb 114.00. May USJU. 
July unquoted. Sales: 1,523 lou. 

Caffe*—" C" Contract: March 197.50- 
197.90 1 197jOi. May 175.75-176.00 ri7B.OO>, 

I.itu inn Cant UTIULl^m n.. n. 

July 163.75. Sept- 137.0IM57.50. Dec. 143.00. 
March lStfOtf 140.00. May unquoted. July 
I3S.1D bid. Sales: 438 lois. 

Capper—Feb.' 37.50 i5h.!Oi. March'57.7U 
<58.40 1 . April 58^0. May 58.70. July 59.70. 
SepL 60.OT. Dec. 63.00. Jan. 62.50. March 
63J0, JHBV 6L50. July 6A50. Sept. 66.50. 
Dee. bt.wj. Saks: 5OT0 lou. 

Catian—No. 2: March 34*5-54.40 454.00■. 
May 53.55-55 68 (55.131, July 56.70. OC1. 
58.00, Dec. 5S.40-38J5. March SBjtfSOiO. 
May eO.OtffiOJj. July 60.40-60.75. Sales; 
653.000 bales. 

•Calif—FBb. 177.50 1173^01, March 173.20 
I17S.7DL April ITBJIO. June ISLSD. AUK. 

184.40. Oct. 187.00. Dec. 189.60. Feb. lKJO. 
April 193.10. June 197JN), Aug. 200.70. OcL 
293.60. Dec. 206.50. Sales: 9.000 lou. 

tLard—Chicaso loose 21.00 <20.75>. New 
York pnme sream 2223 traded isxma>. 

JMatao—March 226M26* iHflil. May 
2D)i i2301>. July 330tf230i. SepL 2284-228, 
Dec. 2.T-226}. March 255. 

iPlaUnum—April 230.20-230JO 1227.30 1 . 
July 234 30-234.70 <231.401. Oct. 238^0, Jan. April 246.0tf246J0. July 
219JO-249-70- Sale*: 2.238 Inis. 

Feb. 469.30 , 493.60 >. March 

491 JO f495.20’. April 494.OT. May 499.00. 
July 505.00. Sept- 512.10, Dec. S23J0. Jan. 
535.90. March 534.40. May 54LB8, July 

549.40. Sept. 556.90. Dec. 56S.1D. Sales; 
S.500 lou. Bandy and Harman spot bullion 
492.00 1493-50. 

Soyabeans—March BUtfstu: <lS 6U>, May 
5742-5745 75704). July 5S0J-58L Ana. SSt. 
Sept. 5TO. Nov. 574^745, Jan, S304-5S1. 
March 5SS1. 

| [Soyabean Meal — March 150-46-150JO 
1148.90). May !5L30-13L20 f 152JO). July 
157JO. ATOi. 158.SO, SepL 15SL5»-3SB^„ OS. 
I58.0tf-159.10. Dec. 180JJ0, Jan. lBlJtflfiLOO, 
March 162.00-162J0. 

Seyubean Oil—March 2Q.6S-20.ta 120.40', 
May 20.47-29.46 120.271. July 26JS26J8. 
Aug. 203-20JO. Sept. ‘ ISJtfSPJD, OcL 

19.72, Dec. 19.65-19.63. Jan. 19.60. March 

Sugar—No. 11: March 8JtfSJ4 (SJ4i; 
May 9J.7-9.19 19.171. July 9J6-9J8. Sept. 
9J6. Oct. 9.67-9.69. Jan. 10.11-1 Oft. March 
10.33-10.23. May 10JO-10.S5, July 10.79- 

10.73. Sales: 3.000 lots. 

rut—550.00J6B.OD asked t560.0tf665.IW 

"Wheat—March 2694 ::87iL May 212- 
2714 I21W'. July 2741-2791, Sept- 277£, 
Dec. 2844. March 292. 

WINNIPEG. Peb. 14. t*Rye—.May 107.00 
fioo.fioi. July 104C1W.S0 bid), Ocl 
106.10 asked. Nov. 107.10. 

TtOats—May 77.611 bid (15.00), July 
75.70. OcL 74.00 bid. 

BBorley-May 7S.CD (75.43 bld>. July 
77.50 (77.40 aritod), Oct. 77.00 Baked. 

SFlaxseod—May 2IS50 bid 4212.09), 
July 215.30 bid (213.66 asked), Ott- 2J8J6 
bid. Nqv. 219.90. 

tlWtoesrt—6CWBS 115 per cent proton 
content ctl Sl Lawrence 13151 • I31-5tn. 

All cents per pound eg-wsretouse 
nnless otbenrlse aated. "Ss per W 
ounce—IBB ounce lots. 1 Cbicaso loose 
«5 twr 100 lbs—DepL of As- prices pre¬ 
vious day. Prune Steam (.q.b. NY bulk 
tank cars. : Cents per 36 Ih bushel ear- 
w a renouse. 3.000 bushel lots. S Ss per 
troy ounce for °0 uunco units ot 99-9 Per 
n-m. ourlty delivered NY. V Cents per 
iroy ouncx- ea-warvbouse. ;| New •• B " 
L-oniraci in Ss o short ton for bulk lots 
jl 100 shori tons duilV^red l.o.b- CUM 
"'.lucogo. Toledo. St. Louts and Alton. 

cents per 69 lb . bushel in store. 

Cem# per 24 lb bushel, tt Cenu per 
45 lb bushel «-warehouse, fs Cents per 
X lb bushel Cit-warehouse, 1.000 bushel 
lots. "SC str tonne- 

r HnanciaJ-^^^Wedn^day-February 15 1978 

Late drop on acute disappointment with trade figures 


"■Feb. J 

10 : fl , 

’ Feb.' | Feb. ; .V-f 

e ! 7 | v 

Index down 10.2 at 459.7— Gilts li lower—Golds higher 

Account Dealing Dates 

•First Declare- Last Account 
Dealings tions Dealings Day 
Jan. 30 Feb. 9 Feb. 10 Feb. 21 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 

- ■■ New lime ” dealing* maur take place 
from 9JO a.m. two business days earlier. 

The vjwninu visible trade 
deficit in January rorcly di c - 
apooimed ttock markets yesier- 
d»> rmd resulted in 1««ws to over 
a point in Drili^h Fund* and »«* 
a drop or 10.2 to 4.i!*.7 in the FT 
39-sharc index. 

The market had previously 
traded quietly at shehily lower 
level 1 ? on diFerins view? about the 
likely January trade our-; urn. 
while caution was also being dis¬ 
played pond in*’ resumption of the 
power workers' wave negotiations 
and ip-morruVs money supply 
figures. The more hopeful turn 
or events in the tanker drivers,' 
dispute had no apparent effect 
on sympathy. 

Eiriush Fund? were shmv'n" 
losses. tn about l ahead of the 
trade Ran res. but closed with falls 
to nearly a point in the shorts 
and to H in Ion-.:-dated issues. 
Ti'e ESfl-naid Ion" up Excheqiar 
10i ner cpm. was J-wered a point 
to 24 l . which is It below the level 
at which the Government broker 
was willing to so: t'7 stock last 
Friday, while the Government 
Securities index gave up 0.77 to 

Apart from the late turndown, 
equities were nntnbl echiefly for 
isolated firm spots in the more 
s,iocu!aii« e i‘'Ue? and on trailin'.' 
annii'tn.c‘:iitem?. Tim leader* had 
drifted timer in the enr ).i trade 
on continued hid' of biivirc.' 
inter,->*i. ; ,nd def.."#'ve marking 
down \yj»* ..'iueth i—•[mn-tiliJe for 
no evontua! don'ilinu of the los -e* 
which were recorded :-i :J p t 
Tit" mde. - ; const it wniv emfi.-J 

with widespread losses to eight- 
pence, and occasionally more, 
with Tuhe Investments, down 12 
at 372 r.. depressed on bear wilin'*. 

In FT-quotetl lndu->tri?lx Tails 
outnumbered rises by 5-to-t as 
against the 7-fo-4 maioritv in 
favour of rises on Monday, white 
only three of the 46 FT-Acluarics 
group* **nd sub-sen ions shoved .*» 
quotP*- t yarn. The AI ‘-share 
index .-haded l.i per cent, to 

South African Golds *-nde 
further progress, the Gold 'I -'s 
index gaining 2.H r*«r a ih w e-day 
improvemvni of n.s at J-Ki.2. 

Funds dismayed 

British Funds expressed dismay 
with last month's trade imbalance 
by registerinc Falls to 1J points 
at the longer end and or nearly a 
full point among the shorter 
maturities. The threat of poten¬ 
tial selling became very real and 
quotations were protectively 
Towered by dealers but this failed 
to deter sizeable liquidation of 
the longs: the«e had falls just 
prior to the 3.30 p.m. close or 1 
quickly extended in the late even¬ 
ing business. Circumstances were 
similar in the -'horls and here. 

too. the close was the days lowest. 
Other factors, which included 
strengthening hopes of a settle¬ 
ment of the tanker drivers’ 
dispute, were ignored. Corpora¬ 
tion:* traded quietly and displayed 
the rare minor loss In official 
dealings but were trending lower 
later, while Southern Rhodesian 
u. mis euged downwards in 
extremely thin trading. 

Massey-Fergnsou* jn Canadians, 
wen- .Ll.-peiiaed dt 810p, a 1877-78 
low, pending the lifting of a 
trading halt in Toronto: the 
directors met yesterday to decide 
whether to pay a dividend or not. 

Initially a shade easier reflect- 
inu the opening firmness in 
sterling, rates for investment 
be'Jjn to rise on renewed institu¬ 
tion:,! support which outweighed 
general offerings and following 
tlie lute reaction In the pound 
after the announcement of last 
month’? trade deficit, the 
premium closed at the day’s best 
m so p*r tent., up ] on balance. 
Yesterday's SE conversion factor 
was 0.7438 ( 0.7472). 

The major clearing Banks 
rarely stirred from their overnight 
levels until the late afternoon 
when they moved slightly lower. 
Midland receded 3 to S37p as did 
the new nil-paid shares to 10p 
premium. Barclays also lost 3 to 
31op but Lloyds, which start the 
dividend season off on Friday, 
were only a penny cheaper at 

Quiet conditions prevailed In 
Insurances where San Alliance 
clnmr} S off at 540p and Phoenix 
fi lover jl 2 S 0 p. Royals were 5 
csmvi at 37flp. 

Brew ei it*? continued cm the 
,-In'., II-.. aril path. A. Guinness fell 
4 lo 171 p. while Allied, Sip. and 
liPbs Charringron. 142p. shed 2 
Distilleries aU-i lost 
“iQinri. A. Bell and Distillers 
Iodine 4 to 208p and Iti9p 

Tlennrl* that the Department of 
the environment may withhold 
payment* to supplier;. Involved in 
some highway contracts following 
Monday’s registration or 33 price 
rings In the road-surfacing 
male rials Industry brought sell¬ 
ing nres-urc to bear on HJIC and 
Tamme among Building*: the 
former fini'lmd 7 lower at 1I2p 
and the latter 6 cheaper at 124p. 
Ft-vwhere. Taylor Woodrow shed 
« in 274p a* did Marchv.Id to 244p. 
while .IP Cement -eftoned 2 tale 
to 23:* p and London Brick gave up 
It to 63o. Bryant Holdings, on ihc 
orher hand, rose 4 to 5Sp. after 
53n. on investment demand and 
M.P. Kent a similar amount to 
4U*> in re«pon*c to Prc*!i com¬ 
ment. Hey wood Williams fared 
well at 72p. up 5. and improve¬ 
ments af around 3 were recorded 
in Brown and Jackson, 39p. 
William Whitt Ingham. 33p and 
British Dredging. 24-p. 

The di*ippi>intine January 
trade returns promoted a late 
mark-down in IC1, which closed 5 
lower ar 3-M)p E be where in 
CVmmlvuK Fisons were treated 

similarly and finished 4 off at 

Only slightly easier for most 
of the day, leading Stores were 
marked down further late. 
Mothercare lost 6 to 164p as did 
Gussies A to 272p. whUe W. H. 
Smith A shed 4 to 150p and UDS 
3 to 8Sp. Elsewhere, still reflecting 
the discount scheme offered to 
registe red sh a reholders with a 
holding of 250 shares or more. 
Moss Bros, jumped 10 further to 
108p. for a two-day advance of 14. 
In contrast, early profit-taking 
took MFI Furniture Centres down 
to 117p in front of the interim 
rcsulr*. but the price rebounded 
sharply to 130p on news of the 
doubled first-half earnings before 
closing 2 firmer on balance at 
124p. Wades Departmental A were 
a like amount harder at 36p. also 
after interim results. 

Final losses in the Electrical 
leaders ranged to 10, Thorn being 
tha* amount down at 354p. GEC 
gave up S at 255p, while EMI. 

McKechnle Bros, hardened a 
shade to 92p in response to 
favourable Press mentior. On 
The other hand. Weir Group 
encountered profit-takim* after 
the previous day’s speculative 
advance and reacted S to i24p. 
Davy international gave up 4 at 
230p and falls of 2 were sustained 
by Renold, 124p, and Westland. 
43 p. BirraJd Qua least eased a 
penny to 69p awaiting to-day’s 
nre'iminary results. 

Cn lien’s Stores were again 
popular in Poods. _the Ordinary 
closing 13 better at 93p. after 97p, 
and the A 15 higher at 82p. after 
96p. both following small buying 
in thin markets. Bluebird Con¬ 
fectionary were also notably firm 
at J58p, up 11. while LlnTovd 
hardened 3 to l50p and Pork 
Farms 6 to 403p. Other Foods 
had an easier bias and J. Blbby, 
at 222p. gave up 8 of the recent 
speculative rise. Rowniree .Mack¬ 
intosh declined 10 to 375p, while 
J. Salnsbory, ]67p. and Associated 



170p. and Plessey, 90p. e.ijed 4 
<-no 2 respectively. Elsewh, re. a 
Press suggestion that Comet 
Kadiovisioo’s bid for Henry Wig- 
fill may prove abortive. pr-?m.9ieJ 
st Ming of Wigfall. which closed 
at the day’s lowest of 204p. down 
12 Comet held at I12p making 
the bid worth nearly 24op per 
share. Decca “A” gave up 13 
Jc 415p in a restricted market, 
while Forward Technology eased 
4 k- KHp and Audio Fidelity 3 to 

Bear selling, later*i 
by talk or smelter troubles. 
r,i"mpted marked dullness in 
Tubes, which fell 12 to close at 
the day’s lowest of 372p. Earlier 
losses of a few pence in the other 
Engineering majors were ex¬ 
tended by a penny or so in fbe 
late dealings and GKX, 2"7p. and 
Hawker. ISBp. both finished 4 
I-, wer. Vickers ended 3 cheaper 
at 182p. Secondary issues pre¬ 
sented a mixed apiie^rance. 
Sporadic demand left F. Pratt 4 fo 
the good at 72p and Tex Abrasives 
advanced 5 to 65p on revi-ed take¬ 
over rumours. ML Holdings 
improved 3 to 94p, while Spear 
and Jackson put on 2 to t i4p and 
Slone Plait a like amount rl UOp. 

Dairies. 2]Sp. both clo.-ed around 
G cheaper. Other dull spots in¬ 
cluded SpiUcrs, 1} off at 2Sp. and 
Talc and Lyle. 4 easier at 196p. 

IMisc. leaders dip late 

Trust Houses Forte, u good 
market recently, fell S to lS6p on 
a broker's sell advice, while Grand 
Metropoliiau, 95p. and Lad broke. 
!S3p. lost 3 and 4 respectively. 
Pontin r s closed 3 shade easier at 
SSp: the Coral Leisure bid is r.oi 
to be referred to the Monopolies 
Commission. Following the deal 
with its forrae’r parent Slea Hold¬ 
ings. dealings were resumed in 
Epicure; the shares improved from 
an opening of ll}p to Up before 
dosing at 10}p. 

Small losses in the miscel¬ 
laneous industrial leader* were 
extended in the late dealings 
when prices were marked lower 
on January trade deficit Lnilever 
finished 14 down at 490p and 
Glaxo 10 off at 355 p, while 
Beecham closed 8 cheaper at R27p. 
Falls of 5 and 4 respectively were 
recorded in Bowatcr. 164p and 
Bools. 201 p. Reed International 
at 102 p. lost the previous day’s 
improvement of 5 after another 

active trade; the group has 
announced that It is to close its 
chain of 140 retail wallpaper and 
home decorations outlets in the 
UJC after continued losses. 
Secondary issues, however, again 
contained several firm features. 
Caledonian Associated Cinemas 
rose 30 to 430p on renewed specu¬ 
lative buying In a thin market, 
while Press comment drew buyers’ 
attention to Crosby Spring 
Inferiors, which touched 17p 
before closing 2i to the good at 
16p. Thermal Syndicate rose 7 to 
125p despile the profits standstill; 
■Others to improve following 
trading news included Crest 
iVfeboIsotL 3 better at Top. after 
76p, and Donald Macpherson, 21 
harder at 5Sp: In front of to-day’s 
preliminary figures. Renown Inc. 
moved up 5 to 175p. Redfearn 
Xab'oaal Glass, on the other hand, 
eased 5 to 300p on the disclosure 
that Rheem International had 
withdrawn its partial hid. while 
W. Canning iost 4 to 63p despite 
the increased interim dividend 
and orofits. De La Roe shed 7 
to 273p and, recent speculative 
favourite. Qfrex, lost the turn to 

Motors and Distributors held un 
well, encouraged by the shop 
stewards’ vote to return to 
normal working. Lucas Indus¬ 
tries finished a penny harder at 
260p. after 266p. while gains of 
4 were seen in Supra. 41p, and 
Flight Refuelling. 109p. News of 
two substantial contracts helped 
Dowty harden a penny to 175p. 
Elsewhere, Fodens rose 4 to 63p, 
but Dunlop eased 3 to 83p. 

Against the trend in Newspaper 
and kindred issues. Associated 
Book Publishers rose 7 to 187p 
on renewed demand in a thin 
market. Thomson. however, 
declined 6 to 207p and Associated 
gave up 2 &t I52p. 

Property leaders traded firmly 
until the after-hours’ trading 
wbeo gains of a penny or so were 
replaced by losses of that 
amount. Land Securities ended 
2 cheaper at 21Sp. after 222p, and 
MEPC a like amount down at 
122p. after 125p. Secondary 
issues, however, recorded further 
scattered improvements. Corn 
Exchange firmed 6 to 165p. while 
Great Portland. 320p, and Hasle- 
mere. 242p, put on 4 apiece. 
Stock Conversion hardened 
afresh to 250p before settling at 
24-Sp for a net gain of 2. Regional 
were also 2 dearer st 80p await¬ 
ing to-day’s interim results. 

momentum in Overseas Traders 
and closed 2 harder at 77p, after. 
78p, after another brisk trade; 
Mr. Alex Park, the former chief 
executive of British LeylaodL, has 
joined the company. 

Interest in Investment Trusts 
remained at a low level and the 
close was little changed. Overseas 
issues had Robeco; Sub-shares 5 
harder at 512p and Selected Rfck 
Investment 10 better at 3G0p. In 
Financials. Suer Finance hardened 
1J points to £29J and Trans¬ 
atlantic Market Trust moved up 
25 to 925p. R. Kitchen Taylor 
continued firmly, rising 2 to 72p 
for a two-day gain of 5. : 

Shippings closed with . modest 
falls following a Tate mark-down. 
Furness Withy settled S off -at 
309p. while P and O Deferred, 
l09p. and British and Common-' 
wealth. 2SSp, shed 2 apiece. 

John Haggas, a firm market of 
Late, fell 6 to 103p on disappoint¬ 
ment with the interim figures.'and 
Nottingham Manufacturing, at 
11 ip. gave up 3 of the previous 
day's gain of 5 which followed the 
results. Levex finished 31 off at 
lop. after l4Jp, on fears that the 
late chairman's substantial share-, 
holding may come on to the. 
market Other dull spots included 
Ctmrtanlds which were 5 cheaper 
at 118p. 

Tobaccos presented contrasting 
movements In Imps, 1} easier at 
72 Jp. and Rothmans International, 
the same amount harder at 5<Hp. 

Greptermans A. at " 320p; 
regained 7 of the previous day’s 
fail of 9 which followed dis¬ 
appoint with the interim results., 
Primrose were also better at 40p, i 
up 5. 1 

Rubbers were noteworthy for an 
improvement of 4$ to 6Sp in 
Plantation Holdings, this reflecting 
overnight business. .. McLeod 
Russel eased 5 to 220p In;-other¬ 
wise little changed Teas_ _ . 

Goveromaut Secs-—— 

Fixed Lntertat.. 

Industrial Ordinary,.- 

Gold MUu*.— . r 

Old. Sir. yield— 
Harnlngs Vld* (tutlK*) 
p/B BafJo (uet) (*«.-.> 
Dealings martin..-—— 
Kqiuty turnover £m... 
Equity bargains total.: 

■ 74.38 -75-16; 

77-62 77.8PI 

' 469.7 4693J 
16S.8 152.3: 

' ‘ 6J&i . 6.7if 
17.71 17J9 ! 
7197 ; 8-lB] 
: 6.0a'7l 6.920| 


j 75.34] 
[ 143.4J 
1 5.67) 

.. 17 . 2 a 
•: a. I’d 

| 96.761 
i 16.844' 

74.41] 74.06' 
77.31. 78.03] 
468.4) 463.7| 
146.oj 151.6 

6.721 6.76 

i7.46] 17^6 

BUS! .8.07 
6,271 6'.662| 

64.101 86 
14.153; 14,: 

16 Tun. -jrtLS. U ^.tn. «7-B. Woon (Ml 
• 3- p.m. -*63.1. ^ p.m. 4fa.l. 
' "' "Ustcrt Index U-266 0026. 

■ Based on jc’per''.-enc ccnwraBon^ux. 
Basis 1M Govt. Secs. IS'UV'26.;. Fixed lnt. 103. 
Mines ll'fli'55. 8E -Activity July-Doc. I9C. 

14.1 53; 14,390116, 
1 pjn. 464.5. . - ■ 

led. QnL .1.7*35.- 


f-T hio ■■since Gog gilMiop | 

Uijjii |. tx»w ■ High -i J 

S.E. ACTivr 

Feb. I'-P. 
» I I 

Oort.dec- 79LW 

FUe«l lnt™. 

luO. On). S49.3 


Gold Uinw. 174.6-! 9p.i ] 

60.45 ' 12Tlg | 49.1a '231.7] 18 

V 4/Ll | n>lL(3t» j mMW ' Lnduith«... t 306.4 { 20 
J 16U.4 . 60A3. . tipeculaave^.1 396 

Tuimi--: 13B.5 11* 

! 649 Jt j 49-4 308.0 

j.lUAtffi! ttl*”* 3 * luditulal-...’, 196.6 { te 
! 442.5 i 43.3 ;-.s!po?uJanve_l 36 j3 .1;® 

( iStaS.-7rnLv3-.-lo.7l. i Ti'W..; 133.6 [ 13 

231.7 j 18 
006.4 120 
39A-1 .« 
13B^ | 

442.5 j 45.3 } •.SpeouJanve^.l 

i8fc/S.‘imfiV3‘/lo.7l. i t»<w ..—..1 

Platinum price in overnight. U.s>. 
markets was followed by a good 
demand for shares of the metaJ’s 
producers- A heavy. London 
demand easily offset small Cape 
selling and Rustenburg touched 
96 p before dosing 7 up on balance 
at 95p. while Bisbopsgate and 
Lydenburg both registered gains 
of 5 at Sip and 62p respectively. 

South African Finandals 
gained ground' in sympathy with. 
Golds and Platinums. “Arugold," 
£15!. General Mining, £14$ and 

“•Johnnies,'’ £l2i were alia 
. i better. • "• 

, In contrast London-basedi 

rials; eased in fine with 
equities. ; Charier, ’ 12ep^- 
Ffelds, ISSp and Rio 
175p; all declined- around J:. 
- Small gains in Australiaiii 
entirely because, of the 1 *.' 
premium.. An ■ exception' *• 
general -rule,, however ,-wmi 
continentaL which dropped' 
625p following persistettt? 


DEALING DATES Gold Fields, British 

Oils down 

Leading oils Failed to escape 
the late downturn, although 
interest in British Petroleum, 
down 12 at 778p, remained at a 
fairly low ebb. Shell. 6 cheaper 
at 49S|). fared little better in the 
way of activity. Elsewhere, Oil 
Exploration advanced to 23Sp on 
further speculative demand 
before reacting on profit-taking 
to close without alteration at 
22Sp. Sicbens (U.K). also a 
speculative favourite, improved 
afresh to 294p. prior to ending a 
net 4 down at 2SGp 
Lonrho maintained their upward 

Golds up again 

The further 25 cents rise in the 
bullion price tn 8177.125 per 
ounce and the subsequent fresh 
increase in ihe securities Rand 
enabled South African Golds to- 
continue their recent upward 
movements with the Gold .Wines 
Index another 2.9 higher'at 1352 
bringing the gain over the past 
three trading days to 1L8. 

The bullion price drew strength 
from its good overnight perform¬ 
ance in the U.S. and buying of 
Golds from that source got them 
off to i firm start. Interest waned 
towards the close of business but 
shares still managed to close at 
or arohnd the day's best levels. 

Among the heavyweights West 
Driefontein were outstanding 
with a half-point rise at £Uti 
while Western Holdings- put on 
1 to £161. Improvements of l 
were common to Randfontein. 
£32} and Free Stale Geduld. £14. 

Medium priced stocks sho\?d 
WInhelhaak 20 firmer- at 638p 
while marginals were featured by 
Marievale. 10 better at 89p. West 
Rand Coos.. 14 higher at 152p and 
East Daggafonteln. 6 t'p the good 
at 26p. 

Similarly, the sharp rise in the 

First Last ' Last - For bnrg Piallntun, Brittana-ir 

Deal- Deal- Deriara-^Sertle- Capital^ and Gounlies pte, 
tags 'tags tion ment Trirentr6L :r Rta TtatoJao^ r 

Feb 7 Feb. 20 May 11 May 23 Anderson, Brewft Bros*#* 

Feb 21 Mar. 6 May 25 Jon. 7. Consolidated Oil; Boycott. 

Mar 7 Mar. 20 Jun. 8 Jun.21 Oil, Fitch Lovell and Bm 

For rate indications see end of Hodge. Puls-.were , dealt, ! 

Share Information Service atid Trafalgar Houser •; 
Stocks favoured for the call in- doubles were arranged m, 
eluded Reed InternatibijaL Town International. -Brittania -a 

and City Properties, Consolidated British Land and BP. " 


The foliowlno' securities Auond In the . TRUSTS fSI 

Shire Informatfon SerrFcc Tester Ja*c ly Cw. • • • 
attained new HlBh* for 1977-78. There VfOd.Aa^irw. Klttijen Ti^ 
were no new Lows. . . . . - - *-V. «,' 

NEW HIGHS (33) ; ■ ■ ffSSSSt -.'. . - !¥ - • 

. TEAS11) ..-.'ini 




-BUILDINGS-(«l .. 

