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No. 27,487 


Thursday February 16 1978 *15p 


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BY TONY HAWKINS: SALISBURY, Feb. 15 


AGREEMENT in principle on a ment is tbe fact that thn militant will be elected by white voters between the 'Rhodesian Govero- 

® ne_ ^an one-vote constitution Patriotic Front, which is waging only. Hie remaining eight ment and three domestic 

■ has been reached the widening guerilla war whites triU be returned on a nationalist parties, is a 100-seai 

m the Salisbury internal settle- against the Rhodesian security common voters’ roll, where black assembly in which there would 

ment talks, following a sur- forces, was not involved in the voters .outnumber white by an be 72 Clack' MPs elected on a 


CBI accepts 
new talks 
on contracts 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


._•' GEL1$. i recovered 'ip late 
. jet fighters yesterday dealing. Inearfy trade quota- 
.. ; ?d an Egyptian Boeing tions were .depressed a-fttrther 

> ter aircraft carrying 11 points by the Jaunty-trade 
' shells and high explo- deficit. The late ruction 

Somalia and forced it Jrrongbt levels only 3 below the 
\ U Nairobi airport overnight close, lie Govern 
l ".;ircraft violated our air-tnent Securities index dosed 

- 2 had no alternative but 0.28 lower' at 74.1L 

it down.” tbe Kenya . ■ r 

> mtsaid. Each ofthe.170 •EQUITIES did not respond to 

- miained two 112mm. the gilt-edged recovery^The FT 
shells and high- ex- 30-share index closed' only 

, slightly above the day’s worst at 

go was confiscated and a ax-month low of 4a&& for a 
-ns crew of seven were fan a k 
■ Hie pilot said: ~My em- or U5 “ 

. ;i1y Instructed me to fly 
idiu. They did not irt- 
of the nature of the 


-'?.tliis week Kenya turned 
Egyptian request for 
a to overfly northern 
route 1 for the Soinair 
-ie official Kenya News- 
aid, Since then three 
-'..Boeing 707s had'flown 

-^3. 


180r$patn* 


17Di 


160 




Londoi 
GoIdPri 


-SEP OCT NOV DEC 


jajljEEB 


i asks U.S. y 
. P jet deal 

<achem Begin; Israeli 
. nister. called on Presi- 
ter to reconsider his 
o sell U.S. military air- 
•. cypt and Saudi Arabia, 

•it they would-be used - 
■“ rael in any futtfttf war. 4 G0U> rose Sli to 
,-erview with the West tradina. ' Thte 

■yoagazlne. Quick, Presi- ^ 

• t said he would like.to £3S t itaSr“ V # 

’ a peace treaty' with MareJl 

r nd U s?Slo?.,«. C0 S» bi ?b2 •’STERLING reached a&uritf 

- Mmint^nff Tn JJ 1 ® 2 ® 5 Dn ttisappalnimeni with 

■ in soldiers were shot -*u™**y figures r big 

■ Christian suburb. recoverat -to .touch *L»36§ 

- I Page 3; Editorial ftelore .etastag at SL935<]^for '» 

Page 20 ■ t tjjfof 10'pointsenthe^day. Th# 


Prising shift by Bishop Abel 
Muzorewa, leader or the United 
African National Council. 

After two sessions Qt talks the 
four delegations emerged smiling 
and cheerful to tell newsmen 
that they had achieved a break¬ 
through on tbe eighth and final 
point of a majority rule consti¬ 
tution. 

This covered the method of 
election for the 28 white mem¬ 
bers uf Parliament in the pro¬ 
posed 100-seat assembly. 

An official Rhodesian Govern¬ 
ment statement later said tbat 


Thu U.S. Stale Department 
said last night that the Salis¬ 
bury agreement appeared 
unacceptable since ii had 
been made without the par¬ 
ticipation of the Patriotic 
Front guerilla alliance- In 
Loudon the Foreign Office 
said that an assessment could 
not be made without Tull 
details. 

Other reactions Page 2 
The road to .settlement Page 20 


estimated 30 In one. But seieo universal adult franchise appli- 
tion of those whiles will be in cable from tbe age oF IS. 
tbe hands of the ruling There has now been agree- 
Rhodesian Front. ment on eight crucial safeguards 

The agreement jo principle ^'hich Mr. Smith says are essen- 
does not cover the vexed issue Ual if the “confidence of the 
of the security forces, though it w “ite community” is to be 
is understood that this was dis- retained, 
cussed to-da.v and a statement of These safeguards, lo be 
intent on tins issue may be entrenched in the constitution, 
released. to-me.-roiv with the cover the future position of the 
detailed constitutional proposals, country's 263,000 whites, and 
The announcement was made at some 35.000 Asians and 
a common news conference, it- Coloureds (persons of mixed 
self unique in ibis country, at racial descentj. 


i:i [his country, at racial descent». They include a 

_ which three smiling nationalist justiciable Bill of Rights, an in-, 

the conference would proceed to imiick nnd h-m nnhtiHv wm-/>ri leaders joked •aUu reporters, and dependent judiciary. duali 
discuss matters relating to the to m | erluni ;inv 2 K( ,u. n „ t « Bishop Muzun*:a, who until to- citizenship (mainly for U.K. 

day had been holding up the pass putt-fa oldcrsj and freely re- 


Set, ti ° nal P ri ri ° d ’ incl Hf. in 3 ttc S a ? V S7 b "reached 01 " 1 
the -.rmL com P osllion The next six to nine months— 

armed forces. within which time it is hoped to 

't is expected that Bishop hold elections—will he crucial. 
Muzorewa. having moved so far a s security conditions stand, it 
on tlie constitution, will agree j s hard—indeed almost 
to join the multi-racial ' 
sitiona) Govermneni which could be 
Senator Chief Jeremiah Chirau, elections internaliouaI 
one of the black negotiators, said ancp SC ems remote. 


talks, declared that he was mittable pensions abroad for 
“happy" will* the agreed com- civil servants, 
promise. Although Mr. Smith has hailed 


THE Government bas made a 
conciliatory move to take the 
beat out of tbe argument with 
tbe Confederation uf British 
Industry over the proposed 
use of lieu’ clauses in State 
contracts a-, a method of im¬ 
posing pay guidelines. 

The olive branch has been 
grasped quickly by. the CBI 
and there is to be a 21-dav 
cooling-olT period while further 
talks take place. 

The seriousness of the Gov¬ 
ernment's {mentions are re¬ 
flected in the fact that Sir 
John iilethven, the confedera¬ 
tion's -director-general- was 
called to a breakfast-time 
meeting with three Cabinet 
Ministers—-Mr. Roy Hattersley. 
Prices Seereiary.' Mr. Albert 
Booth, Emplyument Secretary 
and Mr. Joel Barnett, Chief 


Tbe four krulers were 3Tr. 1},e agreement as “a victory for| Seereiary io the Treasury—on 


.. Smith: Bishop Muzorewu: Chief moderation.” claiming that ou¬ 
tran- sible—to >ee hnvir free elections Chirau, president «jf the Zim- ° 1 n< ‘ to climb down, it is 
held. Vet without babwe United I'-.- 'pie s Orqanisa- v ear tI]at Bishop Muzowera did 
tion: and Dr. Elliott fiabcllah, 3 ust th aL He has clung to the 
deputy lea tier of Mr. Si thole's common roll concept for the 


tmpir-i- 


aveept- 


he hoped would be established The talks had been bo-'’od African National Council. He white aiPs, out of 2S. but. 
within a few days. down for more than three wk-ks was standine in for .Mr. Sithole. only on the basis that the 16J 

This administration, it is on the issue uf separate voter.?' who left Sal: bury to-day to candidates to be elected for the 

suggested, will be modelled on rolls, but a compromise—which attend an n.can Nation of common roll by the whites 

the plan put forward hy Dr. seemed to give the whites all African Unity Foreign Ministers' should be effectively chosen by 

Kissinger, the former U.S. See- that they wanted—was agreed meeting lit Tripoli. the Rhodesian Front, at least for 

relary of State, in 1976. to-day- The basis of the agreement' election. 

A key weakness of the agree- Twenty of tbe 2S white MPs reached after II weeks of talks Continued on Back Page 



over 


Tuesday. 

But the CBI stressed last 
night that (he outcome of the 
discussions is extremely uncer¬ 
tain. The Government was more 
ini crested in discussing clari¬ 
fication of the otTending clauses 
rather than in any major 
changes, according to Mr. Hak 
tersley. It has been agreed, 
however, that any point either 
side might want lo raise will 
be open to discussion. 

Sir John, warned that it 
would not be easy to reach a 
compromise. Next month (he 
CBI might once again have to 
consider what action members 
might take—such as striking 


out the clauses and substituting 
other wording. 

Meanwhile, CBI members are 
being advised to defer the sign¬ 
ing of any new Government 
contracts until the 21-day truce 
period is over. 

At yesterday's CBI council 
meeting, as at tbe meeting of 
(be top lflO companies on 
Tuesday, members endorsed 
the hard line taken so far by 

tbe confederation. 

Ur. John Greenborough, 
president of the confederation, 
stressed again that “the CBI 
argument with the Government 
at this stage is not over the 
need for pay moderation or the 
use of sanctions to reinforce, 
tiic Government's pay guide¬ 
lines. It is solely over the 
terms of the new Government 
contract clauses.” 

The CBI view is that (lie 
private sector of industry, judg¬ 
ing by the number of days 
lost through industrial dis¬ 
putes at companies attempting 
to keep within the pay guide¬ 
lines, is ” doing more than 
could reasonably be expected (o 
keep pay in check.” 

The confederation's data 
bank, which has been monitor¬ 
ing pay awards, shows that four 
out of five settlements have 
been at 10 per cent or less and 
most of (he others ha\e been 
between II and 16 per eeut. 
This excludes settlements 
which include self-financing 
productivity deals. 

Institute of Purchasing, Page 5 


V, BOLE future uf the Tbe scale r.f the defeats and ti iu-h i, V-1 - '*n anticipated by lb* divisions saying that Scot- 

jtnnts devolution legisia- the bosrile tune of tbe debate tiio *vut .-.'hips, and U the land would be shocked by the 


-.t***!’**®^^ Ifldex fell tO'C-b^OD was in doubt last night after means that there is .t distinct major reason Jor casting doubts extent of the English backlash 
SUSpeCIS; .‘.from. 66.0. - Dollar’s tipd#-lurther humiliating deEeats in danger that the Scotland Bill, on rh* Bill's future. Hostility "which endorsed" the ballot- 

_ • _ " I _tli'AJS ... frtM tVlA ConllnnA AL.. r 1 . . F_. 4 _ .1 t _T L . Mn _4 a' 


AVIU* • 

Crown Agent4 





. and u wtmiari, 

• Iraqis, were 
1 at Paddington 

ion in connection-with - . . . 

terrorist offences. The Wwer aF 761.69, its lowest 
.. are understood" to be April jf97S. 

with the murder' of. 

.Iamraami, London tcjf ", 

! of the Palestine 
. Organisalion. 

n writ ' 

os was Issued ■ in' the- • CROWN AGiCNTS will get a 
.'fib Court against the further ^Government girant of 
• irnment on behalf of £90tn:' The 1 "organisation lost 
id Garvey, 62, who was £200m.. as, a* result of features 
. 'last mouth as the fn the -secondary banking and 
V' police chief. It proper? fields up to 1974. Page 5 

- jat Mr.. Gwrvey .was ' . • - • .• • »■ 

' dismissed and de-'• MUSIAN.FIELD development 
“clear vindication" of bos; fallen four months behind 
iter and reputation, schedule. Pagefi. Lord -Kearion, 
strike. Page 3.. Re- chairjhaii. of British- National Oil 
: move. Page 7 ' Corparatkni, Jwahie^ Parliament 

'. U^. companies might; leave the 

nd branch 'North; Sea - now the bonanza 

- " v^, period appeared to be over. Back 
j/ronmeot Department pai c - _ 

tsstoned a review of 

own about tree'.root •'JAPAN and the EEC win study 
uliflings on clay soil ways of increasing Japan's 
die of Manchester n. imports ' .‘of European farm 
nist spent, a cold day products. China and Japan will 
sr tree.ro stop councii. gjgq an eight-year bilateral trade 
uttrng it down, - agreement to-day. Page 4. 

blizzard • MINERS leaders voted to 

brought chabs to the a 

last night. :Roads ^crease cosung E78m. The lop 

id and many motorists “J S' 
their cars in Devon. 5“ i! 

x her is . expected to March. 1. Shop stewards tepre- 
^e. according to the. BP tanker drtvere caiied 

ical ' Office forecast- ofl their overtime ban. Page 9 

•U-&- MINING employers agreed 
to reswm talks to w uTSd 
the. 73-day coal strike—after 
While House pressure prompted 



BY MICHAEL BLANDEN 

BY RiCHARD EVANS, LOBBY EDITOR | _ 

THE GROWTH «f earnings con¬ 
tinued to accelerate In December 
and is now outstripping the rate 
of increase in retail prices. 

among Labour MPs rigging 40 per cant., provision in : t « a redn V have CC rl^rf "n?' a -all 

Incn-Kina «hr U,e reti-rc-nduu,.- j«ell 'itm^ 

The 11 SNP RIPs wt !1 consult J10 per cent, guideline. But ific- 
uexj wet k. There was also a division in their colleagues in Scotland nver: Governmeni continues to claim 

Ministers remained desperately the Conservative ranks with a tbe week-end before deciding! that its Phase Three pay policy 

'is being observed in the great 
majority of settlements 
The underlying trend to 

- ,, 1 , - K „ Minidovo that the inclusion of the 40 per rebels included Mr. Edward eminent will only secure the Bill' bree^number °of Workers who 

Frantic attempts by Ministers cent dause will make the Heath, former PartyJoader.^Ir. if it manages to secure the bac*-j^ 

^ ----- .- ’ 'under the present policy. Since 

Parliament,' Page S 


ice' now is if ’there is a bis turn-out 
in the profejsed Scottish referen 
dura this aotu 
40 per cents 
torate vote 
Edinburgh assembly. 



last night to d^ete the 40 per u tt^inment of the devolution Pvter Walker, former Tory ins of many of the Labour rebels. 1 

cent provision,- qr to substitute proposal* impossible . 

a lower hurdle 0*331 per ccnL. , . . . , __ 

were heavily defeated by a com- The. lone of the debate on the 


Industry Minister, and Air. Alick 
Buchanan-Smilh. former shadow 
Scottish Secretary. 

If the Bill secures its third 


bSatiod if Srvative MPs B»U\ report stage swung sharply 

anTSbo^- -BbSffv against the Government during ir the Bill secures its 

A tackbeneh auiendmert to the evening with Uw Conserva- reading next Tuesday or Wednes- 
delete40'ner cent and to restore tives coming down in favour of day it then has lo go to the 
fi2'2!'tftria VimniP the 40 per cent clause and with Lords where it will receive a 
votes “ hardening of purpose among hostile reception and rould well 
tT MS^nTthe Uendment S Labour anli-deyolutionlsts. be riddled with more damaging 

substitute a lower hurdle of one- About 44 Labour back benchers |'on,mon^fnThe^ummeT l ° 

third—which Ministers were con- voted against Ihe oovernraent toe ontmons in ine summer, 
fidetir of. w innin g—-was lost by anti a further 20 or so abstained. The Scottish National Party 
265 to 240. The scale of the rebellion was MPs put oul a statement after 


£ in New York 


1-YI-nitii‘y lv • hnnns 


>r-i 

I mi> mill 
..Ill In. 

L2"ii-iit]is 


a .h-. 

-I.?.' iXon .11-. 

1 .li-. 


Sl.H.Vuv.-ijJ 
...■jS j'-j)|.ii % . 

0.12-v.C i 7 .li- 
!.aO.::i .li. 



ifcen. however, the pace l«i» 
speeded up eunsiderabl). and the 
laresi official thinking is siili that 
with allowance for productivity 306.1 tJanuary 11170=100, seusun- 
ugreiMneTiis. the rise in earnings ally adjusted». 
in the year to next July should For the five months since the 
be of the order of 12 io 14 per end of Phase Two nf the pay 

cent. _ policy, this indicated a rise in 

The Department "oF Employ- earnings of over 6.S per cent., 
mem reported yesterday that the equivalent rn an annual rate of 
index nf average earnings rose more than 16 per cent, 
by 2 per cent, in December t'» Continued on Back Page 


towards recent' snow, 
damage in Britain. 


.a has dropped Bantu 
tie of the Department 
Administration and 
»L henceforth the 


hy. their rejection of an appeal 
from President Carter for fresh 
ngotiatioDs. Page 4 

• MONEY supply targets should 
be : regarded, by tbe markets as 
part of a - wider economic stra- 
"of PIural "rS ations tegy. rather than on- their oum 
-• impnt Popp i : according to Sir Douglas Wass. 
r- _ • Permanent Secretary to the 

High Court jury .Treasury. Back and Page 5; 
- .1.500 libel damages Editorial comment Page 20 
proprietor of the ^' 

u-eham. a free news- M||M|iIES 

rleS, Co ion el-in-Chief- •' BHONE-POULENC SJL 

ichute Regiment,- and expects consolidated results for 
/'Tew. who wUJ be IS 1957- to be roughiy in balance 
,/ are to lake a para- Pago 2fl 

c Easier.- O DALGETY pre-tax profit rose 

-j? «an guerillas.. caUed £L9 bl to £10m. in the six months 
. -'.-.against the country’s to December SL Lei and Page 
“ • :r- .-liiers. 22- - : 


ME CHABGK VESfEBBAY: 




er.ee unless otherwise 
Vindicated) 

RISES ‘ 

»e ’80«:..O8i- + i 

. 227 +' 4- 

. 73 + S 

Comp Air .1 .. 

Cnflen’s Store? A ... 

Freemans . 

Glaxo .. mm.. 

Great Portland Ests. 

GliS A . 

GK.\ ..;. 

± . 301+6 

ft rolys ... 

li-ir. 

,•. 190 +. 10 

IGI . 

. 500 +30 

’hoenne... 70 + 5 
._£33Z + 5 

Ladbroke 

Mothereare 

PUkmglbn .. 

iery 41 + 4 

Racal Electronics ... 

Rank Ore •.:. .. 



FALLS 
-ic 1U99...£K^ - I- - ; 
d Wilson 88 - 7 

:ries .’ 45 —.6 

: and W-) 20B - S’ 
2ia - m; 
c&cisr 64 -r’*5 

m - s . 


. Coimau 
Taylor- Woodrow . . 
Thomsaw Org. 

UDS -. 

Utd. Real property.. 

•S®irmr“":nz 

Cotwiuc RtatimO'. 


04- - 7 
S3 - 9 
258 - 12 
547 — S 
312 - 8 
284 - S 
271 - 6 
118 - 5 
MO— S 
344 -6 
173 - S 
156-8 
426-11 
.108 - 12 
238 - 12 
410 “ 20 
866 — 8 
193-12 
84-— 4 
245 - 20 

UH - 5 

236 -.28 
138 - 8. 




Muted response to Speke plans 


BY OUR INDUSTRIAL STAFF 

1 SURPRISINGLY 
from unions 
Leyland's 


muted plant "would not mean that the threats of this yesterday, and 
greeted proposal would be withdrawn" the important Canley plant a 
decision A mass meeting of the 1.800 Governr>, in which ^ Leyland 

yesterday to co ahead with the men on strike is to be called as wants to transfer TRi prnduc- 

closare of its TR7 assembly soon as possible. 7t will be the don. was reserving its position. 

wbtki-At Speke. Liverpool, and first meeting or the men for 12 The Can. Council, declaring 

swfydr. .production to the weeks. outright opposition to the clo- 

Midiends The redundancy terms offered sure, complained that the “open 

ThO stronccst reaction came hy the company go well beyond method of management ” had 
from'the Cars CounciL the ton statutory liiniLx. In addition to been reversed, and that stewards 
d^in^s^d’sXkOT parncr- standard payments, the 2.S00 would not accept being con- 
nSon-' ornanLtion wiuch workers in the assembly plant Fronted with decisions already 
opposhinn io' the pr£ jy ilJ n.mlify for two weeks' pav taken, 
nasals' * n ,i ^rn.nntained about tln» for ®wnr yoar they have been ■‘Under the circumstances, we 
^SSimeiSrSa!"e of ili» with the company, a disturbance have no jUernaTivc but to sus- 
sohSv ^ Snie Mr MiSaS allow a« ee if th ^ move / ,n ' P^d further meetings or the 
S tnnb nvnr’ as rhair olher Le S r|3n< * plant or any other council while we seek a ntoeling 
Edwardes took over js Lhair- coll ,p any outside the area, and a with Mr. Eric Varley. Industry 

nffi'e-.L. urnvbflv ; whn topping-up allowance dunns the Secretary. t» discuss change in 
thSfoS* ^ er ^t thl 0 SSS ^settlement period. manaaement methods and in 

imrSM« ns .M*rl^ 4 Lirtf»?th»r This offer of redundancy pav- volvement in participation” 
MflTTale.hL are faced with either niem conditional on an Rllt ir IS c i ea r that Mr 
.fiSht 10 slop transfer ordcrIv rransfer of TR7 assembly Ed ° u a l rd ;; JJo has left the cora- 
uf producuon hues, or accepting tD |he Midlands.” and several nanA ne mtiarions n the hands 
generous redundancy erms unionists felt last night that it g“j* KtLOT?l5ufd“pS 
Leyiand made it clear that ml^br be aenerous enough to sonnc | director, while he is on 
there .was no going back on its sway the issue, 
decision to switch production, in the past. 


it has been 


a visit to rhe U^.. trying to re¬ 
store confidence in the U.S. 


The ieompauy needed to do this assumed that closure of one dt?alt , r syslem . has cleared his 


because the "car was being pro- plant would bring the entire 
duced Uneconomical!?- A settle- Leyiand workforce out on strike, 
meat'of the 16-week strike at the But there were no immediate 


lines with the Government. 
News Analysis Page 7 


CONTENTS OF TO-DAY’5 ISSUE 

European news ... 2 Hume news—general ... 5-6-7 Aliniug . : --™.- 

.. 25 

iuneraun news . *» 

Ovcweas news . 2 oml 3 

World trade news. 4 

Tednfical page .. HI 

Marketing •... 

—“Parliament ... 8 

Arts page.19 

Leader page .20 

U.K. Compauics .22-23 

Euromarkets .-. 

Wall Street ..- 

Foreign Exchanges . 

Farming, raw materials . 
UJC. slock market. 

.. 26 
.. 34 
.. 34 
.. 35 
.. 36 


FEATURES 



Tbe path to Mr. Smith's 

Sudan gambles on rapid 

Massey-Fergiison: dire pre- 

internal sctUcmeut .20 

development .. 3 

dictions fulfilled . 

26 

Economic Viewpoint . 21 

Potash: Whiiby’s mine of 

Yen loans on the rise ..... 

.. 27 

Czech.-package- More,auto- 

uncertainty .-12 

Monetary compensatory 

nonu for companies. 2 

Business and ihe courts ... IS 

amounts “lost eause* .. 

, 35 


ApvbWbimu . 

» 

Jofat CBlillttM .. 

13 


n 


27 

F .AHMltUi|W>t> Mm 

13-17 

Lenders & Laggards 

» 

TV and Ram 0 — 

18 

Tm City Props. ... 

li 

SABkt ..... . 

2S 


a 





..BmIhcm 

30 

Le* .... 

90 

Waaibcr 

00 

ANNUAL STATEMENTS 

Crtrlwi 

18 

Lomb-mnl . 

u 


m 



.Crwwirt ___ 

IB. 

Men and Matters ... 

2D 




22 

fiewKsale tndlc^urs 

28 

Mmej Marfeet . 

23 

IHTBRIM STATEMEtlT5 

Union Distant 

24 

Enlert*JBrpfl« CvWe 

19 

Setersem . 

U 

John Janes Group 

25 



JFTActwrte* IihUms 

M 

Stare inrenuaUae.. 

38-39 

Jo'burg CensolUaicd 

2d 

Base Lending Rates 

97 


For latent -Shore Index 'phone (71-246 M)26 


. 


/■si 



■ V'*.. * . • .-.v.AV- • ; 

• v' - V’’" ^* v -y>. * . ■ ■ ■ - ■ /" ■ 









: - -V-. 


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land-mark in the construction industry. 
That’s because we sell and service 
the finest earthmoving equipment 
in over 100 major locations. 


BLACKWOOD [JTO1 


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l^l> l\V/l L>rV: T- i.T.l-! • 




French \y ( 
Socialists’ 
calculations ! OH 



an economy 
nsive course 


internal settlement plan 


disputed 


BY ADRIAN DICKS 


BONN, Feb. 15. 


BY RUPERT CORNWEU. 


Bv David Currv THERE ARE notv clear signs 

ay uavtd t.urr/ that the West German economy 

PARIS. Feb. 15. j s again on an expansive course- 
OPPONENTS from bath the Left w ith the first benefits of last 
and tbe Right have swooped with.year's stimulatory measures 
ploe on the Socialist Parly s : reflected in u modest resumption 
costms of its first year in powerl of Gross National Product 


to show that it is dishonest, and g rnwt h aI ’.d in a flight scusun- 
suiddai (accord ins to the Uigbif; al j.- jdjusted improvement in 
nr a bitter betrayal of workjns :th ' ,-hrt„ P mar ket 


nr a piuer oeirayai or worKjn S;thc , abour markel 

class interests (according to the: ____ . _ . 

Communist'-1. i. meS: > a e.c contained 

Yesterday the Sod a lists .said > IF the K^ruary report »f the 


that the programme of increased I Bundesbank which nonetheless 
minimum warn*. improved *! v **. ,h0 '‘"Passion of proiound 
benefits, stimulus to employment; disquiet k he prospects for the 
and consumer spending and! nes * * ew aior ' t,]S - 


alleviation of employers’ social The po-itive developments in 
security burdens would mean which the bank draws attention 
running a public spending deficit are the 1 per vent, real C.NP 
of some Frs.4i)bn. in 197S. in- growth provisionally recorded 
eluding the Frs.Sbn. deficit in-: for the last quarter of 1977. and 
herited from the present Govern-j an improvement in the season- 
ment. ! ally-adjusted unemployment rate 

This figure was based on an .from 4.6 per cool last July to 
increase in spending of some 

Frs.61bn. partly offset by somej a „ ^ 

FrsJObn. in fresh revenue from. Tvi Srtj3i?Ti V 

faster economic growth, taxes on BS v r nfiJlifili0 «. 

wealth and company capital, and i 


4.4 per cent, in January fwhen 
the crude rate was 5.4 per cent.). 

At the same time, it notes 
that structural problems in the 
labour market seem if anything 
io have worsened, and express®** 
strong duiibts that any new over¬ 
all improvement in the economy 
could do much to help the rising 
proportion of jobless people for 
who no suitable jobs can be 
found. 

Domestic factors, the Bundes¬ 
bank writes, have provided the 
decisive impetus for the im¬ 
provement which it detects, 
including new con tracts for 
DAW.abn. placed as part of last 
year’s .-n-catled medium-term 
investment programme. 

The Bundesbank claims that 
official policies should be given 
credit for clear signs of a greater 
readiness by companies and 




energy ccnnumioa. BY JONATHAN CARR 

th . e P T ie CHANCELLOR Helmut Schmidt's 

ihe inioieinemation of” thl main threats to its riabillty by 




Frs«27lm. extra on the budget J ,ou » lr * v * P ens,OIis ,DS,,r;j:1Ct ' 
and mean the doubling of everv- U u . , . c . . T . 

one’s income-tax. c gaa , . S ° Llal £'Mnm-ra 

Last ninhi h P U ui„h«i t SPD i-Lineral Free Democrat 

dismissing the Socialist arith- [ alliance not acted now 1 , 

metic as belns designed rolL h l n - th f e P ros? * ct w '“* of a 
“catch simpleton*" and the ?*?■’«£ 


measures the exnenditure would :* he f ^ Dris ,n the r ear .l: 19Sf ) s - Th, “ 
finance as debauchery of',' 5 because of the sluttish 
illusions.’’ A generation of ‘DCist-i econoD i li: -°' v,h - me , amr -3 h , , S h 


war effort would be destroyed uneinploycinem and -smaller 
by socialist policies, he declared, prance contributions than 
resuming his familiar attack on! W*jca<t. 

M. Francois Mitterrand, the! Nonetheless, the plan now 
Socialist leader, as a “ pyro- a 3reed is a bitter pill for the 
maniac masquerading as a fire- coalition—and especially the SFU 
fighter.’* ~ —to swallow. The Germans have 

The Communist parly whose ,on ? been justifiably proud of 
monthly economic and'political lheir sr,c,;i l security system. It 
review ha* already denounced : ^ as embraced nut only annual 

the Socialist programme as a _ 

recipe for “ a massive deficit. 

collapse of the franc and gallop- A TS ° 

ing inflation’’ saw nothing in f <S 

yesterday’s arithmetic to make it! XjLM&SJI C'sLf ^ & J. k- 
change its opinion. i 


BONN. Feb. 15. 

increases vhich kept pensioners 
well ahead uf inflation, hut in 
rvivni >vars actually meant pen- 
.-loners kept ahead of the average 
no-2 in wages and salaries. 

Under the new scheme, pen¬ 
sioners will receive an increase 
nf 4.5 per cent, next year, and 
then uf 4 per rent, in each of 
ihe two succeeding years. This 
should keep them ahead of 
German inflation rate* lcurrently 
per cepi i but compares with 
an annual 10 per cent, rise in 
re cent years. 

From the start of 1931. contri¬ 
butions to pensions insurance will 
be increased by 0.5 per cent, to 
1S.5 pi-r cent, of wage or salary 
(a contribution >iiaied equally by 
employee and c.npioyert. Finally 
:min 19S2. penstontrs will have 
t.i make a contribution to their 
sickness insurance. 


consumers alike to spend more, 
and it cites the 14 per cent, 
increase in domestic orders for 
capital equipment from the 
third quarter to the fourth- 

There should also continue to 
be benefits for West Gorman 
price stability from the bis-b 
level of the Deutscbemark, re¬ 
flected in low impurted raw 
materials costs. 

The disturbing parts of the 
picture, for the central bank, 
are the aftermath of the D-mark’s 
climb, shown by hesitancy of 
foreign customers and the threat 
to German exporters" profits, and 
no le*s. the threat of excessive 
domestic liquidity caused in pan 
by inflows of shon-term funds. 

Although the Bundesbank is 
concerned to point out these 
dangers to foreign critics of West 
German policy, it is also plainly 
exerting all the restraining in¬ 
fluence it can bring to bear on 
employers and trade unions in 
the 1977 wage round, now 
approaching its decisive phase in 
the crucial steel and- engineering 
industries. 

On the question of monetary 
developments, the report sounds' 
an unmistakable warning when' 
rt points out that central bank 
money, the aggregate fur which 
annual growth targets are pub¬ 
lished. rose between November 
and January by more than 15.51 
per cent, compared with the 
hoped-for S per cent 

During the period, the Bundes¬ 
bank acquired over DlllObn. 
more in foreign currencies, much 
of which found its way into the 
banking system, despite the 
measures taken in December to 
slow this process down. 

The Central Bank goes bn to 
issue a clear warning that 
although a high level of liquidity 
is desirable in creating the con¬ 
ditions for an upswing it could 
also unleash latent inflationary 
pressures. 


CONSERVATIVE leaders were 
last night expressing cautious 
hopes that the framework agree¬ 
ment reached between black and 
white political leaders for an 
internal settlement in Rhodesia 
could prove a decisive break¬ 
through towards an independent 
Zimbabwe. 


Mr. John Davies, the party's 
foreign affairs spokesman, 
described the news from 
Salisbury as encouraging. He 
said after a Shadow Cabinet 
meeting: “ The fact that agree¬ 
ment in principle between the 
three nationalist leaders and Mr. 
Ian Smith has been reached 
takes us an important step 
forward.” 


Shadow Ministers win now 
await further details of. the 
understanding before committing 
themselves further. They remain 
suspicious of the “ ingenious" 
formula claimed by Mr. Smith to 
have removed the stumbling- 
block over separate voting, roles 
and white representation, which' 
led to Bishop Muzorewa's earlier 
walkout from the talks. 


But he added the immediate 
qualification that the terms of- a 
constitutional settlement would 
have to meet the basic require¬ 
ment of the original Six Prin¬ 
ciples. that it bas'the support of 
the Rhodesian people, white and 
black. 


Nevertheless, they are hearts 
ened by the fact that the Bi£hop,- 
the most popular of . the intetnM 
nationalist leaders, has now lent 
his name to an agreement,*- as 
proof that be felt able to .sen ther. 
deal to his own African 7 sup-' 
porters. 

The Conservatives- are how 
likely to press the Government tir' 
lean on Mr. Joshua Nkomo—^and 
perhaps even Mr. Robert Mugabe" 
—of the externa] Patriotic Front 
to participate in the arrange-' 
.menis. This they believe would 
meet the vital requirement that 
any agreement must gain inter¬ 
national acceptance. 


’.: Although Mr. Davies has been 
frequently critical of the Gnv- 
: eminent’s apparent policy of 
•giving - priority to negotiations 
with the Patriotic Front, rather, 
ithah to the internal discussions 
-.in Rhodesia, a bi-pard Sah 
approach to the issue at West¬ 
minster has more or less helcL : 

But a sign of .the back-bench 
Tory pressure for an immediate 

; blessing for Mr. Smith came last 
: night as a group of! right-wing 
KP s including Mr. William 
•Clark, a former Party vice- 
chairman. sent a telegram ’ "to 
■the Rhodesian Prime, Minister 
^congratulating him and . the_ 

. other negotiators ' on".'* their' 
success. 

A' Commons motion to' that. 

' effect has also, been tabled..This 
'seems bound to gain, the .backing 
"of those Tories who have always 
strongly disliked the Anglo-. 
American initiative, in. the' 
-belief that Mr. Smith should be 
allowed to work things out 
.undisturbed. 



Vorster i 
welcomes J 
outcome t 


of talks 


JOHANNESBURG, Feb. 15.' 


__ .. -m gi ' W . African Prime Minister (abbi®35 r ' 

Nkomo says the fight goeson^ SlS^: 

- • ’ saying: that .South Arftea-Wft 

BY MICHAEL HOLMAN LUSAKA, Feb. 15. comed^^nyeffort.aimed at£nffii$'' 

a peaceful sdlation 'to^h^^.; 

THE AGREEMENT was bitterly We now have to get rid of the-babwe (Rhodesia) without the Africa’s problems..':. /v';^' : 
condemned in Lusaka to-night bv bunch of them.” . Patriotic Front will not tom>r H3s relatively eautibuff ^a^^; 

co-leader of rhe sueriila-bBeke'd Mr. Nkorao leads a guerillai peace to Zimbabwe. , . meat . was . the. ,0iUy . 

Patriotic Fronu Mr. Joshua army of at least S.000 trained' However, there.- has been reaction, and_ he^saii^tnai _agp- ’ 
Nkomo He declared- “The -vat and* at least as many in frequent criticism r »n the further commenton .. 
sees on." training, most of whom are based Zambian Parliament qf the con- Rhodesian devdopiueakr 

,. r . . , . in Zambia and Angola. .' sequences of- Zambia'V stttncU .be pre-matore. 

malters ^MuzoreJ* siSSi* S3 Jt is thought highly unlikely and in particular-the closure of “South Africa welcomes any - 


MR. JOHN VORSTEfL the-Sot 


BY MICHAEL HOLMAN 


goes on. 
“For me 


simplified 


mil to vc Mn-nrB-,-4 Cilhnldi inrl ■* 1 *« iJvUUl .HUW wnnuci iUW 

St, TV? the Salisbury developments, trade routes to the south. --effort -which could iead-to a. 
IW ? h ’ Hill change the attitude of the Members of Parliament and pea^fm solution . 6L Southerfi 

^.0lDGr tnCJi Alii COniknUC tile 7itt lhUn nAvamm»nt urhirVi Vine haVP artnifttl ■ *^1/ 


°; ..? ur nomei. *noo^ings or m ovemeot- President Kemaatlt, ing of cheaper , routes -to. the vbe sold after an hoiS-Iah" - 
civilians in so-called crosa-fire. Kaunda has frequently" 'con- couth is a national necessity, Pik-.’I(Bqtba, : -rtiw' 1 - 

Mr. Nkomo continued: “Smith demued the internal talks, .and Should the Salisbury agreement MjrusLer of Foreign Affairs. T«-. 

has won. in that he now has this last month told the Zambian prove successful, domestic news of 'the 'Sfa'Hsbtiry agreement , 

group assisting him to commit Parliament: “Anv negotiations pressure on Dr.; Kannda ^""wa'g broken to them during tltf'* 

crimes against the population, for the independence of Zim- likely to increase 7 . ineetifie.'' - * 


Irish telephone 
strike 


BY DOMINICK J. COYLE 


ROME, Feb. 15. 


Young warns on dangers of civil war 


still deadlocked 


By Giles Merritt j 

DUBLIN. Feb. 13. ; 

THE IRISH telephones and telex 
dispute this evening became' 
more senousl> deadlocked than- 
at any stage during the past ten. 
days of disruption. while 
to-morrow afternoon (be Radio 
elefis Eireann Slate broadcasting! 
system is also expected to be. 
blacked out by a demarcation ’■ 
row between journalists and pro-, 
ducers. I 

The telecommunications dis¬ 
pute now bringing commerce and 
industry to a standstill is being' 
diagnosed in Dublin as sympiq-j 
malic of a labour relations I 
malaise that afflicts both the! 
Irish public sector and such in-1 
stitutions as the Republic’s i 
clearing banks. ; 

In recent years, there have! 
been two crippling bank strikes.! 
There has also been a running! 
series of Post Office disputes.! 
persistent telecommunications • 
trouble and sporadic inierrup-. 
lions of service by RTE and the 
national airline Aer Lingus. j 
The underlying problem in _ 
almost ail these confrontations J 
has been unsatisfactory manage-! 
ment-iabour relations that have' 
been allowed to drift, according! 
to Irish analysts. ' I 

There i$ mounting concern in! 
Ireland over Lhe public sector’s, 
strike rocerd. Apart from the 
disruption to industry—the Con¬ 
federation of Irish Industry 1 
reckons ’that a sizeable propor-j 
lion of Ireland's £l0m. daily • 
exports are being affected by! 
the telecommunications chaos— 
the private sector is worried.' 
about being given a bad name! 
for strikes by the public sector. ; 

During the 1970s. strikes in! 
manufacturing industry have cost ■ 
an annual average or less than' 
150.00 man days, while public j 
sector disputes have cost at least 1 
five times that. This would have, 
been a great deal worse had it ; 
not been for the establishment: 
in 1970 of national wage) 
bargaining. I 


DETAILS OF an emergency 
economic programme f"r Italy 
and an outline political formula 
for associating the Communist 
Party i PCI i indirectly with a 
neiv government were completed 
to-day and sent to Liu- main 
Opposition parties with a request 
for an early collegial meeting. 

Sig. Giuliu AndreoUt, (he 
Prinie Minister Designate, has 
proposed a four point pciiticul 
framework which, he hopes, will 
satisfy Communists’ demand-, lu 
be accepted into a new Parlia¬ 
mentary majority, but not re¬ 
presented in th* Cabinet as su> h. 

This is the Communists' fall¬ 
back position after llie with¬ 
drawal of the part;. ultimatum 
for direct inclusion in the 
Government. Thh demand I-d 
to the resignation of Sig. 
Andreotti’s minority Christian 
Democrat (DCi Administration 
in the middle of last month. 

Sig. ’Andreotn’s precise offer 
to the Communists bus still to 
be thrashed out. However, the 
Prime Minister Designate'-* 
objective appears to be to limit 
the PCI involvement to a so- 
called programmatic majority- 

Sig. Andreotli said to-nmht 
that he warns the main opposi¬ 


tion parties to agree on bis 
propped economic programme 
before he forms another 
niino.iry government. Having 
signalled agreement, he would 
ospeu Communixi voting sup¬ 
port in Fjrlumeni in any con- 
fidt-nci; motion. He is also 
offering consultations on the 
sii'll 1 tore of juy new adminis¬ 
tration. presumably including 
Minbneria! responsibilities and. 
possible, candidates for some 
portfolios 

She. Andrenttt has also 
offered, as Prime Minister, to 
> onsult regularly with Opposi¬ 
tion part; leaders—including of 
course tin Communists 


Un the economic programme 
it'eif. Sig. Andreorti is insisting 
mat the enlarged public sector 
deficit in the current year must 
be held at Lire 24.000bn. 
‘L'!5bR.i. This is understood to 
be the tipper limit acceptable 
to the International Monetary 
Fund iJMFj. although far in 
excess of (he ceiling agreed 
originally with the Fund. 

However, the Prime Minister 
Designate to-night effectively 
confirmed earlier unofficial fore¬ 
casts th„t the likely deficit in 


197S. on the basis of unchanged 
policies, is likely to be about 
Lire Sl.OOObn.. and he indicated 
that about Lire:7,500bn. (more 
than I4.5bn.» would have to be 
found this year. 

Spending cuts, revenue buoy¬ 
ancy and a further improvement 
in tax collection would help, but 
Sig. Andreotti suggested that 
something over £2bn. would have 
to be raised in new taxes this 
year. 

The eronootic plan, promise* 
emergency measures »«i cut back 
Italy's growing unemployment, 
new investments in the de¬ 
pressed southern region, seme 
reduction in the indexation of 
pensions, refinements lo the 
country medical services, in¬ 
cluding higher contributions 
from some workers, and a pro¬ 
fessed determination to contain 
the level of increase in unit 
wage cost*. 

The Andreorti document does 
not contain specific proposals 
for gn incomes policy, but it 
puts considerable emphasis on 
the-need to contain wage settle- 
men ts this year and for the 
trade unions (a accept formally 
the principle of increased labour 
mobility. 


BY OUR OWN CORRESPONDENT 


; : UNITED NATIONS, Feb...IS. 


meeting.":.^.. ' % 'J.■£*: 

However, the Rhodesian" ; b*v / 
ternaf agreement pots the Sou® . 
African Government '•'•in 7 sbififc*'' 
thing of a quhndaryj The i_ 
lines of. the settlement, 
exclusion of the : external 
trf ■ the TtuJitant Fatxftitie-From'- 


MR. ANDREW YOUNG, who problem of armed forces.broadly concurred, with;"Mr: SSweitt?ciraSt 


MR. ANDREW YOUNG, who promem or armea torces.nraaaiy concurrea. wixn. sar. doulrtetf ^ ciosest 

represented the United States in Mr. Young said there was Young's reservations, its spokes-^’"comotadWPretoria 

the recent Vallena talks with evidence of a big commitment man observing that on. the Ms .|fa e to’, see in a nfladtaty-nfie^ 

the Patriotic Front leaders, said of Soviet weapons jp ytlie-of available information.. ^ Rhodesian regime 

to-day that the internal settle- guerillas. “So what you *ave. internal settlement “witt not. The internal setriemehtt-rrareU * 

mem announced in Salisbury done really has not settled .the. meet the requirements as we see sent ^ reiativeLv moderate eut: 

posed the risk of civil war in s * w h ^° D ; n 1 y° u " come; including thfr'mah whqm^- 

the country. a b.acs-on-biack civil watt; be "There are significant elements Pretoria hopes will ' {fOinmaMF . 

Mr. Youn|. the chief American «»}■ there wer^renorfa represented : by’ the - Patrionc mAjority support in the counhry^., 

delegate to the UN. said 1436 Front which are not included in Bishop- Abet Jiuzorewa. Bat- 

report of a deal came as a Jr,.?* HjL'uJ* their remains a very real dan@r 

surprise because only a day or African members might br# e these (the internal) discuss ions,. lhat tbe settlement wiir not 
two ago Bishop Muzorewa passed Rhodesia question to fte thct spokesman said, adding ^f-answer .south. Africa's two tm- 
the word that he did not intend Security Council again. 'a long4onn and durM)le .settle- priorities—^Jfr iiftins of W 

tc make any settlement that Jurek Martin adds from.Wash- ment must . provide -for att -«nctiQn S asamst Rhodesia a" 
excluded a resolution of the ingtoo: The State Department parties-”- the'ending of the guerilla w; 

/ flfWomtrUirit pnnfrPcrtimi Vmw 


Milestones in the search 


BY OUR FOREIGN STAFF 


Belgrade optimism fades 


BY REGINALD DALE 


BELGR ADE. Feb. 15. 


THE ATMOSPJ1ERE at (he 35- 
nafiooal European Security 
Conference here deteriorated 
again sharply to-day with the 
U.S. and the Soviet Union 
accusing each other of delib¬ 
erately obstructing efforts lo 
bring to a negotiated conclu¬ 
sion the talks 

The optimism which briefly 
flickered last night. Following 
the tabling of new Soviet pro¬ 
posals. quickly evaporated 
arter the USSR made it clear 
that II was prepared to go no 
further in two key areas or 
concern to the Western and 
neutral countries here—im¬ 
provement in east-west con¬ 
tacts between citizens and mea¬ 
sures to reduce mutual suspi¬ 
cions 


T5:c Suviel »icw. repealed 
here to-day. is that the west I* 
deliberately stalling by refus¬ 
ing (u give official blessing to 
those sections uf the projected 
final conference document 
which have already been pro¬ 
visionally agreed. The west 
says that it can only approve 
conference documents when it 
has seen the full picture oF 
what is. likely to emerge. 

With the conference now at 
its scheduled closing date, the 
west is still seeking a •* sub¬ 
stantive ’’ concluding document 
which would contain a fair 
assessment of progress on 
human contacts anil rights 
since respect of them was en¬ 
dorsed by the 1975 Helsinki 
Agreement. 


Portugal rail 
stoppage off 


THE AGREEMENT reached in 
Salisbury yesterday follows 12 
years of abortive attempts to 
reach an internationally accept¬ 
able solution to the Rhodesia 
issue in the wake of Mr. Smith's 
unilateral declaration of inde¬ 
pendence (UDI) on.November 11, 
19fls. 

1966: Mr. Harold Wilson and Mr. 
Smith meet aboard HMS Tiger 
off Gibraltar. Britain nego¬ 
tiates on the basis of six prin¬ 
ciples. including unimpeded 


Main points \ 
of- the deal 


/ 1 \ - •. . - Government spokesmen here; 

the search ' Main p01HtS \ stantive comment throughout 

MVW1UU . - r \ ^ negotiationsin Salisbury 

Hi* triP fipQl V between.’ Mr. Smith and the; 

three “internal" black leaders 

helps set up a constitutional • . . , —Bishop Muzorewa, the Rev- 

conference (in a railway THE EIGHT main points of vNdabanlngx Sithole. and Chief’ 
carriage on the Victoria Falls yesterday’s. Salisbury -^agree- Jeremiah Chirati. The only 
bridge) between the Smith ment are: • . a.. . .7 '.^v, ; fiajor statement, came from Mr. 

Government and a combined.. i—There .shiujt^T5»-58 ^Ybrster. who simply reiterated 
African-nationalist delegation; j n seat-assembly re- .thi, South African position that 

‘“SS® **** *gS™£‘ served'for whites for the first theN people of Rhodesia should 
JS-^TK 10 , a ?L- hmko iiiMuri 18 S**™ loitv/o general elec- sort nut their own problems. 
Jf'A d0 Nous whichever is the longer). o He ? ave tacit .approwti to the 


bridge) between the Smith 
Govcrnmeiit and a combined 
African-nationalist delegation; 
including Bishop Muzorewa, 
Mr. is^komo and the Rev. Sit¬ 
hole. ■ The talks broke down 
almost immediately. 

D76: 'pn March, constitutional 


He gave tacit .approval to the 


These' would : he elected Smith initiative, however, saying 


as follows: 20 seits by white that the Mlkv had-**the poten- 


negociations between the Smith- “ tera 7 Th e remaining eight rial to contribute;; to a sertle- 
Governnieftt and Mr. Nkomo . _ . __„ , ..j^. __ mpnt.'’ whiin tppnifip nosibon 


On a common roll but with can¬ 
didates restricted to 16 


meat,'’ while keeping his position 
open on whether the outcome 


uarameed pores’, ,o "tSdTpm. to Oo , 


By Jimmy Bums 


LISBON, Feb. 15. 
THE PORTUGUESE railway 
workers' union has called off a 
series uf stoppages which it had 
threatened for to-morrow. 

The union announced this 
morning (hat ir had reached 
agreement with manageihent 
over a new pay deal / 

This month, the union carried 
out a national strike in order to 
press the same demands. - But 
the cancellation of. a further 
round of industrial action, only 
three days after approval by 
Parliament of a new govern¬ 
mental stabilisation programme 
for the economy, is a victory for 
the Prime Minister. 


majority rule, an immediate 
improvement in the political 
status of the African popula¬ 
tion and progress towards end¬ 
ing racial di'rfriinination. How¬ 
ever, Mr. WiUon’s conditions 
for Rhodesia’s return to 
legality are rejected 
197Z: Mr. Smith and Sir Alec 
Douglas-Home, then Foreign 
Secretary, sign an agreement 
which would eventually lead 
to majority rule 
1972: Lard Pearce leads 3 com¬ 
mission to Rhodesia to lest 
whether the 1971 agreement is 
acceptable. Bishop Muzorewa 
emerges Into the political 
limelight, spearheading opposi¬ 
tion to the proposals. Lord 
Pearce finds that the agree¬ 
ment. ii, rejected by the 
majority of Africans. 

1975: South Africa, bidding for 
detente with black Africa, 


Kissinger, then U.S. Secretary 
of/State, hands Mr. Smith a set 
of.' settlement proposals. Mr. 
Smith, under heavy pressure 
from South Africa, announces 
that he has agreed to majority- 
rule in two years 

1976: In October, the Salisbury 
Government and the nation¬ 
alists meet in Geneva under 
the chairmanship of Mr. Ivor 
Ptichaid. the British Ambas¬ 
sador to the UN. There is 
deadlock 

1977: In April. Dr. David Owen, 
new British Foreign Secretary, 


lege of white MPs;.;.-; _ 

2—Entren chine At OF the 
eight y minority . safeguard 
clauses in the const!tution-— lor 


final solution.. 

South African miiitary sources 
iii Pretoria '■'are' confident that 
the settlement still.lead in the- 
medium term to a de-escalation 


at feast the first 10 years. Any of guerilla " activity although 


change- to these clauses must 
be approved by at. least 78 of 
the 100 MPs. 

3— A justiciable bill of 
lights. 

4— An independent public 
services board. 


there might be a? “short-lived . 
guerilla offensive eyeh crossing 
into South Africa. • 

They discounted any ne ed t of; 
a major reinforcement of troops 
along the Rhodesian border, say¬ 
ing they believed the armed wing, 
of the Patriotic Front tP.» 
disorganised and 1 incapable w , 
launching a sustained offeastv^" 
Observers here discount me 


1977: In April. Dr. David Owen, . -S—An independent judiciary, disorganised and 1 incapable « 
new British Foreign Secretary . 76—The prison service, public launching a sustained offense 

launched a fresh _ Anglo-Amfiri-'. service, . army,. andLpOUee be .Observers, here discount fh® 
can settlement initiative. ' '.maintained.“in a high.state of possibility , of a .-majority rul e 
1977: In November. Mr. Smith - efficiency- andrfrec of-political regimeinSalisbuty 
announces that he is to start interference.” threat to South Afrija-. 

separate internal settlement T— Rights of dual cftlzenship. point, to 'the .economic „ 

talks. 8—Freely remiltable pen- hold which Pretoria 

1978: in January. Dr. Owen bolds sons abroad Tot public service for the foreseeable. 
talks in Malta with the members with pensions from any government 
Patriotic Front. the consolidated revenue fund.' spread International r&Mgnuw 0 ' 


regime -m- z>hiu>uu[j ^ 

threat to South Africa-. They 
point to 'the economic 
hold which Pretoria -wtU-havC. 
Tor the foreseeable-futel* 
any government lacking . 
spread international refin#) 1 ™ 0 ' 


CZECHOSLOVAKIAN ECONOMY 


EEC AGRICULTURE 


New measures 


autonomy and boost efficiency 


Trying to bell the Bavarian cat 


BY PAUL LENDVAI 


VIENNA. Feb. 15 


MAJOR NEW economic policy 
measures, increasing autonomy 
in the economy and improving 
efficiency. have just been 
announced in Prague by Mr. 
Leopold Lcr. Miuister of Finance. 

The experiment, to be intro¬ 
duced for a three-year period 
tl978-S0). is claimed to embrace 
150 enterprises in industry, nine 
trading companies and -1 
research institutes with a work¬ 
force of nearly half a million. 

This means that'almost 14 per 
cent, of the labour force in 
industry and trade will be 
affected by the new experiments. 
In terms of value, the annual 
output oT the sectors involved 
amounts to 9 per cent, of the 
PNP and an estimated 13 per 
cent, of industrial output. 

This' is lhe first apparently 
significant development in plan¬ 
ning and economic policy-making 
since the Soviet invasion of 
Czechoslovakia in August, 196S. 
which put an abrupt end to the 
reform programme of Mr. 
Alexander Dubcek. 

In the 1960s. O.ech economists 
had been in the vanguard of 
reforms aimed at putting Com¬ 
munist economies on a self- 
supporting basis. 

Minister Ler Look care to stress 


that the experiments had nothing 
to do with what he called "lhe 
free play of market forces" anti 
added that they would rather 
enhance the roie of the five-year 
plan. 

Nevertheless, he revealed that 
the cun.panies Involved will he 
guided by a three-year plan in¬ 
stead of an annual plan, though 
fulfilment of the targeis will be 
assessed both for the period as 
a whole and for each year. 

Wages will be no longer geared 
to the fulfilment of gross produc¬ 
tion targets since that tended to 
make factories more interested 
in producing goods with a high 
material content. 

Henceforth, ibe basic wage will 
be determined by (hi nef produc¬ 
tion results. 

Tbe Minister added a similar 
yardstick was also introduced on 
a trial basis in certain' Soviet 
enterprises. 

The share of new products v ill 
be taken as one of the additional 
yardsticks to measure (he actual 
performance. Quotas will alsn be 
set lor supply to the domestic 
market, for exports and for 
capital investment projects. Pricy 
policy trill take into account 
high qnalily while producers of 
obsolete products of goods of 


inferior quality 'will be put at a' 
pricing disadvantage. 

The Minister also stressed that: 
the experiment will pw> great 
attention U» the competitiveness 
in foreign trade. 1 


In the last two years, the Czech! 
economy failed Hi meet fully the I 
planned growth targets. 


Mr. Lor revealed last October 
in Parliament while presenting 
certain changes in eurnpany taxa¬ 
tion. that these measures would ; 
increase lhe financial resources j 
of the enterprises which as of | 
this vear will be able to cover j 
L'l per cent, nf thetr financial j 
needs as against the previous j 
24.7 per cent. 


Though many crucial details; 
about the new experiments have ' 
nor yet been divulged by (be! 
authorities, the announcement 
itself indicates a certain success 
for tite more moderate, teebno- 
cratiominded functionaries in 
the top leadership. For a ton? 
time, the?.' have Hprh pressing 
Tor a more forward-looking 
policy and the greater utilfcarinn 
of economic levers in Irvin2 10 ! 
improve the general economic, 
situation. 1 


THERE are those within the 
European Commission, it seents. 
who are out to hell the “Bavarian 
cat" which, they claim, is under¬ 
mining the common prices pulicy 
in agriculture. 

The ’'Bavarian cal” referred 
to is Herr Josef Ertl. German 
Agriculture Minister and Free 
Democrat member in the Bonn 
cabinet who champions German 
farmers in Brussels. 

Some Commission officials 
candidly admit to this campaign 
of inspired leaks purporting to 
demonstrate bow Germany is 
pushing European food prices 
higher to protect their own econ¬ 
omically inefficient farmers.' 

They even claim tbe tacit sup¬ 
port nf Herr Helmut Schmidt, 
the West German Chancellor. 
Others deny that there is a cam¬ 
paign but admit that the Com¬ 
mission is providing ammunition 
fur anyone who might waul to 
start one. 

There has been a series of Com¬ 
mission statements and proposals 
on a % ri monetary reform, a cer¬ 
tain amount of lobbying by EEC 
Commission officials and. this 
week, a Commission report on 
the economic effects of the 
asrimonetary system- 

This is the complex system by 
which common prices, expressed 
in agricultural units of account, 
arc translated into national cur- 


BY MARGARET YAN HATTEM IN BRUSSELS " r " 

re.ncies by means of “ green" ing member states — Italy, direct pressure'on' ihe Germans' indst \ notably'; ^ 

exchange rates, the difference France. Ireland and the U.K.— and no one, (east of all~Mr-FlatdlQ-a. p er:. eeqt.*K ^4. 

between these and normal have dropped sharply- Adjust- Olav Gandelagh, the Agricultural-to’ '“5;. . 

foreign exchange rates being nients to green currency rates.- Commissioner, is keen to ta ke o n ~veal . pef- ft Lj •"*?b 

made up bv monetary eompen- however, have trailed a long Herr Josef--‘/Ertl, the ‘ Gernfea_t»n.t3- aid--.maize ro - r ’ 

satorv amounts (MCAsi. way behind these movements in. Agricultural Minister, and doyen, per - cent L • 'V; 

The renort. which includes 100 re ai exchange rates. of Europeai. farm ministers’alid--\Thje , - 

stltlVfu^iX!^ ‘doer lot Put crudely, this means that 

actually say anything new but it common prices expressed in Hence the latestr report wWcb no L.-5 1 ®S°.. ;r- 

does present in the greatest agricultural units of account, nofl trej ct. -satyges. .ax ^po rti ogate: ; 

detail so far the Commission’s have risen with th.e currencies GernMy pr^dra ■ a-fw wd 

case for dismantling the system of the affluent minority, sup- '* or , t J l£ ® e 'T h ,? 1 ■% 

of .MCAs vvhich. it says, helps ported in the weaker currency ■ 

distort trade and production countries by a battery of expen- 

trends. 3nd over-prolects the sive artificial mechanisms. MC.Vs t ^°T lS added_ 4^ per rent- t& - 

agricultural sector from the alone last year cost tbe Coro- 

normal effects of monetary munity around 1^2bn. units of ?>R 0 f U ^!l D 

chances. account. tracting. 28.JB per cenu. from, depending.’*n .wne^er tn«y « 

The fundamental problem, as The answer, as put forward A 1 

the Commission sees in is that repeatedly by tbe Commission, 'minihwV 

the common prices guaranteed is to phase out MCAs by bring ^ a y !i 

by the Common Agricoltural ing green rates back to parity !>» “ 0 !2J w ^ 

Policy are consistently too high with foreign exchange rates, and • 


from the alone last year t 
monetary munity around I. 
account. 



Policy are consistently too high with foreign exchange rates, and l *^ p f r . nnw 

and that the aenroonetary to drop the agricultural unit of B 4 t 10 ^ titnc.^erman pn> 

system, being tied to the account (AUA) together with a nd _e xporte to other , 'rlndMere>h t ! * 

stronger “snake’* currencies, is the fixed rate unit of account ErEC - members rose 

consistently driving them higher. (UA). in favour of a European dld lts ^ be doo* 

The agricultural unit of Unit of Account (EUA). else If efficiency. ^ 

account is a fonnttla based on None of tbe states has Genaaays ; sha re Of^ 

the currencies of tbe European received these proposals with c0 ? In ,^°| ty 

joint float or ” snake " which in- enthusiasm but the greatest almost twyeWn " ' ''' ■*-'*>' 

eludes Germany. Beoelux and resistance comes from Germany, sector out mostnowmy in miiK 

Denmark, whose combined whose undervalued green and-fresh ■ mTvrim : BBS 

weight in community production Ueutscheraark allows it to pay 6*^-.-per. : cent); Putter. sev^alT”, 

and trade is less than 50 per iw fanners about 15 per cent, to 1SB .PH"’ COOL) ana cneese^noadiiL_ 

cenL more than the Community (13- 3 to.18.2 per.cant). 

Since the 1971 dollar crisis, average. Gennaa- self-snffidi^p^,; 

these currencies have appre- As much as it might like to, measured_ betw?»n-. M68; an^- t^ 
ciated while those of the remain- the Commission cannot bring 1976, rose! In almost all secttnai, 




sE>. ■ •/ r »*J. J--, 

















February 16 1978 


NEWS 


ounces 

‘•'itNfp 

;isures 

Upward - 

3VGTON,. Feb.! 

^ BENT .-jno?es ~: t®" 
sg a fall in interest 
SG|'‘--to- provide easier 
fpBV the private sector - 
^^tiooiieed,; by. .New 

f^JPjctafc Wtaae^xMi; 
e Sw Woob,t(Wligllt- , J 
~*£lnde .pecmlssion,lbr 
ante .= aid ,:«vtes^. 
y ratee tter ^Hm^TOB 
) (Vans front 1 per cent 
I'eent- of the bank’s 
, sits, a reduction Itf 
iuneat security' ratio 
\ finance companies 
give them ah extra.. 
Ijjfjor investment, and 
J ul‘e release of more 
.iik funds as a source, 
j'ji ,n?£be private sector. 
J I udoon forecast Uwt. 

1 . Id's inflation will fall 

also - helping to - 
erest rates. The 
' I been. billed by Mr. 

1 himself as “very 
■ '■. to New Zealand's - 
It was the reason 
the Prime Minister 
art his visit to the 
iatith heads of 
it regional meeting 
' la. .. Mr. Muldoon 
■ the first two days at 
.. rente and declined 
Prime Minister 
\ laser’s invitation to 
in private talks, 
loon and Mr. Fraser 
. ed and even clashed 
‘ t over various poll* 

. : les. 


'i[i* 


bodia 

*ed 

1 Nations 

NGKOK, Feb. 15. 

TO-DAY accused 
' of executing several 
. Cambodian Com- 
vfao returned from 
' a series of purges 

eliminating pro- 
e cadres inside the 
1 Communist party,., 
ort came in a com- 
over Radio Hanoi 
*Ued a direct attack 
Mia’s domestic policy 
by excessive xetto- 
ilgoled- nationalism 
k-val rural mentality, 
ort claims that these 
•ve provoked internal 
nd mass opposition 
Cambodian people 
gainst Phnom Penh’s 
n. 



Eiikuda to visit U.S. 

talks . 
economy 

• TOKYO. Feb. 15. 

P ^?^^ S ^SS e ^‘ u JS? a He reported that Japan has 
Si? decided on extra imports of oil, 

ton CT metime .befote^ July to uranium and Farm products 
Japan and the U& worth about SI bn., and that 
can do for the gbod of .the . world negotiations were underway in 
. ... Tokyo with an EEC delegation in 

^Sf^N Spefl -5 Ipg J2.J5 C an °tber effort to settle trade 
Japan Press club, said worldwide problems 

Minister Fukuda also 
worse f 31 ^ tfl * s summer’s summit of 

rre^ ,eadin S non-Communist industrial 

- e UtS ’ Japan nations would fail unless talks 
B° in S on between Japan and the 
thi df? EC ^med at cutting. Japan’s 
f reducing huge trade surplus were con- 

rts trade surplus of more, than eluded amicably 

. 11x0 **““”*. Probably in Bonn 

SKH* ^ • ™W DOl succeed 

more w ! th out prior Japanese agreement 

S?fl^ears P he^:- f ® mW Ae u U S - ^ Common 

<™i-T?Q r M Market, he said. Japan's ustl- 

SPSfiO^d, Should mated trade surplus with the 
correct.. its EEC last year was $5bn. 

TF* 1 ** detect by Preliminary talks with the 
.9 1 Common Market began in Tokvo 

sports to -help stabilise the on Monay and will be followed 

dollar, _ and other world by higher-level talks next monlb. 
currencies. Agencies 


i. published did Ik rtcept Sim- 
rt. U-S. kab*CTlotiOB £ 200.00 
•n.OU lair itwili per sonora. 
ose paid ai New Vnrlc^N.V. 


Deski callirfor N-ban 

• BOWRAL. Feb. 15. 

Prime Ministerjjtorarji earlier this decade bad been 
called for M , end made ** to create impression," he 
to the testing of nuclear yeapons said. 

and pledged his country, .would Conference sources said to-day 
not make such devices itself. the Commonwealth leaders had 
Speaking to reporters after a afiree F 1 10 create stu d J' groups to 
conference of 12 Commonwealth ^mine irade and international 
leaders from Asia and; the lra lacking, as well as the 
Pacific region, he said huelear an i , ' , . 0I 7 orIin 1 I ? Programme, 
power must' be used for peaceful Details will be given in a corn- 
purposes. ' •JV-. munique to be issued at a final 

,, _ . ;■ . ' 'ri~ . session in Sydney to-morrow. 

come’ The w >mimiiiiqiie would place 

come to Australia to boy.ariy of ma j 0r emphasis on regional 
its huge uranium reserves..^. • economic problems, the sources 
India is now . getting" its said. Consultative groups would 
uranium from the U.S. andjfeavy be set up to report on the 
water from the Soviet UniqjL He problems and development of 
said India would not makd-nuc- alternative energy resources and 
lear weapons. The first aiidponly trade within the region. 

Indian . nuclear weapon&> test Reuter 

. -- 

New look foiSPretoria Ministry 

BY QUENTIN Pm. ’ ”1;: * JOHANNESBURG, Feb. 15. 


the Department of Plural Rela¬ 
tions and Development 
ou The pa ra I lei Departmcn t o f 
Bantu Education has already 

_ . . . „■_^,,-^^ been renamed the Department or 

^“' Education and Training, not to 
departme^ fa? be Confused with National 
black affairs.. . .. .,. .Education, which is the version 

Dr. Connie Mulder, the: } neyrfor the white population. 


Mixed Cairo reaction to F-5 deal 


BY ROGER MATTHEWS 


CAIRO, Feb. 15. 


Brezhnev in 

anti-Sadat 

discussions 


MOSCOW, Feb. 15. 


THE DECISION by President whether President Carter is the first time that F-5Es have do provide evidence for the mili- 

Cartcr to seek Congressional willing to exercise any real been supplied to an Arab con- tary that Mr. Sadat’s peace 

approval for the sale or 50 F-5E pressure, on tnc Israelis to frontation state, as Jordan initiative has at least produced 

fighter aircraft to Egypt has make significant concessions, already operates them. some hardware. This is partieu- 

bcen greeted by ofiicials here and indeed whether such However, the F-5Es will be a larly relevant given £g>TJt’s A PROMINENT MEMBER of the 

with both satisfaction and pressure. « it came about, useful addition to Egypt's ageing anxiety over the' aims of the Libyan leadership. Major Abdel- 

scepticism. would prove effective. % They fleet of mainly MIG fighters sup- Soviet Union in the Horn of Salam Jalloud. to-day briefed 

Satisraction, because this is als o P oint out l °' Jl lilis 'is not plied by the Soviet Union and .Africa and the ever-present Soviet President Leonid Brezhnev 


the first time that the U.S. has 
aceeded to Egyptian requests 
for offensive weapons and at 
the same time docs indicate a 
willingness to take decisions 
that clearly offend the Israeli 


Problems for Carter in Congress 


BY DAVID BELL 


WASHINGTON, Feb. 15. 


threat of further hostilities with °n Arab moves to counter 
the Libyans. Egypt's peace initiative towards 

Preparations are meanwhile Israel, 
being made for the return here Major Jalloud, a former Prime 
shortly of Mr. Alfred Atherton. Minister and now a member of 
the U.S. Assistant Secretary of the ruling secretariat of the 


Government. Scepticism, lie- INITIAL REACTION to Presi- already begun urging Congress Slate, at the start of a further Libyan People's Congress, also 
cause in the words of President dent Carter’s decision to sell to stop the sale. Mr, Theodore attempt to bring Egypt and Israel discussed the Somali-Ethiopian 

Anwar Sadat The F-5E “is a advanced U.S. aircraft to Egypt Bikel. chairman of the American closer together on ’a declaration conflict, Tass news agency 

tenth-rule plane” compared with and Saudi Arabia 10 -day under‘Jewish Congress, said that by of principles that would govern reported. 

the much more sophisticated lined the serious problems that selling arms to the Arabs the UJS. Middle East peace negotiations. The Soviet authorities 

and longer-rangc F-15 and the Administration is going to has gravely compromised its role He is likely to make several trips announced earlier this week that 

F-16 that are being sold to have when it tries to persuade as a mediator in the current between Cairo and Jerusalem, the Syrian president Hafez al 

Israel and will have no effect Congress to approve the sale. Middle East peace talks. but if. as is widely expected, he Assad would be visiting the 

on the strategic balance in the The Admi nisi rail on is not However senior ofiicials. in fails to make significant progress country soon. 

Middle East. expected formally to notify anonymous background briefings, then the visit of Mr. Menahem Tass said Major Jalloud 

But there is also a much Congress of the " S4.Sbn. deal made it clear yesterday that they Begin. Israel’s Prime Minister, to informed the Soviet leader about 

more deep-seated anxiety about which would give Israel far see the sale as a package. One Washington next month will take the decisions of a recent Ibree- 

thc American role in the search fewer aircraft than it requested warned that if Congress moves to on even greater importance. day summit of Arab leaders 

for peace. Despite Mr. Sadat’s and the Saudis ail the sophisti- block the sale to either Saudi It may be at this juncture that opposed to the Egyptian moves 

apparent satisfaction with his cated F-15s they want, until Arabia or Egypt tbe Administra- President Carter will decide on in Algiers to co-ordinate their 

recent talks in the U.S. many after Enster. ’ tion might well withdraw its pro- a summit with Mr. Begin and 'opposition. 

Egyptian officials openly doubt Leading American Jews have posal to sell aircraft to Israel. Mr. Sadat Reuier 


A.MAJOR; element:in the 
African Government’s 
to the wave of black 
and unrest in urban 



Sudan gambles on rapid development 

BY LORNE BARLING, RECENTLY IN SUDAN 

THE DASH for development in means of a siphon under a major While growth has been concen- Into this swamp the White 
tbe Sudan, Africa's largest river. trated ou schemes sucb as Rabad Nile carried nearly 30m. cubic 

country and touchstone of Arab Nevertheless, cust over-runs of to' provide a relatively quick metres of water a day. but due 
aspirations on the continent, is this type have contributed to return on capital, that income is to evaporation only 15iu. cubic 
a bold gamble best exemplified severe short-term ccunomic prob- being continually held back by metres emerges in the north, 
by tbe launching of its latest lenis in the Sudan which could road, rail and port bottlenecks. The idea is to build a 175-mile 
ElSOm. farming project. have been avoided iT some early fuel shortages and now tbe canal from Jongici. at a cost of 

The Sudan lias unique expert- returns • from agricultural worrying shortage of labour. nearly £100m.. by-passing the 
ence of vast schemes such as schemes had been available. At Rabad also bas its own vast swamp and providing enough 
this. It is already operatin» the present tbe country is on the infrastructure of more than 800 water to irrigate a further 15m 
world's lar n est farm at Geziru, brink, with foreign debts of at houses. IS workshops, schools, acres of land, 
an enterprise which underpins least fl.Sbn. and debt servicing clinics and 100 miles of internal The political and ecological 
the country's cconomv by produc- obligations, estimated at 40 per roads (an £18m. contract was reactions to the plan have been 
in” 75 per cent of its main cent, of net export and invisible recently awarded to McAipines of considerable, with student riots 
export earner. hi"b quail tv earnings. the U.K.) which must all come in the southern capital of Juba 

cotton. * 3 ‘ Unfortunately, a* the crop into operation in the right as a result of rumours that 2m. 




subsistence for at least 100 000 ne;,r ,hnt number can be found, under the direction of held desert and dry up Kenya. Standard Oil of California is 

people directly involved ' The Rahad authorities have in inspectors who will control crop It is officially accepted, how- now drilling a 200,000 square 
Unlike Gezira which des P erat i° n . lo persuade ro .L alJ ?, n : .. see 9 . supplies and ever, that a population of about mile concession in the area and 

initiated 
25 years 

« y '« aS tbe cotton crop but "this""has . Their activities as fishermen and discovery could create unrest in 

rrom almost 5 everr country**!" failed. Despite considerable in- _The key factor for invest men ts eartle farmers will be limited as the southern region, which was 

Europe, the"" 
and many 

pated, but many problems 
remain unresolved. About half 


h? 1 .. ,c JJj refugees who have lied from the overall policy but there are Tears 750.000 nomadic people of local Uie prospects of a commercial 
10 ^ war in Ethiopia (climated at up l b al plots of this size may he too tribes will be faced with a great discovery are rated at better than 

rs to reacn mu non in i»-a. t0 | m j n tbe Sudani to bring in f° r one farmer and his change in their environment, fair. At the same time such a 

uas ^tbe cotton crop but this has , . , . . Their activities as fishermen and discovery could create unrest in 

Con y^ n1 ^ failed. Despite considerable in- The key factor for investments cattle fanners will be limited as the southern region, which was 

rLJJ 1 centives, it is now questionable of lfus k,nd and tbe country s wa t e rs are diverted away from recently granted autonomy by 

H?"*? whether the country's total future as a whole is the supply pastures and smaller rivers. President Nimeiri following 

othws have partiu- p 0 potion of onlv I7m_ spread of water front tbe White and These objections have appar- years of civil war. 

t many problems . - rt„o Niloc Thp rnnntn- nnw o ..j _ 


over 1.6m. square miles, can 


. i __ .. . ... . Blue Niles. The country now e mly been rejected as less Although the Sudan clearly 

h« support projects of this kind abstracts a daily volume of important than the great oppor- has vast potential and is seen 

without extensive mechanisation. w - 5iu - cubic metres of its Nile tunities that an additional fiow bv the Arab states as the ideal 

»MM> C A U r n !i r ifwi!!!>in!l C tki cJ.riln Equally problematic at Rahad water allocation of L0.o cubic 0 f water will provide and a example of a successful partner- 
p0 L y r„^ is lack of power rrom the Sennar metres, under agreement with French engineering concern, ship in Africa, investment by the 

Arif*? dam which, due to chronic EsJPt- The remaining volume Coinpagnie de Constructions West bas clearly been deterred 

showpiece tor me rest of Atrita. S b or (ages .-all over the country, is earmarked fur schemes such Internationales. has already by the lack of results so far. 

Although the cost of construe is providing only half the needs as Rabad. started work on the canal. Initial ir projects such as Rahad and 

tion has nearly trebled in five nf the cotton ginnery. Like the Further development in the development of 250.000 acres is the many others now planned 

years as a result of inflation and whole infrastructure of ihe far south is therefore dependent envisaged, due 10 limited Govern- eventually prove successful in 


Muurter responsible for thg.- In bis announcement. Dr. j other problems, the sheer uiagni- country, jjbwer supply i$ creak- npan one of the most ambitious uient resources. producing agricultural products 

Government's policy toward? the $(uldcr-said that Uie new, name [ rude nT the endeavour remains ing unde it the strain of develop- and controversial projects in Although total funds amount-at competitive prices. Western 
black population jn South Afnca.^vps jp improvement of the old j staggering. More than 3.600 inent—which - has caused a Africa, which wilt reclaim 4m. ing to S6bn. are being made investors will perhaps have a 


announcod that hts Departmeht^tjfccaufee It contained no connota- 
oi -Bantu^ Administration arid.tions of colour and was positive in 
Development was to be renamed: its'.iraplicatfons. 


miles of canals and drainage vicious cjreie of investment acres or swampland in the available through the Arab change of heart. But by that 
systems have been excavated creating*the need for even more desolate Sudd region in rhe south Authority for Development and time ibeir opportunity’ could 
with the main canal passing by investnjom. • of the country. Agricultural Development, to have passed. 



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F&mia Tins® Thursday, 




IMERICAN news 


in 

revenue- 


economy 


By Joseph M ann 


CARACAS. Feb. 15. 
THE VENEZUELA* Guicrn- 
mrin. aflfCJi'i) by J 3 . 73 : 11 ” de¬ 
mand i't*r petroleum in re evil t 
weeks vn ii* ehier cipurI rr.ar- 
lu-i.s. is new facing ihc chal¬ 
lenge of a sharp tirop in oil 
revenues for ihc current year. 

President Carlos Andres 
Perez and iiis 51 i 11 istcrs dis¬ 
cussed the '-.roMr*ni al length 
yesterday during a Cabinet 
race tin". Afterwards. ihc 
Finance ’’inKier. .Sr. Luis Jose 
Siha Luongo. slated that (he 
goiersimeni hurl Ihe situation 
“under cunlrol." i.ul added 
(hat he saw no row. cry in oii 
sales until aNcr June. 

Howeier. sources ill the 
petroleum industry here were 
more pessimist ie aboui (he 
uues^/n. and ■said that ilie 
Co - , ernment would face a 
*’serious” decrease in reren- 
ucs this year. 

Statistics released by the 
government last weel.end show - 
fha: Venezuelan crude oil pro¬ 
duction between January l 
and Fcl-.rstary S was l.Tlnt. 
barrels per day. representing 
a drop of 27.3 p*-r cent, from 
thal in the equhak-ni period 
Iasi r. 

The got enimi'nl has based 
ils budget for 1277—now esti¬ 
mated ai about Sl0.2hn. on 
average «rri:i!- eil 111 oduclion of 
about ZJtiii. b/d. 

38m, awhile. ih» government 

is in ihc pn>rvs> of intis'emoni- 
inx the most ambitious and 
cosilv dev elopni'Mi programme 
in Ilie JiiMcry *.»r the country, 
now ever, a regular flow of 
petroleum revenues is I he 
main soar re of funds Tor the 
programme. La.* ..cur alone, 
oil receipts provided the Gov- 
ermiK'i]: will* ulsiosl ihree- 
iiuariei'n of it- regular luc«r.ie. 

Vcni , ..ue , .an ;H::ndvii::! ex¬ 
ports to the l-. 1 *. vesti— 
iraditiuimily ih : ‘ most ini por¬ 
ta nt market Tjt Yeitwu^lau oii 
— have hei"i luulervut :«*ceiiily 
Iiv oil sid:! i'.i dlscMliiSi hv ait- 
oiher 0?sit r.ieiaber. oil in¬ 
dustry i-:i-Celtics said. In* 
formed smu'.fs here '■aid that 
Venezuela is now facing a situ¬ 
ation where ii must also di>- 
roun! in order to sell more oil. 
or accept revenues consider¬ 
ably Sow-r than national de¬ 
velopment plans require. 

As a stiiunch defender of 
OPEC, pricing policy and a 
founder member of the arjia- 
nisaiien. Venezuela has re¬ 
fused (o sell oil at .1 discount 
mi a regular basis, and is mar¬ 
keting its crude and refined 
product* at f)?KC prices. 

If the present sUuallnn 
abides. Venezuela will face » 
sharp dron in oil revenues this 
year, ao oCicrai estimate? 
have been published yet on 
how much revenues could 
drop. 

Thus far. the government has 
taken the position that oil 
exports will improve later in 
the year, and that sovernineuf 
spending plans will not be 

seriously a live led. 

The Finance iliinister .<1 alert 
in an interview published on 
Tuv-sriav that some “adjust¬ 
ments”* would he ms tie In “low 
priority” gov or 11 ment pro¬ 
grammes. if thal proved 
necessary. 

He stressed, however, that 
“government programmes in 
priority areas such as educa¬ 
tion, health, production and 
const ruction of basic infra- 
structure will not be affected.” 


Coal employers yield to 
pressure for new pay talks 


BY JOHN WYLE5 


NEW YORK, Feb. 15. 


U.S. . 11 INING employers agreed 
to resume peace talks to-night to 
irv to end the 72-day coal strike. 
Their decision followed White 
pressure prompted by 
iheir rejection earlier in the day 
of an appeal from President 
Carter rW fresh negotiations. 

While the miners’ union 
rapidly .'.-reed to the request by 
the Present for another attemp*. 
lo end the deadlock, the 
employ;r# remained silent, at 
first, then sent a blunt and un¬ 
compromising letter to Mr. Ray 
Marsh:: 11- Secretary of Labour, 
ahich in effect turned the Presi- 
denl iIovt*. 

This brought a swift behind- 
the-scenes response from White 
House and Mr. Marshall, 

which resulted in a mid-day 
an noil nee. stent by Mr. Jody 
Powell. ;-ve Presidential spokes¬ 
man. that ihe employers had 
changed their minds and would 
meet ihc union in the While 
Hmi'c to-night. 

Mr. pi.vell indicated that the 

Bilum in-ms Goal Operators 
Assouani-ihad set some condi¬ 
tio ns for resuming (he negoila- 
tir.ns vh.cb Mr. Marshall had 
been able to satisfy, hut he 


declined to say what they were. 

The stern language of the let¬ 
ter which the association initially 
sent to Mr. Marshall this morn¬ 
ing suggests that the Aduninstra- 
tion had to exercise strong 


Industrial production de¬ 
clined by an estimated 0-7 per 
cent, last month—the sharpest 
drop since -a 0.9 per cent, 
decline in March, 1975, AP-DJ 
repons from Washington. It 
was the first decline since a 0.4 
per cent, drop in August, the 
Federal Reserve said. 

The Fed blamed “ severe 
storm activity, cuts in anto 
production and a redaction in 
coal ouput because of the 
strike.” The Fed said that, 
with the decline, the iudex of 
prndnetion hv U.S. factories, 
utilities and mines stood at 
138.6 per cent, or the 1967 
average, up by 4.$ per cent, 
from that of a year earlier. 


persuasion to achieve the em¬ 
ployers’ volte-face. 

The coal operators said the 
President should first deal with 
(be Uni led Hlneworfcers Union 
which, they S3id. vra» responsible 
for the present impasse after its 


bargaining council's 30-6 vote 
against a proposed agreement 
last Sunday. 

Referring to rebel miners’ occu¬ 
pation of the union's Washing¬ 
ton headquarters last Friday, 
which delayed the council’s 
meeting, the employers said they 
would not discard the results of 
four months’ “hard baraaining 
merely because a “ crowd of row¬ 
dies prevented a lawful meet¬ 
ing.” 

As far as can be established, 
the union has not yet spelled 
out which aspects of the pro¬ 
posed agreement it is objecting 
to. 

Militant strike leaders, how¬ 
ever. are campaigning against 
clauses which would punish wild¬ 
cat strikers and diminish health 
and welfare benefits. 

Whatever the outcome of the 
negotiations, it now appears cer¬ 
tain that an end to the strike 
will not come in time tn prevent 
disruption of industrial produc¬ 
tion in parts of Ohio. Indiana, 
and West Virginia! where elec¬ 
tricity supply companies are 
being forced to cut their output 
beruuse of rapidly dwindling 
coal supplies. 

Men and Matters, Page 20 


Ifearp decline in retail sales 


BY OUR OWN CORRESPONDENT 


NEW YORK, Feb. 15. 


A SUBSTANTIAL drop in retail 
sales last month in the U.S.. 
cuupied with a continued weaken¬ 
ing of the dollar and uncertainty 
about the future of the coal 
strike. to-day helped to plunqc 
the largest U.S. stock market to 
its lowest level in 34 months 

today. 

At its close this afternoon, the 
Dov-./ones industrial average of 
the New York Stuck Exchange 
stood at 761.69. The previous 
low for this year was recorded 
on January 2B when the index 
. closed ai 763.34. The last time 
11 was lower was on April 8. 
' 1975. when it ended the day at 
; 749.22. The malaise also 
i afflicted the American Stock 
| Exchange which was off OJL at 
123 46. and the over-the-counter 
' market where the Nasdaq coin- 
! posite index was down 0.22. 


Volume on the NYSE was 
moderate at 20.1m. shares, and 
S23 issues showed losses and 4S4 
showed gains. Prices begun to 
fall in early trading on the news 
that the coal industry employers 
bad at Sot rejected President 
Carter's appeal to resume nego¬ 
tiations. The index then started 
to recover when it was learned 
that ihn employers would nego¬ 
tiate at the White House this 
evening. 

Then other new? took the 
index down to a loss of 3.47. 
which means a decline oF 12.74 
in the Iasi two days. In mid- 
afternoon, the Commerce Depart¬ 
ment announced that retail sales 
had dropped by 3.1 per cent, last 
month to 3 seasonably-adjusted 
S60.07bn.—the biggest drop since 
October. 1964. Harsh winter 


weather, which has afflicted 
many parts of the country since 
the start of the year, was un 
doubtedly a factor in depressing 
the January figures. The 
weather, plus an almost certain 
softening of ih'e' market, has 
slashed car sales, which fell by 
6.3 per cent, to -a seasonally' 
adjusted itilJbn.. Excluding car 
safes, retail sales fell by 221 per 
cent, lasr month. . 


The dollar has again become a 
big preoccupation on the Stock 
Market since the week-end trip 
to Europe by Mr. Michael 
Blumenthal. the Treasury Secre¬ 
tary. In New York trading to-day, 
the U S. currency weakened 
agairat the European closing 
prices of the Deutschmark, the 
yen. the Swiss franc, the French 
franc and sterling. * 


Guyana shuffle 


Mr. Rashleigh Jackson, the 
Guyana permanent represen¬ 
tative to the UN for the past 
six years, has been named the 
new Foreign Minister, our 
Georgetown correspondent 
writes. He succeeds Ur. Fred 
Wills, who resigned on Monday 
for medical reasons. The Jus¬ 
tice portfolio, which was also 
held by Mr. Wills, has gone 
to Dr. Mohamed Shahabud- 
ileen. who retains his post as 
Attorney-General. The number 
of Cabinet ministers has in¬ 
creased by one to a total of 
24. A new UN ambassador is 
Id be named shortly. 


J«t fighter inflation 

The estimated cost of the 
F-14 jet fighter for the UK 
Navy is climbing by more than 
45 per cent, to $29.7m. each, 
according to Defence Depart¬ 
ment sources, as quoted by 
AP-OJ in Washington. They 
said that a quarterly report 
will show that the cost of an 
F-14 i*s up by about S 9.3m- 
The price of an F-18 fighter— 
which ihc Defence Secretary, 
Mr. Harold Brown, calls “a 
low-cost complement to the 
F-14 ”—is rising by about 
523m. to SISro. each. 

Meanwhile. Ihe Defence 
Department has told Congress 
that it intends to sell Indonesia 
16 Northrop F-5 jet fighters 
for an estimated 5125m. The 
proposed sale, which Congress 
has 30 days to disapprove, 
wonid include 12 F-5E Tiger 
jets and fonr F-5F two-seater 
trainers. 


Ex-CIA agent sued 

The U.S. Government sued 
a former CIA agent. Mr. Frank 
Snepp, yesterday for the money 
he has made from his book 
criticising the Central Intelli¬ 
gence Agency, Reuter reporls 
from Washington. The com¬ 
plaint. tiled by Ihe iu<tice 
Department in a federal court 
id Virginia, charged Mr. Snepp 
with M unjust enrichment/' It 
asked the court lo assess his 
profits from the hook. Decent 
Interval, so that they can In- 
forfeited to the Government 


U.S. company news 


.Morgan Stanley rates: Textron 
results 1 AT*T lifts pay-out— 
Fage 26 


letter prospects for aid to NY 


BY OUR OWN CORRESPONDENT 


NEW YORK. Feb. 15. 


THE SF.E-SAWING prospects of 
New York City getting badly- 
needed federal financial 3 id tilted 
favourably ye^ierday after posi¬ 
tive stiiiemenic from Mr. Michael 
Blumenthal. the Treasury Secre¬ 
tary. and from Mr. Henry Reuss. 
chairman of the House Banking 
Committee. 

Both took issue with a report 
Iasi Friday from The Senate 
Banking Committee that New 
York city could weather its con- 
linuing financial crisis without 
further federal aid. once the 
three-year federal seasonal loan 
programme expires at the end 
of June. 

This conclusion broueht great 
dismay to New York, whose real 
hudget deficit for the fiscal year 
beginning July l looks likely to 
he Stbn. City officials, led by 
the new mayor, Mr. Edward 
Koch, have been pressing for a 


renewal of the loan programme 
and for federal guarantees which 
would enable the New York 
stale pension funds and banks to 
invest in tbe long-term city 
securities. 

Mr. Blumenthal said yesterday 
thal he thought " some time of 
continuing assistance” would be 
required from the federal govern¬ 
ment and added thai details of 
administration proposals would 
be revealed when he testifies on 
March -2 to 3 special sub-com¬ 
mittee of the House Banking 
Committee. 

According to a Wall Street 
Journal report this morning, the 
Administration is leaning 
towards the provision of long¬ 
term guarantee's for city bonds, 
but its proposals would fall short 
of the city’s request for guaran¬ 
tees covering 90 per cent, of 
the S22J5bu. it wants lo sell to 


pension funds. 

Because of widespread Con¬ 
gressional reluctance to do much 
more for Now York, the report 
says the Treasury Secretary 
would seek stand-by authority 
to issue guarantees which may 
not. in fact, he exercised because 
its very existence would encour¬ 
age investment by banks and 
pension ffunds. 

Mr. Rf’Viss went to the length 
of issuing a joint statement 
yesterday with fir. William 
Moor/iead. chairman of the 
House sub-committee handling 
the city's request for finance. 

They expressed the view that 
“all analyses show a need for 
seasonal financing in the city's 
new fiscal year, and most have 
suggested that federal assistance 
for this financing, probably not 
as much as the current maximum 
of $2.3bn. would be needed.” 


Canada energy development plan 


BY VICTOR MACK1E 


OTTAWA. Feb. 15- 


A MASSIVE energy’ develop¬ 
ment programme, unveiled at 
the economic conference of 
Canadian Prime Ministers by the 
federal government, has pro¬ 
vided another sign to opposition 
MPs that a General Election is 
to be beid in the spring in 
Canada. 

The federal Energy Minister. 
Mr. AJastair Gillespie, who an¬ 
nounced the programme to the 
provincial Premiers, was confi¬ 
dent that the federal and provin¬ 
cial governments would agree on 
the S180bn. commitment to 
energy development, in the hope 
of creating 1m. new jobs in the 
next decade. 


Mr, Gillespie said that energy 
projects under way or planned 


could provide 72.000 permanent 
jobs. His outline of 40 job- 
creating energy projects followed 
a call by the Saskatchewan 
Premier, Mr. Allan Blakeney, for 
greater efforts to develop new 
energy supplies to reduce 
dependence on oil imports and 
to provide jobs. 

Mr. Gillespie told tbe meeting 
that the projects would involve 
spending of S55bn. by the 
federal and provincial govern¬ 
ments. as well as private in¬ 
dustry. However, estimates on 
some projects had not been 
prepared, and total spending on 
energy by 1990 is estimated at 
SlSObn. 

The Minister acknowledges 
that some of the jobs included 
in his total are on projects 


already under way. such as the 
James Bay project on which 
construction started in 1974 and 
will continue until 19S5. Some 
of these jobs already are avail¬ 
able. he said. 

Regarding the rough estimate 
of lm. jobs, Mr. Gillespi^ said 
that half of them are on projects 
already committed, such as tbe 
natural gas pipeline : from 
Alaska. The remainder 'would 
come on new projects /which 
could be approved wijth co 
operation between Ottawa and 
the provinces. The projects in¬ 
cluded oil and natural gits pipe¬ 
lines from the north! more 
nuclear development, additional 
coal mines, and construbtion of 
more plants to produce oil from 
tbe Alberta tar sands .} 


i 


Price attacks U.K. line 


BELMOPAN. Feb. 15. 


MR. GEORGE PRICE. tbe 
Premier of Belize, said that his 
Government would he mad to 
give up part of its territory to 
persuade neighbouring Guate¬ 
mala to abandon its claim to the 
whole r»f Belize—a British colony 
in Central America. 

Announcing that a meeting of 
Commonwealth Caribbean 
foreign ministers is to be held 
here in the Belize capital next 
week to discuss the future of 
the territory. He accused Britain 
of advocating cession of land as 
a means of settling the dispute. 

Mr. Price said that if his 
Government were “mad enough 


to yield to Guatemala’s demand 
for land *’ it would not be long 
before Mexico would re-activale 
Its claim to a slice of northern 
Belize- 

“ It is unthinkable that the 
United Kingdom should be advo¬ 
cating land cession when the 
U.K. has repeatedly co-sponsored 
UN resolutions supporting the 
territorial integrity of Belize." 
Mr. Price said. 

Tbe Premier was speaking at 
the end of a series of meetings 
across the country to report to 
the people on his government's 
stand in the dispute. 

Reuter 


Mrs. Abzug loses vote 


BY OUR OWN CORRESPONDENT 


NEW YORK. Feb. 15. 


THE POLITICAL career of Mrs. 
Bella Abzug. one of the most 
controversial and colourful of 
U.S. women politicians, appear 
to have been dealt a mortal blow 
by her narrow failure yesterday 

to retain for the Democratic 
Party, one of the most Important 
Congressional seats In New York 
city. 

Mrs. Abzug Went down to her 
third consecutive electoral defeat 
In 15 months by the narrow 
margin of around L270 votes. 


She has refused to concede and 
has demanded a recount which 
will take place to-morrow, but it 

seems that only the most extreme 
good Eortune will save her now. 
snatched for the Republican 
Party by the gentle and mild- 
mannered Mr. Bill Green. He 
was billed a month ago as a “ no 
hoper" for the Congressional 
seat on the East Side of Man¬ 
hattan. where wealthy and well- 
heeled registered Democrats out¬ 
number Republicans by a margin 
of three-to-one. 


Peru ‘has big 
new loan from 


major banks’ 


NEW YORK Feb. 15. 

A DELEGATION of ' Peruvian 
officials said that an understand¬ 
ing has been reached on a large 
new loan for financing the 
national balance of payments. 

The understanding was not 
specific as to the size, but the 
Peruvian officials said that they 
hoped for $2tk)m. from a large 
group of international banks. 
'The agreement followed two days 
of meetings with representatives 
of banks in the U.S., Canada. 
Japan and Europe. 

Sr. Alvaro Meneses. the spokes¬ 
man for the Peruvian group, said 
that the loan would be linked to 
implementation of a Govern¬ 
ment programme calling for 
sharp reductions in the Peruvian 
balance of payments deficit. The 
country, which is heavily In debl 

to commercial banks, has been 
having severe financial problem*. 

Final negotiations for the loan 
will be conducted through an 
international steering committee, 
tbe spokesman said. 

While the maturity of the loan 
has not been decided, the spokes¬ 
man said that the delegation 
believed “ it is feasible “ to 
arrange a seven-year credit, 
including a three-year grace 
period. 

Reuter 


WORLD TRADE NEWS 





Russia signs 
£40m. tyre 
agreement 


Financial Times Reporter 


TWO CONTRACTS totalling 
£4(hu. were signed yesterday in 
Moscow between the Soviet trade 
organisation, Techmashimport, 
and the Fata European Group, a 
member of Babcock and Wilcox 
Ltd. 

The contracts are for highly 
mechanised materials handling 
and process equipment for two 
new tyre factories at Clmkient 
and Belaja Zerkou. When they 
come on stream in 1980. the 
plants will produce 50.000 tyres 
a day. 

These contracts follow _ two 
similar ones awarded in 1975 for 
another two Soviet tyre factories 
which will commence production 
shortly. 

• Czechoslovakia and the Soviet 
Union have signed an agreement 
on deliveries of Soviet natural 
gas to Czechoslovakia and the 
use of the Czech transit pipeline 
for deliveries to Western 
Europe, according to Ceteka news 
agency. Reuter reports from 
Prague. 

According to tbe agreement 
13.6bn. cubic metres of gas will 
be pumped annually through 
Czechoslovakia to Western 
European countries from 1981. 

The deliveries of Soviet 
natural eas will be in lieu of 
Iranian gas purchased by these 
countries which will in turn be 
delivered to southern parts of 
the Soviet Union. 

Czechoslovakia will also be 
getting 3.6bn cubic metres of cas 
purchased in Iran in the same 
manner. 

To ensure tbe deliveries. 
Czechoslovakia will build a third 
line of its transit pipeline—two 
lines are already in operation— 
and by 1PS4 the total capacity 
of the transit system will be 
53.000m. cubic metres. Ceteka 
saicL 



move 
EEC farm 




BY CHARLES SMITH 


Congress query 
on fasteners 


By David Bell 

WASHINGTON. Feb. 15. 
CONGRESS IS now preparing to 
mount its first serious challenge 
10 the President over trade 
policy following his unexpected 
refusal to grant U.S. manufac¬ 
turers of metal fasteners higher 
tariffs to protect them from 
burgeoning imports. 

’Senator John Glenn of Ohio 
will introduce a motion in tbe 
Senate, next week calling on 
Congress to override the Presi¬ 
dent's action which it has the 
power to do under the 1974 
Trade AcL Later in the month 
—on February 27—the House 
Ways and Means Sub-committee 
on Trade will hold hearings to 
consider whether it should re¬ 
commend the full House to set 
aside Mr. Carter's decision. 

Ironically these moves coin¬ 
cide with the start of the 
Administration’s steel import 
" trigger price ” system which 
comes into effect on February 
21. On that day the Treasury 
Department is due to heein 
monitoring most sreel imports. 
However officials have yet to set 
trigger prices For such products 
as pipe and tubes, ■•mall struc¬ 
tural shapes, fiat, bars and wire 
and wire products. 

It is by no means yet clear 
how this will affect steel import 
levels. Figures released on Mon¬ 
day show that last year the U.S. 
imported a record 19.3m. tons of 
steel or 17.8 per cent, of the 
nation's total steel supply. 
December imports, led" by those 
from the EEC. surged ahead and 
were the highest of any month 
in the year, but analysts attribute 
at teast part of this to the after- 
math of the dock strike and 
importers' desire to get their 
products in ahead of the trigger 
price system implementation. 

Nevertheless these figures have 
added further fuel to the flames 
of the Congressional argument 
in favour of protectionism. 


U.K. shoe importers 
oppose new limits 

THE BRITISH Importers Con¬ 
federation (BIC) has formed a 
division of footwear importers 
for countering possible moves by 
the U.K Government or the EEC 
to extend restrictions on foot¬ 
wear imports, AP-DJ reports. 

It said a study'conducted last 
year and presented to the Depart¬ 
ment of Trade showed that the 
market for very cheap footwear 
in Britain will not disappear and 
cannot be supplied by U.K 
manufacturers. 


JAPAN AND the EEC are to set spection procedures ..for' medi- 
up a joint body to study ways of cines. Ministry officials are saw 
increasing imports of European to have pointed but that Japan s 
farm products into Japan, it was Imports of medicines from the 
agreed to-day at a meeting EEC are four times Japan’s «x. 
between the EEC delegation led ports to Europe, so' that no. 
by Mr. Benedict MeyneU. and measures were needed to rectify 
officials from the Japanese trade in this area. At the 
Ministry of Agriculture. . Foreign Ministry a request to set 
The Agriculture Ministry, how- a *? T8e t 
ever, apparently rejected : de- P orts 

mands by the EEC for tariff cuts. ? specific pwpomra of total 

or quota increases 00 about 30 ™ 1 P° r L’. dLsStp 

items on the grounds that this. ^ was hard to name any defini 

was a matter for discussion at date - 

the Geneva multilateral trade Mr. HeynelL has one more day 
negotiations. in Japan during which be^fs-dhe 

The items on the list presented 'to meet officials of the Ministry 
by Mr. MeyneU’s delegation of International Trade and to- 
included: skimmed milk, canned dustry and the Finance Mmistry, 
pork, biscuits and chocolate. ... 'His visit has been designed as 

die forerunner of further visits 
Attempts by Mr. Meynells tt discuss bilateral -trade 
delegation to get Japan to con- lne i U dine one by the 

sider special concessions for EEC gj®? h Foreign Minister which 
exports seem to have been come t0 Tokyo later ths 
equally unsuccessful at other *-.£ . 

ministries, including that of raonu3 ' 

Health and Welfare where the ® Advice on. exporting to .Japan 
delegation asked for simpler in- will be given at a special 


v ' TOKYO, Feb. 15. j 

l 1 f. » « 

seminar-in Sheffield-next month 
sponsored by South Yorkshire 
County : Cooncti aqdLthf Jap&r 
Task Force, a" body set-up by tht 
Japanese .Government- to hel{ 
identify opportunities for UJC 
industry. 

The seminar ''will brinj 
together, experts ..oh. Japanes* 
commerce and local industrialist! 
with experience of exporting ti 
Japan, and Will aim to dispe 
some of the myths about tit? 
problems of exporting to 1 
country with an immense reputa 
tion -for-. seUIng rather that 
buying. ’ 


The seminar is to be held 01 
March 14 at tbe Haliam Towej 
Hotel .and will be chaired faj 
Professor Geoffrey Bownas 
director of Japanese studies a. 
Sheffield University Amonj 
speakers will be Mr. John Field 
Special adviser on the .Japanese 
market for~the British Oversea* 
Trade Board, and Mr. Sadao Oba 
director of^information and re 
search, Mitsui and Go: (Europe) 


China, Japan in $20bn. deal 


BY OUR FAR EAST EDITOR 


TOKYO* Feb: 16. 


CHINA AND Japan will sign 
an eight-year bilateral trade 
agreement providing for a two-, 
way exchange of at least S20tm. 
worth of goods at a ceremony to 
be held to-morrow in Peking, 
The signing, which follows five 
years of on and off talks, may be 
the prelude to a new era In 
economic relations between the 
two countries. *’ 

Tbe products to be exported by 
China under the agreement are 
crude oil (47m. tonnes, ovet the 
first five years of the agreement 
with a probability of more-later), 
coking coal (over 5mL-;iaifcnes : 
inside five years) and steam!-coal 
(between 3.3m. dnd-V^Sfim. 
tonnes). •">*>' ’ 

In return, China will buy plant 
and construction machinery and 
materials From Japan. 

The two-way exchange [pro 5 
vided for under tbe agreement 
will be in addition to overtrade 
between the two countries;-.This- 
amounted to' arouud SSbCL'iCtwo- 
way) in 1977. although thjs;Sgure 
includes oil.- •' ^ '■ • 

A proposal for a longterm 
Smo-Japanese trade agreement 
in which Japan woutd Supply 
plant in exchange for coal 

was first put to the late'premier, 
Chou En-Lai, by tbe chainnamof 


federation the Keidanren The 
talks appeared to have proceeded 
smoothly since then although 
there have been certain anxieties 
on the Japanese'side. ■ 

One problem is that China's oil 
has a high wax' content which 
makes it unsuitable for process¬ 
ing in Japan's existing refineries. 
Another Japanese fear was 
apparently that an open-ended 
trade agreement, ^uniter which 
Tokyo undertook" to buy enough 
oil and coal to balance China's 
purchases of Japanese plant 
might result: in .an embarrassing 
import excess ~of these products. 
Japan has -not previously 
purch a sed significant quantities 
of coa! from China and will now 
be starting to import. Chinese 


coal at a titneiwhen it is. attempt ’ 
ing to reduce shipments undei 
long-term coal import contract 
with fbe ; U-S. and Australia. - 
The inclusion of coal tn thi 
agreement suggests Japanest 
expectations that_depiand wil 
recover in the medium term'am - 
that -Coking coal may even mdvi 
into short supply when work , 
.demand.for s(eel. rocpvgrs. % 
^ The ’problem of bowte^handli> : v 
China's waxy ofl will Tre solved 
apparently, by the instaUation o : 
speqxaf. processing.' jMftipmen,;) 
'eitherjn Japan- or Ib^China u.m 
reduce 11 -the- oH "ttf-fionhal was' 
content and. viscosity.- If tht 
processing ..is done in Ghtof-’-- 
foreign technology may have u 
be imported for tbe-purpose. 


Coal liquefaction project 


By RAY DAFTER. ENERGY CORRESPONDENT 


Nippon Steel Corpo 


w ration. 

Yoshihiro Inayama ir. *$72. 

Negotiations were 
after the .oil crisis . 
further held up when tbe)t-. 
of Premier Chou and Chairman 
Mao plunged China mtd.poVitical 
domestic Turmoil. »«egDtfeitions 
were revived last spring after a 
visit to Peking by the president 
of Japan’s main -business-, coo- 


A £130ra. PROJECT . to-develop 
a process for producing liquid 
fuels from coal has moved closer 
to fruition following authorisa¬ 
tion for a pilot plant at Baytown, 
Texas. 

The project,' scheduled to last 
until mid-1982. is to be managed 
by Exxon Research: and Engin¬ 
eering om behalf 0 / the sponsors; 
Carter oil- fabo an Exxon 'affi-. 
liate). the Electric Power R$-l 
search Institute? Phillips Petro-. 
.leura. and the US. • Department 
of Energy. -The' Department is 
funding aboat ball 'of the' pro¬ 
gramme.' 


.. The : pilot- plant, eosting somi 
SSOol, will be capable af Ifqne 
fylng .250 _ tons of coal" a day 
Construction is due to. begix 
later this month. . 

The plant, to be built next tc 
Exxon’s Baytown -refinery,' "wtt 
ose and farther develop die 
Exxon Donor Solvent «al 
liquefaction process' whicir-ean 
prodiice about 2.5 to 3 barrels V 
liquid-products per ton-of corf 
The products are suitable ft 
petrol : blending stocks, .kr 
sulphar fuel oil and other fat 
oils. 


Swiss extend bank credit 


\ 


by john Wicks 


ZURICH, Feb; i5. 


THE SWISS Natidnal Bank and 
the Swiss Bankers’ Association 
have decided to extend export- 
credit- facilities to exporters 
Facing liquidity difficulties result¬ 
ing /from the state of the 
economy and the exchange rate. 

An existing agreement grant¬ 
ing jeredits at favourable rates 
for the financing of export trans¬ 
actions and due to end od April 
30 'will be extended until the 
end of October, 1978. 

,Xt the same time, the circle 
of exporting firms eligible for 
these bill-of-exchange credits of 


up. to six months' maturity'will 
be expanded. While hitherto the 
favourable faculties have been 
extended primarily to under¬ 
takings in the watch, textile and 
shoe' Industries, companies in 
other rectors are to' be invited 
to apply for such credits.to the 
National Bank. Also, the 
Bankers’ Association-is to ask a 
greater number of cfimmerclal 
banks to join in the project 
Hitherto, participant banks have 
been mainly those operating in 
regions where there are watch, 
textile or shoe factories. 


U.K. plastics exports rise 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


THE U.K has increased its share 
of thermoplastics exports to other 
EEC countries in the last two 
years, but it is still far from 
balancing its trade with Com¬ 
munity members in this impor¬ 
tant sector of the petrochemicals 
industry. 

According to the petro¬ 
chemicals sector working party 
report, which was presented 
earlier this'month to the meet¬ 
ing of the National Economic 
Development Council. U.K. 


marker share of the continental 
EEC- plastics materials market 
was around 3 per cent, in 1976 
and 1977 . ... 

• The report, prepared as part 
of-the -Government's industrial 
strategy., says this-share has 
doubled since 1972. but there was 
still an estimated deficit-last year 
of £99m. The working parti' is 
still considering recommenda¬ 
tions that the industry should try 
to balance trade in- this “sector 
with the-EEC by 1990. - ~ 


Sweden to close 


two pulp mi 


Nj By William Duliforce ^ 

* STOCKHOLM. r Peb. • 35. . 
N’CB, the - North. Swedis 
forestry owners! concern,--at 
nou'qped yesterday that it woul" 
have to close two pulp mills, 00 
with, ah annual capacity of 65,00 
tonnes tsulphaie. Riilp: the othej | 
with a capacity of 50,000 tonneii ^ 
sulphite pulp. Some 400. jobs wi 
-be affected*,.-'.- 

-Tlr. Gurin'ar'Hedluiid,'*the chaLnr 

man, said NCB was curreauT* 
losing about EyAsu-a month -0 
each mill. In ; 1976 NCB lof-^. 
Kr.Snz. on its operations but thi 
is understood to have soared! 
over Kr^OOm. ($43in-):last.yea: 


Hyundai 
ship orders . : 

'..SEOUL, Feb. 15. 
HYUNDAF shipbuilding. -J® 
heavy industries will 
SI04m. worth of cargo ships n 
Kuwait and- Ghana, by 1979, cCd 
pally, officials said. ■' 

Ckramerce-industrjr^^mimsa 

sources said - South 
received orders for.another 536D 
worth of-freighters and tog Jaff' 
so far this year. • T he copng 
plans to export 3770m- of 
and marine structures thiiy® 
ag^itist last yea*$$5?6m- - S'. 
'Reuter - 


^.n 


OIL AND GAS 


j j'-’. 




French to help India boost output 


u -i 

t u. . * -I*. - , 

10 


BY K. K. SHARMA IN NEW DELHI 


SENIOR REPRESENTATIVES 
of Compagnie Francaise des 
Petroles are to arrive here later 
this week to advise tbe Govern¬ 
ment-owned Oil and Natural Gas 
Commission (ONGC) on bow to 
reach a production. rate of 
260,000 barrels of crude oil a 
day and 4.4m. cubic metres of 
associated natural gas by 2SS0 
from the Bombay High offshore 
field. 


This will raise Bombay High’s 
existing production of 80.000 
barrels a day by more than 
three times and also enable ti 
to use the associated gas now 
being flared. The scheme 
involves use of another 10 m. 
cubic metres of natural gas daily 
from the adjacent South Basse in 
field. 


hope that further strikes both 
offshore and onshore will bring 
the. country nearer to self- 
sufficiency. 

At least 6 exploratory wells are 
planned this year off the coast 
of Kerala state, the Andaman 
islands in the Bay of Bengal 
and in Tamilnadu state in 
waters given up by the Canadian 
Asamera group which has a con¬ 
cession there. 


tion .will-be possible' only on. jeet.ThtirwiH>- - - 

completion of the dual pipeline gas as- welh afatMo *• •*?{§•■ 

system be Ing .installed by Brown ashore. apert frpm tiio 
•and Root anfi-partly financed --by metres df; : :£we--gqS 
the World Bank. This, will allow Sout£ .pa^to^d.. ; 
the transport -crude and- natural. Production iaJhe.Gt 


fraroj 


gas throughout .the. year. . . onshore ^ fields v& 

1 The pipelines-vriu ’he laid by around * jtheT-'-SuL-tthna^. 1 


Tbe gas is to be used as feed¬ 
stock for future fertiliser plants 
in Maharashtra state, but their 
location, tentatively planned at 
Rewas near Bombay, is in doubt 
because of environmental prob¬ 
lems. 

With the development of 
Bombay High to a peak annual 
capacity of 10m. tonnes of erode 
by 1980. ONGCs richest find will 
be saving the country something 
like $4m. each day at present- 
day prices. ONGC officials here 


Exploration in the Kutch 
Basin, where the Reading and 
Bates group has drilled without 
success, is to be postponed until 
next year, but ONGC has decided 
to make seismic surveys of areas 
in the shallow waters of the 
mouth of the Ganges. 

In Bombay High itself, at least’ 
six more wells are to be drilled 
this year. ONGC also plans to 
add another two to its existing 
three drilling ships. Much of the 
finance will come from the 
Government, which plans an 
investment of £400m. in 
petroleum jn 1978-79. This 
includes the onshore programme 
as well as resources for adding 
to refining capacity. 

Bombay High cannot Immedi¬ 
ately improve its present pro-' 
duction level of 80.000 barrels 
of crude a day. Higher produc- 


May, before the heavy monsoon ancuatiyjand isnoW . 
seas. Dr_ "N. B. Prasad, ONGCs fall jn'.fotute- - UNGC b*Srt 
chairman, says- lhat after June, iopes from ->• onshore 
ft. should be pessfWe te praise, remote nbr^c^st Indies pajg 
crude production : feriy' fc Assam Sad AroaaelB* 

barrels a day with the'help of experts to'caJse pTodartifcp' w 
fbiir additional wells. By, tiien foMfrby-‘-1983■fwjmr'th?- 
it will ajso /-be possible to pipe- SsritasRy 

snore £7m. Of '.the 2An,’' foi 


to the 


l forenilated a prospective: r 

s tioq-^o4 proth^9.C 1 (j 

. purpose;: •'' - : I 


cubic metres ' oT natural -gas 
produced. ' purpose.; 

The .present production of .-^Qne .cff 
,8Q V 00G barrels .a day is obtained fhe. GovemipentJ?; 
from 16'Wells located, on four whkh glvea lit^ jiJ _ 
production platforms inatatied.by third of ihe world pm* 
.McDerinbft's x?f Abu Dhabi. The Its representitlveg'^l 
British-built Magazpo. docks-al -a .moro 'srea^jtic/: pir“’ 
Bombay have started raanufae- ONGC-oould Becothe.- 
turlqg- . these- platforms^ • -and ing .m.'resoitECMv&SQ. 
fotare needs should-be, met from takings janra’ 
the surplus, capacity ot- Whdtte ^*ptorationveffiirt£v^. 
essentially a warship '■-building ^ - : the: : ^GOTgPl 

,yard.. . : . "o '• _• agyee^o^ 

.Apart ■' from ■ .Bombay - High, iwWe 

ONGC Wax be producing at. least- 
















• 1 

i'.?L -••• A'-r a 





Financial -T&Ses Thursday February 16 1978 


HOME NEWS 





£90m. 




Bank head 
discusses 


V 

■— «ia» 


if 


MARGARET REID 

RTHER Government gram 
)ni. is to be made to the 
-« Agents, the.British public 
which incurred losses of 
than £S00m. as a result or 
-Fated excursion mtD the 
lary banking and properly 
n the years.up to 1974. 
Agents, whose traditional 
•S3- of purchasing and in- 
en» for overseas govern- 
hus been prospering, have 
y received a British Gov- 
tit grant of £85ni. towards 
:Dcit piled up through the 
into banking and property, 
i disastrous phase of the 
sation's history was the 
t of the highly critical 
of the Fay Committee, 
bed in December, and is 
further investigated in aa- 
public inquiry. 

ouncing the further cash 
on in the Commons 
jday. Mrs. Judith Hart, 
fer For Overseas Develop- 
said_fhe two grants would 
£175m. of the Agents' 
which amounted lo 
. at the end of 1976. 
ever, by the end of 1977. 
fic-it — on the banking and 
*t» activities from which 
gents are disengaging — 
sen to £236in.. mainly as a 
of interest on previous 
rings which were not re-, 
■alive, and partly because 


of further provisions against 
losses- 

Mrs. Hart told Mr. George 
Cunningham. Labour MP (or 
Islington South and Finsbury, 
that rbe grant—which it is hoped 
the Agents will eventually he 
able to repay—was being made 
in the present .financial year 
because of savings on refinancing 
of export credit. 

As a result of changes 
announced in December by Mr. 
Edmund Dell, Trade Secretary, 
under wbich less of the banks' 
export financing loans could be 
exchanged for official funds, 
there were substantial savings in 
planned Government spending in 
1977-76. 

The announcement of a further 
Government grant to the Ageriis 
to help clear up the financial 
consequences of the secondary 
banking and property affair is 
not unexpected, though its tim¬ 
ing is somewhat earlier than 
many observers had thought 
likely. 

More financial assistance was 
foreshadowed in the Govern-' 
meat's statement with.the publi¬ 
cation of the Fay Report 

Mr. John Cuckney. chairman 
of the Agent? since October 1974. ;• 
said in his last annual statement 1 
that the deficit of £212m. would' 
inevitably increase because of: 
financing costs and that arrange-, 
tncnis would have Tube made to 
deal with the irrecoverable loss. 


watchdog 

1 MR. GORDON RICHARDSON 
; the Governor of the Bank of 
England, yesterday im-i leader? 
of the various City asocial ions 
; to discuss the proposed wider 
supervisory body to uvcisev 
securities market.*. 

The meeting was I he next slop 
towards final decision-, on ih 
broader-ranging voluntary rvyu- 
, la Live structure, under a new 
i Council for the Securities Indtts- 
■ try. whose creation may lie 
announced next month. 

- The purpose of yesterday's 
meeting was for Mr. Richard :nn 
jand Sir -lasper Hollnrn. the 
Deputy Governor, lo canvass a 
' wider range of Oily i rite re .-Is 
with the ideas con cl* ruing tin- 
: CS1 developed in the past two 
months by a small working 
group, headed by Sir .f.isper. 

Mr. Nicholas Guntlisun. chair¬ 
man of the Stock Exchange, and 
Mr. .Inhn Bming. chairman »t the 
Accepting Houses Gonnnuii.-e. the 
top merchant hanker.-" club, ha vi¬ 
al so been members of this «nmp. 

Its object has been to prodiuv 
more detailed proposal* »n 
response tu Ihc Cnvernnieni'.- 
wl.ih that the Guy should 
strengthen its self-regulator} 
system to guard against malprac¬ 
tices. 

Chief* nr the insurance indus¬ 
try and the pension funds were 
among prominent in vest mom and 
City interests at yesterdays 
meeting. 


Sir Douglas Wass makes a plea for more research 



BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE BUSINESS of managing 
lhe economy is more ditlieult 
than it appeared 10 years agn. 
Tins wa.v. the main conclusion of 
a wide-ranging lecture on d-.-- 
v-.-lnpinenis in eennumic policy- 
making and leeliniq tics giv»-n 
ve.-ter day by Sir Douglas Was.-., 
|he Pennanem Sccn-iar;. tu the 
Treasury. 

The speech, emu led " The 
Changing Problem.-' of Eeonmiiu- 
Manasemenl." was delivered in 
t-kimbridge as the first lecture nT 
the .lohnian Society oT inrmi-r 
members of Si. John's Colli-go. 
who include Sir Duugla-. 

Ur lout', as a reference point 
the Stamp Memorial Lee lure on 
Ihc same llicnie given m I9G.S by 
his pi-edi-eesMir Sir William 
mow Lordi Armstrong. 

Sir Douglas noted that vince 
[hen. ■* in a world conic::!, a* 
well a.-, in a duiiivshc cnniexi. wc 
arc no nearer in achieving many 
•il the main objectives or econo¬ 
mic management. 

"The cnit-lmints on wliul Gov¬ 
ernments can a-ln.-ie appear fu 
be more severe. Major uncer¬ 
tain ties and vontiYiier-ies have 
arisen on some fuiiil.-iiiii-ntal 
issues alTecling the analy-is of 
economic behaviour ami econo¬ 
mic policy. In these i-ijumii- 
nci-a. increasingly soijoisii- 
caifd tech a lea! analy-i* ha.- not 
.vet brought greater precision to 
fiM-ocaslin" or inanagemeni." 

Sir Douglas said, then-fore, 
that be could noi " confidently 
repeat the conclusion which 
Armstrong reached, which v.'as 
that •modern etonomte policy 
has clearly been a •nicci-a.s.'*' 


'Ihis was nr.; a counsel t,i 

despair and he remained "a 
]irjgiiii:!n: s -iemtsi." Hr- aigued 
for more rivarch :n>-i »h..- 
h.iviour of ihe etonnin”. 

Sir Uoiiel i> i.li*eus-ej the in- 
el eased ir.ip.iijjne.- of re. one tar;, 
influence.--. Me argued inai the 
Skilling t»f a im-netary target 
could ha»'e :idvaniag>-< Out 
should be made ion*ister.: uMh 
other poiiey (i : .joclive. and ih- 
overall lb-e.il Mane-. 

Lie a Hu Moled that modern 
Government- ni,,y hav,- in accept 
a 3 real vr Iiii.ii jiu<n on ihvir 
freedom ct manneuvre in 
exchange rat.- policy than their 
predccca.-iir-'. 

Starting-point 

His sijrline point v.as the 
general k'l'i'iiniiiii.. di-c-lojinit-nt.: 
of the fa-'i —up tu Hu- 

late Iftfid.-. lU-j-r jnd atiri'ieri 
there was a mood of aim'..*! Vic¬ 
torian «j t-Miii ;,nd Anistroiig ; 
lecture m large jur: reiieeied 
that mo..-I.' - 

in diSi-i.i-.-ip- ].■:<•]- dov.,-1 op- 
men LS, Sir i'rillgl.JS s'liglioli.d 
that in in.- UK. ihi-re L.id V-.n 
a tend one;, in elcvati* u balanie 
of paynn-ni.; i: to the lei el 

of a ba'-lc oiijectii r- .if polie”. 
'■ Howei er i -n Ik-v -.- that a 
failure i*. r-fjr'tc- |ioiic;es v. inch 
ensure a .-•■ ii.- f:. ci ory >'Ui , , , tiii!( for 
the balance .if pa; m^nts is to 
pul at ri.*r. i.ii- lia-tc oijjecim.-s 
iheniselvc-. 

He ah.i iJiM;u;i.ed th<: con¬ 
straints «•! r-.’.jid intl.iimn. vhai 

he described ,<> "th-.- bssic 
inertia uf ih-: eeunnm; and the 


need tn maintain the confidence 
of the "financial markets whose 
importance has grown sn rapidly 
in recent year?. Market 
''li.-havririir nas bet-Miir a srgnifi- 
inni input in pul icy ; nr. king." 

Discussing the m>trumeni* m 
I'-.I icy. he noted tnal there i.- It-s- 
p re a u nipt ion To-day than in the 
past ihai private, .is or.pufvd tu 
public Seeli.r demand should bv 
i!ie predoiuinauiL- \ a r iai.de 
elenieni in decisions >>n the 
mix inn- uf tax and expenditure 
iiieaSures. 

mi moneiury puiicy. Sir 
Douglas said mere wo* "no cun- 
i.-Iiisilo empirical evidence lo 
help us to determine me relative 
exicnt of the output and price 
effects ut monetary change-i." 

He maintained that "sensibly 
applied" monetary tnrgeK could 
have the advantage of giving 
vrenter assurance to the markets 
and lead to more stable financial 
condi lions. 

!tm he warned that they need 
In tu- " yieved inH-IIi_-.-nily by 
lii-l- aiUhorilie- and liio-f in the 
market 31 reading to them if they 
are to help rather trur. hinder 
sensible cL-iiiuui;ic managetlieiU 
. . . the mtc radio ns l.eV-vven 
monetary and fis>.:d pnlu-y are 
fiuh that tin: .-cuing of the 
l nr go i m list itself jorns pari of 
a concerted deu'.Mn on the 
desired expanrion uf monetary 
demand. 

"There v.ould be .or..-,dra -ii- 
dangers in fixing imjneiary 
largei by some arbitrary formula, 
or market hunch—.men :-s g per 
cent, less or more man ’ast 'ear's 


target—;n a way v.htcli ignored the ecunumy •-ven. in ltr.e v. ith rt" 
all the other elements uf policy. Sir Douglas *aid :h..i m ir.at 
To pursue a determined and pro- situation [he policy advise'' i-.i.mi'l 
deter.nined de-escaluLiutt of the hate t" cwaiugie " the cor:* :-rd 

rale of oimietar;. expansion with- risk.-- for ihe evuiv*my v.-n**rg!G- 
oul regard lo the effect of other of ihc poiicy change?! n.*i ncvc.-- 
jspcciA of policy would he to risk sari!;, jusr in nioneta.'y policy, 
imposing set mux costs upon the required in bring the money 

economy. slock back in the doMrej trend 

"If for instance the niunelaty and the com parable cos; - an.i 
targci were not cutisislent wiih risks uf faiimj io do so—:-nd of 
the fisc a: .-lance. liie 

vquen>..-j could be into!'.' 
high inlere-: rales. 

Appraisal 

"An oiL-mli appraisal 


cur.- 

bi-ins .»ct-n lu l:nl. 





Sir Ui’iub-: :i 

mi (■!:' 

c;i> 

>'i\ 


■*\cli:insc r.:u- Ji.il 

cy jnil 

n. 

:.?(! 


ihc difficultv -in 

Lin- .ii. 

.nl 

■.i r 


tuV’UKKibiliiy —of 

rifi'di 

T_- 

.1 


rule again<l -u 

rt- ii"’.-. 

n 

ar.l 

.if 

attack ilmu-.-h " r. 

i'-:-’-r*:i 



la r 

rlinil-illl If! liiij'J 3 

rai • 


iTsr 


fimug in- wan! •*!< 

-■-in'.- . 


it 

cri!.»- 

:s li.^ically 

U::.» in 

S" 

tar 

n ihv 

:i< fiirreney’ liM-.v ^ 

- 

mi 

H(l 

vl L-: 

by re la live nn.m-n- 

f. i-.ill. 

lit: 

Oil? 

■gard 

an i nil (iv. which p* 

i-r.n.'H.-- 

lllf 

m- 

It IK 

tary e\pan?iHn . 

n-j.- 

Ii 

l 3 

IVtf u 

S'.'h-recuk.iina ih.»l 



Ti(* 

-•cl. -- 

i la ri gt-r h f 

. ll-rair 



Uch- 

iiH-i-hani.-.ui ;<■ f 

n-n i- 

r.j 

;1 


In j Liter di.vussinn . _ . .. 

mqu-s. Sir Ln.ugl-js r.iis-.l the mov well be inherent;.. 
•'!lie*.in.n of hat the re-|n'uis'e tSir DoUgli’S •.» • v 
should !>c if it ap.K-ar.- liial the 'di!);n V-'iiiion:*!! !.^.r 

umieriyinu trend ior ihe growth »il ! on i•» la«i autu.iin' 
of the mono;, sine! shifted to oL'i- Hon ..if -•b , r!.ng. • 

*id-- ihe ilivtred range. Sir i.'i.u-g! 

" In liiaitv case.- it may iie pu.;- " iu'.(*tii;.'!- 1 

s:;jle to lake iiiuueiacy action iie.» liiai Gnn , rr.;-'..-i"- 
v.'hich is sufiicieii: to bring she iiieaiit of in.Ricrc.iig 
trend bad- uti course, uhih* .-oil! eharigc rat.- 
being corisi.-iem with the Govern- sum. 
nu-nl's uver:i!l economic aH'atogy. Foil 
Bid H i - conceivable that a .-ueii 
-Itit.iili'i.'i may arise in which l':e .*.■ leI 
mone.ary aeiion required might cr.- 
be greater liicn would he com- mine 
paiir.ii- -. iih ;jiai strategy. u>j.i:e«Hc 


un.*i. 






«! h-.- r.-.- 
-.i*. i‘: i ■: ■: l -1 


f‘i-i- i 


■-.i-.l 
' in-.- 
• n.-> 


dv.- j 

r. •• 

* : l*. 

i; Cm. ice-.li¬ 

Li;-! : • • i 

. 

as i-ii.-i'i- 

oiv t |„ ;...; 

i i.o 

in tin- i 

"i - i-v.ii 

• 

■ di-.-y and 

, I'-; U ■ .- -*J 

1 ,. J-. 

in '-to.- 

lllc:. Ml.a. 

■ 1 iy 


in.'iv.dmz 


being jets may fit 
Lolls-Royce engines 

MICHAEL DONNE, AEROSPACE CORRESPONDENT . 


■ i \ 

» s- i - i 


5. ■ 

ii: 


. . f \t 

V * * ' ■■ 


S-ROYCE is pressing ahead 
" evclopment of the new 533 
ri or the RB-211 engine in 
•ipe that it will be offered 
being as an alternative 
-plant in iis projected 
of jet airliners, 
ing is not committed to a 
c engine for the jets, but 
>f its studies have involved 
LS. General Electric CF6 

:s-Royt-e is having to work 
lo win a place for the 
1. Sir Kenneth Keith, 
nan of Rolls-Royce, has 
evera! visits to the U.S. this 
including Boeing's head¬ 
ers in Seattle, and Mr. Tex 
oun„ president of Boeing - 
's Commercial Airplane* 
.my, visited London last 

ins will need to be satisfied 
ne RB-211 in all Its existing 
ns is working well in 
e and that new. .versions. 
35 the 535 of 32,000 lb 
. will be fully funded by 
•mpany and backed by the 
nment. 

te RE1-2I1-535 finds a place 
Boeing ventures, it eouid 
. business worth several 
?d million pounds lo Boris- 
over The next 10 lo 20 
and secure the long-term 


future of the RB-211. Failure to 
break into this martlet could 
mean a bleak future.-, for the 
engine and for R'/ls-Rpyce. 

Boeing is working? on two 
distinct types of new aircraft 
One is a family of medium-range 
jets, built round a basic 160-200 
seat twin-engined 'airliner of 
serai-wide body design/fhat could 
use any of the existing 7 types of 
“big thrust” engines^-the. RB- 
211 in its Dash 22B lyersnn of 
42,000 lb thrust, or Its rivals 
the General Eltfclric CF8-50. or 
Pratt and Whitney JT-9D. 

Bui variants of this jet could 
also use . the smaUer-thmst 
engines, such as the RB-211-535 of 
32.000 ih thrusts • •» i 

The second Boeing design is 
for an “advanced 737" short-to- 
medium range jet, seating about 
ISO passengers, also twin-engined 
but narrow-bodied and rising 
power-plants of the lower-thrust 
class, like the RB-J11-535, nr the 
u cropped fan" version of the 
Genera! Electric CF6 series, of 
about 33,000 lb thrust/ 

Rolls-Royce would; like 
break into .both these markets, 
since they are likely to involv 
sales of 1.000 aircraft over the 
next ten to 20 years, but with 
particular emphasis on the fuse 
of the RB-211-535 engine. 


ost Office to offer 
if-price service 


JOHN LLOYD 

POSTMASTERS are being 
aged to develop business 
and to offer cut-price deals 
ir.ess.men. 

Fost Office is introducing 
■tunity'budgets ” for the 
v's.lBo postmasters. Each 
given a lump sum which 
use as he likes, so long 
shows a profit at the end 
year. 

opportunity budgets will 
rpt separate from the 
operating costs and will 
ler the control of the ten 
il directors of posts, 
scheme will be run for a 
□d will be continued, and 


possibly extended. If h 
successful. 

The Post Office would not dis¬ 
close yesterday the amount of 
money it will set aside for the 
scheme, but it wants a national 
return at the end of the year of 
£500.000. 

• The Post Office said yesterday 
that it was considering extending 
a trial scheme for deliveria 
newspapers with the morning 
post. 

Trials held in con junction with 
the National Federation of 
Retail Newsagents over the last 
four months have attracted 2,000 
customers, with sales of 17.000 
newspapers from 50 newsagents. 


?yland manager quits 
rejoin Chrysler 


nvi 

\. f - 


~ ,1 i!i 


UNCIAL TIMES REPORTER 

ICHAEL PYBUS. manu- 
/fm manager of Leyland's 


ilul-Hd Range Rover division, 
V* eave at the end of this 
to become com pi roller, of 
:r Europe. 

.•ill be in day-to-day con- 
tne company^ overall 
j| affairs throughout 
•. including Chrysler UK., 
ir France and Chrysler 
and will report direct to 


Mr. Joe Daly, finance director of 
Chrysler Europe. 

His resignation is believed to 
be unconnected with the re 
organisation of Lcyland under 
the new chairman. Mr. Michael 
Edwardes. Mr. Pybus. aged 3S. 
said yesterday that he had been 
made 11 an offer I could not 
refuse.” 

His move to Paris means that 
he is rejoining both Chrysler and 
a former colleague in Mr. Daly. 





iy and pricing pohey 
ven qualified support 


&NCJAL TIMES REPORTER 

iOV'ERNMENT'S pay and 
restrain! policy received 
■d support yesterday from 
.litulc of Purchasing and 
, which- said . it was 
rot for Britain in tnc 
nd long term, 
he institute was critical of 
malty clauses io public 
contracts for companies 
breach the pay guidelines. 
Institute said procedural 
iments to implement tbe 
; would - , be complicated, 
t to administer and c.vpen- 
operace. 


Off the 'plane and straight behind the wheel of a 
clean, thoroughly serviced Ford-a Fiesta, Cortina, 
powerful Granada or another fine car. 

Its taken you a lot less time and trouble to get 
there from touch down. 

That's our No. I priority. 

Because we know it’s yours. 

Once you've sampled Hertz No. 1 treatment you’ll 
want to join the No. 1 Club.* Its free...and it saves time. 

As a Hertz No. 1 Club member you just phone 
your travel agent or Hertz before you leave. Youll 


Contractors would need lo 
keep records‘to prove compliance 
with pay guidelines and Govern¬ 
ment departments would have lo 
establish a system lo monitor the 
performance of contractors, 
incurring more expense. 

Problems were likely to arise 
in tbe case of monopoly suppliers 
and companies supplying defence 
needs. 

There would be a problem 
when capital projects had to he 
cancelled when only part com¬ 
pleted. This ciuld happen when 
a sub-contiactor broke pay guide¬ 
lines. 


arrive- at your destination anywhere in Europe to a cat 
ready and waiting, your forms filled in ready to sign. 
No penpushing. Just show your drivers licence, 
sign and go. 

If you want to. you can pay by any well-known 
charge card. Or get a Hertz charge card (you pay no 
interest). Whatever method you choose, you won't be 
kept hanging about. 

That's your No. 1 priority. 

That's our No. 1 
priority; too. 

'In (u /'rt/iV.v v.. ih\ J!‘: : 


Hertz Nal Club. 







a 


i. 

■ i 


i 




















































Financial Times, thirsty February 16 1978 ■_ 




HOME NEWS 


Morgan 
Guaranty 
to lease 
Angel 
Court 


Ninian four months 




Lvl lvtt3v gY RAy DAFTERi energy correspondent 

Angel ; S’ K? e SJ 1 

o : U.K. sector of the North Sea- Chevron >esteraa ^ backed Offshore Supplies office 

^ , .has fallen about four months from the^eld fould now wilh which sre urging* offshore.' 

sr±-mw4- ! behind schedule. 1 "bn barrels of recoverable operators to give British equip- ; i 

I JlIPl 1 The delay will mean that some expected to vield oil mem suppliers a fair chance to, i 

* llOm. ban-els of oil production. J** k n [£ 0 f about 360,000 compete in the North Sea. 

i worth about £70m„ will be held barreJs a day m 1951 . The centra] concrete platform.- 

By John Brennan, , u p. Chevron a U.S.-based oil the world’s biggest of its hind 

Property Correspondent ! it is understood that the „ oup said t h e delay in starting due to be towed the -430 miles 

u , ri „. „«• development costs of the Ninian ; rod 5 ct1on was blamed on severe From the Inner Sound of »***>- 

IN ONE of the larges: City of ... |d have a i so risen sub- JL a n, er i D the North Sea and near the Isle of Skye..to w®. 

London office lettings in rcceot- c»antiallv in recent months. the need to complete offshore Ninian Field in late April or 

years the U.5. corporate bank.. ’« C hnrp pnn«ortiuni led work on platform production and early May. 1 

Morgan Guaranty Trust oF New The °^i h p ^ rnl J ' n ’faces accommodation units that should Q Bad weather bad dashed hopes: 
York, has agreed to lease the : by Chevron' n0 *J“ e ^en done in fabrication or the first oil coming ashore at; 

whole of the Ciothraakers' Com-, a bill of about £1.5hn I-Wro- have Deen qo sullom Voe Oil Tenninal. Shet-I 

pany-s 225.4U0 square feet Angel ; more ^an cnvuai.e.| inAiugusl ya ds h the con . ]and in the spring, Mr. John 

Court block. ■£*?‘Than tbe^ estimated cost a s0 Jtium has been unhappy about Cooper. BF. general manager of. 

