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ining a new factory/ 


ructural frame 



• No, 27.4SS 


Sf.,-to»*n m - rc 8imaBB2 ’ • . / 

ggtwft«iTAt smwQ . jjjguit fi-jb, Denmark 

Taylor 4 

r . , ,mc * -taking a constructive 

rnday February 17 \yio *i 3 P ^ approach to every 

- size of project 






Money supply rise | 

takes growth rate ! make 

tape rael Dmv ® takes growth rate 

—F nai 34 -month „ , 

to salvage 

* •_ * s ■ 

■ s 4- 


v < 

. ."’*** prepared a draft 
.' nt for joint projects 
_ ypt to exploit and de- 
e oil and energy, poten- 
~*e Gnif of Suez and the 

; 'bile. President Sadat of 
Fas rejected suggestions 
®r Arab leaders that ho 
^ abandon bis peace 

•*' said last night that it 
■ ■ reed with Kenya to 
-the aircraft the two 

1 had impounded in a 
Egyptian arms supplies 

lia: Back and Page.-* 

/n towns cut 
. y blizzard 

2 fiercest blizzard to hit 
- t Country for 15 years, 

>n towns of Barnstaple, 
olton. Okehampton and 
on were cut off. as were. 
11 ages and farmhouses. 
'•„ero dosed by snowdrifts 
• eight feet high, and 
.-5 had to abandon their 

^strike threat 

drivers ■ have been 
’d by their union. 
~ to carry oat a one-day 
strike on March 1 in 
of a claim on bonus 
-S. Page 9 


• WALL STREET dosed 8.10 
down at 753.29. Us lowest for 
34 months. Analysts attributed 
the fall" to fears of h credit 

well above target SST 5 ! Scottish Bm 


■ m iy?i i I i””i i 


tightening by the _ Federal 
Reserve, the continuing miners’ 
strike and the decline of tbe 
dollar. Strike starts- to bite 
Page 22 ' 

• EQUITIES rgfieetedthe poor 
money supply figures, despite a 
good showing a« the start, and 
the FT ordinal! index dosed 
with a gain of 14r*it435.0, after 
being 5.8 better All am. 

ft Vll at/l/ T L/ 1 C 8.1 fclLl j By Tony Ha-Hcins 


BY MICHAEL Rl AMnPN (RHODESIAN settlement talkii 

^ made better progress than!THE GOVERNMENT is to press ings that they might withdraw 

.expected to-day. Delegates;ahead with tbe battered Scotland all support the view at West- 

S. e £T y SUp ?, ,y f r0SC ! harply “ onth takLu ? the B rowth well above IKS*. ^en^T tUTTUr-aS Tot. tf JS7JSS! 

Uie government s target range for the current year. :0n the composition of the security] Labour rebels will fall into line- rather than see it defeated. 

The Bank of England current financial year lo just less In tbe gilt-edged market J [e^rn Sr Buerilias**^ ° T **** r.MnH 1 * SPS? dtoa B!S?r-2 “2 y # Perm “* Sc ®«*« h Torres- 

announced yesterday that Ihe than 11 per cent. This ts equiva- prices picked up ' in volatile I Thie als? orocress on in ^ J erda> ' “ ,nl “ ers gMjfnf. Writes: Although the 

sterling money slock on the lent t 0 an annual growth ra.c fading to end thS day close lo the "rue u e o an interim **1 ni > alternatlve f Scott * s . h Nationalist Party 

n-icfer definition rM3>. the key of about 745 percent., well above their best, with rises of i at the; IdministraS to euide S f a?e w H l S ey can E" 1 ®* J'?,' a ? Irn !* t L lts poflcy 

heure for Official monetary the top end of the official target long end and 1 m the short-! eointr? K bl^k rate* fallowtn* * • f e ° tre -P*ece of the current that The Bill should be supported 
policy, rose by 2.3 per cent, after range of 9-13 per cent, for the dated stocks The pound. «hieh' ' / re „roint on he t 5,5 aU ^ C P^arumme. following regardless of how much u has 

seasonal adjustment in the full year. had slipped tu about *19350 at ‘-tirminn ae,rec Bn on IBe the humihaung Commons been weakened by amenriments. 

month to mid-January. This rate of expansion was a one point, recovered against ai The natinnalKt rlPle"«mnsi dt?fea H 0Ver ,h . c 40 R er cent oro ‘ 5 on, , e influe "'i“! members are 

The need to maintain control marked deterioration from the weak dollar to close 70 points up. w(?rP said' to har® put forward f0, j? ref c r endum. having second thoughts, 

over the money supply is likely Previous month, when the figure at SI.9420. IK trade-weighted i 3 formula nrevimittv agreed I , h T !l c ,n ^ ,caUons ar ?« l ? al i he , h W ^ n ,? ld r^Vln' e *£fTu a I 

to reinforce the cautious advice was almost back in line at about index was unchanged .u 65.P. • imon n >i themselves wht'-h pro- 1 reading next Wednesday the II Nationalist MPs. said that 

on the Size of the Budget stimu- W Per cent. 1. implies that if lbp Coilim „ p . Ml 0avlCi ! or T ISier in^ will probably be secured fairly the B,ll had heen poor to start 

JUS which is being received by - —— r - said tUSf 1 ^relatiily figure*^nnnisTa.^ maTV and had bcen fl,rther 

Heale>. Ghancellor. Table Page 9 had , }pcn „ pec!l . d dlir inp the executive council (council o f ■ ’ nri „ tv ' ri h ‘ L R?n -r—- 

The Cabinet is due to discuss Editorial Comment Page 22 perio d. It v:a« the trend of the statel of the four leaders and, JP,® W** 1 *}* jj 11 . f' 1 ' Parliament Page 11 

economic strategy at Chequers Xex Back Page growth in the rnr-nc. ,!i PP lv that i a 16-man cabinet with four mem-! Vfi™, 10 tf1B ‘- ommons ,n tne PolHirc To-dav Paoe 

on Sunday and many members - mattered and -Heritably there?her. from each parly. ! rS Pr,.„e nlariP . „ * S 

are likely to favour as large as lhe ( iu vernmeot is to bring the would be fliunuiimt. The narionalisu suggested that \ . 3 X* «p d ®-ho whittled amv in hri hm.t 

ssss “ n,to ,hMd of ,n xyivv su; «•>«•», »«• sum i£f°s^S5-sss asst 

_. M . „ , ., a "* irord f ° n J. during the hve-week period to ■ ed a e _ ;on Wednesday and to the 20 shown little determination to get 

Table Page 9 

Editorial Comment Page 22 
Xex Back Page 

weak aottar to close *u points up , vpr p < M iri i,-. hav® nut forward -Al .. „ Tri ™ 1 * 1 . 

rc at SI 94 ,7 0. IK trade-wei-hteri:' er r»,m„u^ nrov.'nif-!,- Thc indications are that the Mr. Donald Stewort. leader of 

ut index was unchingcd .»t 65.9. ■ JmoK IhewSvU ihvi" 1 th - i , l !| d re . ad ' n 5 next Wednesday the II Nationalist MPa. said that 

if . ^ , mem>ci\es *m.n pnv wjl p ru { >a bu t-t- secured fair v the Bill had heen poor to start 

11 In tbe common,. Mi. Davies = vide* for a two-tier intenro. b , - cu , . • jIh a d , Md b ' n f, jr . h p r 

- said that a relatively high figure'administration made tip of an:. bl ” ^LpL^ds 

had been expected during the executive council (council o [ * !Shtv e 11" ‘SLuffi --- 

naa Iii-cu uunu; iiie mrcuiiTr ik'<h:ihi i.u j __ -;ut v ...k™,. ik. Kill 

period. U v.a< the trend of the statel of the four leaders andjl,., b * h< ■" *J e . ® b 1 ' 

growth in tlie iimney .-upplv ib.itin 16-ntan cabinet with four mem -! l0 ll1 - Commons in the 

n“ nd . :??* ,t:ii>1 * v *”* ! .K,.l The Prime Minister made 11 

I possible iHX cuts shofld Of 3n rain rliiwn lo the tHroci level it 
eieeuon tin afford to allow a further during lhe iivo->.veok period to 

The news brought an increase in sterling M3 of only mitWanuarv. ihe Bank lemned. 

immediate official response in - pet- cent, over the next three was £9&* in ‘. after seasonal ad- 

tbe Torm of a Commons reply months to mid-April. jusLments. Figures v.ert subject 

by Mr. Denzil Davies. Minister The sharp rise »n January had t0 a degree of unccrtatntv be- 
of State at the Treasury. been widely expected after the rause 0 f exceptionally large 

He stressed thal the lask of bunking figures published Iasi adjusunenK needed at *h>s tune; 
the authorities was to ensure week, although it wa» perhaps u j , bc year. 

'Heritably there! her, from each parly. 

iliui- The nationalists suggested that! 

Parliament Page 11 
Politics To-day Page 23 

__ . - M - 1 aostainers thal he was expecting it through. 

Utner rcacfions Ka^e i them to support the Government Mrs. Margo MacDonald, senior 
Parliament Page II m the critical third reading vice-chairman, and up to now a 

Editorial Comment and division. staunch supporter of the line 

Men and Matters Page 22 He commented quietly at last that ihe Bill should he supported 
• niehfs meeting of the Parlia- in spite of its defects, said that 

moot lie nut into - -old storage" notary Labour Party that there she was now considering the 

_pe Bill 

. iropeao Assembly BilL 
‘ a for tbe ILK. to take 
- lirect elections to Europe, 

• en a Third -Reading in 
: mens early to-day by the 

ible margin of 114. With 
... in favour, onry 45 anti- 
ers. primarily on the 
side, voted against. The 
• on now goes for further 
tion to the Lords. 

options .-; 

• Cael. -Ireland’s-. main 
on Party, plans to pub- 
‘ Shadow White Paper " 
i unity and the options 
. ; for a solution of ibe 

- iquestion. The ruling 
-rail Party is expected to 

- similar plan to-day. 

- man barred 

. . Klan Imperial Wizard 
Ekinsoiti from Louisiana, 
"tie allowed to enter the 
d Mr.-THerlyn Rees, Horae 
-y. The racialist group 
a recruiting metnhers In 
. lpton. Bolton and Leam- 

o finish 

■r BBC duty, editor who 

• ^7.500-a-year job after an 

to bow photographs of. 
der .Angela Rippon’S 
10#re given' to a newspaper, 
unfair dismissal claim at 
•trial tribunal in London. 

^fears’ refunds 

llposport Department is to 
JlJuuds worth about £4m. to 
“ ers who may have "been- 
( nto paying too much for 
Jtiad fund licences!.at the 
QSIf-the last Budget;' Page 8 

* fund li 


9 £ri? tlaeleased Tdi 
lift questioned 
Fj iv* i acts of 
^ ron. Ldndi 

I». : -r 

Released Tour men and a 
1 questioned about inter¬ 
acts of terrorism - at 
ton. London, and said 
re satisfied there was no 
e of offences in the U.K. 

it least 40 people were 
nd 25 injured when a bus 
over a precipice in ti* e 
province of Tarma. 

Five people were hurt 
gas explosion demolished 
and wrecked nearby 

i Iremonger, former Tory 
Ilford North,, is to stand 
Independent in next, 
by-election after failing 
his party's nomination. 

Patients queued up to 


ass’ "nS'SLrVTe; 

lj w t» r4»fr ® DK.n.ber 26. 24 

f North Sea- (fiver Michael • FORD had its most profitable 
as. trapped in a-narrow year yet with sales of S37-»*p n f 
a ter pipe at Nigg Bay, (§28^4 bn.) and profits of Sl.fi7bn. 
ire, was recovered ‘yester- (8883.1m.) for the year ending in 
December. Page 28 

• GILTS were vafatUe, and 
shorts closed 3 op amd tangs l 
up. % GovemmenqSecttrities 
index was 0.60 up arrftLTL 

• STERLING gained ^points 
to 91.9420. Its trade-u^ghted 
index wms unchanged: « .65.9, 
and the dollar’s deprecation 
widened to 4^2 per cent.TLtfil). 

• GOLD rose SJ to $175 & Us 
highest since March 19751 | 

• CASH - LEAD closed £5 lo\ep 
on flrn LME at £300.5 a lo^rtt 
Its lowest level since, done lasv ; 
year,-on rumours of a posable 
cut in the XJ.S. producer price. 

• FINLAND ‘has devalued the 
F-mark by 8 per cent., following 
similar depreciation of the Nor- 
weglan -krone last week. Page 3 

• INLAND REVENUE authori¬ 
ties are considering ways of 
gaining a tighter grip on the pay 
of company directors by bringing 
their remuneration more closely 
into the FAYE system, according 
to ‘ an Inland Revenue report. 
Page 11 

Proposals for changes in the 
taxing of capital gains by unit 
aiid investment trusts and thejr 
investors have been submitted to 
the Chancellor of the Exchequer. 
Page 7 

• NORTH SEA oil special fund 
proposals appear to have been, 
rejected by tbe Cabinet io spite- 
of strong . support from some 
Ministers. Back Page 

• BURMAH OIL is planning to 
apply for aperatorship again in 
North Sea oil exploration. The 
"company was forced to sell most 

of its North Sea assets because 
-of financial problems. Back and 
Page 10 

• TATE AND LYLE'S 2.04 per 
cent, rise in sugar prices in 
January, was-justified, the Price 
Commission has - decided. Page 7, 


• PRODUCTIVITY in Britain’s 
coal mines was the highest for 
almost'two* years NCB chairman,; 
Slr'Derek Ezra has said. Page 9 - : 

• HOSPITAL consultants and 
specialists have decided to bypass 
the existing pay negotiating 
structure and press for an 80 per 
cent, pay claim and -direct 
negotiations with the Health 
Minister. Page 9 

stewards at the TR7 plant at 
Speke arc canridering a plan put 
forward by BL to- get a return 
to work at the factory for the 
final months before its closure.' 
Back and Page 10 

with the desired trend, and said J 01 ™* 1 ;') . ,n * ‘* v ’ 1 with domestic credit .-x pa ns ion . v hite electorate had been held 1 and his a*s“>opu°n was that MPs She accused Government 

jthat the Chancellor was deter- to bt mainly due loitwo s PPrial f 0nn the mam counterpart to the ' |f .^e referendum voted inj^’ould obey the instruction. He Ministers of being in collusion 
mined that this sha/1 be Mm: he ,nmriM rjse in slerhn , m _ dC cnum®d for fa " ur ! ^ th " pSIoSd seti lmen”' made no threat ,o make ihe issue whh rebel MPs who had proposed 

.. '“od l iK .i l “l“ »♦ ’» «*»»• of '!>c «« IheTxKtiS' S >ould »"« «f> .» the future .monument., - If Ollyatan onA 

Mr. Davies gave no indication a * n Ji n ‘ a ‘ .f,,!; Iasi month. reconvene lon-=> enou-h to enact r,r the Governinent. Company had been serious about 

a z «&«. sl >rz The »Sj « 

& L X.h^ r M hTrt^n."^ .hue", ie n cJSa! 0 The -,, Rh« 1 o«,n Gnvernmenl SUlTlVal 5^^““ 

official moves r could include culs The City's first reaction to the hair of December. After season j 1 . reaction to these suggestion? has Mr. Eric Heffer. the anti- Ruhln Reeves. tVeNh Torres- 
in public expenditure and a figure was adverse, with the adjustment, the public sector bof- noi hc* , n disclosed._bu» Mr Smith devolutiomsi MP for Walton. ponrten , Welsh trade 

:v . r.. ... -.-.rl nilr.nrlnoH mui-iny ri«niirem®oi for • by I is understood to have said that _ha p 

Arthur Lewis Labour MP for foreign exchange markets than antes led to :< drop in Inland j prnrneiicd I Vi 

Newhara L North-WeJf whether had been appareni at the time. Revenue receipts in titc recond The Rhodesian Government 01 
official^oves could include culs The City's first reaction to the half of December. After seasonal reaction to these suggestion? has Mr . 


j the planned referendum. 

anrl TntlOfl dinn Monday 3 Ior ! into the Bill, would want to give Mr. George W right, secretary 

fi .nSliM I Si 1 • V 4m I ff/J li ‘ The nationality -r® ootimisttc 5 voler * the thance fo decide in of the Wales TUC. said: “We 

nro"re>i« 'Lp' a referendum and would support may well be developing a policy 

achieved in there .wo lesions thirri readin ?- nf "on-eo^peration. which might 

AA/V1 J m A and that an a-repmenl m 5ht he A surprising inten-ention include withdrawing Ihe general 

n rrHAAVtH AVI f !i4ied n??t week <Tr reriaim? i csme rr °m Mr. Derm ix Skinner, physical support w e give at 

fflfl II Sill r* M VrPP||Jjh*I I I feme rheendof thc^ tSTiS^ Mefl-wing MP. for Bolsover. who general elections to those MPs 

JjjbtXJ Mil® U <IUV- ilfiLl VWilVHi ^ Th^ agreement on ^h^recuri tv S ar ~ ue d Ihi' 1 * the rc .1 question vljo are playing a dirlv same” 

-• - .. * ° fonS li SBSld io taitade l l wa<i whether the Government u The Wales TUC had always 

• BY YVONNE PRESTON PEKING. Feb. 16 . statement thal n:>Tionali«T i « oul *> W if w;is jj?" Sc? m fivour' 

BY YVONNE PRESTON guerilla* uhn wbh to return wKI !»»■«• '***« % dwoluiion «"?^.‘ n °J a ” 

CHLNA and Japan to-day signed given inadequate transport and ^there wihI also be s< fairly h’S]ES.^T^ev are"4utiahfe^re ^iMhls rtJtiamem a”*? fin? “wThave^alvivs 

ss-iKss-." 4 prow,ns ” * «”** si*s sr f a°iJ , p n :a y JK ™Sm 

lished diplomatic relations. china is expected l0 hc ln the wDhtff'SS Th(?re w “ n ° ?" w! or wfthnu? ^^TTou Sn'^akewn! 

The agreement will allow for market for Japanese ^eel. ’ n f ^e T s ' 0 | a flonirt h “GaQ^ oFll low m,n > . werM** would he Liberal support this Government poople who have no 

big increases in Japanese pur- chemical fertilisers and Brushed ?. f mir .. .J? i' JiJl r rf .h :i hitita- incorporated in the army. nn r is must show it can gci a package intore^t in devolution 

But the general belief was that election from MPs engaged in 
most of the rebels, having seen what they regard as “wrecking 
the high barrier of 40 per cent tactics.” ’ The meeting will take 


lished diplomatic relations. chin& is expect ed to be in the £ P octSbSr 19TO wiiS^pureeiv. There was no l1 rl,4cUS ' i,n " ? n next year. . with or without {* 3 J 

The agreement , will allow for market for Japanese steel, ’ f Tsoiationist “ Gan^ oF ! low man > guerillas would he Liberal support this Government ™*f 0T 

big increases in Japanese pur- chemical fertilisers and finished p niir " und rhe i alcr rehabilita- incorporated in the army. nn r is must shoiv it can gci a package r. reate , 

chases of Chinese crude oil and plants. Japanese reports indi- f f vke-Pretmer tSb hriao^ ,here an - v h - ,nt " f dUhandmeiK o Uhe lhls through." he said. f^n t 

coal and for China to acquire C ate that developments may ■ 8 .existing units, tnough ihi? is md h is accepted that there is now _ 

advanced industrial technology include a large capacity steel v The lon"-lcrm trade agreement if 0 e S I ? el2I,s are j0 ’. p le “ no chance of extracting the 40 
from Japan. . works, a colour television tube between the two countries, has l0 Ju C n ^ ,m government 1 per cent, provision from the Bill f ,n x 

It comes two weeks after a factory and fertiliser and petro been delayed by China's desire- Th ? nationalists vant ibei and lbls calls Into question the - 

joint trade agreement was signed chemical plant. China has l0 have ihc Japanese first sign ; I ^ u , ,r ^ a,ti tude of Scottish and 

in?Brussels between the Euro- already acquired eight chemical a peace- treatv with China. Japani*£ - i v Vnn fl nafIona,,sts - 

pean Economic Community and fertiliser plants through the h3s watered about such a commit- i’V1? ’ * 1 K • The 11 Scottish National Party ^ 

China. U S. company. Kellogg. mem because or Chinese insis- « .-nn«tilimnnali Jl Ps J win me ®, 1 in G,?s ? ow , on 

-Under the agreement, which is tence that the treaty include ' "bnesnaj « .nnsnumnnal Monday to discus tactics for .’n>r 

BssesFfv&sKi .avfK a ^raarAs a — p - 1 ,, ” rtireadms 'a^~ - — 

ns £ & *k 

to ail average 10m. tonnes a Wen. Chinese president of thc ai Z cc ' ,; „v, *” e nn j oc 
%J?r£Z to 18m. tonnes by committee for a long-term trade has no de8,re 10 

las^;. agreement, said China's national aniagonrse. Wor-fP8 HfT(T „ 

' The Chinese may find difficulty economy had entered a new j taIks Pa « 6 

in meeting their oil commitments period of development and EEL-Japan trade tams ra„e o 

t. inis ■uveriiim-m ces5 j ons to people who have no 
can get a package crea t er interest in devolution 

than to wreck it.' 

New York 

l nv-nlli 
j n> nth- 
12»iw -filh- 


0.02-1:i. 0.*: ivimO. 10-0.OS .lie. xyxo.os.tK. i.. i.i;..0lP* -in. 

Share sales directors rebuked 


LARGE SHARE sales made by 
three directors of Elliott Group 
of Peterborough, after tbe an¬ 
nouncement of £54 iil worth of 
Bverseaft orders which failed to 
materialise, were not disclosed 
ns.the law required, a Stock Ex- 
ifixange investigation has found. 

'The sales look place after the 
rshare. price of Elliott Group, a 
building products concent, had 
risen following the announce¬ 
ment on August 3 last year that 
the company had won orders 
totalling £54m. in Saudi Arabia. 
The price, 30p on August 2, rose 
W =3?p on August 4 and to 40p 
by. August 25, but it fell back 
'afterwards as doubts increased 
on whether thc orders were firm. 
Last night the price was un¬ 
changed at only I7p. 

7 fn its second report in two 
days- on an inquiry into share 

deals, the Exchange said it bad 
sent the Trade Department de¬ 
tails of the share sales by Mr. 
Edmund Sraeeth, Elliott Groups’ 
chairman, who is to resign at the 
end of March, and by the other 
two directors. 

The others are Mr. Ian Water¬ 
fall and Mr. John Grimsdale. 
each non-executive, both of 
whom resigned In December. 

The sales were reported “in 
view of the non-compliance with 
the law which the Stock Ex¬ 
change's investigation has re¬ 
vealed." Under the Companies 
Acts, a director must tell his 
company witfiin five business 
days, if he has bought or sold 
its shares, and tbe company must 
disclose this information to thc 
Stock Exchange for publication. 

After its investigation into 
thc share dealings between the 

company's announcement of the 
orders and a further announce¬ 
ment in October that “what had 
been interpreted as a firm con¬ 
tract was only a declaration of 
intent.” the Exchange criticised 
ihc company. It considered 
Elliott Group had “failed to take 
sufficient care when drafting tbe 
August announcement, which 
was of a price sensitive nature." 

The Exchange reports that 
while sales of 200.000 shares by 
Mr. Smeeth were notified to thc 
Exchange on October 4. its in¬ 
vestigation disclosed that Mr 
Smeeth sold a total of 335.000 
shares hetween August 9 and 
September 1. 

•• The timing or the sales, 
between a misleading announce- 
Continued on Back Page 
Statement Page 26 
Lex, Back Page 


H U 


, :-niau au wiu in uau » wfao, 

osing his world 'heavy- 
J title to Leon Spihks, a 
•*' -old black American, that 

Id try to regain it 

-.f North Sea (fiver Michael 
fl -ag. trapped in a-narrow 
a ter pipe at Nig$ Bay, 
ire, was recovered yester- 

< .• * * 1 


Eia-apean news . 

American news . 

-Overseas news . 

-World trade news ... 

2 & 3 

Technical page .. 

. 12 

InlL Companies. 


... 5 

. IS 

.... 28 

... 4 

Arts page . 


Wall Street. 

.... 27 

.. 7-9 

Leader page . 

.. 22 

Foreign Exchanges . 


... 9 

U.K. Companies .. 

Farming, raw materials 

... 34 

... 11 

Mining . 

U.K. stock market. 

.... 40 


s jn pence unless otherwise 


' ..Slpc 1981 ...£06S + * 
lif pc 1991 ..£101 + I 
7Jpc 2012-15 -171$ + J - 
H and Wilson - 94 + 8 

.-Nell) .g’+ $' 

:. s Stores A 87 + 4 

w Richmond) ■■■. 2.1 + 6 

..-- 272 

J1 Whitley HO +; 
in Tst Sub Ln.. 594' * ;5 
sand Horton— 13510. 
t -(Alfred) -..'IW+.TO. 
t*« __130 t 10 

,:Ji Whjtley , .110 
I. ^Vn Tst Sub Ln.. o94 
t K.s and Horton.- 135 
- ..<t (Alfred! 

. i*a - 130 

Scottish TV A . 

Suter Electrical . 

Wfiiley (G. W.) . 

North?ate Expin.' ... 

Saint Piran . 



Barget (L). . 

Chesterfield Props... 
Hartwells ... 

Marshall’s Universal 
Telephone Rentals •• 

Wigfan (H-l .. 

U\SX0.. . 

Vpnicr»pds: . 

West ^tid Cons. .. 

S6 * 4 . 
181 + 24 
36 + 8 
260- -r 10 
58 + 6 

73 ' 9 
29S - 5 
7S - 4; 
1« - 9 
22S — 8 
270 - 19 
149 - 8 

Tije TJA eoal strike starts 

. to . bite .22 

-Ecutics To-day: Thoughts 

.r"'en the polls . 23 

/-Portugal: Seeking economic 

. strength . 2 

Saudi Arabia: A giant 
.'^treading carefully . * 


S. Africa works towards 
nuclear self-sufficiency ... 4 

Brazil: Quixotic tilling. $ 

North Sea oil . ID 

Bleak outlook for Mersey¬ 
side . 10 

Around Britain: Birming¬ 
ham airport .. 20 

Choose Quality. Choose Hyster. 

VS. corporate profits .28 

Floating rate notes: Bright 
light in dollar sector .. 29 
Estimating U.K. grain 

surplus 34 


Trinidad . 13-17 

Lombardy . 33-39 

. AnahUniflitta -. 

*ask TtctiirB .. 

..-rBubtatts for S«ift 
■BannatapMC CaM» 
PrtC«P ■■ 

FTJou^Im ImSIcea 
JMm ... 

Lex . ** 

Lambard .— Xl 

Men and Matters ■■■ V 
Money Market . ... 2S 

Property . *■» 

Saleroom 2* 

Share Wermattae .. C-O 
Vo-day’s Ev*at» ... a 
TV and Ratfle . .. M 

Unit Tntaii . a 

weather .— « 

Mlnenla ft Resrca. ‘ 

Thrasouta. Saeared 

Gmtt Trail . 3b 

Zambia Copor. Inn. lfl 


AisJa Amer. Ceil * 

arewn anther* ... X 

Dm Oinking X 

Creuall WfiiUey... » 

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Prime Minister of Spain, Sr. Don Adolfo Suarez, 
to speak at Financial Times Conference in Madrid 

It is announced that Sr. Don Adolfo Suarez, 
Prime Minister of Spain, has agreed to address 
the Financial Times' Business with Spain Con¬ 
ference in Madrid on February 22nd &23rd. The 
Conference is one of a series on matters of sub¬ 
stantial current interest arranged by the Financial 
Times for the international business community. 
It will cover the outlook for the Spanish econ¬ 
omy, political developments in Spain, an assess¬ 
ment of the impact of the proposed European 
Community membership and other significant 
relationships, such as that of Spain with the 
Arab countries. These topics will be analysed by 
a distinguished panel of Spanish and non- 
Spanish speakers of unique authority. 

The list of distinguished speakers also includes: 

H.E. Professor Don Enrique 
Puentes Quintana 
Vice-President of the 
Government for Economic 

Mr. Per Haekkerup. MF 
Minister of Economic 
Affairs Denmark. 

H. E. Sr. Don Juan Antonio 
Garcia Diez 

Minister of Commerce and 

Prime Minister of Spam. 

The Rt. Hon. Sir Christopher 
Director, NM Rothschild & 
Sons Limited. 

Formerly Vice-President. 
Commission of the 
European Communities. 

H. E. Sr. Don Joaquin 
Garrigues Walker 
Minister of Public Works 
and Housing. 

Sr. Don Jose Maria Lopez 
de Letona 

Governor. Bank of Spain. 

Sr Don Felipe Gonzalez 
Secretary. Socialist 
Workers' Party of Spain. 

Mr. Abdulla A. Saudi 
Chairman. Libyan Arab 
Foreign Bank. 

Sr. Don Jose Ramon 
Alvarez Rendueles 
Secretary of State for 
Economic Co -ordination 
and Planning, Ministry 
of Economic Affairs. 

The Financial Times Ltd. Conference Organisation. Bracken House. 10 Cannon Street. London EC4P 4BY r e |. 01-236 4382 
Please send me further details of BUSINESS WITH-SPAIN CONFERENCE TaJex . 2734? pj- CON p G 

Block Capitals Please ... 








Co mm unists 



Bjr Patf Betti 

ROUE, Feb. 16 
munist Party was meeting here 
to-day to consider whether the 
I outline economic programme and 
political framework for a new 
minority . Christian Democrat 
government Is sufficient to justify 
the party voting—uniquely in the 
last 30 years—in the confidence 


WEST GERMANY and Japan to the meeting. According to the Which ^ 
again expected to come under Provisional forecasts contained Japan .andWesL termanym 
pressure from their ’main in this document the stimulatory the uncertain ; prospans : ,ta. 
Western indnstrialised partners measures taken by Japan , ana President . Cjirfej 1 . 

at a two-day meeting of .the West Germany are expected to energy-saving -the: qgq, 
high-level OECD group, doffing make little difference to last does-not hold otrt~mnch i 'fc*, 

tie difference to last does-not hold ottf “mnch : 'h^ 
with balance of ../payments December's OECD predictions of that . the , 

designate, Srg. Giuiio Andreotti, 
has offered the Communists full 
involvement in the so-called 
“ programmatic ” ‘ majority — in 

problems, which 'began ^ jjere' (heir surpluses this year. deficit can "fee; 

• . j a pan is still expected to have faced' this 

The meeting of the,so-called a surplus on current account international f^Z*****?*®* '-Y 
motion for the new administra- Working Party 3 is taking place of at least SIQbn. this year, forecMting.. a 1 

tion. i against a background of ion- while its GNP ls“forecast to rise.d^t forj^.^5, ef-^Sba;^., 

In essence, the Prime Minister- tinued disagreements - between bv no more than 5 per cenL, 49'b. *> -stresses 

‘the U.S. on the one hatuL;iiid.compared with =ah • official improvementi%‘ 
West Germany and Japan,-bn the Government prediction of 05 per »y Alaskan ou. : v 

other, over theeconomlcpdlkiw c-nL' Nor. according.fffiei; 

. _ . which the latter-t‘»o 'cotintrl^- Forecasts for West Germany's experts., can tneicapHaP^ccmaf 

other words, consultation on the! should adopt In toe present injer-snnjius remain unchanged at be expected to cppa^to; 
progvamme. At the same time! national economic context;-< *; ! bo ^ t <53bn^ but this estimate of the U.S., gweathe sobetsr : 
he is trying to maintain an The U.SL, Britain and. other may well be revised upwards tial outflows frtrdr tint, cottgf?' 
ambiguous political formula so European - conntries believe that later this vear. If not during.tbe which have.occurred 

« to swa>-many of his own back-j both West Germany and Japan Sxreent meeting, \ ."".' 

benchers opposed to having the 
Communists in a formal govern¬ 
ment alliance. 

The Communist Party, how 
ever, still appeared to-night to be 
firmly insisting on the setting up 
of a “ dear and explicit ” Parlia¬ 
mentary majority in which it 
would be associated. To-morrow, 
Slg. Andreotti is scheduled to 
meet representatives of the main 
political parties to review his 
political and economic proposals, 
and the Communist Party is 
expected to reaffirm Its demands 
to be associated in any new 
Parliamentary majority, to sup¬ 
port what the 
“an emergency pact7 to bring 
the country out of .the current 

Sig. Andreotti’s outline plan, 
submitted last night to the main 
opposition parties, contains 
several proposals. 

They include an orderly reduc¬ 
tion over the next four years of 
the percentage of GNP repre¬ 
sented by the public sector deficit 
This year, the enlarged state 
deficit would have to be con¬ 
tained to L24.onobn. (about 
£16bn-). Some L7.500bn. would 
have to be raised through spend¬ 
ing cuts (affecting projected 
increases in pensions), increases 
in indirect taxation and In a 
number of public utility tariffs 
like railway's,, public transport 
and electricity. 

In addition Italian labour cost 
increases would need to be kept 
in line with the European Com¬ 
munity average to enable new 
productive investments and a 
gradual return to full employ¬ 

Other elements in the plan in¬ 
clude a balance of payments 
surplus of L5.000bn. m 1981. an 
increase in economic growth up 
to an annual rate of over 4 per 
cent, by the end of 1978. an over¬ 
haul of local authority finances 
(the deficit this year being held 
to H3500hn.|. 

Other aims are rationalisation 
of tbe automatic indexing of 
pensions, reduction in the growth 
of hes'% spending service, and- 
measures!' to reconstruct the 
financially-troubled <316 sector. 

because* of last quarter ot, 1377. .1* 

could do much more than they the* ~*coub try's “slack growth in the cl 

already have done to .stimulate: orosoects. The OECD- now Organisation's experts-.cer_ 

their economic growth and thus believes that West Germany’s that a further appreciatiimV 
contribute to tbe balanced- gnp will rise by a bare 3 per the D-Mark and the. yen, ai&v; 
payments adjustment process; ' ^ against its previous consequent depreclatron-'of^J 

The same point is forcefully forecast for 3.25 per cenL dollar, is‘Inevitable, 
made in a working paper Sub- growth. troths.' -• • j- 

mitted by the OECD Secretariat Given the large surpluses • EEC wanting,'Page'fr.-.'-*' 

Ireland broke EEC fishing rul$ 


,.£ -V-jV 1 -. 

THE EUROPEAN Court ruled court ruled that-a, Cork court mentsr wftJch ^ Vpirtd .- gnewa 1 ' 
yesterday thai Ireland had con. could not convict .the masters of Britain mtTo^cing .;a:irisiijtite? 
travened EEC treaty obligations;!!) Dutch trawlers arrested -last licensing eystein to cau&rreis; 
by taking discriminatory fish year for contravening -conserva- stocks^, if . quotas/were appife 
conservation measures against tion measures, now judged to bh equally to -British rail'd 4 : ofhf : 
trawlers from EEC countries! discriminatory. fishermen ripmtheEEC!'• -' 

These measures are aimed, at The court confirm cdthat, until Britain' objects to- jiv^presril 
keeping larger trawlers from the Community agrees ona EEC qiiOta syrtem becaus? of v. 
other EEC countries out of fish- common set of conservation mest- lack. pf ..effectiveness^a^ i ttijr/ 
Log grounds within tbe Irish uni- sures. member-states can -take. serration measure. Britain dahr'if 
lateral 200-mile limit while Keep- unilateral action to preserve fish that - its fisl^rznen pbsave ;^^ 
ing the area open for the-smaller stocks, if these are-- not' ‘ ■-dis-' -cafes, and that a-ifcafisfiig.sya&'' 
Irish boats. ' - - • . criminatory. ' - 1'- .•probablyL i<^ ith£ 'best waj/Y? 

In a second judgment, the- There is nothing'in the yodg- preserving stocks. 7;“ 


-: tv: 


■ - • ■.'■.7 - .. 

RATIFICATION of a contro- Spain, Mauritania and''Morocco, for independence and eodbji] cJ 
versial fishing agreement with In return -for granting a ptas. the.. formervcotony. -inl^eiptesli 
Morocco has produced.the live- 3J25bn. (S40m.)^strft credit, to opposition tn govetnfnetR pSlic; 
iiest debate in Spain’s brief develop the Moroccan'fishing In- Th<» n»riiam>nta«r ' 

parliamentary history and has dustry, the . 1 Spanish ' ^ 

given the first real indication of industry . obtained certain ■ ■ ■- 

how the major political parties guarantees ou long, 
approach a major issue. 'H- ' arrangements in' 

The agreement was approved- water! and also in the 7 wVtW 
by 174 votes to 142 wlto/ eight off the former Spanish Sahara 

abstentions after a lengthy day’s territory. ■ ‘ ™ \ H & JJV ‘ 

session The votine <'Hne-uu — ' -'r?-- Socialist deputy-pointed out,-;-. 

caused'surprbie. Interat aStred jSLk bo fishtog ' 

on bow the opposition Sofeiatist ,' fc&rmed yei^day. was. that^tbe n^nt wjth-Morecco.. wbo wo«i7: 
and' Commuuirti Parties ' iiOUld^ ag:re ^ ment agential- tnsafe-i have sought.; to control 0 
™**™T*^ waters? ^ot spaio| 

tion.- Since-the latter-put Va&lr. T'-'-T'. 1 '-’ • •'P^g.v 

signature to the' 1 broad pack- r .The-' GoveromentL =seemia^: 

age of economic and political »*^ S ^i^,i^^'4iited at’beme nuM^Ss 

help private companies in | measures contained m the 
difficulty and promote an agricul-jMohcioa pact last October, they 
tural recovery programme [have had '* 

•* According to provisional; issue with 

central bank flgurea, Italy re Moroccan -. . - or ---—^ 

ported in January an! signed on February 17 last year, significance—namely a de facto - 

exceptionally large balance 
payment current account sur| 

of L558bn., in part due _ „ _ . _ - 

additional foreign borrowing of] tbe November 1975 now-claimed by Folisario. Both n^mng Industry. ,especi^uy-th'; 
some L225bn. (Madrid agreement between parties support Polls.ario^ claims fishermen pf-tte^Ghnaries. - - 

tical “W. a similar .ecQQDnucL, .- , ^, / - _ . r J-S- 

S l ®P«ct .as the icyz. dispute : .for ^ xi ^ d ^ r !^ rafi . P«Hefl over *fe 
the'TFJL coals, chose personal attacks O' 


Seeking economic strength 

amid political instability 


LAST SUNDAY, as dawn broke tion spiralled to nearly 30 per export earnings, hit hard'at the 
over Lisbon, the agreement cent., real wages of the Portu- Government without, costing the 
signed by Socialists and guese worker rose only by 2 per unions themselves much in terms.* 

Christian Democrats in January cenL Now be is being told that of organisation-and money. ' 
did precisely what it intended be bas to tighten his bell still Some observers here feel that 
to do. Through a divided parlia- further, and that credit squeezes behind thp unions’ preference 1 
menu characterised by bickering will lead to the bankruptcy of for occasional rather than sus-. 
and dogmatic recrimination, it small firms and a possible rise tamed industrial action ties a 
pushed a stabilisation programme in unemployment which already very real fear of military inteir- 

designed to tackle the country's stands at close to 16- per cent, vention. : __ _ _ 

outstanding problem: 3 balance Tbe programme itself, witb its The military is empowered by .the Portuguese Socialist Par 
of payments’ deficit of $l-3bn. emphasis on the private sector the terms of the present conatitu- cOUid lead to tbe discrediting 

Dri. Mario Soares 

-Pedro, -a ‘promtoent -member 

Ahead lies a .period during which 
1 Portugal’s Second Constitutional 
Government will be judged ou 
results rather than intentions. 
A number of factors suggest that 
the going will not be easy. 

The programme Itself Is a celar 
attempt to find tbe right sort 
of policy mix, which the OECD 
buck in December suggested 
would be so difficult to achieve. 

Stressing Portugal’s overriding 
l dependence on imports, the pro- 
[ gramme makes if quite clear that 
1 an execessively deflationary 
I action could eventually lead to a 
vicious circle of stagnation." On 
1 the other hand, it recognises 
! that a half-hearted restraint 
[ would produce very slow growth, 
fail to solve inflation 
[substantially the external 

As far as the negotiations with 
the International Monetary Fund 
I are concerned, the Government. 
. feels that it bas gone Far enough 


of.': -tbe-.-presen- 

the ’ backbone 

Government. * . _ iv. 

There are fears too of a grow 1 *?- 

Talks with Opposition and anions , 

. listed boundaries 7 # the : Go(p-..“ 
’munlst Party andF'the'^eiyilisec 

PORTUGAL’S second 'constitutional Government Is to hold talks 
with opposition parties and union, leaders next week with the 
aim of reaching consensus on its economic, programme. Tbe 
Government also hopes to reach agreement bn,the position to 
be adopted by the. Portuguese negotiating' team when the 
International Monetary Fund sends fts : representatfves lo Lisbon 
next month. The Government's stabilisation - programme was 

approved on Sunday by a parliamentaxy Wority, following__ ___ .„ 

motions of rejection tabled by the Sbctiti^ Democrats (PSD) and -^)f-“nctiVepOba^r^sfetance , ’ i te 
the rommimlsl Party, oar own correspondent writes from UEboii. .^ preset .GdMrimflitt ' . — 

Thronghual jthe four-day debate, both oppoidttiu, Arties. 
were ontspoken in their criticism of the composition of the new nloymeiH, and a~riitfdg crime rate.;., 

Right” . ^... 

A Left-wing '.-breakaway fron • 
the.' S0t^lrf?#to^e4rbY.?S 
former Agriculture. 

Sr.- Anton to J5li^>Cankjso aoC - 

with important 1 Soks. with the,. < 
unioaa and ;kriuy , officers 1 

- has already -dfe|hred a - carnpfllgr-. 

-jA f I* nftf 4 irar «^i 

J giunui, p _ ... ■ •-r’--- w- wiv uvn U^VJ UIUUV w . 

ion, or reduce 5“ lante betv,een Socialists and Christian Dem'derals are also heine^tfatty. 

xternaj deficit: <CDS>. but failed to specify any aiteniaHvo;to th«'ihy;fhe^ftr’Biat/- 

il dent Mjtrri^en^^or ■ Tlatiofial > 
‘ Reconstin'ctiOB'-'^Ml™^' ^<-- 
rr —GeufflralKavajS'^rde^ Arrit 
former ' '' * 

reels mat it nas gone rar enougu hpi , ■ . . , - former cohnxtawKr-iptfioiw , 

to meet its conditions: it bas the tf® tion^to aufhorise the ifii^Iqtton Wftugue&er .:■ 

promised to cut back on imports. tQ SoriaMsm^’ Qnflr *ho.«h U *u S Portuguese assembly-and Mozamb Iquei' la.-betieved ,to be. * 

Increase exports, restrict credit, ComSS?o»5S a A J he a state. Of;epiergeney. gaining Tcotisfdef4bXe_^PP 0H 1 

increase taxes, and hold wages 0 p reiecrioTf*^ t r a h b J ed ntJ ,0 « 0n .cmupaigii iof-^onE members'-bf-.tBb^bfr'J? 13 ^' 

_1 _j _-v,__ Dr rejection of the new nro. nH,wM<i - 

! and inflation down to 20 
What it will not give in 
kind of immediate and 
cut in Imports which thn Fund 


aDDear c to huvp riopiHari . v*® y* a win Htry solution party. -The MIRNAisAlsd^Xainlne 
has demanded fSO per cent, has aVai’nsi an all-oui war with th! ex 5" ds ; ^^ ond .Comitjutvisi- J?r.ourffi: , 

been suggested 1 . Nor does the Government. ■ ■ - ,e Partyfo almost-^ii members of sectozs- Of ;the.-^P. Portal s C^ ; 

Govemmeni believe that a Earlier'this month Intersindl. 

further devaluation of the -scurio cal voied overwhelmineiv 9 saimi - a! TeaSong agree' . ’.-Tb 6 abHjty 

further devaluation nf the -scurio cal voled orerwhelminclv against P ol . ro « , 1 /easpn® agree.-,-faOHity ir,. 

would necessarily, contribute to a motion calling for a ’nation*] jbaf democracy will hfrpui to the ;^ont laSteet,§ucp^.?u1y tbKtoih^,'- 1 
a better balance of payments. strike and a day of street demon- te rh? ^ ' 1 

... - hi id oat . Tbfi; oppositton parties donhL both within anti jwitbout-lts owflv. - 

J? r - eitample that, the present .^tfticiuras . wili- ditpwiijkJh JaSB-,. y. 

The Government's cautious Mratinns before the new 
attitude over the degree of so- on March 15. 
bilisation that Portugal can 
port reflects a political 

country, m spite* of the parlia- Democrats in the new^Govenv Ti^n^tlfrn^bntfffllir -mui ^ of h' '■ 

memary majority achieved on ir.ent. and have so far opted for r^narrS^' riiS* •’ 

Sunday. limited industrial action 3 ..“ .. v O*ea'for..the'.tbrougha-!S750o^6)&TL. Further.'. 

There is still, for example, a which their voice can be heard votSd?tin^l»7e^ : 
great deal of doubt as to how ihe loud-and clear. Stoppages et V£> " 1S76 ‘ -Gtarefimnaat. ..finals *. 

Communist-dominated unions Ltenavc, ~ 
win act during the coming sbfp-repaii 
months. Last year, while infla- for 5 1^ 



• ■ ■ ':‘~i 



^ : -v-’ 

; nland 

' 8 % ;; 

; - ( . “Jlwm DtiHforce 

_ ..ed by 8 per rent. 
~.'t and precipitated- a 

- mong the ruling Govern- 
coalition: The Cabinet 
®—4 In favour of de- 

, On with three members 
' - 

• Soeial Democrats; in- 

5 the Prime Minister, 

- Jeri.Sorsa, and the Com- 

5^-voted against tfevahia- 

it lost to a combination- 
e Centre Party, -. the 

• b People’s Party and 

- tberals, Mr/ .Sorsa l? 
.ed to hand In Us reslg- 
. to-morrow. ■ - 

political crisis may' be 

- pparent than reaL After 
.‘-election yesterday of 
fnt Urho Kekkotien for 
her six-year term of 

- Mr. Sorsa was in any 
nrmally due to resign, 
aid have been automati- 
ashed to reform the 

• Communists have con- 
; ly resisted devaluation 

grounds tbhi it would 
.. _ ate inflation and boost 
without effectively 
ng the nnemployment 


Schmidt wins anti-terror ^reeceto e 
vote and holds coalition on defence 


THE WEST GERMAN coalition 
government survived a cliff- 
hanger vote in the Bundestag last 
night, pushing : through new 
measures to counter .terrorism 
with a majority of only one. 

Normally, the Socfal Democrat 
(SRDj.—Liberal 'Free Jfteinocrat 
(FDP) alliance has a majority of 
10 against the Christian Democrat 
(CDU)-- Christian Social/Union 
CCSU) opposition. . But - four 
Left-wing members, of' the SPD 
voted against the -Government 
and absences cm -' both- sides 
through sickness left' the issue 
in doubt to the very. eiacL '■ ■ 

The final vote after an at-times 
bitter day-long debate was 245 
for the measures and 244 against 
Chancellor. Helmut Schinidl had 
| not tied the issue to one of con- 
I fidencc in himself, but a defeat 
I would have brought serious fric¬ 
tion between the coalition 
partners—and perhaps even a 
split - 

The SPD- rebels hold- that the 
measures proposediby the coali¬ 
tion after many hours of tough 
debate in committee undermine 

Chancellor Helmut Schmidt 

basic freedoms without striking 
at the roots of terrorism. The 
opposition believes the Govern¬ 
ment has so watered down its 
original proposals that nothing 
really effective remains.- 
On one of the steps, there has 
been relatively liille dispute— 

EC fie 

t^-hvoling with the Com¬ 
mas against devaluation, 
*■-4, orsa and the Social 
rats have avoided being 
anted in the' race for 
ft-wing vote and at the 
Ime. can be fairly sure 
resident Kekkonen will 
Sorso first try at form- 

- new Government. . 

. levaloation of the Flnn- 
'ollows the 8 per cent. 
, ation of the Norwegian 

- within the European 
:y snake last Friday. 

: nnUfa banks have been 
- for currency dealing 
Monday after the 
" or of the Bank of Fln- 
nnounced that devatua- 
* - is being considered, 
interest now centres on 
•laction of the trade 
whose attitude to 
ition in recent weeks 
ft^ v cn ambivalent. Under 
c j Ji 'nrrenf two-year wage 
* v *MenL they caii ask for 
i nation for any Increase 
cps brought about by 

West German print unions 
in bid to break deadlock 


THE WEST GERMAN printers’ 
union, IG-Druck. is seeking to 
break the deadlock in ■ the in¬ 
dustry over the introduction of 
computer-linked, cold-type tech¬ 
nology by pressing for house 
agreements that would effec¬ 
tively outflank the employers’ 
uncompromising common front. . 

IG-Druck has offered talks on 
house agreements to 100 selected 
newspaper or magazine .pub¬ 
lishers and major, printing coru- 
ipanies, and has requested an 
'answer from them by next Mon- 
[day. Tbe union has threatened 
[further stoppages if the offer is 
not accepted. 

| By way of reply, the three 
•employers' organisationstieve in¬ 
structed : member companies not 

• . BONN. Feb. 16- . 

to Hgn house agreements, and 
have also threatened IG-Druck 
with legal action for attempting 
to interfere with companies' 
freedom of association by seek¬ 
ing to break their unified stance. 

The dispute has hardened 
following a first cautious expres¬ 
sion of support for IG-Druck 
from the Deutsche Gewerk* 
schaftsbund. equivalent of the 
British TUC. It issued a state¬ 
ment . of solidarity for the 
printers* union, and accused the 
employers' side of “ wantonly 
aggravating" the situation. 

Yesterday, the employers' 
federations signed the draft 
agreement with the white-collar 
union DAG, which is not a 
member nf the DGB umbrella 

j Greece wilt increase defence! 

Foh ifi I spending by- tit uer cent, this year 
• • ’ ' ;in view of its disputes with; 

, , 'Turkey over Cypru*. and tern-: 

namely that in future a lawyer-^q rja j rights in ihc Aegean, our, 
and a jailed ch’cni suspected ufi Athens Corrcs|jondenl reports, 
terrorism should be separated by ; Tab [i ng this year’s budget in i 
a partilion preventing the e.\-ip a lament yesterday Minister of I 
change of objects between them, j Finance loannis Buutos said 
The need for this is widely j military expenditure will total , 

recognised following revelations Drs.35.8bn. iKl.jjum.i This is/ 

about the smuggling of weapons!just over 22 per cent, of the! 
In to members of the Baader-iDrs.230bn. regular* 

Mcinhof terrorist band in the budget expenditure earmarked for ' 
maximum security jail of Suit- JUTS. 

gurt-Stammbenu. Three morn- The public investments budget 
bers or the group were thus able this year' wii>I jnioum to another, 
to commit suicide last October Dn>.55bn. (Sl.u.7in i. uj> 22 per: 
following the failure of otliert. . ^ ron ). ? SI year 
outside jail to force their re- Thi* total budgetary; 

| ea c e expenditure this >car io Drs.30obn.. 

But two othei measures have iBi^nm'V^n in^nJ^aV 

caused more controversy within | Jn^^al hwrowiw io 
the coalition. Under one. police j lh<? deficit rrorn cxpected revenue . 1 
would have widened powers of: 
search including the blanket j-p ri ii,_ 
right to gain entry throughout 13*KS Of! Gibraltar 
a whole apartment blu.-k. not f rpCM mp 
just in a single Hal. if terrorists! lo X»uiiic 
were thought to be within. ; Britain and Spam most probably ! 
... .. . . . will resume talks on the future i 

Under another, contact be- i(lf G,brallar uexi month. Foreign! 
tween a lawyer and a jailed [Minister Marcelino ureja said i 
client suspected or terrorism yesterday, Reuter reports from . 
could be refused when there was Madrid. The .Minister, speaking ; 
suspicion of a criminal colta- ,u a news conference, gave no 
bo ration between them. indication of where the talks 

The Government holds that would'take place. He also did; 
these measures strike a good J ] 01 say ^ e - v be intended ; 

balance—providing what is by mem bers nf the Gibraltar 

necessary but no more, it notes «r « 4 rv^kh I 1 f»ifc C 

that .the steps come in addition firsl round of Ang.o-Spanish talks, 
to others—including the law « | 

last year barring lawyers from ’ GypniS CCOtlOITIV 
contact with jailed terrorist!^ Cyprus economy achieved 
clients in conditions of special .. remarkabk ,- f in 1977 
d?nge r the continual build-up L nd future prospers are good. 

r.7 - according to Finance Minister 
and the establish men I of 4 J Am jreas Paisaiides. speaking in 

♦h 60 Fprio. ! R, r rrfl S r P^l^linn , ^ ic0,ia yesterday. AP-UI rC|K»rlS. j 

the Federal Border Protection i But ^ dancer (lf ., poisib)e j 

* “If 0, ' overheating of the econo iu v may : 

Tlie opposition describes the, prt?vent thc acflie veiiieni of the 1 
measures as so weak as to hej. 4 targejs or the 1377/7$ second. 

?ho^o kined by Lr^riT iast j 7 d e Jf nCy devtl ' ,,M " em , ’ l3n ' he i 
year, including thc Banker aaaea- | 

Juergcn Ponto and the eni- T , ccn 1 

ploycrs* leader. Dr. Hans-Martin Observer ! 

ScMeycr. They demand step? The Union v,,ll ^nd i 

including the monitoring by ofn observers in ;• military exercise I 
dais of conversations between , n Morway Tor the first time w hen i 
lawyer and client. lw0 offleers attend a coming 

One key opposition speaker \jto operation in thc country, 
to-day described the debate as a Norway’s Foreign Ministry «aid 
“ moment of truth" for West. yesterday, Rcuu-r reports from J 
Germany. I Oslo. I 

Belgrade security talks 
head towards collapse 


THE 25-nalion Belgrade security 
eftnference to-day appeared to he 
heading slowly but inexorably to¬ 
wards n collapse that eouid place 
serious new strains on East-West 

It was becoming increasingly 
clear that only major last-minnte 
concessions by the main partiri- 
panls on euber side would allow 
the conference to reach a gener¬ 
ally agreed conclusion on the 
future of co-operation in Europe. 

While the Soviet Union 
toughened its stance towards the 
West's main demands, , a French 
compromise proposal to ,^ivr the 
four-ntonths-nld talks v.-as felt by 
many uther Western delegates lo 
have'done more harm than good. 

Most Western and neutral 
countries, including many of 
France's EEC partners, feel that 

the French draft for a final con¬ 
ference dneumem has gone too 
far to meet the Soviet pout Of 
new on issues like respect for 
human righi* and human con¬ 

The Western and neutral coun¬ 
tries nmnaged to-night to per¬ 
suade the French to toughen up 
some parts of their text—but 
still not enough For it to bo 
generally acceptable as a Western 
negotiating position. . 

The only glimmer of hope to 
emerge from to-day’s meeting 
was an indication that the 
Eastern countries might be pre¬ 
pared to accept t hut there had 
been “difficulties" over the 
respect of human rights during 
the past ■_» years, against their 
previous insistence that there 
had been no problems at all. 

The firmness of the East's 

Swiss growth ‘to slow’ 


down in Switzerland Uii:- year, 
according to a report of the 
official Commission for Trade- 
cycle Studies. Thou ah the 
recovery recorded iu 1977 is ex¬ 
pected lo continue, impulse;: 
from the home and foreign 
markets are seen as weakening 
ro 197$. 

In the domestic sector, expan¬ 
sion of tbe economy is thought 
likely lo result largely from a 
rise in private consumption at 
aboil! the same rate as last year. 
There should also be some im¬ 
provement rn demand for capital 
goods due to hacking needs. 

But construction activity as a 
whole is expecred in decline 
again, while public authority 
consumption should expand only 

The ability of Swivt exporters 
in offer competitive prices abroad 
has been noticeably weakened 

ZURICH, Feb. 16. j 

by the sharp rise in thc Swiss' 
franc exchange rate, the Cnnt-, 
mission points out. although- 
stable labour costs have compen¬ 
sated for this tn some extent. 

0 Dcspne its generally resilient 
and flexible economy. Iceland i« 
"almost certain' to experience 
deterioration «»f its already-high j 
inflation if additional Govern-1 
nieni policy measures are not' 
taken, the Organisation for 
Economic Co-operation and 
Development t OECD» predicts 
in its latest annual survey of 
the country. AP-D.I reports from 

Consumer prices in Iceland 
are expelled ,r » show an increase 
of he 1 ween 20 and 35 per cent, 
thie year, compared with a year- 
on-year rise of 31 per cent, in 
1077—the second-highest rate of 
in Hat i on among the 24 OECD 
member countries. 

Suiss exports hit. Page fi 

BELGRADE. Feb 16. 

refusal to enter new coratnit- 
mcnlsTn thc humanitarian field 
was demonstrated by a Soviet 
decision to withdraw from an 
informal negotiating group on 
human contacts, on the some¬ 
what surprising grounds that 
negotiations were getting no¬ 
where. The Soviet Union has 
hitherto refused to negotiate on 
human contact .issues such as 
family reunification and mar¬ 
riages between Fasteners and 

At to-morrow's session, the 
Soviet Union is expected to pro¬ 
pose that all contacts and. draft¬ 
ing groups hencp/onb be sus¬ 
pended and the conference 
renewed for another week at 
the . more general plenary 

A number of new Eastern texi* 
are also expected to be tabled. 

France changes 
job figures 

PARIS. Feb. 16. 

French Labour Minister, said the 
Ministry in future would use a 
new seasonal correction method 
for unemployment figures. 

Earlier to-day he announced 
lhal unemployment in January 
fell to 991.000 from 1.026.S00, 
using the old method of adjust- 
mcni. Under the new method the 
January figure would be 
1 . 021 . 000 . 

The Foreign Trade Ministry 
announced that the seasonal 
adjustment method for France’s 
inonthlv trade figures had also 
been changed and said the 
December adjusted surplus, 
originally Frs.l. 66 hn.. had been 
revised downwards to 1.31 bn.. 
exports tn Frs.2S.37hn. from 
Frs.2S.32hn.. and imports to 
Frs.27.08hn. from Frs.2fi.66hn. 

- .— Rights safeguards plan 

feden cuts f or new Lome accord 


7 ZO/- SAFEGUARDS for human!rights national governments, j 

• J /U and .some check on. investments full negotiations with 



illiam Oullforce - j 

STOCKHOLM. Feb. 16. | 

WEDISH Rfksbank (cen-- 
Jnk) has lowered-"Its 
t rate from 8 to-7.5 per 
th effect from to-morrow, 
same time It is authoris- 
0.5 per cent, rise in the 
m interest rate. 

- stated intention is to 
•e the bond market by 

fixed-rate, long-term 
□ts more attractive. The 
k move can also be 
ted as opening the way 
Treasury to increase Its 
" 3 g on the market. The 
.i faces an anticipated 
deficit of Kr.32bn. 
) this year. 

•target for bank lending 

- January 26; when the 
k -announced record in- 
iof 6 and-5 .per c®nt. in 
■finhs’ liquidity ratios, 

j.-;: unchanged. Thus, bank 
to business this, year 
tay at the same level as 
r, while loans for con- 
£n. purposes should be 
:i k severely. 

u Government announced 
„ that it would spend a 
I? Kr.BOOm. (£10m.) _tjiis 
ctrmbai ’ unemployment.. 
£' rn would provide emer- 
fi to rk for 15,000 people, 
.-i r Ahlmark, the Labour 
Si. said. . . , 


SAFEGUARDS for humanirights 
and .some check on. invessmenis 
that affect the European market 
are -among important additions 
that the EEC Commission yrtants 
to make to a new aid and trttde 
agreement'With theCamDi'iihrfy^, 
SS pattner countries id theXome- 
Convention/ ' 

• The EEC Aid. CoforoisSiotfer, 
M. Claude Cheysson.-was* outlin¬ 
ing the position adopted yester¬ 
day by tbe Commission fnr 
negotiations due to start in Sep¬ 
tember over the Lome H agree¬ 
ment which will come into force 
in 1980. But its proposals have 
yet to Wini the approval of 

BRUSSELS. Feb. 16. 

national governments, and the 
full negotiations with the 53 
African. Caribbean and Pacific 
t ACPi countries are likely to .be 

M. Cheysson said the EEC 
would, be “ very -prudent " 
defining - what it meant hy 
human, rights -1 and what action 
it would take if there .were viola¬ 
tions, in the ACP countries. 

The Commission also wants to 
write into the new agreement a 
provision' requiring consultation 
over new investment in ACP 
countries that might affect sensi¬ 
tive areas of the European 
economy. • 

6 ways British Airways 
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Malta’s GDP rises 14.7% 

JL Concorde, As the network grows, 
supersonic flights are becoming more and more 
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MALTA’S gross domestic product 
in 1977 rose to £M2175m. 
(£281201.). an increase of 14.7 
'ppr'cent;. qy®r-(1^3976 figure, 
according loathe. Government’s 
^economic"' review ,r which is 
being distributed with this year’s 


Manufacturing jndustnes. and 
ship'repair activities -enhanced 
thei* contribution to the island's 
overall output by 34 per cent, to 
: £M73.3m. Malta drydocks. 
according to thc review, is now 
1 poised to handle a turnover 
(approaching £M27m- in 1978. 

I Other sectors which increased 

j their output last year include 
I tourism, which was now earning 

. VALLETTA. Feb. 16. . 

the country £M34.4m. in foreign 
exchange, and agriculture and 
fisheries, whose joint earnings 
are put at XMJ 2.6m. 

• Maltese Premier Mr. Com 
Mintoff last night blamed Austra¬ 
lia for the deteriorating diplo¬ 
matic relations with Malta. He 
said that successive Australian 
Governments, had consistently 
refused to' improve economic 
and commercial ties with the 

Early this month, io an un¬ 
precedented move. Malta re¬ 
called her High Commissioner 
and left the Canberra legation 
in the hands of a much junior 



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Turkish black market finance 


in the black market is 
- a substantial per- 
of Turkish imports., 

; sources have told ' the - 
I Times here. The 
ay have been as high 
m. (£5.145m ). or .17 per 
total imports for 1977. 
year Turkey suffered 
;everc foreign exchange 
which is continuing 
• I. From February, 1977, 
ral Bank stopped aiithor- 
■ment for goods outside 
-itegic and emergency 
s embracing defence 
crude, pharmaceuticals,, 
s and the like. 
imports—estimated hy 
. to be between SLQOQm. 

»Om.—were not paid for. . 
. iports weer made in ex¬ 

change for goods or-through 
acceptance credits. 

Other import purchases, vari¬ 
ously estimated at . between 
S750m. and Sl.SOOra., were made 
with hard cash bought by Turkish 
Importers on the black market 
in exchange for Turkish lira, 
according to Istanbul banking 

These figures •* would cor¬ 
respond to over 17 per cent, of! 
total imports In 1977. " 

’■ The foreign currency which 
creates the pool for this illicit: 
transaction is created principally^ 
hy the earnings and savings of. 
expatriate Turkish workers in 
Western Europe. These workers 
are lured into selling their hard 
cash at Turkish lira equivalents 
higher than those offered by the 
Turkish Central Bank. The 

ISTANBUL,.’ Feb. 16. 

money is then banked outside 
Turkey, mainly in Switzerland. 
The transaction m Turkey is 
carried out in Istanbul where 
illicit bankers post daily rates 
for the Turkish lira in relation 
to the currencies of thc coun¬ 
try's major trading partners. 
-.-For instance, the unofficial 
rate for the Deutscheuiark in 
Istanbul yesterday was 11.50 
Turkish lira compared with 8.51 
at the official rate. 

Faced with stopping produc¬ 
tion or shutting down shop most 
people- are willing to pay the 
difference m-. price more than 
.willingly. There is also the high 
profit element to consider. A 
trader who sells imported machi¬ 
nery told me that 100 per cent 
profit on machinery imported in 
this way was “ normal." 

. ,* ’ 


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ikara lifts exchange rate guarantee . 


TO-DAY Jifted the ex¬ 
rate guarantee on con- 
Tnrkish lira deposit 
—short-term fo reign pri- 
nkers’ loans deposited 
-Irish banks. 

?cision—prom u{gated in 
' official gaxcue and the 
for 0 Press conference 
race Minister Ziya Muez- 
■ -is nor retroactive, 
ts outstanding in these 
. 81.9S0m. would con-, 
enjoy the exchange rate 
:e according to Mr, 
►Slu." . 

?r new regulation, up- 
• tbe convertible Turkish 

lira deposit accounts scheme is 
that deposits of. less than 12 
months will not he accepted. 

No changes were made in the 
spread awarded to these loans, 
ranging from 1.50 per cent for 
12-month maturities to 2-25 per 
cent, for 60 months and more. 

Under the old scheme. Uiree- 
and six-month maturity loans 
were being' accepted and it is 
estimated that about 95 per cent 
of the .outstanding Sl.9S0m. -faU 
into these two categories. 

Turkey ir believed to have de* 
faulted .on more’than S400m. of 
loans so far. Mr. Muezzinoglu 
said that about Sl.OGGnu of con- 

ANKARA, Feb. 16. 

vertlhle deposits would mature 
in 1978. Bankers believe it is 
safe to assume that, given Utc 
acute foreign currency shortage, 
Turkey will default on these as 
1 well. 

Whether the foreign exchange 
rate guarantee is valid for de- 
faqJtcd loans is not clear. 

,The decree pertaining to the 
convertible Turkish lira deposit 
accounts will go into effect on 
March 1. tbe beginning of the 
fiscal year. 

FmxcuL Times, subtlsbcd itallr catc pl Sb b- 

4m jutd U-$- satetHWHsu COT.'YJ 

Mir- treumi SS&J.o0 (Mir a till per tm uaa. 
lewd dm peon paid h4«o* Vofk. S.\. 



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recognise problems ahead 


TA.\ SMITH'? internal ron- 
stitutioftal agreement was .greeted 
to-day with scepticism and sus¬ 
picion on the part of urban- 
blacks. though most whites and 
the - business community were 
broadly favourable. 

The initial black reaction 
underlined what is going to be 
a'key. issjre in the weeks ahead, 
assuming that the four parties 
to the talks will in fact manage 
to'agree on the two outstanding 
issues: the composition of the 
security forces and the structure 
arid membership of an interim 

The black scepticism is easy 
enough to understand. There 
have been agreements in prin¬ 
ciple before—the Kissinger deal 
in September 1976. the Sni'th/ 

Horae deal of 1971. not to men¬ 
tion the Muzorev/a Smith agree¬ 
ment of May 1974. None has 
been translated into actuality. 

rlt. is understandable too that 
some hlacks should be saving 
that so long a* the Patriotic 
Front is excluded there will not . ^ 

be a real vnieirent. At the same ™ U|!t a l sn 5* brornor ? d pos1 ' 
rime, thore close tn Bi'hop ,;ons ot influenee and the 
Mn* 0 r«ra are arcuine that, if ? a P musI l ' e arrowed 
tWow can act their war >n 

SALISBURY f>h. 16 

PLO commandos set up cells 
in West Bank resistance drive 

• a. arms . 

. '"’.a 


BEIRUT, F6b.;16. * 




*- G 

seem? clear that unless attention In addition, linked lu these; 
is paid to tiiera—as well as to the tasks would be the need to make ! 

Sure “SSiii" ’ T™ PALESTINE liberation ■ The list was never made puh-munications with its ceils in the 

oL1 3 cceptan.-i ol Z wU- d°S,l a ?e ST «r ^Slc ^ wwhIhlhhi (PLO. has sei up a Uej. h«t..t Itut five B^n k . cd -the G a^ ari p. 

merit—Die whole exercise mil the same time sending emissaries * nerwork of underground cells in shot or 8t ? bbed 10 dfiatb ln rjh * B SJJJJJ* 1 *dSSt?«!eni 

fail- around the world seeking Inter-1 the West Bank of the Jordan to ---*-—-7^-SSs^Hbe IsweB aut^rSea ' WASHINGTON,- Feb. 16 .-.£ 

It appears the nationalists are national recognition. 'keep up the resistance against' THE BIGHT-WING National"- about breaking up FLO cells In ISRAEL HAS.been "very upset ? : - 

willlng to share power In an The p 9 | en tial fordiisacreernent! Israeli occupation, according to UberaJParty (NLP) last night the West Bank. . * bo, iAJ%. e decision to set 

interim administration on an within the traileitlonaJ admims-t... A ^. h • erased-Ssrta ’‘- 

equal representation basis-five tratfon on just which de taLneM j ,nrormea AraJJ sourcei Bere ' reused >3™ 

from each of the four parties, would, he released, which, sources believe help from 
There is disagreement a<i “ political prisoners ” should .be i- . m a y have enabled the PLO 
to the duration of the Interim feared and what kind of discrun-! “J™ 
administration. The nationalists inatory legislation should |. e j t0 set up the network. . 
favour a six to nine-month abolished, is almost limitless.; Thfl explosion on a bus in 
transition, but the Government The Rhodesian Government re-; ' __ wh „. h 

is talking in terms of 18 months, action to this situation cou'd well Jerusalem on Tuesday in which 
The immediate tasks of the imperil the whole deal. This is \ *w'° people were killed and 43 
transitional administration would because Mr. Smith wil! insist thatj wounded was seen as one ex- 
be to draft a detailed constltu- nothing can be done beyond set- i ample or what the sources 
tion. release political detainees. M n S u ?- 0 ,? interim administra- : c 0 n S i d ei. ig he a major new 
delimit constituencies and pro- tion, which would have to main- 
vide for free elections, discuss ra ’ n the staJu s quo until the re- 
the position of blacks imprisoned ferendum he has promised the 
on what the nationalists call wb i?? electorate. 

They noted that the powerful 

of pl a ^^. Several^ertlias-were arresred J^* : tl L SaB SQ^ a ! , ^: aBd j ;^^J 

genocide In Lebanon andsaSB fn the past - two_ months while JoU^but stSl^eilev^tSkttS 
that Syrian troops had ti^ne to ertss the Jordan riVer urn tfe- 

surrounded Christian, ewt Setly Into the West Bank. J^i^i d J2S u !iiSi?S u ^ 
Beirut In- preparation for * ■ Yesterday. the Syrlan-ttarted 1,; EaSt C 

2S!2? C *^“£.7™, "'SI guerilla group. As Seta, claimed' P«“ 5, Cajan : made thtgi 

reports from Beirut, Tic rKDon^lbilltv for - the - bus os - ^ ■ .■ 

Charge wy nutde NLP piJ|„„ in Jerusalem,. A wj«..g^dii&'^fllLSSSSgB 

spokesmaii a week after S^ian mao in Damascus was quoted as jns ^ CyrusVance'S' 
troops of the Arab League saytpst bv the Syrian State Radio secretary of State ■ and'-ia wimtF 

SSJS\AS£ ortS S^actlo/waspart the SSfcfiSijgS 

This referendum 

Mr. Ian Smith 

estimated ISO dead initiative with Israel. ' tfietjar. .-Mphahem Begin;..r£j 

Tta stStemeutsaidi-A high ; Press reports from Damascus Minister,-. 

. -_-- conrentStionof Syrian troSS *° tbe past two ■weeks, said WashiiiRtntt aa March 14 arid! 

explosion followed a series of estimated at 18*060 men. .220- Syrian authorities -Th^ -■ Israeli -Fprejgtr ■ 

heavy artiUory the guerillas - to ; reopen .tbelr told^ reporters that ••it makesjj 

uago some, at least, of the Sri Mas s . hackl f d b >‘ th ^ Present lesjsla-1 the Israeli occupation authorities. 

. - -— within the existing and a 1 readv ^ J . va totuation and Mr Sniiin s j Palestinian news aizencv 

the . Alithough these may noi appear predominantly black Rhodesian feSJSJije 3 ?™ 1 MDieS^to^ win ! Wafa, had earlier reported that 
«-ps be . 11,0 n,,vlo “ s priorities lor security forces and remove racial 1 * 25 ™?.“ hiLv tn* a list of names of collaborators 

Uie inienm administration it legislation. 

Mugabe rejects Salisbury plan 


rtfjpiIP^innf on ihp securitv fnn 
and thr inrarim oovernment. 

<K#.n thnr hr'ipve ihp war wO| 
wind Hnw-n inuch mnre rab'dlv 
tH-n most exrernal ohseners 

But the crincal issue for an _ ___ r ._ 

interim administratkm is that MR. ROBERT MUGABE, ^o- In Washington, the United while a b>ack Foreign Minister I 

blacks should be seen to be leader of ihe Patriotic From, Stales to-day toned down its (possibly Mr. Slthole'.'i i? seen; 
miking decisions that improve rejected the agreement in prin- criticism of the internal ajgree^ as an enormous.a<«pt. But the: 
The' lot of the country's 6 «m. ciplc on u constitutional settle- merit in Rhodesia and said it whites will certainly want to 
black*. And avoiding rhe accusa- mem announced yesterday by was only a part of a much larger hang on to finance, 
tioit that it is an administration Mr. Sniilli and internally-based and more comprehensive set of The tasks and the timetable 
of “ puppets and stooges.” black nationalist leaders. arrangements prior to a transi- of the Interim government look 

Tf hlacks are to believe the Mr. Mugabe, who is on a visit ti° n t0 majority rule. frighteningly formi^blo. It is 

internal agreement will work, to Libya, said African nation- At the same rime, a State soing to he very difficult indeed 

or surrohndlns' traditional Palestinian comromanuu uuri.iB_. He ..said Israel - warned "a 
Christizm mounluiii areas. ~ ... Pie Lebanese civil war-15 months -•security beUJ .o£,settlemema_^ 

ago. the -Siiifi wbica ..would. oecuHj? 

■ ' "" ■’ ■ 1 . The confrontation, has given less -than- 2-per. cent, 'of-the'-i 

sufficient hiack ' annVoval to 1 a »si m nsmes or conaooraiors West Bank during the past few way to cooperation and cb- and-wquld covw'^, 

S e ?nm 2 n AfTp iJlr “l«ai drawn up and that death weeks. - ordinannn as the two sides close-f 0r put secunty. :. 

Sn r 1rtn«TT B thT .tiSfnp^ arn.v Sentences were passed on them The PLO is known to -have ranks against President Sadats He said that, personally, he did 

OO ion* dS Tne existing ^ IJ, V •> ♦»— Mmlntinn) 1 

and police commanders remain 
at their posts.' the Government 
is likely to accept a hiaHc Minis¬ 
ter of Combined Operations.! 

CliWXh M Cl c paoocu VII I1IWUI l-uo I WV »•* ni.wi.. W U«I - v ixilivj - 

the Palestmiais revolution . 41 established a secret line of cam- Middle East polrcy. 


not,-think that. Israel.,ihould ever 
agree: to “ Phaser these,ottt- buf. 

: ii was . s' matter.;on. which Israel 
: .was'. .ready' '.add'.? wHUng . 1 
,negotla.te- wttli. Egypt ‘-Pres ' 
-Sadat's problem* be .went on, was 
.. that .be warned Jordan to. join.. 
the.talks but -King Hussein wauls . 
not do so untiL lsraelhad agreed, - 
. to .ftrtV. withdrawal - from tire - 
Siiiai ^nd the WestBabft artd'ihe A -; 
. setting ; up of a: Palestinian state; 
Perhaps Significantly. Mr. 

agreement will work, to Libya. $aid African nation- At the same rime, a State eoing to be very difficult indeed r ' . - DavaiT'Sd littie ‘about the UJLjff 

race discrimination must be seen alists will continue to fight, Department spokesman reiter- ,n hotrt pip'-tir-ns by the end of I SAUDI ARABLA is likely only U-S. Egypt would then collattf)*' 30.000 troops are tOainy provided deritsinn to seB F-3 iiii«rafr w 

to be eliminated, and jobs must ,I * ---— -■ - - -* - v - —•« • - «#»-o ,l.— u -- — 1 ■*» ' - .... . . -■ -■- ■ - - L - , ~ —■'—■ **-■—— *— *•—*- T — 4 «•— ° ' r 

he seen to be more readily 
able to the hiacks- 
task given the deterioratin: 

economic climate here. Blacks the guerilla war will continue. 


• i»*?r|ii'rciai sit Ecrm'Mi'i ■ 

Report for the Half-year ended 31st December 1977 

t imirolT 1 f , 0 ’ lQWIn - a re the unaudited results of Minerals and Resources Corporation 
Limited I Minor co i and its subsidiaries for the half-year ended 31st December 1977 
cnm Pj?~ U XS. fi S ur , e s for th( ? half-rear ended 31st December 1976 and the 
year ended 30th June 19/<. These should be read in conjunction with the adjoining notes: 

Income (note Vi 

Dividends from investments . 

Interest and net sundry income. 

Income from Zamic operations (note 2) . 

Profit on redemption of bonds . 

Net gain (loss) arising from currency 
fluctuations ... .■ .... 


Administration and other expenses . 

Interest on six per cent registered loan stock 

Other interest . 

Costs of p'-osnoctinc . 

Profit before taxation and extraordinary 

items .\ 

Foreign taxation (note i'i .. 

Profit before extraordinary items. 

Extraordinary items .. 

Add: - ' ■ 

Transfers fr*>m fto) reserves 

Share premium ..’. 

Currency reserve . 

Prospecting reserve . 

Capital reserve . 

Unappropriated profit brought forward 
Adjustment thereto arising from currency 
fluctuations . 

Unappropriated profit 

share declared 


No. 82 of 4 rent? per 

Ifith February 137S . 

Unappropriated profit carried forward. 




• Year 






30 6.77 











- 104 






























' 5 172 








2 fi. 00 tl 








i 874 i 

SI 33 





In 30) 

21 585 






21 . 10 * 




30.4 J 7 










1 . Investment Income 

Investment inepme comprises dividends and interest receivable for rhe period, gross 
of withholding taxes, the tax deducted being included in rhe charge for foreign 
laxatinn. This treatment in respecr of withholding taxes wa> adopted in the last 
financial year for the fir«t time, and the half-year to 31st December 197# comparatives 
have been adjusted to the new basis 

2. Zwmauglo ImiuNirial Corporation Limited (Zamic) 

The amount of U.S.S355.Q00 comprises l.'.S.6l06,nun i30th June 1977 U S..NJ f v.. 00 u i 
investment income and a net-profit of U.5.8247.000 ( 3dth June 197T: U.S.?S42.000* 
nn the operations of rhe property and ag.-icuUural divisions 
3 It is th,j Corporation’s practice to review the value of inventmenis nt th*- end of each 
lin:m-'i:il and nn r»TOvi<«nn for :■ un^-ii,]**/ dcclini- ia the vidue nf mvesimenis 
has therefore been considered in the iinauciii'pd consolidated re<nlN for the half-year. 

An interim dividend of 4> (Untied Stares currency a snare ;n re-yen r.f 
rne year ondinc 3nth June 197P has been declared payable io. meinoers rccistt-r^d m the 
hnnk n of ihe Corooration at the close, of business on 3rd March 197S and to persons 
presenting coupon No. 85 detached from share warrants tn bearer A notice regarding 
payment nf dividends on coupon \n 85 detached From share warrants tn hearer will 
hp published in the press by the London secretaries of the Corporation nn or annul 
24ih Fehmarj 1978. 

Dividend warrants will be posted from the registered office nf the Corpuratinn m 
Bermuda and from the Johannesburg and United Kingdom offices of the local registrars 
r»n or about 30th March 197S. Registered shareholders paid from the United Kingdom will 
receive the United Kingdom currency equivalent on 21st March I97S of the United States 
dollar value nf their dividends (less appropriate taxes• 

The dividend is payable subject to conditions which can he inspected at the registered 
office of the Corporation and also at the Johannesburg and United Kingdom offices of ihc 
local registrars. 

By order of th« Rn;«rd. 

V P Wilson i 

...... G. W. H. Rejly , 

Reowrerpd Office- 

Bei'.edrre Building. Fins Ba> Ro^rt. Penihrnk,. ip.rj. r ( , n fi,vi HauiiIiuii 3t. Bnmit.l^ 

l. H Resihlrnry 

Charter Consolidated Limited. F.O. Bu\ 102. Charier Huu.-c. Park Slreei 
Ashford. Kent T.V24 FEQ. 

.S'A ffepwlrnrs 

Confolidatod S'n^r« Bc2i'sir^r« Lirni:»d 

- Marshal' Rtr*--. T n h-ino«b;irc 2 r*oi , p r, tin?.} Mvrfhai'.*« 3 -*r 210? ' 

17rh F*nnur 1 ° 7 « 

Tougher line on ;a in 4 
supporters of 
Gang of Four 

By Colina MacDougal 

raise; refined 
oil exports • 

, made the request a touchstone of alone, surrounded by _ anil- cu l a >d 3° s ^ na ‘fL a k r ' i* could h* over Israel in-10 minutes 
• future relations with its Amen- Western and pro-Commuirist provoked a temporary put pirn* anfJ Wflre ^hriouslv intended for 

can ally. And It was closely Arab countries. , ttcstily damagtng recewton But a phsaable '.Arab war .with. Israel., 

ns how President Carter When President Sadat *^ a ! n SamD .. .. .. •: v, 1 

reconcile its own request announced he ; was -going 'to'f yr . l ®2 POhei«_M» hrtitedoyrthp ; '> . '... - * 

and that or Egypt with Israel’s Jerusalem, Saudi Arabia, issued a fact that too much pressure cmifii ' ■ . ; . . , - 

‘■flahilrs ,or 90 F ' 18s mi 25 F ' 15 ,ui,n, “ i r" Ucb criticised ^ 1“Vip i7 a ha?ten repoS Arab bid to 

! With' 13 F-13C and 75 F-IS* --—-- *** Liby’a m ay ^finance the puv- 

j (compared to Saudi Arabia's. chase of SovleVarpiB w?»en PnW-__ 

InumtSr and Egvpf« 50 far less . - The Riyadh **"* 

! advanced F5E fighter trainers) ... - , At the hearil of Saudj Arabia s- 

THE PEKING leadership is j Israel has r.-arlv ah. .h, belter government Will Only poMcje. lie. u4.^,MODjhlp with 

taking a new tough line with \of th* larem j^g j^aJf-pleased atmutual 'interests of Saudi’ oiL By Ray Daft*r.' . . 

supporters or the Gang of Furthermore Saudi Arabia is . r , , . a n(J president ■Carlert' energy Energy -Correspondent, v- 

Foar ” accordiag , to rahlu unUkaly to Washington S decision. ptoJ 

reports from Szechuan j until 1981 and it is still possible « r ic in the li’S - and the massive nino m Knit fniurn .if 

_ _ __ . , . j a U naot Uaf the deal to Sell it F-15 fighters. Leri^ t^ni'Sl MtSSSf SuSe : * 

A broadcast rally held on i a,t °*«“ er ; ‘ . * 

February 11 in two main 
centres. Chungking and 
Chengtu ended with the arrest 
of three “ factional chieftains ” 
over whom the radio said ihe 
“ dictatorship of the. people ~ 

i hi. controversial pm inj.iativ 

taken to mean execution. 

sf.!dj er \rabia mas therefore Anthony McDermott aid and poIiUcaJ'wmmlteient to products, according to^an edi-;-. 
J“ifiiiJJS m ZiZ SS ' rc the stability of King Khaled's torial ia the monthly bulletin'-- 

IffhdlV&H reports. getsaw^.Jnxteop.a* of ■Jh. ; J)t K at«Uon-if. Ai^.; 


only a slight gesture to encour 
age Riyadh to maintain its role of 

Saudi-U^. alliance should weigh Petroleum Exporting Countries ' 
heavier in Washington than the (OAPEC). 

The ** (acliopaJ chiertalns “ 
were 'said' to • have been in 
collusion .with .the two “huur- 
geoise careerist*' ** iu Szechuan, 
probably the two provincial 
leaders who played a pronvi- 

age lwvauu IU IIlfMlIiam 1LS IUIC u* . lnnoe»^IafnU«D' " 'himliftnn “• -V . - - . 

moderation and support of Presl- Sadat more for destroying Arab .-iJJ£ 8 JS£i 2d' -Jeruia^ti. Sit ' T ^ e Proposal, how brought oitiT 
Idcnt Anwar Sadat of Egypt io unity than for having direct talks El? SiVfMMr viKit int 9 : the OP ® 0 for-the first time .- 
his controversial peace initiative, with Israel- - fo 2?udi AraSS3^S- b - v ; -°APEC; will raise can.eew.: 

But there are vanous features. But Klng^^Kha ted and the king- fc-.ifiSasli^^ 

of Saudi foreign policy which dom’s-strongman Crown Prince with WMhSStoh^aomiSnt^“£■^idlreafly bit by substantial refiit*; 
make it clear that even if the Fahd have been very careful oot fusal-:^^^itv rty brthtf fir£ ot thew own..* 
Saudis feel that the'U.S. has noi t0 bring any public, pressure on SS'ff-toS- 1 ? Tffe V APEC News Bulletin sayfi, 

rewarded theai sufficiently, for Egypl by for instance, withdraw- sLnf ArS WD U rd-n 6 donbr tbat :tbls surplus rapacity, p'afe" 
the moment there is not very ing Its enormous' financial assist* hauar AraT> a 00aDt — r ' 

much action they can take w “b* a n ce-tb Egjpt‘: 

oul the long lerui 
bounding on them. 

effects re- p ro babip that 

nent pan in the cultural | bounding on them, fears what might uappen ir iur. f.. t u_ had - ot fatted Thereafter-- - 

resolution and have since been , Although Saudi foreign policy Sadat were lo go, it hitherto felt SJJh* krahiawould work b^iind ' At lht end of builaltrt—- 

brought before the masses at (has become infinitely more flex- obliged to go along with every- the to brine the Arab s^s* refining capacity in the :: 

numerous other rallies. The I ibie since the assassination of t bing he does, short of an overtly whrW tnjl . rh . r cuffirtentlv »a nrn- Arab cnuntrles totalled . about .■ 

**chieftains” owed “counUesx King Feisai io IKS. officials are separate Egyptian - Israeli duel ae^e^n 1 orf the hSdiS 23ra - barrels a . day ’ compared 
blood debts to the people” a {reluctant to talk about _ their bilateral deal. SrfSJSti ?tSSS with a world total of B 2 m. b/d.-: 

faint lhal polilicai strife had 
turned into real violence. 

The wealthy S/t-chuan pro¬ 
vince. with a population uf 
100 m,. uas thrown lotu turmoil 
b> Ihc Gang-of Four in recent 
years, the present Peking 
leadership alleges Both grain 
and industrial output 

i reiuciaui w Oliaterai oeai. nr n nuaPA Fnnfprpniw with IohipI Wlin » WOna ICTOU or Dim. u/u. 

[ attitudes toward* sensitive issues. ^ appre bension_ at what . “ lr has '. obsented that- 

Saudi foreign policy is guided might happen after the replace- . ' l * ’ vo **" the mere discussion^of develop-- 

bv three basic principles. meni of a known quantity like Hnttf ' er there is a risk that jn B the Arab: refining industry.»- 

The first ii the propagation of. Mr. Sadat also dominates and pw „ ■ aDD i IPat j nn ,'r rh„ enough trigger ombiowL >v 

Islamic values and the second is complicates Saudi Arabia’s rela- a means, of orod- *■’«roinfe. fram^ ihe.: major con- 

the conduct of a strict campaign *™ we »Pon ^ a means or proa- - -- =* hi , wm-irf mar ^t 

against Communism. The 

concerns a solution to the draw rresuKm “«'« °»« u ' «>•««- . at1< j - (ben Saudi 

If vt came to another 

ampaign tions with rbe Palestine Libera- !{J ' irq' rhi* dir«.ii#.n sumers that .the world market 
be third tion Organisation (PLO). and ' L ;»-- ™‘ .Will tfiutBAited refined,r. 

1<f _ be Arab- President Hafez Assad of Syria. Jg?*™ Sf^heJ^'sJSl Produei^^- ,. . v - 

.... Veil ] Israeli conflict in which B" 1 Anbllrt. tf tl 'cm, lo .nothnr.," m.S* .Tlr ?r ' 

markedlv owing lo factional I Jerusalem would be returned by the PLO received aid amounting a ra K.icraerj war Saudi- Arabia ?* exi-ting . 

S 7r"c. rtjriX arresli "imM- jUr»L and. the Pa.esUnlen, U [»■ Saudi ■ Itah (.tat en"^ : 

cate that the litualicn is under i«o_«Jd . .receive a Jtom.lattd, ^ would be In "*"••<»' "J"" -SSKfteiSSlfn m* »»■« 

difficulties and might even turn «cu*ed of th f ' >e f| BhaSt'^ -, , - -.- --- 

control but ihai even 16 
months after the gang's fall 
the opposition is stj|j able lo 
cause (rouble. 

preferably tied to Jordan. 

‘ n |th ?P irif 2 w ;inc 6 el ?« 3 IO tS to“ubVr ”Bur‘{he important W .™ 1 pan*Arab interests ■;^ -T^Fbullptin adds -th>r *ried^.: 
co?!d h erabt infiSf on evenS f^tor .fn; Saudi Arabia is that ^^5!? il*^ 5?« &**»&** ”■ hi, major-conaum- , 

Co-operation pledge 

LEADERS UF 12 Common- 
wraith Asian and Pacific 
nations yesterday pledged la 
reduce hunger, increase trade, 
exploit Fresh energy .sources 
and fight international ter¬ 
rorism. Reuter reports from 
Sydney. The leaders laid out 
their intentions in a coriununi¬ 
que after a final session of 

W^thfA'nddle'Eas! Saudi foreign Mr - Yasser Arafat, a comparative bule apm s and men fas it fiqJs ing gountyiai ; *rehol yet con- 

_ i, ^ ' d a C un QU s S miiiure S “^erale. should remain in con- *> n . e f re ^ l 0 U R fil L- 00 a Hrailfd irfnced of. the producers’ deter-' 

'SitM.^n^°“»n4 pJInots 1101 of *hc PLO and stav broadly f“i" “JJlL!!.* h . , i"tAj, n S!5!!l'to w.Kre.porl raarkeUi ; 

Saudi "interests. lsTae ^ victory in which SaudU *‘_'wb e n^ffiey t are. they will-halt 

Tear that he would De then gaQ^si unrest if government turns. Saudi Arabia's influence, coneerir • about the- growing 
forced to stand down or be over- policy were hostile io Lhe PLO. ultimately circumscribed, by ^ 60 ^: rapacity 1 if oil' prndui?= •. 
thrown. Mr. Sadat? successor Syria has been in the fore- conditions of it«, own inakUng-^^fjg countries. 

would then, they believe, turn fr an t of those countries opposed largely fear of ~radica Lisa tion.,Stfudl-?' Arabia's:.-^mister oi 

toward.-* the Soviet union which X o Mr. Sadat's initiative. At the And the longer there ts deadlock:£Hnince. ani Wational Economy, . 