BenloK He,*aod WHIIatns 

Brvant Hldss. WMttlnaham 


Crystal ate __ 


O.) A MFI FurnRore . 

Foster tNGlf<!EERlfJG (11 


Somoortex HOT|ai l1} .. 

CrosbY Spring Moro ^ P ^ y s, wlllla,T,s 
Gascon, .. . 

*"*■*« ‘ PAPER ill ry - 

Milts O'. Aden - n . 

. ,r\ ■ PROPERTY fT> - 

Clarte Nlckolh - 

-Y’ •. . TEXTILES tZ) 

Atklm-fcras. ■- Qlton COaVitC. v‘ 

Rises and Fa 

BrrtKh Funds •...:.. 

' Corpus,, Ooni. ,, and 

'Foreign. Bonds .'. 

industrials ' . 

Financial and Prop. ..." 

Orta - ..'... 

. Plantation -....i-.i. 

Mines ... 

'Recent Issues .... 

' • 7 

Totals .— 



It used to hv-i ailed sltcll-ehrck. Nuv. «v know «A4V. Wc kiio« iliac there 
arv liinii.'ti'jiis (utIk lutiiun nmi'J. 

liul-l/.-rs, J>.til.irr. an-.I Airmen all ri-k break'lown trnm over-exposure 
i.t i.kaili and riok-ivr wlnlht in the s-.-rtive ot'our Cuuntrj-. 
kcviiiiig the |H;.n’ n no I'S' Hun in making war. 

■WcA'i-oifoiir vrt'i-rjs solely to die welfare of diese men end women from alt 
ff S.;rt i. L-s. Men and wonwn who have tried to give more than they could. 
N-ni.j .ire only 1U, a few are nearly PO years of age. 

Wl- help them at home and in hospital. We run our own Convalescent Home. 
K'lrsome. wc provide work in a sheltered industry, so that they can live 
without charity; for others, a Veterans’ Home they can see out their 
days in peace. 

These men and women have given their mind-* to their Country. If we are 
to help them, we mus>t have funds. Do please help to repay tliis vase debt. It 
is owed bv all ol'us. 

“TTieyVe given more than they could— 
please give as much as you can”. 



37 I hurloe Street, London SvV7 2LL. 01-584 8688. 


50.Q0U people in the United Kmgdum suffer Trum progressively 
paralysing MULTIPLE SCLEROSIS—the cause and cure of 
which are still unknown—HELP US BRING THEM RELIEF 

We need your donation to enable us to continue our wurk 
sufferers and to continue our commitment tu find the cause 
and cure* of MULTIPLE SCLEROSIS through MEDICAL 

Please help—Send a donation today to: 

Room F.I, 

The Multiple Sclerosis Society of G.B. and \.l. 

4 Tarhbrook Street 
London SWI ISJ 

A.B.X. Bank . 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank . 

A P Bank Ltd. 

Henry Ansbacher . 

Banco de Bilbao . 

Bank of Credit & Cmce. 

Bank of Cyprus . 

Bank of N.S.W. 

Banque Beige Ltd. 

Banque du Rhone . 

Barclays Bank . 

Barnett Christie Ltd.... 
Bremor Holdings Ltd. 
Brit. Bank of Mid. East- 

H Brown Shipley. 

Canada Permanent AFI 
Capitol CtC Fin. Ltd. 

Cayzer Ltd. 

Cedar Holdings . 

H Charterhouse Japhct... 

C. E. Coates . 

Consolidated Credits ... 

Co-operative Bank . * 

Corinthian Securities... 

Credit Lyonnais . 

The Cyprus Popular Bk- 

Duncan Lawrie .if 

Eagil Trust . 

English Transcont. 

First London Secs. 

First Nat. Fin. Corpn. 
First Nat, Secs. Ltd- ... 

■ Antony Gibbs . 61 1 ?, 

Greyhound Guaranty... 61% 
Grind lays Bank ....'. % 6!% 

■ Guinness Mahon. 64% 

■ Rambros Bank . 64% 

■ Hill Samuel .3 6j% 

C. Hoare & Co . j 64% 

Julian S. Hodge . 74% 

Hongkong & Shanghai fil 1 * 
Industrial Bk- of Scot. fii% 

Keyser Utlmanu. 6J% 

Knowsley Sc Co. Ltd. ... 9 % 

Lloyds Bank . 64% 

London & European ... 84% 

London Mercantile. 5t% 

Midland Bank . 64% 

■ Samuel Montagu. S}% 

■ Morgan Grenfell. 61% 

National Westminster 64% 
Norwich General Trust 64% 
P. S. Refson & Co. ... 6i% 
Rossminster Accepl’cs 64% 
Royal Bk. Canada Trust 64% 
Schlesinger Limited ... 64% 

E. S. Schwab . Si% 

Security Trust Co. Ltd. 74%, 

Shenley Trust. 9*% 

Standard Chartered ... 61% 

Trade Dev. Bank. 64% 

Trustee Savings Bank 64% 
Twentieth Century Bk. 71% 
United Bank of Kuwait 6*% 
Whiteaway Laidlaw ... 7 % 

Williams & Glyn’s. 64% 

Yorkshire Bank . 6}% 

■ .Ifcrabers or uie AcccdUsz Houses 

• May deoosiis 3*i. l-momh donosita 

- 7-day d«po&il.c on sums of £U). 0 M 
and under ?! 4 i. up to £23.0M 2 V. 
amt over £15,000 4i'o. 
i Call dtuosils over £1,500 3"i. 

< D<*m and dcpos'ls 4'7-. 

" alw applies la Sterling tad 


Stock lion 

Reetl Inti.£1 


Denomina- or 
lion marks 


price »pi 

on day 





BAT? Derd. 

Shell Transport... 2Jp 

Midland Bk.’New' Xil pd. 10 

BP . £1 

Grand Met. 50p 

Tube Invs. £1 

Beecham . 25p 

GKN . £1 

OTrex . 20p 

Epicure . 5p 

GEC . 25p 

GUS ’A” . 25p 

Imperial Group... 25p 












10 * 




693 • 

These indices are the joint compilation of the Financial Times, the Institute of Aetna 

and the Faculty «f Actuaries : 



_ _ , . . . Mon. Fri. Thurs. ! tr«L‘ 

Tues., Feb. 14.1978 -««v t f| b -. 

it£l , oh 

— 1 F.P. 

— F.P. 
£99 F.P. 
S100 : Y.V. 
SlOO F.P. 
£100 £SO 
£ioo r.p. 
£100 F.P. 

" nil 

£iiio; f.p. 

— . F.P. 
— FJP. 

£99J» F.P. 
£9914 : £10 

— . F.P. 

— ' lOWai 

- ; look. 

*8.4 i 102 • 

• - 

I — " £99 ! J 
. — ' 3 !H 1 1 
“ ! ,0 &* ' 
88/4 U»8r 
24/2 > lttp i 


65 . nil 
M3 ! F.P. 
50 J F.P. : 
52 ' F.P.- 
».% 1.75 nil 
10 > ail 
10 I F.P. 
21 [ nil 
530 : nil 
SAI.7& uil 

m ; f.p. 

56 F.P. 
10 i F.P. 

— j aifui, 
24,2 tiu ; 
10/5 19 I 
27/2| t-l , 


— |ltip*n 
17/3: «i E , 
30.31 /pm! 
3l.'3; 17pm; 

5/3- ftinra- 
10 3' M ; 
3.3 c4 ' 
16 2. In 1 

tapin' aGB........ 

Ill jArtuiKUiO £l<ot..... 

t* itlkMeum.—- ... 

3fc jt'hmty Bros..... 

UpmiConmi. Uuk of AuatnlB_ 


M> |L.ft,C. I□Ujmmtlooai 

6ipni .M&ocheeter Giaga. M ,.,. M .. 

10 pm Uidiand Hank.... 

<J(iin .VttnuoaJ Boat: ot AusmutI*--., 

til; iJaa.1..... 

?L ;Pr«dj'.Mfredi..... 

LI ;nturuL lOco.i.. . — . 

.1 BOpir — I 

'i 70 .: 

. 48 

. : UUpm' + U 

,! 6ia,.m, ,. H . 
,.j 10pnij-«5 

.j BOpm/—"Z 

‘ 88 it.!... 

.i 131;— ig 

Henunciauon aaie usually Iasi obt for dealma free ot Same P Klnrss 

ais-fi on pnKoectas ereunaiec. o .Assumed dividend and field. * FarectST dleotead: 

based on orevlous year’s eamln»s. r Dividend and »ield based on prospectus 
or oilK-r official estimates (or 1279. u Gross, i Figures assumed. • Cover allows 
ft*r ■.Tjnverslon of shatvi nof now ranking for dividend or ranking only for restricted 
dividends. I Piacuifi pnee to public lit P-nee unlev.- otberuise inaicated. u Issued 
by londtr. |i Offered io holders of Ordinary snares as a " rigms." *■ Rights 
by -mai of eapuaiuoirwn. it Minimum ander pnee. it Remtmjiinid. S3 timed 
m conn*: non with reon&HtaukXi memr or ia*e-av*r. , ' Ir.irodacum “ lasted 
to former Preference holders. ■ Alionnenr lerers ior fuily-paid j. • ProrishmaJ 
or Mrtiy-Mid slfounetu is tiers. * Wlib irarrants. 

15 jsO-yr. Ked. Deb. & Loans <15) 61.52 




16 -Investment Trust Prefs. (15) «7.oa 




17 jcoml. and Indi. Prefs. <20) . 77 . 4 a 


_ 77.42 


gM^cjjaTTSmes -WednesdaysFdaruaiy 15 1978 

'*&■ " •••'•' ~ 




• Yjpttt.XftS-. Hgra. lUL ||).|gy 
chouse Rd AjlMbuf^' 

sifit Ml 

Jambre Group €*l <g> . 

- Hta. Huttoo- BrntmocL Sana. 

■i or Breflcwood.arnTjJueo. 


' irtC-jg5' «*“« *«" 


Unre&ierey __ 

IV 47*4* 
0 , 11 ! 
3 *- 46! 
< ».i 

in Cwtmoro Fund Managers V faJ(g) Perpetual fall Trust Mngmt.* fa) 

+0J1 2.4& i St MOiyAu. EC3A8BP.. 
-0J| All .'WAmgrtnaiTSi ,..[227 , 
*w? nnttBhTM.fAcr i 9*4 
-oit zw t-omwodursh*™.' me 

m Far East Tmrt . 342 
fa) Hi*h Income Ta 55 b 

01183 5931 eeHlBl St. Htfllay on Thames 
>0.11.054 J’ twtualGaUOi _tST7 
-Oil 381 . 

put.* fa) AibBfluwt SMDriUeo IC.L) United Pint Viking Commodity Trusts 

nni?Mt PO Ro*2W.St HofltT. Jersey. 053*92177 k Q Cmm-.ia 

a | ]95 Cap Tat 16 ® USB _ | 3*5' 0S24 *3 k 1 uid. AataDuaUar& CO, Ud, 
—i a to * .SF'MJR F<* ». S3, mil Mall. London SW17SJH. 01-030 J 

- i ■> —*. - deal)nr dare K* 3 ]“ 1 

Piccadilly Unit T. Mgr*. LUL* (aKhl EastatariTo«T» 1101 o ium .Iji iu 

. tad Deo 310 
~ HWj . . US 
and W9 
cc Fd . hiai 


The BHtijfi life Office Ltd.* (a) 55 & ” 

Ttre!>rid<cW»i&,m0ttaca7l laSmS!"* 12 25 at 
RLgrttli faLjf P „ jg.l .. 44Jj -OH 5.64 tall KxemjM Fd .115 8 

jhiffisss-’Kj- '.sal is *««■*«. i 

LJ? Wirdflwllw.S0» Ij.ndop Wall BPS fflBOWl 

.1wasp.-iB*' -Ss; 

•PruMj-eb » ttodaaUarZi) 

btobhi ahtpier 4 Co, um 

Kura Income ,» 
Small i’ng Kd —. 

OjO 8 61 - — 1 . .* * * _ 

rtb a Gthbe (Antony) Unit Tst. Mas. Ltd. Ari'umlir Fund 

r»i.C.&.S, . .»3 J In 

c ■* R 5E25-JS! i&S — J BJ » Pwotical IBM 
. Dealing Tim. ItKM . - ^ n ,_„_ 

«S .0 7 l S3 Capital Fund 481 
S3 2 f-z Jot Mta.i Aoiwls, *65 
-*n. ‘ » .Private Fund . re i 

mst :8H 

ami *r* Fcb 33 

J38 Austra lian Selection Fund XV Fleming Japan Flwd S-A- 

*« IjSSISIW***- III sic - 1 1 - Flic Feb.l4__,| SUSMjBI M«4| 

an „ ' r-T 9 , c a Free World Fond Ltd. 

?rl n P ™ 3rt,0 ° ai S A - Butwrticld Elds, Hapultea. 3e*mid* 

JOO 35 ttonlbrtrd Hwal Ux^mboursi G.D KAVjan.3!_: r SUSJM1V l.I 

310 Wlditlt-nttInew IP lBR liTaj 1 *M 

Pnw at F<ta b -ub. day Prb 15. G.T. Mamagemeut Ltd. Un. All 

Fi<t Vi*'. I'm T«. ..t 
FP VJt Dhl ijp Tst n 

□sts Sbt & Sbassoa Mgr*. 

1 OiilttCrtn, SU He»v. 1 

01-030^857 GtU Fo’nd r w^b 00 !^ 

,„J 2.00 GUtTwH-IoMi...Ill&U 121 
, | D7D IdU nan. See*. TsL 

Schlnlnger luiernUlnaat Magi :a.t 

41. Lt MrtVs St, St. Heller. Jerst, 

'StajTO; FwmtanCLEa 
&S U*toFeb U ,QM7 

d Fnndj 
.T*l • 


cFd - 




T CO'*.. 

U,«-M «, 5SK?,^- 

i- 3311 ;a sskv™.— 

Opmale TmU Hi 1 
12 ®. FmOnclaJ . _. 1 

70S -ttaflaral _ 
70* growth Accra ^ 



Jif tadn • , 

* w Oveneu __ 


US iSS*?* n>-- 

- fHHna 


air Fund 57 4 

iw _ a 2 
m i-'imd - JZ 22 

*■*[ American Fluid - JZ 22 23 5] > ' | 

040 Practical invest. Co. Ud-¥ lyKcr 

Fird Slrrllnu_IUU IATIJ+a*5l - 

First Inti. —Jsi7a97'mja*10»l — 

S-*- 1 - 1 - 76.0 

SJLO.L,. 5082 

Gill Fd _ - M« 

inti Kd Jfrtry _ % 0 

— Intnl Fd Lx mb re . W 57 

V u.j-l I.*; - 

M6j -M 13 3K 
IPS 5L llil Jfri 
IP 07|-»•>■! -- 

LSSISW- ^litsic'^i . ..1 - 

Nd fu^e* ■ al.j^ Ft-Linirey 9 

i at FPb 0 *ub. day Frb 15. 

VAV Jan. 31_: | SUSIM1V i.I — 

G.T. Management Ltd. Mo. Asia. 

KieJitwen Benson limited 

20. Fwehiurh Si 1X3 
F-unnuea Lux. K LB22 I 
Duennrrtac.._ 57 8 AIM 
Do Amim . 70.4 75JI 
KB Fkr East Fd _.. SDW41 1 
KBIntLrnnd SU5UL50 | 

M. Blooiwburv Sq WT1ASRA 
rnr-Llcal Frb 0 1123.4 1411 

AT rum Uutta_[Wta IPS.! 

i- ... ,, . n.niwii«iiiuij .x| .ti iHiinn uiTObJ 

ticyett fjobniy. . . nwiieai Frb a „ 1233.4 l4lal.( 

4 92 “ Lwidwi Wall. E.<: i . Ol-SBaMBD ArPum U,,M ' —~U*- a Wll ....1 

sj^ccSSiW Raj "hmi I m ut * ^ **•* 

itS Veal deallnf das- Fop 4“ •. • 32?. HiktiopMalo.fiiI2 01-247 

DI4SS38BP3 Bnk ~ rf U ?‘ ta - & * ***** W4- 5r* D ^|® U8<ton “»• MllRcSt^W- ' H -* SiUflil<od l“ 7 « 

« J7 4005.Queen Vietorra*-r. v;.-< 

437 Alexander Fund ISi -.544 .. « 

Nat anaot . iilur Feb O 

Cl-3302313 Tcl ^ “WM 

Grievesou Managemimt Co. Ltd. 

3 62 » , » p e*ba« , SL.EC5P3DS Ol-flth 

. ' Prnlifir Units _ 171,7 76B 360 ^ »“« «*“ *■ ~b™r- o lam Brussels li.T. Bcrmnda Ud 

Ltd. : High InAinir '_hod3 Jll9 ^ | HmtaFbBdLF |1.%1 2822] *4| 824 Bk. of Bemuda. ftrat SL. Hai 

01 - 808 MW fYydj portfolio Magre. LttLV laKblie) BarcUyB - UBk: ° , ~y 1 ,Bt ,Ch - Ltd. gtItii!^JZ rT^US*44 

7M PmfcMlS^^^MiO 125J! "otf 6 ^ o^^l^^ta(KWlr^wV <!, ' J u''M ° 33 j , WO G-T. MgL (Asia) Ltd. 

Prupehllai 11180 125JJ-0 51 4 48 UntMjVlM.. fW ‘7IJ4 lUbf | 4.A0- Huichicna Hatu Harcourt BxL 

♦ 18 32V Onilter Manaflement Co. LULB «Sata«« to rce and -ntaholdins taxes «.t.a*i»f .. ... iSHK7n 7 

Ran que Bruxelles Lambert 
2. Sue DP IS fteewir- B logo Bruasela 

Maaaacmcat latwnaHonal Ui 
e u Bk. ot Bermuda Prom SL HudlB. Banja 

Anchor-B'L'nlb....m SSJS UM_I L40 

Anchor InL Fd .. .pUEJW i»ei —..I 200 
G.T. Bemnda Ud 

. Schroder Life Group 

OI4C38000 Kn,er FriS cHo ‘ ,w ’ p ni 1 i!!' 0 J , h 
III ASt latenuttonal (tabd* 

*| 3a £Eqnrty. 1032 • II 

*'H in 5Equlty . 13Z9 i; 

— I ila CJFlxctt intew-r 1 M 1 ]< 

"■"I IS SFixedlnierest... 1030 II 

hOrS BU EManaeed — ..1213 li 

!H) 1 . _ i _ 
HIS- . . 1 _ 

14901 .J - 

108 51 .... - 

113" . . 1 _ 
114 2j . ! . 

sj)« Bar'cta. Fehj , 

I -hi) S 72 'Acrurrv t-ntui „ 

J ■ i 578 »l£*HVFW,.9 

■Akubl l nita> . 

C«y (36.9 ».« ’T-SS faiiiih l.lh is,l. tm agwaWi tiaa “^«a* Feto 1* . 11590 ZMiZj-lS) ! 

arninjCB B6 4 . 5l9 •tL2f 530 .TLT7L _ U * Ut 4*8- tsmgga. WO-7 iAmim.t'niU> . |U4 2 171.6 *17 1 

■r Ca'*..]H2B £13 9 +0 y 51S *0W?t> Si.PWfc* Bar. Herta P Bar81123 Gniehilr Feb 10 . 177J *814 ; 

i-. i . Chl CtoSiat _ p3L2 Wirf-OJl 8ja [Acewn. rnltai . UB .2 n.f i 

a Maws - , m sj- i 

rcbSt^MOAA Do b.A«.„ Si S.5 eSai 7 70 Guardi an Royal Ex. Unit Mg«. I 

Cupel (Jatneoi Mnn. tldjm Rt>>niE*change.EcaPSDN -• Oi-tisac 

MW*d- Co. UA 100Old Broad St. W3N1B<^ 013888810 ‘■WC-wdhlUT* .»6 H« -0 •] ‘ 

J^L 7J «w.n ,-01000570 fapttid-..,^_mi .0491*0.41 4m Henderson AdminiotrtUtoutaHr) 

7 Fund (OTD imfl , J 890. ta««« Primer L'.T. Admin. Rayletab Road 

m. -w U „,ttl_ i m m r “ ,S rv " 1 «tarthta »*«* 1 Brentwood, Essex 0277317 

Timm Chrill Unit Fd, Afgre. Ud> (die. . !S58SSft.r B* %% I 

|l8^ JS< ~i9 3o[^fl ^l IS J. Henry Schroder Wag* & Ci. 

•KB art aa LondDo paying atnsqta only. l30.cbeapsida.EC3 
. . Cheap 5 Feb. 10.... I SDSipf? | 

Ltayth Rk. (C.l.i U/T Mgrs- TrafsJearj« srsiorjb ; 

P.a Bra 1ft St nelier. Jenny tflatSTMl 8 - , u ^| | 

.y,.- 4 503 SSaK7L.--.-laB i 

Japan Fd. Fob. 10.. 

7g Prudential 11180 125JI-0 5J 4 48 

129 Qoiltrr Management Co. Ltd* 

15 TheSU. Ksrhaniie. 1X2V 1HP 01-0004177 

Su Quadrnm Urn Fd MIO 184 3. 1 417 

ifll duatlroal Ineonio 1115.7 1193m [ 788 

•WS G-T. MgL (Asia) Ltd 

| 4.40* Hmchioon Hoc. Harcourt Rd. Hon* Son* 

Uoyds International HgnoL SA 

Sentry Assurance Interns;ion. 2 ? 
PO Box 339. HarnHlun .7. Dernwd.-t 

7 to» do Rhone. PO Bex 170L Iffll Genera 11 ^ 0 ^,^ pu Dd . . 9 a* 

Quadranl Inconin 1115.7 lllM 
Reliance Unit Mjtrs. I4dV 

770 ' . ’ . ' ' ' Reliance Unit Mur*. I4dV natinr pacific. Ssb u.i 

Guardian Royal Ex. Unit Mg**- Ud Rrliopre H.-.B.Tunhnil^c Well* KL 0882322T7I Do.KUJ- Iikob^ g9 7 4271_ 

RoyalEarhaofie. ECaP3D-V -• oi-fisaou Opponunlb Frf fsvj *321 +13 5.47 £? I 

MIA '•S’GiwdhIUT* .tnb Htt-oai 4 44 SeWord^T i-Vr 1 . fiOB «.« ~n3 5aa Do StUUWi1 l*+ 1 2381 

fiokiordoT Im- . |3lb 42 aJ -o. 2 | 548 Bicbopsgste Commodity Scr. L 

subject 10 ree *nrt ^thholdies taaea OT.A3JaE ..f|HK7R^ 7*1J J IV Uoytt.InLGrowlh.|.<™75» HM_1170 

Barcbys Unicorn InLtl.O. ManlUd G.T Bond Fond - 1 SL5U.96 I+0J31 5JO UeydilBt.Uirniw prasos nkN(_I 6-58 

I TbomajSt,Dougta. iox 08244898 G.T. Management (Jerseyl Ltd „ _ _ _ 

ta'JSSlSn E * L 'Bl .npyalT*i,MM.Coioml)eritSt.Peaer.4o**T 2! ® ® Gr ^ u„, mo a.jba «» 

Do AB« aun u«i 76 n *101 1* rv i*.ci_u u imu nm i in TklH Ouw. Ikner Hll HSR IBQ OI4Bm 

.| 417 i Tbamaj St, Dou*i*. r o x 08244898 G.T. Management (Jersey! Ltd 

7 “ nS'JSS'iIta +ioJ .TtayalTn,HM,Q»tomt»erie.stPrtJcr.Jo 

Sun? PiStlr. 55 B S.S *tr i" GT Asia Sterling--(08.69 U25) -> I 

088232271 Do.IMl-Inw™ 2 7 427 _ 829 Ran* of Duaiuda fGuaweyi Ud. 

+ I 21 T 47 Dol-ofMaoTH 471 SO 20 8*0 32 33. Lo PolIeL Guenuey. 0481-20308 

IS 7><j MaaxiluUja! 231 23^.^.. 2JA Berry Par Slrta ..BnaT' ZlCM .1 

- 0.3 548 BlBhopsgBte Commodity Ser. Ud ^jSS?S!}flSt ^ 

L P.0. 80 a 4X DwiBlax. L,> M 083*23911 _ __ . . 

U, w.*., APiCAC JM 3 _ 1 SHS2619 i._. .1 - Gajtmnre Invest. Ltd Ldn. Agta. 

Asia Sterling...IQB.H 1125 ... J L87 Three Quay*. Thmtr Hill KC3R BM 01-MB 4588 TokyoTM. Ffeb l " 
l -m - . . .7, AUuUcBiPfbM. rerstai 2 M +0011 — 

j. ijo poiieL GuelS^y^wBi-MMB £ ~ Ht'sHi uS 1 IT Surfnvest (Jers 

-1SS5™ flS Saodl „ p7a PO Bo* 06 .SI. Hell 

T?>3 _ee ? xS lAcnunrcitai_B507 U04] -...J 13.79 Araetican IndTrt . 

Chart erhnuse JanhetV 
I. FWemosUrr Rof. OC4. 

CJ lPMnuft .m.« 

Atom L'nit* -KU 

CJ. IncwM_ml 

CJ.Eun.Fte .»* 

2921 -8JR 

4l|-° J 
6)H “OJ 

597J -0.1 

53 " 01 

Id N 

54 ?«B —0. J 

Ridgefield Management Ltd. p.a Bcu.«ZDoucia». l..m 083*23911 _ 

I7=sa PO Kn«-410. Rook llae.Manetatr 061 238MCI „ I I “ i Z 

194 Rldset.el.llnl IT UlO 87 01 . I 2 84 , C -nn5T2>5?6 aSL .I ^ 

3 n nidprfleldliirpnw [940 U10| .. .t 407 t <£ujtaairy IkuoU B^^o^nnd *^100. ^CO 

2 ” Rothschild Asset Management (g> Bridge Management Ltd. hki 


Vary Axe. Load mi. EC3 

is ; j 

*■' tEilniemuloaal 25 2 36 8 2 2i 

.■> Ui.Vlh American . &5 J4 7e -0.1 IZ 

N A liruixFeb 10 . 103 2 107) 21 < 

0J-248KW {?;!«-*■! - _ B7 ■ 252* -OJ 25! 

L . 577 B W14 Feb 10 _ 732 783 4U 

177 <g"VibW * 70 6 7SJ +0.6 33! 

; .. 105 Label Extra Inr B3 4 5fc.2| 01 Btt 

514 *For la» exempt |UIK|| Only 

■j* )n Hill Samuel Unit Tat. Mgr*.t In) 
’■"l 589 45 Beech St-ECapaut 1 01621 an] 

Ida ‘biBriunhTniHt ...11464 1566) -0 71 5¥. 