Angpl Court, a 19 -storey ©cia-,™*[ e lhjfl . 2D since then the qualitv of workmanship in offshore developments &'&■ 
sona? tower in Throgmorton 1 some oMbe modular units. yesterday-. The first oil twf 

Street near the Stock Exchange. j \hc field through three As the modules were fabricated now not arrive until mid- : 

is on land owned for centuries -JP*®" ^ n platforms. m U.K. yards it u. possible that September, he said. 

by the Clothwurkers. one of the ; rainer uw.i « h ____ . 

City's principal Livery com- ---~ “ ‘ j 

SL^-eIsssss-SuJs. Shipbuilders 6 on way to loss 

Nominees, the pension fund of Ja ; 

S!s L ta R rSSnpSS??.- by ,an hargreaves. shh-mng correspondent 

JU ?hc Cloth--other*' lining BRITISH SHIPBUILDERS; com- «>.*« <£«>»"■ Briy*h Stop, prSenL 

SB-t. A — one,. .... fllnH . 


Whitehall i Chemicals big 

pays£34m. 0 TT jr 

to coal factor ui Li.iVw 
pension trade deficit 


11U1U BY KEVIN.DONE, CHEMICALS CORRESPONDENT By- Our Consumer Affairs - 

By John Uoyd CHEMICAL industry's maintained by pricing policies Correjpcmdent 

_ „ . .. .nmipn.' trading performance last month which encourage retaliation in PROSPECT of a'cashless 

Tire Cjovernment is to has emerged as one of the main the U.K. domestic market b - JJcEty -edged closet:yesterday 

sate the NaU f° jl to c _ 0 / d l UC e : reasons wby the U.K. slipped importers.' . . . in when -the Retair eonsortium 

for money pud to re. m: tne back int0 deficit on its current -The problem . ha^jnainly in ^ ^ up a joint com- 

for *•:**. ssMps-SS’is 5iisss?-s£ 

^ . jag*, 01 *^ jsss £%&. vx - '«■ 


no Dean -shipvarcis will continue uue. , . .. - 

require Government assistance Detailed proposals for Lhe fund 
winning orders "at least until will then have to be submitted. 
arket conditions return to to the EEC. which will want t. 
rmal" C ° know what intention the corpora-, 

Thi "is a reference to the tion has to restructure its yards 1 
IW * * s f l ei ewu HoriTi" »he. life nf the aid 


icAivc cosTof-abiu E2T50 a! view ‘publT^d yesleFday. This is g reference to the j 

K. it b f rates and service costs.! The C-Hn. p««i 0B»™. wh <h request which fmishi SHijh wrun. me 

• !»«M M: WM-WS 


A draff order was »aid before , ° the ^hXr umfvalue SiTK:ope^iTon.«tthin the 

S wile e"po^Spped to £302m. fext two ye&. ; 

be apprevedformallj before^tne frQm ^ 3 ^ ln preceding g^^rSScers^re still hoWitig . Electronic fumfc .transfer 
! ^ JenrioneA who ;month. mSSon” Mr. Trowbridge systems/cpnW mean that instead 

' f e f 1 f t ^m t niinmeDt P befar‘* April.! The chemicals sector-fs often ^ded; - ■ *<. of payi^g with wsb or .cheques, 

i em P loimeDl D 10 v :subject to sharp fkietuauons but • of fluctuation in the customers would pjr^. a 

• 19<5, J nrripr will Mr. Martin Trowbrldge. director- chen ji cal gguees could be ex- plastic card whiefb couSd he 

A second 1 : aeneral of the Chemical Indus- plained bv erratic seasonal juto-an in.-sto.re temuoa]. ... . . 

; extend schema :or Hie pagnen 3^ Associatioo . sa i d yesterday SSSSient* and it Is still too rhSs would be connecte^B> Jhp 
of benefits and the pr 0 ^ 5 }®" ° ;. hat t h e overal chemieal figures to determine-a firm.trend- customers bank account, through 

1 concessionary coal re . dU o„?frf : showed a disturbing trend, in , ---^--- a'-computer system, conton th« 

miners and other Coal Boara . of tfae fact that exports Mqntb-by-mcmth trade figures for the funds were available, and 

employees who a ![® JJree' were marginally up last month chemical and Allied Products debit'the account ■ 

1 redundant over the next “ ree ; compared with January 187<- Exports Imports Surplus.• Backing, for the system has so 

1 years. ^ M .. *• “ We warned of this danger at £m. ' £m. £m. j far come from the ‘hgoRs m 

The Government has paid the last rear, as world- ^977 (some retailers believe -it. could 

costs of redundancies, by agree-. mar ket lethargy intensified w 28i 211 - * 7S cut bad debts and save.tune. . 

ment with the Board, since . overca pacil V problems." he said. jy,. 19(k - 194 94 | However, the cost w of sudh a 

i The level of mLD i rnum ' Attention had also been drawn March 303 194 107 ldevelopment would be high and 

• pavable goes up from so—» a ^ Hkelv effects of a stronger“ A -,^| 308 194 112 | the committee will tty Ao detei^ 

. week to ffi.16 a week, in line with und 00 *u.K. chemical busi- ^ 310 194 / 116 - Tnine if they could be recouped. . 

• rhe increase in miners'pensions, ? ]una 373 - ’2*° .' < "J25 - .— - 

: Kent allnv.-snce is increased from . . lThe change in sierlingr-fiom 364 "210-' 1S6 -. - 

£1 to £1.50p. j around 51.70 to its present SI.93 ^ 310 203 107 T>„LU A , 

!; - ^^jySToSL'wK - St « ™ ™ rUDlIC 

U.K. warned ^ i a m " P sr IeDtbonus ^ ^ ; S ‘ignorant 

; | U.K. has thus become W8 *0“ -f 1 * 11 . - 

l! nvor Inrrv an attractive market for imports, ^ 302 TXT 73 f- : : --- 

j U>ci ll/il J and export volume can onl? be — : —- ~ 1 nf npnsmn 


• , iSoS, “ ti.sa.'BK;r,run;« ^ «qu T ym ^ B ^^s!SZSL m r»"E «i£fi‘v a 5 ar 

development scheme by the New m . c l nb ^^' u ^ Li h. ‘j n 1976 and which was set uo last sprin 2 with makes plain tiie BnUsh - b' 5 >. 

River company on the south- 2 ^;^; S, v £65m to spend on subsides to builders view hat to 

■SFS j^gasawfas S£&2S»! 

" r SVr/rrr“ £?»'«» «, 

Because of this "critical" now putting the final stages to a tuts. 

n Ca*-! i ------ 


British Steel ! -- 1 “ “ Z J9 

caus off joint I Biiistock s role undisclosed 

stock venture ' :the name Bf ^-/ud,h ™ ■-jsjfgKJfgi- ^ 

Financial Times Reporter Binstock. a former London e Qu^jj 0n i DS Mr. Derek Kemp, disclosed to the Treasury until 1 

„ . i solicitor and businessman, was fo zr"fi nan cial oartner of Lewis a late stage in the investigations. . 

THE BRITISH Steel Corporation j de , iberatelv i eft out of answers AiSSn and Co^ Mr Worslev Before the court facing a total • 
ULiZ .W n ^- GriuiXwlby stockbrokers Lewis Altman ^ -Binstock ‘s name appears of 32 charges are stockbrokers; 
comprising the Levy Group ha j - Treasur” inouincs in rhe draft but it bas been com- Mr. Lewis Altman and -* - 

decided not to go ahead vjUi aland Co. to Treasur.- 'WQuu. v n t’ed from the tvoed- Robert Carn?s. Also named in; 
jointly-owned steel stockholding; into a multi-million pound t o the the charges are their stock- 

business in France because of rore i.-;n currency fraud. 11 was tnat aeni broking firm or Lewis Altman 

the world recession in the steel c [ a i n ied at Guildhall Court. Ir « ! ’ ur -* . . aTld C o.. EIC Euroawcuritiea. • 

industry. London, yesterday t’hMt e<n ? had nothin'’ to Uo Tricomraerce. and Mr. Binstock.; 

Tv-o executives from the Levy Mr. Michael Worsley prose- thM. I bad notnin. 00 whQ jg nou . „ ving abroad, 

f’roun however have agreed to curing, produced a handwritten with the lyped version. • Mr . Altman and Mr. Carnes; 

ad a^’ advisers to British Steel's • dran answer made by Mr- Mr. Kemp said he did not know have p i ea ded not ©ulU to con- • 

steel stockholding business. They Anthony Measor. a former ftnan- , vb authorised the omission of spiring with Mr. Bmstocr-. and 

E.«v p i^ £& ! 9 73 u ^^,:s a M, 


U.K. warned 
over lorry 
meter delay 

By Guy de Jonquier«, 

Common Market Correspondent 

THE "EUROPEAN Commission 
decided yesterday to deliver a 
final warning to the U.K. over 
its continued failure to comply 
with EEC rules requiring com- 


£m. 

£m. 

£m. 

234 

211 * 

75 

29fr - 

196 

94 

303 

196 

107 

308 

196 

112 

310 

194 

,116 . 

328 

,203 - 

425 

364 

^io :■ 

1S6 

310 

203 

107 

359 

186 

173 

315 

. 196 

119 

3T3 

184 

129 

339 

'189 

150 

302 

ixr 

73 


me --- 

debif tbe account , - 

Backing for the system has so 
far come from the batiks tiut 
some retailers believe -it. could 
cut had debts and save.tune.: 

However, the cost w of suCh a 
development would be ; high and - 
the committee will tty -to detexv 
mine if they coixld be recouped. . 


Public 


Costs ‘could be cut 
by £100m. a year’ 


of pension 
scheme’ 


' • ■ • THE BRITISH public is farSfely 

' . ignorant of- 1 the■■ impfiftttions-of 

1 T - I the new State pensions wheme, 

^ 0/ 1 according td-Antony- Glbb® W6- 

- - . - i rinns' Services, after a - survey'.at 

of chemical exports is re -.:{™LSTeVhf large factoriesifc 


its continued failure 10 ludivi: . w *, r ! eions Services, after a survey at 

wUh EEC roles re ^.° l ," ng f{ fhJ THE chemical industry «hiH (fohi o r chemicalej;ports 1 ? re- tlw g ktes D f large factories 
mercial goods vehicles to be £iooni-‘ a 'ear on the cost presented by distribution costs, ^ London area. •• 

fitted with tachographs, the * to’the Continent If amoun-ung to more £7 ^?j The scheme starts on April 8. 

controversial devicesi which .of sm,men^ ^ for exports to ContinentaJ ^ not lintil in tavi€wee 

measure hours and distances ; ^aSmenL writes Kevin Done. Europe alone. anmber 844 ditf the_sungefind 

driven. ! B « r Fric. Share. chairman:ot- “If we got this cost down^to gomeoB eL.with It flood yjeaPbf-hoir 


rules. If the Government has if* mater reBar d for the role of order of HOOrn. on UJC. exports employee-of the p^paitment 
still not acted by the end of wrpjatw compan y to Western Europe." of Health and Social eelmty, had 

this period, the CoBU “J^ 0 “ management and for the wider Mr. Sharp echoed the recent coached him : -i: i- 

will decide whether to take It ^ modern tech- finding of the Economic.Develop-. ; Mr. Graham- chan- 

to the European Court of to distributibB. ; raent Committee that " Jejulf raao of Antony Gibbs.ceased 

lice on charges of falling to mques chemicals dS-' between production and distribu- the re wsystem as a ^labyrinth 

carry oui its obligations, under tri |P e J^ tton management In manufactur- of complexity - tii aa ffe^ made 

the Rome treaty. L n _ u_ ,"!i .v,, ( »vnnw«Vof i«o industry was damaging UJ^. vesterdas ^to-an employed corr- 


the Rome treaty. ■ him 1 he °£d that exports’of' iog industry was damaging U.K-.-^.yesterday--to'-an emplflyeft ^corr- 

Brilain was supposed to en- JJJ™-. . : ^ rest 0 f \yest6rn European market perforraanee. ; - , ferenc^wLondon. • -■ - 

sure thai tachographs were, counted to Srly: T here had been-a dralahtfe’ Mr. Putted 11 said that^ete 

fitted to all oeo- vehicles ami . &>™P« n0 " *"«»»««' * ^'^"tVTtion of toctmology ,and rttoultbe a dvo : ye.r toora tdrlM v 

those earn ing dangerous sub- — 0l ^ 1, . • , ar .h n nii\mpni onmmpreial systems into, distri- oir peosionk'Jegislation to enahfe 

2ST. 'SStW^ ! .d;. D nVer dSf ; ; ; ; ^ far and jr n S » t should g. M 

ras: 





l;#i 


On these pages you see four of the world s most responsive 4-seatei 

performance coupes, built by AlfaRomeo. 

It would be idle to pretend,when conditions are right,that they are 

not fun to drive at speed. 

But you don t have to put your foot down hard to enjoy them. 

When you have full-blooded Alfa power, a five-speed box,unique road- 
hugging suspension, dual circuit disc brakes, and cat-like 
balance, there is no need for recklessness or bravado to put the thrill 

back into driving. 

At any speed,an Alfa coupe is supremely a drivers car. 

And tha t is what you're paying for when you’re buying one. 

All Alfas are covered by the AlfaPlus back-up .. 

programme which includes unlimited mileage cover - ■ 

for the first year,12,000 miles between major services, £ 

free routine service parts for the first27,000 miles - 5 

(GTGTVandStrada)and24,000miles . *. . | 

for the Alfasud Sprint. 







Manufacturer performance figures.Pnces include v AT, 

Car Taxi ne riia r«l belt, number plates and deliver* on theUXmainlancL 
Forhixirt-c cfiinini: 

Allli R umeu i G1!) L i mued.Ed^ware RoadJjsndon NW2 6LX. 

"Ie lenhi.t ne: U14 5U 8t>41. 







r-.il 


•2.V 









0'U & 

§§gi®f 










v* W 




■r . • 

























Hi fj t {* j & < A" 


HOME NEWS 




ynch to Pan Am to seek big I Britain | Why Leyland must put 


cut in fares to U.S. £!“ 


:m unity 

• * Giles Merritt . ,'j 

” gntficant -habdenikg^ 
' e 'Irish Government's posi- 
. - Jn. Irish retwjficafibn is’ex -1 
« to be : declared ' this 
*nd 'when -Mr. Jack Lynch; 

. Republic’s Prime Minister. 

‘ i 4ses.his Fianha Fail party’s 

• ^m 1 conference.' \ .... - Y 

Lynch. ft is, understood, 

■ •? nnoonce a White Paper-on 
-■ ft plications of reunification. 

‘Ope.is sti.il unknown, but 
'Y thought'to amount to' a 
initiative on Ulster with 
sted timescales -for .crass- 
r economic, co-operation 
to a. loose federal 

• . ... 

. .' important aspect of Mr. 
.‘•’s decision to set out Irish 
: • on Ulster in a White Paper 
*t_ it upgrades to official 
. ament policy the.Flaniu 
- October, 1975. statement 
- • ? for a British declaration 
. '• ent to withdraw. 

. '• Premier's, announcement 
White Paper will be made 
__ turday at the party con- 
'e. in response to resolu- 
n > submitted by a score of 
rljr; 1 branch executives askin*. 

policy document on the 
,« ations of . " the bar- 

reunification of the 

' intr.oversy was sparked off 
.j nuary 8 when Mjv Lynch 
f j j fen a radio • interview that 
“■x should encourage. Irish 

tf.ji.. remarks produced bitter 
'•Ijljsm from Ulster.-Unionist 
“ s, as well as a sharp 

■ -on from Mr. Roy Mason, 

- -.5rn Ireland Secretary, 

- Lynch was held responsible 
. - e simultaeous collapse in} 
’.irn Ireland of inter-party! 

• on -an administrative 
..tion settlement there. . 1 


BY MICHAB. DWNf, AEROSPACE CORRESPONDENT 


£lm 


THE BATTLE for.cheaper fares 
cm the North Atlantic .air route 
this summer. was-- intensified 
yesterday bs. a decision by Pan 
American World Airways,, one of 
the !*;.brg three-” , mriines on the 
route, to seek big extensions to 
cut-price travel between the UJC. 
and/the.UJS. ' ,v: 

■ The_. airline. ; which:.- already 
offers in . common,-with' British 
Airways and Trans'. World Air¬ 
lines, the Jow-fara^-Budget Plan 

and Stand-By rates*.-between 
[London and New York, said it 
was asking tbtf. US.-and U.K. 

< Governments'for penmssion to 
(offer similar rates■' to' several 
other U.S. cities Londoa. 

Pan Am wants to!offer Budget 
Fares (westbound)- ;■ .=; between 
London . and; iBostofi . at £63 
single; to Detroit:: at : £74; to 
Houston, £78; lAs r Angeles and' 
San Francisco, £89; .to: Portland 
, (on the UJS. West Coast), £87; 
Seattle,. £80; and Washington 
DC, £7X-. . 

For the eastbound flights to 
London, the-single Budget Fares 


would be: Boston, £83: Detroit. 
£99; Houston. £104: Los Angeles 
or San Francisco, £118; Portland. 
-116; Seattle, £105; Washington. 
£95- These would be basic rates, 
with slightly higher rales in peak 
periods. 

The present Budget Fare 
between London and New York 
is £64 westbound, and £85 single 
eastbound. All the proposed new 
fares offer substantial reductions 
on normal economy class fares. 

Budget Fares, first introduced 
isst autumn to meet competi¬ 
tion from the Laker Skytrain. 
enable-a passenger to give the 
airline at least 21 days* notice 
of the date on which he intends 
to travel. The airline in return 
g*ves him seven to 14 days* 
notice of the flight he can take. 
In this way, the passenger gets 
a guaranteed seat at low cost- 

in addition to Budget Fares, 
Pan Am, together wirh British 
Airways and TWA. also offers 
Stand-By fares at the same rates 
between London and New York, 
for passengers prepared to turn 


up on the day of travel and take 
a chance on getting a scat. Pan 
Am also wants now to introduce 
Stand-By fares between London 
and Boston and Houston. 

Pan Am's plans require the 
approval of both tbe U.K. Civil 
Aviation Authority and the U.S. 
Civil Aeronautical Board. But 
there is some doubt in the UJv 
civil aviation industry whether 
the authority will endorse the 
proposals. British Airways will 
wait to see what happens before 
it decides what (o do. 

Differences 

The reason Is that the U.K. 
feels the move towards cheap 
fares has gone far enough, at 
least for the present, while the 
U.S. believes they should go 
much further. 

Because of these differences of 
view, efforts by the two bodies 
in London last week to reach an 
agreement on a new fares poliev 
for the North Atlantic from 
April I failed, with no plans for 
resumption of the talks. 


aid 



By.David Churchill 

FINANCIAL aid of almost 
£l 0 L towards the repair of dam- 
*#* e by the reccoi snow 

and floods In the United King¬ 
dom was agreed yesterday by 
the European Economic Com¬ 
munities Commission. 

The aid, which follows dis¬ 
cussions between (he Commis¬ 
sion and the British Govern¬ 
ment, will mean that England 
will .get more Hum £651,000 
while Scotland will set almost 
£3284)00. 

The aid to England will be 
used mainly to re-build dykes 
and readi, in Ea*t Anglia and 
the South-Easi. The use of the 
Scottish aid will be determined 
after more detailed examina¬ 
tion of the damage. 


Rise in bank lending forecast 
even if ‘corset’ curbs return 


BY MICHAB, BLAgjDEN . 

• - 

A SHARP rise in bank- lending 
of about 15 per cent; {^expected 
this year by Heddervrfg; Stirling 
Grombar. stockbrokers^ even if 
tbe Bank of England-reixnposes 
“ corset ” restrictions.;^ 

They suggest that if djfe money 
supply appears to be iff danger 
of exceeding permanently official 
targets, the Bank will hripg back 


restraints. "It is clear that the 
interest rate weapon is regarded 
as quite ineffective for quick 
results.” 

Nevertheless, it is expected 
that interest rates will- rise 
gradually this year, although the 
average base rate of the banks 
is likely to remain more than It 
per cent under last year’s 
average of 8.93 per cent. 


The brokers foresee a favour 
Price Commission investigation 
into bank charges which in time 
will enable a greater proportion 
of overheads to be recovered 
through ebarges- 
But they also suggest, after the 
recent £96m. rights issue by 
Midland Bank, that at least one 
more rights .issue is a strong 
possibility this year. 


• . • - 

Research into gambling ‘needed’ 


Restrictions 

Last week Mr. Peter Shore, 
Environment Secretary, said 
that loeul authorities’ which 
have had to spend more than 
the product of a Ip rate on the 
damage, would he able to claim 
back 75 per ccnL of the extra 
cost from the GovernmenL 

Details u[ the scheme are 
still being worked out with 
local authorities involved bur 
it will cm er mainly domestic 
property and excludes damage 
to sea walls. 

Tbe EEC aid comes from a 
special Community budget for 
victims of disaster. The disas¬ 
ter fund fur 197S is about 
£L3aL, of which about Elm. is 
being giien io Britain. The 
Commission alru decided yes¬ 
terday to give abont £2611.000 
towards repair of flood dam¬ 
age In France. 

Finance house 


TS7 on sounder footing 

BY TERRY DODSWORTH 

IT IS templing to interpret 
Leyland Car’s decision to close 
its TR7 assembly plant at Speke 
m Liverpool solely as a move 
to discipline its troublesome 
workforce. 

Tbe lfr-weck strike at the plant, 
over somewhat marginal proce¬ 
dural issues, will certainly have 
strengthened the management's 
resolve to take a tough line. 

But the thinking behind the . n _ 

move is mainly commercial: the TR7. Only a limited success. 

TR7 is In-ting money, and its pro¬ 
duction has to be rationalised to At tbe same time, the harden- occupied with a fair number of 
put it on a sounder footing. ing of the pound against the other issues recently. 

Mr. Michael Edwardes. the ? olla r hi? ibe TRTs profitability But from the management’s 
new chairman, could scarcely in iti> main market, and with this point of view, Speke brings to 
have given a more positive indi- wem most of Speke’s hopes for a head two issues which can no 
ration than this of his determine recovery. longer be avoided. One is the 

tion lo restore managerial Tbe Plan Leyland has fallen patent labour Indiscipline within 
prerogatives within British Ley- b2t k on is the kind which the Leyland. 
land straightforward economics of the it is a matter of simple arith- 

Virtually everv time that the situation have been pointing to metic that the company cannot 
question of plant closure has for a Ion? time. survive even with its present 

come up in the past, it has been If the unions co-operate, the comparatively low pay rates in 
ruled out as politically irapos- assembly lines at Speke will be an internationally competitive 
sible Yet Mr. Edwardes is now taken out and transferred to the £ ar , mar «ot without achieving 
'-•hatl'enging this arsuraent bead heart of the old Triumph organi- j?*™productivity and fewer 
on. satlon at Canley. which makes 5 « e *- ... 

The trouble with the TR7 is ‘he Dolomite. Spitfire, and a rortEn*»T-f h ho^“n n «\Ji^l!* UI ^ 
that it has had only a limited range of engines. firet b ? iL h, ', 

success since Us launch three _ ftll rSour of P thSJe market fill 

years ago. The car was designed riplinei arolted * 

3 f Trinmn^°«norr«^mAltaic InS NEWS ANALYSIS But On labour matters its 
of Triumph sports models and record, while not much worse 

aimed primarily a? the U.S. Q than many other Leyland plants. 

market, whore Triumph has a enpa/r is certainly no better. 

strong name. SPEKE It has a history of petty dis- 

But to establish itself as a pules and very low productivity; 

strong runner in the Leyland vLvdUKc indeed, its output per man is 

stable, it needed to create suffi- ______about half what Levland a bad 

cient demand to fill the produc- performer overall.'achieves at 

tion lines. This would leave Sneke uilh most rtf itc other nlanfc 


JAMES McDonald 

OUGH there-Is little or no 
ce - to : suggest: v that 
ate gambling has harmful 
or economic consequences, 
. for the gambler or society, 
more . information . is 
1 on all aspects of 
ng, says a report published 
by the Home Office 
•cb Unit, 

rt four out of five adults 
tain gamble in soma war 


expands 


and the industry has ai£ annual 
turnover of over £3JSm. flnd 
employs' 90,000 peopjfr / But 
relatively little iMonn&fonf has 
been available until ^recently 
about -. the industry^' about 
people's gambling habits nr about 
why people gamble at -all. 
writes Mr. D. B. Cornish,'author 
of the report. . 

' There was a pressing need f& ; 
much more accurate- informatfo^ 


about tbe distribution of partici¬ 
pation in all forms of gambling 
and about the more detailed 
habits of gambling. 

On off-course netting on borse. 
racing, for example, more in¬ 
formation was needed about 
numbers of visits to betting 
shops, whether they were made 
in the morning or afternoon, the 
length of the stay, the numbers 
of: bets made, the stakes, re- 


betting on winnings, and data 
about betting shops. 

Given that the risks of social 
problems seemed to be higher in 
off-course betting than in any 
other form of gambling, informa¬ 
tion about this activity would 
appear to be a priority. 

GainbUmP-A Surra • ol llie Literature 
and tu laiptii-nUM* tor Pt\’ic-i and Re¬ 
search. D. R. Cornish. Home Office 
Research Series Ko. «: SO 0.25. 


UNITED Dominions Trust, the 
finance hou.se group, is planning 
to develop its business in Scot¬ 
land through the ' :b!ishmem 
of a separate subsidiary north 
of the border. 

Tbe group ha* formed a new 
subsidiary. United Dominion*.. 
Trust (Scotlandi, with a head! 
I office in Edinburgh and branches: 
I in Aberdeen. Dundee. Glasgow 
and Kirkcaldy. The new com¬ 
pany ft aimed to spearhead the 
group’s, industrial, lending and 
instalment credit operations 


The trouble with the TR7 is ‘he Dolomite. Spitfire, and a fa m r i5 h ,L a l), un .' 
that it has had only a limited range of engines. the firer b£ 5LmTS®h.2 , r£ 

success since its launch three _ ftll rSour of P th«e market 

years ago. The car was designed riplinei «nited tS?L " 

3 f w KEWS ANALYSES But on labour matters its 

of Triumph sports models and record, while not much worse 

aimed primarily a? the U.S. 0 than many other Leyland plants, 

market, whore Triumph has a enpa/p is certainly no better, 

strong name. SPEKE Ii has a history of petty dis- 

But to establish itself as a f*ir%CB8DIT pules and very low productivity; 

strong runner in the Leyland LLUdunt indeed, its output per man is 

stable, it needed to create suffi- about half what Levland a bad 

cient demand to fill the produc- performer overall.'achieves at 

tion lines. This would leave Speke with most of its other plants. 

This demand has simply not about 3.000 jobs in the stamping The other issue concerns plant 
materialised. Leyland sold about and body plant alongside the TR7 rationalisation. Virtually every- 
16.000 TR7s in the U.S. last year, factory. But it would have the one accepts that Leyland needs 
slightly Fewer than its Spitfire effect of reducing Ley land's to trim its operations to give 
sales. overall work force (3.000 jobs itself the chance to erow again. 

Fnr tbe total U.S. and home are to go at Speke) and reduc* At present, it is tike an un¬ 
markets. if made a hour 20.000 ing the cost of tbe TR7 output pruned tree with too manv 
units, against a target of m-^re through shared output at Canley. branches, many of them hearing 
than -10.000. and a potential out- Leyland would also be able t0 ° little fruit, and making too 
puf of 100.000 c-ars from the to cut back the project to get many demands on the central 

present facilities. production more in line with the structure which holds them up. 

In the days of expansion in present level of demand. This is not a new fact. The 

Liverpool—the Speke assembly need to Drune has been acknnw- 

lines came into operation in 1971 Modest Output ledged for a decade at least But 

—Leyland executives were talk- r it has been tackled onlv tenta- 

mq about an annual output of The . company has already tively in the past. 

200.000 cars. made it clear that it will be The new management Is say- 

It might have been possible ar more modest output me that market considerations 

to make Speke into a viable £i r JL he 9 ar — P robabJ y about must come first, and everything 
project if all the factors had “°- 000 u . n,,s ? a J* ear — af!er be tailored to that, 
been right reorganisation. It is abandoning the tactics of 

if for instance Levland rnnld Be £ ause , of tbe commercial investment freezes as a sanction 
have got the improved diwIu£ beWnd tbe Speke against tbe workforce, which 

Vitv i nlrf nn n ihn Z reorganisation. many shop have characterised the last two 
lyJJJ hiinJH- h .n P J a r slevi ' ards believe that Leyland years, in favour of much more 

niiatity thich wa^ veit' „n delih i. r3,e,y P rovr>k ,f d a dis P uf e traditional disciplines: the size 
.v ie . W j i was wer Y pfmr on IQ order to close the plant. of the company and Investment 

wmikPhaVe d helo^d^stilPTurther * The i trike T U,d "k Ver have L n if ' wiM in future be related 
would have help.4 still further, dragged on sn long, they argue, directlv to sales. 

In addition. Leyland had plans if the management had really How smoothly these new tactics 

to produce a larger four-seater wanted to sort out the issue. will work is anyone’s guess 

variant of the car. called the However, it is only fair to There will inevitably be a great 

Lynx, which would have helped point out that the unions them- deal of talk about sit-ins in 

with plant overheads But this selves only madp the dispute nffi- Mersevside. and the Caniev 

was dropped during the group eial this week, and that Levland workers themselves mav be un- 

econnmv drive last year._management has heen pre- willing to take the TR7 






















































I’ARIJAMIM AN!) POLHICS 




MPs Insist Oil 40% Labour’s wage 



6 



9 


referendum 



BY IVOR OWEN, PARLIAMENT ARY STAFF 


Labour Government 


GOVERNMENT-BACKED efforts He accused supporters of the simple majority vote. Any 

to remove the requirement that 40 per cent, rule of “changing attempt to alter the rules now _ 

■j “Yes" vote in the Scottish the rules of referendum^ as they would be seen as a bid to fiddle BY JOrfN HUNT, PARLIAMENTARY correspondent 

devolution referendum must go alons-’’ Anti-devolutionists the result, and would bring the 

i:qual 40 per cent, of the total were “ playing into the hands of House into disrepute. THE T ah „ 11T . , s 

Scottish electorate t c . be effec- the Scottish National Party." Mr. Gordon Wilson tSNP. bound l0 ] 0 „ ♦»,_ n *>vr ■ eneral 

rive failed in the Commons last In the EEC referendum, 35.7 Dundee E.) said that because e i ec K on ir' ii H L " -.re 
night. per cent. >.<£ the Scottish elec- MPs disliked any attempt to pnssent policy of 8 “l* ... ao( . 

Ignoring a warning by air. torate had voted "Yes” and ehisel away their authority, they Controls. Earl Gnu-ri» r.tn-wA-- 
Michael Foot. Leader of the Com- 25.4 per cent. “No." Neither were going out of their way to ati ve economic Solwsman inthe 
i lions, that retention of the 40 side would have passed the test put a barrier in the way of rhe , Qrds DTe dicteri 


BY RUPERT CORNWELL; LOBBY STAFF 
MR. MERLYN REES. "Home 


Secretary. . yesterday asserted 
NTARY CORRESPONDENT ihat the Government’s existing_ 

policies were already producing 

is the Government had in the kitty. a steady -drop in irrunigrajifin,- 


^. G F r ?°^irt W ih-i°t n tJnufe bound 10 lose ** next general It should then be left to directly nd c hanecs tbat'cbitid- 

f iitrl 5 nv electio ? il ■*«« «" l™™*}*** 1 ™* 5 to se * 10 lls be- made would have Uttle effect 


on numbers coming into the'-' 
U.K. 


'-cr cent, hurdle would invite "a which had i-oeu written into the Scottish people. The House was thirffnf! n«iv»nipni must" have.'to protect the weak chose his words to cause era-, 

ns. n cl it,,, t.ill _: ac Miu uidL li me «jOVern“>^i“ __ . _ ..._. , kirr, fcmmi t m the. Tnriflo hv 


powers, which all Governmenis In making-this.point, Mr. Rees 



very sertc 
crisis." MPs 
amendment 


constitutional devolution Bill. 


voted down ___ _ _ __ _ .. _ titsi i HCIl „ li<ki ..... __ ^ 

amendment to restore the ting a minimum role would ma’ined unchanged, the result *^,,^ 10 ^ 111 ® eEISm^hrou*,!! a?Mhr methods'directly at our ployed first .by Sir. William, 
referendum clause in the Scot- establish a “dangerous prece- would be not just a battle Labour aWnfinni " disposal to trv to educate people Whitelaw, the Conservative 

land Bill lo in original unquaii- dent." It might be used by poli- between people and Parliament, . . nt j n cause and'effect in the econ- deputy leader, and then .last 

Bed form br J9S votes to 243. a ricians v.hr> souaht to conspire hut also between the Scottish . Lord Gowne wasjgpeaking '»n a m h avnlain^d weekend, by Mrs. Margaret' 


the ting 


Mr. Cana van feared that sei- 


sowinc a minefield for itself. 

If the 40 per cent, rule re- 


re ^Ved a wV4 /onttof PoHc" or help those too ill-organised «> harassment to the Tories by 
“ of any it help themselves. .^We will use using the exact 


land Bill ly in original unquaii- dent." It might be used by poli- between people and Parliament, 
Bed form by 298 votes to 243. a ricians v. bn souaht to conspire hut also between the Scottish 


disposal to try to educate people whiteli 
in cause and effect in the econ- deputy- 


majority against the Government to interfere with democratic people and the English Parlia- , initiated 


decision-making. If the 40 per ment. 


~ T ' i omy." he explained. 

_ .5, In the nationalised industries. 


deputy leader, and then .last 
weekend, by ' Mrs. Margaret' 
Thatcher to Young Conserva- 


Mr. Foot sires.x*d that a cep*, rule vas applied to local Mr. William Ross fLah., KH- n f-. a ! ar c “ a nees in the nuino. 
referendum verdict which showed authority elections. there would marnnek). a former Scottish of dating with public sector pay 
a substantial maiority for the probably ho no councillors at all. Secretary, attacked the idea nf a At some length, he outlined 
establishment of a Scottish Mr. Alien. Buchanan-Smith tC.. 40 per cent, minimum as “dan- Conservative thinking or the 
As^emb'.v would not necessarily X. Angus and Mearnsj said Par- porous nonsense." The Commons alternative to the present str'ci:':-- 
catisfy the 40 per cent, qualifica- liament was creeping down the was the place where ilecisisions enforced 10 per rent, guideline 


McCarthy, a Labour pe^r. on: he a lu lives at Harrogate. 


Mr! William Ross fLah.. Kil- need for changes in the method M ' £ ilart - ;h ' e j OT ‘=. 

aranck). a former Scottijsh of dating with public sector Pay. slow and exhausting process " of 


rnnl S0E ?* breakina down the i miction ary 

Conservative thinking on _ the j^„ T9 ,- inru which «.v<> ,.n?*r. 


would Try io jiar! “ the lore. it was already the case, Mr 
slow and exhausting process" of Rees told a Press Gallery lunch 
breakina down the Inflationary t t the Commons, that the 
expe-ciations which were vnze n- Government had “a policy 


™ wuiepre ems- -^:- dered by centralised control of 
forced Mf «nL eutr.elmf. wa?e5 as against centralised de- 
Although he did not lay down ternunar.on of money supni;.. 


He recalled that the Con?er- this .countrv in post-war years.’ 
vative document “The P.igru H;? impi ; cati£in ^jhat any^ 


lion. slippery path towards eroding should be made. The 4n per Aitnougn ne Qid not lay down ter-miianon of money supni;-. gr 

But his arguments made little its sovereignty by establishing c^nt. was a l:««t-diich offnn to specific counter proposal, in-' pj e recalled r'nal "rhe Conser- -jh 

impression on the House and referenda as part of the const i- mukp it as difficult as possible tone of his remarks was inten'ely vative document “The P.ight 

were swept aside b> Mr. George tufi>>n. for devolution in be achieved. hostile to any form of firm wsce Approach to the‘Economy" had c 

Cunningluun iLab.. Islington S. He opposed the idea of having The nenpfe of Scotland should controls. “I believe there emphasised that ail attempts at 
and Finsburyi. principal archi- a percentage “test" in the make their decision in relation severe political restrain''- nox wa n e controls were eventually 

K-ft of ihc 40 ner cent, hurdle, referendum. if there was a ir. what was laid before them, just on Conservative Govern- broken. A subsequent ru-h inr 1- 

whu insisted ihat if there was an referendum, it should be on the not on the formula. “This is but Labour Governments f^foer wages was a recipe for p : 

n-.vrwheim'nc demand for devo- same level as the vr*ie on not justified, and will be ?nen to ' n ,\ vbal can be achieved .r- mis higher inffaiion aoti u item ploy- 

intion in Sent]and. there would Britain's entry to the EEC. 1 JP a trick and the erecting of held. ment. ’L 

be no dinl'.-ulry in satisfying the “ If •.■:c still believe in the hurdles.” * Lord Cowrie added: " Wc v.-an: Opening the debate. Lord 


v-hith is clearly designed to 
work towards the end of immi¬ 
gration as we have seen it in 



. ^ ... 

MR. MERLYN REES 


changes m the nationality law 
which were now under general 
discussion. ' ,'T . 

Mr; Rees went out-of his way 
to attack suggestions that the 
nationality Jaw mlght be amended 
to, remove the • right .tp'vfrtte' from 
the Irish settled In the I5.K. The 
Governmeht- ihas firmly, against 
altering a relationship:that was 
enshrined, not. in the nationality 
law, but in -the Representation 
of the Peoples Acl ' 

• v Last night: - Mr. Airey Neave, 
*ie Tory spokesman on Northern 
-Ireland, .denied that- Conserva- 
turns .were considering - altering 
the roles governing nationality 
to modify Irish voting r^bts. 

, M Tha ^policy of the Gonserva- 
tive.party is to look at the whole 
question of nationality and place 
British - citizenship on a rational 
basis- 1 . was not referring to 
Irish voting; rights in ojy speech 
.onJanuarySS.noraidt; I: mention 
them," heisaid-i.- .; '.« ■:;- 
. Despite • . Mrs. •‘.Thatcher’s 
chilly reception this veeekhf the. 
Prime.-Minister's offer of an all- 


Cunniughiun iLal>.. Islington S. Ht? opposed 
and Finsburyi. principal archi- a percentage 
ler-t nf ihc 40 ner cent, hurdle, referendum. 


iniien in Srntljnd. there would Britain's cpiry to the EEC. 


be no rbTivulry in satisrfvtns the 


still believe 


voting nu.ilification which had sovereignty of Parliament, there Mr. Robin Cook (Lab.. Edin- modestly and slowly to try and McCarthy said that the Govern- -*L-. Kees tlemed tnat tne GOy- v tne_..Uj\. omy to tuose pcupie cautereuMJ viuxua ot oOTer , . 
been introduced. should be r.o test built in at all." burgh C). said it was always start an orderly withdrawal of ment ivjj the gbo:: at the bar- err.ment intended to play, it who-bad a. parehL.or grandparent L®?™.'. 

iow-ei-fulli- argued speech If the test was applied, fhev accepted in public life that any Government from areas where ii gaining table. “H is the invisible so”'' on immigration and re-.^oni here. . • v v• -.-_ 

iicers fr«im mti-devnlu- would then be spins down the attemut to change the constitu- does not have direct concprn but presence that never tells the bar- peated his promises to .stamp -jRecause this was_^ine wrpng yomnnttee on Race.apaimmlgra- ; 


ment. 

Opening 


u debate. Lord 


sweeping modification to the 'iff the ifl71 legislation involved party summit on i&uztigratieiv r - 
ruies would mean measures so fiapees of those who had'Settled Me. Rees stated yesterday that 
drastic as to. involve a breach ^erg after Januai^? 1, 1973.. the offer was'still opeD-V. i. 

uf commitment aJreadv made. . pees said that'his inly Bur. Mr. David Steeled The . 
especially under the Conserva- ^^1 with the Act cbnceiiied Liberal leader.-while -wdcomtng^ 
tires' Irnnugration Act of 19T1, 'Jfe ■j^ariiality” provlaohSi which the idea, said in a formaLletter;. 
the. basis of present regulations, offered the right of residence Jn of reply to'..Wr. Callaghfljr that 


:.L- Rees denied that the Gov- the.ILK. only to. those people that conference would do better 
n ment intended' to “play it 'who had a parent.or grandparent to wait nhta the report due after 


His »mw 


au- abuses wherever they were -vay. to define eligibility, the. Gov- ;tioii rhad- come its 

ioiuid. Toe only real alterations ; eminent had isued proposals ;for findings-.-. . - ,L y . •' 


Mr. Cunrinsnaqi secured a win- j mandatorv one.' 


ning margin of on!;' 15 when his Mr. John Mackintosh 


40 ppr 
carried 


many people simply did not rote Governments of both parties does not want them to d>*. ■.yhes 
(Lab. in rhe referendum, they were had tried to establish waz*’ con- it shreiks for them to stop.” he 


eeot. amendment was Berwick an.1 E. Lothian/ said entitled to have their abseotion trols by fair means or Foot and declared. 


aco—as a that the whoie approach to the taken into account. 


he believed the present Since 


death bio-.- :n the Government’s issue broughr Parliament into The Commons had been foolish Three policy was foul, h 


For the 
McCluskev 


Goverrmcr.t Lord 
said there v;a s nc 


cp-’tomp:. 

Referring 


devivlutJon plan.-. t-o-’tomp-. tn net into referenda Miihom doomed tn fail either beeau-* the ’•■'i-h on the part of ?l:n:=:e.v lr> 

In a sopi-nd vote, an attempt Referring to the Common deciding the ground rules. He Gnvernment would .fall or he- discriminate against rablic ;e?- 
•>r» renlace the 4 n ner cent. Market referendum, he said that would be surprised lu serve out cause the unions would not co- tor employees by heidina down 

qualification by -TV per cent. ;f, e decision should have been his-political lifetime without at operate in makine controls flick, pay below the levcii m the 

—.-1 defeated by 2^5 votes to raken in the Commons without least one - referendum on inde- This applied particularly in the private sector. 

240. j niajorit- against the posing the buck to the public, pendence. public sector. If public sector .scitiemep.}; 

eminent of 45. The same «bou!d applv to the For the Opposition Mr. Francis Through birter experience, were wiibjn ihe guidelines. L’te 

Mr. De~l« Cansnan (Lab. West Scotland Bill. Pvm said that the 33 per cent. Governments should have learned Government would sc ;• that these 


Major nations must 
seek accord—PM 


Rippon Md 
to disoel 


240. j majorit- agalnn the pissing the V 

Got-ernment of 45. The same «hou!d appl.v to the For the Opposition Mr. Francis Through birter experience, were wiibin ihe guidelines. RISE in world unem plo.vmetit; Multi lateral Trade -Negotiations 

Mr. Denis Canatan (Lab. West Scotland Bill. Pym said that the 33 per cent. Governments should have learned Government would sc :• tipy. these c*ncouraging political extremism, in Geneva): and more aid'to 

Slfrlinsshirei claimed there Having cone down the road to figure had been described as a that there was only one thing in the private sector “are no: was inevitable this year unless developing countries, 

would be ronflict and tension if a referendum, we should stick at backstop /or the Government, but to be done on the wages front, given unrem-imd opr-: | ri;:n;i" ‘o inr.'ustri.ilised countries solve the There was no doubt that .flp&t- 

ihe 40 per cent, htirdle was not the point that every election in in some ways it was the worst This was to make it clear what ignore the policy in :ceir v.^s problems of recession and flnan- ing exchange rates added to the 

■^crapped. this country had been on a of both worlds._the nation could afford - and v.hat settlements."_ C iui instability, the Priihe uncertainties of trade and that a 


BY LORNE BARUNG 


over 


Having gone down the road to figure bad been described as a that there was only one thing in the private sector “are no: wag inevitable this year unless developing countries, 
referendum, we should stick at backstop for the Government, but to be done on the wages front, given unrefrrjmd o?r-:'ri;:n;iy ‘0 mdustrijltsed countries solve the There was no doubt that .flpat- 











; was inevitable this year unress developing counines. By Rupert Cornwell. Lobby Staff 

:I " 19 industrialised countries solve the There was no doubt that . float- - ' Rtnonw' 

va i-’ problems of recession and fin an- ing exchange rates added to the ' 

ciai instability, the Priihe uncertainties of trade and that a leader o£ tie Conservaave dele- 
1 Minister warned yesterday. - ..' consensus was - needed among gation to- -tne ■ wiropean .Parla-_ 
i —1 Tf lvas e-'sential for maior major nations to wort towards a ment, last night attempted to 
^ n«i m “ w ““or anew'level: «w mor, stable system. "JpSLfgJ 

• 1 i n' onh'icai and economic accorit 1 • "There is no real meeting \ot . 7 ones over reports tms, weex 
Yir. Callaghan toitl an Institute- minds on this up to the moment.,from .Strasbourg tlwit the.party 
i V- «u Export lunch°ln LStidon.' * .If major nations .are-to; dome* ^1^-h»wSS-^KBC 
lit “Every country must be the together, we- most begirt by tougher hne ^tha EBC. 

id ;««se or us own interests,, far E^MSjrSfiSSi .aSSRS»‘TstlESS2?3 




ifli i ;acb countrv S policy.. * -.jnem iani yKAi was UCU1U.I.IC - . Jc.r.r T—r-r: 

5-1 He wouM tell the Bona^eco-vthis weeks poor trade figures passionate belief in fhe need 
w»;e- summit in July th 3 t' tb^underlined . the problems for a; deeper-European 
d most important task was to^worte exporters faced this year, despite .«Porte. whichi«*Sge 5 ted 
iQ .fur .an_ agreed analysis, neceptfthe b onus-of North Sea‘Oil.— ■ *— tbai- the Cerhervatives- might 
:ibie solutions and a commorffr- Mr.- Callaighan»v.«rgcd. Katish--rtbake.th : e>rflsheries crisis a maie- 
ftf nn 1 ! rival will “to put such solu-; companies tobnyU.K.-made com- or-braak Lvsue for the Com* 
H 'ions into effect. . ponenti? wherever possible, in munify, were.;.'--greeted with ; 

•:s Mr. Callaghan suggested five .line with the .Government's, astonishment by pfo-Market Con-.' 

main elements for future dfsciis- industrial-' strategy cm ^import servatiVos. . at . Westminster,. 

:• 1 /< i uh- apt’.nn nn prnwth substitution. This cOuld-'.be a although*..'-the flavour of the 


h 


S 3 tii..rs inm effect. .- : . -ponenLs wherever possible, in rouniiy. ww-mim wim 

fs Mr. Callaghan suggested five .line with the Government's, astonishment by pfo-Market Con- 
U main elements for future dfsdis- industrial-' strategy on Aim'pnrr servatiVoe.. . at Westminster. 
s;uh: concerted action on growth substitution. This couid^-be a although ;-the flavour 0 / the 
b-.- means ol tax cuts; cuiTeney major factor in reduemg 'tfem- reports is in-line with the more 
f..l si::bilisatirm; energy policy; trade ploy ment and the volume \pi hard-headed approach to the 
J poirev <particularly within the. imports. \ EEC shown recently by Mrs. 

I -\Th.itcber-. 

i a • \ Mr.’ "Rippoii, who handled 


Minister rejectsgiue 
products warning 


1 111 A a . u-ippufif w uu unuuiov 

• ' Britain's entiy negofiiatibas in 

'* lSp'Jjsaid there-might be a risk 
'.:'*, :-..of\the Community "drifting m 
disaster" if the fisheries taflm 
' -fail.V 'But a lair and balanced 
• solution bad .to be found to tl» 
> n h D probi^kr, WWch.involved,a vital 


Wide choice of locations and sizes 

Rent-free period for up to 5 years in certain circumstances 

in Special Development Areas, and up to 2 years elsewhere, 

if enough new jobs are provided 

Rents assessed at current market value 

99-year leases can be purchased 

'These factories offer considerable financial advantages when you 
take into account the other incentives available. These include gran^f of up to 
22% towards the cost of new building (including the factories we offer if pur¬ 
chased); similar grants for new plant and machinery in many places; favourable 
term loans orinterest relief grants; and grants to help with removalfcosts. 

Expanding companies are welcome from within or outside the Areas. 

Telephone your nearest Industrial Expansion Team now. Qr fiff in the 
coupon for a free booklet and list of factories available. j 


S 3 i in? unlives nn glue products. teachers. 


workers 


be warned thsfit 
iies like Spain, 
mice were re- 
SC;.* we would 




U I “in' ^S“ 0 n s fe r«eT b re ;y. * VU ^ 

deal concluded ;g23&&ja' 

* was a wide range of pro- BRITISH _ SHIPBUILDERS has fear° Xabou? S ' to^8 


.^1 (the dangers of glue sniffing. But 
11 | there was a wide range of pro- 


Polish shipping 
deal concluded 


fej i tu. young persons," Mr. Fraser reply. STUDENTS UNION membership 

y jsom. . Certain materials were to come fees for fall-time stufieiits_in the 


j He sin not connnced that a from-outside the U.K„.-but most ILK/ cost pubffc -ftmds 'abmu 


London tel: 01-2116486 


24-hour answer-service for booklet enquiries only. 01-334 2026 
Scotland. 

Glasgow, tel: 04I-24S 2S55 
Wales. 

Tel: Cardiff 6-l.il (STD code 0222) 

Northern Region. J&** fzgjMsr 

Teh Newcastle upon Tyne 24722 j® ^ 

(.STD code 06521 $ > , ‘ . 

North "West •* 

Manchester tel: 061-2362171 B *f : 

Yorkshire & Humberside. 

Teh Leeds 443171 (STD code 0532) 

.EastMidlands. _ ffll W 

Tel: Nottingham 56181 J 

1 STD code 0w)2) 

AVcst Midlands. ff 

Birmingham, ich 021^52 4111 ^ 

South West. I- 1 4 


BBS S3S 


« To;Tbe Industrial Expansion Team, 

Department of Industry. j 

S Millbank Tower. London SWl P 4QU 

Please send me full details ofthebeneftts V 
available ill the Areas for Expansion, B 


Name. 


Position in Company. 


Company. 



Tel: Pi> mouth 
ibTD code U752i or 
Bristol 29lt»7l 

<STD code U2721 7 

I ondqn & South East. - 

London, tel: 01-603 206Q Exi 221 L- 

Eostem Region. 

London, tab 01-603 2070 Ext 359/360 
Northern Ireland. 

Teh Belfast 544SS (STD code0252) 
or London 01493 (>501 


Nature of Business. 


THE AREAS 1 
FOR 

EXPANSION : 


£ Address. 

K — 


FT13/2F 


The Areas for Expansion 


ISSUED BY THE DEPARTMENT OF INDUSTRY* 

In association with ihi* 5c«>»i¥hFconc*mic PlanningDepunnicntaniliheWcl^hOffic':. 


waruine label would be effective of the sub-contracts had now been £ i3fn.. in the 1376-77 academit 
in deterring young people. • placed and British Shipbuilders year, Mr.' Gordon Oakies, .Educ»- 
“ Warnings might, in any case, did not expect the total value of Turn Miafster of State Said tea 
dn more harm than good by pro- such materials to exceed 14 per Commons written reply : jest ei r - 
viding an easy means of indenti- cent of the total costs of the deal day. .• ; j 


T'WSFte -i \ 


RESTRICTIONS ON the sale of 
freehold land to industry are 
forcing firms to develop outside 
Britain. Viscount Ridley said in 
rhe Lords yesterday. "'A num¬ 
ber of firms have expanded 
abroad and we have lost these 
jobs,” he declared. 


Lord Ridley was opening a 
debate on the problems facing 
industrialists rryin? to buy free¬ 
hold land from load authorities 
or Government departments. 

He said- the -Government was 
not allowing local-authorities or 
Government departments to dis¬ 
pose of the freehold. For many 
Grins, the freehold on land was 
important. 

Firms are highly suspicions 
of leaseholds in many cases and 
they distrust the Government's 
motives/’ There were no similar 
restrictions on the sale oT free¬ 
hold land in other EEC coun¬ 
tries. - 

Many acres of local authority 

and-Government land were lying 
idle and capital was locked away, 
useless, said Lord Ridley. 

He urged the Government to 
relax its policy in development 
areas in the north. This would 
be a " very valuable carrot ” for 
industry. 


mi mmum lease, " of \ 125 years 
before advancing money io cbm^ 
parties intending to develop On art 
industrial site.. . _ 

“He urgeff.xhe. .GoYeriunen&.Tfl 
the xetentiOH-offreehold -forthe 
community vyas' sacrosanct, to at 
least look - af.the.lease . 
they;would.pejinjt.... ; 

' Kahoness ward ”(C» ;N 7 Tyne- 
sifleV said the. Government and 
local authorities V>Si«iH'; s .'«ar 
courage Industrialists- .instead: of 
obstructing > ttertu '-T-. carmot 
believe that. this*-..-Government• 
-would continue to-dperatetiegi ela¬ 
tion which is'-creating vmemploy-' 

Trtonf ** * ■*. • ' 


For. the :Cohservativesir Lsnrd 
Sandys said:. “If ; 'we are to. cojp- 

pete with-oufpartneru *ti Europe.- 

we nught -t<y:he' on _ail foms witly ■ 


Lord Middleton agreed that it 
was desirable for firms to ' ~ 


we .ought-ttf'be'on _all fours.vritb.; 
them about freehold sites/' -C, E > 
There was no, doubt, ihat ^the 
Community • :Land. Act : 'had 
Inhibited enrf>loyment ^flti: 
development of sltds in The-TUC 
“ It should bq' Struck from .the. 
statute fcookT Jte:saMjV - C. V-/• 
Baroness Birk^: Environment 
Under Secretory, , said -a. major- 
objective OF the Government-wok 
to ensure a sensible use-bf land. 
“The catstrophlc .effects . for.-. 
housing, industry and ddjSmert^ .• 
of the laud price""expfpsibir in. 
the early seveitilBS, are istfU-Hb.r;: 
should be~r-v.e'ry fresh • in ' bur" 
mhlds." r- - r . 

























'.-L 




FixxaiiciaJ 


a w 




!«t 


LABOUR NEWS 



Y 16 1978 



union finds 


BY NICK GARNETT, LABOUR STAFF 


BP men 
call off 
overtime 
ban 


IE NATIONAL 
liltvaymen, the 
■ion, btilcve^ a 
' al. the broad' 
lich has already 
uld provide ihc 
. fie settlement- 
lifelines. 


Power men say no 
to ‘60p a week 
improved pay offer’ 

BY ALAN PIKE. LABOUR CORRESPONDENT 


Union, or 
biggest rail 
productivity 
outline of 
been' agreed 
basis for a 
Within pay 


City firm 
pay deal 
may be 
queried 


Miners settle after 
squeezing extra 
£3.2m. from Board 

BY CHRISTIAN TYLER, LABOUR EDITOR 


D; 

i\i 


-.•I 


A settlement for the raif- 
would remove the'.only 
ijor group in the public 
-■.lor, apart from Uifc power 
- rkers, who- could still 
. eaten serious industrial dis- 
itiou during' the current 

ge round.. 

Talks have already begun on 
proving an existing incen- 
e bonus scheme at British 
U’s workshops, which cm- 
■y about a fifth of the Indus¬ 
’s 250,000 workforce, 
gotlallons have-so far been 
-cring British.Rail's 13 main 
>Ps but the talks will eventii- 
■y cover smaller work units, 
’be British Rail- Board has 
laremly agreed wlfft Uie ran 
ons the broad framework of 
■roductlvity deal based on a 
'ional measurement of bi¬ 
ased Freight and passenger 
vemenl. Actual details of 
it specific measurements 
I be used has still to be 
, ‘ked out. . 

he NUR hopes that a 
. Lem will be established to 
nllor Increases in traffic at 
isured periods during the 
r and relate these direct to 
?es. This would result in 
,?.! productivity element in tbe 
•veers' wage rise varying 
; nugh the period - of the 
jj-eement. 

ufhe union is confident that 


Increases to productivity this 
year can be related to work 
.. riianges, including' ihc intro¬ 
duction of.: qew ; signalling 
wltieh' involved, some job 
shedding, brought In last year. 

- The union -says'that it would 
then be seeking to- consolidate 
productivity payments into 
basic wages. 

- British Rail management is 
apparently prepared .to see any 
productivity • deal cover all 
British Rail staff* manual and 
white collar. The .workshops 
would . «ot - be - • included, 
however, becauseof their exist, 
fng bon no arrangements. 

On the . .non-produttivhy 
element of av.rail^setilement, 
British Rail has made It qUilu 
dear to the unions that nothing 
will be offered outside pay 

guifienhev 

Although the NCR has been 
seeking “ substantial** rises, it 
believes it could reach a settle¬ 
ment, without industrial dis¬ 
ruption based oq productivity 
payments. „; 

11 is by nn means,, certain, 
however, that a bargain can he 
struck between rail unions and 
management ' .without the 
unions resorting to industrial 
action. r. 

The drivers’ union, ASLEF. 
numerically much smaller than 
the lSfLOOD-strong.- NT7R. has 
also been seeking large pay 
increases, iocetherr.w1ih major 
imnrovements in special pity, 
merits, including those cover¬ 
ing unsocial hours. 

The union set .ajtarget last 
year of a basic pay Increase of 
about £30 for tbe pr&eut wage 
round. 


BY OUR LABOUR STAFF 

i SHOP STEWARDS .representing 


LEADERS of Ml.000 pnivcr under v-'htrh ;<-.{)]<» ^rnijp; v.'i>u]ci 
i workers yesterday rej-rii-d a benefit mn*v in., n ,,:her.-. The 
I new Electriri:y Council pjy ijiiei union Md" « ;r * continmn- in 
I which nc^(iiiainr> .-a:d rep re- -eek. in v'nii.,] i<-rnt>, ■■ tfic .-a me 
SHI1I , sen led an improvement of only sort or m*.:.- . . V- n;l>cr«. LlRTmiti 

! -o per cent.. 

call mi'off their h owrlimc S han oS[JlMl! J,Pch “ wilh ,f1 ° >"«*"* ^ prodiictsvii- r ..., :i ,enl, «.r .-.bum C»>. S™ ■'«»««; 

ISfondSy S ewardb ”u Ts»u andI h . old,n S (,,M for pav ;,nd P™ d «* rlL f' " -«'< , couM in breach m 

TexaS' 111 ^'fnvrivrd in ^nduSi*L v,,y Payments rout parable with satisfy.-tie,,. . r .« uk.-lihouri of in- t»wcrnmeni* guuhs 

" hj ' urf -- ... ""tV fir,,, ,- lie,:p*. cd m 


By Our Labour Staff 

P LY trouble 
-imiiiniani>‘ firms «miik* 

dnv with claim* tha* n't 


civcr 

»HT- 

ret¬ 


inal action, are ineclln; 
and to-morrow. 


tu-duy j urn rkers In ihc coal industry. 

Ye«erriav\ vote Y> m ’S in' Y'^erUay. ihc Electrinl} . ------ 

favour or a new pay offer, was j a,?v "direct n" 1 -- ,ha, Ttih k!{ hcirly 

much closer than that among 2^. S S nl “"I* J - d0SSa - 

l be Shell stewards, and. al times 5^ iH k , r . l ?' WJlh, " 1 ,h, ' ,n ^' r ""*■ 

Ihe llippllnn was hirtor I ■.UIdOlinC-i. II UlTeri'd SUIIJC 


: ihc meeting was bitter. , . . 

Some stewards said that ihe unpriivemems in productivity 
new offer, which has been made 1 prf,p,,vi,,!! - "bich Sir. Trank 
by all four companies, was much 
| lower than it could have been. 

Mr. Jack Ash well, commercial 
transport secretary of the Trans¬ 
port and General Workers Uniun.j 
to which tile men belong, said; 


warning 


possible.” 

...... _ ;,"ru”d j productivity deal Kiln 

: M« accountants. Mr. Ian Ha.' 
Davison, munayini partner i»f 
I rhe firm and a member nf the 
Price D,muiis-ion. >aid tiiat the 
firm had kept ve*-> ..arefully 

o,„ i _l — . wiihm the pay cmdehnes. 

, ** ° ur Llbour Correspondent The dru[ flltl i d coinr nnrtcr 

F?etdnc.il“and^^PImnbin--' TH>: 7 U * ■' ■ , '»''rdaj demanded inveMigaitnn \e. ihc Dcpartmcul 

iiL.r ,U . T j * thal the i.,.iernnu-n: shimld icl‘ or Employment. 

Union, said would Jak,- pndiic- , he EF.C i:,in,,ni.'i tbi The Department is ..heady 

of LI iTer* demands In,- .nii(||fi,-;,[inn^ in ihe looking at 5 per cent. ’loyally 

W P rk , fl J r Wl Temporal. Ent men; Sub.«lil\ bonuses.” which c*uihl mean up 
•Hr. Chappie said that ihe could be piveip’.taiin^ a i-nri- in 1300 a head for entidove»*s 


pivelp, inline 
■’■Th " ; !1 ha;»; pm- 
a’ions for thi 


the airount.tn-: 
’Vaierlmusc. Pea 


firm of Price 
Marwick and 


many of the BP drivers cum-1 union- vrre .-till nnwJier.- near rronbition 

plained lhat they had nut had| tiie level of mercaacs which they fuund n,,; 1HI . .. 

enough time to consider Ihe offer. • were seeking, bin "no one in his country*- ic-junn.-h.i. -mh tlte Mib.itel! an- also riffertnc >?n-h 

The deal involves a rise of 10 right mind want- in see Britain EEC.” hanusrc. Both firms -.-nnsider 

per cent, on earnings, backdated | blacked nut bcc.iuse of ibis and Mr. 'd-irrat. aen-ni ..- the bonuses ir, be ailhm guidc- 

m November, with a form ufMnat is why wv keep mi striving mry. loir! ih» Mini-u- in lines 

forward vontmllmtMil on higher:ti> reaeh agreemem.” letter that -tr—t:..n in ‘rh«- 9 The R d relays liruup Staff 

overtimc earnings lhat will boost j He bad nri idc:i whrihrr un- use of lh«* in ihe tcxHlos. A.ssri'*ir’ii^n informia- ihc 

w^Se«by a further 10 per ci-ni. | official gruiips were planning to clntbinu ;>:id fi-uiiwcar indu-tries bank that •-ondi lions, inelndmv 
tills November, _ i *, .° *ny nctinn oir*r the pay could mak” -t |,*a-i lnn.non inun- flexihint; for Saturday branch 

Unly a statutory Thase Four i-lauii. He hoped hi« ncmtivpi people unini r ik,',,l. parti.-ulari' upeninc. alin-hed <o a prxdui- 

wages policy, apparenily. could!woiiiri await the i.utcnm- r.f the in the X - ih MV-t. The EEriin-iiv deal .. being offered tr. 

prevent Ihc! second paynutnt. next meeting with the Klectneny O>mrai‘<i«o h: . i»|.-| -h.- Genera-;;tftff are unatceptab!. as pr.r- 

golng ahead in at least one! Oum.-il. hm they won Id n .»t he meal »hjt - '.eliev— that ihc sonicd. The as^n-iaimn- how- 

company s offer, the word ‘ com -1 hanny. subsidy •!i>i<,rli.ig • on-.petition lever, hcheves it can negotiate 

mitmenI Is formally used. I The offer was a complex- one in tfjesi* ih;<y* indu-rrios. Ion the conditions. 




yne boilermakers en 
' heir ban on oyertime; 


/OUR SOUTH SHIELDS CORRESPONDENT 


XL 


HUNDRED boilermakers in 
Time's six nationalised ship 
ir yards yesterday voted by 
bstantial majority al a mass 
ting at Wallsend to lift an 
time . h;m inipnso'd tliree 
« ago after a dispute over 
and working arrangements. 
3rmai working \rrli not be 
mod. however, until next 
nesdiiy. when the manage- 
—including many of the 
Tin a k or f— w-hn have been 
off by the trouble. 


T1IE MINERS yesterday tied up 
their pay agreement fur this year 

3fler sfjuceTing another Ut-m. 

out of the National Coal Board. 

Es ecu live members of the 
N.,tinn:il Union nf Mine workers 
voted TL 1 —Si to accept a lu per 
cent, r!.-■■ i-n-i;ng HTSnv A move 
tu pul ihe deal out to .< luillu' 
of the U.Vi.fHKi nit'inhers received 
on!;- seven vulis. according in 
Mr .loe Germ ley. union presi¬ 
dent. 

Ahsenloci-:ii m the Pil> hjs 
fallen since Chri-iiuajf. probablv 
because of ihc introduction or 
bonus schemes, and the Board 
agreed to rccab-iilate its * ace 
hill. IhiL^ providing the extra 
money. 

Mr. tinimtoy -aid that ihe 
executive al«w t voted 11 lu lake 
the money as nercentaqe rises, 
no; a- «■ (l d t rate 

The money will lie .nlded i,, 
basic rate*; the extra ovi-rlim* - 
pay. according lo the Board, will 
be offset by absenteeism. 

From March !. -hen the asm*- 
mem cuiiips min effect, the tm» 
rat" Tor live xhifis of a coalface 
wTirfcer will ri.-c to £7S.CS from 
i’70.”5 and lhal uf a surface 
worker to about. £55 fruin i'4Ji.ob. 

In ail ciisu's tlii; Phase One and 
Two pay imliey supplements 
already boin-^ uoid remain un- 
i-nnsolidalc-d. Th,- miners decided 
ihat the; did no; want ihc cost 
uf consolidation—l.fi per vent, u: 
the w;i 2 C i)ill—deducted from the 
in per cent, earnings limit -sc: 
by the Gn«eminent. 

The quc-liun cnnsulid.-dion 


and improvement.- in shift and 
other allowances would be rle.ilt 
"■lib "as soon as possible ” Mr. 
Gormley said. 

Run ii.- scheme- are adding 
frn*n £3 pi rgu «cc-t-r in i.ico¬ 
nn rkers' ;»,i\ m e.xeephonal 

imsos. bin tin* n.-rimn.i] jveiMve 
will nut be knowM fi*r several 
months. i'U her undcrenmnd 
workers and .-uifave v iirkci< 
receive uropuriinn m ihe 
bonus. 

Mr. Gmmley. in a lefcieiici* ie 
the political division nf hi- 
execulive. said that during ihe 
voting there had been “some 
Mrange hedlcllow*. I .-aid ihev 
should learn >u sleep viih one 
;»ilother j hit imnc.” 

9 About 1K.5DU anii'iilanvemen 
ha vp fulliiwcd ”3it.ru id hospital 
ancillary workei- in accepting a 
pay rise »illtin ihe -jmdelines. 
the Deparinicnt ef Healih said. 

Basic latos. including .-upule- 
uient-. luckdatrd In January 1 
Ibis year. ui|( ranee from £4fi a 
week to £54 a week. Earnings 
of iim.-i men will increa-y ii\- 
f“.50 a week in :m average £5-. 
the bcparlmeni s.tid 

Claim made 

A GLAIM ha- been made f»r a 
substantial pay rise for JU.Ofin 
worker- in the dyeing and finish¬ 
ing .-eelion uf ihe textile indus¬ 
try. 1 1 came from ihe National 
l nu n of Dyers. Bleacher.- and 
Textile Worker.-, based at Brad¬ 
ford. 


■ i,Ji ■ 


-• <?■. 










The lifting of th^ ban a 1st: 
opens the way for-top level! 
Talks over the next tfiree week- 
involving leaders of Boiler 
makers Amalgamation and 
British Shipbiiiider^io : settlu 
outstanding probleiD^-v 
Tyne Shiprepairei^^Group >?a3d 
that the boitermaket^ih. lifting 
their ban. had 'given a 

” coppe r-bottomed ” '4 piaran tee 
that all work coming' into the 
yards pending further negolia- 
tions ‘ would be ccunplet^; on 
unto. 



M/;'. 


Friendly and efficient fervice. in a dynamic eronomv is 
he 'winning combination that assured our growth into a. 
.iiy bank of Japan. And now we're-developing into an 
'nlnrnational financial romple\. 

Pcrhap-j more than any other Japanese hank, panama 
j tiers its customers the full benefits oi its vigor and 
is ion. The vigor that-has made it one or Japan's fastest, 
growing maior hanks. And the vision oi a bank that 
l a ,‘never targets pedph are people. ■' 
p , -Aijlj 

■ 4- fi-j ^ H 1 file Japanese bank dial kelps i w grow 

^ E§ BAHAMA BANK 

Hf AD OFFICE' TOKIYVA USAWASAITAlSti PBFf-JAPAn 

\ £ § | i w ’ inw. tiuy ..-j ----■!-<>• n"j- V -^y - Li— hwT.-w— 



0,^TRACTS AND TENDERS 


INTERVENTION BOARD FOR 
AGRICULTURAL PRODUCE 

INVITATION TO TENDER 

■ ders are invited for the urgent supply, and delivery cif. 
n any E£.C. port of 15,000 tonnes of sort wheal (wheat 
'* than Durum; to !)« supplied in bulk as Untied Kingdom 
i aid to the government of Bangladesh during March 19ifc. 
wheat is to be loaded into one ship and delivered to 
port of Chittagong. 

allowance for the supply find transportation costs of 
gram will be determined on examination of the tender.-, 
very lerniii embodied in a notice of invitation to tender 
•lher with tendering forms liiay . be ' obtained from 
-acb R. interna! Market Division (CerealsK Intervention' 
rd for AgncMllural Produce. 2 West Mall. Reading. 
I: Reading 553626'. 

der.- ii/usi be subnuitcd by. 12 noon no. Thursday, uird 
ruary, lBTSj to — .... 

Home Grown Cereal- Authority* . 

Ifamfy if House, 
iflghEalc Hitf, 

London NIS BPF. 


^ -< : H ! 


y. V.v, 

tA® • I , 

-■# • 




V 




\ 1 
• - 

; A ’ • 
‘ ^ 
i*'A . 









Delta Air Lines has Taken a long-range 
step to bring passengers on its Atlanta- 
London route more comfort while it is saving 
fuel. Delta is the first U.5. airline to order the 
long-range L-1011-500TriStar, which is now in 
production for British Airways. 

The most comfortable jetliner in the 
world, the L-10T1 is also the mosl advanced 
technological^ —and much or the superior 
comfort and fuel saving results from that 
Ufchnoiogv. 

The L-1011> e\t lusixc* f light Mandgenient 


Svstem will save Delta up to a million 
gal lets of fuel each vear. Quiet Ro!ls-Ro\ce 
RB.2H-524B engines, each with a thrust oi 
SQ.Ui.hJ pounds, will power Delta's long- 
ijngr TriStars. 

Passengers sense the 1-1011 - unmalcheti 
cmiort the minute tliev step into the 
spacious wide bodv * abin. And rr»an\ techno* 
logic.il features add to that feeling ot comfort. 

The exclusive Direct Lilt Control Svstem 
smooths out the ups and downs passengers 
e’.poi i^nce on other jetliner- during the np- 




proach to landing. The exclusive Autoland 
Svstem enables the L-H.M f t" land at some 
airports when other jetliners are being 
turned away—and provides the gentlest of 
landings in good weather or bad. And the 
L-1011 is the onlv wide hodv jetliner v\ ith a 
f K ing Tail thal gives the pilot more control 
during the flight. 

More wide budv c.umlorl. and moie luc.T 
saving- — those are i\ V u «if the biggest bene- 
nis the world s most advanced long-range 
lethner brings Delta and il> passengers. 


The Lockheed 




The vtride body beautiful 



*./ 


1 















tishry. 





la 

m 


EDITED BY ARTHUR BEKNETT AWO TED SCHOETERS 


e BANKING 




of 


v.'ORLP LEADER in *he ftate of 
intelligent terminals f ft r h/mkin: 
operan^n?. the Philips Group. i e 
t*> adopt rh» hidi sernntv cash 
dippensms: fcqutpmenf made n» 

Chubb Int») 2 rat»»i System*. iisplf 
part of an international ?roup. 
%nd nffpr it with the Philips 
PT-S $noo banking terminal v c - 
tpms of which •‘Mine 2S.IHMJ harp 
he^n sold world-wide with abnul 
half rrr -<nd workine 


Such bankin? terminal systems, 
built around <j small computer 
generally r<*nzc in cost her.ween 
£20 000 and iiaQMO. but >o far 

nave not included the 24-hour 
ejsh dispenser jnd automatic 
teller unit? which 3r<? the «ubjert 
of this conrcment marriage of 
e.ypernse. 

Anoounnnr the agreement at 
hs = headquarters in Colchester. 
Dr Richard Hnrsnell. manns'.njE 
director -if Philips Data System* 
*3id the company had felt the 
need for such a unit for 5001 “ 
ume and had been considering 
means to fill thp sap. Put Philip* 
realised that the provision r, f the 
/ *leotronics for % dispenser was 
only part of the array of tech¬ 
nical problems that needed to t»e 
resolved. 

Tho *»qnipm*nf had ro contain 
ertronmly relisbl" mechanical 
do vices. Jt op.>n ted on macro pc 
strips i’irds and tho dovelopmcni 
of fool-proof niuzneik* stripes 
ihat could h<> n**?d for transacliun 
after trania«:il9n despite harsh 
treatment by their owner* was 
so me thin 2 that had taken Chubb 
several year? of intensive re¬ 
search to achieve. 

La sty. but certainly no* ieaft 
important was the rears of ex¬ 
perience thp company had in 
developing fire and drill resis¬ 
tant encl»mr B s for it* dispensers 
which ne"ertheless had to he pro¬ 
vided with means <0 evacuate the 
neat generated by eiectronics. 

Gmnz i f atone would hare 
taken Philips considerable time 
and effort and the company had 
looked .at ?. number of possible 
solution? bp;ore se^tlin? on the 
Chubb equipment, of which there 
are some TOO units oneratinc in 


Britain, mskinr the company 
'jE-conri m 1P.M in this particular 
contest 

Mr K F -nkinc. chairman of 
Chubb lnrotraled Systems, said 
it was cur 1 0 U 5 fact that when 
the tr'chmct ' 1 teams 501 down to 
talk?, u »Jt found that both 
deveioi>m‘“ii : groups working on 

interface? between their ri?*p*r 
five equipments and the central 
computer? u*cd in bank? were 
virtually on 'he same track 

Ho. stressed that while the 
OEM .icrv.-ment with Phiho* 
cave tli 1 .- I-iter 5 world-wide 
franchise ov j .* special version* of 
Chubb - ? Co - ••mer operated hank¬ 
ing ir.mrtc':■-n lerniinal*. Chubb 
would conrnue to follow its 
present oirkcling policies 
thrnnqh esMoifshpd outlets and 
h* did not think there would he 
overlap of selling effor*. 

The Chub- intclligep* bank 
terminal M D*?00 series are con¬ 
trolled by .in integral small com 
purer. Jlin'ieller fthe 6210' 1 * 
designed in replace exlsttn: 
model? of ihrnujh-lHe-waJl taab 

dispoDser ’■Iv'e "providing many 
other Functions such as tui-m*-*: 
enquiries, dcnslt#. hank service 
requests, bills payment instruc¬ 
tions. b*.-ide> delivering leviable 
amount? m cash on request. 

Rout.r.e: y.v.-e hocn written to 
allow «hi? -quipmert to com- 
nui'iicate f ontlnuou*l> with liic 
bank'* ms in computers, but 
should the ■.•oronv.i mention* Jink 
20 florn. til* terminal win con¬ 
tinue 10 function inriependently. 
k e pping 3 .*erord of all trans¬ 
actions. with information araii- 
ahie to trained staff on demand 
via a *i77ai" communication- 
console 

Outward!;* : he unit is un¬ 
cluttered a* the Illustration on 
rhe riffht sno-*; having only M 
bnttoni sn-1 3 small TV-type 
screen for i,i«tn»cllo.n* Faacu? 
components ar» vandal-resistant 
with card entf. money e>:iT and 
voucher exit dots protected by 
interlockir: shutters behind 2 
sta’nless steel pane;. 

Four new models of Mimtelier 



# LIGHTING 

Immediate 


for fluorescents 



CLARKE CHAPMAN 


REYROLLE PARSONS 


w»jj he Added ihi* yeer »itb 
various cusiumer options 
The 6200 senes also includes a 
CM) inter ipl'vr. a bank lo^by 
teller and an integrated version 
which 1 ? 3 large throucb the-wsll 
multi-function unit 
Mr. Ranking believed that not 
fir off 10f» oF the new teller, 
win Id h** placed in the V K thi* 
ye.tr hut a? m vnat the world 
market could hr wuh the 
impel 11 : of ihr Philip*. «.ile« tore®, 
mv.*' .iddpii it wa* hard *o *?.'•' 
Th®re are o v ®r 2.on0 pankini 
•ite- «orld-’.i-Mr '•here Philips 
silr-nipn can no« offer the dis- 
prn<er/automatic u»l)er machines 
which are 3 "ie <0 h3ndi? any 
form of currency evrepr cowries. 

Philips Dat.i Systems now has 
2.700 installation* in the V.K. 
inriudins electronic accounting 
tinitj. office cuinputers. small 
hiisine** sysi.’ms and financial 
termina : *y«teni3. 

The latter, m the PTS fiOOO 
series, were launched in the t' K 
about a year ago. Since then. 20 
order? have been taken For ter¬ 
minal ?v$tenis from hanfc? and 
local authorities The ia f est 
■fnnnunred was r>ne from Citi¬ 
bank which propose- 10 add :*> >ts 
evi*tmc dual PT.«. >-.h:ch handles 
accountinr f®r ?om® S-^nDm. 
worth of trav-’.ler? cheques a 
y®ar. 3 teller terminal facility at 
six cashier po**tir.r ; ; 10 handle ail 
Wink »ran?? < ' , ior.s 
Fhi'.ios Pa»a «yj‘em« i« at 
Eiektra Sergio; Rojd. 

Roichester. E-‘e\*. 02<w 5115 
Chubb Imerrated Sy-terns is at 
Port*r* Wicq. St. Albans. Hen*. 
?i. Alba-.* 67251. 


® RETAILING 

More, power 


PLlCis£RING that, alwaysaccota- glass tube. The initial cold! 
panics the starting of fluorescent starts with insq^eient pre-heat :- 1 

lamps will soon be a thins of the in& cdasider^SFy lever the life-* 

past - a new resistor designed by of the tube and of the starter, Q RESEARCH . 

Siemens makes sure that the gas and. what is more, tbfe visual • . .. 

:* igmied zt one go, eliminating effect of a fluorescent-. Jamp 

unsuccessful starts. THp com- “ struggliqa” to light up is often .|4ftlflT wilf IC- 
ponent. beneficial both to the found very imtatiaz- M - -.T 

and tn rj^p eye*, w»n -j^p -Sikafit" prewots-the i-_ . 1 

SS W «r°5«?2?5 Ie UU ^ tb S ^oke from supplying ig»W«» Ofl 2flY2HCfifl 

name of ’ Slkaflt in a thumb. im pui 6 es for about 3 second.. In wu T ttU^U 

s::ed package. the meantime a Mr wig heating . . 

Previously, the larutiori pro- current - flows through the ITIOTAFlQlfi 
cess in fluorescent lamps electrodes in the tube. -When lllAlWi 1CI13 
depended mainly on the inter- the second has elapsed the _ . • - 

action between a choke and the electrodes are certain to be ready ADVANCED cata^st davelap. 
cicctrnde heater, under the for operation. The resistor ha* mens is tite am of £ sew Harwell 
control of .i glow starter switch meanwhile also been heated to u &it that will seek la haraesa 

with bimetallic contacts. But a such e degree ttat the rostsunce Han ^ l s jh^terials teehnolee? 

constant gas discharge between, decreases rapidly'and tte choke . K M«a! eaiiiohiPnt m 

a .uj|«d..•«3 » hm S&S^"‘SSFm&1*5 

tube 13 only produced if the This new component can he the -problem. ' . : 1 ; 

tomperatiu-c is high enough and as _ d ( or 4 qW and 60 W tubes, and - * . . .■ ..... - u- . 

if the choke, in conjunction with i£ -necekary also for 20 W tubes: aupporf far <4e .ugderlyinj 
a capacitor has supplied Any^u^taair^ can easily be 

adequate voltage - -flfipii wfth the resistor-with the. £3* .*?«' CheffiJeal ana -affuierale 


with e.'ir'n new product 
announcement the definitions of 
"point of sale equipment" on 
(he one hand and "clectron;-: 
cash register" on the other 
become mr.-eminElF entw/nrd 

Thi* 1 ? because microcircuit* 
arc enabling more and omre 
pn«*-r and niemury to ijp placed 
in rhe rprmin.il so that f3*k.« 
tint pro*, lousiy would nave 
needed connection to 3 -.■.ain¬ 
fra me C3n now be carried o-ii in 
a stand-alone unit at th® point 
of sal®. 

Tim?, the latest offering from 
NCR. the 2140. can meet increas¬ 
ing cerformance needs 3 * a 
retailing business grows by 
modular additions of micropro¬ 
cessors. 

For example. XCR-deveioped 
devices on a single circuit board 
provide basic sales Transaction 
processing and cash control 
facilities.” Furthermore, the use 
of fhe company's EAROM chips 
1 electrically alterable read only 
memory 1 enable? systems *0 be 
tailored to ! he needs c-f the 
individual retailer. 

But v,iu?n the retailer needs 
to add performance, such as the 
ability ro record data on 
magnetic for processing 


of pHap!/ mit adequate voltage ' fltled'wfth the ^ resistor -with fhe.{^ 

3.1 ClSCtM."*OUl Frequently. ho*wr. the aidU»Lh .idwtowwjojS*®, 4 . 1 DepS^ent^f InSuSy'^liM? 

... neat,ri E .UD aennrf is mo short tools.are required.. The addt- jWmaemjn WfiiWFUffiB 


... neatinE-up period is too short rows . 

z rc : , r,rjs , -sss 

and the plugging id -if the generate ideal condition? at one*. . mVL -. 
required peripheral. It usuaL'j takes a few seconds for ^ or 


15 required i? too loTtO ^ OTer 

a second board flnri ,hR ^ 0 "ft. - Te*lstarf-is approximately one « e oesl years., 


and the phigging id of the generate ideal conaiuon. -u obi : r:. va.VL - The ebjective of the-Harwell 

required peripheral. It usuaL'j takes a few seconds for M ore . froin Siemens AG, Cgtalyst Unit will be to fecus 

Other T-efinpn’pn;* 3 -o the lamp to hum steadily and fbr pestfach 103. D-SOflfl. Munich. 1. the general.. requiitewenta of 
similar!v added, for evamri* ih® a light column to form ra lha Germaa. Federal Repuhlic- industry into aT»ro«jtiuaethrhich 

reading*of bar code or <iandar<i - r. - . . . .- 

' :n?ri * POLLUTION 

on pia_->uc earn.. niques developed . in'the unit 

For even more versati'.i*;--da 1 a a J mintiTivm Tnoflroi xvmiid readily araiUMe id 

communications can be provided AlTngQ JIT fiTOW1I12 IllarKvl industry t& solve specific:cem- 
jn a computer *i J*»ve- •' ' . memaJ, problems on;.a copfiden- 

'ion It is also so»inie tor une ENVIRONMENTAL pnfiutron tion control equipment unfl .m* rial and fully rech?r^We bWJS- 
'master" tormina”to po'.i dat* .nnrrol equipment i* lo he shown strumentation during the next In addition. H ishpped t»inakt> 
from up ro F5 other termini.* in .»* i.Sp o.S irade Cenrer from' five years is expected to grow aot .facIHties available to. university 
a store, to rnnsolid.i:c i^ulf Apni 3 to fi. only in response to increased ® n ^ 5 f | l * ere ‘ , F‘^«e'resultr 

Each terminal h3? ? fully Some 40 American manufactur- industrial public utility be ckjsei^^nterfgeed 6 


0 POLLUTION 

Aimed at growing market 


a impi-s ou.eu\-=ii u---•-. • puMiii nuu «fc'in ue scslnng buitc —.—. - - - -- m if lev compnsinK represema- 

uoas to operators arc di«phy®d marketing representation in the leased public pressure and pro* ^5 f roia the unit, indiistrTand 
in p/am English n !ead them L.K. and on the Continent. p^ed government iubsidies ro ^ univep&jties- The 'first‘mett- 


ml tree 


.cal and . cotasiiqxid 
. for .the. uairs. pro? 
1 will he decfc&d .with 
j of an-advisory com? 
corfiorL'ing represeina- 


m p/am English 
vhroug'n cnrrriev 


tran-*actt?n5 


uuinms..i. i...,_- ... „r vne. uiii»p™u».'. uw arw niB«- 

B« « .11 »*.*«- .«.«V 

shown on 3 h-3id and mcremenr , nal „ is membrane* ambient' By 19S0 the U.K. market far represent at tvee from .ICt. John-' 

icade imparlors, jet aeration ai f* water * nA solid wgste pq». snn Sfetthey. HP iand^«tib;prrt^h 


f.“ n ni 20 rt M.iryl.'bo.ic latter being displayed with the 
Bold. London NW1 6LV. 01-723 Middle East market in mind. 

T0 "^ The British market for pollu- 


I TELEX COSTS E30 P.A. | 

« If y*eur business does not wgrratti 4 Telex 1 faptaJIstfanr'.of, 5 
m your »wa th*s yon should coesftfer joining oar ,Trie* .a- 
# Sharing Service. £30 pi-a-- You «r^ ^en he nbte.th. fNd %> 
«* and receive “telex messages by using ydi?* - Phone! *2 


0 HANDLING 

High density 


Notice of Redemption 



ing Sendee, 130 p-a^ You sriFf then he j»Me »r’ 
receive telex messages by using yciijr phone! 

20 Teleprinter^ are at four- disposal, oar operate! 


20 Teleprinters are at your- disposal, oar opera m 
available IL30 inu9 pan!, Saturdays to t own. fWe ptet^dfe 2 


Corning International Corporation 

8* j To Guaranteed Sinking Fund Debentures Due March IS, 1986 


KOT'CE 7S H2PEBT G~T:>',_yur;<:a:i». ~o -h? prr-l&'.or.S cf rh* Inri?nt-jr« ?.»*;-i of Mi ret ’.5. !0TI una»r 
->fi.c*t th-j *^.« d-sicn*{?d Debrn.’^res are issued. G2.0M.etn icerefarc pnacipai amouic of sum PiWi* 
’•jrv of '.fie foi'.c-s n? d.st;r<*;t-.-e numbers has. been *lr-.*n by Ipi for red-WDi.sn on i^Ureh 15. IC-7? nmir. 
"imeijrtes reterr"! lo ss ’fie redeupTiin dP*«-> lhrr-nh (fi<- nt-?rs»ion of Stnl.ir.fi -unr! -sl-OMOon 
sr.TiriD.iI amo-i.if el f.V Pere.t'urer. rcprese.-vlns (h* mandaio.-r Bmklnf Tirtvi pa;7Cent. rhe nratmir.s 
Sl.OOO.OM principal amour.l retire;enbns the Option a! Sib'els? fund Pa'jir.sn’.i. 


ai.Wf Ceapen Pehenlore* 


jr-I 101O :4?1 SH-23 *?.•!? 6193 TS2; 5:34 

6 1033 3440 36*4 4643 Site T35'- ?r ?6 

1 1014 24-6 Ci« 4035 O’S T3T-I 6773 


i-'i?a i=wa 1317T i4.=: 13502 I*"* ir<s.xi i?s7c 


•• um 2^--i a-jss -.-vs ..i.-s -3..:} 

U 1079 2430 3i*R6 4«*M 6218 3777 

12 10=3 2431 SV3 408-« 6243 7.34? K7Su 9WJ6 

13 I O'M 2463 3*~ SOW 6?** ~33S 331>S 3353 

20 1102 2473 3662 5023 '■*’* — 

7.0 1110 2704 5030 62C 

f.A II:: 251V .370.5 MM 63C 

7.3 1U7 2536 3720 3(8*2 6313 rtfil 3314 WU3 

*1 1134 2506 7700 3064 6716 7437 6163 10001 

P2 1133 2307 ?-T> 5087 6.31? -*«.3B ?P?3 1U003 


~:i>5 

7421 cj07 

7422 3505 
•424 £fi!4 


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M43 icr-i'7 1:^4 ?3!-7 14334 1.-525 IS«7 17852 ITS-3 

l nn ->3 12072 1?1S3 14304 J.V-30 1>W4? 17S.V- IWII 
9896 jC3|-i 1-074 1.*U1»7 1()<W J66W IT'.*R 13722 

3353 t M ?l 12077 13227 J4-W MM7 1664? l'BM 

' 2 I"?:? 12702 13224 11177 17557 166?> 17?“3 


TO’?.! 12105 13200 14403 1*560 1656.4 17P'-0 147-54 

JOW 12100 13240 14430 15600 1560“ 17P06 

llteO 12110 132&) 14431 I5fir,4 16107 17025 15077 


i(-o:< 1212? 

JJte- 12127 
11077 12134 


13251 1*4*2 13605 16730 170.74 151*74 


1451-5 isr.ll 1672] 17035 16.1.10 


«5 1144 2!®4 3705 5117 834** 7i*l 8«*16 10005 11077 12104 i;2-54 14513 16613 16724 17JH6 IO0W 

114 1146 2600 3737 5120 5343 7416 6019 10033 110:6 12135 11290 14530 13623 lTo! 173J5 1MJ.1 

lir 3 1140 2615 3*10 3124 6362 744? 69ip 1004D 11667 12140 13231 14.332 15636 16724 17?74 19022 

163 1150 2621 3S22 5193 6363 74M 3933 10047 llOhO 12142 1331*7 14533 15644 1S7+4 16800 1902S 

170 U53 2431 3SS7 3197 6337 7473 j?40 10052 li-^A 13143 153C-9 14535 1.WW 16746 13018 10050 

74S6 8957 10056 IfOnT i'in 


17n H53 2631 3SS7 3197 633 
176 1194 2630 3328 51PC 637 


7456 8957 10056 


143 133 (-3 
131«7 1W 


14535 1.5600 16746 13018 100.5ft 


14535 55710 


16031 19U71 


ITT 

1221 

2673 

3853 

5159 

5419 

7301 

6961 

10061 

11103 

MSB* 

IBM 

14544 

15733 

15774 

7SOT3 

IS 1 

123’ 


3646 

320(1 

6440 

7315 

SWT 

10004 

11108 

12194 

1-1254 

14-554 

15797 

107*5 

1 :04ft 

2*14 

1254 

IftK.ft 

3ft**Ci 

;-*?n; 

5442 

-..ftjo 

8?7o 

10067 

11132 

12202 

13355 

14333 

13740 

1677,8 

15052 

2H 

•253 

2td ■' 

3333 

351/4 

6444 

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ft'iao 

10069 

TT137 

13201 

13369 

145^1 

13764 

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rao:? 


1259 


?.fi*?l 


6447 

7540 

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10*170 

1113? 

12214 

153TO 

14370 

15TT0 

IBS.-*; 

16058 

111” 

1260 

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3R62 

lift* 

64^7 

7547 

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10100 

H'oO 

12227 

12234 

14SKS* 

1.479*1 

1S30+ 

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1275 

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7343 

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3374 



7 ft Vi 

POST 

10130 

111?* 

12240 

13401 

146'W 

17:807. 

18318 

la-?-? 

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12°? 

:ns 

3C75 

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6503 

75?.-* 

,3 9.59 

1013S 

11138 

12247 

13402 

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1330-: 

16827 

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2032 

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imi 

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10141 

11170 

13434 

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6”*32 

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P114 

10147 

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296 :384 . 

334 1-9? 2T.1l 4U49 
316 1412 2732 4061 
525 1413 27?2 4^6.5 


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7 4033 520% 6*9<- '604 9135 107-J6 

■11 4049 540* e*t06 T7C1 91BO 10212 

32 4061 5“I7 6*70 77]4 plan 1071* 

92 4 *5 23?5 **1? rT;n pigi t(i?4* 


11235 13X41 13527 1470J 15851 16839 1*169 1?23>» 


11764 12343 U?Rft 11707 15856 1*301 13202 192.it 

1128*i 12349 15343 14717 15S75 If £93 132*i , « 1924? 

11263 17354 13544 14'2? 15674 \K?~ 16204 1?:?» 


IN A high density pallet svjrage 
and bauuimg b.-.sttm imry.uceu 
oy Kautic each storage lau- nns 
a bi« s *le c-rner/urive 
Sued s-.i'a jOiid state iCi:*: to 
control the movement c‘ ioads. 

Storsge sine? can he huiiraf 
deep 25 nveessar:, and all can 
operate simultaneously to 
acaieve .1 high tnruughpu- wi f h 
i'li'omalic "fir-fin. first-out” 
stock rotation, eliminating inter 
medlar*: j*.*ct>*> a.sie*. This means 
that up to 30 per cent, more 
pallet can p<? =/*.*red compared, 
wi*h con- enfitinal rack systems. 

.4 standard carrier has a load; 
capacity of 3.000 !b ind can 
retrieve v r store at a speed of 
60 feei/mmute. It c?-i accept 
standard pa Her 5 with lengths and 
widths ifom .16 to 48 inches. 
When a pallet is placed nn tbe 
hading end n* tbe lane, the 
earner automatically engages it 
<nd tvuv.o* forward to the fore¬ 
most vacant position. Bern ora) 

of pallets from Hie outward end 
ran??? the carrier to index for¬ 
ward all other pallets, on the lane. 

Details from V. an d C. Fantin, 
‘>ntie Drive. Eupmc, Essex, 
CM 16 4JL fEpping 72271 \ 


Thous-ands of tvoes and sizes ki stcckibr immecfialeddivBry •< 

•NO MINIMUM ORDER «NO MINIMUM LENGTH !*■: 

LONDON 01-531 BTta ABERDEEN(om32355^ 

TRtJISkfiH CALLCH4KGES GLADiy ACCEPTED 
2-Hr EMEFGE2 iZ MWEER 01 6373567 Ev{ 409 X. 


fiJe copies "of messages}. Kov fj the tiwi to nit your awr- % 
bead costp, reduce letter-writing speed up » 

Mfy m sukI oaf brochura? » 

whw: • • - . . Or phan*? ft 

BRITISH HBNeMMKS A4«"*5 ■ 

BN - TELEX - SS-J 

LONDON Waif <XX 01-^64 SOM 5 

Established 19J5 hr ereenswniwrt with tht 6-t.O. ■ • ? 





AVCO CORPORATION 



1446 

2795 

407$ 

5548 

e*:3? 

773? 

9194 

10235 


145? 

2808 

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3550 

4 864 

'74? 

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7741 

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70744 

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14ft? 

2^21 

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3':K l 

6701 

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10253 


1471 

28 M 

415| 

557.1 


7307 

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7,47, 

1472 

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7622 

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7538 

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4 IP? 

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0310 

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1937 

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6767 

765? 

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10299 


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5 ft 02 

678? 


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ie?00 711296 19261 
18916 162H7 1927H 


112£>? IZ413 13335 14733 13913 369*8 13298 1927.1 
Hill 12418 13556 14738 13921 1497? ]R?19 192E1 


11313 12419 13385 147*34 1??26 18979 142SS 1?3W 


REVENUES Financial ser/ices 

Froducts and research 

Mohon pictures and land development 


1977 - 1976 


{Thousands of dollars* 
$225,767 $190,730 

172,565 . 140,850* 

43.934 21335 

5442.266 ‘ $356.915 


■ i'-j&7.y*r,*,%976 •- 


.^(Thousands tsf dollars) 

S 821,334' • $ k 72T53S 
.Vr '^Q3v357 .^545.501: 


Il?21 12435 13567 34770 13931 ITOfl" 15363 1037ft 

" 179-in 15274 13.?r*3 

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11394 12462 13837 li?-l 159-vi 171 . 7 . leVt* 18421 

11408 12488 ;.;i*65 14862 1.W5 1?17I 10347 VMZK 


?s? 1632 2947 4409 36Tf STgri 79 


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4401 


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44*? 

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2022 


453 

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927'S 111334 1144** 12508 13702 143:*5 18019 :rivr 15358 1*441 


■ >.a uses sons ;i 4 ?P izsn 1371.4 jisw l^oiv 17157 ;j.**?4 jNir 

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1919 3405 10341 1147(5 l.“a4.1 13741 54*13 16W* 


1?15? 1P37? 1946? 


PSP P497 30342 31477 12545 13114 149JT 1POF4 171?i* 31,332 19462 

?84 9411 10343 11513 12553 I JTfl 14?22 1«WI 17136 1 j419 194J8 

"3J5 5*412 10344 11541 12319 11763 1492ft 18092 17201 18423 13-59*1 


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3753 6B82 7996 9419 10353 11551 

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12393 127'rfft 14942 lrlOQ Wl 16431 194;*7 

12501 1 sen? H944 16111 ITfii? 184M 1PM4 


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5-jft 1764 2052 4454 SR12 if315 0009 948(3 1088.'.* IJ37f7 

50? 175-* 3952 4463 5317 8?20 fi'llO 9486 10393 115V7 

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PROBLEMS ENCOOTE-F ED 
■a hen tr;ing *o oper-?ip lorn. - jpii 
lifts in heavii.*. congested sdreeij 
>here tratlic msde it almost tin- 
possible m inner ih-- s?3nriar*i 
lift resulted in the development 
of ?n in-boavd lift , 

Latest version 1 : the r.iric 
Lrff^ front '\'ii<dcn. Sui/f ?.*rfhin 
the '"chicle body, th-r ram t*o>: is 
place*! a*»■•.»-£ iht- re.*r door aper¬ 
ture and the opera*mg rnpe=-p.«ss 
over pulleys through full Jsnctb 
intern 1 ! column.: A complete 
rear frenie assent iiy c.'sb be 
retained .idjacen: »o ih» roiumns. 
miintainmc bn*j-.= <t.r'i4tural 
?trenc<h. and providing a*'curate 
movement of the tail beard. 

Body *?rucf'i7e is •arried r?ar- 
1 aril* from this frammr tc pro- 
nde ^ cjqop’.. and ?llorvipr the 
tail lift *.n be oDer-jted under 
r *'*nd ■•nh in the body l**njth 

Thy tar, bc-ard i« load-*:.irr:inji!- 
■nth integral safety-locks to’pre- 
-fn; So*venae ••••'bile the vehicle is* 
:n moi’on. 

'■lore from ildsdon aad Com- 
panv. Industrial Trading Estate, 
Lode Lane. Sotihuii, West Arid- 
lands 1021-705 11771.- 


EARN'NGS Financial services 

Products and research 
Motion pictures and land development 
EARNINGS FROM 

CONTINUfNG OPERATIONS 

before unreahzed losses on 
foreign axchanos fluctuations 


UNREALIZED LOSSES ON FOREIGN 
EXCHANGE FLUCTUATIONS 
DISCONTINUED OPERATIONS 


S 18,108 
13,573 
4.531 . 


$ 14.104. 
11,023 


41,212 


.54,783 


Si ,537,888 ~r . S3 ^45^300 

V 62,1ia ^ S -43,484 
4702 ■■V.'~r37 t 435 
' : 1.79T ^^ V;^4te30) 

"" T -". ■ 7 / r-. ‘ ■?* * ~_f-- - ■ v 

.. .v* . •' 

: " 1 li.732 ~ ! v -^ 69.78& 



(5,653) 


(32,109) 


EXTRAORDINARY TAX CREDITS 
NET EARNINGS (LOSS) 


. 35,559.. 
7,717 

S 43,276 


(7.326) 

4,126' 


<li,615V ” '. '(22,?7?) 

jogy .- ' 

904717 - - " 79,173 

16.88® - -■ laiafi 


(S 3,200) 


- ."99*717 
V 16,886 

'S' 116,603 



AVCO DIVISIONS AND SUBSIDIARIES: 


© MATERIALS 



*^i!h arrrur-l iar»w*-» -*j ;he date flsftfl lor r*”i“nipiinr.. i?n »nd i;:*r lb" r**d**cipi inn Cite. >;u«Tsf or 1 *.fi*’ 
rai*i DebetVur*!* **i* *•»»-.■»- ac*TU»>. an*l ur*on :r*!-7r,taTlon nr.r! j:;Trenrt»r a; a;fj» DrbenUire<i --:*h a*« 
cmip?nr apr* , ri*i;niM7 tn*>r'.ra ma:ur.sr aii^r «j.v- flxid tnr 7»riimr*.lon, pavmvn: will be mads u the iild. 
xc-lempnon pru-r "jt ol :g^d^ i« >*e rirrofifrd -»-ifh *h- TrijCe r . 


eoutwns due Match 15. i?78 should be deiach**d *r-.ft rr« t en’.*5 ,*ir paim?r.t in the usual manner. 

Coming International Corporation 


■\ SOLUBLE solvent degreaser 
that i» nop-toxic. non-flammable. 
And water diluted has been intro¬ 
duced by Industrial Chemicals. 
4 ralrbare] Mansions. London 
XW« 35H f 01-634 3980X 
Intended for mist light de¬ 
pressing jobs, it is said to be 
particularly ?uuab-e for use on 
romp>x ^'lrf^rsj.. -ssjeh. a? plastic 
eramed *urfa r ??. «'r.inkle finishes. 
?mbo--M parf*-r.ift. printed 
rir-iiT Surd.- *tr 

I* ••■171 *■>* *.l?a1 ,r * T;n'if <i;p 
t =,-r * ftn in e - Ijr'r “irfa*** 

5- ■■tanned ro b® e a,'er' an>1 

n-.dij*.•I(*ir{ft 


FINANCIAL SERVICES -■ ■,. V s - ■ .;. v ■ ^• v .-c.^-**. .. 

Avco FinanciaJ Services, lnc.»Carte BJancheCorperaficn4CertanTravell&s&ai#(rid 1 - : . T . ^ 

• The Paul Revere Companies 

PRODUCTS AND RESEARCH . '■: ■' r : ./■ : 

Avco Aerostrucfures Division • Avco Electronics ptyfeffin* Awa Evenstt : ; ■/ ;■? -1 ^ 

Research Laboratory, Inc. • Avco InternationalServSces DivIsiDn* AvcoLydwft&i5-^ Jr' ; V ' 
Stratford Division • Avco Lycoming Williamsport OSvi$fcn• ASrco M^ical Pfp$£!S; v,.. T '• 
Division* Avco New Idea Farm Equipment Dtvfek>n»A^co of C$f>aiifi£‘U*£ Y'\.; -.‘Lj 

• Avco Specialty Materials Division • Ayqo SystdmsrDIvisiwi • BeiviWibnt^Q^IiQ^^ K-: & ’ 

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Write today fora copy of our annual report. ■ ■ : y ■' ‘ ^ ^ 


Frtrjarr 9, J973 
























. " inilhiTililnj liil' < II '~ ~>W* i__ *aiLv. 



16 1978 



cene 







new mixer How TV costs are moving 


fill ftj *aarcb on tbe opposition with its 
*« m pew mixer drink, ttiuo^hian. 


rw marketed imAMfliaand may wen S 11581 * 

“t 3 k ;be sold n^tionaUy, by ihe <£id of K*Wets. i 

'Up this year. _•'■■ sblrt s wlicli indicate that 


___, __ _ 5 . £145,000 pro- 

which is at present heine test 8r*n»me off, pnJmotiousCRassiazi 

tee- 

__ „_ ... . _the 

SUSSSSRS&S'-s 

sthSSpS v f Jrswags 

on. -developing new jsOjOQO-plus on media advertising 


able sums 
mixers—Bitter 


Lemon, in 1958 


. and Slimline -tonic Jn 1905—only nwriarH^, 

i IbS a $.““ promi > Uy SSjL'* ^ 

With Russchian it's off . to yet 

- -. another flying start. Russchian 
: is a mixer invented by Schweppes 
>to go with vodka. It took four 

.- years’ research and development 
during which hundreds of recipes 
.were tried. It is slightly pink in 
. colour, partly to differentiate it 
"from tonic,: and is called 

, Russchian because—Sch ... you 
‘ know why. 

Although it has considerable 
aspirations in the soft drink. 

" market; Schweppes marketing 
'-director John Carson' says the 
company was determined to 
defend its home maritaf in 
mixers, which is why it invented 
a mixer for vodka. 

■. Vodka is the coming thing 
According' ■ to G overnm ent 
statistics. U.K. sales of all spirits 
her million proof gallons grew 
' ;oy 17 per cent between 1973 and . 

1976. Sales of vodka during the 

lame, period grew by 70 per monitored £ 2 . 2 m>‘on advertising 

- lent According to estimates, last year, plus ; £4m. below the 

rodka sales could improve from line). 
t per cent of the spirits market 

' .Ive years ago to 16 per cent by 


radio 
(In 


ads 

all. 


et 



Near the startV of a Saatchi 
document on Its Russchian cam- 


i non «- «. » .. ■ uvuuu&ui vu tAur 

■IS?! .Ef 1 ? 3 !!!**!** ^ ? paign comes the: time-honoured 

quote: “Tbe ad»#tfs3ng is the 
product—the stuff & the bottle is 


COSTS 


tin which could slip from 18 to 

; .5 pet cent _ __ _ 

Research carried out on behalf just a convenient iray of collect- 
,if Saatchi and Saatchi Garland ing tbe money."i All right, 

.. Compton indicated that women Schweppes islxappff with the ads. 
Slightly outnumbered men among Rut it is even happier with its 
. _'odka drinkers. What was more product WitinsAfour or five 
mportant, those in the 16-34 age years it hopes sales of Russchian. 
rroup of both sexes accounted #rtll be as high ifclO per cent 13 
.or an estimated 60 per cent of of its sales of tabic, currently 
otal vodka consumption, which worth £30m. at EBP. 
mderlines its growth potential M ttey say la&agUt: Vodka 
„ Tbe test market operation was tovaritch snemyoM. Russchian, 
launched last September. Anglia please. MT-N. - ' 


BY MICHAEL THOMPSON-NOEL 


FOR.SOME TWO YEARS now . . 

the real cost of television air¬ 
time expressed as cost-per- 
thousand audience has been 
spiralling upwards at a rate 
well ahead of the increase in 
retail prices, which has been December 
very nice for TV profits Jf less Year 
good news for advertisers. The 
underlying reason has been tbe 
stiff increase in demand for TV 
advertising time and the legal - . 

restrictions which ’prevent the wamMr 
TV companies from increasing ■ 

the supply of commercial 
minutes per hour to meet it. 

This means that without in¬ 
creases in rates of the same_ 

magnitude as increases in de¬ 
mand, the contractors would 
have had only two courses open 
to them: to sell off all their com- 
mercial minutes to the big, long- 
team advertisers who cao book MOUMWlvc * 
well in advance- which would 
effectively shut out tbe smaller 
or shortterm advertisers; or to 
ration airtime so that everyone 


TELEVISION MARKET SUMMARY 

’ TTY REVENUE 


1977 

£29,043^09 

£299,886,549- 


1976 

01.014,649 

£230,806^20 


.4-' or — 
+30% 
;+29.9% 


MINUTES SOLD 
7,464 


6,749 


:+io. 6 % 


ITV SHARE OF HOURS VIEWED 
53% 49% 


AVERAGE COSTS PER ’000, Dec. 1977 


Adults 


Minimum 

£1.77 

£0.93 


Adjusted 

£1.92 

£ 1.01 


sstons It does not know which 
therefore affect the accuracy of 
its comparisons. However, it can 
make reasonable estimates, and 
these are used to produce 'in¬ 
dustry-adjusted 1 costs per thous¬ 
ands. The three are: 

• Volume discounts, given to the 
heaviest spenders on TV. DPBS 
reckons that perhaps 50 per cent, 
of ail TV spending attracts this 
discount at an average of perhaps 
7 per cent., so It therefore adds 
3.5 per cent to tbe calculated 
industry cost per thousand. 

• Test market discounts. Ac¬ 
cording to Peter Todd: “These 
are also non-n ego liable and 
should be excluded from a 
measure of buying efficiency as 
they operate to reduce the ‘ real ’ 
industry cost per thousand. 
Although no accurate figures are 
available,.rt is likely that some 
10-15 per cent, of expenditure 
is od test market discounts, and 
although rates vary considerably, 
the real reduction in cost is 

various probably in the region of 20 per 
cent. Allowance is therefore 
made for a further 2.5 per cent, 
purposes of aQ the adjusted costs per 
thousand." 

and the IBA # Local advertiser rates. On a 


+4% 


b or — on 
Dec. *76 
4*23.8% 

'+24.0% 


got somethinc What thi»v in rately evaluating their own buy- total messages at the 

fact d“1saSi tothe hirfJrt in 8 against airtime market spot lengths, so that 30*econd 

bidder through nre-emSiS in general. In line with many equivalent costs per thousand are 

of snots g pre-empting otherSi Davidson Pearce Berry produced for 
The prospect of rationing, at and Spottiswoode now produces comparison." 

least on Thames, could arise a continuous study of market- The contractors —------- 

again this amine in the face of Place factors; in particular It has will not disclose the individual network basis, says DPBS, the, 

even stronger demands for air- ^toblished what it describes as areas' shares oPrevenue, so that amount of airtime sold at these,per cent, to £ 6 m.}, NCK (+59.2 @ LATEST ENTRANT in the 

time. In the meantime ever- a continuous and workable the costs per thousand produced rates is unlikely to account forj per cent, to £4.1m.). Crawfords independent media buying stakes 

growing demands are ' being ^ , “ e to the average costs per can only be for the network more than 4 per cent, of total!( + 55.4 per cent to £3.9m.), and is Bygraves, Bone and Associates 

w fnnncevkil onitltf- OTIn nAilCAWlVAC ■■■■ ni — 


Masius No. 1 with 
29.1% gain to £49.2m. 

MASIUS WYNNE -WILLIAMS 9 YELLOW PAGES revenue in 
has now definitely overhauled 1977 was £27.4m., an increase of 
the main J. Walter Thompson 3S per cent 
agency in the latest rankings • OVER 1,200 marketing and ad 
from ' Media Expenditure men have registered for Market- 
Analysis. They cover 1977 and ing Workshop *78 at Wembley 
show that Masius increased its Conference Centre next week. 
MEAL expenditure by 29.1 per Tbe exhibition will feature over 
cent, to reach £ 49 J 2 m. whereas 120 companies. 

JWT improved only 13.6 per 0 THROUGH MASIUS, Hoover 
cent to £45.1 m. is about to launch its biggest 

However, it must be remem- multinational campaign. The 
bered that the MEAL figures are drive will cover 12 markets in 
not comprehensive—they cover Europe. Several new products 
TV and main consumer print— are in the pineline, 
and that the JWT group as a 
whole (1977 billings; a claimed 
£77.7m.) is by far the biggest 
U.K. advertising group. 

McCann Erickson put on 32R 
per cent to £43.9m. Saatchi and 
Saatcbi Garland Compton was 
the fourth largest MEAL agency 
(+24.9 per cent, at £34.lm.) fol¬ 
lowed by Ogilvy Benson and 
Mather ( + 16.3 per cent at 
£30.4m.) and Collett Dickenson 
Pearce (+40 per cent at £29m.). 

The fastest rates of growth in 




POLAROID has signed mime 


the MEAL Top 50 last year were virtuoso Marcel Marceau esclu- 
shown by Dorland Advertising slvely for its international TV 
(+5S.6 per cenL to £13.3m.). campaign for the 1000 camera. 
Interlink (+72 per cent, to Advertising will begin in early 
£62m.), Roe Down ton (+80.1 April and run until July. 


made on the skill and expertise thousand adults and housewives overall. In addition, each con- revenue. The effect of these 
of agency and specialist time actu . y P aid 011 t* 1 ® network, tractor transmits a different rates is expected to cause a 2.5 
buyers. It Is no longer sufficient According to DPBS media number of commercial minutes per cent reduction in the com- 
to identifir the highest rating director Peter Todd: “ Tbe study “d delivers, with different rat- parative industry costs per 

spot and baggie about rates, is based on two sources of data: mg levels, a different total thousand. 

Nowadays the time buyers have tbe monthly net revenue of the number of advertising messages. Thus DPBS's adjusted industry 
to forecast with real accuracy contractors, and a special However, says Mr. Todd, this average costs per thousand 
the state of the airtime market analysis, from AGB, of the total presents no problem for com- receive an assessed S.5 per cent, 
in order to avoid paying too number of advertising messages parlson as an agency's own costs increase on the basis of the 
much or too little, which may delivered in each area at each per thousand can be re-weigbted, three elements for which full 
result in the loss of advertising spot length. The division of the wth e3C h area having the same information is not available, 
spots through pre-emption. net revenue by total network percentage of total messages as There is currently talk of pos- 
This has made competition messages produces the real was achieved for the market as sible Price Commission interest 
between media departments ‘industry* cost per thousand a whole. j D tv ratecards generally, rt 

vastly more fierce and has led audience. However, account is DPBS says there are three will be interesting to see bow 

them to seek more ways of accu- then taken of the proportions of elements whose precise dimen- that interest develops against a 

background of rising audience 
costs as monitored by DPBS and 
other agencies. 


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The corporate message 

DESPITE ITS growth—it is now into legislative change, are m&k- mercial sector (including sup- 
worth an estimated £15m. a year ing it even more important for pliers, wholesalers and retailers, 
—corporate advertising 'still has companies to establish a dia- customers and business asso- 
a rather poor image. As Richard logue with the rest of the com- dates); government (including 
Spiegelberg of JWT told a con- munity in order to explain how Parliament, specialist committees, 
ference in London thds week, cor- they are reacting to social change, the Civil Service and local auth- 
Porate advertising is too often This theme was developed by oritaes) and export markets, 
bland, uninformative, self-indul- Tony Kippenberger of the Pinan- Quite a shopping - list An 
sent self-congratulative and cial Times who observed that by illustration „f how one big cor- 
fraoMy unbelievable, probably and large the talents of the oration views and plans ite cor- 
because too much emphasis is advertising industry were still £ 0 ^ advertising was provided 
placed on what the advertiser or mostly used for selling products ^ Chris Patev of Mobil which 
the agency thinks would be good and not the company. “It is im* adopts a'hiahly positive approach 
for the public to hear rather portant that industry puts across to advertising and PR world-wide 
than on wihat the public washes its attitudes and counter-argu- ^ the UK. it felt tbe need to 

to » know J . , * , ^ raente e ? ec 5 V L ly ,!» d not !et itS ^ position on specific 

But there’s a lot of it around, case go by default” issues, and although research 

and it will almost certainly get As itemised by Kippenberger indicated that the public was 
better, even though some adver- there is certainly a wide range of well-disposed to the job the oil 
tisers are still unable to deter- target audiences to which Iegiti- companies were doing and cer- 
mine where corporate advertis-mate corporate advertising can tHinly displayed no US-style 
ing stops and product advertising be addressed: the public (includ- hoatility either to the oil industry 
tak * eso ^'^ f _ ing consumers^opBUOn fonners w ^ concept of corporate muiti- 

As Prank Muldoon of the and pressure groups); the finan- natinnalism, Mobil decided that 
Guardian told the conference, nor dal community (including share- : j t wished to ensure that the role 
creased restraints on how busi- holders, particularly the instntu- )0f ^ oil companies in develop- 
ness operates, as well as chang- turns, and the banks); employees, jpg Qj e North Sea was properly 
jog attitudes in the community (including management potential understood 
which eventually work through staff and the unions); the cop 


Gordon Proctor (+217 per cent which sets up shop this week. It. 
to £3.4m.). has been formed by Tenry 

• ROE DOtVTON is to part By graves, 3S, formerly with 
company with Braun this year. BBDO and Vernons and latterly 
Reasons given by the agency at CDP, and Peter Bone, 33, a 
include the decision to launch group sales manager at LWT. 
the Micron shave with advertis- There are now 19 U.K. media 
ing originated in Germany and a buying shops: by the end of next 
move to negotiate media and year, says By graves, the number 
creative commissions or fees on could grow to 25. 
an ad hoc basis: © BOVR1L CUBES, now into 

© TBWA LONDON is to handle Lancashire and Yorkshire with 
the promotion of tourism from TV backing, have a 40 per cent. 
Europe to Canada. The Cana- share of the market in all areas 
dian Government Office of where they have already been 
Tourism will have a budget of launched and have conbrlbnted 
around $1.5m> for 1979; the to a 35 per cent growth into tbe 
appointment takes effect immedi- red meat cube sector, says the 
ately: company. 


If you’re buying or selling 
top advertising talent J: 


adpower 

Staff Consultants 


j C:3JU 


Top jc;:S ‘or men and womeri in acccuot resnsgerneri? ^ . 

-T.-.'d’C!. cir:. c:-py. c'osicn. prcd'jc v jdn; ; rra.tlic„proniC'lion : . pf^.-. 
cnn’.zc; p.r,o.-'?H'o:mes-or executive sc*cretari@s and PA's - 
L.innene Bon i'aca on 492 6456." 7 : New'Bond'Sheet-.London 

. v . ■.■ -5 


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A NATIONWIDE SERVICE 


the company J NAME 


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FT3 


It ran three series of Press 
advertisements last year, parti¬ 
cularly stressing the benefits to 
be obtained from oU wealth, the 
size of investment needed and 
the risks attached, as well as 
explaining the nuts and bolts of 
Its exploration and development 
plan. The campaign cost £290,000 
and was so weU received that 
Mobil was asked tor 15,000 sets 
of the advertisements by schools 
and the public. 

rt We believe tbe response 
shows we were doing the right 
thing at the right time,” said the 
Mobil man. “The real test will 
come if the going gets tough and 
Mobil’s credibility comes under 
attack. If we've got it wrong 
we'll go straight to Gaol and will 
have to throw an awful lot of 
sixes to get out” 

A second case study was pro¬ 
vided by Richard Spiegelberg, 
who explained JWT's approach 
to last year's £750,000 campaign 
for the four main clearing banks, 
distressed as they were by talk 
of bank nationalisation.- Tbe 
campaign drew more than 50,000 
responses from the public, the 
overwhelming majority of them 
against nationalisation, and the 
campaign was adjudged a suc¬ 
cess. Ironically, there were 
criticisms last year that the 
banks’ campaign was designed to 
solicit the response the banks 
wished to receive, not the one 
the public necessarily wished to 
make—a criticism the speaker 
would no doubt have answered if 
given more time. 


$500,000 

readership 



nmade 





Early television campaigns on Southern Television had successfully 
promoted me Hill Construction Company’s agricultural building business. 

Too successfully, perhaps. For their1976 campaign of 15 and 30-second spots 
on Southern, Hill were keen to promote the Hillspan industrial buildings wnich 
now account for two-thirds of their business. The campaign, staged by 
Lonsdale Osborne, was another undoubted success. Hill were pleased at the 
contacts it gained, and the reputation it made them. More important, they 
were delighted to receive enquiries from an influential band of businessmen - 
those who work in London but live in the South. These men watch their 
television in the South tool 


RiB 


a 


SOUTHERN t 

For further information contact Brian Henry, Marketing & Safes Director, 

Southern Television Limited, Glen House, Stag Place, London SWIE 5AX. Telephone: OT-834 4404. 


survey 

By Michael Ryan 


THE MOST AMBITIOUS inter 
national readership survey yet 
attempted is currently at pilot 
stage, and results are due in 
September. The sponsors are 
Time, Newsweek, Economist, 
International Herald Tribune and 
Scientific American. The research 
contractor is Research Services 
and the cost la 35004)00. 

The universe to be researched 
is described as “men of high 
status living in good residential 
areas** in 10 countries: Britain, 
France, Germany, Belgium, 
Netherlands, Italy, Switzerland. 
Denmark, Sweden and Spain. Tbe 
survey is to be based on 5,000 
personal interviews conducted in 
the home, and it is planned to 
collect readership data for about 
300 publications as well as demo¬ 
graphic and product data. 

Access to tbe survey has not 
yet been decided. It may be open 
only to the sponsors, although if 
that were the case it would be 
likely to reduce the value of ihe 
survey to the advertising 
industry, 


Why the finest hotel in town 
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1 












BY PAUL CHEESER1GHT 


NATIONAL self-sufficiency in 
potash and 200 jobs versus en¬ 
vironmental damage to a 
national park and doubts about 
overall local employment pat¬ 
terns is the main conflict being 
investigated at the Whitby 
potash enquiry, now in its 
second week. 

The enquiry draws together 
many of the elements of 
the new classic confrontation 
between the demands of 
industry and the environment 

Cert ainl y the- question of 
whether there should be a 
potash mine in the North York 
Moors National Park and a 
refinery on the outskirts of the 
town has been the subject of 
sporadic local debate over the 
last ten years. Latterly, how¬ 
ever, discussions about Whitby's 
economic role have sharpened 
in the attempt to see whether 
there might be a balance of 
interest between a new potash 
industry and the traditional 
way the town has earned its 
living. 

The immediate point of the 
enquiry is to decide whether 
Whitby Potash, a subsidiary of 
Consolidated Gold Fields, 
should establish a solution mine 
— that is, a mine without the 
conventional shafts and head¬ 
gear—on Egton Low Moor, 
and shift the raw material to a 
refinery some four miles away 
by underground pipeline. The 
refinery would be a mile away 
from the town centre, and nest 
to an existing industrial estate. 

Last year the National Park 
Committee rejected an exten¬ 
sion of planning permission, 
originally granted in 1970, for 
the development. The grounds 
on which it took this step pro¬ 
vide the text for the present 
inquiry. 

“Damage to the character 
and environment of the North 
York Moors National Park and 
Whitby would far outweigh 
any economic or social benefits 
to the local community or the 
nation.” the committee declared. 

For the nation, the inescap¬ 
able fact is that, if domestic 
mining of potash is to take 


place, it will have to be in the 
National Park. That is where 
the deposits are. One mine has 
already been developed, at 
Boulby, north vest of Whitby 
and outside the town’s employ¬ 
ment area. The mine is run by 
Cleveland Potash, a joint ven¬ 
ture between ICI and Charter 
Consolidated. 

National demand for potash 
is about 800,000 tonnes a year, 
but last year all of this was 
imported, save 75,000 tonnes. 
Of the import total, 47 per cent 
came from Eastern Bloc coun¬ 
tries. The cost to the trade 
balance was £30.Sm. 


factor to be considered in rela¬ 
tion to the trade-vs.-park 
argument. The basic facts are 
simple. 

Registered unemployment in 
the Whitby area has con¬ 
sistently been running above the 
national average and currently 
stands at 661 people or 12.3 per 
cent, of the workforce. Gold 
Fields is offering about 200 
jobs. 

(To suspicious local sugges¬ 
tions that large portions of the 
workforce would be brought in 
from outside because of the spe¬ 
cialist skills required. Gold 
Fields retorts that, because its 


A proposal to develop a potash mloe in . 
a national park has produced a classic 
conflict between industry and environment. 


After a hesitant start, produc¬ 
tion at Boulby is beginning to 
expand and Whitby Potash 
plans output, which could start 
in about five years time, of 
450,000 tonnes a year. There is 
the prospect of self-sufficiency 
and exports in seven or eight 
years time if a new min eis 
developed. 

The potential impact of a new 
mine on the trade figures is a 
central point in the Gold Fields 
arguments for a new mine. How 
this is weighed against the 
counter-argument that indus¬ 
trial development in a national 
park can be justified only in 
extreme circumstances is not 
obvious and any decision must 
involve some degree of subjec¬ 
tivity. 

The North York Moors 
National Park has, however, 
•already been under what the 
North Yorkshire County Coun¬ 
cil calls " considerable pressure 
for development '* and this 
colours attitudes to the Gold 
Fields proposals. 

Thus the effect of a new 
potash mine on local employ¬ 
ment patterns is an important 


development is technically un¬ 
usual. most personnel would 
have to be trained and Whitby 
people should be as receptive to 
tuition as anybody from else¬ 
where.) 

But the main issue is whether 
the presence of the potash mine 
and refinery would result in a 
net increase of the numbers em¬ 
ployed or whether, on the other 
hand, the town's development of 
existing economic activities 
would actually be hampered, 
perhaps making the employ¬ 
ment problem worse. 

Whitby makes its living from 
three main sources. The first is 
tourism for which the town has 
natural attractions. The second 
is light manufacturing. An 
industrial estate has been 
established on the south side of 
the town which now has nine 
factories, the largest of which 
is owned by "Winster Hcse. It 
employs over 200 people to 
make long-length, high pressure, 
hydraulic hose. 

The third source is fishing, an 
Industry which is subject to 
some uncertainty,because of the 
disputes within the European 
Community. There is also some 
concern among in-shors fisher¬ 


men about the effects of-dump¬ 
ing waste salt from the potash 
refinery at sea. 

Of these three sources, the 
most obvious clash is between 
tourism and the potash -deve¬ 
lopment, largely because the 
tourist industry -depends on 
maintaining an unspoilt 
environment. The opposition to 
Gold Fields has found its 
starkest expression in a poster 
oci which the words "Whitby 
by the sea" hare been scored 
out and replaced by “Whitby 
by the potash mine.-’ 

There are two grounds for 
this opposition. The first is the 
nature of the refinery which 
would cover 67 acres on an 84- 
acre site with three buildings 
more than 85 feet high and a 
chimney 265 feet high. The 
second is the mine itself where 
there would be a network of 
pipes above ground and a pump 
house 9.900 feet in area and 
25 feet high. 

According to the North York¬ 
shire County Council, l 'the 
refinery would impair views 
towards and from Whitby and 
would be visible in whole or in 
part from an area of I7.700 
acres, most of which is;in the 
park."- 

At its crudest, the fear in 
Whitby is that the town might, 
become like Redcar .a seaside 
town without elegance, on south 
Teesside. But the comparison is 
not very apt. Redcar has been 
near steelworks for over i 
century and the nearby ICI 
Wilton Works cover more than 
1,000 acres, an industrial deve¬ 
lopment on a far larger scale 
than Gold Fields contemplates. 

It is difficult to assess the 
precise effect of a potash 
development on tourism. But 
the prospect Is sufficiently 
frightening for Mr. Kay 
Hardwick. the owner & the 
town’s largest hotel, and * 
robust opponent of the scheme, 
to delay further capital expen¬ 
diture until the issue is settled. 

However, the seasonal nature 
of tourj 5 m makes the industry 
a fragile part cf the laical eco¬ 
nomy's base. Probably the 




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longer term future of Whitby 
rests on the bufidmg up of 
local industry. The potash 
development would not account 
for more than 4 per cent, to 
5 per cent of the’ available 
workforce in the area. 

Mr. Leon Brittan. the con¬ 
stituency's Conservative MP, has 
come out in favour of Special 
Development status for the area. 
This provision of extra incen¬ 
tives could attract more com¬ 
panies to the area. But the 
paradox is that, in spite of the. 
level of unemployment, some 
companies already there have 
difficulty in either attracting 
labour or maintaining their 
workforce at the level they 
require. 

Winster Hose,- for example, is 
on the verge of fresh expansion 
through the installation of new 
machinery. 3Ir. Ken Ingham, 
the managing director, explains 
that only recently—in the 
course of a development going 
back to I970—has the company 
managed to maintain a centra! 
bard core , of labour and turn¬ 
over has been high. 

Kullman Glass moved into a 
factory on the- industrial estate 
two months ago. The company 
makes fine glassware for medi¬ 
cal use on machinery of its own 
design and exports 80 per cent, 
of its .output. Mr. Brian Cook, 
the director, says no week has 
passed without absenteeism of 
some sort and that he needs 
four or five more staff imme¬ 
diately. He cannot find.them. 

The paradox spreads to the 
Royal Hotel where the number 
of staff varies from 40 to 117. 
with more part-time employees 
at the height of the season. Yet 
labour has to be brought in 
from outside the area. 

Zf this situation extends 
throughout Whitby, then Gold 
Fields might actually find it hard 
to attract labour for the potash 
development from local sources. 
The explanation could be the 
narrow differential between 
social " security benefits and 
after-tax - income in the lower 
wage brackets. 










• I'Ebtective clothing has a tough job to do* In .. i: •- 

rain, wind and cold. So to help you maintain a - - - - ? 

|BO * " high level of productivity outdoors: we spend a lot-of";: - 1 • - 

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p •—’i"’ O'H J? VT*. : .'. Take the poiyurethene-coafed;-s>jiconised '• J - 

Cjj. J* i -... ’ ^ j7vAl , <:Yili; liylottused m our famous Wecrtherguat'drange. ' ■ ' ' 

It has to go through a waterproof test. A flexibijitvtest. An abraapn'tesL ^ • 

And a rigorous tension-break test Any sign of weakness arid the fabric. hits tha . r J. 

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Its purpose? 

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And there's more*. ^ ■ 4 » 

Our research team L 

a also siudyi mobility aspects. 

Comfort.Ventilation. •* • - - - - -- - — _- - -. 

.Insulation. Stressareas. And test panels are conducted to 
5- ensure that the-stvjling of Jeltek garmentspresents^asmart.....; 
offii-ipnt »T=naqpfr>r nnrr.lig>ntsi Thectfectof all this researchis .. . 

r * pro due t that not only cheats the elements; butkeeps the.-? • 

■ wearer warm, comfortable, and working's! his best. ••- c £ 

■. r • ' ^y° ur business is dependent oh maintaininghigk , 'ii‘;._ ~ s 

. Aj gt j productivity levels in an outdoor environment, giye'y^ur V .r- 

JsSBta employees the protectionof Jeltek Protect!ve£lbthiFigi ~ 

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Teiepho^e Dunfermline 10283) 26700 Telex 72616 


Notice of Redemption 


Occidental Overseas Capital Corporation 

r. uwMitoil Siafai DebenturesDbe March IS, 14B2. 


NOTICE IS HEREBY ‘GIVEN that, pursuant to the provisions of the-Fikai^paicy Agreement 
dated as of March 15 ,1070 tmdor which, the above described Debentures were issued. Citibank, NA. 
tformerly First XatiotuI City Bask), as Ffscif Agent, has-draws inr redemption on March 15, 39 
throurii the opera tier ei the fintlng fund provided toe in said Fiscal Agency Agxeeacut, §* ::0.000 
prmcjpal aToourit cf Debentures of Ihe said L-^jc of the following distinctive number*; 

corros D E Bz y rqgsa or tt eoo. riuncaPAL amount outstamddto 


K« 14W 2312 aoo? «742 M21 «37 I13M K'-M 13610 18047 7WHR 1%>5J .^91?. 


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15050 18800 18108 1' 
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13767 25269 18906 18X 
15532 18316 J8Z 


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387 1932 3739 3293 TH7 6619. 10114 11597 12895 13887 15513 111132 18345 19787-21192.22651 23939 
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Irb-SL.' 


i --j 

mA 




Tbs Debentures specified -abo’.-e are to-be redeemed for-the said-siRidn^ hrad at the TTTG A jiriiijir: " ~ ~i] 
Se rum Department of the EIkbI Agenl.lll Wdi Street, in the Borough of Manhatl»ny-,. -- - .1 
Toe City 61 New York, State of .Near York, ot, subject, tp any. laws or^ Tegolatums-apphqai^.' " J 
thereto, at the main offices of Citibank, NA. in Amster^m»London, Paris, Fsankfurt/3iaSi oi Qbb^nlCi *- M 

fBddnm) S.A_. in Brus^ls or at- ITi^ mairi nffim n{ 'AlrnnAnA PsnV 774~ . 7 f' -. "-.1 


SA- in. Brussels or at Uie-main officcs of Alganefte Buni-JJederJandTvAVin: - 

Banque de BtmeSes SA. in Btussels, Cornmerzbank,Aktiengesellschaft in Dussekfeii. DrMdnc^ 7<' .'.*i 

AktiengeseUschaEt in Frankfurt/Maun, Hambros Bank. limited and N. M. Rothschild.. i 
London, Banque de Paris et des Pays-Bas in-'Pari*, and Banque lntenriationaJe i. XuKmbonfg'.iii - a 
L memboursi the Company's paying agrats, ^nd wifi become due and pa^We- ^ Lted S^eT" J - 

doflar check drawn on a hank in 'SewJXorit Chy'or by a tra^er-u>ja.:G.ai^ii-5iates. ^ 


Tbe said Debentures should Tie presented, anisurreitdercd at the .offices set Tin th irTiheWM 
jara^aph on the said date wifh-s6 interest-coupons. miturfegTsabsequentlo fheradi^p^^S 
Coupons due Match 1£, 19 TS should be detached and preseDted-: far p ayme n t 'ia tha;jia^£^ 

For OCCIDENTAL OVERSEAS-« &PITM* 


































l^untllpfleads 


MICHAEL DIXON 


in the City 


Locum management 


•? •*.:* -+.* *U . - /. 


o£: : -3 £1-: 





\ANra Of career to sow* top people in the-hganesw? in 

/bo knows •'frett-tbe CUy.-of fee vea^as^-tj^sapito range 

■«. ;jn is r %ie' ?AmericaD- 

...‘TFerry Dickinson execrt •W® 7 ’" whizz-kids ^ earning 
. •"arch recruitment' - con- 'Ww t0 puhli^school- 

e specifically in. the City - _,- • - ■, ■ - ' 

ntemati«n*i •^You.can’t really.;, set • down 

-•- . , head-hunting -which parricnlar waDang aets of 

• m xs looking, for someone human qualities- would fit, even 
^ neer the new operation.- -though I guess we will-know 
JBfeioever comes will have to one that fitkprefly well as soon 
T »p the office, find client to as we seeit” ■ ; .. 

jBbs fox,- and. .^iea seek out :*How.a\ioii.traiiijip-fhe recruit 
■Mkost suitable candidates to hi fbeVskiilsef head-hunting? 
yliem-— set upV-tindiriiir'thp - we cani.:-provide 

divisio^ .ixrish^t' said guidance on interviewing and 
Lindsay, a. senior asso^ so on. And when itooriaes to 
»t K/FD.-. . . . *-. V ..locating' suitable candidates, all 

rV\e most difficoft task "will‘tie .research support will be 
MUina our serirjcestb-potezK ^Sailable^'iroin • our' Mayfair 
TOty clients, TVe. no-donbt °^ e * /5o-the. e3q«rrbacSPup 
|4gL But Pd guess iwe*4 be wlU ^ 011 call from ; the «tart” 
pSto wa|t.a cdijpte^of years'* Kom/Eierry Dlddnara appar- 
'^xe operation': -to break ^nUy opens:personal file on 
. .Vs.r*.. every jtfb..candidate^it sees, re- 

Xj; Mr. Lindsay;. -the- most ferencing thein by fixe types of 
task, is apparently de-.business the candidates-ucreTexT- ■ 
the sort of .pecson'vK/FD perieuced in and by-the .type -of 
. Knowledge of, and con-worJt.they dp. jSp/askft^to find 
in, a wide range of the a ' marketing manager - for a 
... usinesses is clear'enough, grocery company, for csample, 
*>st suitable backgroundsit has aJistttf basically.qualified 
include financial jour-, people within easy reach..- 
as well as less Godlike H.-there is-no-contact with a 
. ~ ccupations such as hank-, candidate for five years, -the 
- ockbroking, and .the rest, appropriate file is—to use the 
: ibis is not a; job you consultancy's own..; term— 
prescribe a set of par--“purged.”-Buta simple'outline 
RV|h ^Tls for. .1 mean, it of the person's experience-.'and 
Ulncpend very heavily on qualifications is-kept-^h a. card 
ft | jphle; : to get on.-with, thp'lndex. ..... 4X 


.When asked to find Tecnrrts, 
however, K/FD like most head¬ 
hunters rdies mostly on identi¬ 
fying suitable people hy .looking 
through .appropriate professional 
and business' directories and .so 
on. Saving produced a first list 
of prospects,, it then contacts 
them asking, hot if they would; 
be. interested in the job on- 
Offer, but if they happen to know 
somebody suitable who might 
be. How many of them take the 
bait .varies widely/ it is rarely 
more than 30 per cent, .and 
sometimes as little as 2 per 
cent. 