; would renew vital Mrmx deli- same time ii Is dependent un in diplomatic - . ne^f^^di^'.'Mohdm^C.d . Afiii-Khaii.--said hif■ :- ; 
■varies. Li ibis happened. Moscow Saudi financial aid. directly to be 1 ween Egypt and Isriel. the'ajuintiy.^seies its • interests best’-' - 

anrt l<- m.ira nrnHihlo lit ■ thn - Qalirfiir ednnwl Jia. nuiAMilrillB its dnil.lF-' 

their four-day regional.summit (Could demand that Eeypt align help its economy, and indirectly more credible to.. tiie : Saudis served.-hy^trwintairnng its doikir 
conference—the first' of Its ; Its policies with the Soviet Union to finance the Arab neaee-keen- heenme- their fears of this radi- hold!nfis find ’ revpiiues. Reuter 
kind In Commonwealth 

"of Its • Its policies with the Soviet Union to finance the Arab peace-keep- heednte their fears of tjii^ radl- .holdings hod- reveriues. 
history. :and end Us alliance with the ing force in Lebanon, whose cassation taking place. ; .reports from Jeddah.' 

South Africa works towards nuclear self^iifficiency 


The South African Government 
confirmed this week that ii is 
building a uranium enrichment 
plant to meet its domestic re¬ 
quirements for nuclear fuel, 
making the Republic indeoend- 
«ni of "foreign supplies. The most 
obvious, requirement :$ fuel for 
its first nuclear power station, of 
2.000 MW. under cunjiruciion ai 
KnGberg"near Capetown. It? pres¬ 
surised water reactors will 
require fuel ot low ■.■nrieliineni. 
-.veil below the 20 per cint. level 
whi’clV international nuclear safe¬ 
guards set as the lowest tr-iure uf 
intcre»l io a potential A-bomb 

A re.-*» obvious South AfriL-ati 
domestic requirement, however is 
highly enriched uranium to run 
its only existing nuclear reactor. 
Safari, a small «20 MW thermal) 
matprials Jesting reactor Kt Pslin- 
daba. *Jie research centre of the 
South African Atomic -Energy 
Board, -is fuelled—a a - are all re¬ 
actors of this type—with highly 
enriched uranium. Such Fuel 
could be U'ed in weapons much 
more re-idil* titan plmonium 
separated from si»-m rKi-.ii-ar 

Sal'ar- h;i- ,i key role in tin- 
devciuiimcni of mtelcar ■.■POfJ! in 
South A flic- Siti'.-i- it first vivat 
inio r.ipprativn in IMtS-i >1 ha> been 
provided ‘»‘irh fu-1 h*. ?hi> U s 
G.-rt'-rnmop; Th|« f'l^i tO'ai'iin; 
mor“ rhrfo Tin* '-,at 

'»pp!,"d on-jft-- iniG-m-sron,: 

sifeguards, vhich hi'.» verified 

that neither fresh nor spent fuel 
has been diverted in any sinister 

But for the past 30 months 
the U.S. has hlocked ail deliveries 
of highly ennehed uranium Fuel 
for Safari, even though these 
.were paid for in advance, it has 
refused to refund monies, how¬ 
ever. apparently because it has 
j*iill taken no decision whether 
to continue to supply South 

it must bo assumed that when' 
Mr. S. P. iFanlt) Botha. South 
Africa's Minister for Labour and 
Mines, slates that, as a uranium 
producer, the Republic is com¬ 
mitted to making itself indepen¬ 
dent "m the course or lime'' of 
offshore nuclear fuel require¬ 
ments. he meant for highly en¬ 
riched a® well as commercial 
nuclear fuels. Since 1970. and 
with some West German help, 
it has brought a new technolugv 
for enrichment to an advanced 
stage nf development 

First announced by Prime Min¬ 
ister Vursler in 1970, the basic 
technology was n»i confirmed 
until fits when Dr Amble ftolix. 
(he_iiuvL-mmem's chief nuclear 
adviser, told a conference in 
P-'tri> lhal ihe pilot plant a( 
Valindaba-—"we do not talk itboiti 
at all"—-had betsun to oper¬ 

tir Roux •'as then confident 
br-ih of the efennmic attractions 
of ih j "let no2z(«" reuf^ hetni 
d*%doped by the stale-owned' 

Uranium Enrichment Corporation double the ’vaiue of itts refined yehiertt way of etodng'electricity _ 
(UCORi. and of his Government's uranium orp- Tbe'South TAfricans. on tiie Rand for shipment to the:" 
intentions of authorising a large The new plant 'coast-*-hay almost doubted in’ 

commercial plant, ^outb Africa near the pilot plant at Vilin ; 'Price in the past year or two- • 
Is one or the world's major daba. is 'described ’as. -an: T>f- Roux’s hopes, ot an inter- ■ 
uranium suppliers, with a pro-'■ extension’’-bat-in fact, wtil be natibhaljole probably-foundered.• 
ducrion capacity expected to rise based on- teebnofogy-..not avail- pari 1 * 1 on economics',, sipce ii.. Ti" 
steadily from 6.700 tonnes last able when-the- pilot plant .was. unlikely that ao? potential part-7• 
year to 12.S00 tonnes by-1982 designed. . . This'Ms. called-the-ner -for -a purely r connnerciajr • 
Its own domestic'consumptinn helikon cascade —, an ingefribus operation would be .persuaded', ■ 

- . '• .--V '' V -• ' that. It ct>u Id' compete - in world 

~ , , Z ■■ r .. .. markels with_rho. e8s :centriluge'. : - ; 

Africa ’Peoples ^gMfeaUon under development-in the US':.- 
with whom..Riitainthe l,s m - Europe;* .and' - partly "o.iTi/ 

South Africa’s attempt to keep 
W'alvis Bay after Namibia 
Independence and. the question 
or. how many South African 
(roups might.- remain in the 
territot>i and where, .during 
UN-supervised elections were 
Die two irdefai. Issdes un¬ 
resolved In the negotiations ia 
New York last week-end. Our 
United.Nations Correspondent 
writes from New York. 

Nr. Sam Nujoma, leader of 
SWAPO, the Soatir West 

to-day it did not. . .** claim 
tValvis ■ Bay v- -Tor.; Namibia 
berause the^dfiep-waiet port. 
was Its rlghtfur pousessfon. 

‘He- added that SWAFO was 
no logger jSemaridlhg the total, 
removal -of . South. ^African 
trodps. it was prepared to 
allow L500 to remain 

France, • ^Gerhaany and politics: since any "nation pn?7, •’ 

maiiiy fnterexted In high-level;- ' 
with (lie-Sontfr ACricaiB.^Kaid - enrichpieut for bombs... would 

have been discouraged by.- Ute7‘ 
Government's promise.^ a ■ 
commercial 'v plant’ - would 
■operated', tinder" international.-! 
safeguards. r'-’ 

ironically'-enough, for vthose | 
seeking to tighten Interoational*;'' 

- - safeguards,; South . Africa -.majr._ ; : , 

_ _ _ _ " acguc'that. since it. is. no iongep- W 

- • . planning to build a conunerctaX, - 

of uraniuiu. . however, is nut way'-..of pumping . the -huge .enrichment-, plant, ^-‘its : promlsd--.;" - 
expected -iu be high in the fore- volumes .of uranium- gas. .using need not he-honoured. Even. so^. . 
scealile ftfiure- It ha-; a need for adapted-compressor of the-kind the ivofia isl.stiH-.not.withoutv’ ^ 
nuclear power in Cape Province i*sed modera^alrerart engines sanctipns. ; e&peciaMy as it::seenffi a. ' 
far from the coalfields, where thJ Dr : ,1 ^leauues- *Hcely that. South Africa will want:,. ' 

alternative would be :o lay a new W| ih J. COR -claim, hai a sinare lo.(tnport the .very.ijphisticatpd^ . - 
railway acros-i the eountrv i n module .oti tna ;Kind--.they, have aXiSi-Ilou/compreisoEs.usrhetiknc .. 
brinu in more coal. Official beefl .twlwg lately. basefl nn-modules ynr need.-. ; ^owevdf"v; . 
figures for its own uranium need- thei J b8 ^ co«!d = success f ul Sou Ur.: Africa 

rise no higher than 34fi tonnes in producc “W lpnnes of vnnen- cjrcjjfnyenDng. .^wrte^fofntidabliC: - 
anv vear 1990 merit s year. • . indnstrial'l. IfEdWeihs.- il .^scenis 

Rm r>p r iiiv - * hnn»< «« But -.the proc8» • rewiaia^.ex- inevitable, thst. wlthom foreign--" 
But Dr Roux s hope.* for en- rreraely bungry. for electncity-. surpries nf-enricbment the fir^r '• 
richment were based on bou^h, coal to be used'-1(6 "pqwer from- Ehfibergi- schedtalnT^, 
Africa a#, a world supplier. prfmde-.tte-elertncitx-riii'«IEefi fc -'iiir ife- 'iniisPW^MSayed f<srT-\ 
Enrichment would roughly enrichment would ha'.-a ■con-'several year^'-S- ' - - 






Nixon ‘caused’ Watergate—Haldeman book Coal strike talks go 

on as more power 
cuts are threatened 


i trans-Alaska pipe- 
shut down by . what 
3 the second act oF 
. •e it ' became opeca- 

h hole has been 
'■ pipeline :apparently 

ssive charge placed 
ion running through 
forest just east of 
- □ Alaska. Several 
aliens of oil had 
pilled over four acres 
land before Alaska 
jmpany technicians 
plug the hole last 
mpany officials said 
g that oil from the 
y field could be flow- 

t . .NEW YORK, Feb-16. 

ing through. tothePott of. Valdez 
again within 24 boors. 

It . was clear from the: report 
that oil had leaked at the rate 
of two to three gallons a second 
for more than six hours and. that 
this explosion had been, more 
successful !n disrupting.: opera- 
lions than 'at similar" sabotage 
attempt.oh.July 20 l?st year. This 
went undiscovered for five days 
before it emerged that three 
Kicks of dynamite had exploded 
against the pipe. The only damage 
suffered .was to insulation, how¬ 

The biggest disruption :to-the 
pipeline's operations so far came 
last July ' when an accidental 
explosion at a pumping station 
killed one technician and halted 
the oil flow for 10 days. This 
has reduced the pipeline's-capa¬ 
city From 1.2m. to 800,000 barrels 
a day and a resumption of the 
full flow is not expected until 

AP-DJ adds from Fairbanks: 
An Alyeska Pipeline Service said 
that the line was likely to 
re-open by noon on Thursday. 

A 20-foot length of ^/slow- 
burning fuse was found near the 
site of the blast .about six miles 
east of Fairbanks, state troopers 
said. •. . k .. 7..:* 

The Alaskan Department of 
Environmental Conservation esti¬ 
mated that the leaked oil 
covered up to one a ere, with a 
mist of oil spattering five tfl ten 
acres. ^ zr '. 

niari, Richard Nixon did it. It 
was the former president of the 
U.S. who "caused those burglars" 
to break into the Democratic 
Party offices in. the Watergate, 
who tried to erase incrinimating 
White House tapes and Who did 
a lot of other things besides. 

. The indictment was disclosed 
in this morning's Washington 
Post. Which bad managed to 
obtain a . copy of the last two- 
thirds of the soon-to-bc-publishud 
hook. “Ends of Power," written 
by Mr. Haldeinan, the White 
House chief of staff rrom.1969 
to 1973 and now. because of 
Watergate, an. inmate of a 
federal penitentiary in California. 
J His book, which is being 
] printed in conditions or extreme 
j secrecy, is due out at the end of 
this month- The Post declined 
to say how it obtained its 

extracts, hut it may he more 
than coincidental that Newsweek 
magazine, which is owned hy the 
Washington Post, Is to serialise 
excerpts from the work starting 
with this week-end's edition. 

The word has been abroad for 
some lime (hot Mr. Haltle.nian 
was going to accuse his former 
boss: The olher cornerstone in 
Mr. Nixon's "White House Berlin 
Wall." Mr. John Ehrlichinan. has 
already hud his crack, though in 
quasi-fictionul form, in his novel 
“The Company" (adapted Tor 
television and recently shown 
in Britain under The name 
“ Washington Behind Closed 

The problem Is that, as far ;:s 
can be deduced from lhe version 
printed in (he Washington Post, 
Mr. Haldemun does not appear to 
have been able to produce the 
cast-iron doemnentarj evidence 
that would dispel all doubts 

about Richard Nixon's absolute 

He is obliged to >ay that it is 
his “belief” and “theory” that 
Mr. Nixon “caused those burg¬ 
lars" to break into the Water¬ 
gate. The reasoning is ihat the 
President was furious with Mr. 
Larry O’Brien, then chairman of 
the Democratic Party, for mak¬ 
ing much of the settlement of the 
famous ITT anti-trust case and 
wanted to . get back at Mr. 

Mr. O'Brien, it v>js thought, 
was getting a substantial 
retainer front the billion- 
aire, Mr. Howard Hnches. and 

I lie Presidenr and his chief 
“ hatchet ruan." Mr. Charles 
Tnlson. thnucht they could get 
Hie necessary dirt hy hugging 
the Watergate offices. On Nixon's 
orders. Colson hired Howard 
Hunt, who talked to Gordon 
Liddy, who found some Cubans 

WASHINGTON, Feb. 16. j 

and an ex-CIA agent, who were ! 
caught red-handed. . I 

On the tape erasures, the 
Haldemun theory is that Mr. 
Nixon tried to rub out the incri¬ 
minating evidence himself, but 
was .so clumsy that he botched 
it and got somebody else, pos¬ 
sibly his secretary. Mrs. Rose 
Mary Woods, to do it. 

Predictably. Mr. Haldeman 
reserves much of his venom for 
Dr. Heiiry Kissinger, both as 
National Security Adviser and 
Secretary of State. Love, it was 
widely known, never flowed) 
freely between the two men. 1 

As a way of needling Dr. 
Kissincer. Mr. Ehrlichman. the 
hook says, used to collect nude 
photographs of the film Stars 
with whom Dr. Kissinger was 
seen socially and send them, in 
official folders, to Dr. Kissinger; 
with bawdy instructions on what 
to do with them. 


Canada spending curbs 

Housing starts drop 


THE CANADIAN struggle to- 
| wards new ways of running the 
j federal system and above ail 
‘economic policy made a small— 
j but only a small—advance at the 
first ministers’ conference in 
Ottawa this week. 

Even the walk-out before the 
end of the meeting yesterday 
of Mr. Rene.Levesque was less 
final than might appear: ihe 
Quebec Premier did .send his 
delegation back into the con¬ 
ference room and has left it open 
whether he will attend when a 
similar meeting is convened in 
the last week of November. 

Quebec apart the main themes 

MONTREAL. Feb. 16. 

that emerged frnm the public 
three-day meeting of ihe 
ten provincial ITemiers anti Mr. 
Pierre Trudeau, the Federal 
Prime Minister, were consulta¬ 
tion and confidence building. 

In the nature of things, the 
conference could do lit tic to give 
(he economy an immediate 
boost. The budget season is not 
far ahead' and' ministers of fin¬ 
ance can hardly anticipate their 
budgets in u meeting held be¬ 
fore the television cameras. 

. What they did do was to com¬ 
mit thepiselvos to keep down 
public'spending without setting 
Any specific targets. 

U.S. HOUSING starts Tell hy 29 
per cent, to a seasonally-adjusted 
annual rale of 1.35m. units in 
January; from 2.19m. units in 

December, the Commerce Depart¬ 
ment reported. 

Although the severe Winter 
weal her was not cited as a cause 
for the decline, economists said 
that it undoubtedly had a major 
impact on the housing industry 
last month. 

Actual starts, whieh are not 
adjusted, fell to fcy.OOO units in 
January frnm 12S.SOO units in 
the previous month. 

The Commerce Department 
«aid that, on an unadjusted basis, 
in the areas most affected by the 

winter weather, starts in the 
north-east fell to 4.600 from; 

10.-300 in December. In the; 
north-central region starts; 
dropped to 10.000 from 22.400. 

L'.S. factories operated at S3.SI 
per cent, of capacity in January.) 
the lowest level since last- 
February. Lhe Federal Reserve- 
Board .-aid. The January rate; 
compares with S3 per cent, in' 
December and S2.9 per cent, in 

The Fed. said that much of the! 
overall reduction resulted rronij 
“a further sizeable decline" in 
motor vehicle production, and 
interruptions, related to weather' 
Agencies I 

THE URGENT quest for a nego¬ 
tiated settlement to end the 73- 
day U.S. coat miners’ strike con¬ 
tinued this morning in the midst 
of an increasing number of warn¬ 
ings of electricity supply reduc¬ 
tions in parts of the north-east 
and mid-West. 

At President Carter's behest, 
the United Mineworkers’ union 
(UMW) and coal industry 'em¬ 
ployers met last night at a bar¬ 
gaining table provided for them 
in lhe White House. The Presi¬ 
dent reportedly told the two 
sides that the nation was “look¬ 
ing to you men " to provide an 
end to the impasse. After his 
departure, the search for a new 
basis for negotiation went on for 
90 minutes under the chairman¬ 
ship of the Secretary of Labour, 
Mr. Ray Marshall. 

Negotiations moved this morn¬ 
ing to Mr. Marshall's offices 
where, it is believed, an expanded 
union negotiating team was 
pressing for changes in the 
employers' proposals to reduce 
health and welfare benefits and 
penalise unofficial strikers. The 
UMW negotiators now include 
three of the most determined 
critics of Mr. Arnold Miller, the 
union president. whose 
credibility in the eyes oT the 
employers was severely damaged 
b> the 30 to six vote on Sunday 
in the union bargaining council 
against the proposals which the 
-iiiDloyers had tentatively agreed 
with him. 

During a lunch break, Mr. 
Marshall indicated that the 
negotiations would probably 
continue well into the evening' 
and, if necessary, through 
to-morrow as well. He made it" 
dear that he was pressing the 
two sides to resolve their differ¬ 
ences. but offered no opinion as 
to tvhether a settlement seemed 
possible. Nor did he offer any 
clue as to whether the govern¬ 
ment might take action such as 
invoking the Taft Hartley Act— 
to order a return to work 
for SO days while talks went on— 
if there was no agreement by 
to-morrow night. 

There now seems tittle prospect 
of a settlement emerging in time 
to prevent industrial lay-offs and 
cuts in production in several - ' 
parts of the mid-west and north¬ 
east. This point was stressed 
yesterday by the Edison Electric 
Institute, the utility companies' 
trade group, which warned that it 
is “already too late to avoid 
some of the strike's potentially 
devastating effects." 

0 At (he request of state officials. 
President Carter declared an 
"energy emergency" In Indiana, 
allowing the governor there to 
suspend pollution controls for SQ 
days- The step is designed to 
allow utilities and plants in the 
state to burn whatever fuels they 
can obtain during the coal strike 
shortage, even if they would 
exceed normal pollution'limits. 

Strike bites. Page 22 


uixotic tilting at 
a fait accompli 


-JRN of Brazil to full resigned after a clash within.the 
with direct popular administration over hip more 
t all levels, complete nationalist and democratic views, 
human rights and the Sr. Severe Gomes called Sr. 

. J of the present arti- Magalhaes Pinto “ Lhe \ast chance 
parties system , by a for democracy.'' v ; . 

' - system—these are In a provocative speed*," he 
joints of the political said that the Geisel Government 
Ut forward by Senator had begun as ** a protect for 
agalhaes Pinto. democraiisation but Is‘how at 

certain defeat, the the opposite end of the spectrum, 
carrying on with his One does not put an end t^arbi- 
mpaign which he him- trary rules;through the practice 
ibbed "a historic ges- of arbitrariness.” 

'» Perhaps more important tlwh 

be running in opposi- the Senator's campaign in itsaf, 
ie official presidential however, is the generalised uh- 
General Joao Baptista'ease in .the country that, a 
at the convention Jn Figueiredo administration -'ZnayJ 
1 of the majority Arena prove to. , be an. outdated re-i 
*' enactment of previous regimes, 
te 69-year-old politician: Most of the people mentioned for 
ag banker, Sr; Magal- key posts have already-served m 
i was the main civilian earlier Governments. The fierce 
t in the 1964 military kittle raging over the plum job 
. o. as governor of the of Governorship of Sao Paulo, 
linas Gerais, he called the most developed . state, is 
basically between- two well- 
known figures from past Govern¬ 
ments—Sr. Antonio Delfim Neto. 
a former Finance Minister, and 
Sr. Laudio NateL, a,-former stale 

However, Times have changed. 
Sao Paulo, industrial workers 
are - protesting vehemently 
against the possible return or 
Sr. Delfim Neto, whom they hold 
responsible for the fall in their 
wages in lhe early 1970s. 

Sr. Luis inacio da Silva, who 

tral Bank of Brazil 
it has adjusted (he 
downwards hy 1-52 
. to 16.395/16.495 to 
r, from 16.15/16.25. as 
. Reuter reports from 
aneiro. The rate was 
:s(ed on January 23, 

nued forces to over- 
last civilian President, 

wus Foreign Minister represents 120,000 metalworkers, 
,sta de Silva Guvem- mainly from the Sao.Paulo motor 
> 1967-71, and was one 'Industry, is preparing a motion 
ignatories of the in- denunciation. He claims that 
istitutional Act No. 5 -new Political parties are required 
conferred unlimited tor ti*® maturing working class. 
. Lhe President, his , “Our basic demand is full 

laliciously and perhaps lra £ c ““‘t® ■ fr * e fH n ' w,th 
uggest that bis present- '»*£; to strike, be commented 
- The rejection of the two-party 

system is generalised. The pre¬ 
sent weakness of the MDB 
partly stems from the involve- 
men! of many or its.politicians in 
preliminary soundings for new 
parties- - 

' The more radical wing is plan¬ 
ning a socialist party, in associa- 
(ion with Sr. Aimino Afonso. 
■U a b° ur Minister under Goulart, 

-hrine^snd whrf intellectuals and possibly trade 

livings, and who is at !1Dion „ rnun _ . 

i iC L™lrli e K er un Ot”er K ™ UP£ are planing a 
ce . then kbour party, under the leader 

be selected and .then s{ , ip of < ?r _ Leone I Briaota, exiled 

in 1964 from the governorship of 
Rio Grande do Sul, who still has 
great electoral support in the 

c fervour partly stems 
?sire to obliterate the 

?re si dent, Gen. Ernesto 
(ominates' the Arena 
Sr. Magalhaes Pinto 
ell if he obtains more. 
f the 800 votes at the 

approved -by the 
electoral -college in 

M^galbaes Pinto’s cam- 

more X h cti?eW *** «** of *e Catholic 
iL^TnR^h^onDOsirion Churcb ,s invoked fn some of 
°«i t hLks. these negotiations. With the sup- 

3”!J ^nrfiriwr-v^haw^ port of til® - Archbishop 0 f Sao 
afiant candidacy showed Paul0> a (^<, 1 ^ commission 

nf^rint mIIU- recently launched a campaign for 
“ nt p0 ■ the relurn of an estimated 10,000 
op men ts. Brazilian exiles. 

‘ Gen - Geisel ma >‘ try to defuse 
tiiese new groupings by granting 
ahead of time some of their 
more moderate demands. Sena¬ 
tor Petronio Portella of Arena is 
carrying out a lengthy series of 
political consultations with many 

some important areas, 

Toss freedom and politi- 
ssion, but, on the other, 
las been tightened on 
‘cal party opposition. 

Sc?more Changed E 5»e civili . an sectors, as a prelude to 
*nce more cnaugea ine pom , Ml r rfonns l0 . come into 

effect with -the Figueiredo 
Government in March, J979. 

These may include the abolition 
of InstHutionaJ Act No. 5, with 
a constitutional amendment to 
make provision for a stale of 

the political game in 
icvious ways to Arena’s 

ier, while the opposition 
virtually banned from 
o, TV audiences receive 
t impact of au average 

iowinss of Government -*S!tSS^lS 

an extern unknown far 

.. also believed to be planning tbe 

Snl ™in the name of di^mling o{ the two-party 

* democracy" the Presi-- 5 ^* 01 aft er the. congressional 

• fSeentrXd executive and state government elections 
concentrated execuuve ^ November jh c objective may 

be fhc formation of a mass, 
right-of-centre party under Gen. 

Few doubt Gen. Geiscl’s capa¬ 
city to control the situation over 
lhe next year. The real challenge 
will come with the new Govern; 
mcnL Much will depend on Con. 
Figueiredo’s political vision and 
his capacity to respond to P°PU 
tar political demands. 

Ally, too, the very 
in Press freedom has 
harsh—but tolerated— 
ilions in the leading 
i newspapers ci the 
nature of the Gnvern- 
However, because cJ-his 
ed control over the 
forces—still the final 
—Gen. Geisel is appar- 
urvivmg these attacks 


Start with a Lancia and you can stick with 
the Most Italian Car of all for the rest of your life. 

To cut your teeth on, there’s the Beta Spyder 
-with its detachable 
Thrga top, fold- 

gearbox, all-round independent suspension, servo- 
assisted all-round disc braking, fitted carpets and 
an 18 cult. boot. Lots of comfort. Lots of room. 
Lots of excitement. 

.. Or, if you prefer an estate car, go for the 
Lancia Beta HPE (High Performance Estate). 

It has three doors and up to 42 cubic feet 
of load space. Plus, in the 2000cc model, 115mph 
performance, built-in sun roof as well as all the 
trimmings. There’s also a 1600cc model. 

Beta Spyder. 

back rear window, 5-speed gearbox and all. 

It’ll make you lots of lovely friends (there’s 
even room for two in the back), whether you 
have the 1600 or 2000cc version. 

Beta HPE. 

Bela Coupd. 

After the first flush, what could be better 
than the Beta Coupe? 

It’s just as Italian, just as dashing, just as 
quick. Also with 2 seats in the back for a couple 
of kids, if you insist A choice of1300cc,1600cc or 
2000cc engines. 

Finally, for the man 
who wants sheer excitement first and last, there’s 
the Beta Monte-Carlo. 

Very fast, very beautiful mid-engined sports 
car based on the formula that has won Lancia 
the World Rally Championship four times in the 
last five years. 2 seats. 2 litres. Hard or soft top. 

Beta Saloon. 

Bela Monte-Carlo. 

If you have not yet found the sort of car 
you could drive for the rest of your Iife,go and 
see your nearest Lancia dealer. 

Take a test drive. Then talk prices. They’ll 
probably come as a surprise to you. They start at 
£3,292.38° and end at £5,927.22: 

But be warned. 

Once you’ve tried one Lancia, you’ll never 
want to drive anything else. 


dJanuary, Sr. Magalhaes . - . aarniiuw- Inter. 

.■reived the open support r°N twm ewmngs. imer 

Severe Gomes, .who.-was - ^rational Harvester stamp. Gold* 
3c and Industry Minister man. Sachs on ‘commissions— 
i year ago when he • ' Page 29. 

When the family gets bigger, don’t despair. 
Just graduate to a Beta saloon. With a 1300,1600 
or 2000cc twin overhead camshaft engine, Sspeed 

The most Italian car. 

Lancia (England) Ltd., Alperton. Middlesex.Tel: 01-998 5335 (24-hour sales enquiry sendee). 

■Prices inches VAIalS 1 * u* [iitnmii reel sutWnaix} dcIJrcr. ch«rges(0Kni*r.liBd:.t>u< *u - Ju*naalKrpUwf FrieM-frcwBelaSalaaiB- O rra 58. EtuCouMt-tS.TCOSS BeuScvdcrr-Ei fla.65;B««HPF^-rn p- i» f h> Beta Monte-Carlo caste £5,957 .^1 

Pers o nal Export If you are eligible to purchase a Lanoalree nf (axes, con uct our Export Department. 


imf- ■ "*■ <*■•> r’.^tf* 1 %“ r > '*^^2IisyX&Sit?r.' v 


LUSAKA, Feb. 16. 

ZAMBIA'S ACUTE shortage of 
foreign exchange is thought to 
have , caused a six week delay- 
in repayment of the first £l- 2 m. 
instalment of a £12m. Export 
Credits Guarantee Department 
(ECGD) buyer credit to the 53 
per cent. Government owned 
Zambia Sujsar Company (ZSC) 
in which Tate and Lyle <U.K.> 
have a 24 per cent, share. 

The company is part of the 
Industrial Development Cor¬ 
poration (1NDECO). wholly 
owned by the Zambian Govern- 

Informed sources here say 
that although L’iSC provided the 
amoent in local currency in 

time to meet the mid-December 
repayment dale, shortage of 
foreign currency lead to a 
delay in transfer of payments 
to the UJL until last week. 

Overseas suppliers are in¬ 
creasingly concerned about the 
long delay—42 months or more 
—in Zambia's payment for im¬ 
ports. Arrears in payments and 
remittance of dividends and 
profits is well over 400m. 

The ECGD-baeked loan, 
arranged by Antony Gdhhs for 
Lloyds Bank, was to pay for 
expansion of tbe Nakambala 
sn".ir estate. From a processing 
capacity or 100.000 tonnes to 
150.000 tonnes for which the 
contractor was A. and W- Smith 
of the U.K. 

The company has been hard 
h=t by a combination of weather 
and production problems, lead¬ 

ing to a drastic drop in profits 
from KZ^m. in 1975-76 to 
]K 2 S ,000 in 1976-77. Pact of the 
company's difficulties may also 
be due to delay ip gelling 
Government agreement to an 
increase in the sugar price. 

Our foreign staff adds: in 
London ECGD confirmed that 
there have been problems over 
the ZSC buyer credit but would 
not elaborate, adding that It 
boped that the difficulties 
would he resolved shortly. 

But I he department conceded 
that it has been paying out 
claims on short-term Zambian 
business for ihe past year. It 
was not prepared to disclose 
the amount paid out to dale 
but it is thought to be around 
£12m. to £15m. 

It appears that the claims 
have hcen paid out because the 
payments from ZanZbian buyers 
have been delayed rather lhan 
unpaid. Buyers appear to he 
depositing the local currency 
in Zambia for payment as 
required but that the transfer 
of foreign currency to the UJC. 
is being delayed by ihe authori¬ 

As a result of these delays 
ECGD has now extended the 
waiting period before it pays 
out claims on Zambian short 
term business to nine months 
from Ihe normal four months. 

ECGD again asserlcd that 
cover is still- available for 
shout term business with 
Zambia hot in the light of the 
ZSC case It would be looking 
more clo«e!y at a future ex¬ 
tended term financing. 

Import threat to U.K. plastics 


THE BRITISH Plastics Federa¬ 
tion warned yesterday that there 
was a flood of imported plastics 
materials coming into the U.K. 
Some continental manufacturers, 
particularly in Italy and France, 
were selling products at “ un¬ 
realistic and almost Insane ** 

Mr. Chris Bromley, deputy 
director of the federation, said it 
was unacceptable that the con¬ 
siderable investment in domestic 
capacity should be undermined 
by cheap imports. 

During 1977 the prices for 
many plastics materials fell 
quite dramatically, he said. .“It 
is now possible lo buy some 
materials for less in real terms 
| than the pre-October 1973 price." 

If demand did not improve, 
these unprofitable price levels 
were likely to prevail with manu¬ 
facturers giving priority to 
capacity utilisation. Many manu¬ 
facturers would be unable to 
recover additional overheads in 
the next six months, with impli¬ 
cations for both liquidity and 

The federation said that poly¬ 
propylene is one of the most 
vulnerable areas of plastics 
materials. Last year imports to 
the U.K. increased by 45 per cent 
ro 40.000 ronnes but demand in 
the U.K. market rose by only 2 
per cent, to 193.000 tonnes. 

Imports of polystyrene 
increased by 1 per cent, but home 
consumption was down by 6 
per cent., while imports of lu, 
density polyethylene were 17 per 
cent, up last year oo 1976. while 
demand rose by only 2 per cent. 

New capacity continuing to 
come on stream without the 
market to ahsorh the products 

would mean that capacity and 
pricing problems would continue 
for some time, said Mr. Bromley. 

Some manufacturers in 
Western Europe have, however, 
begun to take pricing initiatives 
to try to relieve foe severe pres¬ 
sure on margins and the sharp 
contraction of cash flows. 

West German producers of 
low density polyethylene, not¬ 
ably Haecbst and BASF, have 
announced a 30 per cent, in¬ 
crease in prices effective this 
month. This lead has generally 
met with a favourable response 
from other' producers such as 

SbeU. ICL Dow and Union 
Carbide. The new level of prices 
is expected to be. around DM1.42 
per kilogram, depending on 

A previous initiative taken by 
Union Carbide last autumn 
ended without success, when 
prices dived in some cases as 
Low a* DM1.05 to DM1.10. 

There are still some doubts as 
to whether the new initiative 
will stick, but many manufac¬ 
turers believe that higher prices 
are now necessary even if U 
leads to temporary reductions in 
the volume of sales. 

Swiss hit by currency rise 

THE SHARP rise in the value of 
the Swiss franc is leading to 
growing difficulties for Swiss 
exporters of metals and 
machinery, according to the 
Swiss Association of Machine- 

In 1977, the metals and 
machinery' sector—the roost im¬ 
portant in Swiss industrial 
production—increased its exports 
by 11.4 per cent to Sw.Frs.lS.5bn.. 
but rhis is attributed partly to 
the forcing of Swiss manufac¬ 
turers off the home market by 
rising import volumes Exporters' 
profits were also suffering from 
the currency situation, the 
association adds. 

The fourth quarter of 1977 
showed a decline of a good 
Sw.Frs.509m. in the order bonks 
of some 270 member firms of the 
Zurich-based body, the total 
value falling ■ to some 

ZURICH, Feb. 16. 

Tbe average work on hand of 
the firms concerned was equal to 
7.2 months* output, as compared 
with 7.5 months at the end of the 
previous quarter. This means 
there has been no improvement 
in the figure since the end of 
1976 and a drop by about one 
month's output over the end of 

Among badly-hit sectors of the 
industry -have been the textile 
machinery field, where work on 
hand equalled only 4J> months' 
production and was thus well 
below average manufacturing 

Generally, there is a sharp 
rise in new orders in the final 
quarter of a year. This did not 
apply to 1977. though, when new 
orders received were only 0.4 per 
cent, on the previous three- 
month period at Sw.Frs.3.5bn.. of 
which rather under 70 per cent 
came from abroad. 


in EEC trade relations 


TOKYO; Feb. 18. 

THE RISING Japanese . trade 
surplus with Europe has.become: 
a "burning topic" which 
requires urgent action if a crisis 
in mutual relations is to he 
avoided, an EEC. trade official 
told foreign journalists here to¬ 
day at the end of four days 'of 
talks with Japanese officials.;-:. 

The official. Mr. Benedick Mey- 
ncIL of tbe EEC Commission's: 
External Relations Directorate; 
said that the EEC was expecting 
to see early signs of reversal; of 
the trend towards an ever-larger 
Japanese trade surplus with tbe 
Community. _ 

He underlined, however, .that 
his own talks with Japanese 
officials were designed to prepare 
the ground for. high level consul¬ 
tations to be held within the next 
Few weeks. 

The next round of talks will 
begin when Sir ROy Denman, the 
Commission's Director-General 
for External Relations, comes lo 
Japan in mid-March. Following 
Sir Roy’s visit, tbe Vice-President 
of the Commission. Mr. Wilhelm : 
HaferkamD. is said to be “stand¬ 
ing ready" to visit Japatr 
“ assuming that a visit ls'thoiight' 
to be worth while." 

Mr. MeyneU said to-day-that 
Japan had sbbwn “ real interest" 
in the issues raised during, ids 
four days of discussions but bad 
not made firm commitments lit' 
any area, and bad not been asked 
to do so. 

On the question of topics likely: 

to be handled in the subsequent 
: founds. of negotiations, Mr. 
-Meynell spoke of " further meas- 
• iires ” to open the . Japanese 
ma rket to European exports,” in-' 
eluding the enlargement or aboli¬ 
tion of import quotas and the 
simplification of- inspection .pro¬ 

He conceded that substantive 
negotiations on tariff cuts were 
-Unlikely, given.'.that Japan, has 
already announced plans to'cut 
tariffs on 318 advance of 
•Ihe. Geneva Multilateral Tirade 
Negotiations and is. in fact,. In 
the middle of passing the neces¬ 
sary legislation. 

- Mr. Meynell said he bad drawn 
the attention of the Japanese 
opposite numbers to the faetthat 
Europe bad a strong aerospace 
industry which should be able 
to sell its products in Japan. The 
European A-300R Airbus was 
mentioned during the talks but 
'other aircraft also, came up for 
'discussion including, Britain's 
BAG One-Eleven. ' 

Mr. Meynell said be recognised, 
it was not bis job, qr the job 
ilrf any other Commission officials 
to. Japan to buy Euro¬ 
pean aircraft—this being a 
matter for airlines to decide 
directly with aircraft manu¬ 

Mr. Meynell quoted. . EEC 
figures for the : two-way . trade 
balance which show that the sur¬ 

plus lir Japan’s favour grew 
almost Slbn. -in-1977 .to $5Jjba, 
Apart/from the sheer -size of the 
deficit, he said there was concern \ 
about the focf that only 40 per 
cent of Japan’s exports to thr 
EEC were now covered hy, • 
Japan’s imports from the EEC.' / 

Tbe Commission accepted',the “ 
view that invisibles" should also;' 
be t3ken.4hto-5Cfpimfin~ooa3ldei£, ,t 
ing the total EECfJapafhecbnqqife h 
relationship,'blit didurotYn'eces/, 
sarily accept Japan’s estimate' 
that the^ invisibles "surplus on th£/ 
European aide was-tos high-** 
S2bn. ‘ -'-VA *- . 

Japanese comment on, the pro-y 
liminary talks held this.-weeV„ 
and cm the prospecta for further ' 
rounds of high-level discussion^! 
remains muted, with, the- general'- 
impression being conveyed thafci 
tbe EEC cannot expect more than* 
symbolic concessions! 

. A . .Foreign /Ministry. joffidal/ 
stressed-thisafter rtoon tKaLfoere/ 
could be" no questiotr^qf- funbfer 1 
tariff cOncesjsBons-beirur^trrt*' 
to Europe";at thls :B^aee .■oatiry.' , 
because of the sheer t *ck-of time'/ 
before the Geneva*'MuUnaferat* 
Trade Talks' moved to; a.climax-' 
in foe early summer.- “ ^ ? 

He. also argued_thaf /EjffbpfU 
was- a ‘mator .beneficiary tof.i 
Japan's earlier, .round of . larto i 
cuts. fwhich., is ,J»id to 
aoplled to around'16 per-centos.-• 
EEC exports to Japan). 

Call for tripartite talks 


The ASEAN Trade Fair ’78 presents a total 
view of the investment merits and potential 

of the ASEAN region in the 

International Business Forum 

ine International 

4-6 May 1978 

The International Business Forum is designed 
to bring together top government officials 
and businessmen of ASEAN countries and de¬ 
veloped economies. 

The forum will provide an international venue 
for assessing the ASEAN concept of regional 
cooperation, the present system for doing 
business in ASEAN, and the investment attrac¬ 
tions and potential of the ASEAN region. 

Join this meeting of business minds. 

Address communications to: 

International Business Forum 
P.O. Box 2296 MCC 
Makati, Metro Manila 

Telex RCA 2523 LIC PH 

P.O, Box 324, MCC 
Makati, Metro-Manila 
Telex ITT 742-5580 BAJCCON 
ITT 742-5581 BAJCCON 

Filcapital Bldg., Ayala Ave., Makati, 
Metro Manila, PHILIPPINES 
Cable address: “ASEANFAIR" 

Telex: 75632785 DTRADE PN 
(Eastern Telecommunications)-. 
742-5466 SECTRADE PM 
(Globe-Mackay via UT) 

722-2604 DPT PH (Philippine Global 
Communications Via RCA) 






by U.S. steel union chief 


PARIS, Feb. 16. 

MR. LLOYD McBride^, president 
of the American United Steel. 
Workers Union (NSW), to-day- 
made an urgent call for a tri¬ 
partite world-:.steel conference 
bringing together - tbe Govern¬ 
ments. employers:and workers of 
the main steel producing coun¬ 

The proposal, 1 which was first 
made at tbe 1976 World -fron and 
[Steel Conference- in Pittsburg, ', 
but which'has bad a cool recep¬ 
tion from the’. Governments of 
[tbe countries concerned, was 
repeated to-dajr in a -statement to 
the OECD Steel Working Group, 
delivered by’ Mr: McBride ton 
behalf of the International Metal¬ 
workers' Federation (IMF). 

Mr. McBride warned that,: If 
! international corrective measures' 
were tytit adopted, many A more , 
steel works throughout the world 
would be. faced with closure and 
I whole regions with large-scale 

unemployment /and general 
depression. V •_ 

One of the measures.advocaied^ 
by the IMF was a special inter- 7 
national steel safeguard arrange: • 
ment, wbich'coiild be negotiated - 
during the .current'Tokyo, rouad.- 
trade negotiations; - / '' - 
Mr. McBridesaid that.-while', 
much had been made : of the A; 
British . Steel - Corporation's/ 
(BSC) lassesf-topOm. iWT-qc^ 
£22.90 per ton—some major com -", 
ponies in other countries bad/ 
suffered even '.. bigger ..losses/- 
According to -figures- made avail;-'' 
able .by r the U.K_-Secretory of; 
State, -foe- Indus try i^Betidehem' 1 
Steel, of tbe U.E.,: wifo,-an, annual/' 
production •• -of. 11m. - ions, ^com¬ 
pared with British St eel’s.17m- : 
toni: lost. £23.20. -per toii, ihe. <.1 
French .steel companies" ITsirwr •- 
and Saciior between £2490; and : - 
£36.60; per toil'and the Belgian o 
steelworks Cockerlti £24-per 

Duty onAusfrallancoilsr 


BRUSSELS. Feb. 10. 

IN A MOVE likely to further 
| annoy „ the Australia^ Govern' 
ment .the': EEC-, Commission 
annouhredVtbe inipbsitlon of. a 
provisional' anti-dumping duty 
on Australian steel coils wfiicfa 
it claims are entering the Com* 
raunlty below the minimum base 
price set on'January 1. 

Only last month the Australian 
trade minister, Mr. Vic Garland, 
{called .in EEC ambassadors in 
Canberra to protest against 
the EEC’s restrictions- on steel 
and agricoltural products. 

Australia is io fact the fifth 
{country (In addition Lo Bulgaria, 
Czechoslovakia. S.„' Korea , and 
[ Japan) -to .suffer, an -EECtouty 
on this-product. coflsVor rerdll- 
Ing,-since the startLof the year^ 
But EEC officfaJs, who have yet 
to prove the charge of damping, 
say that-.whHe total. Importa of 
this-steel product into the Cdrii- 
munity have risen from ,1.012m. 
tonnes to 1.015m. tonnes in the' 
first half of- 1977 alone, Aus¬ 
tralian coli imports have risen 
In that period from' zero to 

.114,000.tomiest: ... . 

Australia and the EEC have 
Jecen't radnths? been conducth 
-to IrtoreMingly bitter war 
words '. over 4rade problem^ 
with, the/ latest blast-- coming 
from .Prime -V Minister Malcolm 
Fraser In a letter last month to 
EEC' Commission prOsIdMt Poy 
Jenkins: . While the . EEC .claims 
Australian demands for :uni¬ 
lateral."cobce salons for -the EEC 
completely /ignore . the current 
Tokyo Round ., of multiUderdl 
trade negotiation^ U.also values 
highly access to,Australian raw 
materials and ^minerals, parting 
larly. in . - tEe.: longer ternC 
I uranium. V/ /• Z 

/' Although Australia is not ofi 
the list of eounlries L with whieg 
the EEC Commissidn is currently 
negotiathi&'Testratrit agreemeng 
oo steeL imparts, Mr. Jenkins" has 
told : Canberra that Brussels ^ 
willing'to atari discussions off 
this../The'Offer, te likely to be 
renewed : to'Mr., Garland wtaefl 
he visits’Brussels at the end of 
this month.,' .; ™ 

German-Comecon trade 


WEST-'GERMANY’S exports to 
I all Commuriist countries.- dampt-, 
ing East. Germ any. fell last .year 
| by 45/per: cent, to a total of 
DM16.7b'n.‘ imports were up 3J3 
per cent tD DM11.3brn. 

The resulting slight drop in 
| overall trade with the East was 
the first for West .Ge 1 rid any in 
i decades although in 1976.exports 
rose by, a. : mere 0.1 per cent.. 
West • Germany’s trade surplus 
with Cdmecuri dropped* last year.' 
by DMLlbn:: to DM5.4bn.' 

Anothfer";unusual 'development 
I was to'at; : West- Germany’s : East. 
Europeadf trade developed : at a- v 
slower: pace than overall- traded‘ 
Overall; Semian; exports last year . 
were dp 7. per cent, and Imports 
mse li'per-ceijt- Trade with the 
Eak madei. tip per- cent of; 

/ -/. . BERLIN, Feb. 16. £ 

- total'Wtst^German .trade In l'97f 

:■ compared* wftb' ff.ff p6r cent the 
: prevldiw’y^arr % 

. - The Soviet Union remained bj 
; far ' West- Germany's larges^ 
. Co me con" trading partner^ irae. 
.parting w and- exporting goodS 

worth a total of DMUbn. con£> 
pared with DMIl-Ibn. the' yeag 
before-.' followed:, by Poland; 
Czechoslovakia ^ahd Hungary in 
that-order;; : 

.^West_Gemany’s . barter-likg 
.exchanges with East Germany 
•.wbfcjlt"are 1 .‘Called “ interzonal e 

- trade by th e West Germans, are- 

kept strictly separated from otheg 
East Woe trade.' LasL yearlfr 
results, -wblcb are -due- later thiff 
month, are .expected to show an 
Increase •■- over- the DMS.lbiw 
reached In 1976. : . • ■ _ JS 


■ w 

AN ORDtat worth nearty--£7m. 
bas beerv won by GEC Electrical 
Projects covering - suppjy.-of' the 
complete/drivesystems for >a 
computerised -.semlHamtimious 
billet mill .to/be bulti by.Davy 
Loewy bf^Sheffield for Acominaa 
Steel/ Works tot Gurq Branco, 

This order was received fro 15 
Davy Loewy. manufacturers' ."qj 
ihe mill mechanical equipment; 
following months of negotiatiot® 
in Belo Horizonte, aod covers 
approximately 700 motors of 
various s i z e s up- to! kWy 
together with other dquipnient.-i 

Czechs ‘may reconsider’ policy 

, v / • . t PRAGUE,'' Feb. JS. £ 

! to reconsider its -import" policy ; 
if protective tariffs la Western, 
countries ..continue-- to/-: liar 
Czechoslovak;: _ .exports, .- Mr.- 
Zdenek. Sedlvy/--chairman -of-the 
Czechoslovak Federal - Bareau"of. 
. Statistics safd here. .-.. ■. 

Mr. Sedtey . ^sald-' that ,.at 
present there are tra tariff hari 
1 riers In Czechoslovakia: 


Czechoslovak exporters-are cone 
ing up against protectivebarrierfc 
In some countries; especially._fn 
the EEC, -|h.d“"If these. barrier? 
continue to erist,.then.we wooUE 
have- to consider' turning - to 
other countries for'-oar. imports 
for toamnfe/.to Japan. SeandU 
da via and eisewhere:’’ _ He added 
that .. no - -such; > measures 
ptenqed/ia^tite near - future,— : 
"Reuter-v-.v/'-”/-':-/'' - ,'/- •; 

• =• ?.<-• 


, -5*E..V3,'A4w 

v 3 

a?Kdd TiittBS^Friflay • February -it 197R 


< cuts 

Elliott, Industrial Editor 


**• steel mij 

tcrs ere . to. be move 
. »1n theic demands Tor 
. ' which, they want 'the; 

- ent' to iniroducc «n 
,et. They,consider, the' 
>houid give a £2-51)0. 
the economy- ' 

>Uy the CBl.had 
to ca ll for a 67J5 per, 

- marginal rale of tax 
' d income for 1978-79. 
-s based on figures 

in the CBl-s Budget 
' rations a year ago: 
lied for the top rate 
town Tram 83 to 60 per 

er, at the CBl's first 
.-'conference in Noyem- 
p were a number- of 
this longer-term tar- 
e brought down from 
per cent./ 

,/iew has since been, 
the CBl's council and, 
alt, the Budget repre- 
is- have now been mar- 
evised and wlll be sent 
Chancellor of the 
Ifier at the end of next 

bare within the CB1 
red no! on the econo-, 
etiuehees of going tor 
i or 60 per cenl. but 
- Iher an extravagant 
iuld be more Ukely to 
. the Chancellor - to be 

•'■suit is Uiai the 67} per 
im for 1978-79 Is U> be 
- down, although the 
■rm 50 per ceoL larger 
been formally -accepted 

Milky. . v 

25bn. reflation prop©- 
slightly higher than 
•n expected and are 
. y close lo The Tbl/s 
. raand. 

Brs decision has been 
tainst a background of 
-at lack of Industrial 
ce about business pros- 
1 specially In overseas 

■ks between- Govern- 
■ nd CBI officials over 
• of Government con¬ 
i' impose pay guidelines 
ly to get off to a rough 
xt week - 

suggests U.K. I Tate and i Electrical industry is urged 




to increase export effort 



AN INDICATION that the econo¬ 
mic upturn may not be sustained 
at the expected rate , much be¬ 
yond the autumn isr' provided 
tentatively 4>y officiaifigures pub¬ 
lished ^yesterday. • 

Tbcr Central Statistical Office's 
index . of ' longer - leftffinjf indi¬ 
cators of trends in the. economic 
cycle ..fell • in January For r the 
third month Turmnrg- . 

The.index of short-leafllng in¬ 
dicators has. however.' 7 : risen 
every month since the spring and 
the coincident indicators,have 
also picked up notic&aSjy.-in the 
last two months. - ‘ r V ; , 

These indices are intended, to 
point tb turning-points in the 
economic cycle, as. defined by 

output- and expenditure. The 
longcrteading Index looks ahead 

an average of 13 months while 
the average gap is six months 
for the shorter-leading Indicators. 

The longer-leading index 
stands at nearly 3 per cent, lower 
than al its October level and 
the main influences have been 
the rise in short-term interest 
rates and the decline in the 
stock market. The other com¬ 
ponents of this index are hous¬ 
ing starts and the net financial 
position of the company sector. • 

The CSC urges caution in tbe 
interpretation of mooth-to-month 
movements and the figures are 
subject lo revision. 

But ihe trends of both the 
longer-leading and shorter-lead¬ 
ing indices now seem sufficiently 

clear to suggest the possibility 
that the economic revival could 
be .running out of steam, on 
present policies, by the end or 
this year. 

This is consistent with the 
evidence m forecasts of a slow¬ 
down in export growth later in 
1978 when the expansion of con¬ 
sumer spending may also lie less 
buoyant than in the spring and 

Tbe index of shorter-leading 
indicators has been revised and 
now shows a slight increase each 
month since May Iasi year. This 
largely reflects an increase in 
new hire purchase credit but 
revisions to gross trading profits 
and the latest values for bank¬ 
ruptcies also contributed to the 
upward revision. 

1 VIGOROUS. action to increase output from £500m. in 1976 to 

dnmcstic manufacturers' shares. £700m. (at 1976 prices; in 1982. 

of home and export markets is Assuming increased import sub- 

: recommended in reports by two stitution, and better performance 

, of tile sector working parties in export markets, the report 

; covering the domestic and indus- estimates that a balance of pay- 

: trial electrical industries. ments deficit of £64m. in 1976 

By Elinor Goodman, The reports, published to-day, should be turned into a 'surplus 

Consumer Affairs Correspondent 1 reflect Ihe fact that the domestic of £31m. by 1982. 

T , TP . vn , v , F .... Jand industrial electrical it recommends that the output 

TATE AMI Ll LE. ’'*!*^-PnjL ™ appliance sectors continue to 0 f automatic washing machines 

Consumer spending at highest 
level for three years 

after a'three-month study. ; recent improvement in demand 
But the commission pointed aenerally with some export 

^ »> ^ emp,oys armma “■°°° 


The domestic appliances indus- 

workers: the meeting of the 

industry were optimistic and that i Worlting 'PartjrMyY ctenand was 

some extra costs of rarionalisa-j wTr hnm- and in amort mar- woul * imply a growth in employ- 

to be incurred |- eLs year. The result has 

ment of 10,000, to 70,000 

ti ® n Ukel> --, khis iobL yifii. *»c iwu.i «.«.a , h 1QS .> 

af t® r . 1980- ___Sheen high stock levels of both em P 10 > ees “Y 19S — 

Britain s entry to the EEC | jj,K.- produced and imported pro- The report recommends:— 
meant that the country s cane! duets, and a negative balance of • a reduction in the rate or VAT 
sugar ^production had to be^ade. on domestic appliances from UL5 

reduced, in iSi6 Tate and Lyle, -import penetration is parlieu- to 10 per cent., and a reduction 

a'nian to reduce nut out in the i a,,u ?"“ ,e ?“»■»“-hm **«»«-==. **"*7**: • A more flexible and speedy 

oerind to 1980 P 1156 U-lv - ,acks cap ® , - lt} response from the Export Credits 

penoa to i 1 . f ritffieult rmnnebtion o..5_._r»___. _ 

.St ,olume toreisn s “^»-rth' a wiicTuon S : 

turn. ^Lrssrsssss 

• and faces difficult competition Guarantee Department in dealing 


CONSUMER spending in the last 
three months of 1977 was more 
buoyant than originally- esti¬ 
mated. Revised figures show 
that it reached the highest level 
for nearly three years. .-'. 

The second preliminary .esti¬ 
mate by the Central -Statistical 
Office of consumers’.expenditure 
in the quarter was £833bn. (re¬ 
valued at 1970 prices, seasonally 
adjusted). . * Z x 

This was an increase of "£85m. 
over the first estimale published 
last month and represents, a 1.5 
per cent, gain on the. .level., of 
spending in .. the. . previous 

The fourth-quarter figure- Is 
the highest since the begining of 
1975 and suggests that ;if the 
expected revival in retail -sales 
emerges after the Budget the 
record £ spent in the first 
quarter of 1973 could'ie . ex¬ 
ceeded later this year. 

The main factor in the fourth- 
quarter rise was a sharp-increase 
on expenditure, in food;, which 
\yas £S9m. up on The low-fthfrd- 
quarter. The increase,forfCwhich 
no explanation , has been Sound, 
could be; overstated. • fi,':. 

The trend is now Set firmly 
upward. On a half-year basis 
spending rose 1.7 per cent.\in 

I he last six months over the first 
six. This is in line with the 
figures for retail sales— account¬ 
ing for about half consumer 
spending—which Increased by 
1-S per cent, over the same 

The figures reflect a first' half 
in which incomes were being 
squeezed by the second stage of 
ihe pay policy. In the second half 
the general economic improve¬ 
ment. tied to various tax aits 

and improved social security 
benefits, stimulated consumer 

Sector by sector in the fourth 
quarter there were falls, below 
standing levels in (he previou> 
quarter, in alcoholic drink, hous¬ 
ing, fuel and light and cars and 

Spending on household dur¬ 
ables was slightly higher and 
expenditure on clothing and foot¬ 
wear was steady at £S39in. 

However, there has been some 

"* “ “ ISsSsHi SsSssa? * 

successes have included one-door 0,515 in * 

refrigerators, tumble dryers, marl ' et entT > Object 
vacuum cleaners and fuod mixers. • A review' by Government of 
The working party has set its investment plans “ to respond 
objectives for growth over the more closely to the implications 

estimated “hat (he cost of ' sector which mean an increase in of the strategy.” _ 


at 1970 prices, seasonally adjusted 


Food, drink 




1st quarter ...... 

. 8,829 



2nd . 



3rd . 



4th . 




1st ............... 



2nd . 



3rd . 



4th* . 



* Second preliminary estimate 

and Lyle’s cost*. 

It concluded that some of the 
assumptions behind the rationali¬ 
sation plan had been overtaken 
by events and ihal further under¬ 
utilisation of capacity had 
already emerged. 


the rationalisation would be j 
greatest in year 1977-7S and that; 
although it wuiiid fall after then. 
Tate and Lyle\< profit a tonne in' 
real terms was likely to he lower i 
in 1982 than it was before the! 

The commission originally de¬ 
cided to investigate Tate and 
Lyle’s price rise in December 
and in January the company was 
allowed to imp’ement the full 
increase it wanted 

The report concedes that 
vendor-branding of imported 
appliances is a “useful .tem¬ 
porary measure," but recom¬ 
mends that in the long term, 
products should be obtained from 
U.K. manufacturers, or that a 
reciprocal arrangement be 
entered into with the overseas 

Tbe report of the Industrial 
Electrical Equipment Sector 
Working Party agrees that the 
markets remain depressed. “ How¬ 
ever, the first signs are now 
appearing of a market upturn 
. . . new capacity installed in' 
some areas puts these industries 
in a better position to benefit 
from improvements in home and 
overseas markets/’ 

In tbe rotating electrical 
machinery sector, output in 1977 
increased by 32 per cent, in value 
and 27 per cent, in volume. How¬ 
ever, “in house” manufacture 
of motors by domestic appliance 
manufacturers have cut into 
domestic sales, and continues at 
a high level—28 per cent, of the 
market by value. 

It recommends: 

• Tbe U.K manufacture of 
certain types of motor—such as 
tbe DC permanent magnet motor 
—be strengthened. 

• Market intelligence on 
import substitution be pooled. 

• Government figures on elec¬ 
trical motors be reviewed for 

• There should be increased 
standardisation of motor design. 

Brewery ‘harassed’ 
by price inquiry 


2.04 per cent increase it wanted j THE price Commission inquiry 
under the prnfii safeguard pro- j n to Allied Breweries was 
visions written into the price; proving to be of “ considerable 
controls. ... I hindrance and detriment to 

The deci'mn to investteare j everyday duties," Mr. Keith 

takes considerably more time to 
answer questions than to ask 

>«emed to have p , r h 0 o m P!ff Showering, the brewery's chair- 

■lartly by the fact that »J*e rrnn- Mid yeslerday . 

nany wanted tn load the increase! He lold ^ meeting __ -- 

11131 20 P*°ple were working full Dr. Bernard Kilkenny, fo 
■Smere oi inv.;"ii eaT ion the^ me 00 * e in . quir >—~ an d it chairman of the beer divisi 
Toraraission found that generally 
‘he costs of coods sold in the. ., 
domestic market were more than| “**"• .. 

'hose of other sugar products 
-md their Drice< had not ore- Allied s price* 
viously been increased as much' justified and that the company 
Tate and Lvlc justified its was ready to co-operate with the 

Commission and Governcwnt 

“But I would like to appeal 
for a chance for private industry 
to be permilted to get on with 
its own business of satisfying its 

public interest in 
was obviously 

orice rise partly on the grounds 
‘hat costs had increased. The 
'oramission found that the cost 
of the company's raw materials 
had increased more than 2.04 per 
cent since the last price rise. 

clients and customers, free from 
constant harassment and inters 
ference, which takes up a tremen¬ 
dous amount of tbe time of our 
directors and senior staff.” 

Mr. Showering also made his 
first public comment an tbe 
sudden departure last month of 

‘‘In the development of any 
large company there occasionally 
emerge differences of opinion 
about the required level of 
growth and about management 
style and approach." be told the 
annual meeting. 

"From a personal point of 
view, we all regret his departure 
but a decision had to be taken 
in the interest of the company. 

Company news. Page 24 

Dispute over 



By Our Belfast Correspondent 

THE BIGGEST ship ever built- 
in the U.K, a 333.000-tonnes 
deadweight supertanker, is lying 
undelivered in the Harland and. 
Wolff shipyard, Belfast, after a 
complaint from its American 
owners that it is not up to 

The Government-owned ship;. 
yard said there were u still some 
issues to be resolved” between 
the company and the owners, 
the Woodstock Shipping Com¬ 
pany. a subsidiary of Coastal 
States Gas. of Houston. Texas. 

Mr. Wellington Osterloh. a. 
spokesman for Coastal States 
Gas, said Harland and Wolff 
proposed tendering the vessel 
for delivery on Monday. 

But Woodstock felt the vessel 
bad not been completed in 
accordance with the contract and 
specification. Addition dockside 
and sea trials were required. 

Oil A life'-’ 


are to co-operate in supplying automated banking equipment. 

Philips Data Systems 

As world leadersin financial 
terrhirial systems, with 20,000 
positions installed to date. 
Philips expect fie new 
agreement with Chubb to 
fufthbrenharice their range 
of electronic banking equip¬ 
ment New and existing PTS 
6000 users will nowhave ;. 
the option of installing the 
Chubb customer-operated 
terminal as part of the - ; '." 
-PTS 6000 system,thus 
gaining the combined 
experience and skills of two 
companies pre-eminent in 
this speciaSst field. - 


Chubb Integrated 

Chubb pioneered automatic 
cash dispensers overlOyears 
ago and today millions of 
transactions are performed 
world-wide by Chubb 

During this year Chubb 
integrated Systems will 
announce four new versions 
of the 6210 MinfTeller to 
meet the special needs of 
our prospective customers. 

These new models will 
integrate with the well proven 
Philips PTS 6000 Intelligent 
Terminal System to give 
banks and customers a 
comprehensive financial 
service developed by expert 
innovators in design, security 
electronic engineering and 

Philips PTS 6000 tatejfigeni Ternffiial System. 

Chubb MO 6212 MiniTeller System 

Philips Data Systems, Elektra House, 
Cdcheste; Essex. Tel: 0206 5115 

Chubb Integrated Systems, Porters Wood, 
St Albans,Herts. Tel: 0727 67251 







Financial Times '^Friday TFefrnjialy:; *7 135# 

North Sea oil stimulates 
demand for vessels 


INCREASED DEMAND for a will need to have doubled cr construction vessels, master con- by permanent structures or by 
variety of vessels for use in trebled by 19S2. There will also struction barges and heavy-duty custom-built floating accommoda* 

association with North Sea oil be a greater need for specially crane barges—is not expected to tion platforms, 

and gas development is forecast designed fire-fighting and show a strong seasonal peak this A ... . t nin -i av L 

In a marketing study published emergency support ships, for year, but activity should increase 3 fl, »h* 

to-day. which three orders are known to for the rest of the survey period. vessels is predicted for the 

■ The study, by Terminal Oper- be imminent. ' . A strong demand trend is also hy a ppteninllv Nitrone 6 phase in 

?d°the P next C five ycars^for repair ri^tfflh "ho^a ex ^ for st °7^ and ^ &*!**£? “ays 

and h ma^ntenanc/vesse[sand P fnr slight sbortV^MMIowedb? ^u^ionldSne^mm^ ,hat ?",? Y 4 "ff’ljJ’S 
firefighting and safety craft. It a levelling out, are a projection Nation is likeiv to be wanted espy s ^! lte I ? I *° I '* orth 

also argues that there will be of relative levels in 1977: The fi 1 ™ J2- llkely t0 bB Wanted conditions " wUl continue to 

more demand for accommodation report adds that further explore- ierAdra5 ’' , enjoy premium rates, whatever 

platforms. tion north and west of Britain This market is currently being the general market situation. 

The report does not provide will increase the demand for met mainly by converted rigs— * North Sea Oil and Gas Vessel 
supply and demand ratios for rigs with deep water capacities, although a custom-built “ floatel" Requirements 1978-82. Terminal 

support vessels because the Demand for deck cargo barges is on order in Sweden. Operators. Rodwell House, 

numher of craft involved In the —some of which may be met by B>* the 1980s. the report says. Middlesex Street, London. El 7HJ 

North Sen market is relatively deck space on semi-submersible housing needs will be met either £55. 

Fmall in international oil terms.___ ___ _ 

But it stresses that there will be 

to State 


opportunities for shipbuilders 
capable of meeting the industry’s 

The report says heavy U.S. 
demand has pushed up some 
charter rates against seasonal Jack up Rigs - 
trends in the last six months. Semi-submersible Rigs 
It tries to predict peak demand Deck cargo barges 
fnr different types of craft up to Master construction barges 
J.9S2. A field-by-field analysis Accommodation/storage units 
concludes that peak platform Derrick barges 
installations and development Lay barges 
drilling will occur in 1979-81. Derrick/lay barges 
Because activity will level out Trenching barges 
after this the report says repair Fixed platforms 
maintenance will be The fastest Repair & maintenance vessels 
growing area of North . Sea Firefighters . 
business, with the market rising Standby vessels 
from £50m. in 1977 to £300m.- Straight supply vessels 
£4D0m in the early 1980s. Anchor-handling supply vessels 

It says the 20 vessels now Anchor handling tugs 
available for routine maintenance Pipecarriers 











Forecast peak demand 
1980 1981 




14 - 

. 14 





























































































' 213 























Pay policy 



.. By John Uoyd 
THE GOVERNMENT blacklist oF 
firms who breach the 10 per cent, 
pay guidelines is “improper and 
ineffective,’’ and "gives rise to 
discontent and disaffection." says 
Mr. Denis Ross, a London solici¬ 
tor. in the current issue of the 
Law Snciety Gazette. 

. He says any sanctions involve 
"punshmenl by officials," with 
jto appeals procedure. The 
punishment has no statutory 
background or certainty of inter¬ 

The sanctions interfere with 
free competition, and "it seems 
highly likely that they involve 
restraint of trade and other re¬ 
strictive practices." 

Rodgers to give 600,000 
drivers £10 licence refund 


ouu.uu car owners wqu may na\e nave 10 pay me new rate ui id*. *j r 0 .^.... art mil tori 
been misled into paying tno much The licence fee was increased . " . , . . . * ' 

for Ibeir road fund licence at from M0 to £50 hut this applied i nat a mistaKe had been 
the time of the last Budget- only to cars licenced after March * regrel this add l am 

THE DEPARTMENT of Trans- that if the licence fee was In- After studying the Ombuds- 
port is to give refunds to up to creased in the Budget they would man's report oF their complaints. 
600.00 car owners who may have have to pay the new rate of tax. Mr Rodgers admitted yesterday 

been made 

m happy 

The decision, announced yes- ro - lfl77 - t0 r eme( ?y this at the earliest 

terday by Mr. William Rodgers. Three members nf the public opportunity. 

Transport Secretary, could cost complained to their MPs who The department has decided 
the Government about £4m. It told the Ombudsman that they . h . , h eourto wnuld h _ 

follows harsh criticism from the had delayed buying a new ™ at ,* 

Ombudsman about ambiguous licence because they understood payments not only to 

wording on licence reminders the reminder notice to mean those who had appealed to the 
sent out for cars licenced at the that they would have to pay the Ombudsman, but to others who 
beginning of April last year. higher fee even if they bought may have been misled in the 

CHEVRON Petroleum, part of 
Standard Oil of California, has 
agreed to Stale participation in 
Its imerests in the big North Sea 
Nlnian Field, writes Ray Darter. 

The agreement, announced 
yesterday, marks a further step 
in the Government's bid to gain 
greater control over North Sea 
activities. Under the arrange¬ 
ment, British National Oil 
Corporation has gained access to 
up to 51 per cent, of Chevron's 
share of Ninian production. The 
corporation will pay market price 
for the oil. It will also buy 51 
per cent, of .Chevron's natural 
gas liquids 00 a long-term com¬ 
mercial basis. 

Chevron, operator for the 
Ninian partnership, has gained 
concessions: it will be entitled 
to retain more than its 49 per 
cent, share of output during. a 
build-up period: it will also be 
allowed to substitute up to half 
of the participation crude with 
Imported Arabian or Iranian oil. 

The corporation has obtained 
an effective voice and a signifi¬ 
cant. unfettered vote in respect 
of Chevron's interest In the 
Ninian project in line with the 
memorandum of principles 
- The Ninian Field Is due to 
start production late this year. 
Peaproduction is expected in 
be 17.3m. tonnes a year, while 
proven recoverable reserves are 
put at 155m. tonnes. Chevron's 
share oF production should 
amount to about 2.9m. tonnes a 
year. - 

The corporation has a stake In 
Ninian in its own right: it has 
a 30 per cenL interest in block 
3/3 and a 21 per cent, share of 
the field's reserves. 


tended .the oil and gas explora¬ 
tion zone into deeper water* to 
the north-west of the Shetlands. 

Some blocks - in _ the riewly 
designated area are expected to. 
be offered in the.sixth round of 
licences, details of which are 
likely to be announced this; 

.The area covers 15 blocks_in - 
water depths ranging from about 
200 metres to more than 1,000 
metres. So far North Sea opera¬ 
tors have oat ventured into these 
very deep waters althuugh signN-J 
fleant amounts of oil and -gas 
might be extracted from these 
areas if the technology can be 
modifi I and crude prices justify 
tb. costs. 

The total area of designated 
Continental Shelf has now been 
increased from 618,000 to! 621.000 
square kilnmetres. 

New Exploration Area 

- Production licences, which wi 
. next be offered ;in the six' 
Ixound. give oil companies excl 
sire drilling rights in specific 
.areas. .' . 

t*- The Department of Energy 
-considering an application fre 
^British- Gas Corporation and (I 
•i British National Oil Corporate 
; for the allocation'of special so 
production licences. . . •» 

'.’ fhe State undertakings hoi 
- that they will eaeb be allocati 
' a 1 - batch of.. licences'. - probah 
before the'sixth round, in whii 
. they will have exclusive right 
“The Government and the tv 
energy corporations see the ail 
cation _of such licences as 1 
integral part of a North Si 
depletion policy. It is argui 
that the corporations will be ah 

An exploration licence permits: to' exploit any reserves in in 
the holder to search for, but not with.national interest. 

Dr. Dickson Mabon, Minister exploit, hi! and gas in any desig- In' most cases, bnul ar 
of Stale for Energy, told the nated area in UK. territorial British'Gas are in partnersb 
Commons yesterday that -the waters except where exclusive with private energy grouj 
designation opened up new aTeas production licences are in force, axious to develop coramerci 
for petroleum exploration^ and About 33 exploration licences are fields -and recover costs 
petroleum production licences, at present valid; • • ' ' quickly as possible. 

Oxford holes 
to be sealed 

The reminders lold car owners a licence before the Budget. same way. 

THE CENTRE of Oxford will be 
sealed off to traffic for a week 
from to-day because workmen 
have discovered a series of boles 
beneath the city. 

The cavities were found by 
workmen repairing a fractured 
water main. All main roads— 
including the High Street—will 
be closed for urgent repairs. 


airlines for 
extra $4m. 


Corporation Limited 

(Incorporated in the Republic of South Africa) 


The following are the audited consolidated results of the company and its subsidiary 
companies for the year ended December 31 1977 together with comparative figures foi 
1976. These figures should be read in conjunction with the text below. 




(as restated 

(as reported) 

-see below j 




Turnover .. 

259 191 

19.'? 499 

IDS 499 

Pro5t before taxation .I. 

74 699 

49 512 

49 512 

Deduct: Taxation—South African Normal ... 

7 576 

5 108 


—Equalisation. . 

17 05U 

12 77S 


24 626 

17 8S6 


Profit after taxation . 

Less: Profit attributable to outside share- 

50 073 

31 626 

44 404 

holders in subsidiary companies . 

2 778 

3 43S 

3 891 

Profit attributable to shareholders of Amcoal 

47 295 


40 513 

Dividends declared: 

No. 108 of 20 cents a share declared 

August 4 1977 . 

No. 109 nf 40 cents a share declared 

4 698 

3 524 

3 524 

February 16 1978 . 

9 397 

5 872 

5 872 

14 095 

9 396 

9 396 

Earnings per share—cents ... 




Dividend per share—cents . 


40 00 





Net expenditure on coal mining, assets . 

76 319 

42 566 

42 566 

The 1976 results have been restated to show the effect the tax equalisation policy 
would have had on those results bad it been applied in that year. 

Members were advised in the interim report issued in August 1977 that the directors 
had decided that the coal mining subsidiary companies would adopt a tax equalisation 
policy retrospective to January I 1977, in respect of the major capital expenditure 
programmes of those companies. The tax equalisation is achieved by spreading the benefit 
of the capital expenditure allowances over the estimated lives of the assets concerned. 

The price controller has granted an increase of 86 cents per ton in the price of 
hituminous coal mined in the Transvaal and Orange Free Stale with effect from February’ 
1 1978. In terms of the industry's agreement with the Government the Increase should 
have been effective in raid 1977, but was delayed in the tight of the country's economic 
circumstances. The industry has been advised that in future the coal price will be 
reviewed on a regular annual basis in September of eacb year. 

These and other matters will be dealt with in more detail in the .annual report which 
will be posted to members on or about March 10 1978. 

DIVIDEND NO. 109 . ... 

Dividend No. 109 of 40 cents per share (1976: 25 cents per share), being the final 
dividend for the year ended December 31 1977. has been declared payahle to members 
registered in the books of the company at the dose of business on March 3 1978. This 
dividend together with the interim dividend No. 10S of 20-cents per share declared od 
A ugust 4 1977 makes a total of 60 cents per share (1976: 40 cents per share). 

The transfer registers and registers of members will be closed from March 4 to 19 
1978. both days inclusive, and warrants will be posted from the Johannesburg and United 
Kingdom offices of the transfer secretaries on or about April 20. 1978. Registered share¬ 
holders paid from the United Kingdom will receive the United Kingdom currency 
equivalent on April 11 1978 of the rand value of their dividends, less appropriate taxes. 

Any such shareholders may, however, elect to be paid in South African currency provided 
that the request is received at the offices of the company's transfer secretaries in 
Johannesburg or the United Kingdom on or before March 3 1978. The effective rate of 
non-resident shareholders' tax is 15 per cent. 

The dividend is payable subject to conditions which can be inspected at the head and 
London offices of the company and also at the offices of the company's transfer secretaries 
in Johannesburg and the United Kingdom. 

„ By order of the Bnard 


per P. J. Eustace 
Senior Divisional Secretary 

Transfer Secretaries: 

Consolidated Share Registrars Limited, 
62 Marshall Street, Johannesburg 2001 
{P.O. Box 61051 Marshalltown 2107) 

Charter Consolidated Limited, 

P.O. Box 102. Charter House, 

Park Street. Ashford, Kent TN24 SEQ. 

Registered Office: 
44 Main Street, 
Johannesburg 2001. 

London 0|?.ce: 
40 Hoibom Viaduct, 
ECU’ 1A.I. 
Februnry 17 1978. 

Capital gains plan 
pnt to Chancellor 


PROPOSALS for changes in the The Association also believes 
taxation of capita! gains made that because the direct liability 
hy unit and investment trusts of investors is only 13 per cent, 
and by Investors in such trusts they have been encouraged to 
have been submitted to the sell investment trust shares first 
Chancellor of the Exchequer. when they need to raise some 
The Association of Investment money. This bas resulted in a 
Trust Companies has asked tbat widening of the discount at 
the present system, under which which investment trust shares 
liability to capital gains tax is stand to their net asset values, 
split between the fund and its Although the direct liability 
investors, sbould be changed so of some investors would rise 
that the whole of the liability under the new system- the Asso- 
falls on the investor. ciation argues that they would 

At the moment shareholders in be compensated by a rise in the 
investment trust companies are trust's share price, following 
liable to a maximum charge of elimination of the trust's capital 
13 per cent, on the capital gains gains rax liability, 
they realise by selling shares. The new proposals have been 
while the fund itself will have presented to the Chancellor, 
already have paid tax at 17 per partly with a view to the possi- 
cent, on any gains realised when bility that capital- gains tax 
shares within the portfolio were changes will be introduced in 
in ]£- ... the Budget to allow for the im 

Tbe Association argues that p3C t of inflation. Of the varinu? 

under this system, those who are suggestions put forward,. the 
anyway exempt from liability to Association considers that an in¬ 
capital gains tax—funds such as crease in the exemption to cover 
pensions and charities on the annual gains of £1.000 is the 
one hand, and small investors most likely. This would greatly 
with total disposals of less than increase the numbers of those 
£1.000 per annum on the other who. in theory exempt from am* 
—are effectively penalised by liability to the tax. would in 

being taxed through the invest- practice be penalised to the ex- 

ment trusts, to the extent that tent that they put their money 
they put their money into them, into unit or investment trusts. 

THE WORLD'S major airlines Other major changes in- the 
who are members of tbe; Inter- association's work may come as 
national Air Transport Associa- a result of another group which 
tion. including British Airways, is studying its role in-such mat- 
have been asked to pay an.emer- ters as fixing - world-wide fares 
gency surcharge nf S4m'. to The and rates.' This''team.'-called the 
association, to help it m'eet'tis "five wise men.' comprises the 
bills during 1978. presidents and' chief -executives 

The association is based in of five major -afrlrrtes,including 
Geneva.-and pays its bills-in Mr. Ross Stain ton; ctalfef execa- 
Swiss francs, but gets its money tive of British Airways;-, .-„ - 
by subscriptions from more than Th j s gr0U p j s also doe to report 
100 airline-members, paid .In 0n May TS-I9. and' is- expected 
U.S. dollars. With the dollar Jo ma fc e far-reaching recommen- 
sharply reduced in value agamst 

the Swiss franc. IATA is finding Q , _ 

that its normal Income oF about * s expected, for example, 
S2Gra. a year is inadequate. {A® 1 toe present system of agree- 
A meeting of the association's ing fares over \ytde areas hy a 
executive committee in Geneva, conference of all .interested s»r- 
this week, decided to set up a wl ' 1 adjusted id favour 
six-man advisory group, Consist- °£ s ‘? a J ® l T' r 6 ® 1 ®”®** 
ing of the presidents of major funded hy fewerjiiriines and 
airlines, to find a solution tb the to us » hopefully, having a Tietter 
cash problem. It will report- on chatice of succep. 

May 18-19 In Geneva- At this-stage. It is oot thought 

While it is not expected the that, the group will recommend 
association will leave Geneva for cpmpIfte^Mdonnrein of.-.the 
a cheaper base., it is. KkeljMbat association^- faws*clng. 
it will take coxt-cuttin~ measures. This would. have tbe effect of 
such as holding all .major meet- passing the-Job .to-s/ivecnpi ' 
logs like fares conferences in and reduce the airlines* ro 
Geneva to save travel expenses, fixing fares. 

Pay increase for forces 
urged by defence chief 


Europe price-mark 


PLTNEY BOWES, the U.S. busi- Harlow, Essex, is not expected 
□ess equipment multinational, before 1980. 
yesterday launched an intensive Pitney Bowes aims to double 
campaign to capture a “ domi- its share of the £4f)m. European 
nant snare of the European market for band-operated and 
market for price-marking sys- table-top store iabelling systems 
terns in stores. l 0 jq per cen t. by 1979. It Is 

The move marks a Further also hoping for about 15 per cent 
stage in Pitney Bowes' five-and- of the £llm. U K. market com- 
a-half year struggle in this pared with 10 per cent. now. 
market outside the U.S. which The company is spending a 
has so far led to losses in the further £3Jm. on equipment at 
U.K. since 1972 Break-even in its new £lm. Harlow hase where 
the campaign, to he run from the marking machines are 
the European headquarters in assembled. 

HIGHER PAY for the armed “This is .not a satisfactory 
Forces, to bring their earnings situatioiL and Services’pay must 

up to comparable levels with iS 

ftthsar ^ninn* nf workers was ' account of- tno .•full ■ C3rn 
htf a-, p VhioF ings-Iri comparable'occupations. 

Ch‘Pf as indeed the GpvernmTnt has 
Marshal Sir Neil Cameron. CutCf a <- soon as this te 

of the Defence Staff. SSSle.” ■ ' - 

He said that while it was recog- ' Sir. Nell said the recent con- 
msed there had been a general lacts-^that-.the Serviceman bad 
drop in living standards through- had, with the civilian community 
out rhe community, the armed durink.the firemen's strike had 
forces - had - fared - among the made nim very much more aware 
worst of his'value to society'“ana the 

“ They have not benefited from reverse^ is also true." -.,-J 
the -‘ wages drift' in this period. Sir Neil srressed the need Tor 
Equally, it Is difficult to see how a considerable strengthening or 
they can be brought into the new the conventional ■ forces- of Die 
factor oF productivity arrange- Western,alliance,.to counter tne 
menls in the current round. Warsaw Pact’s military threat, 
allhough it Is clear their prnduc- which .he described as being 
tlvity and performance. is very “quantitatively greatly superior" 
high. to that of the WesL 

Small firms 
to be sent 

likely to be introduced f- 
statistical surveys next year 
reduce the burden of farm-fillit 
for small companies. 

At .present Government bu: 
ness survey forms can be up . 
24 pages long, but when tl 
computer-generated individu; 
Ised forms are introduced 6m; 
companies will receive a singl 
page form listing only those pr 
ducts they are known to make. 

Dublin Office boom 

DuNin is the fastest growii 
capita), -in Western- Europ 
according to a report by charter* 
surveyors Jones- Lang Wooto 
published yesterday. The repo 
says tbat the city's populate 
growth, added to a shift 
employment to service indusrrif 
underpin ® strong recovery in ti 
city’s djee market 

Vauxhall warranty 

Vauxhail Motors is extending i 
.warranty system to include ust 
cars which are' less than foi 
years old or have fewer tin 
4S.00Q. miles on the clock at 
been through its ov 
qua Bty-testing scheme. 

Statistical eiTOr 

Monthly statistics of retail sal 
by. mail-order businesses ha 
been' incorrect since April la 
year because of errors of repoi 
ing in the monthly inquiries 
retafl sales. The corrected ind< 
(1971—390) for last year is 2£ 
a rise of 19 per cent, on 197ff 
against tbe previous incorre 
rise of 24 per cent; 

Recruitment problems 

THE ARMED forces are finding specialist categories, 
it difficult to recruit, enough The RAF ■ has arf. all round 
officers of the right quality Tor a shortaae of eand'dales^of ade- 

wide range of tasks accord^ J"** ^ 1*5 

General Duties personnel' (pilots. 

ntfoIn?i tnavigators, aircraft and fighter 
Overall, the level of servicemen s (■quItoi- personnel) or in the 

S with engineer branches, aid m some 
^ J5L “SE* wlJl cases the shortage is substantial, 
shortfalls in some grades. The Army appears to-be bolter 

For the past three- months of off, and although' recruitment Is 
1977 the Royal Navy and Royal slightly down, overall-targets for 
Marines found it difficult to get the financial year are expected to 
enough engineers, doctors and be met. '• 

dentists, and although the Although tbe Ministry does sot 
recruitment of ratings was comment it is wide*y believed 
generally satisfactory, there is that the comparatively, low. levels 
still likely to be. a shortage of of forces’ - -pay are acting; as a 
artificers, Marines and a few deterrent to officer recruitlng^r 

Shoe deliveries op 

Deliveries by the British foo ’ 
wfcar industry during the tbre 
months tb the end of Novembije 
last.year .were;-up 6 per cent- o. 
a seasonally.-adjusted -basis con 
pared with the previous • thrt 
months. »■' 

Bankruptcy discharge 

A former company director wh- -. 
tfeBts of-about £4ni. was graotf--.. 
bis discharge from ban kruptj': 
yesterday. London .Bankrupt f. . 
Co art; was told that Mr. Gnrdc . 
Louis.Isaac Felber; 60 . of Palac 
.Court. Finchley- Road, Ham- .. 
stead. . had' paid his credito 
ES.OflO. from his earnings sint . 
his' bankruptcy in : 197L 

Emery increases 

Chemical industry seeks recruits 


London spendini; 

figure £100m. 

AN EXPERIMENTAL scheme by which young people are has dropped" from an average Yet, the training Board warns, 
aimed at arresting the decline In trained at local colleges in 8,600 in the years between 1950 Industry could find itielf. in' 

recruitment of young people to advance of securing - joo for a and 1964 to only 3.600 in 1973 difficulties if the balance is noti-. . - - - ,. 

jobs in industry, is being set up career in industry, are also to in 1977 an estimated 5,000 shifted.hackJowards employment 1 Su 11 ®5P py - wu pie-.-leaving- 

by tile Chemical and Allied Pro- be increased in Manchester.- school leavers were, taken on, of more young people Failure to ,cnurcn - 

ducts Industry Training Board. The board runs three such Dut of these are being sup- replace experienced personnel by 

The scheme, based in Man- schemes in the city offering train- P br,ed h? government funds. guffiaW young people could 
Chester, is being funded by the ing in various skills to 45 young in Manchester, where there . em 

Manpower Services Cum mission, people for one year—with fundi are about 218 chemical plants 

It will try to give vrjung people made available under the employing about 34.000 people, j??' ' for a 

a better understanding of tbe Government's special mcasurci 4,000 jobs fell vacant In 1976-77 “‘S ftl y' tra,ned workforce, 

industrial environment, begin- programme for counteracting a nd 90 per cent of these were The Boa ™ ,s hoping Dial em 
nmg at school-—to overcome one youth unemployment. filled hy adults Only two In five Pi9 JfCFS co-operate with its 

of the main objections advanced There will now be eight companies recruited young tech- scheme, both by increas- 

bv industry against taking oo schemes . making it possible to ™cians and barely three in ten 2*8* P nn«!f 

recruus. "* n 130 ,rS3LIS’ ! ’crJSJSn e "^ # ' “g ^e" 

The programme will give mcians. instrument craftsmen, Mr Joho R USS elt. the Board's sampling and observation -by 

children in schools better process operators, clerks and in manpower controller, said: schools, 

guidance on careers, first of all other jobs. "Some companies will not em’- Trade untons are. being asked 

m the science field and later m The background to the ploy anybody below 21 years, or to gain the'agreement of their 

chemicals. This will be backed, scheme, is the trend for industry even 25, giving shift work diffi- members to allow, jobs to - be 
as they proceed through school, to look increasingly to the adult culties or high labour turnover taken by young people. A number 
hy experience of industrial con- population to replace staff who as reasons. In fact, we found that of schools have already. agreed 
ditions through factory visits. leave. except in the process area. turn, to help with the scheme and,.if 

Opportunities under to® Annual recruitment of school over, among .young people was it stieceeds-'.’ih MEUrehetifer^vil 
board's training award scheme, leavers by the chemical industry low." 

boronghs together,, r while tt 
:GLC’s spending in inner Londo 
^ t ;oterWck^fl-se'yearewilirt 
could be .extended to.other .area& v 

air treigtit spaa 

THE NEED Tor additional war ■ 
bouse space for export trails 
through Heathrow Airport ar 
more - office ' .has mati h 
Emery ' Air . Freight move i 3 |]Q 
management and sales staff ; N 
new offices at Ashford. . 

, Its hew'.headquarters are - 
Ashford House. 41=45 Churt 
ROad,. Ash font Middlesex. (Te' - 
Ashforif 45921/7). Mr. Stewji 
Frost becomes London servii. ? 
■manager, . ; - 

’."Emery;, with* a turnover • 
nearly S350m: f£ 190m.) a yea; 
has- been growing considerab . 
.in-the U,K;.in thep'ast few year . 

Hew wedding 
telegram form ■ 

A new wedding telegram for • . 
will b.eAvailable.from..March 
■It': Bas"tiieen';'dssigned. By' arti 
Richard Downer ' hod Shows lb 
bride at the lych gale on M f 
father^ arnu While the clerg 1 
man awaits .the, chur. 
door^ rlnside is, the word “cq--: 
gratulations n and a picture 

A REPORT' In Tuesday's papl 
quoted.Mt Richard Brew, lead! 
or.the Greater-London Coundl 
policy and resource. commute 
.as (ellirig a Commons' Setfr 
Committee that a -Governmei 
Offer or £Tax. to spend on Londc 
was.diwppolntins and that ii 
■GLC planned to spend f I5m.*-l 
the next-five years. r rs 
In fact the Government off! 
was of'UOOm. over the next fw 
years.for. the-GLC and- Londo 


rii.V- .*!- -r; 



• '• 't'-' ; . - .x.-‘ . i-'-jV'-i;. ‘-*1 - '-Vf.' 

:■ ' •:. A 








Pit productivity for 
boosted to mana; 
two-year peak union 

Setback Hauliers threatened 

for with fuel ban 

managers’ over blacklist work 


^ddieXakiir (right)-with Mr. Erasing Corning Dft managing director. Western Europe, 
•American world Airways, at yesterday’s American Chamber of Commerce lunch. 


Cheap fare 
to be eased 
next week 

By Michael Donne, 
Aerospace Correspondent 

): ' . THE RULES governing the sale 

^CERITY df the British Skytrain service betweaa London j 0 f Advance Booking Charier 
i. governments in support- and Los Angeles. i fliEh ^ , be n k To the US 

!j,competition in air travel Free competition would be on i , m , ^• l r 10 “ e Jr 
■tinned yesterday by Mr. the block at the meeting. The are be,n S relaxed by the Civil 
Laker, chairman and question was whether the CAA j Aviation Authority on Monday 
director of Laker Air- had the guts to go through an-to meet the increasing demand 
. Lis Skytrain service to application again, he said. for this type of operation. 

* «rk has sparked the Mr. Laker told his audience Passengers wanting to take 
round of cut-price pro- 0 f diplomats and businessmen— L. , 8 * f ” 8 , 
the North Atlantic run including Mr Erastiis'Corning' advanla S e of 111656 low ' Cos t 
de his attack in London ju, managing director. Western j flights have been obliged to book 
. ked Savoy luncheon of Europe. Pan American _ World 1 al least 45 days ahead. This 
Chamber o£ Com- Airways—that the aiccess of I period will be cut to 30 days. At 
UK.) when he ^ also Laker Airways demonstrated that ^ ^ “minimum 

. the Internationa? Air it was possible to rednee. fares 

.. t Authority, which was tD 2 2n per passenger mite' and slay P enod “ lhe amoun * of 
. ... more : than .a . pries «tin make .n profit "Otb« air- time that can be spent in the U.S., 
riel.". lines,” he said, “spend all their with this type of air ticket—is 

r. ker was “thrilled to bits money advertising their.-iplastic being cut to seven days through- 
: -ti*h Airways had. iriso sandwiches because tbeiir Prices out th ve f , he Dresen , 
■» generally all. tte «■»- 7^ Sommer 

■ : .rke'. Alrl"ne consumers™ e decision, hare been taken 
■ht to a price option, lw''5^^ n J^ - S n 5JIS e !j2 t0 enable the tour organisers and 

ur there was no way & to airlines to compete through, 

■ould get back to a coi J?* te ABCs wlth to existlne low-fare! 

-■mocracy until there was }jf 'S5?&$AJ£mr Bud « et Plan and Stand-By fares 

e competition. -- m_the bank. m ; cash. M^Laker QQ schedu]ed 

• ■ ker said the true test of One problem in Britain was 
:entsincerity would come the cost of'servicing aircraft. . It 
,n 16 when Laker Airways was cheaper for Laker Airways 051. 
pear before the Civil to fly a DC-10 empty to the U.S. ij ll^HTHI lOII 
Authority for the out- for servicing than to have it done * 

* its application for a in Britain. w »,i 


PRODUCTIVITY in Britain's 

pits last week was the highest 
for almost two years. 

Provisional figures for out¬ 
put per man-shirt showed an 
average of 46J ewt. Tor (he 
week ending February 10. a 
full hundredweight up on the 
previous week and the highest 
figure recorded since March 

Giving these figures yester¬ 
day in the course of a speech 
to tile North-East Fuel 
Luncheon Club. Sir Derek Ezra, 
chairman of the National Coal 
Board, said ibai overall output 
was also considerably higher. 

Last week's figure of 2.362m. 
tons was the best figure since 
April 1977. The level of output 
had been achieved with 2,200 
fewer employees than a year 

“ These results are being 
achieved with about iwo-Uiirds 
of the fares operating locally- 
negotiated arrangements under 
our recently-introduced Incen¬ 
tive scheme, so there should be 
more benefits still to come 
when the rest arc settled." 