'Si tail Tnini 

ZSi 7:ao.(iaii>bou*nRd . Ayleabuiy oa 
2 22 N i' - llumlj Fund |153 0 162.0 -1 01 

8J.S Si:. lie* Tst m 1 ' loai -0) 

*w M- inromrF-und QIVO 1471 -01 
2M .Nf loll Fd. ilnr ift 1 777 -0 ] 

IS Si’ Inti FidMfffll 77 7 - 01 

2-14 • N r Snillr Cost Fd 1446 153 9 +81 

it <K> Bridge Management Ltd. 

0288DM 1 po Box 90S. Grand Cavman, Cmu* la- 
IM 127 .vbuhiPefa. i YU 857 I I — 

S UL r,po MPHV.IN 

Gufwif Pud Hurl iFar Eu» Ltd. 
1303 Hutchison Um, 10 Huniirt Rd. 
HK&rac.U TSL .gWOJ6 3® .-.. 
Japan Fd . ... faaess a:m .... 
S American Tut.. BLMJ9 VB[ .. . 
tall Road Fund . .glSUOT U<B( .... 

Agta. Samuel Montage Ldn, Agta 
01-2883931 114. Old Bleed SL. KCS 

Ringer A Frtedlander Ldn. -V-rer.:.-. 
20.CanooaSL EC4. n|.:a. 

Delufonds.[Di06T4 73281-0 :Ji 7J1 

TokyoTM. Keb I [ SDS30 00 ! .... ! 2 K 

Surfnvest (Jersey) Ltd (si 

PO Box 06 , SI. HcUoT. JfTSr> T.-C.. T.^T 

Araeiican IndTrt . |(6.72 6 85l-aC;i : 

Copper Trust ... [tit 06 lO.Iu'.-i I" -- 
Jap Index Til _ |t8 66 8j&j-0i.:j — 

Apollo Fd. Frb H5F45-20 
JapteitJaa.31 ... JHKB99 
in riiD Feb BH3Ba 
117 Jersey Jap. 23 £453 

UTJrsylTaFch I ._ t940 . 

OI ’? 8 Sm* SurtnveSt Trust Managers I-> >it 

?S 48. Athol Slrrrt. Dojfllas. |..,n -w.-.; i 
T'l 2.12 ThfSIiwTnist 976 *"01 -Of! . 

. I 0 85 Hichmood BnndPT 188J !?T:-[ nil 10IZ 

■“I „ Do. PlJliniid RcL 108 8 114 5-4; 

Do. Hold Ud_ 97 0 1C2 ■» ■ 

gun IS *"-"*,IK'L,., 0 "' 

4 52 Britannia Tst. MngmL <CI> Ltd. 

4 ra Rothschild & Loundes MgiM. tat m 5 5 ^ e ' mo, 

ala Smlhrru Lane. Ldn. KCA. 0)0284398 intnl Fd ... h M4i 

Sc»n Exempt -JU|7» 1240) 1 372 Jermev EnenpTM Il35 3 146 3, 

Pnc«-on Jan lehext dralinc Fob. J5. l-mrd. Dir Ts*. . IlSO? 53 

1 nm GaiiUMire favestxural MaKL 
4 PO Rox33.rVHl*la> Ion 

- IntqrtiuuonBJ Inc . U3 8 * 
d. Do Growth [546 

io!3 * 0.1 

mil Fd .[20 2 _ I xm Aacum. L'oita .—Si 2% J 589 45 Brech SL.EC 2 P 2 LS 

olLUjffii O.S _.,J IM Prices Fob £ Xm| dating PlACta ‘hiCrlunhTnin ...M*« U 66 I 

7* IW.5 73.8 .j 22 S - . '.SI In* I Trust_US 348a 

IntPd t24J 218 .1 tz® Chieflain Trest Managers LtdMaHgl 'S'Dollar True ( 6.6 ro .2 

tSSSJS.'VSSSS I'd is :®i: si 

id 1775 12.41 . t S99 • lUWLV tlHg) 

■*-'«*> 1 Next aub dajr Feta )9 CWederxtkm Funds Md UiV (a) li.rhMsiopherStPfrt, EC 2 
imam* im 5CCbBne«ryLaoe.WdMHE . W«203a3 In,al Inv Fund ..-P 8 M MSd 

__ .... ... JcrmrvEnenDTM 1353 __ .. . 

Price on lap 10 Next dralinfi Fab. J5. I-nirsl. Dir TM. ■ (15 07 534 ) .. ] — 

Rowan Unit Trust Mngt Ltd d «hff Frh. 1 a" 

Butterfield Management Ca Ud 

RuuwnScc F«-b 14 151.0 ifqfl-ldl 4 JO PO BmaJBS.Rawtlioo. Bermuda. 

Rowan H»-Keb 9. Ml 54« 7\ 754 bunrew* 7 uity . 2.03 LW|_I 201 

JK lAcrum Umim ... 71 5 75a_..| 73* Dutwaaete agwe _ li ve 1 90 . | 74i 

:5|- tlwn.Mrln Fpp.13 6&B 723 .....I 443 Fried at Feb. G ..m sub. day March 13. 

£g iaccuir. I'niiai . -.W40 «bj| ....[ 44? Capital International SJ\. 

8.20 Royal Tst. Can. Fd Mgra. Ud 37 me Notre-Damr. Fjirt-mboure. 

M.JermynStreet.5w.t. 0I4C0K32 CapitalInLFund I 1150541 |_J — 

35 3 14634| .. 158 

^507 530 , I - 

- 19 1»| ] 100 

-■'Ul tie*line Frh. 13- 

Ltd. Do Growth [546 5&1I . - I 5JZ 

053 J t ^'' 4 Hambro Pacific Fund Hlgmi. Ltd 
[ j_8q 2110. Cannaucht Crotrr. HonB Kenfi 

Murray. Johnstone (Inv. Adviser! 

I UH ,fl3 - (tape & . Glucmr. C2 041 221 9921 

~ x'S 'HopeSt F4 „.l SI S2711 | .. | — 

‘ ' 'Murray Fund . SI S9.B1 - - 

Ltd *NAV Jan 31. 

Iborq. WC1V TNL - - BI031S233 

JU„ l W,-bWwx'6". 

Jnlcorn Ltd (aHgHKC) 

292 Romford Rd, E7 ‘-0^8340844 
viwi E*7 " • - ».4t-DU 2.57 
... 557§.3| 243 

_M2 «&S -DJ 2«3 

„ 6L2 65 8^-02 463 

V 1044 Mi.,, 651 

pmo 275 Ivfl . 010 

I „• 567 .ton 5.33 

.-5BJ H2-0.I 599 

- 29J n|-9.J 631 

ee . Ml -0.1 . «33s 

n 779 B38d -OJ 64) 

TIL .11363 14171 T 4« 

■n 3! Next Bib. day Frh 38 

W Jua2 m i] -0.4 1“ 

TrostUu cr£a -0.1 200 

:c .ZTb94 fcCa -33 498 

I_^pi7. 69.3 -a* ; 4.90' 

*0.1 328 

+0.1 183 
+0.1 462 

-80 til. 

-ai sts 

150 .1 
_ Japan Fund. . _t 

*W-I = 

x Hambrcm (Guernsey) Ltd/ NavF eb in 

Hambro Fund Mgrs. (C.l.) Ltd. Neclt Ltd 

c?h^md^ GU<T,,S tu59 14471 M "?■ Bank of Benonds BldKr. HamUUm, Bnnda. 

H3 FnioS^dIS NAVFcb.i...^...iav* o.m-...i - 

Int-Kqulcy .«(139«9 lniM+tU3 258 ^ ^ 

13- loLSarinss-A*—lu-.'a.e® ira .. bsb Old Court Fund Mngrs. Ltd 

‘BL. JSI.SLBD L«+0g ^0 Pft SB, St. Juliana CL. Goemary 048128331 
Prlcu on Feb 15. Next deoJmg Feb _ EoJi>Jan.31 ... ,_(4HJ 5271 -....I 265 

Henderson Baring Fond Mgra- Ltd ine.FdFeb. j.....[iSfa 166M .-...! 659 

Negll S.A. 

Ida Boulevard Royal- tJixripbourc 1 
NAV Feb in_| 5V-S1O02 !.«...! - 

Growth Fond ..—psj 4fljf*O0 457 Key Fnnd Managers Ltd (altgt 

01-2177243 |f? i $?3 — I 3-S Charterhouse Japhet 

-04) 688 tacomeFd . ... 167 3 75 —! »®» 1 . Patarnoster Row HM 

TSR linlt Trust Managers t<" ".•■ Li- 

41-^1 KVU Rajsalell+nd .Si mur.Jer^-. 

" I ” Jersey Fund . JC35 457.-?-'.'; 
Guvmaey Fund [43 A -5 
Price* pn Feb. R N»\| *■*«» I.'v:. j j 

Tokyo Pacific Holdings N.V 

InDmis Uanasemctii «.*«■ N v • ur.<- 

' — NAV per shore Fch n S'.'t-. 'i-.' 

v Tokyo Pacific tfidgs. iSeab.-virJ' 

L Bnnda. inUmir Maua^cniem IV. N \ . ■’ur-.c -i 
' — NAV per shore Feb 6 Sl'M! V 

Tmdall Group 

°*i ,5l 52? Box IZS4 Hamilton S. D+nrmL'. 2.’.T.V: 

——i iWHuuMia rtr jion 1 -n -• , 

Save & Prosper Group 

an Cosmopolitan Fund Ktanagprs. 

». Milk .St. KC3VBJK 
-Key Energy IpFd. .1694 

25 u-ik <4 B*i)iUL. nixuRTiYui 4 - i: ivbi Si KeleoA l+mdoo EC3P 3KP 

•favlwErMMl J!«° 8*73 Dui-on SI- Edinburgh 6T12 4NX 

• S Copttall All*,LondonBCtnTJX . • 03802X2 Key Equil?fci;en.,' UB 67 B - 0 J 506 Ib-ahnci. Ur ni-»4 fUSB or 031-ZX 7351 

463 CiWBWDOta.eilLW.1173 J 4,93 4Ke> Exempt Fd. . 1574 U6U-3 3 6 65 Save & Prosper Securities Ud.V 

*5 hey Income Fund.. 77.B 81W-01 802 i^Tb*. 

Creaeent UnH Tst MgtaX* (■)*» KffirtlJSMa'- mI nS :g? ^ V 5 «3 -0 it 

55 4 MeJvi lie Cnw, Zdlnbunh 2 081-3304931 >m3,,LO%fa z 49SJ-01 *72 ,y,. [2 3 23 of 

CraceiuGTOWhTp63 MJv.f w Kleiawoit B*nson Unit ManageraY I'nu-uruwth - |st7 62 ^-oil 

428 JJw leumatl ... 146.4 . 4td -C-5| 030 20 , Frnehureh fit . E.l*S, 01^238000 tacreaaln* Inromr Fund 

tQ S*! mgfrrff?' ' twi ' Fd Inc .(803 87 M i 4 57 HtshYudil 151.6 576) OH 

4 # Crqa Reaenr** _. I38J 0«4« *H H t’nitFd At-. .jlBO 2 10853 I Utah laeomr Fnnda 

538 DfBCTWtioRaiy Unit Fuad ttmugere L * r Unit Trust Management Ltd.¥ {'' B „ h m n r ,ut0 - IJJf 

XL RtamfieldSL.BCS3T7AL ■JH03844SB The_»l«-k trhang*. fTTN IHP 0 I VW 2800 

fg D. f in«™_.. B540 «■ StflSfSLnBP M;-| SACf w« 

- t> F. Winchester Fund Mf-M*. Lawwm Secs. LUL VtaMc) - rwmMo . pso 

W ' 2W^.W ' .. 0J0P**!* 7 aai-jeaan ifr." n — • 12* 

^0830 ■‘StS-iS&l HJ S"* 1 ' M*‘"r»al». BJ 1 382] . I 73J , S • W Z 

SET GLWtneher OmmU.) 2O4*l+0l[ 4JS0 ftAmm 1 'nlui . Ml 4 lS) .... I 7 is Seetor Fundi 

6541-0 31 1207 
195) -Oil *72 

4a po|Mm lion mn 

5® 20,FcnehuTThW.E.CS, 

Jf K-8 l ml Fd Inr . M 3 87 M 

456 *KH I’nilFd Al . .[1M2 108 53 

--—others & Co. Ltd.* fiKz) ' 

*Uh..,‘IS.EM 010800830 

3x1 uin. day Feb s. 

«3 01 
62 01 -0] 

576) 0 )1 673 

Ariiion. - - 1**U0 40 32JMI -0 20 

Adi verba —. MI4790 58 4fl-oJf 

K.mdak_ I'JUIM 3ia-sm 

Fond la... . - MW JO ^J8)-0 20 

KmrrafPOWl I. 3U 2JU .... 

Uicpano. »-4*sj 14 iq 

C^ornhlfi Ins. tGurmsey) Ltd. 

3 74 pi) (to* 1ST. Jit. is-r-r 1 ‘on. Jiuerncea 
2H Intel Man. Fd — 116)0 in»._..J 

?zo Delta Gfoop 

. „ Pi■ Box 3012, Na*»Aii. Ilahama* 

* J Delta Inv. Feb B 15158 134] .1 

... Deutscher Investment-Trust 

P O. Bos K4733. Nassau, Bahamas 

.Mi nna Japan Fd. --[14K7 1558 ...I — 

-0 201 562 “ Frh. 8. Next desUbg data Feb. 22. 

-ta W Hlil-Samoei ft Co. (Guernsey) Ltd 

"S » B LeFehvtw SU Peter Port Guernsey, CI 

_ „ Guenu*?Ta .... 11464 1566[-0n 351 

*" Hill Samuel Overseas Fond SLA. 

w=d «2 

1 2 NewSCSL Hrllrr. Jmc 

Old Court Commodity Fd Mgra. Ltd %% 

PO. Box taSL Julian’sIXGuemtoy048128741 TA-SDFF.+. 8 ..76a 

OC.ComdlyTSL*.. [itlJ 129.ChW -0.71 3 09 LAcrum. Sharev 76 9 
0C.tlllr CmT m t _ Is24 49 260fl .. I - JcrtejFund Feh«. 1880 

•Prices on Fch. 14. Next JcaliDR Fen SB. iMpnJ. AW-t'ts 1 253 4 

Overseas Fell a . 


icr; ... 1 t: 

lAecum. Units' 

pi'M 51 

I *• .. 

3-Way Int Jan 19 

It .-Cfll 


2 Newst,SL Heller 

TOFS1. Fob R .. 

ri zo 

lAcrum. Shsrrsi .. 


10 rst _ . 

TASliF F.+- 8 


sac!... ! 

(Ac ruin Share vi 

76 0 

wc| .. ; . 

•Prices on Fch. 14. Next dcalinR Feb 28. iMoaJ. Acf • t'ts 1 C53 4 
tPnea on Feb. T. Next dealing data Feb. 22 *ltH Fund heb «.. 111. 6 

1 Acrum. Share*. 1 [137 8 
Phoenix Internationa) ■ Vletar> Haute. Douglas. I 

37. Rue Notre-Dame, Luxembourg 

1)14-002! — Phoenix Internationa) 

Internationa) Pacific Inv. Mngt. Ltd ™ ^T 7 - ^ Ga ^ 7 ', 

FfJ Box R237. 58. IM. R. Sydney. AuA Fund .tilSIS IW .I - 

Javelin Equity T*t [5192 2 823. .1 - pmoertv Growth Overran Ltd. 

J.ELT. Managers (Jersey) Ltd 

826 Pa vt(nrh20MRietoi , rui'->>-ti-W 6000 Frankfurt. TO Bax )M. Royal TsL Hae.. Je rsejOS34 27441 VS Dollar Fund 

Property Growth Oversets Ud. 
28 tnrh Town. Gibraltar (Gl 

r. muenener ruato B 4 SUH. ua. Lawson Secs. LUL WaMc) - kir^ .:- pss 

i Jewry. BC3 ■ . , 0JO962187 fl3Gcfrg': Si, Edinburgh ElCilG 03l-Za.Ifln ifC" n — - [26 

M>l»lncb«rtar..n70. 609 tFtau Moimeli. R1 J82J ,. . [ 7M 1 51 • -- W 2 

WlneO'er 0aOMjll.7 _ 59^3 *8l| 440 ft Acrum I’ntUi . B8.1 41.4t .... I 7 33 Sector Funds 

•Growth Fund .154 3 593 ...I )U Commodilj . _.. 1657 

alwR Kmaou ft Dudley Tst. M 

••. , ».AHInaw*«..S.WI 

e Progressive Mgmt Go.* Roma Dudiqy Td.^a 1 

j. EC0. 01-3880280 _ " 

<b. 7 . [162:3 172.9] . I S.87 EQHlt« See*. Ltd¥(*Kg) 

»»-KI ,i»W3 Jfi *tBtahepafataSCS ’ 

Bwon ft Dudley Tst. Mnjpntf, Ltd. .NAccum I’niui 
29. AHInataa-SL. 5.W. I S«T361 Vd 

RmsaaOadhvTd.lklk 510 RjSviimrnltai 

*.7..11613 172.9] .1.3.87 BqtUUa Sec*. LtdV(a)(g) -1- 'NArrum 1 m 

• 7 ... H9L7 2042 rj- SB 41 Btaln»Mfate.KS ’ • 01088361 W'*- 'i"» rinurs -rri 

M M ..Ri m3 til Hi Feagrrartva-BU 551 Leg a) ft General Tyndall Fund* 

ib day Feb 28 **Feb. 3 rAniif+i: IftCanynee«>.iad.RrliitoJ 027232M 

Eqn|ty« Law fJn- Tr. M.* taKp Wc* - [560 S9 4i .. i asi 

id ManagersViaHO Aimrsham Rd. High Wycombe. VWW33377 lAerum Dniii< [69 6 73 6) . | 493 

SL.EC4R9AR OMB0H WSHta-r-W. Wlf^ff 45! Next «nb dsy KeU ft 

u-.r. Si 5:3 ««m iwt Mgt ud- w - JSUSf i! 

W-fe- --- S W • I ?54 3-7. Ireland Yard. EC4B5Dtf- ...1H4W8B7I loodi* 

•lAcrum I nilM .994 646| 

Will and Warrant 32.9 Jb3-0 2 1> 

tAeierlran Fd »3 2l3 .. . 8; 

ttArriimI' rIIai ill 22sj .. OJ 

‘•High Yield .-..479 521x9 18.! 

•■lArrutD I niM> . |66 9 71 8«4 10) 

Deal tMcn. Tue* ttWed tThurs —Frt 

:«%», 1313 .313 

C» .:m8o m!3 

cT ..(133 U2 
ULt _|144 liu) 

' 7iS ueaUug *Tuf» 

Frost Management^u g) 
v II Build inns, London Walk 
SQL 010380578(01 . 1560 S94| . . I 492 

■ Acrum Da Us. [69 6 73 6) . | 492 

Next <nb day Feb ft 

Leonine Administration Ltd- 

|:k Fundi Ctejrenlra [|)'.L*fl50 218M-O0O — 

■ IK Equity* 141 1 44 9x8.0 71 4 io InL RMWutoBds Il«M73 29 733...! - 

Ovrm^FmuWii ^ Dreyfnb Intercontinental Inv. Fd 

Kurnpn . . (75 4 8X 51+0 7 ' 2 89 PO Bex N37I2. N*--.v:i hdbaraa?. 

Japan -... .. \77 h +0.d 151 AVFab.T .. Ill M2 JT Ultj . | - 

uj. —164 z «<}4 *oa 310 EmsondDndlcyTst.MgtJr8y.Ud. 

JU SntacSm _ 165 7 TOM+OM 4 53 PO. Box73,St Hciicr Jersey OSM20581 

Ifi iSSSr : .wl 837. 2m f.dic.t . 11179 lisaj. 1 - 

198 FinancialRet-v |638 MU-OlI 287 F. ft G Mgmt. Ud. Inv. Adriaen 

2 S Hlgb-Waimam Fund* 1 Z.Uuimcc Poun'm-' mil. ET4RUB.V 

Selcci (ni'-m+l. . 1218 9 23LI8-D4I 287 01 K9 4SBQ 

Sriect Iiirimn- .. 1515 544 ..„| 771 c«iL Fd. Feb.8 ( $( -~13B [+0121 -- 

Scot bits Securities Ltd.* Hdcllty Mgml. ft Res. (Bda.) Ud 

SciHbiij. . [353 380d|-Oll 4 04 P“ Hex 0W. Ilamilem («->rmuda 

StmiIpM _ 487 52 3) Jlfl 703 Fidelity Am Axa | V >2010 id I . I — 

ScuUhar-. __|531 570) -0 21 4 65 Fidelity InL Fteul 51 sis 45 | — 

44 9«4.0 2| 410, 


,2™ Nelrci Inh-m-it. . [218 9 
JJU scleei Iiirum.- . - 1515 

JlW&tralTI .JJtaO U6B) . .[ - 
■As at Jan 31 Next sub day Feb 28. 

Jardine Fleming & Co. Ud. 

4fth Floor, Canoaaght Centre. Boas Kaag 
Jardine Cstn.TaL . | SHK2M.90d | .... [ 3.40 

Jantioe J'po Fd*' »rK274 9Z .I L10 

Jardine ETA . SDS1179 (.{ 2.60 

JardineFIcm lnLt.| SHK893m I I — 

NAV Jan 31 'Equh-aJeoi «’S5ft77 
\MI mb Feb. IS 

Kemp-Gce Management Jersey Lid 

Starlmf Fund 



■ Vtct*r> House. Douglas. Isle ■( Moil UCS* ’1C' 
Managed Jan 18 11272 L140I .. • - 

I’ld IntnL Mngmnt. 1 C.I .1 Ud. 

14. Mulcaslcr Sired. 5t IMi-..- H-r*.... 

U.LB Fund .. ) SCSI00 [ .. ( : " 

(Gib id] 00 U.L a Fund 
~- i 7 United SI 

Royal Trust (CIi Fd JngL Ltd 
PU Bex 194.RoyalTsLHse..JeMey.083427441 
RTIniTFd . . .ttl’S9M 940 3.00 

150 rt InH. (Jay l Fd .HU £)...■! 321 

United States Tst. Inti. Adv. Ci- 

14. Rue Aldnngcr Lu^cml-njn; 

US.TM.lnv Fnd | 5US974 j .| 

Net asset February v\ 

Pares at Jan. )3 Next dealing Feb. IS 
Save ft Prosper International 

Dealing la 

37 Broad SU St Holier. Jersey 0534-205 

I’-S. nollar0numlnatc5 Funds 

321 S. G. Warbarg ft- Co. Ud. 

30. Gresham Street. Ld 

Scot bits Secdrities Ltd.* 

“"“-V" L'.s. tWbr-dtumlwit 

) Charms Crow, St llcber. Jersey. 0534 73741 rilr. FadJnL^TjvS 
Krmp-GecCap<ul.|B4.1 067[ +2.51 — Internal.Gr.*t- -1610 

Kemp-GeeIncome |65 9 67.9j+16j 822 Far Eutern*t. .-[33.4: 

Keyaelex Mngt, Jersey IftL 

Capital Tst.-[1066 

Income-?*-- _H5 a 

InL Growth Fd —& g 

Scne+ P iAhlAv* < 

1 Do Aectun —.— 1958” ’ lW-W« p-*ff57 Rcgblrar n Dept. Gonna-by-Soa. 

.t _. _• -i-.*.' __ Wofthim;. Wert Sussex 

V Friends’ Provdt- Unit Tr Mgr*-*.- Firmtiuinerii... [474 50.9 

-j-- Plxhimi End.Darting. .-.;3NB«» •££££»« 1 -»■* JJ" 

Sawar^«; ' tarnPkm&an § 

5» GT - l Wt Mmugcn Ltd* *’ , Fourthi&dnc4~.' SV 

« IS.riaaburyChrusECXHTDD 0102881^' »o IAccum |il4 68l| 

*2 —g? Ufe Unit Tri. M«a 

O&MWdWTB PtahamEnd.DartI: 
^038tMW«TO PrtandaPtev t/ta, 
83 :.. Hi 0» Aecum 

LT tar. Ptf !hi_ : 
xT UJiACm .L I 
!.T Japan A Gon: . 

ay ^wp. cat 

208 Equity At 

ap>- 46.4 *98 -DJ 3 

hi. 57.7 62J» -0.1 3. 

odjci.^... 77J *3.6 -0.3 b 

“rdff Mi t 

Life Unit Tut. Mngrs. Ltd 

73« ” 4 92 • Sfpl K» - 1M2 M76ri . . | 2 08 HS'ijKSSg'Si 

b ft ' 1 Sertl^Yld-0 - |l62J 178 8 7» 

, I1A * i *•>»*• ■* **« ™* *** ** “ ^ss^r* 

1 - Schlrsingcr Trari Mngrs. Ud. lam) sene»B(ltaei«e> 

73 a JoTwi (Incorporating Trident TrusUi *>**'** P 

71 qi +n ti cm 140. South Street. Irorklnc <0300186441 

77 91 +011 5 08 Am EaOniDl* h*** 199) 2 22 ' 

grs. Ltd*(Bl Ant. Growth 24 8 267 -0.1 2St 

r*. Exempi High YId • 251 264 8.62 

',™ Exempt Mkl Ldr* * 23 6 249 ... 4.55 

oim. FxiroInf Tst. ... 285 3ffl&<”... 988 ' . - 

2-8-H 2S IncomeP isl . «J fll - 901 . ' ... “ 

523-“a 2J2 lae.irfcWdfwl .. no u.7 - Abbey Life Ai 

fJS-H-3 55? Intnl. Growth 410 441« -0.1 3.28 , .c 

SI S3978 
SL :,12 25 

1 XMheSt. LundonWIHOJP . 01-480MBt 

•Wt loo mat • 73 a+01] 541 ilmsSSii sl^SeT Vi 

J-S La*Accum [WO 77 9| +0 ]j 508 JSSSHlrt^* ' 

is; Lloyds Bk. Unit TbL Magre. Ud* (al *a 'inxrth 
*.» RegbirarA Dept, Qonna-bS’-Soa. m5 h i 5!3 - 

i ; ••• sass- wj* sa »z. „ M “'-f 3 n^?uc tsl^?. . 

-m - 

1+0.031 - 

— PH Rot M SI. Haller. Jersey ifcp«| 0100(1711701 SterUnadcnumlnalfd Funds 

KcjwIm Inti 
Keyrelex Europe. 
JapanGUi Fund. 
Kcj +elcx Japan 
CenL lUsctaCap 

)Y13» 14*3 

£5.90 654 

E3 84 403 

2108 22 67 

£8 53 931 


•u+ui stall u(-dnisndul„_ 

3.10 C'hanpri Capua I*. 12121 £23Jhd .... 

454 Channel Islands* Kfl25 150 Old . 

Commodity'”!. _ [1143 120 4m . 