..“ There are times ■ when 
you run around hairless 
without being able to find 
anybody who completely fills 
the bill, ■ though you almost 
always get two-or three who are 
there or thereabouts,” Graham 
Lindsay said.' “But.I’d' say 
problem jobs like that don't 
amount to more than one in 
eight,, unless- j'ou’re very un¬ 
lucky.". 

He sees, the most important 
qualification for head-hunting as 
the ability, which may well be 
entirely : intuitive, to perceive 
the personality of the client and 
then to find the most suitable 
matches among the initial 
candidates. 

“If all your candidates-are 
qualified for the job in question, 
then selecting^ essentially a 
matter of finding the right 
personal match. Often, you 


know, clients take to viewing 
you as a kind of old. retainer— 
talking of you as our head¬ 
hunter,” rather as they might 
say “ our sojicitor.’’ 

♦‘So. it has to be somebody 
with this sense for other people’s 
whole personalities, and wbo's 
also capable of the sophisticated 
salesmanship that will build up 
a good clientele in the City. As 
to age, well we are thinking of 
around- 35 to 45.” * 

As to money, the -consultancy 
is thinking of something tike 
£20,000.1 gather that perks will 
include a-car, non>-contributary 
pension and BUPA membership. 
Written. applications.. to Mr, 
Lindsay at 20 Queen Street 
London W;iX 7P,T.. Telephone, 
inquiries to 01-629 7566. 


New trade 


THAT .GRAND novel Sybil, by 
Benjamin Disraeli, .depicts a 
nineteenth-century Britain 
divided into two' nations—the 
rich and die poor.' If Disraeli 
were alive here to-day, l feel 
that he might well write a con¬ 
temporary sequel, possibly 
entitled Deiiis. It would argue 
that an analogous division is 
now developing between ■ those 
whose earnings are taxed at 
source; and those whose are not. 

One of the .possibly growing 
number of managerial people 
who have moved across the new 
divide- is. 42-year-old Nigel 


Dyckhoff- For the first 15 years 
of- - his ^working life he was a 
nonnaMype employee. - rising 
through-the management r anks 
in steel, paper, and metal pro¬ 
ducts to the manasing director¬ 
ship of ' Matthews Wrighton 
Land. Then a change of group 
strategy put him among the 
ranks of experienced execu¬ 
tives looking for work. 

He retained a consultancy 
with th6 Matthews Wrights on 
group and obtained a few other 
assignments as a consultant. 
Then he temporarily took over 
the general manager’s job at a 
jewellery concern in London, 
and I-lking; the life as a self- 
employed stand-in, decided thar 
there might well be a permanent 
market for a new kind of pro-, 
fessdoaal—the locum manager. . 

VI faww that companies .get 
firms!. of management con¬ 
sultants to put one of their staff 
In on-a temporary basis." Mr. 
Dyckhoff said, “but the locum 
manager is essentially different. 
It's a matter of standing alone, 
and being hired directly to fill 
an opening that will last for 
only a shortish period of Lime. . 

11 It,strikes me that a good 
many situations can arise where 
a locum .manager would be just 
what’s wanted. 

"Take the company with a 
gap in its executive succession. 
You know, where the chief of 
some part of the business -has - 
left and, there's somebody good 


coming up that you don't want 
to lose but won't be up to doing 
the chiefs job for a year or 
more. What better solution 
could there be than to get in a 
locum? 

"Then there’s the situation 
where a receiver is put into a 
complicated operation. The 
receiver's usually an accountant, 
but often surely doesn't have 
the managerial skills to run 
the business, especially if It has 
got into a depressed position, 
rd say there must be a lot of 
cases where it would make -good 
sense to pair a locum manager 
with the receiver. 

“Another prospect is where a 
group is phasing out an 
operation, over a period.of time_ 
and loses somebody with a 
critical part in the plan when 
the running-down has still a fair 
way to go.. 

“One thiug about situations 
like those, is that they can be 
highly sensitive — where the 
top management knows that the 
appointment is going to-be only 
temporary', but needs to keep 
quiet about it —. not an ideal 
position, m give you, but this 
isn't an ideal life.. Well, a 
locum manager could be brought 
in on the understanding that 
nobody else got to know that 
the post wasn't permanent” 

Whether it was on this basis 
that Mr.; Dyckhoff got his 
present .contract as a locum, 
executive, he won't .say.. -But 
since July he bas been working 


at Ten bury Wells in Worcester¬ 
shire as full-time general man¬ 
ager responsible for the British 
subsidiary operations. of * the 
Cork-based Biocon group - 

“They were lookfnsffor a very 
specific kind of person for the 
long-term, but just couldn’t find 
the right one in time. So they 
brought me in to fill the gap 
while they 1 kept on looking. 
What I'm doing here boils down 
to managing the marketing of 
enzymes for industries like 
brewing, distilling, baking, and 
for animal-feed flavourings. It’s 
not a range of prodnets that I 
could say I’ve previous, expert, 
ence of. But a professional 
general manager has to be - able 
to cope with, changes like that." 

Biocon has now found the 
long-term candidate it wax seek¬ 
ing, and he is joining on-March 
3. Nigel DyckhoiFs contract 
ends a month later. Sure' that 
there most be a fair number of 
other managers essentially 
operating as locums, and feel¬ 
ing that a lor more would be 
interested in doing so, he is 
keen to tost the . potential 
market for the new branch - of 
the trade. 

First, naturally; he;would like 
to hear from any employers who 
can see an impending .need for 
ah executive stand-in. But ho 
also wants to build up the- 
nucleus of a locum managers’' 
association. •• ■ 

" “Nothing formal as yet. of 
course, but if a smallish number' 


.of us could establish contact, I 
think that could be a useful 
first step towards developing 
the. demand side of the market.- 
'-“One thing it's important to 
get an idea of,' is '-suitable 
charges. I mean, there are snags 
in going into a company as a 
locum on exactly the same basis 
as they were using-;for. the 
equivalent staff-manager. -The 
locum has pension and insur¬ 
ance to cover, and mightn't be 
able to "do -the job while living ■ 
at home. So there has tirbe some 
arrangement for/ legitimate ex¬ 
penses, like trateL-and accom¬ 
modation. 

. -“My . idea of a fair .basis' 
would be something like £1,000 
a 'month, -or fpr a part-tune 
co□ tractj say £65 a day,'and at 
the. end a bonus of around 20 
per cent, to' cover the con tin u- . 
mg- things like . pension 
schemes." . 

- To form the proposed nucleus'- 

of locunre, Nigel Dyckhoff wants - 
to hear from interested- people 
who have developed the profes-' 
'sionai skills of general manage¬ 
ment, and-preferably sharpened 
them by business-school train¬ 
ing, and have acquired a wide 
range of experience in business 
covering large, medium-sized. - 
and small companies* Readers 
whd -fill the bill should write to 
him - at his home: 68a, West - 
Street, Harrow on the HiU, v 
Middlesex—and the - - Jobs ' 

Column wishes tbe venture-well. 



OTT 



BN ANCIAL MANAGER 

Age25-3Q 

Slough .. . . ejEBOqq 

Expecfedtoshowroonsiden^ 

operationcrtreportirK^arKdcxjm^ . 

responslbtefor-the rrx^or section of the accodr^ng function. Reporting i» 
fhe Rnandal Controlterand managing a smdfflfeam. he or she willhave 


7 'Send^#on^ros&wiM^ &• P^- 

ue to, expansion it^ has ;bscSme necessary; 1 6 increase .quV Sales Team. 

r e are looking for experienced personnel wii the capabili^ \nd ambition 
i enhance stiS'further a'rapidly'eipanding^situation. . . ■ ' 

ae two vacancies are;-4T ..- *. ?•- - .-^ 7 .--; t-;- m \Y. 


(2) GLT.T-KDGED SALBSMAjN 

3 offer a coinpetib^e remimeration package based on’ experience.' For 
i right people there are; ainple-opportunities for career, progression. -; 

•plicants (male or female)..please'reply, in confidence, giving-brief 
rriculum: vitae to:—. :- - 


--'• • : ■ - ■ 


KiBarlow,;- -rV 

^ CROSTH^AKCE & CO., \ 
1-2&0 Bishopsgate, London EC2M 4LL. 


© 


SOUTH OF SCOTLAND ELECTRICITY BOARD 
APPOINTMENT OF 
PUBLIC 
RELATIONS 
- OFFICER 

Our Public Relations Officer. Basil Vickers, 
is shortly to retire and we seek a successor. 

' He will report direct to the Chairman at 
our Headquarters in Glasgow and his 
primary task will be to advise our Top 
Management on all aspects of the Board's 
Public Relations. This will involve him in 
almost every aspect of the Board's work. 

- The Public Relations- Department includes 
. the Press Office which is in regular contact 
with the Press and the media throughout the 
U.K. The Department is also responsible 
for producing a wide range of visual aids 
and publications including the Board's 
monthly newspapfn as well as for organising 
major conferences and other 
important func/ons. 


Applicants t Mile or Female) must be widely 
experienced and highly competent in the 
public relations field and should possess 
appropriate qualifications. The salary for the 
post will be in the range of £8,600 to £11.800 
per annum. 

Please wri e to the Chairman. South of 
Scotland Electricity Board. Cathcart 
House. Glasgow. G-J4 4BE, not later 
than 13th March. 1978. 


LONDON -Lv. • f 7 ;: l££$ 0 OO+Car 

Av«ll-e^lishea!j^Statiaaei:'Wisheato^ ’ 

Formatl.on,RBgktratibn, F{«fadY-m»de Companies; Searches, Statwoft' books etc, ■ ■ 

You-wiil be experienced in ihisifeichand will control and ex pa ndjStf current opereti on. . 

A bright, out-going pereoriafitY with a professional, mannerisesserraaL^xpsilsion 
throughout the.United. Kingdom will involve travel. Excellent: wdrt;fngcajldit]on& and 
fringe benefitsare offered.. • - • ; 


HSSSS 


TvTen & Women if you are interested men. opportunity wnh 
excitirtffpotential ptease s^nfl ftfll carasrde^ijsTo:- . ; 


Alan EncFcotir '_' - j-J; . -. . 

PTumbley/EndfCOtt & Associates 
ManaoamBnr S«tect}on Consultaijis, ' J: • 

Premier House, . .- •: 

ISttSoufii'arrtjjton Row, ■--’'s.v-- 

LondoO.'WCi B.5AL, ■ 'si'-'.- 


Chief Accountant 3 c ^qq 


- "his newly-created key post is' with a ‘multi-million pound_ turnover^rnpany, producing 
ligh-qualify components for the automotive arid-genera! engineering tmuttries. In addition - 
- Vo cornroiiing' and .co-ordinating" tfTe frnarimi fim’ctibn, the penon appointed will have a 
.■‘.Hrect revolvement in -the planning arid-development of futwe grewtlt j Wqridng in'elpse - 
.. raison : wjth top -management, a conthnrdus j^view of current business stnieture wlH.be 
>f vita! Importance., .*''. v i 


' ' You will be aged M upwards.- fully 'qualified and with several, ybars In a "responsible : 
recounting position; but equally Important is the determination to progmi rapidly to 
i position of greater responslblJity- ProsjSectS-ire siiperb and conditfom of employment 
vill include an exetotive-^^ear and attractive fringe benefits. , . 

- •- Contact: Anita W ak cm orc en •' • 

.• ^ or "write-vor'P-EJt, Fountain Court Stetihotae-Lan*,- 

Birmingham B4:6DSv 

HHC Appliotiohs from both men and . 

‘ women’ are welcome. 


jfessional 

/Executive 

cruitment 


Applications from both men and 
women are welcome. 


Management 

Regional Manager/Director. 


This key post in Manchester is u if/i a long established 
bank in the City of London, noted for its enterprising 
and vigorous marketing of a professional financial 
sen. 1 ice. The successful candidate, tcho must be 
accustomed to advising senior levels of industry and 
commerce, will be expected- within a short time to lead a 
small team currently reporting to a locally based 
Director. 

Applicants should ideally have a good Degree with a 
banking or accountancy qualification and several years 
commercial andfor City experience in the field of 
corporate finance , treasury ntanag'vncn/. funding etc. 
A mature persuasive personality and intelligent 
judgement are, however, more important than highly 
specialised expertise. Northerner preferred. 

Salary negotiable up to £12,500 uith profit.sharing 
and car. 

Age 30140. 

Please apply in strict confidence, quoting reference 
1760 to Clive and Stokes, 14 Bolton Street, London 
W1XS-JL. 

CJive&Stokes 

.Appointments & Personnel Consultants 


COMPTROLLER 

Successful and well established Company in El 
Salvador, Central America, exclusive represen¬ 
tative for FORD, UX; KOMATSU. Japan; 
HYUNDAI MOTOR COMPANY, South Korea; is 
looking for a person to fili a new office of 
Comptroller. 

Age 35/45. 

Working knowledge of Spanish will be required. 
Salary: £7,000 to £10,000 according to experience 
and ability. 

Principal will be in London March 14th and 15th 
for interviews. Please write in confidence to Box 
A.6265. Financial Times, 10, Cannon Street, 
EC4P 4BY. 


& MOORE 


As part of our planned expansion programme we are in a position to offer 
the following opportunities: 


Institutional Department 

Equity Safes 

We need experienced Sales Executives with the ability to assist and take an 
acti\ e part in the formulation or views, and the communications of these to a * 
wide range or institutional investment clients with varving requirements. 

A willingness to assume the marketing responsibility ior one of the major 
sectors in which we specialise, is required. 

Our standards are high. There are no specified .ige limits and qualifications 
are less essential than experience. 


Gilt Department 

We require Senior Sale* Executives experienced at the long end of the market 
Currently, candidates are likely to be occupy ing senior positions with a 
stockbroking firm or institution, but be looking ior a fresh challenge. 

We are a relatively now entrant to the gilt market and. dearly; in joining B & M 
at this time there is every opportunity for people able to make a major contri¬ 
bution to our grow th. to enjoy- considerable personal advancement a* well. 


Career Opportunities 

Private Fund Management 

We have a limited number of openings, in our Private Clients Department 
The successrul candidate? would assist our Senior Fund Managers and a 
comprehensive training will be given. The positions provide attractive 
opportunities to candidates keen to establish a successful career in this field. 
Applicants should be graduates with two to three years experience in finance 
or industrv, or ha\ e other suitable qualifications and experience. 


Conditions cu employment and prospects are y »od with no barriers on 
advancement w Inch is soleiv determined by the abilitv ot the individual. 

If' ou reel v ou match our requirements and consider v ou can contribute to 
our continuing success, please wnie. in complete confidence, with brier 
details or career to dale, to: 

Mr. Gerald Risdon, Administration Partner. 

Buckmaster& Moore 

The Stock Exchange, London EC2P 2IT. 

or it you would prefer a preliminary discussion telephone: him on 01-586 28bS. 



m 


Jonathan Wren * Banking Appointments 

The personnel consult.mcvdealing exclusively with the hanking profession 


FINANCIAL ANALYST £7.000+ 

A large merchant bank wishes to recruit to its Project Finance Division a graduate 
whose role will be to analyse and forecast. Candidates, aged mid-20s, will ideally 
be business graduates and should have some research experience in either banking 
or industry. An appreciation of computer technology would be an asset. 

CONTACT: Mike Pope 

EUROBOND EXECUTIVES to £7000-- 

Due to expansion of investment banking activities our clients currently have a 
number of vacancies for experienced young Eurobond executives who will be 
engaged in marketing new issues, involving contact with clients and the professional 
market. In addition there are a limited number of openings for candidates who may 
lack specific Eurobond experience, but who offer outstanding academic qualifica¬ 
tions (e.g. M.B.A.) coupled with a more general investment or corporate finance 
background. CONTACT: Kenneth W. Anderson (Director) 

FOREIGN EXCHANGE DEPOSIT BROKER c. £10,000 

A prominent firm of Money Brokers wishes to augment its team by recruiting an 
additional experienced broker. Applicants should have knowledge of French 
and German, and good market contacts. Excellent bonuses are payable in addition 
to high basic salary. CONTACT: MikB Pope 

MANAGEMENT REPORTS ACCOUNTANT c. £6,000 

A substantial consortium bank is seeking an experienced officer for its Accounts 
Department. Duties involved include the reporting of Sterling and Foreign 
Exchange operations, balance sheet reporting, profit and loss information, etc. The 
ideal candidate will be aged about 30, with good previous experience in international 
bank accounting. CONTACT: Richard J. Meredith 


170Bishopsgate London EC2M 4LX 01*6231266/7/8 9 


























































Top Management 
Advisers 

Up to £10,000 + car 

S, nC o 1968 the HAY management consuitancv group has grown from 7 
offices in 5 countries to 55 offices in 20 countries. HAY-MSL. the British 
member of the group, continues to grow at over 20°o per annum. Our con¬ 
sultants in London. Manchester. Edinburgh and Dublin work with top man¬ 
agement of over 400 clients, or planning organisational improvements and 
in developing, motivating and rewarding people. 

We now have two opportunities, suitable for people in their thirties with line 
or functional managementexperience. They will have an honours degreeor 
professional qualification and will be seeking broad experience m a 
demanding career with strong individual accountability. 

Client Consultant 

who will manage the relationship between HAY and a number of 
clients, after training and experience in U.S.A. and U.K. Candi¬ 
dates with experience in engineering,.retail or finance are of 
particular interest. 

Management Incentives: Specialist Consultant 

to extend and develop our existing business and knowledge m 

management incentives, added value and sales incentives areas. 

Depending on previous experience first-year earnings for either appoint¬ 
ment will be up to £ 10.000 plus car. pension, life assurance and medical 
benefits. 

Please wnte a short letter about vourself and your particular area of interest. 

Selected candidates, men or women, will be sent more information and be 
asked to send more details about themselves. 


D. S. Anderson, 
Managing Director. 
HAY-MSL Limited. 

52, Grosvenor Gardens, 
London SW1 OAU. 


! n_n 

hay 


; consult a: 7 : 7<. 


Corporate Audit Manager 

International Activity-based London 


NCR ranks in the top three multi¬ 
national computer companies operating 
world-wide on revenue from its wide 
range of equipment, application systems 
and related products. 

The Corporate audit function operating 
f«om London covers Europe. Africa and 
Middle East embracing 45 sepaiate 
organisations. 

This senior management position 
reports to ihe Vice President. Finance, 
through the Director of Corporate 
Auditing. Your responsibilities would be to 
monitor the application of NCR policies.' 
systems by local managements, identify 
opportunities for operational improvements, 
present recommendations and provide 
guidance in their implementation. 

You would be both an observer and a 
counsellor. Travelling would take up to 
40% of your time and include visits to the 
USA. Your staff, comprising some 13 
professionals-accountants, EDP 
specialists, etc. also have degrees and 
experience in law, operations research and 


financial management. 

You must possess an appropriate 
accounting qualification,and your 
experience will include advanced audit • j 

techniques. Equally important will be your j 

wide business ex perience to include 
financial and business management, sales/ 
marketing, personnel and production. In 
presenting your audit findings to top focal, 
regional and corporate management you 
will require strong oral and written 
communication skills. 

An appropriatesalary will beoffered- 
plus a commensurate fringe benefitpackage 
- which will be progressively worthwhile 
to a big thinker who combines vision with 
practical application. . 

With a multi-million pound investment 
in product development the time could not 
be better for joining NCR. So write in 
confidence, giving concise history details 
io:- 

H J Redington. Personnel Controller, 

NCR Limited. 206 Marylebone Road, 

London NW1. 


Joseph Sebag&Co. 


SENIOR ANALYSTS 


We are seeking two senior analysts to join our U.K. Equity Research Department. 
They w.H undertake sector analyses and detailed company studies. They will be able 
to express themselves concisely and persuasively both on paperand personally to our 
sales team and to our clients .'Their areas of specialisation will be; 

ELECTRICALS/ELECTRONICS 

ENGINEERING 

Candidates should have at least two years' experience of investment/fmancial 
analysis gained in stockbroking, fund management, or in the industries concerned. 
The ex 3 ct level of remuneration in each case will depend on ability, but rhese are 
senior appointments which command a basic salary up to five figures. 

Please send detailed curriculum vrtae to; 

The Research Partner, 

Joseph Sebag & Co. 

Buckiersbury House, 

3 Queen Victoria Street, 

London. EC4N 8DX. 


INVESTMENT MANAGEMENT 

fund manager 

Due to expansion an'opportunity arises in this company for a young but 
experienced fund manager: He/she will probably be hi his/her late 
twenties, will have a university degree or professional qualification,. and \\\n 
have had several years' experience in the management of sizeable investment 
funds. 

The post will be primarily concerned with the management of institutional 
funds and it is important that applicants should have a broad general 
knowledge of the needs of such funds and the appropriate personal qualities 
necessary for representing the company at a relatively high level. Funds 
under management at present total about £200m. 

Salarv will be competitive and there are in addition generous profit sharing 
arrangements. A non-contributory pension scheme provides a first class 
package of benefits including substantial life cover, and widow s pension. 
The company supports a subsidised lunch restaurant. 

Applications" with full curriculum vitae to:— 

Box A.6264. Financial Times, 

10, Cannon Street, EC4P 4BY. 


INVESTMENT ANALYSIS/ 
MANAGEMENT 

Clerical, Medical and General is an established Life and 
Pensions office of high repute with existing funds of over 
£400rn. and £50m per annum becoming available for new 
investment. This continuing expansion requires the 
recruit men of an addition to the team of Investment 
professionals located at our London Head.Office in the 
West End. 

The successful candidate will be aged under 3Q with 
accountancy qualifications and'or a good class degree in 
■a relevant discipline followed by some industrial or 
commercial experience. 

Previous investment research experience is r.ot 
essential, as a thorough training will be given, but a 
positive contribcuion to the management, of the British 
equity investment i present value over LlOQm.) will be 
expected as an early stage. 

Attractive progressive salary, non-contributory . pen¬ 
sion. and. after a qualifying period, subsidised house 
purchase. Where appropriate, assistance with re-location 
expenses will be given. 

Please nr rice. sncJoHnj curriculum vita; to — 



CM 


Hr. N. lonn. 

Assist. Senary (Staff), 
Clerical. Kadkal A 
Central Lilt Aac. Sac., 
Harrow Plain. 

Bristol B52 OJH. 


c.£l5,000-£l8,000 

An Intematipiul finance Group with office* 
in Manila,Honu; KougundTLingkok^ccks che 
services of an experienced intemanonal banker 
ai;ed between 55-45 for relocation ro the 
FarEisL - 

Post service with a Merchant Bank or an 
International Commercial bank with expertise 
in struett^ng, ne^oriatinsj and syndicating 
credits isessenriaf. The salary and benefits will 
be commensurate with experience in the 
range of ^ 15 . 0 Ulk/. 18 .* HJO. 

In reply pleiee give a ccmpreliensi ve personal 
and business lii>r« »rv. All replies will be created, 
in 'Crictest Goiifulunce. and should be 
addressed to: 

The Advertiser.4tv 47 Bloomsbury Square, 
London •WCL\2L’.U. 


Corporate 

Finance 


ACA/Solicildr 
or MBA 


c £7,000 


Our client, a member of the Accepting 
Houses Committee, isseeking two additional 
executives in the Coiporate Finance area. 

The Bank possesses a total range of 
banking, finance anJMnvestment activities 
and has a reputationjfor providing financial 
assistance and management advice to a wide 
variety of clients in Doth industry and 
commerce. j 

You wili be unefcr 27: preferably but 
not necessarily a graduate and have some 
relevant post-quaUwing experience. 

\ remuneration package ot around 
£7.000 is envisaged- Benefits will include 
subsidised mortgage, non-contributory 
pension and free life assurance etc. 

Please write with full details to Colin 
Barry, at OvertonJShirley and Barry. 
iManaoement Consultants). 17 Holywell 
Row. London EC2A 4JB. Tel: 01-247 8274. 

Overton Shirley 

and Barry % §M i 


FINANCIAL 

DIRECTOR 




international Textiles 

A privately-owned textile group with a 
£mult>-million turnover, specialising in 
men’s outfitting, supplies an international 
marketplace from manufacturing locations 
in Europe and the Far East It is currently • 
expand ing its world-wide operations in n 

order to exploit new markets and 
implement majordh/ersification projects 
and is seeking a dynamic man or woman 
for this top appointment ' 

Located in London andreporting to the -V* 
Group Chairmarrand Chief Executive, your' 
key responsibility,witf fie the overall ;., 

financial control Of tWs wide-ranging . 
operation. While a>Sitirnating all 
day-to-day activity.you wiU play a vital role^ 
in determining and implementing major 
diversification projects. 2 
This chafiengfnglmanqrai post will appe& ; _ 
to a qualified accountant who possesses a 


circa £ 15,000 + car 

broad, entrepreneurial view of qpmrneBti^f '• 


- pQtefitiaj'to rribvfe into the highest levels of. -j 

- management asthe Group's Managing 

• Director desjgfiate.Ffrst-ctess experience^; 

' preferably gamed in an international • * - 
. context isa prerequisite:; ‘- : ./ •-yy 
The rewards, designed toattract -:T' 

, candidates of the highest quality, include**: 
' negotiable s^ary. share and profft , ; r .£. 


../expenses:''" 1 - - -7" Hef^D 

'REptfES will be f<ward§djfyect; 


career details,not refci&&Brfbus / fist 
‘ (Xirr^w^ceapiX^te^ereferen^^^ 
orfth&hnv^bpBl ': '? . . . . 7 


RA Advertising 

Hyde LondoaSWlX 7LE.7dl: Of-235 6060 Tete£27874^ 



A ,-r, ember of PA 


A successful, profitable sized’publichousebuilding,constructitoa 

property group offers an unusual'opportunicy to an able Chief Accountant ' 

mark and establish a reputatioiuUnder a new and proven Chief Exeoitwe Jhe^rou^^y^y.-. 
being re-organised to take full advantage of die anticipated upsurge, in dip 

ind us try. - v ’ • • • i ’ j -.i .71.. r i ‘ ? % 

The challenge is to create accounting systems and an organ w*aon-T° provide - ...y ]§•>;: 
actionable accounts based on budgets prepared with ^hagir*: <^n‘now foYecaSttiw^/^^ .. 
debtor control, statutory account and dealing with auditors will oblnotrsiy also-be'paK ^ ^ 

° f ^A.CA. or C.C.A.. aged 25^Vrth similar experience,' preferably but not essend»fe:r^V 
in the industry ,is sought. - ^ 

Salary is negotiable aTountfSiSaJ wlth a cari contribute ry .pension sdifeme .. 

profit related bonus. Success wJl^iead to a directorship. Location — Soifth Wast Lonaw^-^.v; 

Please write, in strict confide^ce, quotlng Ref. Nq. S82/FT end 
age, qualifications and present stSiry tos— - ' •" 


CBHUnnell Limited 

8 Oxford Sireet, Nottingham 2 V ; ^ 
MANAGEMENT SELECTION CONSULTANTS 
NOTTINGHAM' IONDOH - 


... :1 ’ - 


c. £15,000 


MANCHESTER 


One of the leading U.K. air freight companies is launching a new 
subsidiary to purchase and operate cargo aircraft. To complete the 
senior executive team, a qualified accountant is required to take full 
responsibility For the financial and accounting control of the company. 
In addition, he or she will be also closely involved in all commercial 
aspects of the airline, including supervision of contracts, administra¬ 
tion and sales. Consequently, a person without several years m a 
competitive commercial environment will not J 1 * P™**" 

abilities for a position which, fn effect, is that of joint chief executive, 
with prime responsibility for the success of the company. 

Personality is as important as technical skills *w i experience: ^candW 
dates must have the entrepreneurial flair and flexibility “ 
closely with the management team of the »« re « ‘I™ “ 
an exceptional opportunity to join a ^.venture ^“ton at 
Manchester Airport. Salary is negot.able. and other benefits are 
available. 


Please apply 
Sir Timothy Hoard 
7, Wine Office Court 
London EC4A 3BY 
01-353 1858 


°st£ 


We have some /xxv '• 

- Do you have experlqTK» Qf-iny«5tmei^ Stod r fini^^^^^^^ 

electronics sector? . V. V 0yf- 

- Can you plan, cany otftand:write uj 

- Do you have a flair forT^arkatihg?. ' 

—Do you have a conscientious profes 
if you can answer these'irt'We^fflrm 
one analyst in the highly respecteti reselajreRSBam 
City-based stockbroker.^ . : . " 7 _ 







































































• 1 • 


m 


BOWAtM g6nt A^SstTD^ market teatfer in fibreboard packaqina 
^ ^ seven Dlantsand a solidboard mil! 

■ 2 ne ?[*? tfvee '°P® rat,n 9 Companies ofBovyaler Packaging Ltd it emovs a 

^ ^ragement of its business a'ctivrtyjrhe 

.. ■managefnent structure encourages each planf to .act independently while 
- -u responding to intefllgent.ccK>rdir©tjon in ordertb.optimise the Company's total effort. 

d ; ^Qpenfions Direetwte'.llnef^^nffliiy to tfie Managing Director of 

- ■ Lld - ferthe.Company's overatasiness operations and 

profitability Each of the major operating units is managed by an Area'General 
Manager who reports directly to the Operations Director. 

-' ^s^smeht ^.supported by a smajihut strong functional team, which 

- - - contributes ywd^ to day-to-day decisions and participates fully, in all longer term 


planning. '' ■ “ v —«»» 

. The is at Stevenage; There is a need to travel f requentfy in the UK and 

occasionally abroad. ..... 

‘ |oo ^j 9 ! or an ali-rouricfbusihess fflMgirwith experience in a service 
" ' industry who is atHeto.act with the authority of tfeposition within a team-onented 
management structure. Experience of managing industrial relations in an 
! rK -; reas,r W consultative environment is esssbtfcfc Knowledge of the fibreboard 
r .-‘ industry is desirable but not essential. : 


COMMERCIAL DIRECTOR 

(Book Publishing) 

FOXWOOD PUBLISHING LIMITED.it an expanding subiidiary 
of an established, family-owned print and publishing group. 
The Company, which is London based, publishes Foxcub 
Children's Activity Books. Foxwood Adult Books and Magazines, 
and markets Floraprint garden books. 

We are now looking for a Commercial Director who will be 
responsible for the Company's financial and production 
administration. 

If you have relevant management experience, are currently 
earning not less than £ 6,000 p.a. and looking for a new career 
opportunity with a young, progressive company we would like 
to hear from you. The preferred age for this appointment is 
25-40. A company car will be provided.. Annual profit-sharing 
bonus. BUPA membership and contributory pension scheme are 
in existence. 

Applications in writing to; 

Patrick Howttt Esq„ 

Chairman and Chief Executive,' 

Foxwood Publishing limited, 

27 Chancery Lane, 

LONDON WC2A INF 


• ne posraonwiit be or interestto cai^idales earning in the region of £12,50D. 
.-. A Company-car Is provided together with benefitsIncluding a contributory pension 
‘ - ; ' scheme. Assistance with relocation is also available. 


^■noNi' 


. Applications iri the stMfest oonTtdence shoufdbe made to- P S Williams 
Managing Director, Bawater Container Ltd, Gunnels Wbod Road, Stevenage, 
Herts SGI 2BH. ... 




UNIVERSITY OF MELBOURNE 
CHAIR OF ECONOMIC ' 
HISTORY 

This Chair is vicans following she 
appointment of Professor G. N. 
Dlaincy to the Ernest Scotr Chair of 
History. Applications arc invited tram' 
scholars in any field of economic 
history- At present research and 
teaching in the Department tover 
aspects of international economic his¬ 
tory, Australian, Asian and Latin 
American economic history. the 
economic history of U.5.A.. and the 
history o( economic thought. 

SALARY: SA31.248 per annum. 
Further information, including research 
and teaching undertaken in the Depart¬ 
ment. Staffing, enrolments, details of 
application procedure, superannuation, 
travel and removal expenses, housing 
assistance and condicioni of appoint¬ 
ment. it available from the Registrar 
of the University or from the Asso¬ 
ciation of Common wealth Universities 
<Ap-pn.). 3A. Gordon Square. London. 
WCIH OFF. AU correspondence 
(merited "Confidential'') should be 
addressed to The Registrar. The 
University of Melbourne. Fi.-kv :ie. 
Victoria. 3052. Australia.. 

Applications dot; on 21 A aril. J97S. 


ia-v-s..- 

[V 


Accountant 

Foreign Exchange 


Our Client is the London branch of a prominent and. expanding European 
Bank. 

The Bank's current requirement is for a thoroughly experienced bank 
Accountant, ideally aged 27-30, with a strong background in foreign 
exeha nge accounting. 

This is a most attractive opportunity to develop your accounting skills 
in an efficient and tightly-knit team. 

Contact Tony Tucker in confidence 
on 01-248 3812 


; 60 Cheap side •London LC2. . Tdephorfff 1 : Q'l ■ 24S 38T2'3/4y 


MANAGER-CREDIT ANALYSIS AND CONTROL 

INTERNATIONALTRADING GROUP 


City 


Neg. c £8,500 -Hear and bonus 


l?" ; 

• 














M 

) 

1 

nt 

e 

r 

nai 

ion 


n 

a 

X 

Pi 

la 

n 

m 

--^ 

t 


Location: London! W1 or Manchester, £neg. + car 

For a major divlsiort of an Tntemationjif operation servicing a' a positive contribution to bi 
broad range of-worldwide markets. The Tax Man^tr'will apDoal to those with intern; 

be responsible for air aspects of UK tax and Eurfjpean torpurate tax specialists. wi 
tax planning. The ^vision, has. 32 separate legal entires in ur the professions. A degree 
ten countries and its fmulti-million tax expenditure plus' its preferred. Remuneration, w 
projected business development leave considerable scope-for well into five figures and the 


a pusiiive contribution to be made. This new position wilt 
apDL-ul to those with, international experience who are 
corpuraie tax specialists, with a background in industry 
ur ihe professions. A degree and/of professional qualification 
pr-Terred. Remuneration, which will not be a limiting factor, 
well into five figures and there are excellent fringe benefits. 


B.F: HdQgett, Ref: 10144jr-T 

hfale or female candidates shoufd telephone in confidence for a Personal History. Form to: 
:LEED$i0532-44S66‘l > ^itjaYr//qw5t , 1 29 East Parade, LSI 5RX. •' 



Out clieni is aa international group with activities in various industrial sectors. 

The company has recently conducted a comprehensive review of its operational procedures and financial controls and. in the light o£ 
this, has decided to create a new appointment. Reporting to the Financial Controller, the successful candidate will develop an 
understanding of the company's business activities and then devise and implement an effective credit control and analysis function. 

The company are looking for an innovator with a creative approach combined with the ability to exercise sound commercial 
judgement. Candidates, male or female, should have relevant experience in a financial or commercial organisation which will enable 
them io establish, and subsequently manage this function. This will involve contact with senior management both in ihe U.K. and 
oversea;-. 

For more detailed information and an. application form contact Nigel Y. Smith, A.C.A. or Ronald Vaughan. A.C.M.A. quoting 
reference 2088 . 

Corrrneri^inclistn^ Division 

Douglas Llambias Associates Ltd.. 

■iiO Strand I; r.saa VVCL’H 0X5. Tuiephcne- 01 -836 . 

12i St. Virier.t Sltcct, Glasgow 62 3HW. Telepnaao: 041-^.26 3iGl. * 
uad in Edinburgh. 



TRWi 


. ? . - Executive Selection Consultant s 

BlRMINGHAM, GLASGOW, LEEftS. LONDON, MANCHESTER. NEWCASTLE and SHEFFIELD. 


Area Manager, 
Euro-currency 

Middle East/Africa 


.Salary £8,000 plus 


>ur client, a leading marine insurance Partnership whh 
-orld wide inrerests, ir seeking a qualified accountant 
tale or female, to be based in the London area, 
his is a new appompnent ^fnd"wtu^ the.;,posip^ 
Torts to the Chief 1 Accoumaiif 1 ’them wfll be ari oppdr- 


►1 i [«'« rn r^i.r. 17 . 


ill be capable of making a rapid contribution to the 
am's professional expertise. r <•'; 1 - 
he post covers a variety of nesponahilffies bhL the 
■imary function will be the preparation of Balance 
leets. Income and. Expenditure Accounts of various 
ssocdation&. Themmxhictiori of a cash budgeting and 
recasting system ind liaison with investment Burners 
id Bank Advisers on investareht policy Will be apriority 
alter. This is an exicitmg opportnniiy for someone 
issdbly with a background in a. City, institution to 
.-velop personal poiendaL. ., _ 

Jarv is negodsble according to qu ali fic ati ons and 

perience: . . 

he fringe benefits' indude a c o nt ri butory pension 
heme, life assurance arid P.F.P. memberslup. ‘ 

' ease write, in confidence, vrhh adequate career details 
. Peter Lee-Hale, Personnel Services Diviaon of> 
figS. Spicer and Peglcr & Co., . 

CHfl Alanagemeei Consultants, 

/ BBevisMarks, 

London EC3A 7HL-' 



\ We need an international, banker, 
ta man or woman aged 30-40, to head 
up our Middle East/Africa team in our 
EUro-currency Department The major . 
responsibility will be for the implementation 
of the Bank's strategy in the development of 
the Euro-currency portfolio with the 
emphasis on achieving Group targets in the 
Middle Eastand Africa. The Area Manager 
will have considerable independence of 
action within broad policy guidelines. 

Several years’ experience in top level 
Euro-currency negotiation with governments 
and major international corporations is 
necessary. A knowledge of Arabic and/or 
other relevant languages would be very 
useful and experience in at least parts of the 
area would also be an advantage. 

The appointment is based in London and 
will entail extensive travel. The 
compensation package will be based on a 
salary of not less than £13,000and will 
include company car and subsidised house 
mortgage facilities. 

Please send full career details, which will 
be treated in the strictest confidence, to; . 




;llTnanaal /1 1 

fController - 1 

ImefnationLii Coni racti ris^ 

^ c.£7:500 - car . . T 


A qualified Aocauntaru is required to assist the 
, IMrisioreJ Fioandal Controlfcc of a major international 
engineering contractor based In South 'West London. 

The appointment carries responsibility for the rinandal 
affairs cl a group of companies engaged in a range of 
worldwide operations covering the construction of motor¬ 
way,. bridges and installari-jns for oil and related product*. 

Key jnespqrMbflkies will include the monitoring of 
overseas acthrises and establBhing and arranging finance 
for overseas con panic* and projecu. ]t will also involve 
assisting in the implementation of divisional nuance policy; 
planning; murmuring performance; preparing management 
information and general iinanria .1 management and 
accuunzing. 

Applicants, men or women, should be aged - 0-40 and 
preferably have piaetlcal experience in overseas ananas and 
the construction industry. 

Our client offers * salary in the region of £71 oc- pec 
annum with corr.pariy car and an attractive range of benches. 

rite, .with full pm^vnai and carter details u:. Fusitioa 
NumberAGA 656 S,Austin Knight Ltd..London \VtA iDS. 

Applications are forwarded ro the client concerned, 
there tore cotrqxmics in which you are not interested, should 
be listed in a covering letter to the Position Number 
Supervisor. 



AK! ADVERTISING > 


Deputy Group 
Secretary 

Dawson International is a Scottish 
based textile group with over £70 million 
turnover per annum operating in the UK and 
overseas through about twenty major 
subsidiaries. 

A new appointment has been created 
within the small central management team. 
Fteporting to the Group Secretary the 
responsibility is for the complete secretarial 
function, including ali matters relating to 
pensions, insurances, legal contracts and 
.generaladministration, working as necessary 
with the Group's professional advisors. 

The successf ul candidate, likely age 
around 30, will have a professional 
qualification and several years experience, 
preferably in a public group of companies or 
atop professional firm. Financial experience 
would be an added benefit. Professional 
•. ability must be combined with commercial 
awareness and good communicative skills. 

•' The salary forthis appointment will be 
in the region of £7.000 per annum and a 
company carwiil be provided. Other benefits 
are excellent. 

Applicants should write, in the 
knowledge of strictest confidentiality, with 
brief relevant details to the Group Secretary, 

Dawson International Limited, Kinross 
KYI 3 7DH, Scotland. 


Dawson International Limited 


nuenxi 


^ City 


SECURITIES 


to c. £8000 


Grindlay 

Brandts 


R. J. E. Barker, 

Group Appointments Manager. 
36Fenchurch Street, : 

London EC3P 3AS. 


<1 

rlc ^ 


Accountant 

c£7500+car 

Loudon 

Our client, x well-established,..ex¬ 
panding London-based manufactur¬ 
ing company. Seeks a well qualified 
accountant withfiair and entbU8MU?m, 
llt-porting directly to the Board; re¬ 
sponsibilities ■will include prepar¬ 
ation of monthly-and final accounts,- 
budgeting, forecasting : nnd the 
further development of accounting 

syftems. - - - 

The successful applicant, aged 
wiil-ha vejgaraed e& least, three jBaw 
relevant esgedaoco in amanufacty ty¬ 
ing environment, be alia to demob- ' 

, strate the necessary skills and 
personal qualities, for management . 
and be seeking' the opportunity to 
take up a senior position offering 

career advancement. . 

Please con tape B-. J. Farceywho will' 
treat ali enqoi inert in the strictest 
confidence, - "" 

Stephens Selecticm 

25 Dover Slti*c. London -WlX3RA- ; 01-193 0G17 

^ Recruitment Consultants— 


ARABIC SPEAKERS 

under 30 with a good degree or 
business school qualification 
who wish to make a 

CAREER IN RANKING 


• are invited to contact Myles Walker by 'phone or m writing at the 
■ address given below. 

' Our clieni Ls a major international division of one of the world’s 
.'largest banks offering initial framing in Europe - previous 
. experience Is not essentia I -followed by posting to one or other of 

the bank’s branches in Saudi Arabia or the Gulf. 

Generous salaries will be paid during training and, 00 successful 
completion of the course, will be increased in line with the going 
.Cite for the country concerned. Life Insurance, Pension and. 
Medical Schemes and air.fares are included in the package. 
Houang wfil be provided at a nominal rent. 


MSMS INTERNATIONAL LIMITED 

Executive Recruitment Advisees 
115 Mount Street, 

London W1Y5HD 

Tel: 01-493 6807 . 


The merchant banking arm of a major continental bank, long 
■ssiablished in the CHy. intends lo e.xpand its securities 
department by the recruitment of an additional executive. 
Me or she. aged around 30 with a degree or professional 
qualification, will have a thorough knowledge of the UK 
siockmarket with possibly some Eurobond experience and 
will probably have been a research analyst for a major stock¬ 
broker. institution or merchant bank. A business flair and 
in.native is called for and a working knowledge of Fiench <3 
a distinct advantage, as is the abilrty to work with a smalt 
team, within which die executive's major role would oe to 
advise overseas institutional investors about the UK stock- 
market. LatBr this-may be expanded to advising UK institu¬ 
tional investors on continental stockmarkets and to Eurobond 
operations. According to age and experience, salary vv;ll be 
in the range-£5250 to £8250. 

Please write in confidence to: 

Denis V. E. Howard 

Recruitment and Selection Consultant 
Third Floor, 4 Cromwell Place 
London SW7 2JJ 


! UTl DEPOSIT BROKERS 

| We are looking for people experienced in the London 
; . Money or Allied" Markets, to join expanding teams on our 
1 Inter-Bank and Local Authority Desks, 
j Please icriie in confidence to: 

The Staff Partner 
CITY. DEP0SIT : BR0KERS 
Royal London House 
22 Finsbury Square 
London EC2A 1TJ 

I or ring C. Rygraves; on 01-638 9451 



Director of 
Public Relations 

London £15,000-£20,000 

A major public feed c.’-mpany, with turnover in excess 
o; £75Gm and interests in numerous consumer and 
commodity markets, is creating a new post of Director 
of Public Relations - immediately below main board 
level and responsible c'uectly to the Chief Executive. 

The role is intended fo cover all public relations activity 
from employee communications to financial, con¬ 
sumer, trade and parliamentary aspects. Some faceis 
of the function are currently dealt with by professionals 
within subsidiaries. 

Applications are friviied from P.R. piofessionals with 
training and experience in the total field, who have the 
happy combination of personality, literacy and flair 
needed to develop this ro}e at top level in an ever 
chapping business environment. 

Interested applicants should send full career details, 
in confidence, quoting Re;. No. 431 /i/FT. 

Charles Barker-Coulthard 

3Q Fam'ngdon Slreet,LoncJoaEC4A 4EA. 
Telephone: 01-236 0526 


PROGRESSIVE 

MEDIUM-SIZED STOCK BROKERS 

(institutional and private client business) 

require an Assistant to the Manager 

Extensive.experience in all departments essential. Excellent 
prospects for promotion. Reply in strictest confidence lo 
the Senior Partner, Box A^J63. Financial Times, 10. 
Cannon Street EC4P 4BY. 



.* 

i 

























































H H J 4»Y«ifr >%'jg j '■ t-1 



Assistant f© Hr® up 
Financial Controller 

i £8.500+c@r N.W. London 


So £8,§W 5-car UMMOfl 

We are briefed by a w ell-known way up and needs one more carefully 
quoted company - turnover around, chosen move before assuming top 
£15 million - which is developing level individual m^ponsibility. 
tales and profits both through inter¬ 
nal growth and by acquisition. They A qualified accountant is required, 
produce home improvement pi’oducts aged around 30. who is a competent 
of high quality and have a vigorous accounting technician, good at 
approach to marketing. ' organization and capable of perform¬ 

ing under exacting conditions. 

This appointment is particularly 

appropriate to the needs of a young. Experience in industry or corn- 

ambitious accountant who is on the merce is considered essential. 

Applications in confidence quoting ref: 6207 to Eric Smith. 
MerAWTi Hughes Group. 2-3 Cursitor Street. London EC4A LNE. 
Telephone: 01-404 5S01U24 hours). ' - 

Hervyn Mughes Group 

ManaxcRKT.i Rm:niiirm.*nt Consultants___ — 




■*j 



ccountorst 


cfiS^OOp.a. 


Q.jr is a large enci r eenr.g concern, situated m a rurai' 

urban area of theNorthem Home Counties, whose business 
aciiv (ties have an overseas tracing bias. 

Due to internal promotion, they are looking for a Chartered 
Aooount.ant. 2 0-^0 years of age. who is currently acting in a 
similar capacity and rape fling at senior level. 

They offer attractive conditions of employment, together \v:?h 
generous relocation allowances where appropriate 
Applications ,vil! be treated in strict confidence but should 
include full details of career to date. They should be forwarded 
to R. M. Marshall. Robert Marshall Advertising Limited 
30 Wellington Street London WC2E 7BD. Please state in a 
covering note the names of any companies to whom you do 
not v. ish your application forwarded. ,m 


Robert Marshall Advertising Limited t 





r- ** 

v..-■ •; r* v 7*v ■■ -ft:,. 



The Specialists in Executive and Management Selection 


Recently Qualified Accountant 

London to £6,500+car 

Take a long-ssfabiished company, previously family run, and a quality product. 
Add new management charged with modernising and planning for the future whilst 
maintaining success and profitability. One result is often an early requirement for a 
young accountant to join in developing all aspects of the accounting functloa 
before taking a specific line management role. This particular situation has arisen 
with a household name in the food industry and will certainly add significant 
experience to a track record — the individual appointed reporting directly to the 
Finance Director. 

Telephone 01-636 1707 (24 hr service) quoting Ref: 0532/FT. Reed Executive 
Selection Limited, 55-56 Si. Martin’s Lane, London WCZN 4EA. 

~'i TO-.-.* . 4 ’■: i-jlr..Iiilp m3 lemale (UTdiOileS 


n 0 on?. Birmingharo^Wtanchgster LfreCt: 




MANAGEMENT CONSULTANCY 
ACCOUNTANTS & BUSINESS GRADUATES 
£8,000 — £10,000 + car 

Touch* So\s -r C o Mtuiatgdmieni Convjltanis. '.-ish to add lnidnciiiily r.unie»di“ 

• ..■!■» -1jl:.■ n- - ;>.■ i.».-1: L->'if{oii l:><iM?n 

T: ■■v.r.'i • n:: . r'.\ • :-,«•-••! n*-d /.uh *hc- re?olitiiou ot oici,im-j3Tion and conticl 

11 • it: -. 1 * nr.-.n.-.nl. ^stvrnSond -3:->**rAtionalxi*a«.OurilienUinrhid* small • 

l-.r.n- •••v:lr!-n.iif!iJl'OrpDT3TionT..:nn:rnjticinal lai idina agencies-md 
■i-. Mot.! of Mv a oil is m ilvs ILK., iiui consul l.ints must b-:- 

;-«-i <z : ;• jnd-ii *t <r:V-r"i- .i.niar^'j.hrs rot ivhk h qen-roussupplements aro paid. 

■: r'•; r .. J Jt'3'fr; d ;jrol*b5iOr>dl uiijhlicd'iion Oi business lit-nr^c 

: -r.q;n ■iu.ihiy .in«i .esu^r. of 1'usineis exueiiftnoe sdlar;. pjoytvsjton; and 
' .or,..nv;i. j) -,ic«i:- Ajuis no: a criterion.. 

Tf.'J a -.Dion-i'W.- c-ire^r r«; .ur.i? incluciim; salary riiSlor.. alia 
-i< 11 ; • 



S. Tci-che Res? & Co . Management Consultants, 

•l London Wall Bidgs. London, EC2M 5UJ.Tel:01-58SG , j4.J. 


The Co-onerative Bank is expending atari of grow*, i ms has now reached a point 
unusually f m? rate from a well established base, where we must strengthen and develop ou. 

As a membeTofrhe London Clearing Banks International business and vve are looking •to 
we have developed a full range of services, recuKtop flight pro. wsionais, men or women. 
which have produced exciting resuira in toims 


■ ngic •- v - . - — 

International 

Mcinager 


'r cu will accfcDi complete responsibili^ tor 
activities in the Interna * 1 ona * field, reporting 
to the Assistant General Manager Cityerid 
International and liaising where necessary with 
other senior management in the formulation 
and development of policy and tbs expansion 
of 3 comprehensive international service. 


■.Vs see vou as a qualified banker fully 
conversant with all relevant procedures, 
experienced in international fending and with 
a sound financial background. It is uniikely 
That those under 30 will as yet have gained 
sufficient experience for Ibis post. 


Export Finance 
Mcinager 


Within.the expanding international 
Department, you '"••iil have responsibility for 
developing the Eanl-.'s Fixed Rate Sterling 
Scheme for Exports. Foreign Currency Buyer 
Credits, and other fom-.s of ECC D backed 
bus : ness. 


The salaries for these senior positions v.- 'l 
refiecuhe responsibility involved and all usual - 
banking benefits .ipoV- 

Please write v. i:h full details tc* 

R. J. Gorvin, Personnel Manager, 
Co-operative Bank Limiisd, PO Box to?. 

New Century House, Manchester M60 4EP. 


Vcl v.i'i rave had soiid cxperience in the 
n\ 3luation of propcsiuons and must be able to 
ensure thar lending is properly safe-guarded 
across the ECGD and con{rrm«ng-house 
business. 

CO-OPERATIVE 

BANK 


Financial and 




The company, turnover £ 19111 ., manufactures a wide variety of low cost 
products soid to both industrial and consumer markets: it is a subsidiary of a 
diversified £ 250111 , British group. 

The Financial and Planning Director will be responsible for 9° staff covering 
all aspects of financial and cash management as well as corporate planning, 
secretarial and legal matters. 

Candidates must be qualified accountants with considerable experience of 
financial management in manufacturing industry. Consultancy ana computer 
experience an advantage. 

Salary in the range £ 11,000 to £ 12.000 plus bonus and car. Good future 
opportunity for career development. Re-location assistance "to North-West 
England. 

Please send brief details -in confidence -16 D. R. V. Benndlref. B. 43536 . 

This appmuiKnu is upcn it teat and ~ vtnta. 

Us Management Consultants 

Management Selection Limited • 

17 Stratton Street London W1X 6DB 



for a US company, turnover in excess of $ 6 om., marketing highly technical 
capital equipment throughout the world. It sells to a wide variety of industries 
and therefore has astrong basis for growth and continuing profitability. 

The European Treasurer will assist the European Director of Finance in 
pl annin g and implementing the company’s financial programme covering 
cash, debt and foreign exchange management as well as tax and customer 
leasing. 

Candidates, ideally in their thirties, must be qualified accountants with 
several years’ directly relevant experience, preferably with US companies. 

Salary negotiable but probably around £ 12,000 plus car. Attractive promotion 
prospects. Home Counties location. 

Please send brief details - in confidence - to Dr. E. A, Davis xe£ B 43535 , 

TAfj appoinimeta is open to men and zomen. 


Management Consultants 

Management Selection Limited 
17 Stratton Street London W1X 6DB 





REQUIRED FOR FAST EXPANDING 
INTERNATIONAL IFO CONTAINER 
LEASING COMPANY 

This position will suit an executive of-qreat ability 
looking for new challenges Experience in con¬ 
tainer leasing and finance desirable. 

Based in London but involves, foreign travel. 
Remuneration will be commensurate with the 
demand of the job. 

Essential that fullest details are furnished in the 
first instance, and all replies will be treated in 
strictest confidence. 

Write Box A.6267. Financial Times, 

10. Cannon Street, EC4P 4BY. 


GRADUATE 

PLANNiKG 

ANALYST 

FOR MAJOR 
food group 
. £-;.mo 

Fin? Zltiii op*Hi»ig fer i£r»4ij)ct 
with BudUKi 5m4ies dtjrre at 
th* north London H.Q, of .an 
interna Li jiui I Food Grcup. Wart- 
ing -:lovcly with the Financial 
Planning Manager, retponuhi'it.ea 
will include the preparation, 
development, co-ordination and 
consolidation of the company > 
short, med um and lonj-term 
plant . and forecasts. Promotion 
prospects .re e»e«ffant and all 
the usual hie company benefits 
apply. • 

Far fuller details ring or 
vrlle to: 

ELIZABETH GRAHAM. 
CONSULTANT 
TEL: 01-429 7B7J 
CHALLONER EXECUTIVE 
407 Oxford Street W.l. 




Business Development 

senior esccuuve post accountable to UK-based Vice-President (Europe) for 
planning further expansion of sales into Europe-centred markets of office 
equipment which the company manufactures. The US parent corporation 
operates world-wide; turnover US S600m. 

The QBD must be a cammcrciaUy-crealive executive intent on improving 
company results, able to formulate five-year plans and motivate achievement of 
business objectives embodied in them; planning and product-fine management 
staff in support. 

Candidates aged_35 to 50 with relevant experience, preferably-in the management, 
of business equipment marketing, are invited lo send application with career, 
resume attached. 

Hire-figure salary negotiable, car; North of London. 

Plea-ic write - in confidence - to Dr. F.. A. Davies ref. B-40292- 

jp'-Jtnthuni i open turn and t-.t/Mcn. 


WiWmSzmma Management Consultants 

Management Selection Limited' 

17 Stratton Street London WTX 60B 


FinancialDirector 

London Outskirts . 

For a ^mall/medfypi sized subsidiary UK company, part 
of a major- group of contracting companies, operating i v . 
internationally. The company-provides specialist manu- J 

lecturing, ; technical and ] ijistalfajlon services, to an. 
flxiremefy wide ahd tiiverss range of industries, including 
food, chemicals and minerals, etc.. ’ _ . . . 

The Financial Director -will coipor^tily^direcr'apd co- ^ 
ordinate the management accounting and commercial y 
control procedures at several opdratmg-carrtresV he/she g 
will be profit accpuntabte.for comm&ciatdecfstons based 
on these controf procedures._and.vyfll- eomribute to the 
formulation _ of gefvetal- management policy.-^and be 


Candidates with forma I qualrfiMtlons pi ust be. person ally 
accustomed to irnpfementing'* fiiq'S just producing) 
management controlinfdrrnfirtion, in an iridustriat manu¬ 
facturing/servicingenvironmarit wrdf long lead-times. 
Salary by negotiation. ‘ * 

Please write-ip confidence to. C. vL^Duncaa, quoting 
reference'3668/Ft. " . ' 

Inbucon/AiC 

Executive Selection 
1977KnlgjrtsBridjBfc London SW7:1 UN, 



1 a- • -1 : - - 


Investment jgfe 

Assistant 

around £ 4,700 j,,. .. 

A younggniduace or professional .person, is required In. 
the Council's Finance D.rrisibn‘to assist die sBcroory of 
the investment committee of the Industry's £ZD0 - 

superannuation fund and to worfc*on financial policy m?tten. 
The work.is. principally concehifed with ^upesyisiit^.^id - ' • 
reporung-on-dre actmtres of the fumfs-IriyfeKmtent r ;''s.?- " 
managers, and will include financial and smisttal.-affidystyr - 
maintenance of records, preparing reports and policy .. . 
papers and meeting with professional advisers,of 
disciplines, particularly in the field of properqr-irW'eforienc. 

Applicants-should be aged;under-. 30.tejd afthosglilDdw^it 
experience 'wdl be hetpfut more jra porta nor is attached to . 
personality. Intellect aridxhe abUity^to syrfw^ood \ \ 

:English prose. -Sariing salary c '- ' 

age and experience and day releasefor professbr>aI studifts... 

may be cons idered in suita ble cases. • ' ^ - 

Please write, stating how ypy m«i the requirements of 
the post, by Monday,:htk'Mqrcfrtas i- -.-r- 

The Assistant Secretary (Establahmintj}, -• 

1 Queen Anne's G3te T Lbmlbri.SWJH r ?BT,'^uotij^->-'-' v - 
the reference ?A/2'The‘lf^NRcai(. TOrw T 


I nterriationai. T . 
Financial Consultant 

The main uck is ra'pniiHde'the owraeas xubclSuy «»np«niei«f slrif- - 
Brtriih owned Irmnudonal group with sound financial a£i4c*.' THi •'is 
tl*nificam cjjep: opporwwtj will jp|>d)'to efia iooKtiaw yadn*^Ufii"Bpc 
prvbrabty with comratrdal experience in an itHmifiMil <m|rMtiy or' 
x bostness grsdUsto wish i fiiundal spadaltam. Age 26 /111 - r S’’ . . ' 
wlary £8.MO 4-c^; base location li Cantral Lffldon Vridtcog H sWM 1 • 
orerten trivel. Generous relocation expense*. ; . <v 

Company Secrietapy 

Kent . •: 

This subsidiary <nimp^ has it^aved an jjawBant'ifiofit baa# ioiV . 
now Havlementiits Plans tp expand *h* op^adon.' Tbe CatafaayS^ioesrr 
will take fail responsibility far datalopipy itfec&ri 

end wTff wmn« total contnjf oT thfi Sriifi&jfittpsiqfLotdite..^ - 
growth company. Agt range 2i/i* wltfiACA/ACCA-tpiinficat^. 

Locjoon it mkMlwn. Salary riagoikbla xnound CfjtmO Ctr*tc eertJppweot 
beyond the initial 2/3 year period Vs Witty eoiic wittun' tWpartric pouf, 

.. . _r Fwrtfwr dptaScodephoPet — 

on Sttsingbooma (0795) 7SH31.' --.- . r 

-I F T - I Tm^onrt.Goasolbttfs, .J. ' * J 

&rtiTlO*d, 











































































































17 


:,3Sra^..|Mtt^; r ^ 1978 






r m>m£^eMm*m6 


COMMODITIES 


Alai^emul^atror^compenyw^ .’ 


and cxmhiQnk^feraeq^^nentts 
searching for aEnancla. Manner to 
form part of asaiaH. head office team, -. 
-Vforkmg Europe-vvitte and with plants in 
- * nombwof countries, theGroup - .. 
emptoysBboat14 1 OOOpecspte.W©ara 1 
foofcing for a man who has had broad 
fine experience, including costing, aricf 
who has also acquired a detailed 
^knowledge of the type of financial •. '* 
accounting and controls used by ta^ie 
companies. It is imlikeiy^atra man 


I wider 35 wM have had sufficient 
;• experience and it is probable that our 
mai ls already working as controller or 
assistant.controller in a medium sized 
. concern. The position will involve 
residence in Brussels and, being a 
demanding one, will be remunerated at 
inappropriately high level. 
Theidentityof candidate will not be 
• revealed to our client without prior 
. perrjii^ion. Applications,quoting 
‘ Refr AflQQSfFT, shoutd include details 
of ape, experience and salary and be 
' sent tor 




PA Management Consultants S.A., 

Avenue Lodse386,1050Brussel^ Be|gtum.T,£BniSH& 646 65 55 Telex: 24316 




A member cf PA tmemahcrai 


Assistant 

Investment Manager 

Basildon-e. £6,000 

Carreras Rothmans is part of the Rotiupaos Imcmaiional group nf ca mpania and ft* nnwnf its 
smffbenefitsoperatesavfeQ-establslKdPension Fuad. 

An opportunity, exnts for an experienced Assistant Investment Manager wi th in the Pensi on 
Fund to assist in the management of a. £55 million investment portfolio which is rapidly 
growing. 

The successful applicant wiH be required to assist and deputise for theltwestment Manager in all 
aspects of the running of the portfolio and would require to have experience in the equity 
market and cither the Gilt Edged or Convertible market. 

The position is likely to be attractive to someone aged 25 to 35 who wishes to sain wide: 
experience and responsibility. 

Conditions of employment are in line with the best industrial practice and include membership 
of the Pension Scheme. Together with fife assurance cover, medical insurance and BUPA, 
Assistancemih relocation expensessriQbe given where appropriate. 

Please wite, giving details of age, education and experience to: 

R.C Macaulay, 

Personnel Manager, J VL 

Carreras Rothmaris limited. Ja& *y/v tenot j rper. n vxr. cal \urxa yBS 

Christopher Martin Road, wSk 

Basfldoo, Esses. 1377 


SHEPPARDS AND CHASE 


MembersofThe5iocfc£xchange 

'mate Client Portfolio Management^ 

TPovate Client Department is eqjanding; to date we have 
irB.QOOportfolios uudersupervision, with a high volumeof f f 
: ds under discretionary management. :\ _ 

We axe developing further our range of services in thisarea;- 
l require twomore executives tojoinourteam, 

nior Portfolio Manager . '% 

require a manager with.ambltionaMpoteatial to reach th^ r- 
in this field. The successful applicant will have widc-raqginfr 
erieoce, based on asound knowledge of investment 
triples and practice, and will also be able and eager to adv^A ' 
..“■he many allied problems which beset the individual in tbe=^ - 
^ndal sphere. Originality ofthoughtisesseatiaL 


™-~—vestment Assistant - ' 

., are lookingfor a more junior, but equally ambitious and Q'r 

* f ri *’ -* fgetic assistant to workdoseiy with a partner and senior - -'if 

,'"’ia|i er -Candidates should bein the middle^O^, with • ;• + 

V' ‘ ' .ufvicient experience of private client business to enable them■ V. 

" :oep tan increasing measure of responsibility - - 

ilicationsfor either of thesepositions wifi naturally be treated- 
' Tonfidence and should be sent to:- ' 

' ■ , \V;- ■ 

MJ-RogersonEsq., Sheppards and Chase, - • £•: 

caementsHonse, Gresham Street, London EC2V7AIL ;£/-J 


FOR IMMEDIATE : f; 

APPOINTMENT .£ 

;■ • 1 ■ ■ ■ 

ngineering Company Home Counties 1 

. CHIEF EXECUiTYE ; 
.CHARTERED ACCOUNTANT 

• . 'T2HlEF iNS¥gCTOR .* £ 

: : . *" 

iplfcants should be fully ^dalified and 
oerienced in their particular'field. Know- . 
!ge of Aircraft Def. Stan. Requirements' 
uld be an advantage. Industrial experience 
entiaL - 1 ' ■ - : . ;■ 1 ; 

. *' • ••.«’„ v 

; applications will be treated in the strictest 
fidence. . ; * 

Please Avrite,grviiig full ffetaife,.to ; 

t Chairman, Box A.6266,.Financial Times, 
lO.Cajmon Street, EC4P4BY. 


iusinessman with world-wide Interests 
r .. now living in Monte Carlo 
J ’ ' requires a 


7 J RETIRED EXECUTIVE 

« Q QlJjadth. legal or accountancy background 
'to administer his affairs in Monaco 

'. osltion will suit an executive looking for 
•' Challenges: to whom salary is now of 
ary importance.. . .. - 

d interviews in London. . - . 


FINANCIAL 

CONTROLLER 

LEADING MULTI-NATIONAL 
INSURANCE COMPANY 
requires a 

QUALIFIED ACCOUNTANT 

to take charge of accounting for Group U.K. 
operations and eventually to take charge for 
Europe and Middle East. 

Successful candidate will have experience in 
insurance industry and will have already demon¬ 
strated management abilities. 

Salary commensurate with experience and 
proven results. 

Interviews to be held week commencing 
February 27. 

Applications to Box A.6269, Financial Times, 
10, Cannon Street, EC4P 4BY. 


HapoalimB.M. 


- Require a Head of Department dealing with 
Letters of Credit, Collections, and Remittances. 

- Sit uated at the City Branch, this position of * 
responsible involvement requires a comprehensive 
background and experience of inte rnati onal 
operation-:, plus the ability to supervise and 
communicate at all levels. 

. Salary negotiable accordingto qualifications 
and experience, plus fringe benefits. 


Applications in writing to: 

The U.K. Representative, 
Bank Hapoalim B.AL, 

8 12 Brook Street, 
London W1Y1AA. 


Sank 

Hapoalim B.M, 



DRAKE 

Jn j§ accounting 

TRAINEE ACCOUNTANT 
c-£5jOT0 

‘ * rare opportunity for Ciroer 
^Jei'elopratne within on# of the 
'wGijd'i Major oil companies, active 
: in the refining, distribution and 
toarlteting of oU. 

Your '{ersqoai development pro¬ 
gramme. ui.V include on the job 
training Vich aBistanee and encoer- 
agament \n completion of your 
snidm. Vour prospects will be 
excellent ftrundally and transfer 
iflt« Line \Mini£cmone will be 
guaranteed, V 

If tou arc Vn your 20*. Have 
attained Part \ ACCAMCMA and 
have ' commercial experience ring 
Brian Cog net. A?C.C A., on 01.O2B 
2691. lor an immediate interview, 
. DRAKE ACCOUNTING 
(Consultancy) 

• 80 Bishopsgate. EQ 


HONOURS GRADUATE 
City.— OfiOMAfiM 

The Manager: Policy in our Quotations 
Deportment is looking for an articulate 
ana Bteracn graduate to assise in 
preparing and presenting papers setting 
out cbe position of The Stock Exchange 
on a wide range of matxcrs of con¬ 
cern cp it, such as proposed changes 
in company law and accounting prac¬ 
tices, and issues debated in the media. 
Applicants should hold a good honours 
dograe and preferably have some work 
experience. While a financial or 
legal background may be an advantage, 
the abifhy to structure and presen C 
reasoned - argument is considered of 
greater importance. 

Salary ^negotiable within the scale 
quoad. Benefits include a non- 
contributory scheme and L.V.s. 

Plena apply in writing, enclosing a 
c.v.; id FoRdcy HiH*. Senior Personnel 
Otar. The Stock Exchange, London. 
BOH 1HP. 


REQUIRE A BLUE BUTTON 

Ready for Authorisation 
or a Young Dealer. 

Good salary. Pension scheme, 
L.V.'s and bonus. 
Excellent prospects. 

Contact Staff Partners on 
01-588 6050 


STOCKBROKING 

BOUGHT TRANSFER CLERK 

W. N. MIDDLETON A CO 'Require a 
senior clerk with wide experience 
to join a young team and run the 
Bought Transfer Department. Torms 
will, be highly competitive and will 
depend on the applicants experience 
and qualifications, but the successful 
candidate is unlikely to earn Ins 
than £4.000. plus the usual staff 
benefits. 

Please reply In writing to>— 

The Staff Partner, 

W. N. Middle con A Co.,. 

IS Copchall Avenue. 

London EC2 


AMBITIOUS BUT FRUSTRATED. 7 
Could you sec up and successfully 
run your own venure given the 
becking of a utccmnful organisation. 
We are a Scottish-based holding com. 
psny interested in further diversifica¬ 
tion throughout the U.K. and we 
believe in picking and backing people 
whether they are in ma no factoring, 
marketing or any other sector of the 
economy. If you are interested, why 
not write to us with particulars about 
yourself and your proposals. 

All replies will be treated la confidence 
and thoukf he sent to: 

The Financial Director, 

I oho C. Mc6re*or( Holdings) Ud.. 
Weld Rood, Inverness. 


v ■VS®""’' ke SEARCN,SALCS 
To S8.O0D -r bonus. 26-32 with good 
VnowledHe ot Euroncjn markets to ioin 
International Deo:, ol top firm and 
market own wori to U.K. institutions. 

r „ UAL EQUITY SALES 
c. E8.MD + Hen us. 25-32 with re- 
search background, sales aMiltv ano.or 
e«P. to 'Join '.ecc.alisr liutitutjonaJ 
Desk of large progressive hrm. 


_ U3- PORTFOLIO MANAGEMENT 
To £7.000 * benefits. 25-30 with 

issS-assr 3 “ 

CHEMICAL ANALYST 
To £7.000 + Bonus. 24*30- Graduate 
with at least two years investment exp¬ 
and pood appreciation of the Chemical 
Industry »Or wall known firm to Join 
Investment Dept, of malor institution. 


y Setf write fullest details i 


ite fullest details in confidence to 
Box A.6270, Fmancial Times, 

10, Cannon Street, EC4P 4BY. 


.NOTICES 


0833S«M9n- ■ ■ ■ 

I.V I court" of justice 
^ ddQi Companws Court. Tn 
- /<A A.R. TRANSPORT 
in the Matter Of THE 

ZS CT. IMS. __ 

HEREBY GIVER tbit, a 
a* wtiKUnsrOD of the* above- 
i liV by the HU* Cttart of 
,, ■ the 8tb day of Vefamuy 
'to the saxl coon by ti» 
, OF CUSTOMS AND 

Of! ‘ ijk’f Beam lfoase. »4J 
i *■ uodon. ECSR THE, and 
rgtUlon Is dlreciod to fan 
. t»e Com sSBSn* at Ub 
- Justin?, Strand. Lonaoa. 
•' ihe 13th day of March. 

. rediter or eaunbimuy of 
w desirous to support or 
: IBB of M .Onfer m the 

or apposr at tho time of 
IB or by Mh CotUKel fpr 
. td a copy of flte Petition 
- ' d by the nitderslinied to 
," eoBtributarr of 0 » sold 
-Qfi Bach caps on payment 
■ charge for the same. 
A>AK. 

earn House, . 
rk Lane. 

EC3R-.THE. 
to ihc Peuuoners. 
.•persott- who intend* W 
,il- jiinc of the said Pfitftioo- 
' ror send hr post kl tin 
' \ 4k* In' wrWntf rf his 
<■*. -< 3 . Tbc nmice nhiststate 
■ jf'tUrcarof the peraon, on' 
' : qok an 4 -rifima o£ flte 
Abe siM-tar tw petaoa 


or ftn. or bis or tiietr SoUcbor fft aw>. 
and most be served, or, .H. posted, mtw 
be sent by post Is s afflei ent one to rracn 
' the abwMBDHd nor later than 4 o'clock 
, 19 the aRecnogq of tim lOtb. day ol 
tMurcti,- UW8. - - -■ 


CLASSIFIED 

ADVERTISEMENT 


RATES 


• S tools 

. Per column 

One cm. 

l t 

CoaaietenS k Tnrtirtfnal 
property 4.50 24.00 

Residential Property. 2.00 fi.OD 

Appotmnxfjte ISO 24.00 

Bos)msa & inrostBKnt 
. QpponustTliK corporailaa . 

Loras. Production 
Cawdor. Business . . 

For Sale/W anted 5.2* M M 

Edncatloa. Motors 
Comraco* Tenders, 

Personal. Gardenias . '4.S 33.00 

Holds and Travel 2.73 10.00 

Book FabQshera — T.OO 

' ‘Proptan petition available 
(Mtalmom aba 48 edmon ar&) 
£L9 per dado colama cm. extra 
. I'dr . further deatils write i». - 
, Classified Advertisement 
■ Manager, 

. Fliiandal Times; : 
lOi Caimoo Street, EC4& 43SY. 


OPPORTUNITIES 

FOR 

NEWLY QUALIFIED 
ACCOUNTANTS 

ON 

MARCH 9 1978 


The Financial Times proposes to publish, within its regular Thursday 
Appointments columns, on March 9 1978, a section headed “ Newly 
Qualified Accountancy Appointments ” This section is timed to 
appear following the results of the Finals, when several thousand 
newly qualified accountants will be in search of career opportunities. 
For full details of advertising in this section contact: James Jarratt 
on#l 248 8000. Ext 539. 

FINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 


WANTED 


■cm 


Stephens Selection 

Recruitment Consultants 

35 Don? Street, LondonV?l5LSEA. 014930617 


HOARE GOVETT LTD. j 

require ’ j 

Valuation Clerk j 

AGED UNDER 30 

in their Private Clients Dept, with experience of 
Computer Input & C:G.T. Salary and Bonus 
negotiable. L.V.s. Non-contributory Pension Scheme, j 
Please ring Mrs. Wardley, 01-242 2848. ! 


COMMODITIES ADVERTISEMENTS 
APPEAR EVERY THURSDAY 

Far details contact Steve Kevitt 
01-248-8000 Ext. 591 


FX SUPERVISOR 
e £5.000, however negotiable on ex- 
periencc- Age 27 plus. Intenutienol 
Cty bank. 

ALSO 2 FX SETTLEMENTS 
CLERKS 

To £3.500 plus benefits- Age 19/25. 
Loan deposit and instructions work 
and Euro currency experience. 
Please send dentils go: 

VPN EMPLOYMENT (AGY), 
6, 'Liverpool Street, EC2. 
or ring: 01-283 6022 
FOR APPOINTMENT 


| ACCOUNTS CONTROLLER 

I For Merchant Bank. Merchant or 
Clearing Bank experience. Age 30+. 

] Salary £4.500 to £5.000. 

FOREIGN EXCHANGE DEALER 

[ For expanding E.C.4 Overseas Bank. 

I good opportunities to progress to 
Chief Dealer. Age - Salary £8,000 
to £9,000. 

! L.JX. BANKING APPOINTMENTS 

j _ Tela 01-213 9958 _ 

[| FINANCIAL DIRECTOR/ 
COMPANY SECRETARY 

required to strengthen management id 
London-based prtrau company ope rat- 
132 to Freight Forwarding and Export 
Packaging fields. Salary £8,000 p.o- 
H'me Box A.ESS, Financial Toots, 
10, Cannon Street. EC4P 4BV. 

DOC. CREDITS Cik., e. £AOOO. 5 vra.* 
exp. cfiecklns aMlfmentSiBtuance. neso- 
tletmg and opening UCs. Collection of 
comm. Under guarantee. Abe number 2 
- with only 2 yrs.' e*p~ c. £3.700. Please 
ring y.P.N. Employment lAsv.1, 01-203 
6022 for Jpooincmenl. 

CREDIT ANALYST, c. £6^00. 2 yrs. min. 
np. in American Bank on term lending. 
Able to draft and review loan agree- 
merits on Sterling plus Euro, .currencies, 
□eslsn financial covenants /assist Is com¬ 
plex credit analysis plus back-up internal 
lean reviews/audits. Some customer cun- 
tact and research Into analytical wets- 
nlques. Please lend resumes to V.P.N. 
Employment lAgyj. 8. Liverpool it, 
E.CJL or ring 01-283 602Z lor aooolntb 
ment. 


&£. DEALER. mid-Ms, Institutional and, 
arbitrage experience, seeks ehailanging 1 
career In same or on Instttutlorul deal¬ 
ing desk- Please write Box A.E271. 
Financial Times. 10. Canaoo Street. 
EC4P 4 BY. 


Bache 

Halsey 

Stuart 



COMPLETE WORLD¬ 
WIDE SERVICE IN 
COMMODITY 
FUTURES 

Bache Halsey Stuart 
(London) Ltd 

Plantation House 
Fenchurch Street 
London E.C.3 
01-623 4646 

5 The Wool Exchange 
Bradford BD1 1LD 
Yorks. 

0274-26472 

NEW 

Ring 01-623 8236 as from 
Monday, 13th February, and 
every day for closing London 
and American commodity 
market prices, plus comments. 


FUND MANAGER 

A Indins Accepting House wishes to recruit a Fund 
Manager for its expanding Pension Fund Department who 
has specialised in the management of U.S. stocks. 

The successful candidate will have had at least five years’ 
experience of managing such funds and^vill have the ability 
to get on well, with people. He/she should have a 
university degree or professional qualification and can 
anticipate as attractive salary with the ysual fringe benefits. 
Please reply with full curriculum vitae, quoting Ref. 915. 
Letters will be'forwarded in strict confidence directly to 
the client. 

Charles Barker-Coulthard 

30, Farringcfon Street,London, EC4A4EA. 
Telephone: 01-236 0526 




COMMODITIES 


Senior Soya hfeal Trader 

Out client an international Trading House, requires a Senior 
Soya Meal Trader of director level. The right Applicant will 
have a sound physical background of Soya Meal trading, 
and will also possess valid knowledge of the terminal and 
futures markets. Age 30 plus. Our client is wishing to attract 
the most suitable candidate for this position, and con¬ 
sequently they are prepared to offer a prestigious salary plus 
profit-share. 

Senior Ods Trader 

A highly repinable commodity trading group require a 
Senior 0il$/01lseeds Trader to lead a trading team. The 
successful Applicant will have had considerable experience 
of active trading in this field. Remuneration package will bs 
commensurate with the importance of this position. 


Above Is a selection from our Senior Appointments 
Register. If you are interested in these or any other position 
Eo the. Commodity Markets, please contacts 

Robert Kimbell or Ray Wall head. 


Charterhouse Appointments 
40 Bow Lane London EC4 
Telephone 01-2361221 


V. 



















18 

Lombard 


A children’s 


New marketing rules 


^animal 33 mes Thursday February 18 1308 


Vllllitt ^/U. ^ ___ l7NrrE _ Brands ,- ud -_ jiy? 0D these foundations, and The Commission is likely to basic premises of a market under EEC rules, a parallel fan- seemed to beatody 

meat on Tuesday the Irish one wonders whether it will find come up against this difficulty economy and would make it diffl- porter of a wSnS 

'W a Fisheries judgments due to-day it any easier to make use ol again and again. Indeed, in its cult for companies with large duct ‘is- entitled to repack tiiu; Cfent^rm ®J®>and Hoffn^ 

hllrilTM and the 3 hearing of toe tlie powers whic* it received report on the behaviour of toe production capacitie^d^work-pr^et wd selllt m anew w by he 

ILr U.C&(ty1 Hoffmann-La Rnche/Ceatrafarm from the Court on Tuesday- oil companies in toe Community forces to maintain a steady level tamer with a label bearing toe.British Government ) 

trademark case in between in the case of merger control during the oil crisis ofl97S-74 of capacity utilisation and.em- original; trade m«klaudruiMra- FfoaHy^otie should note t»t 
.. ’. have made it quite a week for the difficulty has been of a politi- the Commission admitted its ploymenL. This is often'possible factarer’s name wtth an-adm- qp ^nnat rules. protecting trsli 

BY joe onrai V " the European Court. cal nature: it is a matter which impotence by declaring that toe to achieve only if temporary tfonal awrics and trade James :A- 

BT JOE ROGALY The United judgment member Govemmbnts wish to -;-=-— - be«r ■ repaved bytoefa^wrtW. vailed case earlier, rrfet* • 

. . , ' . (No 27/78) provided the EEC keep under national control AMimre • A parallel mpprtw. M» one ^ the European Court (Case N. 

THE PRESSURE on Mr. Heatey trade union leaders, in ■ list commission with a foundation because of the need to strike BUSINESS AND THE COURTS • jho imports without^the ng/ 75 ) and- returned to t£ 
increase the rate of child steruog ^to Buckton;^going stone for a gys^ control a balance between the require- fceturere consent “e. product xjenrismFfederaJ Supreme Coxi 

benefit .has now become so through ? n ^ Jones over the marketing and pricin'* roent of keeping competition By A. H. HERMANN, Legal Correspondent .“parallel" to toe-maxiufarturer’a * green light" to ap*5 

f . Kji5 d Ef oSJnT^ Mr policies of «j™”es in a alive ai home and the need to ___.__ appointed agent. •. .. Gen nan tew.' In deciding 1% 

S |^ Healev pressing for the increases' dominant market position. At restructure certain industries to • «n ha : formally such .an importer dispute between the BritiS 

ij ® tax-free benefit pay- ._ H s»_ Geome Cimninphfrm the same time the Court sub- make them big enough for com- transfer prices applied by the losses in one market can’be buys it In another EEC coun- ‘company Terrapin and 138. 

af which** fTSTSs rf 6 direm MP. has pointed out that If the stantially increased the number petition on world markets. 0 ^°!^ l?*£ito« ih * r ***** ° t,t “ aed £* ^ USU3 iJj where It German company Tmranova, m 

personal interest to ereiy parent. Government still- resists, the of comperries which will fall into Iii the case of the marketing *** J^ C co "? t ' “■ Mother. . fa marketed at a fow.er; price German, court decided tiiat (4 

induct! ag iri«h-rate taxpayers House nnrrht seek to wreck that t ha S category by frrtxu during a rules formulated by the Court petition as toe effects of such Finally, the EEC Commission *nd, as a result, js able to offer ZR U4/7S) that toe- naifo 

It is presently worth £1 a week P 3 * of the Finance Bill that cuts much y^der definition of in the United Brands judgment P™res were purely internal to is likely to encounter some poll- the same product-, at a lower Terrapin was indeed cois&isiiigs 

Cor the first child and £1.90 for toe child tax aiiowmice in order dran i nailce than the one which however, the difficulty may be of toe enterprises. tical problems if it tries to apply price than the manufacturer’s similar to that of Terranova .said 

each succeeding child, plus an ™ &na ° ce h enefif to in ” it established five years ago a different nature. With regard The observance of the other retroactively—as the European agent in the country of import*, toe fact tiiat it was the na®fo 

extra SOp for toe first child in Fortunately oerha^tar Mr when redrafting Article 86 of to toe requirement that to- be rale established by the Court, Court did—the new wider defin- £ 0 ^ One ean .thus see-'that-tin of a company from another 

one^paj-ent families. Healey Mr. Cunningham him- toe EEC Treaty for toe first fair a price must bear a -‘reason- namely that products obtained ition of market dominance to .essence of toe problem is not country made no .difference .tot 

As announced last July, It &\s will" be'in toe' European time in its Continental Can able-relation” to cost, the Court at the same cost should be sup- important European companies, very different from toe main its position;before German Ia*r.| 

will be increased tola April to delegation from.mid-March. judgment. has itself indicated toe difficulty plied to importers in all mem- ^ ^ 1 . issueintbe UnitedBfonds case. The German court suggested; 

£230 per child, plus a £1 bonus. Prompted as In the UB case by allowing United Brands’ ber countries at the same price _ For tire fourth .time Centi^-that in view of -the 7 .'Tight'-.of 1 

for one-parent families. This in by the European activities of against that part of the Cora- —leaving profits due to a higher THE HOFTTHANN-La Hoche farm «* contesting in the EnTo- peaMiAro^ which compairies ( 

«seif is useful; for-a tv«MJbild PrPSSlirC a giant U.S. company, the Con- mission's Chitptita decision local price level in toe hands Cenrafann trade mark case pean Court the rhStt of^'-large -now ei^oy toroi^JiO tit toe C«pto- 1 

famiij- « means some £240 a tinental Can judgment provided which found the company guilty of the importers or local distri- (JJo. 102/77) started im- phacmaceotical companies—to mmnty 'trailer EJEJC Jaw, ’ 

***; p * y “* Why is the;pressure so Strong? the EEC Commission with the of charging excessive prices. The bntors—should be easier to mediately after the oper&r wadl-in EEC rational-markets by panlfe witii a simair name or \ 

There are several reasons. If basis for merger control over Commission could not establish monitor. It may even be wel- tive part of the United \means of patent^ ^ \m.6e marks tirand . name ml^jt-. nsefuBy i 

most rfittelmw wid S ?£ lld 18 Sr5*^3 companies in dominant market United Brands’ costs and there- corned by member Governments Brands judgment bad been read: and drug safetyrules. There was think of adebtionsto their names 

by a reduction in toe child tax annual Te-^iurtment positions. However, the Com- fore did not succeed in proving wishing to improve, in this way, The case, referred to Luxera- however Uttie evidence of toe\(and trade marks) wtiidi would 

allowance, but once that is of the net Income a vail^eto “tissioir has found it politically that toe prices it charged for toeir trade balance and tax re- bourg by a Gennan court, con- company’s representatives intoe makw dtear ; tfaeir national origin 

phased out and forgotten the tax-paying families with children impossible to construct a build- bananas were unfair. venue. But it runs against toe earns the question of whether, Tuesday hearing..Trie. dispute and remove toe confuskm. • »* 

child benefit will stand on its than by yearly increases in child — . . - . ’ . 1 ' " ^ L 

ovyn. it is also certain to rise benefit. The imbalance between J.. 

—the question is, iw how much, the favour shown by the tax and 71 ■ 1 T| "■ * 1 • a >■" *■ • J -A A _ 

, ncrease £ Why England were beaten Make it country style 

Xllticasc children persists. And far the 

A special committee set tip P° or « straightforward- child WELLINGTON Feb' 15 MY COMPANION yelled at me seeing things whirib without skis time, It * ■ national pm- 

by toe^v^TimenL the National allowance is an excellent benefit, waLLtNurunr, r . is. through the forest silence— would be totally-inaccessible in occupation. 

Executive of toe Labour Party. shorn of me ^ ns test : “you’re walking again, why Jjhe winter, and seeing than in a Dress for cross«pnntry sktott 


Why England were beaten Make it country 


A special committee set tip P° or 3 straightforward- child WELLINGTON Feb 15 MY COMPANION yelled at me seeing things which without skis time, it Is a national pm- 

by^tbe^vwTimenL the National allowance is an excellent benefit, waLiAN^iuiv, £ . 13. through the forest silence— would be totally-inaccessible in occupation. 

Executive of toe Labour Party shorn of means te3t - “you’re walking again, why pie winter, and seei ng th em in a Dress for crossepuntry skitog 

and the TUC debated earlier 0n tD P nt , al1 “2® social ALTHOUGH they had to suffer Before then they have a home a fine cricketer. Their new left- don't yon gUde ?" Fortunately quiet which only a anow-covered is rather^different fronr that ’of 

this year whether toe. rate ner arguments mwl *6 agonising frustration of series against Pakistan and New arm spinner. Boocfc, did not get *° r £ er the weH-timed mss of a forest ean provide. __fitting. . Most . down^QZ 

child should be increased to P owel ^ ul ° ne ; U 1 , having to wait for three-quarters Zealand. This wdU be an oppor- much bowling in this game nearby^ hot spring, venting ; -Ski-tounng m irapidly incrMS- dothrng is liar too heavy am| 

£330 tins November and pos- ^he^hiid mriS lS of an mhour wbile the early tunity to blood some young although he took bis first Test throughthe DU ?^ ^8 m popttiarlty feu: * jvmty euxnberaome . fl £ - craw-coimhy 

sibly £4.50 next April, when the ?« to? ^ruing drizzle cleared, il took players. wicket when he bowled Miller. ™ ® f SJSii S work, but on the ether harid 

SefSxSrS sss? SSSSSfS ssrTS ^s?nsss?M:ja 

SSgS 1start would t ^ J ™. ade towards “ n ,° ^ race Qn tiiat and New it is something to do with body is one of them. Its attractions are time vnu ^11 to 

TUG said yes to p.30 and re ducing the disincentive to JMd for toe first time uatesi Zealand deserve contra filiations 

maybe to £4.50. That might wor [j t hat is now so extra- nwteh, by 72 runs. England, fox a wonderful performance. 


seem to be the end of toe ordinary a part of our present 
matter, but not tor toe Govern- .system 

anenL Ttoe trouble is that toe as matters stand, the social 
proposal is not cost^free. security benefit is paid net of 

The increase to £2.30 tbat has child benefit, but since the latter 
already been promised will be is much smaller than the former. 
»nly partly financed by a reduc- there is little net g3in in work- 
tion in child tax allowance: the ing at a low rate of- pay if one 
extra cost witi be in excess of has a large number of children. 
£300m. There is some room for If the child benefit was equal 


CRICKET 

BY HENRY CALTHORME 


.They have had a good side for 
toe last four or five years and 
came close to beating England 
at Lord s and at Trent Bridge 
in 1073. 

For tins series £t is not so 
much tbat New Zealand have 


it is something to do with body in one of them. Its attractions are time you will probably need to 
shape. Nature designed me with very similar to those of foothill invest in some knickerbockers, 
a low centre of gravity (oh* walking- But the added dimen- but otherwise your normal winter 
all right, if you must be brutal, slons is that croes-anmtcy siding wardrobe should, provide the 
short legs). It is a shape reason-costs a fraction of. downhilfing. right sort of sweaters and other 


:ess of has a large number of children who had to score 137 to win. gJT 1 bSaSS^of* 1 ^tbe^PadS 
>m for If toe chiM benefit was ^qual were b^Ied out in 27.3 overs w «ker 


further improvements to be to the social security payment for aeiecmrs, are weaker, 

financed out of reduced child tax then the advantage of getting Alahouto Eneland had the England’s batting in WelMng- 
allowances—there will still be a a job would be Increased by at wnnirt . - 0 ^i an ri Wfrre ton was dreadful to watch and 

remaining, if reduced, allowance least the amount of child ^ hv wwn@ rather ^ action is not taken, I believe 

for children over 11 after April benefit, and some part of the SS-rSrfriSr defeS * wiH set worse. 

1879 but any .rurther .substantia; inf amous“ poverty trap" would Mte Wd’esp™t. MM *U IM wUl have done 



ably well suited tor alpine'skiing/ - 1 - • - ■ ■ outer-wear. . Touring shoes are 

At least you don’t have tor to much cheaper to buy than ski 

fall. But cross-country riding WINTER boots, but once again they can 

appears to rely on' a push-and- always be rented, 

glide technique which is helped QPOPTS The additional delight.of cross- 

by a high-leg length to total = 1 • cd&ntry skihig is that you do not 

weight ratio. Divide your inside BY ARTHUR SANDLES ' really need-a “resort'* as such, 
leg length in inches into your •' -> : - • - • Given that.you own or. can get 

weight in pounds—the nearer _ . .-. , ~ hold of- emdument: ski-tourinc 

the resultant figure is to tour the Equipment is probaWy a qumter f^rfiitlea are as free an wanting 
better crocs-conntry skier you are of the price and, uf course, toere facilities- ' • 

likely te be (4.3 to 4.7 is pretty Uft_ tickets to. buy. With —— ■ ■; ■■■■ 

good). In my case the figure is lift passesm prase r-etorts-ttune- CNAW BFJBtflttTC- 
flhovB five And that’s mv times costing more than £5 -a sHvlf KMTIICW .-?,r 


WINTER 
SPORTS , 

BY ARTHUR SANDLES 


increases will have to be financed be removed. ““J 1 ___ _ _ _ __ 

by transfers from other parts of If one thinks this through, ^ mod.^ev'h^ve”alw IZ” been ’ “ ' . - ' - siderably more attractive,a,pro- (iza.) State«£ ■? 

the Budget. In short, if Mr. then it appears that the logical . After toree months overseas, The pleasure of disco veryin position financially than the same - L tu pistes-: 

Healey accedes to the pressure, rate tor child benefit after April, ?' n ? wKi- ?ri« cridtet and it could not have cross-countryskimgis, hew'ever, spent on J prepared, slopes. Anderinatt ^ 52 108 r Good= t -i 

he may have less in overall direct 1979. may be higher than f4.50. Enrfairt have learned nothing ™Sh 8 i»2? .2: s A rie f; C 0 E e ** a better tone. so considerable as to make me Add t0 that the fset that m skk CdrUmt 88 as . Good » 

taxation to “give away." since the relevant social security tow did not know before which they,could easily do. it The En^and party have a persist. It does have toe advan- touring there are no 12 tqueu«,Davos 38 S 8 Fair 

Perhaps it is for this very benefits will almost certainly be ^ey left London. None of tne couW ttansform toeir cricket week to try and regroup before tage of being retatrwdy ^iple Uttle risk of injury, and no Qarmfa ch M 28 GOod_ . 

reason that toe pressure is being significantly above that by then. new Players conne through ar® a ^ so assured of a great the next Test which starts in compared with downhill akiin&^.mTwds, and you have an ipnaiL >. ’■* 

piled on so strongly. Labour's It does not destroy the case for “ Alec Bedser and his fellow financial success m this series. Christchurch next week. Con- Even complete beginner^ .and ing formula’ : ■ ■ ^, 

National Executive recently increased child benefit now to selectors must have hoped and Even without Turner, toeir ditions may be fairer to En^and those who are clearly^going^te nn wTdittt '*Tmr« • rf 


' England's batting. New Zealand cricket a power of 

After three months overseas, good. They have always been 


Headache for Geoff Boycott. 


above five, 
excuse. 


day, a week of rirf-fouring is con- 


I 

S - <.i 



t Indicates programme In 
black and white. 

6A0 a.m. Open University. 9--U 

For Schools, Colleges. 1225 pan. 15 omnibus Know You Cared. 1 L» News and jmi ukb Mnxn. iojo Font in u* 

On toe Move. 12.45 News. 1.00 n os To-niKhL Weather for Northern Ireland. ■ 

Pebble Mill L45 Trumpton. 2.00 } l ™ England-5^4520 pan. Look *** ^ *- ra - Li ™ 

You and Me. 2456 For Schools, 1 ^i 5 Wiatoer/Rejponal Neva. (Norwich); Look North 4XV 

Colleges. 3.00 Children's Ward- AB Regions as BBC 1 except at (Leeds, Manchester. Newcastle): Al> 

robe. 3A3 Regional News for the following tunes:— Midlands Today (Birmingham): . ATV ***«?!«*■_*» g?a»'» 

England (except London). 3.53 Wales—IJ5-2.00 pan. Bmnaby. Points West (Bristol): South £2 q atv tS£i *j« 

Playschool (as BBC 2 11.00 a.m. >. 4.40 Crystal TiPPS and Alistair. To-day (Southampton); Spotlight 7 jb ts* bSSm womTw Si 
420 Winsome Witch. 423 4-45-5.05. Cadi A’r Gath Wyllt South-West (Plymouth). Dan». ibjo police woman, mo Teaser 


John Craven’s Newsround. 5.05 Wales To>day. M5-7Jfr Heddiw. 

Blue Peter. 533 Paddington- 1145 News arid Weather for 

5.40 News. Wales. 

555 Nationwide (London and Scotland—1L30-U50 aon. For 

South-East only). Schools (living in Scotland). 555- 

620 Nationwide. 020 pan. Reporting Scotland. 11.46 

6.45 To-morrow's World. News and Weather for Scotland. 

720 Top of the Pops. 1148-12.13 a-m. Bonn Comhraidh 

740 The Good life. (Talking Point!. 

8.10 Wings. Northern Ireland -1120-1150 

956 News. aon. For Schools. 353-355 pan. 


sought a meeting with the Chan- point out that in spite of its a too* mrougn one players len ns stronger tnan a,ng- this -time, but toe confidence nave trounie ever mastering me ^ crosscountry skis Sri . 

cellor at which it placed only merits it has the defect of all m England does not throw up kinds at toe moment. which New Zealand have gained art. can getaround[somehow rind immediately, Jltoough nat With NSSti -7 """ iff 

two items on the agenda; re- piece-meal reform of social any obvious replacements. In The seam bowfing i- strong from tods victory must not be cover quite sizeabl e dfete nces. kTciTT,-' .. afld ..:' ^m prate: 'bq sa 

storation of expenditure cuts, and security — unpredictable spin- October, England come to Aus- with toe two Hadlres and Col- under-estimated. They may now Age^and agility a re cg rtaH uy jtot ho gimw a need -<miy - a 'toSef' SC Anfdtr ^ : S3 
increased child benefit. Some 22 offs. tralia to defend toe Ashes. linge and Congdon wtnods-stiH be much harder to beat particularly^significanttactor^,.. fiyfeg w being a^^fo go VriMTsere ^i 

- _ . • •• ’ Cross-country' skKnfe ja£ r »kK«n toefc^i: excarsta^f'^^fe Verbier. 

■■ ■ '' . ' ' ' ' ■ ■ touring (there are differences; iff-.'drill be much huffing'and piffnhg, vo$s' 

John Craven’s Newsround. 5.65 Wales To-day. 645-7J6 Heddiw. 1LI5 Kitchen Garden. Mystery Mode: Lamgan-s Rabbi, aos faett. opens up a remarkably new an occasionaltumtae intoe snow, W«nj^v>^^4B^^ r ^..G«w» 

Blue Peter. 533 Paddington. 1145 News arid Weather for 11.45 What the Papers Say. 1 ^ L ” Terro f != "Vengeance." .. n^pngimviy iwexpenriv^y.“and a tdeasant-ffmcfafEe at how ■ *• *' ■ . ^‘ *'■ i ' ■ ■ 

JJIgSt u , dp llj0ndon and W !SWi- 1V^1150 a.™ For “ 22“ rSS^SS ST* ^ SSJSSSie HTV Geae™, 1^4^SpSdE^& 

mo Nationwide (London and StoUmtl—lUHliO a.m. For nove reads poems about Service except- unus p.m. pmintM chamiv mntnieHna - eimnn- rnnirtii diMB drioH offer cross- Vnli iia -MAViUV 

South-East only). Schools (living in Scotland). 555- Jove. RewrodtoY* 1 *5?*^? „?!?rLnS: OUil IlOiaqDg 

IMI1 1 ■ . 620 Nationwide. 620 pan. Reporting Scotland. il.4« AU LBA Regions as London w 5 ab«b na . mmji y Dyda. stances, one m the weiHrodflen cmmtry^ ^^tiU-^aga^^naDon^ _ _ _ _ 

BBC 1 6.45 To-morrows World. News and Weather for Scotland, except at .the following times:— mw, 7 ‘^i S fwfrr AreaiL CiKfo t er ™? 

1 7J0 Top of the Pops. u.48-1253 a.m. Bonn Comhraidh ATvir'TTi mtv wSfS’ htv ceaenu service Austrian Tyrol and the other into:* mend a lot < rf^ tin ffl, ton^jc Bit raring. Tb-day’s earth at 

4 -iniiiMiwe Drammme la 740 The Good Life. (Talking Poiriti.. ANGLIA excew: ISS^pu^^ReSlf w e a ai" completely virmnjmow toI toe Nearly lias to ,a . TMBfotf ' SohtoweD h«B 

T indicates pregramme m 8.10 Wings. Northern Ireland — 1L30-1150 ^ vjw- Ji nBUa News - 2^0 Women uaes. sjmjs spon west Yellowstone National PaikrJ (fiMferent sort ■ pf -_ dhstiria ti on. been abandoned aa were those 

black and white. 94)0 News. non. For Schools. 353-355 pan. ^ erri'mea Wyoming. One involved the dis- Gbviousiy ScandinaviaIs togh pn seh rihjcdat Ascot and Bangor 

ft «» nra^ra Kra-.^rsohr q 4 i 925 Ali v. Spinks (recording by Northern Ireland News. 555620 FaSL sS AnzUi sSTmoiS , -« SCOHISH covery of much : welcomed alpine to* list of rggicmacvto^ attract ^yWerday- ToHnorxwvrt! meet- 

640 a.m. Open Lmverfflty. 941 satellite from Las Vegas). Srene Around Six. H.05 I Didn’t 7.oo Bnwn«. t^o The Bionic wonun. w^en innB and^ollowing Weltprepare^ih& .ska-tourer,. tb«? Ctiws- . toigs ^NewonriiejowI I^kcn- 


, __ r" ul /i a ? n covery of mucb-welcozoed alpine-me list o£ rejghm&vmii^ atOT 

^en ^” ew l^p^ a SrFWeS innfi and -foliowing^ weltpt^pared iha sltitoureT,. t^K? dfoss- tfogs ^ 


«Ud Faken- 


Jackanory. 440 Scooby Doo. 5.00 (Hungarian nature film). 555520 

F.T. CROSSWORD PUZZLE No. 3,595 


Know You Cared. 1LSS News and Jw R a SgL F yj£JS? «s urne how on ^ pSwoTS and marked- -toe other country skiing is not just a part- tem wexe tadled efeyesterday. 

Weather for Northern Ireland. S fL ££*2SE?» Crosbromto. uo Scotland Today. «oo ’ -- _"' ~ -■■-■■■ • • -- ' - --- 

England—555420 pan. Look 5J2T ^ Llvm Camocfe Way. 7J» Emmertto Farm. “ - . . “ ' >. . , -- ' 

roinis west (Bristol), bouth *j» ATV TwJ „. 7 . 0 a EnmMrdale Fann. OAimirniu “*■ .: . - 1 ; - --.r *-■ 

To-day (Southampton); Spotlight 70 a Tae Bionic woman, aja Rams SOUTHERN _ _ • • ■ . . \.. — 

South-West (Plymouthi. Damp, ibjo pouw woman, juoEasier us p.m. southern News, zoo women THE MOST interesting sale l&.kttifo,' Mid in 4.951 for £85 ,3s, fEugese. de Blaas and The 

n n/i ^ Gntf - P?7 s Daj - London yesterday - was at weiff^or yesterday. - -. . ^Pfflage^l’oUticfitns** by GeraM 


»« . 
o*a«- 

3 

I W& 

3 

r -.vvtv-- 

S -i ■. 


5 ' ' v / 


_ : BBC 2 



11.00 aon. Play School. 

520 pan. Open University, . ______ _ 

7.00 News on 2 Headlines. dai.; f^. 7-»" vr “ anj"^jr^ bjo Extra * U4® what to '___an l^9 Virtorte nroof ' set "of by Rubens Santoro and the~saiqo i 

7.05 Your Move. The Siretis of S«n Francisco. 1908 Lei ai ^ 3 eniiH. and Tnnwun £8200 for' Bn Stuil for “An Interesting Story" * 

Sto SnTSand His Dog ? TYNE TEES SALEROOM ^ Atthe fcPSrtlo-MtoMt - . s •* 

o m uog ' 13100 s*w«w »*«■ suramarr. *49 «■«. The Gooa word tovomd by 3rtktnUl/Ifl Sothebys wine sale a Middle A rare 17th-century combined 1 

Sj»a«n “"lLw/-torrtn a CHANNEL nm iS ££ STESanS 75 BY ANTONY THORNCROfr Battm buyer.gaye 

U.05 Late News on 2. ^ do. zoo Th^ Big Rimj" Tim “55%“ ■. price was £250 for a dozen bottles saIe devoted to antique! armi^hd 

1US Men of Wees, port 5: The St ”2 origin^ mehogw fittings of ot Chotesn Rrtnu 1* ■ stmcnn .-tehlnh todlad tfiMfil; 

Two Philosophies or From to 3rrtmjir«. ran tv Movie; T7T cttto John Seely, the Earls Court Road Elsewhere at Sothebys; . tn probably made for firing 


Gntf - CrwmwAL SJ9 Day by Day. London yesterday .was at weriTfor yesterday,-- A^Hlwe^ifoUticfons** by GeraM 

BORDER ' 2 fETtmIS STw Chririe^. South ., Ken sington, >3?bare were jhlg^^ ^ *6#$. A 

to v,m RnHv™«, -w* ,: wwhb Damp. io jo Eiatiw. to stayer which disposed of.^Victorian Shop- CaendlnhigswhecB^ifcointf totalled-^«PMese dealer gave £5500 for 
too to* Stiis ^ s n weU “ furnitu re The fllff228. Seahy g*m.£H>fiQ0 for “G^lason a'Venetian Lagoon" 


miTts “■ « 0,0 

Tie Sirteu of S«o I'rancisco. 19J8 Lei Kai>cr3 *"'■ 

There be Langlon or a-whole Lot of T r v'WC tceC 

Lonng. IU 0 Wish You Were Here . . .7 2 XlNfc ltLO 

Li50 Border Son Suramarr. 9-20 M-m. The Good word follmvd by 

rn . ivTiv-r-v N « rai East New« Headlines. L28 p-m. 

LHAlNlN r.L North East News and Lookanmnd. ion 

308 Tun. Channel LacchUme Sew* and 

What's On Where. 6.00 Channel N->s Northern Life. 700 Emmeniale Farm. 
600 Lins L'S. T.oo The Btg Film: - The 


SALEROOM 

BY ANTONY THORN CROFT 


! T»'° Philosophies or From to 'Secrtnnir*.' lioa tv Mane: T7TCTTD John Seely, the Earls Court Road Elsewhere at Sothebys;. tn irJSr® ■P rooaDI Y mane fo 

i \\ mgeostein. '■ The Nigh: stalk?.-.- uoa aj«- News ULolJbK chemists sold for £1,900 and will BpI previa. - Frwtieti furniture flaro i 

12.00 Music at Nicht by Gaubert ^ Weather m French. jmoml "SS S «Sd S a neTtoop fo & boffSm SS ^- 

T ONDON GRAMPIAN Lbue House on to Prairie. 6.00 raster Covent Garden which is to prices and totalled I£3£l4 with Mil RIF? (MIR 

cTv , «! j-m. fi« ntr„. ua p-m. Gram- Teteviston News. 6.w croswoads. specialise in ikon renova tion, less ■than I- per cririC bought In- /"Wn 1 .* vwn 

920 a.m. For Schools. 10.48 n-an Nr.T Headline. 600 Grampian Reports. 7jjq Emmenlale Farm. 7J0 while the mirrored and rilt rrarfo &--nrta Iflth renfttnr TIT ” ff.pow. anfeyid Ixz Moadrr’i 

Help! 11.00 For Schools (con- Tolw. 7J0 Mr*icr; Morie-Mcc loud. The Bionic woman- BOO Rlshw Damp. !i“ ie ^ iWfB centttry _oeoige ui taftata 

! SS°- a fnS^&S b ^S “ JS ■ S ‘”” C ‘ ,L 5S3 ffS’aJE'S 

i I.^ckS'-iWira^S GRAN4DA Hawf«ser. realirad £95. 

i FT index. 120 Help! 120 Crown loo p.m. Tha s Wjt Right. 43 Code VVESTWARD The Leicester Museum paid £2,400. wi mrr iwr fl »4 

! Court. 2.00 After Noon. 223 R - ^ Vuar Right <second li27 p.m. Gus Boncybtm's Birthdays. £28 for a collection Of items from . Sothebys in'Bond Street' dfc 1 riraraTrin- 

i S?ie_"* c T“f S3S,”« K ^. BrSUC artSS* sr4rsr«t?ss »•«2_'?*»5«l.Srti <-»*«« jfiSWrtpSUSl® ■■$!£$. Z*£3SZi 


MARIE CURIE- 

If. yew', an Joyed law Mfto^i-8&G=2'’ 
tomlmanc-- njppbcMtt 0!-73a^.Ol5ird 
-after 6.00 pun. and .hpar Dr- 
W. Raid tm whoafl, -book to'lariaH&ls-. 
bawdj 5tovW jw not bnv 
)™ in»r Imw tod a nnnem 89;wiid:; 
* donation or hv 

•"Priori to ideal jamanitirisa ouiofo-j 
wndaii, wpDara-'WMl reseanA-of 
M.arift J Cbrta Manorial 

124 SI cane Street, London. iSWl" 


ACROSS 

l Cordially showing weapons 
(4. 4, 4) 

10 Allowed to be clever in the 


6 Perch goes right round Ring- 
way (51 

7 Performer unassisted during 
card game is Turkish leader 
(7) 


ws Crossroads „ HTV YORKSHIRE 

raira I £i l *ou ‘'ore H 5 re .- • - u» p.m. R«n r -..-fcsi Eeaunces. US 1-20 P-m- Calendar News. 4J0 Look 
7-»U iwvrtery niovie: Lantcans Res'irt Wak> H^al'ines. no W«men tm. Ftoo, Joe. Ran. 505 Surrlval. 

Rabbi. Only. 3JO Lot. *00 l»-nn- 64B Calendar fEtnley Moor and Bdmont 

J.IW rtpnree and Mildred. =o:i—7?;- D-^ ;-.-.riar. <W5 Break- cantons,. ?.00 ESmmvrAala Farm. 700 

BJUI This V/Wt iSnw. 505 L'affy puck and to Dinosaur. Rising Damp ajBO The Streets of 

v'. „ » 509 Crossroads b .00 Report West 6 J 8 San FraMtoo. law Sydney Devine 

*“r“ IJ 1 eviS -. .. „ , Resor -.fa:es. 6 _JS Best In the West. Tune. UJO WWt yoa were here ... 7 

1020 Time for Business. 70S Ris w; Diz;. tos The Thursday 12.00 Man and woman. 


15 Heard Chinaman desire » ^00 (4 4, ^ 

tamdry.to tioJJe Wl 19 H e gnimbles at being 32th 

16 Fuss arising from the latest man (7» 

to i „ rritat, ? n *1' 21 Worship disrupted—so I lied 

18 Ancient city for example <7> 


backs press (4) 


RADIO t 247m Oreheetra. par r UO Sews. U5 6JM News. 6J0 Top ol to Form. 740 

aatiaesrtr M'd-tay Cmt'.ert. 100 News. 7.05 The Archers. 700 Cheefc 

" «>«rvy f'.retjrr.r. 4 - opera tn fbnr wtac 7JS The Cauntnrslde in winter. 

.^!5 : j..j <si. 2 JD laterea! 8 J 8 James Cameron with to BBC Sound 

B 5nn r TYi« read^s. 3JJ8 .jorsr EranKorlcs.” Areblres. .-.nalysis: Bar. Desal's 

R'r>a Are - J - ni ’ 305 hscordcr and Harissl- Indian Summer, part 2 . 8 J 8 Kaleidn- 
L ^|J Chord TVTi'.a: •<?.. 405 A second dwn« mope. 5 S) Weather. 10 J» The World 

clt^rw 5J0 Seirtbeat T.W Camv., ?o hear .. .? -a. as Borne ward Bound. Teniidtl. UJD Any Answers: 11.00 A 

W K :sjo Homeward Bonol 3ooir at BodOint UJB -fop Ftonaal 

mp S Ridtelml%« 'continue., tfejo LlfcUnes: Tb» Wider World Tnnicht. 11J0 Today In Parlta- 

oSSn. 7 ^ 8 !" "SI; sSSta fVH'p Dirty): «5 sum^ 12.00 

ML*?" 0 - ttBMi0S *- m - : -5.. 8JD Th.. ^^FsSSSSrhjm BBC and 2^00 P.m- 

nm Buna a Welsh S;-x?Ji',aT iirebnira. osrt, Tj . 

fiimn 7 liMhn and VHF SiS-.um «jj z^raha Now ts». 955 BBC KadlO London 
nAluv . Atosnio s w ,,;ert iS> M-B Selim -*IW»n and *UU VHF 

j SJOO mm. News Summary. SJ» Boy Pais^r r. s n-.-r XLS News. 1103- 30«n anu 94vtu 

Moore CS> with The Early Shor. tatwlinfi UJS jr.i Tar..«n:“. Schubert Sons :S> 5.00 a.m. As Radio Z. *30 Rush Hoar. 


20 Substitute child in .Ring o' clarinet part (5) 


M P.mr with bond lparler noprl iJB BoxJrs: re{Mrl oc ^ r - ^-Vs Radio 1 fVMF on i r )_tZo- 7 J» a.m. and ^.00 Carry On CoonciBjr 900 London 

Bear W 1 U 1 oaaa leaner overly,. aw# Ulc Alan .'.tucer suit ans SjSS-TJ0 a.m. Ooe™^ UaW«ty. MM. IL« Tn Town. 12J3 P*m. caa In. 


Bells with fisb (10) 

22 Mob tenor For wrecking in¬ 
strument iRi 

24 Refuse to rake doctor round 
ship (5) 

26 No Scots perfume is being 
created i7) 

27 London statue 1 bare found 
wearing <Ti 

28 Boss from Yorkshire impart¬ 
ing horse sense to pupils 
(6. 6) 

DOWN 

2 Emphatic type affects ICI last 
(71 

3 Time off during Christmas 
deenration period we hear fS> 

4 Stuffs protection for members 
at Lords (4) 

5 Promise in pay for factory 
worker's eminence (4, 2, 4) 


6J5 Pause for ThouzhC. 7J2 Eotik 


35 Smile when old airline went! ‘resort;. 7J4 Terry weean isi larladina RADIO 4 


over Minebead (4) 
SOLUTION TO PUZZLE 
No. 3584 


10QSQQ0 eEsassHnns 
Is a.~D m s n s 
I'lannBH EnEEannEi 
gsas-Qsa 0 
Esansnras eejessb 
a m 55 d b u q. " 
ansB tganansiE : 
is a cji ra a 55 ra 
:; :BraBS5KB • nss 

5 "B' R "• ES 0 s -C2 • _ 
QEBEBQ Ef73!SEai3!Zif3 

g s r m s e h a e 

SBQEEIQEiS' DEEBEE 
S S : ® E .'.EES 
SSESESEti • 0&23GEU2 


Zj]3 IVi Shwcare. 4Jn Home Run. ill 
iofilr. Stun. Li.ii-n. 700 In Town fa* 
li.OI a.m... 830 sou! 77. 1IL03 Laic 


sjr , jar , 5i*iriEr^ ^ sfi ts;»^ua-r*.?a. , sr 

Vurray"* Oo®□ iSi. hKhidJEK p im ^ 0 . L '“ b ^ 0 London Broadcasting I 

sa» Sjssw & « *~ffsz g E?7S 




I JntD Doan >Si including 5JB Sborti: DcsJ:. 
605 Snorts- Dwk. 1 JB Coucirv. Cli* "S'. 


—.-_ rr . lC , nepers rpwrt. 3.45 Yesterday In Parlia- furmaffcm. 2030 Brian Ray«&. LOO P-ra.J 

Sa» fS2L.?S K *isT JB V4» s-.wsjmStE.wb You Ha-re Boports. MO Afier S-wllb tan] 

^-02 FOlfcWCiVT 1 ^Si. »-S Spores 7 jvffi*’* <10 ru .• « n ar Crrwv* Due GllcliTlSL Q O&-L-00 a.BL \itth ilfn »- 

10 JJ 2 T'jra in Two. 1838 star Swed „ % am« From our 

TSTmSr SBJra: aVSS^SSS Capital Radio 


10JC Two by Twq. 1838 Star Smed o-m V5- ,«S 

Extra. U.HZ Brian KattheV/ wllb The Zj^. 0 .“f 1 . 
Late Sum. ILBMiQS n-m. New*. “J® 1?™“* c ~- 


Late Shew. aUMZBS £mT “ M«s, ?:c~. JU-DO Xcw*. tll.BS __ 

mow. Dawr. Year Way. tuos revivals ot IJMm and 955 VHF 

RADIO 3 -Win. Stereo & \ HT Eotok. UMj; Vi , lioa p.m. Vpa and a.m. Peter Vximp 1 * BreaMa^t Show 

_ “07 Tilt- Bnrfcis- War. OiSS lS ._ 9 .CO Michael Aspel >S.. 22.00 Dave 

' ™™ ,o m wave only t.eator sre.re.w.-r* new? VHF teaers: Cash wuh Cash on Delivers- fS>. UO 

t6J5 a-m. v.votor. T.OO :;c-*s. 7JJS Lntdnu ari g?. jussiorn! News UO n-m. Rsiter Scott wun his Three P'ClocS 

Orerfur-.- IS'. 338 Nws. 835 Unrrju TS- V.-,,.-:,; r, r ,. uo The Archers. Twill <S ». 7M Lord Gtnnte-Bfovn‘s 

Concert 'Si. 8.00 News. VJB Thu week's L» WcaiVs H-ur <Ttrorn including casual romnwntary isi. 700 London 
eomposer: Pai-Ortna <S'.. *JS Concert 2X0-2.02 n.35 Llstvs With ilmher. TreJay «S». 7JO Adrian Love's Open Uce 

dub, soH l '.Si. 1838 In Short itaic. 3-tXJ 3.05 .iiwrnowa Thcnir*.-. UO 151 . VJO Nlcfcy Hortie'e Your Mniher 

U2 Gonwrt CInb. part 1 ts>. UOO Or. "arm rYf-rtsely tacmdinp 4.08- -W^ildn’t Is »S«. 21.03 Tony Mratft 
North GMWan X 3 d)o SiOJShoay Ordsesirs. #.0S 3^5 story Tims. SM f” 1 »w <:'■ fnrJudimr U35 Muracni 

part 1 iS>. XUS oj". wVwto f;alfc'. V saorts. 5.43 ^. -- nrim itY Jt55 'A'cator, «• Terror. Z2» un. Duncan Johnson's 

i>JQ Nora Gcncu ZtiitO fiyursamr sresni=s:; =i> ^ -vHTi BeeioeaJ Sews. SijJts FUs’is >S-. 


PLANT AND 
MACHINERY 

NICKEL CADMIUM 
BATTERIES 

Capacities from 2 to 500 AH 
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jforil PfaySipuse f..) 


IFebcitay !l€-1978 


19 


MWetroiJolitcrn O^erc 


■•. -O’ •■: 





Worm 


■/' • £'-%%< i by r>K9N.A L D CRICHT ON 

iolnfe^QrItem*?** 1 Thl* R iin > Engl ’ 6l) , opera to-day -— wbat one faces more often—it isn't only 
'..-•■.nlssioaed for the 0i£ord’iS > aiwS^«£^^l °i- ne S !!? 8 ln f unde . rslandjn S of the big star singers who have 
4 -v. “rsity Opera Cftih * w»a te ? t 0I ? e ^ Dses ,n terrns of musi- features and use them. 

■:*K8 w “ a black side to Six . John's cal substance. The publisher’s 


Richard 
baritone 
cun 
gave 


- ■ ■*. 

i -- 


aWt HrtliTewVwhiirmraYto 5 “ prases exactly the dash of 

^ ^ of Lambton as anything worse than liners would apply the descrip- 5 l 2 e SiJR!? r * l Jjj SI? fr 5 X 


vamblon family who prefers 
•• ^.’g.in the Wear fo' 

■ i/ curses the river 

to - catch anything. 


r p , rere f s -a mildJy rebeJhons '-son fonder tion apart from the short and 5f 0 ^SK£ a . n ifnJIIi re tH in n h n 

r fo gotag to of sport and skirts than public unexpectedly sweet finale. The ? ol ° phrases, jM owed the pace 

- a? u ™ tend? t0 80 srey - SL^SSw^tiS 1 "KJE 

■- .lied by hooking a hideous whfeh intSt'tovl'mi-k>d thl^' This impression was 
-- ■ ■ which (in young Sir John's eomeL^S? Pounded by t^o factors. 

'■-'■■«> grows into a dragon SSSr D ™ * setting, vfrell design 


the grumbling father. Marilyn 
com- Minns the Lady Ysabei. John's 
Robin doting sister. Mary King sang 
dragon seeing, wen designed and Meg. the village girl who 

-:ays.waste the countryside. • 2 % e n^dff*]£Sf : 35 lSli. if* f G 1 execu I fid : was HleraUy grey willingly goes at the end to 

- . -'.Qhn returns and slays the mnV f»?h?r I r m “ st °f the evening—merely share John's exile. The Wise 

at the cost of exile and a ■J^ re -« y a matter of bnghtemng up ihc Woman’s unwelcome words were 

■ \ on his family to the effect ri^ashS liSp used , TQ indicate effectively projected by Kate 

for. bine generations “no as B "' br,a ® that hed hoped slight changes of scene m the Eckersley —a librettist nod com- 

- . -ton d]ed In hits bed." " 


’■■ RidJei*- is experienced in 
g for music. She^haa (as 
~ao slatterns of opera have 
*) a quite unusual gift for 
;' simple ' but sonorous 
- = ge-that demands to be 


Book Reviews ire. on 

Paige 28;,. 


Milage. Then the composer, as poser less respectful of legend 
conductor, allowed the pace to might have had old Lord Lamb- 
Macke.i too much. One began by ion so contrive it that the dragon 


like perpetual Evensong, but this ably bv Beatrix Unworth as 
nappy impression wasn't main- Alice. Philip Cave as her son 
tamed for long. From other Ned. and Paul Roberts as Peter 



by ANDREW PORTER 


The third new production of is played out in a huge, unen* 
the Metropolitan season is of closed space, instead of within 
Masscnels Thais—-a production Massenet's oppressively rich, 
directed by Tito Capobianco, incense-laden room, its tensions 
designed by Carl Toms, and are lost and the contrast with 
starring Beverly Sills who has the serene duet beneath the 
been borrowed, as was last year's palms (but there were no palms, 
EsctonjMHKie. from San Fran- only one of those rocks again) 
cisco, v * 015 has being going the of a desert oasis is destroyed, 
rounds in America. Five years Capobianco had the unhappy 
ago. in Orleans, Carol idea of staging the lovely Medi- 

Nebiett caused a Rutter when she tation as a ballet, danced in a 
stripped to the skin at end of hail of mirrors by Miss Sills and 
Act L l * aw her as a more dis.- two Doppel^an&er. The opera 
creet—and very attractive— gained nothing thereby, 

heroine in a successful Baltimore 


production, two years later. In 


Tbe first Thais, Sybil Sander- 
arid the 


107 ft Nofllc Racers .>ia .ma son. was Californian 

for tbe Washington Opera: that ™'yjSSS ^Aif'^^chwimen 
year' Miami. Fort Lauderdale, was Scottish. All Frenchwomen 


is urss, sw 5r!i?5fifi?5ya 

*&<£ —a &JXLS. 


pfano-accom pan ied. 


saint, that the role requires, but 
among the non-French heroines 


The Met show is not (except of ray experience only Carol 
at the box office) a success, N'eblett has come dose to doing 

a.. k. I; _— .n Tn C;i1. V ininiiKAn.linn fharo 


being grateful for a new opera pats the old hae. The email chiefly because director, so. In Sills's impersonation there 
in this.style that didn't sound parts were well done, notice- designer, and diva seem 10 have seemed to be a twinkling touch 


put no trust in Massenet's own 

stagecraft, m his ability to 


oF the light, ironical, even 
amusedly critical tone that pro- 


mS risual images and attrac- ^ 


- “r^“ uo W ue r OP * wiiici ;xeo, ana raui Kouens as ypier maiou viauai ana aiirav -r n . a „ , h _ 

“ -* Vfnd can be understood * uch as cont/oUjnq the steward. There was a nice!live music for our enjoymenL 221* 4sleeve, corara^nedly sen- 

opera that Gallet and 


- -^ ■- 1 , , " '•"“"““"h tin* .sicw^trn. inert was a nicc.uve uiua<i. mi uur enjojuienu : 

-< . vnstruraental accompani- S clanfimg the ensembles Mr. reeling of consistency about! Miss Sills begins two big nun- kwrt'On- 

O",®?:.™ “ ™^“ 5 r„; o,mso "'' as,, " e,E 'i“ , “>«' “f the perform-1 ben “Qei l. feit 5 i sevSre" 


tr\ 


ance. 

Need one say that the OUOC's 


and "Ete-moi que je suis belle' 


Massenet fashioned from it. 
Vocally, the role does not suit 


v »n by an equally unusual 8tt ^ red b i' conductor. 

—lying, flat on her back, reach- ^grT*Sanderson must have been 
f tist have tailored their hoera ev ,n s ox oarrenes running down the ^niprpnse xn inviting one of the lng up to fondle Athaxiael’s legs ab | e to g y up t o star-bright B- 

Pertly' for a CTuden? Sany Performance, obviously well pro- J?“ S1C Department's leading »n the first and addressing > ceil- flats 00 any vowel and at any 
JllitW fn and orchestra. Nothing goes oX pared - was very commendable. J'" h,s l .° K J tl ? a o® w opera for ing-mirrar above her bed in the dynamic; Sills’s tone became 

\’rH.JS. vS; tor toe tong, toere lre in production bv Michael the ” 1S both eD *! re 'y praise- second. It is no. effective way to brittle and fluttery. 

tv with young Sir John . Ee »»l 0 ualv worked sh«r* on <learin-Tosh was as clear rhp worthy and sensible? So. oF communicate with an audience .... 

' ® wk 6 Weir-while family f ern t,les with work for a small action allows (the dracon course - ' s lt, p composer's ability! of thousands. Both numbers felt Sherrill Milnes sings 

; mum mmM 

.. HSf IMIfisssss iss :-®s 

“.MS! -SSL's ' ?,h - Qu ‘ “ hh -’ - a ^ 


as foe 




TS 




on Blue Paper 


by B.vA. YOUNG 


Massenet's meihod was to find hint of complexity in his motives 
an apt and picturesque musical for seeking to convert the 
motif for each episode and skxl- courtesan is replaced by comic- 
fully spin it out to accompanv strip crudity. An effective snatch 
the flow of Pallet's prose of dialogue at the start or the 
mclique effectively declaimed, second scene, between Atbanaei 
For the Thebaul community he and Nlcias s butler, has been cut. 
found a tranquil white-note ? nd the subsequent "Voe 1 done 
mefodj’. 'The curtain should rise ' a v , A eXan ^ rie o 

on a long ru>t.c table, where old t d . ul,ed b >’ Jf" m 

Palemon presides over a peace- lhe aod lfic sparkling city to 

ful.. simple meal: Athanacl's ^ c °° d n U pf £ e5 ih e airv 
pl ? r 5 e “ T " ne M ® 1 elegance of “Ne Voffense pas,". 

^ 1 ° «w° D r e «-. the catchiest tune in the opera, 

moulded rock.s and cliffs, looking l 3 Charmeuse. a character that 
like leftovers irom u discarded Opera rightly dropped back 
Ring set, on which the Cenobites j n j9i6, bas been reinstated, and 
I stood about like Valkyries. The Louise Wohlaffca pipes out its 



Horowitz recital at Carnegie Hall 


r Marsden has just. been, he is . familiar with the- line He sneers at a young trade union she is allowed to speak a word 
' jfrom his Job as general Timor nwnts conlurbaL»te. official for being less appalled aloud. Her strange wav of 

' \*y 'of a union. And, as The fear of death tombles than he himself is at the easy writing lo her husband through 

just in time-' for he is 52? l ot oaly 1 S C ^ U ? l ^ J* vl "3 of his general secretary the post is no doubt due to his 

- of leukaemia. Michael L doeS i - ^ ot hnow.-wHC-will (and utters a very significant steady neglect of her though as 

: •? JSnSrarir^ps zsz? “ :k s , w-sr!Js«'i!rm l " t,im '!ssfss-saswuifssisrasas KS ss ffi, £ 

-K*Jfi h; SSSTtSL «T!S» TO 'SSL ?S 'Sff'SSUS S3 pr ^' T T a hi ,ba H n w ""-““T h3 ,1 ffl? 

— tatbe mould of his frfetid Maurice asa^vant. beth Spriggs is spotlii as her I reached by on* or the rocky ^! t, l c ^ t -'^ d ! America, because he is - ' ' ftjS ,5 ' en jppo, - n -- a 

; who-believes in culture ever available 
.'workers, and no doubt talk, or" 




„ ' -j - ■ * * "y . ■ 


Michael Gough and Kenneth Oranham 


Leonard Curl 


comes from rhe past~not Sonya’s 
letters ool.v. but Victor's recollec¬ 
tions and anecdotes, evert— 
draaged in hy the tail—Maurice's 
account of his mother's death. 
As Mr. Wesker has nothing new 
to say. nnlv more of hi« henevo 
lent Socialism, I found it hard 
tn maintain my excFeri o nt 
through Ihe 90 minutes of the 
single act. 

For one moment, when grief 
overcame her. Miss Sprisas 
moved m« ieeoly: Kenneth f.ran 
ham as Maurice is allowed his 
overt emotion ton. wffien. as 
Victor nears death, he rather 
oddly shouts "Thank God it's not 
me." Curiously, though. Timothy 
Block as the young union official 
seemed to me more real than 
either nf them. 

Mr. Wesker is himself respon¬ 
sible for the sprawling produc¬ 
tion. moving around Bernard 
Culshaw’s composite set that 
represents three rooms in the 
house, the garden behind and. 
at the close, a hospital bed. 
while Victor remains almost all 
the time in or on his bed. No 
doubt he feels that with such a 
static story a constant change 
of scene will help to focus the 
attention. I am sorry to say 
that in my case it did not. It 
apppeared to me that the play, 
which began as a short story, 
was still no more than a short 
story read aloud. 


courtesan. 


„ 11 as the sole agent for ihe U.K. 

5 i Dutonou:-ly bad traveller. His and Eire, and has: organised 

_concerts in the U.S. are always individual .*nd group travel 

insensitive; heavily oversubscribed and over- 3 rrangement.s priced from £129 
The scenery was not merely presentation Janies Levine's and»seas visitors have little chance P er person including a 
vulgar and hideous; it was un-John Dexter’s campaign to make'of obiaining tickets. At Mr. guaranteed seat for the concert, 
musical and undramatic. When their house one that musicians Horowitz's instigation, an inter- The programme has not yet 

the passionate dialogue of Act 11 take seriously suffered a selback.l national recital has been been announced. 


coarse. tawdry. 


um 



tSS^val of John Blatchley’s Jous and craven as-tbe Sacristan; 
dW' production of Tosco John. Tranter,, an Angelotti at 
Fhgliata- National Opera the end of his tether; Terry 
lisemn’last night was Jenkins, neurotically fawning on 
narfcable for the per- his'.chier as -Spoletta; and John 
of r Lorna Haywood in’ Kitchener, a Sciarronc im- 


New Gallery 


Wanda Wilkomirska 

Jl by .ARTHUR JACOBS- 

___ _ __ __ _ _ _ - Havel k usually represented in yet making sufficient demands in 

ile. Wlth'the'iooks'and passively obedient to'Searpia’sj Use-solo "violinist's repertory by the final perpeiuum mobile to 

.. mt. as: well as'the-'orders,' cpmplete ih& excellent] the Tziaane. a concoction of les . 1 an - v performer's powers of 

- this dramatically re- cast -' David Lloj-d Jones con- jred fireworks which is aglIe ex P ress,on - 
art. Miss Haywood is ducts with.a restrauit that keeps difficult to olay md With Michael Isador as her 

-' ■r a characterisation of the _ more blatantly emotional ■ H^sbly diffici t to piay and adra i rab , e pijlDislt Miss wilko- 

heroine that is as .portions of the score in check, | which never fads to leave me mirska plaV ed the whole sonata 

. t is effective. Where but that gives full rein to the|halflrritated, half-bored. How enchantinglv. making a particu- 

...-voiced soprano isapl lynca! music and to those pleasant. In Wanda Wilkomir- i ar delight of the central Blues. 

V.on the prima-donna magical moments of .delicacyI recital last night, to en-The movement does not. really 
Tosca. and a more such as tne opening of the third ^ rar jty of earn that title, but the slides 

jec chooses tile frail act, which niavs I counter msicaa me rujay ui _ , ..•- - 

approach, Miss Hay- evocatively. 


sjvp ... 

fi change conyincmgly 
ilyto.- the. .other, ai the 
^rites. 

lest io'thc scenes .with. 
ring -the second act, 

; aaf priceless gift of 
' spontaneity, which 


ELIZABETH FORBES I Piano—elegant. 

RSC plans for 1978 


-^ 15 perpaps me nunvu™ ■■■ — ...— 

ever good an. actress « packed 1978 programme from playsi : with Alan 
• ;rbe on -sUge, cannot Shakespeare Company, tinning in the name part. 

{Y'jotions when They are [ n «n thero will be 35 produc* early. June Coriotonu-s will be t-ome Ihe mark of Mis 
’ J nd Miss Haywood's, tionx in ‘ tine theatres during staged., and then a hew play by Wilkomirska" in a career of ovt 
'■singing charts .them the vear ’ * Steve - Gooch, The Lives- of 20 years which has estende 

’ ■ Cka Sir in thrillino ' n> - _ 1 _i- U',mhM IMnntst. Jmu> Artttnf’ll fmm Pnlsnii tn minu nlhor nm„ 


C chooses tlie frail act, which the orchestra for violin" and and syncopations in Its melody 

witiv refined he ' r ' tD ‘•* reale a distinctive 
witty, reanea, artislic effecl beyDnd mere 

pastiche or parody. When dis¬ 
cussion next arisps about the 
beneficial borrowing by 
"classical" music from jazz, I 
, • - . shall remember this one. 

. .. . a n<»w Peter Brook production will;, occupy six theatres—the . . ... , _ 

passionate defence Of --w Cleopatra, at Aldwyeh; The Warehouse, the *t is difficult to think of any 

l and- later " her siratford on AvooT^tarrine Youni Vic and three West End other violinist enterprising 

- issionate attack on Glenda Jackson and the Araeri- theatres. The Aldwych year enough to follow this witij 

■ e inevitable outcome classical actor Stacy Keach starts 1 - with the transfer from Prokofievs Violin Sonata no. J 

■ ousy and love. -This Unerh^s the main attraction in Strafford of the four Henry and a ranty of Szymanowski’s, 

r -ever cood an. actress . um nrhorumnip from playil with Alan Howard con- the A'orturn* end Tarantella.. 