The figures announced by 
Sir Derek point to a turn¬ 
around in the decline in both 
productivity and output, which 
has been Tairly constant over 
the past three years. 

Thev are an early indicator 
that the productivity schpme, 
now accepted by all the NCB 
regions, is paying off. The NCB 
hopes for a 10 per rent, 
increase in oulpui from the 
scheme in the short term 

Sir Derek said that there 
were wide variations In (he 
amount of extra money being 
earned Tram the scheme, but 
that typical payments in coal¬ 
fields which adopted ibe 

scheme early were about £20 a. 
week to face and development 
workers, £10 to other under¬ 
ground workers and £8 CO sur- 
face workers. 

Many thousands of mine- 
workers now were earning 
more lhan ElUO a week before 

North Eastern area—which 
covers Northumberland and 
Durham—had the biggest ton- 
age Increase last week, with an 
increase of tuns on last 
year, oi 6.7 per cent. 

North Nottinghamshire has 
also aebieted a rerord increase 
of 18,000 Ions on Iasi year. 7J 
per cent. up. Productivity, at 
66.7 ewts. or output per man¬ 
shift, was an all-time record. 

• Earlier, at a British Institute 
of Management meeting at 
Swindon, Sir Derek predicted 
that the National Coal Board 
would make a profit this finan¬ 
cial year for the fourth year in 

GEC mediator 
plan rejected 

By Philip Bassett, Labour Staff 

STOREKEEPERS occupying a 
GEC Telecommunications plant 
in Coventry yesterday rejected 
proposals worked out with the 
Advisory, Conciliation and 
Arbitration Service to bring in 
an independent mediator to 
settle their pay dispute. 

The 300 storekeepers, who have 
been occupying the plant for 
□early, two weeks and whose 
action has laid off more than 
1.000 men. say they have been 
doing additional work and want 
increases of EJ.SS a week 


| A TUC disputes committee has 
found against Mr. John Lyons' 
engineers and Managers Assucia 
lion for the second time m » 
recognition case, according io ihi* 

: union. 

The case concerns ecgm:*ers 
'at Hawker Sidd** ley's puwo: 
transformer factory 't- it ham 
isto'.v. North-East Londun. Mr 
: Lyons said he tud heard of the 
TUC's decision, out a TUC 
spokesman .iaid yesterday no final 
decision had been arrived at yet 

After the first decision, con- 
cermng-300 staff at mEC Reactor 
Equipment at Whetstone, near 
I Leicester, the EM A issued a wri* 
against the TUC seeking to 
reverse the decision, and to pre¬ 
vent the general council suspend- 
ling the union. It has also sued 
the Advisory. Conciliation and 
Arbitration Service, claiming 
that ACAS has failed to pursue 
a recognition reference a' Whet 
stone for fear of embarrassing 
the TUC. 

Mr. Lyons claimed that in the 
Hawker Siddeley case the 
opposition of the staff section 
(TASS) of the Amalgamated 
Union of Engineering Workers 
bad led to inordinate delay The 
management too bad been “most 

“The management, TASS and 
the TUC bare between tbem 
achieved a substantial victory for 
non-unionism.” be said He 
claimed that TASS bau bad only 
one member at the plant while 
43 of the engineers Dad joined 
the EM A. Some of hi* members 
bad left since the issue arose. 

TANKER DRIVERS have warned 
a Midlands haulage company 
that has been carrying our Minis¬ 
try of Defence work removed 
from a “blacklisted" business 
that it faces a fuel blockade 
unless li stops doing the work. 

T Baker and Sons, -of Tipton, 
had regulai work involving the 
hauling of «pare parts fur mill 
lary vehicle* The Ministry 
withdrew ihe wnrk ;»fiei a juide- 
nne-breachin? pay deal fur West 
Midland. 1 ; haulier- which covered 
She* company. 

The Ministry then save the 
work to the general hauliers, 
Davies and O'Briun. who bave 
subsequently Keen warned by Ihe 
shop •jiew-jrds* cii-iirdinatinc tmn 
raittce repn-scniiiiu West Mid 

lands tanker rimer* nut 
handle ihi* spare parts 

Mr. Cii'ull Parkia* The commit 
tee's secretary said ihc steward* 
were satisfied ihai the company 
had consequently agreed out to 
do the work. The’Ministry of 
Defence said >e*icrrld>. however, 
lhat us far a* it was concerned. 
Davies and O’Rrien was still 
hauling the spare parts. 

Shop sic ward* representing 

Esso tanker drivers yesterday 
followed those at Shell and BP 
io voting to end their overtime 
ban from Monday. Texaco shop 
stewards meet to-day 

The drivers' pay deal involves 
a 10 per cenL increase on earn¬ 
ings, backdated Id November, 
with a form of forward commit 
mcnl on overtime chat will give 
them another 10 per cent- nexi 
X» vein her 


The companies have warned 
that n will lake up to two weeks 
lo gel supplies fully back to 

Till* i.mkcr men hive derided 
i<i iil.ick in*-! -iiiipius to the 
laiwar |U.inl in Coventry and 
Bi run ii j haul's Sherpa van factory 
fulliiwinc the importing of con- 
imcnial oil by British Ley land 
duru.9 tiu? drivers* overtime ban. 

The co-ordinating committee is 
meeting shop stewards at the 
two factories to-day and is seek¬ 
ing assurances that workers do 
nol handle nil other than from 
normal sources during a similar 

Hospital consultants 
want 80% increase 

Rail strike called 
over bonus claim 


~'.'i A 


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. pear before the Civil to fly a DC-10 empty to the U.S. llkHTlHLOII 
Authority for the out- for servicing than to have lt done * 

* its application for a in Britain. i• u ».i 

——- —-. v link with 

tman W art suspect* i Amsterdam 

. v^eign tmiremy deafe > 

between Southampton and 
4CIAL TIMES REPORTER - .V Amsterdam on May 2. The sen 

vice will operate twice-daily eaeb 
; ROKER Mr. : Lewis commerce and Mr. Binsfock. who | way on weekdays and once daily 
' told London’s Guildhall is now living abroad. 'on Saturdays and Sundays. 

-’ 2 sterday that when be They have pleaded not guilty* The flights, using 50-pasaenser 
'nverting millions of: lo conspfruig with Mr. Binstock Dart Herald".airliners, will leave 
worth of foreign cur- -and others between 1974 and I Southampton on weekdays at 
-r investment premium 1975 to contravene the Exchange :og.oo and 16 . 00 . with return 
npany controlled by Mr. Control Act and obtain inveri- flfghls at ujq and is.w.' 
instock, a former- Lon-, ment currency premium on mil- „ Peter Villa ma'na'*in" 
citor and businessman lions of pounds which were not ■ director oVbIA (which is a raenv 
not iuspect that a, e onmted to lhll ^cTthe Mtlih aSS Comm™, 

y share sares had never . ^ ^oup of; wealth Shipping Group), said the 

■ u, ^ Wn^e^oLrated a “revolv- new link had been planned with 

Hraan said be received hi«tn«s^en. operated a ITntrol businessmen in mind. “For busi¬ 
es by letter from ETC ch £S g a profit of nearaien in Hampshire. Dnrsei 

inties to sell for the ^ucn neiieo .pro .] and West Sussex . the new route 

currency that was the rt u from ^transactions Mill do away with a wearisome 

sales of shares by U^.. £ B 6 m. of foreign cur- and ^ ensiv | r *. l ° elther 

- .-Tixhobi wnrii«- nmeA. rpney Whidi had been passed off Gatwick or Heathrow. 

55TW tent - 

S - be repeeted. it ■* PlHStlCS 

rSfthS’? nnVr’ Z companies 

- itietoL. ?oth?'effi control - f 

did oot Stot tte . srr°? SuSo confident 

- liman and his Partner another. authorised depository. - 

?rt Carn^foce a foUl of They had passed the *ame Jntori By Kevin Done, Chemical* 

>es Also named In the matlon they received from bil correspondent 

r J^Msa«s 

Eurosecurities. Tri- quened it. • 

-—--- compared with six months ago. 

,y*" ■ p» most are coufident that there 

:: hange tax relief • 

• SM OF Government sub- but argues that relier for higher gyration's latest survey 

- j private sector housing rate taxpayers should be rccon- of . jj US j ness trends, maourac- 

is of mortgage tax^ ■-relief ■ if auRaesls that such relief turers f6el 11,81 the ^ e *? ,8S ! 

• e from metropolitan local umnet contribute to raising the potential for exports in view of 

in ~ and “ 

= icy document to be con- in turn must influence prices in c ^ ™ * . . 

next week by the .Asso the rest of the private sector The brightest spot in the sur- 

of Metropolitan Au'thori- housing market." *ey Is capital.expenditure with 

uncil argues that m'ort-. The people most in need are tbost companies expecting to 
x relief should be sub- the first-time buyers and those approve investment plans. How* 
be same scrutiny as pub- on low incomes, says the asso- ever, in the sector■ of^plasties 

• jt housing programmes..elation^ ft is these .groups that materials m anufa cturers_the 

• issoclatlon believes, that Government policy should give a producers of goods Ute pvc ind 

N .Sg &iB'saa belp ° r gg^ ^ 

ax rebates accelerate M3 

rrowth of the sferHug money stock (M3) accelerated M'uft- mainly as a result of 

• 'bales and a substantial'inflow from abroad. Bank sterling tending to the private sector 
ned relatively sluggish, and domestic credit expansion so far remains well within the 

year’s ceiling- . 


Money Stock MI ' : Money, stock M3 'Bank lending* Domestic*.redit 

Sterling -:'V expansion 

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,r Umd|mtMf adjitmu'’ % . Uiodtoit*<i ad}««U % UndjnttU adpHteU Unadhnml adluud 




By Kevin Done, Chemical* 



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TRAIN DRIVERS have been 
instructed by their union, 
ASLEF. to hold a one-day 
national strike on Marcb 1 to 
press a claim on bonus pay¬ 

Mr. Ray Buckton; general 
secretary of ASLEF, the most 
militant of the three rail unions, 
said this could be the first of 
a series of industrial disruptions 
if the British Rail Board does 
not come.up with a terge enough 
|offer for the railways’ annual 
pay settlement due in April. 

The union is protesting that 
a bonus pay offer to pay rollert- 
ing guards, members of the 
National Union of Rallwaymen. 
has not also been made tn the 

seek more 
union aid 

By Pauline Clark, Labour Stall 

A STRIKE over union recogni¬ 
tion in the Garners Steak Houses 
■chain in London went into its 
third week yesterday with a 
demonstration by about 200 dis¬ 
missed workers, and supporters 
calling for more trade union pres¬ 
sure on the company. 

The strike was made official 
last week by the Transport and 
Genera) Workers Union, which 
claims that its evidence of 85 per 
cent membership amnng IfiO 
staff has failed to persuade 
Garners’ management to recog¬ 
nise the' union. 

Because most of the staff are 
immigrants and strike leaders 
are daimine thai the issues are 
kuv pay and had working condi¬ 
tions. the dispute is helne 
viewed bv some trade unionists 
as similar to the row over union 
recognition at the Orunwick film 
processing company. 

Mr. George Abrahams. Trans- 
onrt Workers’ district official 
representing the strikers, said 
vesterday that anneals bad eone 
out for’ aid from other trade 

The union has referred, thp 
case to Hip Advisory. Conciliation 
and Arbitration Service under 
Section 31 of the Employment 
Protection Act. but early con¬ 
sultations with both sides have 
failed so far to resolye the dis¬ 

Claims bv union representa¬ 
tives that a maioritv of Garners’ 
West End restaurants have beer 
closed by the strike were denied 
veslerdav by the company. 

Engineers’ rises 
‘less than 10%’ 

SURVEYS BY three big engineer¬ 
ing institutions indicate that pa.v 
among professional- employee*- 
has been rising at a rate “well 
helow " the Government’s 10 per 
cent. Guideline. 

The surveys show that averaze 
salaries of civil engineers have 
risen by 7 per cent, recently 
while -ihn-ie of mechanical and 
electrical engineers have risen by 
5 ner cent. 

The surveys - are based on 
differences between salaries in 
.lanuary. last year—when Phase 
Two was in operation—and 
.January -or this year, but the 
institutions believe, that on the 
basis of recent evidence profes¬ 
sional engineers are contlnulnr 
to settle for less than 10 per 


Mr. Buckton said the offer, 
valued by the union at £2.50 to 
about £6 a week, was a “sec¬ 
tional” offer against the spirit 
of the 1974 wage restructuring 
exercise for the railways. 

It also contradicted the guide¬ 
lines Of a productivity offer 
which British Rail bad agreed 
should be for-all grades. 

ASLEF. ha*.. been . seeking 
wage rises of SO to'40 per- cent, 
and is understood to he con¬ 
cerned thar th.) productivity 
deal on offer will not provide 
large enough wage increases. 
The NUR. the larjest rail union, 
is also looking for " substantial ** 

TASS says it bad more mem¬ 
bers before the time of the bear¬ 
ing and is well represented io 
other grades. It told the TUC 
committee thai it was by far the 
major union for these grades in : 
Hawker Siddeley nationally. I 
Mr. Lyons bas run into fierce, 
opposition since moving out of 
his traditional base in the 
nationalised electricity supply 
industry into tbe private sector 
and into the non-natinnalised 
shipbuilding and aircraft indus-! 
i tries. | 

Further trouble could follow! 
the first ACAS recognition- 
inquiry on a reference by the i 
EMA. . 

' The EMA is, seeking- recogni-j 
lion at the Derby engineering! 
firm of Aiton. where it is' 
believed 70 per cent, of the i 
relevant employees have .ivoiert 
for representation by the EMA 
The ACAS council may he reluc- 
lant in recommend recognition 
for the EMA al Aiinn. despite 
ihe degree nf support for 11 . 


cided yesterday to press for an 
SO per cent, pay increase and 
direct negotiations witb Mr 
David Ennals, Social Services 

The decision by tbe 5,000- 
strong Hospital Consultants' and 
Specialists' Association comes 
after an overwhelming vole of 
members in a secret ballot to 
by-pass tbe existing pay negotiat¬ 
ing structure. 

A meetina ot the association's 
national council to consider the 
ha Hot result agreed yesterday tu 
seek a meeting with Mr Ennals 
to put forward their claim. 

They want their pay Calculated 
on tbe basis or a “notional half 
day" equivalent to 3t hours 
work. This would mean that 
consultants at the bollom end of 
the scale now being paid £13 23 
for such a session would get £24. 
while senior consultants would 
get £W instead of £18.69. 

Mr. • Keith Abel, association 
president, hinted afterwards 
[hat the consultants would con¬ 
sider sanctions if their claim was 
flatly rejected. L3St year, how¬ 
ever. v the consultants voted 
against any strike, action called 
by the British "Medical Associa¬ 
tion hi support of a pay claim. 

The consultants say ihat their 
living standards have been 
steadily eroded over the past 
few years. While average earn¬ 

ings increases had outstripped 
price rises by 15 per cent, since 
1970. doctors' pay had fallen 
behind by about 35 per cent. 

Dr. Alan Shrank, deputy presi¬ 
dent, said yesterday tbat the 
consultants were “ seeking a rea¬ 
sonable rate for the job.” 

The independent review body 
on doctors pay is expected to 
say tbat doctors should be 
allowed salary increases of be¬ 
tween 15 and 20 per cent, when 
it makes Its report next monih. 

The Government bas already 
made clear, however, rhat it 
wants the doctor:- m stick to the 
10 per cent, pay guideline when 
their pay is reviewed in April. 

Channel Islands 
bank pay talks 

THE National Union or Bank 
Employees is trying to win 
negotiating rights for clearing 
bank staff in the Channel 
Islands. . 

Meetings of members are 
being held on the islands and 
the .union says it has received 
a mandate from staff on Jersey 
for industrial action in pursuil 
or the claim. A petition Is being 

Pay in the island’s ciearins 
hanks is covered by national 
agreements nn the mainland. 


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Eraanciai 192? m 


• -v - : •, 'V 

Burmah: planning 

BURMAH OIL, still slowly ex¬ 
tricating itself from a web of 
financial problems, is about to 
bid for a North Sea come-back. 
A noticeable absentee from the 
fifth round offshore licensees— 
it has been involved in all of 
the previous rounds—Burmah is 
hoping to return in the sixth, 
details of which are expected to 
be announced by the Govern¬ 
ment later this year. 

Burmah is setting its sights 
high. The company is aiming to 
become an offshore operating 
company again and. with this in 
mind, it is now discussing with 
a number of prospective 
partners arrangements which 
could lead to an application for 
sixth round blocks. 

There are several reasons why 
Burmah is anxious to re-estab¬ 
lish itself in the North Sea. 
One, which the company may 
not admit to. is sheer pride. Of 
ah the measures the company 
had to take as part of its fin¬ 
ancial reconstruction, the dis¬ 
posal of North Sea assets 
probably hurt the most. The 
company had been involved in 
drilling on the U.K. Continental 
Shelf right from the beginning. 
It was in sight of tangible suc¬ 
cess—the flow of oil from the 
Thistle and Ninian fields—when 
it had to withdraw. 

Most of Burmah's North Sea 
assets, expertise and exploration 
and production staff (around 
were transferred to the 
fledgeling British National Oil 
Corporation in a deal which did 
much to give the State corpora¬ 
tion an early lift. BNOC paid 
£90m. for Burmah’s block 3/3 
interest in the Ninian Field. 
Burmah originally had a 21.6 
per cent, srake in the 1.2bn. 
barrel field, a reservoir it had 
found in 1974. All that is left 
far Burmah is the right to share 
in receipts arising from the use 
ox the Ninian pipeline and as¬ 
sociated facilities at Sullom 
Voe plus a 20 per cent, net 
pmflts interest in the portion of 
block 3/3 adjacent to Ninian. 

The Thistle agreement left 
Burmah with an 8.1 per cent 

Burmah’s Offshore Interests 






1 Z1 \ 


i MURcmsmu 1 

4 STATWQJ ® 1 



BRUCE • *'f 

4n.- r 



I r. G : a n 

U ^ e i 71 

0 Mte 100 

equity interest in the field origi¬ 
nally discovered by its former 
Signal subsidiary. Under this 
deal BNOC paid £IG3.3m. for i» 
per cent, of Buriuah's holding 
in Thistle and the adjacent oil 
accumulations known as Areas 
L and 6. as welt as the com¬ 
pany's interests in other pans 
of the North Sea. Burmah's 
share of Thistle may be worth 
40x11. barrels of oil, or £51m. at 
net present value, according to 
stockbroker* Wood. Mackenzie. 
But it is a lot less than the com¬ 
pany would have hoped for. 
The retreat from the North Sea 
was not total but far a company 
which had been operator on two 
of the !iio*4 important U.K. 
fields it was far enough to shake 
corporate confidence. 

On a more commercial basis. 
Burmah is anxious -to build up 
a potential source of crude oil. 
Although no longer an nil com¬ 
pany. as such. Burmah sees 
itself as an oil-based industrial 
enterprise. It has a major lubri¬ 
cating nil business, a chain of 
1.000 petrol stations and a 
refinery at Ellesmere Port to 

feed, but crude ml is wanted 
more as a source of revenue 

The third reason behind the 
companj ’> North Sea aspirations 
is a desire to rebuild its operat¬ 
ing expertise which it can sell 
sn other parts of the world. 
They will tell you. down in the 
Wiltshire countryside head¬ 
quarters on the outskirts of 
Swindon, that there is an advant¬ 
age in not being a major nil 

company. Burmah. they say. has 
not restrictive traditions; Gov¬ 
ernment* d'» not feel intimida¬ 
ted as they might do in dealings 
with the oil major;. 

Quietly a start has been made. 
Burmah has become an npcratnr 
in two offshore areas. A year 
atm the company was granted 
concessions off the Italian 
Adriatic coast. Some 17.124 
acre? have been allocated to 
Burmah alone: a further 19.414 
acres have gone to a joint 
Burmah and Norcen Energy’ 
Resources of Canada group. It 
is expected that a Yugoslav 
r;g will be used to drill the first 
well in April ar May of this 

The terms of the concession 

are far from oneroiro. It' an 
oil discovery is made, the 
Italian Government collects an 
8 per cent, royalty and the 
companies are free to sell the 
crude on the open market. If 
gas is round the royalty will be 
5 per cent, although any pro- 
duction would hare 10 be 
offered to the state ENI energy 
group. That said, it must be 
recognised that the concessions 
do not contain the most shining 
of prospects although they do 
lie about 20 miles away From 
the existing Santa Maria oil¬ 

Last month it was announced 
that an oil and gas exploration 
group headed by Burmah Oil 
Seychelles had started a seismic 
surrey on 24 blocks off the 
Seychelles. If the results are 
satisfactory the first veil could 
be drilled before Christmas 
next year. Here Burmah has 
a 40 per cent, interest in a con¬ 
sortium which also involves 
Amoco, Norcen International 
and Australian BHP's Hematite 

The Seychelles Government 
has imposed a 5a per cent, oil 

income rax rate, royalties of 
12.5 per cent, and a State parti¬ 
cipation option covering 30 per 
cent, of the licences—conditions 
interestingly similar to those 
applying in the U.K. sector of 
the North Sea. 

The question now remains, 
will Burmah be successful in 
re-establishing a foothold in 
home waters’.' The issue is far 
from clear cut. In its favour. 
Burmah does have a North 
Sea track record. Indeed, as 
operator for a seven-company 
consortium, it lays claim to 
being the first discoverer of oil 
in the U.K. sector. A welt, 
drilled in block 48/22 in the 
southern portion of the North 
Sea, found a small oil and gas 
reservoir in the autumn of 1966. 
A maximum flow rate of 2.UU0 
barrels a day through a half- 
inch choke was obtained hut tile 
output declined rapidly. Alter 
two more wells hud been drilled 
the block was relinquished in 
September 1973. 

Burmah already has a means 
of entry into the sixth round, 
as a 15 per cent, partner in a 
company to be formed with 

A bleak outlook for Merseyside 

8y RHYS DAVID, Northern Correspondent 

BNOC. This was one- of the 
side effects of their North: Sea 
deals. It Is unlikely that Burmah 
would emerge as operator from 
such an association, however, 
and that is what it wants. 

Details of the conditions, for 
the sixth round have not yet 
been finalised' but it is: likely 
that the Government •will favour 
applicants with both financial: 
and technical muscle. Lord 
Kearton. chairman and chief 
executive of BNOC. told a Select 
Committee on Wednesday that 
in tlie past companies’' bad 
tended to underestimate both, 
the costs and the technological 
challenges nf North Sea deve¬ 
lopment. Every project had 
been hit by over-spending: in 
many cases casts had worked 
out at about double the original 
estimates — and that was in 
real terms. 

Burmah is in no financial 
condition to undertake a major, 
fluid development programme at 
this stage. A’s the Financial 
Times Lex Column explained 
last .tune—and the position still, 
stands—’’Burmah Oil may he 
out nf the wood bur it is not yet 
clear of the trees.” 

However, this lack of finan¬ 
cial strength may not neces¬ 
sarily lose the company the 
chance of sixth round licences. 
Lord Kearton hinted at. the 
Commons hearing that • the 
Government might adopt a new. 
approach to licensing. Accom¬ 
pany accepted as operator for 
the exploration stage may not 
automatically be eivetr approval 
ro remain operator during de¬ 
velopment. In essence,- the 
would-be operator would have 
to prove its worth at each major - 
step in the development of a 
field. To take Burmah's case, 
the company might well argue 
that with partners, it bad the 
financial strength to undertake 
initial exploration work. Its 
ability to act as operator daring 
the development phase—Inevit¬ 
ably several years away—would 
largely depend on the success of 
its financial reconstruction pro¬ 

Lord Kearton was also critical 
of companies with limited tech¬ 
nical capabilities wishing to be¬ 
come North Sea operators. -He 
died the case of a financial 
group which, having appointed 
its first technical man, went to 


• awarded '.so far - 

BNOC, Occidental, Getty. OH, Allied Chemical* Thomson 
Scottish—14715: BNOC, Sheik Esso—30/17b, 13/13, 13737; 
BNOC. Shell U.K;—87/10; British Gas-98/22* Hydrocarbons 
Great Britaln-^X07/lS, 10?/2£H0/$ BNOC,VGenmi atrte 
Oil Newraont -Oil Petroleum—13/20; 

BNOC TexaCft-14/U. 23/28* iM/tS*; W8/20? BNOC. 
Monsanto. Pacific Petrolearns, GAO—^718; BNOC 
leum Development—3/Z0b. 3/24b, 87/Sa, 87/Ta,- 87/9;' BNOC 
Union Oil Exploration and: ProductloB, Getty Oil, Oenunex 
QU and Gas—14/12; BNOC ArpeH Petroleum—106/29; 

. BNOC British-Sun Oil. North Sea^ExpIeitatipn and Research; 
Company., Clyde Petroleum, Haitipton Gold Mining 

North Sea- Global- Bnmrgj-r“20/"r BNOC- Conoco, ■ Gulf Off*-. - 

Store 'Cbim^^^OC;’ ’ 

Canadian Industrial Gas; -Charter .Consotidateit, OiarterhoTOe ( 
Petroleum DevriopmeW,V;Home .Oil. Company, Tricentrol,. 
North Sea—14/16. T4/I3i,y y 


BNOC. British Petroleum—9/& #/JR. 132/10. 133/6. 132/JJ-. 
.133/11; BNOC Total Oil, -Elf. Oil. 1 .Aquitaine Oil—-86/13.,. 
S7/12; BNOC Hamilton Brothers, RTZ Oil-and Gas, Black- 
friars Oil. Trans-Eiiropean—9/10. 0/24: BNOC Total. Elf 
Oil Aquitaine Oil. Piet Petroleum—<3/14: BNOC; Chevron, 

ICi Murphy. Ocean Exploration. Hispanica de. Petoolees--- 
' 14 / 13 : BNOC. -British Gas, Amerada: Exploration, Texas 
Eastern—3/9; BNOC PhtiKps Petroleum, Fina Exploration, 
\Eip Century’ Power and Light, Halkyn District United 
Mines. Oil Exploration—29/9: BTSOCSapex. Carless Explora¬ 
tion. Gas and OU Acreage.? 1 & O PetroleuBU Sant^-43/13: ; 

BNOC. Mobil North Sea—13/19: BNOC RerisSIeGee t--OIL- •: 

Bow Valley Exploration. Shenandoah Oil-Corporation—13/14.- ■ 


the Department , of Energy 
talk about becoming on-opera¬ 
tor. A mong - tb £ ■ things rthat 
BNOC had learned, he said/was 
that it took a laDge-team of 
qualified and experienced off¬ 
shore operators, to develop a 
field and that such people we*e 
in short supply.' • - - . . 

This may not"sound encourag¬ 
ing for Burmah which has 
managed to maintain ha .mare 
than a nucleus of an exploration 
and production team. However, 
apart from the21 professionally, 
qualified people in .-tta; exploit 7 
tion and production department 
it can call on project-develop¬ 
ment staff in its-Burmah Engin¬ 
eering subsidiary. - - 

As BNOC will play-an import¬ 
ant advisory role in the alloc*-, 
tion of new licences tt is worth- 
studying some more of Lord 
Kearton’s comments- at this 
week's Nationalised’ Industries 
Select Committee • meeting. 
These should give Burmah some 

Lord Kearton- warned that 
unless there' was a dramatic 

rise in crude’ oil prices in tti 
near' future (and one. is nr 
foreseenl then.'the. bonan? 
period for'the North.Sea vs 
over. Exploration and develop 
rnent become harde- 

more ^complicated and lei 
attractive.' There was a rei 
possibility, he: went on, tin 
major, oil companies based i 
thetLS. would retreat.from tfi 
Norte. Sea’ bach to America 
offshore areas. BNOC cnuLd.b 
left to exploit the worst half- c. 
the North Sea. . ••i 

The point was made partly 1 
illustrate;- the- ; importance r 
building up British equit 
interest .in offshore concession 
At’, preSeht. lie said, Briti¬ 
sh arehoi din £ In known reserve 
was '‘pretty small " around 3 
per cent British Petroleum, tb 
ILK. portion ' .of . the- Boy; 
Dutch/Shell Group.: and BNO 
account Tor- a large- percentag 
of this British interest ' . 

This is'Where Buvntth.misf 
bang, its British drum to dra-: 
aUentfop to its:plan to retiir 
as a North Sea oil operator.-* 

IT IS A hard job at the best 
of times to sell Merseyside to 
potential investors but it will 
now be doubly difficult as a 
result of the decision by British 
Leyland to close one of its two 
plants at Speke on the out¬ 
skirts of Liverpool. 

Leyland s move which comes 
after a 16 weeks loug strike 
causing the production loss of 
£I00m. worth of TR7 sports 
cars and Dolomites further ex¬ 
acerbates Liverpool’s already 
tarnished reputation for poor 
labour relations. Bui perhaps 
even more damning is Leyland s 
admission that the strike wa<- 
only partly the reason for their 
withdrawal. Tn spite of rhe con¬ 
centration al Speke of some of 
its be«t industrial management 
Leyland ha- st*U found it 10 be 
one of its leasi efficient plants 
and hence at the top of the list 
for closure now that the com- 
panv’s poor performance over¬ 
all has left it with far too much 
capacity for the market share 
left to it. 

The area, like South Wales. 
Clydeside or Tyneside, tends to 
be forever reliving its history 
of harsh industrial life and this 
can make the labour force both 
suspicious of management and 
difficult to manage. The situation 
is summed up vptw well by 
Metal Box. one of the mam em¬ 
ployers at Soeke. The company 
savs that while it has found 
emp'oyees on Merseyside hard¬ 
working they tend to form 
very close group relations and 
are more suspicious of mange- 
meat motives and intentions 
than elsewhere. In addition wor¬ 
kers tend to press their point 
of view very hard. 

•'Industrial relations on Mer¬ 
seyside are difficult and it would 
be isnorins the obvious to say 
otherwise. There is a world of 
difference between difficult and 
bad. however. When manage¬ 
ment has to introduce change it 
requires more time and trouble 
to explain the circumstances 
than is the case in some other 

The facts about Merseyside's 
industrial relations record are 
not quite so straightforward, 
however, as this black enough 
picture suggests. “We are tough 
but we are not hloody-minded.” 
Sir Kenneth Thompson leader 
of the Merseyside County Coun¬ 
cil insists. 

Perhaps surprisingly. Mersey¬ 
side is not at Che top of the 

most recent league for days 

lost—a position occupied some¬ 
what ironically by Coventry 
where production of the TB7 
will now be transferred. Mer¬ 
seyside emerges with a figure 
of 1,269 days lost per 1.000 em¬ 
ployees compared with a 
national average of 5fin. hut 
Coventry in llie period covered 
reached a total o! 1.845. Nor 
has Speke itself been complciely 
unsuccessful. If. is one oT Liver¬ 
pool's main industrial areas. » 
largely post-war creation with 
housing rinsing the factories 
grouped along the main roads. 
Apart from Leyland itself other 
manufacturers in the aiea in¬ 

clude Auiomuii'.c Products. 
Ford. Dunlop. Evans Medical. 
Altogether there arc about 60 
companies locaicd nn Speky'f 
industrial estate'. 

In Merseyside. h"we\vr. dis¬ 
putes do havn a tendency ot 
becoming particularly protrac¬ 
ted and bitter and perhaps of 
feeding on each other. Over 
recent weeks it has not simply 
been Leyland which ha* been 
losing output. After a period 
nf rare harmony rhe Mersey 
Docks were .-iriko hmind 
rocefitly. Ford ai Hale.’vnnd and 
Vjuxhall at Ellesmere Port have 

also rc-ently b.*en affected by 
dispute*, as have Birds Eye— 
and here as ar Leyland there 
have hpi'n suggestions of pos¬ 
sible closure. 

A 1 a result a k»t of mud lias 
.-tuck to Liverpool's name and 
although yesterday save one 
small motor component's manu- 
factaror. Mach Frictions, starl¬ 
ing operations on Merseyside at 
Bock Ferry, it u likely indus¬ 
trialists will need a compelling 
reason for planning any new 
move* into rhe area. 

Bui while i; :? tliffirnll to sec 
v hai can be done next to try 

to reduce Liverpool's chronic 
unemployment—likely to top 
90.000 as a result of the 3.000 
Leyland jnh losses—k is per¬ 
haps possible in retrospect to 
understand how some of the 
problems have been created. 

Liverpool's new Industrial 
esrates at Kirby and Speke and 
its overspill town of Skelmers- 
dale are the resulr of two pro¬ 
cesses which reached their 
chirm ill ihe la«e 1960’s. 

For n population of fiOO.fiuO. 
Liverpool has never hwn a 
major industrial conurbation, 
ike for example. Manchester. 
It> era ploy me m base ha-* hi c - 
toncally been m commerce—in 
the docks, other pori-related 
■service industries, in shipping 
and insurance. The massive de¬ 
cline in dock employment in 
the 1960's with the <witch to new 
cargo handling nr-:hods—itself 
1 he cause of much industrial 
imrcM—led to a very rapid pro¬ 
gramme of industrialisation. Ir 
was in this period that the 
major car manufacturers were 
psr>uaded to move 10 Liverpool 
to take advantage of the pool 
of available la Mur. And m enri- 
cipation of von tinned growth in 
L'.K. car output. 

At the same time the Liver¬ 
pool authorities embarked on a 
programme of wholesale popu- 

Controversy over Typhoo move 

THE CAD B (TRY-Schweppes 

board is faced with making a 
delicate decision to-day. Jn con¬ 
sidering whether tu move Us 
Typhoo tea packing factory from 
Birmingham to depressed Mer¬ 
seyside it has become enmeshed 
in divergent Government poli¬ 

On the. one hand there 15 the. 
policy for attracting industry 
to special development areas. 
On ihe other jc developing 
inner cities policy—emerging 
through the new Inner L'rban 
Areas Bill—of yetting industry 
to stay there and to encourage 
others to fill the gaps. 

The Typhoo factory in Bor- 
deslev Street is only a few hun¬ 
dred yards From the Bull Kin? 
in Birmingham niy centre. Its 
c'osure would mean the los- nf 
550 more jobs and another 
empty factory m p ar ^ 0 f an 
area into which rhe local 
authority and MP> are despera¬ 
tely trying to breathe more 

t.»n the niii«r hand. »t tea pack¬ 
ing is ramed 10 Morelnn. in the 
Wirral. iJ 1 *. ill help to create 
jobs 111 an area where they have 
linen roiiiiai-img. In rerpiif 
year.*. Mnrptnn ha- In-r |.111111 mb- nf i-hs«n_-*d trend.' in 
the Innd .♦nil cun fee ti< •in-ry 
hiinneis. ami hiTan-e <»l' ihr 
general turndown since enrna 
and other materials price* star¬ 
ted to-escalate. 

From tliK point of view nf 
the Caribury-.Srhwpppp* bn^rd 
economic and Hnanual logic 


points to Moreion. It can move 
into empty buildings and auto¬ 
matically collect £220.0110 in 
Government aid towards the 
£im. 01 st of fix new packing 
machines and ancillary equip¬ 
ment It could then sell the 
valuable Birmingham buildings 
ior which it hold* the freehold. 

The company said it intended 
to offer alternative jobs or 
severance pay to those being 
made redundant at Typhoo. A 
spokesman /or Cadbnry-Scbwep- 
ptSs said that the joint working 
party ot shop stewards Trom 
both factories and management 
had concluded that the right 
decision in terms uf relurn on 
investment, was obviously More- 
ton. In human terra* the answer 
was Birmingham. 

The implication that union 
representative* had been 
intimately involved in Ihe deci¬ 
sion making wa* indignantly 
denied by Mr, Tom Burke, the 
Transport and General Workers 
U nion senior steward at Typhoo. 
“All we have been involved in 
i** •«? be given financial and 
oilier figure* relating ju die pro- 
j*.« t." In- 'aid. 

Mr Adi lan Fjnii.urv. ihe 
• ha; 1 nn 11 . hj*. al no tini-' 
-P'.d.i-ii hi ilu* unmii' ahmiT 
wlit-lher .toll* would he atadahie 
cl'cw hr re m Cariburj-Si'll nappe- 
factor.c* in Birmingham. Wh 
have not been invofred in any 
decision* that ha\e been or may 
be taken." Mr Burke said. ’’ This 
is Cadbiir* Schweppes trying to 


project an image of partici¬ 

Tlie company spokesman 
agreed dial management made 
the decisions, although at group 
anri factory level- there was 
consul la lion with workers who 
could maAe recommendations. 

The decision the Board has to 
make 1 ? al*o complicated by 
MPs" allegiances tr. their own 
areas. For once Labour MPs 
find rhem-elve- on the same -ule 
as Birmingham's Tory city coun¬ 
cil. The Typhoo factory i* in the 
t-fnsliuiency of >lr. Denis 
Howells, mnior Minister at the 
Department uf the- Environment 
in charge of spurt. Mr. Jeff 
Rnoker. MP lor Perry Bar. who 
first vvinced an 1 merest in the 
problem. Mr. Turn Litterick. 
MP for Selly oak. which in¬ 
cludes Bournville. where T.5W 
are employed, ami Mr. Roy Hat- 
tersley. MP for Sparkbrook and 
Prices Secretarv. The Birming¬ 
ham MP* are demanding that 
rhe circumstance* in which pub¬ 
lic money may hi.- paid out Tor 
machinery -dnmld In- investiga¬ 
ted 3 iifI Mr. Rnoker ha* -aid 
rhai the mdChmny wa- riuitc 
• Icariy ordered lor Birmingham. 

MP? likely in lavmij' Mu' 
move to Morei ■ m arc Mr. 
Edmund Dell. MP for Birken¬ 
head anri Trade Secretary, and 
Mr-. Linda Chaiker. MP for the 
Wirral/. Neither Mersey* ide 
Council, nor Mer*ey Industrial 
Development Office yet appears 
to have joined aatiJ?. - 

lation transfer out of tlie city 
centre to surrounding areas, 
the results of which can still, 
be seen in tile vast areas of 
cleared land in tlie city centre 
To a large extent Liverpool'* 
problems are the result of the 
failure of this ground design 
and there , is now a realisation 
that new policy directions will 
be needed. 

Among the first signs of this 
ha.» been a recent report by the 
National Enterprise Board fnl 
lowing Plessey’s decision last 
year lo cut it* Liverpool labour 
force. The NEB advocated 
assistance to service industry 
undi-r rhe provisions of the fit 
du<rrv Art inienderi for manu 
fai.ruring employers, and Gov¬ 
ernment support tor at least 
one major speculative office 
block. The NEB is also anxiou? 
to encourage the development 
of industry around the port 
which it sees a-i still one of 
Merseyside's biggest assets. 

The Govern men t has so far 
been reluctant to act on the 
more far-reaching of the NEB's 
proposals, but against the back¬ 
ground of the Leyland closure 
it will inevitably need to look 
at any new ideas which now 
come forward, rif these there 
will certainly be no shortage 
nvpr the npxt few months for 
apart from ihe NEB other agen¬ 
cies currently encased in study 
ing Liverpool's problems include 
the Manpower Services Com. 
mission anri a firm of manage¬ 
ment consultants commissioned 
last year by the Department of 

The consultants are due to 
present their first report 
within the next few weeks and 
its recommendations are likely 
to suggest ways in which Liver¬ 
pool can try to regenerate 
itself internally. 

Whether ideas for helping 
small businev to crow anri 
similar «elf help schemes can 
work except at a time of some 
buoyancy in The overall economy 
remains ro be seen, hut some 
formula js imw clearly needed 
if rhe danger nf more serious 
social problems flowing from 
Liverpool's unemployment is to 
be avoided. 

Though it is obviously import 
ant not to over-stare the danger 
the extent of unemployment 
and associated deprivation i* 
now clearly as bad in Liverpool 
ns it ha® been in any maior 

British city since the war. Much 
more strain could put other 

parts or the local economy hi 
risk. Loo. and there i* the dan¬ 
ger that the lack of confidence 
in the area demonstrated by 
Leyland could spread to other 
companies including the flfi nr 
<0 American manufacturer* 
iorarod in the area. 

The problem for Liver¬ 
pool is a complicated one 
which does not hml down 
10 lazy workers or ineffici¬ 
ent management and which 
has not found it- elution 
In new houses or factories. Tiro 
hope must be that Leylapd's 
move will concentrate attention 
on finding what roust bow be tiro 
way afaea. • 


, ’ ; /Incorporated in Bermuda ),- -■ • 

• f Covering mining company operations for thejpefiad ended 30th. September, J977) 
- . - Restatedi ; - - - 

■ ... SU month* :-4Snc irwntli* 

..-L ■' 5 -.Tended-' 


Dividend Income.. . r ... -. 4 

interest income and other revenue, jess provision 

fnote ii ... ....■ 

Profit on redemption of loans.. 

Profit floss) arising from currency fluctuations .. 

. > _ ■ 


ended “ 
o . 

•ended '• 


Administration expenses 
interest payable . 

Profit before taxation and extraordinary"'item .... 
Foreign taxation .. 

Profit before extraordinary item /note 2) ! ... 

Extraordinary Item .. . 

Profit (loss) after extraordinary iteta . 


Transfers from reserves * - - 

Currency reserve.:... 

Capital reserve . 

Unappropriated profit brought forward «.... 

Unappropriated profit .... 

Appropriations: - • 

Dividends..- .. 

Unappropriated profit carried forward .-. 




2 779 

.. -39a 






. 393 




I 176 

T.1 354 / ' 



' 2*6 




971 '- r 

. 1178 

- (SWl 


(23 957) 


■ - 



1 - 

I- I 

pT92 " 


[' - 

1_ -ZZ— 

i -J 

. 482- 



375 ' 
1 121 

- 2O , 059 

1 496 



■ ml. 


= 21 632 



’• ejsaaaa 

3 24L 

- • (19 536) 

1 121 

• nil 
I 121 


Interest receivable for the period , is shown gross of-withholding taxes, the. tax- 
deducted being included in the.cbarge for foreign.taxation. This treatinent in^ respect ' 
or withholding taxes was adopted in the"last financlal year for the first time,, and 
the half-year to 31st December, 1976 comparatives' have been adjusted $0 the new 
■ basis. _ ■ , . 

2. Profit before extraordinary item includes ■ U.S.S446.000 «30th June. 1977_ - 

. U S-31J2H4.0U01 “non-reiniliable” income.neing that portion of. income not available 
for distribution, mainly because of Exchange.Control regulations in-force iq the 
country of source of such -income.- -. 

3- If is the Company’s practice tb review the value of fhvestments af-the end of each 
financial year,, and no provision fnr a possible decline-in the -value-'of investments • 
has therefore been considered in tfie estimated consolidated resuTts for rfle half-year. 

7CI ha# a 49 per cent imprest in' NCOF ami a 12.25 per cen? Interest in RCiT. The 
•latest available results for the current financial years of thos^ com pah Jes are as follows: 

. NCCM . , Six months ended 

Prndnrtion (metric ton^i 

Finished copper .., ;. 

Lead and zinc"'.I 

Sale- (inelric tons) ’■ . 

Copper ......... 

Lead and zinc** .. 

Average copper proceeds (per matric ton) !!! 

Sales revenue—all metals ... 

Not profit after laxation iX .!*i!!'!«!!?""". 

Ordinary dividends . ... .....m.™........ 

1 Broken Htil Division : 

"'Note: Net loss before taxation ..•. ii. ‘ ■ '. ' 

- Taxation receivable .- 

Net profit after taxation . 

r . -“ 206292 J 
; 28827 ■: 

; . ,217.0S2 .. 


-..• ; K1049 .- 

K245«m ■ 

• - ■ • . K8.1m 

' --- ■-njlL 1 .- 

■ V- KlgJia i ; 

n&m: . 


■ " ! '4i 


Kini.shed copper produced (metric tons) 
Copper sales (metric tons' 

Average proceeds (p?r nrotric ton)_ 

Sah*s revenue—all metals .. 

X'.m lo^s after taxation 

Dividends .' • "**'•■•■•• 

Registered Officer- 
Belvedere Biuidinji. 

Fitts Bay Road. Pembroke. 
iP.O. Box 650. Hamilton 5^. 
Bermuda ■ 

Quarter ended 

••:. o- ' .-.r. . 30^.77 _■ ■ 

.- 63263 • 

/ ‘ 64410 

, ; ;. Kl'OOfl. 

. K64.425ni 

..,v ..." J - K9.5m;. 

.........j. ■•■ .nil 

- * •.- , Sy-Arrier of tee Board 

Z>'J. rie -Baer » 

' G. >?: iL$gllyi -T>ti;ectprs. 

; : : Loudoir Office; 
v ■ -^OTTolborh Viaduct, 

:.S $C& IA*. 
. * 71 "th February.*,lB73 

•.r ■. 

': % • 

'-4 .. 





*< ■ ■■■ 

feancitf F^rtraiy:17 i978 



oo early to form 

plea by 




Callaghan still wants chance 
for Scottish people to vote 


'■ 3 - la. ; * ? clSW OWEN. PARLIAMENTARY -STAFF 

r A ’- r: v -k-r’-ARDED and' what Tory 

- *ied was a far too grudg- 

~ -, -y me far the Rhodesia - 
: t-proposals. Agreed-, to 

-is Salisbury. Dr. David. 

' 1 ' , -«gn Secretary, acknow- 

the Commons yesterday 

- - ^ . represented a "aignifi- 
. • - . . «■ >ve towards majority 

- i - ■ ' /insisted, despite angry 

• •• from the Tory back- 

t.. ’* •. -hat it was too early to 

■'raosidered judgment on 
. i- ' -■ ' 'stability of the arrange- 

1 > * ^*ed by Mr. Ian Smith 

■ ■ ; \.*iree nationalist leaders 

!; opJe of Rhodesia as a 

■* jo, who had to contend 

“ - v. _ ' -sistent barrage of com- 

v.. . -pm Tory MPs urging 

- endorsement of the 
—-^-settlement, repeatedly 

^hat the - Patrioric Front 
. :e to be associated with 
■ n that was to gain 
• - acceptance and the 

>f the United Nations, 
he people who lived in 
-.■Zimbabwe who should 
- their own Future, the 
_ ecretary declared. 

the crucial issues 
' seemed. had yet to be until more detail was available, 
./ere the composition of. particularly as the “essential 

GERMANY and France were 
criticised by the Prime Minister 
in the Commons yesterday for 
1 nut expanding their economies 

i n „„ as fast as was anticipated at the 

a i!?,-irnmln» e Downing Slrec! economic sum- 

independent govcmmsot of wiiD’ m u u.« u av 

babwe to live in peace. „ last May ’ . 

All the interested parties now He emphasised that it was 
had to turn their minds to “how essentia) that these problems of 
we can get a better measure of growth should be thrashed out, 
agreement than, so far, has an ^ declared his willingness to 
emerged from Salisbury." pnter Inio farther international 

... u . discussions on the subject. 

Dr. Owen urged the House to Unless this were done, he 
take account of the fact that it warned, there could be a further 

was impossible to ignore the rise j n unemployment in (JECD 

evidence that outside Rhodesia, countries, 
there were forces, who. if not .. Tn . 

oivcfn 'a nrnm>r nnimritiniTv fn Mr. CBNiiCnJO s rciYl«ilk , i Fol* 

SrtPcioate fa IhE Smilm » ow cmitplainis voiced by the 

C ° nlinUe 1116 week ^over "cferma ny'^ro f usa 1 *Vo 

armed struggle. consider farther reflatfnn. In 

" It is our task to.try to ensure view nr this, same American offi- 
that those people outside the cials have been questioning the 
country have sufficient confidence value of hulding the planned 
in the arrangements made that economic summit in Bonn next 
they will come back and parlici* July. 

pate in fair and free elections.' 
he added. 

Mr. John Davies, shadow 

Dr. Owen .. .'urged by Tories 
to back settlement. . 

Mr. Cullachnn was replying to 
31 r. Giles Rad ice (Lab.. Chesier- 
Le-Slreet> who said that the 
Foreign Secretary, was notably existence or ism. unemployed 
more restrained than the * n ih£ OECD countries showed 
majority of Dr. Owen’s critics on *hai the results of the Downing 
the Tory backbenches. But be Street conference had boon very 
emphasised: “What worries and disappointing, 
irritates this aide of the House He urged the Prime .Minister 
is what appears to be such a to remind The Governments of 
grudging attitude of mind" countries such as Germany and 
Calling for a more positive Japan, of rheir promise to expand 
response from the Government, their economies and reduce 

balance of payments 

. . . t — r .. P .. Jiem- simply to take a passive view surplus. 

. arces and the extent-to selves, in accordance with the of the situation as it unfolds n r Canadian replied- “The 

■ tamtaSnS"*. P t™fl S p r 0,!iple appr0ved by ■ Par - ,r T Sa ' isbur >” „ • , roreraslfnMmS .hi. hnVS 

involved in the transf- iiament. . Mr. Davies pressed for an i n the major Euroocan enumrips 

a fair and free elections He commented that four of the assurance that the Foreign Secre- s S c b ^ German vand France as 
• is of universal wffnge six principles had. to a targe tary would make every persuasive well as some otiier countries are 

■ iit promised: we will extent, bon overtaken by events, effort to get Mr Joshua Nkomn, not living up In the expectation 
.as we have done from But the sixth principle, relating joint leader of the Patriotic that those Governments then 
if the Angip-U.S. injtia- to minority rights,- would also Front, to renounce the guerilla had. 

-vork with all parties, have to-be satisfied. >' . war. 

THE Prime Minister yesterday 

appealed to MPs to give full 
suppori lo llie Scuiiish devolu¬ 
tion legislation when it conies 
before the Commons next 
Wednesday far It* crucial third 

He warned that it would be 
open to the “ gravest misunder¬ 
standing ** if the House decided 
to reject the Scothud BUI aud 
denied the Scottish people the 
upper! noil 3' of eventually 
deciding the issue in a 

Despite pressure from the 
Srottfeh National Parly. Mr. 
Callaghan declared that he had 
no tmentiun or making next 
Wednesday’s ioie au issue or 
confidence in the Government. 

Tlic Prinu- Minister was at 
his most resilient and jocular 
as he faced iiik-itsiie question¬ 
ing in the Commons in the 
wake of (he Government 
defeat the priiuim nighl when 
MPs refused iu ilirou out the 
40 per cent, pnivisfau fur the 
Scottish referendum. 

He made it dear yesterday 
that the Government intends 
to press ahead with the 
battered legislation and sliii 
has every hope or gening it 
on to the Statute Book. If 
there was any hysteria, he said. 

it was certainly nut coming 
from him. 

“Of course we can win on 
Ibis particular matter. There 
is no doubt about il," be 
asserted confidently. “ Every¬ 
body will want to give ibe 
Scottish people an opportunity 
to decide far themselves.” 

Predictably, the main attack 
on the Government came from 
the Scottish Nationalists. Mrs. 
•Margaret Bain f Dunbarton¬ 
shire E.» told the Prime 
Minister that the Scottish Tl : C 
was extremely angry about 
“the unfair and iniquitous" 
derision of the previous night. 

She demanded (hat Mr. 
Callaghan should make third 
reading an issue of confidence 
and predicted that the people 
of Scotland would place the 
blame fairly and squarely on 
the Government For the weak 
stand it had taken in defence 
or the Bill. 

Philosophically, the Prime 
Minister observed that the 
House of Commons had taken 
a perfectly legal decision. The 
Scottish TUG had its own views 
hut it was the Commons (hat 
had the job of reaching a 
conclusion “These decisions 
must lie accepted by every- 
body. 1 * lie said. 

He hoped, however, that the 
Scottish Nationalists would 
give their full backing to the 
Bill next Wednesday to ensure 
that it went througta On the 
matter of a vole of confidence, 
he said ihat he had no diffi¬ 
culty in resisting the blandish¬ 
ments of Airs. Bain. 

Air. Norman Buchan (Lab., 
Renfrew) provided the Prime 
Minister with some useful 
ammunition when he pointed 
out that the 1974 manifesto of 
the HNP had included a pro¬ 
posal far a referendum and 
for the 40 per cent, clause. Mr. 
Callaghan found this Informa¬ 
tion very Interesting and pro¬ 
mised that he would have it 

Support was also forthcom¬ 
ing from Mr. David Si eel. the 
Liberal leader, who thought it 
would he a mistake to indulge 
loo much hysteria about Ibe 
“unfortunate decision" which 
the House has taken. He 
reminded Mr. Callaghan that 
the referendum was only con¬ 
sultative and. at the end of 
the day, the final decision on 
devolution would still rest with 

Air. Callaghan replied: “ It is. 
of course, advisory. On the 
other hand. 1 have always 
assumed that the clear dcci- 

Vtional government^and judgment" would be made by- he said: “it is not good enough their 
. , the composition of the the people of Rhodesia them- simply to lake a passive view surplus. 

Tighter tax grip sought 
on company directors 


THE.-INLAND Revenue authori- portion which does reflect the tax account, or by looking at the 

sion of (he people one way or- 
tbe other, would have greatT 
influence on the House of 

“Our real task next Wed?, 
nesday after having got so far,, 
over so many years. Is to give 
the Scottish people Ihe chance 
of declaring on this mailer.” : 

The exchanges spilled over’ 
Into business questions when. 
Mr. Michael Foot. Leader of 
the House, told Mr. Hamish 

Watt, the SNP Chief Whip, that.; 

pro-devolutionlsts should all 
come aluug to support the Bill 
next Wednesday. Mr. Watt 
attacked Wednesday night's - 
“ regrettable and disgraceful * 
decision " and said that every- 
Scottish elector had had his 
vote devalued as a result. 

Mr. Foot rejected criticisms ‘ 
from Air. Michael Latham (C . 
Mellon) who said Ihat the only.' 
solution to the Bill's problems" 
was to Kill it ofT next Wed-' 
nesday. “It has been a total 
shambles for the Government ’ 
all along." declared the Tory - 

But Air. Foot recalled that " 
the Bill had received a good. 
majority on second reading and ' 
said the quicker it was passed : 
hy ihe House (he sooner the 
Scullish people would have-the '• 
chance to make I heir views- 
knovvn in a referendum. 

Tory hopes 
at Ilford 
by ex-MP 

^ iSSS SSfts p ™^—. 

ion hckUntidC UihAltr liA “"il i £\ T h e A !" a V".rttl'nT reSd,™o loTn^'n ms”®"’' mS™,™ s,r l,a3 

into Ihe pay-asyou-earn 

By Rupert Cornwell 


by this House and to from the Torv benches when he made by Mr. Andrew Young, ihe farther d scuSions on this We el«ely i 

the cessation of all maintained tint- there 'was no U.S. ambassador to the UN. who L ve t r flnri : t 

roaenn fft that Mr Smith has hnon rtnente irf«nt»W „.ilh nn “. a Wa > rcVUnctting 

This is revealed in the laics.! 
reporl covenna ihe 1STB-77 
Appropriation Accounts, which 
monitor expenditure by the mam 

of fact that PAYE lias not been direcinr’s personal income tax 


Sir Douglas has asked Ihe Thc accounts also highlight ...... , ^ . 

‘”°5r Revenue to make sure that Us possible 3 0u-e of the present n'BjJ 

existing powers are adequate and sjslcm whereby duty free crucial 11 fa id North by-election 

to take steps to collect taxes due "samples’' from bonded >ioeks of next month herns snatched front 

more soee'dilv than ai present Scotch whisk) arc released Fnr their grasp as Ihe man who held 

"ol in m>rfcetiB8 and promotional the seal, for them for 20 years 

forecast die outcome of* die purpuses announced he was standing as an 

The quantities ,n . question Independent. 

r . , reason -to doubt that Mr. Smith has been closely identified with whal are lh . ., par ip„ it j ma .p 

-emy Thorpe, Liberal and those associated with the the Anglo-U.S. proposals. an n d Afferent objectives of 

t on foreign -affairs, Salisbury agreement represented Dr. Owen said there were Government*” ° 3 0 

:h Dr. Owen that it was between them, the majority of ail positive things that needed to be . .. 

irahle that the Govern- races in Rhodesia. . ... done, particularly within the ,. The Proms Minister believed Government departments n review --- --- c Uf . h a suiit in the Torv vote 

ild not pass judgment “As this ls--the. most; hopqful framework of trying to get the «*»» »l , wa « essentia] to have } ha , l t g„ r failure of The report goes out of Us w-y a ^unted to about 250.000 proof Such a wU\m VM Tory tote 

r the other, on the'SaVthing that has ' happeiaea.. In greatest pegree o r international synchronised campaign oh J ec - companies to appiv PAYE to ail to draw attention to the frequcni pHons a year, representing a he^eeiy the official rand 

reement until greater Rhodesia for years why. to the acceptance for a Rhodesia settle- ^JLlJL**^^*!^**!* directons’ salaries and other fees practice far the controlling direc- oss or up to £7m. of revenue lo ‘ 

s available. But, he name bf heaven, does not. the ment. . w u * *S*SS£ oillc? eS ^counts for the bulk of out- turs of private companies to drew ^ nt Custoras and Exc '« De P art ' en C y beiween 1954 and October 

did seem that what Foreign Secretary welcome U7* But in urging the House to such a - reed P ollc > existed ’ standing PAYE arrears. By the money via loan accounts, with- aior,t - milffSwiinemltLSSir- 

agreed was a significant he demanded. I—. continue with a largely bipartisan Unless the leading nations end 0 M975. these stood ai ESOm.. out any automatic lax deducuun. No direct information was '” in iL c«i it« Zir 

towards the achieve- Dr. Owen replied that he had approach to Rhodesia, he refused agreed on some policies for 19/S. four times the 1966 figure. Sir Douglas warned that tf available or the ultimate use or rn a r 0 s„ni^ «„ t i ' 

ife- tD associate himself with the the figure or 16m. unemployed in sir Douglas Henley. Comp- these dravines involved re- the samples. But the depart- »: . ' „ nni^ : 

criticism of Mr. Young whose the OECD countries would r*se. troiler and Auditor General, uiuneraiiun. they had a good ment. says the report, has long rit.rp ate( i in t h e iast general ele^' 

tiller been aware that it is not un- u„ y-e onipc ■ niaanine fhat" 

ire possible to have a cessation lions common far such samples to be ln n „,Lril n ; • 

?d that it. would be of viotenee’ it wduld be far easier nrds. added lo duty paid slocks or sold 1 :_ n ' 

it. would 

. to make^t iadgmqut ’ tp r haye; ^ proper test df;ogiltiprv 

are test 

4 reminded Toiy MPs Commons: agreed that it con- 
-pproval of the United fanned with the six principles. 

SSL Any , test Of imernational 

before the economic 

Dr. Owen then envisaged 
farther talks involving all the 
parties, including the Patriotic 
Front, which he hoped would 
bring about thp compromise 
needed to brine them all 

March. MPs were uneasy about 
the objections which had been 
made to it in the EEC. 

Mr. Douglas Hoyle fLab. 
Nelson and Colne! said that any 
attempt to take the U.K. to the 
European Court over ihe scheme 
would incur the wrath of ihe 
British people. 

Mr. Callaghan told him that he 
was pleased to see that the 
European trade unions had 
recently made a concerted pro¬ 
test to the European Commission 
on this matter. 

The scheme had been devised 

Walker hits at Tory ‘worship 
of free market gods’ 

to cope 

L-neme nan urrii nhilrvsmhv 

with conditions of bleb 


MR. PETER WALKER, the dogma 
former Tory Cabinet Minister “It-is. 
Iasi night expounded his spectacle 

indeed, a depressing 
to watch a filial5 but 

of “extreme vocal and apparently influential 
.in iBfnn ihai jpi him wfii/in nf the nnrtv limv Jiiwn :o 

Until yepterday. this had looked 
a certainty. 

Now. however, the way hast' 
sudenly been thrown open faF 
Mrs. Tessa Jowell. the Labour*- 
candidate, to score 3 famous . 
victory. Not only would this 
\ provide a handso'me fillip tix. 

Government morale, it woultf 
also prop up its Parliamentary, 

Mr. Iremonger. 61. wist’ 
dropped at a re-adoption meet- 
Equally futile was the way tn'ing after his October 1974. 
which the British two-party defeat. Last night, he said his 

a decision to run as an “ Indepen-.. 
.. dent Conservative Democrat " - 
was in response in demands from. 

had ossified 
19th century 

Any.., lest 

operating 'against acceptability should not be 

jould be lifted. dependent on the Soviet Union, 

'forecast that the Salta- w^ich was not a democratic together. 

’ment would collapse .country, nor the U.S. “ whose As for the position 
-by Mr. Andrew Faulds experience of civil rights Is interim government, he believed 
ley E.i. He urged the fairly, recent." * that the House of Commons 

?cretary to persist; in Dr Owen retorted that the first w° u,d wam ,0 be ^ lsUre , .... 

^10 etteure the mciiwion tes j. musl -b e whether the settle- eventual transition to full Mr. Bryan Gould t Lah. in ., ant j tma/nvment to Europe the “ h tuple slncantssnu ’ if u.iter iri ihr Sahara dc^t-rr." Mr. the local parly wanted to have a , 
itriotic rront in tne men j was acceptable to the independent government and of Southampton Test) asked him to 3 ‘ ri (| race relations in^'siimi «m idealnaiiev Thcrt* were on-tin-lc Walker said Poiiticnn- and Central Office man instead why'? 

■s oefore Rhodesia was people or Rhodesia as a whole. Ji constitution of an in depen- ensure, by means of exchange. tbe n< , e(1 trtiprQ Ve. above all. rsil.v.- for dell ni ns rhe Iiint: if people needed to be smded by Because I was too independent." . 

would then be for the British dent Zimbabwe before making rate policy. Ihat North Sea oil lhp position of Dip wnrst-off Covernm»*ni intervention and no more than temporary expedience. "1 would never hare dreamt 

“ * l ■' J - ! - ! revenues were not frittered away ^ithotch he delivered a btin^- crmmmeiric formula fur coniiol- Britain had suffered from day-io- of standing without this pressure: 

in a flood of manufactured im¬ 

Mr. Callaghan replied that ex- 


usion of’the Patriotic Government and Parliament to the-sort of decisions which Mr. 

Faulds warned, would decide whether that acceptance Macmillan had in mind, 
developmeut of a civil was "valid." - When (he Salisbury settlement 

✓ would set the whole Wr ;^ 0 b e rt Hughes fLab Aber- was discussed In the House of 

i Africa ablaze. deeo N.) pointed out that among Lords. Lord George-Brown, a 

replied: “I want the t he issues that still had to be former Labour Korean Secre- „ 1Jona . monetary system, 

if none of the parties, resolved was the control 0 / law tary, who was highly critical of a j t h 0UH h it could hardly be die- s P e ? l ’ h will b 
'^S?il D r na ?nJ and order in Rhodesia during the D^Ojen ^lier in| the week nifi * Ith the natne 0 f "system” "ijicism o 
together and have transitional period. showed that he now took a more - 

striven for a greater • ,. n - w lhl , as favourable view. 

■ unit, amon* fte ^ tlv °^ P ’^sbop He described 

,ns atiacb on ■Slaw .nciDlui.'‘ ,,ni: lh ' 

day Gnvcmnicnl for tou Urns. 

and (he “ uui-daicd and narrow 

change nte policy was in .some XStaSl“ l wJ&" 


way a reflection of the inter- 






Labnur I-efL Mr. Walker’s 
hp most noted for 11? 
ThaicherMe and 

at the moment. It was. he said. J°*cphne i^ticics. 
much more difficult to control In terms which .-teemed to end 
statement exchange rates than some he- the last hneerlna possibility of a 

Call for 1922 Committee 
to improve contacts 


on me to do so." said Mr Ire-’ 
monger. "If you don’t life**-- 
being bulldozed . if you wani . 

gut Conservative and .noi a ’ 
punk Tory nr crypto-Heathtie, 
then vote for me.” 

in practical terms. Conserva¬ 
tive chances in Ilford now rest ’ 
upon the fragile hope thal the;- 
number of votes Mr Iremonger . 
attracts will bp more than 

It should be possible 
do so with dignity and 

t. Secretary suggested-- 

He boped that those fad^ry solution would have to 
in Rhodesia would ofl r er a of bringing - back 
' jgernents which wooia jnl0 Rhodesia those now outside 
ISTkomo lo feel able fighting far their freedom 

.ate in fair and free e ,, ..._ ■ 

- ’ . Mr. Maurice Macmillan (C. 

Fare bam) maintained that if an- 
interim government was formed - 
- ™ tr Rrtahtnn without agreement from those 

the f?ews outside €n a basis which 
irig 1 Tories by^MDtend- accorded with the six principles 
t the end of the day. it-would be the responsibility of 
ibUi^ or otottwise^f the House of Commons to ensure 
al settlement reached lhatthe new regime was brausht 
y should only depend In as quickly and as peacefully - ^ 

Inflated salaries for Euro-MPs 
will be resisted, says Minister 


Thatcher’s team A BACKBENCH suswiuia |hul Comm.Mec of m alchod bv thc number of dis-'' 

md 1 . r fusioned Liberals returning to. 
,v* p , r the Tory fold. Opinion polls sug-’ 
the issue „ csl lhal fhe l6 6 share won b - 

, ... comments Ljbprais in the general elec- 

'^migration whtch appeared tion has now shrunk dramati- : 
,n ennfitet with those of Mrs. pally. 

Thatcher, and -argued that this 
was bad for the image of the 
parsy and for morale.. 

Ho proposed that Mr, Edward 
du Cann. 1922 chairman, and 
the executive, should look at the 
situation and see if closer con¬ 
tacts could he created. 

Neither Mr. du Cann nnr 
members of the executive made 
any response to Mr, Fletcher's 

suggestion, and the general view MRS. LENA JEGER.-Labour MP' 
was that the matter should be far Ilolborn and St Pancras 

Mrs. Jeger 
to quit at 
next election 

ter the House ; of as possible. 

listers will discuss 
Iget this week-end 


WILL firmly resist He was immediately pressed “ All of »s recognise how Jeremy Thorpe, Liberal spokes- allowed to rest. 

rFRMMFNT’S strategy seats a substantial break with will pc ai from me brace 

Tf IIL the ^-K.~ralght be given salaries on which 

any attempt to pav lavish and in-to be more precise about the obscene it would be Tor us 10 man on foreign affairs, he 

flated salaries M the members relationship which the Govern- sit back and allow British rejected suggestions that thc 

of the European Assembly. MPs ment wanted to establish with nationals elected to the Euro- Boundary Commission should be 

were assured last night when (he the salaries paid lo British MPs pcan Parliament to wallow in a required to consider oral a* well 

European Assembly Elections —a basic £8.270 a year. gravy Train of the proportions as written evidence when 

Bill .. completed -u passage Mr. Judd, who described some * hal kno ) v lake Pjace examining ihe boundaries for ihe 
through the Commons. 0 f tta: salaries mentioned in ,f "' e , were ,0 lose «■>' k,nd ° r 

Concern was expressed from speculative newspaper stories as contr ° • - . 

hoth’sides 0 / the House, particu- “grote'nue.” said that the “We are asking far ihe clear 
larly. by anti-Marketeers, about Government wanted to lake ihe acceptance of ihe Council of 

reports that once the assembly Westminster level as a “model.” Ministers that we want to con- 

is directly elected, the Euro- stressed: “We don’t em- ^ our ,. B S! 1 ?.. 1 Eur S l,can MPs 

MPs-^lbere will he 81 from tbc brace any concept of salaries salaries, she declared. 

Next week’s 

business nexi 

South. last night announced Ihat 
she will noi contest the next, 
general election. 

She told her local constituency' 
partyi “ This has boon s difficult 
decision. The fact that I am 83 
this year has. of course, some-- 
week Ihlng lo du with it.” . 

Mrs. Jeger. a journalist, broad-- 
Assist- caster and author, has been MP - 

SE .^SSSSSS wan* °< ^ level's Ripppp - '“ler “I .he ,he EEC. 

ckaee taken * the wide variation In the pay- wou | d be fiscd befare ^ p ariiamenL, m the EEC.. Conservative dclesaiion to ihe FRIDAY—Private members' Bills. 

C 8 with the support ° eC S Ons L a . : u mento made fa ihe tnenibers of directly elected assembly came Moving third reading of the European Assembly, defended Lords debates are: 

197S Euru-cnn^tituencies in ihe LOlltiO.XS 
rest of the U.K. will be- 

If oral evidence were per- Monday—Home Purchase 
milted, the Boundary Com mis- a nee and Housing Corporaioin for the constituency from 1953 
sion would need a further 12 Bill. Employment Subsidies Bill, to 1959 a r*d since 1964.' She suc- 
weeks 10 complete us (ask and second readings. ceeded he. busband. Dr. Santo 

this might involve complications TUESDAY—Debales on taxation. Jogcr. who won the seat in 1951 
when lac nexi target dale Fnr and on MPs’ secretaries and re- and held it until his death in 
' ‘ ‘ ‘ ' ‘ 1953. 



At thc October 1974 general 
election, her majority was 5.441. 

Army strength 

«2 Minister has been Central to the discussions will the national Parliaments of the int0 being, and that a debate Bill. Mr. Merlyn Rees. Home his *tand on the need in safe- TUESDAY — Participation Agree- to* dampen ^ competing demands for m ne EEC countries. would fake place m the House or Secretary. emphasised the aiiard the imprests of Ihe British merits Bill, third reading: Sup- 

1 about a “ give-away increased public expend!- g u ; the decision would Commons befare a Anal decision importance of the provision fishing industry - . passion of Terrorism Bill, cpm- 

Thte cautious attitude lure and for mX& ln d,recI rest with the Council of was reached by the Council of authorising the liseaf the single He did noi see why he should mittee: Shipbuilding fRedunrianry . 

underlined this week . - ■ Ministers, and would be subject Ministers. transferable vote system ».f be criticised and called “a had Payments) Bill, second reading: THE STRENGTH of ihe British 

Treasury forecasts Although not on the agenda, fa the unanimity rule. “I under- Mrs. Barbara Castle. (Lab., proportional representation far European ” for telling the other debate on disarmament. Army in January this year-was 

”said fa U be gloonfy Ministers 5 uonld also briefly dis- line the determination of the Blackburn) had argued that the the election of. the three EEC members what was intended IVEDNESDAY—Debate on profii- 1‘0-500. compared witir 1 80.500:’. 

■ent account prospects cuss tactics for the forthcoming Government, on no account to crux of the argument was not members for Jffle .sinsle.. con- by the provisions, inserted in the sharing. in March. 15;4 Mr. Bob Brown; -. 

5 te ’of afowtn of output negotiations vrith-trade union agree to a salary scale, which is the level of salaries| but that the stiruency which will cover .the Treaty j.f Accession • THURSDAY—Theft Bill, report: Defence.lnder-Sccretary. said in 

’ . «Sh’£» waee bareatoiiiB inflationarv bv Westminster decision on them should be left whole of Northern -Ireland The Bill now goes to ti 

r policies. 

jquers- m eetin g repce- after Phase Three -ends in July, standards,” be declared. 

to national Parliaments, 

Despite pressure from Mr. of Lords. 

goes to the House Blasphemy rAbolition of Offence) a Commons* written' reply 

Bill, second reading. 





Removing burrs from 
a labyrinth 

UP TO 50 pp.r cent $ured on 
manual debiirnna time is the 
estimate for a 1.000-ainp electro 
chemical machining unit designed 
by Tl Healy. now being used in 
fine finishing of an estremely 
complex aluminium alloy reheat 
Fuel control unit for the Tornado 
mufri - rule combat aircraft's 
RB-199 engine. 

Under production by Dowry, 
this unit starts life as a 3011b 
block of forged aluminium alloy 
and ends up as a 15-lb structure 
after J39 bored or drilled holes 
nr various sizes have heen 

As can he seen from the illus¬ 
tration. the tncidp of thp unit is 
* labyrinth of hole?.. And because 
of ns function*, no burrs or 
vouch natche* inav bp lefi inside 
anv of its channel 4 . 

- Thu*, each unit demanded 
many hour*, of delicate manual 
rMuimnc with the type of tools 
ll lustra led 

Electro - i-hcmiul machining 
experts were called in :o look at 
the problem which could have 

caused f bottleneck in produc¬ 
tion. They designed a set of 
electrodes to cope with the com¬ 
plex internal geometry of rje 
block and showed that the results 
of the EOT operation was a 
mirror-like finish satisfying the 
requirement that the controller 
had to be accurate in its dimen¬ 
sions to within half a thou. 

Prone* uf appropriate sizes 
are pushed into the holes in the 
block and ••odium nitrate solu¬ 
tion pumped Lhrough tubes 
attached to them. When a current 
i- passed, electrolytic action 
dissolves the fragments of 
aluminium left behind by the 
machining operation and the 
resulting aluminium hydrovide 
is flushed a ■•'ay with the electro¬ 

Pru«-ea*in r time for the hui*-» 
■•aries between 5 and 30 seconds 
and while 'he EC.M equipment 
has iro^l about £20.000. savings of 
some £7.000 annually over 
manual working can he expected 
when the aircraft reaches full 


f Caotrol 


Stronger skirts for hovercraft 

• \jK • /.? • ■ ■ 

production levels in about two with hydrogen. None saiis- 
ycars. factory. 

Various jtner methods of p' f »- Further details of the Viburr 
ducnig the high finish demanded equipment used in this difficult 
were trmd. including diamond application from Tf Heal". FOB 
homns and power driven brushes ns. Coventry CV4 9DA. C«v. entry 
a# well thermal dcburring 75521. 


Fast repair 
of small 
bore pipes 

ONE METHOD of dealing Mth 
repairs or maintenance of pipe 
fyntem? i; ;o freer* a feci ion nf 
the pipe and it? contents tu form 
a plug, and thu?' stop the flow of 
liquid. The BCB Group. which 
his bei*n offering such a se;"ice 
‘of sovno time. I# expandins its 
operation* in this field and is 


now *»!t;Tij up a radio-con trolled 
mantle unit which can be rushed 
'0 site-. where there is a problem 
with small-bore pipes. 

Engineer; will be equipped to 
tackle a vanity of jobs, from the 
removal of small radiator valves 
io the insertion of netv branches 
and the modification or re-routing 
of hs£h pressure pipelines with¬ 
out draining or ciOflTt? down a 

The *er. i'.e i? to be provided 
by a new •-rnnpan* set up ay the 
BCB Group called -fetfreeze It* 
hcadquartei * are .'it 18-20 Crun- 
den Hoad. S'iijta Croydon Surre ■■•■ 
101-6? I 21)61! 

Aids silt dispersal 

HEAVY MUD. clay, sewage and 
-II? ran be d;sper«ed. according to 
Forward Chemical*, with * com¬ 
pound developed by the company 
to deni with problem? caused by 
sediment in drains. 

Called Sillexol. v causes the 
grains in the sediment to 
agglomerate. forming larger 
particles. This increases the sedi¬ 
ment Telocity and urgent* forma¬ 
tion of a compact layer on seitle- 
-.nem. enabling *ettleable 

•mild* to be Hushed away. It is 
claimed that trie compound.also 

keeps the sediment in suspension, 
once u has been moved by Rush¬ 
ing. so that n does not rede posit 
elsewhere in the system. 

Application is two gallons per 
1.000 feet of 12 inch pipe- The 
compound i* stated to he non¬ 
toxic. non-flammable, non-irritant, 
aad completely biodegradable, 
with no harmful effects on the 
natural bacteria in sewage 
systems or septic tanks. 

Details from the maker at F O. 
Box 12. Waterloo Roi*d. Wnines. 
Cheshire 1 051-324-9441 < • 

ONE nf the major problems of 
operators of cross-channel hover¬ 
craft services is Ihe maintenance 
and replacement of the skirts. 

These take great punishment 
borh when the craft is on land 
and sea and a considerable 
amount of research and develop¬ 
ment has been taking place over 
the past few years to improve 
their durability 

Avon Industrial Polymers 
iMelksiianu has been foremost 
in the research and during a 
Uovernment-backed research pro¬ 
gramme lasting for over five 
years has succeeded in making 
major improvements,which will 

Passengers may rocket 

JAPAN AIR LINES is ndw transit applications. In nonhal 
developing a High Speed Surface operation, with passengers being. 
Transport tHSSTi system carried in' 120-seat ears. atl'HSST 
designed to’transfer passengers would cover the 'distance to 
from airports to city centres in Narita in 14 minutes with no 
much shorter times than hitherto noise or pollution, 
possible. Tests on tbe Kawasaki trj*ck 

Experiments recently on a test used rocket-powered assistance, 
track- a; Kawasaki, near Tokyo, which was switched on when the 
with an unmanned prototype HSST was travelling at pver.93 : 
velvrlct have achieved speeds of mph. and cut out at around 180 
more than 191 mph. The HSST mph. The vehicle then continued 
i* powered by an electric linear to accelerate under its..own' 
induction motor which has no power to reach, its top. speed-of 
moving parr? and is pollution- over 191 mph. * 

free. The HSST has no wheels Th*> JAL engineers see/the. 
hut floats IS mm above its track HSST'as the eventual answer-To 
by mean* of magnetic levitation. ; the problem of transferring large 
The HSST is heme developed numbers of passengers to- and 
h\ J.\L engineer* to provide a from airports that will have .Ur'be 
mean's of rapid transport built much further away from 
primarily between downtown city centres to avoid causing 
Tokvo and the new airport at noise and pollution nuisance-to 

Narita. 41 milps outside the city, large population*. . 

hut it could have other mass .. . HICHAEL DONNE 

Lightweight self-loader 

CAPABLE OF being driven ing the Ford A and D series, 
without a heavy good* vehicle the Dodge Commando range, 
licence is the latest lightweight Leyland Terriers and Bedford 
version of the Brimec self- KG and KD. 
loading truck. As in the heavy According to tbe maker, the 
duty model.*, the load bed is protoivpe, built to the order Df 
hydraulically activated and can George Wimpev and Co., has 
be tilted for loading or unload- attracted attention from the 
j r ‘S- motoring * organisations, . c&r 

A huilt-in electric winch allows recovery companies. police 
one man to pick up or .discharge forces. building contractors., 
the payload in three minutes, garages, and other organisations* 
The lightweight version can be which need, to move disabled 
fitted to a varietv of commercial vehicles or small items of plant 
vehicle chassis-cab units, jnclud- PrJcw for ^ lightweight 

loader start, from 13.700. depend¬ 
ing on specification. 

Details from Brimec (UJU), 
Chapel Lane. Clay Hill Bristol 
BS5 iTL (0272 659511). 


for industry 


R• i. i-• f*■ - St..-1 f ■ • • ' 


extend the life of skirt conjpa-’si&n Vas developed by Avon 
□ents. Processed Polymers. There were 

As a result of ail this work, at first great difficulties in achie*- 
A*-on has heen given an order satisfactory adhesion of the 
for skirt components worth over coating tP the fabric but Avon 
£400.000 hy Hnverlloyd which nffW thinks it has fully resolved 
this year will have four Mount- thes^ problems, 
batten class SRN4 hovercraft .in m 1077 . Hoveriioyd 

service between Pegwell Bay and J record urn. passengers 

Cala,!} - and 211.000 vehicles across the 

Tbe replacement. coraponeBts^hannel and expects to exceed 
each about 14 feet long, 6 fee* greatlv these numbers this year. 1 , 

high and weighing only 33 lbs, However all operations depend flflWPF" 11 1111 

are mad? from rubber-coated- on t h e strength of the skirts ano Jk'Vr ▼ » 

nylnn fabric The purpose-made Avon 1 * expected to produce 
rubber coaling which gives the several thousand components for 
much-needed resistance to abw-. these over tbe neJrt nine months. 


guided by 

METRO trains on the Tyne and 
Wear Supertram system will be 
guided by equipment wbifeh -fcato- 
rhines the Philips Vetag vehicle 
identification systems with micro¬ 
processor decentral¬ 
ised control • 

This positive tram identifica¬ 
tion system, awarded to tbe com¬ 
pany as tho outcome of sharply 
contested bidding From several 
other groups, was judged- to be 
essential because of the planned 
running speeds and frequency of 
services as well as the complexity 
of the layout. '' ' . 

Positive train identification is 
called for over -55 km of new 
and existing track'.' as well as 42 
stations. Train-borne -equipment 
is required for 90. car: and toco- 
motive sets. 

‘. Platform indicators will be in¬ 
stalled and controlled by the-sys¬ 
tem at 14' stations and routes 
will be set automatically through 
the points and junctions via .a 
translator working to the ten 
metro signalling interlocking 

These ten sites will each have 
a compact computer to. provide 
decentralised-control.' But all are 
linked to a central machine io 
be located at Gosforth where com¬ 
plete information - on-. the r .rail 
system is collected and displayed. 

The system gives.constant train 
location coupled-, with a high 
degree, uf automation- in strain 
guidance.' .- • 

More from Philips at Arundel 
Great Court, 8‘Arundel Street, 
London YVC2R 3DT. 01 836 4380. 

BRITISH Post Office approval 
been received for the Pll 
hybrid no-break power sup; 
for use with IBM's 3750 PA! 
system. Because tbe hybrid, v 
originally designed to supply 1 
interruptible power for this « 
munications system computer, 
meets both IBM and P.O. spec 
cations. It is, however, suital 
for many other applicatir 
requiring high power sup; 

integrity. __ r -.r* 

Slain attributes of*,the eqtf 
meat are that it normally -rt 
at about 94 per cent efiicier. 
(compared wiib about 85 la 
cent. for traditional 
inverter systems). It^ha^yehf t 
operating noise levels, typici 
below S4 dBA, and is about h 
the size of comparable units.-. 

It consists of an a Items 1 
mounted on tbe same shaft ai 
dc motor. 'Tbe motor is po'tver-fO 
.from stand-by batteries: . f» !L 
heart of tbe system however js-f 
static .switch; -This - ,,jV- 

device senses tbe raaLns supp - 
which normally passes thrau ,| |A J 
it direct to th^ load, and ^ 
hack to fh'e alternator. In ti . 
mode tbe alternator behaves It 
a motor, driving the-dc-mot 
and causing it to .behave af 
dc generator.. In', this' way *i • 
stancf-by batteries are cons tonj 
being charged-- . - 

When a mains-failure occu 
tbe static switch, senses the ;fe 
and instantaneously conh.ectetfi 
load direct to the alfertiatQr:pt 
put The batteries provide;^ 
power to drive the- ilternatqr^y 
the dc rnotoi 1 , thus' mamtainii - 
load power.- .-vs 

Filler claims "that' reliabil ity- 
-extremely high. MTBFV . . 
excess of 180.000 itonrs <I9-yebf' 
operational life;) would-be qqj. 
normaL Only occasieoal^roaty 

maintenance is ^require d.; 

, p4iler (C.K.) en 0285^377;' 

New source for oxidised wax 

SUCCESSFUL operation .of a 
small production scale plant has 
encouraged Carless Chemicals to 
invest over £}m. in the construc¬ 
tion of a major processing plant 
af Middlesbrough for tbe ftftnu- 
facture of high quality oxidised 
wax. - 1 ■ ■ - ■ .M.-i 

Expected to come on stream in*, 
about six months, tbe-' plarft wifi 
have a rated capacity of ovef 
5.000 tons/year. Advanced on¬ 
line analytical techniques will 
provide continuous readout 1 of- 
the molecular structure of the 
product to ensure uniform 


This type of wax is used in 
Europe for the production of 
corrosion resistant coatings, and 
other specialised applications. At 
present almost all the oxidised 
wax is imported from the U.S., 
and European sales growth has 
been restricted because of 
recent difficulties' over supplies 
of specialised wax feedstock in 
(he Stales. The basic raw 
material is heavy crude. 

According to Caries*, the 
quality, of Ihe imported wax has 
not bieeivas high as 'European 
manufacturers would like, and 
*h's has nlso limited market 
development. The company 
cianns that its product, based on 
reasonably secure • European' 
sources, r* of much higher 
luality. and quotes an aromatic 

content of less than 5 per cent 
When in solution the colour, is 
very light and. there is almost 
no sediment 

Within its current limitations 
the West European market for 
o.fidised' wax is about' l2.tK® 
tons/year, hut Carless is ronfir 
dentr.^hat. h£ providingEuriP 
pean source of "bigtr quality w^x 
the market" can fie substantially 
increased. The new plant should 
meet the increasing demand for 
the nexi 'fivp yfetfrs- 1 ;■ - 

Tbe oxidation process used 
was developed by Carless Chemi¬ 
cals in a two-year research pro¬ 
ject at its Middlesbrough labora¬ 
tories! and Is the subject of a 
patent application.-Research' was 
specifically, directed towards a 
process that, could: .cater for a 
wide variation in-feedstock wax 
specification.; . \ 

At- present the company is un¬ 
willing to reveal details of the 
process, but would be interested 
in discussing licensing arrange¬ 
ments for the construction of 
similar plant not likely to be 
competitive in tbe European 

Further related products in 
(he fatty acid field are under 
development, which tht com¬ 
pany expects to announce later 
this yea).'Carfess Chemicals sAys. 
Its has no-pians for formulation, 
and :therefore' will nnt be com¬ 

peting with its customers for fi 
oxidate, or in selling 
. products. It is investigating*ad* 
.applications for . the oxidised 
such as application to wire rogr: 
where the qxida te ,would act bo¬ 
as a corrosion iAhihitar .and'..'. 
lubrScanL-' .'-L_ 

_cpqtalnjug sohdifiedLwax. but ! 
company will be offering I 
delivery of molten wax (usix 
.fieet of wt-rq twkersV ■■ 

■ ’'•'DetaUs : fro* “ CaTless CWaa 
cals. All Saints Refinery. Carg 
Fleet Road. Middledxrouji 
Cleveland TS3 6AF-. (06} 
248557), a wholly owned si§ 
si diary of Carless Capel an 


static and 
transportable units 
from 3KVAto750KVA. 
Baseioad, standby 
or no brake systems. 
Sale or rental. 

TELCOS 1.-761 1434 
7-StEX 668850 - - 


The Arab world is the richer for a new and powerful bank, the 
Albank Alsaudi Alhollandi. As the name suggests the Saudis and the 
Dutch have ioined forces to create a new bank. This marriage of Dutch 
international banking expertise and Arab wisdom and influence 
promises to bring many benefits to Saudi Arabia. 

The Dutch partner in the new bank is Algemene Bank 
Nederland which has been in business for 150 years and has already 
been established in Saudi Arabia for 50 years. In addition, the ABN- 
Bank has vast know-trim* throughout its oflGccs in 40 countries on the 
five continents. 

To this fund of banking knowledge Saudi Arabia now adds its 
potential and its Arab influence, together with the value of local Arab 
involvement that offers so much to the international businessmen. 

The banking skills and financial influence that make up the 
Albank Alsaudi Alhollandi introduce to the Middle East a truly 
modern bank of international strength and sophisticated facilities. 

^AotmirdiJr Albank Alsaudi 


Stops fleet 
fuel theft 

ALTHOUGH seldom precisely 
articulated- a problem for 
vehicle fleet operators is ihe risk 
of criminal collusion between 
their own driver* and the staff 
of filling stations where the com¬ 
pany operating the vehicles has 
an account. 

Thu* the volume of fuel 
invoiced tan exceed tha? used 
in running the vehicles: the 
difference has gone into the 
tanks, or by further manipula¬ 
tion. into the pockets. of 
employees on both sides. 

A system called Fuelsafe from 
Centaur Electronics Systems of 
Oldham should help matters. It 
i* analogous to a hank cash 
card, dispensing fuel rather 
than money. 

To re-fuel, the driver inserts 
a card, unique to him. into o 
reader which then signals the 
pump to deliver ihe prescribed 
amount nf fuel—hut- only after 
It. has verified the' validity of 
the card. Actual volume dis¬ 
pensed is monitored by a record¬ 
ing system consisting of digital 
counters and a printer. This 
can be installed either, at. the 
filling station or via phone lines 
at the operator's offices. 

Tbe advantages are apparent: 
there is a precise check of fuel 
drawn, precluding any possible 
disagreement. " .Furthermore, 
rh* miles ppr gallon figures for 
*a<’h individual vehicle can In* 
kcnt under close -scrutiny and 
«n>. .sudden., variation' .can lie 
kinked at straight away. Action 
-'.in lie taken before a problem 
readies serious proportions. 

Security is additionally 
assured by the fact that the 
units are tamperproof and 
weatherproof and that there are 
100.OHO different code choices for 
the key-cards. 

More from the company at 
114 Eric Street, Oldham- Lancs, 
f061 620 6438). 

electrical wire &cab8e? 



| LONDON 07-567 8ffS ABE§U3EEN(Vm32355/2\ 

24Hc EMERGENCYNtMBER Ot 6373567 Eri ac>9 

: fe 

Brighten your day with a 
success story 

/ ’ 

f.V\V. b ^-ndustrydunna and relocation. 

■;.Vv\ Alreadi-morc than 170 companies have 
settled here: 

^ »'..’A The Corporation*3curren tLhiH |d.p[c .- 

* programme wHl provide a wldscihdfe* 
t*-7.c53*^ of industrial premises In 1S78- from 

• - smalt'nursery anits'to factories and 
warehouses up to 20 , 000 square feet.Xeasshold ■ 

.. .serviced sites are available immediately. 

. Government grants areevaHableandsubBtantial rent 

concessions misapply. Houatna.-wtll be provided for all; and the 
: fceytnan who come with newindustry can be ho used 

Modern docks are close at hamd. aadliisb new motorways 

Cwmbran’s modern Iactori«wtth every part ‘ 
of Britain-Bir m in gh a m in 90 minutes by HaJ.MS, Londisn to 
Htfle more t hgt tw o hoars by ail, or W mhriKeahy the new . 

' Gpt rhcfffltts about Cwmbran, wh«84Sj»oj»opi6eaJo7.everr 
. ftcUttytor work and leisore. PJeaa&.uaj the write 
- orMlcpbonetoday. v*: - ; • - . j|* 

8 To B.J*. lUry.Jau, General Mtawncr. 

B Cimftrttn D^&wpmentCfirponjaon, Quint - 5 ^ 

CicvidraK, GvxnfaTi3X7. Wales, fdep 

I §!:>+ 

f v - - .|fc ? , 

■ Compahy-1:_:_ ; "" • • •" - .5S£, 'f 

^Address - •• ■- ‘:v:- - -TT 50 ' 







■ te 



Friday February 17 1978 

"• ii’. - . 