SC Fed Jnt*”3 . ..|U42 126* 

Prices on "Fob. 13 "FVih B *”Fa' 
{Weekly Dealings. 

anda* 1425 
•”i. _ 1143 
. ..1392 

J 2 Income Disc 
9J2 lur.IO'&Wdrwl .. 

J K Intnl. Growth 

UrkduSJkn!': 273 Sil -fl.ll 461 SuliyFUnd- g* 

'NU Yield'_ 264 24.1 -0J 8.01 2El2^m»“' 5«« 

J” Prof 6 Gill Trust-- 234 250 . 11 JO 

7 71 property Shares’... 260 262 *01 120 Propeny Ace.. —j. i«6 

4 sEscSrsiLTscV. 2S2 f 271 -OJ I™ traj 

“ . I IK. Grth Acorn. 203 2LI .674 £fKL“2^,t5 untf 

t ; ICGrth Dial ... lit - 20.0 5 74 }J|i 

■Nest sub Feb. — . |5 El£3SS& * ‘ W 

J. Henry Schroder Wagg ft Co. Ud,* Pen* gocuntr. _. 1320 


267 -D.l 
264 .. 

24 9 ... 
386s «... 
438 „ 

441s -0.1 

1 222 

7 86 Warbarg Invest. Mngt. Jrev i u 
1.Charing Ciwc SI Helicr.J*?-*1 QT.’.iT'Tj 
" CMFLtd.Jao CT. ..RCSUT7 L’MI | - 
_ CM1 Ltd Jan. 27 £11« 1177 

Metal* TN Jan IP 0117 11*4 

. _. TMTFeh.P IIPS926 «« . - 

JJJ TMT Ud Feh 0 [913 437l .... ! - 

JJ U 4 World Wide Growth Mnnagf’ricct'-? 

O. 10* Baulmard BroaL luxemhovrc 

Worldwide Gtfa Fdi 51.1512 85 (+0ICI . 


Abbey Life Assurance Co. Ltd. 

Eagle star lusur/MJdiand Aas. 

GatofaouaeRd.Aylasbuiy 02005841 r ICGrth Dlat.. 


If -Ute-Wt 

222.3 40.1 

2^ Equity Aeeum. . [1364 M62[ .... | 4J7 

61 B ?i ft C Group* (yHcMr) 

258 ?nwee Quay* to*er Min. ECSR 8BQ, 81820 4588 
r,: _ Sac alan Stoak ExcbanEe Jteminn._ 

list Paure Chore Km rri.ECJ 01-2180111 t. TbmMincedle Su EC2. 

M ft G Group* 

•N«t sub Feb. 21 

’ • *»»rr'zEi 

^ >iiAl u--*** 

® -W GO - / f J/^TLunA’oiHtt_ 

Mr 6Kaylri*haH,Bx«ntwood j; W7J7)22730O Auaiimlmlas _ 
1V»G*A.^!-PM r«*-011 478 lA^GnlW^ 

'-_- (Aecum I'nitai 

Compound Growth. 

1 '.li 11 a 1 Cooversitm Growth 

Exchange Ave.. London ECSV 3LU. Telj 01-288 1101 
tide as at 7th February, 1978 (Base 100 at 14.1.77.) lAccu^uniw^ 

' Fixed Interest CepitiU... 135.06 lA^flldw^ 

• Fixed Interest Income ..*-123.17 ,A£Sfitait.i “ 

..' " Fundirfliiv.TkUr. 

'AkuolUdiUi — 

D EX; dose 456-461 

, Hl*h Income __ 

.. . ’Accnm.Vmlu) 

Japan Income — 

. .1 ■ rVr'wi ti'-i i mi i Aectun. Unit*) 



isnranof and Property Bond Table. tAccum. Units)_ 

CORAL INDEX: Close 456-461 


Topecty Growth .. ■ 74% . 

cannon Assurance -. i ./.....;. 4{% 

an brush Guaranteed ...7.125% 

iddreaa shown outer Dtaaranot and Property Bond Table. 

«1 42.7 

48.4 Ota 


III Jki 

SI 576d 

u».g +o: 
ai 2 | *o. 

251.9J +0.4 

fit 4 " SSBttWffcs, 

M LS SSSSttew :: 8tl 

*0.1 293 lAccum t’nltai- 2498 

+0.6 2 93 General Feb.R 76i 
+0J 4.93 lAcrum Unltai . . M3 

+031 4 93 Europe Feb 0.26.9 

lAcrum L’nitai. - 24 4 
•P'nThyJan.SH -.166.2 
•Sport Kx Feb 7.. 211$ 
+031 811 * Recovery Feb 7 .H77 2 



177 fa +2.1 
258L8 +3J 
797 b . . 

482 ... . 
286 .... 

171 3 Jx Z'.', 

01 - 340 tCW pens. Munaced .. 166.9 

+lS W ?« EgtJ«i'- ... 1440 

+ l"fl VProp^rd.ftcr 4 1203 

70 S -1265 

* 35 ] j:S ?io 4 * 

35.21 +0.71 
29 +0.7 

147-3 +®iJ 

135JN +0 a 
125.4j +01] 

15641 -5-l[ 

01-5881*12 Throe Qneyx. Tower Rjfl BC3B 8BQ 01028 4588 
S* s, ^ d . L '? lt31 t*?. 9 . S®JJ-fl4I 604 PemPenmnn—- B0L6 - .... — 

Equity & Law Life Aas. Soc. Ltd.* corn-. Deposit*-.. zi62 1221 . — 

. Aroertham Road. High Wycombe (HW 33377 -“ 4 , M .J 3L2 . ~ 

EquityFd_._-(104B U83|-0A - KSfeSS:!—r ms** 2 - ' "" “ 

B2s»w >-mi ml ■ “ Kd^.:;.gi fin : 

SSSF^^K I!Hr ssawsr-fii li:- = 

General Fortfoi® Life Vnft C.lld.* S?CTIw‘iid.-“ 75 ®/ 

80 Barthotoraew CL. Wait ham Cross. WX3197I ReeoreiyFiLBd.-- 59} 

Portfolio Fund - ...l 1249 J .] — Amcrtcan F<L Rd *. 0.1 

Portfolio Capita! ...W1J 0S ri.— I — 

Gresham Ufe Asa. Soc. Ud. Feb a J 

»■« VCon» Kd.ber.4 U04.5 115J +01 — 

iiJ VMoncyFd.Ser 4. 1107.6 1133] +0 U - 

Prlcw at Feb 7 Valuations normally Tbes 

Albany life Astanncc Co. Ltd. 

any 31.Old BurlmiflonSl-W 1 01-U7 50S 

SJ* VEquilyKd. Acc .[1700 17471,-,.] - 

^ VFixrflnt Acc . 1380 145.4 . _ 

, „ vGld MonevFd Ac 112.6 Ug M . — 

BrtloliuCapital :..WJ 43 7] | _ J *«Si2 M -:£,ii.-i940 46^ .| - 

zesham Ufe Asb. Soc. Ud. P 11 ™* ob Feb 8 Pri»- •*»»• »• 

Prince at Wales rid.. B'mouth. rate 787855 Merchant Investors Aasuranee* 

Scottish Widows' Group 

PO Box 902. Edinburgh EH1B5RV 03l,rhi.>W 

» .Sanest—Ml 4011.i - 

. SeriesC-..|«.0 977 ....] — 

Inv CashFefa.3—M&5 lOLtJ . . - 

ExlJL.Tr Feb l.— ]m6 UB? ... I — 1.[239 3 245 8i .. | - 

Solar Life Assurance Limited ■ 

107 Chea pride. ECSV 8D!.’. 01-C32 r+ITT 

Solar Managed S _pvs 331.11 < - . 

SolarPropertyS... (1065 11+3 { — 

Solar DqititT S. _ _b|1.7 • W9.J +0.^ - 

8.11 ‘For tax exempt funds only Scid HonevFd Ac' 1126 

Scottish Equitable FntL Mgrs. Ltd.* viniuian Fd 4cm 468 
8 43 3BSLAndroweS«J.. Edinburgh 031066010) S5^P.W. A i P -_ ~ iS+n 

«£ ta—gag .gj 513+0 3 4« S?,.»nFftW:JSS 

304 Acrum.Unita B42 57.7J 40 (| 5.4Q Fl , c J| Arc .172 4 

32 Dealinfi da) Wedneaday G'td Moo Ite) Arc 125 9 

4.64 Scbag Unit Tst. Managers Ltd.* (al ??J3 

6fa TO BraSU.BchlbnrJtMx.ECA - 01-2386000 jVpPc tm.Pun Arc 1190 4 

JS SebSftartJ^F^ "^4 M-SL- 1 ! 602 AMEV LII* Assurance Ltd.* 

+0-3 1 37 


1J7 Security Selection Ltd. 

1 |4 15 IP! Lincoln's I on Fields, WC5 OI03I 0098-9 A3DV Med Tt“ 
53 ljtrt'1 Hth Tin Acc B2 S3 - -I 3 % AMRVSIooct FU 

701 I'nvl ClhTal lnr . 119 6 20.91 , | 3.96 A31F.V Hcd Fen I 

mUvTtea <}f gw^nd ,W0 lM.m.... _ 135. High Street. Ciwtao. 

■ally-Dies G I-Eauiw Fund... W 0 JMJ] — fane. thro. Fd._ 127.* 

Ltd. Ji-f'-S' 1 ;} • I ~ Monej Mitt Fd. ... 1450 

01-137MBS r K ?K - I “ Mer. tm- Man. Fd. 1038 . 

01-137 K. G.K Pptv. Fund .J950 180.01 J • Her Inv. Ply F«L.. 1459 

- Growth ft Sec. Life Ass. Soc. Ltd.* Equity Bond. ... 568 

T Weir Bank Brar-on-Tbame*. Berts. Tel 34284 - . $500 

■ - E*fflG5- « J (- I 

— Guardian Royal Exchange NEL Pensions Uft - - 

~ Royal Eschonxe-E.C0 01-3837107 Mihon Court, Darling.S utt^c - 

_ rvopem-Bonds, 11659 17201 I -- Nriex Eq.Cap.. -BOJ) 1 .. .8*2 

_ Hambro Ufe Assurance LVnuVeo * Nei*-x r:q. accutb. JXB7.7 X133 

■ 7ffld Part Lane. London. Wl Oi-4BB0031 ■?«»-«•? ’ gj 

L.—.-.KSS--"* -IB) »» -1 - SSbS&SiB ■ U 

__ riu. s. 

Feh! 10. Solar Cash S — 

‘ SnlnrlnU S- 

ICC* Molar Mana0rdP. 


•• 1 ” Solar FXd Int P. 

-• I - SolarCash F. 

- • | — Solar lnU.P- 


IM - * 

■ 159.7] +0.:-i _ 

124 q -3 2 - 

105 .1] . 

100 q — 

EM 5 

112 W — 

154 +0 7 — 

1233] -0; — 

M5W . - 

100 d] . I _ - 

in Unit Tst. Managers Ud. (•) Sfi»W 

I Special __Il44.0 1514a 

iLAcram. LtaJtm. ...|UL1 1421 


Specialised Fuads - 

Traatee.1312 DBLi 

GtaOffLDnitn. 262 3 Z76' 

Si 'S 

4 76 45,L'harlorteSq.. Edinburgh. 
|-5 Stewart American Fund 

7 5 ? Standard Unit' - 154.8 

Acrum. Units.159.8 

Withdrawal-Unfix |45.1 
Kewart Brtttab Capital Fuad 

fg -Standard . -0277 3 

Aceum. L'nita . - |l*4.6 I 

fflaTfatK fil9fl 125 3 •- -- rropeny Bonds, 11659 17201 . I - 
ivpPctnv.'pun Acr U904 zoo*] I — Hambro Ufe Assurance Uuuted * 

AMEV Ufe Assurance Ud.* fuSKS* - ** 130 ° , ' W - 

Alma line..Alma Rd.Relgate RcigatagOldt.-Equity. ,..1615 178.1 — 

AMFV Manaxyd 026 4. 131.21 ... — Property .. .1549 163.1 .. — 

ASIKVMgdTr . 1072 110.4 .... — Manaxed Cap_ 130.0 1369 . — 

AW EV Moor- Kd 1034 1004 . — Man fined Act_ 159 7 1602 ... - 

AWF.V Med Fen Fd lflfla 105 4 . — Oversea* __IU 5 117* . — 

AMKV Med FMi-B-100 7 3061 .... — Gill Weed .102 2 1207 .. - 

Ftertplun. 99 7 184T __ — Pen FIDepCap. 1263 133® .. — 

з. 96 AWF.V Med 

и. AMKV. Mid 

.\elexGihlncCap,|47J^.^^58^ I San Life Of ratuda (U.K.l Ltd. 

Fer New Coort Property ace uadrr Z14Cockspiu-SU5W1V5RH 01 p 

BnthacblM AjmK Wtana*cBjent Maple LL Grfb -..[ 1*34 j. I 

NPZ Pensions Management Ud. ISpta fct SSf^ “ I SI ]. I 

48. GnimhurebSt, EC3P3HH. 010=34200 Persil.FnTFd. , j 1964 | .[ 

I?res Feb. "1 R«? deabBB^lta'rcA 1 Target Ufe Assurance Co. Ud. 
Norwich Union Insurance Group £3? *^2^ 

ro Box 4, Norwich MU 3NG 0608 33300 Man.Fund1ne ...p50 MD7| . . 1 

Snn Alliance Fund MiuigxL W. 

Sun AllianceHouac. Hor:bam OUT.:f-'. Ml 

Exp.FdJntFe68 (05390 160.301 ( - 

Int Bn. Feb. 14., I CIO 64 |*D2l! - 

Sun Alliance Linked Life ins. Lid. 
Sun AlilaneoBouxc. Horsham fal&ft:-.; 

Equity Fund'.. - .. JS2-4 107 3-0*1 _ 

naedlnicrralRd,. 1001 105 3 . I — 

Property Fund — . 901 103 31 . . J — 

InlernaUaBXl Fd... 865 9!li«0_\ — 

Deportt Fund.45 J 100.4 I — • 

Mloaned Fund ,. . J97.9 105 2) -0 L — 

Arrow Ufe Assurance 

5831 177 Wl’kbnds* Rn«d.WI2 

62.9 ~. I SriJMIk Fd.«’p fm .|61.S 6511 

48 1 Z- - Sel.Mk Fd Si Unt, ]47.7 103 3j 

_I — Pen FIDepCap. 1263 133 0 

Pen.F I Dep.Acr . . 145 3 153 0 

Pen. Prop Cap_ 1% 9 207 3 

QI-740PIU Pea Prop Acc _ 250 0 2632 

1 .. Ptn Mm.L'ap- 2000 213 4 

" _ Pen. Man. Act .254 9 2684 

■ 1 Pen Gill Fd* I'ap . 1277 134.5 


istory of UnitTrusts 

'. 'reign GowernrneriiBaruJ Trust, the first truly flexible 
’ hich gave managers freedom to drange investments 
•" nched fn 1934. Fit the following year there appeared 
t T>uch fund investing In ordinary shares; this, the 
i Investment. Fund,^tjius became the prototype of unit 
their modem form, . 

■ ‘ 5 and 19$G Tlie Stock Exchange and the Board o£ 
'‘laspectively each produced a report on unH trusts. 

; jotis agreed that unit trusts met an investment need 
ommended that cdrrtmon standards of rranagement 
eration should be accepted bp all unit trust managers, 
epoits led to the Kieuertiqn of Fraud (Investments) 
93& which was updated by rite Prevention of Fraud 
\ lerrts) Act of 195S and is currenfiy in force. 

tets.brdugfat the urdt trud Industry under the reguk- 
-j he Board of Trad^ and.infctoduoed the principle of 
ed unit trusts, A^trust must be authorised by the 
: new DepartmentJ trfTrade If its links are to be sold 

there were 89 tyudls maria^d by 15 management 
ies and the market value of the investments held fay 
is around £80 mfflton. The outbreak of war put an 
mit trust expansion and thesecond waw.trfgrovrth 

•■ i and stiD ament, u^ve of gresoft started with the 
f Unicom Trust in 1957. In October 1959, when the 
ion of Unit Trust Mamgers (now the Unit Trust 
' ton) was formed there were 11 management cora- 
ianaging47untttHiste. - * 

■ irked the beginninsof a sigrdfeantand^adacular 
a Over the next decadethe value pfdiefuijds under,. 

- nent increased five-fold from £500m to £2300’m. 
/ ime time die nurobar of managemerd mmpaiues 
^ jfmm30to95andtiienumb^6Hipslsfrotn 120 
Today 100 management compiles manage385 
i funds under management ©cireed£3,400 nv +. 

UnitT fus|A ssbciaticm..•.;,: • 

18 Finsbury 7<JF'Sal0ph«IAnf!S28L097X. 

624 +3.a 7.7i Sun AUUnce Fnnd Mast. Ltd. • - 

Sa +3 1 *97 StJltAlllaiiCoBw.Horxbiun. 04O3G4I4I 

. Bip.Ifo.Trt. Feb.8 .lgU8& 280.90] I 457 .MaSajciI 

Mfamlifa Management Ltd. rrficFiJoityFri »2 9161 -0.31 185 MibS 

St Stavroae# 04 » 88 l 0 i Target Tsl. Mngrs. Ltd.* (a)(gl S^ 0 ,-*5j. n l : 

GxvukhUqJia. , ,.)490 516). I 344 3\ Gresham SI, UC7 Dealings: CKOflSMl Gill Edijt' 

Mayflower Management Co. Ltd. Tare« Commodity-(31.4 34JI -fl.a 455 go lmt« 

lvuiCrtwhawst-KawTAU Oi-msom TSSSSiXf . : »* ms hu am & 

ttaaiWfc^rJR' ^ - I K XBKKBaaVIB S3:» 1:53 

Mrormii XN..4 lid Target Gilt Fund 114? 125 3 -0.4 100 , 

Mwcnry Fnnd Manager* L*o. Target Grvunh as ».6 403 “l.bowbj 

M.GtwhrtnSL.BC2P2KB 01-8004358 Target InU .. . _ 238 217 +04 204 Black Hoi 

“ _Feb 15. 11650 175.71 -6.6) 4 75 Do Berov UnlU 25J Z7.0 +05 204 f’ana/ta 

Z25.7J -7J 4.75 TgrgelInv .05 „ . . 3 76 

6t»i] +ljj 104 TargetPrFeb. 15 ,.|l50B I58_.7rt( *15] 4.94 24 High 

:ia as Tpff« 

.,J 415 TgL Prof . ..B«0 


Target Tat. Mgrs. (ScotlandI (aMbi 

MMImhI Bank Group Target Tat. Mgrs. (S 

UattTnut Managers Ltd.* (a) i&ai 1 iqi Crescent. Edin. 3 

gBSStfSfr * ,m W i 8S37»4 3 nsSM.; 

GtamfadttyAam H61 6031+8-51 607 ExlreInconeFU. . |667 

8 ifiaS“~- S3 SI *° A 3 52 T™ 1 ® Union Unit 1 

Do. Appmfi r.H.1 MJ 370 552 TOO. Wood Street, ECO 

CjtP*ta~-ZH; 24.0 257a ... 39} TUUTFbb 1 . .1414 

- - ^ 7 « 567a .- 6.1 644 Transatlantic and Gt 

Do Accum, --S3 9 g-2 S-g 91-W New London Rd a 

i&SSiteH-If l - S- |2 Barbican Feb.p... |72jl 

7j«6A«Uia.—419 TO 0 +0.5 Z44 (Acrum. l'nitaI. .. M94 

Htgh ltald -587 625 -0 3 *J1 BarbBitro Jan 2i. 80 1 

^Ss? l *rj45.#VUifflg Feb V !i£J?r®uJ 0 _:: 8 SI 

sssassai K 

Wnnqr Hta?. Arthur St. E.C 4 . 01«31060 m M F h» 14 _ 50.9 

MJuaepFebJ 3 ... .B35 S=2f—-i S-H lAeew Patoi.. .. M1 

KtampCDcc 31 .. -89AI -+-i 5-42 Marlboro Frb. 14.. g.l 

MM'lWt IW Mgeajmt- Ltd. ICTmTOTT p ‘ 

OldQoeeaSttect.SWlH-aiOL ■ • . OI-B307333 Cft:cvm.Unlui. 56 7 

MCAUuita.__,.[»0. 570J440, <59 ^;g: 

Mplnal Unit Trnat Managers* faKg) tAccum. uniwj... 02 
IftCopUiQAre.BCaRTBU. JBStSTffcjLr - ' St 

>0 Barclays Life Assur. Co. Ud. pun. gih Eds Ac 

,3i 238 Ronfonl Rd. b 7 01-SM3M4- E^-g-5 - 

isea(+lM -■ Barel«)baads'_ 1150 121. 

Inst. Ltd. Squirt. . ■ —- 106-6 LIZ 

. ^uinK+«i - 112.5 1105) -001 - ir'VL, 

i- 0403 64141 praperu , 77 9 m 3 J _ Hearts of Ual 

■bH-ojI fS ffi™” 1 —rr.iP3 J pit - 0 - 3 — SSrSi 1 " 

Bn3a , i' 1 "“. bj is :SJ z Hm SMU..I 

Deal Inga; (KM 5941 Gill Edc Fens .\cc 471 10Z3 -07 — NUATut. Addiw 

34J) +0.21 455 Do fnlUal . - - 95 8 UM 4 +0.6 — <SProperty L’nita 

M 4 -01 *50 Money Pen* Act 47 7 10Z4 +0 2 — Property Senw».’ 

3#J -S.3 614 Do InJUoJ . 964 1015] *01 _ Managed I nil* 

ZL17 +4 Q 619 ■■.■um-nl unit seine Feb. 15 . Mansgod Smw i 

S:? --0 4 S JS *teehivc Ufe Aasur. Co. Ltd.* 

»6 403 71. Lombard St. EC3 01023 1M» Mcmict Si-rlea A . 

24 7 +0.4 204 Black Horse Rd.. | 10853 | | — Ftaerflm.Sir A 

Iw * 03 Ire Canada Ufe Assurance Co. pE. SSd aE. " 

158.7a +10 434 20 Hleh -St. Poitm Bor. Herts. P Bar 51132 Pns ttld.i'op . - 

36J . 904 Grtb.Fd Fch I .[ 571 t ... I — Pn*. GW Act . 

16-3 18.75 Retmt.Fnl.Fi-h d | 110.0 | | - Imperial Ufe 

».4)-ox 406 Cannon Assurance Ltd.* • imperial House,i 

d. PUn. Gilt Eds Acc 1327 139.! . , — 

01-5.-14 6944- Pen.B.S Cap . 1214 1280 . — 

Ul-SH Pen BP Arc . 1569 1431 .- 

— Pea O.LFUp, - UW . — 

ilj ~ Pm.DAF Arc 100 

. “ Hearts of Oak Benefit Soc ety 

-0.3 -— fu+lon Road, irtndon. VWl 01-387 SOSO 

__ — Huerta al Oak .. 135 5 37 51 I — 

;gj - HiU Samuel Life Assur. Ltd.* 

-0 7 — NtAT'»T.AddmeombvRd..Crci!t 01-6804355 

*0.t — ePropert.' - l'nita . 145.0 1503) ... — 

+0 2 — Property Scn>?» A 17 5 102.7 — 

-0.1 — Managed l nil* . 1535 1616 -0 7 — 

15 . Managed Senes A 90 7 955 -00 — 

■ m Managed Sene« C. 89 6 94 4 -0J — 

UT __ Money l-'nlt* _ 1185 1240 — 

01-823 1388 Moncr Soriea A -- 96.0 Ifll 1 . - 

I — Fixed lot. Ser A . 0 7 987 -05 — 

Snn Life of Canada fU.K.i Ltd. 

2.3.4. Cockspur SU SW1V5RH bt Brt S¥4 

MapleLLGrib -.( 1*34 I. I- 

Uaple Lf Mangd, I 1327 | - 

Maple Li Eoty . .. 3215 - - 

Persnl.PnTrd. .. ] 1964 | . ! — 

Managed Fund ._, 204.1 214* -0 _ 

Equity Fund. 319.9 336.7 -0 9 — 

Property Food . .1220 1246 . — 

Fixed im-Fund. . 155,4 1635 -0.2 — 

Deposit Fund- 1020 U7J . . — 

NorUnlLJan 15... 0O5J — 

Man. Fluid Ace— . J127 U9.2 

Prop Fd lnr., .. 1065 1131 

Prop.Fd.Aec. 1310 

Prop. Fd. Inv- 102.0 

Phoenix Aasnrance Co. Ltd. 

4-5. King William SUEC4P4HR. 01-U»<+< 


Eb r Ph.Eq.E.(78 7 W2J 4 - 
Prop. Equity & Ute Aag Co.* 

. .| — Fixed InL rit Inc-IWl 
I — Dep-Fd. Are. Inc.- 971 

ReLFlan Ac.Pen . U0 
ReLPIaoCapPon— 55-4 
01-8288878 Ret PtanMan Acc .. 121.1 
■ _ Rct-PtanMan-Cap - 1128 

j _ Gilt Pen Acc - - - 1373 
•; J _ Gilt Pen-Cap-tuL4 

102 5 , - 
74j] -01, 
616[ -0V 
i™ v. I 

Tranrinteruatioful Life Eras. Co. L:.-_ 

\ 19 Crawford Street. W1H SAS. 
Ft Silt Prop. Bd ..[ 1783 

Do EquityBd . . | /MJ 
Da Ft Stay. fid. FdJ 1519 

lauai WHOI l. Olympic Wl .Wetnhley HAS0IVB 0100:8876 SSTph nw, in' 
031-3808631IS Equity L'nll* . . 10603 - l-Ollffl - “ FB iVlt 

If SsSB^r'Si z F u d nd - 

65i] | 9.99 feS BS - J - Seeurecap Kd 

5^ Trades Union Unit Tst. Managers* Oopo .,1 Bund' . 
352 TOO; Wood street. ECU 01-6288011 - 

341 ntUTFab 1 . .1414 521| I 522 

341 TUHTFMi 1 . .1414 521| I 522 

644 TransaUanUc and Gen. Secs. Co.* and Equity _ 

J-g 6I W New London Bd CheJautordl)34fiSl«l gwjfrtj, - 
2-2 Barbican Feb.9., . [72.6 .76Jbrt_..| 501- SJSySSK 15 — 

IS ’M--I IS SSSSr 1 . ' 

Wich'rFeb .8 ~- 

"T'Tn lAeeum. L’nita). .. .I860 ‘70J[ I 502 | ^brinae fjerx?- ... 

r f f-S wick Dir. Feb 10. .R 2 68 j] f 462 Efirthw 

no) Aro D® Accum. N». . 75j( 4.62 ! Vtanaficd. 