In But such mdividiutilly has be-' 

Miss 

over 

. extended 

She is in thrilling , '"xhe : six Shakespeare-produc- WonteJl. Prinates^mie Bdnney from Poland lo many other coun- 

: a new 'warmth and Hous in' tiie -Stratford season, and Hary Readi . tries. Her encore, which she did 

.- ' tone add excitement vxiuth. tlus year- benns earlier Thee: second season at The not identify hy an announce- 

. . onnance. th an cver on Marche*, include Warehouse will be enlivened by ment (a rather discourteous 

ift makes a reliable ^ Midsuranter Nighi’a Dream: a new plays from Mary O'Malley, omission. I always think)- was 

.'•i: what he lacks in new . Michael SoRdanbv produc* Stepehen ; Lowe, and wiilie a movement from Prokofiev's 

■f tone is compensated tion of 'Die Taming.of the Shrew: Russell r ' A 1A77 Warehouse other sonata. 

; erity of-bis phrasing, . Tempest, produced by success; Macbeth, with Ian 

• 'tain stolidity of bear-,Clifford Williams; Measure for McLellan. and Judi Dench.-will Possessing a powerfully sprung 
' - *d to good account as AJeawtre;. Loee’s?Labour's Lost: transfer to .tbe Young Vic for attack and an amply varied tone. 

of his - devotion . to Antony and Cteopatra. a limited season in April, and wny has she remained something 
•\!il Hewlett, on the There will be five productions McKelUut will also head a small of a connoisseurs choice rather 

• .A is .rather too duTing the RSC's season .at its touring group of actors which P ub i c ld ° I? . Her lack is 

3th in vocal timbre smaller Stratford theatre. The will vipit parts of the UJv. where perhaps ip that expansive 
ish of behaviour,, to other Plaee. including The there b little regular theatre, quality which i-oraes over as 
ier tbe cruelty or the Merchant of Ven ice; a new play initially with a production of feeling —a lack which slightly 

.'dg under Scarpia’t by Peter Whelah called Captain TuWf& Nipfci. irapovenshed her delivery of 

Anered exterior.. His Swing: The OiurchiU PlaB by Elsewhere in London The Brahms s Sonata in G. which 
peeialiy in the-first Howard Brenron; Piaf by Pam Comedy -of Errors wlj! join-opened tbe programme. None tbe 
• ■ more bite, though fiems; and a David Rudkin inter- .Prirstes, -on Varadc in a com-less it was a recital which, when 
f e Pafarzo Famese. it pretotioD of^''The: Judgement of mereial ..theatre. ‘ It has also, safety-first programming Is so 
! Ve genuine authority. Hippolytus by Euripides.’ been filmed by ATV for net-common,' carried a distinction 

’lackburn, both credo- ’ In lAmdon in. 197S • the ESC work transmission soon. of its own. 


ENTERTAINMENT 
.. GUIDE 

C.C-jThese theatres a:ceot certain credit! drury lani. 01-CJ6 diua 
cards Or telephone or at the dm o«ce. „, ahl . a.Oo. Matinis Wca. ana 

t , A chorus line 


CRITERION. CC. 0J-950 3216. 
Evenings B. Sits. S 30. S.JO. Tnurs. 3.00. 
LESUt PHILLIPS 

*■ impeccable - . ^^a^maner." S. Times. 
“ HILARIOUSLY FUNNY." N. Ot World. 


OPERA & BALLET 


£»erv 
Sat. 5.00. 


"A rare, oeraxatinp twvous. «Konica-ng 
stunner " S. Tim«. 


COLISEUM. CrMit Mice- Ul-240 5356. i DUCHESS. 836 B243. Man. to Tnurv 

---- — " 1 t»BS- 8.00. Fn.. Sat. 6.15 and 9.Oil. 

OH I CALCUTTA 1 
“ The Nudity is stunning.-' Daily Tel. 
am >ensatiuna- year. 


MCkcrvalibiit, 01-~36 3161. 
ENbklSH NATIONAL OP*, ft A 
Tomghl ai 600 A v*ca ,.f«t at 7.3D 
Duke Bluebeard's Castie G'anni Mniccm 
new Prpfln. r - Vifcanarv . . Ogn. 
•• Plenty ut wit.'- 1ms Tomorrow ? uU 
Carmen, sn a> Tun. neat I .SO Town. 
1U4 Balcony seals always available day 
01' performance 


COVENT GARDEN. CC. 240 1 056. 

• Gardelitharge- croon card: B3o 69031 
THE ROYAL OPERA 
Tonight 7.10 p.m. Ariadne atit MkiOS 
Wed, 7.30 p.m. Madam.) Butterfly. 
THE ROYAL BALLET 
Twnor.. Sal. 4 Tues. 7.30 p.m. Maver- 
I ng. Mon. 7 .30 p.m. La Bayadere. A 
Month m me Country. Elite Svncooa- 
t'Ons. OS Amphi* sells for all perts. on 
sale from 10 i.m, on di, ct pen 


SADLER'S WELLS THEATRE. Rosebery 
Ave- E.C.1. S37 1 672. Last 5 davs 

O'OYLY CARTE OPERA CO. 

In Gilbert & Sullivan. Ton ght & Tomor. 
41 7.30 & Sal. ar 2.30 THE MIKADO. 
Sai 7.30—3—• Mqn neel to Mar 4 

ballet theatre contemporain. 


DUKE OF YORK'S. 01-B36 5122. 

E-ermgv B.OO. Mat. Wed. 3.00 
QUENTIN CRISP 
Tickets £2.50 Inc. glass ct wine. 
-This I s without doubt me mow eatra- 
ordinary entertainment In London. * 
Evenings News. 

Due to enormous success will tramrter to 
Ambassadors t neat re 27th Feta. 


NATIONAL THEATRE. L28 2252- 

OLIVIER <op«n stage-: Ton't 7.30 THE 
CHERRY ORCHARD by Chekhov trans. 
by Michael Frayn. Tompr- 7.30 ThB 
Country Wile. 

LYTTELTON iproscenium siagel Ton't a> 
Tomor. 7.45 THE LADY FROM MAXIM'S 
bv Feydeau trans. bv John Mortimer. 
Tomor. 10.30 a.m and 2 o.m. sir 
Gawaln and the Green Knight. 
COTTESLOE (small auditorium) Ton't 8 
LOVE LETTERS ON BLUE PAPER b* 
Arnold Wesker. Tomor 5 Vamp Till 
Ready (Workshop Production, all seals 
SOo). 

Many errellent cheap scats ail 5 theatre!- 
da« of per! Car park. Restaurant 926 
2055. Credit card bkgs 02B 3052 


OLD VIC. ^ S2B 7616. 

PROSPECT AT THE OLD VIC 
5-pring. season Jan. 16-March 25 
to rep.. HAMLET tonight 7.30. SAINT 
JOAN tomoriow 7.30. Sat. 2.30 A 7.30; 
ANTONY * CLEOPATRA opens Feb. 2f: 
ALL FOR LOVE returns March 6. 
Sunday. February 26 

THE LUNATIC THE. LOVER 6 THE POFI 
with Derek Jacobi as Lord Brron. 
Isle Blair. Timothy w*w_ 


DUKE OF YORK'S. 01-e36 5122. 

Limited season irom 2 Ma«h iprevs. 

2E Feb.. I March-. Jotin Gielgud in 

Julian Mitchell'S HALF-LIFE. A National__ _ 

Theatre Production. - A dazzle of h l gn • OPEN SPACE. 3B7 G9B9. Tues.-Sun B.O. 

comedr." U. C. Trowin', instant Credit; A DAY FOREVER bv Michael Sharp._ 

card reservations Dinner and top price 

__ »:at 67 OJ. _ 

FORTUNE. 656 22 3B. f*». 8. Thurs 5. 

Sal. 5.00 and B.OO. 

Muriel Pa.iow as MtaS MARPLE in 
MURDER AT THE VICARAGE 

Tlura Great Year._ 


THEATRES 

ADEL PHI THEATRE. CC. 01-856 7611. 
Erg,. 7.341. Matt. Thurs. 3.0. San. 4.0. 
" LONDON 5 BESI NIGH f OUT." 

IRENE 

THE MUSIkJU. MUSICAL. 
SPECTACLE. CAPTIVATING TUNES. 
AND RACY COMEDY." S. People. 

IRENE 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-856 7611. 


GARRICK THEATRE. 01-836 AMI. 

T'nt. ai 7-0 5u». Ertj. SO. Wed. 

Mat. 3.0 Sat 5.T5. H.^q. 

JlLc MAR. IN. JUL'A SUIT N. 
ERIC FLYNN and ROBIN DAY 
in tnc 

" BRILLIANT MUSICAL 
ENIeRiAlNMENI.' rCSBlJ. . 

SIDE BY SIDE BY SONDHEIM 
•• GO TWICE." S. Mortey. punch. 

- GO THREE TIMES." C. Barnes. NYT. 


GLOBE. CC. 01-4ST 1S92 Evenings. B.1E. 
Sat. 6.0 ana e 40. . 
AMANDA BARRIE. JOHN QUENTIN 
in the SECOND YEAR Ot 
ALBERT. 836 3B7B. Credit card b*Bs. ! DONKEY'S YEARS 

B36 1071 {except 5at-> Mbn.-Frl. 7 45_; By MICHAEL FRAYN 

Thun. mats. 4.30. San- 4.30 and 8 ! The Best Comedy Of the Year. 

-A THOUSANDJTIMES _WELCOME IS I Last Week. Ends Saturd*#:_ 


PALACE. 01-437 6BS4. 

Mon-Thurs. 8 00. Frl.. Sat. 6.00 & B.40. 
JESUS CHRIST SUPERSTAR_ 


PHOENIX 01-536 6611. 

Bes. price preview tomor, at 8 0 ooens 
March T at 7-0. Sots, eves S O Wco. 
MaL 3.0. SaU. 541 and 8.0. 

FRANK FINLAY in 
The Leslie Bncucse Musical 
KINGS AND CLOWNS 
Directed by Mell Shapiro. 


VAUDEVILLE. .*36 998B. fvgs at 8. 
Mats. Tues. 2.45. Sals. 5 i.nd o. 

Dmih sneridan. Dulcie Grav. 
Eleanor SummerJames L-rout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT HIT 
try AGATHA CHRISTIE 
Re-enter Agatna wan anorher tvl-o- 
dun.t . . Agaiha Chr.atie is stalling 
the West End vet again --itit another of 
her fiendishly ingenious murder 
mvstoftri. - Fell*. Barker. Ev. K:«l 


VICTORIA PALACE. 834 1317. 

Until Fes 18rh e.s. 7.0. Sat. 230 
ina 7 00. 

TONY BLACKBURN In 
CINDERELLA 


WAREHOUSE. Oonmar Theatre. S36 65DS. 
Royal Shi [ .espc«re Company. Ton't S.00 
Barne y.cehes FROZEN ASSETS -tense 
and eloquent." S. T>mc;. All seats £1.50. 
Apt Bkgs. Aldwvcit. 


WEMBLEY EMPIRE POOL. LiSI 2 wCCfcE. 
LAVISH ICE PANTOMIME 
HUMPTY DUMPFY 

Nighllv 7.45. tars 2. 5 ana 8 Special 
HALF-TERM MATINEES Mon. to Thur. 
at 3. Childn & Senior cits, hah price. 
e<ceur Salt at 2 a 5. Pay at acers. 
Spacious car park- Er.oulries 902 1254. 


WESTMINSTER THEATRE. CC 01-834. 
0233. Evas a.00. Mat. Thurs. 3.0. 
Sat. 5 and B. 

Tickets Ft.SO lo £4.00. 

PAUL JONES in 
_ DRAKE'S DREAM 

England's Greaiest musicii cd.nnture- 
“ E-coting ' Fin Times. “Many Merry 
Refrains. ' £v. Mows " Bnur.c-na Vigour." 
E. Standard. 


PICCADILLY. 437 4506. Credit card bVgs. 
B36 1071. Evgt. B. Set. 4.45 and B.13. 
Wed. MaL 3.0. 

BEST COMEDY OF THE YEAR 
Evening Sta. Award and SWET -Award 
Rgval Shakespeare Company in 
PRIVATES ON PARAOE 
by Peter-N<c hois 
“■HUGELY ENTERTAINING 
EXTRAVAGANZA.': S. Tnnei. 


LIONEL BART'S 

MIRACULOUS ^^>CAL.-- Fin. 

"ROY HUDD's ipiendit] performance.“ 
S. Tei " Talented JOAN TURNER.' Dlv. 
Mail '- Capital Fun ... the snow Is a 
dr'lght." D. Tel. - -OLIVER RETURNS 
TRIUMPHANTLY . . . CONSIDER YOUR¬ 
SELF LUCKY TO BE ABLE TO SEE «T 
AGAIN.” Dally Mirror. 

NOW BOOKING THROUGH T97B. 


ALDWYCH. B36 6404. Inf. B56 5332- 
ROYAL SHAKESPEARE COMPANY 
in reeertolre 
Ton'obr y »n 

THE COMEDY OF ERRORS. " Hilarious 
ani or ll'.inilr exerure " Financial 
Times WHh- last-. ■» nerH A M'O- 
SUM ME K NIGHT'S DREAM I Frl.. Sat. 
min RSC also U IHE WAREHOUSE 
•see tm<*er Wr and at Piccarlllv Theatre 
In Peter Nichols' PRIVATES ON 
PARADE 


Times. I GLOBE- 01-437 TS92. Ooeni Feb 12 al 
i 7.0 Subs. e»gs. B.O. Mats Wd.. -at 3.0. 
BARRY FOSTER CL I YE FRANCIS 
DONALD GEE JEREMY IRONS ane 
SIMON WARD -n 
THE HEAR COLUMN 
A New Play bv SIMON GRAY 
D rected bv HAROLD PINTER 
1 GREENWICH THEATRE- ' 21-B6B 7755 
Evgs. 7.30 Mat. Sals. 2.30. AN IDEAL 
HUSBAND b¥ Oscar Wlloe - We •oolJUd 
an entertaining evening - D. Tel. 


Monday to Frldav at °B 
Sat. 5.30 and 8 45 MiL Thun. 3 00. 
THE 5TAGE IS AGLOW.*' 

Dally Telegraph. 

RICHARD BECKINSALE 
In 

I LOVE MY WIPC 

NAUGHTY BUT NICE. WITH A LOT 
OF ' LAUGHS.” News of Ihe Wsriu. 
INS I ANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-930 0846 


WHITEHALL- 01-930 6692-7765. 

Evgs. S.LO. Sj*. 6.45 ana 9.0. 

Paul Ramiond oreients the Sensational 
Se* Re»u- cil tt« Century 

DEEP THROAT 

Ntw Live on Stage L'm-iod Season. 
12-wcek season prior to World Tour. 


WINDMtL THEATRE. CC. 437 6312. 
Twice NiahMv B.OO nr.d :0 00 
OPEN SUNDAYS 6.00 -rid 3.L0. 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
_ MODERN ERA 

"Tikes to unpiredden;-d limits wnjt is 
permissipi'e on our stages.” Evg. News. 
Ygu mm drinV and smoke Ip the 
Audi*.or>um. 


AMBASSADORS. - • D1-B36 1171. 

£vgs. B.OO Mats. Tues. 3.00 Satt. 5.00 
SIOBHAN McKENNA 
as Sarah Bernhardt In MEMOIR 
with NIALL. BUGGY 
“ Perfect. A song of triumph ■ E. News. 
Student tickets Cl. 

LIMITED SEASON. ENDS FEB. 26. 


APOLLO. 01-437 2663. Evgs. B.OO. 
Matt. Thurs- 3-00. s»t 5.00 and 8.00. 
DONALD SINDEN 
l-'Acror or thr Year '■ E. Standard.} 

IS SUPERR." N. of World. 

SHUT YOUR IYI» AND 

THINK OF ENGLAND 
“ WICKEOLY FUNNY.” Times. 


ARTS THEATRE. ,01-036 Z132. 

TOM STOPPARD'S 
DIRTY LINEN 

'* Hilarious . . see tt." Sunday Time*. 
Monday to Thursday 8.30. Friday and 
Saturday at 74>o and 9.15. 


ASTDBIA THEATRE. Charlno Cross Road. 
01-734 4291 Nearest Tube Tottenham 
Ct. Rd. Mon.-Thur*. >-.00 BlBU Frl. and 
Sat. 6.00 and 8-45. 

ELVIS 

BEST MUSICAL Of THE. YEAR 
EVENING STANDARD AWARD 
Tlcliels C1.50-E5.50 Instant credit card 

resvtn. Eat *n our lully-Heoosetr-fieslaurant 

or BvVet Bar IgryThfima 4nd before and 
after show—Mo table la. advance Com- 
Wtvad Dinner and ••'"■orlcp Ucket CB-50 
ELVIS 

■' Infectious, aopealrng loof-jumcns »ml 
heart-lhumptng Obtervar. 

ELVIS 

" 1 was absolutely caught up in It. carried 
along bv If. relnyigonted b* the shae» 
y«ya *wl sp««*':'f « iL,” Sun, Tel 
ELVIS 

“ Staggeringly rhecUye." Time*. 
ELVIS 

" Performed with a rerre rare m BrfMUi 
musicals. The show ilteralhr had Hie 
audience dwemg in m alile*. TMa 
■ Elyls ’ is marwlVsiifc 5. Express. 
ELVIS 

BEST 'MUSICAL OF THE YEAR 
. EVENING STANDARD AWARD 
i| hr- before show amr wairagie toe-price 
tickets U 50. 

Mon^Thuri- and fnw 6.00 pert. tmhr. 


CAMBRIDGE- CC 01-BS8 6056. Man. to 

Thurs. SA5. B.30 

- PULSATING MUSICALS Evg. News. 
THIRD GREAT YEAR 
Seat w«e* L2-00 ES.M. 

Dinner- and top-pnee seat CB.35 mt. 


COMEDY._ _ . , J»V*M 2 57 B 

Rad. Price. Pm. Mon. 2.0 Feb. «t 0.D. 

Opens Tu«5- Feb. 
at 7.0. iuM- e*9&- 8.0 Mat* Thors. 3.0. 

-MOIRaHS'ster. JOFTy’ BRITTON 
A NEW COMEDY THRILLER. 


HAYMARKET. 01.530 9832. 1^8 8-0- 

Mat Wed*. 2 30 Safi 4 30 & 8 0. 
INGRID BERGMAN 
WENHY HILLER 

DEREK DORIS FRANCES 

GODFREY HARE T UKA 

WATERS OF THE MOON 
"Ingrid Bergman makes the sage 1 

radlaie—unassailable char-sma O. Mi 

■Wendy Hiller 1* superb. S. 4irror. 


QUEEN'S THEATRE. 01-734 11M 

E«g*. B.O. 5at 5.0. a. 30. Mat. Wert. 3.0 
ALEC GUINNE55 
BEST ACTOR OF THE •» EAR 
Variety Club 01 GO Award -n 

:he old country 

A New PlJV by ALAN BENNETT 
Directed bv CLIFFORD WILLIAMS 
BEST PLAV OF THE YEAR 
Plays and Plavers London critics ewara 


CC. 01-930 6606. 

eVd». 8 00 an " 9 DD 

itE ■swflai s t A L ^k i N N -§ SAY 

CAUSE CELEBPE. .. 

-- RATTIGAN REVEALS HIS MASTERY." 
S Tel. •• GLYNIS JOHNS. Dl**- 
bril liantly '• 0 Tel. LAST Y 
HER MAJESTY'5 CC. 01-930 6606. 
Opening Mjroi 78 
BRUCE FORSYTH 

In Leslie Brltusse and Anthony Newlev * 

‘■"travelling MUSIC mow 
with DEREK GRIFFITHS 
Directed bv BURT SHEVTlQVE 

Previews from Marui 16-_ 


RAYMOND REVUEBAR. CC- 01-734 '593. 
At 7 p m. 9 p.m. 11 o.m. "ooen Suns.' 
PAUL RAYMOND present* 

THE FESTIVAL OP 
, EROTICA 

Fully Air Conditioned. You .ar 
drink and smoke in the auditor-iim. 


ROUNDHOUSE. 267 2S64 

WORDSWORTH HERITAGE WEEK 
6p.m. Ronald Blvtbe- iAkenheiti> i-.-jos 
T nomas Hardy 8t>.m. Ted Hughe* rfrd* 
tiimwM tomorrow, in Grasmere Vale, 
with Gemma Jones A Jonathan Pr.cc 
Tuui t>v Alb-on Dance Band. 


WYKDHAMS. 635 3023. Credit Card 
booking EjS 1071 iciccor Sal.'. Mon . 
Thur*. 8 Fri. and Sat. 5.15 ana 6JO. 
■-ENORMOUSLY RICH 
VERY FUNNY Etenin.) News. 

Mar. O'Ma-'ev's im^h-nt Corned* 
ONCE A CATHOLIC 


YOUNG VIC nn.r r oi tf viel. 928 5363. 
Tcn't 7.45 THE IMPORTANCE OF BEING 
EARNEST n-a;s 90o). 


YOUNG VIC STUDIO. 02B 6363. 

Dannie Abtc's GONE IN JANUARY. 
Tanlnht at 8 0. 


CINEMAS 

ADC 1 .wd 2. Snjrtcsnury Av. 836 SB6T. 
Sep. Peris All SEATS 6KBLE. 

1: 'HE CHOIRBOYS iX< Shut Down lUt. 

W» & Sur 1 15. 4 30. 7.50 

2: ABBA—-Tho Mario >Ui. Wk. & Sun. 

2.00 S’ 1 8.15. Laic snow Fn. and Sal. 

CAMDEN PLAZA,', oop. Camden Town 
lure. 4B5 2443. Robert Bmssn'i 

ma«lcro>acc. THE DEVIL. PROBABLY tJC>. 
Progs 4 4*1. 6.50. 9 00. Scats bookable. 


ROUN0H0U5E. 

Prev. Feb. 22 at S. Ooen* Feb. 23 at 7 
Subs B p.m. r.|gnfly 
THE LIVERPOOL PLAYHOUSE 
COMPANY 
with 

JAME5 AUBREY A DON WARRINGTON 
in London premiere of 

STREAMERS 
ov David Rblo 


KING'S POAD THEATRE. 332 Y40B_ -- 

M “ B -THE T ROrKY°'l«RllS.|l wSrV°' ROY ^- COURT. .730.1745, From Feb. 20 

NOW IN ITS 5th ROCKING YfAR 
THE <;PEPT ROCK ~N ROLL MUS'CAL 


l „ MO? H 5T ,»LJ.- ? .U« CC r( , 3 , 73^ 

*«*■ ’■"■jatr'sa.ff 51 

SALLY ANN HDWES, 
and 4NTHDNY VALENTINE In 
HANS ANDERSEN 
-DAZZLING SUCCESS RICH 
COLOURFUL MUSICAL. REAL FAMILY 
ENTERTAINMENT." C- HEWS 
Good *«tj ayailatde itfltu at Theatre and 
AgMtl Also if Doors, txceo* SV. 
CREDIT CARD BOOKING 01-734 8«»61 


at 8 *3rev. 1 Feb. 21 at 7 ipaeMi 5 jo* 
ev*. B Sat S A 8 30 THE BEAR nv 
CneUlDV. THE KR^UIZER SONATA bv 


To]Hay. See also 
ROYALTY 


Theatre Uestalr*. 


—_[CLASSIC 1. 2. 3. 4. Oxford St. iOpd. 

767 2 564. [Tottenham Court Pd. Tubni 636 0310. 

1: ABBA THE MOVIE iU« fl-’rooohc'nic 
Sound Progs 1.30. 3.50. €.10. B.30. 

Late 5how 10 50 P.m. 

2: THE HIDING PLACE FA) See. Pert*. 
2.00 5 00. BOO Laic Show 11 pm. 

-PU'S Malle’S LANCOMEE LUCiEN iX). 
3: THE DUELLIST 5 <A1 Prg*h>. 1.20. 
3.05 5 40 6 15 Late Show 10 SS om. 
4: YOUNG FRANKENSTEIN AA) 1.45. 
5.20. 8.SO. THE ADVENTURE OF SHER¬ 
LOCK HOLMES SMARTER BROTHER 
{Al 3 35 7 10 Late Show 10.40 p.m. 


LONDON PALLADIUM. CC 01-437 7373 
THE TWO RONNIES _ 

FROM MAY 25 tb AUG 19. 


LYRIC THEAJRE. 01-4 37 368o 6« ,8.0. 
Matt. Thun. 3.0. Sitv 5 0 and B.30 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES in 
FILUMENA 

Or Eduardo do FIHidm. 

Directed by FRANCO ZEFFIRELLI 
“TOTAL TRIUMPH." Evfl. New*. 

’• AN EVENT TO TREASURE." O. Mir. 
"MAT IT FILL THE LYRIC FOR A 
HUNDRED YEARS." Sunday Tima 


MAY FAIR. CC. 629 3036. 

MOn. to Frl. 8-0. Set- S.3Q ind 9.43. 
GORDON CHATER " Brilliant." E.N. In 
THK ELOCUTION OF 
BENJAMIN FRANKLIN 
bv Stove J. Spears 

" A cgoipusianaie furtny neirelv eloouent 
Olay." Gdn *■ Hlllrlou*." E. Sf “ Wickedly 
am usin g and w ildl y Perverted," 6 N ews. 
MERMAID. 2SB 76S6. Rest. 248 2B35. 
Mon.7»r. 8.15. Met. Wed. A Sal. 5.10. 
DAVY JONES.-MICKY DOLENZ 
in HARRY NILSSON 5 
THE POINT 

A WINNER. D Mirror. 

Stun Tickets £1 2S>£3-60. Combined 

dinner-theatre ticket 65.95, 

Mutt end F»h 25 

Neat production Tom CONTI hint ASHER 
In WHOSE LIFE IS IT ANYWAY? 
Opens Mar 6- 7. Pren. fr. Mar. T. 8.15 


CC. 01-405 8004 

M moat-Thursday Evening* S'DO. Friday 
SJO and 8-45. Saturday 3.00 arm B.OO 
London critics vote 
BUBBLING BROWN SUGAR 
Be*t Musical al 1977 
Tel, bu gs, accepted. Major cr e dit c ard*. 

SAVOY. ■ 01-836 8898 

wreviews from I5lh Feb. at Baa om 
Sat 5 00. B.OO. 

2lro Feb 7.00 om.. then nighfiv 
at 8.00. Mai. Wed. Z.30 Sat. 5 00. BOO. 

.- JOHN FRASER 

LADY HARRY 

An unusdal oUv by Norman Krasna. 

Previews and Wed Mm cstoLI. 
Roouiar oriee* L4 to Cl credit oooLmg 
Kceuted. 


SMAW. 01*388 1S94 

- Mat*. Tues . niurs.. Frl. Z-3o. 

6*75. 7 50 'No Pert. Men .1 
AN IKSPECTOa CALLS 
w J B. Priestley. 

Hltfily entertaining." D, Tea. 
_Low Prices. Easy Parking. 


SjyANOr OT-836 2660. Even-np* 8.D0. 
MaL Thur 3.00. Sats S.SO and 8-3- 
NO REX PLEASE-— 

WE RE BRITISH 
, THE WORLD'S GREATEST 
• LAUGHTER MAKER 

ST.. MARTI MTS. CC _ 836 144S, Eve. a 00. 
Mat. Tuea ; 2 45 Sat. A Good Fn. S i 8 
AGATHA CHRISTIE 
THE MOUSETRAP . 

WORLD'S lONGECT.EVER RUN 
26th YEAR. 


OF THE-TOWN- CC. 734 .50SV 
8-00 Dining Dancing 9.30 Super Revue 
• RAZZLC DAZZLE . 
end «t II pm 
VINCI HILL 


THEATRE UPSTAIRS. 730 2SS4 E*s. 7.30 
IN THE BLOOD 
by Lenka Jimm-cfc 


CURZON. Cuiwn Street. W T. 499 3737. 
PARDON MON AFFAIRE lX< (English 
*nb-irtlcs.t " A Sparkling New Francn 
Center y. Directed witii hnesse pv. Y»e* 
Robert." Sunr*v Exrres*. Progs al 1.S0 
•not Sun.i. 3 55 6.10 ano 8.30. 


GATE TWJ CINEMA. 337 7691. tFormerly 
EMi I -'emationaii. Russell Square Tube. 
Siam Thur*. 23 Fob. Wort# Premiere of 
DEREK JARMAN’S JUBILEE iX* Plus 
gne*' iate n'a h * double 01H evtrv night 
enmmencin'- "OB. 23. 


LEICESTER SQUARE THEATRE. f930 
32521. STAR WAR5 IU1. ^eo. Pas. Dir 
2 00. 5.1$ 8 35. Late know Frl. A Sit- 
lt.4So.rn. Sens bfcbic (or 5.1 S & 8.25 
pgs. Wko & ang all proa sat 6 Sun. 
EVOKING ONIV UNTIL 1ST MAPCH. 


ODEON HAYMARKET. (930 2728-27711 
Jane Fgnda Vantsw Redgrave m a Fred 
Zm.-iemann dim Julls (A, Reo. pn*. Dt». 
2.30. 5.45. 8 45. Feature Dir. 2-45. 6.O0. 
900. Late shew Fn. £ Sat. Pgs. Comm, 
it 4$um Feature 12 00. AU vi. bksle. 


□□EON LEICESTER SQUARE. (930 61111 
The Deed lA) S«p. 093 every day. Seat* 
maw be bggiiM Dcor* nacn ar 1.20. 4.30. 
7.45. Late Show*. Frl*. A Sas. Doors 
11.IS 


ODEON MARBLE ARCH <723 2011-2). 
AUDREY ROSE iAA), 5eP. prog*. Wk*. 
2.20 S 30. a 3D. Sun. 4 30. C.15. 
L ate Shaw Frl arp Sat. 12-00 p.m. 

PRINCE: CHARLES. Lcic. 5ft 437 8181. 
F,na! Weeks. Mini End Mar. 8 SALON 
KITTY iX.-. Sep Perts Daily «|nc San.l 
2 45- 6 15. 9 00 Late Show Frl and 
iai 11 SS Seats Bfc&le Llt’B 8»r 


SCEN . 2, Lei' So IWardgur St I 439 4470. 
THE PINK PANTHER STRIKES AGAIN 
1U. Sun.-Thur. 1.30 5.35 9.35 Frl & 
Sal 12.40 4.45 B 45. 12 4J THE 
RETUTN OF THF PINK PANTHER .rj». 
Sun -Thur. 3 25. 7.30. Frl- A 5at. 2.35. 
6 40. ID *0 








FINANCIAL TIMES 


BRACKEN BOUSE. CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnamimo. London PSA. Telex: 886341/3, 883897 
Telephone: 01-24S 8000 


Thursday February 16 1978 


Anns sales 





to buy time 








Bishop Muzorewa, the Rev. Sithole and Chief Chiran, the three African negotiators in Bhodesia, and on the right the two leaders of the Patriotic Frwrf • 



. Robert Mugabe and Mr. Nfcame. 


THE U.S. Administration’s 
announced intention of selling 
fighter aircraft to Israel, 
Saudi Arabia and Egypt 
shows how deeply enmeshed 
Washington has become in 
the delicate process of 
negotiating a Middle East 
peace settlement Indeed, the 
sale, which has still to be 
cleared by Congress, has as its 
main aim the support of this 
diplomatic mediation. The 
policy has its risks, but there 
is a logic behind each of the 
three sales and in the overall 
strategy which if successful 
may buy time for continuing 
negotiations. 


Under strain 


It was predictable that if any 
Arab states were to receive the 
advanced F-15 then Israel would 
receive a larger number. This 
has been a consistent pattern in 
American arms sales to the 
Middle East. Israel is naturally 
upset that countries which are 
still officially hostile should be 
receiving offensive weaponry 
from its own closest ally. But 
the F-15s and the F-16s—even 
if in smaller numbers than 
Israel asked for—should be 
seen to signify that America's 
commitment to Israel's security 
continues. The gap between 
what Israel is to receive and 
what it requested reflects the 
fact that the U.S. is still dis¬ 
pleased about the Israeli worn- 
meat's reaction to President 
Sadat's initiative and about its 
attitude to Jewish settlements. 

In giving F-15s to Saudi 
Arabia, the U.S. has taken into 
consideration the fact that they 
will probably end up in Egypt’s 
sir force. But against this they 
must also have reckoned that 
Saudi Arabia, through its 
wealth and oil. has become a 
crucial ally in the Middle East 
Riyadh has become increasingly 
unhappy that in exchange for 
keeping oil prices stable, pro- 
riding oil, and tacitly bar-kin" 
Mr. Sadat, it has not yet 
received adequate compensa¬ 
tion in the form of U.S. pres¬ 
sure on Israel. Indeed. Saudi 
Arabia sees the provision of air¬ 
craft as a test of American 
intention?. If the sale goes 
through it should have the 
desired effect of persuading 
Saudi Arabia to continue its 
moderating role in Arab 
politics. 

The sale of offensive aircraft 
to Egypt is breaking new- 


ground—but for good reasons. 
On the military level, Egypt, 
since its virtual break with the 
Soviet Union, has watched its 
armed forces deteriorate 
through lack of spare parts, 
ageing equipment and the in- I 
evitable reduction in training. 
Mr. Carter wHl be hoping that 
Congress will be persuaded that 
F-5s would raise Egyptian 
military morale, but not upset 
Israel's undeniable military 
superiority over the Arabs. 
Above all. the main reasoning 
is that Mr. Sadat had to be 
encouraged to persist with his 
initiative. 

It goes without saying that 
the sale of aircraft on this scale 
will in tbe end make the Middle 
East a more dangerous place 
and increase the chances of war 
if peace negotiations fail. But 
there are several factors to be 
considered against this. The 
first is that Saudi Arabia will 
not receive its fighters for at 
least two years. Secondly, if 
Egypt receives its aircraft 
sooner it will only marginaliy 
ciose the gap with the Israeli 
air force. Thirdly, Israel's mili¬ 
tary supremacy over the Arabs 
has increased since the 1973 
war. Fourthly, Egypt is in no 
state to fight even a defensive 
war of any duration unless 
other sectors of its armed forces 
are refurbished. Israel’s Arab 
neighbours cannot fight a war 
unless Egy pt joins in. 







in Salisbury 


BY BRIDGET BLOOM, Africa Correspondent 


rr -7TF YOU BELIEVE that 
I the majority nf whites 
rejoice in what I am 
doing to-day. you are mistaken." 
'So said Mr. Ian Smith, the 
I Rhodesian Prime Minister, in 
one of the earlier sessions of the 
so-called internal settlement 
talks which ended yesterday in 
Salisbury with an agreement in 
principle tn introduce black 
rule in Rhodesia. 

The settlement talks between 
Mr. Smith and three Rhodesian- 
based black leaders, which have 
been controversial for black and 
white Rhodesians alike, began in 
early December, Their course 
has been stormy: Bishop Abel 
Muzorewa, leader of the United 
African National Council, 
refused to attend the first 
session on December 2 in 
protest against Rhodesian army 
raids on Rhodesian nationalist 
camps in Mozambique in 
November. And for the last two 
weeks, he has held up the talks 
by his apparent determination 
to seek much tougher terms than 
his two black colleagues. 

The fine prim of lue agree¬ 
ment has yet to be disclosed 
and the many problems which 
will con from the multi-racial 
transitional government whose 
formation within a few days 
was promised in yesterday's 
announcement, have yet to be 
faced. But the reasons why the 
agreement has now been con¬ 
cluded are not hard to find. 

For all the participants the 
talks represent in many ways 
a fast chance. For Mr. Smith. 

I it is probably the very last 
I opportunity of getting what he 
hopes will be meaningful 
[guarantees for the whites under 
a black government. For the 
black leaders, it is probably tlie 
last chance they will have of 
gaining political power. This is 
iso principally because of the 
I guerilla wav ou Rhodesia’s bor- 
j ders being waged by the Patri¬ 
otic Front, which has taken 
[no part in. and has roundly de¬ 
cried the Salisbury negotiations, 
j The pressures on Mr. Smith 
and his white government are 
j perhaps most readily under- 
' stood. While it has been obvious 
for years that a white govern¬ 
ment representing only some 
260.000 people, against a total 
black population of over 6m., 
could not hold out for ever 
against nationalist demands for 
majority' rule, the pressure on 
both the political and economic 
fronts has become really acute 
only in the last IS months. Tue 


Concessions 


The unpredictable aspect of 
these arms sales is Israels 
reaction. Yesterday Mr. Begin 
was asking Mr. Carter to recon¬ 
sider the Arab part of the deal. 
He sees this move as another 
step towards the U.S. bringing 
pressure on Israel to make con¬ 
cessions to Mr. Sadat. If Israel 
reacts in character, there is a 
risk that the opposite will occur 
and Mr. Begin will dig his heels 
in and resisr. Israel's sensitivity 
about any decisions affecting Its 
security is understandable. But 
a stubborn reaction would be 
unwarranted over the aircraft 
deal, mainly for the reason that 
it would jeopardise the most 
important initiative to solve the 
Middle East conflict for many 
years. If the tactic of selling 
aircraft to Saudi Arabia and 
Egypt is successful, it will have 
the welcome effect of gaiuing 
time for the U.S. to ease nego¬ 
tiations through a difficult 
patch. 


Monetarism in 
practice 


writing was very much on the 
wall when, in the wake of chang¬ 
ing U.S. policy, Mr. Smith 
agreed in his talks with Ur. 
Henry Kissinger, the former 
Secretary of State in Septem¬ 
ber 1976, to introduce majority 
rule within two years. But the 
pressures from the guerilla war 
since then have been quite as 
important as pressures front the 
West, or from South Africa. 

The immediate effect of the 
war has been on the economy. 
Only last Tuesday, the govern¬ 
ment introduced supplementary 
estimates to cover the escalat¬ 
ing cost of the war, and to meet 
subsidies to keep alive ailing 
industries. The fighting is now 
costing nearly £500,000 a day, 
and the effects are being felt 
throughout an economy i.! ready 
affected by the world-wine de¬ 
pression. 


Going to 
the wali 


Mining receipts are down, 
with production being sharply 
curtailed or stockpiled. 
Rhodesian industries are cost¬ 
ing more than they in 

foreign exchange, small indus¬ 
tries are going to the wall and 
African unemployment is spiral¬ 
ling. Consumer spending and 
business efficiency is being 
undermined by the heavy cai.'- 
up of whites, while net emigra¬ 
tion last year—at around 11.000 
the highest on record—is one in¬ 
dication that white confidence 
is being undermined. 

Rhodesia, with all it* other 
borders scaled by sanctions, is 
being kc-nt going by South 
Africa. But the drain on those 
resources also demands com¬ 
pletion nf settlement as speedily 
as possible. 

On the black side the main 
reasons for yesterdays agree¬ 
ment in principle are political. 
All throe leaders. thoinh in 
differing degrees, face pohtirel 
extinction if they do not s-'ttle 
soon: none of the men invol ed 
in the Salisbury talks contrite 
the fighters-outside Rhodesia's 
borders, and they are aware 
that if black rule were to come 
entirely • as a result of the 
guerilla war. they would get 
little mercy' from their rivals 
for political power who are now 
leading that struggle. 

There are. however, import¬ 
ant differences between the 
three men. Bishop Muzorewa. 
perhaps the best known of the 
three and certainly the man 


believed to have the widest 
black support (though this has 
never been tested! came to pro¬ 
minence in Rhodesian national¬ 
ist politics only in 1971, when 
be Jed tbe African opposition 
to the terms negotiated with 
air. Smith by tbe then Foreign 
Secretary. Sir Alec Douglas 
Home, which resulted in the 
resounding ’No' delivered io the 
Pearce Commission. Bishop 
Muzorewa, consecrated a Bishop 
of the United Methodist Church 
of Rhodesia in 1968, has many 
people puzzled. A diminutive 
man of often changeable moods, 
he is widely believed to have 
negotiated a deal with Mr. 
Smith in 1974 which would have 
delayed the achievement of 
majority rule for at least a de¬ 
cade. It is said that he was fin¬ 
ally dissuaded from signing by 
his more mainstream followers 
—who, it Is said, may also have 
been responsible for his tougher 
stand on white representation 
last week. 

But criticisms that Bishop 
Muzorewa lacks political 
acumen leave out a key factor 
which probably goes far in 
explaining his popularity: 

For many younger Rhodesians, 
he is the man who. during the 
absence in jail of many of the 
original nationalist leaders in 
the decade 1964-74, organised 
black African opposition to the 
Smith Government To other 
Rhodesians, tired of the con¬ 
stant divisions of the late 1950s 
and earl}' 1960s between the 
older nationalists, the Bishop 
has stood and still stands for 
unity, even though be now leads 
only one of five black parties, 
has lost any control he may 
have had over the guerillas and 
has recently suffered defections 
of senior men. It may be also 
that despite his apparent twists 
and turns. Bishop Muzorewa, 
having come lately to politics, 
is considered less of a politician 
and therefore a more honest 
man. 

Of the three, the Rev. 
N'dabaningi Sithole is without 
doubt the most experienced 
politician m nationalist politics. 
A Methodist, like Muzerewa. Mr. 
Sithole has been in the nation¬ 
al: movement since the late 

1950s, at first sharing the same 
iparty with Joshua Nkomo. now 
joint leader of the Patriotic 
Front and later becoming 
through his Zimbabwe African 
National Union. Mr. Nkomo’s 
bitter rival. Mr. Sithole spent 
several years in jail, at one 
stag? being tried and convicted 
on a charge of attempting to 


assassinate Ian Smith — a con¬ 
siderable irony in view of his 
position now. But at a crucial 
point, in 2974-75. Sithole lost 
out in the leadership stakes 
within the party he set up, and 1 
ft is Robert Mugabe — once 
Zanu’s Secretary-General and 
now in the Patriotic Front with 
Nkomo—who controls the Zanu 
guerillas. Though Sithole would 
probably still claim armed fol¬ 
lowers (he had to renounce 
•* terrorism " on his return td 1 
Rhodesia last July) observers 
believe he has little influence 
with them. 

Finally, for Senator Chief 
Chlrau, the third black signal 
tory. yesterday's agreement” 
represents in a real sense both, 
a first and a last chance. Chief . 
Chirau’s party, the Zimbabwe 
United People’s Organisation^ 
or ZUPO, was formed less than 
two years ago, if not with the 
money then certainly with the 
goodwill of Mr. Smith's Govern¬ 
ment as a make-weight to.the 
other more genuine nationalist 
parties. Chief Chirau is a 
traditional chief, but chieftain¬ 
ship in Rhodesia has become 
debased over the years in being 
used as an arm of the white- 
run Administration. . . ; 

But if these four very'dis¬ 
parate men and their followers 
have compelling reasons for 
sticking together, what chance 
do they have of making their 
agreement in principle work in 
practice? Even more important, 
what chance do they have. of. 
getting international recognition 
for the completed settlement 
which they hope to present’.to 
the world? 


m 
g 


Provide 

aid 


Tbe primary aim of a< settie- 
raent. for Mr. Smith add fife 
anyone who will follow hfem ib 
leader of Rhodesia, most be to 
stop tbe war. lift sanctions and 
thus allow Rhodesia to develop 
in peace and stability-' Thisfean 
best — perhaps only • — be 
achieved if tbe international 
community were to decide to 
recognise the settlement, and 
not only lift sanctions but pro¬ 
vide aid and other help to the 
new country. 

The precise nature of the 
agreement will be critical to 
any hopes of recognition and 
from yesterday’s announcement, 
broad though it was. it is clear 
that many of the terms of a 
handover to black rule still 


haVfi tQ ^ negotiated. Among all, however, Mr. Nkomo: 
th» rantf important of these is been training a large army 
hip Tii-prise role and nature of Zambia and Angola which 
fee unied forces and Police 

under a new black government, eventual total power, even l 

s ssssA srjStfKft* 

SSaSntLv given way. But the black government is bemg 
Sots here could be lisbed In 

%££!. for while. Mr. Smith drift back cooBWjrfa^ 
has insisted on maintaining the aim of majority rule- ad 
present forces much as pre- and thus greatly weakening 
se at jy constituted — which military opposition to fee- 
means white-officered and con- Government But that I 

trowed_the Bishop, and the account neither the i 

Rev. Sithole are on record as radicalisation of the. ^ b 
wanting fee inclusion of many - gueriUa fighters, nor their ’i 
Inore blacks in command posi- substantial backing (at least 
tions whether from the fax as Mr. Nkomo's vrang-efc* 

guerillas or elsewhere. PF is concerned) by the S 

feut however this issue is Union and Cuba wtfweh 
resolved, given the fact feat shown so clearly in Angola 
none of the “internal” black the Horn of .Africa that 
leaders actually controls the are prepared if necessary- 
guerillas, the army seems likely back their allies with “ 
to remain under white control, able military might 
This by itself could be enough But the likelihood that 
to deter any African recognition current settlement .\wiH. J| 
of a handover—however free or opposed in Africa, at the Ijg 
fair elections held under fee and in fee Soviet bloc befeaw 
transitional government might only heightens the dilemma 
be. And "if the frontline states, the British and American ! 
who support the Patriotic Front enments who' have so far $ 
in its opposition to the settle- sisted that any setilemenj 
ment refuse recognition, it is should be based on the Angfo 
likely that the Organisation of American proposals of lari: Sep 1 
African Unity will also reject it tember and should induderW 
This in turn—since the OAIT can Patriotic Front - 

muster tbe “ Third -World " _ _ ' .'71 

vote and Communist bloc (^OUUHOIlS 
behind it either in the General . - - , 

Assembly or the Security Coon- ~ uCuSlG V; - 

cil, would be certain to mean ■ ' -i* 

that the UN will also refuse The Commons debate on RM 
recognition- - desia two weeks ago .shon^f 

' _ . ’ thht feelings in Britain. an$@ 

. There are perhaps two factors ticulax, are running. 
of major importance whit* -Rhodesia, and tbat.thete «$< 
could change this. The first.^ substantial body of opbktu 
that the Patriotic Front*: -or holds that Briteta fiftedS 

elements of it, .would decide to, y^cQgnise an internal seflfe 
throw in its lot with the transi-. mBnt , Dr Owtin, ti* 

tional government in Sahsbuiy Foreign Secretary, was push# 
which isito result frdm ; jester- ^ Conservative ” and Libera) 

T3i-.fr- fhAiicrli • • _. - _ A.4 


(3kfr. : Smith, for example* met ^ such a settlement. .3 
President Kaunda of Zamhia The Foreign Office was histy 
last?September, apparently to orations in its reaction ^ 
discoss the return to; Salisbury jyght to Hie news from .Sfiffi 
of Mb;/ Joshua Nkomo), fee bury/although fee State Depart 
likelihood that it will happen in Washington ^declajjr 

is remote. ., That it appeared to beifeacc*^ 

Not only is Hr. -Nkomo, who able since it did not fnejudeifl: 
had his own bilateral, negotia- Patriotic Front. lt wbald'hfl strr. 
tiohs With Mr. Smith two years prising if, in the jb^fag ^h . 
ago, how totally distrustful of tish'government^vdaNatStf wg* 
fee Rhodesian leader, but there this view,., for unless, 
is also -a great deal of personal riotic Front is way 

antipathy between Mr. Nkomo will not stop and tbis-sriflensfis 
and Bishop Muzorewa. Above will thus be meaainglesH-V 


IT IS ten years since Lord 
Armstrong, then the Permanent 
Secretary to the Treasury, dis¬ 
cussed in a public lecture the 
problems of managing a modern 
economy. Yesterday the present 
Permanent Secretary. Sir 
Douglas Wass, delivered a lec¬ 
ture on the same theme and 
found it difficult to repeat with 
confidence his predecessor’s con¬ 
clusion. feat modern economic 
policy has clearly been a suc¬ 
cess. Many major changes have 
taken place in fee intervening 
years, at both a national and an 
international level, which have 
undermined earlier theories, 
made the task of economic man¬ 
agement more difficult, and 
shaken political assumptions 
about the extent to which it can 
achieve together aims which 
often tend to conflict with one 
another. 

Some of the. international 
changes to which Sir Douglas 
refers—the growing internation¬ 
alisation of trade and finance, 
the collapse of the Rretton 
Woods system, the emergence 
of rapid inflation, the payments 
deficits caused by fee rise in 
oil prices—have helped to bring 
about fee greater emphasis on 
monetary policy which now pre¬ 
vails. The attitude of fee foreign 
exchange and of other financial 
markets to changes in the 
monetary aggregates has to be 
taken into account when form¬ 
ing policy, quite apart from the 
fact that policy changes in other 
areas may have monetary side- 
effects. The Treasury model 
now has a monetary sector, 
which is apparently to be made 
public in tbe near future. 


precise means but tit at the pub-| 
location of targets for growth of, 
the money stock was intended] 
to provide the business com¬ 
munity with a background of I 
greater stability. Stability, j 
indeed, is a word which recurs | 
several times in both lectures. : 

To achieve this result, how-j 
ever, the targets clearly have to j 
be intelligently ” regarded byj 
the markets as well as by the| 
monetary authorities. They have 
to be regarded as one pan of 
an integrated economic policy. 
It would be dangerous, accord¬ 
ing to Sir Douglas, to pick a 
figure according to some 
arbitrary formula or by hunch, 
in isolation from fiscal 
measures. The very fact that] 
there is more than one j 
monetary indicator available j 
implies that one alone should' 
not be regarded as infallible. 
Tbe very fact that there can be ] 
significant random fluctuations 
from month to month implies; 
that a target range is to be, 
referred to a point range. 


Rolling over 


Stability 


But Sir Douglas, like the 
Governor of the Bank, is clearly 
a practical rather than a whole¬ 
hearted monetarist. The 
Governor argued last week feat 
whether or not monetary policy 
should be classified as an instru¬ 
ment of demand management, 
its services were likely to be 
pre-empted for the time being 
by the need to use it in fee 
struggle against inflation. Sir 
Douglas argued yesterday that 
it was uncertain what precise 
effects were produced by 
monetary action or by what 


Sir' Douglas discusses an 
aspect of monetary targets 
which is topical at present— 
what, should be done if the 
growth of fee money supply 
moves outside the announced 
range and can only be brought 
back by monetary action 
incompatible with the rest of 
fee Government’s economic 
strategy? Naturally he pro¬ 
vides no answer, but be is 
clearly aware that the possible 
reaction of tbe financial 
markets to failure could con¬ 
ceivably be more damaging to 
fee economy than fee measures 
needed to ensure success. 
Although he does not speci¬ 
fically discuss the matter of 
rolling targets, therefore, as 
one that may well come up in 
fee Budget, he is likely to be 
as much moved by fee argu¬ 
ments in their favour as was 
the Governor. Given his refer¬ 
ence to the need for intelligent 
market reactions, moreover, he 
would probably agree feat 
quarterly revision of the mone¬ 
tary targets fas practised by 

the Federal Reserve) would, for 
fee moment at least, be too 
frequent. 


Dancing 
and hot coals 

John Samuels, chairman of the 
Board of the New York City 
Ballet, is in London this week 
to arrange a three-week visit to 
Covent Garden in September 
next year. But events at home 
are forcing him to return more 
quickly than he wished. The 
U.S. coal strike, now more than 
ten weeks old, has taken a turn 
for the worse, and the 44-year- 
old Samuels—known to some as 
Young King Coal—owns one of 
the biggest private companies 
in fee industry. 

“ I should not be surprised to 
, see the strike last until fee end 
of March,” he says, when asked 
about the appeal this week from 
fee White House for an early 
solution. Samuels dismisses any 
possibility of invoking the Taft- 
Hartley Act. which would force 
the strikers back to work £ot an 
; 80-day cooling-off period. “That 
is just not possible with a 
Democratic president.” he told 
me. Samuels is distinctly on fee 
liberal wing among the U.S. coal 
: bosses, notwithstanding the 
relentless speed with which he 
! has built up a personal fortune 
'estimated at anywhere between 
§100m. and $400m. 

Samuels sees the present 
j strike as a manifestation of 
50 years of problems in U.S. 
coal. ‘‘The industry has been 
the private toy of too many 
narrow interests—you cannot 
behave to-day as though it were 
1937.” He takes a.coolly objec¬ 
tive view, having grown up in 
Galveston. Texas, the son of a 
postmaster: after Harvard Law 
School, he moved into coal 
broking from a Wail Street 
law firm, then bought his 
first Appalachian coalmine as 
recently as 1973. 

Samuels brushes aside the 
talk of coal shortages hitting 
U.S. industry if fee strike drags 
on—"stocks are still quite 


mr&.il 

ENBNF a 


he has a son of 17 studying at 
RADA Apart from negotiating 
with Covent Garden and sundry 
European coal customers this 
week Samuels has been finding 
a fiat for his son. Until now 
John Junior has been living in 
tbe august Connaught Hotel, 
Mayfair. "I thought he might 
not come across many other 
students in the Connaught,” 
explained Samuels gravely. 


the local squire. Only a short 
walk away is Swinton Hall, now i 
used as a training centre for 
young executives from industry', j 
Who knows—the Manpower Ser¬ 
vices Commission may soon be' 
sponsoring a few druids’, 
temples. 




Teasing strip 


.*6*i; 


Like a rocket 




‘* I remember it distinctly— 
it was the day we had oar 
North Sea Oil Bonanza.” 


strong.” He says drily: "Wife 
fee depression in the American 
steel industry, only the coal 
owners aud miners are losing 
money.” But fee possible 
damage to foreign sales does 
disturb him. Coal is one of the 
top five U.S. exports, and 
Canada and Australia are 
moving in on markets such as 
Brazil which until now have 
been dominated by U.S. sup¬ 
plies. More than 90 per cent 
of fee 4m. ions a year produced 
by his own company. Inter¬ 
national Carbon and Minerals, 
is metallurgical coal and 75 per 
cent, is exported. 

Samuels slips with unassum¬ 
ing ease from such figures into 
talk about his consuming 
interest in ballet, opera and 
modern painting. When I sug¬ 
gested feat there was a long 
tradition in thp UJ5. Unking art 
and industry, be seemed 
startled. ** Most American indus- 
tnali-rts think the arts are rather 
effeminate.” But such interests 
dearly run in fee family, since 


The news feat a Tyneside com¬ 
pany will receive a £40.000 grant 
from the Manpower Servioes 
Commission to train unemployed 
teenagers to make replicas of 
old steam engines may start a 
vogue. Interest in fee concept 
has sprung up all over the coun¬ 
try. “We have found a unique 
product—yesterday,” says one 
of the directors. John Wilson. 
He envisages teams of trained 
youths touring Britain to 
make or mend Victorian mach¬ 
inery for museums (or even for 
companies' stilt relying upon 
venerable equipment). 

Wilson, a senior lecturer in 
industrial relations at Sunder¬ 
land Polytechnic, even has 
schemes for selling miniature 
steam railways to Texas mil¬ 
lionaires. But the first task is 
to select 18 trainees out of fee 
hundreds of jobless teenagers 
expected to apply for places 
when the scheme starts in 
April. 

Predictably enough, there has 
been grumpiness in some quar¬ 
ters that taxpayers’ money is 
being paid out, under the 
Holland proposals to reduce un¬ 
employment, fir something as 
recherche as making copies of 
Stephenson's Rocket. But if this 
seems a novel frivolity, just look 
across from Sunderland to a 
place called nton Moor. It has 
a completely artificial miniature 
Stonehenge, which tV loc-l job¬ 
less were paid to build to stop 
them becoming disaffected. That 

was in the early -leteenth 
century and the cost was met by 


Asterix was fun enough, but he 
bas spawned some awful 
followers, not least a turgid 
strip cartoon “ Le songe 
d’Atfealie.” This is the latest! 
pre-election offering . in the! 
propaganda war against the, 
French Left. The Racine play, 
bears little resemblance to rbe| 
nightmarish visions crudely 1 
attributed to Mitterrand’s finan¬ 
cial luminary, Jacques Attall-! 
Produced for a curious organi¬ 
sation called L’Association pour i 
la Democratic, this starts off by 
showing Mitterrand with a rose 
and Marchais with a hammer 
and sickle, chasing after a 
banker fleeing with his funds, 
to Switzerland. Realistic 
enough, you might say, but the 
cartoon then descends to the 
schoolboy level, wife the unruly 
partners on the French Left 
treading on each other's toes, 
blocking tbe streets and 
doubling the bureaucracy. 

' It is not much fun to read 
but the Association told me 
when I called there yesterday 
that they have had no less than. 
500.000 copies printed. They do 
not know how many they have 
sold. They will not print more, 
but rely upon a few mare 
lectures of tbe sort which Prince 
Poniatawski gave here two 
weeks ago. Who finances them2 
Should we believe what we had 
read in Le Monde and Canard 
Enehaine about the Association 
being funded by the 
Giscardiens? “No. That was 
all idiotic and not even worth 
denying," I was told. 


\ Extel has been logging end updating?!! 
shareholding disclosures since April; 
holdings of 5% or more began to be pul&she^ 
The complete record isTnstantJYayeR 
you have to do is pick up a 'phone. 
delay, pti filing, no sending'mesaenger^ 

■ -Your subscription to the ’.EXTEt 
HO LD1N G SERVICE entities? you'' tb \T2 .. 

enquiries a year arid a furffier ttnlin^tednuf^b^! 

asmallfee. ; ".V 

’ Get fee shareholdings from©CfELiriyt^S« 


To Extel Statistical Services Ltd .,.' "' 
37-46 Paul Street, London EC2A4PB- 
ThqnerOI -2533400. ’ 

1: should like to -know more about 

Shareholding Service,- .*•' ^ 


Name (blockletters) 
PosationorTftia 4— 
Firm etc. — L, - 








Observer 


i 

















'«•«» vji.. 


2 . -. • *■» i *-o* " r 




|^1978 


21 


ECONOMIC VIEWPOINT 



Bp^V'v v 

®hy% y 

«V-,-S -•“■:. •• • ":- r; 


SztJV'i 



economy of the 



Of course it is true that a flows whit* dealers have expen- markets naturally regard any Japan had taken U S fiscal ad- has produced completely pen- 
speculative run on a currency enced as dollar weakness. currency which depends on offi- rice, and expanded more. verse results in JaDan. 

generates a demand for borrow- Of course, the actions (or dal support as weak, and huge The response has been 


so 
that 
effect 


rather than the 




ur\ 



uuks ■; m - cT’-isw 


'.'jgSSL«*— played 

7 ** ffl0netary p° Uc y»*>«**• 

'nr^wn*'M.^'Ygeetlias v What must *>* remembered, Seneratesa demand fi 

■ often beOT^^opporitebf what 52 f e J 5 P * ? ttat Ouoatfh 1075 ^J, 0 

^taiyse. tire'. Luge' U^ they intended. "'-V j-•5 BI * * rtt half of 1976, a 
_ & tenas ; /■“" _ . «*#« in the exchange rate to 

^fenfiat gpowafarafecra ^hy preserve British competitive- . 

, dQ ness was official polity; the feet of the dolla £' s weakness, 
naturally conclude £5Lj2£ J hat monetary policy allowed a ever - 11 me Fed has ^ea 

e w eakness is- -femtia- ilSSS 1 ' * ^- 3 w J° e 3arse outflow ' across the ex- 

> and this analysis ° cU j b * T ?“•» to be financed there- 

Ir encouraged j^ES. fo ^ su ^ estfi ^at monefery 

spokesmen. «p ence ^tbat the policy was in line with official 

* f SS?^S^ the chart * 1 bave •«* to 

an of toebitterdlS display what U - s - monetary 

Us over policy'between msy n° to-the performance cam suggest about 

“ iSl t£i *F2£i A ^ iSt f R ' °® cial policy. The measure 

-- suriSSs «sr^ly tried, -for adopted is a slightly unusual 

>- . andSSJL <*»™Ple, to get Confess to one. It measures the extent to 

en 2 ct * '”? re realistic energy which lending by the U.S. banks 
■• "■«,.«**• h« exceeded domestic credit 

•• _ '*'3ie ' oolifirral aremenont concern for the balance of pay- demand, as measured by the 
, 2*™* ° f *» iroadlydefined 

■ ™- a currency isa monetary «veut, money supply: While there are 

"' 4 c initw»rt and the evidence of. monetary large quarter-to^uarter and 

is inoeea no policy points ttie oamr-Way, ,. month-to-month swings, the 

Pattern is clear. Credit expan- 
• sion was roughly in line with 

' • ^ domestic needs in 1975. In 1976 

> .7 enough excess credit Was 

The relationship between creatc d }o finance some outflow 

monetary policy. and exchange a ^ me when the current 
TOuuaiMm was rates is probably more widely baI “ lce wa « healthy), but 

oT aPPTMisted in this counCtf than ln **»? current year excess credit 

/ *JE 51 ^ elsewhere, because of am ex- creaUon was very large. The 

•' Pexieace of a pound which re- us - banks finance an outflow 

g™ 1 * jjgrj* Lined «tn4 »m of *22^- to the first nine 

£ of 1975 of an appaffin? of ^e year alone and 

^-?ar^Se deficit and accelerating £e monthly, rate almost 

- * ‘ * can be exntain^as*^ inflatira ' a^Psed after' the “Mainly rose very sharply in 
invent exP*™*** M a growth of money and doanertic 0ct °her. 

•• -7v. - credit accelerated thereafter; As it happens, this figure also 

■:. W.flBestion ,.wnidi..and .recovered, after tbe^ero- provides a measure of net inter- up interest rates in New York, what the.U.S. authorities might 
'.pw.w.the AdmihJstia- eioas squeeze of Noveutii(#;T976.. vention in the currency markets and sales of dollars to central bave Pl3 nned - 
-IS ?f?^ or - ■ °L a ^.^ IS '-^e.hafence-of-paj'ment^deficit,'^ by foreign cenrral banks—that banks would have depressed At its simplest, the result of 
. Street arctJlar it shonld be noted, wa&.;much is. that part of their dollar the U.S. money supply. This this battle of wills over ex- 

■ ^ccayed w .this week, less after the collapseJth&n it purchases which was locked up has not happened: on the con- change rates has been, as Mr. 

• ^ sabotaged.. , the had been for 25 months Jfefore -in new UA Government securi- trary, British experience sug- Henry Wallicn, of the Fed 

^ ^ otner .words, .did a it, which undermines tktfc idea ties, and not fed back directly gests that the flow across the puts it very simply, 

*7 ^itpiuhed* The earlier that the dRTent account**? on' into the US. money supply exchanges peaked, week by foreign central banks have 
;• • T the U.S. Treasury its own explain the exchange either by foreign purchases week, when domestic U.S. financed the entire U.S. balance- 
V’ : . MicbaeT . Blu- rate. Nevertheless, thedirect from private holders or monetary growth peaked, of-payments deficit At the same 

' -:o talk down the dollar, the xecoyejy of sterling hai .co- such securities, or by official Inadvertently or not, weak time, the U.S. ha^ achieved its 

•t.- stive hut not condu- iucided with a much impBjjfted open market interventions. credit control financed the policy of * lower exchange rate: have followed if Germany and 


, as holders try to go short: lack of ttiem) of the Fed have intervention has done no more drastically different in the two of nmfir^haHn* 

it is still possible to argue provoked counter-actions by than slow down the decline, pre- countries, because of differences a imnst in«t«>inv' tZ-wS ? 1 . 

t the chart represents the other central banks: total cur- serving what the U.S. authori- in economic nhilnoonhy and 7w,-?r7i!? Uy ® x ' 


Wages 
large element 


economic philosophy 


port earnings, sd that there has 


indeed 

'./ ing as a politically 
:'-^d "fact” in a 
;~*x whicb the political 
' es hive control of fis- 
•'P, monetary policy, and 
:. '“market intervention, 
-•.itical fact is that a 
: - evaluation was until 
.wlicy 

and has produced .a 



._ _ _ depressed. Competitiveness has 

eh^L C rafM B ' m efce 5 e been Preserved, and the Govern- 
change rates is apparently put- ment re ]j es more than 

ung pressure on the balance of exports 
payments. The fail in inflation a flo aL 
rates bas raised real consumer 


to keep the economy 


incomes, but the trade unions in 
both countries have been very 
slow to respond to this change. 
Provoked partly by the slack¬ 
ness of their economies, they 
have continued to push wages 


If the rewards of financial 
warfare have been a little 
questionable overseas, the cost 
at home in the U.S. is also 
becoming apparent. Apart from 
possible banking strains. Wall 


up in spite of official or Indus- Street « becoming increasingly 
trial resistance; the loss of com- redeemed with the inflationary 
petitiveness is now showing in im Ph"cations of a falling ex- 
esport orders and balance of chan £ e reie, and with its impart 
payments forecasts. 0D security market values. 

In the short term, this is For these reasons, official 
something of a triumph for U.S. policy for the dollar, and the 
objectives: reduced German and r::ated attitude ro interest rates. 
British surpluses take the strain is beginning for the first time 
off other countries, and U.S. to encounter severe domestic 
officials would argue that If the criticism; and it is therefore 
Germans prefer to make this possible that before too long 
adjustment with a slow rather the Administration will be readv 
than accelerated growth rate, to call a dollar truce. The mar- 


serinusly to resist such a 
development. then foreign 
borrowing would have driven 


very 

chart. 

come 


approximately in the tegrity of the dollar." Down- 
Nevertheless, the out- ward adjustment without panic 

has been almost exactiv seems tu be the ° b i«*ve — as 
— w the market seems to have appre¬ 

ciated rather more keenly than 


that is their domestic, concern. 
They are no longer pushing 
their trading partners into debt. 

In the longer run. however, 
this policy may not look so 
attractive. The expansion of U.S. 
bank lending is already begin¬ 
ning to worry some bank ana¬ 
lysts: and at the other end of 


the process, the Germans and 

the central banks which con - 10 

11Q fn inhibited about fiscal expansion have yet to see what the 

!™ t0 ^ &e -Partly because of the scale of will do when the Adminis 


the present rise in real con¬ 
sumer incomes, and in the U.K. 


U.S. deficit. 

The longer-term economic re 

that suits of this policy are much because of the possible balance 
harder to assess. They can best P a rinents constraint. The net 

be measured by comparing them f™. r ' d ™ n °“y is 

- . .. Y v. . arguably depressive rather than 

with the results which would expansive. 

At the same time the policy 


ket may still believe that the 
dollar cannot recover while the 
balance of payments remains so 
weak, and the initial rise in 
interest rates might have to be 
very sharp to carry credibility: 
but after the crisis there seems 
no reason to suppose that the 
credit policies which supported 
the inherently weaker pound 
would not do for the dollar. We 
dollar 
tration 

really wants to stabilise it: and 
forecasters would meanwhile be 
wise to keep a sharp eye on 
politics as well as the so-called 
economic fundamentals. 

Anthony Harris 


Betters to the Editor 


er profit 
ing 

‘G. Strinati 
ave read with interest 
is articles published 
i profit sharing, and it 


ing his progress.” That-t^Bnc- industrial firms concerned were joined the Common Market when many firms and individuals 

turn must also be applied-^ all adopting the “civilised labour the Treaty of Borne was still in honour the spirit of the ethical 

in positions of authority.''^ policy.” Withdrawal of protec- embryo, and hence set up a codes restricting advertising 

framework, a more liberal frame- with the same duplicity which 

There is. increasing evidence ttoa was regularly threatened work> for &e economy- skiers exhibit in their attitude 

that local. authorities andfttfae against arms to did not co- • t0 amateurism. That this should 

police have adopted' the jtore- a P era tc with this early technique Liberal Jffs ^ S'seN be fi0 is «andaIous. That the 

gent: ,.t h7 GoverS & «"“£“ WtKSSS SSnS « “ V 5 ” 5 nl J 

* s&st*-® “ &"Tiarsss ;rr U * u " —?»s'-fi £% 

•-TiSk. “^^- ^retai^erignate of (Visitin S fellow). Sh £o and 

M cent., tie Resimal MaMgemem « atoS” 

:• laployee would receive unaeretood him he was claiming w , niSf-lL f °thn« eCa ?Si 0n tbe <» ntrai T. both nationally 

-..amount of about-£UN>- Srttt?wi?Sl *** SS and locally the institutes and 

• VW Arts T Tcnc nf SSSf? SSSL'V JSS S5SSS w ^ c o~ ZSS 

■■ fly U, motr™* W? $Em3£*E !^brtSS 'mffi- . jUSeS OI Il ”' c be ™ cSn Sow be £mh£ 

' io y anything tinropr ***»*. virtues te eompetition with 

he was doing before. ;_ r-.- ■ ■ .-..i- ^ yJT In the power balance now banks anc( solicitors. 

.he 1 —otiier^handV ttie " 1 ■ that tha dangers of the ^ q m . Brace eristing, and deliberately fos- It Is .my view, however, that 

■ ! nearer 25 per cent corporate state are-beginning, to . . . tered by the feuding of the two permitting advertising by firms 

- ,wT theemnlovees U P° B tbe.puhUc. theywouM he *»« »? giants, the problem is not at all or members will betray one 

' -^interested indeed be well aflvisfltt to reject the sng-Mr. BrrttA (February 1311 des- of “ sightly to reduce the the sicred tenets of what dis- 

changes to improve. sestion <>*. gating yet farther OTbe hims^, a liberal ^an^tionai unemploymeot.” It tingUlshes a profession and the 

rofits Prooerlv eon- bureaucracy on the grounds df perhaps he excused for not guess- j t vj a * tb ere is no effective public interest will be better 

-• d udih VSmStoSSc rt^veniente of admiwstration. ing tram hi^ast wrrtmgs that ujere b 00 enecnve F ■ 

•,Vn To such grounds Justinia n , in your cprresporident boasts liberal 

...im wnneoaii it neea.^ 3 ^^ alongside "A letter affiliations. Liberal opinion has 
to all liberals" refers, when developed sutceUhe nineteenth 

dealing with the cries: mainly century Whig *Ja!ssex faire” 

fro’N tbe left wing, Tor the estab- philosophy was cpmraon. The 

-rofit shaxe means a lament of a Ministry of Justice, main beliefs how binding 

v- J ot just.iinder 2 per Such - a ministry would herald Liberals together arc that power 

.7 ofporation tax at 32 the establishment of a national should be devolved as widely as w . able within the profession and 

- ; • If -the Chancellor' legal service on National Health is practically possible In modem 7 i.,. “lY nM , Lro 1 JnS obtainable ihrough any part 

.tsiiaded to allow as Service Hues and bring an end eodet; and that the rights of uJu ,.J •*.---** fi!? therefore, do matter how smalL 


yj hreat either to com- 
r . : es or to shareholders. 
. . the following- A 4 


counterbalance to corporate served by propagating and justi 
power (whether of a powerful fvihg the belief that the com 
union or a statutory body), mon body of knowledge and the 
Hence in the absence? of Govern- standards of skill and behaviour 
ment interference wage-led in- **\ as between members 
flation would undoubtedly pro- and between firms and that the 
gress, but if legislation is used * u , r .^lf r S P?5 ' 1 a l^.y^ p ^ledge, 
then mayhem Is threatened. 

a choirel It was not the 
Liberals who put us here and 


who can blame them if they pre- 


•usiness expense fbr .to the freedom, of She legal pro- the individual are more impor- - Mr 

. tax purposes; a profit fession to act fearlessly for tant than the convenience of <»r * er M,r *—Lalja.nan s mauoeuv- 

' -'partly in cash and members of' tbe public at all porale bodies, 

ares, then a 25 per. times again*, all persons and riberal Members of Parliament Gord011 Era re- 
share made tip of corporations, indudri^ govern- The Bridge House. 

. cash and 10. per ment departments and the bke. nature^ParMament^'thevLve Church Lane, Lapworth, 
would Tesult in a The campaign, for it is pogmg 5?^? ™>te on any Warwickshire 

■flow from tbe com- leas, waged in the popular Press ™ «L v «« 5 SJ 

per cent, that is, and on radio and TV. toys great £S?“5hf?“®L,”_# w 

* Of tiS%£S^ Mb Iin. 


_ ___ The fashionable pressure to 

rings to Mrs. Thatcher’s rhetoric? advertise stems from the drift 

away from tbe concept of a uni¬ 
tary profession towards a mul¬ 
tiple streamed profession con 
tain ing a condominium of 
specialisms and sciences. While 
these streams should be identi 
fied and their practitioners 
accredited so that the public can 
refer, or be referred to, the most 
appropriate source of advice, it 

- ------• mam U 7 l»f would n™ start >• * SSuiomX 

f r, t , "Eiiare of profits. •" _ he or claim to he, te to damage ivould have in- Sir » — in answer to the ques- nor that competition within r 

. i* ^fob*:what effect a 25 sUtirted wMwmershiiD twenty tion “Should the professions stream will benefit both its mem 

iV *11 ^woufaimve ^ C °^ 8 2T2JSS? a cS2 advertise? " posed by Mike bers or the profession as a wboto 

» fmtudes.' towards meat or qffioaL .. g coSon owLives in in- Waterson fFebruary 9). I would Furthenu ore (to refute the 

"/prices and divi- _ -^s,. sojicrtors. we see all too ^ustry, 'which have prospered suggest that the accountancy Monopolies commission report 

f would - "completely-<3_ g ^y- aat also because we would have profession already does. Indeed, 

hour relations It ofcall races, colours or creeds anil ; . learn of any lasting good which 

■ancentrate manaec- of many income levels from the j,, - advertising has done towards the 

ffr on 4 r profits and podr to the nbrso poor, are being - TT public interest and I fall to see 

- r . . •«. daily denied Justice-because as | j|f|fy fQf L-YDrilS on what basis they conclude that 


Advertising and 
the professions 



way' nftvfcr thought 


denied Justice-because as 

a matter of deliberate 1 govern- 11/1 V ’JJ ,1U ^ _ no barm will be done to either 

1 ^*' - - , _ ment policy, -aided by a cbm- From Mr. C. Economises . Cypriots In 1973 rose to 82,022 the public or the professions by 

ts.-to employees or P ] ac enf . opposition, the means 5lE,^-Mr. Metin Munir (Feb- compared with only 8586 in the latter encouraging inter-firm 


that justice are nwuy 2) may be perfectly right Turkey- 


competition. 

P. R. Pennington-Legh. 

51, Kings Road, Windsor, Berks. 


litfS® 1 .jnnelled, 

/v* 4 tjrtjtfks for our ecouomat 

-yi 'rtmp** t shareholders who 

.-rned-at tbe poten- ^;^ 5 ®^ 

C •'*** * tltilttf their shares, oyer. CSiwTch-Jf oad, , 

i.yf f|Jy3*,r only real, concern Royal Tunbridge Wells, Kent 
it” market value t>f 

iet,m “ Down the same 
mrthway? 

v .,r asequent increases: _^ ^ -_ ! 

: .-fin any event the From Sic., ff^fforwitz. 


Insulation 

standards 


ut of 15 per cent of obtaining 
tax) plus mcreas- ^ithheld.^^ 

of dividends plus ? It is not enough for public ness' of the Turkish. Cypriot not participate fully in the 
nulati.on.qf shares, figures to-protert when injustice economy,? the failure of the economic growth of Cyprus in 
.’iin®. The nresiirc ~ ■- tn hneinece. ** ♦« utilise the those 1 years, was that their 

betaind by leaders, following the political 
Bled to the conflict with the G/C, tried tD 
south,” and “ the economic eh asm impose on their people a policy 
between the Turks and Greeks of political and economic segre- 
•whieto i* pun widening” But 1 gation, which however could not From the CUotrmuu, 
think Jm 'is utterly wrong in prevent some 12,000 T/C from Structural Insulatum Assocurtibn. 
consi^dngtha said “chasm " as working with G/C enterprises at Sir,—Nearly two years have 
being'-T 1 :one of the principal remunerative wages. passed since the Department of 

causes'" ot the lntercommunal The main reason why the T/C the Environment published its 
strife?..and In-surmising that are now worse off than before, first discussion document on 
that'chasm *will make it very despite the fact that they have energy conservation. based _ in 
hard* fpr~the two communities appropriated the rich.property of sulation standards for butidings 
to cn^klst - peacefully without the G/C refugees, is that they other than dwellings, and in that 
physical: barriers to separate have been cut off from the pros- time there have been the most 
. , them once the Cyprus problem is peroiis G/C ecoaomy and joined exhaustive consultations through- 

be smalL A c om- Sir,—As dne. Of-those liberals settled^r. the ailing economy of Turkey, out the whole of the industry. It 

. pre-tax return tm wtth a small "I” to,whom Samuel The ecoDomic gap between the which lias flooded the occupied uow appears that we should have 
■i : iO-per cent would Brittain addresses himself in his Greek -Bypriots (G/C) and the area of Cyprus with too many these standards within a few 
. ^sting.sharehoiders ;Lombard piece (February IS) on Turitish .Cypriots (T/C)—which unconvertible Turkish liras dm- weeks but that they may not be 
-2 per- cent.- pear, the-most- recent instance . of ^ an agelong phenomenon dat- Ing too few goods. brought into operation for a 

• : ■ i. ■_. . Britain’s ^uevr despotism, I am i Qg bad<from the period when Lastly, It is evident, I think, f “rth? r year or so. 

me that everybody fascinated and horrified to Cnmis.was.a British Colony and that when tbe Cyprus problem . II » curious that, bearing in 

' 1 fr0I 2 j? 311 ? a obserye hpw. British socmlim eV en. l^ore—actually narrowed b a s been solved, the remedy of time wfedi has been 

-d somebtrfy follows, the pathwaM. Of South during the:peacelul «XKJperation {h E “T/C ecmiomic rickness" available for careful considera- 

;■ ^^henefjtsjp the Atocam^^nal^swiahsnu ^Tien of communities .under should not lie in the separation H.° a J?JL5^S p « S p J vLi ,0 ILJ? , . at 


be Afrikanenioiu _ loaned 
" ^oveirimem with the 
African- labour Party- 


a e ,pi tH lh e - Republic- of Cyprus in the of^^the^economTes^of^the' 1 ?^ t ? e amendment of the regnla- 
South.years im&, when the T/C communities “by physical bar- £ ons « imminent we begin to 
full the economic riers" but rather In the re- hear the customary^rumblings 


the shared -iff 


load, 

nate 

our 


^"K’JSSps'iSS “5.’aa^.™4»«ws & VVa» .«S5»!h3S 


labour 0 wasrto beCTip^-ecL Tbis S«»-^eFwpita''of an into the“ t7c Mw'oTthTS discussions 

lit - ’PVittnlnw it urnnld n».,j ...vi ___. CDlnv DQ 


meaat-teM^f thousands of un- Cypriots. . .^'erefoi^ it would Pound Vm^hT^ortini to H tS ? oln S on 


man, 
ssociaiion. 

•1 Brittan 
ir to all Liberals 


in 


which have been 
around them for so 

skilled Africans were -d£ ^ ^ _ 

chare^l and .'replacedby thatiffie rotereommunal political backed by net foreign limiid It is to be hoped titat Govern- 
“civilised” poor whites. Sun tir inflict af&e end of 1963. was assets of S230ral cornered SiS not ^ P^ded to 

Ms provoked by the totercommunal only 5140m. net foreign Mould 3elay the operation of these pro- 

hqgan a policy of tariff protec- ecoaomic gap. " assets of Turkey wiSTpoS P^ed important energy rouserva- 

Dg^g the next decade 1963-73. tion 62 times large? &£ that faon measures wb, . ch wh result 
—•*— - - & ^ “a 1 m a very worthwhile contribution 

to the national energy conserva- 



rightly complains .... __ . 

ment or Minister The government department the T/C again .shared, though not 0 f Cyprus. 

•ed on the footing when considering applications in fell,“the 1 Q 0 per cent economic r , hlK _ 

. es and formalities for tariffs against imported com- growth of Cyprus, and their stan- L,nTJS ^conomiaes, 

,-illowed to prevent petition' was instructed to have dard of living was also much Economises Center for 
."••'ken against those “particular regard** for the higher.than fhatinTinkey, given Economic Research, 

Ing or embarrass- extajt—to.; which the private that the per capita GNP of all PO Box 1BS2, Nicosia, Cyprus. 


tion programme. 

B. Aston. 

24, Ormond Hoad, 
Richmond, Surrey. 


GENERAL 

Esso shop stewards consider 
proposed new pay formula for 
tanker drivers. 

European Parliament in session, 
Strasbourg. 

Japan and China sicn long-term 
trade agreement in Peking. 

Publication of Central Trans¬ 
port and Transport Users’ Con¬ 
sultative Committee reports. 


dollar and sterling certificates of 
deposit (mid-January). Con¬ 
sumers’ expenditure (fourth 
quarter. second preliminary 
estimate). Cyclical Indicators for 
UFC. economy (January). Build¬ 
ing societies’ mortgage survey. 
5 per cent, sample survey results 
(fourth quarter). 


To-day’s Events 

PARLIAMENTARY BUSINESS 
House of Commons: European 
Assembly Elections Bill, remain¬ 
ing stages. 

House of Lords: Education 
(Northern Ireland) Bill, third 
reading. Industrial and Provident COMPANY RESULT 
Societies Bill, committee. Motions Albright and Wilson (full year*. 

l^landTordS 0 ^; tadSriS COMPANY MEETINGS 

Development (Northern Ireland) Allied Breweries. London 

iSES- fl.!S 11 i , flSl r £ °ri er lfl7 8: an d Rehabilitation of Hilton. W, 12. Greenal] Whitley, 
^® miDerce Offenders (Northern Ireland] Dare?bury. near Warrington, 12. 

Hickson and Welch, 140, Bucking¬ 

ham Palace Road, SAY- 12. K 
Shoes, Kendal, 12. Liner Concrete 
UX banks’ assets and liabilities Machinery, Newcastle upon Tyne, 
and the money stock; and London 11.30. 


lunch, Savoy Hotel. W.C2. Order 197S. 

London Chamber of Commerce_\ 

briefing meeting for Australia and OFFTOAL STATISTICS 


New Zealand trade mission. 
Cannon Street, E.C.4. 11 ajn.- 


69. 



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22 


COMPANY NEWS+COMMENT 


Bath & Portland up £1.6m. to peak £4.85m. 


Town and City gives 
clearer picture 


- : Knanci^liTinrtB Thursday February 

DIVIDEND^ AP^OIINCED- 


IS* 


PRE-TAX PROFITS of building' 
and civil engineers group Bath 
and Portland "rose by almost 
oO per cent, from £3J25m. to n 
record £4,85m. for the year to 
October 31. 1977. on turnover, 
ajjead 18 Per cent, from 

£G6,65m. to £rS.50m. At halfway, 
with profit up by £O.Sm. to 
fi.SSm., the directors looked 


to 


confidence. 


seas 


profits while in the U.K. contri¬ 
butions from the minerals and 


building and civil engineering, 
and from agriculture, the directors 
state. 

Greater stability in the cost oT 
labour, and the prospect that UJC. 
building activities will be en- 


INDEX TD COMPANY UIGHUGNTS 



Company 

Page 

Col. 

Company 

Page 

Col. 

A.C. Cars 

22 

3 

Martin Newsagent 

23 

4 

Assocd. Fisheries 

22 

5 

Regional Props. 

22 

' 2 

Bach & Portland 

.22 

I 

Reliance Knitwear 

23 

3 

Bank Bridge 

22 

6 

Senior Eng’g. 

23 

1 

Bett Bros. 

25 

4 

Solar Launch 

22 

S 

Birmid Qua least 

23 

1 

Stewart Plastics 

23 

8 

Biair (George) 

22 

7 

Town 8t City 

22 

5 

Chieftain Trust; 

22 

7 

Union Discount 

22 

5 

CompAir 

23 

4 

Utd. Real Property 

23 

S 

Dalgety 

23 

6 

Westland Aircraft 

22 

8 

Foreign & Colonial 

23 

3 

White, Child Beney 

23 

I 

Greenall Whitley 

22 

6 

Witter (Thos.) 

22 

8 

James (John) Group 

22 

4 

Yeoman Inv. Tst. 

23 

8 


‘ Current 
payment 

Bnth and Portland. : 

RlrmW QuloQt 3-11 • 

Bagpd-P^ftpah __Jut. OX 

Qlndnc '' Rt o tJiitO .. SXC-5 

RESULTS FOR the half-year £244m. of property has been sokl Dalgety....Jnt Ml. 

ended September 28, 1977 of Town with a book value of £15Xm. This Foreign and Cotonlal.. ZX7 

.. . since A C Cars ..-..-v—. 

a John Junes —...........int : L16 • 


Date - .dope- Total S Total 
- of.spending for last 


„ . .... . ^ ... . and City Properties have been brings the total o f s ales sin 

for budding depreciation "jU in presented in a new form so as to March 23, 1977 to £52m. With 
a full year, be increased by . 


SA 25,000. 

The directors report that in the 
first few weeks of 197S it is 
evident that the difficult condi¬ 
tions of last year have not so far 
abated. -Any upturn In the 
economy will rapidly Generate 
Increased traffic and subsidiary 
companies are in a favourable 
position to take fulj advantage of 
such an upturn, they add. 


achieve greater clarity. 

The total revenue Joss before 
tax and before the transfer from ■ 
capital reserve in respect qf out¬ 
goings on properties currently 
under'development is shown at- 
£l0.97m. compared with an 
adjusted £13.52m. The adjusted 
fissure for all 1076-77 Is £25.2701. 

The shortfall of distributable 
Income is Given as £7.5Sm. against 
£7.5iim.. for the first half and 
£11.03m. for all of last year. 

• Half rear 


X'lbSn* Cl ' h l be! K l "«' » year a net income of £133,000 with 

level ofSoibanbe mLin tamed B * P—P endJn S settlement of out- substantial early reversions. The 
and later enhanced bv deduction 5tandlns P 8 ™?* - “»* ha * surplus funds have been used to 

^ ssL^t£ fit* ^srs reduce i ^ tedness - 

SdeTas-a crethtoS hem te 


and pre-tax profits shows: minerals ^ 

£12.4£»m. f£10.82m.) and OAn. ShTfi n5'“ 
talMtas and civil co- 


payments 
The Tran 
sue months 


p nmrm -1 MIATm rnlUmt , n j cuiiusti u luuiuiiy an uiunuia 

eineenne £42 6im (£3a.6am. and ]ate m due for completioil ^ 
oSkm Vn'Snm'i and ffl jim mid-1979. Given the high Enanc- 

Ssfe'^SartS? SSS; S2L-2SfjSJ£S rtJLVJr 


engineering 
fn.GSm.) and £l.Mm. (£0K7m.) 


AC Cars 
ahead but 
pays same 


now concMcrfag o right, ■»». E ^ meers Md amabmmn of 

.-.. ... fFSH 

Interest takes iO.BSm. U0.94ro ). ffrou P “ Jilted turnover from £2.12m. to 


I.I.IA-II.I III1U Al.u^lll. isvn<iu.| 1. CIn t 

and chemicals tOJtai. i£C.07m.) „, Pl . _ l 

and £024m. loss (£Q.02m. loss). D/e of 4 0 


Recovery by 
Regional 
Properties 


£2.64m. for Lhe year to September 
30. 1977. and pre-tax profits were 
increased from £199,086 to £218,456 
after £90.000, against £78.500. for 
the first half. 

Tax takes £110.606 against 
£90X03 and full year earnings 
are shown to be up from 4.96p 
to 3.39p per 5p share. The divi¬ 
dend Is maintained at the net 
level at 0.95p with a final of 0.6p. 
Last year's pre-tax profit in¬ 


interest relating to overseas con- capitalised at £12Xm. 
tracts has been charged in 
arriving at the profits of the build- 
in:! and civil engineering division. 

Before a tax charge of £2.17m. 
against a low £0.6Gm. stated earn¬ 
ings are 31.9p (22.7pl per 23p 
share and arc sbown to be down 
to 17.5p (17.7p». after lax. The 
dividend is stepped up to 329Sp 
(2.8*»8p) with a l.TSSp net final. _ 

There was no profit this time the RECOVERY anticipated by ... - 
on disposal of leasehold property Regional Properties has material- ?' uded 0 transfer of £2.Bio from 

compared with ID.64m. last time. ised arld resells for the half year A*® *“*.P™"" 

and the surplus on Debenture t0 . September 30. 1977. show a company has 

redemntion WJ., down from ^ prortt of £453,000 com- StatUS ’ 

2 543 t0 „ ; \ The ,T UPS Par«l vvilh a loss oF £168,000. ■ 
bahnee sheet ‘hows total net ^ inter j m dividend is to be 

lit o' ,oo SSm i, l£19 - 4Sm -> or resumed with a 0.3p net payment 
lllXp fBSpj per share. _ per SSp ^ are the directors 

• iptb -,1 lB.a-Ts My that second half progress is 
7%-Amen.Am such * hat theyantaci pare a similar 
S.9S4.W.7 6.54S.WS payment at the year-end. Last 

Mni.rw 1,381.2 m year there was a single Ana? divi- T w.n«i*.ri Tie™ inn men t Airs- 

SiewS for the^ year came toKd Pr ° fllS tra,,a - ln which Transport 

c.]».:m «e.2is for 016 year d 3 ™ 11 to -“.fi 2 **. Development Group has a 70 per 

nail year cenL interest, reports turnover 


close' 


Tirmovi^r .. 

Trjdiria wMk .... 
n-prpi-iari'in 
Tnlrrc«l 
Pf-c-lax prnni 

T»nlinn . 

Nel profit . 

KxrnortJ. crvdllst 

Mttkinc . 

Dividends .. 

Foraranl . 


Transport 

Development 

Australia 


(MO down from SA9.34m. to SAS.34m. 
i tor the six months to end-1977 
i'-;ic and a fall in pre-tax profits from 
-tes $A1.2Sm. to SAlJOfim. 

-IBS First-half earnings arc shown 
r« at 11.12 (12.561 cents per share. 

The interim dividend is held at 
‘’.J* 4.fo cents, payable on April 21. 
-ins The directors say the profit 
was .achieved despite a hard six 


2.fi8?.4M 2.»1^S5 

5.SS! ri3.STf IdTT 

5.HSS.W4 3.3M.T97 £500 

517.241 44S.979 \ t | laconic . 919 

11.873-236 3 .wk _43 micresi parable . 4flfi 

t Cnpinrlses prufit >»n dl^rmsal nr l-a-n- Pre-tax profll . 45.1 

hold pmpmies nil ■ £A.it4m. 1 and 'oirpl'ia Tax . 330 

on debenture redemption 15.822 ■ 171.543>. N-i profit . ?■« 

Net mtcr-sr . C2fi 

___ , ,,,4- F.vrra-rird. credlis — K3 

0 comment uamna ... ... «« 

„ . ...... .To capital reserves - 447 

Bath and Fortlaods growing L. a rin R . cm 

overseas earnings are now being interim dividend . tn 

registered in the group's tax - loss, t And auicoiriRs an development months trading, particularly for 
charge. Overseas tax jumped propvnks. the haulage and car carrying 

from £90.720 to £124m. reflecting .Members are told that the com- activities. The fall In profit 
the influence of the jumbo Iran party has been active in taking reflects depressed trading condi- 

road building contract, now advantage of market conditions in tions aggravated by the power 

valued at £90m., which chipped in continuing the sale or certain pro- strike in Victoria, 

profits in excess of £lm. In total perries while, at the same lime, a professional revaluation of 

overseas work contributed some it has made some advantageous properties has been arranged as 
12m. of lhe £2J!m. profit from purchases. at July l. 1077 , and preliminary 

building and civil engineering. Full details will appear in the figures indicate an uolift over 
However, the heavy Iranian com- annual report but sales to date book value of some SAlAm^ an 
mitment is still causing financial this year have amounted to £3.Sm., increase of some 20 per cent 
strain. Inleresi charges have being £ljm. above current book This revaluation, when finalised. 

climbed from £l.93m. to £2.fi5m^ value. The net income in a full wifi be brought into the accounts 

representina over a quarter of the year from properties sold to assist in accounting for in- 

trading profit. amounted to £210,350. flation and although not adopted 

But while net borrowings have Properties purchased amounted in the figures for lhe half year 
only risen a tenth to £82m. it is to £L.fi&m., producing in a fuK it is estimated that the provision 


rises 14% 
midterm 

ANNOUNCING A continued 
steady improvement in pre-tax 
profits by some 14 per cent, from 
XSS5.164 to £1,010,414 Tor the six 
months to September 30. 19“- the 
directors of John James Group of 
Companies say they anticipate 
that this rate of progre-s will be 
maintained during the second 
half. For the whole of the 
previous year, a record —82m. 
surplus was reported. 

Although first-half turnover 
advanced to HO.SSra. (±7.y7m.). 
profit margins have been con¬ 
tinuously under pressure, state 
the directors, who report that the 
target of at least £1.1 im. invest¬ 
ment income for the year will be 
reached. 

Stated haH-year ea miners are 
up from l.Tfip to. 2.09p per 25p 
share and the interim dividend is 
lifted to I.155p (1.05C25O) net. 
costing £290.874 (£272.180). with 
the maximum perm inert final 
forecast—last year’s final was 
1.4025p. 

Tax for The period takes 
£411,375 (£382.309) and minority 
Interests £8.641 (£5.991) lo leave 
attributable profit ahead from 
£496,864 to £590.395. 

0 comment 

Given that John James' last 
annual accounts showed i hat four- 
fifths of the Stroup’s quoted invest¬ 
ments were in preference shares 
the level of investment income is 
likely to be little changed from a 
year ago. So a 14 per cent, pre¬ 
tax profits increase has been 
largely generated by its industrial 
division. -This has been assisted 
bv a first-time contribution from 
Mer.dle Bros, (domestic and 
medical plastic products! while 
the other new acquisition Evans 
(iron rounders) is undergoing a 
re-equipment programme and 
may contribute only a small pro lit 
for the year. 

.Most of the group’s mixed hag 
of operating subsidiaries have 
faced stiff price compel ition and 
group pre-tax mars in.s have 
clipped almost two point-t. Pricing 
pressures ere likely to continue in 
lhe second half and full-year 
profits from the industrial 
division may be around Sim. 
UCi.Sm.) which would nut the 
group on target for pre-tax profits 
of S3.Jm. (£2.Sm.). The shares at 
43!p yield 9.7 per cent, uhlle lhe 
prospective p. e taking a line 
through last year's las charge is 
4.9. 

Statement Ifagc 25 

WEDGWOOD 

The Board jnpeting called for 
to-moTO\v by Wedgwood i» to 
consider lhe figures for nine 
month*, and not rn declare half- 
year resuUs. as indicated in last 

Saturday's Results Due column. 



T977 

1SW 


£40(1 

BKH) 

Gross property Income 

18 AM 

- 17.961 

Net proDurtF incami.- 

2.1.18 

X26S 

Other income . -. .... 

2.IB3 

1.212 

1/ilert-st pjyabJe . 

15 til 

ISMS 

Lon before tax . 

1B.1 W 

1X533 

Tm r*iief .. 

1.079 

472 

Nei loss . 

9-SfW 

13.031 

To minorities . 

. AO 

*19 

RvaUMd capital losses 

i-sao 

13.018 

From capital reserve .. 

liWl 

13.918 

From cap. reserve! - 


5.515 

Shortfall . 

T.5M 

7.555 


book value of £46Jn. - 

\See -Lex . 

Greenall 
Whitley 
Pref. scrip 

Greenall Whitley, the largest 
eglonal brewer In the UJtC. Is 
inking a scrip issue of S per cent.. 
umulatlve Preference shares to 
olders registered February 10. 
One new Preference share is to- 


Regional properties - jut. OJ> * 

Reliance Knltwew _inL 1.4 - 

Stewart Plasties .tat, 1-14 
Utd. Real Property- ..-int : 155 

Th. Witter .. 2.4S 

Yeoman Inv. ..i..-—44)5 


payment 
’ Ma*. 31 

* May^fc. 

May 4 
'July't 
Apr,. 6 
Apr. S 
Apt 1 
-Apr. -4 - 

- April 6 

-.Mar. 14 

- Apr. 7 

Apr. 4 


dlv. 

'145 

SJ76 

028 

5J5 

524 

2.05 

0.6 

L06 

Nil. 

1 

l 

L25 

2.17 

423 


year 

13 .c: 


year 

2L9 
4Mt 
: ? j 029 
10 9 

— 1167 

3.77 .22. 

025 .. 023 
~7T- ' . k 2,48 
‘ 0.65 

.6.15 
3.14*'* 2JB 2 
7A9 : 85 


i 


i 


Dividends shown pence per share net except where otherwise seated. 
* Equivalent after allowing; 'for scrip Issue.' E On ; capital 
-Increased by rights and/or acquisition issues.' tFor 65. weeks. 
.8 Australian cents throughout 

Chieftain sends second 
batch of proxies 

Chieftain Trust'Managers has and £6 per cent, per annum of the 
now sent round to Second attaching bonus pension, com* 


r 50 “A’’ Or din ary shares held. ; pnua - e5 requiring the Board of per * cent, previously- These 
Dividends on the. new Prefer- investment trust to can ah increased bonus rates, allied to 


. — iy on maren si ano swwm- win present proposals for the the company among tnetop traa*- 
• rtMl minorines. t In Of ber 30, the first payment to be. mMoii rton of the company, via ttonaj life companies for competf- 

b 35 ^,m«ISd ^ d made on September liquidation, with a view of bring-.tjvenass.- 

, c , amounting Jo 4-4712p (together valuation on the Stock - - * 

Realised capital profits less with the associated tax credit). 


losses and capital charges (after 


lug its valuation 
Exchange more Into line-with-Its 


Westland not 


K4KGST£1 SMS pMV’-SSW *%Z3 t 

aSHU to « w-sffaa.sf keen on 

amoLntinn In if7m ' £, m Uonal 20.619^00 Ordinary,shares night_ago. on the grounds that.for JVCCll Ull 


amountine to £2.7 m. less net ----- —■•jVLeVoB p,-^. 5... 
capital profits of £424.000 and a °t 25p and 4^45.125 Preference technical^ Jasons. 

surplus of sale proceeds over shares of *1 


it was short _____ _ _ .. 

__ __ of the 10 per cent required for [Vj |jJ U Ai|l ; 

ori-inal cost of oronerty less At the same time the group is He requisition of a peering-. The JCjU dlU 

renitai sains .ax, amountig to thJ 

The 3urp]u= on o, pronertie, yBl fhe“Se 5 

has no regard to valuation ^Sui repitSl aii latter to appeal agate to $are- 

surpluses rn previous years rese rves from oue to one and holders for a second batch of very unwflBng to 

amounting to £5.42m.. which were a . haJf Mmes the new base figura. proxies- These, with some of the National Enterprise Board for 

included in capital reserve and on tS revised baste andlbe Proxies sent into Chieftain but finance. In any ease he was con- 

have been written off. consolidated balance-sheet ar hot presented to Second Broad- fideat that the company would 

Tax relief is limited by refer- September 30, 1977. the. Ifcriit nraunt first time roqod, hwe now b® able to get on.-wtthoct such 

cnce to the amount of ciffsettable wou id be approximately £942m. heen sent rouwi to the company am. . 

chargeable capital gains. Slgni- which compares with the current as the second batch. He also voiced his opposition, 

ficant losses remain available to fimit or approximately £4&9nif ' Chieftain s. managing-director, ^o 1 tt» Government “blacKIiat" 1 say- 
be carried forward against future th e existing article. . Mr. Peter PBtte, sbqts tnat_ the (ng “we must * not -have too 

revenue profits. At September 30. 1977, the second batch of proxies hasten Government as judge, jury and 

No dividend is recommended borrowings of the ermip. SSi 
for the period. Last year there amounted to around £14m. ^ .Hoijrevffl; he Tefroed a s hdre- 

was a nominal final dividend of According to Greenall there Is.no 8 n0t t0 * ^ 

o.oip net per lOp share. immediate need or intention to doxies for iper ctot of toe of toe ntew. Government contracts 

Since the proiiminary announce- utilise the additional borrowing ^chiding pay laHritaT cUrases. 

ment «« *«-« * **«*""»■ . 

Potts, rejected a request that 

Chieftain should sit in on the^YT7* j j "•» 

counting and verification of ^h e _\/V llTf*!* , ‘y . 

D A spokesman for Second Broad- -- - - 

mount's financial advisers, Aributb- 4-Alln 1 171 ft lylyM - 
not. Latham, said last night that I /II | S X>ll*Z*f IIh 
there was Iflkely to r be a state- 

Lns.ses from trawling by com- the future and as a result there- teent the company to-day. 

panics in the Associated Fisheries may be years when profits are 

aroun amounted to oven £lm. insufficient to compensate fully who own some lo per cent-of the 

during the first ouarter o* Lhe the fall In the value- of the equity and control a further 88 FLOOR AND wuli covering mami- 

eurrent financial year company's resources.- wr cent by way trusteesWpSi fartui^re Thnnias Wftter^JUidTo. 

4 . . Th _ Rn--,, t ho nninUn t0,(1 shareholders to do reports pre-tax proflts ddwn from 

f ss?« wjg sr*. 

tiff ins 


i v. 

i t 

i -i 


!* ;*r; 

‘•i •; 


(•> 


over 

£lm. in first quarter 


to £0.88m. 


Hr. P. 
a Press 

added: ...w -- „ , . 

look equally bad. perhaps even {“p 31 capital base, 
nurse" Revenue recognises 

‘ ' , proposals made in the Hyde 

The company warned earlier report are insufficient, states Mr. 
this month that its trading losses Ritchie. 

on fishing more than exIrnguHhed . T ___ «*- 

P*-ofi;s on other activities during ^ or ^-— <,n Ja “ ua J7- 26, 

months *•-- pr0Ht for 


SCOTTISH . '■•fiuM 

After.tax £481.007, (£378^31) 
MUTUAL • '.stated earntegs per 25p sbiire are 

lUtiiVKL •. dewi, St4^p (5.Sp):iod the tto-j- 

The Scottish Mutual Assurance dend is increased- 3J.444fi75p 


I ’ * -5 
.< 1 ;- 




o£ the depressed^ n57ii t?a reroid'Soc 1 ^ 1135 “creased itsintfir- OSl53125p) wiUi A ,-het final of 
deprMsed £l.87ixL to ft record mfldiate rat es applicable to 2.MMS75p. " 


ihe first three n f tv.„ P™flt fbr 1977 jumped from i. 

current year. _ __ __ 

Britain was faced with the de- “’***"'' _ • , individual pension- policies and Ert-tea profit taduded invfest- 

st rue lion or much of its fishing Against the background ' of --i* _ emDloyed retiremmit meat inemne and toteresi recetv-. 
industry hccause of the failure rapidly falling mterest rates, annuities. i*le a7^66 (£22^70) and aftet' 

of the EEC to renegotiate a long- massive sales of Government i^e new rates are £4 per cenL minorities the amoant attrfcntabP 


sterling, the com piny was pwticul 
The viahiliiy of the British fish- active In the management of 
inn industry hai already seriously the portfolio and turnover was-at- 
det^rinraied. he said. The UK's an exceptionally high leva].. 
contribution of fishing waters to Meeting. Great Eastern Hotel, 
the Common Market was about on Marc ‘ l at noon. . 





Results at a Glance: 


Turnover 
Profit before Ta*: 
Profit attributable 
Dividend 

Earnings per Share 


1977 
C'000 
129,762 
12,216 
6,250 
3.6221 p 
13.47p 


1976 
£'000 
111,951 
9.37S 
4.624 
3.207 Ip 
lO.OOp 


From the Annual Report 

CompAir again succeeded in making real 
orogress. I am pleased to report results which 
reflect advances by Group companies in the 
United Kingdom end overseas and the growing 
impact of measures taken to improve the 
efficient use of resources. 

Accounts 

Sales increased over 1376 by 16 per cent to 
neariy £130 million and profits by 30 per cent to 
£12.2 million Earnings per snare rose by 
34.7 per cent, easily the largest annual 
improvement in the Group’s his tor/. The 
improved profit margin and less man 
proportionate increase in stocks and debtors 
reflect the benefits beginning to accrue from 
the continuing programmes of rationalisation 
of product ranges and manufacturing facilities. 

Overseas Companies 

CompAir’s overseas companies performed 
extremely well. Australia, operating in a 
subdued economy, again produced outstanding 
results. Kellogg-American rushed ahead in a 
dull trading atmosphere and Canada did wejk 
A feature of tn^yeorwas a marked increase in 
sales to countries of the European Economic 
Community. Africa again made a good 
contribution and there has been a build-up in 
business with the Middle East. 

Development 

We must secure the moat stable base we can 
for the Group's broadening international 
activities and this aim will be furthered during 
the current year by expansion in the United 
Sta tes. We have successfully concluded 
negotiations for the acquisition of the Fluid 
Power Division of the Watts Regulator 


Company. This important venture, which 
broadens the Group's product range, vill have 
a valuable part to play in the -/ear: ahead. 

People 

The 1977 result represent a no good 
performance by pfsete through*..'! CompAtr 
and is testimon - / to the success o* work. 
Emphasis is being to meaiur- s which -• 
v-'ill increase the oerres g.'j v cE -rmsnt and 
uncerstand'ng c r. :he oar*. ?f ,-ees m toe 
sector of the business in /. hi :h the work. 

Comment at the Annual Meeting 

Business during the corrc-ni vear ;• es opened on 
an unsettled note. There has bee- no significant 
improvement in trading :■* • in most 

of our important markets and n some areas, 
notably in Africa, cresente-frer'cnca is less 
favourable.Current jiT that the 

result at tjie interim itag-s vui 'v.- -natch 
last year's e'ceciionaUy r.rcd :;a- re and that 
trading v. ill folic .v a more "tn,. course, wrth 
business garni lie mcmer i;.m :!■.? second 
half. Th« oui'cc-k s-'i the Un" :i K'-'-gdom 
is improving and there ij tem-, - r pe 
«l se 'h c rc- for re ga i ■ r c g w . u • -?r i n the ye a r 

when v e sha" be efit from i -e 
development of o-..*r Mc-rth -nien-.en activities. 
In.the meantime. I can assure- .o i that the 
Group is geared E-: make e :*r. eh'ort to achieve 
a satisfactory outcome 197o 

Nialt MacdiarmidChairman 

CompAir is a major international supplier of 
compressed air and associated equipment which 
has extensive application in manufacturing, 
processing and service industries and in 
construction, mining and quarrying operations- 


Distribution of Sales 


United \:r,gzzrr 

30'i 

Eurcce 

2T-i 

Airier. 

is-.i 

North Arr.=r;:a 

12-a 

Oilier Terfiii-r-rs 

19 c .c 


Cspi-5 cf tr.i --rvj-sl r^n^r. • 
ociai-ied fiom tr.e Ss:rei<i--- r 
Brunet \\±\\ Sougn. 5sr’-; 


^ts can b? 

'-■•‘p- '■ Limnsw. 

ccU i:.l 


BroamlUade Holmnn Hydrovane Kellogg-Rmerlcan Luchard maxarn Reavell 


lv.o-lh'r.U of ihs rotsl arna. but 
|bc cwrenf nrnn.iaal hv thp EEC 
r^nitniMinn v.s-s an offer of about 
hilf lhai fienre. 

The nmtrvicd delays In the 
reneeotiarions are nationally 
extremely dangerous as there 
must be a limit to the time thal 
'ieci*i-in<. alimit the future can 
bp held un. Mr. Tapscott lold the 
conference 


Statement Page 24 

Bank Bridge 
at £12,000 
so far 


bastes pw 

George Blair joins 
OTC market 

The Newoastle-basefi . fsjindry contaiaer^ feD away_dramatically.- 
group George Blair, fs the latest As a 'result,' profits . £or lB76-76 
company to join the .overtoes. dropped .toJZOQiOOOrbn sales £lm. 
counter market operated by lower at. film. However, : last 
Bt J: H. Nightingale. • ■ year saw a recovery mid nrpljts- 

About a 



lllVieilL'e. .. _ miUODJi WILU 1. ' .1 ipniiinnr • fiuu. 

As known nre-lax niofiis for REFLECTING the loss of earnings ^throughout-tiwibst yvar. of tpre- 

" jm, in .-in.im.tar SI. wW! from the asodated company dE tndm*. lao "bulk of the 12. per «L £ tt^.p roflg _o f_go ftroq^^ -- 

nn Posed, of during the period and cent will be supplied from a . Blair's -shares are Wecteq jo 


from. a. 


Discount 


thp 

rnse from £1.91m £3.53m. on “f- “““js iwuuu ana omm- wm -»e hnnlii tmfltnrr at ft nrim nf'14(to 

surnover of Z9S2m. against * he ■ow level of income previously TainDy,trust.whfcb.needs to.liqm- negro tradteg^at a pnee ot.iwp 
£S«.73m. forecast profits of Bank Bridge date'shares for tax reasons. . . • ta ft^.!nSS5S?-ffiiS 

“i?™ 1 a96 g°° t0 *&-000 Pdorto this deal Blair cnly had SsJiS! 

for^Jm half year to September SO, ooe atarobolder oetalde tbe Blair o^£!s*E 

- .family and company executives i„^~rr Aw ;V.- ■ 

nared wito iizaS “r™* was a5_per. cenL holding 1W p( *- W “ L T ’ ■ 

pared with £124,000. Turnover for Barclays Merchant Bank. .• v. ■w : • - -i ' -• 

{S e £lJ9 n m dr0PPe,i rf0m f4 ' 6Sta - Ti l Blair, chairman hhd Bogod '‘f&gWSt 
Describing the year under The directors state that whii* hwnaging^lrector^WiS the qqole j-,!- maehtne* 

SSTfS SsSSSSf a2PS3F^ 

that the com pa nys profit and foreseeable future. The cumpapy was- .founded ,n prfonah renorta- profits an from 

the rate of inflation have both For all 1978-77 there was a ore- to supply toefl 

been subject to wide variations tax loss of £117.000. The last dlvi- ~VWtMP-a few i ye ar8 it moved tnte- v. g-_ fA p lK- r on .1077 ~k. 

•talinu nelfkili, , circura - ^ u iSffita™ Stt “S **•& l&t ' TiSS 

slant, e.- are likely to continue in per 5p share for 1974-73. Mfflwxi.- and-from tiwro w .. 5 

la 0mm e r "KTinttrlm dMAltld itVo*. 

^ Srt^. the 

lin>”cri r ^idV SUran ? e -u ,he “."-l'* r ' Juai Oexlbility and tax.efficiency Bfting hlocka built*'idttf cargo 

w h ° r S f a K L,f f by 3 syriem of “ segmentation containers. Ckiroer casitegs :<of 

in flUt C «J£r3- ed b r*-aking down each contract into which SO per cent are^icponriiy ^FffOfi^ £394,O(J2jiTh0 

ns lirat anniversary by extending identical segments. now account for around 45 company la ctoee. 

<fmcnf ***“ Ser.ccnL of.BWs business:.. : T ^i T A - --3.—f-- 

Its other products' include": AHStrEilJI 

isuension / s9st«as,^fer ■> *"***&*&-- fisf ^rter ^ 


Solar launches new fund 


Crescent 

Japan 


suspension / systems, ^.for :j toqd^ 

■ ■ ian, told 


its investment range with the 
launch of the Solar International 
Fund to add to the existing funds 
—equity, property, fixed-interest, 
cash and managed. The aim of 

this launch is to provide Investors___ ____ , 

with the opportunity of spreading . - pf .sales „go :t*t British 

£rLS s '* s ' mom on a se03raphi - improves ' ah/gsSrS. 1 !s&V&g ^ 

The emphasis at the start will After achieving a pre-tax profit The company operates- wuMflft* ^However, “tire quarterix 
be on the U.S. market, where the ?* £7£F74 against a £113^82 loss foundries and one machine -.shop, growth was- fcestrV~ted 
managers feel that a revival of In lhe first half. Crescent Japan in the Newcastle.ar^ aS.well as a vjetorian power dispute' 
confidence cnuld come w ith a Investment Trust has ended 1977 small steel-foundry near Glasgow, -Australian bro ught • snii’. ttu* 

r ^|inli- n i- !! C .--J Ulitk n f — . . Mn< m LU.-to nnn (nr _”, ... -liTj** V 11 ® 

The 
means 
unless 
preni 

currea* _ __ ______ ______ 

Investors w : II be able to use the Net asset value is shown at 152.5p April E 1973b to £463,000 to->974-- to healthier sales growth”^ 
switchm-* Faeilii-es into and out against lSEflp. * j£>75. The*'tbe-uff jpeWs/strudk products over the remaiMtt-vjaf 



of this new fund. 

During the first year of opera¬ 
tion. the company has recei-.vJ 
over £-Jm. of orcmium. against a 
forecast submitted to the Depart¬ 
ment of Trade of £l.Sm. i*he 
average single premium has been 
:n excess of XU.50O and the 
average annualised regular 
premium almost £1.1)00. Tbe 
company only operates througn 
brokers and professional financial 
planners and bas received busi¬ 
ness from about 2nn sources. Its 
plans for the second year inel-id* 
Inunchins self-omn toyed and 
executive pension schemas. 

The company is miroducin-i its 
new method for achieving maxi- 


Again no dividend is to be paid. - and demand' for 


trafle*s-and the trading year. 



TH£ PHEUPP1NE 
INVESTMENT COMPANYS.A. 

N'et Asset Value as of 
January 31st, 1978 

U.S. 39^3 

Ln Liuombniirtt. Slock Sx<dtaii&e 

.VqiQI: 

Esnque dn Ldtpmboors 

lavos'ni.-nf RjoWr~. 

M.iailj Pacific Ssrunilc' S.A 


Qsy secretary told me to-play 8°^ Abo^-secrefaiy-tean^ asm CT erysii^ 

she could get r ^ - >' c ; j 

■* ^ ' T -Ttetiswiiyiive,atSesOTSeCTetane^vfm^^^^ ! 

^7 3 - drie^.offienrfbgycai ana^icaiai^ ' 

first met yori and taken stock fcibftiofyi 




pegs well away from square hedesi. 
ffyotrwanfa secretary who's rigiitfor 701^./ 
;weTetfaepeqpleyoirneedto'caotact 
We also pride ourselresoa having liiebQst 
ternpsmlfaeeily. ' 

Ttel^Dhcme Bridget GJteeh-Twafdg, 


^: - TLpBrfectxnafeh, for;W9^ry _ 

S«idorjSecreune%i'6Tiuin 1 j Street, London EG2V 


!> 






s 












T' ffiehraary 16 1978 


r-'tt r 



•55m 



NST A 

ground. 


J“?2“S SSSSL"^ t«<lWg prefit shows fin the wrought and enflinwrine ore- AT ' rHE ANNUAL meeting or £73.071 nibjm-i to ta* of £21.321 

d taxable pSbS Of 55I 1 Suets division with a ^ommen* CtonpAir. Mr. XiaH ManlUrmid. apatast for the half year 

it 52 wSLS tb SSL 8825 **L abIe ' contribution thereto from lhe chairman, told raemoers that to Septend. 

• iStoL^SKJh htetlng.prndaefefl^ffiO W) irrigation nroducte. current Indications are that first- ■«,. into. 



r.*r :;a. 1077 . 


S :&£££» gfc»7< ^r *»£Sj."‘agSKLi. *.*. s^-s^lsusijs 


> nted- to 
- Sui_. 


£lME7ni 


J2SJ2 jnm *SWSw' '^Sl n pressures which industrial dlsrup- exceptionally Rood figure. sll . 

against f £29,392)- abd * £2.128 tton creates, the directors report fin£ i trading will follow a more is 



THE IMPROVEMENT in profit iflM.ta.1. Malaaz at.B®. igi.ftnjte 

S» (jertormaBce In the VS.. VA,v» BOARS MEETINGS SK$ SSSS Sgt .fiSSt 

•-anada of miernauonal merchant f „.,, fiwi r<wd ^cessiw end dianbuton £Sj.«a. 

T!|U f-JU-.--v.tj:. cttnunlfs have auUfird ro aimudii> iradmz aa6 

OKTch.-inilnR £ 7 S."iu. 1 ■ ifti.iBj. 1: 3 row nr 
I"m. '.£2m 1 and chemirab, and enRtt^r- 

i-'Mai. ^Tm.J, - 1.0*5. : DtOi:. 

See Lex 



Knitwear 

optimistic 


L- m _ . escape unscathed but .the per- 

-, ^g* per 25p share, are formanee.of,most companies with- 
- ASp in the-division can be considered 

„ ■ r~ffv ^ .AM*, dividend satisfactory . and, imleed, some 

4h?j» makes a maximum were excellent, tfesy-point out 

tt«l_^oted. for-the year ’of ^ REPORTING taxable profits tittle _ uiuiulici a weitr lcjui uii|| 

- (4988p) net •? l !?^w^^5L ned chanced from £384.000 to £391.000 acquisition or the fluid power in- 

St was subject ‘to -' tax of ^t^tfr-JlMOughout f or ^j, e six months to October 31. terests of the Waus Resrulator 

■-•- f ff7JtSirL). 'Aiter“j 
ad an extraordinary 
i >. ime of £0.49m " 

\\, investment, t 
•»Wto emerges 

>3 °v . 

Kttf 



1977. Turnover was down y.ir-- -..nimble, 

si:?htly from £37tirn. to £oi55.5ra. , to-Dav, 

Interims—C lum. ijusidKlI T*ri»;»cfT*. 

Mr. David Donne, the cnairman, Muio-afc. .vm R*,..»irir« nrporarhin. 
cav% th3i it i* loo early zo make e-.tb.-imI Sunk-? lav.-himcnt Treat , twos- 

a -MUihiv. ftrac for U* Ml -JSaiffl. ’*%*&£. J»ci« 

yv£ r. DU! he expects Similar ud Wilson, .in«h A;ni.rican Coal. Di-ben- 

irauin? conditions to continue in lure Cnr»*^rj»>.n. bnur. Lnndi.n and 
lhe j-emnil half. When reporting Ltmrt invwum T,:<t. NcwBold and 

, h , ,o-R.-r ..Mf’t r rn'Tt nr f IT in. Runnn - N<w Turk ani t;*rlmoro Invetf- 

tnt lSiG-n ipars pro.it or ili.ici. rafinl tt«m. Hmfj 1 X«:rlnirton. River and 

directors said they er.pecied 10 Mernsiile Trim. Mv- Plaie and General 
Rental and ^on-ice incomi* of achieve an improved performance nihunn: Truft. Ronwey Trim, su nvTm i\m’PB«f nm» , naSnMi 

ing ground later in the year when United Real Properly Trust m the current year. juiar,w Tra F , u ?iRi rr D JSc IU:liam - TURNOVER of -3.01m. against 

the group will benefit from the slipped from £|.37m. to £123m. Stated earnings per £1 share i Dle riin*- A 

deyeJopmcnc of its North Amerl- for the h-df j»-ar to October 5, are up by 2.5p 10 13p and the prui-ti ‘lar .\ur.m .. .Feb. 21 J,"""!! 

can actirilies. 1977 and revenue fell from in'erim dividend is increased Eider .Snmii Goi^ir.iiwu Mon Mur. ~ BWIvan 

Members were told that the £1,027.000 ie iT.l;..U0i). 

Tax tiihe-i £419.(100 compared 

". "" ~ The 


TVierc has been no significant im¬ 
provement in trading conditions in 
most of the group’s important 
markets and in some area* 
notably in Africa, present experi¬ 
ence is less favourable. 

The outlook in the U.K. is im¬ 
proving. however, and there if! 
some scope elsewhere for regain- 


Utd. Meal 

Property 

downturn 


Stewart 

Plastics 

ahead 


£2.57m. for the six months to 
October 31, 19<<, pre-tax profits of 
Plastics rose from 

from SJSSUp to R.4fl7p net—last - I™ 9 -** 65 *® £T ^' 879 , in ^ u ^ in ? 

year's UnjJ v as 64376 n :VT- ur T , r ’ . — ■ t e ? A? il-o«S profit on disposal of fixed 

>ears jinji vat, o.-*siop. MelCnmi In\-imtn: Trail —.Fi-b, n 3 *™,* comnareri with cyixi 

The chairman says that the ^ uU " t CharUnt lave-intents .. Feb. 2S 



194JI7X 

12.851 

21LSS3 

15^78 

(.Iisaoc. loss_ 

dim cmr.. 

' 332 

. use 

. 5.910 

UL552 
' 7J78 


' 4.835 





' tale ■.. 



it _- 



i .. 

■ 2.128; 

3.883 


profit. ’ - First half turnover was ahead t he group's sccuriry against" flue- revenue v.a.< ±i.9m. The company 

J37S-77 107S-7S_l?r,, e . u . Jreap » from £5.59m. to £7.46m. and tax tuation in more volatile markets, is close. 

assgrow- fo r j^g period took £42,000 
e market (jrao^W). 

e^ny The net mterira dividend 
duceii 20 p share is stepped 
to 1.4p at a cost 


SL 

week* 


_ appalling weather tor 
wn'ts in? seriously affected 


In the meantime the group i S _ "i 



of Its home 


realised, a 
final dividend 


or the full year are \T A „Tn««A«. 4 . 

maximum permitted IN6WS32Cl3t 

™** will he recom- 0 


visional breakdown of turn* 


; 2.875p. 


«« ***%£'-* :!" d S*}%™**- New Zealand 20 'per cent, a 

declined ?* ^ “■ .. , 

neninsr ^tor:ln" am) had the He ada-« that the l .>. v 


_—-----.— Rmadi-v M.rif-i B-ii^m Feb.-ji «ne imerim dividend is 

groups Australian subsidiary D-.\v:.,aan^ v Mar. a increased from lp to 1.142Sp net 

continues to Produce a poor _ 25 share ~last year’s final 

nreraUng periormance and is was l-TPlp paid from recort pro- 

bemg rationalised m ortler to re- ^ l[s 0 f £^ 5 ^ y 

dure the capital employed, v hich and the utilisation of prior year n 

during the half year has come losses in ihe L'.S Pre-tax profit a iso included 

down by £7.3m For the L'.Ktax has been umre* receivable of £90.973 

Mr. Donne state? that although based on »»andard [ax charges due (-113^081. Tax rook £403,000 

the impossibility of assessing against £375.000 and the amount 

. impact of stock appreciation retained was up from £-305.735 to 

lief and capita! allowances' for £314.440. 

full year. -v. the halfway The company manufactures 

L'e. Tax for me half year is plastic anicle*- for domestic, 

nus uniikeiy *.o be comparable horticultural and industrial nur- 

spread uf capii..! j.?: V.r\. 49 per with that for the full year, it is poses, by injection moulding. 


ye.v have hvc:, converted ar £109 , enu Kpnh Anier ; ca 13 ,,er cent., stated. 

and The group balance sheet at 
December 31 Sirov’s total net 
sterling and had the He add* that the L\S. was a3s * ts , 2t —37.j>m. (£2flP.2m.) with 


1978. were £2fl.83m„ an increase 

WING THE :bener than profit was largely due-to-contain- and Company be has found the ° r 18 per ce,u - over s:,les r ° r lhe 
•Bd outturn to 1976/77 Mr. mehr.of expenses and.lower m- weight of responsibility as chair- same period Iasi year. 

01 Benev. chairman of tcrext charans ; - man ,K e charge upon his '' J th regard tu expansion, the 

been considerably i°™ pa Pl :_v° pen . A e " infill TV SOUgSlt 



VCB confident of progress 

npic 4-*'i.ChNil. l dll IflUUilM; 

Support for DoT the ^Australian 

--^- == —.... ..I. * , . ...inquiry sought £ 

rtng concern, teHs members spendmg more than iltn, net on received Board approval to use 40 established shops during the My. m. J. G. :.loi r seeking pJ, 
confident that the ..current fixed assets. Current. • trading part of his time in assistinc in t '* : ‘ 0 “ er l. *978. fne total support of rrri.->riry frhar'.-hjlder? ii. t 

dll be a thoroughly satis- asset s have been maintaiqed under the management of another 01 . extra bl * nCb fs would com- f or a Department < f Trade u v 


Yeoman Inv. 
earns and 


Child and JBcney,: the The year was one-.of: heavy in- time has 
als .handling and' plastics vestment with the group again reduced. 


•Turno'.'.’r ... 
Australia 
N. C*.-3l3ni 

IK. 

Canada . . . 
t’.S. 


Industries, % _ 

Ion 'of the new-profile stock^relief. ’ Meeting. Connaught Rooms, 

j ‘ : ‘^^i^^I^'j-rinfiriionm • a* Working capital sbotog an in- ' vc . March 21 at 1L30 p.nu 
«-. > aralnnan s conndenoe os. «?.n njui _ vMb pnp 

! ^977/78 Is based on die. SSSL f I84Z ’ reo -•-^™’ roo 


pays more 

3>fl.o Including £5.445, against £4.950, 
P ? from it-? subsidiary R. E. Pilkinvr- 
ji-j: ton. gross income of Yeoman 
33 j Investment Trust improved from 
+i.r £859.924 to £935.967 in 3977 and 
** pre-iax profits advanced from 
-« £629,528 10 £727,065 after interest 
4.2 and management expenses 
-- tnialling £205.902 compared with 
’•g E23U.306. 

:o-= With tax taking £257.306 
(£230.194) earnings are shown to 
o!s be ahead from 6.S5p 10 7.56p per 
1U11 . „ . . -A 25p share and the dividend is 

. m . _ , , . ,*' * * t-y acLivliyr '.ro'rf broKini 1 . i4.5in> r^icpf) fpnm K it) tn 7" iQn npt frith 

muon for ifu-m of an t-normous is baued upon a siandard I ax ijv^rocfc- ai-#s land araicr u.im. c %!* f r ^ 7- 1 

PALMERSTON INV. deficit “si.uy ultimate control charge for the profits of the vtsuriu.. jsc-iuy £. 1 7m. a bnal payment of *.Jop. 


proun will need ro lessen further 
it? denendeni-c on the -.vide flue- 
rtune.s that arise in 
_ rural =cene. 

The group's acuus^irinns in the 
UJi, .Murphy Chemii-aif and 
v'.enrg" Sellar rtr.d thf ofier ior 
Federated Chemical- will increase jf zifatand ’ 
the total caoital employed there 


fm. 
3U.S 
71.S 
■W.& 
irj.n 
rus 
. 23 .4 
u 

iOJ 
1.2 
a.4 
3 I 
0.9 
fl fi 
oj; 


_ x L __ management of another "V~ «««“ cwra " for a . f Trade bv , ome r 1Rm t n ' the ' L *.S the *£**'.!“ .. .. 

' one. ' * _good control throughout- the public company in which be has one general store, some inquiry m: • Cmisoiidaied Signal. ^u^iHon of K-Mley Farouhar t* . 

JUgiv a record, the 1978/77 group, the increase-of;“31.7 per recently acquired a shareholding. fi e , la £ Re >tor * s j n mjm centres, which is .. •-ui^idiary of V.’illiams has increnscd capital employed l nwr *"?/ - •• 

V, <5-Wch showed prelim up «nL being in linfr wlth the rise The chaS^rem^Sion ?s Hudson Gr; ^ Sfere ly Zmt £6m.. Vhe JlESIS ^ 

per cent, to G.S2m. com- m sales. - ,'ir to be appropriately reduced-in U u4f hkelv ?hP comnanv would Mr- Mo:r he is bewildered *jy+. . 

i Wlth a ■ f °r gc *? t i tf-oyfr A low tax'charge is again ex- 19«6.-77 he received emoluments ^ 0 ^ ^ p branches 1 at disa-.nea ranee of a!I the The estimated tax charce. £5m. . 

were struck after absorb- ^ ^ me c^nt'^ear. In totalling £38,180 gross. Dr ciDse ! * omt ' ftve brancilca - company* : ><eu :-jid the suhsti- asamst «.Rm. for the hair year. Al,nbu * h “ J 

?-?:.bstanttal exp enses m the- addition the group h**"4aow re- The accounts show that three 

'j,:iisanon of Beigravo NorOir- duced the provision f 01 ^'deferred directors waived their right to PATMFRQTOIV fW deficit “si.u** ultimate control charge for the profits of the vLsursr... jsciuv 

-w_? ante Hie tax by the element that relates to emoluments totalling £39,000. j i^nu-iujivn ,I1T * over our c-mi p.-my was zained Canadian companies, the utiiisa- 


_ ___ _ _ __ _ in.Sini rravvi a^-ncr niton. ti0.9m.‘: The net asset value stood at 

profits of Palmerston Invest- through a -cries’ of "confusing lion or stock rciFef in New Zealand JJ^‘tSd5iSS c S& liS-tmi!! 23(I P (IWp) per share at the year 
meilt Trust rose from 122,184 to manoeuvre % a few years ago." amounting to £0.4m. for the year, makms rural mitiom total fiafi.trn. end. after prior charges at par. 


i -ivii/io is oaseo on me. .« ,1,_. • 

?SrJ!2£ 1 2 JK.^ HS I444J00 m Fm-pian & 

^ debtor, .ML000 (S»); in r Oreign & 


• mtinuing growth 

• ful companies. 


°f- 016 creditors' £408,000 (£U3m.)r and _ . _ T 

m production efficiency is *■***-*+***» COlOmal 1DV- 
luch improved which has decrease). mf 

i'lhe group .fo adopt a " A“ feurrent 'cost statement. of Gross revenue for 3977 of 
ositivc marketing approach, accounts shows t£000*s omitted): Foreign and Colonial Investment 
teadlly improving penetra- historic cost -. trading profit for Trust climbed from £5.65m. to 
1978/77 £1,760; less depredation £7.02m. and net revenue rose from 
1976/7T group result was adjustment £530; cost-of: sales £hu* to £2.56m. after tax of 
)d on a sales rise of 32,9 per adjustment £380; plus, gearing JH.7m. compared with £128m. 
o £l6^3m. and during a adjustment £410 leaving adjusted Earnings are shown to be up 
i which toe UJC.. economy pre-tax profit of £1.023. - from 2.92p to 3.78p per 25p share 

from buoyant and export- Mr. Beoey says that since, the and toe dividend total is lifted 
js was considerably more acquisition of ^ control, of the from 2.9p to 3.77p net with a 
t to obtain: The increase in jproig» by Arthur Guinness,. Son final payment of 2.77p. 

.: • : . . . • .tT 

to ck Exchange report on Senior 



isurker 


-ring Group in June, July agent'claiming to dot on behalf .. . . , „ _ t , 

gust. 1977: .’ of .an overseas client vftiich might tensive erttjuines of Mr. Gabel 

. . or might not lead to an offer concerning the background to the 
wing a request from Semor being made for the whole of afieged offer\and in particular of 

iring Group, tbe'Stock Ex- Senior Engineering-. his client but, despite those en- 

has carried out an in- . •• . - c. quiries and repeated requests for 

Ion into dealings in J nnB - substantive documentation, Mr. 

Rd August, 1977. to the Gabel PnxSuced no tangible evi- 

bf that compaey. ^ In the dence of the existence of an 

of its investigation,- the o*® 101 OT of his instructions. 

Iras’ been In consultation in^rtwritten and oral evidence 
?,Panel on Take-Overs ^ ea f ”'; oh tain ed by the special coraraitlee 

SSfiSiSJFZ JffJ.faS’dtadoMd .that between July 15, 
Ulv ffl. MTT. Mr. isadorc gjB&S5!^f ,'SZHEl . j 

partne r In., Iten- tore ttedirecton cbiidertj CnSwnpk?bll!^^£ci.Sdb? 
..firm of . auctioneers, matter dosed Mr. Gabel for his own account and 

A ^ U3 L^ r J 9 Vr,^. l >?in^l to.toc name of his wife and of 

tO SeiliDF. Engmcenil- 5 hie tK» * r^Tuiartinn« 


Engineering s his. sister-in-law, the transactions 
g mat havine 4wx»n pffwtnl through four 


■ and estate agents, m- 
Seriior. Engineering hy wxoto 

t that he was posting a.merchant bank adviser sayinguuu having been effected through four 
2 d letter cOTtsdritog an a, friend of his had traced an SSerent?r5ker ^men^Tfir^ 
•the. shares of the com- Epco Industries ..in ■ Richmond, Jg ^Gabri-ftoiruS 

d that he was acting on Canada*. . jajes' of &<, company's shares 

- , cUent - , Un - On August 25, 1977 the Councfi totalling 375.000 were effected for 

■‘iLj V 1 ? .f”®! 8610 ? of toe Stock Exchange appointed the same accounts between 
and financial ^director of a . special committee- to investisate July 22, 1977 and August 5. 1977 
52e ectetl trom 'dealings in toe company’s shares, inclusive. It appeared to the 
■fora' Post Office a*( «■.. After consultotitm with the com- special committee that total gross 
-ontatoing a letter from pony and with the Panel on Take- ..profits in the region of £8,000 had 

■ vr i °3^ ■ ptessed Overs and Mercers details were been realised by these dealings. 
Mr.-Gabel efio not divulge obtained from Member Firms of ■ Details of toe Specied Commit- 
ne of .fais client. 'On all dealings to the shares of toe tee’s' investigation hove been re- 
3. 1977, Mr. Gabel gave company . during the period ported to the City Police Fraud 

- e of "the cDeat as- Ebco June 27 to August 12. 1977 incln- Squad. 

< ». of-Warren in-Michigan, sive. The special committee sob- “Hie Council wish to emphasise 

• Senior 'Engineering, mor sequently. interviewed re presen ta- that-, toe investigation disclosed 

■ wrs . were able to trace rives of the two: jobbers In the no evidence of any incorrect con- 
ipany. :Tn view of Press shares, representatives qf- four duct on toe part of the company. 

Senior Engineering de- brokers whose dealings appeared, its-/officers. Its advisers or any 
ter consultation with the significant, representatives of toojpember of the Stock Exchange. 


* 


ONEY MARKET 


ectic trading 


& Rate 6j per cent 
«'January 6,1978) 
one were very volatile in 
on money market yester- 
third -Wednesday in, the 
■ t was! make-up day for 
iks, and. this .greatly 
ted toe hectic trading, 
‘out reimposition - of cor- 
ctions by-the authorities, 
re to control the growth 
r supply,- ted to a -strong 
y Vy top banks to . lend 

o the discount houses, 

. se funds are regarded as 
assets • without reducing 
; lidrilities. This .. has 

a . large differential 

- rates paid by discount 
.jr day-to-day mwwy, aad 


overnight rates' to the interbank 
market 

„• Discount bouses paid between 
.1 per cenL and 6 per cent for 
late balances, but overnight rates 

■ fluctuated sharply to the inter¬ 
bank- market, with funds com- 
mabding at least 2 per cent, more 

- rhan - to - the discount market, 
touching a-high point of 10 per 
cent, before dosing . at 7£ per 
cenL' 

Fears about .'jaoney * supply, 
figures, to .Jje published to-day. 
have been behind * peculation 
about- the corset, but yesterday's 

■ conditions -are. a classic example 
jsf.the. vicious circle, where activi¬ 
ties in the- market are. only belp- 
tDg-tb fud-ite-own feaft, namely 


:aim*ttier growth to the money 
supply. 