Like a number of other oil-rich developing nations, Trinidad and Tobago is having to cope with 
the problems of sudden wealth. The process of rebuilding the economy is under way, but a 
number of structural problems still need to be solved, notably a high rate of unemployment. 




ihn McCaughey 

LL its ineradicable image 
of golden beaches and 
se seas, the Caribbean 
i developing region—and 
hedly poor one. buffeted 
Id recessions and its own 
resources. The world 
may daydream of a 
of weeks’ break there, 
ndreds of.thousands of 
. ndians while away tbe4r 
n a protracted and coni' 
-■ Caribbean holiday. - 
ifiilly, there is an excep- 
Triiridad and Tobago, 
; gained its independence 
irftain in 1962. is still, a 
>ing country and is far 
aving solved all its prob- 
3ut it is rich. Thanks to 
and natural gas, it has 
;* a surt of “ island-in-the- 
/runi^veraion of a Middle 
,'PEC State. No official 
are yet available but. if 
nor oral servant is right, 
id’s real economic growth 
ar was between 9 and 10 
it.—one of the counriy’s 
•rformances ever, 
dad has been in the oil 
s for more than 70- years 

and last year corporation tax— 
most of it paid by. the oil sector 
^—yielded nearly TTS1.5bn. 
<£357m.) in revenue. Oil pro¬ 
duction, both on land and off¬ 
shore, continues to rise steadily 
and totalled 83.5m. barrels in 

The Government owns one oil 
company fTRINTOC. formerly 
Shell Trinidad), has a majority 
holding in another (Trinidad- 
Tesoro Petroleum) and has had 
talks with Texaco Trinidad Inc. 
with a view to acquiring a share 
in its operations. Over the past 
ten years the Government of 
Prime ' Minister -Dr:’ Eric 
Williams has been playing an 
increasingly large role in the 
local nil Industry and' has ener¬ 
getically fostered both increased 
exploration and production. 

However, it has been the 
recent discoveries of yeiy sub¬ 
stantial quantities of natural 
gas that have assured Trinidad 
-of continuing prosperity and 
have laid the basis-for its future 
as a major industriaL'cerntre m 
the Caribbean- 

The oil companies which have 
found the gas estimate that 
there could he mot;e /’"than 
17,000bn. standard cubic feet 
(scf) in three marine areas 
around 'the two iislands—a 
figure ^beyond the most opti¬ 
mistic expectations - of the 
Government and enough, to last 
Trinidad far nearly a century at 
an extraction Tate of 500m. sef 
per day. 

The gas gives Trinidad s con¬ 
siderable edge over its principal 
Caribbean rivals, Puerto Rico 
and Jamaica. The Williams 
Government has beetrgiiick to 
use its bargaining powers w^th 
the oil companies to persuade 
them %n provide cheap gaslrfor 

the generation of power locally. 
As energy is a key ingredient in 
most heavy industries, Trinidad 
has become considerably more 
attractive for investment capital. 
The gas will also be used to 
manufacture fertiliser, petro¬ 
chemicals, methanol and other 
products from which a wide 
range of downstream industries 


In addition, a number of dry 
gas wells have been located. 
This gas is available for export 
in liquefied ( LNG1 form and the 
Trinidad Government is im¬ 
mersed in negotiations with two 
American companies for the 
construction of on LNG plant on 
the island. The gas would be 
exported to the U.S.—an 
arrangement which could both 
help President Carter’s enemy 
programme and further enrich 

The happy coincidence in late 
1973 nf a quadrupling of oil 
prices together with the realisa¬ 
tion of the size of the gas dis¬ 
coveries prompted the Williams 
Government to wonder how it 
would spend all this money. It 
concluded after a number of 
studies that Ihe best use for 
the funds would be the restruc¬ 
turing of the Trinidadian 
economy by means of an am¬ 
bitious development programme 
centred on the creation of 
energy-based heavy industries. 

The major projects envisaged 
for this programme include an 
iron and steel mill, an alumi¬ 
nium smelter, two ammonia 
plants lone of which is now on 
stream), an 88MW gas-fired 
power station and a fertiliser 
plant. Dozens of other projects 

are being studied, ranging from 
accelerated growth in agro- 
industries to Ihe manufacture 
of offshore oil platforms, ex¬ 
panded petrochemical and 
cement production and hotel 
building for Tobago’s tourist 
industry. The focus of the 
industrialisation ■ programme 
will be tlie new Point Lisas in¬ 
dustrial estate on the west coast 
of Trinidad, where capital in¬ 
vestment in excess of £1.6bn. is 

Trinidad's "great leap for¬ 
ward " is. of course, not being 
achieved without considerable 
problems. Dr. Williams is as 
keenly aware of these as anyone 
and artfully took much of the 
wind out of his Parliamentary 
opposition's sails when he devo¬ 
ted a large part nf his budget 
speech last December to identi¬ 
fying troublesome areas. 

The construction industry, the 
Prime Minister pointed out 
was short of materials and 
skilled manpower—deficiencies 
which have been reflected in 
shortages of both Government 
buildings and especially nf low 
and middle income housing . 

Housing prices have gone up 
in Trinidad hy an average of 
more than 300 per cent in the 
last four years, a rate of 
increase roughly triple the rise 
in food and clothing prices. The 
Government's estimate that the 
country needs 10.000 new hous¬ 
ing units a year will place a 
severe strain on building 
materials and skills that are 
already in very short supply. 

Simultaneously Trinidad has 
a serious unemployment prob¬ 
lem, especially among the young 
people who make up almost 60 
per cent, of.the T.lm, popula¬ 

tion- The current jobless rate 
is estimated at around 14 per 
cent., although statistics in the 
area are held to he unreliable 
and to exaggerate the problem. 
Nonetheless there is a problem 
and it will be some consider¬ 
able time before the indus¬ 
trialisation programme makes 
any headway in alleviating it. 

Rising prices — everyone’s 
problem—have not by-passed 
Trinidad either. Like other de¬ 
veloping countries, it has 
suffered from imported infla¬ 
tion. Large wage settlements, 
high liquidity in the economy, 
inefficiencies in both the private 
and public sector and real 
estate speculation have also all 
lent impetus to the upward 
spiral. Inflation is now’ running 
at 12 per cent, annually, which 
is not catastrophic but is far 
from the 2.8 per cent. Trini¬ 
dadians grew accustomed to in 
the 1960s. 


A less apparent problem, but 
one that is central to Trinidad's 
development. is the role of 
science and technology. The 
country’s industrialisation pro¬ 
gramme. as the Prime Minister 
has been quick to point out, is 
distinguished by the high level 
of technology required in the 
various industries. 

"Steel, fertiliser, aluminium 
and petrochemicals are all pro¬ 
ducts the production of which 
has remained a virtual mono¬ 
poly of the developed coun¬ 
tries,” Dr. Williams told Parlia¬ 
ment In his 1977 budget speech. 
"Trinidad and Tobago, in em¬ 
barking on this industrialisation 
programme, will have to become 
more conscious nf the inter¬ 

national trading community and 
the various factors involved in 
the production and sale of these 
important products.” 

A subsequent Government 
While Paper devoted to the sub¬ 
ject urged some sweeping 
changes in Trinidad's policy to¬ 
wards higher education in re¬ 
search, science and technology. 

It criticised the gap between 
Trinidad's educational . policy 
and its national needs, the 
absence of any plan for tech¬ 
nology-oriented education, the 
proliferation of new institu¬ 
tions, councils, committees and 
advisory groups and an overall 
complete lack of co-ordination. 

The White Paper reemu - 
mended some sweeping changes 
in the existing institutional 
framework. These included a 
new National Institute for 
Higher Education f Research, 
Science and Technology; to em¬ 
brace a large number of east¬ 
ing bodies, a new Council for 
Science and Technology for 
Development, more bilateral 
technical cooperation pro¬ 
grammes. reform of the regional 
University of West Indies 
management structure and an 
increased contribution from the 
private sector towards the 
national effort in this field. 

It also gave a broad hint to 
Dr. Williams that one way to 
solve the problem might be to 
throw money at it. " Resources 
dedicated to this effort in the 
past." the report mused, in 
ponderous civil service 
language, "while significant by 
any standards, have not pro¬ 
duced the momentum needed to 
allow the desirable thrust for 
the future.” 

The White Paper's sideswipe 
at the management structure of 

the Caribbean-wide University 
of the West Indies is indicative 
of another nagging and un¬ 
resolved problem facing Trini¬ 
dad—its relations with the 12- 
nation Caribbean Community 
and Common Market (Caricom). 

Car i cam is at present 
almost moribund. Severe eco¬ 
nomic difficulties experienced 
by Jamaica and Guyana have 
obliged them to invoke trade 
restriction clauses in the Cari- 

cora Treaty and to sharply 
reduce their imports from other 
countries in the association. As 
Jamaica has the largest con¬ 
sumer market and Guyana the 
third largest in the group, these 
restrictions have seriously 
affected Trinidadian manufac¬ 

Dr. Williams has reacted to 
this with considerable pessi¬ 
mism and spoken of "the near- 
total collapse nf the Caricnm 
Treaty." The Trinidad Prime 
Minister has also refused to 
attend so far a Heads of Govern¬ 
ment meeting nf Caricora — a 
meeting which might offer some 
hope of a solution to the 
group’s difficulties. 

Political observers in Port of 
Spain say that the real reason 
for Dr. Williams's disenchant¬ 
ment with Caricom is not so 
much the irritating effect nf 
Jamaican and Guyanese pro¬ 
tectionism on Trinidadian 
exports but rather an antipathy 
on his part towards the growing 
role that Venezuela, Trinidad's 
neighbour, has been playing in 
the. Caribbean. 

This role Dr. Williams once 
went so far as to describe as 
“ neo-colonialism." He has also 
spoken of the need to preserve 
" the identity of the Caribbean " 
and to keep "Latin American 

political issues ” out of Caricom. 

Trinidad and Venezuela are 
engaged at the moment in a fish¬ 
ing dispute involving territorial 
waters. Although a settlement 
is in view. Dr. Williams has 
recalled that Venezuela has not 
so far formally abandoned its 
claim to two-thirds of Guyana's 
territory. He clearly has some 
suspicions that the neighbouring 
country could take a bite out 
of Trinidad's offshore oil and 
gas fields if. under any new 
Law of the Sea agreement, it 
were granted as its exclusive 
economic zone those portions of 
the Caribbean Sea to which it 
has laid claim. 

Other Caricom leaders fib 
nut share this distrust and dis¬ 
like of Venezuela. The resntt 
is an impasse during which 
Caricom itself rapidly 
approaches collapse. 

With a buoyant economy and 
the prospect of his new, energy- 
based industries coming on 
stream. Dr. Williams can afford 
to let these matters take their 
course for the moment. His 
Government is forming new 
economic links with countries 
such as Brazil and Colombia and 
has despatched teams to Japan, 
the EEC and the U.S. in search 
of markets for the products of 
Trinidad’s new industries. 

However, protectionism is far 
from quiescent in the latter 
countries, especially in the U.S. 
Trinidad may end up needing 
its Caricom links as much as 
its extra-Caricom ones. ;Tt 
would be ironic if the country 
had to devote the same crash 
national effort tn training diplo¬ 
mats and lobbyists as it pro¬ 
poses to devote to training 
scientists and technicians. i 

Message from the Minister of Petroleum and Mines 



A Young Nation Aspiring to Achieve 

j. 7 Since-Its achievement of Independence on 31st August, 1962, the petroleum resources of 
j the Nation have become the fulcrum of the economic and social transformation of Trinidad and 

.. ^ One Hundred and twenty years after the first well was drilled in Trinidad and Tobago crude 

— r^"jvoil production reached its highest level of 83.6 million barrels during 1977. The first commer- 
^?4ra!W^ial export of crude oil was made in 1910 and today, though a relatively small producer, Trinidad 
--ySfand Tobsgo exports as crude oil or refined products 90% of its indigenous petroleum production. 
4 fyiflfSfAIthoiigh record levels of production have been achieved there has been a significant decline in 
Jgp S&j ftSyprodnction from land fields which account for approximately 20% of the total production. Hou- 
v®' ever, as a result of incentives offered by the Government the decline on land has been arrested 
i . Cand secondary recovery and exploratoiy workr intensified. 

Offshore exploratiou commenced off the west coast of Trinidad in 1948 and the first commer- 
,cia! discovery was made in 1954, Since then- crude oil has also been discovered off the east 
jeoast of Trinidad and in 1977 the total offshore production was 67.1 million barrels. 

In recent years a number of discoveries of natural gas have been made off the north coast 
of Trinidad, off the west coast of Tobago and off the east and west coasts of Trinidad to the 
extent that today Trinidad and Tobago’s natural gas reserves are estimated as 17 trillion cubic 
feet Steps hare been taken to have the extent of these reserves confirmed by independent 
international consultants. 

? Tbe Government of Trinidad andTogabo is pursuing a policy aimed at transforming the 
economy of the country by widening and diversifying its productive base. The crude off and gas 
preserves of Trinidad and Tobago are the main instruments of this policy. Emphasis is being 
[placed on the development of manufacturing, industries which require natural gas as a raw 
material or which are energy intensive. 

As a result of this policy the following significant developments have taken place in recent 

(1) Electricity generation capacity has been increased from 284 megawatts in 1970 to 478 
megawatts in 1977. Additional capacity of 240 megawatts is to be installed by 1980. 

(2) A joint venture ammonia plant between the Government of Trinidad and Tobago and 
W. JR. Grace producing 1000 tonnes of ammonia per day was formally commissioned 
in November 1977. 

(3) Agreement has been reached with Amoco International Oil Company for another joint 
venture ammonia plant to produce 2000 tonnes per day. 

(4) Site preparation has commenced for the construction of a direct reduction steel plant 
to produce 440,600 tons/year of finished and semi-finished steel products. 

(5) A project for the upgrading of the wholly Government-owned Trintoc refinery is being 
actively developed. 

(6) An agreement for a joint venture Methanol Plant is to be signed shortly. 

(7) A contract will shortly be awarded for the expansion of cement production. 

(8) Discussions are continuing for the development of a number of petrochemical plants 
. and an aluminium smelter. 

In order to cater for the needs created hy the current industrial thrust, an Industrial Estate 
has been establisbed at Point Lisas on the west coast of Trinidad in which all the necessary 
infrastructure including deep water facilities are being established. In addition, a cross¬ 
country pipe line for transporting natural gas from production platforms off the east coast 
of Trinidad and Tobago to the Industrial Estate has been constructed.This 45 mile 24" pipe line 
is capable of handling at the present time 220 million cubic feet of gas per day. Planned 
expansion of the gas transmission system will increase its capacily to 400 million cubic feet 
per day by 1979. 

While it is determined to establish as many domestic and gas-utilising industries as possible, 
the Government has decided that subject to the findings of the independent study of the 
gas reserves of the country, to develop an LNG project with the Peoples Gas Company 
of Chicago and Tenneco Inc. of Houston. 

In the implementation of its industrial programme, the Government is conscious of the need 
for an international marketing presence and towards this end has decided to estabb'sh an inter¬ 
national marketing organisation with subsidiaries in at least three metropolitan centres, at least 
one of which is to be in Europe. 

In its strategy for overall economic and social advancement, the Government is particularly 
interested in the transfer of technology and acquisition of know-how, and therefore supports 
joint venture arrangements both in the private and public sectors in keeping with its well pub¬ 
licised guidelines. In order to ensure that the human resources necessary for the imple¬ 
mentation of its policies art available Government has restructured the education system with 
the emphasis being placeiHra vocational and technical education. In addition, it has recently 
published a White Paper on the establishment of an Institute of Higher Education which will 
represent the co-ordination of a national effort in science, technology', higher education, 
specialised training and extension services. 

Against this background Trinidad and Tobago looks forward with confidence and invites 
investors to participate in its social and economic transformation. 

Ministry of Petroleum and Mines 
r 4th Floor, Salvatori Bldg., 

Port of Spain, Trinidad Trinidad and Tobago. 

10th February 1978.: 



who to see first 

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Head Office - 3b Chancery Lana, Port of Spain, F.O.B. 287 
Head Office - 3b Chancery Lane. Port of Spain. P.O.B.-287 

A monthly bulletin on the Caribbean 

The Caribbean is an area af increasing economic and 
political significance. Can your company afford not to know 
what js happening there? ' 

Insight is the authoritative source of information on the 
whole Caribbean region. Written hy journalists specialising 
in the area and published by the West Indies Chronicle,, it. 
contains only facts, figures and accurate forecasts. Each 
month it presents in newsletter form: details of the latest 
economic and political developments; a summary of recent 
events; information on contracts, tariffs and tenders;, and 
news of relevant trends in Europe. 

If you need to know about the Caribbean, write without 
delay for a free specimen copy and subscription details to: 

or phone: 

The Editor 
48 Albemarle St 
London W1X 4AR 
01-629 6355 

'Financial Tiroes' PYitlay F^ruai^ : 


PLANNING FOR the future Is 
a subject that much occupies 
the minds of Trinidadian poli¬ 
ticians at the moment. But the 
man in the streets in Port of 
Spain, the capital, is not left 
out either. Stuck in the city's 
rush-hour traffic jams, he has 
time, if he is so inclined, to read 
several White Papers and a 
clutch of reports on the subject 
without being diverted from 
his task by any forward motion 
of his vehicle. 

Trinidad .and Tobago’s com¬ 
munications and infrastructure 
have failed to keep pace with 
tihe country's prosperity. Given 
the suddeness of that prosperity, 
it would be amazing if it were 
otherwise. However, if the coun¬ 
try is to reap the full benefits 
of its current oil and gas 
bonanza, plannins will have to 
be expert and the results not 
Ions delayed. 

The prohlems are moTe 
easily identified than the solu¬ 
tions. In addition to the inade¬ 
quate roads, there is a water 
shortage, a lack of telephones, 
port congestion in Port of Spain, 
inefficient public transport and 
periodic power blackouts. 

The Government is by no 
means unaware of these prnb- 
lems-^apart from anything else, 
the lyrics of the sardonic 
calypsns in which Trinidadians 
delight and excel provide a 
catchy commentary on every¬ 
thing that is malfunctioning in 
the society. 

So something is being done. 
Trinidad has abandoned formal 
five and ten-year plans and 
planning is to a large extent 
now'carried out by the man who 
dominates ■ local politics and 
whose party has been in power 
since 1956; Prime Minister Eric 

Dr. Williams’ chosen vehicle 
for revealing his plans is usually 
hi<i annual budget speech fhe is 
also Minister of Finance) in. 
December. Always present but 
rarely heard in Parliament, the 
66-year-old Prime Minister 
speaks for three or four hours 
on Budget Day. delivering what 
is invariably a comprehensive 
and meticulously organised 
critique of the economy and a 
detailed outline of his plans for 
the future. 

Two official bodies—'helped 
by a variety of specialised and 
Ministerial groups—assist bun 
in the planning field. 

The National Advisory 
Council (NAC>; sfet up a Tittle 
more than a year ago, is drawn 

from the academic, professional 
and business worlds. Its brief 
is to examine and advise on 
such subjects as taxation policy, 
public administration, diversifi¬ 
cation of the economy, medium- 
term planning, economic infra¬ 
structure. industrial relations 
and national ownership, and to 
report regularly, with recom¬ 
mendations to the cabinet 

Headed by an academic, some 
seven of the NACs members 
are businessmen—a rarity in 
such a Caribbean grouping and 
a fact which - -indicates the 
Government's desire 'to eschew 
ideology and tap private sector 
enterprise to help it gain full 
advantage from its- oil and gas 


.The second group is the 
Co-ordinating Task Force, which 
oversees progress and submits 
reports on all aspects of the 
industrial development pro¬ 
gramme. A small body formed 
in 1075. its members -include 
engineers and finance experts, 
with a brief to “ identify prob¬ 
lem areas and recommend solu¬ 
tions." It has responsibility for 
co-ordinating the efforts of the- 
private . sector, as well as 
Government departments. 

Deliberately kept down to less 
than a dozen members, it has 
proved to be a lively and ener¬ 
getic force, winning rare praise 
from, the Prime Minister in Par¬ 
liament “It is not to be 
supposed." Dr. Williams drily 
told the members-& propos this 
group, “that non-productivity is 
the hallmark of the entire 
public service." .. . 

Excluding Trinidad's indus¬ 
trialisation programme, the 
greatest planning efforts in the 
country are devoted to the 
public utilities, and one of tbe 
earliest of the 29 Special Fund? 
created by the Government from 
its oil and gas revenues was 
the Infrastructure Development 

The utilities are run by a 
mixed system of statutory 
boards created by Act of Parlia¬ 
ment (as in the case of water, 
electricity, the bus service and 
the port), a State-owned com¬ 
pany operating under , the com¬ 
panies ordinance (telephones) 
and direct Ministerial control of 
roads. With the .exception of 
roads, all fhe services ere also 1 
supervised - by a PubircTUnJities 
Commission (PUC», which has 

the sole power to agree rate 
increases and is expected to 
keep an eye on the. standard of 
.service provided. 

The Government, though, pro¬ 
vides the cash and investment 
funds and is tbe only source of 
capital available to the utilities. 
Commercial banks would .be 
unlikely to find the rate of 
retam attractive, assuming that 
there were any return to be 

Of these services, the water 
supply is probably the one that 
affects most people. Large areas 
of the Caribbean suffer from 
water shortages, especially in 
the dry season, and Trinidad is 
no exception. The problem 
became .sufficiently acute this 
year to prompt a lady columnist 
in one Port of Spain newspaper 
to devote many hundreds of 
words towards advising her 
readers on how tb persuade 
relatives visiting them for 
carnival time not to be profligate 
with the water supply. (She 
suggested quoting to the visitors 
an -amended Hatnlet soliloquy 
along the lines of "To flush, or 
not to flush . .. .”) 

In 1965, an attempt to solve 
the water problem was made by 
creating the Water and Sewer¬ 
age Authority (WAS A) from 
seven separate agencies pre¬ 
viously -concerned with obtain¬ 
ing and distributing the 
commodity. It was given 
responsibility for providing a 
satisfactory national supply, 
which has been falling as much 
as 25m. gallons a day short of 
demand in the dry season. 
WASA has set various schemes 
in train, including one dam and 
treatment plant in Caronl Arena 
in the west of Trinidad.- Some 
TT8l59m. will be spent on this 
scheme in 197S and ■ it should 
yield an additional 60m. gallons 

per day. However, completion 
is not anticipated before 1980. 
At the same time., the Govern¬ 
ment has earmarked another. 
TT$30m. to the short-term water 
supply project centred, on -the 
island's Northern Range "Valley. 

Telephoning in Trinidad can 
be a source of much frustration, 
especially to businessmen, and' 
the Trinidad and Tobago Tele¬ 
phone Company (Telco) is' 
engaged on a six-year pro¬ 
gramme which, by 1980, it is 
hoped, will provide any Trini¬ 
dadian who wan ts o ne with' a- 
telcphone. The 'TTSlOOin. pro¬ 
gramme involves the expansion 
of nine exchanges, the construc¬ 
tion of at least three more, re¬ 
placement’of many old, tiirh-of- 
century cables and the instaUa- 
tion of a total capacity of 99,000 
lines. I-t is anticipated- that this 
will dear an existing massive 
backlog of-applications for tele* 
phones at. the company .and 
eliminate such idiosyncrasies as 
being able to hear with greater 
-clarity a person calling froin 
London. 4D00 miles away^thah' 
one calling from San" Fernando, 
some 40 miles across tbe island. 

The Port Authority "has also 
embarked on a development 
plan with.-an estimated cost of 
approximately TT$200m. Key 
items in this are several new 
container berths, -a new head 
office for the Port Authority, 
replacement of unserviceable 
cargo-handling equipment and 
the purchase of two new tugs. 
The Government is also studying 
a recommendation from, the 
NAC that a two-shift work, sys¬ 
tem be introduced at the. port 
to speed cargo handling. The 
developments Will be financed 
by Government-funds and also* 
the Port Authority hopes, by a 
rate increase, tbe application 
for which is still being studied 
by the PUC. 

Public transport has tradi- On the roads, meanwhile. . 
tionally been the victim of bad multi-million dollar buildin 
management in Trinidad, birt. prqgra.m m et is . underway,. ThJ 
there are recent signs ot im- willpriwidemajor expressway 
provemenL' Trinidadians 'joke in north . Trinidad' and ;i .. 
that they are keeping British Tobago. The main thrust of th „ 
Leyland afloat and : indeed most expansion is the upgrading c 
of fhe 432 new buses that were the' Churchlll-Rooseyelt-Iii^iwa 
ordered in 1976 came from that in north Trinidad. This ws 
company. The .1978 budget also built during.World War II b 
unveiled a free bus transport American, servicemen statjqne' 
■system for Schoolchildren in in Trinidad as a: meads Of c ge 
the country, which will require ting quickly ;from the jui^oi 
the purchase of an additional to .their base in the horthwei ' 
550 buses. tip' of the island. ' . . ’\. 

' Britain’S'-Higgs; and Hi^s-. 

n -engaged in turning, .it into 

Kail WRY : four-lane - divided highway! i 

' ■'"■ the memeDt, and.-by July, M 7 

Other improvements have it should' be jmsslb^o. to driv 
been introduced, notably ..and non-stop from downtown Pert- r j ' 
most popularly the conversion Spain to the suburbs jn th . 
of an old railway track-,(the. north east of.the Island. As th- 

-railways were abandoned in the route!.is perhaps the. iqoi ' 
late 1960s) to a!n exclusive, bus heaviiy-used commuter; -ode" j 
route running along what was tbe comstiy, the savings 1 '' 
previously one of the most con- and money should be suhstai-' 
gested road routes into Port oftial: V. “Y 

Spain. ... .. .- 'Higgs'“and. Hals’? higbwa;- 

The Trimdkd: and Tobago, though; -is -stilE iii the fatniV 
Electricity Commission (T and The Trinidadian-reading W^t 
TEC) was always considered the Papers on planning in'-the Poi 
country's best-run public utility of-nSpain traffic ‘jam 'would fr 
until it developed equipment -now be only halfway along th ’ 
problem s. in - the last few years existing :road. ’^TheriS he -wi. : 
and constant lpad-shedding encounter another -traffic"jar ” 
became a regular practice... A? caused this- time' hy a donke ’ 
a result, even-the .best hotels in cart, returning-from the- isuga - 
Port of Spain leave candles m cane fields/ ' At l(ffl y&rcfr- jr 
every guest's room, but tile'pre- from the 'road! the drive:*- car 
caution has been., much , less view a -n 6 w STT500.000 fibtis 
necessary since last October being buHt by a-Wealthy clothe 
when a new S 8 Mw generating manufacturer. •: The - toti« ' 
plant at-Point Lisas came into-wlu^lSas-a'-fiiieviewbr 
service. When further planned -traffic /jam,-i* 4n mthithfrtura' 
generating capacity comes on departuresbuilt in'the fbnn'o' 
stream, Trinidad will have/ a-a gigantic,- dpetf-iidded gran- 
total generating capacity of piihd. -Th 'Trinidad,'younia, • 
592.95MW, -a4nglr^per . capita' not' khvays ■ -get Claiming, bu 
figure', by 'international -ytfu -will ^CertafrSy - 'witnes 

dards. and the-hotel guests will progress. ' -T'--" -• 

be able to throw; away their, 
candies. : p - • : #ohn McCangtiej 

f: V 1' 

• i' •+ — • 



i-T o^r'e--r pers. o<- 
2 h b be c d , r n e’’ Kea )■.M 

•* ' 

:,x ; 

■ iK:, A:-*. 

. G'oup- cf, : 'C 6 i;fipcnie 5 '. ■v/lrga-/';/;/' - , 
' .gee ■!-r-.. /!rpr ; gjs- 

re'-s IpdQsT'y.. emeV.- :agj# 

■;-bc5th ; l '"6e : /v^g'PUfGCfvJ^Hgf'/! 

cpa^-ier re .seccri,/. 

■ . • Ai " we. -venrure/ :.rev/c 

-;r’e-'*v hprizcns oh .-irhe- •:]hrornd/hAf 
hor-cL;/-'bos'.o/ess •"/ 

-•dec'e.od '. cnV:.:,dur ; 'hu.oSco 

'• - r !-. 1*, r : 

■ so.M"ces> 000. -reiy*. op-,ir-e ; -^r 
ledge •gcid;eXgedepee : coi^|^ 
.oyer 'rnoGy;: c§pQdes;S!/b6chy^. : 
from oor • 

from- our ;!od 4 '-:qssbg'drjd:v;wji^.^;. 
-some; of ; ohe.ffed^icgtfg;$*i3ra|^ 

■ companies' •-wp^;ing;'i/;’c : 'rropeM" 
cur world; d'/^ 

::'.vh:ub -to-live. - r .i 


nvr AN unguarded moment Dr. 
Williams, the -Prime Minister, 
who also holds the portfolio of 
Minister of Finance, -recently 
observed, that tnoney was no 
longer “ a problem " in Trinidad 
and Tobago. Although he later 
protested that he was referring 
to the needs of a specific, area of 
expenditure (sport, in fart), the 
phrase was seized on with glee 
by opposition politicians and 
commentators and has been 
used as a weapon against the 
Government whenever the 
opportunity has since arisen. 

In fairness to Dr.-Williams it 
could be argued that he was not 
all that wrong in his insouciant 
assessment of the financial 
abilities of the Government and. 
to a certain extent those of 
the country as a whole. 

It is certainly true, for 
example, that Trinidad and 
Tobago no longer needs rhe 
services nf the international 
lemling agencies with quite the 
same urgency that it may have 
done in the late sixties and early 
seventies. Not That this sort of 
money would be available now 
even if the Government wanted 
it, because Trinidad and Tobago 
is classified by -institutions such 
as the World Bank and the 
Inter - American Development 
Bank as a financiaMysnund oil 
exporting country, ineligible for 
subsidised credit. 

figure for a country with a popu¬ 
lation of only 1,11-4,800. : - 

- Tbe .Government's target-a 
total of TT36.83bn.yin speciaF 
funds and unless something un¬ 
expected happens to oil prices 
or local petroleum output, this 
should be reached by the mid- 

The largest single, fund is 
that established to finance tbe 
public sector's involvement in 
the localisation of the oil 
industry and in the. creation of 
a heavy industrial sector based 
on energy inputs. Known as 
the Petroleum .Development 
Fund, it has TT$418.2m. at its 
disposal now and a target of 
TT?2.5bn. has been set for it. 

The resources oF this fund 
were used to purchase among 
other things ail the assets of 
the formeY Shell Trinidad 
(now the Trinidad’ and Tobago 
Oil Company—TRINTOC) three 

and -a-halF ■ years '■ age ---’idr the needs of the economic an^ 
TT993:6ta. '"tb-' meet -most of ■ the social jnfractnKgturo. This-doe,. 
tost- of ■ running '& -neW pipelln£TKH?i)3e*£ JkA^ever. thai it ha 
to'-bring' natufil gas'";"ashore"■furniefl ~£ls -bff^: dnTsburces' o; " 
from‘.off Trinidad’s easticoasfc extemalcredit tiiat still' exist- 
and 'td ■"underwrite the-State's - namrfy =The 'private_._c&»dia' . 
interests in the major industrial -markets of tbe‘ worid 1 r - . " / 

enterprises beio| set up at the' 0n. the c©ntraJ 7 , Tri^^ iaK- 
■ Point iiSas industrial estate on Tobago- made a .point las - - 
the wert coast August tif going.-to the markr ' 

Funds also ' exfst for expen- fw - - a EiBro-clbHflx ‘ ldan ] o: - 
^dlture -on - more;, traditional 3U.S;i5pni.(or •$TT^6(hn r ) r '" 
infrastructural purposes that This was readily provide! br' 
would- earlier have been con- 20 banks bf interhatioaal repule ' 
sidered: the.-natural'.preserve of jjciLding three - from Bntau ' 
the - : rnteraational v . lending (Barclays, Midland and Onon) 
agencies, such-as water, educa- on term* considered favo i Mbk - 
tion/highways, housing, health *evrb for ■"a' small oil^prc.d-icini- 
and telecommunications.'. •' • country -(seven yea re" at 1 pc - 

Tbe • . tjoverhmeat' - 1 thus cenF'above liBOrt'for the firs r 
appears to be in a position to- 3 years' and 1$ per cent for tht-- 
enjoy:-the best nf troth Worlds' next Tt-uri" w ith ' * twn-yea; 
by being* able to 1 ' take* th e 'fi aci ^Terio 3 J - .' THE “money wa— 
initative_ .inindustrial ; re-, .addyd^in _the_j5®fici^u 
structuring as well as attend to sources' and will »*« used pti 


High income from petn>leura 
taxation based nn the same 
formula employed by OPEC 
(though Trinidad and Tobago 
is not itself a member nf that 
organisation) has meant an in¬ 
rush into tbe public sector since 
197-J of surplus income over and 
a**ove t.he Government's ability 
to spend productively in any one 
fiscal year. The Ministry of 
Finance has carefully hived off 
this excess income into a num¬ 
ber of special funds, each 
devoted to a different aspect of 
development, and allowed money 
to he drawn down only when a 
good case could be made out by 
the relevant Ministry. 

Indeed there has been some 
criticism that the restrictions 
imposed are too - tight and that 
the Ministry* has succeeded in 
making the procedure for dis¬ 
bursement from - , the. funds 
unnecessarily difficult. 

But the Government probably 
had little choice, given the 
opposition's continuing insist¬ 
ence nn strict accountability in 
the use of public money and 
there is probably some satisfac¬ 
tion to be gained from the fact 
that the International Monetary 
Fund (IMF) has praised Trim 
dad and Tobago for prudent 
handling of its sudden wealth. 

Some TT?W3.5m. nut oF a 
total 1978 Budget nf TT?3.167bn. 
was diverted tn special funds, 
which gives an indication of the 
amount of income that is excess 
to the Government’s current 
requirements. The net sum 
standing to the credit cf the 
4 funds is TT$2."408bn. a; the 
moment, a not Inconsiderable 











Look behind some of the new businesses; and; imppTtant projects and you 
will see the DFC. '.The DFC has ‘'the‘ resonrces''to meet' tbday^s varied 


financing requirements and the experience a^id expertise that’s..- relevant 
to a fast-growing-economy. - - r -■ r - •" 


- L. ^.1 


76 Independence Square, Port of Spain, Trinidad L I f 
M: 62-34665-6-7 - 62-54666-7-8 Cable 


-Cv ■ 

.• ’ ’ Vrr- i V-.7-:A/v 




•••••■ •• ' :'y 


Hnanc&l Times Friday -February 17 1978 





output stays high 

: forecasts CdtjragSng.** _ tory momentum going, the Trinidad and Tobago’s refinery valuable equipment was at stake 

ie ministry of Petroleum The Tnnidad'ana Tobago Oil Government is likely to invite capacity of 455,000 bpd (Texaco and could not simply have been 
nines thatwere somewhat Company (TRINTOC). formerly bids ra due course for acreage 355,000 bpd and TRINTOC allowed to go down the drain, 
.e pessimistic side, oil pro- Shell Trinidad, is about to drill offshore the north.east, south- uki.oOO bpd) ihas always been Not knowing much about the 
on in Trinidad and Tobago in the Mahaica concession on cast and west coasts returned to fairly large by the standards of practical M<i«> of the industry, 
nues to rise steadily. land in’North Trinidad and its it by the companies under the nil producing countries, but the Government im>k in Tesoro 
tput In December, latest chances are considered favour- 50 per cent, surrender clauses because of the modes! si^c *♦ Petroleum Corporation of San 
h for wWA figures are able. of their respective licences. the local ernnoniy, which con- Antonio a- its partner, dividing 

5,I(^ barrels Texaco Trinidad Is construct- About 2.36m. acres are avail- sumes only 4 per cent, of the the ownership of the new 
ay (bpd), 10,121 bpd more ing a platform In Its block one aWe, including block five which refinery output, dependence on Trinidad-Te.-oro Petroleum Com- 
the same month in 1976. area in the Northern Gulf of was not taken up in the 1974 markets overseas has been pany, 50.1 per cent/49.9 per 

cent., in its iavour. 
ha? Later, the Stat^ moved in to 

e daily average for 1977 as Paria to bring ashore the oil round, but it is expected that mandatory. 

SirTS,**; “ be!ieies " has T Sl i:lteres ' wil1 h “ sh0 ™ ,n Slack cxlcmal demand . 

22908 pd but th,s _ >he surrendered half of the re duccd Texaco's throughput to the domestic n>tailing side of 

But perhaps the .most promis- reversed L-shaped block in view a bout 220.000 hpd and THIN- the business and is now the sole 

TOC'S to 55,000 hpd and is owner of ali pntrnl stations in 

d be seen in the light of 
prediction made by the 
■try three years' ago to the 
that output would onlv 
193,000 bpd by 1977. 

» December figure was 10.4 
cent, higher than the 
ge for 1976 and daily out- 
hroughout the whole year 
?r cent over that of 1976. 
ring the running as usual 
the Amoco Trinidad Oil 
•any, which was respons- 
br 143,681 barrels, or 61.1 
ent. of daily 

ieems the earlier Ministry 
ations heavily underesti- 


(barrels per day) 

Amoco Trinidad 00 . 

Dec. 1977 

Dec. 1976 

Trinidad Tesoro Petroleum ... 



Texaco Trinidad .:. 



Trinidad Northern Areas . 






Premier Consolidated Oilfields 



Total daily average. 



Increase in production between two periods: 4.49 

per cent. 

1 the part that would be j n g new source of crude (not to of the results obtained from ; J h t a t h 

d by Amoco in total out- meirt i 011 ga S ) j s the reversed L- exploratory drilUng in the part ( . , h . . (] p« *- ,ca **' » 

MSm C ? n j ,Sliy produced S h ape d block, adjoining the that has been kept by the \ ■ n - £ T ‘ ing the driver's ■= 

^SpeSed m ° re ^ Am ™ ac ^ e I 5 l f“ 0 ^ d t a h . e therefore assessed » a high tax gS™|2 m ™ 

? S iwed com- !2_ uth * ast C03St 0f Tri “? ad ’ Some land areas are; also the reference prion hv the Govern- 

; f/SSwo opSSS e«“- ^-company co^ornvm focus of anen tion for the first mcn r— a hout *US19 a barrrel. 

11141 has been there— time, and both TRINTOC and 

In marine areas off. the Texaco. TRINTOC and Tnnidad- Trinidad-Tesoro Petroleum have 

likely to have an effect on both the country. By 19i4. in the 
those companies’ prnfit positions aftermath of the oii crisis and 
in the current fiscal year. the windlall m revenue, the 

mn.nwr.p- _ Government demonstrated the 

TIUNTOC i. currently en- irHBn#J , n „ i; „ ad by then 
gaged in an e.temse to upgrade jred ir , mllte „ 

the range of products it mami- b "‘ urchas , n !; „„ sh( . n 

factures in an attempt tn make pnnc,p.Hv for the 

ttself less vulnerable to fluclua- of Jnmrol ever 

liens in market demand. ^ finin( . flcUi .,^ , llfc , the 

Interestingly enough, most nf deep enm:: ni the- oii sector was 
the oil produred in Trinidad one nf jhe major elements jn 
and Tobaee all of Amoeo’s , ts development police. 

143.000 bpd—is nm refined 

locally at all. despite the exist- T'|jcpiiccinnC 
ence of so much capacity. This |yl3l.U\MUlIo 

i„:_ A 

The Government tn-day 
clearly consider;- itseif occupi¬ 
es t in the 
and has even 
initiated di«cu«*ions witii 
_ Texaco Tnnidad with a view to 

TRINTOC and ^ wi^the ™' an “ tibra 50 

>ptmipnfn hflvfk» assets. Thf* » Jforr >o rar 

jjj 4lt --—'—- 4. i uiiudu- a »uitf rcuuicuui ikmu TU'r r*pnr inaKin 0 it mnrp vain- —. — ----- -— - - - - 

Tesoro—sunk ten exploratory applications before the Govern- able to export in crude form t0 have or( > Ted ,pes successful 

1 JV 1 2® JS wells and found what has been me nt for permission to drill in than rP Rn7a? home ,han thp rari,pr ' ncur4inns inl ° 

barrels a day of crude described ^ “si^uficant evi- the south and south west of *‘ , T\ r ^ ownen’.up. and two year- of 

gnout the year. dence” of hydrotarbon. poten- Trinidad. This explains why the Govern- talks have produced no nffit?ial 

■ performance of the latter _. . . . ment has not pressed Amoco to announcomenu of any kind on 

ivell have something to do . i ' ie dec P drill mg that has establish a refinery in Trinidad. t j, e ma^er. 

:he investment and produc- The .Ibis structure liras par- taken place in the east coabt even though the apreement with Whether or not the Govern- 

neentives for land output ^cularly attractive .^d the Ibis marine areas, on the continental t j lp t ^nipany provided for con- ment considers this a setback 

laced in 1976. 3 shelf in. parLrular (depths of S j<jeraTion hv both parties of t0 its plan« for di-ectin* the 

.. Government is. of course, 2.000 bpd on two ?ones with 15.000 feet were reached in the the feasibility of another In^strr i nn wrtSin l?nV is 
too happy to see its own a _T? la ,P^ y cll0 « e ' t , A reversed L-shaped block), has re fi n ery once production had not c i e a ? - V n a t is known how- 

rvative forecasts proved MW W 15 suggested to the Ministry of crossed 100 .000 hpd. In any is x hat both of its other 

U since higher production Tobago rt^ards Petroleum and Mines that « would make little sense SmpaniJ are, doiiTj well and 

translated imroe- 41,(1 .e 9 u ais the kind .of yield similar intensive drilling on tn add mn re capacity in a situa- undpuhl )* owe * somct j,.nc 
_,_ niunciatod with Amoco s fields, lnnri mirrh^ niniti «u hithonn L _ __ 1 _ 1 unuounieij ov^es, 

I £ 



c 4- 

{ i 
i t 

w snies (who have to pay scf P d werc a,su wuuuwi. ally drilled to a maximum of j n addition to its traditional lines". 

tax bills every quarter). An investment decision is feet, and the Ministry is tax , n? function, the Trinidad Trinidad-Tesoro's assets were 

poration tax. most of likely to be made by the con- certain to insist, when the new and Tobago Government has TT$452m. in 1976 and it made 

1 is paid by the netroleum sortium partners within the land licences are awarded, that heen playing a bigger and a pre-tax nrofit of TT$212m. that 

■\ yielded TTSl.Sbn. in next month, and oil from the L- the companies experiment with bigger direct role in the local year. TR IN TOC's capital 

I TTS132m. more than shaped area should be flowing jn 0re advanced equipment. As 0 ji industry during the last ten employed was TTS186m in the 
| ‘ted for at the start of the ashore by 1978. < one Ministry man picturesquely years. The State fell into part same year and its pre-tax in 

Other concessions given out put it: “The deep horizon on ownership of an nil company in come, TTSl62m. 
in the last round of licensing land is our next frontier.” 1968 almost by accident when it 

ieze (1974} have also shown pro- while crude oil production was obliged to buy out British 

mise. though probably mdre in remains healthy, the refining Petroleum Trinidad after the 
. price freeze declared by. terms of gas than crude oiL sector is feeling the draught of latter decided to liquidate its 
for at least the first six-Texaco has drilled one well In continuing economic deflation local operations, 
is of this year means that block three (Emerald :1). the j a the,industrialised countries. Hundreds of jobs and much 
tax levels set by the Tenfteco / Texaco consortium 

David Ren wick 

Port of Spain Correspondent 


Barclays Trinidad is part of the 
1700-branch Barclays International 
group network in over 70 countries 
and every major financial centre of 
the world. 

As the largest and most 
experienced bank in Trinidad, we 
are intimately involved in every 
aspect of its trade and industry. If 
you already do business in Trinidad 
or wish to expand there, talk to us. 

Our 33 brandies throughout the 
country, more than any other bank, 
keep us regularly informed on the 
latest trends in industry and 
commerce. This means that we are 
ideally placed to help you with such 
things as import/export procedures, 
advice on methods of payment and 
finance, and identifying marketing 

Contact Barclays Bank Inter¬ 
national Limited, International 
Division, 168 Fenchurch Street, 

London EC3P 3HP. (01-283 8989 
ext 3811). Or get in touch direct 
with our Head Office in Port of 
Spain at the address below. 


Barclays Bank of Trinidad and Tobago limited. 
Head Office, PO Box 1153, Port of Spain, Trinidad. 
Telegraphic Address: EARADMIN. 



fnr financing ihe State’s entirely new ground by parnci- 

part.cipatici in birge rating in last year? Eurodollar 

— - J . and 



A K>- 


. ri' 



f. ==-.-■ 

nmeut will remain in two wells in block six (Barra- 
(though not an OPEC cuda 1 and Dolphin 1) and the 
er, Trinidad and Tobago Deminex/Mobil group in block 
its reference price system four is now drilling a second 
3 EC rates) and makes it well (Kingfisher 1). having 
nnre imperative that local, easier completed Red Snapper 
ction should continue to 1. 

se if revenue is to go up Texaco has also returned to 
this year. 33 earlier-offshore area, the 

prospect of this happen- Point Ligoure field. 31 miles off 
seems relatively good, the-south west coast in lrois ma 

5 recently returned to its Bay- and set up a platform from dir .-■ - . . T ■ . 

field to drill two new ex- which it hopes to obtain an indufetr^t p-ojet-is. 2. tint t! 

ory w’ells. North Pout and additional 2.000 bpd from six The Government is again Tobago bank to d0 **■ 

East Poui, and the results wells. going to the money market tins Other commercial banks are 

aid to have been “en- -In order to keep the explore- year tn raise the equivalent of likely to step up their rote ui 

[$TT500m. The preferred method financing the industrial txans- 
■ is likely tn be private place- fnrmation when they complete 
Iments in a number of specific the process of acquiring an 
financial rentres including indigenous personality. This 
Britain. Switzerland, West Ger- began tentatively in 1972 under 
many. Scandinavia and Japan, friendly but firm persuasion 
though a further syndicated loan from the Government and has 
should not be ruled out. Follow- picked up greater momentum 
ihg this, either late in the year since, 
or early in 1979. the first Trini- 
dad and Tobago Euro-bond issue JVlinOrity 
Is contemplated. 

Local banks have not by any Both Barclays Bank of Tnni- 
means been forgotten in the dad and Tobago (formerly Bar- 
rush. Indeed it is a cardinal clays Bank International) and 
element of policy that Trinidad Royal Bank of Trinidad and 
and Tobago's current good finan- Tobago (previously the Royal 
cial fortune should rebound Bank of Canada) have each 
as far as possible to the benefit placed a little over 50 per cent, 
of the local population and to nf their shares in the hands of 
local institutions. local companies and individuals. 

Dr. Williams called in the with the parent bank retaining 
localiy incorporated and locally a minority position, 
owned banks not ton long ago Ban j. or jfova Scotia Trinidad 
and urged them to break out of and Trajan intends to complete 
the traditional mould of lending j f5 own localisation programme 
short on safe investments in y eaT _ This would leave only 

commerce and distribution and Canadian Imperial Bank of 

Involve themselves with medium commerce, the Chase Manhattan 
and long-term risk lending in Bank and citibank of New York 
'heavy industry in particular. A slU1 f ore ign-owned, though 
portion of the STT5fl0m. loan ^ ^ rKt 533 indicated their 
is beinc reserved fnr them. desire to localise. 

Already seven out of the eight Rpya | bas already heen 
banks operating locally have j nT0 3 - ved j n discussions with 
taken the plunge and provided concerning a joint mer- 

U.S^47nu in bridging chant banking operation which 

for the 400.000 tonnes Trinidad wou j d not only finance local 
Nitrogen Co. (TRINGEN1 liquid cosls incurred in large industrial 
ammonia plant winch opened at enterprises but go out into 
She end of November. This is e jrt enia i markets and raise 
the., first of the energy-based foreign exchange for specific 
heavy industries to be estab- p ro j ec is. 
lisfted in the Point Lisas area The Government insists it has 
and is owned 51 pet cent, by pvery intention of ensuring that 
the Government and 49 per cent. t ^ e man-in-Wood ford Square 
by W. R. Grace and Co. of New (a p 0pu iar Port of Spain 
York. speakers' corner) gets a direct 

A consortium of local hanks piecc 0 f the development action 
also lent TT$21m. for the new by ab j e t0 ap pj y his own 
88 MW Trinidad and Tobago person al savings to help finance 
Electricity Commission (T and some 0 f m ajor enterprises 
TEC) gas-fired power station on envisaged, 
the same estaLe. Once the industries get going 

One bank. National Commer- —with the State having per* 
ciaJ Bank (NCB) which is owned f nrm ed an entrepreneurial role 
by the Government and in effect , n conjunction with foreign 
pioneered the trend towards partners if necessary—and are 
local hank ownership seven functioning properly with the 
years ago, has even gone in nn prospect of profit, an extensive 
its own to extend about TTS62m. share transfer exercise will be 
to the 'Point Lisas Industrial undertaken, with equity held 
Port Development Corporation jjv Government and the 
(PLTPDECO) for basic infra- foreign partner making its way 
structure, including an admints- j n j 0 {he public's hands. 

* Tatinn h,,ild,ns - ^ in,m David Renwick 

One of the worlds 
newest International Banks 
comes with years of experience 

Through its 
international and U.S. 
domestic network is 
specially geared to 
provide the widest 
range of financial and 
dvisory services to further 
stimulate Trinidad 
and Tobago's potential 
for rapid 
industrial growth 

ll ‘nidad Offices at: 

Independence Square, 
rt of Spain. Tel : 62-51341 

iliday Inn Hotel, 
ightson Road. 

rt of Spain. Tel: 62-53445/6 
.<-61 High Street, 

' n Fernando. ■ Tel: 652-4281 '4 

and electricity. NCB also broke 

>/ '' ' - ~ : 


Trinidad and Tobago - sun, sand, The NCB is a government- 

sea and an abundance of owned organization managed by 

investment potential. fully competent nationals with a 

The National Commercial Bank, J" or jd of experience in international 

efficient, ultra contemporary - in banking. 

matters of finance, representing 
the world at home and our Country 
through over 160 banks of 
international reputation. 

When doing business in 
Trinidad and Tobago consult 
the National Bankers. 

The National Commercial Bank of Trinidad and Tobago 

' 60 Independence Square, Pori oi Spain. Telephone: 62-52893-6 


TRINTOC — Trinidad 
and Tobago Oil Com¬ 
pany Limited — is now a 
key national organisa¬ 
tion with a significant 
role to play in the con¬ 
tinuing development of 
the country. 

Fuliy integrated, 
TRINTOC is owned and 
operated by the Govern¬ 
ment of Trinidad and 
Tobago. It is involved 
in exploration and pro¬ 
duction of crude oil 
on both land and at sea, 
refining, and marketing 
— assisting in meeting the 
world wide demand for 
petroleum products. 
Since it came under 
Government ownership 

in 1S74.TR IN TOC has 
been expanding the 
major areas of its opera¬ 
tions resulting in the 
search for a large number 
of persons at all levels 
and covering the many 
disciplines involved in 
ensuring the success of 
the Company — Geology, 
engineering. Legal, 
Management, Finance, 
Technicians, Craftsmen 
and Operators. Meaning¬ 
ful opportunities in these 
areas are offered by 
TRiNTOC, allowing the 
Company and the people 
cf TRINTOC to make a 
positive contribution to 
the future of Trinidad 
and Tcbago. 

Trinidad and Tobago O21 Company Limit: 
Sl Trin£oc Services Limited 

P.O. Box 601, 5th Floor, Salvatori Building, Port-of-Spain, Trinidad. West Indies 
Telephone: 32911-7, Cables: Trintoc Telex: 2B2 TTQC 

Trinfcoe Services also at; 

Suite 400, 1270 Avenue of the Americas. New 'fork. N.Y. 10020 
Telephone: (212) 541-4615, 541-46*9 TsiexiWUI 666855 

■ mb. * 




TheJBBG j s lor/.-..tarts at Clyoi-banl- but to 
appreci3t-? it 1 ? $cope you have to vioit Algeria. 
Arnola. Ar-ji-ntiiia. Australia. Bahamas. Bahrain, 
Bru:v?i, Eurmn. Canada, Finland. Gre-tc:-, 
Guaiemaia, H isi-j Kong. Iraq. Inci-TR-Lb. 

J;-r-)ai:a. .Reputm:, of China. Puerto 

Fie Gjiar. Saudi Araola. Soa**i. Svrio. Thailand. 
Trinidad is To'oo •::. U.A.E.. LUC. U.S.A.. 
U.S.S.R..Ver.i=ij : -'a and • - i-rtl': Sea-Tltese am the 
courrtnrf ’•-here i heav -d-i/indu^tnal gab 
tu>bi;i*3 o\n o-ifi.q i'.itslled.crcducirio electric 
ixnv-r or c ’-'f. i: ir.y n.ocl cc. m I r ;or 
pic-elir.-? stations D-ssiqr.ed lor . 

remote unauendeu operc:L:::i. JBEGT gas turbines 
oiler oir-gle ur.ii c-uipu--, iron-; SV-W \ i -100 MW, 
mnliiolv u:#Lo.*nifc.Ined plai.i> meet 
z uat;-.erven:? or 1 ineonai.i'.ji drive 

» rr' '• 1 ’• Vi"’ i— O " - "i.* . ;r 


Financial Times Friday February 17 1978 



ALTHOUGH THE Trinidad and feasibility of installing a yard extremely attractive • hydro- ing to the U.S., the heavy loo) 
Tobago Government is insisting for the building of offshore oil carbon resource potential, pre- investment -is regarded as being 
that first priority in the energy- platforms and related equip- sent exploration activity, has able to pay its way Id a 
based programme must be given ment (at least 27 offshore pro- been mildly successful at best relatively short period of. time, 
to the local use of gas. the duction platforms are expected “Although this may be The Ministry of Petroleum and 
biggest single, industry on the to be needed by the industry attributed to a stringent Mines has suggested a tentative 
drawing board is'one in which within the next five years). nationalistic policy which pro- price , for Trinidad ing landed 

gas will be exported in liquefied The two companies have been hibited foreign participation in in the U.S. of $2.95 U.S. per 
natural gas (Ing) form to pro- given until December. 2979, to hydrocarbon development, the 1.000 scf cif. This" has "been 
vide energy elsewhere. finalise all aspects of an Ing prospects nf Brasil discovering arrived at after faking 

There may seem to be a enn- plant, including iis financing, enough resources in achieve SU.S.1.38 per 1.000 scf as the 
tradiction here, but the Govern- the marketing of the product energy self-sufficiency is con- price at which the producing 
ment does not think so because and the obtaining of United pidered remote, even in the face companies, will sell to thS 
the nrobable gas reserves are States Government approval. nf a softening of its policy on liquefaction plant and adding 
so mgn w terms of Trinidad Assuming all these elements foreign participation." ■ SU-S.0.67 for liquefaction, 

i To “ a ° os economy and can de put together to the _ SU.S.0.50 for tanker transport 

iLK ~J nee “f 5*‘ at a suhstantial satisfaction of the Trinidad and Oilier and 8U.S.0.40 for regasification, 

surplus will be available after To5ago Government, which is ^USIVUICI Th J se prices are certain to 

beeS nni ema s have itseLf Iikely 10 be 3 part, ”! r * n 7 Asa third long : term prospect be higher by the time final «w- 

tS. - ' - . the project, construction of the Japan. which is similarly ^ Ptscometo be sisued in 1079 

The governments own esti- necessary pipelines and iique- deficient in energy. is.aJbo con- Even°so- the Trinidad and 
mates are now being firmed up fat , t ion plant covld begin in sidered a possible customer for _T ven VT *r„ ^ 

by two international hydro- eart> . lygn. with first Ing Trinidad gas. There has been ™? 3 " 0 *eceS?“ l tj?^ same 

- - from delivery to the U.S. by no shortage of Japanese bankers Sal riaS 



Houston. De Golyer and Mac- Depem ber 1983. in and out of Port of Spain in 

Naughton and Ryder Scott and Finding customers within the The last 12 months and of the ! “ « 

Co., but it is safe to $av that United States is not expected to TTSlbn. in loan capital for Ing 

current calculations of I6.900bn. ». . problem, given America's and other industries offered to a . 11100115 a ^?? riag . f Jjj e *Pen» 
standard cubic feet of natural jn a e ? or ^e4 resources. the Government by bankers ™ energy and diversifying the 
gas in four locations around ^ ‘ £ the Prime from Switzerland, West Ger- industrial base, rather than ns a 
Trinidad may well still under- t Pf* when the many France. Japan. Scan- P” me s0Urce ? tax revenue, 

swe the true position. of T-«-e-neut were and BriUta in recZ But the Government vtiH 

ssaz nr sc?/ 

= s ffltavs K «r3SSS3Si£3 =f 


optimism in the^mplementation P^«as t^diu^in petroleum, s Jj, 

demand was likely to ac- if the partners eventually m entitle it to a share in' 
count for dO <>er cent, o, aU agree to go for a Ibn ?cfpd the CQmpanies * operations once 
Ing entering into international plant--not an impossibility-- hvdrocarblins have been found 

Even if the extreme of opti- cn ™ m * rc £ by l990 ‘ . *R commercial quantities, 

mism proves justified, this would Bf>th Tenneco ail d Peoples a minimum ^ a though they also mean the Gnv- 

still leave 5.900bn. scf la C« ^eady bare welWevdoped matter of erngnm , dw l^r ernroent wi ( f f, e oNfged to help 
surplus, quite enough to sup- pipeline systems m the T-S^the figure u TT^Sm. more than fund denre i opment expenses as 
oort a 500m scf Der dav ins former being strong in the Mid- the entire 19i8 Trinidad and 
Lcmtv for a ocriod of 4 vea?“ West and the latter in the Tobago budget. 

Should the presence of Chicago area. Dependingi Dr. Williams has even spoken 

of the various projects.” 



The 1974 licences, however, 
are even more favourable to the 

further gas reserves be identi- Bn.l «i« of the pUnl. TwOm A* pnrtMUV of the ta, ^, t '7 0 “ ^.‘5^“,7o 

63 per cent of the output of 
oil and gas without having to 
invest a cent ■ 

This puts the Government iit 
a position where it would have 

tied in due course (and the east Transmission Company, whidi consortium acquiring Us own 

coast continental shelf ounces- has extensive distribution facili- tankers in due course, which 

2JJI awarded l jn the last roSnd ties in California, has been would obviously add further 

jn 1974, seem very promising offered a preferred position as millions to the contemplated 

as does the bloc in the northern a P rt «ible third foreign partner, costs. . b ----- 

Gulf of Pariaonthe west), then Brazil is also considering a However, few of those virtuaIly •* free ” gas to sell to 
ihe size of the Ing plant could potential market for Trim dad mvoh ed locally seem to be ^ p]ar>t at go i n or rate, 
be increased considerably. Ing which partly explains why worried about the figures, their allowing it extra leverage 
The agreement the Govern- the Government has been as- feeling, u that gas pnees. like j n ne g 0 ti a tions and ensuring a 

ment has made with two United siduously wooing the Brazilians .oil prices, are almost certaini to- significant amount of extra. 

States companies. Tenneco and within the past year and a half, go on ns>ng stead “JJJJ^ income -from the hydrocarbon; 

People's Gas. involves considera- The energy ministers of 1 the t9.vS. and because Trindad and sec t or ; * ; 

tion of an Ing plant ranging in two countries have exchanged lobago has a geographical ■ . nn. 

capacity from 450ra. to lbn. scf. visits and Brazilian foreign advantage in relation to export- . V.SU 

Tenneco and People’s were minister, Antonio Azerado da 
chosen last October after the Silvelra. made an official trip to 
Government had undertaken Port of Spain last October, 
dpciissions wilh nine companies. A confidential report on the 
ail American, on the possibility marketing of ini prepared by 
»'i tlie.'r participation in LNG. the Ministry of Petroleum and 
The-se two got the nod because Mines makes the point that 
of their apparent willingness tu ** Brazil is presently faced w iih 
assist in developing areas of ihe a serious energy supply-demand 
economy nut necessarily related shortfall. It is pursuing 
lu hydrocarbons. vigorous policy of hydrocarbon 

For exampb*. Tenneco offered resource acquisition. both 
i»i nelp establish a faeinry in thnuigh imernational marketing 
Trioilad F<«r rlu* a.^cmhly of and through international and 
tractors and the fabrication uf national exploration and pr>»- 
farm in give Mipnort to duction activity, 
an intensified p roe rum me of " While its huge land mass 
era fi training 3nd to study the and continental shelf give 11 an 

Technology and 
new markets 


Clydebonk Dunbartonshire 

Scotland G311YA 


Tel: 041-952 2030 
Telex: 778395 

■ 7r:-r 

1L:-.'.' . . 

ONE OF the must taxing 
problems facing Trinidad and 
Tobago i<? that oF being a small 
country with high expectations. 
Having embarked upon an in¬ 
dustrial isatinn programme that 
entails a level nf technology rare 
in the devclnping world, it is 
faced with the problem of where 
hflst to obtain that technology 
and of how to train its own 
people swiftly tu be able to 
handle it. 

Trinidad’s Prime Minister is 
acutely sensitive to the problem. 
"The future development of 
Trinidad and Tobago will rely 
heavily on science 3nd techno¬ 
logy,” he told his Cabinet in 
1976. when he proposed the for¬ 
mation nr a National Council for 
Technology in Development. 
" Whether it is liie provision of 
badly-needed infrastructure, ihe 
pruposed development of hydro¬ 
carbon resources nr their 
utilisation, the improvement of 
performance of the agricultural 
sector, or ihe deepening uf 
certain areas uf the manufactur¬ 
ing sedur. technology m ils 
various forms will have to be 
applied with efficiency and cun- 
lid t-nce." 

A subsequent United Nations 
publication left I considerable 
support tu Dr. Williams' views, 
li described the growing gap 
between the amount uf research 
and application in developed 
and developing countries and 
ihe ;ap between their levels of 
leehiiulujjy one uf the major 
facior- in ilie growin- gap in 
living suudaid.x 

inly x wry small fraciiuii -if 
iIn- world's scientific and loch- 
nual re-mirici dcMih d in 

I lie prublum** of tile developing 
cuuutxic-. the report continued 
The 'ivi-tv.iidming pmportiim 
d the Aorlds intellectual 
capital . . . is applied towards 
mootm; iho needs of the highly 

•|p'..-'|opo d .'i.ontrio'. 

The -1 1 chore my is one lhai Dr. 

Williams, who as well as being 
a politician is a noted historian 
and has written at length on 
the early colonisation of the 
Caribbean, is determined shall 
no longer apply to Trinidad. 

Speaking at the start »»F con¬ 
struction of the iron and steel 
complex at Point Lisas last 
October, he described the de¬ 
velopment as a symbol of the 
aspirations of the developing 
countries and sharply criticised 
"attempts to persuade us that 
the simplest and easiest thin; 
tu do would be tu sit back, 
export our oil, export our gas... 
and. as it were, lead a life of 
luxury- at least for a limited 

Instead, the Williams Govern¬ 
ment has taken a bold gamble, 
especially given the current 
state uf both the world steel in¬ 
dustry and world trade, and has 
justified the move as one which 
will lead to “ industrial develop¬ 
ment (with] a solid base fur 
meaningful employment oppor¬ 

To involve Trinidadians in 
this strategy, the Government 
has instituted an intense 
“ national effort" to buost 
scientific and technological 
educaiiun and has promised that 

ii will employ foreign expertise 
in development only when such 
expertise is not available 

By using ihe country's own 
financial resources in develop, 
nn ni. a> well, the Guvernmeni 
plans to I rue itself from the 
obligation lo purchase materials 
or lech no logy from lender 
countries "oven when." ai the 
Prime Minister indignantly 
told one gathering. " more 
favourable prices or quality 
obtain in other markets. ' Inter¬ 
national lending agencies in¬ 
curred lus criticism at the 
same gatfluring for taking too 
Long In approve projects. 

The question of where Trim- 

H « 





Occidental of Trinidad, Jnc.. 

3 Queens Park West 
Port-of-Spaih, Trinidad & Tobago 
West indies 





. P.O. BOX 722 


TELEPHONE; 54287 54060 54977. 52384 
52418 54474 54662 


TELEX: 265 









x K 

;. ■ . 

^ m';® nes_ Friday February 17 1978 





DISCOVERY of about 
. llion (5j000bn.) standard 
. feet of dry natural gas by 
anoco Trinidad Oil Co. in 
■s' 50 miles off. the east 
of TrinidacLin 1968 natur- 
iet the Government think- 
bout the beet economic use 
hid) this. fortuitous find 
• be put. ■ .v 

i job was given to the 

- trial' • Development. Cor- 
on (IDC), the Govern* 

; s “think tank -in matters 
' lustrial diversification and 
sicrn, and a list of-poten- 
• as-using projects drawn 
The possibilities that 
;ed were based on two 
lerations—the extent to 
the industry concerned 
power which could be 
!y generated by natural 
id the extent to which it 
■d gas as a direct input 
he manufacturing process 

the first case, industries 
as iron - and steel and 
’ aiom smelting <30 per 
'of tbe final cost of which 
resented by power), and 
i second, those such as 
>ers and methanol., pre- 
l themselves as obvious 

.he time the initial studies 
under way, the Govern* 

' of Trinidad and Tobago 
lot have the financial 
ces to set up the pro- 
industries, and heavy 
fence was placed on 
al corporations. 

year 1973 changed all 
OPEC nations quadrupled 
"ice of crude oil on the 
. ational market in the 
of the Arab-Israell war 
le Trinidad and Tobago 
-,-iment. though not a 
;r of OPEC, immediately 
ctlon to revise the basis 

- 1 oil taxation in a manner 
. lcreased its own income 

east the same amount. 

windfall enabled the 
iment-'to give high 
y to industrial deepening 

and diversification through the 
use of natural gas and, equally 
important, the self-confidence to 
make the running on Its awn if 
that became necessary. 

That self - confidence has 
already been called into play 
in the case of the second major 
industry to be embarked upon— 
the 450,000 ton 'iron'fend steel 
mill. The three original foreign 
associates, Estel NV of Holland 
and Kawasaki and Mitsui of 
Japan, pulled out over disagree¬ 
ments about, the product mix, 
and the Government, has since 
pressed on with, the plant on 
its own. 


A similar situation applies in 
the case of the proposed 150.000 
ton aluminium smelter. It was 
conceived in 1374 as a three- 
country project, with the Gov¬ 
ernments of Trinidad and 
Tobago, Jamaica and Guyana 
putting up equity in roughly 
equal parts. But the three 
partners have been unable to 
see eye to eye over the size of 
the plant and the rate at which 
planning should proceed: con¬ 
tention has also developed over 
Guyana’s insistence, bn having a 
plant of its own, thus posing the 
danger of over-capacity in 
Caribbean aluminium smelting 
by the mid-1990s. Trinidad and 
Tobago has therefore decided 
to abandon the multi-territory 
approach and' go ahead with its 
own smelter, ieaving the door 
open for the others to come in 
later on new terms, if they wish. 

Rather than. have gas-using 
industries scattered at various 
points about Trinidad, the 
Government decided to central¬ 
ise most of the major plants at 
one location on .the west-coast, 
in an area known as Point Lisas. 

The South Trinidad Chamber 
of . Industry and Commerce had 
.been trying since 1967 tor. get a 
port and industrial estate going 
in the area and had established 
a company for the purpose, the 


• r* 


; are your best guidevto: •" 

Appropriate industries^for placement of capital 
Reputable local partners fbrijoint;ventures 
The appropriate financial package .? 
rhe local financial scene generally 

. and all the other essential 5er\ices that lead 
-toasoimdand profitable investment in a 
,iwing Trinidad and Tobago i . 

ecorities ft Investment Brokers Ltd. 

Room # 1, Husains Building, 

25-31 High Street, San Fernando. 

# 3 Broadway, Port of Spainr, 62 - 53 KS. 

Point Lisas Industrial 
Jr rt Development Corporation 
y ; -' : Limited 

r * - : irted tbe dredging of the deep water channel and turning 

the cobrtruction of the roads and drainage systems. 

te channel and turning basin, will be completed in 

f ber-1079 and the rest of the infrastructure for the first 
ment stage should he completed by the end of 1979. 

le Trinldid and Tobago Elenricity Commission has 
established its power station on the Point Lisas Estate 
actively working on an expansion programme. 

ie Iron and Steel Company of Trinidad and Tobago has 
I construction on the Steel Mill, site and will shortly 
construction of the docks for steel mill operations. The 
"implex is planned to'open for operations in raid 1979. 

instruction of an Aluminium Smelter, Methanol, Urea 
,;WG plants are anticipated to the next few years as well 
iy medium and light industries. . 

T* ie shallow 1 draft harbour will handle-petroleum products 
’' b, possibly other' materials' in bulk such as rock salt 
• construction aggregates and non-bulk shipments to the 
\ ra region. 

.: trlher information please contact PLIPDECO - of the 

ng: .. 


. Independence Square, 
rt of Spain, 

' inidad W.l. 


-51565,51559, 54224; 54944 

Point Lisas Industrial Port 
Development Corporation 
Limited t PLIPDECO). The 
Chamber had not been success¬ 
ful, primarily because of a lack 
of finance: it was solely depen¬ 
dent on subscriptions from 
shareholders and these were 
being realised only fitfully. 

The Government decided to 
buy into the cumpany and 
guarantee sufficient amounts of 
loan capital to move the 
development along. Its share¬ 
holding in PLIPDECO is now 
81 per cent., the other 19 per 
cent, still held by private com¬ 
panies and Individuals. 

The main attraction of Point 
Lisas was that it was on the lee¬ 
ward side of the island and 
already had a natural harbour 
which could be dredged to 
accommodate large ships. 

The sugar cane in which the 
1.752 acres held by PLIPDECO 
was planted could easily be lost 
without much regret because 
partial conversion from old- 
eaiablished agricultural commo¬ 
dities into export-orientated 
industries like thuse planned for 
the area was an essential part 
of the Government’s develop¬ 
ment strategy'. 

Having taken control of Point 
Lisas, and in the light of fur¬ 
ther natural gas discoveries 
made in the reversed L-shaped 
bloc to the south of Amoco's 
holdings by the three-company 
consortium Texaco/TRINTOC/ 
Trinidad-Tesoro, as well as ofF 
the north coast by Deminex/ 
AGIP/Tenneco and Occidental/ 
Deminex/Agip/Tenneco — all of 
which helped to boost potential 
recoverable reserves to as high 
as 16.9 trillion (thousand bil¬ 
lion) standard cubic feet—the 
Government drew up a priority' 
list of industries which would 
have first claim on resources of 
gas, finance and manpower. 

The first project actually to 
come on stream has been the 
400.000 ton Trinidad Nitrogen 
Company (TRINGEN) ammonia 
plant located to the south of 
the estate near tbe existing 
350.000-ton Federation Chemi¬ 
cals ammonia complex. 

TRINGEN is a partnership 
between the Government (51 
per cent) and the New. York 
multinational corporation. W. R. 
Grace and Company (49 per 
cent). -Grace is no stranger to 
Trinidad, having owned Federa¬ 
tion Chemicals on its own since 
1959. (The Government recently 
indicated’.an interest in becom¬ 
ing a partner in that plant as 
well, . and negotiations are 
under way.) 

The new 88 MW computerised 
gas-fired power station of the 
Trinidad and Tobago Electricity 
Commission (T and TEC) is 
also in place on the estate. 

Other industries in various 
stages of planning are: iron and 
steed (site preparation work has 
already begun on behalf of the 
Iron and Steel Company of 
Trinidad and Tobago, a wholly 
owned government company): 
another ammonia plant (the 
Fertiliser Co. of Trinidad and 
Tobago is owned 51 per 
cent. by the Government 
and 49 per cent, by Amoco 
International Oil Company and 
will erect a 730,000 ton facility); 
aluminium smeller (for which 
Raiser Engineering of the U.S. 

has already done a favourable 
feasibility study), methanol 
(Borden uf the U.S. has been 
approved as the joint venture 
associate of the Government 1 
and Liquefied Natural Gas 
(Tenncro of Houston and 
People’s Gas Company of 
Chicago have becu chosen by 
the Government to present pro¬ 
posal slur'an LNG plant between 
450m. and lbn. cubic feet per 
day in size). 

Another energy based 
industry also being proceeded 
with but unlikely to be sited at 
Point Lisas .is an olefins/aro¬ 
matics petrochemical complex 
to produce butadiene, liquefied 
petroleum gas and petroleum 
coke. This is probably going to 
be located near the Trinidad 
and Tobago oil refinery in Point 
Fnrtio. so 11 tii-west Trinidad, and 
integrated into il. 

Not counting petrochemicals 
but including the cost of the 
power plant, the capital invtst 
ment represented by ihe 
priority projects at Point Liras 
is TT$6.7bn.. a gigantic -aim by 
-Trinidad and Tobago standards. 

Another TTS45Bm. is bein 
spent on the pipeline sjstem to 
bring natural gas from the 
Amoco fields to Point Lisas 
across a distance or 79 miles 
under water and over land (tbe 
Government’s National Gas Co. 
is the sole seller of gas to local 
industry), on infrastructural 
work within the estate itself 
and on the Caroni-Arena dam 
project to meet the various in¬ 
dustries' needs for water. 

To ensure that activity moves 
ahead as planned and all the 
necessary inputs dovetail into 
one another, the Government has 
set-up a Co-ordinating Task 
Force of high-flying senior 
technicians to monitor progress 
and liaise with the different civil 
service departments, agencies 
and public utilities involved. 

But not even the Task Force 
has been able to anticipate and 
head off every problem, par¬ 
ticularly the human ones such 
as work stoppages. 


Strikes on the Tringen con¬ 
struction sile, for example, were 
partly to blame for ibe rise in 
ihe cost of the factory from the 
original estimate of TT$132m. 
to PiY2SUm. The road system 
wiibra the Point Lisas' estate 
has been delayed for the same 

The Caroni-Arena dam pro¬ 
ject, designed to increase the 
country's water supply by an 
additional 6 Uin. gallons daily, 
has also faced its share of set¬ 
backs, and the start of construc¬ 
tion work on tbe iron and steel 
mill was postponed for three 
months while the Export-Import 
Bank of the U.S. decided 
whether to grant a line of credit 
to tbe company. 

However, part of tbe value of 
(he whole Point Lisas develop¬ 
ment exercise lies in the new 
challenges it presents to local 
people and the hard-won 
experience it is offering in 
management and .problem¬ 
solving un projects uf a size 
seldom before encountered in 




dad will go to buy at tbe most 
[advantageous price the raw 
materials it needs for its new 
energy-based industries is a 
vital one for the future of the 
Government’s industrialisation 
strategy. Equally important is 
the question of whether it will 
be able to penetrate protection¬ 
ist. barriers in its traditional 
markets, such as the U.5-, 

{ Britain and Canada, nr whether 
indeed Trinidad will be able 
toUnd completely new markets 
for the products of its indus¬ 

. Dr. Williams is planning to 
set up an international market' 
ing agency to expand the coun¬ 
try’s trading links and this 
month a seven-strong team led 
by Mr. Eldon Warner, manager 
of the Industrial Development 
Corporation (IDC). has been in 
Europe endeavouring to in¬ 
crease Trinidad's links with the 


-Briefing the team before its 
departure, Minister of Petro¬ 
leum and Mines Errol Mahabir 
pointed out that “the CARIC0M 
market is limited to some 5m. 
people and such a market is 
not adequate for tile type uf 
energy-based industries which 
We have been developing. So the 
contacts with the international 
community will become even 
more, important. as we proceed 
wiih the development.” 

Parallel to its declining inter¬ 
est 'in CARICOM. Trinidad has 
.in fact been assiduously wooing, 
new markets. Japan is seen as 

a potential customer for petro¬ 
chemicals and Brazil as bem, 
a market for the country's LNG. 
These countries and the EEC 
are seen by the Williams Gov¬ 
ernment as being sources of 
technology and raw materials 
as well as new markets. 

The new markets may be 
urgently needed. Several days 
of Congressional hearings last 
week into the policies of tbe 
U.S. Export-Import Bank (Exim- 
bank) gave some indication of 
the difficulties that , tie ahead. 

Exmibank was set up after 
the war to provide mure jobs 
for U.S. workers by guarantee¬ 
ing loans to countries to enable 
them to buy American plant, 
equipment and products. Now, 
according to staff of ihe House 
uf Representatives Appropria 
nons Subcomittce, the bank is 
having the opposite effect—by 
considering, for example, Trini¬ 
dad’s request for SUS150m. 
financing to help build its steel 

Subcommittee staff claimed 
that the threat of the Trinidad 
steel plant has already cost 400 
U.S. steel workers their jobs. 

The steel industry, with its 
worldwide overcapacity and lack 
of demand, is the most obvious 
example to many Americans of 
the threat posed by the indus¬ 
trialisation programmes ur 
developing countries, it is 
ironic that those programmes, 
hitherto so warmly supported 
by the developed nations, nnw 
look like posing the major trade 
headache of the next dccarle 





* Vast reserves of low sulphur content crude oil, 
and natural gas for the next 25 years at least 

* a heavy-industry programme building founda¬ 
tion for medium/small industries 

* special export opportunities to CARICOM and 
EEC markets 

* strategic geographical position linking the 
North and South American continents 

* rich foreign reserves: favourable trade balance 
since 1974 

From all aspects, Trinidad and Tobago is a wise 




Fabrication of Trinidad-Tesoro's multi-well platforms in progress in Trinidad 

Trinidad-Tesoro Petroleum Company Limited con¬ 
tinues to have faith in its j'oint venture arrangement 
with the government of Trinidad and Tobago. The 
Company expects to extend its offshore operations 
off the east coast of Trinidad with the installation 
of two multi-well platforms. 

The Company deliberately arranged for the fabrica¬ 
tion of these platforms to be done in Trinidad, 
firstly, in order to generate additional employment, 
and secondly, to assist in the transfer of technology 

of this type to nationals. 


Registered Office : 

11 Maraval Road, 




Tel, No. : 62-27054 



Marketing Directo r 


for a major company in the UK. The business forms part ot an 
intemationai group in the forefront of the ethical pharma¬ 
ceutical industry and is backed by massive financial and 
technical resources. The research-based new product range 
offers challenge and excitement. 

• responsibility is to the managing director for all market¬ 
ing and sales activities including the control of a very large 
sales force. There is a strong marketing team supported by 
an ample promotional budget. 

• success in a comparable appointment with authority over 
the marketing and sale of fast-moving consumables is the 
prime requirement. Familiarity with the ethical pharma¬ 
ceutical industry would be an advantage as would a degree 
or professional qualification. 

• terms arc for discussion. With a performance related 
bonus, remuneration is unlikely to be less than £ 20 , 009 . 

"Write in complete confidence 
to K. R. C. Slater as adviser to the company. 






Holdings Limited 

The parent company of the Hereford based 
Cider and Pectin business, is seeking a 




This position carries 3 salary in excess of 
£10,000 per annum with the usual benefits and 
follows the appointment of the previous bolder 
eft his office to a similar position with a much 
larger organisation. 

Bulmcr is an independent public company, 
the turnover and net profit before tax of which 

for the last SnanciaJvear amounted to £33 
million and £3.9 milfiog respectively. The Group 
has a relaxed management style and excellent 
industrial relations. 

The Company Secretary will be responsible 
to the Chairman for the usual statutory duties 
and will have a line responsibffiiy to the 
Financial Director fora numheroflegal and 
administrative mat tors including pensions, 
insurance and the commissioning of a new office 
Fleck. -\ ‘tali'of IS persons is at present under 
llie coni rol of ibe Com pony Secretary. 

Suitably .inaiitit Ja>;J totcnsied executives 
riwuftiM “Ja o.’iici e siauinan oftluzir personal 
ihhiils if»etiiet 11 nl: a brief covering knar to the 
Chairman, i-./k» ii;.7o<aumrr cadi application in 

1 r £0>'uutvt r «> tie financial Director Mr. 

P.iiiuvilfj. Ijii'lh. 

Peter J. Prior. Chairman, H P Buhner Holdings 
limited. R\elandsStreet, Hereford, HK4ULE. 
(Hereford 6411). 

g] HPBdmer 
»i Holdings limited 


- (15.000, ho/.ever negotiable on »x- 
oerjence. Ag- 27 plut. International 
0:y ban*.. 


To 49.500 plus benenu. Age 19/15. 
Loan depaii t and instructions work 
and Euro currency experience. 
Please tend •#?cair, to: 

6, Liverpool Street, EC2, 
or ring: 01-283 6012 
FOR *PP».)INTH r -Nl 


A leading British international metals group with trading, producer, 
merchanting and industrial interests is seeking a Chief Executive for 
its Phy sical Trading Division which has nearly a score of sub¬ 
sidiaries worldwide and sales above £750111. 

The task will be one of personal leadership, financially-disciplined 
general man agement and global co-ordination. 

Candidates, aged 40 to 50, must have experience of international 
metal marketing and a record of successful, large-scale line general 

Location London, with intemationai travel essential. Salary, 
negotiable from £25,000, need not prove a barrier even to those 
earning considerably above that figure. Bonus, car, pension and 
other benefits. 

Please send relevant details - in confidence - to P. Saunders ref. 

Tins appointment is cpsr. to men and is-otnen. 

Management Consultants 

Management Selection Limited 
17 Stratton Street London W1X 6DB 



tat Mercian! B snu. Merchim or 
Clearing Bank experience. Age 30-*. 
Salary 44.500 10 £5.000 


Fn expanding . E.C-4 Overseas 
good opportunities to progreu to 
Chief Dealer. Age 26-. Salary £8.000 
c 'V.000 

Teb 01-283 9958 


rvqctr-jd to siren^then nunwr.-meni ot 
Lind on-based prim* company operat¬ 
ing in FreJghl Forwarllus am* Export 
Packaging tie Ids. Salary X 5 .UU 0 p.a. 

W'rne BOX A.6268. Financial Times. 
10 . Caanon Street. EC4P 4BY. 

DOC CREDITS C«lt,. *. £4.000. 5 yrt. 
exp. checkins a va 11 me nts/tssua nee. nego¬ 
tiating and opening LC*. Collection ol 
comm, uncer guarantee. Also number 2 
with only 2 m. ear . C. £3.700. Please 
ring V.P.N. Employment (Aar.i. 01-283 
6022 lor appointment. 

CREDIT ANALYST, c.^ £6.000. 2 yrs. min. 

exp in American Bank On term lending. 
Able to a'alt and reylew loan agree¬ 
ments on Sterling plus Eure currencies. 
Design financial coven ants'assist in tom- 
Pl«x credit analysis'plus back-up mterra< 
lean reviews'audits. Som. customer con¬ 
tact and research into analytical te:h- 
r.icucs Please send resumes to v.P N. 
Employment i Ag«.i. 6 . Liverpool St. 
E C.Z or nr .2 01-283 6022 Jor 



This is an important new appointment in the rapidly expand¬ 
ing Eurobond business of one of the largest British banking 

The task is to develop, negotiate and implement Eurobond 
lead and co-managements. These operations are marketed 
over a wide geographical area and are supported by our 
client’s substantial international placing capability. 

The appointment combines a five-figure compensation 
package with the opportunity for rapid personal 

Candidates, preferably in their thirties, with demonstrable, 
experience of this field should apply - in confidence - to 
P. Saunders ref. B.37365. 

This appoinmni is open to mci and -nvmen. 

Management Consultants 

Management Selection Limited 
‘17 Stratton Street London W1X 6DB 




£ 13 , 000 -^ 14,500 

This post will become vacant shortly on the retirement 
of pres/'nl holder 

i ram Jsl A prii.19~3.fhe Commission for ibeN’eu- 
Tnrus will nave a nv.v role-responsibility for whnt wal 
become h;ip of [hel.ireesl L-*.l:iU>y ul il* kind in Bnidin. 

Is* lask wiil lo' lu nunii'ji 1 . develop and ledf-.v !np 
commercial and iiiGOliul .is.hi-.-l sal Craw ley. I iainein. 

i ipmr-l Hetnpste-m and UVIv.yn i.Ihf'ien City, anti also Ihe 
similtiri'isspls of l)*-i elujunenl l’ inns in other new 
towns as ihrir pr*??i-nl programmes arc•'»mpleiad. 
Inili.iliy ulinin tin.* nc.vl tun lu five years, lb r: > qmairri.;;:! 
and industrial .issow olDevelopmentCarper ilions in ten 
ort-lcren Nw 1 on m. uiU be iruahferrrd lu tin* 

TSie CliierCvKiilii'e is responsible lo the Com¬ 
mission for ihe whole or its organisation and upcrnlions. 
hnliiul London Heiiuqu.irier5 andmtou nSwAdminislrakvc 
and manpyeriul ability of a high order is required and 
experience in Ihe lorn million ol policy and the din-clion 
and vo-ordination of a nuilli-prolessionol team in central 
and dolac bed locations, Applicants must have llivalnlily 
to rievulop theComiii:s:.iun‘s new'role includin'.- Hie 
Ilia mil'iwn*/? ofuuod a mi Jnw* rcl.ilions willi i’ 
aniiiiirilm in all (hr UurnsLoncirnici!. 

Tiw.-po:«t is in I In-London office .mills pcn-ion.iK.-. 
Furlh**r ili’l-iiis nl lln -1 ininniLs'-iiin's hini.lmn -inn ori-mi - 
alii hi v.ill 1— siip|»h* 'lon ivmu'.'mI. 

.\jiphi .iliiiiism.irki'i|-l jinlid'-nliitrsiimil'Tip'.pnllu 
M.n.M. t.i-n.'ii’ (..incl iAf-i'tiiive.('iinimib*si"i'i i-rtln- 
7v-w lywTis.i.,lriil luiiM'.Si.i'jHl.imViLtori.ibV, IL "i.if 
noll.ib-rlli.m ii.|!»"H. 


£U, 908 x£ 258 ( 3 )-£l 2 , 682 p.a. plus allowances 

The Director of Finance is 

0 the Councifs principal financial adrher 

0 a member of the Chief Officer's Management Team 

^ head of the Council’s Finance Department of 280 staff 
handling a cash flow of £250m per annum. 

The Council wish to maximise all available financial 
resources and deplo/ them as effectively as possible to meet 
the acute housing and other needs of this Borough. Besides 
the necessary ability and experience in Local Government 
finance, applicants should have a particular flair (or mana-emeni. 
financial planning and resource allocation. 

Further particulars and application farm from: 

The Director of Personnel and Management Services, 
200/225. Upper Street, London, Nl 1RW. 

(Tel: 01-359 3625 ext. 242) 

Closing date 10th March 1978 

Our iobs are open to all races and both sexes. 



Require a Head of Department dealing with 
Letters of Credit, Collections, and Remittances. 

Situated at the City Brandi, this position of * 
responsible involvement requires a comprehensive 
background and experience of international 
operations plus the ability to supervise and 
communicate at all levels. 

Salary negotiable according to qualifications 
and experience, plus fringe benefits. 

Applications in writing to: 

The UiC. Representative, 
Bank Hapoaiim B.M., 
S/12 Brook Street, 
London W1Y1AA. 




i institutional and private client business■ 

require an Assistant to the Manager 

Extensive experience in all department* e<-ential. Excellent 
prospects for promuliun. Reply in stride*! confidence to 
the Senior Partrer. Box .-\.b'J63, Financial Times, 10. 
Cannon Street, EG4P4BY. 


Hapoaiim B.M, 

0 , 

•y t ’ 





a /r.oc'um-jiicd Ci.Eas—cwg 
a - -; S.i IS. •: Consiru—ion Li-^san. 
m-Ii id:jhi:i9.iI «ii."tiri ,«.i 

C^iiCV i'T —C : l "ZJuLdLird Biiiii3uiii 

. e:g' ;n Frea;»i. 

. -l 1 ? Piil • O -n Dor;rri!ind dla 

"3U 1 ? ;ml_ vin.' 

'O rai"i ni.nyi 

j- -..-I iioai W i- An .uti 
■tJ -tr\- r*fr«Ti« anflr 

’i .1 '-q jlcrcd 

u IQ.JA.2jl 1 04 24 1 
O' 'N.rmee i r.j: 1 ,:- 

rx-y;UTL«;u»'unq 219. Mjrkiscne 
S'..'n'.s.' Ojrtm'jnJ Wf,( Jc-nin, 


l". I'jl-L'Hnl l"ld 
: .«> < 

t.,. n.,.,. 

»'“..U#3C f.Id , nrfiicitq.'ig 

iirtit or D r- r.-.-.fn;.an«> mmI- 
■ nr 'W v.-,* B „ A62~'.. 

t r f2' '. BV T,m '- s - ,0 Cannon 5WW 

Pv. ,r 


Commission for the new towns 


-. PrQTC.n, 

' - r' - i 5uO»- Mofil. A‘TB 

.-,-.-4 j-n Ipr UK. 

Eu-ao* USA j-a Hone Kona. t*i 
Cvahaig St*warc. 91*430 1701 . 

EVE. 189. RC»!i.-nl Mr»« -ja 5675. A 14 
C4iic at All-ln Menu I nrr, Soctunular 
Hoo^ 5fm*‘ 10 4a ‘2«5 and I 45 and 
r el Jahin. H<». 4 ia-. l oi-h A Friend*. 


3YLE £*» Dt*r. Lardi-a. W.’ 

( n STr:r-€A<E f(.CQR SHOW 

TH« CBt»f BRITicu STRir 

. . w » 5 ,T 1 SM STRir 

Snovr 4 : M/nn.g.v *ifn | < in. 

M M .^n. CMM Saturday*. 01-437 MSS 

Intervention Board for Agricultural Produce 

Tenders are invited for the urgent supply and delivery cif 
from any EEC port of 10.000 tnr-vs of common wheat to be 
supplied in bulk as United Kinguum food aid to the Govern¬ 
ment of Pakistan during March. 1978. The wheat is to be 
loaded into one ship chartered exclusively for the voyage 
and delivered to the port of Karachi. 

The alia wane? fur Ihe supply and transportation costs of the 
grain will be determined on examination of the tenders. 
Delivery terms embodied in a notice of imitation to lender 
together willi icndcrmc forms «i».i\ be obtained from Branch 
It internal Martel Divisiiin. Intervention Board for 
Agricultural Produce. ‘1 Wc.>l Mall. Reading (telephone 
Reading i. 

Tenders inusl uc submitted hy .li noon on Friday. 2-lih 
February. 197S. to: 


hamlvt; house 
LOVnON 7C1 f> 5FR. 


Blaandal Ti»es FHday FebriDW ;t7 1$?S- , 


... . 

at BICC Cables 

W. L B. Sbankbrnd 

Mr. W. L. B. ShanHand has 
been appointed managing director, 
of BICC CABLES from March L 
Mr. E. P. G. Tbomton, at present 
chairman and managing'director, 
continues as chairman of BICC 
Cables and retains direct respon- 
sibaity for BICC Research and. 

Engineering. Mr. Shankland be-- 
comes chairman of BICC General 
Cables, BICC Power Cables and- 
BICC-Telecommunication Cables, ; 
and in addition, to his existing re¬ 
sponsibilities for metals proenre- 
ment, he remains chairman of - 
BICC Connollys, BICC Metals, 

BICC Prescot Industries and 
Brook aide Metal Company, 


Sir Ray mond Brown and Mr. 

G. H. J. Robinson have been ap¬ 
pointed directors of NATIONAL 
London Regional Board. Sir Ray¬ 
mond is chairman of. Mairhead 
and joint founder and former 
chairman ol Racal Electronics. 

Mr. Robinson, who recently retired 
as chairman of Gillette Industries, 

Is chairman of Denbyware; 

Mr.-B. K. Fitton has been ap- - - • r • • • • 

pointed a director of NatioHal. feting) and there will be ..two 
Westminster Bank s _ west »i«- assistant 'general managers in 
lands and Wales Regional Board, 0 j operations— Sfc R. E. 6. 