1474 .^. 
5*3 — 

fK +13 
685 +1.7 

547 +1.2 
. 71.5 +13 
.44.1 ._. 
_45.S _ 

J-5; 2nd Eq Pens xcc 88 3 
JS 2ndf+pFens Acc 1001 
5-2? 2nd Med Pcns Acc44 6 
t ^d Dep Penh Acr. 95 9 
?tS tod fi,|t Penh. Acc 41 9 
L*ES I F. - -365 

1 si - 02 


434 -06 

100.1 -OJ 
101 .! .. 

97 2 . 

27 51 .... 

Fixedtm.Si.-r A . D7 987 -05 — Daraamjr.Bfl.ffl 
Pnx Mod Cap —. . 142.6 150 2 — . — Pmnrrtv Grow 

Pna. Mad Ac-... .. 1405 156.4 ... — rroiwy wwnw 

Pns. Gld. Cap . . IMS UO.e .. — I^on Houae.Croyd 

Pni uld Acc .. 1088 114.6 . . — Property Kond. . 

Imperial Ufe Ass. Co. of Canada Property Fun d iAl 
I mperial Houm, Gultitard 7138 AeHr FlindiAU 

Growih Fd Feb 10.(69.1 75.11 — j — Abbcr NU Fund 

Pena Fd Fch 10. £4.2 69.8) 1 - Abb? N« Fft™ ) 

1'nlt Linked Portfolip Inieaunenf Fund 

MnnaacdFund. , 94.4 9401 I — Inrosuneiu Fd-iA). 

Fixed Int Fd W5.1 1001 . | — l^uityh-und . 

SecurcCap.Kd [95,1 18011. 1 — Equity Fund'Ai 

Equity-Fund . -|95J 100.11 J — Money FUad 

Irish Ufe Assurance Co. Ltd. Money Food iai 

tl. Finsbury.Square. ECl 01-8=88=83 fiESSjEfF -“d 

Blue Thin Fab I . .166.7 70S [520 Glli-tafted Fd 1 A 1 

“RHS 222-3 ■ \ - ABctlrcAnnuity. 

Prop.Mod Feh 1 1167? 176(h . J — oinirncd Ann'C- 

Prop Mod Glh -. 1101 1 190’S) ., I — . 

King ft Shaxsoa Ltd. ST^i-iher Ac*tta 

'KLLkVnhill. EL3 '' 01 62JM33 V All Weather Cap.; 

BondFd Eimnpl .(11183 11J71J-044/- Hi*"Jtf'l,, ‘ 

Next ieadW date Feh 15. , ’ 

v'.oil S«- Bd . . |1MJ 137 001 - i - r®S'£2“i-™' i'. 

Langham Ufe Assurance Co. Ltd. ^ 

Unchain It*. llqltnbrpoJi Dr..VW4 0J M3521I Man. PWuv C«> l ; i 
I-anKhnai'A'JTan .163 9 6731.... 1 — 5l rop „ “■ 

VFrjS. Bood I _ _ I 139 4 146 7] . I - P«P Pena Cap Gift 

Wisp 1 SP 1 Map Fd[74 8 7B7| | - 555 K i?? c ^^,. Ul 

Property Growth Assur- Co. Ud.* 

I-etm llnuce.Froydoo,CB8 LLU 01-600M 







- 3SK 



01-4(180897 = Bream BldC»- BC41NV iii-W. r 4-'_'T 

) _ Tulip latest. Fd — Oil 130 21+7 4] . 

- Tulip Mangd Fd .. 1055 UO.t] +17 - 

_ Man. Bonded 707 9 1135^ -3 = _ 

Man Pm Fd.Cap.. 110 4 lit 2 j+ 1- 
Ud.* Man Pen. Fd Aec . 1160 1221] +1 Si - 

O 1 - 60 OO 6 M -Trjdpjjt ufe Assurance Co. t*tfi 

’... —, RenaJadeHoow. Gloucemer MJCJ9M1 

. - Maaaecd - B19.4 125 51 

- Gtd Mad -. - 1449 153g 

— lhxxieny- -. 145 3 153« — 

— Equity. American . 79.2 830j 

- ILK. Equity Fond.. 1014 107.3-0 7 - 

- Hleh Yield . . 139 6 147.d 

Gilt Edged 134.5 13).3 - 

, . - Monej-. . - . 1203 125 (J — „ 

1 * Annuities Ltd. 

c3 t,4ESJ.F S*. ■■ ISs 27 51 | — Uncham lls. HoltnbnjoJiDr.NW* 01-203521 1 Man. PJftut 

ru Current value Feh 13 Irtngbaai ■A’Plan .[63 9 673 .... J — P**P Peo-s. H 

17| Capital Life Assurance* w^^Mio Fd Ufa* 1 7 b|“"|- 

3 32 Cfai^House.LTiapel.^Mt'top (woe38511 i^ga) * General (Unit AsararJ Ud. . 
Coni Pens. Fd 
f m Pn* Cap. Ill 
Man Pens Fd. 

in Key Invert Fd.- 4874 

.7!re Pteentakectbv.Fd. ]- 10446 

JJ6 Charterhouse Magna Gp.* 

616 ,a i«.„,a»s« I:ihriflr*t:M11 

- Kinravood Honse. Kingcwood. Tadwtb. ^°^ cial Ufc Assurance Co. Lid 

SSSSSSS'-HP’- BH • Sa -^l WickDir.Feb 10- .m! 

KWMiSSittKrKj a{a jq| In Accum. |70». . V. 

Motral H|*S ridTjSs k 3 51 +2.i] 135 Tyndall Managers Ltd.* 

Slatioiui -goiJ CwnmercIal ’ ; W* 

JSseer^H g|= tfaaassfc-.iW' 

lAsraiB Unltn— [1468. 3J6 lAccum. limit. 1 .-^152 0 


43.GroenehurchSL FX3P3HH 0(0224200 Int. Earn Feb .8 _ 2266 
^-Pl.GOLCn.T*t - M4.4——-47J „r. >75 lAcrum linilm , 2588 

lAeemrtUnitir'-.I5?J Sit) — 57S Kent UapFrb- 81 -1294 

;V?I fems-Tmut Ml 4 U7g . 33J (Accum whim .... 1512 

(Accum.Umpi*' ..Q178 .. 007] 520 Scut lnr Fch. 8 .- US)2 

Jan ~3) Vraf dealing Vih.Ti ‘ i«adn Wall &reup 
FtlmFfb 18 Next deallilB Mareh t • t'apita) tirowib.)76.4 

■ Ltwl 

ifll. Chaapoidt-.BCav DECT 

S44S T*: 5 « lftL'hoauenbq..VxbritlseVOIINE 5=181 j; Rfi’a 

Tsl ~ li astetes -BM - • “■ a u « a, -_“mi 

!l «.c -bid — 

1538 ... . - 

assssssed-ss s.s-bsd = •• 

SSSSai'S^ " ? 8 124 6 7 1 . 2 “ ,da '- 

Maflo*Managed 1536 ... \ _ 

City of West minster Aasur. Sec. Lid. t» Accum . 

Ufa"— Vs Rlnwoad ft whtVBbona Jtaad. 

run «2- Crej-don.nioaJA T)l« 

l£ 743 Mrol'lt'i* - PH.® 12181... I 

u — ?2 Propero unlta 55S 


1591 .... 


U4 4 i.-. 

«2 First Up lit - [1160 12111 ... I _ 

7« Properl* i-'nlL- ]530 55W.| 

552 City of Westminster Asa. Ca Lid. 
|S Rlngrtcad. lloufC- 8. Whilehonfl Road. 
rS CrostJon.CRflZJA 014BU08M 

esa Weal Pjwp Flmd. .[57 D " ' '6D.0 -,—•]' — 

2U4 I'"’ 540 L'raj don. CRfl ZJA 

- St.®, r; -IS s* 1 wji lw- -f 

m« 5 j 0 ItanaacdFtini |, 



-i. B8.7 -■«! 
-- MJ 

l:M - 

J2 Do. Accum. .. 191 211 

MS HigMpe.WTOritj,. »* »] 

“?■? f® Intomational- 259 27 1 

Il O " 4« SP«rWSita __W7. »: 

♦OJj. LM TRB ilnil Trusts (y) 

t/rm VoMati . 2i.ChBiitryWay.Ajulovcr, Kanu 

NEL Tnutf Masagera Uft* f«K*> : 21 . ownw Way. aw Um 

NriSSHtabJK"® sBR^I /« fb{ Ba 

For Nrw Coort Fund Htutagers Ltd ibi no Accum_585 

are RsOpddU Asset Mnugeoirat Sj{|^ b pi ~ig? 
Norwich Union Insurance Group (b) , ncl «. ». nMI , n , 
Po-»oc4 f Noraicb.i4Tn«w ' -wnsutn -JS£' 
GraapTbura v;.Wft9. . »l91-8-41 MU WaHag^rcet BoltaM ^ 

’“ffltd 'l!' ml*} z 

-®1 6.17 j?,TO nd ~.fV w|:o7 : 

*w fWifaT.pii I76«j : | . 
ni oir FBotf mmaOy Cl*«a to tstwttwvt 
+0J *2 POrionn 1/tUlb- ■ 1 1910 I | — 

4«s Commercial Union Group 

-0-2 8M a !M*Ll.radmMi:H3 0 j 2 »l 
sos yartabta AO Ac Ula | »« 1— I - 

—?* SBS up Annuity l-h - I 1 ? *6 [ __... | _ 

Confederation Ufe Insurance Co. 

<SB*tB!88 50. Chancery Irtnc. WtlSA IHK Ql-SCfl 
1®son *Itaimpriimi-...B46S 1548]..I - 

Rau . upl a Oexcnl a 
Si nwu Eiempt Cash 1ml 
014HBW lV) Aceum- 

... — Exempt Eqtjr IniL. 

.■ Do Accum .... 

’a [ ifi Kxrnipt Fixed IniL 
. Un Arrum. 

■ffjwjww* Kxcmpl Mncd lulu 

0I-8MMM lip Accutr.. 

,..,] — Exempt Prop IniL. 
• .1 — Do ArClim. . . | 

5 9 ' 1010 .. - 

11.4. 1173 ~SU — 

{ 21 11*1 -O-l — 

*7 UO.E -0B — 

155 1216 -0.9 - 

13 2 1193 -0 4 — 

140 129 0 -05 — 

5.1 IBM .. - 

58 M04). — 

it FrasknMiUd. 

5 4 1005 . - 

5 7 1000 .... — 

45 IMS — - 

98 -1051 ... ~ 

73 3025 . — 

76 1028 .. - 

95 1048 .,. . — 

53456 25S.Bi*bupfi6atE.E.C3 

— Pron . Managed Fd, 014 4 

— Prov Cash Fd. . .p3.7 

— Gilt Fnod20 . . ..pSO 

, 1144 12D.4| ... . I - 

-1W.7 109^.... - 

-pso 1245]-0 a - 

Prudential Pensions Limited* 

.'... —, Rnrltdc Hww, Gloncwitr (MS 

. - Managed .. 1119.4 125 5 

— Gtd Mad .. - M44 153? 

— Property -. 145 3 153 0 

— Equity American .79.1 ESDI 

- ILK. Equity Pond.. 1014 107.4 -P 7 

- Hleh Yield . . 139 6 147.6 

Gilt Edged 124.5 I3J.C 

, . - Mane)-. . - . 1203 126 6] 

— I ul Croat too a I 923 47 . , 

Fiscal... . 1272 1347 

— Gfowthi^ap. ..126.6 1341 . 

Growth Aec - 1293 1369 

. . — Pens MnsdCap 1120 119 4 I 

. ... — Pena. Used Arc 115 6 122 6 

— Pens GtdDep.Cap JM7 1050 . 

-LU. Fens Did Pep Acc 103 4 159 s 

Fens.PptyOap .1112 1173 i 

Pens. Ply Acc. 114 2 1216 

Trdl. Bond 34 7 367 

' _ -Trdl G.l Bond 1012 -0W 

_ 'Cash selue for £100 prenuuo: 

~ Ty-ndall Assu ranee) Pen ci on st? 

1... - 18. CanynEC Road. Bnutol 025- 

- 3-Way Jan IP - 1203 : 

• • — Fquirt Jan IP . 1516 [ . 

TfonilJan. IP 163- I ... 

Pr^ertyJan JS 10 5S 

r-„ I M Deposit Jan' ID . 1252 ' 

3-Woy Pm Jan. U» viz-0 . 

OI-24i 8533 ij'scMlnv.Jnn lB 610 

....I - MnJ>n0-WFeb I 164a 

... .1 — Do Equity Feh. 1. . 1M2 [ , . 

-41 a - Do Bond Feb 1 1M0 ; 

Do Prop Feb 1 - . 

ILoibom Bari. FX1.V2VH - OI-40SMS2 

IjjulLFd. Jan 18 ...K2306 25.771-038) — 

FxdlDLJan.18 _ jo4.84. - 

Prop K Jan. IB .. .10470 31^+Oiq — 

Reliance Mntunl 

Tun bridge Weils. KetX 08S5S27I 

Rel. Prop Bda . ...| 1922 |_| — 

Rntbschild Asset Management 
51 5wiDilnsLailc.lAindwi.GC4 O1-0E843M 

N'C Prop.Drc 30. (1141 1210) .„.i — 

Nort sub day March 31 
Rojal Insurance Group 
rum.' Hall Place. Li IM-poo I 05127 «422 

OI-40SMS2 Vanbrugh Life Assurance 

41-43 Maddox Si., Ldn. WIHPI^ 0M52-P22 

Managed Fd_ [1344 14731 -DJ — 

Equity Pd ... 216 7 la: -«4 — 

Intnl. Fund . SSI S02 -02 — 

Fixed Intend Fd .170 5 179 F -11 - 

Property Fd.. . .1365 107 ,.. - 

OuhFund _ ... Jll62 !22fll .... - 

Vanbrugh Pensions Limited 

414TM*dd0xSl.Ldn.WlRS1_4 01AKHT21 

!?*!£■“-. m IIS2I • I r 

Do Accutr. . ...1498 10S-1I.... | - „ .—» «»* - MO IMS _ . 

1 * 3 !-" z g5 p H*S l, » ,mt BS 7 Sgl—-'■J -* Rval Insurance Group r^Wmi .te.o vmZ'. - . 

MJ -01 - S'7,j wowHallHlaeftLsvafiibol 05127*432 Property . [458 100 0| 1 - . 

725 . , _ Legal ft beneraJ irop. rtt. Sign. Ltd HojaJShield[138.4 137.91*061 — Guarauiccd tsce’Ins Rase Rtrtre tahta 1 

l Si :0 7 Z uSSSSk' nkvreS^ MLR "'T*!?" **" ^'Prosper Group*- ■ Welfare Insurance Ca Ltd.* 

ITkOf ... — Next Kub bay Starch I* GlSt-HeieD'*, Lndn, GC8P SEP 01-554 889B TJio Leas. FoUmioni!. Kent 0383ST^L'. 

•‘teP 1 Ufe Afifinr. Co. of Pennsylvania pSiiSlS.-RJH JS’S *SJ( - Moogjutacr Fd . I 98B I I - 

— 1 — WITBXO AtaawittKK fS? 3 "*3 % ~ For other fundi, plpsr rclcr to The Laadcn £.- 

8042New Boodbt.wlTOWJ 014938385 Gih Fd - 12ft5 126.* -0.*| — Manchester Group 

Oj-3°7KO LJoy t 8!' Si *V ~ Windsor Ufe Aosor. Ca U4 

“ Z 71.LoBibardSt-GC3 31^1=88 ^ ffl ^i 72 K^™" 

• fv, Nscmpt.._.,.[979 : lraJN_i 705 Gilt Bens. Fd .. »S 0 fid-04 - - J££ 1 £*ErfRh.k 1 W ° 14 0 ”*1 ^“ 

LlovdsUfe Assaranee .... . Depw. PcpwFd * .Ru . IMS ...1 _ -no .I Z i 

For other funds, please rcler to The London i: 
Manchester Groap 

«qi« ___ Healings 10 0284 S343U VEoiilrti Fund . [1463 1548 . „ 

r-DS M0* rtSlS?? we ™ 1 “ “24 2-2S «lta**rtl Fund, .. 177.7 W.1 Z - 

I ° 1 9« fWfjaAewtt — g-1 . |W -0.1 5« PtrooSl Pu. Kd... «6 743 — 

I . ..1 Tv*, ib) TSBlocome— 574 611 -0.5 7.29 FniunPt<n Fnnd 2145 — 

tan Ltd fb) Do Accum_«5 fc2J -D.q 73* pOtal Fd. 1996 “ 

foment TSRScoUisb- KJ * g-g PwJfu* . I«a Z 

+ • .i. tbHiq Arcupi-767 811}-01 28) PropStyPon Frf 1240 „.. _ 

® nn, P™ IIlRler RtmlrV ibi . SPTOtacmd In. tt>! 36L4 . .. JUJ — 

tec 35231 1 Corn hi 11 Ipspraqce Co. Ud- 

ffalLtsier Growth.. .055 . ItJhd +0 7| 4 81 U& Corn hi U.HC 3 

2S2S3££g!£2? SSSSn' «* »»* m. ag-tv up j -h - 

swrugn^^H-HUii,-fl’r KJnsWlUtantSl.EC4 RBar ■ 01-823.4851 MnCth>d Jan 28 }lfe0 1740|.... \ - 

AwwnKW*—1 ; G5*■ - 27.5^5 ft'g1*6° m! 55 Cred,t * Cwnmerce Insarascr 

CUfftfrttThrito- ■+0J 545 nWgfrtp rn im itli liVituI CfcCSIlljjd Fd... I12Z6 --*■.! —■ 

Piefican-UuKi Adm]a. Ltd. (fXz). ' KinarnsLero^"BC oh»ab ■ 01-8234991 ? ni5 f < ^ 7 ,n ® lr * H ^ 5^- ■ 

UFaqtdafoft.ltsaalMMar jm-twm. IdcwmSSs?.,J »f M2]-Jli 342. W4 ? 8BO 

Paliato^taa-a . - Wft - - 84.-4)-0.4[—913 Aeeuao. Vaita«_l»4 3*3]-lj] 3 42 Gth Prau Jaa.7—I66S 7S*l — 

Credit & Cotmnerce Insarascr The Loos. Koltaia 

(20. Regonl M, LoddoaWIRbFE. 014307091 

<+i.rfiwri wx nnn it* b 1 _ _n«.K0 

A 7°?» 5JS Wirier GrowthJRund . rEiK’immsSSl. rn^ifti'" 

1 5 J su:ss?ae i isr STrv^F^^r 8031 

bf-tt.-4l-0.13' AeeuoB.l?aiU—1»4 54j|-ij{ 3tt Gtt Prep Job.7—166S 7S*l — 

Lloyds life As so ranee - • • d«pau Pcp^Fd * -^965 

12LoadmhollSI.CC3M7T.'. 01-8238821 W t“cSiy*drah5S “ 

■ W5rr - SPh»d«- Ufc Group* 

Ojx S Eqtv.Frb.O — 1176 123 5 .... — Enleuiriw Hou«. ftjrtajoouth 

Wi&rUz m BMr: - KSflWcrU/ 11 ^ 

Opt5Dept Pvb 9 1198 1262 - . - ^2i»3Frt..7Zr. HM U6.D 

tendon Indemnl^i ft Gnl.Tno Co. Lid FueJjnt.Feb r, iw* uz.s 
t»a).TbeForbuo-.R«diniasa5ll SrrrFab 7*'z m.9 117 7 

MoncvManMer^.M.0 22-11*841 — ViSGlItFeb 7 . 147.1 1501 

bIe .—— “ K&SGl Se.Fcb 7 124 4 330.9 

FVxcdrninro»l,_ ^]34J 36 ^ ,.| - Mngd.iFixiFcb 7 V 1249 1516 

The London ft Man cheater Ass. Gp.* — HE 2 3J 4 * 

"7 ^ 57333 &3Frt7ZI 1U» ^ 

LOW Crowtb Pond | 269.1 | — | - Deposi Fab 7 _ mi 

175.4-0.4 - 

M^4 = 

6Exempt Prop Fd 
♦Expt lav. Trt Fd 
Fleiiblc Furid ... 
Inv Trim Fund.-.. 
I’ropeity Fuad— 

WS.5 | f - 

•? y = 

Property Foil 7 . [147 7 1551 

BSPn Acc Feb 7 „ 1268 

Mn Po Cd Feh 7 .. 1870 146 1 

Ms Pn Act Fob r _ Cl9 2 2391 

Windsor Life Assur. Ca Ltd 
1 High Street. Wlndsac wiedsorfSlfl-: 

LUe Int Ptans .. 69 0 72.6! +D b] — 

FuturcAsadilthtat. 340 . — 

FulurnAaad.C(lkbi. JJ.O — , 

’Ket. A*«L Pens -.. €2638 -13J — • 

Fin Inv Growth , 1101 1159] +3 9) ; 


Prices do not include $ pram um. c.\ccpt a-Jierr 
■ndicAiud fsadsK In pence unles!.othero ;S+ 
indicated Yields % ishonn 10 laiz i-Mucr 1 
allow forell buuns «P««!srt Ofieiud prirca 
include all espefi«es b T»«iay !. pnem 
r Yield based uo ctffrr pnee d Estinm'cd 
K Today's opening price, n iMrtribuiiun tro+ 
of U.K. tattes P Pertadle ptctnutni ib'nnnc 
piano. 1 Single premium Insurancer CHior -d 
price includes al! expetuea c.c+pt BEt-ni 1 -, 
[•omiultrtoo }■ Oaeted pnec includes c->i 
euxaues it htnight ihHHigtmaMe+.— 
1 Previous day's pneo. Vn+f ofta». onrPnlta«ri 
i-amtal gnln.* utdra indicated b> r 
f Guemaey gross a Suspendw 4 Vi+'d 
before Jersey uw. t Ex-subriDicjos “ 




‘The Guide to the BE Group V. J 

Bifurcated Engineering Lid. ^ I i 

P.O. Bo* 2. n/tandeviiiH Road, Aylribur'. §M 

Buck? HP21 SAB Tiil.Avlesbmv'02961 5911 J 



TPtnaneial Times IVediresaay February 15 1978 


19TT-7S 1 • 1 „ {+ «f P 1 ' 1 L 

ffislt Lmf | Wort |-ftw | - 1 >« |Cw{6n 

131 , | 6b Vt Cob rlnOr I8p —\ 

VjtkStopjftp... 210 ..„F6 j 6 4J 4j 

riorfolkCiipnp - AO. -2 06 * l-2j 

XorthfSLF. lOp H .— i09 Iff £ 

Pwrtin'stCp— "38 ftl.68 1W -.r 
Prime tt«ai« J Ilf -rf 23L 25r3;. 

, Quern's Mod 5p. 25*? tiMLIZ 3?( fl; 

Rowinr. Hund: - 153 . t5 i 1.9|'5 j 

fevnt -Vlfip ... 73 ...... 1.02 2«Z' 

Stakii'ReoiJiV-! 39 —• JAT 3.5} #: 

Sjjo Bjw int 5p. I |3 -•.... 4*1.25 Jl.Of 5 

TY-M R. Fortej 186d -6- 8J1. q27I * 
50 ii I u Wi-.vrKflx «iin_! 28- .3AS IM 1 

290" |100 VVh«ler»ltip 4*70 ...... ■ 14.41 A.Bj.2. 




itr-Tn i 

High Lew 1 

[i off niv. > frw 19T7-T* 

E ! - [ bred |CtT|Cf\ Hjgfa Jot 

24 ] 16b |Rc" N V i’orn 15 [ 
•A'i • 101; KeVW.iSo 
22 Riclui..aMrrllSI-< 

—. r i i „• ».,ij ■■"I lucnn.-n-urni ji 

-f.i ~ • « r- r ,„ 

20V 21^ Singer St " 1 

“Shorts*’ iLives up to Five Yearsi swrrjRawisiv 

BL IT..,-... uV.^ r»-* 1 in? i_ Itll'a i 5C5 z:. ?S7 TKWITicSi* 

04 J m. TrearLr- tO';c“. 'fci ; 
ooM ooii Fv.n. i|v :n ^ . 1 

95jV Trew.!} 79=: 

04 U Trei-~-> V K 

35*. Electric 4-*pe7-*-TP J 

92 Treacurj l'Uj>: TJc; _ 1 

isr’ . 'sion; - ' 
11';.dl i 80.- 1 - 1 
l4u Me ' • - ' 
299 p -18 - >- 

20 ';d' .. 111! 60j — ' 
13 ... 60- - 

23 Vd Sill ~ 

2I'd -b Sl.bO - 1 
201- +b S2.00 1 — ’ 
138 * 10". - ] 

657p -6 51.00 - I 

18.d -ir S 2 _ ] 

24 V 51.30 - 1 
960p -7 so.- — r 
24 *r . 5200 - 1 

l»t*r . . SI 80 - ! 

14Vd . Me — 
125.U) f b I $1.40 - 
31Vd . 52 00 - 

486p -33 7U.- - 
lit. . *?0.: I - 

W ] 8 b* Irei-uri ?'*(»■ IER'.:: .' 99>-> 9 80 9.93 S.E. I.lst Premium 34‘‘i ibrued on SVS1.04I7 per 

'7 1 1 95V fd.jh. lffii I 9Si 8 82 9 78 

Otl ; | C 71 , Excti 9‘;po iSHI [ 99’^!~V 9A8 9 73 f'iMver<inn fart«r 8 7418 ill 74 "*j 

wj ! alt; EwE. rijwls?: . 87 “ .d - . 342 702 v waversion wcior v.i4js 

185 ° , Trea- VariaWe P'f? J 96':I ‘-9 7 54 

3;'J V. - lOB-i'-S J 79 t 0.09 


... I 1177-71 I - • I I- erf niv ' IVidi 

f f-*- Mf niv ' , !»■«'[ B^h Lev { Srert j Priee | - { Vt <Cir(0r's(.WE 

IW »l- ; » ( k , ..^ujaai, 

18 S JiLBoadl15 >■: 1 — 1 — J — 

50 29 Lacies FrMeSOp 49 i-1 12.52 *i 7.5 

137 rr-. LeeCooper_115 ;-2 tr.LoS- 

20 450 Lftens.„_. .. , L2Q ! . rZ9.75 

£20 425 VtStzTtsLiVs £20 ;.!'29 75 

' 49 a ! 

(»?* 82', Trei-W^AiSt;. 95” s 887 9 79 r4NADIANvS 

•3N 71:, Tvi-il". 3pe 82= l 3 52 1 7.32 , LAilAIMAllO 

119,* 101 f e :e -ur.-Mpc CL;... 112>,*d -£ 1247 1024 IfTT-TJ K mr im. 