There was an overall shortage 
of day-to-day funds to the money 
market yesterday, but the 
authorities probably overdid the 
help. They bought a moderate 
amount of Treasury bWs from 
tha. bouse and a small number 
of : load- authority bills. 

Banks carried over surplus 
balances,: there was a fairly large 
excess of Government disburse¬ 
ments over revenue payments, 
and a.dUght fan to the note cicvu- 
lataoa. On the other hand the 
market was faced with a net take- 

up Of .Treasury bills, and nCt 
maturing .local autority bills held 
by tho authorities. 



; 


... .. ■ -• 

■. - - - f : - 


. 

■ . ■• 





SMriiBA 

Certtfioue 

Inutaenk 

LkfL . 

'AmbAdQr 

Lot** AMfa 
Deaotiabfe 

Puuiv-e 

House 

Com pony 

UlBoomu 

msj-kci 

.. • 

Tnwsuiv 

aiRlWe 

tank 

Floe itadi 


q 4 rlepults 



booifi 

Deposit* 

Deposit* 

depmU 

Bills * 

Hills * 

Bill. £ 


_ ‘ \ 

6-10 


. -J/. 

_ 

71. 

1-6 


— 




• — 

, . - 6 >- 


— 

— 

— \ 

— 

— 

— 



63, .71* 


• -M. • ' ' 

SV7'-4 

7i* 

41«.6 



_ 


b7«6Sa 

65« .7 . 

. £ 13-684 

63.-6* 

65.-714 

758 

3 r* 

678-W 

6 U 

6*.-7. 



sa-* 1 * - 

--■ 

. 

7 7«B 

— 

5 «' 

- 6 i S - 6 A 

67b-7 


.71* 7ik 

7-7i« ■ 

«7a-7U 

7U-61#- 

75673. 

75a™ 

6 IP &4 

fits 

7 



7*B-e»‘ r . 

-788-75.. 

-- 7i4-6i*. 

71£-ai#. 

— 

' -r. 


7Je 

7-71a 



73. 85g 

— 

61. 759 

81« - 

— - 


— 


— 


Bl4 7« 

8 A 1 b 


8is-77g 

B5, 


— 

■ — 

. — 

— | 

..J 

• - 


.S*Bl4 

- 

• — 




“ 

“ 


adionues anfl -flaaacg hwaeffjww dm* nutlet, others seven dvrs' fifed. * Loner-term local amhorffr moroowe 
alb (hree rews. ic-ioj ner. cent,: tour rears WHS! per cent.; five rears lBfriot per cent :0 9onk Ml] rates m 
unnfi roles lot prime paper. Biotas rates for loaf-month bank mils &*•? per cent; four-month trade bigs 7-7| 

/ ) sum MlBfur ralo lor.’ nno-inbata, Tmtory bins Sf-S/hi per. cent.; two-mOoih SHP'-n pot cent.: and ihr^monih 

! *;f- cent, ^ppromnaie taBtot raze lor one-mwth toft MBs dct cent.; rvomonth ewu per cent.: and three- 
; 1 'ri'/rr mL One-roondi erode bins U-M per'cut; nromouh 61-** per cent.; and also three-month It per cent. 

W y.f Have Bom Rams (published by the Finance Houses Aisodiiwn); 7 per cent from February 1. lira, deartog 
r /git Run (for small sums- at oeven. days' nodcri 3 per com. Clearted Bank Rain for lending H per ceu. 
Ay .oitttsr Avdraae tender raier of djpcoou S.0M9 per coot. 

/•/' '- 



Capper-Neill’s international facility to provide 
complete site construction teams is boosting our 
Group’s overseas earnings. 

' A typical Capper-Neill team consists of a site 
manager, a project engineer and whatever key skilled 
personnel, plant and materials are necessary. Facilities 
for training local labour also form part of each 
package. 

^ Through deals of this kind, Capper-Neill, while 
remaining securely based as major contractors to the 
oil, gas and petro-chemical industries* is increasingly 


becoming involved in other fields, like irrigation, 
brewing and food processing. We see this as an 
important growth area in our Group’s future earnings. 

The world wants what Capper-Neill makes. 
Capper-Neill Limited, Warrington, Cheshire WA14AU. 
Telephone (0925) 812525 Telex 628382. 




Storage, pipework, materials handling 
and process plant for world industry. 















JOHANNESBURG CONSOLIDATED INVESTMENT 


BIDS AND DEALS 


Pinancial'Times Thursday February 16 

Panel looks #o 


COMPANY, LIMITED 

(incorporated the Republic of South Africa) 


UNAUDITED RESULTS FOR THE COMPANY AND ITS SUBSIDIARIES 

FOR THE HALF-YEAR ENDED 31ST DECEMBER, 1977 


Dividend income.*. 

Net trading profits . 

Fees and other revenue less administration 

expenses .— 

Net profit on sale of property .. 

Profit on realisation of Investments.—*■ 


€ months 
ended 
31st Dec. 
1977 
RM 
10.2 
13.1 


6 months 
ended 
31st Dec. 
1976 
RM 
11.9 
14.2 


Year 
ended 
30th June 
1977 
RM 

26.5 

25.5 


Deduct: ... 

Exploration expenditure less recoupments ... 

Interest paid less received .. 

Depreciation (including amortisation of 

mining assets) ... 

Provision for currency losses arising from 
foreign loans . 



Deduct: Trading loss of former subsidiary ... 


Income before taxation 
Deduct: Taxation . 


Income after taxation . 

Deduct: . 

Outside shareholders' portion of income ... 
Dividends accrued on fixed and variable rate 
redeemable cumulative preference shares 
Dividends on 8-25% cumulative redeemable 
preference shares . 



Income attributable to ordinary shareholders 

before extraordinary item . 

Deduct: Extraordinary item—provision against 
investment in former subsidiary . 


Dividends to ordinary shareholders . 2 


R48 

7405,600 


R41 

7405,600 


i?l a^set value per sbare (based on market 5 
valuation and directors' valuations in respect 

of unquoted investments) . R45 R48 R41 

Number of ordinary shares in issue . 7405,600 7405,600 7,105,600 

XOTES: 

(1) No provision for potential losses on future realisations of Investments or loans is 
included in the interim income statement Such provisions are made at the end of 
the financial year in the light of circumstances then existing. The profit of R2.Sm 
for the year ended 30th June, 1977 was after providing R1.5m for potential future 
losses. 

(2) An interim dividend of 40 cents per share (January 1977—40 cents) was declared 
on 19th December and paid on 10th February, 1978. 

(3) The Otjihase Mining Company (Pty.) Limited ceased to be a subsidiary during the 
year to 30th June, 1977.' No income or expenditure relating to Otjihase has therefore 
been included in the above statement for the six months ended 31st December. 1977. 
and the comparative figures for the ax months to 31st December, 1976 have been 
adjusted accordingly. 

Otjihase was placed on a care and maintenance basis with effect from 1st January 
of this year. Johnnies' net investment in this company by way of equity and loans, 
after the provisions made in the accounts for the financial year ended 30tfa June, 
1977, is R17m. In addition, your Company’s guarantees in respect of bank loans to 
Otjihase amount to RlS.9m. 

4) As a consequence of the weak nickel market the Shangani Mining Corporation 
Limited has bean unable to sell ail of its output and production at its mine was 
reduced to 50% of capacity as from 1st November, 2977. Further cut-backs may 
eventually become necessary due to the uncertain economic and political situation 
in Rhodesia. 

(5) It is probable that a further substantial extraordinary provision will be made in the 
accounts to 30th June, 1978 against Johnnies’ investments in Otjihase and Shangani. 
Because of tbe uncertainties surrounding the value of these investments under 
current conditions, they have been excluded from the computation of tbe set asset 
value per share at 31st December, 1977. 

(6) It should not be assumed that the results for the first six months of tbe financial 
year will be repeated in the remaining six months of the year for the reasons that:— 
t a i income from investments does not accrue evenly throughout the year: 

(b) the realisation of investments fluctuates in accordance with policy decisions and 
market conditions. 

On behalf of the Board, 
Albert Robinson 
F. J, L. Wells 
Directors 

Head Office and Registered Office, 

Consolidated Building, 

Corner Fox and Harrison Streets, 

Johannesburg. 2001 . 

<P.O. Box 590. Johannesburg 2000.) 15ft February, 197S. 


Large holding in Suter 
changes hands 


jmmm 


ohoncFac hanfte durawpe . 

tllailZlCS uauu3 KSg?S^rea« r r^ a expansion 

U r , . , of which IvfcLecKjRussel , ™ j 01j pnrapipe interngtiniiaL - 

Mr Jeffrey ptke. former man- largely by way of acquisition, but attention on tte tufted carpet member made a bid for im . awju lred 95 -per cent of- tha 
aging director ofTremtetts. and in 1978 slumped into losses follow- manufacturing sectorwherert be- Sumatra. capital of Slocon*'. Plastic. Kg* 

^bavinh^TmiS^g d***: tag the acquisition of Tower tores the scope for ^owft « - ^ offer document repeals that “5 K ^ nMhlct8 
tor of British Levland's special Assets. considerable and conditions for _ “V^rie purchased 20.000 Alabama, U.&.- through its who®, 

products dlvistomhave together Mr. Pike resigned abruptly in at. present are S ° t ,g lp on Januaryowned subsidiary Dnropipe:)® 

picked up a 29 percent, stake in 1978 after a disagreement with very favourable. . • McLeod Russel bought national USA Inc. Ihe Parcftfo* 

hair drier manufacturers Suter Samuel Montagu, the company’s Ji & expected that Bxvington, the market at prices ingtng from. price i>r$y,j>iLS47 cash and rejfcp 
Electrical- Following tbe news financial advisers, concerning an another purchase in the sector, gju. to loop between January 9. ■ the value of-the -asstft 

trading in Sutieris shares was out of court settlement of a wfl contribute to group 1 refits in i s T h e n the next day, tto acqu trcd. - . V 


“ ■JULUl B BllCUSi' rn -” . . . —-- - ■ ftllQ ID. A mvM ~ _ • _ dl,l|UUWW ^ 

resumed at 18p. They had been damages claim involving Tower, the current year but no raratribu- announced its i-WP sjoeomb manufactures 


CHARTERHOUSE 

BACKING 


HW— ■ —a --- — . , - , „ 1 ^ . 1 < IaIUQvI I * I* 1IJ ■■ ■ 1 - ijiif W lll u 

suspended at 101p. , _ tion is expected from 8axjrtCK_or cash offer. dralnwusteand vent pipeforusa : 

Tbe stake formed the buJk of CHARTERHOUSE ^The consortium states In the * the building industry. 

a 37 per cent holding in buter -OArKTIvG n ? a - de -axTangemepts fw- the .pror ■ Tto co that its bid was profits for tto year ended :.0dS 

previously controlled by Orerdev BACKJINU ™ioa of a J3m.meOhnrimm offer documen^uiav^ to ^ M77r before 

Nominees, a subsidiary of Over- Charterhouse Development toan ^oM^^imirie^s purchase, namely $259,072,-' of which; 9246020^% 

seas Development Bank of Capital has acquired a minority fixed and floattag charges on the Mr. Guthrms pu^ a Qf Harrisons attribotehle ’ to.-- .BurapipA 

Geneva, itself focmeriy a equity investment in McErhrfn assets of the group. .... - tto bid for Harcros In- interest. 

of Mr. Bernard Corofelds IOS (plant) and has made a financial . ______ - Sfliust on December 30. « is - intended further >&- 

srm«P- * ftcility available to xto company. EVER READY Srt yesterday Mr. Guthrie said develop the existing tLStibu'&Kty 

S per cent “-a, pie total funds involved amount ^ Qfifer docwne|It for ^ to hid idee” that any com- m both , the tome. os? m 

according to stockbrokers V ®«er to £300,000. Ready Holdings bid to acquire the pany be was connected with would markets, and to- UM^Sloeontbi* 

SuSS McErlain. formed In 1974, mines ffSt per cent, of Ever Ready S^making an pffer for London a platfom:fremjyhh*.td ' 

.mean- open-cast coal deposits m Derby- (inland) it does not already own Sumatra. The purchase was an facture.and marbet tfte ra ngeff^ 

Board, to^ acquired by uncon ^ ^ surroun d mg region. ^ i Jeen gent to shareholders, ordinary investment for my Durapip*mdustxmlJtte&tKe ■ 

nected tiurd parties. I t OW71s a fleet of plant and The terms of 160p cash or nine private portfolio.” He had been .work systems -m the U&; - :,r T ' . 

Since the move means re equipment and intends to use the Holdings Ordinary 25p shares for influenced by Press comment an -.>»< 

{JTSJS S2 iSSSLjfSsS^ftlthe aew funds I? r further c 5P 1 $? i every ten ERI OrdUiary 25p_shaies bids by Harrisons and CrosEeld HARRISON 

Rrvf^ ter viv r ^^^ at M^nona]d investment. Charterhouse will be fa aV e been agreed by both Boards,f or Malayalam Plantations and pnnTTT pATT 1 

WILtL4M REED £» g St-Mf? & '2?S^& ta «8S« S 


Walker who arranged the placing 
with the fttH knowledge erf Suters 
Board, been acquired by uncon- 


arrison Holdfngs, wtoriT hM 


cent stake Dougnt vv ivtx -ms r==- :r“ s j.™ be on a p/e ree controversial, offer, from 

— Jf r 'h Abel f the -Wiliam Reed and Sons, yester- 9 j. while yielding 2.7 per cent w |?J j0rd ^hnneh ?was Developments, - 'drtrppM'^^^ 

is short of tto day completed the acquisition of net ERI says that in current . ,l Si cfa „ w 5 s .■** £L03nr^ to estimated 


*ught WUXIAM REED ^ tte toTSnbe’S'? & U.f r cohtr|mial. Be^u* deg 

by Mr. Pike and Mr. Abell for , waiam Reed and Sons, yester- of 9J. while yielding 2.7 per cept- with Lord n was Development^ dropped 

lop per store is just short of tto day completed the acquisition of ne t ERI says that in- current .^ ci L** £L03in. to an estimatai flfc 

30 per cenL which would tngoer Bar^ick Carpets of Bolton, which pondliinns this rating Is attractive:■ s °? n nn»cf>l for 1377, according; .to-’JfiC, 1 ! 

off a compulsory bid for the rest ^ fon?shadowed December. Tto SSi price & off«red'*t^■*. T ^-? - 5S^iSl!2£SS: 

of Suter’s capital. The consideration was £560.000, the Ordinary shares compares ®3 r . Jot,n He states in''3 fornoM i 

Less than a year ago tbe tuo 53 ^^ by £31,500 cash and the with a book value of net assets 1 toy® docomtot explatqJhff-tfae'4ffi 

men acquired a srnular sized of 735.000 New Ordinary per share, in the last annual investigate.this purchase of L^- “ 

stake in Hirst andMaHmson. the ^ res wi3jtjh bave.been placed by ^ccounis, of 120p. Holders of EBI ^““^Sumatra stor^ and ljam f^^^- 1 f% s[rlS o 3 oS 

Yorkshire based tratile and cater- gambros Bank through the com- 6 per cent. £1 Preference shares ratisfied it arose entirely from cash alternative Of 58i 

mg group throurfi their private p anyV brokers. are being offered 80p cash per P«^s comment. He ald Aere with a ^ 

company' Wiggins Mead. In Rppri has acquired both the share. ■:». was-no question at the time 

March they met the Board of rf Barwick and the amount ERI says that integration with.4^ the RUJ^ 138 ® ^ 

Hirst and proposed that tbe com- awing to its parent company. The larger group, with a wider pre^wouW becomejeoncenied m a bid ^ » snaip 1 

pany should become a vehicle assets being acquired have a book duct range will help assure future - for London Sumatra. • _ tea* 

which wnidd purchase companies value of £1,138,000 as at October 1, production in the Republic; of - ofBkrrteM at^en^ 

intrndu»>d bv Mr. FHtr> These 1077 «4ia mmrvanr ia L,l, n j nrmriHo Trtll .___- • - alWIS OI UarTISOnn UBCOTW 


introduced by Mr. Pike. These 1977 . Although the company is Ireland and provide job security^ nnnvrnTP »TTV« 
companies should be developed currently unprofitable, Reed hopes Tto bt^ interto accounts D H ia 


1977, amounted, tn about 1 . 
Barrattis principal ,aC& 


and then sold on a capital profit, to put it in a much more com- ERI to September show pre-tax - Body cote International an- 

totitive position believes, it profits of mm l (a UMParewfc.hoimces the■ betoH^'nreS^SSfei 


Duaiu icjui.iuu uutr peuu>e puaiai/Q duu uuiirvca Ji proms U£ \ a m uuuu.nouzices uie atWiUiAiuuii* uu wiwh nmnrrfP' TttUwiliiJS 

After further discussions with ^ return to profitability in tbe increase), while turnover rose 2^ of its subsidiary Supercraft (Gar- . 

Hirst’s Board which still refused near futU re. per cent, to £L3Sm. , y moots) of the capital of Htofley ^ 1 ^ n ^ arrison 

to consider Mr. Pike’s proposition. R ee< j also announced yesterday ■ The group says that the tmcir- Taylor Group. . , ouimud*. . - . _ r.Uir-',.^' 

Wiggins Mead finally sold its the consideration for its purchase over increase arose from 'price nindlev Tayior and Its sub- ‘ Yr-nb ivtmr'tr*i!T’ - 

stake last November. Of Newbridge Industries, a carpet rises rather than volume growth: gidraries are engaged in the manu-* AAitJ • JT■ 

Mr. Jeffrey Pike was formerly yarn-spinning mill at Newbridee, However, exports did show/ a facture of protective clothing and - ' BesearehhasaiaahgedJ*. 
managing director of Tremletts County Kildare. It will be £800.000 volume rise. For the remainder operate from factories in War- tbe purchase, of the, outstanfii® 
Holdings, the engineer in? and being £200.000 cash at completion of the year, the group say$ flrat n wt 0 n Wigan and Bindley. .= minority fnterest <lW6=nec?e^ ' 
furniture company; which was and two further instalments of turnover should be wen .ntfdt^ ' nmuiaition' will nrevido in Intomart"BV, its Dutchroarigi 

taken over last year by a Danish £200,000 each, payable on Decern- rained but earnings must remain -jJiHnn., 1 ^nanufaererin*-' isanaeitv^-research subsidiary,^-.lor "a 
group, Vokeworfbi During the ber SO. 1978. and December 30, dependent upon any mcreases ^deration of Dutch 

period of his control, the com- 1979. The Board of William Reed costs that might arise in the re« (£136.700 atormrimately ). : 

nanv exnanded dramaticallv. has recently concentrated its intervening period. : -• _ Part of +^1® is betoa-sa&fla 


Mr. Maltz ‘cannot be serious- 


Trading in the shares of announced in tbe newspapers, but management company, . has 
Marshall's Universal, the Peugeot be refused to give Mr. Doughty a acquired Auto Contracts, a private 
car distributors which has been telephone number. U.K. vehicle leasing company, 

the subject of a purported partial Marshall's shares opened at with a contract hire fleet of'2,600 
bid, were resumed yesterday at 142p following resumption in vehicles, for £L3m. ’ ■ 

the company’s request trading but l 2 ter rose to close at Gelco, a public companyhas^d 

Chairman Mr Ra^e- Doush'v lower than the price at in Mineapolis. tod sales of $3I2m. 

Chamnan. Mr. Ko B e. iJou^n^y, vhich bad been suspended i»f TOar . Net profits of Aftto 
confirms that he has been in reie- ]a<t Th ur5 a a v. amomo 

phone contact with Mr. Darid ^ officlaJ statement from expected to top £4MJM» 


CUTKUl ijUUIIKUl Ul 1HUUW.UUU m - «• ■■ ^ 

the. industrial protective-;^tdothihg t . ^ r 

and safety products division. - . By the issue, of 30.000 -sharesjj 

- The consideration is a maximum • Tip wMch was. agrceo, with-* 

of £120.000. to be : satined by an F. A. Bej*t,:one of 

initial £ 80.000 cash ^ with further and . a .director of Intomart'w 

cash totalling a meoimum of on ..November JiO. \I977. _/Tg 

£40,000 spread of rttortoxt I* 1 *!® 9 to 1 * 0 ®® wIl bgjD ca^i. r '. 


the subject of a purported partial Ma 
bid, were resumed yesterday at 142p 
tbe company's request tradn 





Akfiwchfah* 


phone contact with Mr. David 


Malta, the man who claimed to be Marshall’s vesterday confirmed 
making an approach on bchaLf of that the shares had jumped 2Tp 


an American compan3“. But says within 


that “ whatever 
Malta was pur 


r .. Contracts expected to top £400,000 
rot from .. -:r.. . 

confirmed J j. ■ 

mped 27p Gelco’s European operations 

Marshall’s include the UJv. branch ; of:Celcp 


(COPENHAGEN' HAND^SBANKL) 

. COPENHAGEN = - 


ver type of offer Mr. receiving the letter from Mr. International and Transport;^Inteh: 
purporting to make Maltz outlining tbe purported national Pool (T.I.P.). which tags 


either on behalf of himself or the partial bid. 


company called Atlantic Federal The Stock Excbai 

Investments, it cannot be conducting initial 

regarded as in any way serious.” concerning the pri« 

Mr. Doughty says that Mr. 

Maltz did speak to him on rhe - : , warranted! 
telephone on Tuesday regretting “ q,1,r * is " arrantecL 
the publicify which h&d 

surrounded .his approach. Mr. BROVv BROS. 

Mdtz is said to have repeated . Through its subsic 


a fleet of over 8,000 trailerain its 


ral The Stock Exchange is now European hire fleet 
be conducting initial inquiries 
s. concerning the price movement CATHARIJN1 
r_ dunng those hours m order to titm cta vr 
i; establish whether a fun scale L *- 1V1 olAlU: 


CATHARIJNE RAISES 
DCM ST AKE . f 

In accordance with tto con¬ 
vertible loan agreemwn entered 
into with DnnbeeX3ombex-Marx 
on January 21, 1975, Catharijne 


_ • Qpwil«» p»n TfandfldiflTik Accounts 3977- - y^.v 
At abs sheeting today the Shareholders’ Council of CS^en*> >'•■ 
decided to recommend to tto Annual . 
General JSfeetmg; of aiarehol&ra thto'a dividasd of I2 - |Wf-. " 
cemr btrdnrfated Jor~1927 .to cem^ased vtithJ&pcr cent. * 

tei976 - . ^ ; 


The Eci410£tt’ ’• 372^1 la . 


Through its subsidiary Swizer BV has converted the full amount 


that a bid would be made and Bros.. Brown -Brothers Corpora- 0 f its loan of FlaBm. into 952,381 


•■SSdSa gHgg U^.- €*5V:> K...Mi > 


■Ex. SOLI la 




UnionDiscount’s profits and assets 
reach new record lewis 
inanactiveyear 


ton has agreed to acquire the Ordinary shares in DCM at 34.99p 
business of Irons and Dean for an each, representing a premium of 


estimated £520,000. 

■ Irons and Dean is an unincor- 


TJat/hss rocnealgEd eariansp has 
iobonQnMe loon. cajntiLxaised imm .rSfc . 


24.99p. 

• Irons and Dean is an unincor- Before this conversion, 
porated business of auto-electrical Catharijnc held 1.KL880 

,'and diesel specialists trading from Ordinary shares representing 4.46 


pfta/fcaodpatgigrteimr<Attago! in 


+-Kt."02BL r ;^ 

" < X J~ : 

-'■BSBUaer.it 


three depots in Warrington, per cenu with the conversion 
Widnes and Northwicb. Its net shares, it now holds 2,004^61 


bring -hooked at pRWrSbed by\ 




Ex, 3662 m 




profits for the year ended TJarrti shares representing 8J5 per cent 
31, 1977 were £245,000. Switzer of the Ordinary stores.. 


. 7 


will change Its name to Irons and 
Dean Ltd. 

The acquisition represents a 
further stage in the overall 


A. J. MILLS 

Gibbs Nathaniel 


.pins . 

•^'. TVamBaa firnit 




strengthening of Brown Brothers’ JWP*** ® **** 3 ,’ 23 i^° I 

position as i supplier of com- v Shares of A. J. Mills 


position as a supplier of com- i’mT 

pooents to the vehicle after 


S^ket ato al a co^v offer- ■t°*52SES ^ 

ino eonrirac tn OHW Went till CO UXUDOn^ OH 


Results 

Profits for the first half of 1977 were 
the best in the Company’s history for 
any comparable period and although 
results for the second half of the year 
were not as good as for the first, the 
profit tor rhe year as a whole of 
£6,114,183 has been a record. 

1977 has been an exceptional year 
for the money markets. The 
conditions attached to the I.M.F. 
loan, as much as the loan itself, 
helped the return of confidence, 
heralding a greater degree of financial 
discipline in the management of the 
country’s a flairs. Against the 
background of rapidly falling interest 
rates, massive sales of Government 
securities and strong demand for 
sterling, the Company was 
particularly active in the management 

of the portfolio and turnover was at an 
exceptionally high level. 

All assets contributed to the 
achievement of the record profits but 
our trading in Government securities 
was especially rewarding. In 1976 we 
had to manage our portfolio in 
conditions of sharply rising interest 
rates - in 1977 in conditions of sharply 
falling interest rates* It may be that 
3978 will bring the more stable 
conditions that the Authorities are 


seeking and in which there can be some 
real growth in the country’s economy. 

The Company’s Balance Sheet 
stands at a total of £968m. compared 
with £629m. a year ago and is the 
highest figure in the Company's 
history. 

Business Development 
The number of banks in the City of 
London continues to grow and we aim 
to ensure that our business with these 
banks should also grow. At the same 
time, we have continued to develop 
our connections outside the banking 
community. Successful marketing by 
our business development team in 
London and by the staff in Edinburgh 


has again led to an increase in the 
number of our customers throughout 
the United Kingdom. 


ing specialised services to garages p e L___ v . 
"o B SS£“SSe also been 


? :.At jij 

%Airit the Carnal proposes to-.. : , : • • • •, • -> ; ;.*3 

distribute a*MlowK . . -- A •• xJ ,' J 

Statutory Hewrtw Fond - ■SKr lfcO.OTi. ^ 

Extra 

limddsbank BoicvnlentToad 10S - 'l.flS 


properties owned by tbe partner -^oect of 13TJ94 (flLrt »v»p 
ship. Warrington for £63,000 and 01 (8L '^ ^ri 

\Tn n fh,.4fih U7.i«lnne fn*. rv Pwt-oT 


the receipt of ralrd acceptances 1 


Dividend 

The Board is recommending a final 
dividend of 12.583p, which, with the 
interim dividend of S.5p paid in 
September, 1977, amounrs to a total; 
distribution for the year of 21.083p 
(1976: lS.876p), this being the 
maximum permitted under current 
legislation. 


Northwich and Widnes for a total 
of £190,000. 


Both offers remain open. 


TfaiMMwnafc Benevolent fnon. '.'*2. 1 ' TJw Kf. a Jim' -'■* 

S5S35»iSiSa*S:^^is- 


CABLE SUPPORTS 

Crouse-Hinds, a U.S. manufac- 


SHARE STAKES 

Tanjong Tin Dredging—Pahang 


At tto latest official y hltoHaii ' (to 19750-,;. tto -vatoe.aS - 
real pEDperty-iyasr rawed by Kr- 


Movements in MLR in 1977 


ill 


Scrip Issue 

The Board is conscious of the 
continuing need to maintain the 
Capital and Reserve in'line with the 
general level of the Company’s 
business and has felt it appropriate to 
increase the published reserve by 
£5m. Also, it is proposed to 
capitalise : £2.5m. of this reserve by 
th&issue of a £ l fully paid share in 
respect of every £3 of stock held. 



Udisco Brokers Limited 

Trading during 1977 has again resulffld 
in a substantial increase in brokerage 
earned. However, rising costs have 
tended to absorb any advantage. 

A. J. O. Ritchie, Chairman 



turer of electrical equipment, has subject to approval of the 

agreed in principle to buy Cable Malaysian authorities, has 
Supports, a British company in acquired from Faber Union Sdn. 
the same business. The consider- 443,000 shares, 
a Lion has not been revealed. A. Monk and Co.—St Piran 

Lloyds Bank International is bought 25,000 shares on February 
acting for the British company. 6- Total holding is 2,392,500. 

IF the deal goes through. Cable Jenks and CatteQ—London In- 
Supports management will con- vestment Trust on January 13 no 
tinue to operate tbe company as longer tod any interest in 188,240 
a subsidiary of Crouse-Hinds. shares (10.58 per cant.). 

Cable Supports manufactures Hoskins and Horton—Britanic 
and sells products to electrical Assurance holds 245,000 shares, 
industry markets in which Blue Bird Confectionery Hold- 
Crouse-Hinds is not presently par- ings—Eric W. Vincent Trust Fund 
ticiparing. Crouse-Hinds products of which K. E. Symonds. director, 
lines include electrical construe- is a trustee but with a non be no¬ 
tion and distribution equipment, ficial interest, has had bequeathed 
outdoor, indoor, and aviation to it 6,000 shares making total 
lighting fixtures and systems. 100,000 shares (6.19 per cent.). - 

Harcros Investment Trust— 
DERRITRON Interest of • Harrisons and 

Derritrou has acquired Servo- resu ' t , of , 0 a 9 ce P t ‘ 

test for £70 000 cash. ances on February 7 to IS mclu- 

rvotest speefa 1 ises in the de- ?I£ ?J £g U *f *■ 

sign, development and manufac- „ to ,. 13,640,482 shares 

ture of complete electrohydraulic l71 -' P*r cent), 
servo test systems and its opera- T ^^ >t ^I?^n e ^^^Trf/ ldo n 
Lion will complement tto existing shares 

bU ^ < D« t Lbl7 i ?l 0n ilJ6 Ct ^S;. touSd rnte^CJLP. Stonor 
test had net tangible assets of Jj| s H* 1 “Jg* 

£ 95 , 000 . Profit before tax was . commented that he stifi 

£21,000 for the 14 months ended re ?™?r oZmm, ™_. 

on that date. 

AUTO-CONTRACTS woSSo^As ^^Hof 

Gelco Corporation, the UjS.- recent sales, Prudential Group 
based international transportation now holds less'Than 5 per cent. 


95 zmSion rasa iesmt tne 

. ten up by Kr.-Wurilltoi.- 7 Sus;amo«t Jim tom^t^atierrea 
-■ to the ndn^iisfcEiburithJe Hevah^tifHiTuifilf. --. ' / •^ 
Thes^afiocations addeti.i'total of.Kr. 452 tmffioa to 
-rreerves and. irou^it; tto diardmlderaf. \ 3 

- 2,035 imilimi. The reserves how standatKi^ I,I85 hnlKpiV^ 
xeprearoring ^139 per cent of ffie-share capitaL ?;;; ; >;" 


capital amd after ic han ge& jg.' 5*7^ 

riiange rate% the net qaptai"totals 1^516 l - 

• The Annual General Meefeig 

win BeM «i hfaiidav. Mareh, ^97B, at 550 pjn, ^ \ 


^Tte Bosd of ", ^ 


• .and JiSaaagcmenh ,‘-r ; : 


B) The xecontocada&n. rif tiie : ^igre hc Kle i^ . 
tto appropEratian of jtiie trmitoife to dispn a 


-• v .’tothe ErafitaruiLoffllAccoin£’_;p > 

. -J?qr2*ihiore,I- V. 

: ~C) - 'ifaembers ofitito SbaxtSsMtci j 

, _ J>) Hbcrioa riEmiditCBS~■' ^ 


Total Stockholders Funds 
1973-1977 
£’000 


Net Dividends 1973-1977 
£'000 


. ^v*;.. ' S 




;* vC-d- . ir 


£v: »aV-‘;- ■>'<" 


STheUnionDiscount Company of LondonLtd. 


' Londons 78/80 Corohill, London EC3V 3NlLTel: 01-626 7941 
F^inb urgh; 24a Msbiilc Street, Edinburgh EH3 INS, Tel: 031-226 3535 


TO THE n nr.npnK qp 


The Long-Term Credit Bank of Japan‘Finance N.V. 

$60 jxxmoo F I omli n g K iit B Notes Am 1363 


In accordance with the provisions of tto above Notes, Bankers 
Trust Company, .as Reference Agent therefor; has established 
the Rate of Interest cm such Notes for the semi- armnal period 
ending August 15. 1978 as eight per cent (8%) per annum. 
As calculated in accordance frith Clause 2(d) of such. Notes, 
the Interest due on such date which will be payable onsurrender 
of Coupon No. 1 of each Note (tbe “Coupon Amoun t"), amounts 
in United States Dollars to $40222. 


BANKEBS TRUST COMPANYXONDON 
Reference Agent 

DATED: February 10,1978. 












































^®^£^s;th^4s.^jiiaiy 16. J97S 

^ p^SiHftjEjiirs 






earn 


..‘fe 


’ ■res.'Sias 

" ~'V: BlotJhto of AnstraHa, but ' •-••■ • ■'•'•’• ,> ' - shares lo 20 cents and raising tie 

iqr Australian minSiw.arm 6 Tp-J- -• 9 "-j-i- number to 100 m. 

1 V- \. fl“t »» Results- are na. JOjHffllCS■•; 'St: - ■ *[* A,an * «» J®to th» 

=- '- .-P match thosenf ifae'Mst' V -■ •' ■ E , ndeav our Board. The latter's 

._- .' - .. r*Q |f_trP!> r ' ehairman, Mr. Eric Webb, said in 

- .> v.*- 4.» _v- ■ ■. wtU j-ydl . ■*.:-. Melbourne yesterday that the 

. " *• -»-.aA 77 87 m rise.in phaiideaUng ?**“£" *2 Hdd Kive JEndeavour 

‘ ^ to Pr^* toRiOm. - (fzjS.j froffl.^ OauM expertise and 

■ ted SAM fim i? 7 WR frW 4 B®- 6 ™-'- ^&?t lime, Job«miesburg ^ dbilny to obtain funding for 

r Cwtto 9£ u * HitSttweit has iS wwbw V™S*c* He also 

‘ the latSt diviri2^ ( rf£i creased its net profit ffrrthe half- f*P«*S participation in joint 

■' Sts M^stT^^*S y ^; to . I>WTaI,OT 31 » 1U5.8rn. Rovers and the 

..- ; . . - * aui f l ; ,«Wtts from Ri3m_ a year ago. “Production of other partners, 

'ateal -results a» unchanged-interim-of 40 cents 

.... •.-•*: They- reflect The in- - •^ 76 ‘ < * total-was^Ocents. 

■ : -■■•.ttmfritrarfohs made by the ' ; .' •''■'^335f to 

. . ;ey Iron oreTaibsidiaTy'and - ir.is.773i.i;.t« 

. ULleo fll umlninrp arm. .'“.-• ■ T -*%-"i JMaT Rm. 

' -•> - _, j- ■ ■■ « -Dividend uuspfc . it&: Vll.3. 

-. 7 - - increases hate- offset Net trading, proflu ,. isa -.143 
•T-'-arnings at . the Qougafti- F<j**'te*s admin. -i&* 

'-• vper-gold operatioiiand °? »J® of srapartr VH’ S- 3 ' 

;- .‘holly-owned •' Australian £^S DW ' ^ " rtn : r-»J S' 

r 4 - *“** Smelting. Profits, of \ U ~*1 

ler have dropped to nuerest -_____ -AS. "j 

from <ASMa; largely be- fla w din w ^-:--^ - -'W is 

S0.H 
4.3 
3.7 


Northgate’s 
1977 loss 


. .Ui« poor mark* for Hit gS^S^S"!*™ 


FOLLDWnSG A fourth-quarter 
loss of $CanJ336.000 f£3SS.4001 

Canada's Nortligate Exploration, 
which produces’ lead and aide In 
Ireland, has come out of 2977 with 
a net loss or $Can.590.000 
(£274.000 U-or 8.5 cents i3.9p) per 
share. This compares with a 1976 
loss of $Can.398.WH). 

Last .vear’s increased revenue 
from metak and concentrates was 
substantially outweighed by 
higher operating expenses which 
•t a stemmed from a general rise-In 
ilsion costs of labour, materials and 


J5.0 


were 


ft; v 


MaMH8 

\ JJ 

-A* 

-M 

■ «tf- 

enting on the “tessTeb- 7 ^ 20 °^^.^?..!!;^ 

- igr prospects' ‘ for its ontsWe shin-etioifters. s5J 

. •'• n the current year, CRA y d»cd * nriable) - 1 A 

; . r to. “continuing currency .“ 1 5>- 

' - m S. DdS a %* rw! *£ pr0 ; P ^hi£lS 5 ^ CMfimtA?# 
m _? r ®u nd the. wprlfl and f ur ^, C7 . “substantial ’*■ ^pfb 

: ■ n Thp^£5es wS?8n down Probably be made inti« cur- cem're^ By'the sjinTe^‘token. 1 He 
' 4 "P* ?**£* araountB mtaiidt the effects-or an improvement in the 

: sr« *ss5srsss?se ^ ai "* j ~ a **- 

- ^ ?£J antlt -«t'pdor maritet“&mdItfons 

and which may have tamake fur- 
- ' hi ther - ‘ eductions.7 JWuraies " 

" . neX MS^S’Sf fS.fU S' l “ Ch “® e ‘ 1 at 3ea ' r ' 

Monlal Siutoal.-.. Life u-4 ’-' T 

izit Society. 

■ '» is. to purchase the U.S. 

Aluminum stake-, in 

7 -trid Alumina in addition .. 

■■ bi tjlA. The move will - A link-up is proposed-between 
- -- -?n Gomalco's raw material AnstraHa’s Bond Corporctfen P*°: 

: by providing - additional perty group and the.worn and 

'"-(a half-way stage between oil exploration compfflM; Bn- 

■ ne and aluminium ixfettdl deavour Resources. . SpMect to 

• present and future re- the -approval: of. ^harehblqftrs in 
.- -its' ’ - - the latter. Bond’alms to ^acquire 

. rrangements, subject to about 25 per cent; of - Endeavour 
-. der- approval, wiU raise over-3! years by the puastese of 
s' stake in Queenriand 12 ^uj. shares at 20‘cenftt^W-Sp) 

. -'“from 13.S per’ cent, to per share fonowing - a::*caT8tal 
•- j: cent and reduce that of. reconstruction. 

.tun' 32.3 per cenL -to 28.3 Endeavour curfentiy ba/t.».76m. ; 

leaving Alcan with' 21.4 shares of 50 ’cents In issue, the 
V- and- PeeWney -witb -Sfr-London price of-w+iieh-fe^O^rper 
Comaico supplies bauxite share, out of a total otnual of 
e Weipa deposits to all. 60m. shares. It is proposed lo 


BOND WANTS-125% 
OF ENDEAVOUR 



V rt. V 


^^nadato consider 
ne 


-'IDERAL Government in Proposal and arguments, such 
• has indicated -that it is as these have been in the wind for- 
- ■ to- form a task • forCe irome- and • theic ,-clearl i n recent years, manufacturers 

.-.- ies and finance Miaisters ?eumcation. at the .federal-provin-|i nd o, e Post offipe h avs h» P n 
--K provinces.-tar jadesv, cat meetiag ^oked:p»-particular > 
txatioh. ■ • market response,, although' the! 1 

of a review will Canadian marker yesterday, was 


•salbUlt. 

omed - by the fndustty-generally fipner. '- - • 

’ "*s consistently complained 

irden posed by the com- itfrAppcb HIT 

- of federal and provincial AKCUi a Hll fill 

Juration from th^GtfaW-- LOW PRICES 

- eht camo at a meeting of One of the two largest copper 
”1. and federal Ministers, producere:- : in ; ’the ' Philippines, 
-ms from the provinces Marcoppci^Minihg, has reported 
’■’ Tecommendations for its low«rt-iset.'Sncnme since opera- 

il tax changes.''' tlops w'ere started eight years ago, 

missions werfej)resented awites'-'Iasp.GwixagR from Alanila. 
"1 fC-’BoudrcauT the" New Net warnings at Pesos 49Am; 
"i 'Minister of Natural (£3>b»-l last year were 21 per 
’ They included a pro-, cent., down op the.Pesos 62.4m. 
■amove the capital.gains recorded in 1976.- ^Rie main 
. le-.securities" or hiTneraT factor in the 'decline was ihe same 

- n "companies and on the as that which affected the other 

* to prospectors from the local producer, Atlas Consolidated 

ineral properties. —the unfavourable turn or the 

proposals recognise the copper market which .reduced the 
er-stafed role’ of small average price of-.-shipments to 

. - . To seeking 7 out the '58 cents a pound during 1977 
- 7 "which may- develop from. '63J5 cents a pound in 1676. 
^: mines and at the same . Nevertheless. Maroopper is con- 
to give an Impetus to tinning to expand and has started 
t' activity ,oq : which''the to' -- develop _ a-, -property • 'on 

• the Canadian industry Marinduqiie ' Tslano. -.Mr; T. it. 

.; McClelland, the ehainnan- said 

- ’• id re an also- sought an .“.the expected recovery In copper 
' - in by-the federal and prices.” coupled with “ our serious 

authorities : pf ' the efforts to control costs," shoiud 
ot ahartog income-tax have a positive impact on IB 18 

- 3 ? :royanue..'Bor there Profits. 

.rm statement: of 1 the . . 7 

^ right to control local : TOJfMAR -’ 

'In ' th* argument- that - 

ral ■ Government "was - Blemar HoHUugs is thought to 
- lonally ;- incorrect 7 .-in..hay? made a substantial profit on 
: hat provincial-royalties the sale of-its-recently acquired 

■ be deducted when 20.3 per cent, in Clarke NlckoUs 
toxaSIe income.-• . dnd Coombs, the property group. 

.-inclal"submissions con-, Bremar has- declined--to reveal 

■ e argument that.-the the. profit it bas made on the 
..irorision allowing - .a shares, which it ; bought from 

of 25 per cent..of .pror.Guinness3fahoh when the market 
oftts-instead ot'deduct-'price'Is' tfloyghr to have been 
Ities-. -was-■* , !Hn.'. ‘'un-Tarennd " 70p.- -Currently ■ Clarke 
interference with the Nickolls'- shares are - trading ar 
right -. to -manage around' their peak for-1977/78 of 
iources.". - - - »®p. 


Bett Brothers 
cautious 


IN HIS annual statement Mr. A. A. (i^236p) net per 20p share los*. 
Belt the chairman of' Bert lag. £187.008 i£i57,901» after 
Brothers, says that it would be waivers Of £ 68.263 (£70.639) 
unwise to make an assosanetu of- \i r Bett siain* iwut 
tho^ current years results at this q $r\r^. aJtixUiel tier?? 

■ Although indications arc that 

the recession In the building trade h« 

is aimfnisbin?, the difficulties can- li S -^ * 

fronting- the industry could s* 3 *™ 113 modern 
remain for some time, he tells Design and build contracts, hon 
members. ever, continued ro make a sub 

On the-contracting side, several staAtkl contribution and satis- 
new contracts have been secured factory results were also achieved 
although the pricing of the com- in tbe-flrivate bousing sector with 
petit!ve tender has now reached the company increasing .its sales, 
the stage: -where profits will be Recent tail's in the mortgage 
more difficult to achieve, he re-- lntfreaf rate assisted sales In this 
ports, and it Is hard to foresee eectbrJurlng the second half, 
aq Improvcmeot Jn this situation. The recession in the industry 

j;™* snfFjjnsLar satfWh- sssteuss 

fih^S 1 .- hIm M ™2 rSISSl'i SSJffil^iS'la'Su/iuSS 

E ot 1 a Pr fhX« SS3!lt5-tad a jS reS 

secoi^-haud ^ mnrk^r 86 Tw«f w,tb expanded turnover, and 

in ThhVrtK “Mr. toitlSj r ' mn ’ satisfl,ctor5 

this, taken in cotiLext wltii In- re Sinrfai „r *h a n - nn<k -,„ 

.sldiarles in the property invest- .[•]]« increaiiEd and <pi-pmi no..' 

as:s,a !?& 

^. a ^. n K D !n £i^: , ti£ n S!± ^5SU-SSS?Tfc?S!^l&S^ 

profitable competitive contracts. ing ( he decision to diversity into 
As reported on January 13, pee- the licensed trade. The new cam- 
tax profits rose from £!.34m. to pany has been opera ring In five 
I2.ftAra. Tor the year to August 3L, licensed premises acquired during 
1977, despite a fall in turnover the year in the Dundee area and 
from £26.81m. to £IR.42m. currently the number of licensed 

Operating profit of £3.35m. premises, has been extended to 
(£2.82m.) was split as to: Build- 11 . Sales have been up to ex- 

ing and other trading activities periations arid ihe directors 

£2.87m. (£2Alin.): net income expect this <ub«idiary to be a 

from investment property profitable' diversification of 

£0.36m. i£UJ22m.j: .and interest activities. 

received £129.057 (£90,661). Meeting, Dundee, on March 10 

The dividend total isi«l.70JSp at noon. 


25 


John James Group of Companies 


Limited 


INTERIM REPORT FOR THE ..HALF YEAR 
ENDED 30th SEPTEMBER 1977 


Group rei-jlts hs/c cbnrinued iheir steady irrprovement with the net before tax profit having 
increased for tbe half year by approximately l4? a over the comparable period last year, 
and the Board anticipates that this rate of progress will be maintained during the second half. 
Although turnover on the trading side is up by more chan 3Q?b, profit margins have been 
continuously under pressure. The target for investment-income of at least 
£-1.110.000 will be reached. * 

The Board has decided to pay an increased Interim Dividend of l.155p for each ordinary 
share (last years payment was l.05625p per share) and intends to recommend payment of the 
maximum permitted final dividend. 

Dividend warrants will be posted-on the 31st March 1979. to those shareholders who are on the 
shxre register at the-close of business-on the 3rd'March. 1978. 

- GROUP RESULTS 



Unaudited for the 

Audited for the 


- half year ended 

year ended 

- 

3fc»J7 

30.976 

31.37 7 


£ 

C 

£ 

Grcup Turnover ’ _ 

70,981,070 

7.973803 

17.472.000 

Profit before tixAtion 

.1.010J4J4' 

885.164 

2.816DCC 

Less taxacicn 

411,375 

• 382J09 

534.000 

Profit dfeer taxation 

S9S4139 

- 502355 • 

2 282.000 

Less Loss on propert.- sales 

— 

— 

18.000 

Minority interests 

. . - 8.&U 

5.991 

21.000 

Profit attributable to the Group 

590398 - 

496.864 

2343.000 

Interim Dividend per Share 

i.1S5p 

l .0S625 b 

2.456 p 

Cost cf Interim Dividend 

£296,874 

£272.180 

£622.000 

Earnings per share based on tax 




charge including, deferred tax 

UQ9p 

l.76p 

5.26d 


ADVERTISEMENT 


How to buck the trend 
of rising telephone costs! 


out-of-area lines. Thirdly, the caller comes into contact in any from a wide range to pro- 
trafiic record, which the PDX organisation is the switchboard ride'exactly the class or -ervice 
automatically compiles, can be operator, and Plessey has given which it m 

used to allocate costs to derart- considerable thought to increav " BICh lP 10 fi ' e people 

mcntai or to ensure that the ing job satisfaction in- this area. C&D t"* together with an oui- 
svsiem configuration continues id The desk-tnp console Is-'simple side caller in conference: evten- 
meet the needs of the business, to operate-and-a back-lit display sion users can «>i up personal 
Further sayings, can be gives the operator-full. informa- • directories- where the reoulred 


ach 


ieved by reducing'operator tion .un the status of any-.call : nMm v- r : 

Tine in’bigger installations, coming to her position. ‘ umber is accessed by a 3-digit 



automatically 
extension: 
transferred or held 
obtained: 


requires no aireonditioning' pr Post Office is usinc in its own established calls can be mier- 
olher special enurontnent. • developments!. .This minimises riipted if there is a prioritv cal] 


^ -- -— - Priority call 

„ , m . ■ • “?- possibility of the system . . . and so un. There are. in 

Company directors are painfully th* entire exchange operation gmng calls to the most economic Helps OiSICe eiHCiency Memg bJoekpd-. .a&- aii; ‘ paths : fact 
aware, of tbe rate of increase and establish all. 


over-recent years of one of their 
Inescapable overhead costs—the 
telephone system. It isn't just a 
matter of rising Post Office 
tariffs, but one of' equipment 
costs, operator salaries and ex¬ 
pensive office space. These com¬ 
bine to make up the total cost 
of providing telephone service, 
whether it is efficient or not. 


connect ions- route—making ihe most uf eSist- 
. Both speech and dialling infor* Ing. investment in tie-14nes and 


introduction 
ol Plessey PDX 





■Arez of! 
increased j 
cost-benefit I 


SifopS®! 5 * 00818 


"6o«' ,e ' 


>** 


pV'° 


1965 


2970 


|and the Post Office have been 
gradually - upgrading :. their 
private-exchanges with the result 
that thfe real cost-effectiveness of 
alternative systems is becoming 
more ana.more difficult fo judge. 

Theleft-hlmd section of the chart 

slibws bovAone major manufac- malion have been organised into 
turer in tins country. Plessey, a digital format which., as well 
sees the trettd—op.era.ting costs as providing high, quality speech 
in total rising ai a slightly faster reproduction, ensures full ooto- 
rate than tirfe Improved level-patibility with the concept-of 
of., service which .conventlimal processor control. ' ' ' 

private exchanges can offer. Put hew does this so re money 
However, they, claim • that the for the business user ? The answer 
introduction of. their -new is that it allows management to 
• ffigital-’exchange system, vriiich take positive steps to control 
they• are. registering as ■PDX.' telephone costs- Firstly,the ser- 
represents a real opportunity to vices available at each extension 
improve.this situation. can' be controlled separately— 

Rather than' relying heavily SgLM 

on a single; untried development, St 
thff r - PJeaey PDX combines. 

1977 i several recent advances in' tech- Slf iSftoJlSlS 

notogy-which have already been u^’ 

proven. Twin processors control be Programmed to direct opt- 


:«i— v 


l 


2975.* 


1980 


1965 


. - , t . -r- .■ - sixteen quite different 

. . „ • • - c . through, -tiie exchange, which, are ‘packages of facilities which 

A> v%ell as-saving on orerheads not currently ‘busy ’, are avail- can be made available, ranging 
P be cv ** lh ^ - ^ e - P ° X ab!e for. ony call,- rather than from the all-embracing for the 

can improve office efllci^..ry. . beiag.. allocated -to particular tup executive, to the bare mini- 
-\. r “"Se of facilities is- groups of extensions. ■ mum where all thaf is needed 

a vail sole which can save time; Plessey-has thought about tbe is an ability to make and receive 
nione;. and greatly increase the Future too.. As data vommunica- internal calls, 
chances of speaking to the person tioos. facsimile and word pro- 

required. Automatic recall of cessing networks become an In management terms this 
engaged exienslon.s eliminates increasingly common feature of means that the communication 
time - consuming call - backs: everyday business life. the. PDX requirements of each job fune- 
unswering a ringing telephone at- will be'able to handle this traffic tion can be evaluated and the 
:< an'rant desk by using your own and uccume the nucleus around right facilities programmed into 
trlcphone is useful when cnly a which future office enmniunica- the PDX to enable each job to 
skclPion -naff is present, say at lions can be developed- be carried out most effectivelr. 

lunchtime., .and ensures that in- ^ . -In addition, ii allow * manas'e- 

com’ii? -"-call? arr always JLXtf?IlS!OIlS JUI a ClaSS Of.'.' ‘ nn?nt to* prevent’expensive abuse 
answered iir id dialing long f L - of the system and to exercise 

number* by a :t-digii code saves tneir own . . a high .degree of positive control 

lime and e«furt. Each nxienitinn nn th*- PDX- over outgoing call-* and the costs 

The first person vtith whom the system can he ai located facilities associated with them. 


Getting on the right lines 
with Plessey PDX 

Many business telephone users decisions exactly where they 
already take advantage of the tie- belong — in the- hands of -mar¬ 
lines and oi/t-of-area exchange .agement. 
liner-which can be rented from 


HE SOUTH AFRICAN LAND AND 
IPtQRATION COMPANY LfMITEO 

^rncayn»roiedm.^Repi*^ • 

.. . EXPLORATORY■ 1 
qspect of the drilling, programme in.the-area to the 
: nd..South "West of the .mine atoritings, the following 
result relating to .borehole SltT 1 '(third in'teilsectioh, 
second short deflection) -Is aunouncefl. The results of 
and second intersections were previously published 
: -repeated below for information. ^' 

■ ibole SWP 1 is situated in the daim- area oil the Farm 
je 117 IJt~ approximately 5500 affites West North 
the South West, corner of the. mimiig lease. Drilling 
Md in. the latter parr or1976. and is- continuing. A 
ecticm is now being, drilled ffopi wMcb ahpiilarj’ short 
is will subsequently be drilled/- 
'“.if Leafier ' .. \^ , V 

Depth. Corrected.Xiold Uranium 

Metres Width ' . 

• - Cin- g/t tstig/t kg/l cmJsg/t 
3 065 ’-. QS& ' S.BS 

3 064. 1S3J9 0.45 - 38= 0:07. . 6^3 


section -.. 

isection 

rctioni; 

.section. 

flection I - 


3 065 -, :90^ . 0.55 .-.50. .-..O OJ ’ 2-24 
f recovery was compile' iit all cases but tbe base of 
' was disturbed by minor faultins in -the 2nd Deflection. 

. egard to the other Borehole SRK. 1 , which was also 
a tbe latter-part of 1976, drilling as conttonlhs. SEKX 
• .-'on 10 of the Fans Rooikraxl 156 Tit- the mineral 
- which arc held by the Company, is situated approxi-. 
■ 5 700 metres South. South West of the South West 
• “thehiining lease. 

•' j .-burg . ... .1 ‘ ‘ : • v • . . 

;.ie: 197S.' 


ihe-'Post Office. In many cases, I TplpnlinnA 
however, these lines are not fully] vlCJWlUUC 
utilised. Extension users are 
probe to place calls through the 
public network at the full charge- 
rate. . Forgetfulness, hasie or 
sheer bloody-mindedness'may be 
the-cause, hut t$ie result is-just 
the samfr—unnecessary costs are 
incurred and, with orthodox 
systems, - there is no effective 
answer; 


' However, the - Plessey PDX 
offers- a feature known as ' route 
optlntlsatiou.’ If an out-of-area 
tiusuesistB, for example, the PDX 
Can route a call on to that line 
by^reeognising the STD area 
code/ - 

. Th "ensure 7 that this .and other 
feataro^ do not have a counter- 
productive effect by blocking 
essential xalis,.the PDX.uses Its 
processing, power to proride- 
traflle tables which give a clear 
picul!® of total system usage in- 
ciwfing..^frustrated * calls. With 
the help-of this information, the 
aystem.can.be regularly moni- 
tored-v'and services added or 
etinuiiated-.. to give the best 
balance between cost and 
effidCocy. The - Plessey PDX 
placeathe responsibility fotthese 


extensions moved 
in three minutes 

Few businesses are - static. 
People's job functions change and 
people move offices. New respon¬ 
sibilities may call for extra 
facilities like tbe provision of' 
secretarial 'filtering* of calls or. 
the ability to redirect calls 
automatically to another exten¬ 
sion. A move to a new. office can 
cause inconvenience to everybody 
if it means ,a new extension 
number: it is far better if users 
can bo allocated their old'num¬ 
ber whenever they are moved; 

With orthodox private 
exchange systems, this kind of. 
change .can be- time-consuming 
and costly, involving, expensive 
re-wiring and new telephones. 
Not so with PDX, because while 
all extensions use the traditional 
telephone, push-button «r rotary 
dial, the facilities and extension 
numbering arc controlled 
entirely by the central processor.' 
Thus, chanses can be imple¬ 
mented by a simple Instruction 
from a service printer to the- 
processor. > 


cost saving and convenience 
from Plessey PDX 

Before telephone 'costa can be hence. — information on toe toll 
contnirUetU.Biafffagempnt needs- to .charges igvolvedv Special-print- 
know fadw they, are spread - over outs can be produced-to list sod 
the system,-Ple&soy'PDX, as. par.t Analyse'calls placed bv. particular 
of its Integral design, provides departments, or extensions, e&Us 
this Jnfortnation. which can .be to jpariJeuIar areas or individual 
ajbscTOefltly-.'- ^analysed . into, numbers, calls over a-certain 
managwoenr .tepom for further duration and.so on. ’ 
action. He feature, known as ■ Anued with this, management 
‘call;information losfiing. - pro. can take appropriate action to 
rides'' iofepoirtwn'' sueb asr-thfl eliminate unne»ssar>- calls, save 
^tension numben .niacins the money and incre.iM* ihe efficiency 
cafl. the number called, the start of their Organisation 6 communi. 
time and duration of the call and cation service. ■ “ 


Now Plessey PDXopens fhe door 
to the electronic office. Come in. 


Come into the age of the digital electronic 
telephone exchange with Plessey PDX. Experience the 
efficiency ofa stored programme control system which ■ 
oQers an unprecedented range Ol iaciliiies aad the 
capability of interfiling with other decironic business 
i J’stons in the fiirurc. 

Plessey PDX is geared to the needs of medium 
and large organisations, providing swift eflioenc senicc 
to external callers and internal users. Ir pro 1 , ides advanced 
jearures such os the ability to answer a ringing extension 
Irora atdephone at a distant desk, automatic rc-rouring 
so that your calls canacrually follow }~eu round the 
building, and the means of allocating fadlities to 
individual e x te n sions exactly as they’ are required. 


Plessey PDX also oilers management the 
ability io control rising telephone costs by recording 
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INTERNATIONAL FINANCIAL 


FRENCH NEWS 


Rhone-Poulenc expects break-even 


NORTH AMERICAN NEWS 

Record TV 


BY GEORGE MILLING-STANLEY 


RHONE-POULENC S.A.. toe 
world's ninth largest chemical 
company. ejects net eon soli- 
dated results for 1977 to be 
roughly in balance. Jl. .lean 
Handois. chief executive, said in 
Paris yesterday. The group 
made consolidated losses of 
Frs.364m. in 1976 and Frs.S79m. 
in 1975. 

The 1977 result, struck after 
lax of some Frs.lOOni., includes 
a depreciation aUov.'a oce of 


Frs.6ftm. following the restruc¬ 
turing of the loss-making textiles 
division, and capital gains on 
lho sale for S60m. ol Rhone's 50 


per cent, stake in Ives Labora¬ 
tories in the U.S. Without these 
extraordinary gains, the net 
results would have been a deficit, 
although smaller than in 1976. 

Mr. Gaudois said that gross 
operating profit last year was 
some Frs.2.5hn.. against 
Frs.2.31hn.. which falls to a net 
t‘rs.l.2bn. against Frs.l.06bn. 
after write-offs totalling around 
Frs.l.3L>n. compared with 
Krs.l.-5bD.. but before financial 
costs. 

■Welcoming the co-operative 
agreement in pharmaceuticals 
with Morton-Norwich Products of 


the U.S.. announced on Tuesday. 
M. Gandois said that similar 
accords were in the offing in 
Japan and West Germany. He 
gave no details. 

Under the terms of the agree, 
inent with Morton-Norwich. 
Rhone will acquire 800.000 
Morton shares at S3l pe r share 
for a total of S24.Sni.. to raise 
its holding to 10.5 per cent. 
Rhone is expecting to increase 
its stake farther to 20.5 per 
cent. 

At the same lime. Rhone un¬ 
veiled a Frs.520m. expansion pro¬ 
gramme for its domestic pharma- 


Tax move to boost investment 


ceuticals division. This provides 
Frs.350m. to strengthen its 
research activities. _Fr».40m. to 
set up a hio-pharniaceutic3l 
institute. Frs.lOOm. for the con¬ 
struction of a new production 
facility which will he in opera¬ 
tion by the end of I9$n. and 
Frs.SOm. in various other 
modernisation projects. 

In general. M. Gandois said 
that for 197S the group intends 
to cut back on loss-makin? acti¬ 
vities such as the .textiles side 
of its activities, and to ronsoli- 
date on its strong-points in 
chemicals and the development 
of products with high added 
value. 


year 

at Textron 


BY DAVID CURRY 


PARIS. Fob. 15. 


EXTENSIVE TAX .-on-essions 
for people investing in new share 
issues are recommended in a 
report commissioned b; the 
Prime Minister. M. Raymond 
Barre- to study how savings 
could he directed towards in¬ 
dustry. 

The report has been drawn up 
by M. Paul Delouvrier. the 
chairman of I be State-owned 
utility. Electricitc dc France. \I. 
Alain Chevalier, the deputy 
chairman of Mnet-Hennessy. and 
M. Gilbert Mourre, general secre¬ 
tary of the slock exchange watch¬ 
dog commission, the COB. 

ft recommends notably that 
for the five years 197S-S3 indivi¬ 
duals will have the right to 
deduct from their taxable re¬ 
venue sums invested in capital 
increases in French companies 
quoted on the stock exchange. 
The limit would be 15 per cent 
of taxable revenue in most 
cases, and 5 pc-r cent, for large 
in (.Dines. 

The object i- to offer conces¬ 
sions attractive enough to tempt 


capital into the depressed stock 
exchange. The measures would 
also help to offset the imbalance 
existing at the moment between 
the tax concessions applicable to 
revenue from fixed interest 
bonds :ind that applying to 
equity income. 

The Bour-e has suffered badly 
from a combination of economic 
depression and political uncer¬ 
tainty. with a result that the 
equity market bus almost 
entirely dried up. Last year. 
(£12.6hn. i raised on the Bourse- 
some Frs.5l.4bn. was in the form 
of fixed interest issues and less 
than Frs.lObn. in equity. Of 
this, four-fifths was subscribed 
without appeal to the general 
public. 

The Bourse has for some lime 
been trying to persuade the 
government to step up lax con¬ 
cessions on equity revenue, 
notably by pushing the tax bonus 
(the return of tax deducted at 
source! from 50 to 100 per cent. 
But the government, needing to 
raise substantial sums itself and 


not wanting to compromise the 
success of an incomes policy by 
benefiting shareholders. has 
contented itself with making 
vague promises. 

In order to encourage people 
to build up a nest ezg for re¬ 
tirement. the report suggests 
that people should be able to 
direct a proportion of their in¬ 
come tax-tree up to a certain 
thrcshbold into a special retire¬ 
ment fund to be used to acquire 
shares. The income or dividends 
from this portfolio vouid be 
exempt from income tax upon 
retirement. 

In principle Ibe government 
should give a favourable recep¬ 
tion to the 1-eporL Last year it 
tried to encourage now share 
issues by permitting companies 
to deduct from their genera! 
charges the dividends paid on 
the new' shares. However, the 
political uncertainly and 
depressed level of share prices 
ruled out most financial initia¬ 
tive. 

See Lex back page 


Total debt at the year end 
was some Frs.L2.2bn.. with a 
little over 50 per cent, of this 
figure in the form of medium 
and long term loans. Some 
Frs.6O0m. of new debt was con¬ 
tracted last year. M. Gandois 
pointed out that the overall 
debt was a great burden, corre¬ 
sponding to 53 per cent, of group 
turnover. 

Consolidated turnover was 
around Frs.23.6bn., compared 
with Frs21.7bn- but on » com¬ 
parable basis the advance was 
10 per cent., of which 5.5 to 6 
per cent, was accounted for by 
price rises. Sales in France 
made up about 41 per cent of 
turnover last .'‘ear. against 52.5 
per cent, in 1976, w;tb 29.5 per 
cent, coming from exports (2$ 
per cent, i and an unchanged 29.5 
per cent, from sales by foreign 
subsidiaries. 

The chemical division contri¬ 
buted 41.5 per cent of turnover 
again?: 42 per cent- the medical 
and plant care division 23 per 
cent. (21.5 per cent.), textile.? 
19.5 per cent. (20.5 per cent.), 
films an unchanged 5 per cent.. 
and the Brazilian division an 
unchanged 11 per cent. 


By Our Own Correspondent 
NEW YORK, Feb. 13. 
RECORD sales and Income for 
Textron Inc. in 1977 were 
announced to-day by the com¬ 
pany's chairman. Mr. William 
Stiller, making what should be 
is last earnings statement pro¬ 
vided the Senate ratifies his 
appointment as chairman of the 
Federal Reserve Board. 

The last quarter proved to 
he the best three months In 
the company’s history, with 
sales rising 8 per. cent, to 
S716.3m. and earnings by 7.3 
per cent, to $o9-35ni- Sales 
for the full year were up from 
$2.52bn. to $2.8bn. and earn¬ 
ings from $12lm. or $3.23 a 
share to $136.86m. or S3.65 a 
share. 

Mr. Miller said that after tax 
earnings for the year had been 
reduced by S2.5m. or 7 cents a 
share by the implementation 
of last in. first out, stock 
evaluation accounting. 

Of Textron’s five industry 
groups only aerospace had 
Tailed to increase its earnings 
last year, reported Mr. Miller. 
This group includes the com¬ 
pany's Beil Helicopter division 
whose payment of in 

commission to an Ira nian sales 
agency is currently being 
investigated by the Senate 
Banking Committee and " is 
delaying confirmation of Mr. 
Miller's appointment to suc¬ 
ceed Dr. Arthur Bums. 


Morgan Stanley raises 
broker fees to institutions 


BY.JOHN WYLES 


NEW YORK-^eb. i5. 


THE ATTEMPT by some mem-: 
bers of the securities industry 
to increase their brokerage 
charges to institutions has 
gained important new -support 
from Morgan Stanley. 

The company has seat a letter, 
to institutional clients announc¬ 
ing that “it is our intention 
to seek higher compensation 
where we believe we have earned' 
it." Morgan Stanley is by far 
the largest firm to have joined 
the still small. ranks of ihcae 
trying to. halt the rate cutting 
tide which has reduced commis¬ 
sions charged to institutions by 
almost 50 per cent, since fixed 
charges were abolished in May 
1975. 

Unlike Donaldson Lufkin and 
Jconrette and the handful of 
other companies which are try¬ 
ing to make a stand. Morgan 
Stanley has not set a floor .on 
discounts below which it will 'not 


venture. Thus it is retaining 
the maximum flexibility- to --re¬ 
spond to the actions of its major 
competitors, Merrill . ‘Lynch, 
Gol dma n .Sachs.. - and - - Salomon 


The -Securities and Exchange 
Commission said that corporate 
management should be encour¬ 
aged.to provide -projections for 
sales, earnings and other data 
for their companies, Reuter 
reports from:. Washington. 
This idea has provoked con¬ 
troversy"' as companies fear . 
’ they may be .. held - legally - 
responsible for any projec¬ 
tions, but 'the SEC says .tills 
heed not be the case if certain 
guidelines are used. 


Brothers. Goldman Sachs ; has 
merely said that it is “waiting 
and watching” these moves ori 
Wall Street, .while Salomon.-and 
Merrill,Lynch have said they-tin 


n ot -intend to 'set - maxi mum. dii 
count rates. " - 

Thus these -three' companies 
have considerable ‘ power' h 
affect the success of the-attempt 
ip raise institutional rates stow 
mutual funds.- for example, bavt 
proved- reluctant to. ignore ttw 
lowest com mission -rales -avail 
able; ' . 

The bid ‘far higher charges bj 
some firms is, clearly-a make oi 
break effort which wilt deter 
mine -whether they - retain ex pen 
sire anti, non-revenue prod a dm 
research facilities vrtwse ictivt 
ties - ar© supposed to he funded 
by. commissions. 

. Thesrisno-sign, however,tiwh 
Morgan Stanley is to such tfiri 
straits. The company Insists IBS 
-its 1 equity business -is profitable 
to' the eXtenr of providing-tM 
$4m. a year ncedml-To .finanii 
the compaoy’s reseasxh depart 


CBS in $80m. purchase 


- NEW YORK. Feb. 15. 


Business slide 
for Sun Life 


Forecasts from Norsk Hydro 


BY FAY GJESTER 


OSLO. Feb. 15. 


Buyers shun 
D-Mark 


NORSK HYDRO. Norway's 
largest industrial concern, re¬ 
ports a rise in turnover in the 
half year to December 31 due 
largely to the start of gas 
deliveries From Ekofisk and Frtoa 
fields in the North Sea. Hydro 
has a 6.7 per cent, stake in 
Ekolisk and own approximately 
20 per cent, of total production 
From Frigq field. 

Total sales income rose to 
K i-2.89 bn. ts53lm. i from 

I»r.2.39bn. in Julv-December. 
1976. uperaiing profit rose by 
over Kr.$0m. to Kr.335m_ despite 
heavier depreciation charges, but 


most of this rise was absorbed 
by a steep increase in financial 
costs in connection with activities 
in the North Sea and the petro¬ 
chemical complex at Rafnes/ 
Bainble. Pre-tax profit therefore 
showed only a modest improve¬ 
ment at Kr.l27m. (823.3m.) 
compared with Kr.llTm. a year 
earlier. 

Tbe Board comments lhat the 
half-year pruved better than ex¬ 
pected last autumn but predicts 
that pre-tax profit for 1977-78 as 
a whole will be slightly- lower 
than last year. Marker conditions 
for the concerns main products 


continue to be difficult. Plant 
utilisation in the half-year was 
generally satisfactory and there 
was no increase in inventories. 

In the nitrogen division, sales 
were about the same as for Jul.v- 
December, 1976. and profits were 
somewhat better, though world 
prices remained low. The Board 
secs no prospect of any signifi¬ 
cant rise in prices during the 
second half of the operating year. 

Developments have forced the 
shut down of Hydros soda/ 
calcium chloride plant Par* 
grunn. and production will stop 
this spring. 


contracts 


By Adrian Dicks 

BONN, Feb. 15. 


EUROBONDS 

Massey-Ferguson leads sector decline 


BY MARY CAMPBELL 


MOST SECTORS of the market 
were quiet yesterday. The main 
feature of the dollar sector was 
the sharp fall in the price of 
Massey-Ferguson bonds following 
Tuesday's announcement lhat the 
dividend on the Preference us 
well as the Ordinary stock would 
be passed. 

All issues wore marked about 
2-3 points down. The issue which 
is most actively traded—the 91 
oer cent, bonds due 1991—closed 
the day at 99 or 99* bid. The 
ft; per cent, of 1982 were quoted 
around 1001-191 and the 9 per 
vent, issue due 1flS2 al about 
100 - 102 . 

Dealers though), however, that 
the volume i»r trading was not 
large, even in lho 1991 issue. The 
price cuts wen: reportedly 
mainly precautionary mark- 
downs b*» dealers. 

In the D-Mark sector the con¬ 


vertible issue for Fujitsu opened 
at a premium of about 3 points 
on the bid side from its par issue 
price, despite the half point cut 
in the coupon, other prices were 
more or less unchanged. 

The New Zealand Forest 
Products offering was yesterday 
priced at par with other tonus 
unchanged from indications. The 
market was in general expecting 
it to go well although it was 
less confident of the other dollar 
bonds on offer. 

• Lsbikawajima Harima Heavy 
Industries is planning a dollar 
floating rate note issue, securi¬ 
ties sources to Tokyo told 
Reuters. The proposed issue is 
reportedly under consideration 
by the Ministry of Finance For 
inclusion in the list of secinrt 
quarter Japanese foreign borrow¬ 
ings. 


This would be the first 
occasion when a Japanese non¬ 
bank has lapped this market 

• World Bank Treasurer Eugene 
Roibcrg made it clear in Zurich 
yesterday lhat the fact that it 
has satisfied its borrowing 
requirements for the current 
fiscal year, which ends in June, 
docs not necessarily mean the 
World Bank will be absent from 
the international capital markets. 
Borrowing could be made for the 
197S-79 year. He also said That 
the World Bank did not intend 
to exercise its rights to redeem 
bonds early, even where the 
interest rate situation meant That 
it could refinance at a substan¬ 
tially lower cost. 

• The Kingdom of Denmark will 
issue FIs. 100m. of bonds due 1993 
at a 7.75 per cent, coupon. 


■ FOREIGN buyers * of We-t 

• German process piant and 
.machinery are displacing m- 
. creasing reluctance to tie them- 
i selves down to contracts de- 
: nominated in Deutsche marks 

while for West German exporters 
[ the cost of forward cover against 
I losses from dollar contracts is 
jso high as to he “almost fatal.” 

! according to Herr Han- E"aid- 
sen. chairman of Deutsche Bab¬ 
cock. 

Despite the increased difficul¬ 
ties of the currency outlook, how¬ 
ever. Herr Ewaldsen made clear 
that Babcock would have to go 
on looking to exports Tor die 
i greater part of an increase '.n 
! sales which it hopes to push up 
! to about 2G per cent, in 19. *-7S— 
Ian achievement that would give 
it turnover of DM3.9bn. (S1.9bn.» 
(this year. 

During tbe first four months 
I of the new business year, the 
; Babcock chief executive said, a 
i strong recovery in domestic 
(orders from the previous year's 
•low levels had been responsible 
' for the most rapid growth out of 
total new orders of DM22!bn. 
; Nonetheless, out of an order book 
‘worth DM9.4bn. at the end of 
i January, no less than S2 per cent. 
1 was accounted for by export eon- 
. tracts. 

• Following last year's increase 
! In capital from DMlTom. to 
, D?J2Q0m. a further increase will 
jbe prouosed for this year lo 

■ DH25flm. Herr Ev aldsen said 
'that the Iranian Government.the 
1 1arrest shareholder in the qroup 
.with over 25 per cent..’ wa* 
: expected to take pari in this 
1 increase as it had in the last one. 
.but that the relative size of its 
(stake would remain unchanged. 


By Robert Gibbens 

MONTREAL, Feb. 15. 
SUN LIFE Assurance Company 
of Canada is losing “consider¬ 
able business” across Canada 
because it is headquartered in 
.Montreal, 3Ir. Thomas Gait, 
president told the annual 
policyholders meeting. 

He said the non-Quebec- 
based companies are using the 
fact that Sun Life is head¬ 
quartered in Quebec as a 
means of getting new business. 
Prospective customers outside 
Quebec are refusing to do busi¬ 
ness with any life company 
based in the Province because 
of the 'Quebec Government's 
commitment to separation. 

The decision to move the 
company's Head Office to 
T oromo was necessary to 
reassure existing policyholders 
and future customers. 

The decision will be put to a 
special participating policy- 
holders meeting to Toronto on 
April 25. New proxies are 
being sought and a resolution 
to approve or reject the move 
of headquarters will be placed 
directly before the meeting. 

Mr. Galt also said earnings 
from insurance operations last 
year were a record SCI58m- up 
21 per cent. Life insurance m 
.force at the end of 1977 was 
$C>6bn.. up 13 per cent.. 


CBS and IMS International, tbe 
information service company, 
announced an agreement .. in. 
principle under which CBS will 
acquire IMS in an SSOm. cash 
merger, it was reported by the 
companies to-day. 

Under the agreement each of 
the about-4m. IMS shares out¬ 
standing and any additional 
shares to be outstanding as a 
result of option and warrant 
exercises would be exchanged 
for S20 in cash. 

The agreement is subject to 
the approval by the Boards of 


CBS and IMS, execution of a 
definitive merger agreement and 
approval by the shareholders of 

ms. • •' 

CBS bas secured binding agree-' 
merits from certain-' institutional 
shareholders of IMS.- Some 
members of I MS' senior: manage- 
ment .have also committed' iheir 
holdings in support.of the trans¬ 
action. contingent upon the 
approval of the- agreement in 
principle by the IMS Board of 
directors and agreement befog 
reached on management con¬ 
tracts. . ' AP-DJ 


U.S. financier 
cleared , 
refinery charge 


Sec. Pac. revises terms 


. SILVER SPRING, Feb. 15. ', 

AMERICAN FINANCE System the 30 trading clays before the 
directors have unanimously date the merger is completed. ; 
approved a revised merger plan The original -merger plan was 
with Security Pacific Corporation., announced-January 9. - 

Under . the new plan, each In approving, the revised 
.American Finance systemedm* Jnerger- plan, - American. Finance 
mon share would be exchanged System said its. Board noted that 
on a tax-free basis for SlO.-Ja Aristar's unsolicited, proposed 
market value of each Security cash tender for 2.3m. American 
Pacific common share, deter- Finance common shares at 3.50 
mined by the closing bid price each would be taxable. /• . 

for Security Pacific common for Reuter 


By Our Own .Correspondent, ■ : 

MONTR EA14 Feb^ 15. 

A ‘.U-S. Federal judge Jn' : .2Sei 
York ..has cleared^America] 
financier Mr. John Shaheen 
others .of allegations, that 
siphoned money Jrom the com 
pany 'operating’ EotaMij 
Chance refinery in Newfouhti 
land tour months before it .web 
bankrupt to'"1978: • v 

. The judge denied a motiorf $ 
Clarkson Company, trustees, fa 
two', .bankrupt . Shaheexi ' mA 
panlei, whit'd: anight tti-3&r r “ 
order-of-attachment! against 
Shaheen and seven others. ■' 

ever the. court granted C_ 

son the right, to keep pennahen 
po.ssesslon.of books-and .recoil 
of the two- bankrupt -cothpanies 
ProvinciaL ’ Refining- and fiek 
foubdland Refining. -^Thesfe t*i 
companies operated therefiner^ 
before going into receivership n 
F v «*rua|y 3076.-- - a 


Rothmans 


AT&T lifts quarterly dividend 


AMERICAN Telephone and Tefe-- 
graph directors have increased 
the quarterly dividend io $1 Jo 
a share from $1.05 v - payible 
April i. r- . r 

The company said the increase 
reflects its confidence in the 


. '• - -*.1 

NEW YORK, Teh. ,15. 

nation economy and in,the -out*, 
look for the telttcommiiriiiation^ 
business. A T and. T- also said, 
it believes. President' Carter's 
economic programmes wfll sus¬ 
tain-. XJ^. economic grQwtlL- 
Reuter 


Canada ahead 

;* "• TORONTO, miK 

ROTHMANS of: F$J1 ’ MaU 
Canada’s share of losses from its 
TLS.- , . brewing subsidiary ' and 
extraordinary items-redueed 1977 
,atoe - mon&s earnings - tft 
S11.09S.OOO or 5LS5 a share. 

Rothmans -reported '■ i 
quarter bet earnings oE S8^2i 
or JSl.SO a - ahafe - againi) 
S6.069j000. of SL13 in 1976. 
Reuter 


r^ASS^Y-FERGUSON SETBACK 


Dire 


• . j • 


- •• ■ - - . 

are fulfilled 




BT JAMET SCOTT IN TORONTO 


.. -T—-v; 


Town & City Properties 

LIMITED 


Diiaudited interim results for the half year ended 

Year 


28th September 1977 


ended 

24.3.77 

nm 

35.364 


Gross income from property 


Net income from property 
Income from other sources 


10.483 

(35.7571 Less: interest payable 


(25.274) LOSS before taxation 

6.672 Less: Taxation relief 


(18.6021 
45 


45 Minority interests 

2.363 Realised capital profits/(losses) 

(2.363> Transferred to eapital reserve 

Aoiount transferred from capital reserve 
in respect of development properties on 
7.532 which development has cootmenced 


(11.025) Shortfall of distributable income for period 


Half Year 
ended 
2SA.77 
fWW 
16.400 

. Half Year 
ended 
2S.9.76 
£'000 
17.961 

2.139 

2,083 

3.268 

1.212 

4.222 
(15J.9I > 

4.4S0 
(IS.003) 

110,969) 
1.079 

113^23) 

472 

(9.890) 

40 

(13.051) 

(19) 

jrrmi 

1 1.SS0 

13.648) 

13.648 

2.266 

5,515 

17.534) 

(7.555) 


NOTES: 

1. The form in which the results are presented has been altered in order lo achieve 
greater clarity. In particular tbe new format shows the total revenue loss before the 
transfer from capital reserve in respect of outgoings on properties currentlv under 
development. Tbe comparative figures have been adjusted to reflect the new format 

2. Realised eapital profits less losses and capital charges fafter taxation) are made up 
as follows: 

fOOi) 

Surplus of sale proceeds over original cost oF property, less 

capital gains tax . 396 

Excess of cost of acquisition over book value of net tangible assets 

of subsidiaries written off to respect of sales . (2.700) 

Net capital profits ... 424 


(1.880) 


Note: The above surplus oo sale of properties has no regard to valuation surpluses 
in previous years amounting to £5,-419.000 which were included in capital 
reserve and have been written off. 


3. The taxation relief included above is £1.200,000 (Period to 28.9.76 £700.000 i and is 
limited by reference to the amount of offsettable chargeable capital gains. Significant 
losses remain available to be carried forward against future revenue profits. 

No dividend is recommended for the period to 2Sth September 1977. 

Since the preliminary announcement last August a further £24.4 mijlion of property 
has been sold with a book value of £15.9 million. This brings the total of sales since 
25.3.77 to £52.0 million with a hook value of £46.3 million. 


Chrysler Spain 
expansion 


By Robert Graham 

MADRID. Feb. 15. 
CHBYSLEH’S Spanish .sub¬ 
sidiary. Chrysler Espana, has 
decided to increase its workforce 
by 550. equivalent to 4 per cent, 
uf its current payroll. The move 
follows a strong demand for 
Chrysler saloon cars in Spain 
and anticipation of the sales 
trend for Chrysler trucks in 
Europe. 

The move is also an interest- 
inq reflection of the industrial 
relations climate to Spain. Fur 
several months Chrysler Espana 
has been unable to operate over¬ 
time due lo a union ban. This 
ban has been prompted in part 
by union pressure to increase the 
company payroll rather than 
resort to production flexibility 
through overtime. The company 
response had been dictated by 
fears of hiring labour at 
moments of Increased demand 
and being obliged to continue 
employment when demand 
declined. 


IRI exports 
rise 30% 


FOR THE past six months the 
financial analysis who fellow the 
fortunes of Massey-Ferguson 
have been issuing words of 
caution to their clients about 
making an investment in the 
multinational manufacturer of 
farm implements and industrial 
and construction equipment. 

The accuracy of their predic¬ 
tions was proven Ihis week when 
the company announced it would 
omit the regular quarterly divi¬ 
dends on toe common and pre¬ 
ferred shares normally payable 
in March and estimated that it 
had a net loss of USS3Sm. to the 
three months ended January 31. 
the first quarter of the current 
fiscal year. 

Analysts were not alone to 
waving danger signals. The com¬ 
pany itself began w arning share¬ 
holders of problems ahead last 
November when it declared its 
regular quarterly dividend that 
was paid in December. At that 
time. Mr. Albert Thornbrougb, 
president of Massey, said that the 
company's sales for the quarter 
ended October 3t, the final 
quarter of the 1977 fiscal year, 
were considerably below' earlier 
expectations. 

Reporting a continuing weak¬ 
ness in retail farm' machinery 
sales for the industry in Nerth 
.America, be said that this stomp, 
coupled with unfavourable cur¬ 
rency adjustments, would have a 
substantia! impact on the 
quarter’s profit relative to that 
of the year earlier quarter. 

In December it was disclosed 
that profit for the quarter was 
95 cents a share, down sharply 
from S2.42 a share a year earlier. 
It also said that the problems 
and difficulties which adversely 
affected ils 1977 results, when 
profits slumped to SI-26 a share 
from S6.04 in 1976. would con¬ 


tinue at least into the first business, a sharp deterioration" emphasisedMiat to the interim 
quarter of the current year and to the'economic environment of whfyfe possihl^^^tentative action 
would have an adverse effect Argentine which has,brought the are-beaig.,«raridere4 Ihe dev® 
on income. : company's operations -to that-topment antf distribution ot coo 

Shareholders therefore' were copnOr to. a virtual-standstill, st^ctijbh' inachtoeiy vnu.cqii 
being prepared for some bad apd. a. substantial unfavourable tinue ; to be toHy supporretuam 
news but little did they expect 'exchange Impact on tbc vaJualton.:tfiai>5'tfiB’ - 1 J>ri > fitaDle_ 4ndusOT| 
the shock they received thJs .of -' inyeotoriey as.- reqtttoed _by. machtoery : T)roditfiL \rae,. _wqw 
week when they were told there current accounting standards:.'- -is ^lat&ely/ based .■npsn-.'-g, 
would be no dividends in March The- big drain on- profit -Jtos ma^lnexy -piOWer" pnit^, 
because of the loss the company been caused by the -company's -further strengthened- . J ■ 
had suffered. Because* of this construction machinery opera- ^Reading between 
Joss, restrictive conditions in tion.. This product- tine 1 has.Toronto‘ flnaneial■ analys ts, - a 
recent long term, .borrowing suffered increasing operating there is^iitfie reasofl^to-.fj 1 ^ 

_ - . •••'.- -- v the ebmpaijy tonuB; out (Ag 

•; . V ;c' profit.riamp quietly. -|WS.- 

Massey-Ferguson common fril 2J to 10J Joi'.TIosirQnw^'ry^u^- 

yesterday, while in New York it feJ12| to dose at ^l ; 
in busy trading do the company’s depr^siDff neWs.' ; •!:' 

- — - : - ■ ■■ —*—*- r ~ years it . would 

- v -.' r.~ expect sales : to conttoae-^?®* 

agreements would not permit losses : in recent. years- It has iiigh. levels- - 

pajTuent of dividends at. this not . bqen pending r : .. ArtS j * time &&&&■■ 

time.. further studies, .to quantify the 

3Lr. Thorabrough. said that exact amoant <rf th«e . 
continuing high rates*f-inflation because of the high .degree at 

to almost ail areas, changes in integration of xaanufactunig and • 

relative currency values, imd a marketing- .operations ■ fpr -the ' 

slow rate of economic recovery farm machinery, industrial *xA on • 

in many' industrialised -countries construction machinery lines. ’ : 

were responsible for the situa-....Howevieiythe maTW * g < Mr T ie Pt ‘fljij-tc - --a- ■ 

tion. He added that management iiminary estimates.are that tosses des^bed cohrervatfveliy 
actions already . “fitnted to at tributaWe ' to conStrqctloB r 

improve profitability are .machinery operations, for’ ' 

pected to have mdjor offsetting year I977,~beFore^ allocation bf: : So. ifar - itf - Nbrth—^^ 
effects as the year progresses, various indirect expenses and: Massey bas/hpt.^uop»^ 
but be warned that the problems before tax-offsets, -were" approxi- production cdtoadrs dC ammt 
affecting the first quarter would . ma teW srfJS60nL> For the quarter lay-OffSv but Tobservws 
continue.into the second quarter, just ended -the operating-low-tor^Writing;fe 
The specific problems' affecting a 7 comparabl.e : basis was approjdv ‘'Maiss^’s-^pOrripq^O^^ 
the company's operations in 1977 nlately SlSuL . : ■: r.-rTtuCrttoti opal 

and the first quarter of the ■ -Massey - Ferguson vitas ‘ been .^eek-'gnnoycPCE^ a _. 
current year included reduced investing .heavily-to .otetfbaiction 
demand in the North American equipment to recent 'yeais-' Soto -tod^ Hainitton 

and Brazilian markets and the by btoTdlng new fac'tdrtesand'by :we^^.' tbte -i rr ^ _ 

cost of carrying high levels of . acquisitions of 7 which' the most 'IbWfid au 
inventory in Europe. . important was ^to Purdiasev-Of'.titet ^r.p^fcenV]^*^ 

Id addition there, have been Hanomag JP- Webt Germany r.in fprto WbuIcL ■bg.'daiti-an^ 
continuing losses m the com- 1974. • • • /..'■• •• r: ..:-- ••'.3IT- ."-The - -summer y 

panx-’s construction machinery ■' NeverThelKa-Mr. TPornbrongh 


AMERICAN QUARTERLIES 


CHESEBROUGH-POND’S 


By Paul Beets 

ROME. Feb. 15. 

ISTITUTO per la Ricostrurione 
lndustriale (IRI). Italy's giant 
state holding company, reported 
to-day export sales totalling 
L4,000bn.. or iihoui S4-.66bn. last 
year. This represents a 30 per 
cent, increase over the previous 
year when IRI export sales 
amounted to L3.l3?bn. 

The state company S3id that it 
made particular headway in 
Mediterranean and Middle East 
markets last year. But it was 
concerned at the-negative efte« l 
the country's uncertain political 
situation and Italy’s public seo 
tor deficit could email. 


Fourth Quarter 1VTT lV7h 

S 5 

Revenue. 201.2m. 185.5m. 


MELV ILLE 


Net profits . 10.4ra. 92m. 

Net per share... 0.32 0.29 

Tear 

Revenue . SOS.Om. 747.0m. 


Net profits. 

Net per share... 


Fourth Quarter 1977 2976 

S S 

Revenue '.. 458.0m. 383.0m. 

Net profits ...... -3125m. 2&3m. 

Net per share:.. '127 0^4 

Yaar 

Revenue_-__ LSbix. - LSbn. 

Net profits. .73Jhh. 61.0m. 

Net per share... •’ 2-95 2.46 


T: 


w 




Fturth Quarter 1*77 MTS 

S ‘ S 

Revenue ......... 689,0jh. 530.0m. 


Net profits. 

Net per share... 

Year 

Revenue . 


26.0m. 

0.7S 


Net profits. 127.0m. 118.0m. 

Net per share... 3.80 3.52 






11Vj 0 


, '4.68- V. '-■-Jla'-lfet.-perkbare 


i 

1 








































Y-\Vv-~-r*- -. 

Fir^fjci^l l^imes Thursday February* 16 1973 


.< : • ." ■."!> 





NTE.RNATIO.NAL financial AND company news 


27 




ev 


.awe agar 
M§om Den 

ln %°ed!t!ank 


> -- 

?\Z*r 




•■'•J'V; 


-osukye# fcx 

Norskti- Creditbank, Nor- 
- largest commercial bank, 
v almost unchanged profits 
7 and • is paying an im- 
■' d -llvper eentr dividend. 
;. in * says it had. relatively 
oases on loans last'year-* 
rile-offs reached less than 
.-UUt oE outstanding loans 
& KrJ8.470m. 

ts. after tax snd depr ecia - 
rppe'd slightly to Kr.854ra 
*; i ) from.Kr^SnL in 1976. 
capital was' increased 
. the ■ year by Kt.eSm.—- 
uf- the’ amount; originally 
t—and' is t dow Kr.-SSSm. 

•• * ••■■■• •■ * - * ■*-■: -rv? 

nailer Norwegian com- 



activity in yen issues 


jy. 


BY FRANCIS CHIUS 




s interim 



BY RICHARD ROLf€ 


The long term prime rate on carried a coupon of ?Z per cent. nvv > nv 
yen is not expected to come down for a 12 -year maturity. whiie a 0XE The MOST consistently was severe. 


JOHANNESBURG. Feb. 15. 

!l expects current 


per cent. in the nesn tu - 0 mml u s though VJObn. one for Banobra* of ; succwsful of the South African trading levels to be maintained, 

is paying . . * a ij s aft . ", Mexico carried an S per cent. :ro . n S ,omerate *j- Calan, one of but indicates that from this it 

s _ - T - -j, -w? ».-«»». ui. the dollar „,i Fn P Vi,« Jl?i coupon for a 10-year maturity whose antecedent companies was follows that earnings will be 

in Tokyo- .to export recentSllJm. loan for Siderurgla tranche and only 85 oer cent. nj ' e “ Q . tor time being x aKt v . ar hnmim>r« fmm two 1 Cope 
on f °7 ibe moves *o Brasileira illustrates the point on the yen tranche. ' er w C i n rai *£, 5ren Philippines. Brazil and Denmark. e7lde< 

pan’s balance of r pay- This loan was In two tranches. Yen loans cm a fixed in. ?£ fln ! r ., m ,f ***** wereahle w tap this source profit 

DtUB. V one denx.m nated in dollar*. rii» Yen ,oans carr * a a * e » ln * the private Placement or the -V,..-!, 1 ^ 3 »uur«r »■ 


ing. Japanese banka are being however, currently cheaper than Thus the borrower 
encouraged by the Ministry of dp![aMlenoDiinated_ ones. The about 10 por cent, on 


Finance 
capital as 
reduce Japan 

merits, surplus. one denominated in dollars, the . ... .... ... . - 

From a total' of Y47bih in 1976 0,her ln *“■ °n the first Ie f st «“■ w f/ e the ™ public bond markets, both oF 
the amount of sueh. loans more amounting to fiSOnu the bor- P rirae ran an tbe yen to change, ^ch bave been also growing m 

than dtMibled tu -TTUBtiti. last 

year; Strfar-thisyear; ¥475bn. 
wor^b of; medium term ;eredits 


companies 

Alim an South Africa; has down on last year's s£ cents total, 
ended a 10-year record of rising • Louis Luyt, the fertiliser 

profits with its latest interim millionaire, bus sold The Citizen, 

of funds [statement. This shows turnover the daily newspaper he founded 

Th« «r , 111 . tho tmnd! “P fr0UI R81m - 10 R62ni - ib Johannesburg 17 months ago, 

. —.. r - ™*? e cheapest ofall is the bond t s 7 im.) t but that income before Reuter reports. The deal was 

rower paid a spread ovct the this would not affect the terms lhe pasT yestr market where .Y90hn. worth of; taxation slipped from R4.4m. to disclosed in to-day's issue of the 

interbank rate of 21 per cent, agreed when Uie loan contract Two private placements have ‘S ? 11 ? 5 wiR be i“ ad e-thJa month. |RS.4an. for the six months ended paper, which said its new owners 

_ f °r a maturity of eigW years: was signed- Dollar loans cam been arranged so far this vear. l? e ***** monthly figure ever .'December 31. were Mr. Hubert Jussen and Mr 

hatn been announeed^thtsfienre on second a margin of 0.7 a floating rate. A Y5tm. placement for Iceland >«n denominated bonds floated] After tax. minority interests Y. van Zy! Alberts, chairman and 

Includes YJObnJiTffie Spanish —_ _ _ ___ 1 and attri , huli0n of profits from manning director respectively of 


borrower. Aotopistas r dei Atlan- 
tico the final terms of,which have 
not^heen settled. 

- More than.-half th<? borrowers 

.^___■since April 197fi have been Latin 

-bunk, ' Andresenst hadAmerican, ■ Howevee.; Japanese 


YEN SYNDICATED LOANS 


banks arc casting their- net* 
■wider. Among first : tf me bor¬ 
rowers in recent* months have 
been -Canadian. Iranian.'Danish. 
Algerian and. Spanish mimes. . 

If the current growdbrfn siu«h 
, , - - —p - lending persists, and most-banks 

3 to 9.5 per. cent., from {think, it wHI, loans worth over 
r cunL for I97fi, but i Y250bn. will- be. granted by the 
ig director H. P. Schnhlcr l end of the current" year. • 
year’s result was “ far?v 


lofeses last year—^between 
and Kr58m.—ton its 
i prlces-hit shipping com- 
and a heavy engineering 
». Strommen Staal. and 
further losses in 1978 tin 
• loans. It is cutting Its ! 


- 

Borrower 

Total 
amount 
(Yen bn.} 

Interest 
<%> . 

Final 

maturity 

( yaars ) 

Number of 
participating 
banks 

April 1776 

Inter-American Development Bank 

“* 2 

9J 

7 

16 

May T776 

Central Bank of Philippines 

10 

9.9 

7 

24 

July 1976 

Korean Development Bank 

s 

9.9 

7 

16 

September 1976 

Central Bank of Cuba 

5 

9.9 

7 

24 

December 1976 

Central Bank of Argentina 

10 

9.9 

4 

24 

December 1976 

Ships Bureau of Brazil 

15 

. 9.9 

7 

24 


1978. will amount to Y479bn^ a 
Urge increase compared to the 
YTObn. high of 1972. 

The list of new borrowers 
here is very. long, including 
both industrial and developing 
countries.. One 
is 


Interesting 


associated companies, total net African International Publishing 
income fell from R25m. to Company, and a consortium of 
Ttl.Sm. '(92.9m.), which translates South African, American and 
to earnings per share down from European companies. 

41.1 cents to 33.6 cents. The The Citizen follows a renerally 
interim.dividend has been main- pro-government lino.and Mr. van 
of 'tile mostjtafned ax 9 cents and-the. Board Zyl Alberts said in a statement 
undoubtedly. expects that results for the year there would be no change in 


.SC 


nrv imriAr I Borrowers are getting increas- — 

or>, under the ! ingly .finer jprmp. a trend-likely 

wa - to continue as domestic demand 


March 1777 
June 1977 
July 1977 


Central Bank of Peru 
Siderurgia BrasHeira 
Naflnsa Mexico 


3 

15 

12 


10.4 

8.9 

float 


5 

7 

10 


19 

24 

4 


\ ■ ’ Prnfit for 1977 
L f834m.1 apn*nst 

' 4 . in 1, *76. and lomt 
••• ’*7“ *he yeat by Kr.495m. 
i-l::’4S2in. 

?-j;;nround at 
ndelsbank 


ary .Barnes' * -.. . 

1PENHAGEN. Feb. 15. 

IACEN Handelsbank.] 

' t's biggest commercial} 
increasing its dividend 
to 32 per cent, after turn- 
id, its net result from a 
Jr.45m. in 1976 to .a sur- 
Kr^lSm. (S38.2m.) last! 

- e result was arrived .at; RENOWN 


luly 1977 

-- . _ September 1977 

for long term credit- in‘Japan October 1977 
Shows little sign of recovering. —- 
Borrowing medium term in 
yen remains more expensive than 
borrowing in the other two 
strong currencies, the Deutsche- 
j mark and the Swiss, franc. Court, 
tries like Brazil; Mexico .and 
| Algeria do. however.;’have a 
i area* need for fresh, capital and 
1 there are- limits to thug--amount 


Quebec Hydro 
BNDE Brazil 
IMDBI Iran 


20 

12 

13J 


£5 

SJD 

8.0 


15 

S 

7 


6 

8 

13 


France. The Banque Frangaise ! will enable an unchanged final of editorial puliev. 
du Commerce Exterieur last j 23 cents lo be paid, putting the Mr. Luyt said the paper was 
summer was the first French {shares, down 15 cents to.320.cents now selling 75.000 copies a day. 
borrower in this market; the ion the figures, on a prospective He said he hud decided <o sell 
French railways and the eleetrl-;yield of 10 per cent the Citizen to ihe consortium 

city utility will be the next! The Board describes trading “due to the expansion of my 

j conditions for the six months fertiliser activities, with turnover 
under review us extremely diffi- in excess of Rim. (.-51.15m.i a day, 
cult and says that the effect on as well as my personal financial 
profitability in the plastics and involvement of over R25iu. 
lighting divisions in particular <$2S.7om.1 in this company." 


October.T977 
December 1977 
December 1977 


Mortgage Bank of Denmark 
Thai* Housing Bank 
Pemex Mexico 


January 1978 
January 1978 
February 1978 
February 1978 


Siderurgia Brasileira 
Sonatrach 

Central Bank of Cuba 
Autopiscas del Atlantico* 


10 

83 

IS 

8 

8 

float 

8 

10 

25 

8.0 

8 

18 

Is 

SJ 

6 

24 

12.5 

83 

7 

15 

10 

83 

7 

24 

10 

S3 . 

10 

21 


tinm not yet (Inal. 


in March and M 3 y. Others are 
expected to follow. 

One striking feature of this 
developing market so far has 
been the absence of any U.S. or 
European corporate oames. 

While the currency risk may 
bave loomed large in the mind 
of corporate treasurers, reports 
that Western Investment bankers 
have been sounding our Japanese 
banks on future possibilities 
suggests the scope of the market 
micht be widened. But further 
relaxing of rules in Japan is 
needed — a trend which many 
Japanese hankers think i? likelv 


BHP affiliates earn snore 


BY LAURENCE STEPHENS 


SYDNEY, Feb. 15. 


Favourable results from Renown 


BY YCKO SWEAT* £- 


MEDIUMS TERM CREDITS 


BY FRANCIS GH1US 


IS 


TOKYO. Feb. 15. 

c *wu.l .M..tv «>.- -- J"C., .the_...leading to its newly esfablished subsi- London, Sin. new shares (ini 

luding an unrealised loss Japanese manufacturer, ofcmen’s wry. Durban, its total turnover August 1976) and 9.Sm. new j 

ra. on foreign su bor din- {and women's fashion lines, to- declined to Y151.67bn. ($6.3Im.) shares (in May 1977 1 , Renown THE CITY or Paris is 
o capitaL . [day reported favourable business trr £} Ylfl0.fi78bn. improved its capital base. iS20m. for five years on 

•S for fte 1977 SBOcial ^ 


Paris raising foreign loan 


The good profit performance The company's net financial 
. . was due to overall sales improve- revenue (ioteresi and dividends 

year, to Decern her. ^its current mem. particularly-in ready-made received minus interest paid) 
[ profits increased by32-a per cert, women's suits, men's outerwear was Y300m. 
to Y7.902bn., and net pronu-rose- 1 ^ 4.5 pe r cent) -and women’s * ' * * 

35 percent, to Y3.52bn. (S14.6m.). and children’s outerwear FUJI PHOTO FILM Company 

I- Renown has a strong-;'nation- (20.3 per cent.). The company’s Ltd. said that it expects to re- 

from Kr.60.to Kr.I09m.J.wIde sales network bated on-efforts to reduce inventories also port an IS per cent, fall in con- 
'. twing to an increase in! local shops and ' department helped to eliminate operating soil dated net profil for the year 
.. rjtten off. which rose ( stores. However, becauso of the expenses. By* the issue of Euro- ending this October, to Yl5bo.. 

.39m. to Kr.Sflm. ' I Bhift of part of men's weSrsales pean Depositary Receipts in Reuter 


ns and tax were down 
.358m. to Kr355in. .Net 
earnings rose ! from 
to Jvr^65m. Costs io- 
by ii per cent.-, to 
Depreciation almost 


raising Two loans for Brazilian hor- 
^uiu. »«» m.s .• vtiin un a split rowers are currently being 

spread over the interbank rate arranged. The 8250m. ten-year, _ ...._ _ _ 

of 1 per cent, for four years, loan for the Banco National de: trading conditions for the rest 


TWO AUSTRALIAN companies increase in pre-tax earnings for 
affiliated with the nation's big- the full period, in spite of the 
gest corporation. BHP, un- fact Lhat the group is operating 
nounced slight rises ln earnings well below capacity, 
j for the first half of the 1977-7S The cumparn will pay an un- 
i financial year to-day. changed interim dividend of 3 c a 

j Tubemakers of Australia, share. 

[which manufactures a variety Meanwhile. Arc Industries. 
I of pipes and tubing, lifted profit which makes boat finings and 
4.1 per cent .to $A6.S7m. reinforcing rod for the concrete 
f$US 8 m.), on a 17.2 per cent, industry, lifted earnings $ per 
increase in sales revenue at cent, in the six months to 
SAlSO.Tni. (SUS205m.). Tube- $A3.75m. . (SUS4.26m. >. Arc is 
makers is owned 44 per cent, by owned 31.4 per cent, by BHP. 
BHP and 29 per cent, by the Arc achieved its result on a 
British Steel Corporation. lg per cent, increase in sales 

Tubemakers expects improved revenue to $A68.9m. ($US7S.2m.) 

.Arc is paying an interim divi- 


of the year and is hoping for an dead 'of 4 cents a share. 


Pacific Film slowdown 


BY OUR OWN CORRESPONDENT 


SYDNEY. Feb. 15. 


SELECTED EURODOLLAR BOND PRflCES MID-DAY INDICATIONS 


itU-iitl 


■5 , ~ _ Bid_Offer - ■■■ 

rjiiH iipt 1939 !« sui Messer TmuMw-92be-U91- 

- iBSi. 99J 97J MlrfKltn 9*« IKK 

ipe 1992 —93 •• Bs: Midland Ini. Pin.. Id pc ‘92 
.V \\. & S 9»pc '92 : Si; 1 * »Si Nail. Coa! Board So* l»w 
Bank s;pc 1992 9T 97; Natl WcStminWiT ppr 16S« 

' pc 1992 ... . S7i INI Newfoundland Kpc 1M ... 

I ' Blwy. Sjpc ‘US' 9fii - . 97* Norn»-< Komtn. Bk S4pt ’>2 

--Tnal Cpt I9S6 . D7f - - Pa* Xarplpe aim- 1KB 

Jpc !*£«.;. 1 Norsk TIrtro SJdc 1992 . 

■w. .. 9bi »i Oslo 9n_- 19SS . 

997 ..-.. «l{- ?7i Pons Auonunjjea 9pc 1P9I-. 

DK . K1 99 Prov.-Onnhei- 9pc 1985 

—9*9 . »>1' :■ 99V . Prwr. Snskatchwu. 8fi»c f6 

3C I9N9 .: PCI - 97 B'wfd IntvnuUoaaf Bpv WS7 

M Nov. .... . lOdj RHM 9pc 799T 

Paper s;pc 'H »91 m .-Seteciioa Tnw - 
- 9iPC T892 ■ 791 ... ,.101f - SSJwL’.wBiislrilda 

-•c-.Opt 1993'-..- ■ v‘Ho-Sue M97 .. 

it •. VA 7 \'8tt Swedemsanwinnl 

9?pc 1 SW ... 102* -.1931 . tinned mwnniip Psc insn . 

-JiOedeJ Bpc 1W2 96i • »ii Volvo 8pc IBB7 Marcli 


BM -.. Offer- NOTES 

199-.;:" -1U1 ‘ AiiMralia lipv 19M .«... 

1015“- l«* Boil Onada ::pt 1987 . 
971 .' IS B. rtilumbia Hydro Tlpc ’Si 
Mi V ‘ Canadian Pactll- hip.- 19s»4 
IB!1021 I'm dk-mtral Spc law . 

9*4 .- 1 «W F.rs T.pi !*■: . 

9K . -- 9BI P.CS *4 ix I9rfl .. 

95| M JCPX '-.ik 1*9.2 . 

951.. 0« F.F.U I p. iwu .. 

ii»i Ml Enso tinizf Ii UPC 19S4 ... . 

W •■- fft.-TioiaArkeR' ;jp»- 19S2 . 

MS ' ' ^ -Kortnmii * uc up; - 

wi lie* yiMixfln >'pr . .. 

Momival Urban KCpu 19KI 




1H0DESIAN CABLES LIMITED 

i Registered in Rhodesia > 

NOTICE TO SHAREHOLDERS 
INTERIM REPORT YEAR ENDING 
, 30tibi JUNE, 1073 ' 
i^lAL RESULTS ** . • ' 

unaudited profits for the half year ended 31st 
sr. 1977, compared with the.half year ended 3Jst 
;r, 1976. and the year ended 30th June, 1977, were 

>• 6 : . . 

' ■ Half-year- ' HaJF^ea'r : Year 

ended * -' ended • ended 

- - 31.12.77 - : 31.12.76 30.6.77 

- - Rhodesian Rhodesian Rhodesian 

' '■ ■■' Dollars : 'Dollars Dollars 


‘fore taxation 

749100 

•737 300 ' 

1461200 

i for taxation . !: 

306 000, 

266 600 

634 S00 

It 

443 180 

450700 - 

£26 400 


---- 




• 5S 2. .. 

results for the half year ended 31st December. 1977. 
sfactory. The increasein pre-tax profit 'of Rhodesian 
1800 over that for the same period of last year was 
y attributable tov an. unexpected upsurge in the 
for power distribution cables. • 

i*iorld recession and the prevailing Rhodesian political 
continue to restrict the development of the national 
: and for this reason.it is difficult to forecast the level 

- ibtliiy in the seebod .half of the financial year. 

- Capitalisation Issue approved by the Shareholders at 
. ‘aordinary General Meeting held on the lSth 

r. 1977. has been completed and the Shareholders 
Slst December, 1977, were as follows:— 
vital (3 000 000 shares of 6 zie Dollar each) 3 000 000 
and reLained earnings .. : 2 072150 

lers funds ' Rhodesian Dollars 5 072150 

j!S - 

tigs per share on the 3 000000 shares tn issue after 
illsation Issue compare as. follows:— "... 

Half-year . Half-year Year 
ended -ended -.ended 
31.12.77 31 12.76 30 6.77 

por share.13c I5e 2Sc 

. D. H. Cummings 
.K.Taylor 

\TION OF INTEXUM-DIVIDEND ‘ ' ' 

. 3 is hereby given- that an "interim-, dividend, number 
: rate uf 6 rents. (1976—15 cents, equivalent to 6 cents 
h issued'share capital) per-Ordinary shares has been 
»y the-Directors payable .id- the currency, of Rhodesia 
‘otders registeced.-ih the books of the Company at-the 
j sin ess on Friday, 14th-.April.. 1978. Dividend warrants 

- sted on or about the 19th May. 197S. 

ransfer hooks and Register of Members will be closed 
I5th. April, 1978, tn-the 28th April, 1978, both dales 

■ By Orderof Hie Board. 

• - --Aamodr, • 

Secretary. 


id. 

y'*- ' .Y - 7; --VT' ." ■ 

tory. 1978. '■■■■. v' • . " ’ 

y Sir Hatty McLoriruin McDotceil, K.B.E. (Chairman} 
, / D. H. Cummiaps, J.C.D^ O.B.E., FCJ£. 

A' J. .V. AlflflOtnnt- I.C.C- O&.K* C.EngF.I.E.E., 
■* FJi.A.I.E.E* F-I. (Rhod) E. 

. • D. & Suth-erland, BSc^ CJS ofiL. VSAJ.E.E^ M.I.C.E. 

(Alternate 31. F..Driver ) : .. > - .. - 

. - K. Taylor, C-Etiff, .FJ.EE, FJ.i'Rfeod; £, FJJD- 

■' isfer Secretaricsi^... _ j ..- -- .. - 

• urg: 

\ jJ Registrar?.■ London::- ...... 

' Hill Samuel Registrars 
/r House, ■ Limited, 

<■ ;et, ' - - 6 Greencoat.PIacc.. _ . - - 

.V.'urg. .- London, SW1P1PL.. 




Korvfo.-- «1pc 1WI 
Olurt-J irwro lib? . 

Sinwr BipcyfrS . 

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Broaduay Hale 43pc 19S7 

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Chevron Spc i&tf ...... 

Eoatmao Kodak 4!pc 1SS8 

Firestone 5pc 19S8 .. 

Ford iw 19*i -. 

General Electric «pc 1987 

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noir and WeMern 3pc 1968 
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MjtMiaWia Slpc 1090 . 

Mitral 7Jpe 1990 .... 

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remainder. Societe Generate (BNDE), co-lead managed by 
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Bank are providing the funds, and Libra has been increased lo 
This is the first time since S300m The borrower is paying! 
before the second world war that a spread of 2 per cent through- j 
the city of Paris has raised a out. 1 

loan denominated in a foreign Bank of America International j GROWTH of Pacific Film, which 120 per eem. in 1975. 

currency. As then, there is oo is also arranging a SlOOm. loan! up until (be pasl year has been The Board’s confidence that 

sovereign guarantee, for ten years for Compania Vale:soaring, was cui back severely stronger growth will return is 

Being a private operation, the do Rio Doce. It will be syndi-l’n 1977 as (be cost of opening shown by an increase in the divi- 

tenns in no way indicate that a cated among a small group of. aev ouUeis for its photographic Jena ya ymii for ihe fifth year in 
spread pf S per rent, is likely banks. The borrower is paying services ate into profits. a row from 4 cents to 4.25 cents 

lo apply for a syndicated loan the same spread as for the* The Australian photography a share. 

Three weeks ago Japanese banka BNDE loan. 'aad leisure products t;roup This pointer tu higher divi- 

refused lo grrnt the French The Kingdom of Sweden is raised nei earnings only 11.4 per dends in the future will eneour- 
Treasury a { por cent, spread raising a FIs.200m. loan for ten cent to SAll.Pm. iSUS3.3m.) m age shareholders to take up their 
on a S40m. loan to the Caisse years on an interest rate or the 12 month period, compared entitlements 10 a one-Tor-live 
Natlonale des Telecommunlca- S* per cent Lead manager is:with rises of 37 per cent, in the rights issue, the company’s first 
tions. Algemene Bank Nederland. ! previous year and a spiralling s:ncp its nuhhr float in 1973. 


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-. vr- Floating Rate London-DoIIar Negotiable 
Certificates of Deposit, due August, 1980 




33 Si. 


Banque Nationale 
de Paris Limited 


BNP 


'!:«jnaccordance with the provisions of the Certificates, 
-./’notice is hereby given that for the six months interest 
t .^period. from February 16th. 1978 to August 16th. 
1'978-. the Certificates wiif carry an Interest-Rate of 
'7f?%per annum. The relevant interest payment date 
Will J5e August 16 th. 1978. 


Ctcdii Suisse White W8ld Limited 
Apsnt Bank 


■‘i\Weekly net asset value 
on February 13th,-1978 
Tokyo Pacific Holdings N.V. 

_ i.U.S. 543.20 

rTokyo Pacific Holdings (Seaboard) N.V. 

• : U.S. S31.49 

■ ■ Listed-on the Amsterdam Stock Exchange 

; " IMormatlon: Pierson^ HfiMftag A Pitrecm N.V., Herengracht 214, Amsterdam 


YONTOSEL EUROBOND INDICS 
• ■145.76-100% 


PRICE INDEX 7.2.78 14.1.78 

DM Bond* - • 137.93 108.19 

HFL Bondi &" Note* 104.13 104.32 

U S. S Swt So«S* 99.99 11)0.07 


AVERAGE YIELD 1 
DM Bond* 

HFL Bond* S Notts 
U-5. I Stn. Bends 


7.2.78 

4.149 

7.554 

B.479 


14,2.78 

4.325 

7.50B 

8.674 


NWISbLF, 


These .Vofcj acre offered nod toU nulsidt Xu UnitrJ Suztj o; Jntrrja. This amwicrviit apfcfj ai a maUtrojrerord i-nlt. 


febnury j, IP7C 


US $60,000,000 

The Long-Term Credit Bank of Japan Finance N.V. 

Guaranteed Floating Rate Notes Due 1983 

Guaranteed urxonditumally as to principal and interest by 

The Long-Term Credit Bank of Japan, Limited 

(KabmUId Kart ha Nippon Cboki SJnsyo Gsnko} 

(AJiruhc Corporation} 


First Boston (Europe) 


Bankers Trust Iqtcnuuional 


Chase Manhattan 

IhM 

DBS-Daiwa Securities International 


Credit Lvonnais 


Bangue BruxeUes Lambert S.A, 
Commerzbank 


Singapore Nomura Merchant Baiting 


TVcstdeutsche Landesbank 
Girozentrale 


Abu Dbabi lavestmcnl ComtMur 
Asuteniitni-RotlBdtm Bank N.V. 
Baocu Couimcraale ltaCasa 
Banco Ijnjuijo^flWgsno Amcncano 
Bank Jnlius Boer InicmatRmal 


Alahli Bank o( Kuwait (KAO 


Maoufactareix Hanover 

Lfeuri 

Swiss Bank ConHiration (Overseas) 

luu 

Nippon European Bank S.A. 


Algemene Bank Nederland N.V. 


A. E. Ames & Co. Ann Bank 

Limatd Umsti 

Anddsbankcn A/S Danebank Andresans Bank A2> Arab Fi n ance CmTwratjon a.n.L -Arab Finanda] Consultruus Companj S.A.K. 


Btira Nazionole del Larno 


Banco di Roma 
Bank cl Behinki Ltd. 


Bank GotnriDer, knrz. BooSener (-Dverseas) 

. Lourf 

Honk Aires & Hope JSY The Bunk of Tobro CHoUand) N.V. 


Banca dd GoUank) Bancn della Srizura IlaH.m.i 

Baocrm lmenutionsl Bunk o? America lnierunuortal 
Uaitad tMMcd 

Bank Leu Inlemational Ltd. fiudk Lsnvai le-Isrsel 

Gran 

Banque Arahe et hneraaiionale dTnresii»eniart (B.A.IJ.) Banque Earopdense de Tokyo Banque Front si se du Commerce Eiierirur 

Bompje Generic du Luxembourg SLA. Basque de ITsdodiiae et de Suez Banque Imematioiiale k Lmcetnboun' S.A. Basque NationaJe de Paris 

Banque dr Paris et dcs ParvBas Banque Pricer 5.A. Banque du Rhone « de la Ttunise S.A. Banque Kutlurhnd Basque de [’Union Europdenne 

Banque Worms Burdan Bank Infrnuaioital Barinf Brothers & Co. Baring Sonwa Limited U. Albert de Bun & (-■>. N.V, Uastugi Internaliosal Limited 

Lota! Lb*nd 

Bic eriscbe Vercmsbank Bergen Bank Berliner Hradela- und Franbtuner Bank 


The Kook Club Finance & Securities Company 

UottN 


Blylh Kastman Dillon & Co. 

InosadHal UaM 

Bui->an Rank &AJL Cs&sc dea Dep&s ct Cdmigoaiioaa Cazemve k Ca. Ccnink Rabobank Chemical Bank Intenvatiuoul Chrisiiiua Bank oi Kredilkaue 

u » a a 

Chicorp InicroaiiBiaJ Group Cuntinental Bunk S.,V. County Bank Limited Crddit Commercial de France Cr6iit Indnstriel d’Alsacc a de Lorraine 


Credit Industrie! et Commercial 
Dai-Ichi Jum 2 >o Bank Nederland N.V. 


Credit du Nord 


Credit SuisJr White Wdd 

liaM 


Credhanslalt-Banksemn Credjlo liuliaiu} 


Duf-icbJ Securities Ca, Ltd. 


DG BANK 

Deuische (jenouesrsdiufi shank 
Dahva Karope X.V. Richard Dbu* A* Co. Baniriert Den Danube Bank 

w mu fc Ha* " • Prlrmn ■! 187J AJnkitkkih 

Hen norsie Creditbank Deutsche Ghuzenirule Tbe Derdupment Bank of Smsapore Drwaay & Anodes Inlernalionul S.CS. Dilkin, Read Oreraens Corporation 
-Deutscbt Koraimnultunb- u-, ‘ - 

Dominion Sccurkies Dresdncr Bank Dresd Burnham Lambert EBecmtbank-Warharf Ijiromobilian' S-p.A. Carupeun Banking Companv 

LiaM Asm Mill, Wnh,fi k-fiori Akikotocibctan CaMklnpa W'mUii liwu J 

Fire Uiica^i Asia Alerdpmt Bank Linked Robert Finning fc Co. Fuji IntcnKilkmal Finance Gefraa In'emJiionai Anlum Gibbs Hnldin^> Ltd. 

WW LWP< Laa.J 

GirozcniraW nnd Bonk dcr UMerrekluxhra Sparkavsen GcAA m an Sadn Internsuona] Corp. f.utobanken 


Hill Samuel A Ca 

1H4 

Kidder, PeabodyJalenwrond 

UM 

Kujtn Loch Lehman Brothers Asia 


Ozndrisbank N.W. (Ih-erseas I 


Greenaliields 

btmmuU 

Ilessische Lundesbank 

—GntMnS~ 

kansallis-Osake-Pankki 


Jardine Fleming A Company 

Leaiice 

Kradietbaidc N.V. Kredietbank SA. LuxtmbourSroise 


Groupcsnrni dea Bqnqoiers Plrirds Gtoe^OfS Tbe Gnlf Bank K2>.C Hambros Bunk 

UaM 

E. F. Huflon & .Co. S.v. IBJ Internaiional Israel Discount Bank Ltd. 

1 Iml 

Kjobenhyins Handelsbank Kteinwon. Benson 

Uu 

Kuwait financial Centre (&A.L I Kirwaii Fordfin Trading Contraciimj & lnratment Co. fS.AX) 

Kunnit InlcrnJimoal finance Company 5,AX "KJFCtT Kuwait Internstional Inrestment Co. s-a.k. Kumrir Inwtment Compony [S.A.K.) 

Lazard Brothers & CtL, Limited Lizard Freres el Ge LloiJsBjnUtnentatioml LTCBAsta McLeod, Yonn ^Wq r Internaiional Merrill LynchjDjmutimia] Bank 


B. Metrler >etL Soht k Ca 


Mitsui Fiiunce Europe' 


ilariun fniamnn; & Partners 


Nikko Securities Ijimpaiv tXjtf 

Dascd 

Nordic Bank 

L*«i»4 

Urmc»Omnc Brojan* Corporation 


Samud Motiioju & Ca 


Naiiodfll Bank of Aim Dbabi 
Keir Japan Securities Europe 


MiUubisbi Bank (Europe) S.A. 

Morgan Stanley inteniatioaal 

Nederland sc he Middensiimdsbaak N.V. Nediitt. Thomson 

LMaf 

The Nippon Kandyo Kakunmru Securities Co. Ltd. Nomura Europe N.V. 

Ohaun Securities Ca, LuL Sal Oppenbeuu jr. & Ge. Osokura Securities Co,, Ltd. 

Prmbroedc, Van Campenbont. Krmpra SLA. 

PT .Mdtinaiiwwl finance Corporation Rothschild Bank AG N. M. Roihwhild t Sana . Sahnma StoUkd iolenutiuDfll 


Mottnn GitnltU & Co. 


Orion Bank 

UrtMt 

Pierson, Hiring i Pierson N.V. 


The National Bank of Kuwait SAX 
Tbe Nikko (Luxanbouij) SA. 
Norddrotscbr Landesbaok Girozentrale 
-UstetTcichixbcLanderbank AG. 


Priralbanken 

UtUHbtab 

Sanwa Bunk I tndemiLere) 


Sanyo Securities ltd. 

Sndspon-Japan Merchant Bonk 
Sodetd (ienrrale de Baaqbe SlA. 

SvcsbUh UaodebbunkeD 
Union Bank of hmlafld Lid, 

J. Voulobd S. Co. S. G. WatbuiS & Ca Ltd, 


A- Strain & Ge. Standing Ian Bank 

LbC«S 

Skaudinaviska EqskQda Banka Sannburt's Bank N.V. 


Sduodero & Qurtcred J- Henry Schroder lVafg & Co. 

Saddle Gfeerale 


S0FIA5SJA. Stranss, Turnbull & Ca 
ToW Kj(y*a Morgan Grenlefl Trofe DwdqpmHi t Bank, 


Smith Barney, Harris Ipham & Co. 

IflfOKfMcd • t 

Sumitomo FJpaaqe Imenutioibftl Sun Huaj Koi Intenmtiona] laid. 


Union de Basques Arabes et F«nea»ej-L'-B-.A.F. 

Ward ley Williams. Ghu & Ca 
Tnmstsnr Seam'lia Co, Ltd. 


United Omseas Bank Limited 
Wood Gundy 


I RAN-Arab Japanese finance Ui 
l eronv mid W'esibank 

AUownAcWi 

Ysmtiidri Inter'pauonal (Nederland) N.V. 















Ill 







Odd fish 


BY C. P. SNOW 


i Innocent at home 


C K. Ogden: A Collective Memoir 
edited by P. Sargant Florence 
and J. R. L. Anderson. Elek 
Pemberton, £S.OO I£4-00 paper¬ 
back t. 252 pages 


C. K. Ogden was a very gifted 
mao and a very odd Ssh. About 
the odd fishbood, there ia no 
doubt whatsoever. The gifts, 
though they were not specific or 
concentrated enough to make a 
permanent impact, won the 
respect of other gifted men, in¬ 
cluding some of the major talents 
of the century. 

In the 1920s. after Ogden’s 
wartime editorship of the Cam¬ 
bridge Magazine, which was his 
own creation, he was still 
detested, public enemy No. 1. 
among Cambridge conservatives. 
Yet l don't remember anyone- 
pretending that he wasn't intelli¬ 
gent. wine, as rbe names of 
the writers in this collection 
testify (among them William 
Empson, 1. Richards. Lord 
Zuckermam. he was deeply 
admired by many of the cleverest 
people around. G. H. Hardy gave 
him very high marks for in¬ 
tellect. That isn't a cliche 
phrase. Hardy actually did award 
marks for intellect, with Einstein. 
Russell. Keynes, somewhere near 
a hundred, and certain col¬ 
leagues of Hardy's near to zero. 

It is as well to remember that 
Cambridge in the period 1S99- 
1925 was one uf the hest show 
places for sheer intelligence that 
any university has ever been. It 
was a very small university, 
something like S.000 under¬ 
graduates In 1914. about the size 
of -a largish American libera! 
arts college. During those thirty- 
five years, the names of the 
following were on the books, the 
majority of them knowing each 
other — Rutherford. .7. .1. Thump- 


50T>>£. I. Taylor. Dirac. Blackett. 
Kapitka. Hardy. Littlewood. 


Rainarujan. Keynes. Moore. 
Russell. Wittgenstein. Adrian. 
Hopkins. Housman. Trevelyan. 
Richards. One could ..reel off 
another dozen. In such company, 
it took some doing to be regarded 
as unusually bright. Ogden was 
regarded so. 

He could. c«f course, have 
become an academic, probably 
some sort of pioneer in linguistic 
analysis. He didn't. partly 
because he had a strong prac¬ 


tical bent, and partly, one 
suspecti. because he was too 
proud to risk not being 
absolutely superlative. Instead, 
ho preferred to invent and carry¬ 
out singular operations, of which 
the chief begetter was himself. 
The first of these was the Cam¬ 
bridge Afacazine, a weekly news¬ 
paper. sold for a penny, which 
rapidly acquired a circulation of 
20-30.000. which in the first 
world war was one of the most 
inliuentia) liberal journals in 
England. That was because, by a 
characteristically simple and 
penetrating conception. Ogden 
had acquired the right to trans¬ 
late and publish articles from 
foreien papers. Thus thoughtful 
people in 1915 could discover 
whar Swedes, Dutch, even Aus¬ 
trians and Germans. were 
writing. H must have been 
salutary, in 2 war where passions 
were much more insensate than 
in the second war. It was that 
neutrality of mind for which 
mart} decent conservative per¬ 
sons'couth n't forgive him. 

His second major project was 
the study «>f linguistic analysis 
with f. A. Richards in The Afeem- 
£ 12 q 0 i Meaning ( 1923V. which led 
directly to Basic English. Every¬ 
one now knows about Basic 
English: and nearly everyone 
now knows that though it was a 
brilliant conception, it is never 
going tu be executed, or at least 
executed as Ogden planned. No 
one doubts that one can say most 
essential things, and some 
beautiful things, with the Ogden 
store of 550 words. The trouble 
is. language? are organic things, 
and people, fluent with S50 
words, find the language grow¬ 
ing and growing in the direction 
of unrestricted or unbasic 
English. A iess conceptual and 
more instinctive man would have 
anticipated th«s from the start. 
Still, like ether brilliant concep¬ 
tions which contain their own 
decay, this one did real good— 
making many realise what 
languages are like, and firmly 
establishing the idea of English 
as the major international cur¬ 
rency. 


A-W 

;■ " i. 


BY RACHEL BfLUNGTON 


■m 




Time and Chance, an autobiog¬ 
raphy by Peter Townsend, 
Co dins. £5.50. 317 pages 


;. •• \ '4. . :v 


v '•. - 

.'.A • 


m- 


r ,a 


S v 


C. K. Ogden: co-inventor of Basic English, subject of a “ collective 
memoir” reviewed to-day 


His third project was entre¬ 
preneurial. He persuaded the 
publishing house of Kegan Paul 
to let him edit a number of 
series now part of the history 
of the period. The International 


Library of Philosophy and 
Scientific Method. Today and 
To-morrow. The History of 
Civilisation. Zuckerman. who is 
not specially given to excessive 
praise, regards these creations as 
Ogden's greatest, and his claim 
to be one of the chief intellect 
tual influences of the century. 

It can't he seriously doubted 
nowadays that Ofden was a sig- 
nifleam figure. What can be 
doubled is what he was as a man. 
rather than as a quirky abstract 
intelligence. That is. what he 
was really like. Or if 'nc was like 
anything* at all. except a bunch 
uf eccentric habit?. None of 
those essays, which are all 
written with affection and 
admiration, tells us much about 
bis humanity. 

He was morbidly secretive, 
that is granted by everyone. He 
kept his friends in closed com¬ 
partments. and wouldn't let them 
mix. He collected enough money 
to buy shops a!» over the place. 


but to this day no one knows 
hov.-. He couldn't bear to 30 to 
bed at night. Apart from such 
superficialities, no one appears 
tu know anything intimstv. or 
if so. will not tell. " Much the 
warmest pieces in the collection 
come from women, Dora Russell 
and Marjory Todd. Both were 
fond of him but never became 
close. 

Marjory Todd is a name new 
to me: she shows more Intuition 
than anyone in the volume. She 
came to know Ogden when she 
was a poor young girl. Thev had 
a gentle, innocent friendship. 
She went away, worked for a 
degree, didn't see him-fui years. 
When by chance he recognised 
her in a restaurant, where she 
was sitting with the husband she 
had just married, Ogden recoiled 
in pain and horror. That can 
be interpreted in several ways, 
and Marjory Todd doesn't give 
hers. One feels sure that in 
secret s'ne has made her sues?. 


Innocent is not a likely 
word to describe a 63-year-old 
twice-married Group Captain Who 
□early wed a Princess and caused 
a world-wide scandal. Yet inno¬ 
cence is what shines through 
Peter Townsend's autobiography. 
Time and Chance. 

It is an obstinate, honourable 
innocence that has led him to 
write this book as if the begin¬ 
ning and end of his life so far 
are as interesting as its extra¬ 
ordinary climax in the middle. It 
is reflected in bis naive style oE 
writing which makes it very dif¬ 
ficult to believe he is now living 
by his pen. It was probably the 
same quality that made him the 
perfect war-time hero who fought 
for 20 months, night and day. 
until he was reduced “ to a nerve- 
racked. sleep-starved wreck.” He 
was grounded, put on barbitu¬ 
rates, and it was in tins state of 
mind that he contracted his first 
unsuccessful marriage. “. . . 
true to that war-time phenome¬ 
non. the urge to reproduce, we 
rushed hand in hand to the altar.'’ 

However, marriage and father¬ 
hood nine months later did not 
solve his problems in the air. 
He was about to start a? a flying 
instructor when in 1942 he was 
summoned to the Palace. He 
went—a hero, yet a man without 
armour, believing.- in Miltonic 
vein, that virtue is its own pro¬ 
tection. This attitude made him 
the perfect equerry to King 
George VI. For, tike the knights 
of old. it went hand in hand with 
an unquestioning reverence for 
royalty. Indeed Its star still 
shines for him a; brightly as 
when he first entered the palace 
and saw peering at him down a 
corridor “ two adomhie-Iooking 
girls, all smile;. ‘Hello Joey, 
rhev chornssea and ‘ Jo«v‘ intro¬ 
duced me to princess Elizabeth 
and her sister Margaret." 

It is not particularly surpris¬ 
ing Princess Margaret eventually 
fell in love with Townsend. He 
was handsome, liked by ber 
father, more mature than ber 
other friends. Thev saw each 
other in the informality of the 


A* 


- <t 5>S ' v A :; rf 

-m*- • r 

AY- i 

1 


^ MM*. 


A# : . . >'*’Tf : A 

./ Va. ‘AX -Si 




A JSA - .y .A 

V.A A 


.'A 


family circle. It is odd- however, 
that he dared to love her even if 
she was ■ sl girl of unusual, 
intense beauty, confined as it was. 

In her short slender figure and . 
centred about large purple-blue ; 
eyes, generous sensitive tips and -j 
a complexion as smooth as a * 
peach" It would have been - 
safer if he bad kept her on a • 
pedestal like a Lady from a 
romance in the Courtly Love tra-'- • 
dition. Perhaps the decision was 
not in his hands. Or perhaps be 
did not see the dangers, “Our : 
love, for such it was, took no 
heed of wealth and rank and all 
the other worldly.- conventional 
barriers which separated is. We . 
really hardly noticed them...- 
Nevertheless, being an honour¬ 
able man, he did not try to keep 
their love secret. Tommy . 

Lasceiles, the Queen's private 
secretary. commented when 
Townsend told him the news, 

"You must be eifiber mad or had." __ 

The Group-Captain was surprised. p TownS end—“ the perfect equerry ” attending King George « 

and disappointed by this- “^ er at a British Legion ceremony • 

reaction and the others that ■ ■ - . 

followed. He was. filled with asqjest he could with both hands something bright and hopef&j 
virtuous love. The failure of his behind his back and re- for the nation-- . • yl 

first marriage was the fault of the turned when his time was up But the innocence of J?eta 
war. Not him. Let the vile ^th love intact His reward was Townsend did .not; and-does, noi 
world do its worst YPriacess Margaret's decision see • Love in terms of pubH* 

.And the world did. The storm. (though he tells us it was his reaction. jted,-:With .hmdsigh| 
of gossip from the international first) that the sacrifice she would even his .liegeman- attitude 
Press which the Palace seemed have to make, to marry him royalty _ cannotstop his ■ 
incapable of controIUng mainly would be too great. It had, two points. First,...that, 
because of the tradition of “no apparently, only just been the Princess s ; shinmg 
denials" gradually made -the pointed out to her that she would example, la Witain, puhUi 
situation irremediable. -be'“‘stripped of her royal rights morality co ntin ued to. deefioa 

If Townsend bad beer! and prerogatives, which included with the drug , traffic^.'./wmg 
villainous, the task of the accession to the throne, her royal deUnquet^an^ventie^crimc 
Palace would have been much functions and .a £15,000 govern- .. • . - And, seconC that, Aj 
easier. For, with wonderful ment stipend due on marriage for the Princess, who of-tbon 
dramatic irony, their eagerness L : . “I hardly possessed toe who ^prayed • for-her tappmea 
to preserve the Good forced them weight to compensate for the would have dared to beheve that 
to banish its most perfect sped-.loss of her privy purse and 20 yeare hence-her own mar ’ 
men. Who else hut such a man,prestige.’* would break up. tkoup<ia^ 

would have agreed to a virtual *No doubt Buckingham Palace, Townsend himself has. the req 
exile for two vears until Princess supported as it was by Church solution »or a-disrupted life -d 
Margaret was legally permitted and State—though not the a long and happy second 
to make up her own mind? Given.'Labour Opposition—was basl- marriage. ‘ 

toe choice of Johannesburg, cally right in its stand. Anyone **Needs encouragement" sai 
Singapore or Brussels, ; he who thinks divorce doesn't upset Townsend's teachers verdict .op 
chose the latter yet the result the British people should him as a child. From his on 
for him was still disastrous— imagine the miserable outcry if telling of his: store he aeenyfe 
career destroyed forever, links Prince Charles or any of his be one - • o f . t hose peopfa, 
with his two sons broken of brothers became close to a apparently victim..who yet rfcei 
whom one, he says, “has never divorced woman. And this is to the top of .the mountain 
recovered from the brutal over 20 years later. - At the time, often for it to he coincidence. ; 
separation." ' the young *• and • beautiful - Innocence can be a dangprm^ 

But he went Parried the Press Margaret Rose did represent destructive, virtue. 