Mr. Fitton is currently deputy- and Mr. A. G. Sfm^sen. 

chairman and managing director ^ th e s bo\ie Appointments are 
of Birmid Qualcast from March L - - 

* ' 

Following the appointment or jj, John ML D anner has re- 
Mr. P. R. Dngdale to succeed Mr. his directorship of Fenr 

F. BIgland as managing director church Insurance Holdings -and 
of GUARDIAN ROYAL EX- gjj subsidiary and associate com* 
CHANGE ASSURANCE from June, pan | P ^ -within the GUINESS FEAT 
Mr. A. V. Caddfck will take re- GROUP. Mr. Donner, who was 
sponsibHfty for the Groups over- group managing director of Fejw 
seas operations, while continuing church Insurance. Holdings until 
as senior general manager. Mr. that company became a wholly- 
E. P. Greenfield , will be general owned subsidiary of the Guineas 
manager (administration and p^t Group, subsenuenilr formed 
group development), and Mr. Donner Underwriting Agencies. 

G. L. Williams win continue as Mr. Donner is pow. executive 
general manager (home).. chairman of that company: 

Mr. IV. B. IWnrretL vice-chairman afr. Peter Speer has Joined the ■ 
to-morrow after more than 42 TIOZf as marketing-director. Mr. 
years with tbe company, but will Kevin becomes commercial 
remain on the Boards of York and director. Sir. Speer joined the. 
Countv Press and Herald Printers, company, in 1873 to establish-a 
Mr. Morrell was managing direC- new sales and marketing opera¬ 
tor of Westminster Press from tioin. Mr. Larin went to Merrol 
1965 to 1976 and rice-chairman in 1974 as chief quantity surveyor, 
from 1976. He is the son of Dr. and was appointed eoamusimr 
J. B. Morrell, a founder member manager in ,1978.. 
with Sir Charles Staraoer of what - *.. ■*-■. - ■■ 

was for many years known as.the Mr. John wul become 

Starmer newspaper group, the deputy chairman of IPC BUSI- t 
forerunner of Westminster Press. NESS PRESS Mm ApriT'Jfc Int ,y 
... . . succession to. Mr..Malcpbn Lowe,3b 

Mr. Brian Stevenson, 1 his bpeh wjio ;leave# tim company at the 11 
appointed managing 1 director-: of end bf'Mprdi. Eight ‘members ot'* w 
WILMTD INDUSTRIES. He was TPC Business Press management 
prevlouslv group engineering lech 1 executive will Join the Board of , 
nical director. IPC Business .Pre^ from April 1. 

* They ajc: Efc. John Harris (also f 1 

Mr. Peter A. Perttwn baa bfeep tieputir:, 1 

appointed mauagrag director of pertotmei dfrwwr. «r., ^ 

H AND H FACTORS; foHowlug Edmrdfcy, marketing and 
the decision by Sir. Martin For- Planning doctor. Sir. Tony 
winn the present managing Emery, es tabl i s h m ent director, 
director, to take up an executive Mr. $*?***' 
position with Walter E. Heller H*C Transport Preffi; Mr. Bryan 
and Co. or Chicago. Mr ; Perm an Hope, riiaimaan,^ ttC^Budnew 
was previously executive in charge Ptess (Sales and • Distribution), 
of H and FTs bulk factoring Mr- Pe t** , toniome, finance 
oneratinn Mr. Michael J. Christ- director and Mr. Vic. WuHaim, 
mw. secretaw of H an^H chairman, IPC Specialist and Pro- 
Factors. has also been appointed fe^nal Press. _ 
director ■■■■.: The. . allowing have beeij 

•' * . v. . ' appointed members o fthe IPC, 

Mr. D. A. L- Jubb, deputy chief 

Bxpruiive . wtU succeed ecutrve. Mr. Dnria Cobb, manag 

l lTBr^ asfflexS^ director, TC Busmens Pre&: 
tive of LONDON AND.. MAN- 

CHESTER ASSURANCE from Patriot Qrnstien, managing direc-,- 


*■ • . * .. managing director, IPC Specialist; 

Blr. Arthur Brown has been ®P-^ rli™‘ 

reltaSShes his afj 

whicb BHF is - a member. Mr. POintmerit as ^ managing director 
Brown has been on the' Board of 

rnavn MimtOPOUTAN trial T rain i ng ■ and IPC Video. Mr. 
HOT^ftas « 

appointment of an :operation#^'m^SnSdinSSS of that wn* 

2®' 1.1 ih«S “fc made; when be will be-, 

Halford, foe the last six yjar# W nie' chairman. Mr. Emery will- 
managing director of _ sbotiier ^ CO[ne chairman of Business and;. 

S IPC . : 

who has been' appointed the new * 

managing director of Midland r a « w been 

Catering, haS been director of a of TDX • 

sfnS r 3ff5 Dd SY^EMS INC. the U5. telecom- 
Metropolltan Hotels since 187a. _ zmmicat i 0 ns corporation which 

p . rvahti— -fikinAfV haa become a subsidiary of Cable. 

t hrcoS?j A ^^ROOT 'IKS isa^t 

as an advisory consultant in re- joa^d Cable and Wireless In 1970' 
lation to its .consumer products wd ourrently general manager; 
activities, and will work closely^ product .planning, of tbe com- 
with Mr. C. A. Hogg, the Cour - pally's eommonication system#.' 
taulds main Board director rp- anrf services'division, 
sponsible for these activities. Mr.' ... *. 

Crabtree has now retired from ' Mr. Richard Sirinsky has been' 
the chairmanship ol the fashion -ntuiej area manager of Europe/ : 
multiple division of Debenhams Africa and Middle East for 
but is' continuing as chairman of AMPEX INTERNATIONAL, from 
Hardy.‘Amies a^d as a director' April t, and will tw> based in' Read-. 
of Debenhams and of J-Hep worth | n g i Berkshire. Hei replaces Mr. 
and Sons. - .Ronald BaU/dthte, who has been 

* named general manager of Atopex 

PERKJNS ENGINES GROUP. fhternatfonaL 1^ ■' 

Mr. Keith H. Williams, who be- 

comes executive director opera-- James Pueftridge has been, 
tions. area operations; has been, appoint ed m anaging director of -: 
director, manufacturing.-,-ATO --CHEMICAL PRODUCTS - 
since 1975. Or. David J.- Freei;(UJt), the -British subsidiatfy of > 
mantle is appointed group direo-_A30,aumie- SA, France, 
for, personnel - He joined PwJflnar. * 

■n 1977 -as- director,, personnel.-;:. Me. Gordon . Lowe, who hast 
Eastern Hemisphere area opera-- been appbinted deputy managing - 
lions, previously- responsible- for director -oE .. CJMLT. MIDLAND 
all Perkins activities outside- the- -STOCKHOLDERS, -was previously- 
U.K. and the- Americas, now commercial director last Juiy. 
becomes the. groups sales■ and ^ 

marketing iunction. Me. RogferC, 

Clarhe. who headed this diViston, 
is appointed group' director, sales 
uni marketing, in addition to his 
orevious responsibilities.'. ; G|Wip 
iirector, staff operations,* pre| 
vi iisly group director.' finance 
ind administrative .staff. Is now 
Mr. Adrian J.. Pantonjl; who wiH 
also represeitT the -ehairinan and 
managing director when he is not 
personally available 
• w 

Mr. Peter BlackweU.. paper and 
plastics group manager, has been 
appointed a 'director of METAL 
BOX PACKAGING, Before being 
appointed managing director of 
Metal Box -Singapore Jn 1973. Mr: 
Blackwell ' was /Speke Plastics 
factory manager and -was then 
involved in the setting- up of the 
Wrexham factory. 


Mr. B. N. Eckhsrd, previously 
general manager, .has been made 
chief, general - manager of . the 
Mr. A. S. OurWartf becomes 
general manager in charge or de- 
'■ elopmeni and.Mr, W. 1. Hamilton 
is appointed general manager 
tfuiance). Mr. J. H. Eiderton is 
made deputy -general manager, 
(staff) and >Ir.T. M. TelTer deputy 
general manager (administration). 
Mr. R. H. I. Wnodroofe becordes 
assistant general manager (mar- 


w»Uxvw!iy j Ide. {+1 or , 

- Feb.' 16' -j ; 1 >«b. i—i JDi 

■ 1 ~~ ISra te rwreok 't 1 

banking department 

UAolLlilife . 

j .*ptau.._. 

I*ublie U&prwjt»_ 
■SpecUT Depoatta. 

ntttrtW & Other 

ujusmA ' '— 

1^28,4^5.00* + 24.B80.0CO 
f -3W,(U7,153?—. J7,BB5,D9B 

j' e7B.10eW-l87,lJ2.U8 


SoTtfieeurltfei .j 
Adiwbrcd iOther 

Kks _—-J 

rreouna. Bqijlift 
fiote*. __ _ 

L9S ? 37aWH«.0»,001 

. is3aas.7i7i— foam&n 

r 6j70,*6« 
^S.TW.^H-.Xa» i 7S3 
- -J3.S68 


2^523.660.766;—182,481 jos 

* : ■ 



U.udp'iifisi 1 . ; 1- * ■ 


in CliiWisi«in.!J^&1.8raj8B+ 17.170^7 
1 a tkot*« Uei.rj - SLlMtBg- + .7&&JS3 

i. • AtrtJHTS . } ‘ 

-inn:-i»4M.' ,.| Tajui,joa . — 
qiherebTva6i-fl^678,788iS54- 8.«39,0» 

'. ~ a^coo.cre 


*- % 



. ‘ tre p-- ...__ _. . .. 

v x 



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^^nihciai '^ints^fi^a^Pe^a^ 17T978 


' : _buat^inay at first sight •• 

' ^’tb be- : a. swill business' 

)uch like; an/ other;T jui ! 
rraa ..of capital .plant, . 
m making .technical: 

^i^tbe-^gfejigue^ /' 
aki . TO^fcmt 

Heroine;.! is, part oif 'Hhe 
Tray fish tag. fleet, is a case 
l^o&e:.would awtiiirthe 
Ttir^iSSO^Ofrto.hay hew. . . , 

;®£S?2SSrS3S?S JoviwJwprtu®** bo».-s 

Si ilLS^-SrySf 50 per cent share goes direct to 

HM8*-ttStS&Ss Sr or 

t » £"£X STlS^a 

f£$uT£ 'SSZSfF*- StertoWa, 'boate-ie continues 
^£35^00^^- 140aWffl^ : t p receive his share of the other 

” jtfon-to. coping '^ftfi.'. half of the weekly takings, 
xtggjf ; this_ order?- a' .Thp average life of a. 70 feel 
-'^"Tier-skipper.haS^ • boat is about 30 years.' ^Careful 
> cMwV'deaF:Wlth maintenance and : respectful 
[^/isoiofaybnrahle ; EKCT handling can prolong the profit- 
fj^gulationSj^eep ah eye able years' tliat come when loans 
; .lefefl ‘and.'Jess than legal have been paid off'and the bcai 
•esSf-'-of'..'• foreign ' fishing is owned outright. . . ... 

.. . in the 'Minch, consider Air. Murray ensure?, that the 
’ .'s and cons of exchanging Heroine is never given a 
fishing grounds for those ‘'hammering.” She has a 400 
North Atlantic, and at horse-power engine hut he tries 
. • ne time, use his esperi- to use only 300 horse-power; ho 
‘-■. .id intuition to locate the is also careful noiTo.-use too hig 

a trawl because the' weight 
JLiof the biggest problems "° u . ld P“*z unnecessary ex:lra 
.. l r :ing a man who wishes to stI ’ a,n °h the engine. And a 
> own boat i s the initial. ?«?8 ,ne would cosr£40.000. 

the choppy waters 

s fisheries 


last as 

required, for prices have .things are .the 
■ istronoraicaliy over the f n 8 ,ne >* c3 ? ecled «. 

: w years. For example, °^s_ as . s . he does - . . 

- ■roine. which is jointly , ” ero |P c u and her crew 
'-by Four of her crew mem- JJ d,ow the fish north to the 

including the skipper. Orkneys and south to.the Clyde 
Murray cost 0 triy a]lh ? ush lhey operate, .mainly 
when she Was bought ,n tbe *«“*■•’ La* «■>. they 

- ears ago. grossed £70.000 and . Donald 

' . * . .. .. Murry seems confident that he 

. Heroine was bought with and his crew wlI , t* able to 

' JZt ^ ? SO on fishing in muCfr the same therefore strictly illegal. —lim this means a much 

***"? way as they always have done. Much more worrying than the smaller harvest for native 
Df £30000 CJS,0W ““'Yet the pressures for change are ndd trespasser is the fart that fishermen. One way u* solve and expe 

Highlands and Islands Develop; sense for the men of the Stoma- fewer problems for Sir. Murray, 
mcnr Board fisheries tliviMoo. way fleet to look to the Atlantic Fishing is still a dangerous, 
insists that the fishing grounds of fishing grounds. And while. business—few years pass with- 
ihe Nurih-liastum Atlantic with many may well go on making a out at least one of the boats- 
Ujcir Norway pout, while ling, good living from the fish in the from the Hebrides or the West 
dogfish, blue ling, tusk and blue ifinch. conservation measures coast being lost—and there is. 
whiting, must be opened up. ‘ allied to new EEC regulations r*o room for the politicking and. 

••Ignoring the fish that lie to ™d increased foreign compeU- backbiting that goes on in some, 
if,e west of the Hebrides would tion in traditional waters could small office bound companies. • 
be like closing our eves tolhe make a changeover economic Mr. Murray and his crew have, 
oil that sits below the seabed ally imperative. been together longer than any 

east of Shetland." Mr. Lindsay Donald Murray does, not other skipper and crew in the 
savs. - Yet tackling some of appear to be overly impressed fleet All of them come from, 
these fishery resources is goins by the rules, regulations and the same village and they have 
to need bi» vessels certainly rows about fishing that come known each other for years. 
L° gg "rthan 'hi*Tid byfrom the EEC. He refers to the Vet even though the others ere 
island fishermen. What is more EEC as “those crooks" bur at co-owners of the Heroine ulti- 
they are very expensive to buy the same time he is not particu- mately it is always Mr. Murray 
and run larly worried about such things who is in charge. 

“We have to find wavs there- as the imposition of European “You see,” he explains with 
fore thai will help those fisber- fishing quotas. a simple finality that must be 

men in the islands who want to "an management at sea is the envy of many a company 
exp]ornl the north-east Atlantic an area th 3 t presen ts even manager. “ I m the skipper. 
waters. t» gel round these 

In the summer months it is 
possible for a 70-foot boat like 
the Heroine to sail the North 
Atlantic and she and her crew 
can — and do — catch many 
different varieties of fish. Mr. 

Lindsay says some of the 

smaller boats such as the v ^ leave most of the on equipment if we're asked to 
Heroine, could start operating fin ^ nciaI acIminiilratiQ n of their do so. 

* JSSSli* businesses to the North Minch “Sometimes I find myself 

the .traditional inshore waters pj s [ ise ]|, n a Company whose acting as a referee il, say, the 

L l harbour-side office is run by Mr. co-owners of a boat each want 

into the Atlantic only when the f[ ei . lnr i nsratn . to buy a different type of 

weal her improved. Bui Donald jj Je compail y j s responsible engine. And sometimes, if a 
Ml h~^°. n M nC r d ‘ for selling the catches of all 40 boat is not doing too well. I’ll 

l ° ld ° r a su r\ e ‘ boats in the fleet: it also pays have a word with the people 

i».!n Vnrfh the w * 8 e * of ^ 2CK) or 50 concerned and explain that they 

! fi - K*i r i l u fishermen, pays ihe food and need to puli their socks up.” 

weve been hold how much f I hills anrl am? mher run- The mlaiinnshin between tl 

Looking after 
jobs ashore 

THE fishermen of the Storno- for overhauls. We also advise 

Part of the fishing licet in Slurnuway. 

One example he gives in sh-.»w 

thai has 

more we could earn if we fished 
our there. I listened to it all 
and at the end I said it sounded 
fine except that one vital con¬ 
sideration had been omitted— 
tile weather. 

fuel bills and any other run- The relationship between the 
ning expenses and arranges fishermen and the company, 
finance for men who want to which is owned by Christian 
buy new boats nr new engines. Salvesen. is a close one and 
If a boat and crew are going the dealings between them are 
through a bad patch then the always flexible. Apart from 

lie stormy /areer of 
a shiomns magnate 

■ -T .-graphy of a Shipping -1930. when Jie. ; transferred his when it suited his business 

■;. by Erling . D. Naess, floating whaling 'factory, ■ the interests, many of his actions 

_. - ade. £9.50 Vikingen, from British to Pana- betray an assiduous quest for 

/TANKER men plough manian registration. . v '{Like respectability, even amonj 

• ' Jj through • their fourth Onassis. ; Naess learned the groups like the U.K ship 

iZ‘ slump; they have a t ^Principals of commodity trading owners, whom he considered tu 
: “‘en siren for their com- “ *'Me oil.) y ■/.. have lacked ihe flair fo permrivc 

‘little bed-tiihe reading At the time, the Panamanian ihe uppnrtunities being offered 

rhe exploits of some of fla ^ had been . chiefly oI\’ jh-. in the great bulk trades in th? 

. . : - -erV.statesmetr M~\the iffWst : *to U.S.. passenger, lines far EsiaL 

5 ’. r -.Jbdcause/n enabled the* Find Naess pulled a master 
. -year’s Tnore colourfui 8 ® r '(. e on. board ijuring stroke in his flags of convenience 

.-^iy of Aristotle Onassis? the ^prohibition, but the fotiva- campaign, in 1958. when he 
• '-unquestionably, more 11 on Tor Naess yas purely one spotted a loophole in British law 
- .appeal than the more economics, because f' ,e which would enable him. unlike 
■ ’-/offerings from the pen Panamanian flag meant cheaper established 1 U.K. shipowners, to 

Erling D. Naess, one of cr ® w set up a shipping operation in 

' ‘ ' ^it successful owners of /“* the late ,1940s and iSoOs, Bermuda, escape taxation and fly 

•jps hi the last 30 years. International Transport , be British flag. The only con- 

’ _«niri« beine a small ' Vorkers Federation set nut to stra j m was £h e employment of 
* ' he bT-spendina OnaJ s d ^riy the practice because 1 * British officers. As a shipping 

‘ P underlined ^tbe trade unions journal of the time pointed out, 

-.; . Naess was being allowed to use 

gQQj^ REVIEW BY London as a source of finance, to 

quiet/ precise Naess 
: ;ich other well arid, in 
’/.Naess's account, there 
.me affection between 
'_ Aihich certainly had 
: to do with kinship of 

• - e Naess found lr diffi- aul ^ ority andl ^ ey ar ^ ued * With his British connections 
be awake a? the same wage levels in the industry holding -«-«- 


build ships wherever it suited 
him and by avoiding taxation 
and some crew costs, undercut 
• bis outraged British opposition 

the nocturnal Onassis. 

depressed.., There was 

_ Brin, Naess boldly 

also, approached P & O with ihe sug- 

- tnviTpH to now. a good deal of con- gestitm of a joint company in 

•ih the Orerk marinate tTOversy over wherht?r foreign operate the bulk carriers, which 
• hfln wifi Tin. a» tr m fla « s were used owners w,sh ’ were new to the British com- 

' , par i^‘ v-o-c ^3 10 escape costly safety and p a py. The result was Associated 

•; "h-J* c* .J5J. inspection procedures of the Bulk Carriers and a degree of 
t i r n ' y • * niS oIder ragtime countries. respectability for Naess in his 
;-jcr to taiL . i- As chairman of the Ameriedn Bnk with *'one of the most 

may have missed Committee for Flags of Neces- prestigious shipping companies 

and been bored almost sily, Naess led the committee in the wurid,” which was clearly 
r' .oinr of impoliteness by through seamen's boycotts and of great personal as well as 

- but he did share with international- legal action to the business significance lu him. 

a love of the power of point where a flag of con-., gy }j rac the present 

... and an indefinable venience fleet, that of Liberia, ^mnp cairic ground, Naess had 
' ' 3 risk Innovation. Not has become the largest in the more hr less exiricaled himself 
he contest of the highly world. . from his shipping business. This 

, vc business- of bulk tn this role, Naess displayed p arl j y blanks lu. his trained 
he can be considered a painstaking ability and appra-^Understanding of . ecominiic 

riatinn or-tbe value of united w}lit . h served him well 

ealest claims to. fame action which has stood him well throughout his career. But it 

ight fori the legitimacy jn bis most recent career as was ajso bP(;aU: 5 e his formalisa- 

-• . of convenience, his chairman-nf Tntortanko. the in- of his businesses through 
of the “ bigger is more dependent tanker owners' asso^ ^ious public companies bad 
. -tive ” argument in first ciaiinn which is strusglmg to Bxpo i ed h ini 10 the sniping of 
- : '-?rs and then dry bulk fina ways or getting essentially ji reclurs w hen the bulk trade 
■■ ^.1 his perseverance with entrepreneurial individuals to./ e jj on hard limes—a process 
tf-purposc bulker, tlie form common policy in the f a ™ jybich. he found wearing almost 
'■‘ilk -ore carrier. of gross overcapacity in the ^ point of being msuppori- 

-' »s his character is best industry. - able. 

in the first, of these But although Naess was cap- <n, nse involved in the 
HU connection..with able of hnlding out on the industry tu-day might feel that 
flags began early, in stormy side of public opinion author, with his evident 

'fluanciai expertise, could have 
‘ffered a more penetrating 
maiysis of the over-fuel ling of 
he 1973 boom by financial 
nstStutigns. Tuo often, i he 
iccotint 1 lapses into mere 
personal recollection of details. 
But for all that, it is loaded 
yilh practical experience and 
/bmmenl about the risk manage- 
ti.ent . of shipownihg from the 
; nsidh. 

In fenns of style, the honk is 
very poor, showing little di.s- 
?riminalion between relevant 
arid irrelevant detail and failing 
at,almost every point to inject 
what is at bottom a most 
interesting business career with 
any fluency. 

■ At 76. Naess concludes by 
■saying that he is still inclined 
tor re-enter the lanfcer business, 
but “perhaps mistakenly, 1 am 
n'ol poised for a sprint.” Cer 
lainiy- if he were to. be scon 
buying a new pair of running 
shoes, it .would he a fair bet the 
race was about to become worth 
running once more. 

“Arisiofle Omwais by tbr 
Sunday Time* Insight Team. 
■Weitlenfeld and Ntrotoou. 
£5,$5. 1- , - - . 

■^ asyouthink? 

•uu need to moke decisions based on sound informa- 
, 7Yadc and fndtistrj’ shouW head jqiir rending JisL 
:i v ‘t* direct access to official sources gives a weekly 
ilc on developments in industrial Whitehall, the 
i pc an Community arid, overseas trade. 

.')niy4flp a wvek.(plus postage). ' • 

r a free copy phone 01-215 5021/5786 
or post the coupon today. 

Please send.Trade and Industry - 
cadi week and invoice me. u 
Juat send me a free copy. □ 

PsVif ft. r Wp Af.'V i>lf V- 

— 1 


rc-iji Address 

To: Trade tvndlridut-frj; ’ • l 

Room 4-jfl. I Victoria Street London 3W1H 6 ETr ■ 

ie no-nonsense business news. | 

Mr. Ingram says that the 

_, ......ell Fishselling, conipanv has never been in the 

8r -‘ fthink thai which has an annual turnover position of having to advance 

Yet m ihe main he d.^s not Mr. Nuny knew how hard the a 50-foot boat is .me ofVebesi ^£*111*!?CSe!° This" 

oes on landing means the concern has never 
dues while the rest is retained had to overstretch itself 

although three years ago there 

. _. ...... Mr. Ingram explains that the was “a very sticky patch” 

be remembered hat there s financial management of the during a fishermen's strike. 

fishing fleet has always been A weekly account for a 
done in this way. He adds that Stornaway boat with a crew nf 

cheaper to run. It should also 

none among the Stornoway fleet 
not making a weekly wage. I 
believe we'll be able to go on 

The weather in ihe Vnrfh com Pa n >' will allow the account anything else, it is in no one’s: 
the value of local Knowledge lUan,,,. can hf . atri j t , QlJ J_ na r to go into the red and will even interest to see a boat put out 
ami experience is that uf Herr- be^-een Februa^Tand n,one r needed t0 of business ' 

strong. . . herring and mackerel follow a this particular problem, accord- ing that were found close hi Use M av . Wbat you really need there ni t? * , SK i?- pei ! ove I;. 

. -'aet weekly takings of .all A growing number-of. foreign seasonal partem and the shoals ing to Mr. Murray, would be the bottom in a place where Ihe „ rD ’ Kfiotc nf 1 1 nr inArn OFl, 1 i IflC 

.. i.the Stornoway fleet are boats, particularly Spanish and come up the west coast of the introduction of a 50-mile limit, sea bed wa% particularly hard. 

- in half. Fifty per cent. French ones, are now operating Hebrides before swinging into Yet in ihe main he« n«»l Mr. Murray knew how hard the _ ____ _ _ „ iit _ w> iui%-i 

to the hoat,” to pay off in .the fishing grounds'off ’he ihe British coastal waters uf the feel threatened by the sclivT'es ground wu- and he ula" knew RnVnria] propositionil *Th*ev*are H-Tf nilS r 10 fh- 

- .ding loans, while the Hebrides. A few even rent are Minch. There is no law to pre- of either foreign fleets <r those that if hi# nets touched the ^ emiU j,h f <jr t fi e Mj n cb and 

hared oat equally among into the Minch although this is vent foreign boais catching the British coast boats which bottom tit c> would tear. Tin-art v '” " 

ipper and crew. Once a within the coastal limit- and fish before they enter the Minch have started to conic Wes: be- was to keep Ins trawl just one 

\-r--—- : — : - ; — li - i -ri -— 1 -cause of the limits that have f«'»r off the sea bed so that 

been placed on North Sea fish- catching Hir fish was rather 
i„o. like “ creaming milk." 

“They have a living to earn An F,a>; coast boat fishing 
just as we do.” he says gener- nearby failed to catch the her- earning a living as we are for 
misly—though at tbe same time ring that May. many years tu come.” 

he is well aware that bis skill Perhaps it is because of his Mr. Lindsay agrees that a 70- 
in his home waters surpasses confidence in his own skill in foot boat in the North Atlantic 

theirs. local.waters that Mr. Murray can be “extremely unenmfort- 

•• Over the years I’ve 
t» know 
the Ihh are 

been doing it for 17 years. My 200 utile exclusive ec morale needed to successfully exploit fro in "the s ale of ” *e acb * 'boat's ca"i ch 

father and grattdlather were torn* rising fuel costs and re- the north east Atlantic fisheries. catch we organise the repay . The remaining £699 would be 

fishermen and sn they parsed on stric ons mi the catches of A loO-fnnt boat costs between ment ' nf loans and -, f irs be€n a split in half going t0 pay 
certain .nfnrmali.m to n>. I toUMr f pre £ and £2m Yet the Board gnod mon(h We rai5;h! pay an off tbe boat ^6 the other half 

first went nut tishing in un open combining to »«»rce the L.K. fish- is hoping it will find a way to extra £500 ba ck on behalf of an being divided among the crew 

boat when 1 was 14, and 1 took ing fleet to seek "Ut and exploit help individual fishermen to \vp pay for repairs out to give each man a wage of £69 

my own son out when he was new-areas. raise sums of this order. It 

only four.’’ Mr. Jim Lindsay, head of the would certainly make economic 

it saves the skippers both time five might be as follows: income 
and money. from fish and prawns—£1.295; 

*‘ If a crew were to see to the out of this is paid £32 in fish 
selling of their fish and the pay- dues. £308 for oil, £76 for food 
ing of their bills themselves for the preceding month. £ 1 B 
they would have to take on an for insurance. £13 in fees to the 

of sales income and we arrange —not a particularly good week. 


r r?x 



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How Mr. Healey 
can help industry 

Planning for the 21st century 

Jiilancial Times Friday February 17 - 197 & 




1 :' 

' A. 10W0W " 


The company sector has been 
left out of most of ihe pre-budget 
speculation about tax cuts. Yet 
it is arguable that a significant 
part of any stimulus should gn 
to industry rather than to per¬ 
sonal taxpayers. There have 
been hints about tax concessions 
of- various kinds for small busi¬ 
nesses. But, m general, the 
dtecussion has been about cuts 
in income tax. whether there 
should be a reduced rate band 

and the need for any offsetting 

rise in indirect taxes. 

Net stimulus 

There might appear to be little 
room left for any other action 
apart From the necessary rise 
in. child benefits. After all. the 
si/.e nf the nei stimulus under 
consideration has slipped back 
in .recent weeks from ihe fisure 
of EU.5bn to E3*»n commonly 
quoted at the beginning of the 
year. Concern about the medium- 
term current account prospects 
and monetary control has played 
a .large part. 

But. ironically, it is just this 
prospect — with buoyant con¬ 
sumer spending and higher 
imports—which could justify a 
relatively smaller share of any 
relief going to the personal 
seclor since real incomes are 
anyway recover mu strongly. 
Some cuts in income tax are 
still justified, notably increased 
personal allowance.? and higher 
thresholds, since, as Sir Douglas 
Was pointed out on Wednesday, 
the evidence suggest? that iax 
reliefs contribute t rt ihe accep¬ 
tance of wage moderation And 
it ii election year. 

The suggestion of relief for 
the com nan v sector mishf seem 
odd given that Corporation Tax 
payments werpjmver in nominal 
tern® tn 1971-n than in 1.974-75 
and down from L’O to under 13 
i»«r cent, of tnt:il Inland 
Revenue receipts over the period 
The share will have remained 
fairly low even though Corpora¬ 
tion tax payments hove risen in 
ihe current financial year—and 
hv a larger percentage than 
exnecietl as the underlvina 
level of profhs. nei of stock 
apn'-ecration. has improved 

Although the eompanv sector 

remained in large financial 
rlefic't for longer than forecast 
Iasi vear the position should Up 
hcaMh ! er now after the decline 
in inflation. Liquidity and sear¬ 
ing ratios ar» also still generally 
favourable This should continue 
even though some Citv analysts 
are quite gloomy, and possibly 
too much so. about the financial 
needs of industry as the economy 

So with no immediate threat 
of an early return to the 1974 
type of corporate liquidity crisis 
there arc few grounds for any 
major reduction in tax on com- 

I ^ 

BBC 1 

t Indicates programme in black 
and white 

6.40-7.55 u.m. Open University. 
9.30 For Schools. Colleges. 10.45 
You and Me. 11.03 For Schools. 
Colleges. 12.45 p.m. 1.00 

Pebble Mill. 1.43 Mr. Bonn 2.05 
For .School?. Colleges. 3.10 Yr 
Erwau Gwas. 3.53 Regional News 
for England icxcepi London). 

3.55 Play School. 4.20 It’s the 
Wolf. 4.25 .lackanory. 4.40 The 
Clanger*. 4.35 Crackcrjack. 5.33 

5.40 News. 

5.55 Nationwide < London and 
South Ea-4 only). 

pany profit? as such. The issue 
i>. ‘however, more complicated 
and concern? the nature of the 
recovery, tbs long-trcin down¬ 
trend in profitability and its 
implications for investment and 

The Midland Bank Review's 
winter issue summed up the 
argument •—” the Increased 
demand which is breathed into 
the economy by traditional rc 
flationary measures may now¬ 
adays be able to get itself! 
supplied only if there is a signi¬ 
ficant lift in prices to provide 
employers with enough of an 
incentive to respond. The 
Government >.-an issue the invita¬ 
tions, hut a' the present cost 
or a taxi will anyone come to 
the ■dam-eV ” 

The Review pointed out that 
while demand obviously needs- 
to he created this is noi a suffi¬ 
cient condition for increased 
output and employment sini-e ti 
needs tu be possible fur supply 
to respond without pushing up 
prices. Consequently, a reduc¬ 
tion in employers’ National 
Insurance contributions was 
’suggested as a means of induc¬ 
ing the supply response through 
lower la lion r costs. Reducing 
payroll lasc 4 - would have the 
advantage of reducing real 
wages for ihe employer without 
cutting real wages as received 
by the employee. 

Less Lib-Lab 

The importance of employers’ 
contribution*, hoth to national 
insurance and pensions, is dis- 
i-ussod in a new cin-uiar from 
siockbrokors Panmure Gordon. 
Unfortunately they undermine 
Iheir case—and several yuori 
points in the rest or their review 
of cyclical indicators—by exag¬ 
gerating the importance of this 
factor. To argue (in capital 
letters! that “the rise in the bur¬ 
den of employers’ contributions 
i? the root cause of Britain’s 
economic piohlems.” is nun- 
sense as it stands. The brokers 
may have a point about the im¬ 
pact of the rise in transfer pay¬ 
ments financed by contributions 
boosting consumption. hu> they 
are no mure responsible on their 
own for the U.K.'s malaise than 
strikes. Ihe exchange rale or the 
lack of technical edmaliun 

This exaggeration is a pity 
since a reduction in employers’ 
contributions could support the 
overall recover} and specifically 
help to boost employment. This 
could bo achieved by the with¬ 
drawal of the surcharge imposed 
la<( April which should yield 
£1.2bn. in 1977-78. The Liberal 
Party favours a move in the 
opposite direction to finance cuts 
in income lax. so perhaps we 
need a litile less of a Lib-Lab 
budget than Sir. Par doe would 

fiJSil Nationwide. 

11.411 SportMi ide. 

7.011 Cartoon Time 
7.10 The Wonderful World of 

K.ftfl The (’•undies. 
x.30 Porridge. 

9.nn New*. 

.925 Life af Stake 
ffl.15 To-night (London and 
South-East only). 

HI.45 Regional News. 

HUB .Max Boyce in Concert 
1120 The late film: "The Hang¬ 
ing Tree” slurring Gary 

All regions as BBC-1 except at 
the following time-.:— 

Wales — 11.05-11 -25 a.m. For 
Schools. 1.45-2.00 p.m. Sidneyn 
Sboncyn. 5.55-6.21) Wales To-day. 
7.00 Heridiw. 7J5-S.H0 Crufts. 
10.15 Kane on Friday. 10.45-10.46 
News for Wales. 

FOR THE thousands nf 
passengeis who pour III rough 
Birmingham airport every day 
in the peak summer months life 

ii be full nf frustrations. The 
terminal budding, pul up jus! 
before the outbreak of war in 
1939, is now far Loo small for 
its needs, despite piecemeal 
a He rations and extensions, and 
there is a lot of jostling in Us 
^ fined spaces. 

There are now plans tn end 
all this. By I9S3 or 1984 the 
airport authorities hope they 
vri'i have a new terminal in 
operation. Plans have heen put 
to the I’ -partment nf Trade for 
a £48m. complex on the eastern 
side nf the 3irporl next to the 
National Exhibition Centre and 
alongside Birmingham Inter¬ 
nal l«»nal station. 

The Government has to be 
consulted because under a 1980 
arrangement Westminster 

meets 60 per cent, nf ail agreed 
capital development costs over 
£ 1,000. There are some signs, 
though, that the airport will 
not gel all it wants from the 
Government. Mr. Edmund Dell, 
ihe Secretary for Trade, tnld 
the Commons recently that he 
thought the terminal proposal 
■* rather expensive ’’ and in the 

best British tradition: it is likely- 
that the two aides will inm- 
promisc-fpertiaps.around I 30 m. 

This nmihi not be all the air¬ 
port would like but it would 
certainly consolidate its position 
as a category B aiTpnrt. Birm¬ 
ingham'is nnt. and is noi likely 



to become, an inter-Continental 
airport: thai rose is reserved, 
outside London,' for Manchester 
and Glasgow. Us function is to 
serve as a centre for short-tn- 
mediimi haul Sights to Europe 
and some North African 

it might seem strange that 
England's second city comes 
into category B. But even tf 
the Government were to 
concede a case far raiding its 
status—which is unlikely 

because, of the proximity of 
Manchester—if is doubtful if ft 
cmild extend the^ runways 
sufficiently lo take "Full-loaded 
inler-Cnntmenial jets. 

JThe proposed terminal is an 
iniegral part of preparing Birm¬ 
ingham airport For ' the 21st 
century—at present, the design 
and facilities are redolent of the. 

The plan, drawn up by its 
owner, the . West ’ Midlands 
County Council- (which 
inherited it' from Birmingham 
City.Council as a result of local 
government re-organisation), is 
that Ihe airport should be able 
to handle 3ni. passengers by 
1990. Last year 1.15m. went 
through Us gales, somewhat 
below the record number of 
1.18m.-in 1973. The expected 
increase in traffic this year ts 
10 per cent. 

Most of that increase will' 
come from the Midlands itself 
because Birmingham is very 
much a .local airport. Some 
three-quarters of the people 
using it come from the West 
Midlands and another 10 per 
cent from the Easl Midlands. 
To cater for them it has a big 
expansion programme this year. 
British Caledonian is to start a 

twice-daily feeder service to; 
Gatwick on/March l and, a 
mouth later British Airways-, 
will inaugurate a daily service 
direct to Milan. At the same 
time a direct Aberdeen, 
by-passing Edinburgh", will 

British Midland is to break 
the. Brussels-Frankfur.t- service- 
in to its separate components; 
and a KLAS subsidiary is to rim 
an extra daily service to Axo-' 
sterdara while talks ire to'be 
re-opened on * dally Copen¬ 
hagen run. ■ : 

O voP V, 

Short haul 

But the sort of .service -that 
Birmingham would really-.lilte’ 
to see expanded is the: bifrstopf 
type run by Air Anglia from 
Norwich to Newquay via Bjr- - 
mlngham and Swansea. - This 
country : lacks the sbort-haufc 
internal flights that are an esses-' 
tial part oF life in the U.S. and. 
some other countries. Yet plairegy 
which make -such flights com¬ 
mercially Feasible are now -be^. 
coming available — unfortuna¬ 
tely. it appears officialdom is 
against such a development-• 
One other disappointment is 

// \ :! 

\ i 'A 

that the airport has not been 
able to tap the lucrative freight - 
business generated In' the Mid¬ 
lands. This traffic continues to 
be carried by road to London's. 
Heajtbrow airporL Birmingham 
has the facilities but In spite 
of . efforts to expand in this 
direction the freight forwarders 
continue to give it the thumb? 

Last year the airport..moved 
just 3.567 ions, almost alt of it 
in belly-holds of - passenger 
planes as few freighters leave 
the airport. Even this Was an 
improvement (a 22 per cent, 
jump) on 1976. But it was a long 
way below the record of 6,111 
tons in 1970. 

Equally disappointing is the 
fact that most of this goods 

proposed srre of aibpoi 

traffic is one way —- inwards 
Firms' in Dusseldorf .and 
Brussels can see the advan¬ 
tages of flying .their goods 
directly into Birmingham 
whereas • exporters in the 
Midlands continue to rely on 
Heathrow. The airport has ;a 
freight hangar which is-badlj 

• Disappointment over ihe 
failure to attract more, freight 
has been offset by ihe fact that 
the airport was in the black — 
for the first time — last year, 
when it made, a net profit after 
all loan charges of £140,000. 
There' have . been operating 
profits before, but they" baye 
been wiped put by debt charges. 
The position this year lit 
expected to be even better. 

Call for quick action on ITV-2 Record 


3VERXMENT DELAYS in pro- was no question of any innova- the Future or Broadcasting- Ui ICv 

icing proposals for the fourth lion before the 1979 expiring Ir ins been suggested that MT 

-itish television channel were dale of the Independent Broad- there is strong support for giving m _ — 

Kingly criticised yesterday by casting Authority's charier th e channel lo the IBA if not TAT 1 

ird Windlesham. managing Lord tVindlesham said (here ;he 1TV companies (there might Urf-lll 1 ill 

ttrv - !$*!?" .iC' tv_sss*s «^ 



ducing proposals for the fourth 
British television channel were 
•strongly criticised yesterday by 
Lord Windlesham! managing 
director of ATV Nei work. 

“They should hurry up and 
make up their minds and say 
what they are gome tn do.” he 
tuld a meeting of the Broadcasi- 
inc Press Guild in London. 

Such were the delays that no 
one now expected the White 
Paper on broadcasting until after 
Easier or perhaps later. There 

was no question of any innova¬ 
tion before the 1979' expiring 
date of the Independent Broad¬ 
casting Authority's charter. 

Lord Windlesham said there 
was a “general consensus" of 
opinion that ITV should get the 
fourth channel. The Home Office 
should concede this point and 
make the announcement “ with¬ 
out any further delay.” 

He was commenting on recent 
reports of Cabinet disagreement 
over the action to be taken un 
the Annan Committee Report un 

the Future of Broad casting. 

Ir ins been suggested that 
(here is strong support for giving 
the channel to the IBA if noi 
the (TV companies (there might 
be a considerable difference >, 
rather than to a new authority 
such as that suggested by Annan. 

Lord Windlesham rejected 
suggestions that AT Vs franchise 
for the Midlands should be 
divided, producing a new Easi 
Midlands regional television 

£hn. Keswick theatre 



1 Return a retort f-4-4 > 

3 Must genilo Oricnul co in the 
west with a fungus'.' 161 ' 

9 Member taking a vest may he 
seen ai I.orris GJ-5i 

in ndrti on surgical dressing 
needed f'.w 9 (K> 

12 A trunk nr just part of one 


13 Live-wire in cnntrol nf 
players? (9) 

14 Glnuniv Sergeant Major coes 
inside to telephone ( 6 » 

16 Sticky stuff airman left in 

tree (7i 

19 More can become involved in 
this affair (7» 

21 Gamble and beam, but be 
deceitful tfij 

23 Face to imitate io stage pro¬ 
duction (9) 

25 Mark, or Saint the Scottish 
own (5) 

26 Gear but not in well (6) 

27 I’m one who carries and 
brings things in (Si 

2* Easement fur substitute iB i 

29 V/eU-huill it’s said round old 

ctiy tSi 


1 Caught boxer with company 
material (fit 

2 A gem’s mini condition could 
be attractive (9i 

3 Can which is right insirfe 
plant (5i 

4 Opportunity pul jo learner in 
part of church (7) 

6 Lacking discretion and hrazen- 
faced without right c9i 

7 Wander aimlessly with doctor 
on one foot (5 j 

8 Bird ate rice initially when 
nuiside (5-3) 

II .lust one French article on si 

15 Instrument for chap on parly 
line (9 1 

17 Eccentric acini- or his role i?) 

18 Rood pan up for 17's 
stage exit 1 4—4 1 

20 Misdeed thai could be vile (4) 

21 Collector's item often seen 
under glass M-3i 

22 In railway edition it’s just 
natural (6) 

24 Native, pan uf South Africa 

23 Drink that is way out C5) 

No. 3.395 


A NEW theatre has been pro¬ 
posed in the Lake District sourisl 
centre of Keswick, which attracts 
more than Im visitors a year. 

The £75ll.00fl theatre is 
intended to attract inure visitors 
and pul Keswick on the map as a 
cultural centre. 

A public meeting in the town 
gave unanimous support tn the 
idea and approved the Formation 
of an organisation called the 
Friends of the Century Theatre 
io ensure that the theatre would 
be built. 

Scotland—10.2:1-1(1.45 u.m. and 
11.05-11.25 For .Schools. 5.33-6.20 
Report i n-j Scotland. 8.3«-!M)n 

Curs cm Account. ID. 15 Sped rum: 
Design on the Line. 1(1.43-16.46 
Neu> lor Scotland 
Northern Ireland —1023-10.45 
4.m. For Schools (Ulster in 

Focus). 3.53-3.55 Northern Ireland 
News. 5-55-6.20 Scene Around 
Six. 10.15 Perspectives. 10.45-10.46 
News for Northern Ireland. 

England—5.55-6^0 p.m. Look 
East (Norwich )• Look Norlh 
iLeedv Munche-ier. Newcastle): 
Midlands To-day (Birmingham): 
Points West (tirislofi. South To¬ 
day (Southampton): Spoiticlu 

South-West (Plymouth i. til.15- 

10.45 East (Norwich) Vewscue: 

Midlands (Birmingham i It’s Your 
Affair: Norlh (Leeds) Jimmy 
Saviie'i Yorkshire Speakea-y: 
North EcdSi iNeucaMliM D.«r!inc 
Grace: Ncrili West (Manche-ieri 
A Good Sing: South (Snulhamp- 
mni The Young Question: South 
West fPlymouthi Peninsula: West 
(Bristol t The Past Around Us. 

BBC 2 

6.40-7.55 a.m. Open University. 
li.00 Play School (as BBC-1 
3.53 p.m.) 

4.55 Open University. 

7.00 News on 2 Headlines. 

7.05 Indoors Outdoors. 

7.30 Newsday. 

8- 10 Ktlvert's Diary. 

8J25 The Money Programme: 
Sands of Time—a report 
from Egypl. 

9.00 Pot Black 7S 

9- 30 Captain and Tenntiic. 

10.00 Horizon. 

11.15 The Mayor of Casterbridg*. 
12.03 a.m. News Summary. 
12.10-12.15 Music at Night' by 


9-30 a.m. Schools Programmes. 
11.54 Felix the Cat. 12.00 Song 
Book. 12.10 p.m. Pipkins. 12.30 
Cuckoo in the N’esl. 1-00 News 
plus FT index. 1-20 Help! IJJO 
Moncy-Go-Round. 1.55 Beryl's Lol. 
-92.25 . Friday Matinee: “ Holiday 
Camp.” 4.15 Horse in the House. 

4.45 .Magpie. 5.13 Emmcrrialc 
Farm. 3.43 News. 

There is already a thcaire 
called the Century Theatre in 
the town, but it consists or *n«ih 
A rmy trailers on a car park by 
ihe lake. If is 23 years old and 
will noi last much longer. 

The theatre management coni 
mil tee. eager to ensure thai live- 
theatre continues in the town, ii 
hacking the new moves, which 
are also supported by Northern 
Arts, the Cumbria Tnunst Board 
and the Lake District Special 
Planning Board. 

Sponsor for 

BARCLAYS BANK ia to spot)sot 
•he Cheshire Cross-couniry team 
“question event ai Wardle. neai 
\antv.ich. on Sunday. Febru 
\ jry 26. About 40 -reams from ail 
■ *ver the country will he negotiat 
ing the two-miles. 25-fence course, 

Prizes totalling £700 will be 
iwarded among the seven top 
‘earns, with the first prize £300. 
in addition, the lop four teams 
wili gain points to qualify for 
Mie Barclay* bank U.K. cross- 
••»un* r> «*hi*mnifin ^hips. 


n'a-;=-0• h 0 . av h m 
BnassaB:, aaraHHEiH 
a \a a 0, pi'- g -eke 
bsos> 3 SBEHanas 

ransisansEinBi[ r ,--0Bnis 

F3 .' S "B'; v--. g 


0:.''- S--'0^-0 0; 5f n 

ES3RIE0SnS- iEQasig 

fi: Ui -0.^13.r'B.'vQ-./H 

no00snE3 -fiflHsang 

a. a- a h a m 

- ^gaBraBiGaHguaaHHg 

RADIO 1 =-» 7 "‘ 

(S) Si po rophonic brgidcisl 
6 00 a.m. As Kidip 2 7.02 "uol 

0.M Smion Rah-s U.JI Rjii! 
b'lri.-iu i n ■ 1 u 'i i: i ^ 12.30 pm. 'I-vsbi-ai 

2.DB rmiv Wj>.) hiirn. J-Jl Dai.- I «■>.• 
Trail: .n^lii.|;iu 5 jfl Mn-al. 7.00 Tli • 

Ti-J ll>:sih Rand ,,!| ijMiiL- Railia - * 
10.02 Itilm P-. I .S. 12.00-12.05 a.m. \v 

Radio - 

VHP Radios L and 2: 0.00 a.m. With 
K.i'iirt 2 m inding t^5 p.m. Uvuil l.l'.lcli- 
uili. 10.02 V.i:h Hadin I. L2.M12.Q5 a.m. 
lVIlli Radio S. 

RADIO 2 )^ IN )m and UiF 

0.00 a.m. X .••••••^ Snnimary 0.02 Hay 

Maori.- iS •• -in Th v - Early SUmv. includ- 
;iiri 0.15 Hau... lor Thuiijhi 7J2 Tarry iS' in'.liiainM JJ7 Ruik-'n 

JlU 3-45 Hau- i- fur Ti.uium 10 0.’ Imlil’v 
vomu 'S'. 12.15 p.m. waKg'iicrC Walk. 
12JB I’ulr Jiiirrsy 3 Huilw iS> 

InvIUJina 1.45 Si'uris f'eiE 2J0 David 
'lanvKon fSi In. luiimc 2.45 and 3.4S 
Sporii Posit. 4J0 Wa^uumTS' IVaig. 4.05 
Spons DmI: a.47 Juhti Duiiii <S- mdufl 
iiiit 5.45 Scor.s D.'Sk W5 Spans Oo^lc 
7.02 Thi- Twt Fk-alh Band in Band 
Farad'.- 'S-i E.02 l-'rank ' iJud-shrln tun 
.1ul:s ih-.* BR'.‘ hjilni fjrcn-Mra -Si 8.15 
Frida-. \ijh: i> 1 1 \n:ht -S* 4.55 

Spur"; Dusk 10.02 Tr.-i»u- Cltaiun 10.50 
Ui* '>o Lann - cila rhv I’uiil* I.npuz 
Llouid l.alm Bin'! 11.02 Crl.iu Mairh-W 
11.1 Th-. S*snw 12JJO.12.05 a.m. 

RADIO 3 Wni.Stereo* VHF 

J Medium Wave only 
ra.55 ajti. '.Vi-aUK-r. 7.00 X-i-'c 7.05 
|-Uvr:u]v 'S'. 8.00 .\ow» 8.05 Mununp 
•'uin-cri >S>. 5.00 Non5. '.OS This W.-i'Vs 
I’onioovr- Pali.-jinna ■!>•. Si-lini 
Palnurm ■ unc.-ri »5i. 10.50 Viiun; 

Anisi.s- R fin a I of sonss n» Wolf. FIiui 
<S'. U-tt Parunwon Sirlns Quarei is. 
12Jo pm Rfi'" Nurihrm ^implmov 
'"frchrsir* pari 1 i3i. LOO Newi. 1.05 

6. DU Thame.-. <n fi. 

•* KJ35 Crossruadv. 

7.IM) Alinri Your L.mgua^e. 

7. :w Maggie and Her. 

S.SHJ Genera! Hospiial. 

9.IH) The Professionals. 

10.00 News. 

HUSO Police 5 

10.40 An \ 11 d 1 e 11 ce ••••tih Jasper 

11.10 F.aretia. 

12 05 u.m. Stars on ice. 

I2JJ3 Clf'-e — Christopher 
C-jzewne reads poen?-? 
about to-e to celebrate Si. 
Vaientine'? week. 

All I£A Regions as London ex¬ 
cept al the fnllouirm times: 


1.25 p.m. 2.25 Friday 

Klim -Xitky i W-irld" 3.50 

uu: -ji 7j»ii 5.15 :iap;i\ Day* b.00 
.‘.hum \ 1 ui 1 a 1030 Hri-h. UJM Fna.iv 
f.jii F: n. • Sail jr,n Knp r 12 J 0 a.m. 
Men Whu M.'M-.T 


1.20 p.m. ATV :>i, i-.«l • .1 1.55 Ipd-jnr 

Lociu-.- 2.25 Hu Suili-.o!W ijs Beryl's 
l.oi. 3.50 S:ar> I-.- 5.15 Wish Vou 

’.Vcr< H r.- ’ o 03 LTl TwJar 13- 0 

Th. Pi-h . nl h;!il: " Tfji- lIaURle<j 
Palace.'' jiarr ms vini-. m Pritv. 


rl-20 p.m. CurC'-r Wjit <-1.55 Marn«: 
- \ l.ilt II.r Owi. • 1.50 H-»oIs Um 

5.15 i).ipp> L'j'-s S.DO u'l'if-arnund Frl- 
d.i- . 10-30 fcunJ'.T Purli-.m Man- Ri.-porl. 
*11 Do film. 'Si.iiii.ii —Sahara " 

•1230 a.m. B'lrd.-r X— 1 \ primary 


113 p.m. <:I14 -iiil( Lui»'*iIiiii. N-ws and 
Whal » un Whi.T'! 2.30 The Fridai. 
Mnnii^n: -Ain-r "h- 1 o\ - 6.00 Kepurt 
a: Sir 10 28 Chaim.-! L .11 N^c.s. 10 .JS 
I.'!• Willi Danilin 10.50 Lalt- M|;l»« 
Mmw. "Tli- Tn--on i'.«..rur " 12.20 a.m. 
X':>.■* and ‘AVaihcr ,n 1 r-r<-h 


Q.23 a.m. Firs' Tftni». 1.20 p.m. Cram- 
p:an X-a il -adlim-s L55 Imioor Ltfague. 

2.25 Friday Ma:nii->-- • v.'ine. Women 

and War." 3.58 B-.r>r» l.m. 6.00 Gram¬ 
pian ToJjj 7.30 IV>. It-nnv -n die Ceilidh 
10.30 Kill- eiiuns. fullu-..--d hi road and 
*ki rt-nuri *1035 Tf... I rldav Him: 

"■ Im-.-mi-.-aio ” <l.irri!is l.--.!n- Howard. 


1.20 p.m. Tli;> i\ Your Ruibl. 1J5 
Car:a->n 2.00 Cm.iiiir-d 1 Tumicr t235 
^^lda.T Mai-iier- " Way Sirert.” 3JB 
Beryls Lo:. 5.10 This ,5 Your BiaOi 
T'.poai 01 ihis > programme'- 
5.U 'Irosxrvgd* h.Bo /;ran.i.ia Reports. 
6.33 Kid. '.'If 10.30 Reports ELtira. 1 UJW 
Gr-.-ai Films or ihe Cu-mury: - Muiinr oo 
ihe E'-ouniy." 


L2D p.m. R-'pori v.-i-« H-.--dimes. US 

l-lavbili *S* 130 EK'.‘ Xoribern Srm- 

Plumy UfCh'--ira. pan V I > • U5 Tiro 

• Iniian- pan I •>•. 2 .as In short nalki 

2.55 Two vlUi'ar- n..ri . .s. 3.45 SuilB 

Ri*.-i'al 'S. 4.45 T;i.. '.'.un M Idea 

15.45 UutiiL-'i jnl K ..1111 1 -A.Oa New*. 

i 6 .i 0 Kr.nkWjrri l'.in::.d I. •iniiiilk-d>. 16-30 
l.ik-.ini-s l.-irun .mo P.. r. aitnn 7.30 
inv ph S/i:-ri. ifilm r- - r.i| a.M Somli- 
‘Y'-'i ti.-rjii.'ii liadiu i.ircn.-sim Dari 1 : 
liM-ihusi-n tS-. S.3S |-oo.l and Drink 

• nn'linliiry ol pn-mv. i .55 South lvi:-i 

■ :--rmin Radio "r'-h-sir:i pjrr - 2 : DehussT 

■ s- o.« Tli- t-nsti-h .Mi.niui Hi-aJih Art 

njlk be Ian K'.-n:ii-Uj - 1030 Dieier 
VN'-r. 10.35 Music Now. 

11.25 Vt'vs 1.30-11. 5 And Tontshl's 
Si tmij'-ri Suns r'.'.-urfi, 

Radis 3 VHF anly_i. 3 i- 7 . 0 a J.m. sad 
S.iS-7.30 o.m. >ipi-n Lmv<. tmi>. 


4S-1m. 3-jQm. and \TIF 
6.15 a.m. 6.17 l-arm<iu Today. 

6.35 Lp l»- 'h- Huur. 6.S2 ■ vll'- i Resional 
’-■'•-•tf. 7-lffl Ns-'iS 7.10 Tnduj- 7.35 Up ’0 
hie I Mur iwiiluiucj.. 7 j; .vHF- Rss- 
n-n:ii :.■-■»» b.oo iv-w-. a.m Today i* 1 - 
cludiiip new* hua-Umcs. »i other. Dapers. 
:porl. 3.45 Yirt-nlr.;. in Far!: imen>. IM 
IS.05 ton.-, uf i!n- Fi-ophr. tlfl-DO 

110.05 c'h- vkpuini 1 Q .30 Dally 
S. n [. r. U0.45 Al-'riisn^ j:orj- Ul*80 
111.05 .1'ihn Hunii-r— SurcLOii. 
ill-5a FirM Ipipr-s.o.m jj.jq s. 12.02 
p.m. Y"ii and Yours 12.27 M- Mush 'Si 

112.55 Wi-.i-.hi-r. pre^rj.iuiii- news VHP 

"■si pi London :-nd SKi Repiortal News. 
1.00 Th-. World ai *'n-.\ L30 Thu .* ruhi-rs 
1.45 Woman -i Hour 1 irum 10 O) from 
Slamhc-l'-r. 'nclmtina 2 . 00 - 2.02 News. 12.45 
t.isien wills Mo'h-r - %l W s. 3.05 
\ Dr moon Theair-' i-DO :*•■"* 4J5 Green- 
tfn-cii Gmss uf Horn*- • repon on " Ihe 
rich" who seek 1 * 1115 * in sunny la* 
havens 1 4.U Smrv Time. SJO PM 

P'-perl* 5.80 y-*rcpdipi , » 15.55 Weather, 
prngnmm- new-s vhf Revional Nmri. 

Hr curt Wji-.T, H'-.i-ll!ii-'> 1J0 Indoor 

i.-aj'ie. 2.90 Woiiren Only - ♦2JS -”.\'-i 
Po.»'n Pa>«ncii'.-' 5.15 Th.- Undersea 
A-1-. 1 iiur.-j. ti! c.iuiain .'.-.-mu. 5-20 Oiss- 
rositi. n.pon v.\s: 615 R«oor: 

Waica. 6 33 Ennr.crdal-- Farm W.M 
R-.-pvR Kv!ra *11-35 The Friday Film- 
' tia-fis Ol Mors." 

HTV C mru- Wales—As HTV General 
.V.TMC-- 1.23-1.25 p.m. Pcnuvi dau 

N.-isy.ldioii \ Di'dil. 445-4.45 Canuu 
«:-n'3W.'i 6.CM.15 Y DsJd. 10.5S-U4B 

Oii-lo-Jk on Vrieoliure 
HTV West—AS HTV C.cP-ral Service 
■wp:- 1.234.30 p.m. K.-?.ir' Weal Head 
Ibma. 6J5-6. D Report Wi-si 


1.25 p.m. As-.-.s ji:d Koa.l Report. US 
B uy Boon. T 2-O0 Frulaj Him Maunec: 
" S:rc->: Lorn. r" 3J50 BerT 1 '* Lor. 5.15 
Rip-*: and Friends 5-20 Crossroads 6.00 
-Scutiand Today 6.30 The H-ner Sex 10-iO 
Ways and AI.-j-ii U.03 Lari- ill I. flJLOS 
Feature F Th- C'li-mcr." 


iJ0 p.m. Suunivrn 1J# Indoor 

LeuKUc 2.00 IV'iiiil.-ii 11n1 1 i .25 Friday 

JUliil-.-.- • Sey.vai In Dearh “ 5-58 

Ben V* l ot 5.10 W-ffccnd 5.20 Cru Ja 
'Old*. 6.03 D-iy l)j Da- iCnanncls 8 
II. 2i. i: jf jno mu 6.00 S'-eRi South: 
isasr i r:ii.i*in—l" vi. w <mo 6G only 
•J3 *Jui ol Tv.-.-n U-33 A Sainhi-m 

Repon. 11-15 Southern News Exira IJJL25 
■ Th-- Fan ji ific Window "' •.■arring Toil 


8.20 a.m. The Good Word followed oy 

Nonh Hast News H- ddiim-s 1.20 p.m. 
North Eav Xcwf and Laokaruund. 1.55 
U'inIj Yu'j U'k-rv H.-rc . . ' *2JO Friday 
Filin M.i'.in-.-e- "21 Dave." surnilg 

Viv|.n L' tail and Laurence Olivier 3JO 
B-rrl'S Lul. 5.15 Mr. .nd Mrs. 6.00 
Mrrii.-rn i_*r>-. 10.30 Spun^iirne. 11 JS 

The FTId;t> \ishi Film " The Rcrum ui 
Couni Vor;:a" 12.40 a.m. Epilofiic. 


1.20 p.m. Luuehlimc 1135 Frida i 

Maine-Anna Karenina" 330 Beryls 
I."l. 4.13 UI.'i'.T N-. ■»s Heifilines. 5J5 

Till- Brady Rum.ll 6.00 rjlyr.-r TelcmtO" 
Neva 635 CrosariuUs 6.30 Reports 

633 Police 5n. 1033 Two jr 10 1) 11.35 ll.DS Friday F'lini: " Thlnj- 
ill Tlicir Sc-avni "" 


9 20 a.m. Werf t"ouiirr> Joh Finder 
U3Q Look and Sci. 12J5 p.m. Gus 
Hoiii-yOiin's £lir:hiiays. i.20 WeMward 
N"-*y Hc-milims 2.25 The Friday Maunee- 
•• After i.Ij f-nv " tn U-Vinvard Dlar- 
and Spans Desk 10.23 Westward Lair 
Sieu-d. 1B.35 Late with Danron. 18-30 

I-ale Jlisiii Movie: "The trypan Factor." 
12.21 a.m. F'ai'h for Life. 


1-20 p.m. Cdlender \evta 135 Bally 
Bmp. 12.00 Friday Film Matinee " Street 
Corner." 3.4S Canoun Time. 330 Beryl's 
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i Em icy Moor and Belmu.-u eilliloiui. 1030 
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nian'% Asrccmem." 

6.00 Neil*. 6.30 Lioinp Flu'cs 7.00 News 
7JI5 The Archers 7JD Pick Cf the Week 
irom BRP Ka-lm nd Teli.-vi-won iS' 839 
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n.-l:slu wini H any WlKv-ll U.M A 
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World Toillah: 1130 Today in Parila- 
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For schools (VMF only) 9.20 s.mcU.00 
and 2.D0-3.M p.m. 

BBC Radio London 

L'fl6ni a ad 94,9 VHF 

6.09 a.m. As Radu> m i 6JQ Kush Hour. 
4.00 Loht-y 4.20 London Live. 11.03 In 
Tpivii. 12.03 p.m. Call In. 2.03 206 -how- 
vase. 4.03 IforiiL- Run. 6.10 London Sports 
Desk. 6.35 Goad Fishing. 7.00 Look. Slop. 
Lisi'-n. 730 In Tuwn. 1.30 RIaefc Lon 
doners. 1050 Track Record. 12.00 Close: 
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London Broadcasting 

261m and 97.3 VHF 
5.DO a.m. Mamma Music 6.00 K 31 : 
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Capital Radio 

194m and 95.8 VHF 

6.00 a.m. Pcl. r Young's Ereakfnsr Show. 
430 Michael .V-pel- 12.00 Dave Cash with 
Cash on Di-lmry -S'. 3.00 pjn. Roser 
Stow mUi hm Three O'clock Thrill fSL 
730 London Today 'S'. 730 Adrian Love's 
Open Liin- 'S' 4.00 Nicky Home'll Your 
Moffi-r Wmildn'i Like ll iS>. U-00 Mike 
Allen s Lai. Show iS> inrhidinz 11JS 
aionwnf nf Terror. 12.00 ».m. Ian ''avid- 
son's London Link tmemauoDel iS>. 

A KIRMAN LAV ERE pictorial 
carpel, measuring 15 feet 4 
inches by 10 feet II inches, 
fetched £4&000 (plus the 10-per 
cent, buyers' premium) at a sal* 
□f Eastern rugs, carpets and 
textiles yesterday al Christie's. 
H was the must expensive car : 
pel ever sold at the saleroom. 
The sale itself totalled .£138,290.. 
with 6 per cent, unsold. 

The carpet depicts a Bacchan¬ 
alian scene of Erotes playing 
the pipe& to the Nymph PUy$ ii? 
a landscape of flowering foliage 
and perching birds. 

A Tabriz silk prayer-rug In ex¬ 
cellent condition and measuring 


fi feei 4" inches by 4 feet 6 inches 
was sold fur £B,000. as was an 
antique Agra carpet, the Geld 
ami border design taken from a 
group of Tabriz carpets of the 
lflib century- 

Ncls. the London dealer, paid 
£5.200 for another Tabriz car¬ 
pet, the brick-red field design 
being a copy of a Safavld in the 
Hamburg Museum. It measured 
16 feet 9 inches by 12 feet 
l inch. 

George 111 mahogany break- 
fron) bookcase, flanked by two 
tiers of six drawers, realised 
E6.5U0 in a sale of fine English 
furniture yesterday ai Christie's 
A breakfrunt library bookcase 
of the same period- having a 
triangular broken pediment, 
worn for £4.300. The sale 
iota lied £110.775. 

A George ill mahogany break- 
front display cabinet sold to 
Courtney for £4.900. and in other 
lots, a George I walnut bureau- 
cabinet- went to Ruffold for 
£3.600. and Nowell, a Somerset 
dealer, paid £3.100 for a William 
and Mary oyster-veneer walnut 

The highlight of the Sotheby's 
silver sale was the £11.000 for a 
small and portable early 19th 
century Torah scroll. Such 
-Jewish reliquaries rarely appear 
in the saleroom. 

Silver totalled £130670. A 
William IV silver gilt wine 
cooler by Paul Storr sold for 
£5 500: a late 17th century 
travelling service made £4,500: 
How of Edinburgh paid E3-SQ0 
for a James 1 circular dish: and 
Koopman paid E2.100 Tor a pair 
•if I8th century Flemish sauce 

Among the musical instru- 

;, ........ • >^'i-V'/'-i ... 

The parcel-gilt Torah ^which was sold for £11,000 at Sotheby's. 

mentsv'- which • made £87.134. against an estimate of only £350. 
Laycock bought »- violin by- A complete unused sheet of 
Matleo Goffriiler of Venice For 100 of Danzig's 1922-23. 4-Mark 
£14,500, and Hoffman an parly issue with watermark sideways 
I8fib century aito recorder fur and a second rbur of stamps com- 
£5.200. . A feature of the auction pJetely blank, .realised £625. 

was the demand for. boiws-r-a " . —--- r 

French violin bow far exceeding - . 

its estimate ai £3.200. WlBuIIl^ Up 

A- caiVed-wood doll oF around • i ■ 

1780. dressed in- contemporary WTtll PTIuG •• 

while a fate !9th century auto- £ al . lls wor ^ 

maton billet dancer realised ' “^^^ continued by a new. 
£1.900. The auctionv totalled organisation. the -National 

£23909 Savings Committee held its final 

/“.no, or p r ,wk,mP meeting yesterday in. the City. 
hrSi M ? n - ■ r 7 R sfv? ■ r l?iif ! - Since Its inception in 1916 the 

hifffuPu-nHm iPtiMO cl!? an comoilnee directed the activities 
highest price or £3^000 for ao ^ ^ voluntary National 

SuSSt: which 

nifp-rv „i 8 L h being wound up after ibe Govern: 

^ onrf g ^rJp^iir ™ n *' s decision to withdraw staff- 

and financial support; The ^nov^ 

nLrri,n?o;i?*ffin hf.J??. ■men! has been fighting for the- 

part cuiarly keen buyers. . formation., or a monev manage-' 

The _ first day .of Stanley meat association to -continue- its 
(.■.ibhons' two-day ail-world stamp work-as an impartinl and non- 
auction made £20,672. A regis- commercial educational ' body, 
it-red envelope bearing marginal-BiiL while the Treasury 'and 
examples of Hanover’s JS56 one- financial institutions have ' 
fifth thaler and--*1859-61 three expressed support for the tdext- 
2 rose hen orange-yellow (on.e of in pri nei hie. so far ft has failed; 
each value) - sold .for. £L3Q0to materialise \ . 


.... . WI1 .. B .¥,2?N. Huust. 1U, CANNON 25TK2CK1. LONDON 1£C4P 4SY....... 

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Ffhjaronsg i 

\A »nt garden 

Way- FebrnSxy 17 1973 


i52S e S? at! .?kyerjins in the Terrible. And he it said 
,■' fcnown 10 through straight away lhat as "Rudolf 
' ^ema versions, syhlcfa have David Vail, is' snperb: in the 
snd sentimentalised role-of a 3Ife-time .be gives the 
, 5 ten o us incident ®at,perfonaaiK'e‘.of a life-time 
la terrible, sj-niptpm of The ballet cfei '-tSe eight 
[generacy of . the Austro- years which begin with, Rudolfs 
empire, - In i his new loveless marriage to Princess 
Mayeriing for-,the Royal Stephanie, of Belgium, barely 
Kenneth Ma cMi llan- has out of the school-room, and 
e .cinema's pro- which culminate in the double 
wmie resolutely de- shooting at his Hunting Lodge 
irasing its view of events, at Mayeriing where fie:first kills 
the novelist’ Gillian Mary ,'Veisera ’ (hismistress -of 
in to wovlde; hi* with, but- two weeks) and'then, ends 
-v no he has be nefi ted from his own life.. Mayer Hjig's hero 
aderstanding '-of - never.heroic.-but-he^vrins all 
. for films to create a bur sympathy/ rad this'without 
>; cmeraatiic.-fonn, making-distorting historical labt. -. His 
the . equivalent of the e*eiy'demand opod’hls parents 
. s “dissolves. 7 ,and s^ft^rejected, be turns'to'.a UEe of 

• »e devices. At the sapae^coinpulsive womanising and to 
. has refected toe popular, debauchery—the : -Rudolf who 
; . bred idea- of=tbe Crownrfies dead at the ballet's end is 

Rudolf and Miary Vetsera venereally diseased; & morphine 

• -.‘ander, Viennese, Romeo addict a Prince-trapped in-poli- 

• •• iet, to show us something tical-and sexual' intrigue, a gun- 
, earer the ihMtoncal and fetishist obsessed with the idea 
, bfiical .truth 'of- ■'the of death, heir to a 'throne :-whirh 

si s. cannot be his for years'f 6 come. 

. ^.dyerlmg MacMillan'■ re- A °d unlikely as it,:'njay seem. 

> a major concern of his MacMillan and Wall -Show him 
; ale choreography: the re- 85 a man infinitely' pitiable. 

and developing of the authentically tragic. . - 
, the three-act ballet, mov- T ° achieve a portrait of such 
v from 19th century strut- depth and' resonance, the action 
, .1 its conventional fantasy follows Rudolfs journey to 
to forge a manner able Mayeriing by wav of thblclaustro- 
with the harsher realism phic, faction-ridden court of the 
0 late 20th century taste . Tiapsburgs (Nicholas GeOrgiatlis’' 
■teresilng case can be. settings are a dm irable'in cai ch¬ 
ut for seeing Mayeriing ing toe enclosed and stuffy world 
Lake 100 years-on: love of the Hofburg, as. loo.-a seedy 


Side by Side 
by Sondheim 


Any among you who have not 
followed the advice of Clive 
Barnes (or. for that matter, 
Sheridan Morieyi and not seen 
this pleasant, jumped-up cabaret 
at least fifty-four times, will be 
relieved to learn that it is still 
worth a visit, if only to hear an 
excellent trio strike hard at the 
heart of Stephen Sondheim's 
marvellous songs. 1 am still 
uneasy about the preachy format 
to the show as Robin Ray (in the 
compere's role initiated by Ned 
Sherri□ and recently occupied by- 
Russell Hariy and Bernard 
Braden—did no-one tbink of 
asking Sheridan Uorley?) gives 
dry biographical details about 
Sondheim the dramatist breaking 
the barrier of sung-writing. 

Jill Marlin and Julia Sutton 
now sing the numbers originally- 
sung at the Mermaid in May 
ISTtS by Millicent Martin and 
Julia McKenzie. 1 miss Miss 
McKenzie's frantic tremolo in 
•* Broadway Baby ” hut Miss 
Sutton bursts forth in fine, 
brassy conclusion. And Eric 
Flynn, replacing David Kerman, 
sings every bit as well but with 
less obvious camp; I doubt if 
even Alexis Smith on Broadway 
brought more caustic bite to 

Festival Hall 

"Could I Leave You?" toan 
does Mr. Flynn. Both songs are 
from Follies which never made 
it, alas, to London, Nor did 
Pacific Overtures and we are toe 
more reminded of our misfor¬ 
tune by the company's rendition 
of “ Pretty Lady " than by Robin 
Ray’s quotation from Alistair 

Cooke on the subjeet- 

Company and Follies are still 
toe best represented shows, the 
former isolating the curiously 
affecting misogynist streak in 
Sondheim (Eric Flynn, who was 
in the original London company, 
gives a superb interpretation of 
“ Being Alive.” the sexual loner's 
cri de coeur): the latter, his 
plaintive, elastic way with 
themes of showbiz nostalgia 
You -will not. quite literally, 
hear a better tumult of lyrics in 
any other current West End 
show. You may. on the other 
hand, find many more dramatic 

For Sondheim aficionados, 
numbers are still included from 
Anyone Can lVhutlc. Do I Hear 
A Walts? (music by Richard 
Rodgers) and The Mad Show 
(music by Mary Rodgers). The 
setting is tubular cool with 
light*-, the piano accompaniment 

t'.'BSUit, in 'Mayerlmg. is--a into "despair. We see^him' with 
^'earing bajlet in'-which his mother, toe Empress Eliza 

B»T~ --- 

figure is seen ;in his beto, « role In which Georgina 
and dramatically Parkinson {Gertrude ' to his 
fij. jaig : social 'setting;' hisHaraWn superbly.'.-iwnrej's a 
“ - w and his psychology frigid' reluctance to become in- 

nsfe^A .in dances* .nf rare-votvwTvwith Rudolfs plight The 
fais destiny explained to wedding night ■ e nc o u nter- -with 
y .?*-* - * political,- family' and bis ntwr bride is illuminated by 

: r 3 /. iresshrcs. The ..central Wendy Ellis's beautift*t:-«nsi- 

r ; of Rudolf is not a irvity as a girl terrifiedV.-and 
_ ‘ . . > in MacMillan's ballets, brutalised; - earliic.i^w^-find 

a* ■ (i -Vhe, oiucasV-;the Jyictlm, Rudolf, flirting cruetiy.ciYfth'tais 
* know as the: girl in young sister-in-law .at a weddlng- 

-. 7 -!... - i m itation* An astasia/Anrta ' baJfc.- . Genesia 'Rosato. showing 
** Hrv* n. Rite's ■Chosen Virgin, 'promise of fine. things .'here.. We 
t ; :' :he younger : brother -in watch him. take S(epbanie , "ta a 
T: 31;/drivel*;! to Isolation laiichie tavern where he' wtirns 
4 i by events they cannot to-a liaison with ha mistress. 
| ' tot control.. But Rudolf Mltzi Caspar, a role exultant W 
| aost complex..and most taken by Laura Conhbr,. 

# tended’in analysis, .and- -.. And. recurring throughout the 
r suit' the Jballet' provides ballet is the woman wha'seems 
£ assume ”to be the crucial to his unhappiness the 
| ! tt role-yet created for Countess Larisch: one-time, imis- 

* “dancer-^more demand- tress, now a- procuress tmtT evil 
£ toan Spartacus or Ivan genius, she is yet the only-pefton 


5 : - 



who offers him any understand¬ 
ing ur sympathy. As Larisch 
Merle Park gives a performance 
that uses her best 00011 ( 10 *' to 
the full:, danced with dazzling 
bravura, acted with .brilliant 
assurance, the role glitters with 
lif? as bright as the diamonds 
Larisch wears—it is a wonderful 
creation. Tp Lynn Seymour falls 
the role of Mary Velsera, and 
she brines to it a luscious 
physical presence as a girl reck¬ 
lessly in love with the idea or 
love. In the duets Tor Rudolf 
and Mary, MacMillan is at his 
most persuasive as an erotic poet, 
exploring passion with images of 
extreme beauty—the final coup¬ 
ling a I Mayeriing marvellously 
combining lust and despair. 

As a setting and explanation 
for this core of pas de deux 
MacMillan has provided big set 
pieces: a grand and magnificently 
nrganised sel of waltzes at the 
Hofburg, a birthday parly for 
Franz Joseph, and a boisterous 
tavern scene. Ai every moment 
in them the artists of (he Royal 
Ballet are at their best; in 
secondary roles Michael Coleman. 
Stephen Beagley. Michael 

Meric Park and David Wall 

Batchelor and Derek Deane* revel 
in the ardours of variations for 
a group of Hungarian officers, 
and Graham Fletcher makes a 
fine showing as a cab-driver used 
by Rudolf. And at the ballet's 
heart is David Wall. From his 
earliest performances as a very 
young and very gified premier 
danseur Wall knew how to hold 
ihc stage. Now in his maturity 
he demons!rales a marvellous 
aulhurily. He has the strength, 
both cumliunaJ and ph>steal, for 
this unique role. Tireless 
throughout a most taxing 
sequence of pas de deux, assured 
in solos, he has entered into the 
soul of the crown PFinee: the 
degeneration of KudolPs 
character is displayed with 
terrible inevitability. 

His um>t remarkable moment. 
Tor me. is one of complete 
immobility. At a party in 
the Hofburg. Franz Joseph's 
mistress, the singer Katherina 
Schralt t Bernadette Uveevvi. 
entertains the courtiers with a 
song. • Rudolf slands slightly 
apart, motionless and seething 
with emotion at his mother's 
behaviour and his own im- 


Lcuna’O Burl 

poience: H i* a measure of 
Wall's greaine-s in the role that 
we sense ail Rudolfs sadness— 
the tears hi.* dare not shed are 
plain to see. 

The score for .Mu^i-riiug is 
assembled from the iniiaic «»f 
Liszt, skilfully arranged by John 
Lanchbery. There are moments 
when it seem- too fragmentary, 
bur it everywhere sustains the 
danced action. MeorgudK de¬ 
signs. as I have indicated, are 
most effective, and his costumes 
combine hi-iorical verisimilitude 
with ballct'i .inability. I have 
seen Mayo I in,j twice—at Tues¬ 
day's gala and again on Wednes¬ 
day at the otli.-ial premiere—and 
ii revealed far more of itself at 
a second new mg. At the risk 
of seeming a ticket-tout I would 
urge audiences io see it twice: 
the intricacii's of plotting are 
not difficult, but loe richness of 
texture becomes even more 
rewarding when seen a second 
time. There .»re -nine t-uis which 
will inevitably need to be made, 
huf these are slight, and the 
ballet stand- as a fascinating 
and innovative development, 
with MacMillan. Wall and the 
entire cast meriting every praise. 
So, too. does IBM International, 
whose generosity made the ballet 
possible: industrial sponsorship 
of the arts in these hard time 
is of inestimable public benefiL 



At some point between idea 
and execution, the Philbarmonia 
changed the relatively adven¬ 
turous tor more accurately, 
relatively unusual) programme 
originally announced for their 
concert under Riccardo Mull last 
night, framed by Bartok and 
Liszt, and substituted the more 
■predictable fare Df a symphony 
each by Mozart and Schumann. 

The work they did keep was 
the oddity: a concerto for 
double-bass and orche»L'-a by the 
Italian composer Yirgiiio 
Mortari ib. 19(C). paired in the 
new programme with the Grand 
Duo Conceriant for violin and 
double-bass of Giovanni Botte- 
sini—this last a lovable spin-up 
of 19th-century candy-doss, given 
■ a disappointing if well-inten¬ 
tioned performance, without 
much semblance of virtuosity, 
hv the leaders of the Philhar- 
nurnia firsl-violins and basses 
'respectively, Carl Pini and 
. Gerald Drucker. 
i I for one would gladly have 
! sacrificed the Bottesini for 
, Ravel's Rhapsodic espagnnle 
- (also originally programmed, 
then dropped!. And also, as it 
(turned out. the Mortari—a mar¬ 
ginally more serious confection 

of rearrangements for double- 
bass and orchestra of music by 
four Italian composers including 
Boccherini and Paganini, but 
delivered by Mr. Drucker on his 
rather sra ail-voiced orchestral 
instrument without (to put it 
kindly) really quite toe required 
degree of bravura. Muti's 
finale was Schumann’s Fourth; 
and his overture, begun some 
what tentatively- was Mozart's 
no. 34 in C major K33S—the 
andante romance sweetly 
turned, but dull in tone, the 
finale light and buoyant: a good 
firm tempo, which resisted all 
the usual temptations to give 
up clarity and sense lor slick¬ 
ness and speed. 

‘Streamers at the 
Round House 

The Liverpool Repertory 
Theatre in association with 
Forgate Liquor Company will 
present the London premiere of 
Streamers by David Rabe at the 
Round House from February '23 
to March 18. The cast is headed 
by James Aubrey and Don 
Warrington and the play is 
directed by Leslie Lawton. 


Festival Hat!/Radio 3T 



Pierre Boulez has never been 
shy of unlikely juxtapositions in 
bis programmes, and in bis con¬ 
cert with the BBC Symphony 
Wednesday night the contrasts 
were radical indeed. We had 
early. post-Romantic Bartok, a 
dodecaphonic comic opera by 
Schoenberg and an up-to-date 
Franco-Itulian exercise , by 
Giuseppe Sinopoli, an associate 
of Boulez and Bruno Maderna. 
iridescent orchestration was the 
only common factor, and, of 
course, Boulez made the most of 

Schoenberg's Von Helite auf 
Morgen is destined to remain a 
rarity, though it is actually his 
longest completed work. Com¬ 
posed in 192S, partly to demon¬ 
strate that his new twelve-note 
method was adaptable to any 
traditional musical purpose, it is 
a strictly domestic comedy. One 
recalls Strauss's Inrermecto, an 

affectionately malicious portrait 
of his wife, to his own libretto; 
but in this case it was Mrs. 
Schoenberg wbo wrote the text, 
and it is dire. A wise wife, 
irritated by her husband's 
susceptibility to a sprightly 
“ modern ” lady, teaches him a 
lesson by pretending to cast off 
her own domestic chains and 
flirt with an operatic tenor; the 
lesson learned, toe smug couple 
hymn the joys of faithful bliss 
against the promiscuous charms 
of toe “ modern" Theafer- 

All the characters, unfortu¬ 
nately. remain Thcaterfiguren of 
the most banal species, and toe 
action—which takes nearly an 
hour—is as thin as it is inept. 
Schoenberg set it devotedly, 
always keeping the vocal lines 
predominant. It is a genuinely 
lyrical score, though if betrays 
no grasp whatever of comic 
timing, and is more informally 
structured than any of bis con¬ 
temporary works i echoes of 
.tlrwe>- uttd Aron and the orches¬ 
tral Variations lend it connois¬ 
seur interest). The principals 
were Hans Gunter Nricher, suit¬ 
ably bluff and bafUed. and June 
Card, light and silvery. Tan 
Calcy and Eilene Hannan made 
a good deal of the cardboard 
channs of toe would-be seducers. 
In the hands of Boulez, the often 
elaborate orchestral writing was 
transparent, and more engaging 
than anything in toe story. 

The Four Pieces op. 12 are 
often thought of as pre-Bartok 
Bartok (composed in 1912, but 
orchestrated only much later). 
In fact they share the headily 
personal climate of Duke Blue¬ 
beard's Castle (and the fine 
orchestral Deux linages ). and 
much of that opera’s sombre 
power. That Bartok was to 
develop in unforeseen directions 
after the Great War does not 
speak against what he had done 
already, and Boulez expounded 
them in their own terms, deeply 


- v r- - brother (Oscar* James). ,33ut the 

^lAA) - - ' ' " ' 


Coronet, Notting Hill 
II Probably (AA) 

Camden Plaza 
) . Warner West End, 
• Classic Oxford SL 
VBCs Edgware Road and 
Fulham Road 

. re has been waiting 
irs to reach our screens, 
lade in 1974 under the 
the British Film Insti- 
oduction -Board and 
by a young black film- 
orace Ove. The BFl has 
: -bat calamitous record 
distribution field; toe 

- with which they fund 
og of new: films seldom 

H atched by their readi- 
romote them. Pressure 

- the liveliest and most 
'V -le films the BFI has 

in its history, and 
now is aghast at 
■ which has kept Ovd's 
• ider wraps for such, a 

„ e is like a harsher, 
ibative version of Black 
■ture of black discontent 
n Britain that pulls, few 
in its . account of how 
?judice works in subtle 
, keep Britain^ immi- 
■ in their place" And 
ks. unwilling, to reply 

social repression with 

violence, are doomed 
impotence of placard- 

ni carves but a racy, 
storyline. Tony (Her- 
• a young, weir- 

Englrih-bom negro 
ling the door dosed in 
joiitely-but firmly, when 
for while-collar work, 
wonders why, then he 
wondering and joins 
fnotloosc.- petty-thieving 
toe- streets (though 
is s criminal part in 
.. ^ioni). then the local 
V wer branch run by his 


film does not end with£a raised 
fist and the glib Tailing shouts 
of- counter-violence^' Realism 
descends on. optimism like a 
pall, and toe last |hot—at once 
funny and tragic—'is of a group 
of blacks (including Tony) pro¬ 
cessing through the London rain 
carrying an array of damp and 
tattered banners. 

The. film simplifies the issues 
without—for the most part—dis¬ 
torting. them. At -first one fears 
a Slippery descent into easy, 
.ciichd oppositions: the peace- 
loving hero versus his “ politi¬ 
cised " brother, 'the generation- 
gap, hostility between the two 
sons and .their _plump, reac¬ 
tionary. finger-wagging harridan 
of a mother. But toe film is 
spring-heeled enough to lift 
itself clear of the obvious. The 
dialogue has a Black J.ouA ike cut 
amt thrust: but it also echoes 
longer in the memory. “ Sun¬ 
day," one character observes 
when a friend is called to church 
by bis parents, “is toe day when 
black people dress up and ask 
a white man .for forgiveness.” 

Occasionally, Ove lets the film's 
racial'loyalties get the better 
of its- dramatic credibility: as- 
in the eariratured portrait of 
Tony’s first while job-interviewer,: 
a man riddle with nervous tics- 
and effete signals of race anti¬ 
pathy. But- oneesidedness is toe, 
price one sometimes pays for' 
the film's passion. There is a ter-: 
rific vivacity - in the perfor¬ 
mances: from Lucita Lijertwood 
as Tony’s mother, overplayed, in: 
her =grossness - and her purblind 
conservatism but funny and 
touching nonetheless, to the' 
-older brother's Black Power girl-, 
friend (Sheila Scott-Wilkinson), 
who gives a wonderfully scat 
tongue-iireheeK reading to an 
impromptu speech she delivers to’ 
the hero from a Pnrtobello Road 
rallying stand. Vitality is the 
movie’s trump card. You can dis-. 
like or disagree with what Pres¬ 

sure says.i bul you cannot be 
bored by it as a film. 

\ * 

You could be bored by The 
Devil Probably, but I advise 
against it. The film rewards 
patience. The director is. the 
Frenchman Robert Bresson, 
whose austere, hieratic style was 
last enshrined in Lancelot du 
Lac, and who here returns to 
modern times in a story about 
protesting youth that is as far 
removed as one could imagine 
from the style and attitudes of 
Pressure- Bresson counsels, not 
for the first time in his films, 
the holy virtues of resignation. 
Do not try to defeat the system- 
he advises: allow yourself to be 
defeated by it. The world needs 
martyrs. The highest form of 
protest is self-sacrifice. 

. This is the bind of film that 
ties a critic up m knots. He may 
take issue with what the film¬ 
maker says—as I wholeheartedly 
do with Bresson's creed of 
passivity—but he cannot ignore 
the intensity and integrity with 
which he says ji. Bresson is the 
living embodiment of that hoary 
artistic proverb “Le style, e’est 
Thom me." Bresson's characters 
stare at the around in pale and 
pensive melancholy: they con¬ 
verse'inflat, unmflected tones: 
their arms hang motionless by 
their sides. And as if these 
hangdog postures had com¬ 
municated themselves to the 
cameraman. Bresson's camera 
constantly photographs his 
-characters below the waist (or 
even below the knees) as if 
bowed head and lowered eyes 
were the monastic order for the 
day among Bresson's film crew. 

Yet. far from being a. hymn to 
negative thinking, the film has 
an.-odd and stubborn affirmative- 
ness. The central character is 
Charles (Antoine Monnicr). a 
Parisian youth cursed with a 
bigTirCaUbre sensitivity to the 
^suicidal tendencies of thp 20th 
century's consumer world (pollu- 

: Antmnc Mflnohrr Jnd Tib* IhwM'H in' The Devil'Probably 

tion. noise, animal slaughter etc.) 
Charles distributes leaflets and 
tries other peaceable ways to 
combat ecological atrocity’- But 
be will not resort to the counter¬ 
violence urged by some of bis 
friends. The tension of non- 
retaliation eats him up emotion¬ 
ally and destroys his relationships 
with two girls. Edwige (Laetitia 
Carcano) and Alberte (Tina 
Irissari). He attempts other 
forms of consolation or sublima¬ 
tion—the Church, psychoanalysis, 
good works (he tries to redeem 
a friend from drug addiction)— 
but none quite appeases bis 
anguish. Finally he takes bis 
own life: making a virtue of abdi¬ 
cation by hiring a friend to shoot 
him in the head and (presum¬ 
ably) io repori his death to the 
world as a martyr to the evils of 
materialistic society. 

Of the evils here cited by 
Bresson some are wurtoy of our 
indignation tlbe pollution of toe 
seas and rivers), other seem to 
me to belong to toe lunatic 
fringe of the environmental cam¬ 
paign. in one scene Charles is 
in a forest, holding his hands to 
his oars in horror as trees crash 
to the ground around him. 
victims of the chain-saw. Is 
Bresson including the paper 
industry among the works of the 
Devil? And if so, why does he 
allow his hero To use a notebook 
and (n read newspapers? There 
are other eyebrow-raisinq anoma¬ 
lies in the Elm. Bui there is also 
its undeniable and hypnotic in¬ 
tensity. Bresson invests objects, 
gestures, everyday sounds with a 
resonance doubly, trebly ampli¬ 
fied by rbe stillness all around 
them. Bresson's films are about 
the sounds of silence: and about 
the fact that the most urgent 
cries of human despair are often 
toe ones that you cannot hear. 


I had not heard of / Abba 
before Abba, and have no idea 
how rare or reprehensible my 
ignorance is. Apparently this 
Scandinavian pop quartet is sell¬ 
ing more records worldwide than 
anyone sin>-e the Beatles. To 
judge by the film they have a 
lively, brassy, big-beat sound: 
they are personally “nice" and 
“clean" (as several vox-pop 
interviewees comment during 
the film): they appeal to children 
.and older adults as much as to 
youth: and they have a female 
singer with the most attractive 
bottom in Europe. (I merely 
report the general consensus.) 

In Fact everything is fine about 
them except the film they 
have made. This is awful: 
A thrown-together account of. 
their recent Australian tour 
given a threadbare narrative 
coherence by a sub-plot about 
a Sydney disc jockey (Robert 
Hughes) who wants to inter¬ 
view them hut has lost his 
Press card and keeps getting 
11 bounced." The film cuts back 
and forth between toe big on¬ 
stage numbers and this puny 
little non-story as if blithely 
unaware of (he disproportion 
between the two. For confirmed 
Abba fans, love Is probably blind 
■and will blot out the worst of the 
movie's banalities. For the resL 
1 should stay away, or buy the 
records and be converted first 


CC—7hr« mMtreii accept ;cr:*,n ereuit 
c«rds bt icleobone or «t the bo* oflice. . 