98i; 95 > 4 . \anahlefC#{ 1 98 I 8 72 I 7 55 High lew ■ suck ! C I - I iCirll 

Si: 1 9 49 9 95 ‘ 13 M,’* RMt: - lljtf 5106 [ — 

0 -i| . 3 .. .. . -1 971.^1-.. I 949 i 9 95 j- if *. BkNmJScOliaH 32U - = • 92 l- - 

r..... _ 42:> 30*4 BeUCanadaSb- 327s -H 54 081- 

Five to Fifteen \ears 241 , m, Bo«-vaii#>-,i.. . 131 . iOe - 

87'j : 81 E\. J. I 81 3 87 7 41 #83 B25p tojeanll ... . 940u -28 SI 00 - 

11V* 95', T:ea.^-. L: r -: LWte . 108.d -1 1122 1021 Kfc l^s '.an.hnpBk.£l . IS*# SIM - 

10I«l95n Tieafd^Ktfcn 98'j - j 9.62 1019.15 9Mp i.anra.-ificS? M*a 97.: - 

■SU j 7?. Fiiall85-j -< 6.44 8.70 39L. 2 'j .Ha4 k Deb fW 38 + « V, - 

M 7j:, Tm»iurir-HMWtt$ 93 ^ - 3 919 f.o - ,J7»s - 

— h 6 ’* lFucdiiii:^pc85^7^ 84 792 945 #30p 3»p H;a5»rMd C nil. 355p -7 40e - 

t&i lTrei*i.-7TjH'-S^te I 85 h --- 9.11 1016 £■ lfci KaUmserS . 18»g .. SI 94 - 

J91, Trjn-pon’iwTtua i 84 -’« 4 72 1 8 30 13.* 935p Hudson.RayU . 11»* .. 65«- - 

537 c T r Ha.-j:-jt«-86«. .j 70‘ 8 7 31 9.54 3?i* 21 2 Hurt BflJU. 52): . 26U -4 5176 - 

M Trcs-tir- l!lpc 1091,-2>* 12.99 1167 18>< -J* Imperial nbl . . 3*->itt4i‘- 

67:, tTrtaiu.-x8-,S7>7U ■ 847, -’3 9 88 10 69 28 ^ 980p In<:o .. . 10*» .. 51.251 — 

101, xi. 97l . | _ I _ 

«• 38 + 1 * 4', - 111 

17ls *]s 51 06 - 
N- 355p -7 40e - 

18*8 .. 5194 - 

11»4 .. 65r - 

261; -i,. 5176 - 
3 % -'j 864«’ - 
lfli. .. 51.251 - 

Wa r.:l»: 1 100S-. ~1** 1181 1L82 3?5p 585p Ini .NaLhi-Sl ... 650p.. . 80c 

5?:. Fujirtina5-"*ry:’87-PiJt 1 701- 8.45 10.22 8l0i*P 810p lerd li— 810dp -476 5100 

8 S&pi- 8 tt± I 1061^-11*12.07 1L97 20^ Pacific Pet. Si — 22^ - ! * 84.4r , 

S 8 '* Trearic? Iirpt I3K 1 89*3-1 11.22 1159 7 0p 32p FlaceUnSl ... 57p -1 - 

B 9 ‘> F,..-litt** W ’ 9 -j I 10 ' 3 o -l‘*l 99 11.94 24 15 RioAlwni 16,*«-fi* S1.08 

22 RijaiRK.Lwi £1 . 17,-i +,1 SL46 

Over Fifteen \ears 193 13 * Seagramm rsi i«“ i 2 c 

* — - - ‘ loft -f* 76c 

900p ->-13 103c 

16T| 955p {Tor. Pom. Bk. 51 
990p 840ppnn< ■'•ehpeK’-.* 

•S.E. List Premium 34% tbused an 33.1585 per t 

12 44 I 1166 


ist:-78 ( I 1 + «H Dii I 1 rid I 

High lev 1 Suck | Price | - | N*t j f'er|l*r's|' 

J. _ . ., 11 1 1 _■ _ - __ 111 JJ UittCMU. rul 


M-* { 75 j (UpcSto-.i 77-8J-1 87«|.f 575 [ 853 ?i, \ Firrf NaL lOp 

1 »« j£wrr& 7MK i 2 .. 


” Ik iStSSH^L Vi . JiS iSJS 2 g ^5 SSV ^ *. 

107 95 i;i.i l2‘u>c7Cl_ 104U ...11.97 11.15 126 53 GriwUm. ~U7 

li,?. li* 155* — 1 ®¥e^ . l 2’2? T1.41 2MJ 150 GuiniusHPeat . 210 -* 

W»j 8F' 2 'ajdSwKjO®— 95 .... 9.72 10602=7 140 Hambrw. ... 183 . 

94 7b'* lien-a**rv7880. - 91*’td . 5.74 950 116 73 Hill Samuel _ . B9 .. 

99t r 9QU b^'p-olfU^pcTO-TK 9^; . 5.83 7.99 £10'* 400 Do Warrant, . 500 

79*; tu ftpraoSt - 98 1020 10.73 341 2^ HoSgShStsi 255 -: 

2«* * I*o^.-frreo. . . 29** 12 31 - 88 54L .le^Tointec. 70 

991, 9QU u,e-2««IStor'76-78 
102 i; 79!, Lo&pcWM 

2 BI * 22-4 l*>3*aK-Irrea. .. _ _ „ .. ..... 

TOO/. §9 Lon- orp Biyv—78 99i>e« 633 7.62 l 8 7 102 Jnscph-Lei..!!.. 175 

6 9 ? & , Bo 9 3E2B5- Jri r M? ^E-g 52 21 K^tronm 41 

9b?« 851; L< '..fipc3-79 - 95J**d -** 6.27 9 05 go 57 KinctSKiisaOp 62. 

*01; 10 pe774*! — 90'; . 6.04 8 60 334 76 KleimrortBL 104 

85 -; 6 U-: Kift-Jp- 824U — 80'; . 6.87 9.76 300 185 LTordsEI.. .. 265 

79 |2: : . gb.... 7W 10.32 52 3 UwnFitlXr 46 

79 5 [u«ipr W».'. 73 ... 932 10.85 177 86 MerrurjSecs... 118 

2* « » ly..3p-'J»An . Mxd ..1208 -390 2b9 ifidl»nd£l - . 337 

9.'i; 7 * .-> 4 ,- l»i.. 92 571 955 £92 £84:, Do. 71 • a .8^93 . £80' 

100 8J-* Ne^-lle TBUB 98*d 944 10.13 £99 £69'I Do. 93^8. £90'] 

•rT'ilMJ* tWani|rLJL’l ; M98i).... 105 1191 1032 65 40 MinsterAi*eb 60 

£»!« a l^.3p-_-J)Mi . 25* ..12 08 - 390 259 Midland£1 _ . 337 

931, 7 « Mi.1n> .Sifn-iWi.. 92 571 955 £92 £64:, Po T'-’.^SC . £801, -1 

10Q 84 -* K'ew..i-lle^ 1 p.-78an 98*d 944 10.13 £99 £69'I Po.lirii%S34)8- £90'* -> 

• r 7'il 90?* [Waniirk IL’l/. I9W.... 105 1191 103 2 65 40 Minster Ash*.' 60 

•Z47 172 VaiBkAusLSAl 388 -I 


V IWbJW’SX.'iP - I WiL'iai iJja 173 S&Cw'iL a! !" 

” .11* I 1 S rt inn =7 ^iho i.,h ia 

2M i4&2 Shnm.'Cewa.... ! 230 I. 

305 102 Mena* ' _ ' 295 '.. . 

6 MwhaeM '.Op 9 i-l 

70 Mirt. Blacat 5Bp ' 85 !. 

?5 . Steri* Blake* . 48 .... 

101', Mwi'Kvare ftp., 164 -6 

48 SSSNeavIOp— 107 -2 

44 i^*enOaer . 78 -2 

16 Paradi<P;B'!0p. 20 1 . 

11 Pmr<on-UM. - 33';]. 

IS FBer.-Store* I«p 38 ..._ 

3 PW1> Feet lOp . S','., - 1 — I 

30*2 P?iwi.«.;.-Uir-ii_ 82 ;.5^1 

5t-> RaaiarTest ??•- 12 j.10.63 53i 

lf * 2 Rjtaer? I*Jp_108 L....]thO,58ll2M 

36 Rajbeckl^J_ 68 . t303 

23 ReadimtSp.. - 321, L._. »L44 

32 Reeri.VwiE'A’^ 76 *.J + 2.6 

13 Br.lic IB4S lfc_ IS'; .fL19 

4 HosfiiQ 5p- 11 l-o 

8 k ' StU Stares l?a> 16'; I. 

8 'z P 0 .W 1 PI. 1S*2P 171; . 

Ill Samuel fH’A’— 266 .'-*7.61 

10!* SeJimjlitao. ■ 25 I. bLJ! 

3 Sremar.'S'liip-. 10 . 

67 *JElc W. c A Sp 150 !-4 hi.98 

65 Stanley.'L ,: .5r- .1118 . ...J M5 3 j 16 

38 ftalusbisrt lop j 132 -3 [ 4 06 j <6 

■ • 9 Steiebare iOp. -1 16ni I dO 87! 18 

12 Sumneatp. _ ( 26 .. .{ 

33 Time PnvCwp 116 

53 CM Group _ 1 SB -3 

17 Uptont&W- *30-2 

77 Vantona3)p-..l 129 -1 | 

27 VtiwnFua. iup .{ 67 .j 

27 Wadet-A-‘SOp -) 36 -2 

32 Walker i.Tas.'._ 90 . 

31 Da XV_861; . 

33 WaimiOp... 50 . 

46** Waring & ilillo^ 80 . ... 

11 WearueASp_ 21 

15 W'Lari Mill IOp? * 21 -1 

'44 Wi/kiyn Uarfitn f 67 . 

69 48*’ Woolwin_[ 65 -1 14 01 


142 I 56 I.VB Eicftroiu.., ._ 

’■ “ {.4Dieclnrtdaiur''| 64 

•Atdid' Flielin tCp \ 30 
Jkutoted See 1^1 55 
BtCCSOp .... 104 

BSHlOp. 94 

BKt&^rlOp . 51 
Eoxtiiorpe IOp. j 56*; 

Brock* IDpJl. 72 
Bnl3n'A r 5p. 23*; 

Campbell I jhwd. 135 
Chloride Grp — 98 
CsmeiRSer. ip.. 112 
Cr»yEl'tiKi:c 10; . 

Crellon IOp_ 

Dale QecL IOp. 

. 93 1 47 I l»o 


Public Board and Ind. 

66 44 .is,,- ML ip.; IMS . 

95 6£:.. Alun 'iS-W 

33 1 * 22 -Mm Wlr avli 
lib 101 t.’SM' - 9pi- !!4t 

#6 ' 77 wiinoui'.Tarrnnt? 
100 [8? ntratiiarTf-.-^Tb . 


89 1-1 I Z I I 74 |37 |Wintrust29p—I 62d|... 

g Hire Purchase, etc. 

’ J 421, 15'; Cattle', H<U>- 16p] 35 *•! U2.03 

inn infl. &MbE2B c:»Ecn»FY.l(». £32*; ..*512°. 

601, 8 33 H36 - —'YeditPalalOp.. 8d .... - 

89 “ .. 1212 1242 12# 57 Uo>di6S«OD. 99 . 43 95 

31*’«) 948 1116 51 17 LndS 11 M.r 1 n.lOp 37 . 17 

111 .. 826 670 15 11 MoomateMtrr lip 11 .. 

93 9 75 1120 59 Frov Financial 9® -1 *4.43 

993 * -li. 727 12.25 J 7 16'; Stria Credit IOp. 42 d »1.82 

« /■«* , 5 6 , 14 , 1 . 

J 117 4^ Wagon Finance. 84 -f 1412 

A 9J -FHItoc'SI. . - 

105rf ... 


; 98 1*0 lip*-19 . 

108'; .. . 

13 51 

100 b Ih< lice "St 

110 »; . .. 


08 !• FC5'i|A [*ch 'ftt-Ki 

80*,d . 


67** Lv Bbpcl'h 8184. 

8 fib .... 


"5 lift. In-^'t.'iL'.lJt 86 . 

961; .... 


45 Do Up.w l.n T*3 



* 96 Jm llS*p I n-tr. &i 

991; ■*'; 


51'; Imr .p AI'el. WJt 

68 b . . 

18 87 

52'; lN> T'ip , 1 A I»b 'PI-ft . 

65>,al . .. 


57 DoUpr'.V9i-K 



59b 1 ' iT;Pcln K.J7 

75'; d . . 



877-711 I 

nieh le» ! Mart 

22>* r Ant«'a4aiia RI? . 

37 32 Ji, 3p* lYei 

95 ilnle. hNIttwi 
36H *98 1 *rti3.-. Vnn -t'-pi 

60 46 ■I:*’*' Tjn- A,- . 

58 4b UohpiTSSiat. \«- 

44 38 Polpc Vised As*.. 

«2 32 liuncTM.As, .. 

77 48 k-eLmdfl'^clC-88 

90«, 691, Ireland Tl-pr 81-03 
41 65 L>nC‘-“*p'- > {il-93 

287 228 l.p n4pC’ift.V“ . 

8 t 63 U 06 PCHM 8 . . 

165 150 Peru .\ss 3k . .. 

75 73 SC.!0 | jul080 - 

■599 594 Turin9pc 1981. . 

I»MS5 Dir71 Turin dLr*-19«4 
44 62 l ru>!ua>3*:p- . 

Price I* arlDiv. *V( Red 

19'; ... 



360 -5 

47 ... 

47id ... 
43 ... 

42 .... 

74 ... 

.871, .... 

& ::: 


160 .. 



. -- 1]2 ^ 

KAILS w 97 

Div. 'Vi Red ^ 39 

Gnu j Yidd 152 60 

193 120 
nZ 21 11 

3 B07 SB. IB 

Si, _ 2'h 12 

il7 ‘ 4 r gg ™ it 

I fS:S « jg 

4*; 6 66 j’g 

- 10.78 }“ I? ... 

1174 133 41 Injh 

“ 11 " 320 115 Macallan. CletL. 

for 415 255 Norland £1~ 

1 1 90 65 33 Sandenuo^ 

6 ', B0Z ,71 *2 *61; Scott4.New30p 
9 99 107 43 Tomatln 

81 -2 393 

35 . m0.25 

142 -2 484 
208 -4 14.78 
46 - 

140 1391 

74 . 13.19 

104 -2 3.92 

44 . tl.M 

137ni ■*■! t' 6.6 

147 -1 3,10 

59 -1 2.4 

148 . 521 

169 -4 6.54 

171; . 1.12 

505 . - b4.02 
20 .. . - 

50 +1 284 

107 . 2.62 

220 . 16 53 

171 -4 7« 

148 -1 2.9 

Sfc- baT ..’. 6 '; 2035 57 Va^ 

r. -Lxl- 201 in VgfiAi 

U.S. Si PM price- exclude in*. S premium 1 150 | J gg Jymhs Bn^A'SOpI 147 _1 .. t2.89 3a| 3'.o|iS.S| 40 

122 37 , 

91 37 |Wimpe> '.ieoj 


£125* bOO AKTO. - - 617 

,131 78 Uhnjlitwi!*:: 93 

300 205 .Xleuntelnd*. . 290 

112 52 Alida Pack Wt-.. 90 

100*; AVa Allrt' otlcid’Up. 68 

9b 41 .Anchor •.'hem 65 

47'* 15** Mall’W.W 1 . 47 

£541, £40', BaserA'i.DM.V) £45** 

246 122 BfaadcnXo*;* 226 

205 91 PrenKhMt iUp 191 

29 19 RnLBeiuoiWp. 21 

61 29 Rnt.TarPrd IOp 49 

■7* 9 Burrell3p. . 13 1 ; 

, 51 30 1 arl«(-i.aptl IOp 36 

£ J 49 38 C lalin. 49 

54 £94 £79 *.‘ih«i , » 7 : *NLn £92', 

5 9 0041. £89 fu 8 *^ n. 8 ! 34. £97 
£10? £89 Dn 8 * e e<. r.'82Si £97'-> 

78 43* item* n*a_ 67 

80 49 i.nale, Bru- 70 '-1 

77 4 5 Un V.VV 68 -1 11211 

20 *, 12 Omvffonwlp 19 :, 1060 

72 43 '.Yodalrt lup. 56'; ...1*198 

•21'* 9 I'rjsulateBp._ 21'*ir ’ i - 1 ' cc 

tO 43 En linFliaicf- 50 ■ 

48 33 Farm Feed . . 38 

80 44 Federated i n 72 , 

397 280 Fuwnstl . ... 360 

171, b*, Halsleart’.l - IOp. 15 

608 295 Hkfli Helen 50p. 540 ! 

553 37b Hoc-M PM5 _ 427 

£144 £111 to F«W>.4* £U7 
44o 325 Imp Them. £ I 350 

51 391, Ho 3**11 El 48t, 

73 42*» Int. Paint . 70 

130 84' Lape“eInc-Vir 96 '-1 

£443* £22'; VorrLHKren.. £24 '*« 

85 42 F1r,ulto. 79 

168 73 Rjn«om W m tOn 165 n! 

62 34 Rent <40 IOp 51 

92 6 a Rererre\.. 84 

212 150 S.oi A; ir.c £1 210 -d 

151 74 -teuran f'laji. - 130 

21 12 '; Wardle Ber -lOp 20 ’* 

36'* 14 trin.n-Fn.3ip 35'* 

176 105 168 

148 | 64 ViTlb'.'nem; . 84 


90 <71; AnsliaTV-.V.. 84 j 
-119 69'* .-is-Tele.“A 104 1 
36 18 Grampian‘.V 10 p 34 I 

65 33 Green Groin. Ufi 65 

23 10'; ffti-rdWyJafc. 22 

117 47 HTYN\ . .. 113 

126 SO LWTA .. .123 

76*; 55 RediETVFrefsi. 73 
65 231; Scott. TV -r Ulp 62 

54 31 TndtTV A lOp. 53rf 

62 35 ll^erTV'.V . 57 

31 15 WestwaruTYlyp.. 25>; 


201 | 76'; {Allied RwrOMp 1201 j 
<1 (21 [.Amber[ay] 0 p I 36*; 

1161 40 20 I.AqiLifciituin .j 36 

Laurence Scat 


<MisceU_ . 

122 1 76 [A Oj..— - 113 
431; .V IE Research.. 86w 

41 Uaan^GrK.iUp 614 
18 I Ahhcy Ltd..—39 
Abrasives lutl'hJ 18a 
Aifrivlurtriup- -46 
Allied Invfi 3p .54 

.Alpine Hldgj.fipL 38 

Amal IndufJL'. - 20 
AnciL Metal'S!'. 275 
Am*. .An. ,Aqiiiah_ - 66 
.ArensoafAilOp- 37 
.Attoe.Lfl«ire3p.- 53 
As*.Spra*ws I Op 
Aiatic Filq 1 ! :<h 
74 AvpnJtnbberU 
39 BBA Group 
70 B EIT Qefd. 

62>, BvGrntnL 

btr: ;. 



Senior Enfi'e % 

Bridport G20p 

Brook? WaL28p 
Brown B«. Kent 

Ftlntfb 10pi 



26b M 
82 4fl 
122 441, 

67 24 

905 710 
19 10 

88 50 

*430 310 
72 25 

30 20 

32 ZO 

2 b 12 
70 38 

242 144 
90 51 

94 72 

117 69 

125 B2 
1Z7 7Zb 
641, 39«; 
45 29 1 * 

33 20 

35 14 

148 72 

50 3n, 

20 10 IMnkieHeelap 

ISO - 56 ‘ ' ^ 

79 37 

i>6 39 

lKiwiH Surjl l 


72 .UlE.MavJune? 1 llOull 

230 133 AP.V.Wp- 194 

116 60 Arro».ESjgrr..._ 112ul 

98 51 Da'A'.-l — 79uJ 

286 152 Adwert'3roup— 244 

1 39 !*!<.; 


-iB it aiiM *133 64t a Alpine MtOlOp. 116 .. F 6 5 4.1 8.5 8.7 47 32 

— 5 TO 12 « 57 .Ass. Biscuit 30p.. 76 *-l IH2.73 2 8 5 4 8.4 44 1 *’ 

V Finn 11 1 7 ll 11 47*j .Ass BnuFds.5p 60 . ... t2.1 46 53 5.9 1& 

-Z FIO.O 4 8 62 4" 295 141 Asa Dairies., 238 -7 h0.78 194 0.5144 22b 

£36 £241; 

38 25b 
26UI 12 

176 8 

W £ 

150 42 

11 4t- 

39 2(1. 

60 32 |Dyst»(J. * J.v 

»■ ^ 

95 21 

156 40 

225 140 
161; 9 

441, 29J ? 

J. W,|^ «F= . 5r iTaiVaanl ^ BadcysYorklOp S3 1-1 td3.31 L9 9 5 8.7 27 

m* Ml . *Tnt SS 7 * r? M 33 Betomiop —1 65 |.{62.451 4.0 34 fil 105 

tSt 1 -■ Jc'S 1 IS 2 ,7 11 230 99 BiKg.iJ.itl.._ 222- -8 t5.94 4.1 4.1 92 62 

5 _ 6*4 .AnWffs nidf - 88 .. I5.Z 3.9 9.0 9Z jui 145 nishim’vAnre. 7711.. I B5 71 B« Vd 


rr-3 t 

High |«n j A«-k 

3B?s 13 -AM 
62'* 58 AMFV.f«n:« 
49*. 22 AtnatSI . . 

30b 2 •. Amem.. n fApte-.* 
34 90 p Anew. Merin Int . 

1 . 873p Asan-oinc . 

45 28'* Bjfce’Irtrl 1 ore 11 

1 . 12 b BameiGrp - 
38b 22 Bendii'vip S5 
34b 13 Belh Steel» 

925p 620p Brnu.‘n‘cFer 
14' # B27ji Hninjnrieki'arpnJl 
771 e 42V Bumrnigh-i.'orp 35 
51 s 30b i-BSSl-Vr . . 

44b. 28'< ' FA 
49b 32<« i.'aierpillari! - 
28b T«i* '.'li^-eMlilaSLlS . 
22'j 13*j CheyetctiuchSl - 
10 812p 1 . hrjslerS®* 

28'* 13 ; ; '/iticrirp54 
IV* 733p Vtt> lnv.31^5 - - 
22 b 14b rw''m-rTf bsi . 

«r{ Un. Fid 
- 11'iifn IV iii'« 

141, — V 


lid *1, 40t 

3 b«d 64i: 
13'; +V Wi 
24 -I; SZ2B 

147«d . SUM 
716p -3 40c 

10 -v, 70c 

43'; 5L00 

31*; S2 40 
30b SZ.50 

34V . 11.80 

80c I - | 31 


40 I IS Ip^rmnJt" I 17 I llfll 

■ AND ROADS ^ 7 b B-MnlraanKGop 1ZV T v"{al98 

" ’ 15 8 BC'llonTert. 5p. 10b 

5«. _ [47 <5 I 46 I Aberdeen'.test ] 94 1-1 {14.181 3.61 6BI 63 53 38 Bremner.49 

J 2 164 74 Aherthawt'eui . 146 16.14 

3 4 17 7i, .AUled Plant IOp. 151,01 -^1 Oi0 7 

1.3 77 yfij .Amutape Shnt c 67'; 4.26 

2 0 294 153 Aprement£l - 233 -Z 18.49 

12 130 18 BC\20p ... 120 61226 

3.B 277 104 BTOlndsaOp. 237 -3 16.93 

5.4 36 21 Haawridgefir*. 34 .. 2 33 

3 8 15 7 Bailey Ben IOp . 14 U0.E5 

3 2 43 23 BainhridSfe IOp 43 . 91169 

4 0 52 28 Bamberger*. . 47 . . »2 9 

1.3 128 55'; Barrett be* IOp 116 . t8.06 

4.4 27'. 15 Eitwrjiwood inp 25 . 1.83 

30b $2.50 4h 31 10 Benlovaup-. 31 -5 t0.75 

34V . 41.80 -l29 59 291, Ceni.wrt\[IOp 52 . hL62 

19b«d 52.20 --1fc2 69 27 BetlBru->-»[-- 65 . rtl 7 I 

l4i„ 84c — 1 3 3 77 38 BloeWejjSTp.. - 68 13.46 

916ii . . 5100 -- 6.1 71 38 Blundell Perm _ 61'; 289 

13*8 SI 06 - c, 87 39 Breedon Lime... 83 . h4.45 

899n -26 SI.00 - 6.3 29 16 Blit Predfl'ni- 24 -2 «3 

16«s S2 - «8 51 Z4 Rwro Jtea. 3lp 39 -3 1223 

— |« 8 | 51 (24 (Btvrwn Jbsa. 

23b 12V fntsatc-V SI .... 13*,d .. . 51 00 - 4.2 61'; 37' 2 Brownlw.. 

3? 1-3 1223 

49b 29 I’nlilnd? 51 
254* 15'; '.'.rnLUlinr-iiSlU.-l 
317, 17 11 di nils. . . 
38>, 20b '-townZell SS_ 

27 19t, i.uik--IbmmsrSi 

37', 22 Raton* ip 9150 i 
281; if.-turi, 

45b 28*« Ex\on,- 

20 94Jp Fite.-loneTire I;.... 

1«, Ub F(fyC» (in'iu.M S3 ' 

35 20V Haor'‘4rp.5S.' 

*11; 26b Fore Motor S: .' 

287- 16', *.. , ,TX 

47b 2»b "itm Elect y* 1 

25b 15's GOIvlUSt . .j 

■ S* 75 - 3 5 55 13 Brv^tHWas.. 53 -4 

17' : -b SI32 - 4 4 183 63 Burnett*II... 168 ... td2.( 

39*7 -V 5140 — 4 3 190 130 BuiBouftMtJ- 190d ... 4101 

21 d 51 90 — 5 1 26 17 r Ro|<ev*.A IOp 23 ..1.52 

211; -b S1.40 - 3.7 28 16 Cal rd«--r.M* IOp 23 . . 1122 

2*Ua -b $2 25 — 5 3 48 16-'; >'arr-John* 43 . .. Iiri0.9 

381; - , s .84 - 5 , 64 40 Coth. 55 . ... 3.63 

31'*-'* S320 - 58 128 54 ' e»alKw.u-U*ne 123 ^2 Q6.2: 

10 A ... si. o - I 0 38 13 Combo:tip IUp 31 .. 1J.47 

12 -b ..(4 5 334 132 c.VwainS.,.- . 266 .... U.46 

23 . . SI 20 - 29 41 9 < oiinl 7 jdde 3 p 35 . dl.’9 

29',d -b S3 20 - 6 1 70 4J i;:u-,tcv BMj . 69 .... <19 

irb . $250 - 8 2 99 {22 Crouch*D. Stfi 90 .. 13 58 

32*r - ! s $1.60 --[28 7j 23 f'rouil:Group I fiS . +d27. 