Fiction 


• v. gr 


crisis 


BY MARTIN SEYMOUR-SM1TH 


Pri?sy by Clifford Hanley- Col¬ 
lins. £3.75. 154 pages 


The School house Sola by David 
Emerson. Hutchinson. £4.50. 
1S3 pages 

Under the Rainbow by Miranda 
Himpn. Hutchinson. £4.95. 
224 pages 


You Must be Sisters by Deborah 
Moggach. Collins. £4.50. 222 
page; 


The intelligent and versatile 
Clifford Hanley has chosen an 
excellent recipe Tor his latent 
foray into popular fiction: Pri^y 
thoroughly deserves success. 
Everyone in their right mind 
hates kidnappers: everyone jn 
their right mind loves resource¬ 
ful girls of 14. I had better not 
say anything about prime minis¬ 
ters, real or potential: but I can 
he confident that the public 
would rally to any prime minis¬ 
ter whose 14-year-old daughter 
was kidnapped by terrorists. 

Hanley sets up just this situa¬ 
tion: and he tells his story in 
lucid and unpretentious prose. 
But this is no ordinary, predict¬ 
able thriller. It is unusual, and 
the low key in which it is pitched 
is most effective. Prissy, when 
drugged and imprisoned, in a 
remoie coumr> house, is as 
frightened as anyone else would 
he. But she pulls herself together. 
She decides not only to escape 
hut also to bring retribution on 
the terrorists. 

The plain ordinariness of her 
ruthless behaviour in this situa¬ 
tion is peculiarly convincing: 
and it has the virtue of summing 
up the view that most people take 
of terrorist activity. Hanley 
neatly avoids all the ideological 
rubbish hv putting :» decent and 
resourceful person into a ter¬ 
rorist biiuation—and then des¬ 
cribing what she does. His most 
striking success is to keep the 
element of fantasy out of the 
novel. The parts of Prissy which 
deal with the prime minister's 
slate of mind, and with the agi¬ 
tation that yoea on around him, 
are less good: hut they are enter¬ 
taining and sometimes funny. 

David Emerson published his 
first novel as far back as 1930. 
This was Regency Windows. The 
Schooihousc Sofa is the 24th of 


a scries of mostly period pieces, 
set in the era 1770-1870. Judging 
by it. he should he better known 
than he i*. There is a category 
uf author who turns out with 
some regularity, a stream of 
more-than-eonipetent. highly in¬ 
telligent fiction, and yet who 
never seems to get noticed or 
listed in any reference book. 
Obviously David * Emerson 
belongs to this. 

The SeHooOioase Sofa is set a 
little later in time than most of 
his novels: in the 1880s in ihe 
West Country. It i? about the 
headmaster, Archie of a National 
Elementary Scho.-l in a Somerset 
town, bis wife—who is bis only- 
qualified assistant—and a pupil- 
teacher. Fanny. It is also about 
the sehoolhousc sofa, of which 
Laura (who wants babies) is so 
proud, and upon which Archie 
her husband iwho wants to be 
head of a bigger school, and 
eventually an inspector* unwit¬ 
tingly decides the nature of his 
future. 

Here is a story of failure and 
success, unspectacular but 
psychologically meticulous. The 
period background is admirably 
filled in, and the sad, laconic 
style is just right. The rather 
surprising end is finely managed. 

I thoroughly recommend this 
quietly excellent short novel, 
and wish there could be more 
like it. It Is :« most impressive 
variation on ivhat one of the 
characters c;.!ls “the oldest 
story in the world.” 

Miranda Hunan's first novel. 
Under the Ruinboir. is more self- 
conciously *' modern.” and it 
therefore seems move old- 
fashioned. Essr-mUlIy this novel 
is about an eight-year marriage 
during which neither partner is 
able to communicate in The least 
effectively with ihe olber. Sarah, 
wants to be a painter, but cannot 
function because she lives in a I 
world of fantasy. Her well-: 
heeled husband is fixed in a 
routine which he hates. First! 
Sarah tells her part of the story.; 
then Jereniy tells his. So far sO| 
good. The contrast is well. 
brought out: here are two people' 
who don't understand each other! 
or themselves. 1 

The introduction of the vicious 
and sadistic Colin into the narra-l 
tive creates a new interest: if I 



Downhill all the way 


BY MALCOLM RUTHERFORD 


- impose a pattern, but they never dog: *'on 25 October the Daily “from- their enquiries -tip 

The Pencourt File by Barrie stop trying- This is really a bdtfk Mirror's front page reflected reporters bad learned tbat.dq 

j Penrose and Roger Courtiour. about Thorpe-Scott; the reporters, widening Fleet Street concern."., making; of history is not oalj 

! c M fep r -nd Warhure 90 however, never quite abandon the Look again at the word “con- the preserve of important pofi 

idea that it is about something cern." Is that what the re- ticiawi.men of wealthy geom 

; much bigger: namely a major porters really mean, or do they and power. A man like aorarar 

1 - Institutional crisis with outside not mean “ interest "? Scott had also played -X VJtaj 

j 1 1 is hard not to feel sorry for interests involved. - Final!v, there might even be . role. .. .1.;-.. 

Penrose and Courtiour, the joint It = it ^ b a note of naivety. One of the Had, one- wondea* ~ the 

J? e b r v* critical because J see no reason ]?« comments of the hook goes reporters never read any tastotj 
: cjr’"^-i'unn^nH lacked 10 disbelieve even some..of the hke this: before.. 

Sf,|S'RB?. v -h£v inS TitfSth odder incidents described.Includ- . •' • ' __ 

. u, .L h tr?S£.i:;2S2f.SKdS<«*«».««!.««.bo*Ac**.r-— a ■■ 


Lady Falkender and serialisation 


r-Tr - a." •, --- -iV , Q 1 wnuld simply draw a different 

I \ n f and IT conclusion, and that is that there 

fh/f-TmJdithi-ffrt'SJ-’ are 3 ,ot of odd P e °P Ie around on 

the ri S ht of Brili sh politics, irLny 
" !Ln . s,r ., H f r .?l d * a £?!“8 the of whom have, have had. or Have 


U.K. ECONOMIC INDICATORS 


way ECONOMIC ACTTYiTY—Indfces Of industrial production, manw 
have factoring output, caiftineering orders, retail sales volume (1970- 


Vf'.; .+ ;y 


• mnnr*i>r: fhar *• ripmorraev a* we . . . laciuixug uutpuw 

•know ^ in crave danser" clai 5 1 f d \°,. bave had conoections 100R retail sales value (1971=1001; registered unemployment 

. KuOV U i* In EF^e UdOjCr. tTi^l inonno • r _ J: _/AfUlcI A!? 


s,‘- ■. •- 


: know i: is in grave danger. ith intelligence x 

i There is talk, also from Sir “ lel, i* en «- (exdm 

i Harold, of disaffection in the There are others, not too far season; 
i secret services, rumours of coups from politics, for whom a certain . 
d'etat and a South African con- amount of power has gone to the 
hection. Yet the book peters out head- \et the Important point — 1()77 
4|D0 pages later with speculation IS Diat made by a former civil ■ 
about the killing of -Yornian service chief: the coup did not 
Scott's dog. (Norman Scott is take place. To which one might wav* 
the former male model whose add: only the deluded could ever J™ 
name was linked with Jeremy have believed that it could have I l tr - 
Thorne '» done. The reporters were deal- -w 

T< I. Dot entire* tl« reporters' wh0 Uvea ^ ^ ' 

Deborah Mogtachr siblio B sor,i„l S , to° * ThS'wm It 1. • pity. too. that Ooe has 

Sarah and Jeremy are foolish- same odd background (in that If™ ciypUc leads, which they “wj™. n I 0 BV 5S??i? Dec. 

and sometimes irritatingly slightly Proustian place.!followed wnere toey cou!d. No- ^ 1ST ^^®, Io ^ > ' n n f S' Jan - 

stereo11ped—then Colin is evil. Harrow,; but Claire i- a one co^q accuse tnenii of lack ^Jarge part of jwmilni 11 

and the author conveys this. But •• model'* daughter, whereas of mdustry. Tney oelievcd io a ^? l#l a cas ® OtJTPI 

the device of using an acid trip Laura is a rebel v irhoat a cause.! 1 "y* 8U 8 at, ' e t Journalism, apei f« r its com erpart J“dgraent interm 

as a c Umax is too easy a way There are other, younger siblings - t J} c - v * el ab “ u ‘it with a will, "ier and that is what Penrose and 

out: it is sensationalist, and does -and eccentric, but not too M>meho-w all roads senied to lead ^ 01 ^ 0lJr “PJ?"*® 1[ac ^: Cousin 

not work 3t a realistic level. It eccentric, paren-,. - back to the Thorpe-Scott rela- *s no sense of perspective, still 

leaves matters in suspense. How. You Must be .Vicic-rs jg quite a tjonsbip. It was hard to reconcile less any sense of hummir. Again . 

we want to know, would Sarah eomple\ siory. -.vlih many ironies tins completely with tne talk of to their credit at one stage they 1977 

and Jeremy deal with Colin in and surprises: bu» it is told with •* African plot and a admit: toe reporters were now j s t qtr. 


(excluding school leavers) unfilled,vacancies (000s). All 
seasonally; adjusted. '\ , . •; 

: IndL Mfg. En£.. RetMl Retail T L'nem- 
prod, output order*- ' “ 


Retail Retail" XJnera- 
vol. ' value ployed 


1st qtx.- 

103^ 

105.3 

111 

103J • 

7.216.4- 

2nd qtr. 

102.0 

102^ 

104 

192.6 

2224) 

3rd qtr. 

102fl 

103.6 

106 

104.6 

2349 

4th qtr. 

101.5 

102 j 


104:9 

2390 

July 

102.6 

1(KL2 

102 

105.0 

23L9 •: 

Aug. , 

102.6 

103JJ 

116 

105^ 

236.7 i 

Sept 

102.4 

103J 

105 

103.9 

235.7 

Oct .. . 

1013 

1022 

108 

103 2 

23513 

Nov. . i 

10L3 

10L9 


103fl 

2333 

Dec. 

102.1 

1032 


107.0 - 

24S.3 

Jan. 




1064) 

.. 1 wi wi- -1 


k at a realistic level. It eccentric, puren-,. ' ?»<* to toe ihorpe-hcott rela- s no sense 01 perspective .sun 

tatters in suspense. How. You Muxt be .Vrnc-rs is quite a tionsbip. It was hard to reconcile less any sense of humour. Again 
1 to know, would Sarah com pie-, siory. v.iih manv ironies tins completely with the talk of to their credit, at one stage they 
t-mv deal with Colin in and surprises: bu» it is told with JL African plot and a admit: toe reporters were now 

* . _ . ■ . ■ .41 . — Mnh n im • W 1 ftiZAn hnAAm inrt t Mil hit 4L. 


OUTPUT—By market sector, consumer goodi* investment goods; 
intermediate goods (materials -and -fiiels); erigtneering out^iy 
metal manufacture, textiles, leather and dotbmg 
housing starts (000s, monthly average). : : -v 

- Consumer Invst IntincL ; Eng. ' -Mefal Textile Ho^ 
goods goods goods -output- mofg. . - etc.. »*»vg 


1977 
1st qtr. 


their normal slates? Still, touching and unaffected sint- British coup in the mid-1960s, becoming irritated fay the 2nd qtr. 
Miranda Hyman makes us want plicitv. There is a quite brilliant : antl to be fair—the reporters do smaller details of the story; 3 r gntr. 


Miranda Hyman makes us want plicitv. There is a quite brilliant anQ }° oe tair—-jie reporters ao smaller aeiam oi uie S10I Y;. U1UMLA .. 
lo know; her first novel gives account of how a motorist who no1 see ^ T0 t ^ ie Irr . e ' ^ e - v wanted to solve finally theLjUg*- 

promise of achievement to come, has picked up one of the girls concilable together. They admit, most important nddles which I ^ue 
Dehorah Moggach’s first no\’el makes a pass at her. and of the 1 ™ example, that they Dave yet still remain. But that is onlco„f’ 

is rather more assured and sue- results: familiar .round freshly:^ 0 provide a satisfactory espJana- page 393. What about the irrita* 
cessful. Its main theme is toe and skilfully covered. Altogether] as why the Wilson ressg- tion of the reader, who is still 

differences and the intangible a most satisfying ;,nd intelligent| nation, the announcement of the not convinced that the riddles, 

similarities between two sisters, first novel, and something for.the reparation between Princess if there are any, have been 

Claire and Laura shared the author to be proud or. alargarct and Lord Snowdon, and properly defined? 

the Scott outburst against Thorpe The reporters’ Standards a™. 

- S,?.'™'.fr.ISS H°“ rt 311 t00k le S ? P tt« rigV^i Ta^ 

dTT • 7 j place on the banie da>. [ or example, the following sen- 

I'M/7 C T /?7/* l But that in a way is part or the tence about the rumours sur- 

kJ//Ul ILkJn L f f llAO A'C-/ problem. The reporters cannot rounding the killing of Scott’s 


.:Zu 

99J9 : ^ 

UOljfi' 1 * 


Spanish master 


EXTERNAL TRADE-^Iu diees of export and import 
(1975=100): visible balance: current balance','oil balance; 
of trade (1975=100); exchange reserees.. ■ .'' V-\. 

Export Import Visible ‘Current Oil' i .'TanpS-^t 
voluiue volume balance balance balance trade uagg 


BY WILLIAM PACKER 


Musical medley 


Zurbanio. by JuHon G a ,le 3 o and 1 U&lLUl mCUlCV 

Jose Gudiol- Seeker and War- ? ne oE ***** ^nes of single j S 

burg. £18.00, 111 colour and ntans. lists as k were of saints j N(iv _. 

410 black and white illustra- and martyrs- that characterise — . . r~^rr—^ more prestigious French baritone Wc- ; ' 

tioo,. 410 W, zorb^o , But .. .. faitWfS F.™. bom in ifei 


1977 
1st qtr. 
2nd qtr. 
3rd qtr.. 
4th qtr. * 
Sept. 

Oct. 

N<jv... . 



—-;---—- way in which she is painted, and; uucKworm. iia.au. 1830; he Leonora -1 

Francisco de Zurbaran was the theatrical clarity by which j Pages _ fr0M ^ There are 

gS^mSteB^nd^loSd 1 ! ™rp iS rh P iT tecl .' ^ Published in conjunction with also careless inaccuracies in.the 

major figure in an a^e tint character^, jc. The sharp an 0 f records, this book genera) musical background: 

throughout Europe was con- hr^h/'PoiI*nr dra ' (the first of three T o Iun »es) in-Verdi, in his letter about-toe un- 
spicuouslv prolific of "reat c ?- uu , r ' ^ ^ sitt 1 evitably invites comparison with so^liability of Tadollni for the 

artists' but bis has remained. ^ light against; j g Steane’s 77ie Grand Tradir role of Lady Macbeth, did not 

nevertheless, a tantatisin" and in d *7 r ^ r ground, and tion and does not survive the object to her •‘creation” of the 
some respects a secondary renu- simplicity of the composition, comparison unscathed. Where role at the Florentine premiere 


115.7. 

109.1 

-*-949 

“535 

-800- 

1173 

209.S 

-769 

-351 

^745 

1242 . 

.106.4. 

+ 46 

+495 

—60S: 

117.9 

2023 

, -K 65 

+500 

-657: 

125.9 

1073 . 

. + '52 

+202 

rJHJ7 

1194* 

101.4 

•--H..65 

+210 

+228 ' 

1152 

983 

. .+. 71. 

+210 

i+154 

118^ 

108.1 

-.71 

;+74.- 

'r+jm-i 

112.7 _ 

114-4 

-324 

■+179 

-236 




FINANCIAL—-foney supply BT1 and sterling.-M3,vbank 
in spelling to .toe private sector (three months? ’ gipwftratewlg 


advances DCS ' ^ 

- %: '..' £m.. inflow: - 



ration, for it was his luck to be *» r nnmedwtely memor- atr. Steane, making no impossible of Macbeth, but referred to a 1S77 - - .."'V.a:. .' v- 4' 

the ctmtemporaw and countrv- an( ^ the P lclure spectacular, dain, lo total objectivity, projected performance of the. 3.® —1&2 :. - 5^ -rl^S2 - : 492v--- 

man of Diego Velazquez a man Thv work was to zrow softer and achieves a fair balance between opera at Naples more than a year 2nd qtr.- • 16.8 - 15J3 . ; . -0J9 - 

who might reasonably he con- sweeter under the late influence fact and opinion in his survey of later. 3rdqtr. . ■_ 34.4 ;1L8 : • 26^ . -2SS J®'.. . 

sidered toe rery greatest of of Murillo: hut here we see bun singing on record, Michael Scott_4tb-qtr. JJLl .. 14J5 H 768 / : HIV-- 

painters. at the height of h»s powers in tne I too often presents bis opinions The New Penguin Dictionary of Ang. ' 22# * ' 9.4 24-0 -r i 72'.-'f./-v J 302 

Moreover the corLseouent and > ears h'-'fore 1640. and at nis dressed up as indisputable truths. Music by Arthur Jacobs. Pen- Sept. - 34X 14.8 .29^ -- '115 „ jASi • y 

natural Xadow cast ^cross hk most ‘^^- ^cratic. ! His potted biographies of more guin. £L50 Oct. ;' 35^ - 17.5 - 0.0 > 347 ^ 1 . ^ ?•- - 3&: , 

work his fc»o dUSSS bv This aod beautiful j th.n 200 siosers who; reeorded - —— . Nob-. - . AUS 118 ^ 

other circumstances: :he details book therefore Is more than wel-ji Q toe so-called Golden Age First published in 1958, thia Dec. 3JLJ 14^ 5^ - 9a . 421, .. 41* r ~, 

of his early life and career are conic, for it sives us all his pic- before 1914 contain much in- dictionary, th e fourth edition of Jan. 

poorly documented, and later, tores, a Complete- and enlighten- ierestmg information: con tern- an old friend previously known im ■' . lava-i/mi -bi 

harder information tends; to be iny survey uf a life's work. And porary criticism » quoted which as A New Dictumari, of Music, 
frustratingly impersonal: ho however good ihe writing. andiW or may not be m accord wUl certainly prove as invaluable 
prospered in middle life, but distinguished the scholarship, in with his own assessment. In the as earlier versions (my copy of 

died impoverished: and r,f his the end the w, u -k is the thing, case of singers, such as Caruso toe third edition, purchased for SSSKffL? MW-Sfi 

impressively ample output the Here too plates constitute the or Mejba who recorded a great 50p in 1973, Is litereUy in shreds ^Wheal*' - r i V ^ 

greater proportion was consigned body of the book: Jufon P^nty of evidence for dis- from continual use). If you want ; „ mSs* RPf^- .'Fnod^'-comdty-:^ 

to the comparative obscurity of Gallego's short and useful mono- passionate judgment is available, to know the correct spelling of -• max^, mnrg. . rtri 

the cloister. ' graph, both biography and criti- p llt » n toe case of artists, some “ acciaceatura" or need to check 1977. : : • ^ - -A 

Most of it is stil] io Spain, cal analysis, leads us quickly to ^ n | P as J their pnme, who only the dates.of Zelenka la Czech lgativ • Jjjff. ' -J 

some io the countries of the old the exhaustive catalogue by ™ d c “lew records, it seems to composer who wrote the over- 2M<I£* HH HH' SH' SKii^ 


nyFLATKJN—Indices of earnings . CJan.-' 

materials and-fuels, wholesale prices of manufaqturedjgj^ 1 ^ 

f 1970=100): retail prices and food brlces... 41974—lWir-'S 


(1970=100); retail prices and. food prices. - <1974=109?*-- 
commodity Index (Joly i«S2=I00): trede j»^&*Cd; 
Sterling (Dec.. 1971=100)./ I =•• 

- ■ Earn- . Basic Whsale. - -. - 

lags* matls,* ninfe.*: : RPI» • >Taoda^^xxiifldd^g. 


Spanish 

America. 


Empire 
the rest 


3rd qtr. 
4ttqtr. 


among toe great collections of ture, through the work- Finally.) lender and imperfect testimony. Do not expect any verbal frills Aug./ /... 
the world, a single, teasing treat a necessary coda to any work of j Mr. Scott describes the voice or stylistic fancies, but for solid. Sept.. ' U6-» 


347.7 2ssji 

34045 267.7. 134.7 

330JS 272J ; 287*4 r JL9E3 " ^29 -Ja 

33g* 26s.t:y 

338X 2 269L2 

m* 27L« : 186JS 

3294) •; 272.0 : 1B7-4 - 

328.7 27341 18&4/ V -1M^:. 


in a national gallery. this scale and ambition, are : of Antonio Cotogui, the Italian reliable infonnation, for esced- Oct 

Our own is St. Margaret, a indices of thu works and their baritone born in 1S31, as the i!® nt v . u ® mon ey> the New Nov;-, 

splendid beauty in her local present locations, and a bibli- oldest to survive on records, row 14 *** Dtcnonafy of Aftuic Is Dec.'. 

finery, bathed in light and ns ography. The authors, in honour- though a modern transfer exists haLrd t0 beat Jan.' , 

j crisp as a rose. She, like toe ms their-subject, serve us welL of a cylinder made by the even ELIZABETH FORBES 


lififl mry/zeu: 

: ZKflr 333-3 -27LB C 186^ stSSZ :± 
■ .126J.; - 3294) 272.fr : '1»7^ .: ia£S * 

:'-:lSJiff 328,7 • 27341 18SA/>.l9£fr< 

- -. 326.4 .• xns ; • •• • 

- v • Not seasonafly,^ 






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Eimun^u=iOffiK; Edmund Huusc- i*-recTiriniEDghasj J B33EW' 

Tel:0-l-ioC' -- • 


A PRINTED BROCHURE IS STILL YOUR BEST PUBLICITY 

. . ,r ,-p wffi r^TT help «ou, Frc**i 

1« rau rnanulaaurc * ,^„, fn / a r ^Qu'-'i<e'm'l .000 to 2 willior woicr-. 

a Umcic IcaHc: to a 6- pane c ^cav l?r onblkiaing goodo or 

W«'( thought up Iota cl alter; ,««•?/► r--«.,-T■■ ... lor imoatt. durability, 
but to the lore run notn-M can bca. a P«";«^ r - 

persuasvc Kl'ira power and of '^“"2 ,. r un d Cr £1.300’ 

10.000 3 M5C brachBiWi to fl *S l ?VLL ?- f | C 's than i5p c^h; 

105.000 3-2 rape cv.atoguts ,n J^rioA' ' 

2 000 fall colour DflMCto *o r ""ber «oi> h|lf . „ 4in tjilntog 

Yes. we are coni.null to aehtor.ng Budget*our drain already 
■ very high standard ol ouafitr to IPO-n- ";hn. 
enjoy a substantial mtrease to turnover, tuM creative studio design and 

a rtwcrE mC Sr«emnS° r ^to-.e'ir,Dhy and m^rr, j-jolour presses to ensure 

‘ rK wTilm l ™? f W toa-.e -nonev tor >ou. as wc have 

done lor so many ol our cl 5" : ?B-flTSSTiar son ?hon 0 or writ-- 
If you would like us !o do toe same tor >oi ' otneiu/PRiNT 
Simon Nutt or Michael Norns, DESIGN/PR I NT. 

154 Ctmpden Hill Read, London WP. 01-727 27*.-_ 


will appoint 

EXCLUSIVE IMPORTERS—DISTRIBUTORS 

for 

DUBAI, BAHRAIN, KUWAIT. EGYPT. 
NIGERIA, LIBERIA, IVORY COAST and 
LEBANON 

W, bans, shiru. jacket, in v.rtou, fttbrki. Wc »™ 

famous for our quality, fit and fashion. Deliver.*# to >»“ 
be made from our European. American or Far East 
The selected company should have an established operation mcluti- 
in- warehouse facilities, be financially strong uid have excellent 
contacts with the textile trade in these countries, 

Wc will visit these countries during March. 

Kindi* write giving full details about your operation to Universal 
Media. Grocncnborgcrlaan 22 b.3 B-2610 VWlrijk {Mtiuml. *[. 
Will transmit your letter. Flease mention the ref. FT/165 on the 
envelope. ^____ 

FIXED INTEREST 

COMMERCIAL MORTGAGES 
FOR OWNER OCCUPIERS 

12 % 


London advertising agency interested in acquiring 
livelv public relations consultancy/agency as going 
concern to form autonomous PR company in well- 
managed. financially sound group with excellent 
growth prospects. 

Principals onlv reply in confidence to: Box G.1440, 
Financial Times. 10/ Cannon Street, EC4P 4B\. 

BUSINESS OPPORTUNITIES TO BE EXPLOITED 

Wc ar* a British contumor products which i» part of an 

even larger industrial ;roMP. 

We develop, manufacture and market our products. 

We currently hare in our development portfolio more product ideas than 
can be handled by our own development tosm. 

If you have experience, typically «n ideas utilising metal ana P |a »** 
foxing, and also smtll assembly; if you can work UP novel product 
concepts and put them into production; if you can work ag«inst osht 
time schedules and quality standard*, then contact us through: 

Box G.M47. Financial Times. 10. Canncn Street. Eu4P <BT. 


Company with agreed substantial Capital Losses required, preferably 
in investment or property field 

Deter/: in confidence to: 

Box G.1435, Financial Times. 10. Cannon Street. EC4P 4BY. 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the bret Frice for 
your low-mileage prettige motor-car ? 
Wc urgently require Rolls-Royce, 
Mercedes. Daimler. I‘guar, Vanden 
Plas. BMW. Porsche. Ferrari. Muerati, 
Lambourghini. Jensen Convertible, 
Rover, Triumph and Volvo Cars. 

Open 7 day* a week 
Collection anywhere In U K. Cash or 
Bankers’ draft available. Telephone us 
for a firm price nr our buyer W 'M «*M. 

ROMANS OF WOKING LTD. 
Brook wood (D4B67) 4567 


VILLA FOR SALE 

Fully furnished 

Situated in small fishing vlifayn of 
SAN PEDRO DEL PfNATAR. 
MURCIA, near ALICANTE, SPAIN. 
Mature girder ;f about C"- ;cr-. with 
banana, oranre, Itmon. pear. Fs and 
tangerine trees, dare palms and qripe- 
vinia. FuU sited tennis esurr. floodlit. 
Outside dance Patio with br-b?tue and 
swimming poo!. Alio there »re furn¬ 
ished offices, rimes room and giraa<-. 
complete with GUatrrn tjci-boaf. Being 
offered complete lor 14.000.000 pes 
or anv other currency. Genuine en¬ 
quiries. pl-;ase, only from personi 
Srepared to visit and insnect property. 
Tel: 06Q5J 2410 


We are small well-established 
Public Company engird in 
ENGINEERING 
looking for 

MERGER OPPORTUNITIES. 

We hive jcod assets and no borrowings 
All replies will be treated in the 
strictest confidence. Principals .en/y 
please. Write Bor G.1444. Financial 
Tunes. 10. Cannon Street. EC*IP <BY. 


U.S.A. 

VAGATiSN PROPERTY 

600-acre private retreat contain¬ 
ing 200-acrc fresh water lake. 
Lodge, cabins and pasture: sur¬ 
rounded by tall pine trees. Air¬ 
strip. telephone and power. 
North Idaho, U.S.A. Sl.S million 
U.S. dollar:. Contact: 

wright-leasure CO., 

Realtors. 

999 Main Street, 

Boise. Idaho. 

U.S.A- 83702. 


FORMER SOLE PRINCIPAL 

sf Ixglil) r-piitabl- loidin; London 
susincis trsnurr and rstat. ipncy for 
seirly 2° 'Ci-v. h«vmi rrccistly s>sld 
his infrr'.v.s »n iIk c&mmv new ,n- 
Yitf» P'er—n.bns swh're hi* kno«- 
ledpt «n t- iicifisrd. Extensive experi- 
cnci ol vTrtvtj' finincr. property 
investment,. freehold and leasehold 

shop >nd ’-iiih-ij, valuiticm. v/illtng 
CO 3'C-'Ps sur*;y insuucdcn HS*jn- 
pnents frar- banks. saliCitO'S. account¬ 
ants or i-iitiniticns. etc., or might 
consider venture, with or without 
-spiral parjir,p,t,on. Pepllcs plcotn to. 
E. A. Bari-ntt. 21 Eagle Close. Enfield, 
Mddx ENJ 4R5, or rel. 01.BM 9505. 


SMALL COMPANY 
World Leaders in Specialised 
URETHANE PRODUCTS 

Cannot finance storks and ongoing 
biutorst. SerSi p,rcn»r/m?rger with 

reputaelr larger eoirpany. Large tax 
[olios■ tood .parona pending- largo 
order •nu'iinr;. Wnte Bor G.f45J, 
Financial Times. 10. Cannon Street. 
LC4P 4BV. 


Small to Medium Recognised 
ADVERTISING AGENCY 
with many years successful trad¬ 
ing; profitable and efficiently 
managed, wishes to hear from 
Interested and prospective 
purchasers. 

Lets*-* iho'iid b- addrrssrd to For 
G.14*5. Financial Time*. 10. Cannon 
Street. EC4P 4BY 


CONTRACTING COMPANY 
FOR SALE 
Manchester Area 

!fKil!''.in; in twda and j-we-v: 
£90.000 profia before n« and 
Directors' remunr ration. on £i"l. 
turnover and ntt *aici* £200.000 
(including £150-000 -tub). w rlte 
Box G.1443. Financial Time*. 10. 
Cannon Street. EC4P 4BY- 

ACQUiSfTIONS/MERGERS 
IN THE USA 

We specialise in advising com¬ 
panies in acquisition'. and 
mergers in the USA. 

ALTAIR corona, 

A. lames Crookcv. President, 
Tel: (714) 644-1700 
3610 Blue Key. Corona del Mar. 
California 92625- 


North West Based 

Second Mortgage Broker v/ith 
numerous agencies. reRirinK 

outlet far *m*U number of diffi¬ 
cult but worthwhile cases each 

month. 

Write Bax G.im. Financial Tima*, 
10. Cannon SIre.t. ECdF 4RY. 


rsafe 

A-.'"'-' 

aw 


Please contact Martin C. Green, S-Sc* A.R.I.C5- 

@ 23, MANCHESTER SQUARE 
LONDON W1A 2DD 
01-486 12S2 


ENGINEERING COMPANY 

able to undertake wide range of machining and 
fabrication has capacity available immediately and 
seeks to expand its range of products. 

Flease contact: 

Manufacturing Director, 

Box G.141S, Financial Times, 

10, Cannon Street, EC4P 4BY. 

JUDICIAL SALE 
MV “ STADT BREMEN ” 

Tbe German bulk-carrier SB' " Stadt Bremen " built In 1970 
at the yard of .A.Ci. Weser at Bremen. 74.563 r.L gros-. 54,601 
r.t. nett, deadweight 140,440 tons, length o.a. 283.27 ni., breadth 
max. 4L'.5S draught max. 16.415 m.. nine holds., propulsion 
one 9 cv i\T..A.N.-enqine. rower 20.700 b.h.p. 

WILL BE SOLD AS IS WHERE IS 
by public auction in a session of the District Court of .Amster¬ 
dam. The Netherlands, to be held on Wednesday, March 15, 
197$. ar 14.00 hours. 

Fur'.ber particulars may be obtained from Loeff & 1 an aer 
Ploec. Advocates and Notarics-Public. Blaak 101, Rotterdam, 
The Netherlands. Tel: 10-147555. Telex: 23395 (LEX XL). 
For tbe at tention of W- Verhoeven- 

TiLgPKSKE ANSWERING MACHINE 


Well-established UK designer and manufacturer has exclusive 
nsw models to PO approved standards. Seeks UK leasing outlets 
and export sales. 

Write Box G.145I. Financial Times, 10, Cannon Street, E C4P 4BY. 


ACQUISITIONS URGENTLY SOUGHT 

li LABEL PRINTING or other specialise-! prut: miuufacaalos business.' 
r. DiY-'HOME DECORATION Goujimcr Cooipanr, Sl-Bufacturine or 
PuinbuijoiL j 

Ii horn c-isea T 0 il-lm.. po-id eixlsnc^ maiiaaenienl anti epportunttaea fof 
extra D.--:on. 

IVc are rart of a FubUc Company ao-i nsarded ai leaders in our UaJnstrifiC 
" Contd'iitlil," Mansciii; Director. Eos G.133S, 

Financial Timer. 10. Cannon S3<;et. EC4P 4F-Y. 


anti-terrorist i 

EQUIPMENT i 

A world leader in this field, with \ 
a range of highly specialised 
equipment—currently in service 
throughout the world—sold only 
to the police, military and other 
governmental security forces, 
seeks additional products and 
introductions into new markets. 
Finance is available to bring 
innovative ideas and products to 
the market. 

Additional distributors and 
agents required with necessary 
expertise and contacts to intro- 
due our products into new , 
markets. 

Reply in confidence: j 

The Chairman. Box G1454, 
Financial Times. 

10, Cannon Street, EC4P 4BY. 

SERVICE 

INDUSTRY 

We are a profitable independent 
Laundry Company with a turn¬ 
over in excess of £1,000.000 per 
annum interested in meeting 
principals of other companies in 
similar or associated service 
industries with a view to discus¬ 
sions which could lead to a 
merger or alternatively to a 
working arrangement between 
us. , 

Plcasa writ* in confidence to Bo* 

G 145<, Financial Timas. 10. Con non 
Street. EC4P 4BY. ! 

i— —- 

| GASH FLOW ~ 
PROBLEMS 

' RELEASE YOUR OWN CASH 
BY DISCOUNTING 
YOUR INVOICES 

95% paid by return 
on approved accounts 
i Phone Bolton (.0204) 693321 

i Telex 63*15 

MRS. BENNETT 

, Silverbum Finance (U.K.y Ltd. 
I--—-- 

i! f - 

for sale 

J Old established profitable drapers 
j and furnishing store. South Coast 
restore. Due working directors 
j retiring age, Property and good- 
! will. 

£ 120,000 

\ Write Box G.1435. 

| Financial Times, 

j 10. Cannon Street, EC4P 4BY. 


For Sale 

i AMERICAN COSMETICS 
COMPANY 

Pr«ti»s line, o*'" P* ,n: - 
! Park Arenue addr«*. comsming v8 
; it;ms advcroied Vogue. To *‘" 

1 Country. Harpers. Unqiw mink o.l 
! formul*. luted all drua 

directories. Would cost S* million 
! to dupli-uo but sell, for fJO.OOO. 
j either cash or stock m public com- 
1 piny. Willing to discuss m E urope . 
\ Mr.* Remer. «5 E« *4di Sftng, 
Apartment 7D. New Tork, NT1D022. 
1 Fhorie: 212-355 1023 Inc. weekends 


GARAGE 

GROUP 

is ne-riructurinu its International 
operations and n disposing o. wo 
franchised garages in Frenee. Full 
co-ooe-ation of car importars obtained. 
Principals of major groups only apply 
to Bo* <7.1424. F/ncnclcl Timer, fO. 
Ccnnon Street. EC4P 4B/. 


financial Times Thursday fehmaryJS t J^g’:f 

appointments 

Managing director change 
| at Scottish Agricultural Inds. 

_ _ matter has been been aira ageti thron gh 
i Mr A. w. Morrison, a deputy result. 3J- director of ffg 

i chSmaa of ICI Plastics. Division, appointed ^jumiiuam Development (U^CTADX ^ 

i has been appointed a dir ector of Aerop . ^ Baker joins the Maiarfrr - 

crryrnsH AGRICULTUBAL CastinS®* . ' GEC Turbine • Mr, MawCTyvwUAfUiipi8BKl 
INDUSTRIES. Mr. Morrison will comply ^Jherahe was general 

tai-a nrer as manadng director ol Generators. . atcq jn the TODD-RIXiuN tssiiiKLS). ■,, 

SAI on April” wfcn Mr.L. S: R. works manage. division, CuMingliani retams ha 

Scott, tbe present managing cylinder been appointed secretary. * 

director, retires.^ . S&r." r™'* a g£*!* *£$£ Major General K. I* S. ^ 

Mr* Philip Bennlon has been menL f *1^ perkzns to be prcsideMof tbeORDN&j 

JSn™ 1 rf^^ecuUve '. of luring director o£ the BOARD from. Fetam| 

5 BS® WRIGHT AND ROW- Engines Groups suc^ssion .to. Air-V^a^, 

LAND, succeeding Group Oaptam w R * bb haa been F. M-&. HedgrfamL . . 

j. P. Cecn-WTigfat, who remains ^: tp T“ atJ ufacturing director „ „ 

Ttr ST-:i- jSr 

j|»«SSS^?SS SSSS 31 

! AGEMEND &iarch 3- S? commercial refrigeration arm ^ujuJer AND NEWaS®*] 

i Mr- ft* ^ n r a ?» a «^' 

i »£ ffSLftftSffi Sft". r di ™ on - Eht s&ssm 

[group, is a director and maobgr ^ Bunitag has been the Board of T aud N*ssnhsia 

' S f eX ^tnn G COIXumttee f appointed secretary of CHARCON, storey Brothersdn MarS^ 

| Bass Cbamngton. ?he construction materials sub- he w -iD reach normal reifeto( 

1 cidiu-v of the Charterhouse agei hut win remain'sV# 

Mr. Brian Bibby .takes- up fte mdmi? succeeds Mr. Ron executive director of Tamur t 


CARIBBEAN ISLAND INVESTMENT 

kjii Esnte Inveitars. lndnviduili pr i «^nsortiun aaeu to fund* 
cqu'viicnt to apprOAimiufy 2j millran U.S. DolUrs ^rc imriled to pir- 
titipite in 3 proixrry Compiny in thr Turk* & Cikot Island* (a Britan 
Froicttoratf J. Development involve* 1.500 ihorc-linc acre* divisible M 
home lots, hcach.sidc luxury ho:el with iwnr.mtoq psol and maeine- 
Loe it'on has sir linfc «ith Miami and International rourei. Interested partses 
pie.sr eonrtot; John O'Sullivan c/c Chase S Co Solicw: Breakspcar Holism 
F.urv Street k ii nlip Middlesex Englvnd {Telephone; R-jislip 33344) 


GIVE FLOORS A SMOOTH, 
HEAVY DUTY COVERING 

POL*FLOOR is » liquid plastic that 
li lt ,- VI / ir-ms s til'd Hygienic turf aw 
that will tike rhe roughest treatntoPt. 
It’s also itoafTerred by oil mid most 
chemicals. 3:nd lor dccsiit to: 
PLASTICS AND HE5IMS LTD.. 
Cleveland Road. Wolverhampton 
WY2 1BU. Phone: 0902 53215 


GMVAH9SE9 MUD 
STEEt mm WANTED 

Sizes 1.9 mm-2.5 mm. Hot 
dipped cr electro-galvanised. 
Minimum quantity 100 tonnes. 
Write Bov G 1456. Financial 
Times. ip. Cannon Streer, 
EC4P 40T. 


Managing Director 

o< “»li ':rib/isl«4. profitable, Devon, 
basrif dim-ibuuon Company, operating 
throughout the South-West, seeks 
finan-.i>i hi eking ta purehue company. 
Ground £250,000 required. 

WH'- Kov C T4JT. Financial T|mn. 
10 C-mnen Street. ElCiF 4BT. 


SMALL FREEHOLD 
INDUSTRIAL TRADING 
ESTATE 

For Sale—£250,000 
In North Norle- 111 . 20.000 sq. ft. of 
small uriLti, yielding £456 per week 
rents. 

E. L. Moore, Church farm, 

Havcton. Norfolk. 

Tel: Wrox hem 2410. 


Wanted Small/Medium-sized 
Fire-fighting Equipment Company 

Substantial Company wishes to purehue 

°r enter mtc partnctship with shore. 
FIust bt sotojj congern. Considerable 
lumji and new fcus.ncu available, 
fleate write In confidence to Ba* 
G.IJ6S, Financial Tima ■ Id, Cannon 
Street. EC4F anr. 


FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 
EXPRESS CO. REGISTRATIONS LTD. 
3t>. Otv Raid. E.C1. 

Pf-62fl J4.l4/5/7J6f. 99J6. 


DO YOU NEED MONEY ? 

Wo can arrange financf. from both 
institutional and private sen re: j for 
all types of industrial and commercial 
property including hotels, factories, 
home and overseas developments, cevn- 
aanjr acquisitions, corporate finance etc. 
G. J. DARBY CO. 

Suite 2?. 78 Buckingham Site. 
London JW1. Tel: 222 4063 


NIGER! A/PHARMACEUT1CALS 

Executive unrivalled experience 
Nigeria seeks Cansultancy/Sales 
pose with large manufacturer 
wide range ethical drugs wishing 
to enter Nigerian market. 
Writ- Bor G.I*TT. Financial Ttmea, 
IP. Cannon Street, £C4P 4flr‘. 


MERGER WELCOME 

North Bcdfo'sdshlrc bas'd sheet metal 
company would like w merge with 
company in similar or allied business. 
Wa are a sound company but require 
first class management to enable us 
co capand, CASH is not .t problem. 
Wr/ie Box G‘.I4 38. Finuncla! Timet, 
ffl. Cannon Street. EC4P 43 Y. 


DO YOU WANT TO SPEAK 
FRENCH ? 

sprcial 4.UV"* in-cnsiv- course: for 
Company pcrsonn'I. Wo spccialit' and 
•each ONLY French. Fcr details. - 
Tel: 077130.426 ar **)'«: Oanf. F T.. 
GRASSE ECOLE D£ FRANCA IS LTD.. 
3B Endles. Street. 

Salisbury jri 3UH. 


TRANSLATION-TYPESETTING 
Qualified Ar.ibtranslators 
t\-pesert€rsar.d pnntingforSale; 
Literature. Evhipidon Material for 
the Middle East: 
Pan-Arah Publications LfndtecJ 
Teleohcne 01-353 831B 


IBM ELECTRIC 
TYPEWRITERS 

Factory rtcon-'itionod and auaraniccd 
by IBM. Eir. save up to 40 P-C- 
Littic 3 yc»r; from £3.70 weekly. 
Rent from £29 per month. 

Phone: 01-A4T 236S 


ISLE OF MAN 

OFFSHORE TAX SAFEGUARD 
Grasp the cr.nsrruniUc* In J . to— toa 
area. Wc specialise In Mw tormac o n 

ol eemDanici incluiflna nominee 
annniriimcnts. secretarial senjlccs 
penrea' »ncn t . worts, tele* Sjncral 
comu|r-toc r including . commercial 
oiacemon:. e.,ii detail* from: 

R. A. Brown. BROWN BROTHERS 
LTD., vicion, Haase. Prospect Hill. 
DQUnlAN.. IflC gf 

Td. QE42 23G61- T«le* 6X9Z* I- 


Travel Agency 
Required 
WITH 

1JVT.A. & A.B.TA.- 
licences 

0*«r* cppfMeflce plemr to Bax 
G.M39. f •p'inelof Times. 10. Cannon 
Jtr-et. EC4P 4BT. 


FOR SALE 

free distribution newspaper at 
present cwned by long estab¬ 
lished newspaper publisher. 
V/rite Box G.1440, 
Financial Times. 

10. Cannon Street. EC4P 4BY. 


DENMARK 

Bnciih-owpsd producer o F *pcc««l>scd 

home hcM *°* a . s *^n nSn 

LMC. firn,i require* additkmil £50,000 
»c:Mng .-.apitjl. Cur brindg rvtod 
jah^ rif*r, the food mir^ei l 8¥ ^■• 
Option far majority Pfliidon ^tn 
nesonitci. Idtjl baso for expaniion 
,r to 5candin*v i. 

•A-r,r. p*. G.f44f, Fiwsiof Jf.-n-so, 

;n. r e ni*n 5tr««t. EC*F 4gr. 


rears with Ibe English Twmst 33 yeara^ accountant Site •. 

Board, as lasion* Uaison sna». was appomted®™® accoonram HiBs. * •. . 

a S er - . ° * • Sir. Joseph i 

i __ _ . n . H , n s Mr TN,™., Follovring the recent apponrt- appointed to saceeed&t^C 

; Mr. John Holt and VDr. .Eugene row***** Tom Robson as m^Uc -as dirertK^l^ - ' 

Toolan have been appotated.^o- ment of e ^X 8eringt IN- ^GWEERING '' vT-- 

ciate directors of FUGRD. Both aurt-t ■ BROADCASTING TRAINING BOARD.' . 

are senior engineers mth. the DEPENT^ ^ ^ ju Wilburn, on Jane 30, Mr.4S,- 

company. fnrraerly chief engineer met- been chief edra^ion^airi^f':-• 

, _ TW xf 0 .i 0 «,_ -wnrkt in promoted to assistant officer' of the. &rard:.rinfirfjl f . 

n&rB a@SSSte 

i General A. G. C Joi»» Jormerly chief engineer (develop- n^vl^formedEOC^pS' : 
r?™!! ? H tekK K'mem imd information) is made HE5 COiWUBN^r 

S ? ° n ^3¥ oi Sr ^ EStlw;' 
(j SSs MFJssfc I js. cngm?er 

iRoper, who is to retire. . Mf ^ je^ee. director of ° D **** - ^Mz~ 

i Mr M. G. Dodson has been marketing, Engli^Touriri: Board, Mr. .A. RMorioifim ' 
i, ‘ i-tpH a director of has been appointed an add i ti onal stogdon have fcfieti, .'aBMt-.; 
■ PFT?vrTnTT BOBY Dart of the member of the COMMITTEE OF directors of J. O; , 

!S™^St « gffi MOTORS 

>^lr. Dodson has been general SERVICE AKaAai 

[ manager of the Stella-Meta Filters _.. M n,nnrfipr an Austira- HONG- KOPTG ' 

!« noSSreS»« 

! *” 1 “ > " L * ' ■ JWTABMlKd wm 

ASSOCIATED ENGINEERING’S take charge of ^an'ifactiJTmg ana c a Tang, managm^dk^s^ 
cylinder components divisldn has distribution, ra ®at “unbr. .Hg : Navfgation Cfflrpo^r'- 

formed a castings and valve train Chandler 1 • 

sub-group comprising the follow- a '"5, h ^ d „|i s T P£- s b 35 Mr. C.'I* B. Halt aiid5^.‘- 

iing companies: AE (Metals), of Dalgety ujv. Posgate have been ; • 

i Aeroplane and Motor Alnmininni ,_ y >_ directors of AU5XAN3)^^ .. r 

: Castings. Brico Engineering, Brico Mr. _ ^ ^ jSjS DEN GROUP: 

Metals and the foundry division recently dire ctor of the wortn . . . • 

! n f Hen worth and Grandage. Mr. London ■ (Tottenham) office of the. ■■ T • if, 

:w. J ^epwp^ bpSmS^anas- E.pprt Crpdlte Gumnt«DM«U 
! in a director of this new alb-group ment. has SSi^has 

land is relinquishing hi. position excojve of 

. as managing director of .Aero- ^.UAvaA wwAn Kditte - BBTHStt. • 
plane and Motor-- AJummium INSURANCE mtnr A«M4Tlfflr It 

^ssffia MUssr-.^ WaFissZa*. 



Gnarattfceeji pebczftarevDafl I88S: - c 


FINANCE 

required immediately by U.K. 
Company. to promote new de¬ 
parture in leisure market, allied 
to licensed trade. High return 
on investment with generous 
equity participation offered. 
Minimum investment £10.000. 

Write Box G.1425. Financial 
Times. 10, Cannon St.. EC4P 4BY 


BRIGHTON 

Valuable leasehold interest for 
sale secured on excellent local 
covenant. Ten-year income at 
£9.080. Price required: £31500. 

Sole Ajenu: 

FIELD & THOMAS, 

4 LITTLE EAST STREET. BRIGHTON. 
TEL: 21375 


HOTEL FOR SALE—Wi 

Lons uubliihed in a quire prden 
squire off Lancaster Gate- i" ereeHem 
decorative order. 67 bedrooms/apart¬ 
ments all en-suitc: resraurant: licensed 
bar: Hk; c.b.: fire certificate. Aik<nj 
£600.000 freehold as joins concern 
ine. hill contena: considerable book- 
inqi far current season. 

01-589 8823 


FOR SALE 

100.000 C/5 whisky from £5 C/S e* 
bond: 62.800 C/S cefi* ac £6.00 per 
csm of 30 do*. 50.000 tons m*llc 
powder: 500 ton* Hack caviar: 
100,000 tom riec: 30.000 ton* sugar: 
100.000 ton* cement, ett. 
EXPORT DRIVE LTD.. 

6 Old Bend St., W.T. 

OT-629 8587 


CITY OF LONDON, urettls* address. 

I phones, teles—together under £3 wk. 

From 1.1 separately. 01-628 4554. 
j OVER 40.000 SCHOOLS AND EDUCA- 
' TIONAL ESTABLISHMENTS can be 
1 reached by mall. The Educational 
j Addressing and Matllna Service. Derby 
j House. RedhUI. Surrey. RH1 3DM. 

1 Mersthain 32.ZS. 

START AND IMPORT, EXPORT AGENCY. 
No capital renulred. Established over 
30 years. Clients In 62 countries. Sena 
large S.A.E.—Wade. Dent. F. P.O. In 

9. Marlborough. Wilts. 

ESTABLISH LONDON BASED COMPANY 
with tree css capacity requires AGENCIES. 
Write Bo* G.145S. Financial Times. 

10. Cannon Street. EC4P 4BY. 

INVESTOR OR PARTNER required for 

established garden and mall order busi¬ 
ness— Hornehurcb 471S9 tdav or .even¬ 
ing). 

SMALL DEVON COMPANY with Mace 
welcomes suggestions for independent 
or Joint venture, marger or other propo¬ 
sition. write Bo* G.1446. Financial 
Time*. 10. Cannon Street. ECAP 4BY. 

URGENT, under tantalised buslnoMos 
reouir-d. E2S-000 and over available for 
control. Write Bo* G-1450. FmaneUI 

• Time*. 10. Cannon Street. EC4P 45Y. 

i SUCCESSFUL MARINE TRADER 

• aaaittoM MP.lv'. ^S 'lca.ESP DOO FitHv 
t secure, proven rciulB. Pi-554 fii4Z> 

■ MORTGAGES FOR _ E* u ^mVE5; 
' £20.DOO-E5D.OM. NO Fits. Palmer. 

{ Banks A«sriaf«i 402 6691. 

: PRIVATE 9*NK cllrrs Evoorl.liriDort 
hninen- Send SAE lor l-qcfiurs. P.O. 

_ 1 Bet i s. Mudrtpne. ^ent. 



TAbRimr*/ n lOYa 
























































































































































































































































































































































































































































































SSaStjary 16 1978 


REPORT 


Tliursday February 16 1978 


1 


I 


i 


F^r from the traditional romantic image, in economic terms the Highlands have long 
beefr a millstone around Scotland s neck—but not lor much longer. The oil industry has 
biifalhed new life into the area, paving the way tor new industries and future growth. 


i ;GHI^AXB Regies of 

- is the largest local 
area in the European 

L ily.- a fact acknow? 
st year when it played 
’’ other similar coastal 

■ of Europe at a . eon- 
. n Inverness to discuss 
-. problems of nire) de- 

t and remoteness from 
es of government-and 

* Sh ether lecal *utheri- 
-Erilairi attended, the 
s probably h?d a closer 
ath/sonse of its Canti- 

■ omerparts, for. there is 
;-if the UK. which eari 

in scale or character. 

, does the remoteness 
..unities place such a 
-i 'communications, or 
■_ iding need to preserve 
atkm at a level which 
-owns and villages to 
..: communities put such 
.-m On the creation of 
: and .th® prelection of 

. Jo cal government unit 
i came into being two 
with at least ope a<j- 
•Jver most of the other 

- .if Scotland. It was 

identifiable .as a 
•ous area; for years 
' ave spoken of "The 
•V and it is likely that 
‘~id tried to define the 
, t;sitting down' .with, a 
:- would have-arrived a* 
;|S- Jiot much different ‘ 
’ e of the new region. . 
le autonomous island 
jrfcneyV Shetland arid’ 
»m Isles, shire this 
: and. as units which 

"“Or their-.legitimacy 'on 


a. little more than iheJi'ast re-, 
organisation of local governmeni 
in Scotland, they can expect it 
to give them a head start in. the 
fight for survival when, as seems 
likely,- the .-proposed Scottish 
Assembly derides to take a 
knife to the system and begin 
the carving afresh. 

Tlje sheer size of the region 
also gives it another advantage. 
It is big enough for thtfhtno. 

tions of- the regional counci land 
the district coupeils to be- dis¬ 
tinct an essential requirement 
if the region is to be able to 
carry out a broad review.of the 
area and-embark em -strategic 
planning for the future.J - 

This is not to say that there 
are no problems. On# which 
is being tackled, but still has 
some distance lo go. is-the re¬ 
lationship between the regional 
council and t pe Highlands and 
Islands Development Board, 
particularly in the field er in¬ 
dustrial promotion and develop¬ 
ment where the functions rf the 
two bodies overlap the 
absence of any unified voice for 
the Highlands for most-ef its 
13-year life, the- HigMimds 
Snard grew rtv assume ttipvfoifi 
—one to which the regicft tan 
has a claim. It i« tn be ej£&>ted 
that there should be a period of 
adjustment. O 

History' J| 

■ The rejpbn Ms.a rich; history 
afld- it is.' in history, tMt: Its 
biggest ' economic prdwems 
began.. The nnu- mfaiious 
^eledrances;’! when families 
were forced off the land jw>kidt 
provided. Urcir livelihood •: to 
maker wr 'far sporting ektatei; 


and more extensive methods of keep »p the «ime to aurac; craft actmti«* cu.vj kmt. 
agriculture such as sheep farm- new industry. Another is that. wear. The -um h.i« been nor 
;nS. have Jeff their scar on the so far af lea>». thp impact *r n n ly m improve- prMucnvitv 
area Depopulation continued oil derelopmpnf ha< heen nnn. ami hpnre i- ui<* the nf 
unchecked fnr move than .1 sided. having a much Ur?-r wages hm -i].-m i.. m.Te.#>e t-m 
century until the recent oil effpvi on the east cn*u» sEm pinymi-m. 


On the high road to 


The Buard alone -pent in construction frem 8-SGO to county had (alien by a third 
£*00.000 last year on assisting about 9.000 and in distribution in the first half of the century, 
farmers and this >car expects and services from 32.00() to but bad recovered dramatically 
to .pend more. Output from 34.000 after the establishment of the 

Bnarda-ii.-teri farm-- ha? in- re j aled employment. now experimental reactor project. 

■ leased by twice ih- is-e for . r „ und 5,0011. j f expected to rise **»l only were new jobs created. 

to nearly fi.000 by IBS I. hut roads, bridges and schools 

■ ■ tr> lt . fir ,, r w *?re improved, a new technical 

•hi Secretary ofi-Ve for Sen I- . ,nrt 




failed seven sector* where n 
intended to promote Industry 


Caithness 

glassware 


Glass, a successful 
company—launched 


a new future 

By Ray Ferman, Scottish Correspondent 


boom and brought with it a cor¬ 
responding social and economic 
decline 

Thf large amount of money 
and effort put into the region 
by G mem mem in recent years, 
coupled with the impact of the 
oil industry both directly and 
through other industries such 
as construction and services, has 
given a respite from that 
chronic trend.' 

But hath the region and 
Board know that if the new 
prosperity brought by ojl can¬ 
not be bolstered by more per¬ 
manent jobs by thp time the 
development of the North Sea 
oilfield? is completn. then the 
old pattern may begin to re¬ 
establish itself. 

This i«. one imperative tn 


the vast so emphasising a dis¬ 
tortion created by geography 
and development 

Any development strategy fnr 
an area such a* the Highlands 
must mevilabh b*- iwnfnld 
While attempts nui~t be mark- in 
3‘iract new industry then- mu-t 
also he pn effort tn stimuJ.ih- 
existine activities to rre.nr new 
jobs within them. Geosrapii>. 
climate and other factor* such 
as the suitability in area* of 
scenic beauty of certain types 
of industrial profess may a I.-a 
dictate development puliev. 

Both the regional council and 
the Board have pm a huh 
priority on advancement and 
diversification in existing indus¬ 
tries such as farming, forestry, 
crofting, fishing, tourism and 


In communities vh*re m*t \ 
handful of p-opl* staying or 
leaving can make rliM difference 
between kpopin- .1 school open 
or closing it. >*r keeping a d'*r 
tor in prai'tt"- «ir in«inv on- s . 
therp is no pmn» in mrre.iun? 
production a: :•!*> eiipensp :<! 
redundanci*-* Hi.- two must _i. 
hand-in-hand 

The prnsr*-* ’j'a; >an h« 
made should u<-t he A\^resn- 
mated. Often t i r a case -»f 
slowuie down •* lons-tMrm de¬ 
cline in a particular industry "r 
a particular ar*-i. but with 
probably 12 p* r cent, of the 
regional population 1 three rimes 
the Scottish averagp) depend¬ 
ing on primary industries, d i> 
*n effort which needs to be 
rnadp 


infl -raploymenl Tii-y included » f 

the promotion of the Cromarty P rns P erit - ,? - 

Firth—already the home for 

British Aluminium's smelter at FYIlJinsinil 

Invergorden and for a number ^A|/aiia4Uii 

nf disalleriw—i, » centre for The „ pan5Jon lhf exp „,. 

petrochemicals, esploitins its mema | es tabll.hmem is now at 

“L '."t™; 1 : a ? d , ,he >» end and the resion fears 
a»al ability of land for deeelop- that a r „ n<lo „ n „ f the projfc , 

ment: a campaign to persuade w „, lld lead , 3 renewed do. 
the Government to build a com- nnwiaunn -Thorp « nn 
, merclal fast-breeder reactor at SoSibilitv ’ of the existin'* 

•he region as a wnuie Between encourage, for example, the what^i^needed ^^Droiect 
lOlin and lPTat ih» number of growth ot wnnter sports; promo- 531 s n ® e ^ ed ’• 3 P rt, l w 
breeding cnw> r-n farms receiv- tion of forestrj- and related uLv^plfA 
•n? B--.ar«l assistance increased activities: industrial expansion ^ 

b> ino per cent., compared »-i»h around ports in the Moray Firth: raU Z 1 con,nier ^ 1 .^ fa ‘- t rea - lr ' r 
an .ivrragp of nnly 23 per cent rievrJoprocnl at Loch Kishorn. lF fucn a 

for the region as a whole For where there 1? already an oil Thc debate over the building 
-beep. th*» number increased by platform yard; and tbe develop- °f a fast reactor is. ef course. 
14 per cent, compared wijp a ment of a general tourist trade far wider than the employment 
small fall in numbers for the in the region. needs of Caithness, but if ihe 

region as a whole in the same Of these, one ol the most in- Governmeni decides that ihe 
period, jobs on assisted farms teresting is the campaign for project should en ahead, then 
increa^d by 10 per mr. while the fast-breeder reactor. The Dmmreay has several factors in 
overall there was a decline of region's enthusiarm fnr the pm- its favour. Among those are 
2 por cp.m ject—in contrast to the stance the collection c*r skills and 

in the other direction— taken by other local authorities expertise already established 
attracting new industry and —is based on the effect the pre- them, its remotenes 6 from large 
ttnniiJating existing companies «*nt experimental reactor has centres of population and. 
in urban are3s— progress has had Ad Caithness. probably most imporiant. local 

also been made, .lobs in manu- In a presentation »o Farlia- authorities and a large slice of 
facturing have increased from ment on its case, the region the population willing to 
8.400 in 1971 to nearly 10.000. said that the population of ijje welcome it. 


vtrisasfi 




• -V ,V •• ; >" % , " r- ■> • . T. ( . - . 

. ij . - f . . *" • " ■ . 



• ... 1 y' 1 

* : “ ■ ' ' • i ' • * " - • •• \ “ '% ” j 

r ;y :. v. y | 

_ r ‘ ^ V . ‘J -'V* ,] 


^^l^babily (bt must dramatic Ltfideit"y . ^ .1 
.•industrial coxinecti^ro.ibe X?' i ri 

But there .art maay 

i ’ h nrOtihoviniT hoi-ti _.. --kli r>vi ; wl1 H vi .i .• • -r-'-:.; 1 .'‘I 


in theri?gioii 

To every industry offer 




y::• : ' y<y,5;-iv^y..', 






INVERNESS. 
Inverness (0463) 34.121. . 


: vvy,:ey:Vy.--u-;'. 

'-x ~ *^rv» r t-f, * •r.'-A V ; t ^ ‘ 

vwJ- -:V7.^-: : .Vv-'V.- : E; .-I 


>'. \rit .•!' .::h.::.. 

:ri - 4/Cr ■ ■». J-' MS -1 

-XJ.,;y^.-•• ■ _ ^ys; 7 | 











































THE HIGHLAND REGION H 


Financial Times Thursday February 16 1973 


An oil base for 
development 


THE DISCOVERY by Mesa U.K. 
*:«f a sis ruff cant oil-field in the 
relatively shallow waters of the 
Moray Firth less than 20 mile-? 
offshore and Uic Government's 
insistence that the mule should 
he piped ashore rather than 
taken off by tanker, should he 
viewed in the Highlands as the 
mn«t exciting developments 
since the first oil find was made 
in the North Sea. 

Together, the two events hnlri 
out the strongest possibility so 
far that the region will he able 
to mnve from the construction 
phase of oil development, which 
is by definition temporary tn 
the more lasting production 
phase. 

It is a transition that the 
Highlands. unlike Orkney, the 
Grampian region and ffrom 
next May i Shetland, ha* so far 
been unable to make, tt'hilc* rt 
has secured a large '-lino of the 
pmnlnyment onpnrt uni ties in 
plartnrra huildinc and other 
smaller scale activities, the 
region has not attracted an*- of 
the pipeline landfall* which 
bring with them onshore termi¬ 
nals and the pm*pert of down¬ 
stream developments such as 
refining. petrochemicals and 
plastics. 

Of those pipelines which 
miclit hare comp ashore on the 
east coast of the Highlands, that 
serving the Piper and Clavmoro 
fields ha* gone to Fiona. 
Orkney, where Orel deni.'t] ha* 
built a major terminal, and 
those taking gas front Hip Ninian 
and Fricg fields have hern 


routed further south to St 
Fergus, near Peterhead, where 
a gas terminal is under con¬ 
struction. 

In m id-1970 the Scottish 
Economic Planning Department 
estimated that there were nearly 
S-UOo oil-related jobs in the 
Highland* and Islands, of which 
it could reasonably he assumed 
about -V'i'O were in the High¬ 
land ri-cion. Since that, time 
the number will have declined, 
largely as a result of (he reduc¬ 
tion nr the workforce at the 
Howavd-Pnris platform yard at 
Loch Kislmm and the run-down 
of the M.K. Shand pipe-coating 
work* at Invergordon. 

Most of tho>e working in mi- 
related jobs in the region are 
employed in the three platform 
\ards—Kishom. which is build¬ 
ing a concrete gravity structure 
for the \inian Field, and the 
two sti-i-1 fabricators. Highlands 
Fabricators at Nlgg cm the 
Cromarty Firth, and J. Pay 
McDermoM at Arriersicr on the 
snip hem shore of the Moray 
Firth. 

In an uncertain industry' these 
iast tvo. Hi-Fah and McDer¬ 
motts, have performed welt. 
Both now have work for some 
months ahead and a good 
onnurh record or duality and 
deliver*' to give good prospects 
of winning follow-on orders. 

Having delivered unc plat¬ 
form for the Niniau Field, 
Hi-Fab—a company jointly 
owned by Frown and Root and 
Wlmpcy.—is now building a 
-econd. McDermotts is working 


on a major platform for 
Conoco *s Murchison Field aad is 
also the first U.K. yard to enter 
Ihi? export market with smaller 
structures for the Netherlands 
and Brazil. 

Competition for any new 
orders that come in the next 
few years will bo fierce, hut 
the two yards have on their 
side* the fact that operating 
companies seem to be favouring 
si eel platforms over the larger 
and apparently more expensive 
concrete installations. 

Dry dock 

This bodes ill for Howard- 
Doris. which has yet to secure 
any follow-on work for the dry 
dock it has constructed ai Loch 
Kishoru. The Ninian Central 
Platform was to have been 
tnwed out t*» it* location in the 
northern North Sea Iasi 

summer. but missed ih-* 

weather window.*’ the period 
of calm conditions when such 
operations are possible. To 

catch up the lost time, the plat¬ 
form is now anchored in the 
inner sound of Raasay. where 
the steel deck section lias 

already been fitted and most nl 
its modules loaded. 

Despite some poor weather, 
progress in the sheltered waters 
of the West Coast has been good 
and the platform is on scheduip 
tn be lowed out at the end of 
April. This, however, will 
leave the presen r work¬ 
force nf ussn (half the peak 
level! with nothing to do unless 


some new order can be secured 
in the meantime. 

The yard Is important to local 
liTe and to the Highlands as a 
whole, not only because it is a 
major employer but because it 
takes a large proportion oF its 
labour requirements from Skye 
and the communities of Wester 
Ross rather than bringing in 
"travelling men *’ and because 
the yard is very largely the 
justification for keeping open 
the West Highland Line, the 
single track railway from 
Inverness to Kyle of LochaJsh 
on the West Coast. If Kishom 
has to close, it is difficult to see 
how new jobs can be created m 
the short term to compensate. 

Mr. Albert Granville. Howard- 
Doris's managing director, 
brought ridicule down on him¬ 
self 18 months ago when he flew 
in the the face of the pessimism 
being expressed by other con¬ 
crete constructors and predicted 
that, far from being faced with 
an emnty berth. Ki*horn would 
he suffering an embarrassment 
of orders. 

It is reasonable to assume 
that, if he had his time again. 
Mr. Granville would not be 
quite so optimistic. He is now 
more realistic, but still hopeful: 
"We are still talking io the same 
oil companies we were talking 
to six months ago and we have 
spent hundreds of thousands or 
pounds on designs for them— 
one in particular at the moment 
seems very very promising." 

No matter what the future 


is for the three platform yards, 
sooner or later the orders for 
structures from the North Sea 
will come to an end and there 
is a strong likelihood that one 
or more of the yards will close. 
That is an eventuality which is 
already concerning the develop¬ 
ment authorities in the region, 
the regional council, the High¬ 
lands and Islands Development 
Board and the Ports Authority 
for the Cromarty Firth—the 
preferred location for any 
downstream activity. 

, Together they have already 
made public their desire to see 
petrochemical process! ug plants 
established around the Firth 
and will be approaching likely 
companies to give them more 
detailed information on what 
the Firth has to offer. 

So far, despite the regional 
council's part in persuading the 
Government that the Beatrice 
oilfield ought to be developed by 
pipeline rather than by offshore 
tanker loading, the three bodies 
have concentrated more of their 
attention—in public at least—on 
the proposed gas gathering pipe¬ 
line system, with the hope that 
a new trunk gas line could be 
brought into the Firth. 

One cannot fault tbem for get¬ 
ting In early. Present proposals 
for the gas gathering system are 
that as a first stage an offshore 
network of lines should link 
several fields with the existing 
gas pipelines serving the Brent 
and Frigg Fields* A new trunk 
line is only envisaged as a 



The 


The largest concrete oil production platform tn the world, Chevron Petroleum's ■ 
Killian Central jacket and platform, built by Howard Doris at Loch Kishom. 

second stage—to be built (if-at countries close by. and a bird Over-capacity in refining 
all) well into the 1980s. Some sanctuary on the Nigg peninsula, already exists in Western 
of the partners in the pipeline Against these deterrents is Europe and there is the posst- 
company have still to be. con- the attraction offered by bility that the European Com- 
rinced that it is a viable econo- Cromarty Petroleum oE an oil mission may try to block any 
niic proposition. terminal with storage and British Government aid to new 

a nmimhifl .jniirrs. marine facilities which has refinery projects, 

of A feedstnd? fJr dow4streS Planning permission and is However, although a refinery 
for the farther already under construction, would bring more immediate 
SereloDmem of the F^is Beatrice obviously in jobs to the area, a terminal 

closer ^ Lad and cloSr £ mind, the company successfully could also help advance the 
time Mesa and itTparS in Applied a *®w weeks ago for development of the region. The 
iStrice are * now actively additional planning permissipn Cromarty Firth Ports 
examinin'* hkelv pipeline lan!^ t0 buiJd above-ground storage Authority, which itself has 
fanare en«aced in a g£ne tanks as well as the under- development powers, would 
or noker^th C?oma^ Pem^ ground caverns it is to blast out gain revenue from thr 
leum. the* American-TwSd headland at Nigg- increased number of shipping 

company with planning perrnis- " ^ 

sion to build a refinery at Nigg OflTlfirtlHIltV ‘ ^ pins .^ 22 im P™' c 

at the mouth of the Firth. - VjppUrUIUUy . the harbours and jetties on the 

- . northern hank of the r irth. 

Although the Cromarty Firth This new consent gives the: it should also be said hero 
would be an obvious landfall company the opportunity to {hat the development of the 
for the Beatrice pipeline, offer- build a terminal and have it Firth does not depend solely on 
ing ample fiat land for operating within a few years, oii industry. There is 
onshore development, deep- regardless of whether or not it already large-scale industry' in 
water channels for tankers and goes ahead with the refinery f^e British Aluminium smeiter 
good land communications, project Cromarty still main- at invergordon and a number 
there are some difficulties and tains that it has eveiy intention D f distilleries, and additional 
ir is not certain that the pipe of building' a. refinery, hut i aTK j - 1S zoned for industrial 
w ill go there. There are. for there is a great deal of development of ail kinds, 
example, a bombing range used scepticism elsewhere in the-oil n p 

by the RAF and other NATO industry. Kay reman 


HSSnSnniHranS 



Firth 

Port 


! i 


as the statutory agency 
responsible for marine 
development in the Cromarty 
Firth, is actively associated 
with the the Highlands and 
Islands Development Board 
and the Highland Regional 
Council in promoting 
the Cromarty Firth as a 
prime area capable of 
accommodating major marine 
related development. 

The Firth is easily 
accessible under all weather 
conditions and offers deep 
sheltered water adjacent 
to landward sites and 
reclamation areas suitable 
for servicing the needs of 
large scale Industrial 
development. 


'i! ! 


ss m 


For further inibrnnernon 
contact 

Captain AS BicekRart Manager 

Cromarty Firth Port Authority 


ONE FIFTH of the land mass 
of Great Britain, as big j*s 
W ales, the Scottish Highlands' 
have always- been a problem 
area Tor comm uni cationtf by 
land, sea and air. Notv in the 
throes of a communications re¬ 
volution. they are likely to be 
changed more fundamentally 
titan they yet realise. 

The effect will be to bring 
H i eh lan d commu ni ties nearer 
**ach other, but more impor¬ 
tantly. to reduce the great 
divide between Scotland’s 
fentral Belt and the centre of 
Highland administration. Inver¬ 
ness. with an incalculable bene* 
Icial- effect on the economy of 
• he Highlands. 

It used lo be said that when 
Britain sneezed, Scotland caught 
a cold. .In the 1970s Scotland 
has been insulated from those 
medk-o-eronomic metaphors by 
North Sea Oi 1, and nowhere 
more heavily insulated than the 
Highlands, with the two most 
successful offshore steel fabri¬ 
cation yards and the concrete 
fabrication yard at Kishom. 
This could prore the most ver¬ 
satile in Europe in a medium 
which is proving temporarily 
unfashionable, but still has its 
uses. 

The transient prosperity 
brought by * oil developments 
has. however, funded permanent 
dpvefopnteni tn communications 
which may be the lasting benefit 
of oil. For once in the Hiah- 
'.mds. there .is widespread: 
praise nr Government deter¬ 
mination to take a longer view'. 

In 1973. after lengthy study, 
i he Government decided to 
rebuild the road from Perth to 
Inverness and on to the north 
■diorc of the Cromarty Firth. It 
i - not a road improvement pre¬ 
lect. For nearly all of its length’ 
the new road will pass nowhere 
near the present, narrow, 
tortuous macadam ribbon, 
barely wide enough for two 
lorries and a cyclist. The per-: 
pettial bottlenecks at Pitlochry. 
Blair Atholl. Dalv/hinnie. New¬ 
tonmore. Kingussie, Aviemore, 
Carrbridge and Inverness will 
be by-passed on a 70 mph high¬ 
way which will be dual carriage¬ 
way wherever gradient and 
curve limitations of the moun¬ 
tainous terrain fall lo meet the 
highest standards. 

At Invenness a high-level, 
navigable bridge will sweep the 
new route across the narrows 
of the Beauly Firth, saving 
*ume IS miles on the journey lo 
the Cromarty Firth which is 
-till the focus of major indus¬ 
trial growth in the region. 

A long, low-lev id bridge is 
inching acro-s the Cromarty- 
Finh. to meet, planned bypasses 
of Atne». Invergordon and Tam 
and io the Dornoch Firth whore 
a new- road rru.-stng at Meikle 
Ferry to Durum*. with furl her 
mileage sa\ mp- iu and rtom 
Sutherland and Caithness, is 
under -tudv 

From Perth to F. van ton the 
"f lb* read ha; been/ 


estimated at £150m. and viewing 
the terrain .that, sum seems 
remarkably , low,. Even more 
remarkable is that through the 
difficult years of Government 
spending cuts and restraint, the 
new road north wa s left alone. 

There have been delays, of 
course, and some df them have 
been much longer than most 
Highlanders think necessary. Aii. 
inquiry over the line of the 
Kingussie-Ayiemore section, for 
example, dragged on for more 
than two years until the original 
plans, with small amendments, 
were confirmed. There was 
suspicion that this delay caused 
no tears to those who hold the 
purse' strings in St Andrews 
House. '■ 

Engineering difficulties on 
such sections as. the PiUodiry 
bypass' caused no. surprise, but 
whatever the misgivings com¬ 
pletion, of 130 miles of .fast new 
road by 19S2 seems certain. 

.For road freight ttyrill mean 
a: 20 per cenL cut id journey 
timer 1 between the industrial 
heartlands of the Highlands and 
Central Scotland. In passing, 
tribute, should, be paid to one. 
of- the sternest moments of 
Government determination. 
Early in 1976 it- rejected ail 
tenders for the Kessock Bridge 
at - . .Inverness: -when.* the lowest 
came in at £30mWwith s< major 
'contractor in each render, .a 
consortium' including Redpath 
Dp rman Long . and Cleveland 
•Bridge. 


Tenders 


Last, year . the / Government 
sought tenders' again., from 
wider range of contractors, on 
wider terms, and accepted a bid 
from RDLrCUeveland Bridge of 
just under £i8ra. 

To the tourist industry, 
delays in the crucial Aviemore 
.and. 'Pitlochry -bypasses', will 
create bis problems few. the 
villages . in between. The two 
Wggest tourist traps' Trill .'enjoy 
even greater trade as motorists 
follow their natural inclinations 
to. travel while they can., 

= - But the neiv A9 is not really 
a tourist road—It is a road to 
the . platform yards, the alu¬ 
minium smelter and - soon tbe 
Cromarty., refinery in the one 
part of'^tiaml which seezn& to 
be measuring up most closely 
to what Lord Campbell of. Croy, 
when' he was Secretary of- State, 
used . to hope would become the 
Texas of Europe. 

Communications - develop¬ 
ments are not confined to. ..the 
roads. : Far more economically, 
for a-cost of less than £2m.L rail 
capacity; is being improved 
substantially. 

Between Perth and-Inverness 
■where much of the- track..was 
made single line'- in. the’ Brech- 
mg cra.-British Rail is doubling 
20 r Im.Uejs. of Hie: nutte. .already 
running^at, maximum/capacity, 
addins up. »i> eight trainsleaeh 
day' in ear)] riirr»tmh.'' ! .' A> 'the 
moment, anj - brcaKrtnwa-—arid 
there' 'are plenty .thanks' -to 


the difficult terrain and the V 

deceptively-named : “cascade “ 
system, of shunting- ali the 
oldest rolling stock into the 
Highlands when it is out of date ; f 
everywhere. 'else—that delays 
train after train for hours. 

The extra track, and perhaps 
improved signalling, should ■ \ 

bring an immediate improve- • 

ment in the railway service and r 
ought to expand BR's oppor¬ 
tunity of cashing in on,- • for 
instance, ibulk chemicals traffic 
which , may, for the modest ' 
investment.in sidings, be avail- 
able from the Cromarty refinery.' 

Immense railway traffic gene¬ 
rated by the-Hdward-Doris yard 
at' Lpdfir KishtwtT should trave ^ 

convinced Ihe Goyeraanent and- *’ 
BR of the -value of: maintaining 
a skeleton of trank routes * 

throughout'the HlgMands. fill : - r 

exploration stin has to move •?; 

west of Scotland. .. .' 

There are signs, too,'that * 

after a hiccup caused by fuel; ; 
price increases- which hit them ! 
hardest, atr ijaffic. may *be, ;T 
coming back into its own. Cer- ; ■!-. '< 
-tainly tbe Hightands have used, py 
.tbe period of . recession in air w .f 
traffic to do sensihie things like r .’ 
replacing some of British,Air-/ ‘.-i 
ways’ uneconomic short hops 'm 
between Inverness and Wick -r! 
and tn the Western Isiefr^th L ‘: : ' 
well-proven and more stable -O. 
Loganair Islander and\.-Tris- 
lander services. ' - 

•This year should see:-the 
resumption of British Airictt's a; 
jets to /nveraess-“where t&f -wr- : 

port was closed>r great-l^ii^ii- } V 

renience for "six moTtftes^ir ■.'*< 
lengthening and strengthen]#:; ■ * 
to -take jets. but. where, they ‘3^ 
fiew for only a few uic«Hhs, v^th 
dwindling traffic, before/, tile / 
-trusty and ecoootmral Viafliuats v 
were brought back. . • i £ 

At sea a major cSl-port f.LX 

will, soon be -tarted 
mouth of the C roroa 
with rapacity for 400,000-jMi. L'& 
halfttf it transbipmeut anfffcelf F.f 
refinetT^ products. ^ 

-.A dedaoh is expectedifooh 
on the pdansfbr Mesa’s 
oUfieW. dose .' inshore* i^-; t 5 e p!’’.|j 
Moray Firth, which copld-'i^t^ 
.far-reaching significance,^ for P; 5 
■ present coastal ishifito'efc-S 
patterns. Should Mesa ! 

service- Beatrice fromI 
pier at Highland' H 

big ,industrial estate ii 

ton,'and that seems t 

berthage- will - quickly;/ Seconiife 3 
avail able there,. whuffi wi ffigi 
decrease the ■ attra^imK q^ : 
Inverness ha rijour "'yMch fii 5 
accessible oo<y by - saajffkji 
ch an nel"' a nd ,':wh it* 7vrj-fT \ ? 

have imposed/ion - 
harard of the Kessock ! f 

Ar one tinie..sue* POSSffimvIPF ^ 
might 'J. 

Jpeat. nralo/.. In" the. >«' 

now- however-. officia^thin^" 

Ls- grottin-u'tregional gfe. 

..non. is nqt about wha*.vvirrh'i Wv/‘ 

Evan ton. "or harm 

’* b«?»'a.For t ho y 

. Stuart 











33 


. 3 V-? 




'Fizianaal- TimK./^ 16 1978 



THE filGHL^D REGION III 




ft'"- ■ — 


-,.y> 




M iV keckJent design 

ils •••.'not'. "■ through yny 

lovfe^tfaer^BLrtcJier ot 

u M :t6e Duke of- tSumber- 

l r more ta- A'nflrrri ’ :t^ 
5ij^ ’ ihverh(ss }'su---the : 

jL^ y.-og- the Higjtiaads;’ itiiaiJ 
fits i*redeces£ors : v5jen r 
'f-tris the ro«in“ga!rriG(m 
?;hls army L ef^ooeugafitiit. 
k'j. • BJfe. Jaw^ifft ;defeaf; 
i- T always: beifc Vi*: 

?'■? v-- {;6nj; r pr.towii at the mouth 
ttess. biit since, 
■tog^A'IaiKnB. time -there has 
an aimy xtf occupation 
^%^.k%d.;'As TJj^yea-rs have 
• /it 7 /has"- Become more 

tra tfVe. than •-. military, 
•ring World War H was 
ny significant military 
i when the city became 
ssport checkpoint for 
wishing to enter a 
d area. 

atastrophe of the High- 
r a ranees had little effect 
•ness. Indeed they con: 

. to the growth 1 and 
permanence of Inver- 
The . less adventurous 
instead of facing- the 
■5 journey across, the 
..3 settle in a new land, 
.te'shclter of the nearest 
, f any size, which 




^happened to . be Inverness,^ so 
that in .addiTion r, ^ 7 l3e^ the 

weal' capital, iiu b^a^tvEpme- 

:tfaing;4F.>*{^ ■ 

way aiS^togfcar ; 4haf the 
xnany.^^ttjftien’t agencies set 
to-tarckfd" th^Sj&MatxaTprolJ- 
lem.-shftnfd-iTi^c iheif -hase at 
Inyenjess and idthoirgb £his has 
- ted ■ to ,>- -rathex odd - iaiter- 
‘of r tfae ' pppdlatlon 
th^re "'StiC;; flnitax-a.'-few 
native-bdrp.' H ighlaaders 1 9 .who 
regard the .'•incoina^.- 'wth 
suspicion anfl'-.do nb^w'e : yery 
kindTyjto be in g- gfvea j cdJJSTS 1 by 


capital learns to cope 




Just when "it. appesowd that 
this growth was beginning - to 
slow down,;.'along came, the 
reorganisation of local govern' 
ment and inevitably Inverness 
became the headquarters of the 
Highland Regional Council with 
the additional responsibility of 
acting as planning authority.for 
the whole, of its area.':. In 
addition it. became "the head' 
quarters of Inverness .District 
Connell, the. largest district 
council in’the Highland fegion. 

Former ..local authority, staffs 
throughout the "crofting 


counties were given the first call 
on jobs, so there has been 
another small-scale drift from 
the hinterland into Inverness 
and its environs. Many, council¬ 
lors are having to-make almost 
weekly attendance at meetings 
in Inverness which is making so 
much demand on their time tbat 
of ..them-are talking about 
not seeking, .re-elcrctjon next 
May, and -the Highland Regional 
Council, which bas prided-itself 
on . being, non-political, may 
have _ to . surrender . its. .inde¬ 
pendence^ . - . *. 

' All thi£ gives The impressfon 
of - a busy bustling fcapitalV bat 
in many ways’iris a njisieaditis 
one, there is no major 
industry- apart from tourism 
(which is seasonal}; Although 
well provided for in the way of 
schools and hospitals; Inverness 
lacks the facilities far advanced 
education such as a university 
or college of technology or a 
teaching hospital. But now at 
last it has a theatre of which 
it can be proud and there is 
sufficient hotel accommodation 
to meet the needs of all those 
who may have to spend the 
night within its boundaries. 

Offshore oil developments 
have so far virtually by-passed 


Inverness but the two most 
prosperous of the offshore plat¬ 
form yards are not far away 
and within commuting distance, 
while the proposed Cromarty 
Dii refinery at Nigg. scheduled 
to be ready in 1981, will be only 
20 miles away when the crossing 
of the Beauty Firth at Inverness 
is completed in the same year. 

The nearest offshore oilfield 
is not far away so it is much 
too early yet to write off oil as 
far as Inverness is concerned 
and with the possibility of 
petro-chemicals in the Cromarty 
Firth, it would certainly give 
the population of Inverness a 
more balanced outlook than its 
present preponderance of 
civil and local government 
administrative workers plus 
those who provide the services 
they require. 


Problems 


Across Beauly Firth:—and with 
problems against which those or 
Inverness pale into insignifi¬ 
cance-lies Cromarty, a once 
flourishing fishing port and 
farming centre which has lost 
much of its population to Inver¬ 
ness or further afield. Although 
it was a naval base in the last 


Fitting the HIDB 


• teady days of 1965 the 

4 ,the Highlands aqd 
111 A ® v elopmem Board was 
I ! viiwifii ? barrage;of .ex- 
* 'pr&mlses and predic- 

st of which have still 
1 filled. It is -doubtful 

f\ cs first chairman. Sir 

-1 I til ieve. would now claim 

I I Vi i achieved the *• world 
re " tfhicb he foresaw 


•tainly the. commenta- 
toliticiaps who wrote 
of 7 unprecedentf8 
“ revolutionary. plan- 
?pts," or even “-pure- 
ncestry.” have long- 
their pens aside in 
ust. In reality .the 
; turned out to be'a 
■ ;r animal than, they 

"not to argues -of 
t the Board has ,-Jjeen. 
effective. Even at the 
vel.-it has pumped 
-a the .local economy, 
■it-12 years;-thatv in 
i reckoned to have 
corresponding £57m~ 

' e ; investment with a 
. ;000 jobs from 4,500 
. ojeeis.' : ' 

tem- is that neither: 
ns who gave it birth, 
ile of the Highlands 
o be the objects nf 
• ■ ions, saw the Board 
i corporate oteoun-- 
. up figures/ Tt was 
• a .social, function:" 
■was; to revive, de-: 
: muni ties and ensure 
eHlahder ncTltmger 
Scottish -Secretary- 
_. s*S phrase — “- the 
‘ Hand's conscience7” 


What that meant In socio- the niid-19tb Century. lu fact, 
logical, cultural Jind. hislnsical >ince 1966 the Highland popula- 
terms was.; never cleariy jipeh tion. has risen by over 20,U00 to 
out, though Professor Gigeve. the present total bf 321.000 and 
as he then 'was." did. taflf‘of here obviously the Board ha* a 
“adding another perfectly-pos- ^S'^hnaie claim to most of the 
%ib!e way of life lo that.Mithe. credit. Ironically, such are the 
great riGes." But "by common- complexities of Highland devel- 
conseot part of the. problem was ?pmeiu that this merely places it 
to stem the drain of depopula- a further quaDdary. 
tion. and the Board set out to ' While there has been a popula- 
dh this by attracting maufec *.^ynh -at the cenLre the 
turtng .radustries fo u,«:<n» io*. to- pariphecy- 
gf»w4 fftiiTfs-Loebatw. Western Mm. 

ness, snathe Moray FirtWarea »>«Ulthnras 
—and to a -series ol snal! e r.' uitierla nd on the mai ol and 

secondary srowti points in the 

■ ^ nsts 3 consistent lend 

?? 2OT-“ U -SS % 

«- 52*' JfWS3JSK u S 

extent^ and the Moca^ t irth faith. ■ perhaps, bul remarkably 
area;—though largely through to-fulfil.-, 

the adventitious arrival of oil— of the C ross-fije of criti- 

are -sproiiting induotnal cnarac- cisra/:which has peppered the 
teristics and attracting popula- Board from its inception has 
tion. come.; from these same dis* 

Dncmieonr pirited communities, where the 

KcSQUltcS ; .. aged. have watched the young 

. But theJSoard has spent much leave and life drain away If 
more of its resources on haa been, variously accused of 
tourism than it has on manu-^^settingup an aUen bureaucracy 
factnring, which, given its early *h Inverness: of over-pampering 
emphasis on the : latter, which the east coast: of concentrating 
creates more jobs for an equal Dn the tourist industry at the 
investment, suggests that it has eJQ>ense of all else; and or 
fbuhd j its powere of . enticing favouring incomers at the 
industry less than adequate in expense of local people, 
open ' competition vdth othw Not even the fact that the 
parts-oC Britain. - A sprinkling- revived flshino industrj’ — the 
of .advance factories and craft- Board's one major and complete 
based Industries geared to success story, and one with 
tourism-da now-exist in the national as well as local 
remoter areas biir they hardly benefitswas largely concen- 
match up ro the. early promise, tratixi bn the west was enough 
■ Depopulation, however, has to still .the protest. 

Stopped—for the first time since In the early 1970s Sir Andrew 






Locffnoii 



^ j^ULABLE FDR OCCijiWiON MKX3978 

*vmim 

CXNIIIE^IPO^ )R0AD|lHnlMMX : .: 

\ L 

V TO SplO SQJI MAXMM jM 

ftSv * umwm to AM 


s PABTNEflS 


. Gilchrist, who had taken over 

- from Professor Grieve ah chair- 
> man and had a more mundane 
1 concept of the Board as “a 
i merchant bank with social pnr- 

pose." promised greater cou- 
i cemrarion ou the fragile zones. 

- Cynics saw this as no more than 
t a timely exercise in survival 

since, on Sir Andrew's own 

- admission, the advent of the oil 
' millions had largely robbed it 

■ of its role on the east coast 

. Under the present chairman, 
i Professor Kenneth Alexander. 

1 the westward probing has eon- 
l tinned. The spearhead of the 
L attack is the attempt to get 

■ multi-purpose community co- 

* operatives, triggered by local 
; initiative, to take root in the 

: Western Isles, and already the; 
*■ response seems positive. 

Meanwhile the Board has also, 

■ re-affirmed its interest in oil-: 
| related industries and is leading 

' the bid to establish a petro-i 
chemical complex on the shores | 
; of the Cromarty Firth. ThaU 

• together with potential nuclear 1 
; development at Dcmnrcay and a 

major fish-processing complex at 
’• Breasclete in Lewis, is its main 
1 industrial commitment at the 
moment 

' There have been internal 
[ organisational changes and area 
f sub-offices have been established 
in a bid to get nearer the people 
| and hr ins a more flexible 
| approach to regional develop- 
f meut. The classical "growth- 
[ point '* theory has been softened 
' to allow it to snuggle more 
’ closely to the rugged and far* 

1 front-homogeneous features of 
the Board's territory. 

The place in the pantheon 
once occupied by “manufactur¬ 
ing" has now been taken over 
by " land-use." " A sound 
approach to land-use can contri¬ 
bute more to the economic 
health of the Highlands than 
any other single policy” Pro¬ 
fessor Alexander maintains. 

Compulsory 

That sound approach requires 
the BoaTd to have much greater 
powers of compulsory purchase 
for use in cases where land- 
owners refuse to work their 
land in the best interests of the 
local community. The case is 
now being argued through the 
Scottish Office, and it remains 
lo be seen whether the Govern¬ 
ment will accede to it. 

The brave euphoria of 12 
years ago has now evaporated: 
the age-old problems of the 
Highlands are no longer seen as 
amenable to full-frontal assault. 
But at least the dialogue 
between the Board and its area 
has gone some way to defining 
the aspirations of both, even if 
only, in seme cases. In a nega¬ 
tive way. 

It may be that this subtler, 
gentler approach wrought,of 
experience may still lead to Sir 
Robert Grieve's goal-of achiev¬ 
ing “ world significance " for the 
Board. Certainly as an organisa¬ 
tion it now enjoys'more accept- 
■ance among its-.parishioners 
than it ever did before. 

When a . recent Commons 
select committee had. some 
waspish comments 1 to -make 
I about certain 'aspects of its per¬ 
formance a local paper could 
run a community reaction story 
under the banner “Hands off 
; our Board!" Only five years 
ago that would have been 
unthinkable. 

Martin Macdonald 


two world wars and a onetime 
port of call for coastal trade 
steamers Cromarty's links with 
ihe sea, • except jor pleasure 
craft, haw.' irl uaU.v disappeared. 

Its population, once well over 
1.000, has fallen to only 400 
within the last ten years. A 
World War 1 plan to provide it 
with a rail Jink hat! got as far 
as building the first few miles 
of the embankment when the 
armistice- was signed and the 
scheme dropped, never to be 
resurrected because the Black 
Isle Railway r,f which it would 
have been pan was axed by Dr. 
Beeching: 

In recent vi»;irs. Crumarty has 
been given siwiictiiing of a tem¬ 
porary reprieve by Highlands 
Fabricators, which built its oil 
platrdrm yard '»n iht* *ippnsitv 
side nf the Ornmarfv Finh. 
Workers commute to .Vic ’ from 
Cromarty by ferry daily and 
the population has rlv-n. •« 
around S00, but with the 
troughs and neaks nf fortune 
experienced by rhe yard in 
obtaining pew con tracts Crom¬ 
arty- require-, sumcihina much 
more permanent if it i* to 
re-establish it Hi. 

The decision uf the planning 
authorities i« confine develop¬ 
ment to the north shore nf tin- 
Cromarty Finn is not helpful 
unless industries can be de¬ 
veloped which provide suffi¬ 
ciently permanent johj tu make 
the idea of .’.('inns up home in 
Cromarty attractive to work¬ 
forces. 

The sad thins about Crumarty 
is that it is imt an exceptional 
case. There are many similar 
communities on ihe coast be¬ 
tween Inverne.-> .uni V/u-k. Thu 
overall picture nf population 
trends in the Highlands show.-, 
that the drill of population 
away from the region has been 
halted. But in Sutherland, pans 
of Caithness and parts of 
Wester Ross, the ruias of thriv¬ 
ing settlements i.'sufy to whole 
families which have dis¬ 
appeared. Ahmg the north 
coast of the A pplecross penin¬ 
sula, regarded as an island by 
folk on the mainland, some nf 
the cottages are now holiday 
homes, while others lie empty. 


Applecross north peninsula 
was possibly an exceptional 
case, but only a decade ago the 
local county council was talking 
of evacuating the peninsula 
rather than meet the cost of pro¬ 
viding it with a road. Appie- 
cruss looks out to Skye, and 
just across the sea is the Island 
of Raasay where the population 
has fallen from about 500 to 150. 
The miracle is that 150 are left. 

Perhaps they will stay on now 
(hat it has been decided that 
they can have a vehicle ferry 
and proper terminals, both on 
the Skye side and the Raasay 
side. • Two hutels are being 
provided uri Raasay but much 
more important will he what 
aid is provided fur the local 
community. 

Within a matter nf weeks 
work is due to start on bridging 
Beauly Firth at Inverness, and 
when this £J7jm. dual carriage¬ 
way us completed in three years 
lime there is the threat of a 
further drift of population away 
from the less well served areas. 
There has already h-:-cn a 
public inquiry, so far undecided, 
which could have the effect of 
transplanting the town centre 
of Inverness- to sites in close 
proximity to the bridge, with 
access from the mirth and 
south- 

The Highland Regional 
Council and Inverness District 
Council are on opposite sides 
uf the fence. The north snores 
nf the Firth with ifs sou;hern 
exposure tu ihe sun i»- a most 
desirable housing area. If :t 
ciuneS wilhin just over three 
quarters of a mile radius >>f 
Inverness there is b'Hind to he 
migration not only from within 
Inverness but possibly from 
those remoter parts already 
feeling the til effects of de¬ 
population. and which better 
communications are designed to 
serve. 

One of the. remarkable things 
about better communications is 
that where they have been per¬ 
haps io«> long in . coming, the 
only time the local people 
appear to make use of them is 
in move out. 

The new road bridge is 
hound tu attract people I" the 
Black Isle. It is scheduled as 


a greenfield area and many 
people on regular day jobs 
have already taken the risk and 
set up home there and are com¬ 
muting daily to Inverness. 

There is a danger of urban 
spread and the new communi¬ 
ties, while perhaps having to 
pay a difference in rales 
because they are in Ross and 
Cromarty - , will be able to enjoy 
the facilities and amenities uf 
Inverness while not contribut¬ 
ing to the Inverness district 
rate. 

If under the reorganisation 
of local government authorities 
have the power to extend the 
boundaries of communities then 
it would seem only fair that 
.Yorth Kessock and some of the 
adjoining villages should come 
within Inverness and its 
environ?. And of course these 
communities would almost cer¬ 
tainly want a voice on the 
Inverness District Council. 


Decisions 


The new Regional Council 
which takes over in May is 
going to face a difficult four 
years. Decisions will have to 
be taken which could affect the 
dispersal and stability of'the 
Highland population almost 
until the end of the century. 
The greatest danger they will 
have to guard against is the 
concentration of ail industry 
around ihe shures of the Cro¬ 
marty and Inner Moray Filths 
so that virtually the entire 
population is concentrated 
Within a 20-imle radius of Inver¬ 
ness and the remainder o£ the 
Highlands denuded of popula¬ 
tion tu a degree never achieved 
by the clearances. 

Centralisation of education is 
already this possible. The main 
medical services are soon to be 
concentrated on a new hospital 
serving the region from Inver¬ 
ness. Some very attractive 
inducements are going to be 
needed to beep the population 
of the rural areas where they 
are, and such measures do not 
yd exist. 

The Prime Minister, when he 
was in Inverness some months 
ago. indicated that there was no 


likelihood nf any alteration in 
the powers of ‘ the Highland 
Board regarding the acquisition 
uf land compulsorily. One of the 
difficulties, he explained, was-the 
minority position of the present 
Government. Even if these 
powers are extended, modem 
farming is not a major em¬ 
ployer of labour. 

Some of the croftiands nf the 
Western Highlands yield too 
poor a return for the work 
involved when compared with 
what can be earned on some of 
the construction contracts being 
undertaken locally. To many, 
crofting is a pan-time occupa¬ 
tion. Few crofters exist on a 
return from the land alone. 

The decision of Rio Tinlu nut 
to proceed further with mineral 
exploration in certain areas of 
the Highlands was a surprise tn 
Highland Regional Councillors. 
Rio Tinto has kept options open, 
however, but for the present the 
hope nf tin ding rich minerai 
deposits in different parrs of the 
Highlands seems to have been 
dashed. On the Island of Raasay 
there are known deposits of iron 
ore and although these deposits 
were worked during World War 
1. the quality or the moral and 
the cost of extracting it has 
effectively put an end to develop¬ 
ment for the time being. It is 
understood that there are other 
mineral deposits on Raasay and 
this is one of Ihe rights that the 
owner. Dr. John R. Green, has 
retained. 

Perhaps the main industry i>f 
Inverness at the moment, as 
in many other pans of the 
Highlands is tourism, which 
each year produces record 
figures both ro revenue and 
number of visitors. In Inver¬ 
ness. as ro many other parts, 
hoteliers have wisely invested 
some of this income in the im¬ 
provement of their establish¬ 
ments. particularly catering and 
accommodation. 

There is the danger, however, 
that with inflation, boosted 
prices, they can be oulpriced 
by the package tour operators. 
And the stronger pound may 
tend to discourage foreign 
visitors. 

By a Correspondent 







THE NORTH SEA 
ISN’T 

BIG ENOUGH 
FOR US. 


In five years Highlands 
Fabricators have successfully 
■fabricated, erected and floated 
out four major offshore 
structures to the North Sea. 

That is an enviable record 
and one that makes us pioneers 
in the field of heavy steel 
fabrication, . 


Now we are broadening 
our horizons. The North Sea is 
no longer big enough tor us. 
We want to make the expertise 
and extensive fabrication 
facilities amassed in our 6p 
Hectare yard available to 
■engineers across the whole 
spectrum of industry. 


Here at Nigg Bay we can. 
produce a wide variety’ of 
heavy wall tubulars, 
cvlindricals and other steel 
fabrications all to the same 
stringent specifications 
demanded tor offshore 
structures. 

We welcome your 
enquiries for modules, heat 
excliangers, pressure vessels, 
mud and steam drums, high 
pressure steam pipe and other 
tubulars up to nuclear standard. 

Please contact our 
Commercial Manager. 

iiU HIGHLANDS 
IJE FABRICATORS 

n r ■ sttiA< -.-.Vi »i f in. 

^ lit ■ WW.MOtc-U'UUJD 


NJGG.TAIN. 

R05S-5H1 RE SCOTLAND. 

TEL: (STD 086 285) 666. 
TELEX: HILANDSFAB 752ft 









34 


■Financial Times Thursday February 16 1978 


WALL STREET + OVERSEAS M ARKETS 


Dow index 


+ FOREIGN EXCHANGES 




BY OUR WALL STREET CORRESPONDENT 


NEW YORK. Feb. 13. 


WITH INVESTORS wanly Mulch¬ 
ing develnpnien'u in the I'.S. coal 
Nlrike. Wall Strcci suffered a 
funher setback to-day. leaving 
the Dow Jones Industrial Average 
at its lowest closing level for 
almost three years. 

After falling afresh to 7oS.o2. 
the Dow index ended a net :>.47 
Loner at 76UMI. I ho worvt level 
since April s. 1973, when il 
finished the day ;it 749.22. The 
N'YSE All Common Index vv:*s 
finally 13 cents weaker at $49.34. 
after touch in? X49.2S. while 
declines outnumbered rises by 
S34 to 479. Trading volume de¬ 
creased slightly to 20.17m. shares 
from yesterday'*, litiure of 20.47m. 

The market fell over j broad 
range in early trading after the 
coal operaiors rejected President 
Jimmy Curler's call to resume 
coal contract negotiations with 

WEDNESDAYS ACTIVE STOCKS 

Lh.’:i»«r 
'IftsWlt un 

pro-*- oaj 


S'll'-f-s 

ir.rt**d 

377 


' I f■■r.VH.n 

He’''.-irtl .lohmn . VJi.ftai 
Soulbb . 7i'*' 

Amer. T< i. .v Ti I. 
lire, rat ?.!*iint-s . ly! lf>n 

Dor Hi-PWIMI nt..wi 

ArdK-r-Daniels M.dL l ••!/-•*«> 
• ■nliate.l’.-ilinolni; re w 
r.iio-nw-F.ii. . .17" :r-l 

ftamadi Inns VJ-t.OOft 


the Coni Miner-, Union at the 
White House, but picked up later 
when the coal operators reversed 
iheir drei.-iun and agreed io 


resume lalks m the While House 
this evening. 

However, a fresh slide occurred 
in late tradiii". brokers comment¬ 
ing rhat investors arc awaiting 
positiu- signs of progress in the 
talks. 'I he coal strike has pro¬ 
duced ipreadin* power finback* 
in the industrial Mid-tt'cst and 
ihreaAMicd to shut down many 
major plants. 

I>. I.. Hums shed l to si l:— 
the company expects u mbsiamial 
iuss in the second quarter because 
of the coal >iriko. but Fuslcr- 
tfhcslcr. considering a stock 
split, jumped U to S28 5 .. 

THE AMERICAN SE Merkel Vaiuc 
Index retreated 0.21 further io 
123.40 on volume of 2.44m. shares 
(2.4fim.>. 

Offshore Co. jumped 121 i«> sr.2j 
— .Suuthvrn Natural Resources, 
down at S28:. h;ts proposed a 
statutory. take-over of the 9 per 
cent, of UlTshore stuck not already 
owned. 

OTHER MARKETS 

Canada down again 

An easier trend persisted mi 
Canadian Stock .Market-; yesterday 
in moderate activity, ihe Toronto 
Composite hide* shedding 1.0 
more to 1H0S.9. Oils and fins 
receded 7.3 to 1.310.M and Eanfcs 
II.S1 III 243.33. hut Golds, reflect inc 
higher Bullion indicaiiutis. 
advanced 10.4 to 1.374.9. 

Masses -Ferguson dropped $21 to 


the while Snla Vfscosa. Olivetti 
but Ordinary and Montedison de* 
the dined on light profit taking. 

were looking 
softer, where 


8102. the Preferred "A'' S3 tn effects of profit-taking and 
$20". and Preferred "B" S5i to unseated currency situation. 

$20 on a dividend omission and a drew sortie support from 

projected $3$m. loss in the first extension of the Swiss exporters SPAIN—Slocks 

quarter. liquidity aid agreement mainly a little 

PUtlS— Markoi continued to In Banks. Credit Suishf *»»« changed, following a quiet trade 

show a firm tendency. helped by actively higher, up 4U m Sw.Fr*. the General Index losing 0.24 
light bin-ins in teres i. The sharply 2.530, but Parisbas, with the pro- more to a low for the year of 
higher Budget delicit and in- po-jod dividend increase largely 93.50. Catalans de Gas receded 
created trade ileffcit forecasi by discounied. lost ground points to 7i5. but most Banks 

the Socialist Party's economic Elsewhere. Ciba Goiuy Bearer held steady. 

program mo had no advert afTwi iiJincd 2o ai Su.Fr&.l.-'tift- HONG KON'C—Further losses 

on sentiment, while the market KJeclrnwali losi 13 w Sm J-VaI.SOU- uere recorded after a small mrr>- 

■xja Ijuic iiffci.-ieri by the French Domestic Bonds rose furl her on over depressed by overnight set- 

Govemment's plan* to tighten active demand, while Foreign backs on both the Wall Street and 
take-over procedure. Bonds showed good gaite* London markets. 'Investors are 

C1T Alcalcl rose IS to Frs.7S2. GERMANY—Stocks picked up also holding back ahead of the 
GunyKucx s*Mi in Kts.:«i3.K. Carre- across the board, uith buyers on- company reporting reason. 

Tour 3 to Fr-..12i26. and Moulinex courayed by the stronger tone on tJnog Kong Bank were 30 cents 

5.6 to Frs.lSli.8. Lhe Bond market and ihe id.nne lower at SHK16D0. while Swire 

BRUSSELS—Remain mi: mixed steadiness of the doll;,,- Pacific "A” declined 15 cents to 

m quiet trad in ■ Bayer led major Chemicals up sHIw.oO and Jardinc Mathcson 10 

Petrol! nu put on 20 tn DM 2.20 higher on speculation that cents to 3HK12.3D. 

B.Fr«.4.963. EBES 15 io B.l , rs.2.3)3. ihe company may pay a 1977 divi- TOKYO—Share prices were 

jud -\rbed 133 tu B.Frs.2.320, but dend of around DM0.5U. although j nc n nei ] j Q ease further in 

Stifina |nsi fill to B.Frs.3.020 and iht* 11 nul ‘ l below the I**'** pay- mot j era [ e activity. The Nikfcei- 

Trarilnn Klrclrtc J 3 tn B.Fr*—,a.V). ment uf DM-S. Dow Jones Average lost 11.61 

AMSTERDAM—Shares put on . a . u< L..^® r ? tadl more to 3.124.62. with volume 

an irregular 
Amro Bunk 
ihe announcement 
i:i77 act pro!it an_ .... 

final dividend. Other Banks Motors had Mercedes up DMl.GU. ui „ ht £aJ1> Souy rece djng Y40 to 

hardened in sympathy, with Public Authority Bonds met yj ggy an(£ pioneer Electronic Y2U 

' ' . .up to 



AJuemclne C;mk addin-.- FIs.7. 

Most Insurances were higher, 
bui Shippings and Transport* 
were mostly weaker, while Indus¬ 
trials were mixed. 

Stale Loans were higher. 

SIYIT/.KKLAM)—Allied move¬ 
ments again occurred in reduced 
rcii'ity. The market fell the 


Public 

active demand, lirnilng ■' 

33 pTcnme-v 

MILAN—Prices were lirmtr for 
choice in fairly active trading 
ahead of to-day's closure of the 
Bourse month. 

Fiat. built Pirellis. Olivetti 

Privileged and Anic were among 
leading Industrials to show gains. 


JT.Y.S.E. ALL UOMMON 


Rises aj}d Falls 
IVli. Ji FcL 


tv l-N. I' 


NEW YORK -LOW JONES 


r. t. F- u 
iT- IS 


Hi-. 


SS.S4 45.47 4S.au 50.01 


III., t>l-. Wt.. t.i.. F..-r-. 

I, Is l.i 10 '■* 


Vr. 


.-iri.-p •■vM.i.li.fl a 

l.-.u 


57.07 
J 1 


1--I1.-* I raili.il 
I.-L-— 

Va!|. 

I U>-na>l|;i.>l.. , 
Vr-i Ititflii .. 
Nr', Lima 


1 BOB 
479 
834 
493 


1.630 

337 

999 

444 

9 

66 


1.826 

558 

796 

472 

24 

53 


lit-;. 


lo.1u,l-l»’ 761.5* 7£3.!t J74.J5 775.“£ 777.8 1 7S2.iC 9?s.35 711.59 103l.ic 4'..2S 

.J 1 G. ;I5 ? 73nIt l. io* •- 7'>-> 
Hnn.-8u.L- 63.51 fl?.£S 88.77 53.73 89.66 89.54 &J.i 


MONTREAL 


V. I -. Fvk 
I-. l« 


tv;. 

li 


7V».. 

llF 


1377-78 


H lull 


i.'.ia 

• i -36 l iv 

1 rsR>|p.rt. . 205.53 207.63 209.83 212.63 215.5 3 214.55 346.6•» tBU.fO 27S.a9 


■ l. i.c iv ■i-'-.4. . o- 

L l.liii.v .. . 105.06 104.55 104.97 105.65 105.62 106.12 I !£.(?< 105.96 (£5-52 10 

.2. j iii'.lt.2'isi«5:j. , *A'» -5c 4.4- 

Iwliu- i..|. 


Cc 1-. 


>5.25 


I (ilii-inuL 
i .-n.l-ll.e«l 


Ifi.72 184.81 165.19' 156.55 tff.47 .I7.f, 155.02 

172.76 175.48 174.04 176.94 187.95 <13 177. 165.(0 


10. 
, lOi 


lORONTO I... 11 . 1 -rill iooa.3 ID 10.5 1015.6 ID 14.9 1067.4 .191. 


6b 1.0 - ir- IV- 


JOHANN ESBUBi. 


&M- 


20.170 20.470 16.810 18.460 17.240 21.300 


I ii.lu-l.ia 1 


215.1 212.7 210.5 208.7 2IS-7 •) 2,-ilfp ' I5L4 'M e. 

008.2 203.5 ioe.4 310.6 214.4.4.17*,. 166.1 .£• 4. 


->r :nJi\ .1i.iii.Jl tr-m .1 11 : 11.-1 74. 


In i. -in . ..I 


F. 1 .. Iv 
5 j94 


IV'-. : 

5.90 


•l-an. -/ \ es- b^.- •«(.! 


I ol-, 


8.02 


4.45 


A j 5 -ra.i 1 a • 


STANDARD AND POORS 


F..1-. IV.. VM-. 
I> 14 15 


Fct-. 

10 


Fc':. 


Pel-. 


?luvoi;<-nin.:a!D 

. Kiel. Li lfi<li l»'B 


; Io iuattii 


97.79 96.91 96.91 OS. 12 99.40 100.01 113.92 97H7 

■ : l'77..06 l-7i. 


154.64 5.52 

11 t-75. -ij»: ni 


Beieium 
Denmark-" 
France ■-• 
Germaco'.: 


9'r.iw 


:-.‘.u w.> 

SC-i.I 






I-*-. 

I*"r 


1+,1-i 

IV«i- 


1 \ti-it 


I? 1 

l'i*'Ur 

II. 

el. ' L-« 

_ 



Spain : 

”'>5.36 

95^fu 

i • 

. ftj.rv 

+:3.-‘ 


-I:.- 




-V 



. i 

■it.. r> 

Sweu cd ; 

sv7.ll 

.v*.Jb 

ij- 



+*.l. 

i 





-■ tl 


1.1II 

i 

Swueri (1- 

- 

o25.i 

;-;v 



1. 





u 

I*' “ ■* 


}i..’rMr,-iU- ! 68.35 “£.04 b9.BE 90.08' 90.50 S0.S3 107.00 35.58 155.65 4.40 

_ _ J. i Ti - ■ -?,'! Tf. .11 1 7. : . -! V. 


DC .4 
<1(1 
: l 

(I» 111 


K If 

1 1:.-. 
I-j 


FG.. 4 


leV. 1 


•l»»l. \r'f «;.J -»i 


lai. -nr 1 kM . 


5.17 


5.22 


5.22 


4.99 


tn I. P h Kmi-i 


8.77 


0.69 


0.62 


Hollaod. '-.i tl.e 

4L 

a:.. ii.'^ 

■ li.' J*I 

Eons Kras A-.-.'* 


Lr.l. 

t < fl 


•ltr. \t : ir 

Ualr ■ ' '-l—■? 

01.W 

i;. 11 

: 1 ii Ii- 

Japan ■= '• 


ra.VA> 

-.-4 IU 

Singapore l.eo 

L70.» 

27UJ .« . >. 


Ic i ii ‘i ■■■ 


Ij.'Ht i.i.ii, Ui.ii-1 > i-i.i 


0.3O 


8.10 


8.2U 


Inrlit-i and ryjv. ijii .g. • • jiu ui 

IU" tx.jui ■V.Sf All C-mniur — Sd 
sunflarvi-- jiu) Pours — u> .mj I'cmnii. 
JMO -1 uiHi. uk- Ih«» nanied nai.-U on i!'i.‘». 

- E^iu.Lria knnUh. . 4 [uj ludtiainali 
1 <tw Ini*.. 4*1 I'nliUt-s. Jii ;• •iiitin* jnri 
Tcanwuiri. «'. Kydiu' »il Orfl 
* • B«1 kiji> *L' :i'l2 H'! .iu^rkjjfi. 
*-G t l 7 m. ..ri Hans U.i.rr*- l:Ml 

•■■*i Gan.iii'.T»jnk De>_. iyj - . - wnfu.-r- 
dam. lii-iUAtriji ID.'u c- • n.m., v.-im- 
Cjiiv m ; »4 • . Milan “ 1 ;. ... |'..>m 
4 l-w •hiSirai!'- iru..s I^H. 

••• CI-isp; ij - .'Ijdria .'.—nun 

jn'i (.>«• mr Pi;.- «ulv ... ■ '■it.i.-i'hoini 
liKtu-inai » 1 x.Sivii- P.tnv r.nru 
"i- 1 navjilji>:-T 


OVERSEAS SHARE 

NEW YORK 


lnv. S Prem. at 52-fiO to £—80% 
Effective rale tat l.SriSH) o4% 


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141- 

14 

lbi- 

18 sr. 

21’-i 

35:-. 

lA 

5., 

10 (, 

ivii 

32i, 

34 

421; 

1 »U 

31 


i.'i 

34 

25', 

2 - 1 '. 

17-G 

27 

S3>. 

14 l f 

36 

3b 

4 b -j 

59.: 

49' S 

41', 

36'« 

341, 

49 

264; 

Io 


Neir1-.il. 

h'-V U'+i‘ VielHlf 

• L—cil.-l.l* IL I.. . 

| l;i-.ni'*-n Mi-in.-ll- 
I l!-«-lv*vll I nut . 
j li-.'ii n; A Haa- - . 

-‘ U' -ihi Oiil>.-n . . , 

• in K. 

|I5.-'Lp<Ci, . .. 

1 Kv.i-r Svaiem... 

;-ale-T6\ 

*1. -I-or Mlliem., 

-I. 1I..MIV IV'. 
-nnia l'» liul-.... 

b»>i- ImeaL. 

S».\-m I nil- . . 

• i-lil'l br.M.iiv. 

! ^■-LiumU'i-j.-i.... 

|7‘.M. 

; 7 *MI I‘a,*r. 

. il Mr- . . . 

ii bn.., V e*: 


to VI.420. 

The yen's fresh appreciation in 
Tokyo weakened some export- 
orientated shares, such as Canon. 
Y 6 off ar Y435. 

JOHAxNiNESBt'BG—Gold shares 
eased towards the close after 
being marginally firmer for most 
or the day. ending on a mixed 
note. 

AUSTRALIA — Markets lost 
ground in moderate tradin'*. 

BHP Tell 12 cents to SA5.34, 
while Pioneer Concrete receded 7 
cents to SA.1.4Q, Rockilt and 
CoJman o cents to S-\2.60 bid. and 
C. J. Coles 4 centp IO SAL.3S. but 
News unproved 2 cents to Si\2.35. 

Panro/itinemaJ came back 40 
cents to SAlO.Sfi ui Uraniums. 
Elsewhere in Minings. Oakhridge 
shed 4 cents to SAl^O. but GoMs 
provided firm spots in Central 
Norseman, .20 cents higher at 
sAS.SO, and Consolidated Gold¬ 
fields, 4 cents up at SAD.54. 


NOTES : in-fOi-jj univ* shoi-. u b-.lo-.' 
.v.lud- 3 uri-miutu. B-.Uiun JiVtdrnU; 
arc aliur urtibholdirs «a.\ 
ft DM.70 (fcnoro unl-A4 oiUi-rviw 
8F Piaaswi rti*niini .ml.-vs .jiVn.-|>e yi3i(-it 
4 Kr.tu" (ii-iinn. iiuirai oilur'i-l&i *iarjn 
• r* jilu .Ipiiniil 31 id Ki-ar-rr *bjr.-* 
unli-ss olhtr-.-i'-’ MaitfO. r Y^n M d^nom. 
micas urli-rvi-ii.i' -uaifc-J s PriiV jt tuuo 
•if ausD'-n-siun u Klorms. /. Sctiillinos 
I'-ms J nivirfciid ah r Oinfliua rights 
.ind nr s-.ris isiu-.- «.■ tvr ‘liar..-, i Fram-a 
n (Truss il/»' '». !• Asimii' -t-lividnsnl after 
wnp anrl or r.-atn* bsu-. V' .Viler local 
laxus. m la; fr.^. « l-Yanus: in Jud my 
Gmlac div !• \um. o Shar.* spin, s Dll' 
viid yield -.-xcluil.- ua>ment. t Indi¬ 

cated div. it L'li.jftj.jial irarlirw. , 3Iinon£j- 
•uildi-n. -jnly u Merger oendtu. “ .Asked 
' Ptd. s Traded. Sell'-r. : Awufaed. 
vr Ex nJiLi. xo Ex dividend. xc E* 
<- rip tssu-.-. sa Ex all. ; Toionm since 
uii.-reasi.-d. 


£ recovers 


GOLD MARKET 


Tel-. 15 


V 1 

vfitf 


Disappointment about lhe UJ\. active trading, the highest dosing 
trade figures for January led to lerd since mid-March 1FJ5, 
early , selling of sterling, it ' 
touched -a^low point of .$3;b260-"^ 

1^270 in the early morning, but - 
pressure was not too heavy and' 
may not have warranted Inter- ' 
vention- by the authorities...By 
mid-day the pound had- improved 
to $1.9300, and touched a - best. 

Level of $L936O-1J)370, ■ before ■ 
dosing at $1.9345-15-155, a falj of 
10 points on the day. '■ : 

Sterling’s trade-weighted Indies 
against a basket of currenc/ea 
based on the Washington Cur¬ 
rency Agreement of December 
1971, as calculated by the Bank 
of England, fell to G5.9 from 68.0, - 
after standing at 65B at noon and 
65.G In early trading. 

Forward sterling was weak. . 
with the Uiree-monlh discount CURRENCY RATES 

against the dollar widening to. - _ . ; _; 

OJ27 cent from 0.0S cent 

The dollar showed little 


J 


sc 

SmlSH^Mi 1 


• 

< 

YEP 

V j 

A. 



JT 




Fi 




J 





At 

(a 


rfwng 

\ ■ . 


y 


& 

r 

*«• 

nlSork 

■n«Mi 


J 





j 





i 





f 1S77 


- 

1878 


SEP OCT NOV DEC JAN FEB j 


urtfl 


GuhI.Botll.jn. 1 - .1 

.. -ilt' 

Gir~v.._..,5i7at':-i7»i4.jri7fis,y 

Oj*nin c ......»!.»17BM-n9 181774 -»»t 

MomiaRfl»eqll 8 Jj 6 - 'i£l77.S. 

' {<£92499- 

A&wnVtlx’Bl* 178.100 ^177.4^ 

iiaOB.JWSj ' liE9l.3«-. 

Gold Cite 4..t ■ • ..'j' 

. 3noic*h*Hy I • • 

- KniKvrrtiuii..> 818 a.iao. !si84i,. '• 
Jj£S?t«-SBM» ■-■-e0Si 4 - 
NewSov'am/SoD-BO - ; >£67-M ' 

!<£30-51i i £8912- 

0)4 Wbr'rgnB-S5SJ4 : 57l4 -$ 6614-1 • 
!(L3B3v 
1 i '• 

.w«W tou,i»...'. - - : 

. dnU;nuit'Uyr. 

KnjgctranJ .15184-186 igI83lt 
(i»5-B8i !;£64G 

‘N’wSsvf'ciu ?67-69 'S57-&5 

\-JCSS'a-3t>izji !(£B9ij ' 

Old f3oxT*gnii’S56U-57l4 :955-3«- 
ra-aa la -29 i a i i.eaes* 

S'Q KjueH^...: 'S276-279 ;S37U 


FOREIGN EXCHANGES 


change on balance against major ^_ 

currencies. Its trade-weighted.Tn-, 
dex, on Bank of 'England figures,' 


SpeeuLt 
Drawl oa 
BitftUF 


- Ue.uk 1- 
Feb. 16 iltaie-! 

I % '* 


MnrtrutUat- 


Uey’a 

Spread 


Eoropeaa ■ . 

UOUOi -,Jt ew ruts.,.1 tila.I-52BC-1 -WTO;L -.it 


rose sdfebtly to 91J from 914 . 


0.629102 

. . . . __ , 1.21650 

while its depredation since' uanmiisu. 1.36324 

December 1971, as calculated by Ausiixn wti....! 18.1900 
Morgan Guaranty, narrowed' ro b^Fi* n : «m 7 h 7 
4 . 6 ] per cent from 4.68 per cent oSS£*Mi iinsas 
The Ui. currency finished af Unc-ii -u.i.icr: 2.71437 
DM 2 .OS 60 , against the D-mark, t'reu.-u r™r..i 5.89238 
compared with DM2.0860- pre- • ttiiiau u*,... 1042.86 

viously, and SwJrs.l.9lS2j against 
the Swiss franc, compared with j 98.0844 

SwJrs.lJJISTI. - . Sivedinb k ra-nri 5.67788 

Gold rose S1J to $178J-17Bi in. frau.- 

EXCHANGE CROSS-RATES 


Areom r MLntnit 

tebnuiry 16. February .Ymaleavtarii j 

UruMelat..,. 


2.32730 


0.636660 

1.25012 

1.36908 

16.4022 

59.9052. 

7.03539 

2.56655 

2.74829 

5.96675 

1056.61 > 

295.594 

6.&9101 

99.2420 

5.75169 

2.55742. 


CVjpentnigeni 

FriuttLrti.; 

ListJWl_! 

Ala-Jrl-I. 


7 lo i j. 1 439-z.1560.2.1U 

41«t .. «J 

til* *2 fid-M.85 { 6£i 
a 1 10.96-H £7 
S \ 4.oj 4.WI 
7/.Sk7i.a6 


K.t 

4-JU2 

/B-l 


VS 1155.53-lot.Zfi’I6«: 


Milan. . .j 111?;. l.tBI- I-B82 fl.cb) 


Uakx_-b i. 10.47 : IIL64 

Hvria...._....| - alfi 9.81-J.S9 
bifMliltufm..! 1 B.37-94M 

'iukvti_!■' 4t« : 4.0-4fB . 

Vienna..; BXji 1275-25JI5 


10 X 
fl.S 
8 J> 
4* 

28.1 


i-'ifri -Ji„. 1 4ij : 3 . 6 /yaJZi i a~J 

'.'Bates elvefi art far cimventblf 
Fluntul franc 02.7M2J0. 


OTHER MARKETS 

• I - _ ; ' Note* 1 - 

ArgeatSnaJ 15081282:-UnpfiUiiii' 
AiumaIw .. 1^953-1./ 150-An»,im._ 

a run'.._| U.8441J4 ' del# turn _ 

_ Funaod_..i ■ 'via. idnuU._... 

Fnuikiui-t ..* - 1 2.08=0 «J I 6.M « ‘ 4.012-025 '■ B3JC1S0 j 108.76-95 : 

>vn lark- -ti.lf-20 • - ! 20.64-68.1 3.aSF0-ta0 1.9370-93817 44^MS 1 62.3033 H*.«Alvuun[ :.Mi- 8 .= i; :UeunwrtJ' 

can*.. iiSJMEi 'A.E426-8645!- •— WJKO-'37s 0Jr>363335! 218.9-1.4 JBE.726.22 t««» U2-.leB, ftxnce... J 

brj».isi:.. * tojiiT ; 5243-48 i' 6;W-70. : — (j2.64-W ' 14.49-63 ; ki.n-air —1 uA:4^ij^ 4 ««rtnamy.. 

L,.n.]«i.: 4.0i)i434ii 1.9346-66 ; 8^38?‘ fiLic *£6 — } -4J5-»' ) 3.71-'?2 UxJHjiuU'nij b2.75-*2J»Jir«MCJ 


r vt>. 15 ; FranEfurv -New Vork j imi i buuu«ja Lvudun lAum’tfiu j ZuiiL-b 


A n uc'dani _' 107. LsD-1: 
.. 1 91.8S-* 


2.3522-47 [ 46.06-11 '6J885-E9L54J12&J176; - 'HSJ566^05 3f«J«v»ia ..| 4 lrau-.> 

1.917-913 13a£*U68&;5Ji075 9134 3.7062-708113&.I72S6& — \.5CwWuil.il..B76 l.»Kai*|aii.._ 

64ud» And, t.64- .74 'NeUsarl'Di’! 
oimps^uro., 4.48-41Ba lXubmi,v_ 
*u.Urt-!»..... , U664-1.6812 Taniiwl.. 

U-»... . - 'Spain ..... 

LAiuiU...... * pivlLz'jaiu 

rsi__ ii'.s_ 

L.S. .tent*.; 83-85-81.36 lVii-iobl>iVtb{ 


L.6. J- tu totontu LiJ. in 111.66-69 V'^naOWn. 

L'ana-iian > la Nevr l'uiu = 89^8-83 i.-ent*. t'.S. J> in Jliiitn £5200-50. 
aierlim^Sn Vt|h»ii 166?^0-90- * 


EURO-CURRENCY INTEREST RATES" 


f el-. 15 ^lel'llc^ 


Uullar 


U.S. LMler 


u-.iii-n 

tjiUIrtere 


sms 8 

InMF.- 


W.bermnn 
mark 


vahurt term ... 
1 days uuilur 

M-jaib. 

Tii roe mi-nUi^ 
aix moutlis.... 
Onriwr....... 


614-612 
61*-7 
7-74* 
Bag-ait 
Bl 4-8 la 
8'4-B5 i 


6S4-73* 

6S*-71* 

«*t-7ft 

7i0-7it 

7*8-734 

m 


J 66 b- 6 Tb 
B*«-7 
J 6*4-7 
I 7-71* 
71 2 .7»4 
73, -8 


514-51* 
5U.Bls 
5-51* 
5-51* 
5.51* 
51,-5 '2 


■d-vff 


u-*e 

k!r*B 


I 

3ig.3>4 
- 31P-5M 
I gra- 6 i» 


Rale Riven for ArpeoUna is 1 1 


FORWARD RATES 


Hue uiiiiivli 1 TV,ret 


,Ne» York| >.1241.02 .pro '43.lt O'. 
Mom real .jtObc.pm.- JBclh .DJtO-O. 

Ani3l*'ia.njl c.|iiu-(4ir 

T bixiM&Ia..^B c-piu. -S . >11, 

Euro-French deposii rates; Iwo-day 11-IT* p--r cent.; aeveiHlu 'tl-lli per ceni.: Uop'ub@m8*-»Pi ereilb 1 
one-month 14-144 per cent.; ihns-nsonsh i-U-l-vl p<,-r cent.; Blx-mnnih Ul-14 per tv*«ktnrT »1 Jb ir u»-t>m 

Uxl»>n M ...(6j -140 *-. lYta : 

UdUnil' _.2L90 c.(tu 


cent.; one y?Sx 13-LK, per cent. 
Lona-tenn Eurodollar deposits; 


_ ___ two rears Tisis-aiis per cent.: three reara Hitaa J" aio ilredia 

Sllu-Ww t»er cent.: four sears ^Iis-SSis per cent.: five rears SSie-Sftf Per cenL . Oslo Sioredt* 

The faBovi’tos nominal rates were quoted for London dollar certuicarcs or deposit; Faria di» - HBj-lt 

onc-momli S.S5AJE per ucol; ibree-mimdi 7.16-7.20 per cent.: six-month 7.45-7^5- per Stocth'tin '^i-6} ore dip -111-15 


[3*8 B> . 
10 c.p 
25 27 
■5-4-iu 
.36U-6'' 

1 150-2' 
119 27 
,91 11 


cent. 


one-year 7.65-7J3 per cent 
Bates are nominal caillafi rates. 


Vienna.'.-..,ipar-tO ijnc'dta 
Sfiuridi ...:.!23e-l*e -. pm 


■ 14-18 ■ 


T Shon-ienn rates are call for sterllns. U.S. dollars and Canadian dollars; two 
dare*' notice for suilders and Swiss francs. 


Six-month forward dollar 0.67-f 
12 -month lio-Udc pm. 


GERMANY ♦ 


l et-, to 


Dm. — 


I 

; >« 1 ■•r,;aii*-*r-. 

j .. 

1 -i-ar.c lr.il. .. 
■*-B 1 - I.V-rluiak.. 
?hl'».'.'. 

—,ir-i- Vi. 

1 rao-i-M. 

• .. 

j -lull'*let 


l**iet-,lJ- .... 

■MiliplieitV Pal.. 

-IR'.-li.. .. 

' -milLi Ko/ii- ._... 

-M.lir-Ti. 

>l"lllrl-- ,, -|l. 

-vvitliei ii'.":. L.i. 

-•iiliii-io ( -•. 

rl*,ii. > 11 , I,'on... 
'■•i-ilM-m fa, . 11 - 

-o-liernlfanr a* 

1 , Ini 1 .. 

Itau.-tiaic* 

| 1 M-M -1 Hlltl-t".. . 

I Nl'ITi Kill . 

1 ■'isu l*|.l Mniri-|. 

j -|r|.' ■1,1.4III---UI-, 

1 '.'H In*liana. 

-I •. 'HI Mill-'-.. . 
-1 *ult L'ili.-lin-.a!. 
*ii-i ini- li-iia .. 
-lil-.li-t-m.r-- . 

•vii i -. 


V.—V.t . 

i.nnn<:LL. 

11 

3s,- 

u 

35 -. 

Lik-bS iiii*i i. • 

21*i 

<»i j. ;viiu-.. 

fen. truer.fu .. . 

S> 

9'; 

VaC. ?,irirt lli-'i. 

13 j/ 



24 s,, 

25 

SlU-.llBI ~lW .. 

30 i- 



IU. 

12 : ; 

-ViiliilM;. 

36.'* 



391; 

401'. 

IS. 

40 i : 

d o . . 


K5i, 

46 Ip 

•WrUini.- In.j»— 

14 j? 

14'4 . 


27:, 

20 Ir, 

\-.-u 8nu+n>i K'. 

221; 

22 ’- . r«vi-> l'>Mr--leitrii 


27: e 

201 - 

x.-n hu^lnu-l !«■: 

35 

34 as \ . . 


57 i; 

50 U 

M.-bann 

151; 

15sv | U-xnaul* . . 


ly*i 

19Jft 

.'lom»r* -liar'.. 

9i. 

97f l-;u<s lft-1 >■!. 


251. 

35.; 

>. I_ luJ*i*.in> s. 

15--4 

lb l>i-.a' i.h-.- 


tfli. 

26-. 

.ViWlii!l.Vl'f,tCfTi 

26-’; 

Sbis U-’in' l.l-lnim. 



23 *i 

.'■■rt!i >ai. I,*-... 

3a*x 

0 1 1 im»; llli^.. 



5,i 

Viin Male? I’ai 

2S-; 

361. rum- IIitt. r .... 


34:* 

25 

Atll.Ti—st Airliner 

25 *j 

22', i l-iiihs-n. 

'.Tell, t.'ii. 

157:_- 

159-4 

'llir-itl LiailCs-r; 

22-i 

22-if Im"-. 

i.m-eUH. _ _ ... 

as 

25sV 

N'-rl..u bllntfi.. .. 
*.k.vi :v-nliu I'eii--: 

17’* 

2112 

17:* , I:»u*ih;k:. » . 

21a; . 1 -hi-.’-.. 


11.4 

12*2 

161; 

I 6 i| 

50 

49 ij 

441 2 

45'; 

50S.7 

58 ia 

lat-i 

la*; 

t. 2 \i 

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31 * 

201 , 

28*; 

38 T- 

39'4 

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34 

35 

43..- 

44 

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16* 

li 

13 

21 ? 

t«; 

19'; 

Jfli* 

191t 

19 s » 

48 

+ 7ia 

12 *; 

13 

JfiAj 

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19-4 

11! V 

11 

a7i? 

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15':$ 

151; 

lpu 

l93g 

33 

53 U. 

15* 

15 It 

27 U 

27 j i 

21 .- 

4‘; 

5512 

331; 

9 

81; 

193$ 

19*1 

22 ..-; 

221 * 

a4ic 

24 #8 

36u 

36.s 

23-c 

2213 

301/1 

30'■ 

27*4 

27 j; 

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i4 

24 It 

4IU 

41*. 


' Iveitr Tin- ... 

'• ui -1 . 

, (iiDiyU'.lu.,. . 

Ui.Ahbii t'a*- )e" 
tjirl. .W'b In-n... 

' ti ivy M- ‘lit'- 1 .. .. 
‘.•uli k IVteiern.. 

1 Uui! 1 .H 1 . 

i Tfvit-uiiuii. 

Uui us Vluiinu... 

1 H nnniiHiiwer. 

Hum Oon-n.. .. 

! Hi-ic.* II. -I. 

; Ucit-iciit. 

1 He-.* !*u 'Xu-ka-n 
> H-Jr’ia.v Inna... 

Hk-ivi^txk-e. 

H-.iitet-xeii. 

U->u‘ia. 

llc-M-i.orDi.lnii!. 

. IJoiMi-u 

tr'jni.l’h.A-'Un*. 

! nun--,. - K.F...... 

. l.' — IndiBtr:^— 

; im. 

lo^er-ciKaiiil. 

. Ir.and s'teel. 

I lllMljn. 

luirrcouL Lqe: -.- 

•IBM.- 

, Inn. Flawi.r*.... 

1 lull. Hsrvateu. 

I loll. M!n iL'Hi.n 
Ini!. UuUicxM-.. 

.. 

. Inn. Kb per. 

. I l'ii . 

, lux. Uttjutw.-' . . 

. I in, li-l.l Ti*.._. 

Invem. 

(-•«« lfc«........ - 

II Imcrnaifn'i:. 
I - 11 it Wails. 


i6-*; 

r.9 

231; 

8'j 

251- 
la 
11 -, 
24's 
58-.v 
O0> 
1st; 
*1 b 
361^ 
261.- 

$*'■: , 

151, 

54 

«3i^ 

111‘ 
Z4i;. 

, 

10 L 
11'* 
34i* 
36 

541. 