COLISEUM Credit aids 01-WO 5258.1 

Reserveiiont 01-855 3161. i nuice nr voitK-s 


Toman: #-00 Certnen. Tumor «nd Tue» 
nc»l 7.10 To sea; Wed next 7-iO Duke 
BiueiJeara's castle Gianni Schitcni new 
proon. "Visionary . . ." Gdn. "Plenlv «1 
vrtt." Tms. Thurs. next 7.30 Don 
Giovanni. 104 oalconv seats always 
available aav ol perl. 


DRURY LANE. 01-356 610B 
night 8.00- Mat.-nee Wed. ang Sal. 

" A rare, devasiating. iovotn astonishing 
minner," S Times. 

DUCHESS. 836 8243. Men. to Thurs. 
Evgs. 8.00. Fri„ Sat. &.15 and 9.00. 

•• Tfre Nudity is stunning." _Dniy Tel. 

8th 5EN5ATIC 



pen stage' Ton't 7.30 Tomer. 

' 7°30 THE” COUNTRY WIFE Bv ] 

928 2252 1ST. MARTIN'S. CC 836 1443. Evs. 8.00.',. 


2.45 a .... 

William Wycherley. 

LYTTELTON iprascemum stager: Today 
10 30 a.m. A 2 P.m SIR GAWAIN AND 

THE GREEN KNIGHT. Ton 1 !. 7.4S. _ 

Tomor 3 A 7.45 THE LADY FROM 1 TALK Of THE TOWN. CC. 734 5051. 
MAXIM'S by Feydcm trans- bv John i S.Oo Dining. Dancing. 9.30 Super R*vim 

Mat. Tues. 2.45. Sat. A Good Fn. 5 * 8_ 
26th YEAR 

Evenings 8.00. Mat. Wed. 3.00. 

Tickets £2-50 me. glass at wine. j 

*• This Is without doubt the most eirtra- 
ordlrury onlertainment in London." I 

Evening News. j 

Oue te enormous success will transfer to \ 
AmBsssadors Theatre 27'h FeO. 

M ortime r 

COTTESLOE ismall auditorium): Ton't A 1 
, Tomor. 8 VAMP TILL READY bv Gawn , 
01-835 5122.1 Grainger 'Workshop Production, all seats:' 

ana at II o.m. 

sp< ,, ■ „ „ , __ THEATRE UPSTAIRS. 730 2 554. Er5. 7.30 

Many excelkmt cheaa seats all 3 theatres 1 IN the blood 

OUKE OF YORK'S. 01.836 5122. 

Limitod season tram 2 March rprers. 
28 Feb.. 1 Marctil. John Gielgud In 
Julian Mitchell's HALF-LIFE, a National 
Theatre Production. - a daz=Jc ol high 
comedy." ij. C. Trewin). Instant Credit 
card reservations. Dinner and too price 
scat £7.00. 

COVENT GARDEN. CC. 240 1066. 
iGardcocnarfli- c/edit cards Ban 6903j 
Tonight, Tomor. lues and lours 7.30pm 
MJtcrling. Men 7.30pm La Bayadere. A 
MouUi in Country. Elite bvntopa- 

l, ° nS ' THE ROYAL OPERA l 

Wed. 7.30pm Madama Butterfly. 651__ 

AmWI wJll .lW Ml * from j FORTUNE. 836 2238. Evgs. B. Thurs. 3. 

1 Dim On cf*V Of Prr:. * - - “ - - — 1 

dav ot perf. Car pork. Restaurant 52B 
2033. Credit card bfcgs. 928 3052. 

OLD VIC. 528 7616. 

Spring season Jan. 16—Ma-ch 25 
In rep.: SAINT JOAN 'onigir 7.30 
tomorrow 2J0 & 7.30. ANTHONY 8, 
returns March 2.. ALL FOR LOVE 
returns March 6. 

Avc E.C i 837 1672. Last 2 days 

In Gilocrt & Sullivan. Tomcnt 7.30 & 
Tomor 2.30 THE MIKADO. Tomor. 7.20 
—’— Man. next to Mar « BALLET 


AOELFHI THEAlRt. CL. 07-336 7611. 
tvst. 7 33 Mats. Thurs. 3 0. hats 4.0. 


BOOKINGS ON 01-836 7611._ 

Sat. 5.00 and 8.00. 

Third Groa: Year. 



GARRICK THEATRE. 01-836 4601. 
Evgs. B.O- wed. Mat. I 0. Sat. S 16. 8.30 
•" the 


-GO TWICE." S. Merley Punch.. | 
"GO THREE TIMES." c. Bames. NYT. 

GLOBE. CC. 01-437 T592. lon't 8.15. j 
Tomor. 6.0 and 0-40. 1 

In the SECOND YEAR of 
The Bun Comedy ot the Year. 

Last Week. Ends Saturday 

with Derek Jacobi as Loid Byron 
ISla Blair. Timolhv West. 

; OPEN SPACE. 387 6969 Tues-Sun. 8.0. 
I a PAY FOR EVER by Michael Sharp 

by Lenka Jamurek 

VAUDEVILLE 836 9BB3. Evgs. at 8, 
Mats. Tues. 2.45. Sets. 5 and 8. 
Dinah SHERIDAN, Oulc-e GRAY. 
Eleanor SUhtMERFIELD. James GROUT 
Re-enter Agatha wltn another, wuo- 
?“ n « .- . - Agatha Christie is stalking 
the West Ena yet again with another ol 
ner nenelsniy ingenious muraer mys¬ 
teries." Felix Barker, Ev. News. 


Until 5au Ton t. 7.0. Tomor. 2,30 
ana 7.00 

TONY Blackburn in 


Cl-437 6934. 

WAREHOUSE. Donmar Theatre, 836 6808. 
Rhyai snakespeare Company, Ton't 8.15. 
Tomor. 2.45 ana B.ia last 3 pens. 
MACBETH Isold oun. Bkg. opens Mar. 6 
tar Maceetn ai Young Vie. 

A New Play bv SIMON GRAY 
Directed bv HAROLD PINTER 

ALBERT. 836 3878. Crrdif card bkgs. 

636 1071 e««!t Sat). Mon.-Fr,. 7.45. 

Thurs. mats 4.30. Sits. 4.30 and B 




ABLE TO SEE IT AGAIN.' Daily M rror- 


ALDWYCM. 836 6404. fnf. 836 5332. ‘ 5 lo’aH IM4L 

nfiVM CH&tfK pcadF rOUPANY fcvya. 7.JQ. MAT- Wts. 2.20. AN IDEAL ■ 


Tonight 7.30. Tomor. 2 00 and 7.30. ! an entertaining evening.- D. Tel. ; 

j A MIDSUMMER NIGHT’S I HA yMAHKET. 01-930 9832. Evgs. a.O. 

MM> Weds. 2.30. Sets. 4.30 A B.D. < 



" Ingrid Bergman makes the stage 
radiate—unassailable chartsma. □. Mail. 

" Wendy Hiller is superb." S. Mirror. 


PHOENIX. 01-836 8611 i 

Red. price prrview Tonight at 8.0. Opens I 
Marsh l at 7.0. Subs, evgs 8.0. wed-, 
Mat. 3.Q. Sau. 5.0 and 6.0. 
Tm Leslie Brlcuue Musical 


Directed bv Melt Sn api-o _. 

PICCADILLY. 437 4506. Credit card nkOJ- 1 
636 1071. Eves. S. Sat. 4.45 and 8.15. : 

GLOBE. 01-437 1592. Opeps Feb. 22 at 1 _ * EST 
7.0. Subs. evgs. 8 o. Mats. Wed. Sat. 3.0. < Ewmo Sid- Award end 5WET Awardj 

Mon.-Thun. B.OO Fn. Sal. 6.00 A 8.40. I WEMBLEY EMPIRE POOL. Last 2 weeks. 



N>£t>tly 7.45. 5au. 2 s ana 6. Special 
. at 3. Children J. Senior Cits, nail price. 

except 5ats. at 2 & S. Pay ct doors. 
J Spacious car park. Enqu-ries 902 1234 . 

. 0>-B3. Evgs B.OO. Mat. Thun. 3.0, 
Sat. 5 ana 8. 

Tickets £.1.50 IQ C4.0D. 


England'? Greatest Musical Adventure. 
" Exciting.*- Fin. Times - Manv Merry 
Retrains." Ev. News. ** Bouncing Vigour." 

_ E. Standard _ 

WHITEHALL. 01-930 6692-7755. 

„ Evgs. 8.30. 5ai. 6.45 and 9.0. 

Paul Raymond presents the Sensational 
Sex Revue ot the Century 

Now Live an Stage. Limited Season. 
12-weck season prior ro World Tonr. 

Roval Shakespeare Company in 
.. 57 Peter Nichols 
EXTRAVANZA." 5. Times. 

DREAM. " Enchantment is enchantment 1 
once again." Times. With Jenson's THE 
ALCHEMIST fMon-. Tues.l. RSC also at 
THE WAREHOUSE (see under Wj and at! 
Piccadilly Theatre in Peter Nichols' ( 


AMBASSADORS. 01-836 1171. 

Evgs 8 00 Mats. Tues. 3.00. 5Ms. S DO 
as 5arah Bernhardt in MEMOIR 
■' Perfect A tong ot triumph." E. News- 

Student Tickets El._ 


PRINCE OF WALES. CC 01-920 8681.; 

Monday to Friday a: B_P.m. . 

Sat. 5.30 and 8.45. Mat. Thur*. 3.00. ( 

••THE STAGE 15 AGLOW." • _ 

T JiSK a .f!V«, e I WINDMILL THEATRE. CC. 837 6312. 

RICHARD BECKINSALE j Twice Nighav 8.00 and 10.00. 

, OPEN SUNDAYS 6.00 and B.OO. 


APOLLO. 01-437 2663. Evgs. B.OO. 
Mats. Thurs 34)0. Sat- 5.00 and 8.00. 


p- Ador ol the Year." E. Standard) 

** IS SUPERB.” N. e t World- 

HER MAJESTY'S. CC. 01-830 E606. 
Evgs. 8.00. Wed. and Sac. 3.00 and 8.00. 

bnlljantiv." D. Tel. LA5T 3 WEEKS. 

OF LAUGHS, " NOWS Of the ¥2! 
BOOKINGS ON 01-930 0846. * 

i QUEEN'S THEATRE. 01-734 1T66-, 

Evgs. B.O. Sat. S.O. 8.30. Mat. WOd. 3.0. - 

Variety Club of GB Award in 
Plays and Players London critics award 



B°CTffc R r P ' 5 

01-836 2132. 

“ HiiaMout . _ ■ we it-" Sunday Time* 
ManOK lo Thursday 8.30 Friday and ■ 

HER MAJESTY'S. CC. 01-930 6606. 
Oueniog March 25 

in Leslie BrKusse and Afithsnv Newlov'i 
Prenews from March ifi. 


"Takes to unprecedented limits whet te 
Permissible on our stages.” Evg. Nows. 
You may drink and smoke In the 

RAYMOND REVUEBAR. CC. 01-734 1593 
At 7 P.m. 9 o.m. 11 o.m. (open Suns.) 
PAUL RAYMOND presents 

Fully Atr Conditioned, you may 
drink and smoke In ttm auditorium. 

WYNDHAMS. 836 3028. Credit Card, 
bookings 836 1071 texceat San. Mon- 
Thun. 8. Fri. and Sat. 5.1 S ana 8.30. 
VERY FUNNY,” Evening News. 
Mary O'Malley's smash-hit Comedy 

YOUNG VJC lnear OJd V/p, HC?NG 

EARNEST (seats 90PJ. 

9?B 6363. 

ROUNDHOUSE _-67 2564- 

8pm In Grasmere Vale: w‘t h Gemma 


Dannie Abac's GONE IN JANUAi 
Tonight at BO. 


ppm la varnnera vaic; L- i_ 

Jones and Jonathan Price: .TiVi S wiito 1 1 »! nd 2' Shatiesnury Ay. 836 B661. 

Saturday at 7.00 and 9.15. 

01-734 4291. Nearest Tut*' Tottenham! 
Ct. Rd. Mon.»Tliur3. 8.00 p m.. Fn. and 
Sal. 6.00 and 8.45. 


Tiekest 61.S0-E5 5O. Instant credit card 
n*B*tn. Eat >n ow fully-licensed Restaurant 
or Buttel Bar lunchtime and before and 
jflor show—-ooofcahle In advance. Com- 

bined Dinner and too-orice ticket E8.SD. 

■• mreeticus- apoealing. Tool ■ sum ol no and 
heart-thumping." Observer. 


*' I wai absolutely caught up in It. carried 
along by if. relnrinorated by BiesMaf 
verve and *pect*ela of *t-" Sun. Tel. 

•* STiQBerlnglv oPrcthre.** Times. 

w performed with a verve rare in Brlthh 
musicals. The show literally had _»* 
audience daneutfl in the aisles. This 
■ eIvk ' is marwllous." S. Express. 

1 hr. before ahow anv available top-price 
tickets £2.50. . . 

M an-Thun. and Fri. 6.00 perf. only. 
CAMBRIDGE- CC. 01-836 6056 Mon. to! 
Thurs 0 OO.^FrL^SaL 5.45. 8 JO 

wl5AI MW, NBWS - 

Scat prices £0-00 and £5-00. 

Dinner and too-price seat Lfl-25 Inc. 

Mon. to Thurs. 9.Q. Fri.. Sat. 7.30. 9.30. 

Evas. 7.30. Mats. Wed. and Sats. 2.45 

Good seats available now «• Theatre and 
Aoents. Also at Doors, except Sat. 

LONDON PALLADIUM. CC. 01-437 7373. 
FROM MAY 2S to AUG. 19. 

LYRIC THEATRE. 01-437 3£B6. E*L 8-0. 
Mats. Thun. 3.0. Sats. 5.0 and BJO. 

^ bv Eduardo Be Fin I boo 
*' TOTAL TRIUMPH." Eva. New*. 
HUNDRED YEARS." Sunday Times. 



E 29 3036. 

Albion Dance Band tomorrow: 5-30 Wllko 

ROUNDHOUSE. , Z67 2564 

Prcv. Feb. 22 at 8. Opens Feb. 23 ■* 7 - 
Subs. B p.m. lughilv. 


la London premiere ol 
by David Rabe 

ROYAL COURT. 730 1745. Fro"* F $?.V? 0 

at 8 iprev.) Feta. 21 at 7 lopcnS!-Subs 
evs. B. Sat. 5 A 8JO. THE BEAR by 
Tolstoy. See also Theatre Upstairs. 

ROYALTY. CC. PI-405 8004. 

Monday-Thursday Evanlngs 8.00. Fnjay 
5JO i 8 AS, Saturday 3.00 and 8.00. 
London crltlct vote_._ 
Best Musical of 1977 _ 

Tel. bkgs. accepted. Malar credit carda. 

SAVOY. 01-83 6 8888. 

Previews from 15th Feb- at 8.00 p.m- 
Sit. 5.DO. 8.M. , 

Choens 23rd Feb. 7.00 pjm., ther ^Bhilv 
at 8.00, Mat, Wed. 2.30. 5at. 5.00. B-00. 


An ungual play by Norman Krasna- 
Preview* end Wed. Mat*. £3 **> *1. 
Regular prices £4 to Cl. Credit booking 
accepted- _ 

COMEDY. _ .. 01-930 2578. 

Red. Price., Prev. MOB. 20_ Feb. at 8.0. 

Opens Tues. 21 Fcb- 
at 7.0. cob* «i. 8.0. Mata. Thors. 3.0. 
Sat S.30 and 8 JD 
Margaret COURTENAY. Oermot WALSH 

I Mon. to Fri. B.O. Sat. S.30 nd B.45.. 

i GORDON ("HATER " SrllTianr ■■ e.N. m SHAW. 01-388 1 394. 

The ELOCUTION OF [ Mats. Tues Ttiurs. Fri 2.30 

! BENJAMIN FRANKLIN 1 M TUM " T?lurs " fn ‘ - 

bv Steve J. Spears 

“ A camuniDnate funny tiercelv eloanent 
play. Gdn. • l Hiiarlow. ,t E-SttL “Wlckeeiy 

CRITERION. CC. .01-930 3216. 
Evenings 8. 3.00. 

•* impewable •. . ■_ a. mast er." 5. Time*, 


amusing.” e. News. "Spellbinding.” Ob*. 

MERMAID. 248 7656. R«t. 348 2835. 
Mon.-Sat. 8.15 Mat. Wed. 4 SaL 5.30. 
„ . „ .THE POINT 
” A WINNER.*' D. Mirror. 

Stall lickot* £1.25-£3.5D. CombiMd 
dinner-theatre ticket CS.9S. 

Must end Feb. 25. 

Next proriimton Tom CONTI Jane ASHER 
Open* Mar. 6. 7. Prer». ff. Mar. 1. b.ts. 

Eva*., 7.30 (Ho perl. Mo".). 
by J. B. Priestley. _ , 
" Highly entertamiBg." D. T «*. 
Low Price*. Easy Parsing. 

Bv WoW MankDwiu „ _ 
"memorable.’' D. Tof "Outatandlng 
10D Eurton Wd. 01-388 1 394. EI ZS. 

STRAND. 01-838 2660- Evenings 6.00. 
Mat. Thur. 5.00. SMs. SJO and 8-20- 


the world's greatest 


Sep. Peris. ALL SEATS BKBLE.. 

1; THE CHOIRBOYS tXi. Shut Down iUl 
W k- A.Sjin. 1.15. 4.30. 7J0. Late show 
Ml, 11.00. 

2i ABBA—The MOVK (Ui. Wk. & Sun, 
2.00. S-15, 8.15. Laic jhow Tonight and 
Sat. 11.15. 

CAMDEN PLAZA, opp. Camden Town 
Tube. 485 2443. Robert Bresson'* 
masterpiece THE DEVIL, PROBABLY iX>. 
Progs. 4.45. 6-50. 9.00. Seats bookable. ■ 

CLASSIC 1. 2, 3. 4. Oxford Si. <Opp. 
Tottenham Court Rd. Tubei. 636 Ohio. 
It AB8A THE MOVIE (U). Stereophonic 
Sound. Proas. 1-30, 3.50, 6.10. B.30. 
Late Show 10.50 O.m. 

2: THE HIDING PLACE (A). See. Peris. 
2.00. 5.00, 9.00. Late Show ii p.m, 
3i THE DUELLISTS (A). Progs. Uo. 
3.05, 5,40, 8-15. Late Show 10.55 P.m. 
(AI. 3.35. 7.10. Lme Show 10AO p.m. 

CURZON, Corzon Street. W.1. 489 3737. . 


sUfa-ntlesl. "A Sparkling New French 
Comedy. Directed with finesse by Yves 
Robert,” Sunday Express. Progs, at 
inor Sun.]. 3.55. 6.10 and BJD. 

GATE TWO CINEMA. B37 7691 (Formerly 
EMI international!. Russell Souare Tube. 
Starts Thurs. 22 Feb. World Premiere of- 
great late night double bill every night 
commencing Feb. £3. 


_ _ THEATRE. (93D 

52621 STAR WARS tui. Sep. DBS. Dly. 
2.00. 5.1S. 8.3s. ute show Fn. & Sat. 
11-45 p.m. Seats bkble lor 5.1S & S.S5 
oss. Wtcs. and all prog. Sat. and Sun. 

OOEON HAYMARKET, 1930 273B.2771) 
Jane Fonda, Vanessa Redgrave In a Fred 
Zlnnomann film Jolla iAJ. Sco. pgs. Dlv 
2.30. S.4S, S.4S.,Featune Dly. 2.45. B.OO. 
9.00. Late show Fri. 3, Sat. Pg*. Comm. 
Tl_.4Sb.rn. Feature 12.00. All Its. bStbie! 

Th* Omr (AI Sep. pgs. every day. Seals 
may be booked. Doarb open at UD. 4”a 
Shows. Fri*. A Sit*. Dpon 



Telegrams; Flnutlmo, London P54. Tele*: 888341/2, 883897 
Telephone: 01*248 MW 


Friday February 17 1978 

DR. DAVID OWEN", the Foreign 
Secretary, yesterday welcomed 
the agreement reached in prin¬ 
ciple on Wednesday between 
the Rhodesian government and 
the locally based nationalist 
leaders as “a significant step 
towards majority rule." He is 
right to do so. if only because 
less than two years ago. it 
seemed inconceivable that the 
white Rhodesians would be pre¬ 
pared to negotiate a transfer 
to black rule in their troubled 

Majority rule 

Despite tbe imposition of in¬ 
ternational sanctions and des¬ 
pite the attempts of successive 
British governments to secure a 
settlement in Rhodesia, up to 
two years ago Mr. Ian Smith, 
the Rhodesian Premier, was 
still saying that {here would be 
no majority rule in his life¬ 
time The new agreement is 
weighted in favour of white 
voters—outnumbered by blacks 
by some 20 to 1 they will have 
2S seats against the blacks' 72 
in a 100 seat Parliament. But 
the agreement Mr. Smith has 
now negotiated would give the 
black Africans a clear parlia¬ 
mentary majority and this alone 
shows how far the Rhodesian 
leader and probably a,majority 
of his white followers have 
moved in recent months. 

Yet the settlement. still only 
in outline and still only agreed 
in principle, must at this stage 
be treated with caution. Two 
weeks ago. when he returned 
from his Malta meeting with the 
leaders of the Patriotic Front 
the alliance which controls the 
guerillas now fighting against 
Mr. Smith's Government, Dr. 
Owen said that Britain would 
have to give serious considera¬ 
tion to recognising a settlement 
which might emerge from the 
internal talks. 

That is only realistic, but it 
is equally realistic that the 
Government should want to see 
not only the full terms of ihe 

agreement but also how it might 
work in practice, before taking 
any decision on recognition 
The Government, despite criti 
cism to the contrary, is mn 
wedded to the AngJo American 
proposals fnr their own sake 
But it dues maintain, and surely 
rightly, thar a settlement which 
involved all tbe nationalist 
leaders would have a better 
chance of stopping the war. and 
thus of allowing all Rhodesian? 
some hope uf stable develop 
ment. than would one which ex 
eludes those leaders now in a 
position to continue fighting 
The new agreement certainly 
raises even more doubts about 
the future of the Anglo 
American plan, but the validity 
nf the internal option cannot be 
finally judged until the proposed 
elections arc held under ir. The 
likelihood that such elections 
could take place in a peaceful 
atmosphere must be remote 
given the Patriotic Front's con 
demnatinn of the deal as 
whole.: it will he difficult to 
avoid intimidation of black 
voters by either side if the war 
continues But the British Gov¬ 
ernment should surely not 
endorse any settlement which 
is not supported, in free eleo 
tions. hy a substantial majority 
of black voters. 

There is no gainsaying that 
recognition even in these cir 
cumstances would pose an acute 
dilemma, for it is probable that 
the Government would be actin? 
in the teeth cf Black AFrican— 
and thus pmhably Third Wnrld 
and UN—opposition. The impli 
cations nf that, against the 
background of growing ennfron 
tation in Southern Africa with 
mounting Soviet and Cuban in 
vnlvement in the area, would 
have to be carefully weighed 
But fnr the time being the Gov¬ 
ernment should act cautiously 
continuing to try, despite the 
huge odds, to bring the warring 
parties together in a settlement 
acceptable to all. 

to confuse 

THE MONEY supply figures 
published yesterday might have 
been devised to illustrate the 
explanations of monetary policy 
and its difficulties put forward 
in recenj speeches Trora the 
Governor of the Bank of 
England and the Permanent 
Secretary to the Treasury. They 
can be explained by special 
factors, bui not explained away: 
it will require an act of policy 
to offset the causes of this sud¬ 
den burst of growth. Mr. Gordon 
Richardson's remarks on the 
importance of taking a rela¬ 
tively long view of any one 
month's figures is not only well 
illustiaied. but seems to have 
been taken to heart by the mar¬ 
ket. which quickly recovered 
from the initial shock. 


Equally, the special factors at 
work in banking January were 
matters of public policy. The 
t;«\ cuts enacted in October 
resulted in rebates paid nut dur¬ 
ing the month: and the authori¬ 
ties laid out considerable sums 
in calm the disorderly currency 
markets which ruled hefore the 
n n w Federal Reserve swap 
arrangements came into force 
on January 4. Both these actions 
inflated the money supply in 
January—a reminder, if it were 
needed, of Sir Donclas Wass's 
statement that monetary policy 
must fund ion in a context of 
fiscal and other decisions which 
may pul it under strain. Fund- 
ins policy in an ideal world 
would jakc arriiiint hoth of fiscal 
policy chances and of the likelv 
effect of foreign inflows on the 
domestic money sitpplv: hut 
neither sum is easy to forecast, 
and a good deal of the adjust- 
meat may now have to he car¬ 
ried out after the event. 

Less volatile 

The purpose of rolling mon¬ 
etary targets is to allow time 
for such corrections to be made 
in an orderly fashion: and if 
the financial markets are now 
relatively calm about the pos¬ 
sibility that this year's target 
may not be achieved hy April 
20.* it may be said that rolling 
targets have been adopted dr 
fur to before they have been 
officially announced. At the very 
least it can be said that the 
high-level reflections or Sir 
Douglas and Mr. Richardson 
have helped to produce a better- 
informed and less volatile mar- 
However, it cannot simply 
be assumed tun* will n> 


medy everything. Outside ob¬ 
servers are not the onfy ones 
who may find the latest figures 
a little opaque as a guide to 
underlying credit conditions. 
The authorities too must guess 
when it comes to assessing how 
far the monetary figures may 
be distorted by outdated sea¬ 
sonal adjustment, or what they 
show about the underlying de¬ 
mand for credit. 

The seasonal adjustment pro¬ 
blem is almost impenetrable, 
for the statisticians do try to 
make allowances for such things 
as changing patterns for tax 
receipts (though not policy 
changes), and the impact of un¬ 
covenanted holidays and new 
habits in consumer spending. It 
is quite impossible to second 
guess the adjustments which are 
contained in the figures, hut 
some doubt must remain about 
the meaning of the figures for 
any particular months; and the 
adjustment -reaches its annual 
peak in January. On the other 
hand seasonal adjustment, by 
its nature, washes out by the 
end of the year. It may offer 
wrong guidance about what is 
happening to the trend, hut ir 
cannot affect the annual totals. 


Foreign inflows and private 
sector borrowing, on the other 
hand, are precisely those ele¬ 
ments in money creation which 
arc not determined m advance 
by fiscal policy, and to which 
monetary policy must therefore 
respond. It is here that The 
signs are hardest to read. ■How- 
far was the infirm- nf nearly 
E4Ubm. in January due to dis¬ 
orderly markers, and how Far 
was it due to a current account 
surplus which is unlikely to be 
offset by private sector out¬ 
flows? How far is the apparently 
subdued demand for bank credit 
due to the fact that cash was 
being injected into the system 
across the exchanges and 
through fax cuts? Only if these 
questions can be answered can 
it be judged how far the rapid 
rise in the money supply up to 
January 20 is iikeiy to be self- 
reversing, and how far it will 
have to be offset by official 
action. While these doubts 
persist funding, preferably at 
the short end. seems more 
appropriate than squeezing bank 
credit m what still appears a 
slack economy; but a future 
need for tighter credit cannot 
be ruled out. 

. coal 


financial Times’ f'nday; February 17; 197$ 

.» . 


A FTER 73 days of inter¬ 
mittent violence and 
mounting hardship in 
the bleak coal mining com¬ 
munities of Appalachia, the 
United Slates is awakening to 
the fact that the much-weakened 
United Mine Workers of 
America can still mount a 
strike which threatens to dose 
down key sections of U.S. 

When the strike started nn 
December 6, forecasts that it 
i-ould last two months were 
bandied around nonchalantly. 
Goal stocks were high in antici¬ 
pation of a protracted dispute, 
‘he union was divided and in 
my case its members mined 
only about half the 650m. tons 
«f coal produced each year in 
‘he U.S. Coal, in its turn, 
•■counted for no more than 
me-fifth or the nation's energy 

To-day that nonchalance has 
evaporated. The grim deter¬ 
mination of the miners and the 
«succes* of their frequently ruth- 
'ess efforts to ensure that iwn : 

.Ion coal does not reach con¬ 
sumers have taken the country 
by surprise. 

Moreover, only the most 
-udimentary government mach¬ 
inery exists to co-ordinate 
it tempts to ration electricity 
efficiently. Regional and inter- 
.late rivalries obstruct such 
planning attempts. As one 
ifficial m the Mid-West ex- 
tiained: ■* the people of Ohio do 
not elect the Governor of 

Thus, with no end to the 
strike in sight. President Carter 
vas forced to put the 
iuthonty of the White House 
mhind an appeal for the two 
ides to re-open negotiations. 
He instructed his Labour 
secretary. Mr. Ray Marshall, to 
nvolve himself more deeply in 
the conflict and on Wednesday 
night the White House was 
he scene of the latest round of 
legotiations. They were contin¬ 
uing yesterday. 

These moves by the President 
lave met with some scepticism, 
reing seen in some quarters as 
i tacit admission that even the 
nugh U.S. labour Jaws, fre- 
liientiy so effective in bringing 
\ strike to an end. could fail 
’n bring the miners to heel. 

Republican Senators such as 
Mr. Barry Goldwater may 
lemand that the President in¬ 
voke the Taft-Hartley Act. 
vhich gives him power to ask 
he courts to order the strikers 
back to work for up to SO days 
while negotiations continue. 
But the Administration needs 
nn reminding that miners have 
simply ignored such resorts to 
law three times since 1948. In 
their current mood, after three 
years of the worst wildcat 
strikes in modern U.S. indus¬ 
trial history during which strik¬ 
ing miners have regularly 
scorned judges’ decisions, the 

Administration can tee that the 
chances of a court injunction 
proving successful must be 
slim. , 

Thus the steady depletion of 
stocks of coal at power stations 
in the industrial heartland of the 
country—in Ohio, . Indiana. 
Pennsylvania and West Vir- 

ginia particularly—is provoking 
alarming forecasts about the 
prospective impact of the strike, 
even though serious power 
supply problems have yet to 

On.Tuesday. Genera] Motors, 
the country's biggest car pro¬ 
ducer. warned that a 50 per 
cenL cut in electricity supplies 
expected next week in north-east 
Ohio could result in “ a com¬ 
plete shutdown nf GM auto¬ 
motive operations with result¬ 
ant lay-offs nf more than 300.000 
GM employees throughout the 

Chrysler, the ■ tbird-Jargest 
motor company, has issued a 
similar warning that if, as now 
seems possible, one of its parts 
factories in Ohio suffers a 75 
per cent, reduction in electricity 
supplies, by early March it too 
would face a complete U.S. shut 

Steel companies are also 
beginning to issue warnings 
about the impact of the strike 
on their operations 1 ; although 
they are a special case because 
many of the striking miners are 
their employees. Major si eel 
companies such as U.S. Steel and 
Bethlehem Steel are among 
the influential members of the 
Bituminous Coal Operators 
Association, the industry's bar¬ 
gaining arm with the United 
Mine Workers. There is n«i 
doubt, however, that the steel 
industry is now suffering from 
the coal strike at a time when 
it is already seriously depressed 
and many companies, including 
U.S. Steel, are reporting losses 
on their steel operations. 



While industry is issuing 
these warnings, political 
leaders in the most vulnerable 
states have begun to take 
action. Companies Which pro¬ 
duce electric power have been 
asked in recent weeks to submit 
their plans for restricting elec¬ 
tricity as coal stocks run down. 
While plans vary from state 
to state and from company to 
company the power companies 
clearly see a 40-day coal stock¬ 
pile as a crucial pnjnf ai which 
to begin to start restricting 
supplies to big industrial and 
commercial elect ririty users and 
public buildings like schools. 

At 30 days’ supply, many 
utilities will begin cutbacks of 
up to 50 per cent, and when 
stocks sink to 2D days, draconian 
power restrictions are antici¬ 
pated in many areas which 
would probably reduce industry 
to care and .maintenance levels. 

Some utilities have plans for 

The militant United Aline Workers Union of Americar more than 1D0 demonstrated agaldst a settlement outside the 

union's Washington headquarters.' i . 

the sort of staggered blackouts 
experienced in Britain in 1974. 
Others feel that these do not 
really save coal. Such prepara¬ 
tions, however, are creating 
real anxiety, particularly in the 
man in the street, for whom the 
words “energy crisis” summon 
up feelings of paranoia diffi¬ 
cult for Europeans to compre¬ 

A number of qualifications 
have to be made about the 
strike's impact, however. Since 
UMW miners account for only 
about half of D.5. coal output, 
vast areas of the country, par¬ 
ticularly in the West, where 
supplies are drawn from strip 
mining in states like Wyoming, 
arc likely to be unaffected. The 
threat of serious power prob¬ 
lems is primarily to key Mid- 
West industrial states which are 
dependent not only on coal 
mined by UMW miners, but on 
coal rather than other forms of 


Top nf this list is undoubtedly 
Ohio', where coal provides some 
90 per cent, nf industry’s elec¬ 
tricity. Within Ohio, in the 
north-east uf the area of the 
state served hy the Ohm Edison 
utility, slocks are reaching 
critical levels. A spokesman 
pmnied out that normally 35 
per cent of its coal supplies 
come From non-union mines. 
But successful picketing has 
restricted these supplies to a 

Indiana. Pennsylvania and 
West Virginia are the other 
states facing the worst prob¬ 
lems. Indiana and West Vir¬ 
ginia have already announced 
that power companies will he 
required to enforce reductions 

in electricity supplies to indus- communities In these districts, ductivitj* perman-day hassuhk . 
trial and other big users as their given the lack of clear progress' from I5.0 tons to nine'tops since.;' 
stocks fall to the 40-day level, towards an early . settlement. 1969. 

According to Department of . Moreover, even a settlement to? :• These trends .haveevolv ed at • 7 
Energy figures, Indiana had 69 morrow would mean that eoal tbe same time as the industry**' 
days stocks, Pennsylvania 76 supplies would not begin tn get has begun to expand and invest• 
days and West Virginia 60 days hack to- normal until early, iix' again after the - sharp' centrac-'... 
on February 4. But spokesmen March, since it takes 10 days linn of the 1950s and. eariy/' 
point out that these figures’at least for the'180-.000— with'the* 
are misleading, since within .members to ratify a settlementyambitinus- -target;. of doubling; 
different areas of each statd by vote and another 10 days or output by 1985 to. meet Presir... 
different power companies have so tor supplies to begin to Bow- dent-Carter's energy plans.,: 
very different stocks. With the freely. • ' - In °ri*® r t0 "S 'll 

ability to move coal stocks Fears about how-long'it might the labour staoiuiy \t. needs- to - ■ 
around impeded by transport take to resolve the dispute have eveh approach such a target, 
shortages and potentially violent intensified, particularly - after the newcontract ^entrawms-are-3- 
UMW pickets, and the ability to last week-end’s decision 1 by the tough. For example, rbe^enn* 
divert electricity limited by the bargaining councilor the United tract would, allow _*n employer " 
capacity of power lines, the Mine Workers, Which includes 39 to dismiss - a worker far ;only.' 

impact of the strike is likely, top union officials, to reject over- two days’, absenteeism or for '. 
to be felt unevenly even between whelmingly a proposed settle- fomenting an unofficial work 
districts in a state ment heartily endorsed by the stoppage or picketing during ; 

In addition, the East Central union president, Mr. -Arnold one. This latter penalty would . 
area of the electrical grid sys- Miller. ' " not be. subject tn appeal to an . 

tern, which covers large areas With this decision it became arbitrator. Also, miners engaged 
of the half-dozen most vulher-clear that Mr. Miller’s political in such stoppages would nave to 

able states, is already importing foes in the union wtfre gathering pay financial penalties and could ; 
as much electricity from other, strength and the internecine after .10 days begin to lose health., 
areas as it is capable of hand-; battles -withiri-the'UMW--could- insurance' 'cover. ■ The . unionist 
ling. The overall picture, there- further complicate ihe- negotik-- own '; health and- retiternetm -. 
fore, is of large areas of the tions. v There are increasing-fond. a symbol of its. independ-?'- 
country unaffected by the UMW demands' for Mr, Miller’s ence. would 1)e dismantled and p 
strike because they do noi rely resignation. replaced with company-run 

on UMW mined coal, while cer- In addition,however, as fuller health schemes., 
tain states and areas within details of the terms of the .pro- In return for.; these far- . 

slaies arc grnwine increasingly posed: settlement leak out, it reaching changes,■ the; industry • 

vulnerable In Charleston. West has become clear that the-coal is offering a 37 per cenL.jvaEc 
Virginia, street lights are now companies -are attempting In and benefits ;ln«*^rThere is-- 
being turned out to save power, uncompromising terms to im- mounting.. evidence. • however, 
while in Indiana State troopers pose a new disciplinary regime thal militant rank-and-file mem- 

have been assigned to guard on the miners, in order to try" bers are simply not ready to 

coal convoys. to cut. wildcat strikes and stomach the disciplinary.regime 

Even the pessimists, however, absenteeism. the proposed contract envisages;; 

suggest that it will not be until The miner’s unofficial strike —eveh though the union's 
early next month that really and absenteeism record trader* president has: endowed;ft—par-.— 
serious power cutbacks can be lines.the depth of the. problems tlcularly a! the end of r.painful 
expected, even in the more vul- in the industry. Last year, 17 strike and against A background l! 
nerable district. Bu» this is nf per cent of available work days of ' profound - distrust^ betwnenr. 
little comfort to business or the were ktst in this-way *nd pro- management atwj labour. '- 


Sir Hugh gives 
a warning 

Sir Hugh Casson. President nf 
the Royal Academy, expressed 
dismay yesterday on learoinz 
that there is little hope of sav¬ 
ing two Canaletto paintings of 
Warwick Castle from being ex¬ 
ported to the U.S. “This is 
particularly sad.” Sir Hugh told 
me. “What's more, it is part of 
a huae tide that is just begin¬ 

The paintings were sold last 
October by Lord Brooke for 
£275,000 each to the Mellon 
centre for British Art at Yale. 
Export was hatted for six 
months—expiring in May—and 
despite appeals by leading pub¬ 
lic galleries Tor an official res¬ 
cue action, the Government now- 
says it is merely willing to give 
half the money needed: this is 
regarded as setting an impos¬ 
sible financial task. 

I spnke to Sir Hugh just after 
he had taken the Queen Mother 
on a private tour of a part of 
our arl heritace that i= safe— 
the Royal Academy itself. He 
■?aid: "The Canalettos are ex¬ 
amples of the tremendous num¬ 
ber of great paintings that wilt 
eave Britain unless the Govern¬ 
ment makes new fiscal arrange¬ 
ments quickly. Taxes are the 
cause and we urgently need a 
'vsiem such as they have in the 

Sir Hu*h hardly bubbled over 
with enthusiasm when I men- 
ioned the name of Lord 
Brooke, owner -of Warwick 
Castle where the paintings have 
hung for 200 years. It is known 
that Brooke, who lives in Rome, 
has been steadily selling off the 
castle's masterpieces for several 
years. Experts from the Bir- 
ninehant Art gallery have re¬ 
cently been trying to calculate 
tow many paintings have dis¬ 
appeared: it could be as many 
a dozen. There are also fears 
f har a collection uf old silver 
ha? secretly left the country. 

Yesterday { tned tdiscuss 
th« affair with David SomomM, 

“ Let’s face it. Michael—we 
can no longer Huai like a 
butterfly or sling like a 
bee! ” 

of the Marlborough Gallery in 
Old Bond Street. He acts for 
Brooke. Bur SuniL'i-sw declined 
to come in the telephone. 

Three weeks ago. Lord 
Donaldson. Minister uf the Arts, 
said U W3« ilie «:nvc j rnrnent'« 
policy lu keep great works of 
arl in 1 his cnnniry. 

Eastern outpost 

Since the Gang of Four was 
brought low. new breezes have 
wafted through Peking’s 
temples of finance. The Bank 
of China has even begun issuing 
travellers' cheques and western 
hankers by the score have been 
raking cra.-h cuurse? in chop- 
stick Technique. Latest to make 
the trip east is Lord Barber, 
erstwhile Chancellor of the 
Exchequer a 3d now, ot course. 
chairman of Standard Char¬ 
tered. He sets off on Sunday 
week for ten day? at the Bank 
of China's invitation Accom¬ 
panying him will be David 
Miliar, a Standard r,bartered 
general manager, and both 

their wives are going along. 

What Barber will talk about 
in Peking is a total secret 
between him and the Bank of 
China, a body not exactly avid 
for publicity. But I can report 
thar Barber will go down to 
Shanghai, where there has been 
a Chartered hranch continu¬ 
ously since 1858. wars and 
cultural revolutions regardless. 
Rather appropriately. for 
China's Year «*f the Horse, a 
3<t-year-old bachelor named 
Smart Horsewood has this very 
week taken over n« manager oT 
the Shanghai branch. 

Straw in the wind 

As hosts for the 1980 Olympics, 
the Russians are already dis¬ 
playing a steely resolve to shine 
in front of their domestic 
audiences in every department 
of the Games. They are not 
normally out in front in sail¬ 
ing, but with 2fl0 boats and 
dinghies to build they have just 
started a special factory. They 
are also active in buying up 
translation richis For hooks on 
sailing, includin'.: several from 
Adiard Coles, a St. Albans firm 
specialising in such topics. The 
first title in net some roubles 
is “How rn Win " 

In the past there have been 
Force Nine protests about the 
Soviet failure to pay design fees 
after building boats to foreign 
specifications: but at the last 
International Yacht Racing 
Union meeting they promised to 
stick to the rules. Just as well, 
seeing that one of the British 
Souks they are anxious to Iran* 
late is "Modern Developments 
in Yachi Design.” 

with Bishop Abel Muznrewa 
et al. But the smarting in 
Whitehall is as nothing coni 
pared to the red faces ai 
Britain's embassy to Belgium, 
which found itself unexpectedly 
pitched into tbe middle of a 
high-level diplomatic fiasco 

It began after Dr. Ndabtning: 
Sithule, nf the Zimbabwe 
African National Union, sud¬ 
denly turned up In Brussels. 
Silhnle urgently wanted tn 
arrange a meeting with Dr 
Owen to snund out Britain’s 
attitude towards the deal. He 
told one of his aides tn nn*- 
our ambassador to Belgium. Sir 
David Muirhead. A call to the 
embassy revealed that Mutrhead 
was down with the “'flu. 

After being left hanging on 
the line for ten minutes, the 
Sithnle aide rang back and 
asked tn speak to the Ambas¬ 
sador’s number two. Lord Dun- 
rossil. Back came the message 
thar he was al twine, inn. rtaiwng 
lunch. A further telephone icalJ. 

tn Dunrossil's house, revealed 
thai the only persnn there was- 
his Nigerian maid. In despera- 
non. the Snhole man called 
Mmrhead's residence, where h* 
was firmly told that the Ambas¬ 
sador was in bed and could not 
possibly be disturbed. 

Quite what happened after 
that remains unclear, but by 
the time thu embassy official’s 
woke up to what was going on 
the entire Sithole delegation 
bad m high dudgeon left their 
hotel for an undisclosed destina¬ 
tion. " I am afraid," said one 
British diplomat, - that it ba*! 
jusl been one of those tinfor 
lunate, terrible chapters of 

On the breadline 

The grand 

One might have thought that Disgruntled scribble seen on 
Dr. David Owen and the the wall of a Hampstead laun 
Foreign Office were concerned drvtte: “The upper crust is a 
enough hy the news tha» Ian lot of crumbs sticking together.'' 
Smith had made a Rhodesian 

agreement behind tbeix back* WUSxirVGT 


best buik town in all 

U. •’v V;- *-i DarudDefoe-iy. % - -;. > •• \ ’ r 

'pyef.iw years ago the author of “Ro biawa Crusoe”* 

: .^led NmthaDiptOT.-Tte lowri he-saw had completed: -• 

rebuildingTtftq- a devastating and tragic fiie had destroyed - 
whole-areas^7'' _ '■ - / - j- ■ -' 

* Today hB'dacnpuon is as Iruc u CvBr.Mapy of U* 

have bras replaced by more mbdera trwi^rt'iysvaw. London -> 

•, thetown wlwVonKpire*^ 

-Jt-offers the idea! commercial and qtdusttial Jcxaiiop sad an ; 1 

'exceHenl labpor iriabtHis record J Sjnapipinsion started in 
1970 c*’er.200 stKmsfat firro, jnctudiBj.2 .; v. 

have: chosen to share in rti growth aqdhistory. Northampton' 

social requirements of pnr hewcomers; improving and 
supptmeatiog.dre town's many faeflttieS. ;• :-v ..' -V -. 


. . . r . ■ - - .’J 

U -. l. Ausdn-Cr(m'er<3^S^ie^^ypr,- - . v ^'.V ' . ' 





r 1 v';. : . .. _ ' J 

nanciai Tto^^rid^Fe^^.'17^1^78 •'• 



next Government do ? 

lx. Callaghan and Mrs. 
■’ seems to be In some 
rf misreading the latest 
> polls. The NOP poll—' 
wl in the Daily Mail last 
-give s the Tories a lead 
Wt*ntegft' poiBt$v over 
j(aw®) ;aitfir a.'Toiy 
^o-'percentage points 
arVJnid-Jjmaary. The 
!pD*r-phb!isfe8d in yes- 
B*My ; Telegraph—givey 
§s>,'nhi£ point leid 
IS# Je^lrpegging lajt 
•iUlowijig-toe onargins 
iAtee. Isj.H^efq're no 
^i^nebVih^tween;: the 

ted in the same way? She be- 
lieved that what .she had said 
about, immigration had .been 
vindicated by' the. reactions 
shown by the polls'. She was not 
going to let Mr.. Callaghan off 
the hook. Therefore:-tib'e' offer 
of a national approach was 
firmly, though politely,-;turned 
down. -:-' -* • '■ «' i; * ■ • 

JimiJva pbl$s also -appear to 
5the rreasona for * the 
^■>iurge:V_d« '-was -Mrs.' 
-*Wi's televised - remarks on 
that set -it off.' and 
. irge must have been 
‘ » fed by the way the 
- -* las been subsequently 
. “ ■, by botij the .politidans 

** , 

-’. -laMqgBan' reacted on 
1 ' v ‘; by proposiitg.a national 

S : -fa the immigration 
.' involving. - talks 
i Mrs. Thatcher, Mr. 
pel apif.idmself. It is 
[ he had heen.ponder- 
|Xdea for several days 
ifT- NO p -pbfl came but, 

I may/welt “be true:,. But 
[ tove-hnown. the -way 
- was - blowing and put 
uterpretation on it. He 
that by raiding the 
of immigration Mrs, 
had done herself a 
od, and he was out to 
‘ L It is difficult other- 
sxplaiu the transforma- 
„ a round abuse of the 
f the Opposition across 
-of the House of Com- 
'. an offer of cooperation, 
hatcher obviously reac¬ 

And yet. there are : other Ways 
of reading, the. poiis.vtwo of 
.which-.stand out The first to 
ac^pt that the *iatiwMd per¬ 
centage . figure for J how-' many 
people think’ -what'"caff he mis¬ 
leading .when it comes' to voting. 
-.What matters is whpase: those 
people are. It is not moeb use, 
as was pointed out imth^-spare 
last week, for the Toffes to in¬ 
crease their majority-in-Bourne- 
mouth, if at the same ..time they 
Jose votes in more urban mar¬ 
ginals. TTrat could come about 
by the mobilisation of the' im¬ 
migrants to vote against Mrs. 
Thatcher.. More information on 
this subject is stiff needed, but 
there are professionals in, the 
field who believe that There are 
at least 20 constituencies In 
which the Tory stand on immi¬ 
gration could actually, help 
Labour either to hold on .to, 
or even to win. the seat 

continues to hold the headlines 
as it has done in the last few 
weeks, it could well go to the 
top of the. list. But it would 
do so at a price—in terms or 
race rotations—that might sub¬ 
sequently be considered exces¬ 
sive. There are, after all. plenty 
of other issues on which a 
general election could be won. 

if it survives the Government 
will have lost some of its 
options. Under the amendment 
accepted on Tuesday night, it 
can no longer hold the refer¬ 
endum and the election on the 
same day. Nor can u promise 
the Scots that it has delivered 
the goods. That is partly 
because of the 40 per cent. 

Budget and r'nn Finance Bill, 
and that would ho about it. 
There are also two by -elections 
to come: one in Ilford North 
on March 2 where Labour has a 
majority of only 77S over the 
Tories and must presumably be 
giving more thought io limiting 
its defeat than *,o any possi¬ 
bility of winning; the other in 

it is far fmm dear what it 
would be about, it has been 
a commonplace for months that 
we are already in a pre-election 
period, but are the parties pre¬ 
pared? Whai. for example, is 
the policy of either Labour or 
the Tories towards the nation¬ 
alised industries? In particular. 
What do either of them propose 

concern about the trend. Not 
only have exports appeared to 
decline: there are also fears 
about rising imports. That is 
noj a very healthy position from 
which to begin a domestic 
recovery', even if one were in 

Again, the British Leyland 
decision to close down -the 

' . The-other alternative, and not 
necessarily incompatible, ' way 
of reading the polls Is .id Took 
at - the degree of Importance 
which people attach it© a" "par¬ 
tial tar subject. On this reading 
the findings about immigration 
are very different. The-Gallup 
poll, for example, shows that 
35 per cent, of those questioned 
think that the most urgent 
question facing the country is 
inflation. Unemployment comes 
next with 22 per cent Immigra¬ 
tion ranks fourth with only 9 per 
cent, behind strikes (ID per 

It is true that if -immigration 

ONE SAYS that in a week in 
which the prospects of an early 
election have .almost certainly 
become much closer. Not long 
aim. it seemed that Mr. Cal¬ 
laghan would have preferred to 
go on until 1979. but was pre¬ 
pared tn settle for autumn this 
year tf he had to. Indeed events 
practically conspired to make 
autumn unavoidable. The pre¬ 
sent Lib-Lab arrangement 
would bo over, and the chances 
of a successor would be mini- 
mat. The Scotland Bill would 
be out nf the way. and the Gov¬ 
ernment would no longer be 
able to count nn the support nf 
the Scottish Nationalists. The 
situation seemed ripe, for hold¬ 
ing rhe Scottish referendum 
and the general election on the 
same autumn day. 

A| the same time, the Govern¬ 
ment could not. of its own 
accord, easily have gone tn the 
country any earlier. To have 
done so would .have meant 
d s tchine the Scotland Bill, and 
therefore risking a further loss 
of support north of the hnrder. 
It would have h»»en a present 
to the Nationalists. 

* By now. however, the Scot¬ 
land Bill has been amended to 
the point where- the House of 
Commons could well reject It 
altogether on Us Third Reading 
next week. Muc® will depend 
on how the Nationalists them¬ 
selves choose to vote, but even 

British Steel’s rundown: one of Its more obsolete works at Hartlepool. 

clause, w-hich was reaffirmed on 
Wednesday by a surprisingly 
large majority. It is also 
because If Parliament is dis¬ 
solved before the referendum, 
the holding of the referendum 
will be up to the next 
Govern incut. 

If the Bill is defeated, the 
Government will have lost much 
of its present programme. There 
would be little point in going 
on with devolution fur Wales, 
where it is anyway less in de¬ 
mand, once it had been rejected 
for Scotland. There would be the 

Glasgow Garscadden. for which 
no date has been announced. 
There, Labour has a majority of 
7.625 over the Nationalists, but 
is by no means certain of hold¬ 
ing on. 

Of course. Mr. Callaghan may 
lry to tough n out. and pro¬ 
bably he would be wise to do so. 
But one can hardly avoid the 
suspicion that Ins once excellent 
chances of ■-urvival to the 
autumn have diminished. 

EVEN THE pussihility nf an 
early election raises a paradox: 

to do about the British Steel 

There has. in fact, been a 
number of random reminders 
this week that whoever forms 
the next Government will have 
to devote most of their energies 
to the familiar old economic 
problems, compared to which 
both immigration and devolu¬ 
tion are no more than side- 
shows. The January trade 
figures—showing the first cur¬ 
rent account deficit since last 
summer—may have been freak¬ 
ish. but there is again some 

troublesome assembly plant at 
Speke may be a sign of a bold 
new step forward, and indeed 
the Government could hardly 
have countermanded it without 
risking the resignation of Mr. 
Michael Edwardes. the Leyland 
Chairman. But it is also a 
reminder of how far there is to 
go. Equally, however necessary 
the move and however generous 
the redundancy payments, it 
amounts to only part of an in¬ 
dustrial policy. The electorate 
is entitled to ask where the new 
jobs are going to come from. 

especially in areas where unem¬ 
ployment is already well above 
average.- There is not much 
sign of an answer. 

As for the steel industry, the 
Government may believe that 
the immediate problems have 
gone away, partly because the 
first two reports of the Select 
Committee on Nationalised 
Industries were lost in the argu¬ 
ment about the powers of Select 
Committees, and partly because 
the British Steel Corporation is 
now offering redundancy pay¬ 
ments so large that the workers 
at East Moors and Ebbw Vale 
are ready to accept them. But 
the Committee, armed with new 
evidence, is returning to the 
attack with a third report later 
this month, and it will be more 
difficult—in spile of the redun¬ 
dancies—lor the Government to 
evade the question: what does it 
propose to do about steel? It is 
a question to which the Tory 
Front Bench might also give 
more thought, since ai least by 
their own reckoning they might 
shortly have to deal with it. 

It can be seen, in sum. that 
the Tories have plenty of 
central issues to exploit, and the 
Government enough problems 
on its plate, without resorting 
tu the emotive sideshows. The 
election may be fought nn the 
latter, especially as the main 
Tory campaign on law and order 
Can end to crime as we have 
known il." as someone put it) 
has yet tn begin. But whoever 
wakes up as Prime Minister 
after polling day will still have 
to spend most of his or her 
time dealing with the economy. 
It would be ironic if after all 
this wailing they were quite 

Malcolm Rutherford 

Letters to the Editor 

v contract 


■ Kenneth Wood. 

/hen I first heard that 
eminent Intended to 
new conditions into 
ids I assumed that this 
?asonab1e extension of 
at requirements, 
t time l had not read 
.s of the new conditions. 
11 engineering or build- 
actor the new fequire- 
■e impossibly. onerous, 
raple, an Inadvertent 
the pay guidelines .by 
ib-contractor on a large 
;ou!d lead to penalties 
to put in jeopardy the 
lure of a medium-sized 

if these risks are 
by the directors of 
s who must have Gqv- 
A-ork. I. wonder whether 
iciai institutions who 
te essentia] bonding for 
ntracts will take the 

eth. Wood. 





Economic Adviser, 
iCo. - - - 

^Xist September f drew 
^to difficulties in estab- 
-"he levels .of. the In- 
__ Production Index when 
put ” and “ output ” 
prices indices _ .are 

'-S*;'-' ■ prices indices . .are 

j *■»’ . at irregular rates. My 

^£ ures • ' industrial 

since that date-are. 

Mg Aff .LV.y AGH . 
t '4S published correction 
W 102-4 103.1 . 

, lOl#"-: ' 103.2 

r ^B 101.3.:102.9 . 

,gj 102.1., ,- .103.0' 

ijnpravemeiiV :of : 1.5. per 
•wS iru the -' eartier -four 
owteads to -suggest, that 

•a production did not 
l w77. Since the January 
Awlesale priced-indices 
} T* are ~OB per" cent.' on 
LlJand +1-5 per cent--op: 
tag" my correction to the 
L& figures will be about 

»? nt - 

Hr Currently, wc put on one 
January 1078 trade 
v»hich. after all. are only 

* .1 efor«p —, 3 

a politician, whether a local 
government politician or a poli¬ 
tician of the central government. 
In the case of Windscale it .will 
be central government which has 
the last word. The town plan¬ 
ning process in this country is 
still, in the last analysis, a poli¬ 
tical process. The Minister con : 
cemed'is not hound by anything 
which his officials advise him and 
if he himself is in doubt as to 
what to do in any given circum¬ 
stances be can always make the 
decision . a matter for the 
Cabinet. , 

If my menfory serves me 
aright -this is exactly what hap¬ 
pened abbot* the' South Bank 
power station nearly 30 years 
ago. Nobody wanted the power 
station there except the Central 
Electricity Board. The applica¬ 
tion was opposed by the London 
County Council, the Corporation 
of London, the Dean. of Hie 
Chapter of 5L Paul’s Cathedral. 
some authority defeated io the 
protection of the Riyer Thames 
and so on .and so‘forth. My 
helief always was that Mr. Lewis 
Silkin. “ later Lord Silkin. who 
was then the Minister for Town 
and Country Planning was much 
moved by the opposition which 
developed to the building of the 
South Bank power station in the 
particular place In' which it now 
stand*. Even so, the last word, 
as I understand it. i-ame out of 
the Cabinet, and that was to 
agree -to the grant of planning 
permission., notwithstanding, the 
weight of the opposition. I repeat, 
.planning ooiitrol in fbis *’ountry 
is' a political process and the 
decision is not necessarily taken 
on the weight of the evidence, 
one wav or the other. Evidence 
:j3R heard and given due atten¬ 
tion. I am.jsure, but at the end 
of the day the decision which 
is'taken is a .decision based on 
what happens, for the time 
being, to be Government policy. 

iSirl-Desmond Heap, 

The Members Room. 

The Law Society. 

113 Chancery, Lone. Xi’.C 2. 

Institute of Structural Engineers 
examinuiion. when the company 
where 1 was employed as a 
designer-draughtsman changed 
hands, and out of the blue 1 
was appointed general manager. 
1 Immediately got down to the 
job In hand, working much over¬ 
time and so put off the examina¬ 
tion until the next year, but of 
course ,f next year " never came. 

Unqualified 1 may be. but over 
the years I have designed and 
built thousands of factories, 
multi-storey structures, bridges, 
etc., none of which has fallen 

^Ninety per cent, of engineer- 
ins is just slogging hard work 
carried out by men who have 
acquired iheir skills by practical 
experience,’ and registration 
would only create two' classes of 
engineers, them and us. and 
would he a'possible source of 
conflict in tlie industry. 

Academic ability does not 
necessarily make a good 
engineer capable of dealing with 
practical day-to-day prohlems; 
registration will merely provide 
work for more bureaucrats, and 
we already have too many of 
those an our backs. 

January 29. against economic a criticism of a system which 
sanctions and disinvestment. sets him an impossible task." 

For the sake of the record it 0ne M ' a . y - u P der the Pr* 5 ^ 1 
should be noted Uiat Chief ?L ea u!. nS i 

Bu thefezi clearly expressed him- tas ^ ^ spread the 

self at the above-mentioned responsibility for the judgments 
occasion as being totally against ■l e,n ? n i, . rn 
economic sanctions and with- j- A. E. Lajbjrn. 
drawal of investments. He went £ nmtn tttsc. 
further and told his audience hmtfi eld Ri rod 
that it would he an act of self- P u tney Hill . S.i\ IS. 
destruction on the pan of South 

Africa's blacks, should they f )pHf 11PPf I Oil 

cunnni-t r.r nfTvnrn1-i» «an^tinn!S or UI VUIIVVIIU11 


Retail price index for January. 

Mr. Denis Healey, Chancellor of 
;ho Exchequer, addresses meeting 
of Labour. Economic, Finance and 
Taxation Association. New Ambas¬ 
sadors Hotel. V.'.C.l. 

Dr. David Owen. Foreign Secre- 
:ary. speaks at meeting of Devizes 
Labour Parly. Marlborough. Wilts. 

Session of European Parliament 
jnds. Strasbourg luntil March 13>. 

Texaco shop stewards consider 
imposed new pay formula for 
•.anker drivers. 

To-day’s Events 

Speakers include Mr. Harold 
Lever. Chancellor, Duchy of 

support or advocate sanctions or 
Chris can der Wall 
South African Embassy. 

Underground to 

From Mr. B- Enqert. 


From the Qnirman. 

Collection Agencies Association 
Sir.—When ibe Consumer ; 

Credit Act 1074 requiring debt 
collection and credit reference 
agencies to lie licenced became 
law. manj peopS* involved in 

Conference on Small Firms in 
Cities. Manchester Town Halt 
U0.30, is chaired by Mr. 
^Jeginrid Frceson, Minister Tor 
Housing and Construction. 

Mr. William Rodger?. Transport 
Secretary, visits Humber ports of 
Immingham, Grimsby, Hull and 

Professor Dr. Ralf Dahrendorf, 
director, London School of Econo¬ 
mics, speaks on " Democracy and 
Economic Growth—Footnotes on 
the Predicaments of Britain and 
Germany" at lunch organised by 
German Chamber of Industry and 
Commerce in the U.K., Inn on the 
Park. W.l. 

London Chamber of Commerce 

Small Firms Group. Meeting on 
* ECGD and the Small Exporter.” 
69. Cannon Street. E.C.4. 10 a.m. 

National conference of Institute 
of Travel Managers opens. Royal 
Lancaster Hotel. W.2. 
House of Commons: Private 
Members' Bills. 

Lloyds Bank ifull year). Wedg¬ 
wood Thalf-yearj. 


Delson. Birmingham. 11.30. 
Lagan vale Estates, la. Queen's 
Gate. S.W.. 11. North British Steel. 
Bathgate, West Lothian. 2.30. 
Northern Foods. Wfflerby. nr. Huff. 
12.30. Plosion's (Scarborough!, 
Scarborough, 2.30 Stenhouse, 
Glasgow. 12. 

Sir.—In his article of February credit saw this as a positive step 
13 Michael Donne states that forward in protective legislauon 
Heathrow Central station “ is - . Almost two >ear 3 have passed 
linked directly with three mam . applications or licences 
passenger terminals by under- by the Oflice of Fan 

ground subways with moving JjMfi mpondJd. >’ — 

W *Wh!n *' I travelled shortly anticipaled that those agencies 

iSSSf-s SZS-ZSB :is! 

w,ik,d f!ES Ihe Hathrow g« * aUo '' cd *° «“ Un “ e 10 

Central concourse along a i. enrni-iann therofVirp tn 

J. N. Rowen. 

Fuhcood Road South. 
Sutton-in Ashfield, Notts. 





til at this stage—.a 

•s 4>— f-'r ■ TT IT acnnhimi 

\ : . inve June 1977, imports 
;?n by 5 per yenL and 
aave risen by 4 per 
.'Io OR production is 
. •' ’ rise. 

■ ••'ler if Lex (February 
J agree that ibis, view 
.'.tber better for the U;K 
'i ■ in 107S than he implied 
•' ding the January 1978 


*■'' - j Co. 

tip Street E.C.S. — 


From the .birector-Secrctar;/. 
Equipment Leasing Association. 

■ Sir.i— The. Lex column on 
February 13 states thai “There 
is no sensible reason why lessees 
should not have to capitalise 
leased assets."' 

The question of how leased 
assets should be dealt with in 
the accounts of lessees is. of 
course, a matter for lessees and 
for the accountancy. profession; 
Nevertheless, two sensible points 
can be made by lessors. First, 
leased assets are owned by the 
lessor and therefore have to 
appear as assets in the accounts 
of lessors. It would be double 
accounting if they were to be 
capitalised also io Ihe balance 
sheets of lessee 1 :. Second, it is 
imported I tiiat the rental obliga¬ 
tions of lessees should be pub- 
Ushed. and M - e consider Ihat this 
can be -done most comprehen¬ 
sive!)' by way of a note to the 

accounts of lessees—such a note 
would^ p.ravide much more in¬ 
formation than an item in the 
balance sheet - 

From-Mr. G- Less lie 

Sir,—Michael Cassell’s article 
on fuel economy (February 15! 
creates the impression that insu¬ 
lation is tbe only key to conser¬ 
vation. Facts show that the willy- 
nilly use of insulating can cost 

Insulation reduces the healing 
season bur il also reduces ihe 
summer season. Insulation leads 
La heating plant oversizing which 
in turn increases space tempera¬ 
tures and lowers boiler efficien¬ 
cies. Insulation cannot be used 
effectively in solid wall struc¬ 
tures ;an"d Hats and therefore 
misses a large slice of tbe hous¬ 
ing stock. 

. Regulations in Germany. 
France. Sweden and Finland 
embrace tbe use of automatic 
space temperature control and 
insulation, as it is recognised 
that automatic controls are 
effective in all adequately heated 
bousing stock, regardless nf fuel 
used. They also make possible 
.tK? forecast improvements from 
thermal insulation which other¬ 
wise are not achieved in practice. 

The private housing sector is. 
relative to the whole housing 
stock, the big domestic fuel user. 
Decent Government incentives 
could make this the biggest, self 
financing influence for fuel sav¬ 
ing in the U.K. Along with pro¬ 
vidin'* the jobbing end of the 

bui’ding "industry with some 
badly needed work, 
n, Lessiie. 

17. St. Catherine Fond, 
ffuistip, Middx. 

wamra irum iiitr ncoiujun trade 

Central _ con ^ ur ®® It is surprising, therefore, to 

terrazzo floored tunnel and if learn tha[ not one C0(lipan y has 
there is a walkway there it i* b wn refused a licence by tbe 
so minute that none of us could omcc of Kjir Trading and that 
see it. Tbe distance is so long 3 i| companies .who have applied 
Lhat with a heavy single piece f 0r licences are allowed to con- 
of luggage I found R a most tinue to irade. 
tedious walk from cfae station . or 9.742 applications by debt 
to the fool of tbe escalator collection agencies S.991 have 
which brings one up into the been granted, leaving 751 pend- 
airport. There is certainly a ins at the end or 1977. Quite a 
need for a moving walkway to large number still to be dealt 
Terminal 2 (which in itself is with ! 
in a chaotic slate of re-buiidingl B. D. \Ya:«:un. 
but none is available- Inter Credit House. 

A little later it is slated in 2/15-207. Crescent Rond, 
the same article that there are New Barnet. Herts. 

trains to Heathrow every four -— 

rmnues »n the rush hour and Tnfprp'tt 

every five to ten minutes at AuiLl v-31 

other times Would lhaL this 

were so—it may be the time- id.It.-3 

table bui from my own expcrL- From _ Vr P Cordon 

cuce and that of others, practice , ... 

An impossible 

Investment in 
South Africa 


. Desmond Heap 
n the front page of your 
- ■ February 19 your Lobby 
-' r *respondent writes “Mr. 
- ‘lands are tied by the 
i \ ' the Windscale inquiry 
lucted under ordinary 
procedures under 
\he last word lies 
/ ly with officials In his 
. nt.” . ; ' 

• " y cannot believe that 
' . veil means what He says 
astonishing stetemenL 
' . d venture to point out 
■der ordinary planning; 
:s" the last 
ling derision rests, with 

4. B. Darner, 

Equipment Leasing Association. 
14, Queen Anne's Gate, & WJ. .. 

Rejgistration of 


From the Chairman. 

/. N. Rowen. . 

Sir.—Although I have worked 
for 56 years land still working) 
in the enEifleflrins.indRM^’' ® ,r 
Monty‘FUt’atston'u committee has 
not 'asked for my opinion on the 
question of_' regfetraiion of 
engineers." understandably so. as 
T am, theoretically, unqualified. 

At the age of 20. years, after 
studying'for ten years at even- 
classes, I was ready to sit the 

From tire. Director of 

South African Embassy. 

Sir,—-The act of omission in 
journalism can be just as-un¬ 
acceptable as the publishing of 
biased articles. 

In the Financial Times of 
January 30 you accorded ample 
space to the speech nf Chief 
Minister Gateha Buthelezi, on 
Sunday. January 29, in Johan* 
□esburg, and . highlighted his 
attack on South Africa's Minister 
of Justice,-Mr. Jimmy Kruger. 

In view of the biased article 
by Mr. Joe Rogaly in .vour 
edition of January 24. in which 
withdrawal of-investments in 
South Africa was propagated, 
you omitted any reference to 
Chief Buttielezi’s tough stand 
taken in Johannesburg on 

VULb QI ■ La UlUl WI f- . m- . . .1 _ , ... 

is often quite otherwise. Sir.—Tndt the building socie- 

B. Engert. tics enjoyed a bumper year in 

Engcri and Rolfc. 1977 is attributable in pari to ihe 

Barc/ieatcr Si reel. E.14 lower than expected composite 

- m rate of tax. the societies 

All imnnccihlp r,n bphalf of their investors /Mr 
nu IJUJfiUbdJDlY Michael Cassell's article “ Divi- 
(■gcjr sioti among the building sociv 

hrom Mr. T. Lowborn. , , .. 

Sir,—Referring to the letter Tbe fact ihat a lower than 
From the Government Actuary espccied composite rate was 
(February 131 I can assure him agreed by the Inland Revenue is 
I bad noi overlooked the com- surely indicative of the fact that 
moment referred to in the 1977 more an( j mure building society 

agreement, The d^worg j 

cases meaning the Government P a y lax al * : 1 believe that it 
Actuary. A full debate to take has been estimated that there 
place after the Government are some lHm. investors with the 
Actuary has announced his deci- building societies of wbom some 
sinu is to my- mind quite a 20 per cent., a figure now prob- 
different stale or affairs from ab|j approaching 4m. investors, 
fuii discussions taking place have no lax liability. Despite 
between the bodies mentioned this the sot-iL-lies invariably make 

in my letter before any tied- great play of the grossed up 
sions are taken. 1 know how equivalent return which they 
difficult it is to get Government offer, wiihmit in any way making 
departments to alter their views it clear that for their non tax 
once they have been pronounced, paying invewiors the net rate of 
I think it has generally been 5J5 per cent, or 5.50 per cent, or 
regarded that the 1J per cent, whatever i» »ll that they are 
represents the value of the index going to receive, ft j S the socle- 
linking, but if il represents the ties themselves which pay tax 
net value of the total differences and there is no way in which 
both plus and minus between individual investors can claim 
the Civil Service scheme as a hack tbe lax deduction which 
whole and the average scheme they have suffered, 
of a medium to large sized com- There must be very many less 
pany, then 1 submit the li per financially sophisticated inves- 
cent. is to-day far too low. My tors who are simply nor aware 
suggestion was in no way meant that they could do very much 
to be critical of the Government better elsewhere. The building 
Actuary or bis department but societies themselves can hardly 
was meant to be helpful. he expected to proclaim this, but 
In this connection T repeat the at least they should play fair In 
last sentence of paragraph 58 their advertising and make it 
of the 11th report of the Ex pen- clear that their grossed up 
diture Committee and the first equivalent rates apply only if the 
sentence of paragraph 60: " One Investor pays tax and not other- 
man ultimately has this awe- wise, 
some responsibility and Has p G Qr( j 0 n 
hardly any chance of getting it ‘ . 
riRht. which in no criticism of c '** fur N House, 
the Government Actuary but is fS-J9 Dyke Road. Brighton. 


f j-. .. T ' •: • : 


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Albright and Wilson reaches peak £35m. 

SALES FOR ihe year 10 December 
26. 1977 at. Albright and Wilson 
expanded from £2&5.33m. io 
£ 53S.01m. and pre-tax profits rose 
from £3l.Mm. to a record £35.4m. 

in August, reporting a first half 
advance from £14.37m. to £lfi.l4m., 
the directors- forecast second hair 
profits at a similar level. 

After higher tax and minorities 
the attributable balance is mar¬ 
ginally loner at £JS.02m. com¬ 
pared with IlS.Uam. before extra¬ 
ordinary items and earnings are 

shown at 15.3p (15.4p) per 23p 

A second interim dividend of 
2.ill Ip nei makes a maximum per¬ 
mitted total of -Lfillp compared 
with 4.129p. 

The directors will recommend 
at the ACM that if ACT is re¬ 
duced following the next Budget 
a final dividend for 1977 should 
be paid equivalent to the amount 
of the reduction in tax on the 
second interim. It would be ihe 
intention to pay any such final 
at the same time as tbe first 
interim for t07S. 

The 1977 profit is struck after 
charging a loss of I3m. on con¬ 
version of the opening net cur¬ 
rent assets of overseas subsidiary 
companies at year-end rates of 
exchange. This compares with a 
gain of £2.6m. in 1976. 








Albright & Wilson 



Guildhall Property 



Allied Breweries 






Assoc. Paper 



Mining News 






Newbold & Burton 



Brown Bros. 



Nthn. Foods brewing bid 



Bulmer (H-P-) 



Parker (Fredk.) 









Elliott Peterboro' 



Rank Orgn. 



Grand Metropolitan 



United Glass 



Greenall Whitley 



Whittingham (Wm.) 



Sales growth 

The tax charge for the year in¬ 
cludes provision Tor deferred tax 
as in the past. Tax is a higher 
percentage of profit mainly" be¬ 
cause the currency adjustments 
do noi. affect lax. 

Sales growth in the I'.K.. helped 
particularly by exports, was 
greater than overseas bin ihe 
growth owed rather more to 
higher volume than in .selling 
price increases. All the group's 
businesses reported higher operat¬ 
ing profits excepi detergents and 
toiletries: flavours and fragrances 
were particularly good. Margins, 
however, particularly on L\K. ex¬ 
port business, were adversely 
affected both by lower prices and 
by the strengthened value oT the 

Capital expenditure gathered 
pace throughout the year amount¬ 
ing to £24 3m. compared with 
£13.9 m. in 197G. 


tlnri-.KIRg surplus 
P- iwcinilnii 

■ Jj-mns uruiii 
lnv- *'■ in.■••mi 
Trrfdlne profli . . 
Im- rosi pdvjtbl* 
t-'rnm assort.’5 . • 
Proltt before tax 
I'.rnuD lax* . . . . 

A-«ocla(i.-s - ux .. 
::.f nroRi 

Prefi/renw rt*\ irt-nds 

E-vra-ord di*hiis 
Vrribuiabli- Jo Ord. 
i.'rflinary dr. id* rids 
* CoinoriSis U K 

4J Hij 
; 4 i*» 
V- -|So 

4 :<M 

l* ":y 






"'IP Sllj 
■i SIS 
,1 >s 
•: si! 
-i nil 


12 i-'a 


|S f‘4'1 
4 'i.* 
M.n:. 1 -.7 7 itj.- and 

o-.rr«e4s XS Vim. '£t.S2m. » * MainU 
lo-s.* on coni-frns iit«l 
I*i' l-m^-i.-rni liabiliiies nl sub. 

s dt.iry cnnio:.-n •* *t vr a -.-*n>t r»r.-» nl 
AT.-hane? .Cr*di:» 

See Le.\ 

expects a 
good year 

IN HIS annual statement. Lord 
Harmar-Nicholls. the chairman 
of Pleasurama, says that in 
terms of profitability indications 
are that 1B77-7S will prove to be 
a good year. 

.Vs reported on December 16, 
pre-tax profit jumped from 
£963..>04 jo a record £1.504.48.$ for 
the year to September 30. 1977. 
on turnover up 20 per cent, to 
17.1 m. Earnings per 5p share 
improved to Ifl.3p ifi.Kpi and the 
dividend total is 2.02dp «l.815pt 

A statement of source and 
application of funds shows a net 
ca<h surplus for the year of 
1413.634 against £621,6S8. 

At February 1. 197S. Grand 
Metropolitan held 1.809.21S 
Ordinary shares in the company, 
representing 29.74 per cent, of the 
equity, and the chairman points 
out that this was with rhe know¬ 
ledge of the directors, who wel¬ 
come the fact that this large 
share block is tit last in the hands 
oT long term serious investors. 

A divisional breakdown of 
group turnover shou<: amuse¬ 
ment park and centres £3X4.273 
(£3P2.I4f«t. bingo club £1415.796 
(£J4:j.fi71i. casinos £4.310.187 
l £3.330.361 1 . catering and bars 
£901.133 (£5542.606». dancing 

£270.378 t£11 !i.033) and<s 
wild-life parks £f.Q7B.43S 

During the year the cnnipany's 
only new venture was the com¬ 
pletion of the purchase or the 
Blenheim Casino in Manchester. 
The necessary consents have now 
been obtained for alterations 
which will enhance this opera¬ 
tion in rhe future. 

The provincial casino division 
again showed the improved 
results, although because or 
licensing difficulties the directors 
have still noi been successful in 
relocating the small casino in 
Glasgow. Since the end of the 
year rlio casino in Ramsgate has 

been moved to larger and more 
prestigious premises and the 
directors ha\e entered into a con¬ 
tract for the acquisition of two 
casinos in Bristol and Sheffield. 

Marineland in Majorca had a 
successful year, and the company's 
Australian leisure activities are 

by Econa 

AFTER exceptional charges of 
£31.000 for bad debts and guaran¬ 
tees and £30.01)0 Tor supple¬ 
mentary retirement benefits pre¬ 
tax profits of sanitary engineers. 
Econa Tell from £331.454 ro 
£2$3.12I for the hair year to Sep¬ 
tember 30. 1977. Turnover was 
ahead from £2.7m. to £3 08m. and 
was mainly attributable to the 
incidence of contract completions 
within the mechanical services 

Profit margins have been 
reduced by increased cost*, 
directors explain, and the greater 
competition For available business. 
As a result of the expected 
increase in activity in the current 
quarter they anticipate that 
second half results will show an 
increase over those of the first 
half, although in the full year 
there is likely to be a shortfall 
over last year's record I6935&4. 

The prospects for 19iS'79 are 
far from clear, they add. 3nd are 
very dependent upon the overall 
economy. The group is in a 
position Li> take full and inimt-di- 

1077 19,-s 

l £ 

T'irmver . 3 £>?-'. Hi 2 ,44.114 

Trnrtins or.*nr . ■.'js-i KJ4 KS.Jifi 

1 Cap imt-rcM . .. ■-7i:s S.Sfr.’ 

Pre-tax prnfils . 2BJ.121 33L454 

Ta.WI„n . HI.S.T! IM "W 

N'ti pr.tri: Utf-SsM I-59.IW 

Interim <iivir|. ; n<j ... . 72.243 4S.1I3 

ate advantage of any incre 3 .se in 
activity in the market area* it 

The full impact of the group’s 
acquisition of the Alan Snrvh 
Group or companies on Septem¬ 
ber 3u, 1977. results of which are 
not included in the figures, -hould 
begin to <hnw. and further 

acquisition 'prospects are being 
actively pursued. A satisfactory 
197S. /9 year is anticipate 
The interim dividend 15 lifted 
from 1.5p net per lQp share lo 
1.75p — last year's final "as 
0.3589p. A total of 6p gross is 
forecast for the year. 

Utd. Glass 
to £11.5m. 

ONE OF THE two remaining 
suitors of Redfearn National 
Glass. United Glass, reports 
sharply increased profits Tor the 
December 3. 1977 year at in.S2m. 
against £6.56m. for the previous 
50 weeks. 

Sales in the period rossc from 
£iOQ.SSm. to £ 125.56m., and the 
result was a tier interest charges 
of £0Um. (£1.4Jm.). At halfway 
profit uus £4.56m. (£2.Jnt ). 

Directors say there is no fore¬ 
seeable liability for corporation 
tax on the profit flflTC same), and 
Till the record profit Has been 
transferred to reserves 
The remaining balance of de¬ 
ferred tax of £]62m. has also been 
transferred to reserves. 

The company is jointly owned 
by Distillers Company and 

It is taking part in Monopolies 
Commission hearings into pro¬ 
posed mergers with Redfearn by 
United Glass and Rockwarc 
Group. Earlier this week Rherm 
International withdrew- its partial 
offer for Redfearn. 

IMI forms 
new water 
heating offshoot 

Imperial Metal industries has 
formed a new company. LMl 
Waterheating International, to 
co-ordinate and expand its 
interests in the liquid heating 

Mr. Roy Amos, chairman of the 
new company and an IMI execu¬ 
tive director, said that a turnover 
of between £30m. and £35m. was 
expected this year Tor the four 
IMI companies operating in this 

He added that although each or 
the operating companies v ould 
continue to look after its existing 
sector of the market. IMI Water- 
heating International was formed 
to pool knowledge and to 
co-ordinate the development of 
new and existing products. 

An IMI Waterheatin? Inter¬ 
national marketing team would be 
established to represent all the 
associated companies oubide 
home markets. 

New electric water sjoraae 
heater-: are to bo introduced in 
the L'.K. and in France later this 
year, as would solar heating 
equipment in France. 



Anglo-Am. Coal . 40S 

London & Lomond . 1.7 

New York & Gartmorc .. 0.4 
Albright & Wilson 2nd int. 2:RT 

Barge! • . NiJ 

Brown Brothers 2nd >QL 0-oJ 

Debenture Corp. . 2.2_ 

Econa ... .int. l.*o 

Guildhall Property — int. 0 6 

New hold & Burton . 

H. Norrington . 

River & Mercantile . 

River Plate & Genera!. 

Romney Trust . 

St. Andrew Trnsl .. ...... 

Shires Inv.2nd int- 5.46 

Throgmorton Secured int. 0.61 
IVm. VTiittinghani 


0 43 






Date. . 
of . t % 
April 21 

April S 
May 11 

June l 
April 4 
Mar. 31 
April 5 
April 5 
April 3 
April .3 
Mar. 28 
April 10 
April 7 
April 4 


Corre- '.Total' 






• year 



SO ; 




2.1 . 


0.4 . 



4.61 • 





0.75 ' 

_ - 






_ - 












7 v 



5 - - 








■8.46 ; 



—: . 





.... Financial Times' Friday. X7U978 

Brown Bros. 

WJT1. ** II 11 viflid 111 . “ ■■— . 

Dividends shown pence per share net except wfcere otherwise slatei- 
•Equivalent after allowing for scrip issue, ton capitiu 
increased by rights and/or acquisition issues. 7 For 18 montiis to 
June 30. 1078. § South .African cents. 

Newbold & Burton lifts 
profits to £468,000 

63% to over £3m. 

H JUMP An tasable.earnidgs from and •’ replacement •-■ product, 
£U5in. to JE2.82BL. by Bfdwn Although" JDargins’have improve 
Brothers Corporation,^ siibsldiary ; the. for motor cc 

of- Dana Corpora lion, in the ponents tends to be slower tl. 
second six months. lakes the profit fhat for "eJeclrical appliances cut j 1 
for the whole of 1977*3.4 per cenL the group’s overdraft ...has rist' 
ahead to £3.lim. / : - more this sevenlold 10 help me 

Sales were 15 3 per cent, up at the cost of higher stocks, -ivhii 
c 679m compared with JEoS-SSm. have jumped 40 per cent. 

Because of a change in year-end Meanwhile, the group's man 
the fiscal period a 18 months long facturing arm has been having 
and will end on June 30. 197t . less successful time with .profit 
' -The °roup is strong and wfll before Interest of ^670.000. dow 
continue to grow by making' its 27 per'ceiiU asieales ?E heatii r 
own opportunities and with products and - aerospace cor. 
acceleration when market rircum- ponents h&TB dropped. But, wfr 
stances improve; It also benefit* the auto side still surgitig ahaj.:.;. 
from its close association with (and prospects .of an upturn J . : ' 
Dana Corporation, Mr. E. G. Spears consumer spending): the grm ' 
ins. the chairman, says. ' ■; see further useful grovrt : 

Further progress Is planned In Oit- tbe past 12--months’ figtan . 
distribution by more specialisation the shares' at 24p yi^d M-pi . 
lhrou“hout the company's range cent, and'the p/p. is o.S. HovreVi - 
of "motor products; from additional the rating may. be restricted ' 
branches and by acquisition. . narrow market with XbtHa co- 
.' The directors do not, "however, tirolllng- ra per cent, of 
immediately look for the ^ same equity.- • i : 

'rat* of growth from tbe group’s 

turers Newbold and Burton Hold¬ 
ings reports sales up from £6.51 m. 
to £8.58m. for 1977 and an advance 
in pre-tax profits from £303.000 
to a record £468.000. 

At midway, reporting an In¬ 
crease from £147,000 to £159.000, 
the directors said that with satis¬ 
factory order books, a record 
advance in' turnover, and higher 
levels of production, a much 
greater improvement in second- 
half profit was confidently 

They now say that margins and 
liquidity have improved and the 
future outlook for orders is 

A change in accounting policy 
means that provision is no longer 
made for deferred tax and with 
the tax charge at £205.000 
(£39.000) earnings are sbowu to 
be unchanged at S.Sp per 25p 

The final dividend is lJ5972p 
net for a maximum permitted 
2.795lp (2.5025p» total. 

• comment 

The spring-heeled performance 
from ladies fool ware manufac¬ 
turer Newbold and Burton owes 
much to the group's concentration 
on (lie high fashion market for 
the 15-30 age range. Th/i higher 
added value content and the 
strong demand in this market 
have led to much improved mar¬ 
gins particularly in the season¬ 
ally stronger second half when 
they hardened two full points to 
fi.2 per cent. The high fashion 
market has also rewarded New- 
bold with a very high stock turn 
figure, running at just over 11 
times, and one or the strongest 
balance sheets in the sector. 
Cash balances during the year 
rose from £207,000 to £334,000. 
representing over a quarter of 
the- group's market capitalisation. 
There is no dcbL For the current 
year Newbold is expecting more 
competition due to low priced 
Brazilian imports which may make 
some impact on its market, and 
possibly margins. But with just 
under a half of its output going to 

Ihe British Shoe Corporation, and 
the rest going to mail order and 
other large multiple order cus-' 
tamers, Newbold has some 
cushioning. At - 40p the shares 
stand on a P/E of 4.4. and yield 
11 per cent., covered threefold; ; 

Property | 
Improves % 

improved from £2531130 ■ -tor 
£296.920 for the six months- lo- 
December 31, 1977, the directors, 
of Guildhall Property Company 
say they anticipate the full year 
figure will be in line with. Hie 
forecast of £575.000, made in the 
L97R-77 annual report. 

Net rents and other income 
for the half year amounted lb 
£371.720 (£330.340) and after tax 
of £149.900 (£127.900), aftrifidT* 
able profit advanced from £120,570 
to £141.560. . 

The net interim dividend .'Is 
stepped up from O.5023p io ft£tp 
per 25p share, absorbing £36,600 
—the previous year’s final was 
1.9(l8p paid from £544.635 pre-tax 

The directors state that first 
half results include rents and 
expenses to the date of the sale 
of the three residential properties 
sold in Semember 1977. They do 
nor include the surplus on dis¬ 
posal which has been taken to 
capital reserve. The credit to that 
account, after provision of. tax 
and the benefit of amortisation 
no lonaer required, amounts' to 
some £123.000. 

The company has ** dose” 

Half seat 
1977 2979 

£ -- .- £■• 

Net rems A orher tnc- 371.720 330.340 

Interest payable . 56 72(1 ..58.720 

D?preu.inon. etc. ... 2.QM 4.750 
ilanaavnient expenses 15.990 14.940 

Pre-tax profit . 2M.420 '* 2S3.WO 

Tas ..._ 149.990 . X27JIOO 

PreterriKW dividends ... 3 460 ” 5.460 

At»nbui4ble to Ord. .. 141.580 42M70 

Barget drops 
into, loss- 
no dividend 

Reporting, a pre-tax. .losa 1 

manufacturing " companies but 
present plans should provide Eor 
-significant growth' beyond. ; thls 
year. r j 

Product research has led to a 
range of heater projects specifi-f 
cally aimed at developing replace¬ 
ment markets which is expected _. , . . 

to become significant over tbe £132,824 for the year. to.Septmi • 
next two years. This wm lessen 30^ .1977,. against, *■ £3fit. . 
dependence on new housing com- profit, the’ directors of tnrmttu- 
nletLons ' manufacturers Barget state, tifi-' 

r* J_- they are. not .recommending an' 

GOOCI position dividend, compared with 7 af-ang ; 

Overall the directors believe OJp payment last. time. .. X 
that both manufacturing' com-.'; The result was_before a ti' 
panics are in a good position to credit-of £%3S6 f£20,940x arisln .. 
take advantage oE any improve- from relief available to.the ton 

ment in tbe economy. -- • • pony,, which -leaves_a deficit {+ 

- Group profit margin, was better £77.4^ (£24,758 Loss. W . 

at 4.6 per cent. (3.2 per cent.) and 25P sh?M« Is showm as^ASpXW . 
'stated earnings, per lOp. share for earnings•; 
the 12 months expanded to S.4Bp ^Although turnover wnnsgt-tt- 
(2.04p) To reduce disparity be- ““■P® 1 " C ^P* , ' V JP • *"- 7801 , .-^l v 
{weeSV fir« Interim and the £«££* ' 

At December 3l7 1977. bank ^ 
overd rafts stood higher at fl.TIm. Sjj? ™ J^Siltor'SKvS’iiS 
(1230.000) and the debt/equJty ff® 1 ofJ^ffiLh.f-,2' 
mjp h,d jumped from36 por^onL ‘KiSSu?*'- 


WfttgjSSSVSii SS5 attti 

half of 19 1 7 and more are planned anticipaied the (tecood.h*' 
for opening in the early months show satisfactory.. progress- - 
of 1978 to bring the total to 101. and at least maintained divides)' 
Another dash and carry ware- was‘also forecast ' 
house was opened at Bristol and The Board^ has taken'steps I" 
one is planned for Edinburgh in improve its . management an • 
April, making a total of'five. financial icontrdis. The- ordi 
The export company had record book remains full" ah<f they'- 
sales and profits and orders are hopeful that the measure take 
running at satisfactory ‘..levels' for will- result in . a restoration ; c 
1975. margins and a return to -profi t978 ability. .*- - 

crnun sxiM suss A contract in respect'of: tt 

Trad ms profit 3 Jt «2 2.414 ®fJL e an d leaseback of .tbe:he^ 

so office and warehouse JmikHngir 
Witfiam has-been exchanged .wit 1 
3 “ding insurance company. T2r 1 
9^9 will result in. a profit before-la 
? of some £2601000. - ; ' 


•l.SM 1.BM 
4W 438 
t 130 STS 
S.074. 1.944 

Prop, rated prnfir■ ■<: ■ TTl 


Prp-tax profit ... 

TsgjJinn . . 

Net prufil ...., 

To minorities 

Extra ord. credit . 

Aitnbutablo ..- 

Dividend-* ... 

Retained .... 

Carried forward , .— 



I.JfO . 


Parent Company of 

Consolidated Balance Sheet (^OOO’s)- December 31,1977 


Cash and Due from Banks (including 
Foreign Office Time Deposits of $930,653) 

Mone> Market Investment*" 

Federal Funds Sold 
Other Investments 

Trading Account Securities tat low er of cost or market) 
Investment Securities—At Amortized Cost: 

U.S. Treasury 

States and Political Subdivisions 
Federal Agencies and Other 


Real Estate Mortgage 
Foreign Office 

Los: Reserve for Possible Loan Losses 

Bank Premises and Equipment (at cost less 
accumulated depreciation of $49,SQ5) 

Other Assets 
Total Assets 

Liabilities and Shareholders 9 Equity 



Certified and Other Official Checks 
Individual Savings 
Individual Time 
Certificates of Deposits 
Other Savings and Time 
Foreign Office 

Other Liabilities: 

Short-Term Funds Borrovved 
Capita] Notes 
Sundry Liabilities 

Total Liabilities 
Shareholders' Equity: 

Preferred Slock—No Par Value 
_Yi». <_•/Shares Authorized • 1,000.000 
Kxucd NIL 

Common Stock—Pur Value $6.25 
Ati. of Shares Authorized 20.000,000 
issued J 2,152,465 

Capital Surplus 

Retained Earnings 

Less: Treasury Stock—IS6.IK4. 