171;d $150 - 49 169 64 Pcwiu . ..'167 ... ♦dS.Ol 

2g HnnmwllSiai 3P; *b 5190 - 35 105 35 Doucla.RooLiL 97 .dhJ.ll 

f35p 75flp FfununKF SZflp *2 M .68 -‘47 250 103 i'vnuns'I.H.nOp 215 I.‘10.38 

l5 *- HI ' 8 'lLjfliSj. - • 177d S11.52 - 3.2 80 25 ZroBaiup_ 67 I. 13.96 

Sv? & jr.;er»US52 .....J, 38bd-V $3.00 - - 4 4 ?7 fcJ F3|ij4Everard. W»tfl.15.03 

630pa'’'JeE-4i(TiS | ld'j -b 25c - 1 14 79 50 Enih 79 I 4 87 

I?-' 7 , C I 1 ' l* ,M *P* ,, <>w , l • 808^4.12 ««)r .111 2a 7 F FA .‘orbit! 24 I . 114. 1 

.«* IE lKa.-rt.AI 5-, ._ 20 d .... $1.60 - 45 73 37 67 |... . i|iaa 3 

243 138 Bnt Home Sir? _ l93 
36 Z0 Broun’V'dAp { 34 
342 50 Punon'jrp jOp. 126 

130 37 Do ■ A NT.Vt . 116 d 

32 17 i. jnlor* ’A 2Un. 29 

45 28 Casket.S*10p 45 

1% 57 church - ... 180 

101 50 Comb Ens I2'y> 82 

<3 30': Cope Sport, IOp 87 

13 6*, I'rnwNDrec.'Sp 10 

L10 71 Court,'.A'. 94 

241 78b Cun>>-- • 193 

23 7i> Cuflomagic [Op. 20 

120 6&, Iwhechamr. . 99 

60 26b DewtiiTAlOp . 57 

177 61 Divniu Photo IDp 158 

20; 14 Poland'.ifo> IOp 25 
19b 141, Ql»*Gold5p.. 19b 
*20Z 83 Empire Stare>. . 160 
17 6 Esecuteiaop. . 17 

20 1Z Fgjrdaie T*rX 5p 16b 

16 8 lm’-Vap_15b 

48 14V Fine An Dei* .ip 42', 

34 zj Fwt ..lrrfn itfp 32 

137 45 Forrainster !0p. 127 

9i 59 FVMer Brw. 91 

}22 126 FreenBajilon. 270 
24';. iieiier'A.-l.*3jp 34 

71 <0 iloldbert A _ 64 J 

11 ; ' 11 

L59 F5 lirailaa War., 179 
>48 183 <ir Criiereal i 286 
347 176 IMWlvd. 272 
46b 18 'Sre Milieu, !0p 44 

52 24 Hard* Fura-.. 29 

« 23 Da .i NV. 27 

19 7b JklenC Lon. IOp. 16V 

L7Q t% ftj.U4h.'nv.Pri, 157 
87 37 HenceMD K ilp 68d I 

45 BTumiFaildtlOp 75 . 5.6 1.11L3 111 j HSSS^:SS“ ^ . 

50 Blackw'dHodge. 78'; .... 12 06 43 5.5 5.8 g* ^ w 2 '— tf5* 7- 

22 Blafew_ 45 -1 9tL98 1.9 6.8 12.0 ,?? f* EBgmnd«-E. , a p 35 1139 7. 

17 Bo^er Eng. SOp- 22 . 1131 21 9.0 7.7 W, ^ l^rrT^~ ?L .M® 

14 Boalton tVmlOp. 20 . U7 1.9 10.4(631 - ' --- - 

21V BrahamMill IOp. 37 .161.45 35 5.9 52 4 \ W 

67 Braithwaile£lT_ 145 . 1h3.87 9.2 4.0 4.1 g hi 

•23 BremylOp 34 . d0.52 b93 2.3 7.3 S 

22 Bleu* Pnd. IOp 34 . 12.16 2 3 9.7 6.9 S. an J 

g BK95Et j 7 “.» M* 1 * 300 I SSSSSSS; 

51 BritMeatniOp^ 80. J!:.. M.67 L? 8 .B %3 M, S^tr° p ~ 

13% _ - • ~ _ - 427 

» , tl.29 73 5 6 3.7 190 

72 . *±40 25 1 35 ,69 

10% . ... 0.64 L4 9.2113 190 
65 . -2 MM 1.4 94 712 

23 . 123 4> 8.1 4- -60 

48 .... td2.43 2.6 7 7 75 : 71 
58 -1 S3.05 - 8.0 10 8 667 

60 . 14.06 2810.3 5.4 43.'. 

182»d . 441 5.8 -3.7 S2 ■ 29*2 

70 - . 12.62 43 5.7 «: 86 

« Ert fgr 5 6 * 6 7 r ® m ■ = 2 " km H is & 

i SSnSti 38 233 h M h n ^ - z -M HWl 

29 BaQcrijeldHrj 67 .1213 2.B 4.B 116 inn K ^ll^wfcSnp- 1312.8 93 £91 

38 ismiordEr^lfip 6Ud -1 h3.51 1J 8.710.6 « n ii« ”-r’V b 

33*2 Capper-NeQ] IUp 65 .... thl.92 5 .0 45 b.B ,5| S " .•T*J -S.-=v1 K- 

W Tsmln rw t., .,1,1*17 * e n *7^ W* 


g* S'p- ft ».«“ iwsi b ta ■ s .« -i jrfly tasais & 

30 rtaiK li .V» 63 ** 1° 27 17-PatauIPAIOp 1. 23 -Z tL56 -23 M3 7.0 ,43 ■ 

?g ' SI . fa SI f, 420- 124 Pofi FarnwTl^. 403 +6. td8.49 55 3^ 26 19^ 

42 i «oo 12 S-? 35 23 hfeeiWJ.iIOpT 34- . 8CL66 ' 0.4 2.91*2 MB' 

St 1 Jajjon «n .^(p 7Z -1 t3.99 35 84 53 ,o 7ii . BatnnenGni iDo 15 •— —‘ — -_i- 143 

140 iS ‘ tjop *8 a5 7i Ik 3/'j 47 -b 329. U'810J 7.8 22* ; 

M ‘® P- ' i89 ‘ Jt? 8 IS 12 l e 150 75 RnbotsonFoods 135 -3 152 32 5.8i63i 51 

1 6 U. H 1-5 7 A 434 200 RmnlreeAtSJp. 375' -M 17,42 4.8 3 0102 BS-- 

|?1 5-21 1-II242 I 80 |3teTOilff!l|S- lM I"": 5.rt L8jl45l 55; 

?, 3 -F S-i J-a S-2 126 64 IsortheniFoodL 114 . 3.11 3.g A« 9.7< 77* 

28 ChnstTBra*. 42 

42 Gation Sip 72 
76 I’Uiiord-Ch'EK- 86 
340 Coteni.A 20p. . 160 

64 Comp Air_101 

34*, CMKentric IOp . 44 

17 CookW.Snel Mp - 27' 

10 ■ Rmntre&lt SJp. 375 -1-10 17:42 A.Bt 3 0ft02 155, 
13 Sainsbm>-W.lT!. 167 1-6 . td5:47l 3.S 5 61103 { 46 

olUldpl W-JOp. 

£83 jcatmmttfiad £88 -2 ' -j 4J| - 

, 16 Dal son l9p_ 20 . dlil 05 U.6 »2, 

45 Delta teal._ 70b -3 4.56 2.7 M 75 

28 DwujJIllOp- 37 . 2.82 2.2116 6.0 

105 Dentecd5(S>__ 150 . 19 02 25 9.1 6.0 

63 Deaouttex. 125 -1 thS.08 3 8 6.2 65 

25 PtMTjkbraelOp- 33 ... 2.11 19 9.7 85 

103 Ductile Steel:.- 120 -1 5.08 . 48 6.4 49 

57b Dcoort_- _ 63'; H.08 b34 9.8 .3.6 

105 EdCo'HId^ ...J 137 .... 15.69 4 3 6.5 5.7i 

56 ERwa-B.--I 92 ...114.8 3.5 #.9 55! 


50 Ec&CamCUh 79 .... 12 66 5 7 5.1 4 6 41 12- .AddalotU^.„u ‘ 36b +1; hJO.51 - ?‘l -ifii.t. 

52 ENalmjLWrie,- 95 ... 148. 39 7 7 6.1 £36*; £lli; Boreh’J.iFYTuO^ £1X? ....... «3l245 49^13.2 65 S- 

55 Expanded Metal. 62 .... $3.67 Z.2 9 0 7 6 52 24 Brent Wallwte 52 £l4b U.4 33 0.0 508. 

4DJi IJiWf-. - 49i, c .... jl22 $ 3.7 * 108 7 « 2 i:it*Houd 9 30p„ 96; u3.9- Z«-62 J 8 ^-f 

109. Farmer'S.A.-.. 122 ...... b759 13 94 7.0 178 82 DeVcreHoteb- 162 ...... ftH26 l.ffl 40 302. j 2 j 

6 ■ FmsiderlirenM 7 . — — — — 14 10V Epicure^*: „ MV ..-„, n 0.5 W-W.0,7-0:l i36^i 

Ch ! 15 He.iriqufc.AiOp.1 23 
6u >0 i'epsvtt J. ;n- .1 fal 

32 Kith'CM'JOp— 32 . i4.03 09 t 9.1 109 62 GrsndMel%.~ 95 -3 «5 : q29 ,7.0 TX # 

4Vj Fluidri-.e'Jdp— 61 . 333 2.7 8.5 6.5 £124 E7«U Da Wpe Cm &L-S 8 £M 8 -21; 01096*5 05:-*' n0% 

... .., — .. — 15t, relkeHiomSp 21 .tdlJM 3.5.89 4.9 B 6 b 75 Kurasl'MltcSl. 86 h: ,. 040% 10 7.1200 ‘ 71 %*,, 

„122 60 HnmeChann :-jp IM - I . *1(15 29 35 4.2 11.1 70 28 Priactlnd-: — 57 . *13.37 3 5 9.0 5.0 215 89 UdferolrtI0p._ 183 -4.W.0 ,35 5J 80 ,95' 

I 8 . 0 ] *58 | 69 Hg-««orFiber. 134 -1 [ |454 Z .6 4.91211 83 1 47 CiHIctnL-JliF— 72 t3.77 2.0 7.9 9.6 68 *; 17>* LeisureCteTlOp. 68 * a tt2S' 33 551fcO 38 J IB: 

H FU.iluu UIC'-W « I.I — 19 IW-J ClWIlK Ul* . *V'i m 

32 Mith 'QMOp— 32 i4.03 0 9 t 9.1 109 62 Grand MA%„ 95 -3 42 

41t, Huidrf.e'jOp- 61 . 3,32 2.7 8.2 6.5 £124 E7«j Da Wpe Cm &LH £M 8 -2t; Ql' 

15i, FelkeFUo.i!.5p 21 .UdUM 3.5 83 4.9 B 6 b 75 • Kuraml'lfUcSl .861; .. f. Q4 


ft. racial ?Phi»s "Wednesd^^ebraary ^35 -»7e 

|+ eri Dk |rw * JM9 

| - | .Vt Cw|Gf* WE I BUh Lw 

Soefc | Pnc* | + -*j & Ctfl™! 

_ in-a 
WE Hicb U* 

STJUjiLS-Conti.nTO^ INSL^LNCE-CoBtinued PROPERTY-Continued KV. TRUSTS-Continued FINANCE, L4ND—Continued 

^ T> ’■ ST? “ I - i-MAwss* jjFt M ph-m's ^ « jra.1 - i*-*-ia'wBU«. 

I- fl iS T£»= * a 4 fctftiM’8 « «*[B &Si A | Effitetig -,fc 11H? 3 If 

385: 2 r-SSnHtl’ra p.BSSSSS? St : 3 . t$R z fl: ,a ,S jg -■■■• iiil K ?}gj IS To i&feH'g ,5 r3 Mar'S* *8 

"sHST* §*; ■— *62 • gj 1 * - 3fi - 156 44 ftirJwaOp. 137 rl" tl.'SI ll Xjk ” ‘ tl.b 10' 24 175 2 I 5 200 

*S?£ ; —,g*32? *( 95 ] * ™ w* \*mram-~. 270 . t7.« u om u : RaSmrrop.?p.. s> 4 . - _ - - 125 « 22 -* - - - - nn su 

llzteSp— 151 *363 jtt 38198 l5 y. R«riii.n 12 - __ _ 56 «3 ntyifor.Im 49 ... _ _ _ _ V va 

iSS ~ S tM03fii22| 5 . 312.4 ' 85 30 R«5>!«al Prop.... 80 +2 065 - 12- 100 71 g 4 07 1.0 6.821J 207 120 

h «\ ■* IV|d| 

Pntr | - j \rt r«r|CF<| WE i 

lonat -jrinancier 

TiCar.Hta. 168 -3 tfc4.( 
>wnplto : . 24$ -_. »JJ. 
tr.Prato.Sp to -r tdit 
■•sei lOp — 103 -1 f» 
HDp _. ._ 20 . ... l . ... 
tay iWnw- 39 k *:» l«. n 

fc» 90 -2 

ntyifor.Im.. 49 ... 

idhrilnienil I 91 .... 

tl.b 10 8 4 17 5 225 200 Nippon Fd ftj !U? 225 . - - 

- - - ~ N , 5 , paraiaheUB __ 10 . - - - - 

- “ rj,- 26 16 MTbcelii- 24 ..... 1.0 2.8 7.B 

4 07. 1.0 6.8 21.8 207 120 ttuvaiSiSas 1 314 -1 IN 3.7^ 5]l 8.0 

46{ 62 

-1 [+2*3 47 42 

+:j'!tio3 21 Tq 

avaunt »h *.) It us I 211 "3.918.7 „ •■ 
pane: . 134 i3I-1 +T9.&I 281100 45 28 -17, 

■ m.i- 7*5 f 5WrS iS ia 4 

ii> V Motors and Cycles 

77 29 Da*- bT z +>; 0.45 -1.5- » SE£££?*r . ♦IS 3 0-9 7322.1 £57 £41 WtbbU FrO&> E471 2 .Q9.4-. - <,.2 - 

115 28 Rv61 Tdfflflaft 206 . t2.61 11 3.724.7 89 52 dwaMwAi Muf. 1.8 * 7 j 4 12 7 S.fiwr»:flp._j lfli ? _Of 6JI27.7 

% 34 Samuel ftopf— 38 +1 2.1 0.9 361463 12 « l JS“SE?£?- J2 V - 7 ' - 131 «7i 2 Sns 4Merc-.V »117 .! 3.02 L7 3.9 22.7 

118 58 ScotSWrop.ap 105 -1 sl.94 13 2347.7 70 K +1 tlA7 1.0 4.1 38.5 £51 WO ?£W iP c.Vic_l £51 .'Q4 25 - 8 3 - 

43>j 24l 2 Second CihlOp. 40 . 1.73 2.0 - 6 SIM « 51 . 50 .... _ - -I- 61 W 4nhKwM I M -2 14 47 I 1.113 Mild 



200 . 


1.7 7.8 

-« kl 



_ ._ 

66--1- — 

t? 4 

23 89 

£10 |-S 


0 6 7.4j 

Senile 230id 8.1 

- - - - 61 37 SnritKftw _ * 54 -2 14.47 1.1112.5111.4 



+<n IMi. IrM 

Friw — Vi CtrlGrt 

tf4iu lirOLU- 73 ..... td245 5.9r 5.1 SI 75 1 u 

' w.A=i!.10p 77 ...;. 5Al--.mi;«.S.2 • 

. saip-«£l- 208 3556 * 118 .*- ■ ' 

Ir^IallDpt 19 ,^;idM92 ±2i 73 M a 3 j. 

. saiLte-vJ, ,35*t4:_.-., *1225 3J 9.8 « « 35 . 

■ ssr. m it & ft 

J 180 1.|Q50e I 13125 0 

0 5T I 4 31 4 J 

— » _ 1 - 

IS 50 32 AlteeEmir-. 

.78 35N AjrSo»SnMH, 
.55 73v 38 AnsA'ccEq H>p 
u * W-. 82 AaotlSfc-— 


Brit 4C«n My. 268 -2 
'enunw ft * 4 wp 190 
Ftfher'Ji . . 117 .. . 

309 -3 

RiniunCilnn !1 200 

JuMiviJ Liaop. 41 + 1 V 

iLon u Sn« FlBj- 35 

Lrie Shipplne .. 140 . 1 

Min Linen, Ap. 245 +5 

. iaF.(S«S_ 70 -118 24115 48 ■„ -" anrl niehnh n * nw 275 215 MmLotfsaip. 

. ap'BiLi- so .;.... 305 24 9.2 bj garages anc JUisrnbDtors 2 * & MmnOkcZt 

CWHselDp 52 . 132 U 38 516 95 41 IMawGiDtea- 84 I. 1403 4.1 7J| S2 95 46 Mrlfonl DocksEl. 

44%8f«- £59 -*i W% 119 f69 - Iff.* 4b .Mexanfcnfe- lt>t\ .. ~ * _ « 179 123 OceanTonroon 

BOiZwnjw to 3.30- 46 6.0 12 % 49 UMJtywlCrp 82 . ...4 47 26 S3 7.2 175 104 p.fcO Dtfd.EI-. 

*Sp-iwal0p 75 tL82 U 37 6.8 124 55 Wfii«njnlfater. 119 ... t7.76 24 9.9 7.2 215 115 HnrdonSm.50p 

&irap.iepi_ 12 .... t089 2811.2 7.7 43 17* foiGInt.l^>_„ 38« 4 -* nil 2.9 8.3 5.4 84 38 Do \V50p_ 

esGrospO. 56 -2 _ _ _ _ 44 ^ 16* ffirad Group5t>- 42 . 133 42 5.0 63 *129 101 RanrimaniW.)« 

■TiB-- 87 ....s. 422 26 7.0 63 29 UJrttGirAueJOp 43 .. 19ff 1.9 7.0112 

AeniEos_ 9W 2 -1 h52 . - 93 - 25 14 KT*5B.10jc^_ 19m-3 1.4? 1.711.4 8.0 

UBtWrtWpu 190 t 2 . t«S32 29 3 017.1111 70 fadmsatoJ-;- 99 . 5 84 23 8.9 81 

-ncS«s.]0j>. 26 . 122 1912.9 7.1 45 24 37 . . dl.70 4> 7.0 « SflOFS A1 

.WftSp.. . 26 ..... tlJ2 16 8.3118 87^ 28 foi-isGodfrey- 85 -3 r3.33 55 5.4 Si 011ULa *** 

FuacceO.. 9g ..... Q9“ n - 19.4 — 7SJ 2 39 toorih.^ir— 73 -1 4.19 33 8 7 139 22 10 Alleboof Wtt-. 

• *tSect— 97 -1-1 c’.W 36 6.4 ?2 *60 26 WnooForriia* 443j «276 26 9.4 62 63 35 to«hitonV .. 

a»p- 216 -1 K3L21 3 0 4.^121 56 ‘ 22 |ca»uF.C.i- 55 J 43 *8 «.0 8 2 67 36 fSotireir/iiiA 

pgPfU'jP- 25 . Q8c 2519.1 2.1 M W ll X s ? 54 * 1W 0 tSL^-oIbUir 

. 1 ,Holmes 45 .•_ - - 25 4 3H : B lHnasrfi>«.!0p 25 ri0.47 97l 25 62 36 121' Hewlan Mn»5n 

terKnolI’A. 113 -2 JJ4 7.9 <3 4 4 1 1 42 {BamscmiTC.-. : 109 1-2 103 72 3.8| 52 7 9 72 37' IMlton-aip 

kva:iF<. RiuJinp,.^. 

(NUi KaUurli... 

| 11 i . 


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1 79 



72 -1 


i 166 I . . 

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87 . 

8 b . 

_ 143 +2 





35 . 


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12 i- .... 


432 -3 



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89 . 

Q 6 c 


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57 * m* -,} 75 ; . Y1 7 „ 7 , 1 , 7 .| OVERSEAS TRADERS ™ am 

"l tfff »i 2 J _y_ 9 h05 I 9V 4 1 African Lakes _l 295 J.._..lh2751303] 1.41 24 260 155 

ter Knoll-A. 313 -2 3J4 1 7.« 4 9 4 8 1-1 ■ 42 

IsfcWutB-. .114 -2 $422 34 53 79 90 42 

refSlOp ._ 34 .... 1. I 4S 6bi 57 144!' 79^ 

UandlOp.. I 22ij . tfl6Il35 41] 7 7 1C9 j 33 

tO»10p- - 74 -1 4 14.29 25 Bffl 7.7 £158k62 

:j*. <■. u aw Q3o ..... w. 25.4 w 31 - % s: 

■ocooiaid) 78 . ..... T4.39 L9 9 5 8 1 42 16 

8 i*PMm*v .16 . B- •- -1377 -34 « 

lacfLw-.- 50 . Td2 48 3 0 7 5 6 8 84 35 

W-r4eS0p . 270 . . 3.9t 64 22 83 59 26 

•inejonBr.n 437 -2 tlO56 .48 5 7 B.2 87 23 

fjtoisesLt. £57 .. ■_ CS>A 5.6 9.9 - 30 W 

• Wlt>ns» ! 6 p 70 ;...:. 415 ♦ 94 4 54 31; 

^'jnuaaSp.. 6 Sid — 2JJ2 * «3 i 6 2>; 

ymarklOp_ 49 t2.48 2.6 7 9 6 7 173 6 l 

ymritlOp.— 49 
tat.. .-. 228 .... 
tdlDofLSOp. 171 -2 
«'Tm,3p... 27 .... R0.84 .4.4 4.fl 73 33 6 

' agetiiwp.. I58ri -L 538 * 5.^ * SA 2* 

. Wurdftf.Sp 30J* „...: UJ5 2.6 6 M M 60 16>> 

•v.Lmuufs.5a. 8 V .. 4 .; +0-36 03 6.7 48.8 Vfi z 19^ 

U»n RAJ. ftp 88 _T5.45 1.9 9 H45i 78 20 

- '.D. Group lOp 56 ...^. +1.43 7 A 3.^ 5J 

DGroup5cm.. 17*2_«1.0 94 3 2.9 

UHWiKft. 30 tl.76 35 89l 4.9 

S ij 5f!i MB 

SSsp: H8 % U ^ 

JfearaGUis. 300 -S 6F1584 4 7 W *3 » 26 

fdEncSp. . 44 .... hl .66 26 5ffl 98 M gu 

edlntLfl „ M2 -5 13.20 U19W 4 3 $ a 
■ IjwjPBIW- - 75 *-2 »H3l 73 -21 7J! 9.6 ijo 62 

iwralnc.Yai 175 -r5 Q15 4 0.8(4 igj 97 

«wW?Croup.- 40 - -J23f 111 97 

« 2.6 7« 67 173 61 

R 27 52^12.1 540 201 
0 24 8.3 72 46*j 19<4 
84 M 4.7i 73 33 6 

M9 -2 103 72 3.8 5 2] 79 72 37 llllion-arp 

“ - 1 |?S 3-0 73 72 60 2b KShi^ 

123 6 54 6 81 4 40 31 Lunnrl Hlh 

105K t323 3 1 4.7 103 40 22»; NewMcif; 

£152 -1 I O10°. 218 16 7l - 50 22 1 


AmaJ Vifiena_ 28 f_ 2.52 1613 6 

Ayer HitamSMI 265 _.... Via 7c 0.9 33.8 

BerallTm_ 50 .-..3.75 23114 

Beriuntai SMI_ 215 _tQ60e A t 

Geevor- 470 ...-.18.05 3 4 5.8 

Gold t Bit laijp- 9 . — — — 

Gopenf! Core*.__ 265 . 15.0 $ 8.6 

NiMiiiwmr___ 250 . — — — 

Idni lOp __ 90 . 7.5 9 12 6 

Jinibr ;.i'p .. 11 ...... — 

Kiirjniir'-SMO/iii 68 .Z0155c 07 4 4 

Killirihill 450 .... 0125 A 27 8 

.... 15.0 4> 8.6 
"" 75 7 126 

... 2015 5c Ofl 44 
.. 0125 A 27 8 

1 »J 4b 1 il 4 ! 

1 via, '13 11 

1 *2 r >. 1 v 5 ■ 

newspapers, publishers 

straor._119 _HH 51 

snmre- ..58 ...-. »d3.91 2410* 46 ’JJ ^ 

Wffi.J.ilOp- 29 b3L54 — 13Jl — . ^ « 

•rtware__ 130 -1 45 2 45 63 55 S ^ 

:rfew ilEtti f 

— L 95 60 

mnABodea^ 29 —712 4.0 6 

VaiWorca— 122 -1 75.81 14 7 

SStaPta5l»- £1612 ZZ S'Si 1910 

JeTOney_ 2 12 ...... $10 ?4 29 7. 

ndbuntMirta- 25 +1 0.85 16 5. 

ingmGrp_ ' 79 —. 5.89 22 11. 


ntcras__ 74 t294 3J . 6 . 

OLHeriuhte- 40 _Tl2« 6.1 4 

ntAlalm*. .89 -1 H92 1.7 8 . 
aroraues — 62>2 ~h 2.V 13 5. 

•curirorGjL—. 6 Z . tll4 6 0 2. 

*> .\ NA _ 56. ...... +1.14 60 3. 

rcriiyStfwej- 70. — *181 .3.8 3. 

Xn-A’SY . - 68 . tl81 38 4 

lanaWareaOp 78 t2X7. 7.1 4 

ebt'iermaji _ 17T r l i|08 3.4 4 

« 200 . 82 

11: SI 

1 .« 22 

M 3.2* SB ■. B 

I R.T2. 

|i : Sabina Indf CS1._ 
) Tara EvKnSl ... 
) Icnidj Mineral? I0p 

1 9 

. _ 


- 2 ' 

_ _ 


Q30c « 




t85 qTl 



_ _ 



_ _ 


1.21 25 


Q7c * 


houene'.vaip- 46 
h’rthonie ICp. 20 
mpionfS.>-A.. 81 

ttddej--• 1M 

0ilzisLQtK3lt>. J49 
■Uc.LawaDp— 56 
‘ -aic- . 33 

ihebyF.B— 200 
ttnreiC Wi2*p U2 
•anJ.Wi_ 238 

*Ik Potts-138.1.....; 

<n«,%On.ljj.J £320 



a* Furniture- 

series-— _ 

!k\ Mari HKS1 
*ri>of Irxb?ai.. 
ocklake— ... 
mneriF.*.. . 
rlleJnSev lOp. 