441; 

13 

l : 

■557.25 

za.4 

301- 

39 

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57., 
28 * 

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20 -*, 

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16. E 
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15 

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10.4 
11 M 
2 S‘i 
47 
5-V: 
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lb 
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257.25 
20^, 
28i; 
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14 1 

08 y. 

9!i 

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11 w 

26i, 


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■Jhi-r b- 1 lv-n. ... 

I Uiiu. 

'.'reisal- 'JO:;... 

'.»v(.-u>V.vMlilij... 

' U»MI» 111 ID-,]-... 

. Kirill • Via? . 

Us. ail -Lmlttlu-.-.. 

! IV. I'xii-.x Lt... 
KauAin'Vur:>iAit' 
Parker Uanninu. 

1V»L"1V In:. 

■Vi, K*rA Lt.„ . 
Kemiev J.L. 

1 1 Vun.-,li. 

I *V,pi«:i7nu,.. ■ 

J l'e*-pie-lias-. 

J I'eiUh-g..... 

■ Perkin bhiicr. 

. IVl.. 

• Piu-ips Ikr^a.... 

; Piiiip-ie-pnpi L*s' 
; Piiilii) lli in;.... 

Pill I lit* PoU'-h 'r.: 

J Pilshurv. 

■ Pitney Boo m_. 

! Pui«‘nn. 

1 PteMci Lir. ADI- 


IVj'aj-.-u. 

I Potomac Km*.— 
PKi, mluriner- 
j l*iw;-r tranWIe,- 
! Pul* -vsre Elect. 

j I'ul man . 

■ Pun-\ - . 

' ‘Jiai.er‘Vi*.... 

[ lui-ni Amencan. 

. lit. A 

IJr.-iO..-- Nw . 


37i; 

18i; 

15T- 

251, 

60 

31 

23 » 

20 

20 ->; 

Sli, 
22 >: 
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22 ^ 
341; 
M-: 

J3'i 

25:j 

18 ijf 

36' 

27**; 

10 v 

19«, 

56i f » 

281;. 

3BL 

191; 

23.s 

161; 

241; 

J.5Si 

23- i 
703; 
221 ; 
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16'i 

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31't 

24- V. 
23-* 


381, 
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21 -'. 
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19'i 

204, 

5 

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341- 
29 n 

33“i' 

25L, 

281 ; 

37I-. 

271; 

19 

19 ; 
57-; 
29 
38>i 
105; 
2 a»* 
16'.£ 

24-j; 
153; 
241. 
781- 
221. 
251.- 
16>r 
213r, 
6s- 

3I». 
241- 
34-s 


1 rim- I'm, 1 
liainn 1 liiirn 
lian- VV.,, 1.1 ,» 
Iixi«IIm'. 

I n i.-Nil,n>.-iiinl . 

• 1 II.IV . 

.VI 11 1 mi tun I'.i, 

UI. 

L A lit -L 1 . 

Lt. I. 

tUl* . 

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. L'|IIIc>l-I M. 

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CANADA 


V itlM Pl(»-. 

\;nl'-u 1-1-4 ll-.. . 
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V-'-e-li*! 

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■1-iU l> 


7'j 

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1.11.* 


«. Mine- 
• r Hintuv. I 
L"**i I ’ i- 


1» ! * ' 
6 

2D50 

16 

3859 

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lO 

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17 

181? 
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3.3i/ 

9 

19 U 
ifiit. 
W 
lb* 
Us 
0i* 
:7. t 
-61- 
55 
*j»i; 

14.d 

1 • «i 

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75 

*61, 

li'i 

s7l* 

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30 
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15i* 

J0 

h2U 

l.U 

30 

IBM 

Iris 

lOif, 

Ik if • 

I4l<i 

14 

3 40 

I6V 

to;* 

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Jo's 

t. 2~c 

151? 
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151" 
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8.1,9 

36 
32 
lari 
(4.10 , 

u. 88' 
19 b 

tw'a 

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1 38 
fc7ii 
8 *>r 
26 l L - 
271; 

' 16 

a 

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4.90 

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1 55 
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7..3J 

34*1 • 
171; . 
14 
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30s? 
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. 141; 


10r ; 

254 

1-4 

38*4 

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20 

61; 

53 

213a 

15 
1S«4 

i3.25 

34-H, 

161* 

101; 
23-5; 
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16 u 
7 Jb 
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t8s b 

76 -* 

35 

123'j 

15 

12i? 

17:* 

75 

26'* 

13*4 

271, 

30 

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lb 

10 

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IV, 

30 is 

19 

16l« 

»*». 

10 
14*4 
13 

V? 

3.2a 

l&is 

13 

1 .2 
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19-;. 

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11 u 
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27i 
81; 
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4.90 

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2.31 
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14 if 
93.1 

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3C-i 

32'; 

141; 


i .wiiiMti » Kin : 1 «*'»*( 
1 traded. 1 Afw «‘«M- 


Alils. 

A limn- V rt-fcb . 

rt'ivv. 

U.V>K. .. 

Layer. 

IVier. I Ivv-. . .. 

haver. V-reiu-14 

v.iibl'il.Neii.wnt- 
1.V‘ltlll|i-|- I Milk... 
(Jnl*ll '•UllllUI.. . 
LhUKilcr Hen • . 

UCJ‘|s-B . 

Uvin is- 

lA-nWIn-1 In Ilk,.. • 
U»e-‘'ner hint-. . 
U.v \-.-i in'll /vim.' 
iJnreli'.ifTiiuuu.. .- 
H um ; Ui-v-f... . 

RHn«.lirr. 

B-n'Ili*. 

It- .- 

II-'HVH .' 

kill HIM -Sill.-... 

Ktisln.il. 

haiillc-H.. 
nl.t.-kui-r Dm 

Ii H D. _ 

k , "PJ. 

Liii'i«- . 

L -tit.u'-reu .. 

L.lllllBll-4. 

MW . 

visuiii-Mnaiiii_ 1 

’•l-iitl,af«.' 

'liia--ln-iu-rl!in.-J,. 

'ktvki.-mi.inu .... 

rnti*«S I'ni I 

l(lii-ln1V ,-,1 Klerl. 
s.-lu-l 111!; . 

"i.f iiit-it- . 

Sll-.l /■l-‘kl-l .' 

1 l!\ — I.-1I \.ll . .. . • 

V«'in. 

v Ki: \. 

V • rviii.vWr-i Hk. 
v -ik-i-.iei-n 


lu.-. 


91.9-0.1 
49+ *• 7 

2J0.5 +0.5 

140.5 1.S 

141.3 -2.8 

ayi . 

319.5 —j.S 

219.5 ~9.o 
227.0 - 1 

79.1 t 0.5 

313.3 . 

275 -1 

165.2 -3.2 

312.2 -1.2 

231.4 +1 

135.5 -1.5 

219.8 -2.1 

113 -0.5 

244 -1 

130.1 + 1.2 
-«4.5—O.l 

118.5+1 

156.2 1 2.5 
894 . + 3.3 
200 +2 

94.5 -0.5 

176.6 - l.o. 
97.5-2 

244 . 

1.510 

112 -0.5 

200 +0.5 ' 

I #4.5 tU. 4 
233 i+l.a; 
345 - 5 

111.5 *-3 ! 

112.5—1.7 

207.8 . 

264 +1.7 

897.5 J 1.4 

246 -4 = 

124 •'■0.3 

175.5'. 

lie -0.5 
299 ... 

*08.8 +0.3 


-• IB l.| 
20 4.3 

17 6.C 

18 j S.t 
20 , 3.4 
20 I 3.1 

18 3.B 


1.5 
2./ 
5.3 
4J ' 3.7 
16 j 6.2 


4 

10 

9 

: 20 
1 20 


4.5 

4.2 


3.4 

5.0 


12 | 3.4 


16 

2u 

7 

13 

14 
10 
18 

7 

18 

20 

10 

17 

11 

14 

12 

20 


3.3 

1.5 

3.1 
3.0 
4.0 

2.1 

1.7 

6.2 

3.9 

3.8 
2.7 
3 5 

4.4 
4.0 
3.1 
3.0 


10 ! 2.4 


AMSTERDAM 


Prr-e + or; Div. YT i. 
Hi's ' — - 


V li- •: 
Vs.- 


■ r _o .. .. lul r 0-7 ; 24 . 4.b 
•Pi.*. 2ii.4--.l‘ - 1 - 

342.5 t 7 .-. 1 A22.6I 0.6 


j TOKYO 1 


"•Price» ' 4-ar iDtvr.rlkl. 

Ftw. lb 

j Yea | — 

% 1 5 

.Vnbi Glasb....^. 

I 319 +1 

.14 | BJ l 


1 465 1—6 

:12 1 L3 


60J -15 

2a 1.2.1 

ChVUuU. 

385 ;-5 

30 1 2,6 

LVvl Nippon Print 

al3 '—3 ' 

18 | 1.8 


1 213 —I; 

laT 2.8 

Hocila Motor*. 

! 575 i+5 

181; 1-8 


:1.Li70 :+50 

35 1 1-6 

C. Hull_«... . 

: 22.1 

12 \ 2.7 


L2c0 )—20 

30 I.L2 

Jaw . 

616 -4 

13 ; LI 

J.A.L. 

i. 7a0 — * 

— ' _ 

i Kansai lrl«vt-.PH- 

1.V.30 -10 

10 : 42J 

Kunmcxu.. 

C2B -1 

10 2.7 

RuUutn. 

280 ;. 

15 - 3.7 

K'j+<nCte»THlU... 

.2.620 ;-33 

35.0.7 

MaUuabita Ind.. 

607. .—a 

3u L6 

Milan bli-ln Bank, 

*>9 i. 

10 L8 

.VI itcMjijiytn He* ti 

. 140 !- 

12,4.a 

JI \rvibnbf Corp. 

419 —3 

13 , L6 

Jltt-.,i A L'n... 

ai7 ;. 

14 . 2.* 

Mitsuboabi. 

b25 1. 

2ul ljt. 

iNlppnu Densi'.«_ 

i.i5j ,-aj 

lb 0.1 

Nipj>>a Milupan. 

801 -9 

12 1.0 

\iumi Mc-tr.rs..,. 

795 . 

lb . Lo 

I'lOiievi__ 

1.420 ;-20 

48 ' 1.7 

r-iuju SieeTriC,.. 

»ij2 ,*1 

12 2.C. 

-?*-kixii Prelate. 

871 . 

3U . 1.7 

^lil-ieWo. 

999 -1 

20 ■ 1.0 

b .'U>... 

l.8d0 -40 

40 1.1 

L'aisliu Jlariiie^.., 

sSl \-A 

11 

iHlreda Ghent iu*i. 

a 14 -4 

la 2.4 

1DK. 

1.03 j i- 10 

3U 1.U 

lejlu..—. 

112 —3 

10 : 4.5 

ivUio Mail no. 

497 -2 

u ; l.i 

L'ukiub'le’.l Pow'r. 

1.07U i. 

0 3./ 

loiryw -San vo....... 

dso -.-r 

1-4 2.4 

I'-aju 0luhama... 

127 . 

10 3.9 

1 lurav.,.,. 

126 |-2 

10 ’ 4.0 

| lornu It -1 

bbu i-18 

ao i-.i 

Sourer Nlklciv Swurt'ia* rak>-o 

BRUSSELS/LUXEMBOURG 



[ 

Dir. 

Feb. 15 

Prkw |+or, 

*•>-. Yin. 


Fn,. 1 - 

■Ui • 


4.320 ! +135 

— ’ _ j 

o*i. Br.v. Lninb... 

1.-S4 :+4 

60 4.1 

bekert- **0". 

1.715 -5 .112 6.6 

Vj.ll.lf. L«meDt-.„ 

1,158 -18 : 

90 7.91 

i>juKi-nn. 

a53 ;+A , 

- — j 

hBb^. 

3.315 ,+ 15 177 7.7 i 


AUSTRALIA 


1BRA2IL 


F'eh. t* 


“ l-l- or 

AirtL S ; — 


ACDfL f&3 cent* 

\ctvw Austreha—..-! 

Allied Unt-lpj^. twlin Sli 

Ataprt KspfojuUan .1 

A*n)Mi -PetifVum. 

AmOC. 31inw»UC^» 


I. 


tO. 75 —0.02 
tOJB4 

. ra.25. 

11.25 ' 
tU.72 
tA.70 


-4l3S 

I-5.W 

+ 0.02 


Vine*. t'.IU. 

b 22 -0.1 ,k!44,' 6.3 

ViiimlUlikil l .'il. 

70.3 -r 1.8 

' 0.9 

Hiu.rik.iri ... 

63.5 — j.b 33 

j a,«. 

li-ka\V«-rinil'"i 

120.9 .. 70 

b.b 


66.9-0.1 25 

7.5 


270 ■ .121 

1.0 

BiiniBN.V.ltwri.-i 

U6 +1.1 42.3: 4.2 


6/.0 .d4.l' S.i. 

■; i-i i:i..*-ie-l'U 

38.7 -j.6 22 

3.6 

Mi in-.-iw.ii 1 1 .—• 

L.io.5 +J.5 U 

;.a 

H--- 'Vvii-' h' ITJO •* 

24.9 -0.3 lu.it 

8.2 

Unrilri Ii.iK.iiv 

2a.4. .' 12 

3.1 

».!).• . H-":il+l . 

14.1 -0 2- 1U 

7.1 

h'LJI iHIiV'i 

127.8 -0 8. - 


lul V|,iii|-ri|.-;i. 

aB.3 —0.5 i Id 

VI.4 

‘ F11 

59.4 0.9* 10 

2.0 

,N*l Nnllin.+ i.l'. 

lua .2 ■+ u.6 > 46J 

4.o 

Ni>i i. re-u'iiil- 111 

64 +1 ■ 2u 

7.4 

.\oi.Mul iik-K'ir 

.190 +3 1 20 

a.j 

it 1,'JUi. 

169.7 +U.7 i\34 

4.3 

I .in Uuinie-i-n.. 

liO -2 8 

8.7 

ruklna.-i .IVOl.. 

44.5 -1.5 1 31 

9.4 

I'iHIl- -K-.Wi. 

lio.b +0.1 21 

o.3 

Uijii.'vbVprJ L H .V t4.0 -O 5 lo 

— 

i■ ■ i*ici i • I*',;'*. 

165.3 - .5 \25.E 

7.7 

l<-i|tn>-i> ■ + ..:v>. 

116.4-0.6 

- 

laa.Ti.'illlM Fl.T 1 .*,. 

129.9 -0.3 14 

an 

li-iinlDliliil 

1 5.4 +0.1 (A6U 

7.9 

*-*iulil'lu;. 

240.0 +0.8 19 

7.0 

Heviii'irjf'l- -.r 1 .' 

1-1 t l 27$ 

3.9 

i-Vr.IV Hul>>. 

23.8 . . . . 00 

0.7 

1. Hllr» i.'r • h I..V*. 

1-1.3 -0.2 , \a.. 

b.9 

VikmaWV»,fni.S! 

40.8 -12 20 

1.2 

VV-.—r.uitil u.Uank 

429.8 —0.2 3^ 

3.7 

COPENHAGEN * 



Pnre , +-ur , Ulr. 

YM. 

l .i-. Ir- 

Kr**ner —■ ^ 

b 

Aiidi.-irlwiikiii. 

14a';:-.. ...- li 

7.8 

Unrin'MrVV'uf - 

433 ., 16 

3.6 

llun-ke li-IQk .... 

1^01* - !j ' 11 

8.6 

boat Aetali-i ■■.. 

230 -—He i 12 

5.1 

FinallOnnken . . 

115 .1 13 

h.e 

K.«r. Urv!;«Mr.. 

3231* +i. [12 

3.7 

Fv**. IVpir ___ 

75 -11* * 0 

lu.6 

1 Iimli'lrlmll.... . 

162 ;.1 12 

9.1 

'■.N'lii'nll.iKwH. 

265 +1 [ 12 

4.2 

V--I K-I-.-I,... 

2671;, + 41; I 12 

4.5 

I.IU.-lKJ-rlli . 

06 : — 1 ' — 

— 

I’riVNiMiiik. 

13614-.| Il 

8.2 

Prv'-i«i'Nuk. 

142 V.J n 

7.7! 

"i-t-lr. Hcren'I-en. 

371 AU , 12 

5.21 

rnt*-rlin-. 

181*'; -h 12 

0.6 j 

VIENNA 


PVK+ 1 t MI- ! Dll. 

Ui. | 

Ii* '. Ir 

1. 1 — . s. 

» 


Aieo* Pulp Paper 81. 

Anaofc. Lin. In-lottrim.— 
Aunt. Fonndntioo Invest:. 

A-N.L... 

Auaioico— .......... 

lUrkOll A lj»!l.,._„. L. 

Blue ITetnl lad..^ 

-BoujaUaetlfo Copper_ 

BnokfefUill PruprletArj.- 

BSboutfi---- 

Carl tatf.Eni ted Brewerj-—: 

Um*. GoWReid-s Auv. 
Container (Sli... 


Dunlop Bobber (f li.-j 

KSCOK..„. 

Eider Smith....i 

•*■4 Iodu»trl«B..... J 

Uen. Property Irusl.'_: 


I.L.L Austmlw.. 

I UEhr-Oopper..[ 

Jenolxun Industi Ira*-^_I 

Jones (David.... 1 

Lennahl Oil._.-1 

MetMB Kxi4oruu>n„_ 

HIMHoldfe*#. 

itjtrBmporium...J 

.. 

Mcbolu International_,J 

.x'octb Brok+a H'rtlu^a i3Lc 


tLtl ,-OJI 
‘•LG4 '-0.01 

11.06 I_ 

•♦1.48 1+0-02 

1 O .43 !-iL 02 
♦o.aa ..x.. 

♦0.97 -0J2 
♦1x5 ....a 

to.34 La. 12 
t«t92 L-.^» 
12.82 -0.D6 
♦138 l-OJM 
t2.78 J.-... 
" t2J04-\+0-x« 
taipa'i'-.. 
t«.t» r„.... 


fth. 15 


' TirtSil' j + oi'll 

i C'ruK | — jC 


AceMl*. 

Banut* Uraitl&yJ 


1.17 +0.034 
5.73 ;+ 0.02)S 


Be4fio3UiualntOJtt 1.73 i+O.Ofl 

DocmOH. .J IJ4 i+O.OB! 

CoJlk Amer. OP.J 3.14 : +0.12 ■ 


Had rib-nun OP.J 
PP„.... I 

Pirelli UP_.I 

tjcd*»CTnzOP....; 
Vain BlnDow PPj 


2.15 +-0 M*' 
3.4B +O.OBt! 
2.08 .-0.05' 
3.95 +.0.07;*, 
1.65 |-O.Ot'l 


Mfl 


• 1.40 


Vot Cr.U3.Jm. Sbares S3. 
Source: Rto de Janeiro S 


OSLO 


Fel.. lb 


Pruaa i+uri 
Kroner 1 — 


hetaeii baxili_! 93 : + l ' 

Bomtward..! 60 ■.. 

UraUttaub.I 105«:^_.; 

K«wnth fc >.' 317.5-22.5, 

Kredlttuwar.! 104.5+1.6 i 

-1 Norska.Trtjt*!.be! IBS.0—2.5 i 

T *-o4 J+B-vB.i 4|orcbruii1.. 85.00.. . 1 

tl.00 —i-- - - -- 

fLBO - j—(IU31! 

1Z.BJ 


Oiibemrea—_ l 

Oitar KxpkmiUcifl 

Pwneer uonercae,._—.—4 

Keokitt * Ojlnwu) ..j 

H. O.0lBBb_..;-.T.. r ? 

soutbtend Uml(ut.....L.. 

.| 


(1~35 

♦2L30 

(0.72 

♦A05 

nX 2 v»s 

( 1.28 

(LOI 

• 0.22 

10.18- 

TL67 

1L&6 

1-4.56 

(O.Hb 

1UD 

fLBO 

(0.v8 

tO.'18 
♦ L40 


1 —0.1)5 
HLD5 


- 0.02 
Li.-I 
.Hi 05 


:-o.M 

v+u.oi 
-0.07 
f2.B0wl-J.iB 
tu.bZ !+0JI2 


E reel nc+je’.'6.12U 

raurKfue Sal—..'2.+80 
U.ll. lnn»Hrn....jl,9UI 

•Jevaert—.jl,*30 

dubeken.'2.340 

I uti-ns -m... , .1.796 

Kn-iitUank.6,370 

Lai K"VUU lhUKV.,,3.200 

1 Till Hull line.. 2.4+U 

Peirt-lilDi.,4x65 

so. Geu Uangue_'2.b23 
-v-tren Be in l’j in-! 1.940 

to hui..,....Ja. 2J 

S-iwv.12.405 

(rail.Ion Ble.-t.|2.650 

t ea.i *48 

Cu.11 in.cl-ini_[ 730 

v mine llonMan*1,350 


'.-430 

'+15 ;17u 

.15u 

—tO ' 00 
1—23 ,160 

' + 5 |142 
f—20 1265 
i-rlO 1306 

!.'P2.26 3.0 

[+20 '18j . 4.4 

1-26 109 

—20 14v» 


10 20 
11.66 
t0^6 
tLI4 
tL68 


|-i 1.01 

1-3.62 

1-0.01 


PAPS , 


Ketalb 


Prfca 

Fr*. 


+ M -Dtr.lYlu 
— 'Pr*. 1 S 


Keuu+i-:.4- 779 ;-*4 _ , 41 *: u.t 

AIrti+ueOctWt’h- -295.1—4.9 {21.1c 1 #.2 

Air Liquid. „.l. 239^...,. J IB.a; S.to 

Aquiwtne-._*— 

dIC-! 

Uouycuc*— . 

0.3.3. lrcrv»Jfc..J 


6.7 { 

7.2 j Cbttoioot 


-60 2JS 6.7 C.G.b--J 

'—13 '.\20li a. 11 C.I.'i'. AUMd_.. J 


a 1 LB,-t 0.9 ; 24 ! 7.7 
4b3 r-1 42.75 2.9 
365-6U8.6 54.45* 8.7 
346 U6^l; 57.8 10.9 
U*2B +6' 60 4.B 

A72 JT +8^ ! B7.6|lu.2 j 


i~43 .161: ■ 6.3 


‘ 60 
lOO 


0.2 

7.4 


SWITZERLAND ■ 



. Price I -f- ur) D!v."Vld. 

Fiy*. 13 

j Fn. | — J % , ^ 


I 

Viuiuiiiiuu .'1.39 J —10 6 i 2.1 

dtik A'.;i.760 i.; 10 i 2.0 

i.'tt-aueijij(Fr.tOC. 1.360 L21 . 22 '. 1.6 

Di>. Pi. Cert-s.Jl.01a -1—23 ' 22 - 2.1 

Du. IIcn -b-;4 —9 22 ; 3.3 

i.risln auliiMf..2.B30 j-"40 ' lo • 3.1 

E*C-'lrvxn«li.11,660 i—15 : lu 2.7 

[ Pir-.-heriGeurpei.J 7-0 _;-10_- □ . 5.2 


782 + IS i 7.6 

Cle Uuwtre.-— (239.4xc. : +LX ; 12 j 3.0 
Club Uedtter H .,..; r alJ ',+ S.L . b.3s' 2.1 
Credit Cbm Fr»ceJ lk4J8—2.2 1 LI 10.6 
51 12 4*3.6 

445 |+3 1656 3.6 

98,71+0.2 114.HHl*i^ 
177.0.,_. .. . d^Sj 4.7 
50^,+o.*i ■sjza.iu.i 
84 1+0.5J 
132 [-0j4: 10.77,12.7 

500 .-...flfLSa: A 2 


Owns* Lowe—.. 
DuqtiB:-. 

Fr. 

Can. OecUentaU 
Imeui 

J»cgue«rlk»*)-..,, 
UlRR!e- > 


Ui-llinan Pi.Lena 1 80.230 —5001 35C' 0.6: PuctUa ... 


CO real __.1 ... 

LwRtuid-.... i U.-lL2l5 *+5 5LB&Z.6 

SUttiPtwjfai^.; 646 !-}&93fBJS. 

JllctwUn '*b r ' —, 1,035 .B 1 dLU, 3.11 
HowHennesj-c...! 

Mouritxac „.i 

LWIbas —. 1 

PadKaev— —| 

Peraort-KLa rt 
s\KKg@osrGlteuaiDi—; 


JOHANNESBURG 

MINES 

Fub. 15 

Anglo Ani'.riuan Corpn. .. 

Charter Consolldaied . 

East Dncfyniein ... 

Elsbunc ... 

Harmony . 

Kinross .... 

Kloof ... 

Knuonburg PLjlnnm 

Sr Hdenn .... 

South Vnal .... 

COW Fled* S.l ... 

Union . Corporation .. 

Oi Beers Deft-mrd. 

BtyvQonitaium ......_ 

East Rand Pty... 

Free Stale Geduld_ 

President Brand _ 

Pn-stdcnr Stc>n _>.. 

StiHompin .. 

WoDcom .. .. _ 

Ww Ork-fona-in .. 

Western HoMIgss . .. 

Western Deep . 

^ INDUSTRIALS J 

AfiCI .... u^,; 

AnsJo-.Viner. fodibirial ... r 7 i' : 

Barlow Rond . r,j„ 4 

CNA Investments .. 1 . 1 = 

Currie Finance .. a.gi 

De Beers J odium aJ . 3.71 

Edgars Consolidated liiv^.. »|.fi 
Edgars. Stores 
Ever Heady SA 
Ki-derail! Volkaml 

Guardian Assurance _ 

Htlletli .... . . + .. 

LTA LT 

McCanns HodHjy- .. 10 ,; 

..... 


Ban - 
3.D! 
13.H 
1L9 
2.0 . 
* 

6.4 

ir- 

14.0 • 

5. L "■ 
2:.<- '* 

5 . 1 ^ 

6. 
6.5i j. 

M.Ci 
If.— • 
13.» ' 
4.3 

4.4. ' 
34 i : 
S0..H - 
13. IK 


«J«M ■ a O. 1 < 

Ned lav-.. U .71 

+};l\P T \ 

wleRSlnss . -1.5 ■ ’ V » 4 
a nee tSAj - 1.7 * • 1 


DK Ba*aart _ 

Premier iUtlljng .. 

PrMnrla . .Cemeut __ 

Prase* Hokiing.s ... 

R*M Mums Properties 
.Rembrandt 
Rttco 

Sage Holdings 
C. G. smith 

Sori'L.. . . 

SA Brcwerm-s .. ... 

Tiger Oois and Nat. MtLg. 
L nlsec .. 



:s Proaenlcs - -... 2.1V, t % 

Group - .l.jlllA* 

S?*% a § | 

ith Sugar . 7.0 


Du. ... 

luienou-l 8-.[3.925 

.Jeim.ru (Fr.IOOi. .Ji,S7B 
NtAw iFr.UK)i._j3,77& 

Du. Res-[2,413 

Oeritkuu-U.l P .3x2.615 
PIrMli bIP{PJaj) 304 
tjuiilu/.. fFr,'JbO)..j4.i25 

Uo. HnrtCerta..} a51 
debin'llw-CtaPUXl 350 
buleer L-(b tF. UXfjj 395 

Swl««lrtPJbO),J 865 
HwIbj BiutkfF.KW 425 
Mwlra (Hf.F.5Si0|_ 5,100 

Union Hank.._13,535 

£virlrJ] Ini..„JL2,000 


+ 2 j 56 . u.o 
— 76 ' , 2.4 

• io 1 aa . i.3 

;.mo .-1 3.3- 

-2J -45A' 3.4 
!l& I6.VJ 
15 ; 4.9 
26 1 j.b 
26 3.3 
0 I 1.5 
14 3J3 


1+15 

1+2 

1+3 

. +6 


Kedoute^ 
ubuht Pwueoei.-; 
*L13 o£m! 


oaQ -.i,l.,j.'.J.'X2.fc 3.8; 

136.8.+5.5 3 2.2' 

WU',:...: XB.8b l4^ 

' 7.5,10.4 

7.5J 3.7 


..72.2.0,0.4 
20X8, +4JS 
2ofi >+18 
89 ;*9 


16 • 6.0 


Uadto TediBlqaeJ 318 ^2581 8.0 


2 

1-2 
I + &0 

J—10 


8.a7: 3.6 

I 10 . 2^ 

40'2.0 
20 ! 2^8 
40 I 1.7 


FWi. )o 


Price 

ion; 


; yitf/.Tm. 
— I Lu* I fe: 


Autc. 


__.... 129 


AuaonlaAcBtc....J 915 —46 

..4 88 

Pfal___.il.97B 

Do. Pnv._1,691 


+ 2.Bj _ ; « 
+ 16 ! lfift 7.6 

150 ; 9.4 


- -i-.hiHii-.uN .... 
IV.i'lri' ■j-04-.I 

in. 

■riiiH-iii .. . . 

-i.'.r t.h'inter... 
V-it Mnji.--- : i. 


350 . 

269 1—1 
575 --2 
90 ' 

196 
230 


lu 2.9 
*9 3.4 
48 I 0.4 


-4 


<? 

14 


5.6 

6.1 


+ 16 
78 ;-i 

tbaii+ment..—...[ 10.980[+370| Zooj 

ltai-U«._ 126 1+2^1 _ 


Hediubo-nca_j 52,900 — ISO. l/rtjtj! 

Mofitedisnn.„.l 159.73'—2.2a: 

Olivetti Prir. 861 i + i ; - 

PirvIhftG'i.„.i2,isa i+10 j Hoi 5,0 

Pir»IU.*‘fn.........| 1.063 1+6 > eoj 7.8 


LB 

3^8 


SnlaVInMM... 


665 j—11 ! ^ _ 


464.1-3 t.24!6^ 
• . SI ':... i .,.rw ‘J8AJ 
' 130.9: m .„JlfcG^ll.a 
St la HoMoaoL..JLA10^;+3& {..39 j.v.3 
?ue/.V™T^‘w--; 208 L-M j 25.6'1L2 
ldlHneoiritqne'....l 028 ;+4 :22.7& 4.1 


r&oiniua QrandU . 134 [+4 IU.ff^Il.6 
Li"l00^ ' • tfl-O-.---—} — 1 -+ . 


STOCKHOtM 



0.i 

1.1 

9.1 

r- Ll 

Securities Rand SU.S. 

(Discount of 3L9“‘J\V 



ASA 4b l 
AH* UmXrtLi 
AriEAtKrjaji..._.' 
AtU|* GofoMKr^ 

HOlennt-* 

BaioB— 1 
Cank)— 
CalUita*.. 


188 ui j + a -*lS1E 
187 f+4-. ^ 7-'S 1 +,0 1 ®”' 
e8 +1' i .'6 [-5,2 
117 1+1 ' 6,6.1 

., 80 1+1.6 j'46.8 ; AS 

_ T' 1» L...X.J. 4' 3ji 


SPAIN V 

Feb. 15 . ' p 

.island . 

Banco Bilbao 
B«UU»-Atlanuco U.UQ) 

Banco Central .. 

Banco Exiprior . 

Banco General . 

Banco Granada 1 UWO) 

Banco lilspuno.. 

Ind. Cat. (1.000; 
B. Ind. MedHcmut'o ... 

Banco Popular_ 

Banco Santander i5an 
Bawm OrquOo ( 1,0001 , 

Banco Vizcaya . Mti .. 

Bdtfco Zarakozano . 

BanloiaiMi . 

Bonus. Andaluda 
Ba'hojcv; Wilcox . "**' 


«Z1 
218 


!+*.''! -lEf 2.6 


130 t+E - -5J5 
UriMM 'D^SrCG 14? f+l .'t-: 6 


U.J.J iocto-SLIWp*"-- 


Bo«ct*a-u-.- 

Qnuua iTrwi—- 


£29 

SO 


Kit 


Msrebcn —,...u 
Up Ucb Dorotto. 
durtvi* A-B—. Jt 
S.KJT. ‘V K 1 W ..4 
Skanrt BnsVIWa*.. 


4v2 

4.4 

Z.a 

8.8 


183 jii {l4j| 5.1 

JU- L«...4 6*6^1 

63 10,4 

118 +3 

raji'-l 4.5-F.6.1 

3k*nrt BmtUIrti^.; »29 8 6.2 - TrfrfnnU 7 

luririik-B-Krfid, WrMi- 5 

bdiieiiotiD_44,®—1 .. — ■(;. — [Tnbaew .- • 

VuIwfEr.Mb—.J- fl.S;+2 . •*. 5.8.4 -Uniwt' ^ i^t * 


OntaOtK __ _ 

E, L Arosonesaa ' 

Kamnota Zinc_ 

EnH. Rio Tonto — ; ' 
F«sa--(U» 0 > 

Beau u UJWflj 


Grnpo Vdaajaft* «M) 
fhdrota- 
lftenlncro 


inmobanlf ___ 

Okrrj ... 

jPapetetas RtnmMw ... 
.v— 

Wrotow: 

SqttId PsuaJerp.... 

sctsce x_,.: . . 

, _. Si*eaw.. .i__ .:• 

“■Si-Telpfunicrt- .——.. 


‘-7 • 











.K. stand 


tended 


r 



fail to 
agree on output cuts 


Sugar price 

decline 

continues 


BY JOHN EDWARDS,;COMMODITIES EDITOR 


lit ip. Rawsternc 

TRASBOURG^Feb. IB. ■ 
OFFREYRffpON, leader 
conservative group Id the 
id Parliament told-(be 
y bluntly to-day that (he 
5 issue was “a test:6f the 
ith" towards Britain of 
Inal six members o£ the 
iity. .. 

tippon. who .negotiated 
i entry Into f&e'EEC, said 

- -Six had dearly accepted 

as a vital nation a! 
for. Britain at (haMmi& 
inn Gundelach* the EEC 
tioner responsible for 
..--bad. earlier demanded 
was that Britain wanted 
Dromon -fisheries policy, 
■on-retorted : “I can tell 
-sentence.- It wants the 
ntatlon- of the Treaty of 
a.” 

i*s entry into ithe EEC 

- ost been wrecked and 
had been driven away 
of the attitude the Six 
oted over fisheries, he) 
ily after British public ] 
lad been soured had the, 
d that no future British 
ent could in practiced 
to arrangements which 

safeguard her fishlna 

. nacks made on the 
Government had been! 
y. unjustified " Britain { 
'been maintaining a: 
fully and explicitly | 
before signing the 
Accession . 
hdelach, for (he Corn- 
said that no new 
- on fisheries policy 
taken until Britain had 
ts position. 


tbe May futures position declined 
£1J&25 to £116.T75 a tonne. 

Dealers said the postponement 
of U-S. Senate hearings on the 


By Our Commodities 5raff 
- ^HE LONDON daily sugar price 

COPPER-EXPORTING.; countries would follow a big production three months quotation which! Sitpiday 1 ^ but* 

have--failed-to-re^ch agreement cut. and are also .anxious not closed £57.5 up at £635. [fn^was outweighed tillihe con 
oa-a plan to reduce-production to ,e ® ve 018 door °P en 10 rival The recovery was attributed I tiifuatlon of the recent “bear' 
hy 15 per cent suppliers, to the steadiness of the Penang!trend 

m-it- <rhe situation is further com- market overnight, which encour-’ The daily raws once lost 

hekMn "London uKrcefcb* pl ‘ca«ed by the fact thatChile aged fresh buying interest at another fl to £106 a mono and 
tween* Zambia and^Zaire *are ST- S ’white ** '""“l ; th * MaW D0sitiO ° dpe,lned 

dereto.od Jo have .ended- without oltnSt ?? Zam^rred^aire has Id Washington meanwhile, it 

agreement being reachef ' of SLSV MS'-. w-~. ~._ ... 

. ATresh. eEfOrt. wilL We made production and transport prob- f rom ^ yj. stockpile without '■ Internationa! Sugar Agreement. 

"SU. that the Ufa hjhMUM jjjSPggA* —*«■ *;2S2A^n n u?hSa y 5 *15 
members of Ctpec {tbe Council to produce a decision had only purus neuier - | j- a jj 

for Copper Exporting Cnuatriesl a temporary impact on the Lon- Mr. A. J. Mat-one- associate I Another "bearish” background 
will be invited to participate. don Metal Exchange copper director of the International .factor was a report from the 
Last week Zambia* risotfTces market yesterday afternoon. Trade PeLicy Office of the U.s.j Geplacea meeting in Mexico City 
were confident that cuts'would Some of the. Impact was Commerce Department, told a _ . . 

be agreed in line with'tiie deci- lessened by fears that, the con- Congress sub-committee that offi- 
sion reached at the recent Cipec tinuing coal miners' strike in the rials from tin-producing toun- 
meeting.in Jakarta, despite the U-S. would affect copper produc- tries had recently said further 
refusal of Chile t& join iol How- tion there If energy supplies disposals by the stockpile would_ 

ever, on Friday-night Peru-made were reduced. On the other have a beneficial effect on the'quota of l.4m. tonnes. The 
it clear that it was not-prepared hand, a general setback in U.S. market Dominican Republic has not yet 

to reduce OutpuraY this stage, industrial activity would depress • In Santiago. Sr. Enrique I ratified tbe agreement. 

As a result Peru was Wot re- de °iand for copper. Valenzuela, Chile’s Mines 1 In Brussel;., meanwhile, the 

presented at this week’s London Casta wirebars closed £4.75 Minister, said that Chile had not! EEC Commission authorised 
talks and evidently Zambia and d0WT i at £635.75 a tonne in an attended the London meeting \ while sugar sales totalling 51.150 
Zaire feel they cannot go it active marker uncertain on which because it planned to keep i, tonnes and raw sales of 10.000 
alone. ’* way to move, especially in view domestic copper output at cur-: tonnes. At last week's export 

It ; is generally recognised by uf early weakness io the value rent levels. tender whites sales of 49.H00 

both- producers and consumers ®f sterling. Members or the Cipec had tonnes and raw sales of 25.000 

that production-cuts are the best The weakness of the -pound agreed (hat cuts would be intro- • tonnes were authorised, 

way of reducing the heavy^sur- also helped boost lin values, re- duced voluntarily. Chile would • More than 70 per cent- of 

plus overbanging -the market, covering most of 'Tuesday’s not et output because it favours i Jamaica's sugar production 
The leading copper-exporting losses. Standard grade cash lin reaching an agreement withicapacity is idle, with all but 
countries, though, are reluctant gained £107.50 a tonne, widen- major copper consuming nations) three oftbe Island's sugar far 


that the Dominican Republic was 
dissatisfied wuh its l.lra. tonnes 
basic export quota under the 
agreement. The country is under¬ 
stood to be seeking an export 


to create the unemployment that ing its premium again over the first. 

U.S. grain delays worry Russia 

V; CHICAGO, Feb. 15. 

IN AN effort to accelerate that the Soviet Union has already further compounded critical 
lagging shipments of American bought 9.6m. tonnes of wheat and grain transportation problems. 

YT«iMvi ■ mlii7a fr»r- (Via nannrl fra UA^r.n4inn • a Mn iV J ■_ 


train in- 


er over fish 
by Faroes; 

Times Reporter 
fishing agreement 
Britain and the Faroe 
almost certain to be 
l if reports that the 
ve closed some fishing 
■ British trawlers-prove 
3ruce Mil lan. Secretary 
id, said yesterday. ~ 

-acted angrily to tbe 
.; the Faroes .Govern- 
.-decided that’ part of 
grounds must stay but 
; -to British, trawlers 
r for “conservation 


tones affected by u strike, Reuter 
reports from Kingston. 

Sugar worker* have struck in 
protest at the failure of the Sugar 
Producers’ Federation to pay 
wage increases and meet other 
claims demanded by the National 
Workers Union and the Busta¬ 
mante Industrial Trade Union. 

Coffee futures 


an said the agreement, 
L^nly last week, which 
h sides to fish In each 
aters, was “on the 
acceptability." Any 
ges by the Faroese 
be acceptable. ; 


grain-to the Soviet Union,' the maize for the 12-month period to according to rail and 

Russian Government is sending September 30, but only a small dustry sources, 

senior grain and shipping portion has been shipped'so far. The transportation problems.: HpnrPCCPfi nnoin 

officials to the U.S.:to'.-meet Total purchases are forecast to meanwhile, are distorting grain! ucjj* tMtu d^dlll 

major grain exporters. rt '«*ch 35m. tonnes. price levels at interior points and ■ By Our Commodities 5taff 

Mr. Victor Bershin, president Shipping delays at the Gulf in the export market. 'deppession s t-uieii 

of-Ithe SwH-T P *tvir,P stem are due to the recent pro- Gram dealers have -—-..DEPRESSION 

agency 
Mr. 

president 

v/o 

arrive 

an £, Stay a ^ 0U ? 10 day ^ Explosions in late December inadequate supplies! 

The private meetings^ twill a t ihe Continental Grain Cora- “Tfae-hasis is Improved at the 

focus on shipping delays running pany's elevator in Westwego, Gulf and on the East Coast 

Gulf. Soviet officials will urge Louisiana, and tbe Farmers' because the ships are there wait- 
exporters to accelerate- ship- Export Company's facility in ing to load grain.” one dealer 
meats. . ....... 'Galveston, Texas, which bad an said. “But the hoppers aren't 

Although the. delays have an estimated combined shipping getting there and there’s nothing 
impact on all foreign buyers, capacity of 350.000 tonnes of to load.” 

Soviet officials are increasingly grain per month, also caused In (he absence of adequate rail i 



£1,607.50. 

The market opened with prices 
between £16 and £36 lower than 
at the close on Tuesday after 
reports of disappointing trade in 
New York. Uncertainty over 
Colombia’s future sales policy 
(also contributed to the dectine. 
Mexico's 1977-7S coffee produc- 


concerned about the slow',rate hold-ups. cars, more grain was being|tion is forecast 4.15m."tiO-kiio 

at. which, their grain purchases. Shipping delays at tbe Gulf moved by truck and, while the 'bags, compared with an estimated 
about 10m. lonnes. are .being now average about ten to 15 Jays, rail basis improves the truck |3.7m. in 1976-77. when do- 
loaded at American ports; > "with a range of four to 25 days, basis slips. 

Exporters still say thereMS depending no the terminal. Also, in Illinois, less grain 
little • that can be done to exporters said. » went to river terminals and more 

accelerate shipments.. 'T ^ The winter storm that dumped moved to Chicago by truck. 

Statistic* issued by the XLS-vup lo two feet of snow across the straining capacity there. 

Department of Agriculture Sbow U^S. plains, and mid-West has Reuter 


weather and the cyclical nature 
of coffee production affected the 
crop. 

Reuter says that coffee exports 
arc expected to reach 2.5m. bags 
—about (he some as in 1976-77. 


MONETARY COMPENSATORY AMOUNTS 

T5T 




cause 


? 


LAST SEPTEMBER Mr. Finn 
Gundclacii. ihe Dane in charge 
of agriculture at the European 
Commission, promised the I'.K. 
Minister of Agriculture that 
wirhin a fortnight nr su Com- 
mi.-sion staff would produce their 
report on the effeev- on ir^de 
and farming of ihe Community's 
system of mrmeiarv compensatory 
amounts (MCAs). 

This document, it was com¬ 
monly understood, would con¬ 
tain all the facts and evidence 
relating to the alleged distor¬ 
tions brought about in the 
British pigmeai market by the 
■.hum pins MCA* paid to the 
Danes and Dutchmen exporting 
bacon and canned ham lo the 
U.K. 

The .Ministry' of Aerteulrure 
was eager lu set* ihe paper. It 
was confident that it would e.*tah- 
lich once and For nil the jn#*;ce 
Of Britain's claim that the Dane* 
and Dutch were given an unfair 
advantage in the British market 
by the payment of around i'250 
a tonne lUbridy un bacon and 
more than £500 a tonne on 
tinned ham. 

Sadly, as has been apparent 
for some weeks to those vho 
keep an ear cocked towards 
the leak-prone Commission, the 
report does no such thing. 


BY CHRISTOPHER PARSES 

waste their time scanning the 
report Tor conclusions or recom¬ 
mendations. 

Ail they were getting was “a 
series of statistical appraisals ~ 
which turns out tu mean a com¬ 
pendium of too indigestible 
tables of numbers. Conclusions 



Calculation 


indeed, the most positive 
thing it has to say about the 
situation in the l : K. pig market 
is lu pur the blame for British 
pii* farmers* difficulties >uuarely 
un the shoulders of the V K. 
Govern men i which stead fairly 
refused lo devalue ihe ” creen 
pound " during the worst of the 
crisis period, and proved in¬ 
capable of containing pne-e 
innation. 

Whereas the Ministry of 
Agriculture and the British 
bacon curing industry are wholly 
and noisily confident that a 
faulty MCA calculation — a 
matter of simple arithmetic— 
has brought the home industry 
to the brink of disaster, the 
Commission—after what we must 
assume to have been months of 
careful study—can say only that 
it finds it " difficult in isolate the 
effects of lICAs on trade and 
producliun" in the pigmeat 
business. 

No wonder, then, that Mr. John 
Silkin's pulse rale and hackle? 
rose in the Council chamber 
earlier this week when Mr. 
Gundelach. staring po faced and 
pointedly at the I'.K. delegation, 
warned the Ministers not to 


Leonard Bht 

MR. JOHN SILKIN, - after 
backing away from a top-level 
clash on pigmeat prices and 
MCAs now appears to have re¬ 
entered the fray with renewed 
rigour. 

lu EEC Oiks by ihe Council 
of Agricultural Ministers on tbe 
prr-titei-K for pb:i->ing out i»h* 
whole MCA system over the 
nest seven years, (lie Miuistcr 
said be could consider this 
only if agreement could be 
reached on a more represen- 
taihe unit of account and on 
** an economically justifiable 
common price level.” 

must come from ministerial dis¬ 
cussions on the whole- concept of 
MCAs during the price review 
haggling. Sir- Gundelach said. 

Not to put too fine a point on 
it. Mr. Silkin felt he had been 
led up the garden. But not being 
a man to take such treatment 
lightly, he retaliated immedi¬ 
ately. wagging the big stick and 
threatening trouble in the price 
renew talks. 

In a Parliamentary reply yes¬ 
terday afternoon Mr. Silkio 
spelled it out for the Commons. 
During talks about the Com¬ 
mission's proposals for farm 


price increases “I made it clear 
that I could not accept the sug¬ 
gested 3 per tent, increase (for 
piemeati which would have the 
effect of increasing pigmeat 
MCAs. unless the method of 
calculating these MCAs was 
reformed." he said. 

Since tbe prices package is 
always agreed en bloc, never bit 
by bit. this could lead tbe Minis¬ 
ters into the same sort of 
impasse as they ended up with 
last year. The Minister's threat 
is mainly interesting in that it 
revitalises a campaign which 
most market watchers in Britain 
thought he had siren uo for lost 
some weeks ago. Then, when¬ 
ever pressed about the prospects 
for a change in the MCA calcu¬ 
lations, Mr. Silkin and his staff 
replied glumly that since the 
Danes would not wear it there 
seemed little point in hanging 
the Ministerial head against the 
wall. 

Stripped down 

Officials at the Ministry of 
Agriculture are attempting to 
jolly themselves along and whip 
up renewed enthusiasm for what 
most still regard as a Inst cause. 
For the moment they are 
pinning Lbeir hopes on the 
Minister's renewed resolution 
and drawing comfort from the 
pressure from other Community 
countries for a revision of the 
MCAs. 

France is cited a? a leading 
campaigner for change, along 
with Italy. But no one should 
forget rhai they arc certainly not 
in there plugging for John Silkin 
and his special case" Thev 
want the whole system stripped 
down and radically altered Trom 
top In bottom. The French, for 
example, are the Community's 
biggest fond exporters, but as' a 
result of the recent faible»«e of 
the franc, they are suffering from 
the imooritiort of MCA exonrt 
taxes on their trade, hey argue 
that while food exporting coun¬ 
tries with weak currencies suffer 
from the vagaries of the MCA 
system, countries which do not 
need aoy help, like Germany, 
positively benefit. 

The French resolve to get 
something done will be hardened 
hy the news from Brussels 
yesterday that their MCA export 
charges are to be increased from 
17 per cent, to 21.5 per ».em. 

But while M. Mchaignerie will 
be battling strictly on his own 
behalf. Britain's Mr. Silkin may 
yet benefit from going into battle 
on his coat-tails. 


TT 


WOD1TY MARKET REPORTS ANJ> PRICES 

METALS 


wrer on die Loudon Metal 
active trsdlns. -Forward 
m £651 to £446 on seneral 
two bnyi-rs pushed the 
to £649. Tbe market-was- 
■a £65i and £655 when it 
— that mere would be oro- 
ks by Zambia and 2ave 
coal owners- tu U» U.5.- 
to meet Kith .striking 

- the once down lo HKT 
»_wan i raDr ai Comer 

in." '+ or' _ [hin. '.i+w 
•m , — ! litiolbcuu • — 


moved forward'alter ao cmdianaed «ari 
and the close on the .Kerb was 
Turnover. .£7,130 tonnes. 

Amalgamated Metal Tradhm rationed 
that In ib* morning cash wirebars traded 
ar £S48A 43 4S-5. 49 . 495 .^Caltodti 6 . 
-cash ISM* 26, three months £539. Kerb: 
wirebars. cash £637. three.mooihs £649^. 
30, 30.5. Afternoon: wirebars, cash £&a. 
-three months £616. 8 J_ a ,9j . 50. Kerb: 
wirebars. three montin «58.5. 1.5. - 

S3. 

- tih— firmsr with forward metal ssw-n 
-an initial Impetus to £6.190 after tbe 
hie her Eastern price overmaJu. lower 


IL\ 


1 


a. in, 
OffwiaJ 


(+■ or* iun. f +**r 

1 — ,L-t 


Unofffc-is 1 ' 


i: 




£ 


5-6 —4.5' 656:6-6 r-4.76 
,..6 —4 640.5-SO 4.6 

6 .-4.5 - j ...... 

5 j—5.6- 626-7 j-4 

ID i-B-26 639-5-4®-4] 

.5 —5.5 — ;- 


4^ h .S6MQ-300' + 45 6500-5 *112 
3 monvteJ.6186-820!+ 5 6210-55 * 60 

amienrt.j : 6300 ;*«; - 

cffi?f?!-639a300|+« 6305-500+1W 
3 months-! 61P0.300. + 5 , 6200-10*67.6 
Sretlein.t.! 650D c 
StrarttfU..' JS170B +5 i — 

Mow YmUX_—- 


SterUnc and some physical demand. But 
tbe market wak spneraDr subdued add the 
price oeid bnwten £6.190 and iSJlB before 
clastns os tbe Kerb al £6.2®. Turnover. 
1,670 tonnes. 

Moi iiiu g: Srandnrd. cash £6.300, three 
raorttha £ 6 . ISO so. 93. £ 6 ^ 00 . £ 6 ,UB. Kerb; 
Standard, three months 10 ^ 00 . ATiernoon: 
StandariL cash 16.SOS, three' months £ 6 . 210 . 
ttjm, 10 - 03 £SJD 0 .- - High Grad*, cosh 
S 6 JSS.. • Kerb: standard, three numbs 
«. 103; £5260. 

LEAP—Fell back on hedee seVUng and 
selltoc aanliut scrap intake, influenced in 
early staves by tbe fall Ut cooper. 
Forward nietai fell durins the moritlns 
rrotn £316 j to £313.5 and lo the anernoon 
Irom £314 to a low of £311 betorr elos'P* 
on the Kerb at OILS. Turnover 6.400 
tonnes: '• 

~a.ni. or; p.Ui. ■+ ui 
Official I — 'tiwdBeiall — 


ported in noon hi£ber, Srezel Burnham 
reported. Immediately before and after 
touch the market recovered as local 
labbecs took thetr profits. U mil-down 
level* In New Vox* “ C ** Contact soon 
re-established the bear trend, however, 
and the market dosed around the lows. 
Dealers said that bearish chart patterns 
and rumourh a! an influx of Columbian 
coffee were tiro factors thought to be 
behind yesterday's decline. 

!YnLci ilav~ . 

COFFKh | CW* | 


SOYABEAN MEAL 

Possible cuts in Soyabean meal pro¬ 
duction. due to the otters? shona^e 
caused by the L.S. coal nnn.rs' nrike. 
combined; wtih a lonvr iban expected 
enhnaic of Brazil's current crop because 
of dry weather, helped London tuturi-a 
prices to open n .20 up. Late profll-takltw 
trlimned some of me initial pains, thouph. 
snw Commodities reported. 


iJttper icubc- 


Jmouliw..] 

seu'Wm 

VY.Sptfi 


£ £ L . f 

307.6-8 —3.5; 505« ;-5.75 

314-.5 ^—3.6: 312-.5 I-5J 

50B j—3.6i - 


ImitetT 01-351 3466. ' ' -Three month Gold 181-4-183-4 
oad, London SW10 OflS. - _ _ 


BULL OR REAR MARKET TREND ■> 

*e money in commodltieuL -Th« n ona 
- ivuwra in 11 diffaraw cuuno-lM wbrnrim 
y comtnodixies.' m«ali and currencies *ej- 
rexions could be die detailed charts, or the 
tors of the specific interpret*^®?* —7 J*Sf 
reasons why our service pay*- for itself 

■efe^wre, £31 elpht weeh tffof. £ 20 : ww-yeor rebscrlption, £ffO 
tax CHART ANALY5IS LIMITED 
. 174-200 Bbhopstme. Londoo C OM 4PE ■ _ 



VANCIAL TIMES 

tommodities 

ivertisements 

APPEAR 

TO-DAY ON PAGE 17 

[NANeiALTIMES 

HOPE’S BUSINESS NEWSPAPER 



. Bnfltgn ;+■ on L.M.B. 

+■ or 

PW 

fixln/r i — ! cImki 

— 

1 rtFOt 

pnenur I 



LLERIES 


PUBLIC NOTICES 


, Old Bond' fit., 

0. Tnun. untu 7. 

IT CNHIBlTiphL; 

&3L tO-b. Until) 

'Bond St. W1 
itatinia of Works 
l in Britain I" 
r PLVTORA7ION 
Mon -Pr, 9.30-6. 


TAME5I0C. Mff^Kn.lTAN 8 O 8 OUOM 

' ' £2.400.000 BtILS 

payment IS,2-70 dM l^TJ « 5 “k%_ 
Applications totatlW £17.3n». No 
SHI* outtonumu. 


SLOUCH BOROUGH COUNCft. 
£950.000 Wilts issueb 15-2-78. 
17.5.78 at 5"r. ^ Total 4PP1R. 
IS ^SO .000- Outsutuftaa BilU £950. 


due 


;,oo al the . 

European Arjms 1 
■fi. Cer* *Ueet,-. 
>xi. 2626. .Week,, i 


CLUBS 


tND 

: ?ERY 


30 KVA new 2"LBSH 
ibie. Kvon eppwSHS!? 
yE |07S622» 3035. 

1 P Second Hand Fork 
■acv must ba refQKU. 
. will So refused. JrMc 
let wetcomc. - Law 
• ourchfl5C3 Blrminu- 
tie* Ltd- Ham Rom. 

1UU, TCI.: 021-327 
: 1“0S, Telcic: 3S7052. 


floor Shows TO-4S. 12-45 55®.' c?JSk 


music ol*^iotin'nV-TiiwttCTvurtli~ft Fr:CT«. 
MML-F rt. Closed 6aUn»D6L 01-437 6455 


EDUCATIONAL 


LgAltHC filtW AN IN GE RMAN Y^ AttMO- 
inp t.cuo'e oSWtfc ?fi- Kn 5®ff B e . G#r 53 l 1 S - 
unauapp mom tram 2 to -6rwee» 
- /in the Ahr Vaittv moar Bonnl- YaaSHtl 
star in e famllr atmospbere, Ttmlt. 

norae-ridim- me. Putr-OMiw-. 
Or. Diner Ttiomae. Pjstoi>Fc»-5tr. 18. 

' 0-543S .Bad IpdOflPoii. v *. flCrtnanv 


. ’Uuntfng: Three months £316. 15. 14.fi, 
14 13.5, It Kerb: Three mouths £314. 
113. 14, -14 3. ATiernoon: Three mouths 
£314. ISi 13. 13J, 1SL5. 13, 1X5. Berh: 
Three months oixs. IS.re, IX 1L 
ZINC—Mevcd narrowly to a tfttu market 
lacldnB asy fresh features. Forward 
racial held- between £334 and £253 through¬ 
out the day and closed on the Kerb ut 
lists. TunwvBr. 6,525 tonnes. 


- . ».ra- i+ 0*1 P-'"- 

7.LXC - r /OfffaHJ j — Unofficial 


} + -° 


X. 


■} -x 1 j; ; x 

Ca*b~--1 891-^ !-J»l 861.J l-8.6 

anwMbfc., BS4J.-6 ;+J ! 284.B-S \-S 
h’raeot„.^ 261.S t— .5 


Uan.-b.17WJ-IB0X0—27.0:1515-1710 

M«v.1EOS.O-1B1U.D -50.6 M40-1501 

July. 1626.0-1629.0 —-4fl.il 1 1645-1611 

Sspl* inbei—,1480.0-1*70.8,—31^-1486-1460 
Vov emOer... :i 409.0-14».B —41.6, KSO-1416 

•Unuare .'\5W.0-1410.0 —50.0- - 

llaruh..1010.0-1400.0—20.0 - 

Sale*: 3.066 <1,55(51 lots OT 10 tonnes. 

ICO Indicator prices for Keb. 14 
t U.S. cents per pound): Colombian Mild 
ArablCas 30X00: unwashed Arabics 
210.00: other mild Arabicas 201X3: 
RobuEtss 176JO. Daily average 195.67. 

LOHDDH ARAB 1 CAS—AuUvlty picked 
Up as dealer bedse-selling edc«) not 
speculative longs. Dresel Burnbam re¬ 
ported. The market dosed 3X40 to 69.67 
lower on the dir. 

Prices (in order buyer. Edler. chance, 

business t — April 212.50-213.10 —.3-63. 

516.00-211.50: June 19253-10X25. -ASS. 

J95-JM-50: Am;. I91.15-15Z.25. -4.63: 

tSXSO-lMXS; Oct. lia.UHT0.25. -567. 

I7D.5-mX0: Dec. I S3.00-165.00 - 3.50. un- 
uaded: Feb. 155.00-tffi.00. -2.40. 158.00. 
Sales: 72 Z23i Jots Of 17,230 tales. 


,t— liT.r,* ^-.,r curine?- 

li,»» 1 — U^n- 

Kh. rt.-tiiie 

Fenmare-.... 114.50-17.0 + 5.25 IT5.Q0.12.00 

Apnl.W6.WWft.4 -»O.K> 105.M 04.50 

June. 104.3804.fi +DJ0 10X10-04.50 

Auunrl.105.004)6.5, tO.M 106.50-04.&0 

(lui.-iw. 105.504)6.5 +OJ 6 I0S.50 

Uecemher.... 106.00-05.6 +0.90 10S.S0 
rHhn.tr> .. 10S.80-W.S tO.B5 _ - _ 

Sales: 97 i.<9< lets of 100 looncs. 


SUGAR 


rrra- tVe*. 


r:.°j 


GRAINS 




■ Marnini;, Three months £2 j 4. K. Kerb: 
Three-;.tnomhs 22 JJ. Afternoon: Three 
ronmu £354.3. Kerb: Three monihs £2513, 

akSML-'- 

■Cents per .poand. tOn prcVunu 
uoofBcurclose. tfU nr ffieuL 


SILVER 


Silver was fixed 0.73p an ounce m*her 
for spot delivery jn the Loud cm bullion 
market yesterday, at 256.IKP- U.S. cent 
•.tmfndems el the Osins levels were: 
Spot 4946c,. down 0.7c: three -id on ih 502.4C, 
down K4c; stx-ihoiul) 511 Xc. down ].l« 
■tfd lUanontb 33Ldc. up CL 2 c. The metal 
opoietL at 3SB-S7P M94-493ficl and cM^ed 
St 37-25BP MBT-4P34C1- 


LOKDOH FUTURES fGAFTA. — The 
market opened fire higher on old crop 
when, but found &t»4 counttv selhoa. 
Values snored lower rhrouchout the ses¬ 
sion closfnff only 10 points off the 
" lows" at between so aod 85 points 
down. Did crop barley saw a Good 
nro-way trade and dosed 5-10 lower, re¬ 
ported AcJi. New craps were traiet, al¬ 
though hedge-seWog predominated m 
wheat and values chart 15-25 easier. 
New crop barley was nuletly steady aod 
ended the day with losses of 10-15 pohus. 


WHEAT 


BARLEY 



Yrateiday' 

*( +• n lYeitenUy'il + v 

M'oth 

uluw 

1 _ ' 

olove 


Star. 

80.75 

:-0.«SI 

71.70 

-0.05 

Mas 

B*.45 

i-O.MI 

7A. 16 

—0.10 

Sept* 

88.70 

85.20 

h-OJBf 
—Q.S0I 

78.60 

81-10 

L —O.IS 
-0.10 


87.65 

.—0.15' 

85.55 

r—0.10 



L ME~Torn over 389 (188) lout of 1X080 
nonces. 7 Morning: Three raomlni SotlJ, 
69.4. «0^: 68X S0.3, 60.fi. Kerbs: Three 
monihs HXfi, ' COX £»*!. Aftaruoon: 
Three months 8fil.fi. l.X 1.7, t5, XX_2. 
2J. XX Kerbs: Three months 2B2X XI, 

:x sa vi: 


COCOA 


..UtbpaghOMolas undUiuicd. the 
mfirfcct m»d Sharply under' Conjmisfclon 
HOBW fiaridation before buy ere al the 
close took'prices:to the hlabs of the day, 
G1D and DpjTto' reported.' 


' ~' lYestenlsv'* +ur< BiKlnar* 

CpCOxrl t'lore' — ! 


llwviL. „^fl5M 1 0-£0,B 

May:.^1461.862.0 

luly,.,...„j,;M5fl.0-i3J 
•wpi..... ~(«28.0- S2.0 
Ue-.........:.:tt405^0/.a 

UtMxrii.,11539.0 96.0 

11.;ti8S.0-B8A 


Business done—Wheat: March 83.10- 
S5.D5. May M.75-S4.40. Sfpt. 8X7582.79, 
Novi So..'-S5Jfl. Jan, untradrf. Saks: 
67 low. Barley: March 71.75-71.63, May 
74X5-7X15, Sept. 78.05-7S.60, Wov. 81.75- 
SI . 10 . Jan. un traded. Sales: 224 lots. 

IMPORTED—Wheat*. CWKS NX 1 134 
per cent.. Feb- and March OHJSS. Tflbury. 
U£. Dark Northern Sprinc No. 2. M per 
cent.. Feb. £M. March £93, transhipment 
East Coast. UJ5. Sard Winter Ordinary 
AmUBltn, Antenttoc. Soviet and EEC 
grades inouoted. 

Mate! U^.-French Feb. £98.75. Match 
£99.73 cranaUpmem East Coast. S. African 
Yellow and White unquoted. Kenya Grade 
3 unquoted. 

Burley, Sent hum, Oats: Unquoted. 

- HGCA—Es-fsnn spot price* Feb. is. 
Foed wheat: Hertford £7758. F«cd 
nancy: Hertford £7X30, Borden Wtfit 
£72.80. 

U.K. monetary ro-efflcieor for the wecK 
from Feb. 20 is expected to Increase 
to 1,301. 


LONDON DAILY PRICE Tor raw susar 
£188 '£107) a lonnt- elf for l-'eb.. March 
8 hipmci>L Whit: sugar daily price was 
fixed at £118.50 -same). 

Mart rt opened slightly below herb 
levels and pru-.-s then driftitL Later, 
the dccltnc acc-lerated after fho rssult 
of tfto EEC fender. Losses o( uu ta ISO 
palms were revoroed although final prieps 
were slightly above Ihe (Ours, C. 
CsarnlKmv reported. 

s>m(*r 1 ~ : 

Prei. Ywl'rda*'-; Prortoun bm.iuo- 
fflmm. C Ji>*-e (.'lose ! Ihnir 

LVhiii. ' 

- I cl lullilr 

March .117.55-12.SO 1 <4.40 ta.fifl 114.50 12.25 
Ma_v IE.7> 16.5811B.4a-1S.75 ) 18.:0 it! 50 
Aug.,^. 118.85- 19.9u, U 1:40-21X0' 120 96-IS.40 
Uct. _..1122.40-22.50; 1.3.B0-48.76 1.5 45.2.M 
lift-....., 124.75-26.0912a.75-i6.«M2a.40 14.50 
SUecU jl2tf.i0-2a.40 IfiOJj-fiO.S^ I29.50-2d.00 
May 152.00-52.10.1 aXTd-flSja 142.2X51.75 

Sales: 3.7t® 11 .*80) tots or ; tonnes. 

Taw and Lvfc ex-refinery price rar 
granulated basis white sugar was £242.40 
fsamel a tenne for home trade and £171 
(£1721 for export. 

International Suttar Aoraement—(ntjica- 
for prices ri'.S. rents per pound rob and 
slowed Caribbean pun I far Fob. 14: Daily 
price £L 43 ts.451: lSday average S.fW 
■8.72). 

EEC IMPORT LEVIES-EflOctive to¬ 
day for denamrea aod. jona-denarared 
i-ucar in unm of acccmnt per 190 Hilo: 
(previous in bratfetsi; Whita: agf 
(2X691: Raw: 20.55 i26.»>. . 

WOOL FUTURES 

LONDON—No trading. 

i pence per tdlai 


AuHrtlian 

iv<jeniR}' 4 > or 

Htiblure-' 

CnwrWntii 

Close — 1 

Done 

Match...... 

2i4.U-:6.0 -0J0 

- 

Jali*„......... 

efislo-or.o — 

_ 

October. 

K 8 .IMJJ , 

— - 


242.0-44.0 !-j 

— 


246JU-47.0 ; .—t 

— 

Map_ 

; —..1 

— 

4nlv.. 

J48.tt-4B.O .1 

— • 


1-17.0 [1644JM5.0 
1 + 3,0 .'H&5A-JB.0 
i+7i 145X6-28.0 

.860 

+8J51S82.u-7B.il 
tt10.26'1S89JJfi.O 


RUBBER 


. Sales: 5.RB f4.«ti 1015 of, 5 tannea.^ 

. inurnfitiiwtf Cocoa Organisation <U.S. 
C*Cs per pound)—Daily price Feb. 14; 
jSJi UM £rix -ladieator prices-FA. lor 
ij4ay average-128.6S 2May 

average ISOA0 


SLICHTLr STEADIER' opening on fhe 
Londwi nbyacsj marttw. Qntei ■ through- 
out the das 1 , dosing slightly easier. Lewfa 
and Peat reported that [be Malaysian 
godou'n price ms 284 <203. cents a ki]a 
i buyer, Uhtchi. 


- x*. j ivkwi- 


cmliW 
!K»*e ) 


Prarotb. 

dow 


ikinnfu 

done. • 


COTTON 


cotton—L tafpquL Spot and shipment 
relax amiMsted to n tonttoo. Priagiag the 
Twal fur tbs weefc-so far w CT tonnes. 
Subdued Grading coutmiod, wtih only a 
United nn-iaVe in- stitUfle Eawaru 

nuBdnex-F. w: Tatrtmll repotted. The 
caff i for--. Setth and south American 
varieties was aaatnaiuaa.' together- vlih 
Bwne support in African Types. -■ 


COFFEE 


Wndtia Rohnsuu.'moved sharply inwor 
in jinive irMiag slier hdag w t latty cx- 


Marah« 4B-78-47J* 46.6X48.75, 47^47.10 
April— 47.6W7.il 4B,SM7JM> ~ 
.CreTuo 47J5-47JM 4/.4D-47.K 47.7547.88 
Jly^isp. 4X: 649. W 40.MM8.oij 4S8WX8S 
Ocb-tiec &0A»M,ec 50,40-50.56; Pu.904h.5J 
Jaa-Mr. 62.3-62.!- 62.1X52.1B r! G0JS.S4 
AprJoc 65.55418.86 S6.7M5.8ri p4.ftMi.80 
J&tton. 66-4D-S.45 56.&65.4i 5fl.SM6.4j 
Ocr.Uec B6.8t58fioj 97.10-ML83 

; i K _!_I_ 

. Sales": 238 12181 lots of 18 tonnes and 
3 al j IMM*. 

-Physical cloning prices <buyer*) ivero: 
Spot 4fi.25p fffl.0>: March 47.7 Sp <47ji: 
April 4So 147.U1. 


Sales: NU rail) lots of 1AM Silos. 
SYDNEY CREASY—Obso: tin order 
buyer. Seller, business, sales,. Micron 
Contract—Uarcb SILO. Sfl. 2 , 341.5^41.0. 
13: May 346.0. 348.3. 346.0446.0, Ut July 
35XS. 354 0, 334.0353 J, Ifc Ocr. 357.0. 357.3. 
357.X35&5. 35: Dw. 353.6. 38XS. 3UX9- 
3EL5. <0: March 357.0. W.1, SSIJHCT.O. 
«: May 3».S. 360J. joS.SC 68 .X 10: July 
■171.0, 371.2. nittraded. Total sales: 150 

lots. 


MEAT/VEGETABLES 

SMITH field i prices, in peace per 
pound)—Baer: Scottish tailed side 49.0 fa 
52.0: ‘ Ulster tundquancre 60.0 to 53.11, 
forequarters 39.0 to 42.0: Eire hind¬ 
quarters 59.0 to 62.0. fweqnaners 39.0 
10 42.8. 

Veal: English fats 7X0 to fluj: Dutch 
hinds and ends 90.0 to I08JL 

Land): Enrilsb small 50.0 to 53.0. 
awdal smaD" 00-0, medium 474 to 93.0. 
heavy 28.0 (0 45.0: Scottish medium M.Q 
to 63JL Mary 35.0 to *5J. imported 
(men: NZ PL new waMfl 43.0 to 48.0, 
PM bow season «.o w 43.0.- 

POrtt: English, under 100 lbs 35 0 to 
42.x 100-120 VH 34.0 lo 4L0, 130-U0 lbs 
X4J> to 40.0. 

Har^ English Urge 18X0 to 190.0 
each. , 

"Very tugii duality produce in hmiied 

supply. 

MEAT COMMISSION—Average taiafack 


nr;res at rcnre-ar-ma'.ii c mariMO .-.:i 
Feb. 15: CD entile- fl4..'4p k«u i v.\ 
t-rQ.N,: U.K. >hvep 132.3a per fcs. M. 
tLc.w. «t3.u>: lb ms' CLIP P^-r i - ' - - 
it I. 31 . England aod Wales—Cat: I* 
numbi 1 '-' d>iwii —‘.9 r,ur c, tu.. avera-v 
price fit.L'a i-T.i-li: Sbctu dou-n \»A u-f 
ten:.. 132^u i—29,; )’«; down Dt-r 
twit.. »Ua Scotland—Catik- 

numbers duwn lo.J ptr rent., averaa, 
price tcrJnp i ■* i'..1ji: Sheep up 7.4 pvr 
(MU.. ICU.Op --.'.6:: Puts up MS per 
rent.. it».Sr* ' *• l.l * 

MLC r.trreaM rat,-, nl L.K. tif»ii*'ar' 
c-iiini'P-ainr; - am-.uiit:- tar p-off fr,!tt 
F'vb JO ipreriuu. i-St'.-. t, T Jrc- -i, 
briffcei-.r Fri-I t „r -.In'leu beef carca-,- 
—'Ji.fAp ra.-r ku. •*:«.«>. vreen barm 
-ui.’-,—£ j»i s; p..r •o'ltie iW-iO,. 

COVENT CARDEN >Ttruvs in •P-Tli-w 
tvr paekas,- unless .sipi,.-ifi—-Imported 
produce: Oranges—Stunu- Narvls J 
3.5ft: Jaffa: .:..'fl-3.n.»: Cvprwf O-.als 
anprov. ifl fciln<: .M SO’s 2 54.2 20 : 20 !»:los 
.ijai.j.to: Eujpnan Eabdi 2...C-J.M: 
MopKiran: is0-3.fhi. Lemons—Italian: 
MO- tntl I 50-r.JW: Cypriai 2.SO-3 30. Crave- 
fruit—Crprlot: 13 kilos 2 40-2.60. 20 1t:Ios 
:: oo-2.ct: Jaffa: 20 l llo*; -.‘■0-3.T0. Sours— 
Spams: .lpprus w lbs 2.ML Salsumas— 
Spams: r 20 -. 1 . 40 . Apnles—French' w :hs 
Cranny Siulth Caiegury 1 3.90-6.M. 

Category II 4-30-3.00. Colden Delicious 
4.&H-5.60. 2H Ihs 72 501 Cranny Smith 

2.50-3.30. Cpldetl Delicious 2.70-3-20. Rcfl 
□elictiuu 2 50. Stark Crimson 2.50-1.20. 
Jumble pack, per pound. Coldrn Delicious 
i) I0-il.11. r.rannr Smith 0.11-01 - .: Lalta-v. 
Golden Di'Ikicus u l!-t\I2: U.S.- R-.d 

Delicious 9.00; Hastcm Siat-s S.m-s.40: 
nuncarian: Pcd Delirious i.M: Danish. 
Spartans O.ntt-0.10: Oregon- Kcwiowus 
F .70 Pears— Ifallan. Per pound Pjss:,- 
crassaPc 0.0: n 1": Somli Alri- an. Clapps 
5 no. Wlllioni Eon ClireisR e.oii. Plums— 
South African: Gavlutas n. JK-lk-bl. Re-1 
Ace 0 25-0.30. Kelsey 0 10-0 45. Grapes— 
Spanish: .Umeria 3.30-2.50: Cnbfariiian. 
Red Emperor per pound 0"?. Bananas— 
Jamaican. Per pound (t IV To to aloes— 
Per d kilns, Canary: 2.00-2JO. Melons— 
South ' Alriran: White t-S'« 3.0C. 

Venezuelan: 6 4'k -f.OO-A.t'O. Cocumbers— 
Canary: 2.W-2.50: Duieb: 2.40. Cauli- 
nowers—Jersey: 6.S5-T.00: French: G-SD- 
7.00. Potatoes—Canary. 25 klips T.IID: 
Cyonot: 3.00-3.20. Celery—Spanish. U'-Ws 
XM-.VfO. Lettuce— Du I eh: 24's 3.00. 

Capsicums—Kenyan: Per pound 0.35: 
Israeli: 0.35: Canary: 0.:13. Peochcs— 
S. .Urlean: 21 24’s 3.20-341). Grapes— 
S. African: Ouccn of fho Vineyard 4.20- 
4.50: Bell Hannah G.TD-fl.fcO. 

English produce: Potatoes— P^r lb-,. 
Whites.'Reds l-'O-l.ffli Lettuce—Per 12. 
Indoor 1.40-1.50. Cabbage—Per r-bag 
Pnmo O.Oti. Bectrow—Per 2S lbs 0 SO 
Carrots—Per bag 2S Bps O TO-I 00- Onions 
—Per 5* fci 0.5O-1 "9. Swedes—Per has. 
Dvton 0.43. Apples—Per no and. Cox's 
0.IMI.22. Rraml-y's 0.11-0.11. Sparuns 
O.llMl.l?. Pears—Per puur.d. i~oitf-r<-i:fr 
8 09-4.14. I.'omico 0.12-D.:4. 5pr«S»—Pt-r 
pnnnd D.OWi in. Parsnips—Pf-r 2S lbs I fli«- 
1.58. Turnips^Per 2S lbs 1 OO Rhubarb 
—Per poumJ 0 20. 

★ 

CRIMSBY FISH—Supply fair, demand 
fair, price*: a stone ,ir 'lup's nn- 
prucre-cd Sheir wd n.40-m.90. v-iLnss 
£3 09-C3.20: ttaddnefc. large £4 .W. medium 
ja.nn-£4.00. small £2J0-£3.2»: p la ire. larpe 
£4.40. bes: small E.70-SS.M: skinned dnq. 
dbh. larae ii.OD. medium £K.00: saithc 
£1.70* £2.00. 

HIDES—Leeds. Virm. Ox 31-3» kilns 
44 Ip per kiln. 23-301- kilns JJ.Cp. 22-25 
kilns 62 ip. LlSht cov.s wiihJrati-n j3o 
per into. Calf under 4 kilns u-ubdrsun 
13jp. 


PRICE CHANGES 


Pric-iS net tonne unless nthervrfse 
staled. 



Feb. 16 + or | 

i 

I Vi'-nth 


I97i ■ — 

| "S*- 1 


U.S. Markets 


Metals ! 

. ...XB80 '.£660 

I re- Market :rin SS6S-88 •.S990 

l-i'iciiwliW. B^i~ '£635 7ft—4.75 47.25 
.- u,..iufi« it.-. 1*649.76'—4.b 1*659./S 
I'l h L«lli/vto..£626.6 —4.0 ; t636.5 

• m-mi/.-.V.. JM39.75'-4.0 t‘649.28! 

i—i.t.riw rt'.^iTB.fiTfi'i-i.TS'irs-sre, 

I.-I.I U««h.£505.5 —5.76,£5s5.75: 

• rn-ntf.-.^318.25.-5.5 ,1*341.25 , 

. ~ ; — 

I’nre ''larwrl 'dr>.. SI.Bfi-XS'.w.^... il./H-XO 

Plmmuiii u-«v >>.•.. £106.5 L.,£96 I 

f'rw- Market_1*120.2 '^3.7X103.3 | 

'f'ltuki'.lver i'iflV'.t.Sli j-^ 5-.5.132.5* j 

Sshw Tn>rw__ 255.95rj+0.75 Jb4.S6p 

: iu-jnth*,..._„...1260.25^ ¥ I.OfljJ58.3p 

Tin lush.... £6,237JS +107.5 L*o.295 

: oi.--nilt_.£0,205 +B7.5 £0.272.5 I 

lVoItrpTn22.0lb.4cif S148-54 l«,.6186.75 

Aina caUi-JC25L25—2.5 ,£286.25 

■-* 1 mc-ntbs__ £254.76—2 £2 70.76 

Inters.. $650-800 : .5600 

Oil* . i : 

t-'M-niit - Phil*.IA570a j+5 iS537 

t-i..ii:ilnui.£599 1 .£609 

Ulisre-t CrmJeie... 5271 .S257 

Hs'in Mpiarpo. , 55S6.601r l 1 ........>)i505 


Seeds 

•-■T'lit Philip.;*3B5w ; + a.O )f372.5 

iL'.s.i.... l .S237y j-rl *5234 

Grains i 

Lar.try EbC*.„.l j 

H.nntj Tuiures rt j£71.7 {—0.Q6E71.9 

Jlaire.: 

Kieucls A'o.3 Am £98.75 i _|£98 

" iiwt 

-Vi. I Ktra Snrin£ 1 E87.26,1+Q.S |£84 

hui.UnrilU interl ; l....__ ; 

Ltuc.ii Mii.inj/CSSr _ .X95.5 

LVv-ob tfbifmuai....i£I,i2fi.6 —7 :£ 1.695 
Future liny..—l£1.451j;+3 (£1.555.5 

twffee tinurt«...i ; 

May........-j£l,G07J|-fi0.5i£ 1.611 

L .-Uou "A in>Jea...i66c ..64.S ■ 

Jute LI ABC.-: ,-437 ..'*437 

Kunt>er kilo.—.46.25,- !+0.2&'46.75p 

Tivit £ KAjL... . 

- £106 ;—1.0 i £114 

* •••■lira* **- Lil»... 270(1 U.*267f 


.'■'iitninai. : Unauoted. a Seller's quota- 
tmn. e cents a Bound, n Cx-tam Lontl'm- 
Hull u April. * Feb.-March t March- 
*priL u Feb.-April, to March, u adhI- 
Has. .-May. * Per ton. 


INDICES 


Land inquiry 
team in Wales 

By Our Commodities Staff 
THT2 TEAM of experts investigat¬ 
ing tbe pattern of farm land 
ownership in Britain is to hold 
a public meeting Jn Wales on 
March 3. 

Lord Nonhfield, the committee 
chairman, and most of his col¬ 
leagues. will spend the day visit¬ 
ing farms before the meeting at 
7J5 p.m. In, the church hall, 
Betws-y-Coed, Gwynedd. 

Lord Northiield has already 
collected more than SO volumes 
of written evidence and chose 
public meetings as the best way 
of collecting oral information 
from individual farmers and 
others interested in agriculture 
and the land % 


FINANCIAL TIMES 

l'"s 13 i-er<. UjMHitb red lmrur, 

526.04 ;226.9 fl ] 23Z.27 1~871.70 
(Base: Iniv L IfiSS=100) 

REUTER’S 

7e'.i. 15 fti«. iO Muoth 








1403 .1: 140g.5‘ 1415.7 1 163 0-3 

i Base: SbnenrtR i». rni=wo) 

DOW JONES 


Ui,«i fVi. 

-lonKs ' l^i 


Feb. 

14 


JJvnlhl Year 

ago ! B]>>i 


. ...348.39 - 34a.6Q 346.31398.54 
Kuiitni- 3 29.40 330 .47 334,83 394.85 
tAverjyv "l KiuS-2*s: I DO) 

MOODY’S 


.*U(v>ty’^ ' lo 


1'tii. :U>'Othi'\«sn- 
14 . auu 


tl-itnnnv907.5 , 91B.5' 686.6 818.5 

(Deoetnber SI. 1031=100) 


DUNDEE JUTE—Firm. Prices & and 
f- UJHL for March-April flhfpmnt; BWC 
£297. BWT> S28S. Tossa: BTC S3B5, BTC 
£2&L Cal aim gofitfs suady. QuqnUoo 
c- and f. UJL for Feb. shipment: 10-ox. 
46-inch £1 P.37, 7^0*. S7M. per wo sortfe; 
March £18.40 and 3J&, April £18.47 and 
SS.flft. “B M [Wills CB33- £10.13 and 
£3u^0 for the respeenve shtpsiBU periods. 
Yam and dalb quia. 

•k 

LONDON PALM OIL-CIOfc: Feb. and 
March ria.OO-TSO.oai; Apnl. May. June. 
July. Aug., Sept, Out *.'80.00-370.00. Sales: 
nil. 


Sharp gains 
in precious 
metals 

NEW YORK. Feb. 13. 
PRECIOUS METALS tdo-*d -.narab- 
higlivr failoninri .'P^cutouve disappuim- 
nieiit on Mr. Bluniemffj|'> Pre<> cun- 
fcrence yesterday- Ea,rfic reponed. 
C r iPPi:r steadied un trade arbiL-age buy- 
in*:. Corea eased «n Comnti».toa House 
jelling. Sugar eased an conunned speru- 
fjRve selling. Uofiee finlibed Lmlvdovn 
in inixatl sciltBs. alter rumours of nn, 
deals between Brazil and rexsten. 

Cana—March 13in> (J34d!0». May 

123.00 1 123^0.1, July 120.15, Sept llJ.in. 
Obc. 116.00. aiarcb 113.93, May 112^0. 
July 110.33. Sale>: 1.422 lots. 

Coffee—” C *• Coacract: March iM.ou- 
192.25 097.70), May 171.SS asked 07J2»Si. 
July 159.75 asked. Sept l33.2o a»r.ed p Dct. 
129.00 asked. March I36-S0- May 131.50 
nom- July 126.75-127.73. Sales: bii lou. 

Copper—Feb. 57«0 > 57.50). March W.M 
<57.70,. April 5S.50. May 59.00. July bOM. 
Sept. 00.90. Dee. ulM. -Jan. 62.80. March 
63JS0. May bJ.SO. Julr tOJJ. Sept. o0.S0. 
Dec. GS.20. Sales: :t.-«i0 lota. 

Cation— Nn. 2; March 54^1-54^5 <34.02i. 
May 36220-56.20 >55.621. July 57.29-572^. 
OCT. 5S.JU-5S.Li. Dec. 55.75, March 59.70- 
59.95. May 60.35-00.65. July 60.55-01.00. 
Sales: 425.000 bales. 

'Cold—Feb. l&u.M 1177-501. March 1S0.S0 
1178-20). April IS2.00, June 1S-L80. Aug. 
167.20. Oct. 1S9.S0. Dec. 192.40. Feb. 195.10. 
April 197.90. Jane 208.70. A us. 20150. Oct 
206.40. Dec. 209.30. Soles: 11.000 loc. 

tLard—CWcayn loose 20.50 iSLOOi. New 
York prime steam 22.00 traded 122.25 
traded ■. 

J Maize—March 22«-226 t23«f». May 230- 
2301 t230i>. July 230-220i. Sept 2X. Dec. 
227. March 235. 

SPIaLlnnrn—April 233.00-326.50 1230 j0'. 

July 259.10-299.40 <234.C0i. On. 243-jil. 
JM. 247.50-247.70. April 251.20-251.40. July 
->54-CiO-:3C.OI>. Sales: 1.SS5 lots. 

‘Silver—Feb. 499.00 i4S9iO>. March 
499.90 <401 ”0i, April 503210. May 50fl.su. 
July 513.90. Sept 521.10. Dec. 532.40, Jan. 
535.18. Hard) 542.110. May ul.20. July 
55aA0, Sept 3U15.40, Dec. 577.70. S3 Ire: 
Jil.OPii lota, Randy and Harman bullion 
.pm 487.30 > 492.00). 

Seyabeans—March 5655-565} 1 3657V May 
J74J-574 , 3741 1 . July 5S0o791. Auu. ?Sli. 
S;p'-. 573!<576, NoV. JTttjTj. Jan. 3slf. 
March 5592. 

i Soyabean Meal —March '.49.60-149. to 
' 150.401. May 153.60-I53.5U (15L30>. July 
156-70-156.80, Aug. I37.U), Sept. 15S.00- 
15SJ0. Oct, 157.50.157.70. Dec. lnO210. Jan. 
IC1220-16140. March 162^0-16100. 

Soyabean Oil—51 arch 2D.Sfl-20.7S >20.63). 
May 20.fi0-20.53 t20.47«. July 20.43. Aua. 
20.45-20.40. Sept 20.0J-00.10. OcL 19.70- 
19.75. Dec. 19-70. Jan. 19.80-19.65. March 
TO.eS-».TO. 

Sugar—No. II: March 8.78-S50 f.<LS3i. 
May 9.13-9.15 IR.ITL July 9.34-9.36. Sent 
9.53-9.5*. Oct. 9.64-9-65. Jan. 1D.OO-IOJ3. 
March 10JM. Mai* 10.49-lfljfl. Jnly 10.69- 
10.72. Sales: 4.430 loto. 

Tin—&5S-570 asked i55fl-o60>. 
"Wheat-March SBW-Sfltf i38M*. May 
'69J-27A i271«*. Jnly 272?-2727. Sept. 37*). 
Dec. 2S3. March 2B0. 

WINNIPEG.-Feb. 13- tfRye—May 107.30 
Old ■ 107.001. July 10i.SO iliM-20-.. On. 
inflOO aJied. Nuv. 107.00 asked—uo trade. 

tfOals—May 76.40 * 77.80 bid'. July 
74,50 3'ked I73.70L Oct. 73.40 bid. 

jHariey—May 78.10 *73.20*. July 77 50 
■ 77 .50'. Oct 77.1)0 asked. 

fiSFlaxseed—May 214.00 bid (213^0 bid', 
julv 213.50 bid 7215-30 bid). Oci. 210.30 
a iked. Not. 219.94—no trade- 
CnWhoat—5CWRS 13.3 ptr cent, protein 
cnnteni cir St Lawrence 132.-41 <132.511. 

All cents per pound ex-waretoam 
unless otherwise stated. “Ss per troy 
ounce—100 ounce MU, ? Chicago tome 
«s per 100 lbs—Dept of Aa. prion pre¬ 
vious das- Prune Steam fj,b. NY bulk 
tank cars. $ Cents per 50 lb bushel es- 
warebouse. 3.008 bushel lots. 3 8s per 
troy ounce for SO ounce units of B9.9 per 
cent, partly delivered ny. : cents per 
my ounce ef-trarcboose. 1) New *’B" 
contract in Ss a slum ton for bulk tofu 
of iw short tons delivered r.o.b. cars 
Chicaso. Toledo. St Louie and Alton. 
•<- Crois tkt 69 lb bushel in store, 
n Cents per 24 lb buehel. Centi ptr 
rt lli bushel cx-warehonse. 4! Cents per 
x lb luitJieJ rat-u*arehoim*. 1.000 bushel 
low. r *. f".*r MHuiii. 














• 36 


Financial ‘Times 1978 ^ 


STOCK 



■' : 

ii- . O- ....,...'V. , , •..••• _ 



er sharp falls 

of 453.2 


Account Dealing Dales some on overseas account, to with* 
Opliun draw. Encouraged by the turn of 

•First Dcclara- Last Account f\>.-nis and also by sterling's show* 

jg^fvjsr* Fob'rr Feh-'i ss*™ fs* “ 

FM:u MB F&» S&.~7 "A.'" B,, “ Ul,r - ^ bU '" 


£ “"J-*! up ihroughoul and the final looses 

” a ^- 9 .. Stef L 10 .Al a -; 2 T here measured 4 or lew which 



trend in British Fundi which m 
the iuier-office bus'ness 


Corporations were unsettled hy 

(llv early weakness id l!:e ma.n 


b “;; ne ? ™ funds and sustained fails of a full 

£ dl ": r y Ll‘!;.v Poini. the recently-issued Kcn.*in»* 

r ip U nn - •}*? 10,1 and Chelsea 11J per cent, 

tidde quote.ion* had b^tn scrip being that much 

quickly depressed hy a further do J n aI a [. f m £50-paid form. 

rntie P ? inl 5i f ° w V*2f. rJ^cil^t News that agreement had been 
falls lo 1, on January s shock m principle on The major 

cu X.Cf nt tr 3**® d*heii. points of a constitutional sente* 

Thoughts that the marker had mWji reversed a dull ;:-;nd in 
nver-r envied to the trade ticurei Su „ llierM Shodesinn bund* and the 
and that the likely adverse iiii|jli- (i „ er ^ at i'..* 78 -si h-,uv ly- 
ralion of lo-Uaj - * money suppiy covt ... eci from SSO to end a r.ct 
figures hud already been di*- pfl)ni h uher at ftJO. 
counted wore adjudged to be A balanced trade -»s:> 

partly responsible fur yesterdays c ff t , C { t .,j in intestr.ien: currency 
turnrounct. ?*'. indeed, was yes- a |;j,„ u . i .;i rates were influenced !>y 
terday .s relatively good per- sle , fJ i W ^ behaviour in foiston 
forma nee in sterling; opinion. eVvh : m ^. market-, Initially. :!w 


42p and BPK industries. 212p. 
Econa softened 3 to 64p in front 
of to-day's interim results. 

fCI typified the general market 
tread, frilling.6 to 344p. after 3-tip; 
the preliminary results are due 
nex: Thursday. Nervous offerings 
in front of to-day’s annual figures 
left Albright and Wilson 7 down 
at SCp. while Stewart Plasties lost 
fi »o J24p after the first-half profits 
performance. Falls of 6 and IS 
respectively were seen in Fisons, 
334p. and Hickson and Welch. 
52 5 p 

K. Wigfall slump 

A drab day in Electricals was 
featured by a fall of 28 to 236p in 
H. Wigfall as hopes faded not only 
of a counter-bid but also the offer 
from Comet succeeding following 
i he cla*m that over 45 per cent, 
r.r Wigfall shareholders were 
opposed lo th? offer; Comet. 


and falls of 4 were recorded in 
John Brown, affcip, Hawker Sid- 
dulcy, IKip, and Tubes. HGSp. Sel- 
/rug was also evident in secondary 
issues where Coriipafr weakened 
7 to 94p following the first•half 
profits warning and Eirmid Quiil- 
cast fell 5 to 64p. after 'ftp. on (he 
disappointing annual results. 
APV gave up C to ISNp and 
Desonlter 5 to I20p, while falls of 

4 were -sustained bv Cs»|K*r-NcilL 
61 p. Matthew Hail. Map. and 
Weir Croup. 120p. Splrax-Sarco. a 
good market of hte. ir:iu» up 3 lo 
2G2p and Manganese f5rijc?.e\ were 
similarly lower at ftfo. On the 
other hand. Tex Abrasives, up a 
further 3 at K8p. continued to re¬ 
flect take-over speculation and 
S. Osborn improved a penny to 
S3p .'n hone- .> 1 ‘ •■■■n 

Aurora Holdings, which holds 
nearly 30 per cent, of she equity. 

Fiifh l.«ivel!'fejiare.' null 



tue motley 1|fts ll 7 - c . { ,0.743si. 


wanted growth 

Lloyds easier 


major clearing Ton 1 


failed to Und response in the 
equity matkci which si;owed fail* Tin 
of 10-to-l ill FT-quoted issues, deified lev.or wi:h ihe aerteral 
and the FT 3U-.sh»re index closed trend. -ttiyiJs. which start 
only slightly above the day'* dividend season s*Miw*iv«t, 
wor-t. Down 7.o at 3 p.m.. the cfiwi’-vnert 5 to 2%Y. oid * 
index ended ti.5 off for a fall of Barclay* 'results due nvs* Thsn *■ 
20.1 in the la*t four trading days day) eiul-'i 
to 453.2: this is its iov.est since a! 3I0p - jI' 

August 2 last year and represents £3"p wMh the new nil-'vdtl 
a drop of 90 


'pjinlf. or 17V per 2 down orvanum. KNy« •.•■re. 
as' September's all- Wagon I-'rance gpvg no .i penny 



'.r olF 

(? 4 

ro’ - 

I-U-. 

itl *ili.ii'-'s 

1. K' 

k.'li ■•,«.i*o. 

It 4 

.1 I'fll ll> 

lu*’ 

i.vjrrr.v * 



C'impo<i*e 
: n 

Sun 

lisi'Tix. 24-:,. 


lime peak of 5411.2. All *'eclora of lo S3:* in front 
the FT-Actuaries equity indico?: preliminary results, 
showed fafi^. averaging’ abouL 2 Looses .-imeng 
per ceni.. bui the emphasis on lns.ur;*ne<M ranged to 'j. 
vecond-Iinc stocks in recent Ren^nil \ccidcnt. 204p. 
months is seen in the relailvelv AHJrr 
steadier showing of the 49fi-share Hua-d'an ^oyul -'i.-d 

Industiinl group index which, a: t» apd EagJ? Star shaded 
JW.n.3. is 12! per cent, below last fo i:!7o. 

Sepierober's high. 

Olliciai markings yesterday 
amounted to il.I97. which coin- vent <pc ,,, i:'live faveni 
pares with the rather tuwly 5^71 lo Ivle \. fiufnr'esg 

on Wednesday of Ia.«i week when and 3!a: , . , '—.v Cork. 
ihelnarket was in rdlying mood, apiece n.:-s rhiir-rny'^n cj* *1 

The advance of SJJ more to ." tn i;:t»p but :«g?ins* ihc trend. 
SL7S; an ounce for the price of K»r.-U autf s•; .j,> ‘ 

bullion helped South Alrican Gold to I5!>p. E'-ewhere, bbtiiivn re- 
shares which pushed the Gold acted 4 i<: ItSan 


Br.?v vci*• *- cl'*-e* , i 

jicead los.,»s I>a*.vnpert*;', 


*• i.ic- 
■i ■ 
tc'! > 
Hup. 


Buildings closed with wjdr*. 
spread looses. Still rejectina re¬ 
ports that the Depyrlrvrn: oi ;hc 
Environment may v.iinho-d i 


Alines index up 2.5 for a four-day 
gam of 14.3 to 157.7. 

Gilts stage recovery 

The performance or sjJi-ed£pd nients to supplier* mvn.’verl *i) 
securities was deemed highly some highway comrac** 'oil'. 1 ring 
satisfactory yesterday as initial the recent regisimimn nr 3.3 
faltx in high-coupon Jongs of !} price rings in ihe mad-xurfaeinv 
points were progressively reduced materials industry, BM^chcanen*'.] 
to only i in the late inter-office 3 more to KMp nnd Tarmru* 
business. Shorter maturities fared a further 2 tn 132p. El-ey here, 
even hotter and ended on a mixed Taylor Woodrow came on n: T or it 
basis afp'r eorlv In^es extending 3i'f*p. down S. and Grr.rgc '.V-nmrv 
to S. January’s disastrous trade relinquished 3 ro i ? op. w-hi’e T'- 
fiaures set the stage for open’ng bu.-v Con:rac , J _, a ea-ed n m - !4 n ,'. 
weakness and uncertainly, km the Falls nf 5 were recorder! ! o 
early offerings were well absorbed Latham, t’Sn. 'IcsneJ un.*i 
and this caused potential sellers. Southerns. 1S7;>. JlcAgill H-c-o. 


Sadiov r.!'*n‘s bid Is currently 
vi»r;h :.bour 24.lp a sIijiv v*fih 
ui 1 'C-p. down 4 Else* 
»• bore. Thorn foil S In :J4l»p. hut 
12'l: a:id f/EC ciowd only a few 
pence e!i?aovr at 1 iSp and 232;> 
respi'-:lively. Sn**r:'dic o’Tarings 
!t-f f rl.u-ai 12 lower ;>t IH8|> and 
Un-Jed Sritntiiic 7 »if at 2*tf*n. 
'• h -‘ n f*ll' el around 4 ver** 
sioid hy B.55?. Electrnuic 

1l7-i. ji'ti .’«JK E!g?!rlc, 
r.i-' i. {iv.d.pc*; resumed in Fvifcr 
:*t jr*o. compared ••Till 
tin;, •.ii-i^ensino nrieg of iP'p. 
f *!i*:»*. ;,*e de'.uls of ihc ifiecip’! 
of i> «r;!?' s ;:t nc*r c?m hoidirg 
'•* • V- company ai 15 ’..p i>cr 
Or. re. 

S: ire 1 wler? surermbed and 
•!o .'*1 :>i Hie day's lowest Burton 
t'ir-"niry. Http, and the A, Hlo. 
If- i H: nd 5 respectively, while 
^rY’-'i Low* gave uu 10 .<t 1$5') 
f -:g *- : «:: A d •eiiiKd ft ;o 2S4n as 
i! ; d Mriii-rcarc < o i5Sp and UT»S 
rig,I 4 in R4-». F'sewhere. 
Frrxnir.ns fell 12 to 2.vSo and 
Fmo/re lost s •/> 132o Proi*t- 
!a'-*ng aficr the interim ro?i:Ii - 
hrf.uaht a rosc'iyn *if 4 to Pdnp. 
•jf.gr llOj*. in ftlll lurniiiirc 
Cj *;»■'.•. 

S* :u*ercd «cMing ■.■oiiolcd with 
la-. !• r.f >iippori made f.tr fresh 
duilue.ss in the Enginc-ering 
.n.• »•■>. *. RKN ejv« u,» H :o 271,-.. 


;* jump of AT fo a- !,iu 
revived, hut other r V.* •*l«:- 
i-umfaffl t^. ;*ic ytr.gi.! u'arkei 
malaise. Associated I’ - .'siiv. 

fell (i l“ 45p on the g(r*> n:v state¬ 
ment rogaidinq current iravhi.g 
lo*%cs. whiif Asso.’ig; 1 '1 itiwai:. 
7lio. and I niJeri Bisru... l-l'Jp. ho.ii 
cl-jopt around 7 cheaps*r Cbifon’s 
Stores A. up 13 on ‘i n.’.s.l.iy ,*n 
lak'-ooi' cpei-uiai 1.1)1. i o.'t-il i* 
in R:;;» as la.i’it-lakiog -.1 in fal¬ 
lowing a Prcs.« retnin,! ; il’.il an.- 

i.'lenlia! *miOi will .,:-t nc^.l 
the „cce;i:.»nce of ih.v •.'.•! xiv-' 
v- ho holri about fill i- r i\-n:. ■>' 
the equity J. Bibb'., w reccm 
lakij.v.ei iavnuritc. f*.d \ r < -.i a12n 
for a lo'i-ioy loss nT 1.'. Tale ard 
Lyle ea*vd 4 in lP2p .:-■(! E-'-wn- 
tree ALrckintosh d* i-bncd 
fuithsr »i. :J70ii, after 3:.in . c, :oo!- 
markets drifted lower !-:v -1: Save 
;t r.d Whcntshenf :, ;s- r: : ; ; •,.*» 

finishing :: easier a! ; ..:;d 121 p 

re*pcv!iv-ciy. 

L:idlir»kv remained VI Insma 
8 l-» J75;.. and finiii.-! •••• Jih-n 
ea-.ed 2) ;•» 92!p ”.■ ■*: ’:•)>••%*.** 
Forte give up 3 m.-. * ■; ].s: , (i. 
«td! reflecting a h. I' ci'* sell 
.■»*lvirp 

T. & NsvvalJ dip r.: C rsSJv 

'l.*cv!uiiv lUn inrj. .. ir. 

e*>nnnu'-.l n* e\pr n . ii-wj .imoi- 
men: v. i:ii J.-nuer - V :• i !.* reqeins' 


and took Tuesday's downturn a 
stage further. Turner and NevaII 
were the only exception of ihe 
rule. raJ/yiPfi from 2G3p lo 23Up, 
for a net improvement of 2. fol¬ 
lowing late reports that agree¬ 
ment had been reached in prin¬ 
ciple on a constitutional settle¬ 
ment in Rhodesia, an area where 
the Group has interests. Rcekitt 
nnd Colman. however, lost 20 to 
4inp. Rank Organisation fell 12 to 
2S3p and PHkington Bros. 11 to 
-!25p. Glaxo shed 8 to .547p and 
SccchanJ declined 7 to 620p. after 
■!18p, while -Unilever lost 6 more 
tn 4S4p and Boots a further 5 to 
intip. Elsewhere, tCI. feH' 8 to 
240p with sentiment nor helped 
by the disclosure that the chair¬ 
man has sold almost half of his 
shareholding in the company. 
•Vedgwood declined 5 to 194p on 
nervous selling ahead of to-mor¬ 
row's third-quarter figures. 
Suspended last Friday at 15Sp 
wending an announcement. Mar¬ 
shall's Universal returned at 143p 
yesterday fo I tow in” the chairman's 
statement that the purported 
partial hid from Atlantic Federal 
investments could not be taken 
seriously and m moderate trading 
moved higher to close at 134p ; . 
Lull since revealing its revised 
hid terms for True Temper, a 
subsidiary of Allegheny. Willdn- 
snn Match remained Friendless at 
I70p. down 8. Johnson Mari hey 
ended a like amount lower at 
430p. the quarterly figures are 
due next Wednesday. European 
Ferries lost 8 to loTn and similar 
losses were* seen in Annin Ameri¬ 
can Axpii;:!t. liOp. BTR, 23 Ip, 
Cnv/an Dc Grout, 59n. and l.C. Gas, 
34Sp. Hfilfcrt McBride re/fn- 
quwhcd lo to 31 op in a thin 
market. 

Motors and Distribuiors had an 
easier hia*. news nf British Lcy- 
iand’s planned closure or the 
Spoke No. *2 plant outweighing the 
likelihood of an early return to 
normal working hy the tanker 
drivers and Ford's plans to invest 
£25Cni. ever the next five years. 
Itrirish Lv>land i.lused 2 off at 23p. 
while Rells-Ruyvc eased 1! to 65 p 
and Group Ij»Uis 3‘to 3Sp. Losses 
r,; 5 were seen in Hcnl.vs. HSp, 
and Refuelling, 104p while 

!.ex Service rotvded 2-J lo fiSJp. 
Oilier casutiltlex included ERF. 6 
off »r nsip, and T. C, Harrison, 
7 cheaper at 3IC P . Brown Bros, 
held at 22 l p in front of la-day's 
interim statement, but a broker's 

circular, highlighting the com¬ 
pany’s appeal as a Jnng-ierm in¬ 
vestment sustained Lucas Indus- 

trf's which moved up a peony 
more to 2 «!p. 

-'.f!* : erse comment took its toll 
in ttjihiwh which fell 12 to 195p 
in dr!I Wuspawrx. 

Pro j.or l v shires failed to 
*w*c the g-n«r?.1 trend, but 
ol'hrj » i. fair!;- uvm»p«i and ihe 
Ic-idc:--.- hme stcndier in the 
ate (le.dtju-*. I'nilcd Real 

L/ture-d semndary i*-*ues with a 
f.! ,! if 2fl io 24.ip on the lower 
fcjli -ye *. iy rvven mo. while Town 
.ir*? til' were idni on offer at 
,4-ji, t if„..n I. after the interim 


statement. Hnitjmerson “A” save 
up 10 to 560p and Great Portland 
8 to 312p, while B- Sualey, 202p, 
and Haslemere, 23jp, fell 6 and 
7 respectively. British Land were 
noteworthy for a reaction, 'of. 3 
to 33p. . 

Oils down again /. v : . ^ 

Light selling and the -absence 
of support pushed Oils to.. lower 
levels. A . reasonable .business 
developed in British Petroleum, 
which ended 10 off at 78Sp.'huf 
Shell were a relatively quiet 
market at 492p, down 6. Ultramar 
drifted to dose 6 lower at 222p,. 
while Tricentrol were similarly 
cheaper at K2p. Cl off Off reacted 
25 to 412p and Lasmo 4 to 172p, 
Jjut Oil Exploration mOved 
erratically before ending 4 to-the' 
good at 232|j. 

Overseas Traders had their Fair 
share of dull spots.; -Booker 
McConnell fell T to 203p, while 
losses of around 10 were seen in 
S. and W. Berisford, 206p. and. 
Paterson Zochonis, Iflap. Ocean 
Wilsons were also dull at:7Sp, 
down 4. . 

Investment. Trusts lost., m.qre. 
ground on small public sales. 
Capital shares .were prominent, 
once again and New Throgmorton 
fell 7 to 84p. while Altifund,.140p, 
Dualvest, 186p, and Tciplevest, 
126 p. all closed 6 cheaper. paJffety 
stood out in lacklustre Financials, 
rising 4 to 227p on the increased 
first-half pro fibs. 

Interest in Shippings/ -'Was 
lareely concentrated On Furness 
IVitby which declined 7 to.SOSp. 
.John Haggas remained-a dull 
market in Textiles, losing 3 to- 
lDOp for a two-day loss of 3 since 
the interim figures. • 

Tobaccos came, on offer and 
Imps lost a penny-to Tlip.' wbSe 
BAT Industries Deferred shed . 5 

10 2S5p. 

South African Industrials were 
notable for weakness in Greater- 
mans A, ' which declined Iff - to 

11 Op. 

Rhodesians marked up 

Report.* that black and white 
political.leaders in Rhodesia'had 
reached an agreement ' In 
principle on the framework''-for 
an internal constitutional settle¬ 
ment provided a shot in the arm 
for Rhodesian, anrl to--a lesser 
extent South African. - miming 
issues. ' • . ’ • 

fmmediately following the news 
Rhodesians were marked up. sub¬ 
stantially, but dealing. margins 
were widened while dealers, tried 
to asse*; the reports. - 
Subsequently Falcon ./Hines 
closed 10 higher at 190p, Globe 
and Phoenix 5 up. at, and 
gains of 4 .were common to 
Coronation. Syndicate, 93p. -and 
Wankie Collk*r>-, 41p. Rhodesian 
.Corporation hardened 3'.to 23p. 
and Mangula the same t0,-45p. 

South African Gold# enjoyed 
another yood day a* tlje bnUlon 
price advanced S1.75 .vmore- - to 
3178.875 per ounce—its highest 
dosing level since March, 1975,. 

Buying of Golds was- evWenl 
throughout the day, aRholtgii 
■.... 


I 


“.1* 


FINANCIAL TIMES STOCK INSfCES 

- : -- rjjFrtK : Ftb; ,- P.W>-- f F^-'.+r ^ re\ J«T - 

• -. ••“-.• [ la.-.] -15 ;i -*-»r >.{.*••*« :l-. 

: 74.-1 Ja *& 



Ftsed I deceit, 
JmlunrSal 
Gobi Mines. 
OnL Dir. 


ftjattv turnover Sm** {• -5(m1 "64.10 

Equiii- toqpfiiB ;i-1^2 9j' l5,48V 16 i g9g 16^44 : l»,X &5l 14,786 ,-; 


69Aa 7 .i d 


18 a-m.'455.1 U iiwa/aKLV Nwli <33.3- UPjn. 

2 Dan jLE. 7. -3 p.m. 1522- ;,■■■■ 

.Latest Max oa^K «|2&.;: 

> Based on S3 per cwu. -corpornetoo Hue. t NU^T-X, 


•i-:« 


- »aseo. on so otau vuhiwm iu. . ■ *““•'■ 7 '.; _ «i . 

• Battf 10Q Con. Sees.- 15/UU2&. Fisal IPU1B2S, JnxL m Ord: I/74& G^ . \ 
Mines S&.Aeiirtly JuIy;Pec. J?lS. 

S,E;. AC7;iVJT>t| 


1 

WGHS.AND LOWS 


i "J977/78 

JSincc Cdtnpitatiop 


Piah | 

1" Low.... 

i. Hlfih t low •„ 

Gtivu!s«ta.~ ! 

79.86 I 

C3Q# 1 

60.45 j 

"(411) . 1 

1Z7A f 99.18 
.(9/436) j ^311475) - 

Flsol iot.... 

1 81.87 

60 -49 , 

. 150.4 i 50.53: 

iS/fiTS) 

14 to - 

l&aXVTl OlUltY 


549^ 

357.0 

•549.2 1 49.4 • 


llWJ)' 

' (13/Il 

WiafniL f28/Mtt 

■X»oid 3iine*.| 

174.5 

<l8fl0) 

• 95.1* j 
.ifist.. ! 

442.3 j '45.5. ri 
■ (22fl5l76j;(26/lQ!71\ ! 


• W).- 




Drliy - '1- 

n „. sQflria&Aui 250— ,_ _ -. 

... todwrtrt(»_-)-2Q7A, '206^ v : 
3.53' } .SiKcnUtive—39.5'] 
iLrt&V i 'fotuls“i Ml.1-j- 15B4 ■ 


i-O-dir AVr__ 

GiU>&lRetfv4 210.'8. 






business was by no means y heavy, 
and the Gold Mines index mooed 
ahead For the fourth' successive 
. trading day rising a further 23 to 
157.7. Heavyweights showed Rand- 
fontein 5 better at £336, wbBe 
West Driefonteta put oil‘1 to ,^L8i- 
- Marginal. Golds continued - to 
attract a good deal ,of apecplative 
interest. Durban Deep advanced 
13 more to a 1977-78vblgh of 37Bpi 
West Rand Consolidated rose 5 fo 
T57p —-a two-day gain of MJ-^and 
Wit. Nigel put on 3 to 29p.- 
South African Financials im¬ 
proved where changed. DeBcers 
gained 6 to HOlp.ita active'trading 


while Johnnies " were 
at £l2j,,in front of the. imprtf fu 
half-sear profits; '• -. - -iy'. 

Among. ' Goppers • Mea t : 
registered - , a grfn of 2' afrU. -'. 
.refiecting.r the-, company's : « i- 
staritial Rhodesian assets.' Au5 [ - is 
liana were quietly steady with--; l 
exc^ptipiT of. Coiuioc , -T" 

which gave up 3 to 158p follow'' 
the company? wafting that ^s 1 
-yeaifs„"results-wiU.Jbe -unHkeli■: 
match those of, 1977.... i • 
-Elsewhere,"tbe Cornish tini 
ducer Gecvor advanced 30 to . ' 

. foil owing the* proposed three-**' 
one scrip issue . •''' - - 

. J* 


OPTIONS TRADED 


DEALING DATES 7 
First Last . Last • For 

Deal- Deal-. Declare* Settle- 

ings lugs 1 tion ■ “itaCJU 

Feb. 7 Feb. 20 Hay'll May 23 
Feb. 21 Mar. € May 25 Jim.; ? 
Mar. 7 Mar. 20 - Jan. 8 - Jun. 21 
For rate indications see end of 
Share Jnfotmation Service 
Money was given for ihe -call 
of Premier, Consolidateil' Oil, 
Lonrho, Fitch Lovell, > LUDT, 

Hardy and Company’, Grand- 


KfetrapolUan;. Town and 
Properties, . Rta - Tinto-5^ /• 
Beech am, FrencfL'.Klter, Trf S- 
tral,' S. Osborn, EUiott Cn f - 
BP .ReeiTluternartODaL .Westf -Si 
Aircraft and Pauls, and'Wh 
Puts. were donei. m JBeed. Ir' 
natfonai ' and ,;-W. _ J. Reyni r 
while doubfes- were arrangei^.; 
E uglishJProp e rty, Re^cham, F?. 

internatfopal; -- ^UDT, .'• Bri 7- 
Land, " BlEPC-a ah*. .Ladbi 7 -i 
Warrants, .•.:. '• ! ' - ,>: 


NEW HIGHS And LOWS FOR 1977/7 

FOODS 111..- •- 
• HOTELS. Oi 


i;!irr 
f _ 


The lolHntlng securities aiiotetf to ttw ■ ^ 

Share Inlarmatlcto Service yesterday Wheats (leaf 
attained new Highs and lows for 1977-78. 


NEW HIGHS (9) 

STORES <Z3' ' 

Beattie U.J A . Polw Peck ,.. 

ELECTRICALS ll) -■ 
Pressac engiNEEIUNG i 2> . 
Ha'llle .Ah-ISHW 

NCWSPAPSRS (11 

RoutICdge Keg. Paul_ - 

■ TRUSTS (11 

Para Place Inr. . -. ■ , 

.. MINES (21 

Supreme Com. ,* Durban Dew. j 

NEW LOWS 

. BRIT ISM FUNDS"-<1) 
Eacnor. 10 ’jbc 1995 ." 

‘‘^wraieiairti 

EMI 8<-PC Cw^i - - \ •: 


'Epicure . 

C CP N. Sm 


oils m 






RISES AND FAD/ : 

UnDown_, 

RrlUsA FuiMfs'.' 02 ST^- • 

Corpus* v Dem. . *und; ’ 1 V.: ; - 
;Fwchn Bootfc <2. . -34 - 

Industrials. . . '.i.— S2 *17 -f/ 

Nuackl . «f Pnp." .. -.*2tr . 28* — 

-Oils'. ._ .‘j .-I..:... * 4,. 07 • , 

PfBPUtisn .• :2 . 4 - 5j 1 

Mines . • _.U . 

-RecffibLjssnes . . — .. Iti _ 

. ’ •-- 

Totals .. 


2sa iato-* 


NOTICE OF REDEM?TIO»?f 
To the Holders o£ 

Mitsubishi Electric Corporation 

(MxtsnbishiDenki Kabnshiki Kaisha I 

7 % Convertible Sinking Fund Debentures 

dueMarcli 31 T 1985 

NOTICE IS HEREBY GIVEN ihnL pursuant to the provisions r,f G,- Tn.l. ntj-re J.it-I as nr Man-J: IS. 
1970, hetween Mibml.iihi Electri.- Corporatimi. uhe “Coia»..in>” i . 111 J Mt rsan (.uaranty * runt 
f .'ompanr of New York, as Trustee, all of th~ al.ove.*te«m!.i*d lK-iilur-. Mi^sandiii? «aijl 

Indentiwe have lieen called for redemption on Mar.-I, 31.1973 tlirouaii op-ra'inn nf the b.th paragmph 
of the Oi-lieiilura at the redemption price of 01 the pr.ifipal ar.mci.i tl-.en-of. l» 2 -lh.-r 

urerued interest to Match 31. 1978. 

On or after March 31. 1978, the Deljenlure* will he paid upon pnCT.tJliAii and M.rren.ier 'b^reor 
at ihe Corporate Trust Office of Morgan Guaranty Trust Company c: New J ork* lo Broart 
Street,New York, New York 10015, oral ihe principal office of Morgan l.iiKRtnly Tni*i Urawiiy 
of New- York in Bnmwk U»don, Paris anrl Frankfurt am Main, of Bank * 1 ** ‘i nnpe N \ in. 
AioHeidam. of Bawa Yonwiller & C S.p.A. in Milan or Credit Industnel d.M-aen el d»- l.mrame 
in Lnsemhonrg. _ 

Debemiire« smrendereil Tor redemption should have attached all coupons maliinng afier ularrh ■'■I, 
1978. Coupons due March 31, 1978 should he detached and collected in the .imisI manner. I ron, amt 
after Marrh 31, 1978 interest shall cease- 10 aernie on the Debentures and the re-h-mpuon l-rp-c will 
become due and payable upon each such Debenture. 

The right lo convert die Debentures into Common Slock of the Company will terminate at the clo*e 
of business on March 31, 1978, the date fised for redemption. Debentures surrendered for conversion 
prior to March 31, 1978 will not be entitled to accrued interest and must have attached the Jlawh it. 
1978 coupon and all coupons maturing thereafter. Del ten lure- Mirrendered for con version on March 
SI, 1978 will be entitled to interest Jup on «ueft date hut must have attached the September.«/, 
coupon and all coupons maturing thereof 1 er. 

The Debentures are presently convertible into Common Stork of the Company having a par value of 
50 Yen per share, or at the option of the holders, into Bearer Depositary Receipts, each representing 
inO -hares of Common Stock, at a conversion price of 98 Yen per share. The principal amount cl 
each Debenture i.= translated into Yen at the rate of Yen 360 equals 15. SI. Al the above conversion, 
price file holder of FI .TOO principal amount of Debentures? would receive upon 1 rom**r*ion JD.J Via res 
of the Company's Common Stock. The reported clawing price of the shares ^Common Stock on the 
Tokyo Stork Exchange during Ihe period from January 4, 1978 to January -(.1978 ranged from a 
high of 172 Yen to a low of 147 Yen per share. The reported closing price of -Mich shares on the 
Tokyo Slock Exchange on January 27,1978 was 172 Yen per share. 

MITSUBISHI ELECTRIC CORPORATION 
By: Morgan Guaranty Trust Company 
of New York 

Dated: January 31,1978 _ __ 


The I showing table ihovn the nercawuge ebangert which haio taken place sinec December XL, 197 b, in the principal 
Mirtw tactions of the FT Actuaries Share Indlcoc. it also contains the Cold Mines Index. 


Contracting ana Construction ... 

Hire Purchase ..—... 

Office Equipment ..... 

Engineering Contractors -„...——- 

Property .—.—-. 

Electronics, Radio and TV... 

Building Material* .-.«....—— 

Newspapers and Publishing..... 

Electricals .. 

Stores .-.—- 

Consumer Goods (Durable) Group ... 

Capital Goods Group .. 

Wines and Spirits .—... 

Honrs and Distributors . 

Men I and Metal Fermlag ......—. 

Food Retailing ......— 

Textiles .—.............. 

Breweries ......—.- 

HtttsehoM Goods _........ 

Insurance (!LHc) .-..... 

industrial Group . 

Entertainment and Catering . 


+ 97.41 Cq'kuhkt Goods (.'soo-Durablet Group 

+ MJS Financial Group . ... 

+ 77JB Insurance (Composite) .-. 

+ 79.bb Mcrcpjnt Ear,k s ... 

74.D* Tors and Games ...’.. 

+ 73.84 &ftO Slt.ire tod.v .. ..-.. 

bftJ9 AiKSharv tn3.*% ... 

♦ 62.42 Pocltas'n? and Paper . 

+ fc2.41 Mechanical Engineer log .. .. 

+ bL5* Oihvr Groups ... 

M.89 DUcoum Houses . 

+ S3JJS Overseas Traders . 

+ S2.M Gold Mines F.T... 

+ 48J7 tosurance BrcJrers ..... 

•r 4S-12 Food Mamdd during . 

+ 4S.® Banks .... 

4iJ2 Circmicais ..... 

-r 42.45 Investment Trusts . 

+ 4i22 Shipping .... 

+ 0-70 Tohoccas .... 

+ 4LS2 r*:-!irg Ftnanco ... 

+ 40 07 0:l9 ... 


+ 40-02 
+ 39 44 
, + J7'.98 
+ 374S 
+ Z9J23 
* 

+ 33J1 
+ 32.77 
+ 30.45 
+ MJ5? 
+ J0-U 
+ 29 S7 
+ 2954 
+ 37.U 
+ 24.88 
+ 24.45 
+ 23.43 
1 - 27.44 
+ 15J4 
+ 8J.9 
+ 4.9S 
+ 2J9 


tKcruoiiage cbatu«.' , s bdowl on TucMar. hVbruat? 14 . Lyre, indices. 


ACTIVE STOCKS 


1 Y 1 :. 


C! 


l'hrtn*'e 


Steel: 

IP:'!. r.»i Ear!' 

t:*..i : 

or.rl.'j 

r.r. ip) 

uii dj” 

high 

low 

'' Ai If .... 

'HI /kJ. 

’« 

. '•"lit 

— o 

17pm 

Spm 

Jc:i. 

ri 

1't 

. 

- i; 

4411 

J 23 

;n!por:.il Gfwjp ... 


1*: 

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S<» 

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EP . 

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?<-K 

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Iiliii 

7KIJ 

ctif . 

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:» 

? 

— i’ 

234 

ITU 

ouropwi FeiTi-n 

‘J.i j> 

■* 

•117 

- ii 

I Mi 

33! 

EAT*; m*fd. 

•j.ii: 

‘•i 


“ .1 

■>!itt 

2112 

Er»ol« . 



] ! ’i 

*“ A 

244 

113 

f>j En-rs DcfiJ ... 

!' J WA 

S' 

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tss 

R?nt." Or". 

".ip 

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117l» 

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KffiJ lull. 

fl 

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J- ; 

233 

ino 

TroCalcar Hcu.*c 

snu 

s 

t.-.ii 

- S 

Jti7 

91 

. 

2-*ii 

Y 


— ;* 

2R4 

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nd "let. . 

-:0» 

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— «M 

till) 

Ii2 

Marks fi; Siioo.-;- 

^•'i> 

* 

i-il 

- a 

173 

9l» 


RSCEbJT ISStiES 


£QIHT!ES 


I 11 . . ^ 

I*.,... =— - . 


lyrjj'..' 

il.fcll I • 


ft ji'f •«■' -*| 




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—i— : — 


F3XED BW7SKEST STOCKS 


J •iTI.t 


) f 1 ,+ " r 


1 -'Jl “ tlipb j Un> 


ii — l 


uu 
K.f. 
r\ r. 


i 2 u.-y 

12 a -J 


L'99 

K.K 

3o 

>ioo 

r.f. 


S100 

F.l*. 

— 

ElOO 

LaO 

24/c. 

VXOU 

fc.r. 

_ 


£100 

»r 

Liddi 


£993] 

C99ii 


v.i \; 

nil ,28.4 
K.f. ■ - 

r.r. 1 - 
r.f.- -- 
K.f — 
■CIO 2&,4 
K.f. 24<2 


a Tn. 
lft,-: 
Utl r 
luo 
sJW 
S» 
"'Hi! 
I0ui2 
: louiii 
. L0£ ‘ 

' &D ! 

1 *» I 
wo,:. | 

I LOW 
1 tosf! 


33|,u|. »ii !>1 r -1 *to. a-.. Cm. Cum. fret.;£5pnr—2 

|,. , t|.JL ,, iil..". i Vi.ri-iliiri lt/J.Ciiiil. firl.. 104Af» . 

v.; |i i.iilr -WH.i il’J l'ii,n. f.ti.I 109li' . 

ei)lt|.i»-nii,.. l.\ J- lUii tfeii.| 93 |—l 

i4;lucn c; j, Uk-4..S9-7 _ 

•am* l«r.'..{(97 1 .. 

bQlz!K..-u-.iiii:li'ii A CtiriM-H Lli'^ a»^7.1 51>«—I 

u (% I hi. VariBlik- "-iL.-|lOOI« —l B 

llTjIg U-Lv li l Vurlnt.lt lusil.lQOIg — 1 8 

l.jj ;fiwi-*,ni 101 = <i fty. Car. Ln. 19B4-9S....:100 , .. 

irdfcJe'iiuuiin.-.; I nil. LQjJ, 1*6.£99 i . 

Jtw I'*»*»"• I Pit. Hu. S/V. 10iJ l&Of . U99 I . 

Sf > l,uu Inc. Kill. N<v.6j» uuar. Note. 19H0. 097 _ 

SS^t 'Ituiic-i-ie VMiaiUv Wia,,.,. 997 b'— la 

7'2‘ l". Ii-'.’i II.'l V4-0. 8J4—1* 

luci.iWhiii-L-iii-t iU.) 11* Gum. Prof. 104 p —19 


“RSGHTS” OFFERS 


19* in. | 5 = ! 
Piwj j 

65 ■ nil : 
aa . Kf. 
SO | F.f. 
32 ; K.f 
5A1.7& ini 
10 „.i 

ID . 

81 I 

330 ; 
f A 1.7 b 
<A • 

56 ; 

10 . 


Luted | 

UtVUBV. 1 
LIUlH 

"■ j 


19?1 


Hull j 


Lu«v 1 


Stnck 


K.f. 

uil 

nil 

mi 

K.f. 

K.f. 

K.f. 


31 If 
6'li 
23/11 
: 24/21 

iJ 

2d/8l 

21>S; 

17/2 

1U,2| 

a* 

19 U 1 


— | -lpuil 

Z4,'2[ ; 

lO/Sl 79 I 
27/31 Kl 1 
10/3l^ 9 |.i"! 

— ill; fin; 
17/3i 42 Is ! 
30/ai Vfjml 
31/3i rif.in’ 

3.-3; n*|iinl 
10/3 W ( 
5/d! a j 
16.21 b ; 


19|,nt AGH.. 

11/ .IrliiiEtuii Motnr... 

ba CnKletnrm..... 

3; ‘Cliri-iy tiros.. 

4:p?n L.iimn. llniilt nf Aunt rails. 

IU; .mlCre-tfllai e.. 

■V, IL. it.1. . Internal Inna I. 

bJi'm! JlnuriiMtw Gamucu. 

y i-iii''I]• tlmiil Uauk. 

4.'t»i..\ntiMi»l Hunk 01 Atintralosin.. 

tllnjAriti iJas.t. 

ll ll’miJi lAnredi.. 

It j-jtii' 1 a lUw.i.. 


VImidu 

Price 

FI 


+ of 


srp 

69 !-1 
42 

44pra 
IOmii 

41 : 
6pm 

8pm'—2 
49pmj—1 
87 
80 
1313 


Lite 

.1? 


Heimaeintiun daiu utnaiiy last ouy ter dean tut tree at stamp duty, b Futures 
oasM nn nrospeems .mi mate, u Assumed itlviilenrt -ind yield, u Korecut (Uridond: 
eouer uaivjd un previous war's .jminKs. t Dividend and tic Id based on proapcctas 
nr oin^r xtliciai esnmaiL-s for 1970 u Grass. 1 Futures assumed * Oarer allows 
ior cuBversiiiu ot stuns not now ruotnif^ //tr -iirwiend or rsnlune only for restricted 
d 1 ndmd 1 . j PlaeinB uncu tn public. i>t H-mw unless otherwise indicated, s issued 
t»v it-nder , OtTervd » hnirt.'re of iirdiuani fiharos as a "ngluv” — Hlshts 

nv wav of capitatriDti , in ■' Mmmmni ti.mjar nrtee. Heintrortucrfi. U5 issued 
in i-oritivi-ilim w»tb reWsur.i-s i'mit ■norui-r .ir ::iki>-nvnr. till UirrmiueUAii rj Issued 
ton*'- r I'rolerenei- iwn rs Q \il<i , m' , iu tesiurs <or tuUs-oaiilt. • Provisional 
or Dorib-uaui Hilutaiuitt letters. £ Wub warraiiiE. 


FT-ACTUAMES SHARE INDICES 


... ' - "AI, . 

These indices are the joint compikliori of the Pu^rida! Tiise^ ihe Institote of 

and the Faculty of Actnmies : 


-iiTj 

"iri-n 
■ a..L 


■ • -~y» 

Acfuar^rr 


51 


59 



EQUITY GROUPS 

Wei, Feb, 15/1978 • 

tg U«. 
:Fcb.-- 

■vr 

Mqh. ; 
pub. 
13. 

FrL 

Knb. 

10 

GROUPS & SUB-SECTIONS 

Kiflurw. in poreuthtwes show number of 
>tncfc^ per section 

Hides 

So. . 

Day’s 
Change 
"V . 

■Eat." - 
Ears logs 
Yield* 
(Max.) 
eorp.r 
TtalK 

Gro»- 
. £bv. . 
Yield* 
(ACT 
at 34*5 

Esl* 
j.P/E ' 

Jthtia. 

'*K- 

todcX'. 

So. 

Index 
Sfd. . 

Index 
' So. 

1 

CAPITAL GOODS (170;.... 

198.45 

-L9 

17.96 

--537- 

. X. 89 

202X8 

20434 

20483 

u 


175.80 

31636 

-2.4 

1736 

1824 

602 

BX1: 

180.21 

18233 

182X9 

:t 


■ -23:- 

^450. 

797 

324.74 

326.02 

324.90 

4 

Electricals (15/.... .... 

425.73 

-13 

1535' 

- *16 

.9X1 

43133 

44L95 

44301 

5 

Engineering Contractorsa?i..... ..... 

284.48 

—LS.. 

,2059 

rtj6s 

.6.65 

288.74 

290.53 

2*1.® 

6 

Mechanical Engineering i?2>- 

157.11 

-L9. 

-1887 

-4io; 

- 7.54 

lwua 

16X50 

■16137 

8 

Metals and Metal Forming 117i_ 

CONSUMER GOODS 

159.95, 

-21 ; 

19.63- 

J34; 

-6X3 

16332 

164.85 

164.49 

It 

(DCSABLEH531-.... _ 

18169 

—2.4 

xaG8 

5X2 

7.77 

186.88 

187.81 

188X1 

12 


Ob37 

—33 

16.48 

18.77 

' 38S 

8.77 

223X3 

22635 

226.94 

13 


16772 

-1.6 

7J»7' 

72J 

170.42 

17832 

17137 

J4 

Motors and Distributors [26> .... 

CONSUMER GOODS 

U2J8 

-13 

22L06 

6.63 

6.69 

11332 

12432 

1X436 

21 

INON-DURABLEK176)... 

185,60 

-2JL 

1X28 

6.20 

638 

8X6 

18983 

192-81 

193.96 

■M 


20T.47 

23473 

-Z1 

'• '—23 . 

1538 

37.67 

9.66 

Jllffl 

23458 

216.67 

Zi 

Wines itnd Spirits iffi —... 

414 

239.74' 

244.94 

2MJHL 

24 

Entertainment, Cateringi lSi.. 

2S7.A6 


17.75 

7.24 

8X4 

243.47 

249X6 

251.05 

25 

Food Manufacturingi22i.„.. 

182.06 

—LB 

21.95 

536 

•6.48 

185.47. 

.188X8 

18835 

26 


185.07 

. -0.9 

14.73 

4.». 

9.87 

386.73 

189.68 

189.60 

22 

Newspapers, PnbllsJting U3i- 

333.9(1 

t3B 

10.71 

338 

1338 

326.25 

33X04 

329:99 

at 

Packaging and Paper H5t.. .. 

H9J1 

-05 

22.16 

... 9X6 

6.49. 

119.68 

32L90 

12X41 

34 


17333 

170.61 

'-—2.9 

—L2 

1X06 

20.47 

436 

7.79 

14.18 

6X8 

178.42. 

17262: 

im«i 

18837. 

l«3Ii 

35 

Tcjcfiles(B)__ _ 

17537 

36 


Z3A8S 

.9733 

-2.8 

26X5 
71 91 

8.71 

4.68 

630 

•7717? 

22339 

10069 

234.74- 

37 

Toj-s and Games ifij.... ._ ‘ . 

-2.8 

6X0' 

108.15; 

■:'99K30- 

4! 

OTHER GROUPS 07)... 

18237 

-2.2 

17.42 

■5.96 

7.81 

186.57 

78833 

188.19 

42 


247.40 

-2.0 

20.04 

6X2 

.7,01 

K5L1T 

:«i«l 

25501 

43 

Pharmaceutical Products i7». 

24L22 

-L7 

1X40 

4X1 

1X25 

24552 

?2483 F 

24851 

44 

Office Equipment (6)____ 

124.50 

-3.7 

22.07 

4.96 

'6.01; 

i2933. 

. 13100 

13132 



446.06 

-23 

-2.6 

22JJB 

1650 

656 

6.40- 

.'536. 

SS9. 

45652" 

45951 

197.42 

45949. 

46 

MlseeJ!aneonsi54)-- M|| ... 

191.49 

■137.17 

48 

INDUSTRIAL GROIP (496i_ .... 

194.03 

-2-2 

1756: 

5-98 


198321 

■5200-88: 



Thnrs 

Peb- 


^r’i»fcE 

r, 


Index 

So. 


205.25 

183.09 

326.16 

442.97 

292.82 

16153 


164.79 

188.43 

2Z7.7I 

17130 

11499 


194.43. 
216.77 
JM7Ab 
253-24 
190 IT 
190:77. 

327.6Z- 
122.77. 
U0.8G1,. 

23324 
9939 


i-* 


Sf: 


.-• 

i •• 


«*•— 


>r#. 

•n - 
ti : 

•tfio, 

j; 

i p 


y —. 

i 1 

t! dj 

l^In 
■s-. 

c 


388.65-1/ % 
S648J 5 -. ^ 

w.*.. 

.-130.07 . V ; 
45922. ^'it. 


OiJsMi- 


500 SHARE INDEX-... 




20 L8fc- jjS. 


448.09 


FINANCIAL GROUP (1MI. 

Bankstfi)--'__ 

Discount Houses! 10)._ 

Hire Purchase l5>- 

Insurance CUfelt 10 1 . ... 

Insurance (Composite) C7t_ 

InsurBace Brokers U0) _ 

Merchant Banks (1_ 

Property (31)- 

Miscellaneoflgfn. 


Investment Trusts (50). 

Ifining Finance (41 - 

Overseas Traders G 81 . 


ALLgHABE INDEX (8731. 


214.22 


15935 

17935 

199.41 

14636 

134.05 

123.07 


307.72 
-77A3 
235.94 
104J8 


18237 


8825 

27132 


198.65 


-Z0 


-L6 

-13 

-0.7 

~13 

-1.5 

- 1.1 

~0M 

-23 

~23 


- 1.2 

-0.4 

■—3.4 


-1.9 


1733 


2631 

238 

2233 


24.73- 


3,42 

ULS7.A 

£21 


5-76 


S-H- 

- 5JH3 
ftZff 
S35 
; 608 

■:4j4Sj, 

':2.9a-' 

-57ss: 


531. 