Common Shares. aL cost 
Total Liabilities, and Shareholders' Equity 




1.061.22 5 
















214.850 1.295.687 




f4.Sir> 503,460 


Assets carried at approximately 5420.tKW.flfH) finwludtng U.S. Treasury Securities 
Carried at Sl9.00fl.000t were pledged at December 51. 1^77. la -jectirc public departs 
{including deposits of 546.211,5:3 of the Treasurer, .State of Michigan! and for other 

pur poses required bylaw. 

Ouisiandinji standby letters of credit at December 31, 1977, totalled approximately 



Gerald B. O’Neil!, Hr<l vice Pro^m and Chid General Mauser, Q«cree» Offices, 

John D. Dumo. v i»President, OtenA£Offices. 

Donald H-Foskeu, General Mjoa^r. London Branch. 

London Branch: 28 King Styeet EC2P 2AU Tel: 01-606 4281 Telex: 886998 
Main Office: Detroit, Michigan 48232, b-S-A. 

Board of Directors 

Robert M. Surdam 

Chairman of the Board 

Charles T. Fisher II [ 


Norman B. \Ve*lon 

N ice Chairman o: ihe Boa-d 

A. H. Aymond 

Chairr.oD—Coniuniers Power Company 

Henry T. Bodman 

Former Chairman—National Bank of Detroit 

Harry B. Cunningham 

Honorary Chairman of ihe Go-ird— K rrari 

David K. Easlick 

Pre-idem—The Michigan Bell Telephone Company 

Richard C. Gerstenberg 

Director and Former Chairman—Gtnsrai Motors 

Martha W. Griffiths 

Griffith* & Griffiths 

John R- Hantann 

President—The Decroil Edison Company 

Robert \V. Hartwell 

Presides—Clifts Elcciric Sen Ice Company 
Joseph L. Hudson, Jr. 

Chairman—The J. L. Hudson Company 

Walton A. Lewis 

President—Lesvis i Thompson Agency, Inc. 

Don T. McKone 

President—Ubbey-Orvens-Ford Company' 

Ellis B. Merry 

Former Chairman—Nauooal Bank ofDclrca 

Irving Rose 

Fanner—Edward Rose & Sons 

Arthur R. Seder, Jr. 

Chairman and President—American Narural 
Resources Company 

Robert B. Semple 

Chairman—BASF Wyandotte Corporation 

Nate S. Shapero 

Honorary Chairman and Director and Chairman oC 
E%ecuiiic Conuniuee—Cunningham Drus 
Stores, tnc. 

George A. Stinson 

Chairman—National Sleet Corpora lion 

Peter W. Stroh 

President—The Stroh Brewery Company 

Advisory Members 

William M. Day 

Ft'i-mcr Chairman—1 he Michisan Bell 
Telephone Company 

A. P. Fonlainc 

Former Chairxnan—The Bendix Corpora:i?B 
Ralph T. McEIvcnny 
Former Chairman—American Natural Resources 

Peter J. Monaghan 

M.-nap'-un. Campbell, LoPreTe £ McDonald 

Fredk. Parker hit hy 
Nigerian provisions 

FOLLOWING a downturn at half¬ 
way from £3.1 nr to £2.9m 
onaineers Frederick Parker 
finished the year to September 
10. TP77. with taxable profits of 
£.).21m. against £fi.09m. on turn¬ 
over of 131.63ra. compared with 

Mr. F. W. H. Parker, the chair¬ 
man. swys in his annual state- 
mem with accounts that the 
shortfall from a forecast of 
i"3.ini. in March 1S77 is accounted 
for by the depressed economic 
conditions in some of the group's 
main markets in the latter pari 
of the year, and in particular the 
necevsily for unexpected pro¬ 
visions arising from the politico- 
economic problems in Nigeria. 
This included rhe sudden and 
unexpected withdrawal of govern¬ 
ment incentives to contractors. 

Stated basic earnings per lOp 
-hare arc 25.3p (2S.3pt and 25.lp 
inib fully diluled and ihe final 
dividend of o.7p net makes a 
total of S.l/.ip mill. 

.Mr. Parker says it is mo early 
to forecast with confidence the 
level of turnover and profit for 
ihe current year. He adds that 
one cannot ignore rhe current 
global economic situation and the 
implication of inflation and the 
strengthening pound Tor British 
exporters. In the medium to long 
term he is confident that the 
group has a broad base in a 
secure sector of industry, and 
that soon it wiij resume its 
planned growth course. 

On a CCA basis the profit before 
lax. interest and extraordinary- 
items of fj.l-ini. i£fi.I2m.t less 
cost of Sales adjustments £0.47m. 

(£0.34ra.) and depreciation £1.46m. 
(£1.45m.K plus "mterest receiv¬ 
able £0.06tn. (£0.fi3m. payable I. 
plus tbe gearing adjustment 
£44.000 (£56,000) makes' an 

adjusted pre-tax profit of £3.32m. 
t £4,36m.). 

A statement of source and 
application of funds shows a 
decrease in liquid funds of £1.09rn. 
comnared with an increase or 

Meeting, Leicester, on March la 
at 3 p.m. 

Deposits will 
add £1.25m. to 
Bulmer profit 

Directors of HP Bulmer 
Holdings expect £1.25m. to be 
added to pre-tax profits in the 
April 28. 1978, year following the 
increase in returnable container 
deposiis payable by customers. 

The gam will be shown as an 
exceptional item, and arises from 
Fulmers accounting policy of 
valuing returnable container 
stocks at realisable deposit values 
if lower than cost, they say. 

The increase follows the agree¬ 
ment by the Brewers’ Society that 
deposits should be increased from 
February 27. 

il is noi anticipated that Bulmer 
will pay lax-for the .year, beyond 
its liabilities for ACT on 

At half-way Bulmer's profit was 
down from £2J5m. to £l.23ni.. and 
a total profit well below last 
year’s peak 13.85m. was predicted 
for 1977-78. 

• comment 

Brown Brothers has spent around 
£im. in the last 12 months expand¬ 
ing and restructuring its- motor 
component distribution business 
and already the benefits are clear 
lo see. Distribution profits have 
risen around 80 per cent as 'he 
group has out its electrical and 
domestic appliance outlets from 
35 to nine to .make more room 
for its higher margin auto repair 


N.V, ’ 

NA.V. ac 31.178 " 

. S20.68 (Difls.4<jtt)--- 

IHFO Ptaraow. Hddrtnz * Pbmnn N.V. 
- ~ Harengradlt 214. Mmtndam 

Strikes cause concern 
for Allied Breweries 

Prospects for the future at 
Allied Breweries are good, mem¬ 
bers heard al yesterday's annual 
meeting, but Mr. K. S. Showering, 
fhe chairman, expressed his pro¬ 
found concern about industrial 
disputes within the group. 

Since year-end September .It), 
the strike m the Alloa Brewery- 
just before Christmas was not 
only costly—£U7jjn. m least — 
but presents the company with 
the i.-i.-k or restoring customer 
confidence in the area. 

fi is absolutely vital (hat the 
company improves its delivery 
service generally. Having 
recently opened several new 
large depots Ihe directors are 
determined to achieve a real 
improvement immediately and .to 
sustain il. he said. 

Christmas trading was reason¬ 
able but not dramatically good. 
However, trade in January and 
February has been running well 
and overall results rn date are 

up on those of last year. 

The anticipated growth in 
consumer spending power in the during the coming year 
should lead in increased demand 
for Ihe group’s products. Mr. 
Showering com men led. 

While there is always room for 
improvement and change, the 
maintenance of the tied house 
system is vital to the future of 
the traditional pub. In this con¬ 
text the exchange of public 
houses between the croup', Bass 
Charrlnxfon and Courage Mil go 
ahead iftor Easter, he Mid. 

The move bad turned nut io be 
rather mure complex and difficult 

lhan expected but the chairman 
envisages that this is not the end 
of such exchanges. 

‘Bats’ leases 
51,000 sq. ft. 
from UKPI 

in advance of marketing. U.K. 
Provident Institution has let part 
of its new 110.000 sq. fool 19 
•storey development at. 50 Victoria 
Street to ELA.T. industries, the 
third largest UJC quoted com¬ 
pany. BAT. has taken nine 
floors of the building providing 
51.400 aq. foot of offices, together 
with ancillary residential and 
storage accommodation at a rent 
of £ 810,000 per annum exclusive 
on a -55 year lease with 5 yearly- 
rent reviews.. 

The development which is man¬ 
aged by Machurst, a subsidiary of 
UJv Provident, is due to be com¬ 
pleted this Spring. 

Marketing of the remaining 
47.WO sq. ft of offices is to start 
shortly. The required rent for the 
remainder of. the bulidng is 
£770,000 per annum, 

Edward Erdmao and Company 
and Henry Joel and Company, 
acted as Joint agents for UK,- 
Provident, and Hampton and 
Sons acted for HLAX 



Brewers since 1762 

' Mr. Christopher Hatton reports: 
oathe yrar to September 30 197“ 

* Pre-tax profit £10.i million (JE8.6 million) 
up 17.6%. Total sales volume passed the 

. -£100m mark;: : -- 

* The BrewingsDivision achievfed very 

satisfactory growth, jncrcasing its market 
share, whilst the total U.K. beer in^rket 
declined. ■ ; ;•. - • 

* Capita] expenditure duringlhe year ivas 
nearly £10^million. Ahnost £3.3 million . 
tvas spent on re pairs arid main tenan c c to 

-, properties. This is an investment for the 
future. • 

- * Nine new pubs opened last year Lncladihg 

. the first Greenalf Whitley houses in 
Yorkshire and the Afidlands. We expect.; 
to open ten more pubs in 197B. j’ : 

'-..Steady expansion >vas acliieved in all 
trading areas in the f ree Xiade.' : . T •' 

f The Hotel Division performed well. We.axe 

. pleased with the acquisition of the : ;. 

. .Stanneyfanda Groiqi. : ' 

* G. & J. Greenah’s:prontable expaiisi chi ; 

continued, especially 'w^\dadKaryj^^ 
branded-ydnes;and through adfStionai off -. 
licences acquired.; ......^", '_:■ /( ':-sl 7 

* Sdft drinks sales and profits increased ra 

spite of the poor summer. ' . . * 

* -We expect to continue io increase' out •!•..: . 

market share-of beer sales: ; • .* 

Greenall Whitle/ &Co.Ltd. 


Telephone: Warrington 51^4; ; ■ y':, < 

OrobrianwftdriiiksiCoiBp^HoKfe • '>, ■ *.:«-• 
Jfced RxMe,lnnxz«Lgdll^ :... 


ip »'?• xx'l - j a*;-’: "-ii: ■= •'; 

Times ■^rl&^.F^b^ai^. 17 1978 


Published by The Association of Im’estment Trust Companies 

1978 and ohwards 

by Lord Remnant 

lairmaxi. The Association of In vestoent Trust Companies 

- rcle completes the 
a cycle of articles—? 

* lulatlqg period ithas_ 

. r nvestment trust com- ■ 

^holders. .'•■ 
y spotlight has been 
’ i investment trust* ^ 
dvantage of "shared 
g he year 1977 started - 
gillie' for control of 
•‘•and ended, with a. 
!*. it Jar British Invest* 
for Edinburgh and 
'• As a result of the 
reported in the 
.'. Chronicle,.' “the 

* unds succeeded in 

* lared to be buying 

. stinent trusts on the' 

- The discount on 
; net asset values 

. rom 45 per cent, to 
-. nt. over a 15-month 
the end of the year.' 

- »■ due partly to 
to the public view, 
jartly to the efforts . 
’ isoclation of; rnvest- 
.t Companies and of 
. management groups 
t financial cnmmen- 
present and pqten- 
tolders of the very ‘ 
' j inherent_.in_invest- 
: shares. On a total 
about £5.DOOrri. this 
. scount represents a 
areciation of over 
nd was as beneficial 
-ee as most success- 
lehr strategies. 

»nt Management 

i vestment, manage- 
ipabiiitics within' 
trust companies 
recognised as ruost 
and it is on this 
e that the future 
d. Comparisons with. 

• invidious and over . 
i when the United 
stock market has 

performed exceptionally weH, ; 
it will beibard IW Investment 
trust companies, with .the 
high proportion of their ^port¬ 
folios committed to United 
Stales and-, other overseas 
investments. to - compare 
favourably with a U.K. based 
index However, the accom¬ 
panying chart produced! by 
Wood, Mackenzie and 1*-Co. 
shows much of the- informa¬ 
tion from, which traditionally 
conclusions are "draw*!. ■ Over 
the five-year period to the end 
of 1977 the average, net asset 
value performance of invest¬ 
ment trusts equalled the-FT- 
Actuaries All-Share Index: it 
overseas markets, particularly 
Wall Street; perform ' well 
investment trusts will show up 
well in future periods. 

In 1977 ‘ disappointing .stack 
markets overseas, even as 
mitigated by the narrowing of 
the discount, have meani that 
it is U.K.-orientated trusts 
which., have been flie 
most satisfactory* investments. 
Although most . investment 
trusts have substantial- over¬ 
seas holdings There were nine 

80 - 

companies within the invest¬ 
ment trust index which beat 
the FT-Actuaries Index I* 41.2 
Per cent.) and increased in 
value by up to 61.5 per cent. 

Recently investment trust 
company Boards have placed 
greater emphasis on income 
and this has been reflected in 
the growth in dividends paid 
out being faster in 1977 than 
the U.K. average: even this 
probably understates the com¬ 
parison as several companies 
within the investment trust 
index emphasise capital rather 
than income growth. David 
Maitland in his article on this 
page last month commented 
that. •* investment trusts’ divi¬ 
dends. which arc nor . subject 
to Government limitations, are 
currently increasing at 
between 18 and 20 per cent, 
over 1976 levels'* and this is 
proving attractive to investors. 

An interesting feature of 
1977 was the CTT Investment 
Trust Plan devised by London 
and Manchester Assurance to 
link the capital transfer tax 
exemptions with the benefits 
nf a fund gf investment trust 



^ V/ 

973 1 1974-' • i -‘ 1975 ' ' ' 1976 ' 1977 

Average WAV Performance - All Share Index E3 Discount 

Price Performance .. - ‘ • Unitholder index 

company stocks acquired 
through the medium of a life 
assurance policy. It was good 
to see such a scheme joining 
the established insurance 
linked schemes specialising in 
the shares of investment trust 
companies. Save and Prosper*? 
ITUs at £l75m. being the 
largest example. 

The Roie of the A1TC 

The Association Includes 
around 220 investment trust 
companies as its members and 
its functions include protect¬ 
ing and promoting their 
interests. With some 700.0UO 
shareholdings in its member 
companies, the Association is 
particularly aware of the 
interests of shareholders 
whether small ur large, private 
or corporate. 

The demands on the Asso¬ 
ciation's executive staff are 
increasing with the need iu 
make re presentation* as 
required to the Chancellor of 
the Exchequer and the Board 
of Inland Revenue, as well as 
to submit evidence to such 
as the Bullock. Morpeth and 
Wilson Commiitees, to take 
examples solely from the Ia*t 
two years. There are also fre¬ 
quently used lines of com¬ 
munication between the 
Association and the Depart¬ 
ment of Trade, the Council of 
the Slock Exchange, the Com¬ 
mittee on Invisible Ex pons, 
the City EEC-Corpmiitee and 
the Accounting Standards 

The Association thus attempts 
to play a Tull role in' the life 
of the City. Of particularly 
topical interest is its readi¬ 
ness to encourage meetings 
with the Board of a company 
ii) which its members are 
interested about the improve¬ 
ment of the management 
performance for which the 
Board is responsible. The 
Association currently provides 
the chairman and the secre¬ 
tary of the Institutional Share¬ 
holders' Committee and wel¬ 
comes steps taken to improve 
the relationship between a 
company's management and 
its shareholders. Institutional 

shareholder* receive little 
credit for ill? su-.-cc.ssc-- which 
have taken place along these 

This year will see the Asso¬ 
ciation continuing its pro¬ 
gramme of informing financial 
commentators and the invest¬ 
ing public so that they may 
make their own judgments an 
readily available facts. A 
major and exciting project 
will make its first appearance 
in late spring: this is the 
official Investment Trust Year 
Bouk to be produced as a joint 
initiative with the Association 
by Fundex Limited, publishers 
of Money Management and a 
number of other year books. 

The Year Bunk will have 
an editorial section, a digest 

of information about indi¬ 
vidual trust companies, a sec¬ 
tion on management groups 
and statistical tables. The 
statistics will cover periods of 
ten years, five years and one 
year both micrnaily for the 
net asset value and total 
return, and externally for 

share price and total return: 
there will aUo be a table of 
dividend growth. 

As well as the Year Book, 
there will be produced on a 
regular monthly basis infor¬ 
mation about participating 
member companies. This infor¬ 
mation will include statistics 
about net a^.-et values and 
share prices for these com¬ 
panies over periods of both 
one and five years. This again 
will ensure the availability of 
reliable and up-in-daie 
statistics for people concerned 
with them and should stimu¬ 
late interest. 

One of the disadvantages 
from which investment trust 
companies have suffered ha; 
been the relatively limned 
number of people who have 
had any incentive to speak 
up for their i in lies. The 
quality of comment has 
improved substantially *n 
recent periods but the Asso¬ 
ciation intend; tu increase the 
frequency of meetings with 
professional advisers and with 
journalists sn that the impetus 
of this improvement should 

not be lost The Association's 
practice will be accompanied 
by similar efforts by indi¬ 
vidual invest men) trust com¬ 
pany managements. 

In the light of all this 
activity the Investment Trust 
Review articles will appear 
less frequently. 

Capita] Gains Tax 

Last munth the Associa¬ 
tion's General Committee took 
the important decision to 
press again for exemption 
from lax on capital gams 
realised by the investment 
trust company. leaving the 
tax to be borne by the indi¬ 
vidual shareholder at his 
appropriate rate. At first sight 
it might seem that the trust 
company would thus gain an 
advantage at the expense of 
its shareholders: in fact the 
interests nf a trust and ils 
shareholders are broadly iden¬ 
tical and it can be shown that 
exemption would bring bene¬ 
fits to both. 

The current system was 
introduced by the Finance Act 
1972 and was accepted as an 
improvement on the very com¬ 
plicated ■■chit*’ system that 
had been in force since 1965. 
The lhenry of the 1972 Act 
was to split the payment of tax 
on capital gain; between trusts 
and their shareholders but 
without any specific relation¬ 
ship between an individual 
trust and its own shareholders. 

Thp 1972 Act suffered from 
two basic and very important 
flaws. The first problem was 
that the shareholders taxed at 
less than the baste rate were 
at a disadvantage; this is an 
important group, including 
not only pension funds, chari¬ 
ties. and overseas investors 
but 3lsn those whose disposals 
fall within the exemption 
limit on disposals—in short 
many who would be expected 
to have a particular interest 
in investing in a managed 
fund. The second fla w was that 
the 1972 Act encouraged sale?, 
particularly by individual 
investors seeing the possi¬ 
bility of a gam subject tn 

further tax at a reduced rate 
or possibly to no further tax 
at all: this widened dis¬ 
counts to the point that the 
reduced share price often can¬ 
celled out the benefit of the 
tax credit. Tbe system en¬ 
couraged short-term decisions 
in what is essentially a long¬ 
term investment. 

The table shows tbe rela¬ 
tionship between the main 
categories of shareholder 
presently as under tbe 1972 
Act and alternatively if 
exemption were introduced. It 
demonstrates quite clearly 
that exemption is the only 
practical way of achieving 
equity between the various 

"rollover” relief for their 

(4) A removal, at least for 
the future, of the injustice of 
exchange losses on overseas 
loans not being allowed for 

The subject of exemption is 
particularly topical in the 
discussion on adjusting 
Capital Gains Tax for infla¬ 
tion. It would be unthinkable 
to inflict the complicated cal¬ 
culations required for taper¬ 
ing or indexing on both the 
trust and its shareholders. 

An extension to the annual 
exemption for individual tax¬ 
payers would clearly be hostile 
to investors in investment and 


72 Finance Act j 






Company holder 



Nil taxpayer . 





Basic rate taxpayer* ... 


17% less 
credit 17% 



= Nil 

Top rate taxpayer . 


30% less 
credit 17% 



= 13% 

0 I 

•Assumes capita] gains tax paid at half the basic rate'of income tax. 

categories and that in theory 
at least none would lose by 
the change. In practice a 
shareholder would feel 
aggrieved if taxed at 30 per 
cenL on gains which had effec¬ 
tively been partially taxed 
under the 1972 Act: however, 
the machinery already exists 
fur allowing a proportionate 
credit and tt is an essential 
part of the Association's sub¬ 
mission that account should be 
taken of the period of owner¬ 
ship in a taxed fund. 

Other potential benefits 
from exemption can be sum¬ 
marised as:— 

(1)A reduction in the dis¬ 
count following remora] of the 
contingent liability to tax on 
capital gains. 

{2) A reduction in wnrkload 
both for the Inland Revenue 
and for trust companies. 

(3) Better management of 
investment portfolios—other 
companies already have 

unit trusts and demonstrates 
again that the only way of 
achieving equity is to exempt 
the internal gains of such 

Between 3957 and 1971 the 
number of shareholdings in 
investment trust companies 
more than trebled. It is 
not too Fanciful to imagine 
that a further increase could 
come from the Government 
again recognising the advan¬ 
tages of creating conditions in 
which savings of the private 
individual can play their part 
in the resurgence of British 
Industry. Continuing com¬ 
petent investment manage¬ 
ment, particularly if accom¬ 
panied by a modest restructur¬ 
ing of the investment trust 
movement and a simplifica¬ 
tion of tax structure, will 
mean that investment trust 
companies will serve their 
shareholders well as they 
move into the 1980s. 

Asset Value 

, °*8T 

The information in the columns below is supplied by the companies named, which are members of The Association of Investment Trust Companies. 
'The figures, which are in pence except where otherwise stated, are unaudited. 

Share's r of ‘Shriek 

’ - ( 3 ) . '•:■ 

Date of 

14 ). 





Alliance Trust .'Ordinary Zap 

Angto-Americaiv Securities Corpn. ... Ordinary 24p - 

Capital.& National Trust ,.. Ord. fi “B” Ord. 25p 

Claverhouse Investment Trust.{Ordinary 50p; 

Crosifriars Trust .....-Ordinary 23f>' 

Dander &- London Investment Trust Ordinary 2 op 

■ Edinburgh Investment Trust ..;£i: Deferred 

First Scottish American Trust .'Ordinary 2ip 

Grange Trust ...*-.:.--.{Ord: St«k 25p 

Great Northern Investment Trust _.i Ordinary 2ap 

Guardian Investment Trust...{Ordinary 25p 

Investment Trust Corporation >.. • Ordjnary Lop 

Investors Capital Trust I Ominary ~>P 

Jardine Japan Investment .Trust {Ordinary -ap 

London & Holyrood Trust ..[Ordinary Zap 

London & Montror>e Investment TsLjOrdinary 2op 

London & Provincial Trust .«.....! Ordinary 25p 

Mercantile'Investment Tnist: R ;..;.;«.;;OrdniM7 2ap 

Do. JL> 0 - .. ;Conv. Debs 19S3 

North Atlantic Securities Corpn. ../Ordinary 25p 

Northern American Trust i a-. .■ Jrdinary -op 

Save & Prosper Linked Jjivefcl/'Trusti Capital Shares 

Scottish Investment Trust'..8'ock 2op 

Scottish Northern Investment' TrustiOrdinary -ap 

{Scottish United Investors . Ordinary _ap 

{Second Alliance Trust..;9!!i]? n81 7 ?2 P 

Shires Investment Go...-.7.S£; r y. nar5, S-S 

{sterling Trust'. «. ..2oP 

Technology Investment Trust -.1y![2! nary 

Untied British Securities .I Ordinary -jp 

United States & General..Ordlwf? ^ 

United States Debenture Corporation;^™-, 

Do "DO .-. Lonv, Loan lb-jj 

'. Baillie Gifford-& Co. * | 

Scottish Mortgage" & Trust ..SjSiJJS™ 2 >o 

- Monks Investment Trust':-. 

Wimerbottom Trust ....(Ordinary 2op 

i Baring Bros. &-Co. Ltd. 

! Outwfch Investment Trust.‘iSSS!™ \ 

! .Tribune-Investment Trust . Ordinao aOp 

{East of Scotland Invest. Managers L, . 

. Aberdeen Trust ...l 0rfl - MocK ‘ jp | 

i E f m Sn F Ss t Maiia,:flrSU± ' iOrd. & " R " Ord. apt- 

i Crescent Japan Investment Trust...: Urd,nj,ry o0p 
Eleclra House Group . _ irvrrtm.™ *»sn :T- 

I Electra .Investment Trust .iOrdinary 2 Sn 

I G1 ^e Investment Trust . Coh " Loa“ J9S7'91 

i gj- . JJj- conv. Loan im5*o-- 

Temple Bar'lnvesimcnt Tnist'^IgSrSa^WSS/BOv ", 

So do' Loan 19S7 -' W ; 

i F A*iamSTnvistment .—■•"'Deferred Mp 

! f. d & c. §®p 

i Foreign & Colonial Invest. Trust-.;££ 

I General Investors & Trustees . OTdmary z^p 

]James Finlay Investmenl MgniL Ltd. .. ^ 

I Provincial Cities Trust ..Ordinary -frp 

G ^r° r ®a InveSteient Ud * Income 5t>p 

I A Do^C apital S0p_ 

i Anclo-Scotllsh investment Trust ... n‘" P Ord 2Sn 

! Hisll? V ! 

! ££ £ 5M n ^Tir.:|gs n ^L- °rd. m 
London & Lomond Invest. Trust o?n 

London & Strathclyde Trust.•'■-■fJES SI£ 

Meld rum Investment Trust .!nS»£ 9?» 

New York L Gartmore Investment i °™ ,nafy z,1p 

.G.tnmore Investment tScotland) Lid.i„.. _ 

i Scottish National Trwt. .,. ZSSZ oS • 

; Glasgow Stockholders-Trust_Ordinary 

John Govctt &: Co. Ltd. ' ^ . 

Border & Southern Stockhldre. Tst Ordinary 5bp 

Debenture Corporation . . Ordinary «sp 

General Stockholders Invest Trust Ordinary L.4P 

Govett European Trust . Ordmaiy Zap 

Lake View Investment Trust.ordinary 25p 

Do. Do. ....;__ Conv. Loan IH73.-98 

Stockholders Investment Trusri.;!;.. Ordinary 25p - ' ■' 

G.T. Management' Ltd. 

Berry Trust.Ordinary 25p . 

Do. Do- . Conv. Loan 1 80S 

G.T. Japan Investment Trust.Ordinary 25p - 

Do. Do.Cony. Loan I0ST 

. Northern Securities Trust ............ Ordinary 25p 

Hambros Group 

Bisbopsgale Trust... Ordinary 25p 

City of Oxford Investment Trust... Ordinary Zap 

31 1/78 













31/1 /78 






31/I 78 




81/1 78 

3'2 78 

31 1/78 

.11 '1 '78 

M/12 77 
39/12 *77 
. 3LT/7S 

31 ITS 
■ 31.'I. 7S 
. 31/1,'78 



. '31/1/78 








31 / 1/78 










' t 










2 85 

Net Asset Value 

after deducting prior Invest mem 
charges Currency- 

at nominal I at market Premium 

value value fsee note j) 

(6) 17) 18 ) 

except where £ 


■* t 








235 3 
88 8 

183.7 i 

222.6 I 


i r47.y I 



: 1532 

• 115.7 





231.2 * 



sta»ed (see 

... (. 

267,0 . \ 















134 7 

note d) 

' ' 3.5 



3 5 








Total Assets 
less current 

Shares of Stock 

Date of 



. Valuation 





ID i 




U5 2 






Bisbopsgale Trust..Ordmaiy 25p . 31/1/7S 5-35 *21.9 232-2 I Il.l 

City of Oxford Investme nt Trust — Ordinary Zap •„ ] Sl/1/78 - 3.P , S4^ _8L9_ - | 28-1 

/ (Biianr/ ,, A“ OTd!n»rj «aibr, ttsKl^rt speviaJ dlrklcnd. (wAdJusTfO fM-lenp'tuoe.' «-far rtlhu Uune- t company vrtll annmnmr year-end or id) CaU. 54 

tfimtij. x See note ft) below. .0 Xot daettly comMrtWe wub pravien* sublUMd Havre. B Dependent on " B ” (ban cm »era I on*. zOium In (be 
- due the nrewmis published dfiVT?. Ce) Cel. 5 

Ntlto- ■ (1) Cels. Wf 

»'{ Qeeud htvesenump u* vakted m mM merfcet erkwl wmym* M (HrecuM* veioeUmi heui tqdudv VB9 nee cent, n mv uivniinem cumncy ereminm Ip) Cel. s 

. tlD* alter laktep- fine nuepu yriiniftin en my ew*»** ** « W rtetdfen ef ^eeipv umney amn aaahw lento currtwcy Ibml ^ B 

])rj ai[ mutt assort hem* an oeUidad;: - •••-•'*• - • - _ ' - (h) Cel*. 44 

1 Me kcwk tun been uhan «(. lleblttW lb reject ef lUaplepaln wftiee mtyi jhHW o nwiin dteewel W twynimw. . .'. • ■ ' 

.Hambro-. Group (cuntmuedi ! 

■—r Hambras Invesimcnt Trust ‘Ordinary 25p 

Rosedimond Inveiiment trust.I Capital 2jp 

.Henderson Administration Ltd. 

j Wiian Investment .>Ord. & "B" Ord. 23p! 

j Electric & General Investment.’Ordinary- Sap 1 

I Greenfriar Investment .Ordinary 23p 

■ Lowland investmenl .'Ordinary 2op 

• Enql'Uih National Investment. Prefti. Ord. 23p 

Do. Do.iDefd. Ord. 2ap 

[Philip Hill iManagement) litd. 

City & International Trust .-Ordinary 23p 

General & Commercial Ini'. Trust...[Ordinary 23p 
I General Cons. Investment Trust .... Ordinary JSp 

| Philip Hill Investment Trust .I Ordinary 23p 

I Moorsate Investment Co.I Ordinary 23o 

1 Nineteen Twenty-Eitihi ln\.Trust...]Ordinary 25p 

■ Ivory & Siine Lid. ! 

Atlantic Assets 'trust .;Ordinary 23p 

British Assets Trusi .Ordinary 25p { 

Edinburgh American Assets Trust-Ordinary 25p 

Vikin« Resources Tru»i .; Ordinary 23p ; 

Keyser Ullniann Ltd. 

i Throgmorton Secured Growth Tsi. rj Capua.' Loan Stock ! 

Throgmorton-Trusi .I Ordinary 25p j 

•Kleinwort Benson Ltd i i 

i British American & General Trust Ordinary 25p 

Brunner Inve-vtment Trust.[Ordinary -Jjpj i 

Charter Trust & Agency .'Ordinary 25p ( 

English & New York Trust . Ordinary 25p I 

Family Investment Trust .I Ordinary 2op 

Jos Holdinqs .! Ordinary 23p 

London Prudential Invest. Trust ...jOrdinary 25p 

Merchants Trust . Ordinary 23p 

i Lazard Bros. & Co. Ltd. j 

j Raeburn Investment Trust..Ord. Stuck 23p 

Romney Trust.'.Ord. Slock 2op 

Martin Currie & Co.. C.A. 1 

Canadian & Foreign Invest. Trust...: Ordinary 25p i 

St. Andrew Trust . | Ordinary 23p 

Scottish Eastern fnvesfmenf Tru.-t Ordinary 25p j 

Scottish Ontario Investment Co. ..'Ordinary 2.‘,p ' 

Securities Trust nf Scotland .! Ordinary 2op j 

'Murray Johnstone Lid. } I 

I Caledonian Trusi . Ord & “ B " Ord. 25p: 

Clydesdale Invebtment Trust .>Ord. & “ B " Ord 23pi 

J Glendevon Investment Trust .JOrd. & ” B " Ord. 23p! 

• Glenmurray [nvestmcnl Trust .... iOrd. & “ B " Ord. 2.»p! 

i Scottish £ Continental Investment Ordinary 25p ; 

I Scottish Western Investment.[Ord & " B " Ord. 23p, 

Second Greal Northern Inv. iOrd. & “ B " Ord. ZOp 

Schroder Wage Group | 

j Ashdown Investment Trust .(Ordinary 25p 

Do. Do.(Conv. Loan ISS8.93 

Broadstone Investment Trust ..ordinary 20p 

Do. Do.I Conv. Loan 1SSS.-Q3 

Continental & Industrial Trust .i Ordinary 25p 

[ Trans-Oceanic Trusi .-Ordinary Z5p 

Do. Do.,Conv. Loan 1988-93 

West pool Investment Trust . Ordinary 25p 

i Do. Do.[Conv. Loan 1959 94 

:-Stewart Fund Managers Ltd. | 

: '.Scottish American Investment Co. Ordinary 50p 
I Scottish European Investment Co.;ordinary 2op 
■Touche Remnant & Co. i 

Atlas Electric i General Trust.: ordinary 25p 

Bankers' Investmenl Trust .[ordinary 25p 

Cedar Investment Trust .J Ordinary 2op 

City of London Brewery .(Deferred 35p 

-■[Ordinary 25p 

(Ordinary 25p 
■Ordinary 25p 

I Continent,,! Union Trust . 

' C.L.R.P. Investment Tru<t . 

Industrial & General Trust . 

International Inve-tmeni Trust ... 
i Sphere Investment Trust ............ 

j Trustees Corporation . 

! Trust Union . 

; Williams Si Glyn's Bank Lid. 

1 Sizewcli European Invest. Trust ... 

j Atlanta Baltimore fi Chicago . 

West .Coast & Texas Regional . 


Cumulus Investment Trust . 

Hume Holdings. 

Kltigside Investment Co..... 

Oil St Associated Investment Trust... 

Do. Do. ... 

Safeguard Industrial Investment ... 
Carliol/Tyneside Group 

Carliol Investment Trust .. 

Do. Do... 

Tyneside Investment Trust . 

Do. Do. ',.-. 

East of Scotland Investment Mangrs. 

Dominlpn 4 General Trust - 

Peritia'cul Investment .Trust . 

j Ordinary 2jp 
I Ordinary 2.1p 

j ordinary Z-ip 

■ Ordmtry 25]] 
Ordinary 23p 
Ordinary 25,1 
Ordinary 25p 

Ordinary iflp 

■ Ordinary 10p 
' Ordinary ]flp 

Ordinary ?jp 
Ord. & '■A" Ord. 
Ordinary 25p 
Ordinary 25p 
Conv. Loan Stk. 
Ordinary 25p 

Ordinary 25P 
(jonv. Loan 1994' 
Ordinary Zap 
Conv. Loan IBM 

Ordinary 25p 
Ordinary 25p 



-11 '1 /"S' 
■11 /1 /78 
31 1,78 

31 T/78 

31 «'l ,78 

31 '1 '78 

31 1.78 

31.1 78 

311 78 
31 178 
3M 78 

31.1 78 
31 1 78 
31'1 78 

3t 1 78 
31 1 78 
-71 J 78 
::i '1.78 


31 1 78 
51 178 
31 1 78 
31 1 '78 


SI 1/78 
31/1 78 
31-I 78 
31,1 78 
31/1 78 
31 1-78 
31 1'78 

31. I 78 

31 'I 78 
31 1-78 
31/1 78 
31 t 7S 
31 -'1.-7-S 
31 1 7S 
31-1 78 

31/1. 78 
31 I 78 







Net Asset Value 

qfter deducting prior Investment 
charges Currency 

Annual atnomraot at market Premium 
Dividend ralue folue isee notes) 

(5) (6) (7) (8) 

Pence except where £ stated (see note d) 




£127 60 























Amanda lure Mr rtare/ftodi mb «r per GUO Convertible Loan Sleek- Column 5 precisely statedt reliunni M to onarcst ane-tenta ol a penny per mini 
amt IB* per EU0 Caavambla Loan Slock. 

OlvUaM b the lan declared annual dividend or firm ftrttin. eneiudhit impototlon credit, imercn o» '*■" cnkIu is doled btoh of income tax. 
Prior 'charset ere. deemed to bdedc. prefereoce share capital. 

Tbt amaunt p«r shvo/stsck «nll rcpresemetl by 100 per com. of tbo tavosttncM cmroacy yremMim OPP 1 * - ln Mlculatlna the valuation For car*, j, 
* Wi Ji •: 

Canvcrtifeta ban/ u nfo rohw stacks art treated la rite way wblch prsduen lbn lower n.i.v. Mr shore. Convertible stocks are treated u fully convortsd at 
«*o rotrfar tbs nert c*n*sr#l«t date, ar when o flyer* Is' nurksd “ « " as prior charses: warrants «r .ubscrteilon rights are treated as nnexerclsed. 

Grand Met confident]! bids ms deals 


::■.. . .. • for Miriofeo'"' 

inding power of customers and the directors say that trading be- BY KENNETH GOODING 
ne moderation in the raLe or tween group companies is stil! 

lation. "We are well placed expanding and is now providing |\ ANOTHER attempt Lo expand 
1 well equipped to take opportunities for new develop- its brewing interests Northern 
:antage of these trends." he roent outside the group's tradi- Foods is making a £12.5ni. bid for 


Tb? follow ins companies have null fled 

of further growth Nthn Foods > £12 * m . 

IT WOULD tie foolish to be too reorganised Price Commission, but 

optimistic. Jlr. Maxwell Joseph, he has every confidence in the ^ m. T a j 1 

ibe chairman of Grand .UctropuU- proven ability of the group to 4-^vw* j 

tan says in his annual statement, grow and prosper in difficult I I II i(|| I m III Cm Cl ^ 

•but the group can look forward times. . AV1 x wllVM ^ 

to some increase in the real In their report to shareholders 

spending power of customers and the director* say that trading be- by KENNETH GOODING 

some moderation in the raLe of tween group companies is stil! ^ 

inflation, "We are well placed expanding and is now providing IN ANOTHER attempt La expand 

and well equipped to take opportunities for new develop- its brewing interest; Northern BOARD MEETINGS 
advantage of these trends." he roent outside the group's tradi- Foods is making a £l2.5m. bid for , ^ = Mmnjniu= ha .„ nu ,ifled 
says, and that many areas of the tlonal sphere of activity. They James Shipstone and Sons, the d JJ s ol Boa«i 'nieeuius to* the Suck 
business offer scope for expansion look forward with confidence to public but unquoted Nottingham- Exchange, sn,* niwunss arc usually 

or development. further growth and development ba*ed group. tiud for »he purpasf or considering dirt- 

_ . , .. _107c Rn» VAi'ihern i* almost certain dends Official Indications are not avail- 

The report shows that the ,n J*'®- . . , . _ . out fNOanern is aimubt ccrwu abfe u . hclhl , r ^acemcd are 

personal holding of Mr. Maxwell The groups balance sheet at to be turned down by Shipstones (nfcnm3 or Baals and the bum? visions 
Joseph in the croup has been September 30, 1977. shows an directors who nave advised share- shorn below are based mainly on las 
reduced by exactly 2m Ordinary improvement in financial gearing holders to "lake no action" and year's timetable, 
shares over the financial vc 3 r from 152 per cent, to 127 per cent, whose financial advisers Mein- to-day 

ending September 30, 1077.’'The The directors sav that if the won Benson last night described ijojds Bank 

reduction has been to meet a whole of the 10 per cent. Con- the terms as wholly inadequate. w p {DM(;ei Ward hui^s. wv&nen 

personal tax liability. vertible Unsecured Loan block The Shipstone directors seem to publications. 

Mr Joseph whose stake has were converted, the figure of 127 be on fairly derendable territory, mtcrims- 
not altered since the end of last per cent, would reduce and total Apart from being unquoted, the ^ r “' ui f^ T l? . Dred s- Ma ' ay * ,d *55r au 
September, retains a holding in borrowings would be about 74 per shares Northern wants are proi»ny inreami'nr"!.! f^’b 

the group of 6,242,508 Ordinary cent, of net shareholders funds covered by Articles or Association Nt . MP#iW i . . . tebs 

shares—worth, at last night’s and deferred tax. The period which give the Board a major Trbnah Mines Malaysia Berhad ... Mur. 3 
closing price of 94p. just under between February 20 and March say in any sale. _ b™"" 1 * - tnr ^ 

£5 9m. is is the last opportunity for First they must be offered to jj'~ )ofej] ‘." iiar * 

Amcoal’s 1977 profits 
advance by 51% 


-THE A agio Anjerican Gorp^f' 
twn group’s Bermuda-reffsteSLk 

- . Minerals; s&d- Besourres^Cerpat 
ration annqtkussa KaM-year pM 

r r-.of.vSUSSm. f£4.18ra.) -comp^ji 
.with $3.17m. a year ago and 
paying an unchanged interim i. 

- 4. cents: For the fbll^ Et \ 
Jiine there was a loss of $2l.4r ' 
which followed a S34m. writ#;.; 
down of. L hwestmwtts, notably;i. 

• ■ '^Trend utonatieoal.. 

. ' On the. latent occasion Minora; “ 
revenlie ' has . benefited 'ftp •’ ■ 
higher’ income received fro' 

PRE-TAX profits of Anglo those of the iron and steel Indus- vestments in the hard-hit Zambian Trend' and.. EbgeBiart MiMTSjt. . 
American Coal Corporation for try in particular, remain a major copper industry. Thanks to Inland Chemicals together wither v 
L977 have advanced by 31 per factor in Amcoai's prospects for terest and other revenue. ZQ exchange ga® on current..' 

cenL to R74.7m. (£44.2 m,) from the current year. But Its South shows a half-year profit pi fluctuaUom. Tbecomwny ab/, 

£49.5m. to the previous year. A African revenue will be helped-by jiU.S.375,000 (£193,700)- compared bolds 49.9S per c enL -of 

final dividend of 40 cents {23.0P) the domestic price increase of with a loss of 51 . 52 m. in the same Copper inwsjmeni&^jttinQD' 

final dividend of 40 cents (23.6p) the domestic price 

makes a total for the past year of 86 cents per ton for bituminous period of the previous yea-. - shares were I87p. yesterday. ,. 
60 cents compared with 40 cents coal mined in the Transvaal, and On the latter occasion therewas ■■ 

for 1976. Orange Free State which torts’an extraordinary debit of vr/T/rl TftPNnc ■ 

Rpeiiltc 'nr iQTfl ha vp heen effect on February 1- Aaicpal which represented theI ok arising IllUkEL tHLltm .. 

^c, b !E«™ -... SGLIZSLteSZZt £■ changing? ' , 

B- UV&JA STn ZCI presses ON ■: JSSFJX& SL 1 SS 

ZAMBIA COPPER INVEST- the dividend list, holds 49 per this year, according to il \5xi 
tax equalisation is achieved hi HENTS continue to struggle in cent, of Nchanga and KL2o per - Ram Baud. the president of:# 
spreading the benefit of the capital . f of a cominued ^teence cent of Roan Consol Mated Mines. French producer, Sodele ^ 

if dirtdwd L2STS3 d t?S waJLum were njp |M^.;i4laL -V ‘ 



Nickel supply and '- demarl- 


As reported 

pre- holders to convert into Ordinary I existing s-.hareholders—there are 

luninary statement on January 21 share-. . 700 or Ibem. lr that fails they X : Q ..j n o ha m area—Hardvs and 

pre-tax profits for the year to Capital investment during the ean be disposed of to someone Hansn n_ an{ j * t an«Roirt 'Bre-verv 
fScptemher 3«. lflii. expanded T ear amounted to £5S.4Sm.. with "of whom the Board approves.” c ... another I 

from £57.08m. to £77.77m.. with Ihe net cash surplus at 112.78m. Only then, if no agreement van M '■ nino*™ Rreu-erv 



from Wi.uem. to iii-mn.. «iui me net chw surplus ai nj.isro. umy mvii. n nu unouotei j concern Home Brewerv 

growth in all divisions. The divi- Stated basic earnings per share be reached, may the shares be conce ™' Home brewery 

demt is stepped up to 4JH73P uerc i2.2p (S.9p) and 9 4p (7.3pi freely sold. There' is alwavs rlre oossible 

t3.S«)27p» with a 2.647l!p net final- diluted and the directors slate It is also estimated by Mem- h 1 n * re J s ■ 

Mr. Joseph says that in spite that if the.ED 19 basis had been won that about 40 per cent, of ggJi fnouiry-Mr Rol HaltSJl- 
of the need for financial consoli- adopted, diluted earnings would the Ordinary shares are in the . p r i ce ,j 'w rP Hrv said 

rialion during the last three years, haie been I3p. hands of_ various members of the _*uij e | v i ae , monl L h .Vould noi 

major capital expenditure in- The dir*?ctors say that recent director-, families. The bid is . ^ favourable rtn .. n .. r ur iher 

\cstment has continued and loial interim proposals of the Hyde also bound to encourage local ViJuSir^ 

capital expenditure amounted to Committee on inflation accounting support for a brewing group with . . * Ta ttnn h« v-,7-Horn m 

nearly £l70m. Grand Metropolitan seemed to offer a simpler and such a pronounced regional ., iaKcn ., W -vor.ncrn to 

the estimated lives of the assets 

Turnover .. .. 

Profli before taxaiion .. 
Tax: S Alncuti norms] 

I Toral lax . 

Profit after i« . . . 

•.miflidt- K'hulders. m subs. 

tit rlbu table . 

I luiLTim dK. .. 

i-'inal div. 

Tuia ! ilr . 

liarnlna 1 : per sfi. iivniil 
Dlv-:d-n<t per ih • cents) 









. 4» ;•!■: 

5 iftf 


j-j 77j 




j rrs 

I 4.-.S 




. 1 5-:4 

U 'l*)7 

5 ST! 


y -ns 


tie uo 


pi. 00 

.■ “ For tftfr first time in-tfarr 
'"years, the market’s tfend wfll * • •• 

Canadian round-uP i SSsS^ 

• ‘■ day. . . . • ■- 

HIS latest round-up. of dated earninss from operatlbneof He estimated_that world otitpr 

nearly £170111. Grand Metropolitan seemed to offer a simpler and suen a pronuunceo re^iuiw r -re r ro r hi n«ii 

is therefore well equipped, he more effective basis, and the coverage, bhipstone has around J™ nauona! ,.oups. nol 

*Tn,?p^J U, r- t h, 3 roup S P .S”Sf.Sl^?%? ’tIS .^abou. a *«tt* 

SSIfeiiK,. SStSSSSXi .'p h «>° .rasi&.s; Ai- «■» °-aS. , ed 0 iioo , .oo c SSp 

v&xsr -is 

unsolved problems, he adds, not dends would have covered hu-iness -in 19i- when i ( bought 

least the growing tendency of ordinary dividends about twice Hull Brewery Company which also Jt biding one Xurthern 

Government interference with the compared with 2.9 times on the has about ^<0 pubs. It has wanted nrdinarv last nislit unclian -etl at 

operations of the wealth produr- historic basis. to extend this base as part or its mp. i S 3p ca?h for wch 

ing private sector through its Meeting, the Lyceum. Strand, attempts to become less-reliant on Shipstone Ordinary. The numher 

influence on the activities of the W.C.. on March 9 at 11.30 a.m. !he milk and milk processing divi- 0 j- \orihern Ordinary ro bo issued 

sion lNorthern Dairiesl. will require adjustment in line 

, . A previous approach to Tolle- with the proposed two-for-flve 

UnnSz n/t/tr ■ mfirnv^tnpnr mache and Cobbold. the East capitalisation issue. 

S\d. RilV IUIUIUtCIUvIU Analtan brewers, arter Northern N Rothschild, on behalf of 

* had acquired a 12 per cent stake, \ or thern. says the offer repre- 

nQTAPQ niliran^V OITOPiC ’ e " r To,,y m J , f arch 01 rror ! .sents a premium of 75.4 per cent. 

livlUlC LllIICllLV welcome arms and it was acquired over the price of 171 p ai which 

v by the Ellerman Group. There is the Shipstone Ordinary Ia«i 

IN’ Hli annual statement Mr. essential than in past years that a possibility that Shipstone might chansed hands on Febntarv 10. 
Harry Smith, the chairman of high priority is given to cost do something similar if Northern The offer also represent a’mul- 
Rank Organisation, says the group conlrol and productivity. «ets very aggressive. There are tiple of 13.6 on the latest pub- 

are tipie or J3.6 on the latest 
the lished Shipstone earnings. 


"K Assoc. Paper/M. Whiley 

Jock Associated Paper is to make an yesterday the shares ended ip 
thus agreed £1.2m. offer for M. Whiley. higher at 74p. having dipped 
manufacturers of hot press earlier In the day to 69p. A 

is fortunate in having a wide Excluding exchange rute effects two quoted brewers in the lished Shipstone earnings, 
spread of activities from which they are confident or continuing 

important opportunities can be good growth in current year ww T * 

found for successful expansion. profits, but assuming that sterling A renrt Dnnni*/1\A 

With efforts to improve operat- remains relatively strong, the MT dUcl / ff 111 It y 

ing efficiency and the underlying effects of currency movement mr • %/ 

growth for Rank Xerox, he expects will be adverse and the outlook Associated Paper is ro make an yesterday the shares ended Ip 
further improvement in profit, for reported profits is thus agreed £1.2m. offer for M. Whiley. higher at 74p. having dipped 
before currency adjustments, in uncertain. manufacturers of hot press earlier In the day to 6«p. A 

the current year, and looks to The chairmen say the company metallic and pigment stamping spokesman for the company, 
longer term prospects with confi- has fhe resources to meet ail foils. Shareholders are offered 7 which Is currently capitalised at 
dence. the challenges it faces. Looking Associated Paper shares for every around £43Jm. t said yesterday 

.As reported on January 24 rare- further ahead they feel that the 9 Whiley. ... „ ,h af "Members of the Board are 

tax profits rose from £75 3Hm to planned expansion in the repro- _| n . the stock market shares of not aware of any reason for the 
£124.4Gm. in the vear to October graphics market together with WTnley responded by rising Sp to increased activity In the share 
31, 1977, With the Rank Xerox Progressive diversification into Sfip- _.8p below the value of the price, 
associate companies increasing ° m <* information systems will Associated Paper stand- 

their contribution by 77.4 percent. P™rJfnetting and reward- .°.% » ackPruie finance Ponpl plnarc 

b^lS^k'a^pSSSS O" March 15, 'STT. Rank Orsani- ?lT A«».'led Paper, aid 

52 iST ,nm e,cha " i " SPIte SWftJrVS Mr. Guthrie 

their contribution by 77.4 per cent. P™ v '« f an exciting and reward- \V O C Mackenzie finance Panpl pIpQTC 

to £104.96m Of i he £4Bm. increase m ff“^re^ director or A^ncfatert Panir A <11161 Cte^FS 

by the Rank Xerox operations On March 15. 19 n. Rank Organi- J' 1 lESw- iSfto had av-e^v 1%/f- ^ iL • 

£29m. was derived from exchange Introduwd a stop-loss pro- reVS"!?•« a dfs7 ML CjUthHE 

benefits vision into its Executive Incentive t,me recently a disa- xjmiuiiv. 

Mr D T Kearns and Mr J M • s rt'eme. On March 3t. 64 partici- < J > r0U3 move to Scotland. But after The Panel on Takeovers and 
Thomas." joint chairmen of'Rank paj1ls withdrew from the scheme [he appomtmeni of a new manst;- Mergers has been satisfied that 

xSS? cimplnlS ™y In Their »nd a lo„ or JW7.710 Incurred f'.n?'™ S cam, rl-M“ 'Vi J T J 1 ' U ^ hri t e ' i f ™ h T 

annual starement that 1 S» 7 « will on the sale of the participants 0 of London Sumatra shares shortly 

n« h, o.iSJi.siii jSKs P sf, ih * •' f ° rmer xr 11 .. 

Z 1n“"niV"n f «» »»W >H« the lo« ■» lh ! Tnlf A *Po"c""in lor the Pane, said 

be limileri and indi^lions afc WM m0Te than etfXer ^ hy pro- J"«:«® 0 . an pr o 0 v fi ‘ f yesterday dial more information 

lhat economic recovery in moat ™™» "-hh,h had been previously Ji7r? h^ hiped ihaf the eompanj t:? h ^ t ' n l |£?7JK'i.:, , S„"™ iS 
of the groups markets wiU con- \fe|?i‘n CT Rova! Lancaxier H.ircl " ould a " ain be heading in thai 

Unue to be slow. . w' on March 16 at n^n H ' direction under Associated Paper's SfPSJ.i? in ir 

They tell members that in these ’ 0 March ifi at noon. wing. £L r . u,e R “ te , 30 .° r . , . he 

tsut aucr The Panel on Takeovers and 
■ m * na 7 ' Mergers has been satisfied lhat 
r 11 ,s Mr. John M. Guthrie's purchase 
of London Sumatra shares shortly 
before the recent bid was done in 

circumstances it is even more 

See Lex 

The Scottish Economic Planning 'gOfS Lnltmd 

Department has welcomed the P 101 ?!. No dealings^ of any kind 
proposals and agreed in Ihe con- m securities of the offeree 
text of the offer lo replace its company by any person . . . who 
existing £700.000 loan lo Whiley is P r > v T an * n tent inn to make 
with one nf £im. on favourable an offer may lake place, 
terms. Whiley made a pre-tax Mr- Guthrie, a director of 
loss of £532,729 in 1970 and esli- McLeod RusieJ. bought 20.000 
mates a loss of £450.000 in 1977 shares in London Sumatra at Sip 
The directors expeel the com- per share on January 4. Sub- 

Ti/iffo** CAOAntf] linlf text of "the offer to replace its company by any person . . . who 

Better second nan tor ^^ in „v l7 o 0 f 0 -x lo e a „ n x lyurffist-" n,i "- e 

William Whittinsham ^ «a rffcvra 

» f fiXEUAlx T T UiLUlJgUCllll mates a loss of £430.000 in 1977 shares in London Sumatra at Sip 

.AFTER AN increased first half and Co„ told members at the AGM The directors espeei the com- per share on January; 4. Sub- 
loss of £120.000 against £32.000. that the company has progressed P an £ ? ,n . ** r ‘ oiMsrating al a .'equenily. on He Jflih. a con- 
1 ViHiam Whltlingham (HoldlnRS) strongly in all its major activities profil ,n thc course ° r I9,s - sortium. of which .McLeod Russel 
made profits or £389.000. against particularly beer sales, hotels and " as a me,nher - announced a cash 

£324,000. in the second ha|f of soft drinks, and that beer sales p| TriI . . 

the year ip October 31. 19<i to in the first four months are ahead FITCH LOVELL 
3* tu'fl of £400.000 compared of Iasi year's corresponding Takeover speculation continues 
with £492.000. Turnover expanded period. * 1° surround Fitch Lovell, the food 

from £13.34ni. to £J4m. \i- u»,i nn ih> manufacturing and retail urouii 

Earnins’^por" sii."iiwnts*. igu'utf Pamour Porcupine Hines. expinition -on iVlarch. 31 of the-montis cpnsuiffptkm by .tte en.- 

Div:d-.-n<i per ib •cents) -o.on w.oo During the final quarter of 1977 three-year Japanese coal sales of 197s. -- - 

At the time or the hair-vear this gold-stiver-copper producer contract and the shorter-term . .. u. Jtambaud looked forward t ., 

results it was reckoned that pro- in Ihe Timmins district of north- eales agreements which . are some increase hr.prices this ye* - : 

vidin" the domcsUc coal market eastern Ontario obtained a net expected after this. - wkh'cousdmpnori-growinf moi^ 

did riot deteriorate similar profits income of SCSS2.000 (£*09.850). As a result the unconsolidated hi . the U5. thaa In Japan; df>. 
would br* earned in the following This has elirainaled the previous oet income after ali charges is Europe. ^ 

six month' In the event Am coal nine-month loss to leave Paznour ret juced to 5Cani3.1nu from HTs remarks notne at a fane i 

has done better than this. with a 1977 profit of SC12S.0Q0 $can.l3.dni. in 1976, the latter retrenchment ainong thi.'pn 

World economic conditions and compared with a loss of SC85m. figure including a tax credit_■ of ducefs. who have been reducin 

-• T976. - SCan.2.7m. McIntyre’s full :con-.production in an;attempt lo hoi 

un ■ t-* icl TfA Pine Point Mines, situated on 5£ >ljdated figures tor 1977 are back the growth-of inventoried]| 

"ih7,^the south shore of Great Slave expected to show a 1977 loss in Slocks, at Inca;of..Caha(bL.4v ir 
ADVISE INAPr ON Lake in the Northwest Territories.- r j ew 0 f the hard time expert-' world'* largest producerr.'al 

WILKJNSOIN DEAL has maintained its 1977 net in- enced by the partly-owned Falcon- greater tha.nthe total of Its salr 

An «d hoc committee or the wme at KB Am. against SCfi^m. bridge. - for last: year. 

National .Association of Pension m T076 despite a fall m sales;of ... • \ ^ 

Funds, representing the interests concentrate^ It has been — —ww—^^ m — 

of the British Rail. National Coal helped by higher pnees received . ’ '• ' ^ •' - ” " 

Board and other utility pension f° r l ea£ l concentrates while there MtHL. mm .-, n m #— »' "• 

funds, has retained merchant were lower operating costs. IM^ltWAQT ; . ;-r y, 

bankers Hill Samuel to act as Cimtlnco holds a B9 per cent |UCll■•IwOti’ 

advisers over the controversial stake In the company. 

deal by which Allegheny Ludlum. Sherrill Gordon Mmes _has flvvllblf ufw UcDa IU1 Relll 

the U-S. specialisl steels croup, liftiid 1977 earnings lo SLi'.mtt. •. ' - ■' . . . ' 

is proposing to increase its hold- from SC4.I3m. in the previous 

cent*" " i,kinson Malcb lu 44 aT'o, be rt a r0 refini *£££- National Westminster Bank Limited has ; ■: ^ 

Disquiet in the City has- been an*i fertHiser operations, but . been appointed Registrar Of - - : ; . i : ' 

at least partly responsible for there were increased losses at tne . " - 

revision of the terms of the deal copper-zinc operations tn northern ... A ,.„ n p a Artem I iiirrrn 


on an issue of Wilkinson >hares ip country? onij producer or 

S”!™? 1r !!™rt“S.fSS”fK>!f.,!S! , « All documents forregist-ationand . . •y 

Allegheny subsidiary, would "have SCan^O per share, during the COtreSpOTldffllCe SflPUiciin future foe Sent tCK 

meant Allegheny acquiring over P asf >‘ ear . con ?, p pi^ t ^. W RA only 

51 per cent, of the )Vilkmson in 19i6. Amu has a MfltirtnflrWpqtmln^ter Bank Limited 

equity. The revised terms, adjusted 48 l ,er stake ,n National WeSUTlinsrer DanK LJmiieu 

downwards, because an .account- Brenda Mines, the copper- FlSgiStrarS U&paTtmGnt 

ing firm's appraisal showed True molybdenum producer in British PO BoxNO S2 ' ' • ' ’. ^ 

Temper to be worth less than Columbia which is 51 per cent. . tA/acy+mineLar Pmirf 

originally estimated, meant that owned by Noranda. ha s Jffted its National Westminster U3Urt • 

Allegheny will hold 44.4 per cent. 1977 earnings to $Can.9.5hU .or 37 BfOad Street - . - 

of the c—.'tal. An undertaking fCani£l per share, from Rrictnl RCQQ 7 MU 

has also been given by Allegheny SCan.o.ara. Hie better performance DlitjiUl DOOo fiNn. . , — 

that it will not increase its stake stems from higher molybdenum . 

bevond 43 ner cent., unless a prices, the decline in the value Thtfmhnnp Bristol TSTD Code 02721 

ge^ra! offer is made. of the Canadian dollar and leiCpnone oriSTOI LOI U\AXmV4.i£.) . . • _ 

However. Ci«v insfiiutions— imnroved operating efficiencies. ' RagiSterenquineS 290711 

tocelher reckoner! to hold over 30 McIntyre Alines, the - Alberta Oth©T matters 297T44"'' 

per cent- of Wilkinson—remain coal producer which has a 37.3 -...- n 

uneasy at the prospect of “effec- per cent, stake in Falconbridge - • i -- ■ ■ 

live eontroj_" passing to North Nickel, has reported, unconsol!' ~ 

.America. The main opporiunffv — -. . ■■■ ■ . 1 

for doubt' to be quelled will come -■-«-- 


the deni is revealed. - . - ' • . —— 

in the meantime. H-ll Samuel INTERiai REAXNUE STATEMENT • */, 

will he seeking “in inform ifa-plf . ,; . ' ■■' 

inoii'iripVlo both*\?ilk?nsnn*Match The Board of Directors announce lie following unaudited interim revenue figures of ; ; •• 

and its advisers Hambros Bank. the Company for the six months ended on 3lst January, I97& .... -'. - -- > ; 

National Westminster Bank Limited has. 
been appointed Registrar of ; - 


All documents for registration and 
correspondaice should In future be.sent ter 

National Westminster Bank Limited 
Registrar’s Department 
PO BoxNo S2 V ; 

' National Westminster Court - 
37 Broad Street- 
Bristol BSdd7NH. .. 

Telephone Bristol (STD Code 0272) V.. " ' 
Registerenquiries 290711 
- Other matters 297T44 ' ; 



The Board of Directors announce tie following unaudited interim revenue figures of 
the Company for the six months ended on 3lst January, 1978. .... -'. - ~ > r 

offer of I lOp per shnre. 

' the first 3 f our *ni oii t Its "are ahead FITCH LOVELL , 'V^esdij,- Mi. Guthrie said 

last year's corresponding Takeover speculation continues f hd ’ u, e . h 1,0 ld ^, when lic 
iriod. to surround Fitch Lovell, the food bought the share* rhal any com- 

Mr. Haiion said that the manufacturing and retail group P an >' «as connected with 
annevlands Hoiei :< nd r pj . whose in’erests include * he chain would be making a bid for 

ATter a lax charge of £142.0U0 stannevlands Hotel and Rp-T- whose in’erests include * he chain would be making a bid for 

f'-'redit £-J,UU0t and minorities. Ibe ,., uram acoui-ition wiU ronirilmte of Ke > Market supermarkets. London Sumatra. The purchase 

attributable balance is down from r»!l t ur*et ^his veir although' the H-'inu Slarled 197* at around had been prompted bj Pn»* com- 
£j 37.0W to XS12.0B0. Comparatives company is fsc 'd ,fth .Sniino the 6op mark, ihe share- subse- ment. The chairman or McLeod 

!*«■« £®5'!^ u * ted ,n accordance puit e a^ot on improvements^and f l uent, >' foil back to around 3Tp Russel. Sir John Brown, was 

with ED 19. 

Earnings are shown at 4.79p 1 nS ' h” c ^5.°°. m ca P aci . , - v - 

(3.4pt per 12ip share and the 
single dividend payment is 0.99p 
<0.425p) net. 

increasing bedroom capacity. mid-January. Despite ^atlsfied l 

The directors are rertHii ihi>- d enia,s froni company, now ihe 

will prove a very worihxvhiie s P ecuialion ha5 P^ieti and convinced. 
Investment as ihe strong upturn 

Despite satisfied this was she case and 
company, now ihe Panel has also been 

Turnover ... . 

1374 77 
3 Ji )0 




Prafir . 

1 t 7 h‘ 

I.TS 9 

D-.-velopm.-ni and prop. 


1 . 40 'J 

Phoiorraphie . 


Invc'.t. Incv-nK- . 



[ rum associates . 

tmcr-'M . 


Profli before tax . 



(.roup hs 



\-voi.:jk-« las •.-r-.-dn .. . 

_ 4 


'•••1 prom . 

. 73 ? 


T-j tmnonli-'S .... 



AITlhulahk- . . ... 


.t ;7 

r.-rvni;.* divi.t-.nils 



urdiuarj ■ promised ■ 


i97itT7 tsrs-rfi in hotel trade generally coincided 
ojcki ion,) with the company's purchase, he 

Gough’s expansion hopes 

Gough Brothers, the London in cash which compares with a 

based wines and spirits mer- closing price yesterday fur Ellis 

[nfArnDfinnul c:.^nts. Will expand its outlets by of 23b. fip up on ihe day. There 

llllv-lllatiuilal nearly 50 per cent, if it is is also a share and cash alterna- 

r nftr(t . r U 4 -,«Ir successful with it* SI.2m. agreed five of iwu Gouch shares plus 

Hillers'V JDauiX nfft?r for f:,,is and Co - another 7|p for every 5 Eilis shares. On 

Taxable profit of Intermuiona! d C‘ n t s re,3il 5 r M ' lh 71 Vesierda;. « price for Gough of 

Energy Bank m !977 Creased T^, / S^S a Z^S!i OUnve,i hair *1" lhis wnrki ,1UI 3 ’ 21 J P P tfl 
from £1.6->4.lg4 m £2.075.021. Tax time losses of C-.J.391. s ^ - ■ 

Beer sales up 
at Greenall 

Reporting on current year tries wor 
trading. Mr. Christopher Hatton, for ;he 
Inc chairman of Greenall Whitley bank. 

.:«f lakes £i.0Sm. i£0.97m.t and divi- ol ^ er ^ rom L'Uttgh. an- The share offer is inniled to 

dends absorb £2->U.V00 milt. nounced yesterday along with the 1-f*uc of 1.379.000 shares which 

At year end assets of the bank Ellis's figures, has won -upport would amount U» 35 per cent of 
stood at £l.»im. compared with from the direcinrs who have Gough's enlarged capital. It is 
£123m. irre: jcablv accepted it on behalf expected that the majority or 

Mr. G. F. Ahull, president and of their own 27 9 per i-enl. of the shareholders will opt for the 
chief executive, says that external r-hnres. Since Gough has already cash offer. 

finance will make an increasing acquired the 11 per cent, stake of The two companies have had 
contribution to the financial one of the directors it now merger discussion- in the past, 
vear { TJZ eh ^'ely controls 3S.9 per cent, but the weak , 11 !^^ cSid.Hons 
tton ror -he Veriin of / he equity ' lor d rinks retailing smee the latest 

itlev hank ‘ he lC J orientated Gough is offering 24p per share round of increases in customs and 

' 1 1 ■— [excise duties really brought 

matters to a head 

1 Elliott share sale details ilSSra— 

~ Ai SSFErSstS 

technically orientated 

DoT given Elliott share sale details 

DETAILS iiK share sale* made by pany has explained that it wa« Mi I D Waicrbll. a non- 

the chairman and two non- forceil lo make the August executive direct or unu I hi.* Deeem- 

e:.erumc directors of fc'lllnlt announcement because news or ht’i Hi le-igitHliun between f,. c | 1 he future lie- in the- r-uionali- 
Group of Peierborough have been the ** order- had been pul on a Aueu-i 4 and 23 -old d 101 .il ol Sl iimn of outlet- ami slock- which 
p.iv-cd by thc Stuck Exchange lo work? notice board by Mr. J. 144.009 >harcs. while 23.150 „ould result from a mer-cr 
the Dcparlmcul uf Trade m view Nnrbury. chief executive of -l»-ne- belonging 10 ht-v wife and l-.,. ...... r - l|llh .. 

pr non-compliance with the Lorn- Medway IiHlustrics. infant child were dl-o -old Thp-e |, avc traded'uti-ifacionly in dill'i- 

panics Act revealed by an ^ ^ 10 the Su m7riS 1SSStfiK hiT 

exchange nnexliaal.on. ; , ! ' / , Nurburv s exchange until December The intends lo pay a mamrained divi- 

The iiivostisalion centred on re-un.uion siaied that neguna- -ales were -taied lo have been dend for ihe year ended Januai 1 
share dealings between August 3. ,,on t 1 C ! 1 con tracts were made to mod personal commit- 2*. The anractmna of Ellis 

1977. when Elliott Group continuing iu lie discu-aed. menti. His failure lo notify the according tu Gmiglt's linancial 

announced overseas hotel-building oc * ol,er 4 - company *aies i 5 considered a serious advisors, Barclays Merchant Bank, 

orders or .some ±*54m. and October notihca the sale by Mr. E. L. V. matter lie in the earnings polemic,I and 

14 when an onnounceeinut was Nnieetn chairman, or 2no.Q00 \ 1 r » n Gnmsdale i nnn- lhe ^ aci lhi,! Gou-h will gain the 

made that what had been inter- f**®™ 5 .'.,jjl** lh ® /V.®? Exchange eX eeuiiie director until "liis resia- equivalent of five year's normal 

made that what had been inter¬ 

preted as a firm contract was only investigation reverted thru sale? ' [jon 
» declaration ol intent. actually totalled 3o5.0flfi end were xn non 

The Exchange considers it a si mem be/'l'™ Au ’ usl H 10 which » a5 m»i 

serious matter that the three . , . . r . 

directors did not notify the sale concluded afier ] » 

nf 022.130 shares as required hy *l 1 - ,ha, I SmLClh « hi h Mr 

i~..- genumcJj ho In* vet! the cnmpauv wnicn vir. 

letmiiv totally n«onn an a on December i«. sold in outlets ;u a stroke. 

Si ^ 30-000 shaics on .September 12 . tills will also provide a boosl to 

SeiSeraber 1 A H t0 which was disclosed in December. Gough * asset base argely through 

he mem her 1 . ns properties 1 including a 'Jj.WHJ 

The Exchange concluded afier " iRter btfeame wnnivn ihai on strurifeot in Wokin n 

examination that Mr. Smecih s ! p, ? mhc !\ ,r ' flhares ir which «il jnohahiy now be sur 

genuinely helii.*ved the nomnaiiv which vir. Gnm-rlale was ni.iii «hi^-h hv.» mvnH,- hann 

the law. 

L'ndcr thc Companies .Act 

obtained orders to buikt in'ero-'iod wore »nld- H has been revalued. 

m which «i] juohuhly now be sur- 
w‘3S p|u<) which have recently been 

director •*ttvin«"ar^rtU?n =h Itti and Hiukcs in Saudi Arohi* ***}*£ ' in h ’’ h ^ half . in Ihe last h:il;ince-sheet net 

^'v - ;,nd ,h^,, lhc « ,es wcre to mecr ‘V ho bcuetidally owned I.mgihle assets ,jr Ellis were 

director" S Joiifv ihc comnxnv- l^rsonal commiiments. ,h ‘ f ' c ’ ' harcs £l.lm or around 22p per share. 

W it hi M fier U h I ■iavs sn.-rifv- T . h , : " u . lMr ', The exchange is particularly TTte revalualiun may have added 

Fvchan^c on such nntilimtinn if •£'»»<» i/wbiuhbi c-. wiiirii memueu ai hiiiss duviscra, .iiorjan urenieii. 

c.xcnan^c on huen notmcation. offered his resignation m Decent- the request of the Quotations Do- repard the offer as a fair price 
th!. 6 < or hl L f ll no: at -'repted. Mr parUnent detail* of directors' considering the lack of earning-.. 

™ t}? k , e , h f' expressed a wish to -hare dealings .Mr. GrimidaJe's If the offer succeeds the three 

AueuSal 1118 " V fbp cnd of lh * March 31 fa ‘ Il5re 10 »«if? fhe ialea is con- executive directors nf Ellis wUJ 
August announcement. Tne com- financial year, udered a serious matter. join the Gough Board, 




The Board oT Second Broad- 
minml Trusj announces that 
Chieftain Trust Managers has now 
deno-dlPd a valid requisition from 
the holder- of ahoui 11 nor rent 
m ihe Ordinarv capital for an 
EGM which the Board will pro¬ 
ceed to convene. 


The compulsory bid for Dixor, 
Ihe cosmetic? group formerly a 
partly owned subsidiaiy of 
Matthews Holdings, should be 
announced within the next week. 
The new owners, a group of 
businessmen who bought 
.Matthews’ 37.2 per cent, slake in 
Dixor. were in talks with Dixor's 
Board yesterday. 

Under Rule 34 of the City Code 
on takeovers and mergers, the 
group has 10 make a bid for the 
remainder nf the shares within 
28 riny« of acquiring a majority 
.stake. This point* to a dale of 
Mareh S a 1 the outside but it is 
likely that the offer will come 
before- the deadline. 

With the offer so imminent. 
Dixor's Board has decided to 
defer publication of its pre¬ 
liminary results which will cover 
3 nine-monf h period up to 
Oetnber 1. 1977 A statement 
from the company yesterday said 
that a fur:her sialement would 
be made shortly. li will now 
probably coincide with an agreed 

The group of businessmen, 
headed hv Mr. A D. Stark, who 
was former!v chief executive ar 
J. H. Vava-'seur. na-ri 2Rn per 
-hare for their «i»ke. At the 
time the -hare- were slandino ip 
the market at gSp. S’e-Terrtav 
■hev eln.-ert |p down at 4rtn which 
values lhe remn-mv at f.tir.StO 

In ,N 1 . 1-1 Fun vr->r nhor ni"dp 
pre.iav prniiiv of«to snrf np! 
len-ililo ,-|s«Htc a| .lanoarx- 8. 
1H77 stood af 172p per share. 


G. Dew announces that the 
offci b> Adrian Vulker has been 
in-cep ted in reaped of over 93 
per cent 

ll ij, c\peeled that cheques In 
respect or ihe consideration due 
under iho Offer will be posted on 
March 8. Votker in tends to 
acquire compulsorily any oui- 
sianding Ordinary shares in Dew. 


J. E. England and Sum 
(WHIfnglon)—Meresiock. a sub¬ 
sidiary of Ros.imtn.srer. acquired 
231.2V1 -hares (5.112.) per ccm.i. 
on February 3. 

ileron Mnlnr Group—Heron 
Corporalion ha.« bought l«.«KI0 

John Leviiy und Company— 
John Lewis Partnership on 
February S bought £15.0UQ 5 per 
cent, first cumulative preference 1 
slock making £307332 ( 20.52 per ] 

Matthew Brown and Co.— : 
National Coal Board Pensions 1 
Fund intereaied In 1,257,230 , 
sham (7.44 per cent). 

Six taonflia Six months - 
ended 3I.L78 endecL3FX77 ; 

Year ended 


Less: Interest Charges . 

A dm i nisi ration . 

Less: Taxation. 


Revenue reserves brought forward . 

Net Revenue attributable lo ordinary 

shareholders ... 


Interim O.B125p (1977 — 0.6125pj . 

Final — (1977 — lJB25p) .:. 


Unappropriated revenue carried forward 

Earnings per share . 


33X^73 : 

312.023 - 
1602K&- . 

11.452 ' :" • 

: 642,193 
• 32L262 - 
■ 23.889 ' 

*" ’ _ 



: .140^85 - . 
1^.373; ; 

•. 12-U09 



' .172.933 

A- , ' 


„ i-HiOOi 



: £mjni r - 

; £189^34 





0.86p; > 

i73jp ;• 



4 fc -“. » • 


: ■ >61.350 



Al a meeting of the Board of Dlreqlors JieJd today i jL_vyaa r 'Tesolved That'an interim 
dividend ol 0.6I25p per share HS77 — 0,6l35ji) be pa id. on., 4 tb. April i97B in-respect of 
lhc year lo 3lsi July 1878 to shareholders bn the regjaier al'iptb Marchi"f978, '• 

- 1 " 16th February, 1978 


Steadier conditions 

Bank ur England Minimum 
Lending Rale 6} per cent, 
(since January 6. 19781 
An increase in the money supply 
outside the official target was 
generally expected after publica¬ 
tion of tiie banking figures last 
oeek. Yesterday s figures were no 
belter than feared, but.were fairly 
calmly received by the money 
market. Discount houses buying 
rates for three-month Treasury 
bills continued to hover around 
thc trigger point for a rise in. 
Bank of England Minimum Lend¬ 
ing Rate, but this remains a. 
reflection or the defensive position 
taken by the bouses.. rather than 

any Indication of a likely rise in -balances yesterday, and the mar 
MLR after today's bill tender.' ket was also helped -byalsligtr 

The is stiU nervous Fall in (he note circulation. .Ot 
about -the short-term, irend- in Uie other hand there was a fiirli 

interest rates however, but .the large net take-up of Treasury biiii 
irmlns of any rise in MLR ts .veryr to finance; and the authbritlm. 
much open ro speculation. held maturing - local. auLhqrffc 

The authorities bills., 
doing tlieir best io -soothe'market 7 . Discount houses paid 4-3S -per 
sentiment at -the moment, ,and. cent, for secured, call Ioans, and 
bought Treasury ..bills from' the interbank .overnight rates were 
houses yesterday op a day which generally atjove these levels eveti 
was. expected .to show a -slight though- the differrentlaJ was'iess 
surplus! They;bought a moderate, than. on. Wednesday.After^the 
number of-, bills, and as a result-houses bad. taken . their closing 
banks'arc expected to bring for- balances' the, inter Jan k overnight 
ward surplus balances, . : k rate feli to. around 3 .per cefli. at 

Banks earned -over surplus--jbe close. '. 7. - 

Certlficfttr | 
•il ilep 06 ilt- 





Lova- .Luth'j .FtiuoL-e 

natntiabk-J Home 
' hon-te . [. Ucpnsit- 



>li*niishi. 1 

> , iiv^n,il icv-- 

I 'MVi >'l 

' >';i\ r mil iijp... 

nn in III. 

I ttn lin<nrt|«... 
rtnw iiiunih-.- 
■'ix mi>nrli>.... ( 

I,?*:...-., i 
I'lVil iwn.I 

6ls-6% | - 

.'638-6 U- I 
63 S 638 ( 
■■'■via. I 
71g 63* ! 

8 71« I 
Bial'i I 

Diaanmi- : 
m^rSer' timfiirT 

• -BiSts" 

-ifilglbte . . 

Bwtk'' Fine 'Erad* 
JBUh-4 ,B1 UsfJ 

‘ *»•« 6%-7'.' 

6 - f S#-'" 67 a -7 " , 

6 * 8-614 1 . 65s . 7 .* C 

^ . z«. 

laical authorities and finance howto -seven da??' notice, htfiers seven dayir. flied. * Lnnaar-tartn.tncftl mortaoco 

• uorainally three years 19MU uer ceott four reara 16M07 p^r cwtu: five years toj-n'wf d'nt oBsnU wif raiSlfl- 
unu are buyms rates for prune paper. Burma rates tor (ovr-momh bans mn« oar - cjiau-feaMoanpr trade- oilhfy-fi- 
oer ceni . v-—“. 

Aaoruzimaic sclltnc raw far one-mourn Tmunn hltlir St-SUu nee mm - hpa.ww m i. I i m.ihbw- mat ~ Lwr : » v 'thrns.>*,AA,K 

Aopruictnsic wlhnc raw fqr one-raontft traavury otfis- $*S u ie per cent.: tw>month per ' ceatit v imd. three-! 

Bank Dapsrii Rales Tor small sums ar-sevea days' unrtrei &-bwt. ceet XluriBs'-Ssitk -Rtkes -tor JcsiaW-tt-nhr cefllt 
Trsamry Bills: Average tender rale* Ot cUrconnt per pant, .. • . ; ^ '■ c- 2 - : 'V:r,v--; :f .‘.-i-p'vt r-:- 1 " 





fesfc tall of 8 in active trading 

Dollar weaker OTU “ .. 

sterlma fell quite slur ply in Gojii remained firm, rising 5* wnneMiowl' 

; foreisn exchange market yes- to 8173}-ISO. the highest closing Ciow ...»_;sl79fe.ieo : $i/8fe.n9fe 

day followinc publication of level since early March IB” 1 Openlnt:. ....■9179.1793* -i7Bfe 179 
• money supply lie urea, but Moniuunh *1*9 .BS 



'■ FT qmiu-t t* - tj. • _ . • ' terday followinc publication of 

“fjJLJuf ftspanston. money market specla- further to 1.393.4 against the activity but stayed firm, with pub- advanced 2M5 t M LINS .although Hnr money supply lisures. but 
■’ '■ laJitenine hr* t?2u2i a i.,^ 7.****.? n ® w tr ^ n A d - !»’ *«•»« «alnin« as much as J(l the Ciemuta issue u;. a only slightly recovered in later trading It 

: ■ >■ ■ of tightening by the PARIS—]Market was in aood pfennigs.The Krculating Authori* higher—the Aloniedisun stwre nul .:s strong against the dollar 

' -A ’ ■■■■.■• ™ ucl,ve trading conditions ties sold a nominal UAL8.8ra. of quote w to be reunified from tnc a* other major European curren- 

- s * zl tB2SS'3nSSf to. inrertor worries was ahead or the end-of-Accoum day, paper (UM. 17.5m.). start of: the monthly Account cies at the close however. The 

-£ e t * atio '2? 1 coal strike and its next Monday, helped by foreign Both tranches oi the new to-day.' dollar’s general weakness was 

^ < oa ' l . J ?•“J™ "****2 op-the eewimny. buying on arbitrage consider- Federal Loan were quoted around • johaNNESBi itn_Cnids re- aliribulod lo a statement from Mr. 

. dSt itm** TniW-r-r Stocks were under SUM*. IOp.20 to 1H0.40 per cent.. :i .ordedminor insw- 5 uiih Over- '"thony Solomon. U.S. Treasury 

" fen i^ furtter^^i 8^oi^^lo £ ^ Zi top 2 ™ and w f h « ch . «»nounred little firmer than on Wednesday sea* Interest being 'minima! on Undersecretary, on the lack nf 

■ foMU * rose “ sa? ss °s r d ih ; sas 'sssr-ns - ss 

• *AY*S ACTIVE TTOClCS 'nomn£?%at 1 ?|S ^LOM f BRUSSELS—Shares continued tlon period ended yesterday. short a Re of .securities rands. apparently misunderstood how- 

.M3 wiYt.siotKS ^ it iwcut lflU0 o move . irregularly • in quiet SWITZERLAND - Marker re- Financial Hlning* were easier the L*s. unit showed 

- eiocia casKb^^S 0 ■ 'Tfcrtnii.• ijy <»i tradinn. . maimed- Irregular In moderately on balance aft»;r light trading sign? of ***?**■£ after Mr. 

- - X8j■ < 88M£ ?3gg to ? £fc a j 0d Cockenll active tradins, with The uncertain ll e Beers ended g corns down at Solomons clarified h.s statemenL 

• . rraw. mw . d to sharelSd«s SSf an ? 00 * U- b * 3t ?. 13 . 1 btit currency position again a restrain- Ka.w ^alter ri-lng initialiv to The pound around SI-3-420 

aad -re-Stom m -ykSSSAu He ^. eI ’ a»«»eq, f3Clor . Ro.M. in the early afternoon, bur fell 

' S >\ . .si --i *145 per ^Stearmd lii 1977 -hM.Bunks generally eased, apart Other Metals and Minerals and to St.9350 a/rer the money supply 

- sttbAoish ..1 auM'"lsi- -! " Timer howver rose H TO S351 n J-rnmi from Cred,t Suisse Bearer, which PlaUnum shares were also lower, figures, where the Bank of 

v. Alcona W75» - a -Ei Wfctthire.^"?fen.-feSa ISPSaSSJ^SS&S^ adwnc 2l another 40 to De Beers Industrial improved England may have inrervenetl to 

—- r i 7 ^*. - 25*- • ■** G. which announced nlahs to buy ^I K Z^^T’ 3 £?' 4vn _ Sw.Frs.2,o/0. although the 10 cents to RS.SU in mainly softer give support It later touched 

, ”! feclTlS. ^itf^har^SSnc?d ^ Heclstered stock lost an initial Industrials. 81^130-1.9440 the highest level of 

1 £§£5 S “i li fti SUE . - ° _ b JiL_ J Aracr,caa gain to close unchanged. Finan- HONG KONG—Shares rallied a the day. before closing at S1.M15- 

_ , , .... biWl Ouiliou.- 

Gold remained firm, rising 92 wdneuipcrt 

: ;*Airs ACTivE/sfrocIcs 

dollar’s general weakness was 
aliribulcd toa-statement from Mr. 
Anthony Salomon. U.S. Treasury 

4 MARK. I - 

and TeL StS&t 

• ^ tct .saagoo 

■“ -. «q?m r 

' «hM» ... 2131500 
--- v.- AidbRs wf»o® 
_ 17TA» 
md Ttd. 176,4m 
’trcHnuR.: 173400 
■ lets Mid!. IS54BO 

Banks generally eased, apart 

Solomons clarified his statement 

^ s w.ic> i ■-,!!- initially tui The pound was around S1.9420 
j.6fl. " in the early afternoon, bur fell 

Other Metak and Minerals and ho 31.3350 a/rer the money supply 

13J : ~i 

;rr™ w&rt’ ssssssr^-ssrs. wss susut ~~ ,n —- K3sr«,;«s isar» c sty «: ™ zz ja 

SPsndLiSaw t§ - 14 to Siflj. - - d BwaSKShmd crountL cain t0 c,0Sfi unchanged. Finan- HONG KONG-Shares rallied m the day. before closing at St.9415- 

- -:--- THE AMERICAN SE Market Value AMSTFRn aM— n j rh int-r cuj!s were Predptninantly lower. Ultle in dull featurless trading. T «42o. a nse of >0 points on the CURRENCY RATES 

E All-Common Index re- Index weakened 0418. to,122.48 in na u? na tawerei m md» mSi but Insnrances delayed scattered JardJne Watheson hardened !« day. wmsuw nMlfco 

10 cents more’ to -948.64 moderate activity. Volume 2J3m. f0P •-lonlelr ’' whlrfi iSS gams-. ... cents to 5HK 12.40 and Hntchtaun The pounds trade-weighted Specia. JSi 

lnea predo nrim ted over shares .(2.44m.). - - ■ FLOJa Leading Industrials were mixed. Whampoa 2.o cents io SHK3.525. index since the Washington \ Drmie i i 

1,040 to 369, Turnover ThV' rest nF tiVp mar to, while second-line issues were firm, while Swire PaeiUc. SHK3.53. and Currency Agreement of December _ &«*■>« : A 

by L40m. shares to remained mixed with KNSM Ateliers Charmilles and Ateliers Hong Kong Land. SHKfi.tio. added 1971. as calculated by the Bank of_. kmwimh- l& M 

rom yesterday’s level, -OTHER MARKETS rising almost Pte.3 and Ennta Vwe 5 l bo,h C a * n l n « ground. 5 cenLs apiece. Hons Kepg Bank England, was unchanged at 63.8. ”o 628374 Po! 

mmen»«> Departiaent ' F1 s*»jwi hut PakhiMi Domestic Bonds edged slightly were steady at tHkis30. after standing at 6o-9 at noon. i,.*. .hSit. I i!ai 7 i 6 

I.MITM in 1977 ill u,.,.. a ____, I.'-"'-‘ <■<<.< C, dtidii unit, ““U .M LI,Cl anu IV .i.ww «iin 

»r - mw 14 to-S331 o from Credit Suisse Bearer, which Platinum shares were also lower, figures, where the Bank of 

inns wtiDe'BG and Lre M u"ifph«^w? l MB pSiS M ‘ advanced another 40 to De Beers Industrial improved England may have intervened to 

Seed Sarto buy P?tSa“Sd ro- ?. w Tll’ 2 ’ 5 J a . 'J■ l * h ®“« h . . tb ® RSii0 in raa,nl >' fi ° rfer . if . laIer 

:ii‘92.559i ,£92.499 

Aiiern’ntix’p'S 179.33 '>178.190 

:ilS2.544. ..£92.355 

{•old fnio....; 
iluiuMJcaHt • 

Kru^eminii..’>1874 ( .lB93; S1H8 100 

•■£9654-97541 -;t’v7!4-98U; 
Xeir6ov'gtu.|85BJ4'60i« *a&-60 
ii£30-31| £30-51- 

Ellil ($nv'rgD*iS56-S8 9&dU -a7!i 

_ l'£^4-29Jf. 

(inbf ClNUh..! 

Hmamu’Ux) 1 

KniBCrmnd . !s185-187 >184-186 

jt£e5i t -9Bi4» £n5-96. 
NVSovr'BntS57i,^9U 'SS7-S9 

i^aais-xoiei !.£x9is-30i|* 
Old borr’nnj |566^8 Sa5i,-S7u 

'(£lS85 } .29J4l .,£28*3-129'S' 

K«gie>.... ;s278-281 »276 279 

1977 | [ | {19761 | 




Fer». 16 ittaxe-! 

JUnrkci Kale- 

ines predominated over shares .(2.44m;). / 

1,040 to 360, Turnover 

rom yesterdaj^^^el,. OTHER MARKETS 
mmerce Department 

tarts fell by.29 pier cent. . - - - 

■ t ^> late yesterday Canada weaker 

ral Reserve reported sh 

ent. decline in January Canadian Stock Ma 
production. fell afresh across a b 

pound’s trade-weighted 
since the Washington 

S Dacia. 
Drawing 1 

Unu o, 

New Yura.. 
.\lunci<mi ^..1 

bl» I.9S4S-1.944D 1.9415-1.9425 
71; L IB9U-*. lb70,J. 1555 -4.1553 

—...■■■■■III I.I nan 11 • III Fls^^o. but Pakboed receding ..^3” 

_ - * - FIs 2 and KLM Flfi.1.70. higher. 1 

Canada weaker . Germany — Bourse prices 

_ - . . • , . often unproved afresh in a quiet ,1_ L 

Canadian Stock Markets also trading session although 

fell afresh across a broad front utilities were the most actively | P°» nl ? 

troefavriox? m oriMnnw mnnonto j . num _ rva■ .i HrPU'Pr If 

higher, while. Foreign Bonds were 

after standing at 65.9 at noon. L>. ,hjuiir!..“ 

TOKYO—Market showed a bias and 85.8 in early trading. 

ire stock market close, yesterday in another moderate traded, with RWE gaining DM. 2 . Breweries provided a weak sector. Ciffllra.). 

■af Reserve reported that business. The Toronto Composite Mercedes 

MILAN — Widespread gains Vehicles. Pharmaceutical, j from 4.61 per cent. 

. in the latest reporting while Oils and Gas lost 10.9 to also firmer, with Neekermann ad- close of the monthly Account. 
hale the broader jVS l,S05i). Metals and Minerals 30.7 vancing DMJ2 after predicting a Snfa Vheosa moved ahead 52 to 

naie tne broader W. Metals and Minerals 3Q.7 vancing DM .2 after predicting a 

jumped S2.4bn. Antici* to 708,3, and Banks 3.01 to 240.34. lower loss for the current year, 
loptimiing money suppfty Golds, however, strengthened 1S.5 The Bond market saw little 



L707 sod Bastogi 26 to L514. 
Montedison noo- Gemina shares 

vjyn and Falls 

Instruments advanced, with Toyota against the dollar from DM2.0865. i.,«n 
Motor rising YS1 to Y911 and and the Swiss franc to sv«ii*titKK!» 
Nissan Motor Yiy to Y814. SwJ‘rs.L8B45 from Stv.Frs.L9182J. swtwtnu^.... 