Mhrrwiae Indicated, prices and net divide n ds are In 
and denondnazlaiu are Up. Estimated pricejearnlnie* 
nd enters arr baaed an latest annual teparit and aocaonw 
ere pofeiMe. are updated on baif-yearlv Ofuet P/E« are 
led aa the basis at net distribution: bracketed figures 
; 10 per real- or more diBerence U calculated oo “nir* 
■Hon. Coters are based on -joaxiiauni" t Un rlbntlen. 
w based on middle prices, art pan. sdjnsted to ACT of 
cent, and silsir tor value of declared distributions and 
Securities with denominations other than sterling am 
inclusive oi the inveauneal dollar premium. 

7n ?Piq'q 63 311; riRUUDlifijjt lOp 68 +41; 42181 23] 4.9 [ 

l^u Bliill £10u bbii£eiKrun£l £23*2 . 50.77 I 1.71 33 I* Sterling denominated securities which include investment 

dollar premium. 

• ’ *Tap- Stock 

* Highs and Lows marked thus have been adjusted to allow 

TT AC tor rights issues tor cash. 

A t Interim since increased or resumed 

T _ J- _»■ TS__-|« j_,L - J mcnm since reduced, passed or deferred. 

maia 3O0 ISangjaQCSn s T*, (r« to non-residents on application. 

O Figures or report awaited 

2 .\ssaaPook.-t£l | 195 . +951 5.9 7 4 -n L-nil-led security 

0 ijSsraFromieril 310 . $h813 4.9 4.0 * P»lce « ume ul suspension 

,2 AvamltP-£1 I 115 ... 7.0 37 92 9 Indicated dividend alter pending scrip and or rights issue: 

5 Empire Plant 10? 22 ’..., +1.93 1513.6 wer relates h<, precious dividend or foncan. 

>i | I 245 12 .Q 35 74 ” r ree of sump Duty 

8 Uinsblurseil’ ’ 252 10.0 68 6.0 * ”'«er bid nr reorcsniiiation in progress. 


India and Bangladesh 

A«amlii>i £ 1 . .1 
Empire Plant ID? 

•«vU£l. . - - 

J1D .141)813 4.9 4.0 S nice at um 

115 ...| 7.0 37 92 9 Indicated dl 

22 I .. I ♦1.93 1513 6 ewer relate 
245 }... 12.0 35 7 4 " 

Umsbdirseil. 252 I 10.0 6 « 6.0 ! 

McLfDdP.Ua.-ri-; . 220 -5 10 0. 27 6.9 t 

Jtoroiil . -.I 420 lljo 15 08 4.9 54 ♦ *“5. ,,Ml ““ ° P 

27 ; * NPjrkWdfr ibp j 22 ^! • H 121 ♦ Fore.-a-i ditidend: cover on earnings updated by latest 

:02 10i O-jrrer, ria*«- 189^1-2 PIj.O 3.6 10 4 <ui««rpi 

a ' '1 .13 * 4| Qa 40.0 

r'-" 1 ' »io6 ill 45Si8 410 ! 1W ! R -»M're-:r 

J ... die I 3 . (50 (RdO&thta.. 

fdisji Makt K54 
Pacific 80c 

iS«3p.— ail-la 4055 3.7 3.9 215 ^ £23^ Qgiln^M.KiJ 
S“ rt"Sv T' 7, 7- 32 20 oSve?P \DJ120p 

t7 f 21 57 9 Oxley PntiUtrp 

LTimes l a 5p. JO . _ fdOJ5 3.0 5.8 85 303 52 5 tutdii lto_ 

WA-- ™ 3i 6.1 95 ig sS^Di?d ; y.T. 

■WbHH". 53 . ■ -.rv, Tr 7 , 210 791- Smurfit-Jata.- 

— — 47 . .i. dDJ82 . 2.0 27 28 6 «gi 4B5* TYgnspartnl FW 

rialarH.2to: 158 --2 5J6 3.1 5.0 U « r^srtGroup - 

«wTSl1-Si:. £2f* v's WK - 45 - 5B 41 1-VbcrVWer Rp 

68 . T289 19 6.5123 n 16 Ware Group 3)p 

■Tsasrft **: -r ™ u m ft t se ssss? j 

W 1 -<:■ *L' li 91 Vi « 1"**- 4 " 5p 

JirornlBCj*:--. 93 . t4.93 28 8.0 66 • - ■ 

«un«-|0p„_ 41 ....82 79 35103 42 - - 

jOihUbW-l ..| 138 I.| 50 | 4.7| 9.9 f I’toer allows tor conversion ol shares ncu now ranking for 

du i-lends .'r ranking onlj' for restricted dividend. 

Cfi 1 nnka 4 finer does not allow lor shares which may alto rank for 

1311 diinlcnd si a future date. No P E ratio usually provided. 

iLnnir.ii!_ ] 150 I.>363 I 1.01 3.7 * Evcluding a final dividend declaration. 

* Regional price. 

\ fi*ir>n n No P* r V1 ,ue - 

.-UiiLd a Tag free b Fteures baaed on prospectus or other official 

ip..aMiv-f I 410 I I ?? 15 1 Jill ft 6 estimate c fern*. * Dividend rate paid or pa? able oo part 

Id “I itn I.Iiaft J * Its? of capital, cover based on dividend oo full capita L 

[Haoefttta- 1 iw !.|i>.U l * 113.1 e Redemption .view f Flat yield x .Assumed dividend and 

. yield h .Assumed dividend and yield after -enp ikhw. 
J Payment from capital source* k Kenya m Inicnm higher 
A*l vrC than previous total ■ Rights l«*ue pending q Earnings 

.'111* CiO huscd on preliminary figures r Australian currency. 

_ T _ s Dividend ond yield exclude ■ special payment t Indicated 

CENTRAL RANH dividend! cover relates to previous dividend. PE ratio bated 

on latest annual earnings n Forecast dividend, cover based 
- . ,, , on previous year's earnings. »v Ta» [rec up to 30p In the E. 

cL n n n ITrLT'o . i ?c4 “e i.aL vTa T w V1 *W allow* to r currency clause y Dividend and yield 

Eari Ri 2 (J Ftp Rl. J 357 t 5 . rSts- "J i based on merger terms * Dividend and yield include a E« K I £32-U (Q»0c 3.5 6 4 special payment: Cover does not apply to special payment 

We.4Har.dEl. ,.| 152 vl4|Ql3c 4 1 5.1 A Net dividend and yield B Preference dividend passed or 

deferred C Canadian D Cover and RBn fioexclude proflu 
of t- : K jero-ppcc suhsidiarle*. E Issue price. F Dividend 
_ and yield haecvf on priwpovtua or other official estimates tor 

FaSTFkN K A NTi 1 PT 7 . 7 R. <■ .Veumcd dividend and yield after pending scrip 

1 -nd or right- immc It Dividend and yield ba.<sed on 

IfirackenRi 1 79l. I+V.l 025c ! 15118.8 prwpecht, w other rilicinl c.-tlmatc* tor 1976-... K Figures 

Ir^f rv!d!-vui- 4Z ‘ l_t 1 +oinM has^i yin pro-pvvtu- nr other official estunaies for 1 PI 8 . 

79d +3-V Q25c J 1 Jllfi .8 pro-'W'h*-' ,,r « rthor «l“'“i 

26“ IlltOZOcl — I - hai^l on pro-wiotu- nr o 
im o vje* _ eg .1 Dividend and yield he( 

W -8 —( 5 0 avdmaic-for 1978 N UK id 

Bilrier- 490 -14 11136 3 2 3 5 65 PRD1 

niNVHK- £22V 251 5 5 71 ■ ■ ■- ‘MXW1 

d-CarriersiOp '58 ...... til 4.4 55 63 59 28 1«KLondon 10& -'48 ■( •-•- 1 

A ..-u*163 21 9.a 75 2 ^ 127 2jUTL^dn7 216 : ' : }..L. 

v.BarameeSp. 161-ul ...... flAa .*• 1.7 * 10t 2 5 ymtesMWHUse; 

lochnnw-- 1S ...... rifl-48 34 5.0 B.7 jg 2 43 v^nHidei 

04F.—. 35 . r In 30 S3 .46, 2 |f rff. ^r^TlOp. 

roe ^-——\ 2Vd I... • - . — — — lSi- 11 .Vnn« Se«. 

Hwta - 

ncr.; 3pjt- 

ntcnGrp 3>p 
jde Pott*. »p. 
ilker Hmr 5p 
turcaiJa* >£1 
stfffonj 5p 
tubun 1 ... 
iWm.B.E lOp*. 



941? 69 rrechnolwo ... 
19? 121 fT«r,plv 8 ar 
26lj lgt Trroc Growth . 
104 60“ Du Cap. £1 . 



tio,» -* 2 lueeue 1 b s o — — — 
22 s Jgl3c 25 3.4 AlbanyInv 
692 1-9 IQS? 5c A 7.1 ,A*/i Spinni 
190 )t7 |tQ22c U0 6.9 Bman, .. 

rtion of London quotations of shares 
in regional markets Prices of Irish 
are not officially listed In London. 
Irish exchange. 


£14 £ 0240c 2.7102 ^geV. ^ “ SS3MK ^ 

otc c * «ncn» 7“vl^ in ' on» rete Prods 

718 -1 
779 *3 
179 -7 

* t wur t 

•*u oImjc 

-11 020 c 
*3 QU5e 






. 38 

. 68 







. 235 





- 10 ' 

■ 67 




1 *7 

Shell Rrinhmt. 51 

Shiloh Splnn_ 19 

Sindalliwm.i.-. B5 




Am on. 


L'arroIliPJ >. 




1 om reie Prods 


Hevlun'HldC' i 


In-.Com . . .. 


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Cintride-a member of the Neepsend Group, Sheffield 

.Wednesday February 15 1978 

Mrs. Thatcher turns down 

Callaghan race talks plan 


last night brushed off a call front 
the Prime Minister for speedy 
talks between the leaders of the 
three main political parties to 
■work out an agreed national 
approach to immigration. 

Mr. Janies Callaghan's un¬ 
expected move came during 
renewed fierce exchanges in 
the Commons yesterday — an 
occasion given added spice by 
Conservative indignation and 
embarrassment after Mr. Edward 
Heath's foray against Mrs. 
Thatcher's policies. 

Last night, the Opposition 
leader pointed out that the Prime 
Minister did not join in any 
“ national approach " when the 
Tories' 1971 Immigration Act was 
going through Parliament, but in 
fact led the opposition tni t. 

She declared herself ready to 
examine ■* specific proposals " but 
argued that a decision on any all- 
party summit should wait 

Unlike Mr. Callaghan who 
wants as quick a start as 
possible, she feels talks should 

not begin before the all-party 
Commons Select Committee on 
race and immigration bus 
reported. It is not expected 
until after Easter. 

Later Mr. Callaghan presented 
bis initiative as a means of 
securing bi-partisan agreement 
and of avoiding the risk “of 
exacerbating racial tension and 
hatred in our society.’' 

Nevertheless many MPs on 
both sides are convinced that in 
part il reflects Labour's worry 
at being upstaged by the Tories 
on an issue which opinion polls 
suggest may be a rich vote win¬ 
ner at the next election. 

The Prime ‘Minister's pJau is 
for the conference to be informaL 
In addition to himself. Mrs. 
Thatcher and Mr. David Steel, 
the Liberal leader, the partici¬ 
pants should comprise Hr. 
Merlyn Rees, the Home Secre¬ 
tary. Mr. William White law his 
Conservative shadow, and Mr. 
Reginald Maud ling. Tory Home 
Secretary at the time of the 1971 
Act which forms the basis of 

present immigration regulations. 

Mr. Steel last night welcomed 
Mr. Callaghan’s offer and pro¬ 
mised that the Liberals would be 
ready to take part. 

Mr. Callaghan outlined the 
aims of the talks in general 
terms. They should deal, he sug¬ 
gested, with the administration 
of ‘ the 1971 Act, with an ex¬ 
change of views on commitments 
given by both Labour and Con¬ 
servative governments, “and on 
positive policies for the promo¬ 
tion of racial equality.” 

While Labour MP: were de¬ 
lighted at the discomfiture 
caused the Tories by Mr. Heath s 
repudiation of Mrs. Thatcher’s 
approach. Tories on both wings 
of the party were for the most 
part strongly critical 

Although Mr. Peter Walker, 
the former Cabinet minister and 
close lieutenant of Hr. Heath, 
spoke in his favour, even liberal 
Tory MPs were furious at what 
they see as an ill-timed and 
truculent gesture. 

Not only are Mr. Heaths 

remarks on Monday taken as' 
closing the road to the widely 
hoped for • reconciliation with 
Mrs. Thatcher, but they are seen 
as spoiling ‘the new united line 
on immigration which Tory 
managers bad been preparing. 

Moderates on immigration 
were convinced that after the 
uproar caused by the original 
Granada television interview, 
intensive lobbying had nudged 
Mrs. Thatcher back oil ro a tack 
acceptable to all sections oF the 
party. This process culminated 
in the carefully worded formula 
she put to Young Conservatives, 
at Harrogate on Sunday. 

Mr. Heath was yesterday 
unrepentant reiterating that the 
1971 legislation passed by bis 
Government provided all the 

powers that were necessary- It 
must be made " absolutely 
clear.” he said, that the Con¬ 
servatives did not have an anti- 
immigrant policy and to bar 
male fiances would be an 
infringement of human rights. 
Parliament Page 10 

6 abused 

By A. H. Hermann 

BRUSSELS, Feb. 14. 
upheld an EEC Commission 
decision that United Brands 
of the U.S. abused its 
dominance of the banana 
market in some Common 
Market countries. 

The seven judges dismissed 
United Brands’ appeal against 
three of the counts in the Com¬ 
mission's decision bat found 
that the Commission had not 
proved the charge of over¬ 

United Brands — formerly 
the United Fruit Company— 
was accused of abusing its 
market in the Benelux 
countries, Denmark, West 
Germany and Ireland in a 
Commission decision published 
on April 9, 1976. 




Industrial output stead; 
in spite of demand rise 


By Rhys David 

top names in men’s wear; has 
been placed in Receivership as 
a result of cashflow difficulties, 
after years of losses. 

The company’s annual turn¬ 
over. about E6m. to £7m.. has 
been badly affected by the reces¬ 
sion, which hit sales of its expen¬ 
sive hand-finished mens suits, 
costing about £150. and other 1 
ouier wear 

The privately owned company 
lost £250.000 in 1976. There was 
a farther loss last year, though 
result? have not yet been pub¬ 


Mr. James Power, fo niter 
senior ev.-euuve oi the Burton! 
Group, who joined the company | 
in Sepleuioer and is now maoug-j 
mg director. sa,d yesterday mat; 
improved sales meant current' 
trading was profitable. 

But there were easn flow prob-l 
lenis. Aa a result, the Midland 
Bank, the major creditor, 
appointed a Receiver. Mr. Philip 
Livesey. of Coopers and Lybrand. 

Chester Barrie was loutided in 
193/ in Crewe by an American, 
Mr. Simon Ackerman, after fre¬ 
quent visits to Europe to buy 
materials for bis clothing busi¬ 
ness in New York. His son. Mr 
Myron Ackerman, retired a$ 
managing director IS ruonrhs 
ago. He is company president. 

The company employs 1.000 
in two factories, in Crewe and 
Wrexham. It has met increasing 
customer resistance in recent 
years because of the high prices 
of iis suits of high-quality cloth. 

INDUSTRIAL production re¬ 
mained steady over the closing 
months of iast year and output 
for the year was marginally up 
on 1976. 

The steady trend persisted in 
spite of a slight rise m the level 
of consumer demand towards the 
end of last year. 

However, the indications arc 
that the rundown in holdings of 
stocks of finished and other 
goods has ended, so the upturn 
in consumer demand expected hy 
retailers from the second quarter 
should fairly rapidly be reflected 
in rising output as well as in 
higher imports. 

The All-Industries Index rose 
0.8 per cent during December to 
102.1, while there was a 1.4 per 
cent, gain far the manufacturing 
sector to 103.3 (1970 = 100. season¬ 
ally adjusted!. 

Comparing the final quarter of 
last year with the previous three 
months, all-industries output fell 
by 0.9 per cent., while manufac¬ 
turing was down LI per cenL 

On a longer-term comparison, 
the All-industries’ Index in .the 
fourth quarter was La per cent, 
below the level in the same 
period a year earlier. 

The better December figures 



100 seasonally adjusted 


Industries Manufacturing 

1974 1st 








103 j4 

_4th _ 



1977 1st 
























Sourer: Centro! Statistics! Office 

are almost entirely explained by 
the improvement in the level of 
output of the motor vehicle in¬ 
dustry. whose production was 10 
per cent, up on November after 
a period of labour disputes. 

For last year the All-industries’ 
Index was 102.3 compared with 
102.0. and the equivalent figure 
for the manufacturing index was 
103.6 < 103.1). 

The weather over the last half- 
year depressed the All-industries' 
Index in the final quarter. 

Demand for gas and electricity 
was higher than usual :n the 
third quarter because of cold 
weather and lower in the fourth 
quarter because it was warmer 
than usual. The sectors produc¬ 
tion was down 3.4 per cent, over 
the six months. 

North Sea oil production; 
reached a new h : gh in December/ 
up marginally on the previous 
record set in September to 
satisfy nearly 50 per cent, of- 
U.K. demand. j 

An analysis by market sectoi j 
shows that output in consumer ■ 
goods industries rose by O.S per; 
cent, over the two quarters while J 
output of investiueut goods 
industries fell 0.7 per cent, and} 
intermediate goods — fuel and; 
m ate rials—-su stained a 33 peri 
cent. fall. 

In the final quarter, chemicals 
were down 422 per cent., due to 
"nv European demand tied to thr 
appreciation of sterling which 
bas hit export competitiveness 

Metal iiiaoutacinrinri was dowr- 
II per cent, because of a general 
lack of demand, particularly at' 
British Steel. A OJ per cent.' 
improvement in “other uianu-: 
facturing” indicates some pick ! 
up in the construction indusir: 


To-day the court, the-highest' 
legal fostiiutlori in the EEC, 
reduced the floe imposed by 
the Commission from Lm. anils 
of account (about £400.000) to 
850,000 units. 

The 163-page judgment pro¬ 
vides the Commission with an 
improved legal armoury for 
combatting attempts by large 
companies to treat the Com¬ 
mon Market other than as a 
single unit. In particular, it 
will strengthen the Commis¬ 
sion's hand in its dispute with 
the Distillers Company. 

The jadgment clearly oat- 
laws the charging of different 
prices in different member 
countries as long as the cost of 
the product to the supplier 
remains the same. Any profits 
from higher local price levels 
have to be left to local traders. 

The court provided a better 
legal basis for EEC price con¬ 
trol bv ruling that prices which 
did not bear a “ reasonable re¬ 
lation “ to costs were unfair 
and mu<t not be charged by 
companies in a dominant posi¬ 
tion. Il revised its farmer 
definition of market dominance 
so that il will now embrace 
a much wider circle or com¬ 
panies than so far. 

Blumentbal unenthusiastic 
about Bonn economic summit 



Younger market 

An attempt was made with de¬ 
velopment of the Wrexham fac¬ 
tory to move into lower-price 
hign-qualuy garments aimed at 
the younger market, without the 
hand stitching of the Chester 
Barrie suit 

This venture, under the Acker 
man International label, was 
only partially successful and was 

Talk.? with Burton about a pos¬ 
sible marketing venture in the 
U.S. broke off without agreement 

This autumn there will be 
another attempt to market a 
iower-pricp c uit under the label 
David Locke. 

Continued from Page 1 

Cl* all 

panit-s settle □ large pay deal 
now widely regarded as helping 
to fuel the inflationary spiral 

Shell drivers* existing basir- 
pay is E53 25. In addition there 
is a supplement of £2.15 left over 
from Phase One and the Phase 
Two £4 supplemeat. 

The new basic would rise to 
£75. consolidating Phase One and 
Phase Two suoplenients. together 
with about £10 of . new money 
Basic pay. incorporating the sup¬ 
plements. would be boosted by 
about 15 per cent, with the new 
money. The new basic, however, 
will he uspri to calculate holiday 
pay. pensions and other benefits 
hut not. for the time being, over¬ 
time or shift payments. 

For a driver who works the 
m in pa n v averaae 11 hours over¬ 
time. weekly earnings under the 
first stage of the Heal would rise 
from iust over £lu2 to £112. 

In November, however, the 
new £75 basic will he used to 
calculate overtime and the same 
driver's weekly earnings will 

rise by another 10 per cent., to 

about £123 

That figure to .-some extent 
redundant, because hy then the 
drivers who arc also seeking ? 
productivitv asreement. win he 
negotiarin; a new nay deal They 
also intend coniine bark for 
more during the year if wage 
deals consis'entlv average out 
above the '‘U'Hellnes; 

On top of this, the drivers wii 1 
also receive higher subtfcrerw 
allowances a«d other hopefins 
im-ther with more holiday 
entitlement next November. 

U.S. Treasury Secretary, showed 
no enthusiasm to-day for plans 
to hold another economic sum¬ 
mit in West Germany this July. 

After his return from talks in 
Bonn with Herr Helmut Schmidt, 
the West German Chancellor. Mr. 
Blumentbal repeatedly stated 
that no final decision cm the 
summit bad been taken. 

He said that the U.S. attitude 
to such a session was unchanged, 
but offered only the most tepid 
endorsement of the planned 
meeting. "Under the right cir¬ 
cumstances." be said. ** a summil 
meeting can be useful." 

He refused substantively to 
elaborate on this in the face of 
| persistent questioning. 

; Earlier to-day. in Bonn, West 
I German Government officials 
made it clear that they were 
operating under the assumption 
that the summit would take place 
on July 14-16. They even quoted 
Horn a letter from President 
Carter to Herr Schmidt indicat¬ 
ing that such dates would be 

Mr. Bluraenthal was at pains 
to make clear that it was up to 
the White House, not’ - the 
Treasury, to announce the Ameri¬ 
can decision on the summit. The 
President's Press office, however, 
declined to comment on the 
matter or to reveal details of Mr. 

Carter’s letter to the German 

ft is possible to discern some 
difference in tactics, if not 
necessarily in principle, between 
tbe Treasury on the one hand 
and the White House and State 
Department on the other. Prior 
to last week-end's meeting of the 
Group oF Five Finance Ministers 
in Paris and yesterday's Bonn 
talks, there was a spate of well 
informed speculation that the 
Treasury was prepared to use 
tbe summit as a negotiating tool 
in its efforts to elicit greater 
stimulation of the German 


In recent Congressional testi¬ 
mony. Mr Blumentbal has 
several times urged the surplus 
countries to do more and has 
mentioned Germany by name on 
occasion. To-dav though, in vivid 
contrast, the Treasury Secretary 
expressed satisfaction with the 
German economic performance 
and its prospects for the rest of 
the year. 

He was encouraged by his talks 
in Bonn because of German opti¬ 
mism about reaching the 3$ per 
cent real growth target for this 
year. If that was achieved, Ger¬ 
man growth by the end of 197S 

would be running at an annual 
rate of about 41-5 per cent., which 
would constitute “a very good 
contribution ” to the global 

lie flatly denied that he had 
asked the German Govern men: 
to appiy greater stimulus lo its 
economy, observing merely thai 
Bonn wouid be reviewing the 
progress of the economy as the 
year progressed. 

Mr. Blumentbal also hinted at 
substantial agreement between 
West Germany and the li.S. over 
foreign exchange market policies 
The two countries bad made 
further progress at a technical 
level on ways in which the mar¬ 
kets could be stabilised and the 
desirable steps which could be 
taken, he said. 

Jonathan I'arr reports from 
Bonn: The German Government 
is still going ahead with prepara¬ 
tions for the summit despite 
continuing West German-U.S. 
differences over the extent ol 
Bonn's efforts to boost the 

Dr. Annin Gruenewuld. the 
government spokesman, said thai 
all countries invited by Hen 
Schmidt to participate in the 
summit had now accepted. 
Officials would be meeting in fate 
March or early April to make 
detailed preparations. 


The court endorsed tbe Com¬ 
mission's finding that United 
Brands' refusal to supply a 
Danish distributor because he 
participated in the promotion 
o; a competing brand of 
bananas was illegal. 

David Buchan, writes: To¬ 
day's judgment was “ of 
ominous significance to every 
competitive company trading 
in the EEC," Mr. W. KJilsIe. 
senior European i ice-president 
of United Brands, said later. ^ 

He criticised the court’s 
“dramatic re-interpreiation" 
of Article 96 of the Rome 
Treaty concerning the abuse 
of dominant position. 

Mr. Kliisle said lhal a “firm 
will from now on be presumed 
lo dominate any market in 
which il operates, by virtue or 
having an appreciably larger 
share than its next largest 
competitor, irrespective of the 
existence of active and power¬ 
ful competition.’' 

Judgment. Page 3 



Continued from Page 1 

Trade deficit puzzles Whitehall 

[chases of consumer goods 13i per 
j cent, higher at a time when ex- 
! pendilure in the ILK. was down 
in real terms. 

There is evident concern in 
; Whitehall that buoyaut consumer 
i spending this year could produce 
ia rapid rise in imports, while 
! export volume could grow more 
1 slowly than hoped. 

The conventional arithmetic 
would suggest that the im¬ 
mediately favourable price 
I effects of the rise in sterling 
I Since last October—up 5J per 
[cent.—should offset some of the 
later adverse volume movements, 
at least in I97S. North Sea oil 
production should also he 
making a growing impact. 

Consequently there appear to 
he strong official hopes of the 
rurrenl account's remaining in 
substantial surplus this year. 

Last week-end the staff of the 
Organisation for Economic Co¬ 

operation and Development pro¬ 
jected a surplus in 197S of 
around the £I.obn. level forecast 
by the Treasury last autumn. 

Several economists are scepti¬ 
cal about how long the current 
account would be in surplus in 
1979 on present trends if the 
growth oF the economy were 
boosted to tbe desired 3 t per 
cenL rate, which explains some 
of tbe official caution in advice 
un the Budget. 

The past two months’ trade 
figures hardly seem lo have heen 
affected, however, by the favour¬ 
able price trend. This is shown 
by a 2.1 per cent, jump in 
January alone in the terms of 
trade index—ibe ratio of export 
to import prices. 

While there has been a major 
erosion in any U.K’. price advan¬ 
tage. there is still an edge in 
relative labour costs compared 
with two years ago- 

In i he three months to 
January. there was a current 
account surplus of £11 Im. com¬ 
pared with £720m. in the pre¬ 
vious, three months. 

The latest figures reflect 
several major presentational and 
statistical changes. They were 
affected by favourahlo move¬ 
ments of £I25m. in Lraditionafly 

erratic times, especially precious 

This was mure than offset by 
a 17 per cent, jump in food 
imports last month, which can 
be only partly explained hv 
stockbuilding ahead of the. 
Green Pound devaluation. and| 
by a 27 per cent, increase in [ 
chemical purchases. 

In addition, there appear to 
be problems in making the 
seasonal adjustment on imports 
in January, tor the second year 
running, which may boost the 







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