7A8 


?5.74 


732: 


r aiat- 

*&s- 

.5K 


^6137 

feoff-W 

i4sar 

13537 

12531 


29.22 

63a 

.724 


.ZLbjw 


30.13 

T83S 

wii6 

106.81 


18433 

88.60 

225.42 


202.43 


-2ZL51 


.362.73 

182.B 

280.90 
149:41 
IK.97 
126.46 
.31035 

7830 

241.90 

186.90 


184.80 

.89.51 

«A27 


20462 


22L96 


162.43 

"183.06 

'20L® 

14936 

13572 

12639 

31114 

7822 

24036 

18604 


18536 

87.47 

27476 


20435. 


22233 


163 65 
183.86' 
20239 
154 W 5. ; 
13938 ^St 
127.93 - 
31251 .. 
77.73- ; 
23935.' A; 
106J5... 


185J8-; 

ana.;*: 

27267. 


Z8242 v t.; t .. 


FIXED; INTEREST PRICE INDICES-.' '-l: 


. ~ 

British Government 

_ 

Wed. 

Fob. 

i.1 

Day's 

change 

* 

xoTadij 

To-day 

Kd adf. 
.1978 
to date 

1 

Under 5 years ........ 

10755 

■rf.0? 

■ 

175 

n 


118.66 

-05 

> — ' “ 

1«3> 

3 

Over 15 years_ 

12583 

-856 


164 

4 

Irredeemables.— 

14235 

-025 

— 

■0JO 

5 

All stocks- 

116.84 

r$29 


'• 161 


/.•- J'OkD QffBBEST. 

; 'mats : 

Br. CovL ^V; Gross Red. . 

feb. 
.13 . 

. t 

Shai." *•*«!•' 
Feb."’.;- 

•. m 

1 

2 

3 

lb« .. . 5 yaara....»...... 

Coupons"'• 15 yeatt....i_.:.; 

• • *. 25„vefi)rs. 

7.89 

ioxr 

•10.65 

■r&~. v: 

»xr-;. 

3058 V-V 

■* 

5 

$ 

Hpdlunr S vmbi 

Coupons , „ 15 jiean..^.'.^^ 

- . .•• 35 years.:«. 

18X0 ? 

' 1114'- 

• 1X28 

- ion ; v .. 

LL06 -:;.; ir 

, .1119 '-Ly. 

7 

8 
9 

High'- • v. 3 years..'_...J... 
-Coupons ■ '15 '■ 

■- aby«ars..w..U.-. 

10 .72 , 
; 1239 
; 12X8‘ 

wh x ■. 
32.02 .-W' • 
a&l.-v 

10 

hredeematfles_'. ~ 

- 11.65 

11.63 ;>, r 


ffefipeb.15. 


Indcc l YtaU 


1W. 
Fob. 
. 14 


Jitwii | JYWay j Thtu*. ’ tfenl. J Tue» ; Munf"* “ 

‘Fdb, Teby 1 Feb.. J Fab. - ' »»,. % 

- ty. I'.-W-i -:a'v, ; .8. ;.y. 


po-yr. Red. Deb. & Loans (15) 
investment Trust Prefe. (15) 
[ComL and lndi. Prefs. (20) 


6X21 

liiua 

'61.52 

61.73 

61.37 

S7.D8 

.Afli4 

-«7.o»; 

.ty.oy 

JB7J0 

. 77.101 

1X70 

77.4Z 

' ?74wj 

.77^ 



... . ;t 




'56JJS 

• ■'i: 

17*33 


6l"s8^}-6i2a i 

*C7^7.b 87.47 j- 57.13; '' 
■77?tty_| ''77.77_l 77.77 V^ S 


t Redemption staid. Higtis aatf'lowx raotnL'-base-'itiiicv And 7atita». biid crortffctcjjt vchanFn* are -paMisbed to■?%,' - 
tones- A new list of Ujb cansttoums fit" araJlaUe from I bo P«WtP)K». Up? Fl/umOAI Tbnas, -BHuftm Mouse ■ >■ 
street. London. ECU. price jsp. by post Hbu — r. ; - -‘v v - *> -- .t\ ... , 

















LT~4 1 a^WTl 



Randal Times Tfrursi^ 16 1978 

1——I . _ “• 




pN^liveEi WPERTY, 

\ BONDS 


Authorised unit trusts 


«4»nu 02an71 m NorWich Union Iummnee Group 

!!*-154 W3-J- 5S51S&3&S — W ^ 7107 wn^n, 


ind - ftM 

-2&2 

fd.-ms 

Act__ Usjt 

Ftmi _ nT 

ile Fund _ I2a2 
1*ad-119.1 

SfcZ^ 

J/iCJ-U2JZ 

■need_1669 

-liw.149.0 

. Mt. 4_ 120,3 

-St-r.4_ms 

O-Ser.4.. 314 

ijSfcBS 


«d = 


*= = 

1357_ _ 

156 «_■_ 

126 7 _ _ 

1353 _ _ 

33J _ _ 


Harabro Life Asraranoe limited ? 
tOWfaftj l a aB . L op d Ba.Wl - J Ol-MOff 

nuHU. 


- «»iiMedFiind—»L5 

,. ... faulty Fund-H5* 

noted? ■ Property fa od_ it? 7 

U-OBfiRi ^Wlbt Fuitd ,.^ 15225 

WWWW91 PpppsUKand_ lft? 6 

“—i ~ Nor.liiuLJaB.ia_ a 


ZH.U-7.TI — 


Abbe? Unit TaL Mrts. Ltd. (a) (z) Gartown Pond Man 

72JU.CalBhaue|W_lesbuxy. 02M5M1 2.St_J*anrA m. EE3.% 8M>. 

._poj Jig -071 4 m (z> American Ta—C2i 

‘?PF*7Iwnwe. |j5.9 3*3-0.71 573 IlrilbtlTfe-iAcc.i 

Abbrrlm.Tnl. IU.LSL5 JJM-al 4 40 COitiBlotHraMiari 

Abbeyrmn-Tw—44Ju|- lo| 400 ntfarEWLlSi*.. 

.... . — . Highliwmeta - 

Allied Hambro Group (t) (g) inco me Fund. - . 

“■«J5»0 H», Hutton. Brentwood. Essex. {JS^mBKA~ M1 
01^88 2*1 or arentwond -0=77, a 1*S totaLwKc/Zltti 


Gardmzv Pond Managers ? (aWg) Perpetual Unit Trust MngmL? fa) 


01 2833531 40 UaRSL. Henley on TbaSM 040126888 

!HJ3 094 FpotoalGp.GUL—(37* 4021 1 395 

—1.1} in Plcodlll; Halt T. Hgn. LULV dKb) 


OFFSHORE AM) 
OVERSEAS FUNDS 


37? Piccadilly Unit T. Mars. Ltd.* <aXb) Artothnot Srcnrities ICX) limited Keyseler Mngt. Jersey Ltd. 

112 WVdruiHM^yiB London WnllECX 6380801 B<K 34. St. I toiler. Jersey. _ 053 ? T r l /7 PCl BmtSMl. Hrtter.Ji^.-r.lfaUvl.fij’iT 

* 32Ad —031 US U»n.Ta.iJer**ji—1126.0 12021)-[ 365 FHiMln—rYJJK l«ji • 

ffliS J5 3« . N«L deal me date FW1.2L Kevwlri ton-15 H 

Mi -07 3 79 EastSJnU.Trt'' I'.-UBIO U10|_} 3J8 Keywles Kurop.- . Lj M ajS .; -■; 

493-01 3» N*at =;nh. Feb. a Japan Gib.FumJ__fci08 22b~t . ...1 __ 

3B OB -oi ip inrf.iHi.1. Kfjsele* Japan—LUL53 9J1 : . .1 371 

6W sis Australian Ne lection Fund NV Cent. As.-eti cap_r£J30.7D j-oa:; -... 

S I -12 354 Mnrtet ppportmnucs. c,o Inih YoonC & .. „ 

5 3.W OuOiwwle. 127. Kent M. S^daer. *^®S « Shaxson Mltrs. 

».4|-ajl 3Jfl laistuuyi-|H«42 -■ 1-1 — 1 Chinns «.m^. sj. Melj.-. it c. 

H? __.. . , ^ , . . Art £as« ijJue Kcbnuui'R 1 Thnraj.- Ssr«'i liii -tij. ••.- 


Feb. 7. VbJub tints 




~. FVn-F.CDevCap 
~ PfliFtW 
— Pen.Pnm. 

“ fa».Pnjp Arc. 
T^V, FCn .M4n.CspL 
*“*■ Pen. Ma n. Arc. 
Feo.Gilt 

. Pen. Cill_ 


Lite Assurance Co. '.Ltd. Pen!ciit__ 

®si 

Arc.. 

.Acc 
ifdAcc, 

O-ACC— 

■MAct 

FdAcc_._ 

\ec-139.0 

•Cn-Acc-llMA ___ 

Jfe Aasnraaco LfaLf nnS 



— Phoenix Assurance Co. Ud. 


01^88 2851 or Brentwood <0277) 211438 
Balanced Fuads 

Allied in_ 

Rett. lad. P Wt 

fifth blmL._.. 

Elect & tod JX-j 


31: 


t5.«K.’S ,1 “5V 1 gS p " 1 5i S| St*^ 6 esfife 
KRJSl—L 


Hl8hYV!WK«J _ .* 

Rich Income_t 

0.H. Ea toe.-L 


fan.DA.F.C«B._ 

fa.UAF.Afb_ 


z Haater Of Oak Benefit Sodety 


A.H. Eq. IDG.- 

Prop. Equity & Lite AM. Cftf bUrratfaBal PdkH 

11B. Cranford Stmt, Will£,\S- 01-480 DOT 

ftSMftttIL- Bi*' | ”-J = Sai?®— 

Do- Ft Mbs. Bi Pi| 151.4 {.-..4 — SpecUUsi. FoimU 


Emton Rnnrt. London. WWi _ 

— — aanitsafftOt-«pS5 BA -I - 

TZ — Hill Samuel life Aanr. LU.V 

— NLATwr^AddlKMnbeRd,Cray. 014904355 

- “ gPTOP ert^Unlto_n«5.0 15Z# _ — 

Jfe Assurance Lid.9 Kanseed Lap iuM-'u Z 

fessaiasj: k = 

i%- ~ ffi: iizlrr 2 ifesSM*-!—a»‘ atl 4 * 1 - 

raSpaiS! »l= = 

IFen.-fl'IiMT 2*6.3) ZT - P^m5h 

Cap. 


Property Growth Amur. Ca Ltd.* 



01-3875020 lawn HouaejCroydon. CRB 1LU 


112.91_ — 

1M« “ _ 

IDS 2 _ 


ifc Assurance 

8 Road, W12. 

feStBI 


Life Assur. Co. Lid. 
dSd.E7. 01-534 KM ?? 

*a*i - Sc 


01-7489111 Imperial Life Ass. Co. <rf Canada 

“3 —-I — Imperial Horn. Guildford. 7L255 

lajj l -1 — GzwthPd.Fcb.lQ.K9J TSJl ■—I - 


Proper Pond-_ 

Ptopeny FundlAl 
Agriculiurai Fond. 

Aerie FnndiAJ— 

AbherNsi Fuad. 

Abbey NatFd-iAi 
Ih'etlmen! Fund- 
tovrsiment Fd. lAJ 

Equity Fund . .. 

Equity FumJf,M 
Money Fund_ 

Money FaDdlAi 
Actuarial Fuad. 

ilt-eUced Fund 

will-Edscd FdL 1 At. 

♦Rrurc Annuity 

dimmed Ann'tj'— j ijb.s r_| . 

Prop. Grawtli fhll tn ti Camilla Ltd. 
AM *llberAc l"is (1313 US^Z.^l . 


T Secs, of America-. 

• — 1 — facUle Food__ 

ri Z SaertaUaL Fuoda 
Smaller Co-'a F4 — 
2nd Smlr. Co's Ftt- 
, Ltd.* RecoverySJLs. — 

«■«« B&SStS&i 

-1 — RwnpL Sntlr. CoV ..f 


-— —— 1—-« MM a J| J.iu b. i 2 m ,m,is 

9b«Ull*iru«U 

Smallerea’* PU—1311 34*1-051 514 BIrd HY Fah. u 

mdbalr.co'sFd.- 406 427 -o3 12 b iakublUiiUs). 

Recowry&IU BJ.5 wi 13.3 5M ESn^Feb-H 

MetlUiLgcrdlp.. MJ 390 —9.3 557 (^Sn-I'niUi- 

OKrwM&mlnp.Oj 9Z.1-l.ll 5JI GnuMtMlu 

BanpL Smlr. Co s..(200.5 ZlljJ -£4| 111 fAceu* Dnicv_ 

. Ln.ftBnls.FeK I 

Anderson Unit Trust Manager* Ltd. IA«WP-Hn«») . 


Jo Capital Fund... 

£9loH tS tetEfiu.*Aiam- 
... ... *“• 0J S - 1 -* Pnvwemmi— 

Gibbs (Antony» Unit Tst. Mcs. Ltd. A«»al}r. Prad . 

I” a.R«BflddS t -Era7NL 01^84111 
5.C «a»AC.Inewe^-.W4 *in_1 am AaericaaFJSZ 

523 ia)A.G.Okl^ll.II...L6.0 387i ..Zl 470 Set £iiR uh> Kd)iUiy SI 

4.« ioiA.G-FarEaaf- 1^4 22jj —4 ojo Practical Invest. Co. Ltd,* (y«c) _ . . , ^ , . 

^ avs - **3- <K,Bjoomaburys«.wciA2 Ra U 4E9W Bank of America InlenuHfomd S. 

Govelt (Joonl* Practical Poh. 15_&35J MJLU-Lffl 4J <3 ^5 Boulevard RoyaL Luxembourg C.D. 

77.LaBdooWall.K- - CI W85GSJ Accmo.l'mte-|l»JI SB3)4Jg «Mwm■■>>*«».MW* \ 

sjwr.Feixa -,1«7 T2ft.il Provincial Life Inv. Co. Ud.9 ’T* * 9 ‘ 4ub - Krt ' 1 

7j, DcAixomjVh.Kj^j^ SSSaiSex^ «7«® S' ^ L ” dB - * & ****** M . 

ig Grieve*® Manajieincnt Co. Ltd. JS^ineome'ZZlIiaLi ira?!-2J! 7W .Ueoaad^Fuai^iJL^'%''WJ^°* 

i ts 30Oe»bsznSt.E.J2; , :D.S. bl-<KH4433 - NXt u«ct val-jo Feb. 15. 


Ki3M:let Japan_LUL5J 

Cent AsretsCap_| H 


-071 8,37 n.LaodqnWall.K- 2 C!-H 

Zl SI 71T STlWr.Feh.3. ..I1J4T T2ftU .....I 

-071 7J9 Do.JMseiBB.Vnii. in’ im.51 ._1j 

1 Next dcaiins any Yr*i Vl 

*01 j 2J9 Grlevewn MaRa^ement Co. Ltd. 

Zn'?| 2-JS 50 Creybsm St. &.J2T ZDS. 61-OU 

“O J1 JIB b-mMiIR 190* a w-a B ... 


.Z3 3» BSi^rSri&Ts£"tedtaSr; W “S & Shaxson Mera. 

-OJj 3Jfl laiShareji-JH-S342, - ]-J — 1 Churinc i,fn^y Sf. Mtrlje’'" 'i^ c- 

, .. . Art tis« uJue Kcbnuui'R i Thi>«w> Ssmvi thuuij - 

ty."0) »»_» . . , _ . — ■ c . liili Fund iJuri.M.]. 110 00 10 Cujj-C ”! 117 

01-4038983 Bank of America Internatlmud SJL oiln*nid n.eji.i litocO ii™j|..;...! :i; 

4*2 35 Boolouard Ro^aL Luxembourg (ID. loll. tort. Sees. Tm. 

+231 4Jg Wldim-en toeon w ..|H , SUiR UffiH __..l 6.74 FiWNtcrllhg—„,T6^ 16 71! ... ■ _ 

^ rnccx at Feb. B. Nex! »ubTd»y Feb. 15. First Invl-—1517*91119^1 .. _ 


! -RWe. Qaew Victoria Si_ EC4- 


7.95 I -Uwaader Fuad_KVSSW — l-OJUt — 

, ., ] N«* auct value Feb. 15. 


-Veto. 15. Flrw Invl--1517S 97 11? ^1 

R Ltd. Klein wort Benson Limited 

01-030 2313 20. Fer.chureh Sl. EC3 


2B2M ”4i| ££ PrudL Portfolio Mngrs. Ltd.* faXbKc) ■ 

2191 j- 43 438 Holbora Ban.tciNZNH 01-4KBSQ2 Basque Bruxelles Lambert 

177 J 76a Prudential-rU15 S2Z5| -3-CJ A59 2. Rce De 2a Rt-genee E 10(0 Rmsaela 

liftj ZZ L29 Quilter Management Co. Ltd.* ReB “ Fond ^—IL959 2 JBQ -2[ S3* 

— iS The at ExctiBng*. EC2N ihp. oiooocTT Barclays Unicorn Int iCh. Is.1 Ltd. 

03 9 ::z 2«3 „VS3 -1 5-2 I.CbariMCr«a,SLHeJier.Jr*y. 053473741 

72 4^0.3 0*9 O^Bramlneimie-HJ3.7 U9Jrt-1 7*8 fr.-frwaj Inmnr1M ? 52A4_11003 


Furioie^t. Lux. K 

• luerairy inr_ 

Do-ACCUm.- 

KB Far Eil. 1 Fd_ 

KRIniL Fund._ 

KR Japan l-’und..._ 

VD I'f k r. 


ii:-»23 «>.•:-* 

t ,;o; 


2,020) -2| 830 KP I'.S.Guth F<L 

Sicnel Bermuda_ 

ifii. Is.1 Ltd. ‘L'mlondiiDMi_ 


.5.1.. I .’5 
SI.S954 UV.1 lift 
■ SVSIOJo ! .. | ; f) 
SL'MLSi i...: OaJ 
SIO 21 . I _ 

SL'5428 I-JCft 1£T 
IJ5 1933! . I Cdl 


m = 


m - 


■■ of I <in yunarani irfn. ro,.riuj.u _I «/ 

7l3io;J o*9 OuwmiBlncaBie-nU.7 139jSj __J 7*8 

- -«.- -rOJI OJB Bellance Unit IHers. Ltd.* 

1 ?— SL Et^gdAA Gnordten Royal Ex. Unit Mgrs. LuL bcHbucKk ,Tupbr1dGcWcm.EL Q892SST1 

AndmmiL.T.— |45J 4BJJ—| 4*1 RoyJEMhsair.ECif^DN. 0I-S28B011 Lwoituniq Fd_159.1 63^_I 5 97 

Aonbapher -TTnii. Mnai r-- t tA fauiGuardhUlTaj.-HM 5 83.4a|-17| 46Z «3-£S 


l.ChuriM Cross. Sl Helier.Jny. 


'KB art us 1-ondua pa;-me .-cj.- 


■Subject to Icc and withboldtoe taxes 1.0. Bos 165. Si. Heller Jersey ■ :■ -4 


da--115.9 

-10M 

zzrBV 

-102.7 

-973 

ecuni.. 97J 
-— .._ 95.9 
-iftAcc.. 971 

- - -.95* 

-Ace.,- 973 


"3 = 


--.1956 100-'., * — 

aSr^' = 

-Trent unit ksIuc Feb. IS. 

Ufe Annr. Co. Ltd.* 

ISt- EC3. 01-4891388 

Bd 1 12UB { i - 


Growth FdL Feb. 10.K9J TSJl .—J — 
fans. F*. Fnb. lfl M2 uiM — - 
- J .. ''nil Unted Portloliq ■ 
XoaMied Fond _Zf99 4 99J — 

FlwdlntFd_—E-l »»3 —I — 

Secure Cap. F^L —_W J 1003)_I — 

EquttyFtrM_,..[« 1 U03) _I - 

Irish Life Asnmee Co. Ltd. 

It, PlnsborySquar*. ECS. -' -01-028 82S3 
^^pnot___J A20 

i^p. wohi.rlwu lM^ zzi z 

King & Shaxson Ltd. 

SlCambliL EC3. /014B35433 

BaadFd.Exeawt-.n0f.79 U1M-2.07I - 

L iagham Life Aosnmuee-Go. Ltd. 

I jmgaa m Ha. Holqibraok Dr. NW4- <11-2835211 


*AU WeaUicrCap-. 

fI"v -Fd Ills_Z. 

fanjion Kd. Uu_ 

Coni Pen* Fd--- 
Chi. Pn* iW in 

Man. Pena Fa._ 

Man fans. Cap. LI 
rmp Pena Fd--. 
fafp fani.Cap.LUs 
Me*. See Pea. UL 
F-Jr bur. Cap CL- 


« 132 

13U 
1264 
1409 
1293 
1452 
1350 
1411 
1»J 
127* 
U&l 


Aosbacber Unit Mgmt. CO. Ltd. (aiaGuardhiUTw ims 83.4^-171 

i Noble.<?t.EWV7.IA. 01 *538370. Hcodenson Adr.inisrrallonte^zl 

InaMoalhly Fund tl70.a UQjqI .. | gu Pre«rrter L’.T. Art cun.. Rnylelch Road. 

. 1 1 flr*nt*aod,Ea«n,. ICT72 

Arbuthnat Securities Ltd. (aKc) igiAn agallf - ■ - -127* 29ji -03 

37. Queen St L-ndon EC4R1BV m 90 9=81 A^ -l f» B 4 l7 -L6 

Ertni Income Fd. -(1105 119*1-02] 1044 leiEaropean-132 7 346-02 

42.0 -1.0 9 41 (fiiFarEaM—--B9 4 53 9c *03 

573 -10 941 (flFuianAITII fcja 252 -02 

57.1 -Lfl 941 i gi High Income-55 2 59.0c -0.7 

273 -01 12.08 igilnc. A AaMls 104 32 4 -03 

40* -03 12 00 lgilrdem*»km«l. -».0 2ft6 -02 

2?? »«*&iS5S2P7« - 0 4 


Barclays Unicorn LuL (L O, Man} Ltd. 

1 TaomaaSUtUKiElax. I.O.H. 0BM48?6 


Lloyd* T*l. O'w. |4f P 50.5! -•> ’J 
Nu\t dealinr. da:«r M.-rch 


— Provincial Life Assurance Co. Ltd. 


Hieblnc. Fund. 
AfAceum Unlisi_ 
i8^% Wdn*l Urn 
PrrtMamw Fund 
AAccun. I nliai. 
Capitol Fund'— 
Commodity Fund 
fArrum. L'nltsqt 
uo^i Wdfwi.Ti 
Fln.&Prop Fd.TT 
Clanla Fund... 
iAtmm Cntx> 
Growth Fund. 
lAecum. Units 
Ionian Glh Fd. 
‘Eastern & Inil.Fd. 
*«B9 b W'drwI.Uts 


" Bisbopsgate Commodity Ser. Ltd. 

5943 r.O Box 42. LicusJilJ.I n M 0KH-S 

2“ ARMAt> Jan. 3-1 SCS2419 I_I - 

CANRHO" Feb.0.1 u.010 1_j - 

TS «.vtvr-F«*.n.,| £2j36sl J — I - 
,22 UnfiinaU; issued al -SIO and ■*£LP0 l 


222 Birtinpigaio. E.C*. 
Prw MJnaeed Fd-.pU 4 

Pnn- CaibFd,_103.7 

Gill Fund 20_1201 


01W7IS533 WSr^TnLFd. 

- — Deal. IHon. -Tm 

52| -d Z K«wd!Cft-to 


521 N.A.HrOMFob. 10 1032 1073.... 

511 ru)4 Mat -2]i 25 la -01 

511 W.Wld.Feb.10—hi to3 .... 

317 ir.C abot-to.1 73 ft)-0 7 . 

3 63 (.-abut Extra tor... 1ST 3 556/ -06 1 

353 “Foe tux cropl (undo only 

lO Bill Samuel foil Tst, Mgrs.t (a> 
5“ 4SBeecbSt,ET2ra3: (W-«38i 

3-5? Ibi British Trow 

3S ijgilnt'llfvat 

Dollar Trnst 


Ife Assurance Co. Laadham Ha. Holipbrsofc Dr. MVt- -01-283 SOI 

^aar ^farMlzz igjzzl = 

1 " assurance Ltd.* Legal & General (Unit Amor.) Ltd. 


Prudential Pensions Limited^ 
Hnlborn Bars. EC1N2MH. Dl-t 

toaiLFct Feb 15.. R2306 23.771_ 

F td int.Ffcb. IS Ef « 193* 

P«>P K. Feb. 19 U2420 24V51_ 


Deal. 165on. “Tucs. ttWed. tThurs. ttFri. 
Mni did-■“Dev. 22. -Dec. 13. Dally 

(Archway Unit Tst. Mgs. Ltd.* ratio 
(317, High Hnlhom. WilV7M- a]-H31(CX«. 


Ui Financial Ttum. 
.b'lncumeTruM — 
«bl SecitflCF Trtixl _ 
t bi Hi cb Yield Tat_ 


‘ SekfordeT.inr..—p9.1 41*1-Cft/ 566 LijucOTnAoa.EtLt 425 

. Ridgefield management Ltd. ita.Aus.NGn-- - mi a 

IS7=1723R fal^^Ba.AH^-.ManchKr QeiaHaSCl oSlfwf ttz 403 ' * 

Idj 111 5SS!!:H!S^i^ lESzzi H3 VZlOSBSttb. *B 

Z &2 15 B»ti»MbUd Asset Management lg) Bishopsgate Commodity i 

*-03 254 72-00. f, sic bouse Rd.. Aylesbury. (C90594I p.o Box 42. twuel.K InU 

-0.4 1*5 NC.Inil Fd.iAce.172* 77.4 -03^ 1.94 unfiinau, iMued at SIO al 

-■ • n.c. SmDr c<oa Fd 1424 injs -z.^ A59 Bridge Management Ltd. 

7... 4M Rothschild & Lowndes MgmL fa) VO- Box soa. Grand Cayman, c 
"27 St.SwiihiiMljne.Uto.EC4. 01-82S4358 Jfhft'hlFVi. / YJJB57 
-06/ A99 NrwCt.Exetnpi_-ra.aa 13*111 _ i Ml Fv£ 13°lff<U« R U 

“7 Price on Jan. Iff. Seat dealing Feb. 15. MpponFd.Feb.13 M 

S-t ia) Rowan Unit Trust MngL Ltd. n 

“I? 8 ®" CJtjG«en«.„FliMbai5Sq,EC=. 01A061088 ^ (C 

IdS Rowna Am. Feb.9_fMU) S25J_J 1*1 ™ St. Ueiicr Jertry. 

“2-5 RowanSee.Feb.14-pLO 1593_J 420 Growth lavert-BL5 349 

Z«0 a52 RowanHj>.Feb.0 — Jsz.! 5A* 734 Into].Fri--—(59 6 M.4 

-?-S 1?£ iA£cun.l'niw —RVS 7SM __J 734 Jersey, &.erevTt4. ,ll|5 3 1463 

5-SI Run Mrin.Frb. 13,|M* 723) -ZJ 442 «.,wwlIHr.W-(5507 5 j 


'ij " 


2 jo Lloyds International Ksel-.i, S-_*. 


7 Kur du Rhone P fi Iwt 172 !=':• 
Llo^da Ini. Growth EH-.- 


Z.mm uraiox im.Mrmtn.iMn*K » ■. 

+0-^ Uoj dx tot tocurae j.- FW 33 =15 5^ - ] « =c-. 

ZT.:| £20 M St G Group 
Ltd. Three Qua?'. T.m.jr li-M t-Er. ~e; r-: - 2 ~- ;?-3 


OKM-23911 AUanlieE*KcbJ4 .|S"5=*9 
Aim. Ex. Feb. IVilEJ 


| | /tu;a.ts.reb. !>..._ n-siEj -Mi-O.',” — 

HS? l-1 Z 'toldfa.Fch.l3_. SI S?73 ’DRl-Otfi -- 

f-1 1*tow!_1J7J :»?J_9 ;| «)K 

JHS-J ficuaT L ' B,U -lu»» M? * !1 r: 2T 


KO. Bax SOS. Grand Cayman. Cayman to. 

I.EC4. 01-8284338 I V^'bl fab_/ 1TJ857 / - J- jiffilS.’S 1 &*■ S l?-^; 

it Mm* - _ It .Jrryu SFcb.l- i.9i0 


Samuel Montagu Ldn. Agts. 

1 l-i. nid Broad Si. F.i;*. >:i.ft« t jt.* 

Apollo Kd. Feb. ass-15&■"! .■ ?;>_ 

JapfestJar.nl _ih'rXm 9,-J .: ’ yz 

117 tlrp. Feb. UVx5»21 Dill.■ 2i_- 


-uf i ; C 15 

« «' - - 


J27 Rowan Hy Feb. 9 _L 

215 lArcum. Cniul-f 

5-g? Rwn Mrin.Fcb. 13J 


rhb 3i7,HlgiiHnlhorn.wnv7NI. OMOiflEn. i.iim 

D1-40SB222 Archway Fund.— |765 8L*|-1.0| 6 08 

1-«LiRS Pnwi at fab. i. Next mb. day Mar. L 15. Chriatophcr Street, llCi 


Reliance Mutual 

Tunbrl ilge Wells, Kent. 
ReL Prop. n,ix ,,,_ [ 


T-WembleyKA98NB M-OOSSBni ^Tktco®8?** vSthSEul 5° th “ llild Araet Mu,| f em(nt 


5 Zj Z Barclays Uuicorn Ud. (aHg)*fci 

U nleom Ho. 232 Romford Rd. E7. 01-nlISW 
Unicorn America.. 1286 30 71-0*1 259 

Da.Auxt.Acr-555 M2 -02 244 

080222271 Du. Auar. . 040 478 -0-' 244 

I. I _ Do.Capital.— 60.1 646a -17 472 

1 1 Da. Exempt Tot- 102 4 106 7-20 6*2 

Do. Extra Inrrmie . 27.1 29.1 -0 5 8 74 

men! Do. Financial-- 55.4 59.9 -0 4 5 41 


l IS lAccnat LBit3i-Zp4 0 8821 ZZf 4.42 tainl ST^ to S J . 

; i,3Nslue Feb. 19. Next dealing Feb. 2a 
f 29 71 -a*J 823 Royal Tst. Can. Fd. Mgrs. Ltd. 

InteL* iaKgi 54.JcnnmStre«,sWL 01-6298SS2 Butterfield Management Co. Ltd. 

IS.chrMophcr Street Ed 01^477343 CaplMlFd-i617 652! -ZM 4*1 BO. Box 195. Hamilton, Bermuda. 

iS. c , t S!.'& > -:S:. 1 - L -« M -°a , 5g^ ^ “ SKsas-gS ia-.d ! 

Kev Fund Manazcrs Ltd. laWiti Sate os Prosper Group Prices at Feb. G. ..eat sub. day March 

* _ ' " * r>maf Co [Jalur I An IF/ MlO *ltm 


Britannia Tst. Mngmi. (CD Ltd. — . . . _ ... 

30 Bath *t_ SL Heller. Jersey. 063*73114 1^7®** . Jol “ stol »« J Tnr * ' 

Growth invert_(31S 34 Ml _4.40 Hopeh:.Uxco'E!>;•=;: - 

Into].Fri___ 596 M.4d _ 1.00 *HopcSl_t-n- SI .927 31 I .. . ■ - 

Jx^scy EtercyTrt.. 135 3 1463«_ UO ■Murray toa.1-1 SLS4Q1 .• - 

l. niv«L Dir.Txt_55 07 5341-.... — -N.W Jan. -E 

Lnntl.STrt.Sig..... EU9 2J0j_LW .. . 

Value Feb. 10. \ul dealing Feb. 2a Nt$lt S.A. 


Income Fd.-(66.4 

Save & Prosper Group 


{61 7 651! -£*} 

(66.4 70*1-091 


30 71 n 25. Milk St. BC2V F-l L 

Uj -o"3 3.44 Key Enoray In.F if.. ft T 9 

478 -O^ 2 44 *P t fr°j ir * l £ n - «'•- 
Mis -ir 4 T2 *K«ry Exempt Fd . L'7 v 
106 7 -*C 62? KryIncomeFbmi. 75 8 

291-0 5 0 74 Key Fixed Ini. Fd . KS 

a sn Key Small Co's Fd . B3 4 




..——(06 03 - — 

■Exec . 0088 1143 *001 — 

btec. . 0*52 13*5 _ — 

c : UnJt. 0257 1330_ — 

\ 109 a i»J — 

m .163 . ~ — 

” :iun._0175 — _ — 

n.-1510 — ZZ| — 

_[873 9241 — 

•- 98 6 lWt _ _ 

1- 93 3 98.7)_— 

-955 M131_ — 

-. 92.B 97d_ — 

- ACC. 883 93.4_ — 

. ACC. 1001 1B5.9( __.. — 

ris-Arc 94* lOO ll _ — 

if See 95 9 101 a — 

• is. Act 919 97JB __ —' 

-.. 365 39.01 — 

—..B5 27 51 ...... — 

urrrn: rotor Feb. it 

:fe Assurance* 


HU -27l - 
ii5j -ia — 

mi-ig — 

1237 -om - 
117.4-1* — 

lie.: -i* - 
100* . _ — 
100.9 ..J — 


CaabtolUa r 
Do. ACcnnt , 
Ettnlty Iolllal 
DolAwuol- 
Fixed InliiaL- 
Do. Accurn.... 
Managed toidoL 

Do-Aecum._ 

Property toltiaL 

Do ACCurn- 

Legal A General 

Exempt QtthlaU. 

Oo. Aceam_... 

Exempt Eqtr. I nit 

Do. A remit __ 

Exempt Fixed I nit 

Do-Accum.._- 

Exempt Hngd. Inlt 
Do.Acctun.-_ _ 
Exempt Prop. toll.. 
tHLAreum. 


Legal & GeneraL Prop. FdL Mgrs. Lid 


.9C. Saiihfns Lone. London, RC4. UI4KM43SG SI^r4i- 

N.C. Prop. Dee. 30 . (114.1 1214 .„..( - {& S^'acZZ: 

Next rub day March 3L Po incomeT sl. — 

■Do. Prf. A'n8 TsL- 



oi-aw 707/1. 

72; 

-1J 

408 

66 1 

-]J 

516 

146! 


ft L5 




66/ 


12.07 

837 

-CB 

6.79 


4, Great St. Helens. London EC3P 3EP 


HO. Box IBS, Hamilton, Bermuda. 

RatlressKqultv 1203 L97J — | 109 

Buttrew Income [1 99 1.92J_I 7.49 

Prices al Feb. G. ..ext sub. day March 13. 


L Negit S.A. 

Ilia Boulevard Jtox.ii. Iju.omi'ejrr 
■ ?.'AV Feb. 10_.1 sl'51022 ; ....! 

1M Negit Ltd. 

7^ Bnalc of Bcrmuila Bids’:. Hdnii.'inc. ?■ 
NAVFub.3-10.94 jM...: 


Next yub day March I 

BoytJ Insarute Group 
New Hall Place, Liverpool. 


72*! -I d t.07 
31*1 -0 5| ft 41 
-0 « 438 


Price* a Jan. 31 Next sub. da 


lfl “ Royal Shield Fd_(130 4 U7.9(_| _ 


0512274422 Do. Tmnne I 


J-J? Kleinwort Bensun Unit Hanagers* Lnle.Growth-(56 8 

438 20. Fe/icbnrchS'-.Ft i Ill-eneono Ironxxinx Incranr rnad 

635 KB. Unit Fd. Inc -.180 3 -B70jd .1 457 High-Yield-|5Z5 

4.45 9fc-B. L'ltitPd-Ac—IlCO 2 100551... J — High Income Fumb 
LAC Unit Trust Management Ltd.* -1“‘ 


34»-04l 3.78 
23.S-0* 4*2 

6L0| -L0| 2*4 

5t5| —3_3j 6.36 


Save & Prosper Group* 

4. «t si Helen's, toda.. EC3P JEP 01-554 8899 

lnv.Fd .1182 12511 .1 — 

Property Fd •_ 146.3 154.9 ......| _ 

Gill Fd.. 119.0 1253 -L« — 

DepoMiFrft ...._121« 127* .....7 

Comp.Pens KdT— 1955 205* +171 _ 

Equity Peru Fd_ 163 4 1725 -3.4] — 

Prop fault'd.- 205 0 216.4 .... 1 _ 

GiltfanwFd_323 97* -LH - 

DeposPetio.Fd.T-.i9b3 1014 ..Z) — 
Pnccs no -February 15. 
tWeefcly dcjllo^i. 


Do. WTdinde TrurtK35 46Jbd -O.d 203 iic7nr Fd. "iiaoV ixx fcH 7 73a I'X. Fimda 
maMlM^rgo 43-l| 5 03 aSSa£a«f9rE\ S iz: i.» VKEquibr-— (40.9 

Oo-Accurn --- (to 1 ™7.8j —17| 5.03 _ _ , , .. -i i Oxeraesa FmtdaUi 

_ . „ . Lawson Secs. T*d. Vianet Europe _ (757 

Baring Brothers & Co. Ltd.* laHxi icueaivsSi-EdinburciiEKcaG rai-2?538ii J»paa..p77 

m.LeadenhBUSl.EVJ. 01 fJ»330 *n«». Material- . 1331 3121 .1 733 L ^-—-'" q - 0 


}Ji7j “2-4| 5*5 The Stock Ecliaarif KitT." HIP. 01-688 sa>j 


Wtaf-1 TM l Jt ruadB 

nl^ IZ-I 2.n t-KBjuity. 


Capital International SA ”. . _ ... . 

37 rib Nolre-Psme, Uixembowg. 01d Coart hund ^^XS. Lib. 

Capital tot. Fund—| SL^ 15.41 1 —J — F.H.sa SL Julians CL. •Jucmri/. 1 

„ . . . FAjFrJan 3!_Ufl3 511/... . i 3tf- 

Charterhouse Japhet inc.Fd Feb.I_It562 Icft.ri .... • »v, 

l.PaitrnoslerBow. EC-1. 01-3483958 s^VF-?'j’J'\i~ISi 5 - C 'i r --» 

Adlropa__|L.'ra«0 3230J. 5.62 ^Cd.Fd.Jan.31._ll40.- 1-931 .... < j 22 

^fiS2e.Tir:-?!gS OJd Coon Comity TiL Mjrrs. Ui. 

i'ondis___r'.tCO 10 ‘ 2L2W-DJ0 6*3 7(IBnB5LJdiu'.x'i,Cni-nuc' Wj! 

Emperor Fund_Dr3i3 2 731 — O.C.Cc-iadlvTjt11213 ^9PJ . 1 5 CO 

Uispano---USHal 44.7^. L93 OAU4lr.CA.T».t..U24 49 2aC5i . i - 

I m. .... - _ -Prices pb Fvli. 1-4. Next dijiir.c I'-.» »•' 

Corn hi 11 Ins. (Gu era ser I Lid. TPrieo on Feb. 7. Next JcjJ:n h * ;-ci. -1 


> ■>/.on si.-iuuansr L--juect:r« /. ia ; . 

Fa i FrJan 31_Ufl 3 5111 .... i ’ tf- 

toc.Fd Feb.I_U562 left.r, .... • «5', 

InlL I'd. KCj 15 — 06 5 520.-:-7 C-! - 

Sm.Co.FiLJjn.31._ 140.; 14931 .... i 3 22 


-rrM_^_ __inisow Rfjwtuiui 3. 

Fondik__ , M 7173 31flGJ-02Of 5.' 

! J'ontlis___Mtaio ‘ILW-DJiM 6J 

Emperor Fond_D .<2il 273)_j — 

Hupano__ JLSUil 4Liq..) Li 

I Corn hi 11 Ins. (Gueraseyl Lid. 


ITS Equity_(«.9 

Oversea* Fnsdabi 

Europe_g5 7 

Japan..(77 7. 


173*| .I 4 07 jhAceiiin l-nito.' . 381 

212-1 ._. J 4.07 ‘GrowthFbnd . .. Mi 


IS*.ChapoiAahW’ton msVSli SjggSS^Af^ «I» Schrod « r Ufc Crou P» 

vFdl' l- 10444 I — Z Nen Suto Day Itab/lT^*. Enierpri»eH«ue.Portsmoui 

• vta "» I-1 ^ - Emiiiv-FVh u _l at? i 


9 Be Magna Gil* 

Sq. Uxbridge UBS INC S21 

Slzzlz: 

agl-fE 38.0 40.0 _I — 

3.1 Z 

tad.— 1534 _J — 


— Next Sab. Day March L . .. Eni erpr1»e House. Porisroouih. 

“ - Equity Feb 14__ 212.6 

life Asa or. Gil of Pennsylvania gJJJi ^ {* ™ 
sasi 3M2 New Bond St. K190BQ. 014938S95 FlserfInt Feb 14- MO* 147.1 

_ LAcopumu—POM n«' r i- 

- Lloyds Bk. Unit Tsi. Kngnb LUL Its'c.^^bU ml uoi 

Z 7t.LmnbaxdSL.BCa. 0M2S1388 Mnad.iFivFeh.M_ 125.4 1311 

_nr* 193JH ’ I 7JB Mond 3 Feb. 14— .1379 145 

exempt - reh , 4 ^ los , mJ 


147.V -0.1 
Uflfl-01 


131« +0.fl 
145 U +0 S 


Next tun. day Feb. 32. -lAccvm. Units). - 59 a 

ttUiItand Warrani 32 9 

Bisbopsgair Progressive MgtnL Co.* t^nrrieanFd. _ 2 oj 
9,Bisbopsflrte,E.C* 01-560ICBU "rnSv'^Jd 47“ 

B-KatePr~FebJ_|lU* 1TJ9J .... >» "IaScuS^U»■. >6 0 

Acc Ula —Feb. i.1917 204*1 . 387 Deni tUon *Tue-- n 

B asic tot. Feb it JlM 2 166.29.. 3*1 , * al - rup: 

lAccum ) Fab. i4._. |i72* mj] ... 3*1 Legal A Genera! 7 

Next sub. day Feb. 38. -Feb. 2 M.r«muBHas<' Hn-i, 


70 41-0*1 4J 
WJd -S.il 2. 1 
67.9{ —0J| 2. 1 




stminater Assur. Soc. lid. Lloyds Lite Assurance 
rate, 6, WbneboiM Road. . 12 LeadenbaJI St, EC8M 7LS 
■aiA. oi-® 


s-:rlBV. 


01-0819884. MIL GttL Feb. 8_ 

121 JC_I — OBLSProp FfcbJ>_ 

K6)_j - OpL5&ityJW»4„ 


stminster Ass. Co. Ltd. 
ouse. ft WUtohorse Basil 
•i! A. Ol-OMfle 

md._-K7.S 60.0)_I _ 


Opt5 EqgrJteM_. 137.6 

Option. Feb jC.‘ 149* 
Dpt* DepL Feb. 9_piM 


Money3Peh.lt.—. 
Deposit Feh. 

Of-8288821 Property Feh. 14..,. 
Zl - Property 3 Feb 16 

■rj Z BSfa Feb It,. 

Zj Z BSPn.AeeFeb.14 

Zj Z Mn Pn Cp. Feb 14.. 

Zt Z MtU'h-AccFub.M. 


-...I — SBmaDnTfL.11662 173*1 .[ 4 07 *iAccurn Unit*. . 3«1 4L4 . 7 33 Sector Ftrada 

-Lu — Do.Accurn._(203Ji j.iil ._. J 4.07 "GrowthFbnd . . 54 5 59J . 3.U Commodity_(655 70 41 -021 454 

. Next uh. day Feb. 22. -lAccint Unita). - 59 4 64 6 _ 311 Energy__(591 64Jd|-Z.l| 2.99 

hl7| — tt<ii It and Warn n r 329 36* ...... 1.9B Financial Stcs _ (632 67.9)-0J| 2.90 

-34 - Bisbopsgair Progressive MgnL CO.* tAmrricanFd. - - 203 219 OZh High-Minimum Fund' 

:vJ Z 9, Bishops ufe, E.C* 01-568 lOW 5.HichYtetf 47“ 521 « iSm SelecUnlenuiL.__|216.B 227«-3J| 2 91 

}J\ ~ B-satePr-fabJ.ll^ 17291 .... 'Es TLfc “ 35 “*“ — «** M-1*1 7*5 

B woU^fab itl iM* i3. IS »>«1-*»>"■ T«^ vtwed. tTbun.-fau Scolbits Securities Ltd * 

1 Accum j Fob. 14... |i72j 1*33) ... 3*1 Legal ft Genera! Tvndall Fnnd* - sentbit-.-os* 37 *rf-o.4[ 408 

Next fUb. day Feb. SB. -fab. 2 W.CanyngoItoari.Kn-.iol. 027232=41 jjggK 1 ,*;-E? 4.72 

,^^33 Bridge Pnnd BIanagers*(ngi;» UfeSSuDlis; inr 2 njlfll i 09 scot.Ex.Gth-a ip982 2U7.M .-■-) 2*a 

KlnfiWil|,amSt..EC4R8AR 01^Z»4»t *"“■su *Maiihlb M H* 

11 Rridee Inr • 147 7 ct HOB , . ..... . . Prices al Feb. 8. .lend nib. day Feb. 22 

►0.4 — Bridge cap. inc.t-. 315 33* -mu 3.4i l*°oine Adm inistration Ltd. Schlesinger Trust Mnzrs. Ltd. (ate) 

-0.1 _ BridjneCnp.Acu.r-34 J 365 -0 2 3.41 Z. Duke St, London v-imOJP. 01-6885991 „ 

ti z sasfiassza* is ? 4 --hi 132 asarasBsjffljE--^ 

o.t — BridgeInu .Ace.t-.M7 15.7 +0J 4*8 _, J ^ . Am Exempt*9 19.9J. 2*2 

■oa — price* fab- in . Dealing -Tubs. TWcd. Lloyds Bk. Unit Tut. Milgrs. Ltd.* (81 Am. Growth-046 2651-0*1 251 

j] = BHu»ni.Tn. S tJto»g H «rt. W SSBSWSiiT*’'’** 

01 — 3 London Wall BuUdinia. London Wall. First(Balncd.i-WJ 497!-121 462 i^muTD,^ 


65Id -ri] 6b2 -----“ .1 *■* 

** 2 x\ -Lll a.65 C ora hi 11 Ins. (Guernsey! Lid. 

..._P.O. Boc 157. hu Pci.y port. Guernsey 

43.9tf-i-0l 4-91 -total Man. Fd.—. IZ63.0 177JJ _| — 

815] -02] 2.90 Della Group 

S3 'ta if? P-O. Bov 301*. Xossan. Dahamar. 

68Sf 0*1 3AL r„i-_ 1 ... l-„ k ■> in i« 1 rai I _ 


Dc !ta Inv. Feb. 8_(S3 28 154]_} _ 

454 Dcutscher In vestment-Trust 


Phoenix International 

PO £ox 77. Sl Petur Pr-r, Gu-'r- 
1 cut-D a liar Fund.. |51’SZ 3 2iH 

Property Growth Overseas J 
sairirtiToVTi.Gihraltar. 

I‘.S. Dollar Fund ...| SVf8827 • 
btcrltog Fond_ U2B CO 


i, 

1 _ 


FosUach =685 EiebcrcaiMf ft-HJ6000 FranJrfurt. sterling Fund _| £12808 I “ ‘ — 

Coe centra_IHUW40 2B7M-U0I — 

icLHc3icnfonds__|:i.M6iuo -5*1 — Royal Trust (CD Fd. Jlgt. Lid. 
Drevfns Interennlinentsl Inv. VH. P-O.Bet iw.RoyalT«.Hsc.,Jervty. «>V-=--mi 


KcotbJf.-05* 375rf-0.4[ 4 08 

Scotyjeld___M7 7 5l3-U 718 

bcoultares,_|52* 56l[ -0.9| 4.72 

ScM.Ex.Gth-9_(198.2 207.6irt ...J 208 

Seot.Ex.Yld.-*_ll62J 17o2 --J 759 

‘Pnccs at Feb. ft Next nib. day Feb. 2= 


_ Bridge toU.tnc.T-_ 135 14.S +0*1 428 

_ Bridge tnil Acc.t-.ll4 7 15.7] +DJI 4*8 

— Price* fab. 1115. Dealing "Tubs. fWcd. 

Z Britannia Trust Management(aKg> 

— 3 London Wall Bulldmgx, tomdon Wall. 

rarawirtn tmU Cft! Or ■t-Hma-rtrirtTm 


167 .._ — 

Siiz = 

M7.7 ZZ ~ 
1*63-— 


Mtata^OAi.caiJt.aSStSSiSSaaMi gSsEl 

■t=. W - 'aKSSSEP^W^'-*i=l= teSssR: 

Dd—*4,—-3eSjh«SbfeZ-HLz • 27.7^ *o11 — ' InVCaihFcb.l... 965 101.M_— toU^faLShmn 

— ' **-K 9 d 6 — Fixed Wt«wrt-P4* 36*1 -oil - ExLI Tr Ft b. 1— U26 138jfi- — *UnerslZ__Z- 

-11726 17ftS “' 0J —'■ ■ ■' Jtgd.fan.fab lmm. 09.3 .245*1- — NaLHighluc— 

i i pi spiff -4=r: EEts25£r* r ‘zsz ^ 

*”' ^.1 Union Group SfflQ Bftj =J = SSttpSi 

«h as i—i- fESlSRai; Bl. — Z sasiBWrtffi 


London ECSHfiQL 

Aswu__ _ ■ 

Capital Aoc. 

CommAInd —. 

Commodity,_ 

Dotnextic_ - - 

Exempt-- . .... 

Extralneome..—— 

Far Bara__ 

Financial Sec*.—- 


01-6380478/9919 Do.iAccum.1_627 

5*9 Second icapj-058 

»* -0.8 431 Do-tAyumi-.-569 

I2d -1.4 440, Third flrcomej_ 764 

rjl -03 5S1 Do. lAccum. i_lor c 

WJ -09 4.49 Fourth lEXtoej.— 56 1 

»J .11 |«4 Dp.iAcchhli_.~_. 62 3 


is IneomoDirt.. 

Inc.llri.Wdnxl_ 

3 67 intnl. Growth. 

?5* Inv TsL l'nila._ 
“*• Market Lradera 

‘Nil YieW- 

1.-B* Fret. *GUl Trust 
/ - a8 Property Sham 


-1*| 755 Dreyfns Intercontinental Inv. Fd. 

?0. Box N3712. Nji-an. Bobamas- 
-0.4] 4 08 AVFcb.7-UTS123T UUj —J — 

Emson ft Dudley Tst.HgLJrsyJLtd. 

J 21M VO Bax 73. Sc Belief. Jersey. 0534 203: 

ZZlflS EDJ.C.T. _(U7J. LM.7I-UI - 

“ F. ft C. MgmL Ltd. Inr. Advisers 

-10- (an.7) 1.2. LaurencePoamniYHill, EC4RQH.V 

01-623 4680 

i030SiMM 1 Cent. Fd. Feb. G-! SIS4JI (.| — 

—oi 2.61 Fidelity Mgmt. ft Res. (Bda.). Ltd. 

- 3S F-'-' Bov 670. Hamiltim. Bermuda. 

*— SiS FlriellD Am Ass.. J S|-«s»*lxl 1*0.511 — 


ILT.Infl. Kd.._ _.|*V£115 4951-51.'I 5M 

KT.lnt‘1 iJSJ.'Fu. |84 Ml -.‘I .-21 

—4 — Pnccs ai Jan. 13. .V«: deaitsg March !i. 

sy_Lid. save ft Prosper Internaiiocai 
053420391. riealmc to: 

■Ll| — ■ 3? Brand Su St. Holier. .Terser CS^M/351 

rispru W- Dollar-dm oralnaled Fund- 


2;g Lloyd's Life Unit Tst. Mngrs. Ud. 


438d -0J 
2451 -02 


Sl 2S Fidelity Int.Fund. 

•f* Fidelity fae Fri 
Hoi sn Fidelity wrid Fd— 
2, in FidelitySier. Fd*— 
^07 0 7V 5«1esAiIninli~ 
loi K? SeriesB-Paciric .. 
ji«8 Senes I)■AfiLAat-i 


SFS3845 

$rS39.70 

SISI2JM 


Strrllog-deamnl aaird Fund.* 

Channel Captul6..l219* *21 ?it! M 7.FI 
Ouinnel Island.-!*.. 139 E 147 3-2 5' 5 Vo 

roriity—4 — U14. 

4. lnr.—7 __ 1119 


id - 


First Viking Commodity Trusts 

5.91 8, St. George'-. St_ Douglas. l.o*f.' _ 


Foinmoility —i — lll4J 12C4.S ... 1 -- 
SlF xri.Ini.—'r — 11192 12591.. IllIK 

Fncca on 'fa’b. 1:1 "Fel*. 15. -•Fee. a. 
4ttcekly jical:oe.. 

Schlesinger Internationa! TdagL U<i. 
41.La JTottL-S l, Sl Heiier,0.MI 


NJUJ-174 0 

S.A.P.1-5051 

GiltFd__ 24 0 


% «* * ? J. r : 

■ . . i-ft- 


SiG^toZzz; 

tovart.TH.Sham- 

6Unera|x_ ... 

Nat. High Inc.. ■ 

Newlaxue-- 

North American— 


74.4 -0.7 7,23 
545 -0* 3 « 
42.7* —05 3.96 
41* +ro 2,90 
777 -13 896 
362c -04 452 


J Union Group J&S5i5S t 'FdJ ^i 6 ! ''"'I ” sSh SmIpS I^pSo' 129.1 

UndershjtfLECT. OM8S7300 S' .. ffij - Z So^**-Property Sl^ B2A 

.^-1 | --I ~ »l ZZ z i§- 

■*—I »■* I— -1- Inv. Tma tF und_—■. VO.I I —j - sSlS?23i S„ Z ~ 

tlb t>«Hn.M r» Property Fund- 79.7 l .—•! — Solwlirtl S_ 

on Uie Insurance GO. Sol or Managed P.. 

,ono.WC2AlHE. 010420282 M ft G GrOupV SolwrPrajjcrtyP._. 

^6777 BH z 6Bq l (n ' fl2 f 4588 iSlSfatez:- 

1 ; Sl = = s 3 d= srjsirzi 


id i— 177.7 187.1 _ — 

=-d_. 785 74J — 

nd- 2343 — 

“FA 199.6 — 

W._ 1784 — 

r d.. 124 0 — 

Pol 36L4 ..Zl — 

snrance Co. Lid. 


Solar Corti S_ 

Polar lull 5__ 

Stolor Managed P.. 
Solar Pro pc rtyP._. 


Solar cash p;......._ f 

Solar hap_r 


1 109.0 

17 129.2 

1122 

17 1563 

tO 1223 


0145000471 toitmaia TrioN—Coattoneft 

—1.71 — Profeuolonal-1454* 4682af-10.7 

. __ Property Sharea __ 13.7 14.7(-0j 

-29 — Shield-(415 44.7a!-1.7 

-16 — Stotua Change. .— p7.l» 29.7d -0.9 

+0J Un>v Energy....__|29 7 3L9a| -05 


- The British Life Office Ud.f la) f Acc iflL U pi 

— HelUnce Hae., Tnnbndge Wclto.KL 089222271 Extra Yield 


, S See ala) Slock Exi 

£-2 American.---B9.0 

5S tAccnra. Dailai-59.7 

Aufitraloaian.._—400 

z ' w * (Accum. Unit),-».7 

Commodity-H.7 

fAccum. Unit* i- 16.4 

Ji? Compound Groulfc. 942 
Conversion Growth *75 
•el Con version toe.— 539 

J-Ji Dividend__ 109.1 

*-97 lAccum. irnitai . 203^ 

European.<55 

1 (Accurn. UPUf i_.. 46.1 


Fst Vifc. Cm. Tst_i 

FSLVkJDt>L\.Vp.TSL J 


III kft. V*-W 

ffii 


-13 4.49 72W. Gale boose Rd.. Aylesbury. 02903M1 UJCGrth.Di3L..ZE** 1951-0.9 5.91 0624 4682 Ldn. Agio. Dunbar & Co- lid- lull. FdJersinv Z'« 0 

+L7 2.70 Equity Accurn_P386 14S.9J-0J( 4J» ^b. Feb. =T 1 *| ^ Pall Mai LLondonSWITWH. 014U07857 iSiiuySbrsZiHJS 

~o‘| 7.» M ft G GroapV (yHcMx) X Henry Schroder Wagg ft Co. Ltd.? F^vkJDbGvpTsZ^o %’ol ot! Schroder Ufe Groir 

ZS^l 3 55 Thm Quays. 9b«r H.II ST3R 6BQ. 0M3B 4583 . OiWZW | ___ c , Kntomritr M™«. fa-t™ 


79 0 -;01 913 
0 »S -P.J 4 53 
24 I| -3.4 J1--6 
99C! -2'll J 71 
10.03 -0 a-f - 


4L5nfl -04 107 (Accumi-— 

«3-CL4 X57 IneomHfabM—- 

43 Ira -0.4 256 fAccura.UnlU-.- 

43BI-OJ 2.66 General Feb. tS„ 

663d+(U 4 93 (AccuiaUnits.-, 

7Lfl -0J 493 TAiropt: Feb »- 

loin-ij 451 lAccum.Uwwi-_. 

5l.ll -05 4.09 'Fn’ChyJan.M—, 
STa3~02 9 67 *Speeiej.Feb.7_ 


1715 17703 -— 7.03 

249 8 asae -. 7 . 0 a 
745 776a -25 3.43 

91.7 955 -Z7 3.45 

269 286 1.40 

294 312_ 140 

146* 1715b 400 

2U5 218J 403 


BL Brittah Life.- 

KL Balanced-- 

BL Dividend*..- 

■Pncea Fob. 13. h 


lAccum. I'slh'-. 

Far Eulern. 

lAccum Volta'-.. 


lnternamLBonft-. BU. Wfl . — 

Managed Bd"~— 1215 127jf .... — 

tS’^r/dmBd^r 765° +0.8 ~ 

Recovery PU Bd.*.. 57.8 ftOfl -3 3 — 

Amort can m Bd.-. 0.0 as3 -0 1 — 

Japan FUfld.* - 445 «69| +0.6( - 

Prtec* on -FCb. 13 —Fob. 9. —Feb. 10. 


Son Alliance Fond Mangzni. Ltd. 

Sun Alliance House. Horsham. MtKIMMl 3togra:Founders CS- EC* 
Exp.KM.toLFcb.ft.lan.90 168581 . . .! - 5* 

InLBn.Feb.M_| £1054 [ _....| ~ Do.iAec.iFeb. 13-12584 

Oceanic Truitt lot (g| 

Suit Alliance Linked Life Ins. Ltd. ciS^^i*!ZZ'ZZto.o 
Sun Alliance Hdu««. Horsham 040364141 Growth Accurn TO* 

faulty Fund .... nous xoftM -i.2i — 

1011 Iij. z EW^zT-rgi 

^y 63 ~ S5Siiz=zpJ 

Iftl lft 5 __ Performance.-M.9 


SSKjSfS. TOM 

hwn iww j ^ BighSiretfaGnyapA. oi-ow 

— 1 - 1 Conv.Drp. Fd^m— 227.0 

m ranee Cbl Ltd. ZZ 

TowerK-BC3. 01-6288031 Brar, Im Ptv Fd. — . MS9 

^5 im -j. - ■ js-sarr $& — 

nsv/DCdland Ass. - . JSJ 

■EuECL ; 01-8881=12 CW^Wfaui... 136B 

■ s—(47.6 4MJ—UJ 620 Kon.lftt.faa* 295.7 

nr Lite Ass. Sac. Ltd.? 2VEL Pensions LUL 

. I, High Wycombe 049433377 Milton Court. Dorking, Surrey. 

KSS - Netoxtoj-Cap—K.a J 


-Pnnsa FebZift l4S* doling dvM 22. 5“ W'-." 66.4 
Brown Shipley ft Co. Ud.? IjSS! v^. 7 So 




•iennral - _ 

• Aci-um. Vnltsi. - 

0HH0BBQ0 I into income.. 

.. . I 4 65 lAccum. ttolui - 

.| 465 Japan Income- 

fAecum. .. 


Equity Fund ._. . (1012 
Fixed latere* Fd... 1091 


ace? Property Fund.. 
oj«69i7i 

- ...j — Managed Fund 


Sun. Ufe id Canada (VJU LUL 
ftftACocfciMir5t-SWlV6BK 018005400 
Maptn li. GtUi__| 1*84 J-1 - 

-ri e site! ii y= 


Growth Income. .. 54A 

High Income_24.1 

LTV.. „ .. . lftl 

Index..225 

Oversea*_UJ 

Performance—_519 

Recover!_20.7 

ExmpL Feb. 10-157.1 


35.1H -0 «> 4.43 

lftl -0.4 428 

44.8 —05 555 

961 -0.7 515 

317 -0.4 9.10 

19 2 -03 3.70 
24 La -0.5 5J7 

175 .... 362 
561 -I.: 5.14 

225 -U3 5.7S 
595 . 574 


.„ H.ikiium _ --D755 18690-3 

lAccum Vnitai .1216c 233 i -3, 

J-S Midland__ U52.4 162.( -I, 

lAc«-um. I'nlltl- - 047.7 263J -2 

o Zj Hero very . . -174 4 79a»s -0, 

in CAccuDLVniui — ...17511 80.6 -0. 

2^5 Second Gett_- (3532 164.7c -1 

5-« fAreum.UniUi- . B29.0 2462 -2 

Spci'lal ..11441 153 5c +0 

575 lAccum.Uipla'j — (1815 193.l(-O. 


43 7 - 04 
494 -0J 
BU -05 
112.2 -05 
43 Zc +05 
43.1 *0* 
593 

714 *0.1 
162.7X -25 
2485 -36 
1019 -0.6 
163 ( -10 

131.1 +0.2 

133.2 +02 
1869o -3 0 

233 C -3.1 
162.* -1.7 
2632 -28 
79 SC -0* 
BOA -05 
1647c -1.7 
2462 -25 


>17 “Recovery Fob 7._|l772 1826c| .. ..J 5J6 fark Ilv>. 16 I 

■57 ■Po*' to* exempt funds only Tel: 01-628 813, 

- “ Scottish Equitable Fnd. Mgrs. Ltd.? uuwrroeni in 
8J4 38 SL Andrews Sq .Edinburgh 032-5589101 of Eenr 

834 Income Units.... . J4B5 362] „. -1 5 40 

Ac nun. Units-(542 577f_J 3 40 A = c ' > “ r ,nt - Fd - 

320 Dealing day Wednesday. r.,T. Bermuda 1 

4M Sebag Unit TsL Managers Lld.V ui farrtVac™ 

PC Bo* 511. BeUbry- Hoe-, E.C.4. ul-J3ff300(l G.T.SFd-- 

11 M ^ 15 g.t Mg L«.% 

UJ Secnrity Selection Ltd. “T a.“i“ 

15-19. Unwin'S Inn Fields, WC2. 01-8310938-3 iJ.T.’tondFoid 
453 Unvl CtfaTsc Ace __Q2 2 23.71 ... ( 3 96 

7.08 tlnrl Glh TM Inc — (55 6 20? . 3 96 G.T. Manage 

Stewart Unit TsL Managere Ltd. <ai ^^"sroriii 
4 75 45.CharlotteSn.Edinburgh. (01-2282=71 ^oTuttmm 
™ Stewart -ftmertcan Fund .11,71, lx Pnllcl 

2"~ Standard Units_154.8 5831..— ! 172 B«n>'Par Sirlr 

J'5 Accum. Units —..(598 62.91 ..... I — Anchor'll It Fan 

4 - zb Withdrawal Units-(455 4811 JZJ — AncbwtoJsr.T: 


Fleming Japan Fnnd SJS- 
Trt. no Notre-Dame. ImtcuibDur? 
F-toJB-Feb.14-1 SUS4081 { ...„J - 

Free World Fnnd Lid. 

DdUcrftcliI Bldg, Hamittoc, .Bcrtnada. 
XWJaa.31 - 1 SUS164J9 |-( - 

G.T. Management Ltd. Ldn. Agtft 


».7l» Schroder Life Group 

Emcrpriic House. PoiismouihL 0705 2 HU3 

Jntcnuu tonal Fuad* 

_ CEquily.--- 1035 :09 9>-12 — 

5Equity_1135 12051 -S J — 

i Fixed totcr^L—tt-)? lA5.6j-C - — 

SFixed ImiTcUt_102.9 IM- -5.9 — 

{.Managed__ 1214 129 2 -C : — 

- SManagcd- 1 1081 lM.fl+P.:| — 

J. Henry .Schroder \7agg ft Co. Lt L 


r. T. Bermuda Lid. 

Fir <if Bermuda. Front SL, Ttomltn- Rmda. 
K.-rrj Pacr.l»8*6 — I .... 1 II 

G.T. SFd-1 5L'S&44 | I 0: 

G.T. MgL t.Wai Ltd. 

Uutchuc n Use- llareourt KtL Uihik Koue 
G.T. Ana r -(1BK7JI 7.621 .. _.( L« 


j* Sentry Assurance IntemaTiocrJ L:c. 

105 PO. Bos 32C. Hamillno 5. ^unujqe 
0.78 Managed Fund .. I31V94I 1CTJ .. : — 

Singer ft Friedlander Ldn. Agon ft 

J S _ 20.CannMiSL.Er4 fn 2+»K^S 


sa=i 


•ll-iV-V.. -i-—PS™ -J U I naif > , *k4fc-ndji . - jKCJJi i -2 

ij.T-bond Lnnd_..| SLSLL97 |—0021 550 Tokj-oTat. Ft*-. 1.. 1 5LS30 00 I . .. [ 2 D5 

G.T. Management (Jersey) Ltd. SorinvesL iJerseyi lAd. (x.i 

Hn.roi Tsi..Hsc .Colombcne,SL 1 toller. Jersey J-CABox98.SLH'icr i\‘> =4 7^27 

■J.T. Asia Si crli ng—10069 ll.S5| ..1 L87 Araerlran lnd.Ts!_ 136 75 ' 6 1’5 

Bank of HrrmudB iGnmuqri l4d- CoppyrTnirt— K?99 -J211-2 2 • -• 

1 31-33. lx Pnllcl, Gucrnney. 0481 'JBCtW, Jap Index TsL.. . Ito 69 o Bs, .. ( — 

A^rtinrGlitE^eWZ^.45 1221 Snrii»ve*t Trust Managers J.li. <x< 

Anchor InJ»r.Tat...|221 23.7»|-1 A29 4ft Athol St reel. Douelas, Lo M («■' 

Gartswra InvesL Ltd. Ldn. jVgts. Pi'clunond Bond 97.!lB85 Swl} ”" ’I lb 15 


laa_i ass | Gartmore. InvesL Ltd. ldn- ;Vgts, 


Can-fien Put_, 

Do. Gen. Accum —. 

po. Inc. Dirt.- 

Do. toe. Accum_... 


2 SL Mary Axe i*«id'w.EC3. 01-2833531 Do. PlalinurnBd . J1107 Ileal-7>j .. 
Gartniorr Fuad MngL iTar East' Lid. 1W.Gold Bd-(99.0 104SI-2 7I - 


folio Ufe 2os. C. Ltd-? 
CL. Waltham Cross. WX3J9T1 


NrtoxEq-Aeema.- 
Neloc Mofi+y >^ap.. 
Nelcx Mob. Act 
XelexOthlncAoc. 
KetoxGthtocCao. 

Neuaul 


67 U 
1 £ 

} J 

day Feb. 




rh Zli - 


far New Court Frfrt y 
BoibschlM AMt* Main 


it Knparty w aider 

AffSOt Hanagemcut 


D ASB. Soft. Ltd. . 
ea Rd- B'mMith. 0202 787885 


Target XU? Aunrance Co. LUL 

soil Ta^ rt Hoato. CaUdlo n5 ^' 1 ^ Il '^'^gg7 , j |8 

-L0 Man.fandInc_W2 1M7J...-J — 

— Wen. Fund Ace_L12.7 1195 .— — 

— Prop-mine._1868 mil... — 

— Prop.Fd.Acc__ 1310 .— — 

— Prop. Fri. Ins_ UU . — 

FIxcdtoL FA Inc. M91 UU ..... - 

Dep.FAAce.lnc -J71 M2 5 .... — 
Bcl.jManAc.Pni.. 675 7J.S -1.0 — 

ReLPUnCap.Pm-: 557. .68.8 -08( — 

ReLFIUMan-Acc.- 1211 1285 —| — 

ReU’tofcMinXhp... 112.8 1194 .. ( — 

Gilt pen. acc.__ 134.0 34U -M — 

• 4aK) OilLfanXan_1285 USA -13 — 


toonja-Feb. 10_..... 157.1 S95| .| 574 teeelolised Funds Strwan Brittah Ceplul Fund rartiMB* Invest \iA ThePllccrTnisi [97.9 100?i 

rMJ, ur.r»iiT.i Mn _ I..- ISn SSJ1 - ? 1 *! aS *S“‘nd»rd-11277 13821 _j 355 GartSTHiro Invest. Ltd. ldn- A?t5. Richmond Bond 97.(1885 393 3* I lb 13 

Canada Life Unit Tst. Mngrs. Ud.? IAcruuijlnitai.. (261.0 275.41-1 J| 661 Annum. Ueltx_(144.6 1566j 2 bLMaryAxe.Lundnn.EC3. Ot-2833531 Do. Platinum Bd . .Illi}/ 1163-7.1.. 

Her ^ M P n^ 9 i!ra ...W.Ti SLaAUlance Fund Magi. Ltd. ^hSJSH SMSJSStMl iLKcog ** - ™ ™ *' 7 " 

D^Ctoa AcumZT. «.T ’iavlzts Sal faSSf'cJfab'n ' S«1. 2-5 SunAUianeoKio.Horaltom. 040384141 HE & Fac. L\TsL^ VH12J6 I ^i”.... I i LK 3.of TSB Unit Trust Managers tf.i.i T.t-J. 

rift* RA.SL&ji'iour Jcr-.v t.vi; 

Do. tot Accum-—(425 44.7j-||7l 7J3 MaLDuLifr Management Ltd. ythcVamllj Fd—feW B9.7(-1.9j 3.94 ^ SobS ,. , 5| | ~ Jersey Fund.(43 5 458-J.' .... I 4 14 

cwu u«m> »■<•. u. giSsrK" sl sr‘ ne “TW T ““ Ts *- Mngrs -'***“ !2.£SKSsESi, Sr _ c ^ss ! ». &, Jsis. -j. ?? 

b_ _ GncrtM-nlta. - [W.C 316| . _ | 3.94 3, c K ,h u ,e L . E rt Deal ncs:02885841 I-« i. fax32.lunch*.InM. _ 


Cupel (James) MngL Ud-? TOO 5161 I Tm 11 “**1 11 ^ ™ rfc 

100Old BroodSL.BH2N IBQ 017*8CO 10 ' °* * 3l.CrtlNnft.BCl 

3841 S5Sw_!!ItJz.-J»I1 m .91 "..TTbl Mayflower Management Co. Ltd. T^cnmmrAiw.m J 

— Jncomo..--J73* _ 77?... ( 743 14/18 Grea/uun Jit. EC2V7AL'. 0149088000 JKSJ fi£5f. c “'a 

« on Feb. 16. Nn ' 


Jncomo..--J732 37?...| 743 14/18 Grea/uun St. EC3V7AL'. OI- 

Prices on Feh. 18. Next deallnie March jl Income Feh 7. .1107 7 113 4 . 

Cartlol Unit Fd. Mgm. Lift? CaKo , 1” ^ n f;Z 

MUburn House, Newcaatle-upon-Tror 2ii*5 Mercuiy Ttind Managers Ltd. 
Carllol...i y 655)40.71 4.72 3ftGre>h»mSi.FlCZPllEB. 01 


n 51. EC3V7AL'. 0149088000 

i- g;” ..i 77; ?S 5 SgSSfos:: 

... (67 7 71Jj .— { 6J13 *Po.AcC lliUta 


Do. Accum. Units—[79.7 772 +0 

Do. High Yield —.1405 43-0 -0 

Do. Accum. llrrita _.}49J 516 -0 

Next dealing dale March 1. 


NPT Pensions Bbugenent Ltd. ReLrtBiatamCp._ttlL8 U9fl \ - Next deal 

AftGracechutchSL. SCOT 3HH. ai«349» ouutonjeap_111285 USS -3j( — Charterhouse Japhet? 

dMUne^foMb ft” J, Paternoster Bow. EC4. . 

Traaftmtereatlonal Life Ins. Co. Ud. CXlnteraatl.. ..|».2 
New Zealand Ins.-Co. OJJU Ltd.? a Bream BWg*. ecsikv. onosew cJ^«o«e?.r 


4 0.71 4.72 

=83 ts 

-0.<j 819 


Uof.Grn Feb. 13 
Atc.ru Pebft 
Menr.toLFeb.lA. 

AccmUtaKch If. 

MercXxL Jan-26 
AccusTLUta. Jan 2H 


™*»*0*s Ltd. TOSE-Sfc 

2P2EB. 014K»4b65 Tareetloll 

1652 . 175.71 >... 4.7S Do helm. LniU— 

212* 223.71.J 4.75 Tarseitav. . _ _ 

56 9 toij 189 TaraelRr Feb 15 — 

M 1 63 W .... 159 TrI Inc 

211.9 229 701. 415 TsLPref. 

252.9 263 d. 415 Coyne Growth F/L. 


Baculflle Rd-.St-bJi-iour.JiT-v U+K W«‘»S 

Jersey Fund..M3 5 453-J; .... I 4 14 

Guernsey Furrt {Ah 5 45 S-i . 1 5W 

Price* on Feb. ft Ne.-f fnib. i!av Fvb. Ii. 


^‘STufcBS a=(= ftSSSta.-BS ’ M: 

/•artmore Imrotmem Alngt. Lid. Price* on Feb. ft Nert sub. iUv 1 

Dcalinxs: 02885841 Box 32. tmuctov InM. 06MSI8I1 

34.11-0*1 458 imorrAiumalim.._ino 22 41 11150 Tokyo Pacific holdings . 

M^-OS 456 Po.Crtnrtb - [54 6 5BJ(—( 5J2 inumi* Manacument Co. N V.. or, 

7_. i» Hambro Pacific Fund Mgmt. Lid. - SAV : * nrc Fch * J ~ a, ‘ M 

?5stl ■=. S22 - :,n - ‘■-oonougbt Centre. Hops Koor Tokyo Pacific Hides. iSeaboai 

^qoTo? 4 « far Boot Feb. H.—I9 69 10*61.; - 

S-aiS'i 207 JfPOi Fond - |li«» 62l]_! — 


24.4 -03 2.07 

26.6 -0.4 2-07 

294 -0.: 3.79 

15fl.7c 459 

29.9 -05 421 

165 . 1055 

78.9 —05 4 30 I 


Ham hr os i Guernsey) Ltd .1 
Hambro Fund Mgrs. (C.lj Lid. 

PO Bill8ftIiuenu5*/r 0481 


- Kiwi Kay Inv, Plan. 

• c. Life A*8- Soc. Lid.? 

, mt-T hames.Berks. TeI.M284 Extratoe^d.ZZZ 

' :^U“«Url E 

-1 £8.166 J —4 — COO. KpiWtRL^. 


BASE LENDING RATES 


Maitland House. Southend SSI 2JS 07028386 Tulip larmLBVt_11312 


Mri 


IDCfl — 


JSS&^z: 

Man. fan. Fd. Cap., t 
Man. Pen. Fd. Act. F 


nql _ 


122.11 | _ 


C J. Euro Fta . 
OWLS Deptfatxp... 
CJ Fd.Ukv.Tot-. .. 
Accum. Units_ 


ni-2483888 Midland Bank Group 
5161 -O.a 354 Unit Trust Managers Ltd-? lai 

uj! “S'? t'S CourTwnod Heu*e. Silwc Street. Head 
Sfc Xnfc im Sheffield.SI Tel-0742 

306 +0 * 3.7* LV«unHe i, Dft'7«n.|5|* JSSI*® 1 ! 

26.6 -0* 4.02 T *’ Accum h3 7 M5I 1 


|-«*l 4.02 !'S?? lh 


ank . 6i% ■ 

sh Banks Ltd. 6}% 

* Express Bk. 6 »% 

7k . 8i% 

• k Lid. . 6i% 

isbacher . 6i% 

Bilbao . 6j% 

■ redit &: Cmce. fft% 

: :yprus .. 6*% 

1 'i.S.W. 6i% 

’ elge Ltd.. &J% 

‘u RJiODe . 7 % 

. Bank . 61% 

/hristie Ltd.... 84% 

’ . loldings Ltd. 7*% 

: of Mid. East 6|% 

' ipley. 64% 

•rmanent AFI 64% 

& C Fin. Ltd. fl % 

d. 7 % 

Idings . 8 % 

use Japiiet... 64% 

.t« . 71% 

ed Credits... 64% 

ve Bank .* 6*% 

i Securities... 64% 

■nnais. 64% 

s popular Bk. 64% 

fa-iie .? 64% 

,-.t . 64% 

/ ranscont. 8 % 

Ion Secs.. 64% 

Fin. Corps Si.% 

Secs. Ltd. ... S % 

bbs .. 64% 

i Guaranty— 64% 


■ Hi]] Samuel.8 64% 

C Hoare ft Co.—t 6J% 

Julian S. Hodge . 7J% 

Hongkong ft Shanghai 64% 
Industrial Bk. of ScoL 64% 

Ke 3 rser inimann. 64% 

KnowsJey ft Co. Ltd.... 9 % 
Lloyds Bank 64% 

London ft European ... 8J% 
London Mercantile...:.. 64% 
Midland Bank. 64% 

■ Samuel Montagu. 64% 

■Morgan Grenfell. 6* % 

National Westminster 64% 
Nonridi Genera] Trust 84% 
P. S. Refson ft Co. ... 65-% 
Bossminster Accept’cs 64% 
Royal Bk. Canada Trust 64% 
Schlesinger Limited ... 64% 

E. S. Schwab. 84% 

Security Trust Co. Ltd. 74 % 

Shenley Thist. 94% 

Standard Chartered ... 61% 

Trade Dev. Bank.... 64% 

Trustee Savings Bank 64% 
Twentieth Century Bk. 74% 
United Bank of Kuwait 64% 
Whiteaway Laidlaw ... 7 % 
WilUams ft Glyn's...... 84 % 

Yorkshire Bank 64%- 


Trident Life Assurance Co. Ltd.? 
Sanatoria Bouse, Gtourtiter 043238M l 

Manoaod ___ (117.7 1M7) -LHJ — 

Sfe=(B uSi - 

J^SwitJEuS;:: pi 3»1 -2.4 — 

KlghMdft_J37.4 3455 -2J — 

GiKEdaad^^: _ 127-2 1294 -24 _ 

itoacy-126.4 1245 +05 — 

touraaqnoal , 07 ■ 98.3 +D5 — 

Fited- «3.6 130.9 -36 — 

CrowthCop__ 124J Z33.8 -0 3 — 

DrowlhAcc.-- 129.0 156.4 -05 — 

f’cr.».Mn*rfCXp__._ 1128 U9.4- — 

r<rax_Mjifid-Acc_115.8 1226 - — 

faftgfSSeuCip., 1087 106.4 - ~ 

lTna(3li! D^DlAcc,. 1034 1095 _ — 

PWul PWf. CapZ— 1112 117 S «— — 

Pros. FriTAce—U« 2 1212 — 

TWtptaS_J4 7 34,7 — 

-Tirfj. d. LBond — 1812 - — 

■Ctih value tor 1100 premium. 


rten..|5* l 
h3 7 
124 

_ IAS 

... 238 

_25 7 

__ 464 

__ 53 0 


Target TsL Mgrs. I Scotland I laJibl 

10 Alhol Croccnl. Eflln. 3. 031-23888: 

TvsctEaalc- _ _KJ 24W -0 11 159 
TargetTOult- P74 403-0 9) 5.W 

i2.4rt -29] 1050 


Price Feh/ift Next dealing Feh. 22 ' • — 7 g| 

Chieftain Trust Managers Ltd.?laHg) fc*™ ■ - 

30/31 Queen SL. EC4R IBH. 010482832 Ite Accrro' ™ * 53 0 

American--krli9J 2lM -0.11 2.79 International-J93‘ , _ „, 

9.40 naAmrum.-4tfc .. «.tf-0J SKSSTtaUtaTlZ W9* U 

tnarmUBMl TaL -liflU 051 3 48 nixfr Yield »; U5| 851 Barb Euro Jon £S_ 001 I 

totalc Reorce. mfelft 25.6j-0*| 425 Do. Accum . . »» . 831 fSS^fabft.ZZ “i 1 

Equity Eld-spl »■■ 109.1J 52b ■ imtin Mmlii an c c 

Confederation Funds MgL Lid.? la) Do Accum - .. . W34 M*U . 5X> Colemco Feb. ldZT 118 J 33 

50 Chancery Lane. Wrt2A 1UE QI4H20282 Fnce* al Jan 31. Next deoil hr Feb. 28 , AcrU m. FnJtti M05 1‘ 

Growth Fund —— p83 485| | 4J7 Minster Fund Managers Ltd. SSamBfa.*'Z 52 

,u.1ll l „ 17., nX M.n-nm- Ml nH«-r Hsc_ Arthur SI .E.L34. 014231050 Glen Feb 14- -Z S3 9 

Cosmopolitan Fu ml Managers. _ llinaterfabLia -. IDS 3531 ) 5 62 iAccum Vnlut-441 t 

CdPLhnll Are.. London EC2R7JX 8288222 Exempt Dec. Zl .... IB5* S9fl ,„.J 5.92 Marlboro Feb. 14— 453 ‘ 

CoamopalnGth.Fd.(172 2ft5t-05| 5JJ6 j^a Unit Trust MgemnL Ltd- V&^f^TmISa i 

Crescent Unit TsL Men. Ltd. fa)(g> old Queen stwi..wiiJWf3. oi-ojotxb. «A«ma tioiu*— Sft7 : 

4 MehnlleCrefc,Edinburgh3. rai4B04931 MlAUnlta. |352 57?.—| 459 vSKft^Fefc'ia «» 4 

23^3 5-S Mutual Unit Trust Managers? iai(g) jAemm itott* > 03 * 

Crei.nctervea—. p74 4ftJ-l.«| 448 || 53 \ 

D tacge tlo na tT Unit Fmd Manacers Mutual nine chip .(40 4 43 7d-oa 694 

22.Bioraiieicist.FC2M7Ai- 014M44B9 Mw ml HighYl.l!. |mj k^-idI 848 Tyndall Managers Ltd.? 

mac incmnr.H54* u45l -...l 9» Natrasai and romnirrcla] iftcauyraeiioad.isrtsiol. 


Tel-07427110*2 Targe*TWllle— 137 4 4021 -0 4 5.9l 

14| —0 1 4 0* Extra Income Fd... p> 0 42.4aS-29| 2051 

17-05 157 Traces Union Unit Tst. Managers? 

47—05 357 100. Wood Sireet-Er*. 01 *33801 

S3 -o; 3 94 TITLTFeb. 1- |«8 9 5211 .... | 5JE 

m -of 6 54 Transatlantic and Gen. Secs. Co.? 


I P’.’toaaftiiuernser 0481.38521 t’nrn-ea*Fvi> h . 

i-d « asw-~ia, wi^is s«tos;»-.-B% 
iStSKlSi'-xz:: "3S ^Sz: 2JS 55aft-.fi* ,ll,, -Jrar 

031-220882! 2 tot <avinWB’. . Sl^LOO US .. 2 50 i T rZ„„ h sh." ’ — - 

« -01! 259 Price* nn Feh.'15 NexL dealing Feb. 22. T4s"iF*d?F 


Intuni-, ManacumrDt <.‘0. N V, i uric ■•a. 

NAV per :<l>nre Fob. J?. Sl ‘5-K J -7i 

Tokyo Pacific Hldc.s. iSeaboardi N.V. 
Imlnuj, Mhnajtcmccl Co N V . film 

SAY per shu.-c Feb. U. Si. N.si 13 

Tyndall Group 

ro. Box 1254 Hamilton 5. BMWini vKM 
«>i i-rt-eas Feh J» . . lti >JHS 13Ji8 . . i 6 *’< . 


485 

39.7 -OS 
347 -0 5 
255 -0£ 
27 5 -0 2 
49.9H -8 8 
56 B -ft« 
42.5 -0.fl 
43.D -03 


2.42 -19) 2050 Henderson Baring Fnnd Mgrs. Ltd. 
ManaeersV T l! ° 1 ^'•73.Nassau, Baharaaj. 

n,Snnn,, toponKd..-11487 15521 .... i - 

5211 01 ^5*2 , ‘ !il t: l1 ° Kcl> - 8 -' ,csl dealing date F-ji. St 

^ ci- rn w Hsll-Samuel ft Co. tGuernse.n Ltd. 


B.V7* 372.?, 2 
663■£ ... I b CO 

i.‘.frun snarM'. £960 23 20 ... I - 

TAsnpFd. r. _ ,7ba too . 

• Aecun .Sliarcri . 76.0 . S JP| .. 1 — _ 

-•iTjOyFund Feb.! . 220 0 J9'/ 41 ... I 7”. 

■ "iin J. ,'.cr L’!' 1 . 2581 274 0!. ; 

<1iIt Fun* /Vt B . 112 6 ,P II .. . 1 20-5 

tArcum '•lure? 1 137B J42. | -. 

VJrlorv Hoaxr. Hnugla-, l*lr el Man. K1I Z^T-3 
Man-CcU Jan_.ll* .11272 13401 \ — 

1 ; td. Intnl. Mngmnt. if.i.i Lit!. 

J4 Mulia-ipr Mrvet. Si. Hriitr, Ani' - . 

I f.R.Fund... - I SUilOO [ .. ! S.CS 

United .States Tst. InlL Jldv. Co. 

II Hue AMnncrr, 

S .b T*L lu. F.nl ( S«:.s9tJ 

Net asMl lVlima.-y 1 + 

S. G. Warburg ft Co. Ltd. 

NL ilre-ham SirwL KLU. 


Tyndall Assnraace/Pensiotis? 

18 CowrigeHoad.Brixlol. « 

3.WayJ»n.l»_ _ 13** - 

Equity Jao 18_ I5L4 

Bond Jaa.lft^_; 1482 

Properly Jon. ul_ 1004 

i&S :z 

sa»tt.t sa z 

1)0. Eqohv Feb. ] __ 244 2 

Do.Bnndfafa. 1 „^ - IMS - •._ 

Do.Prop.fah.1. _ KLB _ 


Vanbro^i Life Assurance * j 

41-43 Maddox Ida, VFlRffLA. 01-4M4BU 

Equity Fd_ <__ l. 2124 2234 -46 — ; 

Into!.fatalB4 >99 -0 3 — 

Fixed IraorvJ FA- IM S 177.4 -2J - 

PropertyM/^i_ 1345 7437 _ - 

Cam Fund __flJ4_2 2224|.....] — 

Vanbrugh Pensions limited 

51-43 IttddMr gt, Irfn.Wm SLA 01-4884013 

Manwofl.-., _W5 » 1KUI ..... I — 

Bin to/-_^W5.8 18011 ♦Oil — 

Pnrt^tohjrast-^-feo Wfl-21 — 

Property_ — .(y o UM Oj .^.J — 

Guaranteed c«o Ins. Ban Bafetf table. 


*>* 81-BO New London Bd. Chelmaford OSU 5I8S1 j*. jf*' W [ £? lt laa?* 4 ! * \ u 

Bart.leai.Feba 172 6 76M.. Sftl < T.t.--|1432 153 21 -3 4. 3 5" 

SS’S^Si'sEmi 4 ZZ tm ^ Bd S;V 

"■S' Buckm. FcbS_ 735 77 4 ... 453 77. Ruo Notro Dame. Inxembourt! 

i Accum. I'lulai-99-5- 945 .... 453 !1LS!4« 17JS-OJOI - 

a riSnmnftuui 1 _*Z Sol 1474 I": - 524 International Pacific Inv. Magi. Lid. 

^assuss^zK ss 

1050 Glen Feb 14 - ....509 542 . 354 im equity t>« 1_|W9Z *.BZf _...| - 


Cres tntoruLl. — » 
Du IllflL DIM....]; 
Cre». Ileturve*_( 


Diffcretlonary Unit Fond Manager* H. u i u-J i 2!"?S 
? 2E,BtomfleldKt.EC2M?AL. 01^184489 MWu,IH1 *n^ 

027232241 DtocIncome.. ..(154* 1645(-...| 928 National at 

::. Z E. F. Winchester Fund MngL LUL 

..... — CddJewrr.EC* OJ0083107 >AmiSL Calta, 

~ Grew Winchester-.(17.8 19.A4 .. .-I 4*9 rtpLFeb.15 

— “ Cl.Wlnch'er (yaeugB? 20dM(.I 450 /Acetnn. Unit* 


47.41 

534) __ 

49 fl .... 
59 J __ 

44K 

45^+0) 

5943 

705}. 

*83} . , 

rsj|. 


1445( ~... I 928 National and Commercial iauamniecnoad,Bi 

1 Mg.**! t.j »■ SLAtulrewN,unro.nstoburnhoaiiMtriOl -f 

1 MngL LUL TBrane Feh ts . .(344 g M9M-I4I 5?4 ^l^ h l S. U *' ‘ 


Hill Samuel Overseas Fand S.A. 

433 77. Diro Nntac Dam*, luxemboure 

M. 453 !JI514« 17JD-0 J0[ - 

524 Internationa) Pacific Inv. Mngi. Lid. 

-05 657 i«r» r-roi KSH. 5ft far St. ijrdim>-. A»w. 

3SS ■'»’>-! , nCqnilyTiil_|».9Z *.K( __| _ 

. 5-fS J.E.T. Managers (Jersey) Ltd. 

"Z. 2 73 p»» IL>1 1M. Bora] Tsi. I lie. Jnrw«fl5»4 27441 

_ 352 .1wy l.Ttrnl. T*lJ 108 0 ZUhO| .. — 

352 .■** at Jan. 31. Next snh. day Feb. 28. 

t or Jardine Fleming ft Co. Ltd. 

J * ?Z 44/11 n.«r Connausht I'cntT*. Hong Kim. - 

- TS Jart/ncKrtn.Trt.. | SUK209 9IU ( ..,..,1 340 

.• !■£ Jardine J »i. Fd.*- 5UK274 92 -... 1 10 

SK .lanlim-SLE.5 . ... I Si S1179 I._ 240 

. lardmvViera Inf t.l 5IIK891a> 1 . — 

>AV Jan. 31. 'Kituitalmt SL'SoOtT 
Next ;-uo. Feb JK 


Emson ft Dudley 1 

2ft Artwcton SL. s.tc 1 
Entton Dudky T*L. (47 5 


Chester Fund MngL lul lBraBeFeh t5 - njjj m +i« 594 ^ n fab'S“'Z: m* 

a . 0100831(77 •Amm. CnlUt. - 194* iSn ■** 9 S'S lAccum I nilS' 18L2 

SSsBf !KS ::d IS SSSSM!..---Iffii iX SS5S2 =. 1SB 

Dudley Trt.Nognuit tw. *»■« “SSrS":::Sf. 

c> CVi mdSBIKH 4ftGrocrtburrliSl EOT 31tH O1-4B3420U Ini urn Feh. 15 _ 224.8 

“n 71 IX 1(1 NP.I.<!Ui.Xr n Tsi. PJ-f 47JJ ^ I 379 i.\crum. b'nltoi 251.4 

V T*L.(475 72 ri — I 5-10 lAccum. Unltar 153.3 ,5fcB . J 3J5 Scot.Cap Feh. IS.. 1310 

i w -i._ j _ tuiMnuai NPUfaeai Tnist-Jill J 117.W „._.] 3*0 rAmam ltollai . . 153.2 

Eguitas Secs. LUL?(aKg) t*«uin.UnU!>r'-.lu7 8 12ftfl .. | 3*0 f*<*. tot fab. 15.... 153.0 


+o; J 43 
-0 2 7 43 
+ UI 450 
>14 430 
743 
.... 743 

+04 5*0 


&»« Dudleym.|67£ 72 71 ._.( 550 aSnW^l ShB T Zl 375 sJS.C^p FchlisZ SlO 

NPUfaeasTrtjst-Kuf llLfl 1*0 lArrura )'n!ts> . .153* 

B?nttaB Seca. LUL?(aKfi) tA«niD.Lnli?r-„lii7 8 ,^4.7}.. | 3*o Peot-lat fab. 15.... U3.0 

tlfitotopwU.&CZ ni-A?2»l “Wcea on Jan. 2fl ?!vid ttetliM Frb 23. ■_+_ Wl ij orooo 

ProgTOHWe_(40.1 43?-Ill 4« ‘Price* Feb. 1ft Nen dealing u ^SS^S^m.l 

ft it. ns. n>« f.trou.x National WWtminSieriKal ‘ ^ 22 


157*1-Lb 
told +2.2 


PTOgTOwtrc_-fH.l 43?4ft* awta j. CapitolCtowtb....-.|75.1 

z Equity ft Law Uu. Tr. M.? Wfltfc) 

_ AnwnhanTW..UlgltWymobe . 048433377 * MaT-Im‘ • H &£JSSSvh.-— 2n 

- *0t.«7*Uw .,.-(40* 4JJI-14I 052 gK*“-. g- tef-lf 7-5 KSS^.Z Si 

- Framlingtoq Unit Mgt. Ltd. (a) dn>«oh tov 1 Z' 79 4 *Ma-i.| 5*a 

-waia SS to 


capita] Tat._ 

Income Tst 

1st. Growth Fd m.,~ 

Do. Accum.- 


1133 _ 

103.6 ..... 
99j6 

U1J . 


•05b -L< 6*8 
82.0 -15 bJB 
310 -0« UL07 
423 -0.5 18.07 
17*s -0J 453 
a.9 -03 8 S3 
42.3 -0.9 845 
27.6 -01 482 


U” faff-hn Frh M- SI SIS 45 J-CK 1 ! — 

+■5 ' 1 J 31, lNen “**■ d «’ Fieb - =*■ i7r v Si d Jun 31- . Jl. S6.47 . . j _ 

19 Jardine Fleming & Co. Ltd. >Urbur>ri »&! ... J - 

Flomr Connausht I'mtro. Mane Kim.' Warburg Invest. Mcgf. Jrsy. Urf. 
5^ J/irdjnr Kitn. Trt. I 5UK2M 9IM [ ...„.| 3 40 J .Ounni:' 'rr-s. Sl I teller. J... 1 1 0\H 7..: 11 
IS W,!EiPi Pd '*‘l ^>SW —■ CJFIM Jnn.27... In :;i77 L'KJ ... J -- 

862 Jardine i-tora toll. I SI I KB 93d J ‘T’ ! — -liV’.K l 1 ' UI 17 U -w ' I Z 

> W J«.-.M. SL'Sofi 77 SSFew . “"to U 9 y\ " ! : Z 

XS4! _ Next ;-ub. Feb JR TMTI.td Frh 3. - .1913 9 37, • 

Zg Management Jersej I.uL WorM Wde dronth Managemcnlji 

Kemp-iieeliicome (59 S??_| B22 '■'"■litmJi-o.b 1 dj Sic-- l-i. .- — 

7 43 ----- 

560 

NOTES 

5.25 ___ _______—- 

52* Prtirirln art includes premium, except w Hen* imiicaicdt and are snprnre unless whcTvi''* 
3 04 in-Ju-a/i’t YipJda tahown in last cminani alto* - tor all l/ujin^ esix'D-a-v, a Ufftrcd j:nc> ' 
"OB mrlurie al!expenses, b Tcutov’gprico. c NVIdbrovdonet ter fn« d r-'linulid. x wdic 
Hveiuncrnre.h I’lnrlbmlonfree rf I'.K.tati'i p J‘i*nodicpriiiiiuiiun...uran( , «*ojies > .■MPp’-.i 
6*8 premium muBrann*. x Offered price inrludi 1 - al! I'liprnsc. i-ttfai «rr: - s ■'/»mruwicr. 
6*8 v OM'Tcd price includes all rtpcnm if bouiiM throuen nianacrr-. 1 Piet mas •l.ir- . 
10JJ7 9 Net ol tax 00 realised eapus] saiiui imle-r. uidical<'d ft* 9 9 '.u. mM-; .-ro-.s. f Suapewlso. 
10.07 • 4 ^ lujd before Jtrrer uu f i t-siMi* isio::. 


ranscont. S % ■Ucobus of um Acteptug Bouses 

Inn Cure A2t& tMflfflJUtC. - . • 

FinfcS rn Si.% ■ gp T* **• lWB * 

Sees. Ltd. ... s % t 7<lay depoAtB oh'sifaa at a«.Q» 

is ss*&%r i * mo# *** 

1 GHjranty - * Call depoalto mr IL0»3«. 

"l nK .* « Deroand denosks 4ft.' 

* ah ° n . 5?S f R»to also asriJes to- StcafliK ft*! 

Bank 6*% Secs. . • 


Friends’ PrevdL Unit Tr. Mgrs.? 

rtxham find, Dnrfctnc. 00060095 

Mends Proa. Uta-MO 41,71 -1M 462 

Du, Accum.-(49.7 5iiJ -L4 4*2 


[ Writer* fwaw+fnif* Cft+LUL? 


G.T. Unit Managers Ud.f 


1 To. fartfolloltw Fd ...W9 -69.4I-044 5*8 -. 1 — - - 

— J 4*7 D o' 1 *« n “l* f ‘lJd/..- TO5 5Uj*0l| 3.00 TSB Unit TniSts (y> 

;:z1 237 NEL Trnst Managers Ltd.? (aXgl CLChantrr Way.Andover. Hants, oao 
•■■ ■* 2X1 HiltonOwrt. Dorktoft Surrey. fblTSSt^^^Ittfl 0 * 4 §S^09 

[iTfi ? n* 1 *"-P™ s.7i 5CTT5PF25S!? 4 —S-S rf-S 

^mlooss a fhl TOBfSSfc: ».5 tax -15 

ix f« New Ctmrt Fond Ifenagm Lift <b> Dc.Accum._S75 to* -15 

:!3 Sii. «eft»thtahUdA5«iMaii»*MMt ^^aZzrSj 2oi:3i 

Norwich Urton fnsorance G»np lb) -.r:,,. ^ 

Vrt riniasKL r^vrZ-nn Ulster Bank? (S» 


The loon, fatkestotte, KeoL 
Wom-nwJterFa.^1 - 98ft 
FwtRhtt hmds, iflfaae reter to 1 

Msiwbarter Group, 


Windsor life Assur. Co. lift 

7 High Street, Wmdvor. WlmborHlM 


pawaCTw ] 8. Hnobtiry Cjic us ECCM TDD 

Zj _ flT.C-D.lnc- P9.9 IB. 

rinteib ** W 

G.T5nc.Fd.Uo_.—1ML9 XT 

GT.lL&AGcn_.13** 14 

aT-topWiOGOO— 202 33 


owsssm iN< 34ft3( JUS? 2 **? ’Waring street. BeHatL 073233231 

‘— am AccomUnits_gO -o3 6JB FHotB toe.fand—toftO Hftfirt_j 41 

—■ 2 iS Pearl toe-_—P99 323-53 7*9 Wld«Crth.FndZM6 3P.5J_I 2 J 

— 7 jSb faariDnllToL-5*4 taftf-ort 5s Do. Acorn-,|3M . —4 3.< 

— (.Verna. Units) - Ftl* 44.4|-o.9| 5*5 nn*i«, w.™a 


G.T. IntT, Fbnd -(1B5.9 

OS. FburYdaFtL—15** 

?& ft A. Trust Ui 00 

;j, R«5l*teb Hd, Brentwood 


-- 1 (Arauo. Units)-TO* 5*5 Wi«4«r Grnwlb Fund 

Pelican Unit* Admin. Uft <**,) SjjKl£sS™4 

(0277)221300 B]FonntolnSuMaacheater_0fll*388«3 laom Unite_ ^..paa 

3L?]-aj( 4J8 Pelicsn Uni is .177ft 82JJ-L71 iZS AMoaLUislta_ J&ji 


01494BS] 

-1 472 

_J 3ft2 

3.42 




0UB348BI 

zdJi! 


CLIVE INVESTMENTS LIMITED ] 

I Royal ETrchange Ave., London EC3V 3LLL Tel.: 01-283 1101 J 
Index Guide as at 7th February, 1978 tfiase 100 at 14.1.77.) : 

Clive Fixed Interest Capital . 1-15.06 

Clive Fixed Interest I nco me . 1-3.17 ] 

CORAL INDEX; Close 4.5W55 

INSURANCE BASE RATES ~ 1 

t Property Growth . 71% ! 

Cannon Assurance . i 

t Vanbrugh Guaranteed . T.125% i 

r Address shon-n under Insuranco and Property Dond T-inK i 


II 


.1 





















38 


Manchester Business School ;' 
Management Course 

“...probably the 
finest short course 
in the world” . 

• ; THt FINANCIAL TlMfS** 'O 


Apply lo, ihe Apnl AOdobrrf J3 Cowui'.lc SylrtS MriDrt II 

MBS Booth & Viwi.MareheilwMIS 61*9 W Ot-l-773 3228 


FT SHAKE INFORMATION SERVICE 


Financial Times Thursday Tebniaiy 16 1978 

HOTELS—Continued 

► urj Dir I ITIdf 


TS7TW 

High’ lair 


^BRITISH FUNDS 


15C-7S 1 

inch Loir 


Mark 


«r| YirM 
_ Ini. i h'fti. 


■Shorts '* (Lives up to Five Years) 


2C7 
97 % 
°S-% 

306' 

&7C 

307 

305 

96 

nS'j 


■w% 

1Q4 


9?'i 

983. 


a?:. 


101% 


10 31 

90” 

K\ch V7frT8« - 

99i* 


5.04 

45,‘ : 

Trea-uc-llLpr 1!%± 

103 Uni 
Wj.1 

-% 

1108 

WSl 

Traa-ur -Ip: TPj; 


311 

85)3 

UJw.nc-Pjpc 74-71 . 

971. 

-% 

4 36 

a; 


102~o 


10 21 

B4", 

87% 

-kvme.-V.r- 7ly7y 

95’* 


366 

rreusur £>■ !W>J± 

101 ^td 


888 

89% 

82’t 

TrcJ-nr Ste -- 

Trea-TinS.-pr 

101% 

93% 

T '4 

9 37 
373 

83 A 

FuniimcS-jp* T.t-9ri: 

95‘* 


5-51 

°6V5 

H*eh--qu^r litre ISwci 
Tr-.-a.-jr H%pr :S3I±±. 

lor* 

~ -d 

1212 

■?A 

104 

-% 

1106 


Trvasur- .u.pr iP74tl 

90'* 


388 

86-^ 



- '1 


*5% 

F-v.-r« «'*;-■ )S«I 

95-j 


8 61 

97 u 

L.rb ?!.'>.■ IKtl 

ws 


956 

S7% 

kwhJK ISKI 

"it? 


3 42 

%’■* 

TrcA: A anjMc &1#4 

- \ 

6.69 

96% 

F.-.-h. iwi±i. . 

10a 

-ta 

U 81 

8.’7, 

Trea;« : pci«i4Ci± . - 

96% 


8.83 

7IS 

TreaMjn 3pe Bit - 

85'.' 

- 

3 51 

101% 

Tr^ujun Mpc K171 

112<«nl 



«*ftJ* 

TteJ« lariiMi-TCi# 

95‘,; 

- \ 

<> 73 

91S, 

7re*-ur- fl>«pr E 

94.% 


8 74 

95S. 

K-vl. 9'*|H' ll«L- . 

97'g.d 

-« 

950 


AMERICANS—Continued 

j- art Dir. I |VM 

! - j lin»» |1 'it||ii - 5 


MS 

:n% 

101 s 

95: 2 

3003* 

a~ B 

91 

74.-. 
?6% 
121 % 
91 J* 
112 
;&i. 
118 

113 


316', 

7311* 

129% 

314% 

9d 

3107* 

517. 

30 

320,'. 

Q?l, 

1334 

50 

1:2% 

9S.'i 

8<»a 

~2S 

2-6't 

97 

°fa% 

J43, 

32'* 

59 

604 


j8~j 

36% 

391. 

285, 

24ia 

24 


31 

45'? 

°5-* 

i:s 
nh 
66% 
bS% 
494 
53 j 
90 
671, 
88% 
53% 
6e"« 
83J* 
69% 


Five to Fifteen Years 

>A.+ Jpc *■ 

TtvA-ur. 1 ":h- 
T r.-i-ur sPipc’Kt 
K'jndrtis: 3;|K TC-M^ 

[Tf-lMi.- $%r»- 
Kunci nr 0%]*: "Aft-Slit 
Tr.ra-ur T'.pc 'iMD 

|Tmti.-imrt:(p'- 7WW 
rt.-junS- 'Aft-til 
Trt.vnn l:tp.’ - 

iTi'-i ur 8%Kr9« 

Trci'un'IJbpc IP9I 
FunAliu: V,P>' 87-91“ 

: ±' : *pf , SCw 
'Trr.k'jr' Mpc IK! 
t*.'C- !2 : *i“. fc 

Over Fifteen Years 


82 id 

-% 

366 

106%,d 

-1- 

1121 

97% 

-% 

960 

85% 


64? 

93 


923 

83% 

- *H 

795 

85 


917 

63% 


4 74 

69% 


7 35 

109 


12 05 

B4% 


995 

100% 


1188 

69* 


8 50 

106 

-!t 

12 13 

BSi.xl 

- %■ 

1128 

101^-d 


12 05 


fl4% 

Twa-dr i-'.-f-: SGH. 

104% 

-'r 

12.11 

51% 

h'tindind ok 139-J— 

Mi.il 

-% 

9 24 

“6 

Treasun !.-*pe SWi 

114 

- V* 

12 41 

99 


iis%m 


12 47 


tail: IJNiv tfW _ 

102-1* id 

“V 

1214 

bfa% 

Traa-ur>9pi.'iWi; — 

85 

-% 

10.83 

9/'» 

Irva-itr. Il'ptlfi .. 

100% 


12 00 

A^, 

lia'.tpc 'Wit* 

48% 

-'a 

6 26 

?:\ 

L'.ch. W ; *pc1B .£10[d ■ 

24% 

s 

11.53 

87 

Tir-.t-'iij i2'.r- 

108 

-1% 


by* 

Trca-ur.- ftv St: Wht 

81%„d 

-% 

10.97 

10m 

7 r-.a-ur. 15%|«.' ttih; 

125% 

-% 

1262 

B«* 

hAchequ<*( IIJ.p.. 

111% 


12 25 

11% 

lfMJ<rap:inn 3pc dOvib 

47% 

-■* 

b47 

87% 

Tn.-a.-Lin ir.%p,.- iC“ 

109't 

-% 

12 24 

90% 

Evhc'pjHr lOJjii- ISs*. 

90% *i 

-% 

11.62 


Trva-ur. /.'*(* I».t7 

79.0 


11 03 

50% 

Trel-ur Sup,. 9>:*rt 

67 

-I; 

10 38 

Kijs, 

Tr«a> is^c’se:: - 

129% 

-'•j 

12.54 

U 

Tn-a>ur ‘.c»pc 

65% 


11 22 

Trw#ui? I ni ij* IS** 

90 7 j 


U 66 

?7% 

Kuadia".:S;PC 99-fK 

39% 

-% 


57 s 

Vn-d-un Spc U2 

75% 

— •* 

U 01 

40% 

Iraa-ur %uv Of.LS; 

51% id 

-5 

10 66 

5J»* 

Tr.-iur-7^*f- 12-13^ 

71% 

-Ij 

10 97 


5 82 
636 

7 69 
525 

5 90 
862 

6 41 
826 

8 B0 

6 43 
751 

9 91 
9 87 
717 
986 
9 7L 
973 

7 02 
7 52 

10.12 
9 67 
7 24 

10.27 
7 57 
586 
993 


■ 

ID 19 
10.13 
8 80 
990 
9 52 
10 26 

8 37 

9 61 
11 75 
10.78 
11 40 

10 30 

11 58 

1167 

12 01 


12 03 
10 66 
12.18 
1218 
12 09 

11 31 
1199 

90S 

21.76 

12 08 
1137 
12 34 
12 13 

898 
1213 
11 78 
11 41 

11 24 

12 31 
1144 
1173 
1020 
1119 
10 93 
1105 


irr-18 

; 

Utah 

Ion 

Mnek 1 


?n 

Alatl Han ! 'T*M 

46 

26% 

Mur^dniJf I’^Slai 

17% 

1? 

NertotSuDwIn- ti 1 

25 

13% 

‘Twaylll IS 123 I 


14% 

TUaliW'jb 1 Sift [ 

i’l\ 

14% 

H,‘IiJS<*P Jljjj , 

24 

16% 

Hep \ V 1 «irj. S" i 

lb% 

UJi- 

-| 


l-Dj 

hir»id-n-Mrr-tr ?l-« 1 

40bp 

W7|» 

mu i H F; 51 _ 1 

'"tl 

18- 

Shell •>:! S' i 

W* 

II* 

Mnc-r-SIO 1 

36L 

ri.6 

Sperr- Hand SO 

tt 

18% 

TRY. Iiu- 5i%. 

31% 

18% 

Tetin-M. j 

151 

m 

!v V, v i.i 's.-s-i :d| 

141-1 

505p 

Ti-joP,. 1 ” USSl'I6-. | 

.M% 


Ti-cacu Sri— 1 i j 

‘‘IS 

P7\ 

Tinu-lr.i- , 

13% 

863p 

Trar.'im-r.ijll > 

.4 

*1% 

1 Id Tfirti 5t vi ..j 

41% 

181* 

1 S 1 

19% 

9Wp 

AlXcoSJ'** 1 


11% 

llnnlunnh- :M<; } 

JQli 

?K% 

Serv\»’«rp I 

13% 

385p 

Nod m Im 111 j 

12% 

75S|. 

ijpalai.nrp 2-'*- J 


JO 


22%»d 
26V 
12% 

15V 
15 
18 
18* 
llv*d 

14% 

286p 

20iS 
13i» 

23% *i 
21d 
MV 
137'; 
fcSlp 
18m 
24 

«M6u 
24'* 

181* .J 

145*.l 

Hh'd 

Stf 

_ . 11% 

S.E. LiM Premium 34 V' 'has«i on Sl.Sl.H330 per £ 

Conversion factor 0.7436 rfl.7438.i 


.I il 92 

- 1 

-% ! 52 3o 


-% 76c 

— 

liSl.06 

— 

SIM 

— 

-% 1S< 

— 

SI 00 

— 

80c 

-- 

.% 90, 


-131 ■ 

“ | 

-t ; lull M 

' ' 1 

*% o0. 

1 

— | 

-% sii: 


51 bD 

— 

-% £2 CIO 

-- 

JO'c 


-6 5100 

— 

■? 1 

_ 

5150 

_ 

-14 M>- 

- 

52 00 

• - 

-l 51.60 

— 

20'- 

— 

. . 51.40 

— 

52.00 

— 

-2 7%l- 

_ 

s’Jl- 

- 


BUILDING INDUSTRY—Cont. 

*-1 S IJKI* 


DRAPERY AND STORES—Cont 


1977.73 

insh iu« 


4 O' 23 
• ! 4C 
4 C'; 32 
lb 
J7 


jo 

661; 


I 4u 
IL 
H 

‘4 

28 

13 


CANADIANS 


1977-74 
High Lon 


13 

It’s 

12% 

“Jin 

■163" 

11:1 

Ts'" 

ft J % 
-2'* 
r'-Op 
26 
13 A 
?3% 
1?% 
28'* 
S75p 

in. 

:i 

14’ 

Io~. 

o*0,, 


10,*. 

10 it 

301* 

11% 

B25p 

13% 

910 p 
261; 
16% 
320;. 
lb”, 
935 p 
21% 
11 U 
«80p 
585 p 
B lOp 
20% 
32p 
15 

14 ft 
13% 
955|> 
840p 


Slak l 

KfcM-n:r-jl52 | 
Itt Vtf.iscciuSI j 
Hell (jnada3 .j 
Kmc \ al!i->:[ | 

Bradawl - , 

1‘an Imp Bk 5- 
• an. Pacific S3 

tm -JiT 
ilifltiiili'an .S 
llav-kwiKli jt. I | 
Hull'J^'.r S3 - j 
IlL-.tmn 'Rj'I. I 
..S2-; , 

ImpenjiMit. I 

1 

In' Vn Ca»S! - I 
Ma.-,r. Pert.I . ; 
hriE.-U"' i: - [ 
I'fta ii 

la-, ilcmn , 
(r'wslliK.’.vn }i 1 
iSiM^ra.n’'>« '."51 | 

T»r r*"»i 31 j 

TnL- 'V. III'? .77;. : 


oH II|». | 3‘I4 

| - J i.rn** |i"vr hfs 


-% 510b 

_ 

- 92. 


54 08 

— 

10c 


-5 SI 00 


+ ,% SI. 44 


97c 


4"o 

-- 

-% 510b 


-L5 40.- 

— 

-% SI 94 

_ 


— 

-% SI 7o 

— 

S6 4-1 

_ 

Sl-25 

_ 

80.- 

_ 

51 00 

-- 

- % bb 4c 

~ 

-% SI OS 

. _ 

314£, 


■> 

— 

7b.- 

-- 

-10 103.- 



S.t- Li^ Premium 34%'1 


lli.ii 

12, 5 * 

32 r : 

13% 

455p 
15 VI 
10,-. 

36 

16% 

340 p 

18% 

11,! 

26 a 

10% 

650n 

810pst 

5W*P 
it.; 

17% 

14..; 

10', v. 

910p 
(based on £3.1 


J E 
3 8 
6 3 

0.4 

5 5 

It 

54 

11.1 

32 

6 0 
5 

3 0 
2 9 

5 3 
b 3 

6 3 
21 
2 0 


36 


54 

i 57 

84 

44% 

tm 

30 

6e 

1J2 

60 

£230 

72 

9o 

70 

64 

33 

117 

164 

139 

69 

45 

197 

114 

352 

17 

45 

£30% 

171 

135 

109 

8b 

69 

84 

38 

£6 

90 


II per Ei 


BANKS AND HIRE PURCHASE 


1977-78 

llieh Lou 


Sunk 


Pn'*e 


-1 


UI4I 

"ir (•r .'j PiR 


53 

216 

55% 

96 

291 

9S 

101 

86 

31 

5b 

94 

100 

1! 

bS 

39 

Sb 

143 

1S6 

102 

230 

5d 

113 

195 

92 

?tr 

143 

161 


M«a 

19 
!4 
17 
26% 

17 

20 
47 

as 

13 

It'SQ 

26 

55 

27 

20 

1° 

• 5 

73 
6b 

27 
24 
9b 
70 

144 

8 

21 

£18% 

69 

8J 

53 

1’ 

28 
34 
15 

J0 

43 

T/l 

iio 

28% 

3b 

113 

44 

74 
47 

18 


Undated 


26% 

25% 

26!* 

20% 

17% 

17% 


■Jii«ol< 4f« 
Wjrl.'iar^S'.w 
• on 3%p«' 61 .Ms 
Tpfa'Ur..'p< Oi All 
|Cwi>ol<2 , *i‘v. . . 
iTivi-ur- iiR": • - - 


34-?; 
35 U 
37% 
26J. 
22S 
22U 


-% 

11 52 

10.00 


964 


1170 

1132 


1173 


8S>* 


* + INTERNATIONAL BANK 

! 75% lApeS'orkT-it . ; 86 : *iJ|-*» i 5 30 | 


8 75 


+* 


CORPORATION LOANS 


200 

°4'-« 

107 

112 

102 % 

91 

99% 

: So°4 

96% 

021- 

85% 

79 

79 

27% 

45% 

100 

107'. 


8? 


97 


954 

F.1W 

Kn.sn,l 7%|«. . 

91 

-1 

8 52 

93 

>:i ui.-iv-tfi: 

3031. 

-1 

12.08 

“5% 

IW l-JI.-f !«& - - 

10J%ni 

-■•* 

1206 

85J' 

•;%»?,/* u% tkwc; 
llcft' 5-jwTft-tai 

95 


572 

7t% 

90!. 

"JS 


5 74 

5.S3 

791, 

U« 'Apt RfMH 

971; 

-1 

10 Z5 

-% 

U' lrT«J 

29% 


mi 

89 

J*« ion, ti%p> 73 78 

99K./1 

-% 

6 53 

75 

l» ArcTW-S.-,.. 

9£% 

9 91 

85:. 

-- 


- l 4 

628 

70% 

Iie.Crpi 'TT-fll . - 


b.08 

601. 


79% 

-U 

694 

521; 

lToStyacBSKT. .. 

72% 


769 

51% 

DnW*pC JWV' . . „ 

72% 


9 39 

20 

I*-. :(pi IM.A" 

24% a 

-% 

12.22 

7b% 

Mtdd' 5%jw :P8" 

92 ul 


571 

S-"* 

'.••wCA4lcA« 7W>. 

98.d 


9-M 

99% 

»ar*,ckC% < »l«w 

105 

. 

11 91 


10.73 
1143 
1159 
10 60 
950 
7 99 
10.85 

762 

1053 

923 

8.73 

994 

10.32 

10.95 

9.55 
10.13 
10 32 


33/ 

305 

£114 

5*5 

168 

295 

f.15% 

3b3 

£165 


COMMONWEALTH & AFRICAN LOANS 


100% 

96 

SS<« 

93'. 

°6% 

89 

»1 

70 

95 


79% 

6 1 '. 

86% 

81% 

66 

85 

51 

47 


’ '.Au'l S.-ff • j- 78 - - 
■■Db 3 , ; d. T7JII . . 
■P.» 5l;iw SIX .. 

••'.2-<£».■ !fC67F . 

■■[h. RW8 
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141 

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248 


96 


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6.8 

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4 

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6.1 
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3.8 

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66 

16 

50 

157 

£20 

£20 

60 

126 

17 

173 

244 

305 

11 

85 
54 
210 
117 

86 
28% 
36 
43 

9% 

84 

12% 

112 

71 

27 

98 

27 
13% 
20 
22 

273 

28 
11 
168 
140 
137 

16 

28 

128 

99 
32 

132 

70 
40 

103 

102 

60 

91 

23 

28 

71 
69 


43 

5 

29 
29% 
450 
425 

30 

31 

5 
% 
98% 
102 

6 

70 

35 


Stack* j 

fTou'ecfLeroiC- 
KnMt Milt 1<T — 
Ladies Pride 3)p 

Lee Cooper- 

lUteiO--.— 
Da\ot IcLscO.-d 
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tMFI Rnr.il an: lOp 
Maple 2to..— 
iKarkffcspcnrer 
Martin Sms--. 

M®ziesiJ.“- 

Michari'.JiIfrp- 
Mnf. tdncaLwp 
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101%WWJiercarc UJp.- 


48 
44 
16 
11 
18 
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30?2 

fr 

23 

32 
13 

4 

8% 

13 

10% 

67 

65 

38 
9 

12 

39 
53 
17 
77 
27 
27 
■32 
31 

33 
46% 
11 
15 
44 
481; 


jNSSNea'f lOp 
Cm«j Once. .... 
iParadueiE. lup. 
PammiUX'— 
Peiewsuires lup 
Poll}- Peck lOp- - 
•preedy lAHrwi- 

tRjmurTe\Lap. 

IRaUMTSlOp- 

Hay heck 10p- 

Readwnlfy—— 
Reed Austin'A'.. 
SnUn.IULS.ll’h- 
Ro»giU5p-. - . 
,S4U Stores 13;p 
Iu SF.iH. IZ'.-p 
Samuel 1 H>‘.V— 
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Sherman .PIOp. 
Smith U. HWaUp 
Sian lev A.G. 5p_ 
Stains PI^l lOp. 
jSidnberg lOp— 

SumrieZOp.- 

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linos Group - - 
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h'exnon Farli. Wp . 
ffades "A"20p_ 
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Do. N V,- 

lU'adlflOp_ 

iCaringiGillov. 

WearveD 5p — 
IM-hari Mill 10pi-.. 
Wifcnsi V.arbm. 
Wool worth_ 


Price j 

♦ urj 

Bhr ] 

VId 

CV Gi > P/E 

56 

-2 

td3.92 

2.5) 

10.6 

5.4 

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25.9 

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76 

6 

11D 

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£20 


t?9 7 ft 

8./ 

2 3 

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8./ 

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7.7 

56 


1.49 

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90 

9 

120 

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20 

5.1 

150 

15 

141 

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386 

2.1 

47 

170 

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85 

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13.2 

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156 

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tji2.66 

3.6 

2.6 

105 

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212 

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95 

78 


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UH-78 
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Pratt'F'— 
Pried iBeni* 
ProewUi 
R.C.F. Soldi ngs. 
Raine Eng'glOp 
B.H.F— 
R 1 D»mes5ljn.£l 
Ralclifie [nd»— 
RaiciUbiOKi.- 
{Record Ridfitray- 
R'dmn tfnan JOg 
Renoidtl^ 
Richards of Ldc. 
RidinsffeiaBpJ, 
Robinson Thoai 

HotorkLOp- 

Sanderwn K. 
SavilleG.Qi. 
Senror Eng’glOp 

Sexrk- 

ShakespreJ.Sp. 

Shaw France 28p 

iSheepbridfie._ 

Si nun Eflg-g 
fell Group -— 

Smith 1 KhiL.i Sp 
[Spear* Jadwn 
Spencer CUDOp 
SpescerGeorrSp 
Spim-Sarco— 

Spo'.merlBd*'.; 
StartriieSOp- 
Sla'-eleFlad*. 
Stwie-IlatL-; 
Sykes iTteur)— 
face IOp. 
TarforPa 
Tecaleni . 
Tct.Abiak'IOp- 

Thvssen DmlO.. 
Tmnkin«F.IL5p 
Triples Fines- 
TubclmeatK Q 
Turritt. 
Tyacktir At 10 
Ctd. Enre I9p- 
i.trLSpnoe 

Ltd WtreiiTonp 
iMckersEl— ... 
A icior Products 

_•• 

tU’adkitfS'p.L- 
Waaonlnrtiutr I 
ffgHkerUAW; 
VTarf.T.W... - 
Warw'VFiightWi 
ig’isnckQg.3 . 
|WeeksASM.*.10ji 
WelrGroup._ - 
fWeUnuc Eng' 

IV Eromip't Wp 

iWettland_ 

Wat'D-F.van»3)f> 

Vhessne-- 

Wheway Wtan.ap 
iWbile bouse tilp 
Williams.'Wif. 
|U"lms* James 
Wolf Heel. Tool 
-notary Huchek 
IFhwell Fd)-. lflp 
Wood<S.Wil»p 
IVYh'scHisn I2%p 
tl'omy A'd'n * Y 


_75%* 

m £*7% .... 


-2 


tdhLS? 
430 
f!5.56 
(12.0 
.91 
th-4.021 
(6.-M 
t5.8 , 

rlhO.68 
18 
(3.72 
2.19 
6 
.23 
65 
07 
b‘3.29 
0.91 
hi-16 
♦(2% 
14 69 
|Q5.0 
(4.88 
*2.67 
3.51 
(298 
145 
4.3 
d2.0 
(482 
10.78 
(0.78 
*4.76 
(3.92 
1J8 
534 
4 95 

, 04 
kdnL(m 
d0.99 
1.1 
tl.42 
0.37 
b.b 
4.16 
294 
M6.38 
♦L24 
3.64 
♦272 
(0 62 
3.57 
e7.68 


2 8 4.4 
29 8.6) 
2.4 87 
« 12.1 
17 135 
25 6.7 
28 5.4 

3 0 6.1 
28 90 
10 125 
DS 2 3 .1 

4 '8.5 
37 B6| 
« 10 0i 
10 


Stack 

‘.1LdmH.Jtte IOp. 
|Mjfidleum?0p . 
iNbrioUcCapSi'- 
iNocb.jl FilOp. 

Pun tin's IOp_- 

jPnhcvid Wales- 
iQaeec sllnatSp. 
Row wo Hotri-i... 
[SatK-A'lBp— 
SLiiLslKec, IOp. 
|hwin Rnc laL 5p_j 
iTrtisl II. Forte - 
I»*m»iWr'A !%■- 
[Wtolefs Wp_— 


FrlCC | 

-16%- 

210 

42- 

40 

37 

110 

25% 

151 

71 

.38% 
123* 
183nl 
27% 
270 - 


Net InrlGFsira 


Fb.6 

06 

S0.9 , 
*±168 
31 ' 
tdO.12 
(5.7 
102 
1.04 
*5li5 
8.21 
LIB 



INDUSTRtALS 

<3MBscei.) 


6.1 


'AAt?. —- 

AGB Research. 
.Tunmjjotoi IOp] 
Abbiu Lid. 
Abntawlfliilll* 
AirQ.’-lnds.aJp- 
..ADied Invs. op- 

[■UpineHidgiftp 
A.maL IndustK-. 
.Ajiiai Mct^tED. 
Ant-V ie- Vfjha!'.- 
ArenmciAilOp- 
Assec. Lei jure 5p 
As SprsverilW- 

'AaajnFiLertlOo 
JA'-on FobberO.- 
DBAGirnp-I.- 

{BLETT field- 

BOClntnL- 

iBTR.. 

iBajni'A'niill— 
Barnet <!• --— 
Barlow R4 RlOc 
Barr&w.vT.A - 
Barrow Hepburn 
Bath * PorUaml 
BearnitTark:*- 
Beecham_—1 

Bell air Co* IOp.. 

Beahma. 

jBcrisfonls-- 

jBenridcTunpo.- 

iFeswbell- -- 

BlddfoHJdilA — 
Rihm-aiad Ecfi - 
Billam J-.-lOp — 
Black ArrowSOp. 
Black Edgfti 50p 
(Black 1P1 Hides- 
BodycHe latl— 
Bated Pel'.V.lOp- 
Bat'iO AHaih« -j 
BonillearyrSOp. 
,Boote. _ . .— 
heifW.lHUD. 
{BmaterU-— 
Brab> Leslie 
Brady Inds —U 
BranmeriH-GSipJ 

iBrideeiviPrMijp-f 

Bn don- 

Bridport-GSOp— 
BB * 1LA. —I—. 
jBm.Cretl2bp.-l 
(Bril. Steel C-onsf-j 
iBnt- S>phoo 2dp 
Bntish Vita — 

Brittains_ 

IB. HJTOP.3A2. 
Bra* SL Br. IOp. 
Brooks WaL»p. 
|Btowu Eov. Ken! 
Brumous - Hitts,- 

Burro Dean_ 

[Burnder.osp- 

Burns Audi's IOp— 
Butt Masco ! 7%p 
C if.IndU I0p_ 
Ifam pan 20p —- 

Vo B- 

R'amrex Sup 


-1 


i^nxiirg-wj.... 
Cape Industries. 

Capiat! ProL IOp. 
Caravans InL3)p 
CariLon bids 
Cawrods 


FOOD, GROCERIES. ETC. 


Celesuoa tad. 5p 
Central Hit IOp., 
Cltl Sbrerwri SpJ 
CentpewaicSOp... 
Cbanberlaht 1 .p 
Ctaii, ha F 1 . h% 
ChanwWar.'s'Jbp-l 
lkil\tC:w«lf 
ctmai'-rittp 
Christ icslnt IOp 

Chubb 20p.' ; - 

CjuferiOaKaif 
l ole,Till - ; - 
t'tnpia (TebbSDp 
Coni’! Grp SI - J 
t'enLStabun’r Ulp 
37 ICopeAJJraanSp. 
2B Comdex IOp— 
54 Coral Leui Plp . 

13«%- ftteii—:: - • 
31 rourinyPopeaip: 
)*2W* CpaandeGrt Itfc. 
CreanlJ. 3Co.._. 
I'restNicbof IOp. 
CroAy House £1 

KS4S. 

[Dtaku-HodSp-- 
‘ tana In* w 
,.»n Pmk.lDp.. 
Inn HM*s. 10pi 
DoceeCmpCSSl.. 
Owns-ftor?!. ItM 
Drake* Scull... 
Data Bitum. I0( 
nadbeeCom-tOi 
Dundouiau 30p. 
Duple lcL5p...— 

Durapipe—:- 

D*ek Group IOp 
JDylwIJ 

tlrrsraiJ.tJi 1. 

EL"Cases IOp. 
EasercPred w. 
lEwndnlOp:. 

Hbarlnttaifip— 


'133 

96 

77 

295 

71 

341, 

76 

15 

710 

1D0 

157 

581; 

83 

230 

230 

205 

183 

510 

33 

56 

50 

39 
96 
96 

133 

107 

151; 

35 

117 

14 

73 

26 

51 
66 

69 
300 
109 
£421; 
133% 

45 

202 

116 

40 
132 
128 
164% 
92 

100 

45 

242 

126 

121 

27 

420 

35 

19 

531; 

150 

434 

253 

58 

40 

37 

1S2 

279 

137 

52 
57% 
177 

70 
'238 


471; 

141 


Alpine Soft in Op , 
A*. Biscuit :#p. 
Ask BriL Fd.- Sp 
lAss. Dairies- 


35 lAss Flnheries J 


14% 

46 

S 

65 

68 

23% 

38 
99 

1145 

55 

60 

310 

7 

381; 

SB* 

42 
30 
67 
51 
91 
57 

6 

22 

45 

6% 

47% 

13 
28 
181; 
40 
B9 

39 

£28% 

61% 

28 

1100 

55 

14 
74 

47 
88 
62 
50 
23 
80 
64 

43 
17 

1124 

23 

> 

I 

§'= 

86. 

188 

94 

33% 

42 

[131 

36 

1121 


Ai ana Group 5p 
Banks'Sidney 1*, 
Barker *D. IOp... 

Ban-i.A-G.i_ 

Bamra Milling- 
iBasteflutat'- - 
BatlcynYork IOp [ 

Bejam Kfp_ 

Bibtr, 'J.1Q_ 

Bishon'iSiore:.-! 
Da -A"N.Vj[_. 
BluebirdCtmf.-. 
[BriLSafari! _ _ 
hni. Vend s IOp .i 
Brooke Bond.— [ 
, Cadbury Scb'p». 
Carr’s Hrlllne....| 
Clilford Dairies 

Da-A-yv_I 

[Cullens 20p-1 

Da “A - a»p_ . 
Danish Bcil'A £11 
EastawdiJB'^i 
EdWawLaaCAp.-l 
Ea eland ,7 Ei5p( 

FtaDeriAlap .. 
Fitch Lwell 'J>p. 
Glass Glnverap- 
Goldrci Fcucard 
Uarlew d i Fjaip 
[HIchKaU-i. J aOpi. 
[Hiliards IOp .... 
Hiatuc iA.: I0p_ 

|Kl»ttS&3b_ 

RaikSaselOp_ 

LenmwGp IOp. 
Linlood Hides. - 

[Locku-oods_ 

LoveU'GF,. 
LOT'Km.i20D K _j 
LfunsiJj£l._ 
UntibewB,._ 
Heal Trade Sup. 

Mills 1AJ.1_ 

Morgan Eds. IOp. 
Horr.s'ndV.I IOp. 
Northern Foods. 
NunbnFk. IOp. 

FantoiP.i I Bp_ 

Fork Farms I0p_ 
PTkei-WJ.imp.. 
KakcscnGrpUm 

R.H.U__ 

iKptwrtsnn Fi.vJs 

pi(MTit«e M.50p. 
'S31nsf.ury-1J.1__, 
'Somr»iriex_ 

Spillcrs__ 

|S*]ejot! ITn I7.p. 

Stocks Just phi _ 

JTaiei Lfleil_ 

tTmener Rut,20p 

fTwcosp... 

I.’niwte_. 

United Biscmta-,j 
jffaljon Phlp. ID 

iR>e»sh«L_ 


69 


180 


Ionmjh 

1 1 I 1 1 

F65 

th2.73 

(2.1 

h0.78 

3.0 

(0.9B 

d3.6 

-- 

646 

-4 

*71334 

-1 

5J5 

+1 

ids.n 

-1 

■hL45 

-10 

(5 94 


WZ36 


fd236 

-r 

4.62 

-15 

19.0 

-% 

ruQ.47 

-% 

2/6 


276 


263 


1.74 


L74 

-7 

4.57 

-9 

457 


Ih60:ft 

-i 

3.92 

-1 

(L29 

-1 

♦±611 

034 

+8 

$4.05 


123 

, wwwm 

Id243 


F.3.05 


Tri-Ob 


4.41 • 

-1 

(262 


h2.fl 

-1 

dt!5 

-3 

haw 


3.69 - 


55 

-2 

37 JW 

r-3 

tB.W 


W-lb 

, - 

♦306 

’ 

±L91 

i-Z 

Mae 

-2. 

33 

-2 

thL6fi 


(1.56 

♦2 1 

M8.49 


dO-66 


3i!9- 


152 

-5 

f7.42 

-2 

M5.47 


3.38 

% a _ 

279- 


i..«r 


352. 

-4 

13=14 


T05^ 


tLOS 


+33 

-f 

6538 


243 

43 

.473 ■ 


m 


3J 5.6 t64i 
19 93 fl.S 
4.0 3.4 SO 
43 42 B8 
85 2.1 85 
83 2.6 
45 45 63 

6.3 65 M 
45 2-414.3f 
33 as 3.9 
2.0 7.8 9.7 
35 93 35 

3.4 6.0 75 
3.4.73 65 
U 7.4 MS 


7J -5 « 36 
2J 3 3.4 
14 9JU5 
L4 8 4)12 6 
* 8J , 

16 7.7 .75 
85 105 

88 103 5.4 
57 S.Z 
5.8 6.5 
45 9.7 
35 129 
76101 

.-as 1*11 

4.9) -69 

26} 7.7J 5.7 
WHS 86 

4.410.4 33 
13 133 B.7 
3 5 4.6 94 

Ib ii iw 

3.9 .4.1 95, 
4.7 25115 
2110-J 7# _ 
■55.32 9J 
fill 12.9 DU 

0151105 77.71 
335i til’ 

3 010.11 
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2.7 88 6-3 
37153 55 
23 55123. 
■69 3.0 75 
Ii 10:4 -4.4 
,0 7.4 6 9 
3J 5J B.7 
2.1 9.1 73 
30 5.7 84 
2.9 6.5 88 
3.4 9^-66 


ElecoIOp— ... 

Sect. I«£ Sec . , 

EflJoa Fb'ro 19p-. 
E/soa&HdhbiPs 
EiswictH’per5p 
, Emha