AUSTRALIA—StOf.-k prices re¬ 
mained easier-inclined, with In¬ 
dustrial leader BHP. on UJC. sell- EXCHANGE CROSS-RATES 

KMiruzrv 16, 





February 16 





t-Vifeubaaen 1 



4i'. 4.29-4.32. = 4.50-4^1 

his 62.15-bJ.75 : 62.20-62.50 

3 10.97-11.07 1 ie.97-10.98 

* 238-4.05, 1 3.88-6.29 

li , /..7a-7oJb 17.7b-7B.0a 

a ' 155.60-155.25' 155.55-155.76 
111-1 1.054-1.850 ; 1.cb4-1.655 







»»S- 8.52-a.S8 { d.Z4i--.55< 
s 8.96i-aJ15i 0.96.-8J7; 



Vlpiina,,.,.. J 

bit; 28.6b-2e.96 28.6>ke.?S 









1 Rates, given are for cnn+erubl? 'rants. 
Financial franc ii2.*0-C30. 


IMalWK ™- n ' IBI.Ssl 7S6.1S 1 774.<ff 77o.BSj 777.SV 989.76 : 762.89 1 WM,7^ 4tJ8 j ™ 1 ’ 1 F ]f' I F u‘ I F ?^ ! HHh 

W - M ! *?Alj Bfl.M 88.77; 63-73? 82.66 9 SM 69^53 — .-A. — twlutfriil I 162-SCt[ 1M72) 164.81: 1B.7B> 186.47 il7/5i 

^9isiran < w . a \ iaB | ttiM j m .»i ,»,a m., , a .- 

*ui m* nS’' SOS j-'Sffl'Vffi TDBomo jwjjiiu i jwj «*; 

. ; . I I i.-22i2/77)|(I6/2i78>,{2U|4/ab'CtMj«» JOHAHNESBUBO i > 

- ■ * i- - r n°ld 211.8; 915.1 213.7 ! 3X8.S; 818-7 {\l2nt 

■ -i- ; -.2»70 aa.17O|»^7BjtAflI0».«6-17A48l — — -1-tnri<nrrl*U J 207.a) 808.8 208.8; 8D8.*I |M.4 {4ll<7B 

JTct>; I Feb. ] Febl . Fdk'L Feb. f 1 
16 ; la t 14 j 13 f » L 

HiBfc i-r»w 

F'rii. Fell, i Feh. - Frh. 
lri lb - .14 r 13 

48!ii 43.54 «9.47‘~48A 


i . . . 1 b,unt inilnl. . 

1 UikIi | Ij’w K* 1 **.— 

_- h*U«.— 

47^17 \ 48.84 G.Ranged- 

(4/1/77, ((16/2,-76) -W IW». 

A 0 TT . 

«and Falls i n o | falling S cents more to 

' r«ri.. U- Fet>. lc; Tei-. 1 * $A5.26. A&sociiiied Concrete loti 
l bib - cents to S.-\!.*KI. but Pioneer 


.Wit* l(»i« 

Ar"euun«. 1285-1289 Vnt«iit:D«. !£5Q-UcD 
AuuimlM.. 1.6857-1.7128-Austria.... ».-8'« 

un^il.| 5QA8-5I.98 ,oe:>4iiii<i . j *.l;-i4. 

FiiiiadiI .... uj. Ura/il.| 

(ite^v-.._eS.OOE-70.7DS:Ja(pi.i*_ . 2.11-8.81 

Concrete, doun 7 cents ihp nr#»- •"wil'un — J 2.0VrWO 6 .aJ ^2 j.Wi 1JW* -.ii-lOCT ‘ 1U.10-B6 tU<ixlit>nz' H.94i ;Ut!iuwrii..ii.ui'li,.-0 

r^TjV .lav rrm. nfH ' ^ “ ?-.i0 75 .S.llifrl» L*oa.sMC IMB-Sft ■ 65X6.15 tinu .' 152-ISB Ifim. ..10-r. : 0 

Rouped -I tents IO Hans . ii^jLo.4 i.i5U-:4;r' - lUijniib :21iJaj-lU B5i7l-!.21 Ku..„u„ ' 0.535-0.515 'Grnnaii\..| Is 

SAL44. while Concrete Industries. .. JS.ii-ii c.rt-e® - *&«•«£#:. 14.4M5 . lriJ14b Uuwmb'ivl 62.80-62.30 lirwi-, ... ' Jti-.s 

awaiting the result,, were sliahllv G-u-i..i,. . teti&v 9J4;-*>( fi?.2C<-nj • - , !A65 »j? 7- )lsL>v>n..-4.MSO-4.5B30iuiv_ lhSfl lisn 

a,4Mi-i’rt»m..-13l7.2l5-£?:- 2B!T- : ! ■Sr-.OVt^flSkr’ JjMoJlSC' — j 116.726.'!7s N.^ailUil. 1.8871-1.9061 -■ni.eii. 4oi-4‘,’5 

/iirir+i. 91.717-Ki" I.eftf-VLTi • i4.166aA8BC4riJla3A78oetol fc.i57?JE3 — snudi An! 8.664.75 NeUir: *25-4358 

Feb. | Feb. 
lb 14 

Com h Inert 

162.801 IBSJrtj 164.81! IK.78; 186.47 ilhii 
171.74 172.7K 173.48) 174.04,181.96 i la 1 77 

2 --.... 2JA7D 20.1701 20,4701 IMlflj 19.488, T 
( tAdex ctunaed from A)war's*. 

211.8 215.1 318.7 ! 218.5; 818-7 <1/2mFi ! 
207.3: 808.2 20B.8 > 288."I 2 >4.4 (4;l/7Ei ! 

168.02 lO'lC'/ 
186.50 i-tjIO. 

861.0 i£6;lCn 

139.4 u«'b) 
169.1 '£:,4i 

I’tJir - »« 



6 ,t«: : rr 

! Feb. I Free" 4977-78 -1877-78 

16 I KH» j Bleb , low - -- — 

— -*--1 - --,—-—. Spain 

Australia (* i «AK 466.25 i 4 W. 43 ; 

! (5/1/76)/16ft 77) Sweden 

Fie- ;i9i»-7»'Wi-ifc 
eirna - 1I1 k>i ' bn 


BNS Wales shed 4 cents ni 
SA5.32 In generally lower Rank- 
Central Norseman, reflecting Hie 
strong Bullion price, rose another 
20 cents to $A9.0D. bur Consoli¬ 
dated Goldfields receded 9 cents 
to SA2.45. Rcnisun Tin lost 4 
cents to &A6.76. 

NOTES i UvtfrvMS dmlvs «tun> ;i n-iw. 
exclude 3 premium. ■lirirt*n'l> 

are after mmhoiili'u: las. 

♦ n.uao rtenrun uui.><« orsen'-iua a'uren 

• PiasAOO rteflom. -jni.-vi oint-ras* m.tien 

L'.s. 5 iu l-.-iinitu L.5. a — 11 i.7I->j CsuxIihu vuw. 

(niMillin S in Nc * Yni M>.#r-47 eeui«. l .\ s in Milan £56.00^)0. 
siitrriiiu; :n ll.'uu 


let-. 16 ' 




L* .3. Uvi u 1 

G u 1 !• Icn 


Ini DC 

•Sjiiti term.., 




fe -fe 

1 -to«s notice 




55£-5:. 9 



67 fl -7fe 


6fe-7fe . 

3-5' X . 


Tbi++ n:,.-nUi». 




5 . 51 . 

'? 5p 

—Ik itvifit u»..., 



75s- 7 fe . 





7fe* 1 


AV . I.iF] yiMU 

I 2 -^ 2 ^ " 
• 2 ^- 2 , 

i im 

i tide 

M’il»v?ia ..4.5650-4.5830 lislv...._. lb-0 G50 

N.^emJan.l. 1.8871-1.9D61 -Intel,. 4o -475 

Mudi Aral 8.664.75 Nellie: i‘i»'- ‘>25 4551 
4.49;-4.51; Norvo... - 1u.40 60 
-S-Aln^... 1.6687-1.6955,e-H-vuca... j 15-15 

I'A........ 4tpiiu.1156*-li Si 

L BDa-lA_ S« Iu'Ikti ,.6i-5./ * 

151. I.’.tf.I.:2» . 4* 

L'.s. ceiit«.| 89.63-82.66 ■Yuun,lai , u< ali as/. 

Rate siren lor Arsenuna is a free raie- 


! "> AND POOitf •’ 

■ --• ■■ ' . i *' -• y . ' * " k *’ 

Feb. i Feb. t Feb. Fab. , FetoL j Feb. 
16. | 1> 14 11 l 19 9 

-■. . - Bebrram (i fl3A7.* 93.78 99.12' fl0.<u> • 1 '■ 

- - " : . ^ •; ; . dSjmSwU Switarfd. • SflA! 322.7>322.7 

;. .-lu/i/TTiU'.i/ra 
’S Denmark^ 1 96^8 95.05 im.ftg j b4jJ0 
— • i (9*1 |(6/{Srt8) 

IC.36UO f3c7.711 416jft • uo.oe 

• I ' ifiOl -6i|l!i 

• 3i2.4! 322.7! 322.7 . aU.t 

: 16 | tt> J 14 | 15 I 10 ]_ 9 } High ; . Low 
'1 98.94' 87.791 BBJllI 88.81 98.12' 89.48' tWAsT186.84 

88.8a! B8A» 89Al| BtJtti Holland (tiV 80-9; 

i ^ i : ^ ttll/Tti Vl6.iu7g) 1 Hl)l/78» (1A/3Z) _ - ■_•_' .*?»> ! « 

; n . . i y I TT. - i T PrflfiPR (Tti hi I . K)n • AH4 : 4i_n Inriity^t unrt (Lxic^ I Ml I [idyr i‘alu*A ,4ir “" * ** Tvr * **ranc?- , 9CTiJ^inu 

| High ..Low ! High ; Low France . HA tM BA* lM^fcSeui NOB All CoiRrnon - SB t'*}™ «mt *Oiv Tbe rollon M nominal rales w 

Ratniiaiivi**i: rill i! ft's i' pi* i • *>iVh Siad fl ii t Li and Poors— lu an«i rumnin n&liidf* bDccidl panneiL 1 IndJ- ooe-Tnonth ij.P5*i,05 fl?" ccm.. ihr 

Sl^-^^yfiKsrsssi tei*“ rS:;* • ;;5 y^: ; j6e.)-nMb W t; i! .. L o.o 2 .,.e. 

- _ ‘ _ ' _ L rsSt^> -kmom flj/j Beart* ro *** u».’... 8^-84 1 7Ja*75* J l-.-liy jouirw*’ 0 P 1^0.05%'.)rm. 

I B1L2 ! ~0j£61 IuOa-u RLlIi unless otherwise M*t. ?r Yeb So riemm \**22L • - _ lb* ___ l ^-l?a l « f-? ; JJ 11 

■ ,b.c,/t unleM ntficfwlM ► e Price ai >itth> T , 7 -a A, 

i«‘ 36Lifl »fc7.711416jfc • olsuJooMtrin o Harms. bScnuibue Earo-Krtnch de?odi rate*; twtHlai IMIS per ceut; -eveiwlay 1U-1U per can?.: V."Fn*’itu- ,* r * 

« Ceaia <J Dfvlrtewl after n-ruiina ruthi* nne-momh Ur 141 pw cent.: tbreo-m-mOi 14-14J per oul; ws-mnnth 191-132 per r rankrbn ii ,e-,* M- 1 -m M i-m 
and/or seno msnr. store. »Franc* coot; on* .vear 13-131 per cent. ‘:“Z 

tn1?%ttt*nr mt-i?" ,t , Low-term Eurodollar Onaosiis: n»o year* 7L.ih-5:i5 oer ceru.; iprer rears jiiiiu.. Bjl'iw rtw ! 21^9 

im^^in^rw’Tvn^'SSMSn **»+** U ' !T wll, - : ,our years **a^» per crnl ~- Teara BSk-SIk ner «nL . .3ia-6i 3 ,..e.ii» li nicwoi* 

■imiat- aiv p Mom n Share sjjiil • Div The rolknaas nominal rates were awed lor London dollar cemficaut of deposit; Ferw..35^-4--* ..oi* ib-lbe. Hi* 

etui new excludi- .-.pcaal panneuL • IndJ- one-raonth 0.P5-7.0J pe- cent.: thrct-munih 7.15-755 par cow.; six-maatb 7J9-7.W) per »io*Wi’ini.48*-ft5» mortir 'll* 15*' i tr rtie 

o Gross die. %. /• Ai^uniL-d rtivlrteno a n*i 

_ scrip anrt/or nsh's Itn,-. e After fuea' 

i-Biiea ,axelL 14 ,1S frw! o Franco: 'octodmu 
_ eg Hnilac dfv p Norn «Shcr aunt «Div 

30V-LOO0. (bo Iasi turned 

^2 f Excluding 

1400 lode., 4U UHimes. 40 Klnaace jDd 
itt Transport, d sparry All Orn 

Irrtn w r'-.i* I only u Marker oeoons. 

« HlSS^ ^ * BW- » Traded r Setor. / Assumed. I ’ Ka, « “• ra,e£ ’ 

ary All Orn * r B* rlahia sd Ft dfelderul re Be J T Short-rertB rates are call tor swims 

t cmwnbmwo serm H*ae. u Ea all. alnterlai slneeldaTs' notiL« far gadders amt Sviss tranca. 
Bourar 1981 'OCfeaitO. ! 

-I Ywago^piRr.) I»*iy »aa>- 6 WE 1 6L23 Qjrmiiorzbank Dec.. 1953. is;i ASMer- 

m r-r ->—J UV : V14 M ! T» I % a? ! ^n an da™-' inmwrlal 1W0 mi Hang Sana 

3-87 Japan W 304^9,383^& 3TO.B3 ,a6a*9 Rua* 91/7/64. <[||> Milan 2/1^ <ai Tat<yD 

1-- ZTZt - ** nil1 , „n ■ ! <nt « ' 971 Cfl W NflW SB 4/1/88 - ,6> Stral “ T ‘ Jnrtl lW 

UL94 SingapOTB 1 27L68,871A8127LK T4tm trldose. Ml Madrid SE 30/12/77-bwli 
ffOl- • : «15,2/76. \Sm 



23*.25n -re .!•» 

1170-75 r<*- 

3-4 j;' 1*111 

6 - mu.- 


^6^-dCLi , 

20 90 . 


,lDGK30c. .)to 

6 12 lire 

•21 29 :n+ri«- 


+ 1 II 1 

Si Hi ere css 

3i*-4it . 


.15-16 t-. Hi* 

4i*-bi) r-te 

’115 15i' 1 re riis 

,Mr-10 crL-ni* 

*-18 in *li* 


I65s^a0 v. cm. 

T Short-term rates are call tor sterlms. U.S. dollars and Canadian dollars: two “ Six-moms *onratd dollar o.a0*o.4iic. pm. 
s* ikhil-c far guilders amt Sviss irartca. 12-momh O.K-o.R^. pm. 


odd yield 

New SB 4/1/88. iblStralU Tlnuts IBM. 

<r> Oosa. Mi Madrid SE 30/12/77-budi Keb. 

and low for 1978 only. fmsiocklwlni - 

Indnswal 1/1/36. (1) Swiss Bank-Coro AKG 

nil Unavailable Allianz Vo 


62 615b 

■... iwa ! 166a 
u>. 42 >2 | 42*4 
24l e ! W37a 
..J rtO I rtO 
nt, 22 >a !« 2 i 4 

.... 39 >e 1 395* 
IU' 19ie I 19>s 

U.: 34H 

- 7 . 191 * 

>.. B*ie 
„ fe31 S 

194| i I93 b 
34Ly 34 >a 
l9ia ; 191$ 

1 Fob, Feh. 

w ' - ' lb , 

Coming Gta**_J' 46 - 1 46la ‘ 

UPU Imfo’Etanat. 4419 ; 44 Va 
Unite 3s6la I x6l( 

UroeK«-N«u...-_^S fc4^r ; 243* - 
CnntuZeilcrikdi] 29 Ib I 30 
Cummins Engine- dlfic [ 331& 
tWWriztu^_| 17 - | 17 

U«ns~_..._-; 23 sb j. *3ii 

Dart lDdmbiea-1 365j 1 0613 

Deere.-a.kSl*. 24 

Dei Mows - 237g > 24 J? 

Doltona- pSb I 53a 

Feb. I FOb.- 

<M Unavailable Allianz Vewk±.. 495 -1 

UilW_ 253 -f2.5! 

1 ' J ■" aiSF.. 140.5.. 

lnv. $ Prexn. «t SZS0 to 5SVl% (80%) ;g| 

Effective rate (at 1 .WZ 0 ) 3±l% (34%)' fe- So .+o5| 

-- • —- ' CiUilnt.Neil.nttN. 220 *03 1 

_■ .** j-fth. I ‘ ’ Km. 1 Fdi UnmonMnn. rf7.7-0.lj 

I 18 | 15 ) Wrick r —lP I 16 Ct«II Guimn79.3 +0.2 \ 

P-zxn 1 + dr Dir. 

h»>- ' - | % 

A KG.... 92 +O.I AMbiGtaM.-, «10 

Alliaoz VaMisfa.. 495 -1 ,18 ; 1.8 L’anon-- 459 

UilW_ 253 +2.5 ! 20 ' 4.3 Ca«lo.. 604 

UlsF..-... 140.5.. 17 , 6.0 Chtaic..1 370 

Bayer. .. 1 140.7 -0.5' X6 ; 4.7 1 U«i Mppu Prini’ * lS 

0*ver. line..• XtiO.5-0.5 1 20 I 3.4|FiiJ t*liotu.._.. 042 

Hayer, 320 .+0.5 | 20 I 3.1 Kicacbi.! SIS 

C1Uilnt.Nel.wrt- 220 »QA 1 — ii- | Honda Slotoia.... 576 

Cntnmerereni, c* 7.7 —O.l J IB i'SJ [ Hmier Food.„ I,. 9D 

Mwr_! 17/8 | Jf, Copper 

JUefctvit Brtiavt-. Ib3a . 166* iNtail... 

2f J* UlomoodStomrti 274# 5.73a J Kjueer 

236a im— 1 istT; ' 19 *. , 

John* Mai^ille...!' 30J* [ 306a 
Jabima Jpbmco 681 b j 69»e 
Jobn*nn.Camrol. 283a | 159*4 
Joy Mann tact ur "g 30 *b 3Ua 

K.Jiaxf L'orp.- 243a I 24 Sb 

KaiwrAInruinl'ni -28 1 z8Jb 

bauerlmiutrle* 43 a mJ* 

Kaiser 3 toe I-! A23 b • 823* 

Kay...I 76® v*s 

Kemumrft!-J 22 223* 

Kerr McGee.-..—, 4QJj 407a 

Kiddy Walter_' 273* fc7*c 

Kimberley ClaikJ 42i* j 42if 

Koppers-, 20 .203, 

KralL...■ 42Ss 421* 

30% ' Kevton-..^.. W t 41 

69*e Kejmohlo Metal*. 26 - 67 a 

29M Keypads K.J— 646* I 54fia 

SUa Uicb’aon Merrell. 21 I 21 

245a Kiekwell Inier... 30'e 50>« 

-z63a Hoi 1 id n Haas....; 89U I 29Ja 

opi, Itoyal Dnteb..—. 66*8 

Vli Kl-K- 13la 135, 

22 i* Logs -- 115* 12 

407a Kyder bjvtem.... 186* 137* 

1 , 71 ^ bafemvy Stores.- 365* 371* 

401 J 5u Joe Mimsral*. 261* 2&i» 

on*. 3u Keels FBpen.. 273* 27*a 

5 *ni»i'o I Dd s_... 34** - 

Wool worth....! 




Zenith Kadlo...... 

U^TlfonAAIIK: t94 
US.Tio*-44^/b ( 7/i 18 li* 
U^j.90 Uay MU*.. 6.50 b 

I7ia i 18 
us* ! U 4 z 
145a 4&I* 

157 S , 161* 
14 161* 

34 <94U 

115* 182 

SO 6 6.48^ 

Cool I Guuoni—■ 
[tiinilur Hen, ... 

Ltoiu.k*. 1 

Demit;. ' 


UrowUiw Hank. 

UyoortrC Zeoit.' 

79.3+0.2 - - l.. Iioh--— 2d; ..- 

415.3-2 I 19 I 3.0 Ito-Yukaoo.;i.«JO -IO 

274 -1 • 17 4.1 Noun.. t>49 r33 

164.2—1 I 14 -4.3IJ.AX..4.750 +10 

311.6-0.6: ao j KonoilEUrt.Fw. lji 40 , + 10 
B61.4.. 20 I 4.01 k,mwi»u._..I 330 +1 


—! »3ia I Z3»* DV»phaM-! l|i* j 123* Uviorrana*. 283, } 

9*0 ; **■- tMRhal M»a 397 B UbbyUw.Fnud... 21 

..., 443a j 443a- Diobay (WaltJ ~ 427 g 44ig ' 

ft-. 3BTa , *6 Dov*rCorpo._^4.40 397a Lzstseit Urmb.^.) 27ia 1 

...f 5bl0 J 36*9 X)ot> Oio&ilcaUN . *3Jz , 233* UliviHI,.• 391* ■ 

ikt. 843* , jj4Be' LtroaeT.-387a 1 386* jjiron ladun-; 14*a 

w.1 235® ; 2i‘a DuPont-^-1C4:* : X06J, J L**Kb«rtAucr'fi 13H 

,_!■ 421* 1 4310 * pjrnjQliHtamW -134$.. 135* Lone b«r In is... | 181* 

on, 2Sla , 88^9 .? Eagle richer—17. J 167* Unt lets nil Lyl. .lflif. 

1850 ■ 185, Ijsaar. Airlines.—.• 6aa 1 67a UmlgUUM 1/UKi... 201a 

. 4 . 4l£ ;£juan»d Kndalk.^-481* -■ 441* LubrMul-.• 34 

401* i 401# ' K**nd34!* ! 341* Lucky Since*......', 131« ' 

...\ 5blfl 361* 
✓ild. 2450 , k45e' 
w.1 245* • 231a 
42i* 431* 

o«i ’287 a 1 887* 
x -.‘ 13ia i 185, 
4 41fi 

.«• 40';* ; 40i# 
361* . 461* 
...' 28>s l 286 b 
J..; -601a ! 

287 3 | 285* 
16>, ,171a 
.. • 845, I 251a 
_ Hoe i 11U 
265* , «65a 
b.i 186. ' 185* 
.... k6i* ' 465* 

, 2076 I 207* 
.86* • 9 

16 ; 161 S 
sJ. 27U aiu. 
... 461* ! 454g 

■\ 241* I B4l a 
’ 10 ■ 1040 

■-4 I7ls 1 IBia 

443a ; 447a 
y J 267a | 2S7a 
:.-si 2119 22>r 

V.: 46 I 354a 
S„\ 26- T 265* 
a4U. i A4ia 
- _l 23l« I 23Se 
id: 37 lg 1 385a 
. -.1 171* [ :1710 
;i 44U |. 443* 

B 'l ei * J ’ J**» 
•». 201 * ! 205b 

40 U 'K**ao-J 841* 5 34U 

• • ■ 

886 b' B.G.4G.I9«a 18 

60U KtfUsoN«.Ga» 135f1 15U 

285* : Kltra.---... *8 K77* 

171* Kmer»on KleeirK- 301* ; SO 

S£ 51 * , l Emery Air Fr'gbt’ 384* ! 385* 

Hi* Km he ft........ 895* ! K9ie 

c64a K~MJ__ - 31* ■ 4U 

18H EnHp'bmid.227*. j 2&5* 

3(65* - ttamre.—.-J.; 255* , 26U 

207* K*byt- 19'^a IJ’a 

9 0 HMfl_ _i *4 h4J* 

, RI Fairchild Comer*. 297a ■ ? 6 '-b 

Fed. Dev*. Stone; 36U I 3gu 

■Zi*-- Krereono Ere-rr -»sa if 

^ Boewmo- -B4: a I safe 

?Si 5 Fto^ Vos_ j 17 i;j 17 fe 

?2f? FteiotB- 20 fe ; 21 

igij Florida FmJ. 807a ! 30fe 

3JJ- Floor- -A 317a ; 44 

22ir ftM;C-^...f i»Ta > iOJa 

e, B IzmiisUUMliUKl... 201a [ 205, 

441* bubnsol^.• 34U. ; 345, 

34U Lucky Since*.13l« 1. 14U 

1a L'Le»V'umi«'wu. STg -1 -6 

MmllilM-Wl»l 101* 

J5£ Macry K- U-- 35fe. 36fe 

8 Mir* Hanover.....; 31 317* 

MareUioti OU._. 1 41^. - 42U 

““, e Marine Midland.: 13- ! 131* 

MerkbeJI Field...: 3078 , 31-. 

St. lUflk ini per...I *7fe 
Kanin*' 01 nda— | 34** 
■Uul Invest.. 4 

ffavrej Inrin, , . & 

Schlltzlinswing-. 18 U 

Scblumberger_ 66 I 2 

3CU... 17 

acuU Duct:- 13*0 

S«icil Mrr_. 204a 

B«-u<lF Uiior Ve»t bis 

Se* Copiajpe,,... 305, 

aeaffram.__.! 2 Hg 

Searte (G J>.i.— 125a 

dear* H o eta nch—| 245* 

SCDCD..: 32 

Shell OU_ „.... 1 291 9 

blieltTnuiapOrt...l 477e 


SignodeCbnc.I * 41 * 

Anpliehr Fbl...| life 

| Slater....- 187« 

(Smith Kiinc.~....' 47,'g 

Mav Ued-tiine' - 211 * 23 

MCA..321*: 33»g 

McUerrooW— 84feJ 247* 
Ucllouarii Doucj 23i* Jf3>a 
MtGrew Hill —\ 175* 177* 

Utnom 2612 L 6 >| 

Mtrct..j 541* 545, 

Merrill Lynch. - 1 l4fe 141, 

Alee* Petroleum J 36fe S 6 fe 

MGM.. : BSfe 257a 

Mbm.MiiuAUtt.46fe 466a 

Mobil Carp—.[ 68fe 69U 

Moaasnlo.__ 47fe ■ 4Blg 

MorpmJ. P.....! .395* 40fe 

Mncaawa- 1 461* 36U 

Ford Untor- 1 411* j S- 15 , 

ForemuAUck.-i 17fe • T/fe 

ftwton--—. 301* I 303* 

Fsaaklln Mlnt_TJ. .7 H- -1* 
Fraepm*Mineral- -If ; 19 
PrnohMif J 861* 251* 

k'aqoP Iwtnririotl^ 10 , , ,10 

GJk.K..107 8 1-11 ■ 

buliLron_..■ I'l d 

ot.HlthJona....[ -3450 J 24fe 

23 ScaitberuLAt.fid.i 26U | 26u 
oofe noulhera Ca-.—.i 16fe j 16fe 

247 t SGtw.Nab.Ko*... 29 1 28fe 

F31s Southern tfeatlU. 32fe j 42sa 

177* Southern Rat I va 5*1 461* I 46fe 

m%i x SouUUono.I 23 ! 22i* 

^7* IPo-n ftmeehkK* 23 7g | 241, 

SBb Spmry Uutrib-1 lb j- 161* 

3S?n Sperry Hand.i a3fe 1 33fe 

Si!? Squib.--23fe | 25 

Abltiw Paper.....: 11 1 life 

Ajuioo lSa^le —4 6 ia 6 

AlcuLUumlnlun-- 25 ' 25fe 

Aiuouia Sltel..^.' 16fe ", 16 
A*t«»iae_..j T47fe ' 08 fe 

HankvJ UcHirrovil 18 , 181* 

Hour Aom to* 1 » 19 5 « 195, 

8 amr L'emurce*.' 61; , oag 

8 elM'etepfapoe.—, 63 . 63'* 

Bow V'a|iav lnn».| 2ufe , BOfe 

HI* Canada 15 ■ lo 

Hrubctn......- 15 16l* 

bnu -o.. . 1 3.25 ,3.2S 

Cabnry P-i^er .... 1 S5fe > 45i, 

Camlto ilLQft-. lb lbfe 

C<iM( 1 n 1 .+ 01001 ..' 95* 1 afe 

Cuvida MV ljui'l' 105a 1 10 
LanlnipUnkC.t'fii, ' 20 fe : 8 bfe 
Canada lndu»... * 20 ! tl9fe 

Cut. Hu-lh_' 167a ■ 17 

L-an. Panlri ■ Im.. 181* , ]8ig 
Can. super Oil....' S25- ; sdl* 
jUnifeU'Kmt.. 4.20 j 3.3u 
Caaaior Aahewoh.; 9 l 9 

Uyc«ert« JTiJenii. ISO — 3.5! 4 i 1.3 Kabul* 279 —1 15 

iruielictfQuu^—..: 219.5—0.3.' 12 i 2.7 Kyi+pCeramIC.... 2.600 — 21 35 

Uzpau Uo\->l. 1*3.5—0.5 < 12 ; s.2 Meboiabn* Ind...! 602 —5 ■ tfu 

Harr,cuter.._| 246 \^2 i *9 3.7 MilwiUebiilank... a79 - 10 

Up*eb-*„.! 130.5' + U.41 16 '6.2 .VI,i*.t*-U.Ut»v> 139 —1 : 12 

UuMcb.■ 44.8 +0.3 ■ 4,4.4 Mit-u&isbJ Corp..' 418 -I • 13 

Horten... 118 Q.S < 10 1 4.2 , UiImii x Co_. 317 '. 14 

Kali uud Salz_, 155.6 —0.7' 9 .241 MjlouLcatn.. 629 t4 HO 

Karate,lb.I 296 1 + 3 ; 20 = 3.3 | Nimi»oj Dertk>„... l.»90 t40 15 

Kantb,,|.,' 202 .t 2 ' 20.5.0 f Nildruj Sf,lrifOti_ ; 619 * lc Iz 

KKry.iK.-rDm l*> ' B5.5+1 — • — I Mr*n llutor>„..' 014 -r 19 16 

KHD...) 180 +3.4: 12 i 6.2 n.xiws,.. I.nOO -20 48 

Hcaeb**-.—! 130.5 +0.4 I 

Huwcii.! 44.8+0.3 

Hi-rtan... 118 !—0.5 ■ 

Kali uad S*lz_...155.5 -0.7 ' 

Karate,lb.I 296 1 + 3 ; 

Kant but.> - 202 .^2 ! 

KKrtaiK-rUm 95.5+1 

KUU...) ISO + 3 . 4 : 

Kntpp. 99 -1.5; 

Clinic.-_* 244.5 +0.5 . 

biwaahrau ICo._.i 1.550 -40 ■ 

CuiUauwa.I 112 . 

MA\„ .. .- 202•- -2 ■ 

UiuiUi-rmami .... 114.7 +0.2 

Jlelil.ig'---.j 231 —2 

Munclicner Km-k J p40 —5 

.Nockcnroiiin.... ’ 113.5+2.0; 
Prebi^jj Uuil'A*.' 112.5 . 

UIicjuM eal LKv*., ^09.B,-2 i 

st-humig. 262 —2 i 

bieiiMi» . 298 • - 0.5 . 

Slid d.«.*rr .. .! 250 '-4 ' 

14 2.2' 

12 ' 1^3 I ACM IL (2b can.)_| i0.'l6 

25-2.1 Actow AiaUalia......;.; t0.&4 

20 2.7 Allie«l MnuTniK. la.lue f I; 12.25 
18 1.8 laph+aUon-- tliS 

15 ■ 1.4 Antpo* Petrol own- 1 rtJ.71 

12 i 2.8 Ihol Uineialii--_._J tJ-70 

18 , 1.6 A>hou. I*uip Pa(«r i H.10 

. I S Am«. Lnn. lprtuGiiea.-...l ;1.62 
12 , 2.7 Aa*u F^oindatbiu Idvm... 1 tl.i.8 

fz ? « i-'-l -. ' U-46 

*3 : + 0 Audiiruu....I :J-47 

r. Au"L th, k Uim>___—I i 0.28 

10 4.8 BiueMcu. lad__I ?0.95 

18 ; 2.7 U-jmpiluvilie Cupper.™_ 11. 6 

15;2.f BnAnn Hill Proprieoiry—' 13-26 

35 0.7 HH Soutii..! t0.92 

du 1.7 Cart loo United Brewery... U.c5 

10 ; 1.8 ...J ti^8 

12 ! 4.3 csmsij...I t—80 

13 : 1.6 Con*. Uourtahla Aui-. r2.4o 

14 ■ 2.31 Container (Sl;.._....J t2.JO 

20 1.9 I ConziacKiotlnio...|- 12.00 

15 ; 0.6 j C<«daln AuatmU*...„_J tl-40 

! .. 1.23 ;+0.t6 *.l. 9.73 

+0.01: dance Brazil UP..I 3.73 > . ,*.!<- .4.83 


tl^5 '- 

ftj.71 —noil 

t J-70 __ 

tl.10 ,-u.ul 

j dofeuMiucira OPI 
O-xiu OP..' 

1.78 r +0.l5J.l2 ,0.74 
1.24 :..:. J.14 ; 11.29 

■_ Auioc. OP.. 3.20 I rO.0h J.BC 6.25 

—lull Petrebaa PP-‘ 3.58 +0.16 '.It 2.79 

...... PlroillOP.2.06 |-0.01 .1 7.77 

SuureCn» OP-.., 3.95 .0.23 5.82 

!}1" "Sna *«l*HlnUfa!* PPl 1.74 kO.Ofc .1+7.47 
7 fl t'nip EP. 5.92 ;+0.P4 0.20 3.58 

,1.46 UlOS 
:J.47 +0J12 

VdL Cr.ULOn. Share* 73.2m. 
Source: Rio de Janeiro SE. 

tl. 6 1 + 0.01 
ta.26 i-fl.iB 

10.92 [. 

;l.c5 !+a.uc 

i-o-osi OSLO 

Horton Uoufc- 

Hor re gaarri..I 

93 j_. 9 9.7 

t-> 80 n? I f ln 40 am j 59.25—0.75, 4 b.7 

'JuS t* i** 1 if hank. 106a;+l 11 9.4 

2 jb I 4nena*»—.312.5-5J) 2u 6.4 

.y no .I 104.0-0.5; 11 10.6 

If-™ ■“■® b NorakHjilrokr.ri.: 186.0:. 12 5.2 

tl-40 +1.0 Storebrand. B7.5 +2.5 9 10.3 

luyoacn A.U._.. ! Iz4.5 + 0.6 ' 11 I 4.4 

— . -Kut.ig Ki+clrie,...: <07 —5 

16 ; 3.3 1 »ci>i»ui PiMaC— 874 + 3 

20 ! 1.2 SbMPkfe*.. 999 .. .. 

7 3.1! sum...1.860 -20 

12 '-30! ^*“i ,DC .■ ^62 + 1 

la *Vi! I«kpii,iii,iiin* 1 . 316 +1 

10 2.2 j ,UK -—..-1.52- -10 

18 L'f fvrin. 1*4 - 2 

_ 1 _ I>410 Mamie.. 49S - X 

7 • 6.2 • G,ai,.L,e i Pj*c'r. l.U8U - 10 
Jo . 3JI •'■H'lSniP' .... 3&1 -1 

2u ' 4.81 G^Vi’ShWriur*.. . 125 —2 

lb 2.7 I ‘■■’a-- • . 125 -1 

17 3.4 j l-’-t* ^l-wr. 911 .+31 



VeviiiiO'w Bk. 


LIB . 

399 .. . 

310.5 -1.7 

14 , 3.91 
12 5.1 
20 4.4 

10 . 24 

Morphy Oil_- i -34fe 34fe 

I Nabisco—.,i 491*. 49 fe 

I Salop Chemical.. 1 26fe ' K6fe 
I National Can—.. |- 16fe - I5fe 

bqulb. 23fe 

siairlaiii Uraoda 2bfe 
^id-CKlCalilornl" o7fe 
Sid. Oil Indiana. 46fe 

ouL UU Ohio_&6fe 

StonH Chemical., obfe 

49 fe { 6terl» n B Dni({ — 

dtudobakor„—.[ ’50fe 

SuuCo-—.—. 47 fe 

tftwdauanrt. s3i* 

dyui«K—- —.22 .. 

Tpeimfcoior..,.^.^ 8fe 

3 §;WmsS> S ESSS * *. ^=3 

M?' ; liia.i/J*w Karoimur.- .36* 

■■f. ^*.1 Oocr.EbKUiu-D' 43U " ‘45fe Neptune Imp— ■ 14fe l4sa | ] 

4 ,®T a i uSo«lFwSl.| 27 fe f K7fe No« England W. 88fe || U SraraoPWroUnm 

’■i Hi 2 1 ff!? DmkcoJ NIilta^_.| 27fe ! 27fe New England If, 34fe 35 Jleiaeo-.- 

., 3Qfe I 3lfe u Mm . S74« I 377, Nfauara ilobawh 16fe IBfe I TokOKali 



-i 14J* 


.. 28 

28 fe 

.. Mfe 


- i 166a 





u 37fe 


' 60 




■ ‘ lafe 


UmkoI Villa— 
Uenerei Mourn. J 
Geo. Pub. Cdl—J 
lien. lai. Saocr..., 

Gan. l’yre-! 

tienemo i' 


87fe T 577 3 iNMara afobawb, 16fe J IBs* 

IV ?. 19fe' J Niagara stare—: ' i” 9fe 

26'- i -"iiife ! N. fe Induatriok., J.6S*" i ISfe 
oo_-_ i io <- t \nrirtJLLWftdArn! SSL ■ QAia 

life lG*vyOU.... r „..liB* 


i Goortrvrb P.P..^..: 

10fe jUrwayearTlf*....; 

!'• 11,0 v life 
I6fe 161* 
s l 49 j® ; 60 
4 437 8 I -441J 
. 38fe 1 386* 
_I lofe ! lbij 
i Klfe j 22Ij 
..; 3ii* 1 3ife 
Ur 28 ! B8fe 

i'l 38S* 1 587* 
.i 2050 j aOfe 

Uould—.. MV. 5 * 

uracd O'.K™.: 26 

0 U AbJau Ptulaai 8fe 
Crrt. North inooL..- 25>s 
Greyfiound —13fe 
Gull K Western-/ 11% 


HaHburtiau ■ 1 98fe 

Hamm Minin-...1 38fe 
Haml*chfe*er„-.i 10fe 
ttsrrt»Oorpn_u^; 425* 
Uetou H./......; 36fe 

UaiMaa—^—[- 26fe 
Hew Sea HtdcanT 64 

NartolU-VreoUro! 253* S6fe Tesoa Utiiftfea—. 195* 

North NariCrtw,,.- 36 36fe Ttrualnc...- oflfe 

Nthn hiaMa Pwt BBS* 287* Time* Mirror...— 22fe 

Mbweot Airtlnerl 22fe .23fe Tim ken—. . 45 ■ 

Nthweatbancurt j 22fe ■ 22Tg Xtnne. .. 333* 

NorumSImou., 17fe 173* Transmcrica. 13fe 

Occidental Petrel 21*|'. Blfe Tnmw-..... . 19 

Ogllvv Mother.. ; 373* i 373* Trana Unlou.. 35fe 

Oak> tdlPtm..._. 19 1-18fe. Traiwway lat.'cnl 23 

Ulio.. 163*.i 157* ’ Traits World Air. 12fe 

V! »TtenUMiu........ 28fe 

Oversea* Ship—..} 2lfe 231 b In Continental— 18fe 

Owtzr*Corning.„! 5» -i 60 ' ...... 

UttOisIllinois..^! 21 21 **•'!.-~-y- S 1 ® 

tfecilk- Ga». 84 . , 2338 StthCemu^DK 22 

Pferttfe laehiins+' 20U= • 20 UAi.™-- J? 3 * 

Ifen. Pwrf* U....I ZOfe 20fe UAKGO.- BOfe 

iSTESJi *k :iSJ? S 

rsifc: is ;ia 

XKoro PHroIeom Bfe 

Xnoeo-- 254a 

lakOguU——. 163* 

Toma Inrim- 06fe 

Tusaa OU-* 8ao> 29fe 
Tesaa UtUltlbU- 1950 
Tlrua Inc.a6fe 
times Mirror.— 2Bfe 

Tun km—.. 46 ■ 

Xmoe. -.— 333a 

Tronsmcrica. 13fe 

Traaiwi'—.. 19 

1'Miia Unlou.. 35fe 

Traiiwray IntVnl 23 

iBfe [ 32* 
46fe | 46** 
23 ; 225* 

23 7g | 241, 
lb l- 16 fe 

a3fe i 33fe 
23fe ] 23 
2 bfe 25i* 

47fe 375s 
46fl0 467a 

86fe 67 >a 

obfe 38lg 
137g 13fe 

60fe 49*4 
47 fe - 37 fe 
s31* 33 fe 

22 .. 22 fe 

8*. 8*8 
341*' 341* 

701*. 691* 

lit 3fe 
89 U 29 it 

Bfe t Sfe 
20*0 I 25fe 
163* 17fe 
06*0 I 857* 

CbloRam lBh ' ISl 

Cnmliarj. 26ia 1 ' < 6 s 

L»*i» umburu... *31; • 2*4 
UaiHUinet (.•■«... 16J 

Coaeka Harare ** 1 7 n 

Cooim Mwii. Bfe 8 t 

Denhon Mltfe*.." b 8 =7, 

Ltr nieM |ut>. 77i;. j <61 

lAnnr I'mrcHemi, C4-it ■ 6 b 
ikmiinfea Briiltit ■ idol* ! ts3> 

..’ I4i* - 147 

l/iijout .. 125* Jv/ 

Fawna'se.>'!•*+ ■ 17fe ■ 173 
rutiJ .Unioi lan. i 70 - ' 75 

Ijetiila,.. * 6 -'* , <61 

Utam Yea'wknu-. rlafe J 13; 
U it 11 On Canada... i 26 *7i 

Hawker &M. Can) Ss, ! no 

UoliuiiuN-..-—_(29 fe ! 30 

Home Oi.-A.!. dBfe i +0 

HudaOU day Slat lSfe 1 153 

Ilu«1 wo bar., 17<p . J 8 

HugtonOu'aGa'! 42U I 021 

I.A.C...; 171*1 1.1 

Imaw-o;.30fe , 305 

InmemUMJ. 18fe 187 

I lieu..I 16,0 b'l 

lnda..... 1 10 • 10 i. 

blood Nob. lta»_J i-ig 1 lUfe 

lu»VyPlpaL(uei 14 i 14i s 
KalaerEteourv*..: 14 J 14 
Launn’tPtoCcnl 16 'a ■ <>* 

n.30 I d.40 


■MMirtsr Mittrn wiiniw lourn 


‘ . _- Cfiv~” 

Frt-. I*i f’rt-.+ + Fr-. fit. 

I" — Vet . 

185* ! I9fe I__ 

is 1 i-s Dullb.ip Kubber (Slu*_I 

48 , L7 : bMor hmith..._.! 

12 8.9 : EJL lildustrie»..; 

1,1 ; l V :u - P»upa*Vv Trurt-j 

20 ; i.U Hainerakd....; 

4U . U-.HMter...l 

11 , a2; I.L'.I. Aubirali*..j 

Is 0.4 • MiinAfe*«r____[ 

40 1A1. Jeiiuiut* Iniiuatrtea,.i 

I'J +.4 . -I.■ru—-1lifti idi............ 

11 1,1 ■ Lwanard Utl.. [ 

o 3.7 Mm > K\|<k.raiicn_...' 

IO <.4 | MIM H-.Mina^__' 

lo 4.0 1 .*1 Jvr Eiupurtum—.. 

1<J 4.0 I New a....1 

20 LI t .VrtxoiNa ImeriiHitnna'. 

uv.. 1 ' , - ,r,lj H iiiiiue ■“ «■; 

I Oil hnirei,..: 

I Otter k'zpit,rat;,,n .. . 

! IV-urv, iiMirmr...; 

Pl,_ - Wuoailk i LuJicum.: 

Fr' fit I “'riel'.. ’ 

v.i* | v»|l blond Min HU,. 

- KmIi'Mi.. .. 

: w«iho» . 

, l+J* U ' ,T1 ^ la ml,".".". tSS -24" bo +.2 j -*" 1 * 

L- - I_Z__L.; tttkert “8”.„.1.740 <26 112 6.4} 

101 I ; 24 1 4.8 ‘C.H.K. cement _. 1.158 <6 SfQ 7.9 I 

22.41 .. . • _ .Ou+nli.... 384 -31 — — j 

sag a,~". \*n P 6.6 ■ EBb>._.2,d25 -10 177 ^- e |pAKiS 

.-.6,040 -80 43U 7.11 ■ W 7*T_. .. 

70.5;+ 0.2 22; 6.9 i Adotiino Nat-2,480 .I /O o.9 • ■ | Pru*> 

82.8+0.3 1 23 : o.a.f-h. Inu.+Bm.... 1,905 —5 lhu I* • 1 rrs. 

Aiixid <fu)i—: 

Abac I Pi. 20—... , 

Item liuLiK.. lot, 

Amov. iFi.ljf... 
AinioBaaktl'IJZ 1 -*, 

11.32 ;-l.t8 ! - . 

■ 1-00 • — j 


11.30 +0J11I mini 

id 05 
io.2tf s; 
r 1.28 , 
l i.U 1 

id. 15 

»U. 6 *0.01 j t;.Hd Fields NA ... 

ri.Oo ,-ojjs i Uiuda Corporation .. 
11.7b -o.t-6 • Dr Brers Deferred 

rO-Oa . ; HiWMirmtaehr 

i0.17 I -j.oi i Ejm Rznd Ply. - 
1 1.44 - 1 . 4 j l*ree Slale Geduld — 

tS.eOw . . . ; President Brand ... 

-,,.oj j PrpsttJent Steyr . 

iU.20 „ .. {giltlMtelD __ 

* 1 p 6 .... ‘ Walfcom . 

30.97 . . IWiU DriMnniem .... 

1 1.13 -0.011 We*r*rn HrtdifBS .. 

tl.66 -Q.IW l Western Deep 

Feb. is 


+ OT— 

Anglo American tloron. 

... Aoa 

Charier Consolidated _ 

... 3.14 


Easi Dnolottoin . 

... 12.00 


Harmony ... 

... r.lj 


Kinross ... 

... b.ra 


KlOut . 

.. 5.95 

Riuacnbura Piannum ... 

.. i .it 

-0 nj 

St. Helnna . 

... H.«l 

South Vaai ... 

.. 9.0d 


JI. 43xd 

5 95 


3» iw 

IT. r. 

4 40 
riVt ltd 

n nil 

dl.enkort. 82.81 + 0.3 23 : D.a tnu.vBm.... i.SUb 

iJukalVeoL’nnFIIC, 120.1—0.8 7Q > 0.0 | ^Wrt-L,»30 

bun nil TcHU-t-.-le 66.4;-0.5 26 j 7.6 **utou-2.525 

Kiw'vienFi.i-.V.; 26B '—2 ,121 l 1.6 ; luietceot.— 1.805 

bnutaN.V.lKsin-r! 138.6 +2J • 32.6’ 4.1 j Kustivl'jallb...6.»70 

buroCfiuWFi^ 6231.> o4.l. b.b I Li Kutme 8eure.4b.180 

GUt9i*rafe>lFK l 37 J —1,4 22 : 0.9 ■ Ken H +ilnn_'2.44U 

....... 2,326 -10 177 7.6 DARK 

_.6,040 -80 43U 7.1 r * wc> _ 

l_2,480 .170 o.9 i -I 

m.... 1,903 —5 D.fl f t-oi,. I* • I 

_ 1,»30 . dO o.5 -!-, 

_2.325 —15 160 6.0} Item* •*...-. 

_1.805 +10 142 7.9! AlriuneOwWV+l 

.6.»70 .. .... <! 6 o • 3.81 > ,r '-feuid.: 

Price : 4 - 4.1 im.iVi, 
Hi ‘ — |'r». r 


AECf -.. 

hideAiibf. lndustrlJl ... L 

Rarlow Rend .. 

CM A InvuvniPtiTs . 

Cume Fiuancv _ » 

De Beers Industrial 
Edeant Consolidated lnv... 6*11 ... 

Giat8mi'aile>lFh., 37-3 - 

HdnckL'u iPiiOiJ lob.l>M 
Uu>iui»-efi‘iFI2Ci*l 84.9,.... -IU.3 

Hunter D.(F. lOOi; 2B.0^-0.4 i 12 

I.H.C. Holla no . l4.4i*-0 3' Id 

klaSI (KIlL-w. --I 126.1,-1.7. - 
lul lluili-r |lS£u_i 37.7—0.6, lo 

Vaartien <FIHU... 38.8 ; - 0.6 10! 109.6,-1 3 4bJ 
Not LnMhKtFlB-, 56.3+1.3 ' Hu 

Nol.UidPkiFiicL-; 191.5'-1.5 HO 

.01 , n . . _ UVEI3 IIHJIHI 

smst'A* a wssi? n n si wj 

, /t Ettr Ready Si 

In Continental.183s ! 18fe 

LILW._..._J 3Ufe 1 Sul* 

axri CenniryPos] 22 J 22fe 
(j.vL..I 19fe 197 8 

Holiday lan*,— 
Bo mem dae — —| 




153s ! IBfe 
331* L 34 
43i« f 436a 
life " 115g 

26Sa- -Pbmtey J.C. 

cai_ PennKBl—. 
«?*= ji __ n— 

Patfdca Has.— 


34fe 34fe 
29fe. 2S3* 

25fe Sfife 

U.VL..I 19fe 

UAHCO.-- 20T 5 

Uil.. MS* 

CUP___J I4fe 

Umlever_...... 363* 

Duliever NV. CWfe 

Uninu Unuoarp... 13lg 

873* J 2753 

.1 33fe 1 33fe 
ll . 8‘I 1 B 
, I9fe ! IBfe 
{ aUfe | 2218 
.] 24S* 1 44fe 
} 36fe ; S6fe 

HjlidM Mar- <**«>- 24fe 
HuflHPhAWwi)- 10fe 
ifuttCD (E J.}—.[ life{ 24 
1KA---' 38fe. 

ffeaUn Sinter—..]. 10fe. ’- IBfe 

If# --J 3 Bfe 3 Bt b 

purer;-—! 27 27u 

Pbelps UrrigB—IBfe 18fe 

Philadelphia Hie. l9fe Z9fe 

Philip Uorria— B6fe 56fe 

PhUllfa Pfitrol’ml 38fe 287 B 

PUabary — ...—' safe sat* 

Pitney Bo*»—■ -. 

PitUtOB.-- 24 • Z37g 

, .. 3Pi«. ayi* 

. . 27 Ja 273* 

J IBfe ■ 

.(. Z*r» 1 '•« 

.! 41i* 1 41fe 

» 11NA___ 1 BSfe . I 36 Philip Uorria— 06fe 56fe 

27^3 hwortOUteod-..' 64ia I 54fe PhUlifsPetrol'm[ 3Bfe 28fe 

JS? - WBRU-i Mfe j 34fe PUtfeuy r 38fe 38fe 

|® J 8 11'toailtW—life I IB Pitney B6»ea—; 19 . IBfe 

83 !s ^^S « B r* !»?S 6 SStoii; “■» i S 

2fe loti FlHHau;.: 20fe ,< 20fe - * . 

33IntL Hanester...' 87fe • PWaroid... .—. 24 ■ \24fe 

g“ IntLUinfiCbea' 39»£ !, 39fe : JM*>oia,; btec_ . I5fe ■ JL6fe 

i 9 fe inti.aiuimtwtoJ an*: aiu \ itu inn. 2 Sj. aja* 

22h lidM_141%. ■ 147. ! iv-cicr (.atubre,. J9U ; 7866. 

^ 4 i| lull. Paper .— u ;- 36fe ' S7fe PuOSienbfcita- 22fe-. 22 fe 

36fe IPG 27fe j BBfe Pullman-.- 253*. 25fe 

2Zfe Int- k ecttlter .- J Bag l. 9fe Pi/re* .. .Wfe j 16 * 

30fe IntUBLATJaL^j' 271* ' 28Sg VuakwOata— . J 8*}a 

275* lo*W»--... 1• lfe. ■ IU tef*dA«rwai.-r Bfe j 

IBfe lmteC :.l -291* • 89fe- Mav»6e*m|Ife 

IU InxenjaBonaf.’ life ; life l Wli...: ®41i i- 84fe 

41to iJitoffUlfeJ-*«.i 8B l"2Bfe i Kapohhobmc.«l 32.8.1 23fe 

liRbja Cartitdo... 38 
liuioa Cwnmerev bfe 
Colon Oil Calif— 47fe 
Union Pacific— 4lfe 

Uulreyxl——... 7sg 
United Brand*— 7fe 
United Carp—. 104* 

US llancsurp. _.... 27fe 

Uix Uypatnn-22fe 

US. Nboe.- 2e 

US. bteei._- 25fe 

U.Techjiok«ie«^ 84fe 
UV ludufitrfea— 18^* 
VlnjiniH KkcU... life 

UtWar, Cum. -u'" e.30 I 3.40 

Mc'miu’u bmed,, 16fe > 16fe 

lloacev f%n;uara>' 10 fe 1 10?g 

liclntyre..i 21 i 21 fe 

Uuureuzjrpo..—.. a\ sa 30fe 
N-'nuila Aline*..., 25 1 *&7g 

Notceo fcjjenn - l8fe Id:* 
Nibn.Tefertut.... t5fe ; Bb 
3iuiua\ UllA.Giir| 16 ! 16fe 

U4knoon Heu’inl 5.12 • 3.00 
tttcilic Coppar U 1 2.12 I 2 a»9 

HuaficPeoacwui 355* ; ob 
tfen. Cdu. HeL'uil -at* : 02 

Patino--- tic fe , loJ* 

Poapies Deia. ». ! 4.10 1 t4.10 
PtaiuoUaaL U1 ..j U 86 j u.B8 
t*locorUevLHO|inti 19»a 19 fe 

PowerCurfjttnit , ii| !*.■* Iwfe 

Owfi-t.Wi. 1 

Von Uni meter*.. 
PbkhiH<liV>J»t. ‘ 

Pbiiliv ihi.loi... 

Ui^uScbVurr l.BJ- : 
it, d«*.ii iKI^U'.... 
UofUt.Ii> Il'kU'... 


169.5-^2,434 +.3 
1*0 . .. a 8.7 

41.5-—3.0 ' al 10.1 
29.5 —0.1: d ^.S 
63.7 -0 3 , lo - 

164.7 - 6.125.4 7.8 

116,0-0.4, . - 

120.7 —0.2 1 14 ' a.i 

HO a.a 


al 10.1 ---- 

cl ^.5 1 ' rira* 

1b — Ms W Fr*. 

Fr. Pttrtrle*. 

Urn. Lktddcataii [ 

_lutets ..■ 

Div. V:d. Jai-qiies Urjrri- 

-* r Utonte-.i 

*.i gS 'ip uS' h*'*- 1 x,:n **r Prnoeries 

_: ao.9 ._.i i.its Ij.O Sj^e Rniilinc* . 

KiMHilhitirli 'Fi’Ai, 134.6'—0.8 ABU ' 8.1 i dhL ' ' . 

A.miitmuui. 1.390 

jiaiciit'iiig. *40.9 +0.1 lu i.f 

sieviuGr|,:F Xv , 139.5 —1.3 c't t a.9 
I*jLV»Hu'HM+». -93.0 —0.8 5w • 0. 7 

uatu+ei iFi^Ii.. 1(13. . \ . r.y 

i ikinghcs.lai.el 41.2 +0.4 dO .1.1 
Wr»l wilil’u.Ualik. 489,0 

i.v '-'l , w bi iu\.-F>1.580 
J.9. IV'. II. I Vrlfc. 1,036 

0.7. D*>. lirj. b»4 

;.B ■ rein . 2—70 

1.1. I-+ lniw*ll..1.670 

4.7 • I'lr •!+.■■ ■(■r>«n>e .. 770 


to * 7 • i'k n».+ iiti+irne.. 770 -10 a a.z reitia'i^-nn+u.. km. 

. ilivlnu'.ii Hi.certs- 9U.3U0 + 2a6 aai. ■ ra .. 1 97 

-t L-.. M.M-.9.050 -50 ?i 350 

! luirTM-i.... 4.000 - iS ■ 2d 2.5 • «?*“»*.. 

| ... .. *.363 -10 HJ 1.3 tla 

! ..... rbO 25 «.i. 2.. • T ' .. i55‘ 

IJ .U l.-eti . . 2.410 

[>IV. V:d. J Urj«_ 86 +2 ! - - I'l O. Smith Sugar- 1 00 

•' -i Latame-.... • 138 .+6 lk./« 12 21 S'tr+c .. "’..VI 

-,-L.tL’Ureai- 1 633 '-+33 iOP' Breweries t.l- 

: LaHwirt_A..—+.;1.240 + 23 : 3lab ■ Tlwr Oats anil Nat fedte 4«n 

o • 2.11 UuiNm»PbenU.J 663 +18 : 2 ».» b.l' li n-»-'r l ;> 

U 2-c , MIHieiiu -p"—1.058 , + 18 '5/ aa a.l j Coenritiee Ranri 411^1 

HH 1.6 Mt+t HcniMMy—' 350 +20 liLe 3-6 &eC “" t,W Kand SU.S.i 

Hi d.i tiuciiwx-.- 137 '+0.2: a 22; (Diseounl of 31.9 4l r 

22 a.3-F«rita*. 14SA) + 3i : 1 s.rt> '3 8 _' _ 

lb . 3.1 . Piriiiliev. 74.9 +2.7' i.a 10.0 

1J 2.7 '■ Pei m.i.Ui.m.t , 204JS T 0.9. 7.b a.6 . SPAIN • 

a 3.2 ' Pe-iLia'l-Ciimeti.. 264.5 +BJ5 la 5.ei __ __ 

aai. ..' 97 : + « ! - - iffS nr " Pe 1 r 1 ? ,,L 

« ~ ; + ? 2 ! -jl- 1 ??l^nro Elltoo-.. :.. - 2B 

d.l ti^iniuox-.." 

. Hanbo*... 

3.1 . hrilllli’K.. 

Securities Rand $U.S.0.7Si 
(Discount of 31.9%) 

, Puce j + nr Uir,.Vu. 

K timer — ' i I 

m liler11ki*'.IL.FjaJ.2.+90 —23 

life tllfe 
1.54 | 14B 
871* i. «7fe 

ZBfe VtrviniH Klecu... *x** i a 

Z3fe Walgreen^. 174 b j 17fe 

into WhnwCJomM• « ! 

lVnrnat-Uuit>cjt 26 fe ; 27 

- Wamo-Uaii'nirtii IBfe : 19 

Wfe Welfe-Fargo..... 251* : 25fe 

if ^'8 VVeoicru Hukki j. aofe fvl* 
*»“4 U'rnnni .1. A uteri , *4 

78fe. Wesirm L'onm.. If*! : Ibis 

22>a »rrtit(iuhwW»*il 173* | 17.& 

»C+to.V(+zi...^— | 24 fe 
Way*H«o*.Aet— | 22 
WbirttMl. tOfe 

White Ltotr. Itid..| *hfe 
Wiiiifio Ce. ■.., l®fe 

241*. ! 24fe 

22 1 £273 

tOfe 1 2U* 
20eg 20 m 
IB fe ! l*fe 

QuebecDLurjeoiit 1.54 | 

tionutfr UU_. 871* i. 

Head 6haw__] B3* j 

Uio Algom—; tab 
Koyal8k,« Can.' 3?fe ! 
Kovu 7>urt_«.! 16 | 

hetirtrelfewuteeel 7 Jb i : _ 
aeaentau—(33* t 
rihfil Cautnto ....I 15fe 
dherritlli.^llDftl 4.80 

dleOeUkO. G-, 5l7g 

ii in I sort.—.... So 1 
sifaHOiUuuriB.. > 23 ' 

rteeptaa-k lieu..) | 

LcnicuCanaria. — ; i4ig 
Coionio Unn.bk.; lV.fe. 
thni+L'Bni’i^jL'Lii! Nfe 
I'nuia Uuuiil Ulli. fe+* 
m*«.. ilu'j . 

L itKOt Lia*...—..." lUfe 
LHi.hlH.^6Mine 1 ife i 

W+lfcCT Hutu. POfe I’ 

Wevl u«i-.i fr**.; &2frh • 
Wa+ionbHC. |41| 

AitUeraljaukeii..... 141l*| + 1* 
Uurni'atrWziio —, 4341*1+1* 
ftonwln. Hunk . ...I 1305*1+1* 

Kost AriaUrC«_. 230 |__ 

Muombanfcen —' 116 I—-., i 

For. BryBserlerJ 3&Sfe|- 

For.Fkpir..j 7415,—lfe , 

HantleKtouiL-! 13312, + lfe I 

Plielli '•IHfF.ICJL 301 —3 
Mri'L.v'. .Fi^u..4,090 —33 

toirlC+l !■>.., »53 |t 2 

4331*1+1* i Id j o!b ■ adnfMwi.Wf.Cj 3&0 
X302*|+i* I 1 1 i H.5 i su-/«r-Ci- iF.IWi, 398 
230 _ 12 | o.l |b»iraalr(F«ifcOj_.! b75 

ao+ .' 97 : + « !- - 'I'*™*” 18 

» --ssSSi——= 465 Cf 2 !*» ll iSS »"■■■■-"" 

£ ! o.fefeii,. 124.6 +5.6 I li.« 11.0 Ezinter . 

£ i.A ! =“' .1.679 1+69 j SB H.2 KS2 - 

lo la.. -. 1 i f 9 * 11 2 Banco Granada fl.i»0) 

lo 4.9 rwcmauHiHlV... SQQ , * 12 4.0 Rmwo Htsoano . ... 

2b j.b •'■’“’Mi BraUdt.i 135.6 +2.5119.K 11.1 Banco Ind CaL (l.«0l 

Kb 2.3 t : , ’ ic, ‘ r . 1 18-6+0.51 - ■ - 8. Ind Medtierraneo... 

9 ! 1.3 Banco Popular „• 

14 ’ 5.5 Banco Santander tVOi 

J 15 .11.2! tfw'rM IMnLiP.IRi;, 42b j.....—, 
..j 12 . a.?; b»t!vH ilic.FJK)3J5 p l50 i+50 
t , 8 10,6 L'nl-nt bank_3.53S <+10 

«.N’rii’nH..Ki« : 256 

14312, +lfe I 12 I 8.2 j lunch In*_—.12.000- 40.1.7 


10 I 2.5_ 

| 40 i L9 

’ 20 H.S Feb. 16 i 

OOfe f 50fe 
a2M, - ski a 
tail iiai* 

” imviu w* - — i 

Wfetztaiai Hint.) 27fe \ 27fe 

■ Aaw(*n ■ um i *rr*o 
f Traaaa. f Blew ttoefe. 

Non buiDol—.— 


Pnva thank —' 


soph. llereikliCf).; 




r+v. u. 


- , ir?*i Dannie. • 
Veit Uaaner'i._ 

268 +fe 

86 L. 

1563*1 +fe 
143 '--I* 
372 |+1 

181 |-l* 

12 i h.2 _ 

X2 j 4.5 i 

U : £2{MILAN 

11 im! ""* 1 
12 ; 3.3 ; 

12 t 6.6 i n.. 16 

AGA Ah fkrJU/J 
Alta favailMKrW 

[ Allan L'o|cr(Krac' 117 

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IMS’to a MewiV? Raov’o Hisoano . ... 

I TS’2: t S , 5 W.I5I1.) Banco lnd C*L fl.fflW) 
la.S+0.51 — ■ — B. Ind Mediterraneo... 

Banco Popular M . 
Banco Santander rssoi 
Banco Unnrtlo <IJ0M\ 
Banco Vlzcava .. 

1’nws I ■ uh'-£m Banca Zj ™®“ ™~. 
ttuaw t — 1 Li. • t Rnnns Andalaeie 

1?0 \JT\1£\ 2* g?"* *! to “ 

,+ J i Oragadw .-. 

117 i +1 t «i F 1 Arasnnefia*. - 

niJ —° 0, *iEsoanola Zlnr _ 

190 !+a 

168 ;+i 
09 ;+ 1 

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Price 1 + or Dit. Y«i. Hotr ra....—1*4 !—1 < + 1 S.c. Fecsa * 1 ,n*m ■ .. 

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——;—-- Leiiu+zm. *14 —4 < 1 j +&!■;*! Prvciados ... 

134 1^-5 . — — ; Kici-i’.t^'li-rKjJ.! 133 -*3 J d.d 4.Z!:;tiipo v+iazuner 

J Au *41 in Atone..I 950 ■ *35 12 -j 12.61 Ert(.+ji*i -b’lKtftiJ 146 -+4 

jttou-ji.J 514 +36 - - ■ z35 1-4 a a.o : lb* ni«- 

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574 -1 ; 4c : 8.4, lH«z*r. Pnv. 871 -10 - - ‘'WlEnrfcihta... 132 Ki \ B 

90 1. - - jPu-hai .-.i,2H -SI ■ llo 6J3- ian-l+tIk KrtC 84ri -1.0 a a.w' V£ h * 

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.... 3150 - 2^0 

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. «•» - 0.50 

. 108 -7 

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France tightens 
takeover laws 


THE FRENCH Government has 
decided to introduce simplified 
and more rigorous regulations 
for lake-over bids in France to 
an attempt to end the legal con¬ 
fusion which has characterised 
take-overs in this country for 
at least the past ten years. 

The new regulations, comple¬ 
mented by legislative provisions 
which will be presented to 
Parliament in the form of a Bill, 
are due to come into effect on 
July 1. 

A new supervisory' take-over 
committee, presided over by the 
chairman of the Bourse watch¬ 
dog body, the Commission des 
Operations de Bourse, 3nd made 
up of representatives of the 
COB. the Treasury and the 
Chambre Syndicate des Agents 
de Change (Stockbrokers’ Asso¬ 
ciation). will be set up to en¬ 
sure that take-over regulations 
are strictly respected. 

Under existing procedure. 
Bourse quotations are suspended 
when a public take-over bid is 
announced. The new regulations 
specify that quotations cannot 
be resumed until information on 
the company ivfaich is making 
the take-over bid has been dis¬ 
tributed and after a first com¬ 
munique by the company which 
is the object of the bid has been 

So as tn enable everyone con¬ 
cerned to obtain all the relevant 
details about who is involved in 
the bid, the new regulations lay 
down that any persons or com¬ 
panies which buy more than 0.5 
per cent to 1.0 per cent, of the 
shares of any of the parties to 
the hid, must publicise their 

Under current procedure only 
those “allies" who purchase at 
least 5 per cent, of the capital 
of the companies involved are 

PARIS, Feb. 16 . 

obliged to announce their moves. 

Changes will also be made to 
the number of times the ** attack¬ 
ing " company can raise its bid- 
Until now, the company which 
has made a take-over bid has 
been allowed to raise it only 
once, after maintaining its ini tial 
bid for a period'of four weeks. 
Under the new rules, u can raise 
its bid as many times as it wants 
to. on condition that it stops 
any competitive bidding ten days 
before the end of the month. 

On Lite other hand, the com¬ 
pany which has made the take¬ 
over. bid will not have the right 
to buy shares on the Bourse of 
the company it is trying to 
acquire as long as the take-over 
*'battle” lasts, without raising 
its initial offer. 

The new regulations also 
attempt to put a stop to past 
manoeuvres which enabled com¬ 
panies to claim that they were 
controlled by one of their sub¬ 
sidiaries with a biR stake in the 
parent organisation. The 
government has called for a 
special study to make a lesal 
definition of what the French 
call " autocontrol." Once this 
definition has been adopted, 
parent company shares owned by 
subsidiaries will not have votine 
rights at annual meetings. This 
provision will remain valid at all 
times and not only during take¬ 
over bailies. 

Another important feature of 
the new regulations is a reduc¬ 
tion of the minimum capital 
threshold for public bids. Pre¬ 
sent rules specify that a public 
bid (OPA) can take place only 
if the bidder proposes to acquire 
at least 15 per cent of another 
company. Under the new rules, 
this threshold is lowered to only 
5 per cent, in the case of a 
purely financial placement which 
does not seek to gain control of 
another company. 

PLM beats expectations 


THE FINAL 1977 figures from 
PLM, the Swedish metal can, 
packaging and waste treatment 
concern, show a smaller earnings 
slide than that indicated in the 
preliminary report Pre-tax earn¬ 
ings before extraordinary items 
come out at Kr,42.5m. ($9.1m.) 
compared with Kr.35m. in the 
preliminary report and Kr.6S.8m. 
in 1976 The Board recommends 
an unchanged dividend of Kr.6 
a share. 

Turnover grew by 10 per cent, 
to Kr2.05bn. ($440ra.) but this 
conceals a decline in volume of 


STOCKHOLM; Feb. 16. 

about 2 per cent. After extra- j 
ordinary items, which include a 
devaluation loss of Kr.20ui., the 
fina I p re-tax figure is Kr.33m. 
compared with Kr.24ni. in the 
preliminary report and Kr.71.8m. 
for 1976. 

The improvement in the last 
four months of 1977 encourage 
Mr. Ulf Laurin. the managing 
director, to forecast a moderate 
profit recovery to around Kr.50iu. 
pre-tax this year. Sales are 
scheduled to rise by 7 per cent, 
to Kr.2.2bn.. including a 2 per 
cent, growth in volme. 

Pick-up in D-Mark sector 


WH l LE THE D-ni a rk sector 
Picked up firmly yesterday, the 
dollar sector was depressed both 
by the weakening currency and 
a sharp Tall in the price of the 
rtefed 9 per cent. 19S7 issue. 
These bonds fell from around 94 
bid at the beginning of the day 
to S9 bid in the evening. 

There were reportedly one or 
lwo large sellers in the market, 
and this fall, coming on top of 
the Massey Ferguson falls on 
Wednesday, caused a general 
Hurry nf nervousness. 

In the D-mark sector, the 
major development was the news 
of 3 DM290m. offering for the 

European Investment Bank, 
which is expected to be 
announced by Deutsche Bank to¬ 
day. The indicated coupon on 
this issue is expected to be 5* 
per cent Although coupons have 
been lower on one or two issues, 
this one will have a longer final 
maturity —12 years—and the 
news of the issue reportedly 
caused other comparable issues 
with higher coupons to rise. 

At the same time, the further 
weakening of the dollar also 
caused a revival of interest In 
D-mark bonds, dealers said 
Turnover was reportedly higher 
than earlier this week. 

Coal strike 
for Int. 

By Stewart Fleming 

NEW YORK, Feb. 16. 
THE SLUMP in the dollar in 
the latter months of last year 
has bitten into the first quarter 
profits International Har¬ 
vester, one of the largest agri* 
cultural equipment manufac¬ 
turers in the U.S. with about 
one-third of its sales overseas. 

The company is also express¬ 
ing concern about the possible 
impact of a continuation of the 
coal strike on its second 
quarter operations. It warns 
that production cutbacks in 
Ohio and Indiana this month 
could affect second quarter 
results, and it is concerned 
about sales to the coal industry 
because of the strike. 

Net income io the three 
months ending Jan nary 31 has 
slumped from $25.2m. in the 
same period a year ago to only 
SIR.7m. Sales In the quarter 
were Sl-2hn-, unchanged from 
a year ago. 

Under U.S. accounting rules 
companies hare to take into 
their profit and loss account 
foreign currency translation 
gains and losses on balance 
sbeet items. In the first 
quarter, international Har¬ 
vester's income suffered a 
Sl3.4m. cat from this source 
compared with a gain of $4m. 
in llic same period of 1977. 

Earnings per share for the 
quarter were down to 60 cents 
from 84 rents. 

The shares of agricultural 
equipment and capital goods 
producers such as International 
Harvester have been depressed 
by sluggish capital spending 
trends particularly in the farm 
sector. There, weak grain and 
livestock prices hare led 
farmers to be cautious about 
their investment spending and 
this is affecting demand for the 
companies' products. 

International Harvester itself 
says that its agricultural equip- 
j ment volume is likely to con¬ 
tinue to lag behind last year’s 
I record rate. It adds that its 
I traditionally stronger spring 
. sales of pay line and industrial 
! equipment Mill be offset by 
I depressed sales to tbe U.S. coal 
, industry If the strike continues. 

Modest advance 
by Gillette 

By Our Own Correspondent 

NEW YORK. Feb. 16. 
GILLETTE, one of the biggest 
UjS. consumer products com¬ 
panies. has reversed four years 
of declining earnings and 
recorded a modest profit rise 
for 1977. 

Earnings for 1977 are S79.7m. 
($2.65 a share) compared with 
S77.5m. ($2.58 a share) In 1976. 
Fourth quarter earnings also 
showed an Improvement from 
516m. in 1976 to KIR.Rid. (63 
cents a share) in 1977. 

Tbe company has been try¬ 
ing to counter tbe declining 
trend of profits by weeding out 
unprofitable lines and develop¬ 
ing new products. 

For the full year, with sales 
up from $1.49bn. to $1.56bn., 
profit margins have continued 
to be under presurc, but some 
analysts are predicting an eas¬ 
ing of competitve pressure this 
year and a further recovery in 
Gillette’s profits to levels 
reached earlier in tbe decade. 

Overseas side lifts Ford to 

* ; -ft* a “ ; 

. -yr- ; 5. ; 

- ■ * -vAt •’* * 


ss£ c ™ pare<1 wi,b sup sss, "S/ssi 

end figures which confirmed As the company adrauwtedged ^rc ‘too'u^ Jdmanufac- 

that, like General. Motors, last this afternoon, the profit per- p£ r ccnL of total revenue. Net airing facilities last-yoar was .up 

year had proved the company s formaoce stemmed largely from income was §705m. or 42 per cent. 67 per cent from the year 

most profitable year ever. a >>l per cent, increase in its- 0 f consolidated world-wide earn- before and totalled Sl-Sbn- 

ln all. the company's results world-wide sales of car and mm;. Analysts who follow Ford 

. _i r ‘ - tminlpp T net «pA*t«i v r frit'll rt f £ ® 9T)H 

push for 
rates rise 

By Our Own Correspond* 



NEW YORK, Feb. 16. 

performance OI Jl> overseas p icviuua jmi mucu iiunn-. . , Z . agure, a i--* rnm miss Inn revenues ha» 

operations whose dollar sales American sales were dented by compared with S171m. Sales c | nt decline in U.S--produced 'SJIJJftfcwi- ^ J-“X ' 

were up by 34 per cent, and net a month-long strike) and signifi- were S10.13bn. compared with & rs because oE a weakening of 6 P « 

income by 61 per cent- cantly higher than the previous $7.21 bn. World-wide factory the domestic market. ■ However, {“jjJSJJJ; hrokorT n^ '• 

For the vear Ford s net Profits saies ****** established in 3973 sales in the fourth quarter were pressures in.Nortfa America Qn - 

cameIn ItlkSnZ ! or S146 , Of 5.9m. 1 . 688 m. units compared to L28lm. “ thought IWJ> reduce the "jfgfa EasU * tte j* • 

share compared with $9S3.1m. or Ford said Us profits from Looking ahead, the company years profits to.around per ann ther Wall Street major" 
$8.36 a share. Sales were North American operations rose expects to have to spend between share- gin Stanley, which put i 

• _ • • ” _, fees to institutions, late,;' 1 , 

—^ • , wee k-Goldman Sachs issjfi 

Courail seeks another $1.3bn. Federal- funds' SSHSSfiS* 

- ‘ and ■••timely’, to--- encaur&i ' 


THE PROFITABLE rise of tbe the north-east US., is suffering tie in their projections. At its operating losses this year and continuation of yttai rave? 

Consolidated Raa Corporation from maladies which have birth- Conrail was expected to next and’to set-up A contingency services. . • ■ - - -*• - 

(Conrail) out of tbe asbes of several parallels in European be profitable "by 1979 at which fund to cushion the eompmay The abolition :ot fixed ce ; 

the Penn Central Railroad looks experience. Freight business is time it would revert to private against the effects off namrw suras m r™y._°as-' . 

likely to be considerably delayed being steadily lost to road ownership. * disasters."^ ,J2f “SSL. ;S -' 

following losses of 560m. in less transport a large proportion of Mr. Jordan said yesterday that severe winters of. 1977 and 1978 revenues.rai dW helped:-the e •. 

than two years. its equipment needs renewing Conrail bad already tapped fall into this category. _ of ^mS5L' 

In a new five-year plan and an unprecedented degree of about .SLBbn. of its original Mr Brock-Adams, the Secre- 
submitted to a Federal agency, co-operation is required from financing and would exhaust the ^ Transportation, yesterday 

Conrail is asking for a further the railway unions in order to $ by the end of the "first - , „ . rtF ani} 

injection of $1 %bn over and reduce maiming levels and raise quarter of 1979. .- he,d , out tl ? e P f V- -- 

above the S2.1bn. granted by productivity. According to its business plan, tional moniej. for Conrail but ^ n * i **gL*' 1 o?*to/dLch ■ 

Congress in setting up Conrail tn addition, Conrail's chair- Courali needs the additional did not radiate, whether be -JJSSS , 

22 months ago. ^ man Mr. Edward a Jordan, funds to pay for new trade and would support thecompanyta instil- 

The railroad, which is a major confessed yesterday that his equipment, extra working capi- asking Congress for tiie total . Morcari Sl^iilev foll^^. 

freight and passenger carrier in planners had been over optimis- tal to cover “substantial " sum being requested. a nh. 0l ^h- it 7 did' not -. 

—--:-^- - -:- any discount .. JimllsfTo - ’ 

-which tt wbutd.not dq.t»4 

Fruehauf Regulations cost Dow $186m, v 

Cornoration . actions.” The flrin etnpH 


II - _ adequately reflect the scop 

well Stl6SQ THE COST of complying with varied from specific equipment president of Dow U.S, the costs tii'e^preservat^?'" 

nF>rnr.TT r^h ir Government regulations has requirements for poUution reaUy amounted to a mandated hieh quaUtv brokerage seri' C 
RTrpnpTiKr^JffZiv hihw iDcreased by some 27 P er cenL ’ control to the determination of hidden lax on ~ consumers, gince Goldman Sachs haj 

REPORTING sharpl> higher accor( jj n? t 0 Dow Chemical, one wording that would be accept- .because ultimately the costs vote( j top broker of the^’-l! 

fourth quarter and full j ear 19 0 f the leading chemical com- able in new product use labels, would have to be .handed-on torears in^sUccesijoM^ 1 
^n r S 0ra even paoies io US ‘ In The study was first .carried the’dl V* SdSeSSSt^- 

Stmr in liT PeCtS nSfiSSfli $L J!? The study classified ' Govern- i^titutiet^. 

well ahead 

Regulations cost Dow 


Fruehauf, which w r as the Federal regulations, many of shown that regulatory costs rose priate,'‘excessive'or questionable, charges’ look ' inuneast 

eventual winner in a bitterly which it considers either by some 27 per cent from $147m. Mr. Orreflce' claaned' tfiat the better 1 . Since : 'Goldm& 

contested fight to take over its questionable or excessive. to Sl86m. The cost of complying company “bent ever backwards” believed to have ; had one • : 

U.K affiliate Crane Freuhauf late Dow’s study oF regulatory costs with federal paper work, indud- to keep as many regulations as best years ever, last year, 

last year, said the. outlook for its exam lned the impact of-Federal * n 8 manpower to fill out - the possible out of ; the excessive more to- metgers'.'and acquit 

truck trailers and motor lines is laws and regulations of more reports exceeded 820m. category.- J ' r -. •" - ■ thatt securities tradfng^ttt 

good. The backlog for trailere titan 70 agencies. Regulations According to Mr. Paul Orrefice, Nonetheless .some 37 Der cent no •suggestion that it is SU 

record “J 51 haiI * xt - - - of total Federal regulatory ing the new pricing trend. 

added, but gave no figure*. __ . - ' - amnnntina wnn a Dosition of weaknesSL It ■ 

Tbe company, reported fourth 
quarter net earnings rose to 
S1.66 a share front $1.23 a share 
in the 1976 period, while full 

Strong quarter at Aetna 

NEW YORK, Feb. 18. 

of total Federal" regulatory rag the new pricing trend _ 
costs, amounting .to SfiSnu was a position of .weakness.-...It • 
considered excessive! * . Dow position c ould weB euca 
accepted thal 'more than half .this’ industry's leader,’-!! ■- 
of the regulatory costs 'were’Lynch,'to follow.knit- 
appropriate, valuing the costs of .... . -1--——- 

year net rose to 85.08 a share AETNA LIFE and Casualty, one Fourth quarter earnings also this part of their work at 5103m. " ~;y 
from S4.05 a share in i976. of the largest insurance com- %e ^etna ^ m ^ ia TTnion Gaiblf 

Fourth quarter net income panics in the L.S reports net gSJ e aga ^ t or 69^ents. tern Europe has expressed equal 

went ahead to BJhn. from the operating profits for 1977 of 5 Mr John H Filer the'chair- concern at the way. escalating i A „ 

S15ra. jd the previous years final S437.9m. or 87.76 a share com- maD> sa id t bat “the outlook for regulatory costs- are .inhibiting j0OWfl OH YvAl • 

comes pared with S2l0m. or $3.91 for 1978 is promising, and further innovation and the Introduction ^ my - YORK: Feb' 

out at bblm. against *48m. the previoUs year. ToUl revenue growth in earnings is expected. " of new .products, hut to- tote no ^ ■ 

Sales in the fourth quarter of increased by 14 per cent, to . The progress reported ./or. the company has provided .OTCb >a d£- 

1977 came to S413.5ra. against 8S.lm Profits for the year were fourth .quarterIitreng£hem.^the ff l J ed breakdown SSn ^! 

839422m. in the 1976 final period, struck after a one-time charge of strong .recovery .already noted .'t.laces. , ----5^7' * -~ P ^— 

bringing the full year figure to S49m. relating to the now dts- for the' earlier quarters of the' Eto-UTO Dow h a a *8 « ttf-tff“thggtn«Tm- rir 
$1.59hn. against $1.49bn. solved Kaiser Aetna Real Estate year ULS. of S3hn. and an opiating 5^.° .. ' • ■ ' - 

Agencies partnership. Agencies. •/ income of *63?m. ' full y^r. the con- 

* —---—.. ' --—- : • i “" ‘ said earnings’were S3S5.1B' 

- 86.05-per share, down-Iron . 

CORPORATE PROFITS . i '. -• •• - • ' v 'preliminary £385.fim. dr - 

• ‘ . . .. .per share. . Tfe company. 

m m « -a j pii| ever; gave tio reason for- 

Final quarter fillip for a good year STs„ss,s 

t-/ 4/ . the fourth quarter and S44 


\VHILE THE dollar was losing the corresponding, period last industry's difficulties stem from .next year. Hourly wage. cbsts’^*®; re s _ was outstanding in 
its strength abroad, and the year. . world-wide overcapacity and im- Jn non-farm business^ climbed By”®® , * ter • 

m a rt no inf ire itco r *ii I nn /vnmoriift mm ♦ » ■« ■ A 0 .... __^ -i o*»»■ _ J -~*-- * ■ . . . ■■ 

International Energy 
Bank Limited 

Winchester House 100 Old Broad Street London EC2M 1 BE 
Tel: 01-638 3588 Telex: 8811511 

Abstract from the Audited Accounts for the year ended 
31st December 1977 


Operating profit 

Profit after taxation 
Dividend paid 

Balance Sheet 

Shareholders’ Funds 

Authorised - 200,000 shares of £100 each 

Issued -200,000 shares of £100 each 

£50 paid 


Deferred Taxation 
Current Liabilities 
Current and deposit accounts 
Corporation tax 
Creditors and accruals 

Current Assets 

Cash, balances at bankers, money at call 

and short notice 

Loans and advances 

not exceeding one year 

Debtors and prepayments 

Term Assets 

Loans maturing after 31 St December 1978 
Assets leased to clients 
Fixed Assets 

iyear. -All the indications are cess took General Motors and ^ acuon. our were projected by a fully com-'hn»lifii»d .nninlon : on the 

that U.S. corporations breasted Ford to their highest annual and 11,6 petro eun l, * groups - , fia V. res ipensating increase ln-prices,-but ■flSi-isf’ cteifemeiits sublet. - 
the year end_ lape with tbeir fourth quarter profits ever. "• tco s ° mewha * t fading ggj te | 0Die ISS^tLSSBi- 

I after tax pronto on average at Particularly cheering from the because they reflect the impact m ay not escape' erosion tiiis-^® report 

least 10 per cent, up on 19/6-77 Administrations point of view of currency losses w r hich are to year. • stee^Lmakrag CHpacx^cepi it.. 

and with the reasonable expecta- is the fact that corporate profits some extent paper losses neces- - -. . r . ■’ - ZUz-6. ■ 

tion of doing at least as weil this have advanced on a broad front ritatod • by accounting reuiila- *^«uaent Larters voluntan/ auditors sal dihat-ai prior 

year. v.-liich means that the economy tions. As a result Exxon P*F policy based on tbe Admini^ hem.provistOT for tiiese cosh 

More ? v fJ~ iS n °' hCi " s a,ons by nne repDr,e,J a Eatlsfactory 13 per 

ren-^url?be!?Jl -----P*y rises at less" tb'sn the not-'presently determinable.' 

perfnmiance than they h did the Buoyancy in both consnmer spending and ^o ra fMwTas%eM‘ r ^i?S 

tS?s b Rraf»w Wl m/£^r al a it U an Ca P ital investment fuelled a profit rise and con- almost universal thumbs -down rtsulted in a S750m. pr 

annual rate aciuai^?dippod he- founded the pessimists who had earlier predicted c^S 8 m any: 10114 ^ e i^ se I a f aiQSt e ®V nings ^ 

!wrdn e uirtera. of the second and ' a weakening in the economic recovery But ’irw. 

Although the Commerce De¬ 





1976 ' 




£ 994,471 

£ 880.014 




































average increase over the ^-pkst August the company descrit 
two years has been given an p)jrn for massive cutbacks v 
almost universal thumbs-.down resulted in' a S750m. pr 
as ' l®?*ri n 8 ra any . kind charge', against earnings fo 
credibility. . . ^ ...... .. ... .. -iflrr. - In his armual reports 

But it has stimulated'a-Uos^ man; Lewis W: Foy said B(V 
xoming debate, abput what might 'Whatever*'^' 

be an appropriate prices, and in- ti 0Da ] steps may be necessa^ 

partmenfs official figures are or iw star performing sectors cent, increase in fourth quarter comes policy, and. increasing reduce^ co^ ' and iihi 
not yet available, the annual which are substantially outstrip- operating profits but an overall attention is keeping focused on ■ 

rate of 19/» fourth quarter pmg the rest. A comforting decline of 19 per cent. proposals ffrom^i A«hira Okun, ' ^ 

’ s e ^P-cted to be in the corollary is that IF auto sales do i n the non-manuFacturing who’\vas chairman r df’®:esidenr n^nuiciiin 

2nh l05b h n V 1 w Se l , * cou,d rifled 6 sector - Citibank's preliminary Johnson's CoUtiCD! of Economic vOPOnidl- aCQUlSltlC 

well have been the highest quar- dieted by all but the industry assessment of an overall S oer Advisers. Mr. Okira has sug- B. F- Goodrich has acquu 

terly rate of ibe year. Pre- itself—then tbe economy as a ceD . L increase in profits was nested’ providing tax relief for'mraority interest in Lim-Hol 

— i “Vif ia t es «*u 0f the vvhole ought not to be depressed by the 70 pe7 ceru 111 ose employers who hoid thelr. S-A. of Luxembourg, whlrf 

J increase ^er the fourth quarter oJOeJM «nL grewth decllne 5 . ulfered ^ the minl ' wage and, price; increases ^jow SS^SJSO^. 

L/ara resources. ausiry groups compnaiug i-*u of the Federal Reserte sySfein : tttoer-owTOrs of Lim-Ho 

After tax profits increases of companies surveyed by Citibank. 9“ ns * ranging from ^telephone ant j Professor Sidn^WefntraiS -are' three European Inv 

this sort of range were made no fewer than 18 groups recorded and coimnumcation s 7 percent, of the University or PmJSyl.-*rbaBS'^nd Daimle^&nz A< 

possible by a bouyancy in both fourth quarter profits higher per cent, in ae airline and vapia which'also has Its suppor-1 

consumer spending and business than toe previous year with the transportation sector. tera. ;TWs. approad 'would iise Kohin nlnn'c rntharl 

capital investment which con- increases ranging from the non- Restraining the cheers over taxation to penalise companies /fc! 

founded many pessimists who at ferrous indu^by's modest 1 per corporate profits m, of course, an who allowed wage -Increases MV ,■ r": 0 . * . 

mid-year were predicting a cen t. through printing and putv inflation rate which reduced above a certain guideline. r iqt 

weakening ra the economic re- Ushias's 20 per cent to aero- r ^ ] dollar value overall However, these ideas are stOI $ S 

C0 £ ei r, , space's booming 38 per cenL to between 4.and 5 per cent In in the realms of theoreticalJpos-_?l P ° p L 

tJrrF'lo S ^nh n Tuorter fr °" Horeo ^' »•- manufacturing ^ ^ 

weakening in the economic re- Ushias's 20 per cent to aero- £ e ‘ r oi dollar value overall However, these ideas afe stOI -S 

C0 £ ei r, , space's booming 38 per cent to between 4.and 5 per cent In in the realms of theoreticalJpos-_?l P ° p L 

Retail saies increased from ^Moreover toe manufacturlnz the °P ,nj o n of ™ uc h of the busi- sibility which means thaf the ^ pons IfP^'Sieveiand-- 
thin! to fourth quarter by . , overall 9 oer cent irn^ community. Inflation has U.S. Inflation rate could touch' 5°Pff a ,® y -._ 5^.' 

around 4 per cent with domes- l ° n?J sopereeded unemployment 7 percent this year and in the eap1ta( .demands to- 

tic appliances and clothing show- provement on -the qUMter was as the ma j or current economic Drocesa erode the oualitv of mr- construction and startolEflo- ; 
ing up particularly well. Many dopn^sed by declines to^^ petro- problem aod there are signs that porate profits. Nevertheless ln trans-Alaska F^Vdo. 
department store chains had »®um. «menL glass and s one ^ Administration ibai ^^ SSSSUP ^A^a^hSSSS'^^ t About : S400m.- 
their best Christnias sellinc and particularly, iron and steek ness’anxiety that price increases cautiously optimistic aboutthe this /fit the % 
season ever, and some will be whose earnings were off by 27 coupled with record credit de- prospects and Is not yet ready'trad 3imOst_SJ< 
reporting after tax profits more per cenL mands could have an extremely to cede the-prophet's hat to the «■ scheduled Jor ofl tartars, 

than 30 per cent, higher than in As is well known, the steel deleterious effect on the ecnnnmv doom-laden stock market. W ,V-‘ V/ . -- :: 

- -—-r-— ygden se^: advaoce:. 



Bank of Scotland 
Banque Worms 

Barclays Bank International Limited 

Fourth Quarter 





Revenue . 



Net profits. 



Net per share... 




Revenue . 



Net profits . 



Net per share... 




Republic National Bank of Dallas 
(through its subsidiary) 

Society Financiers 

Canadian Imperial Bank of Commerce Europeenne - (SFE) 

Secooil Quanet 

Revenue . 

Met profit* . 

Net per share... 

Six m omits 

Revenue .. 

Net profiis 
Net per share... 


Fourth Quartet- 




. 992.7m. 


Net profits .... 

. 38.9m. 


Net per.share.. 




Revenue . 

. 3.Sbn. 

3.5 bn. 

Net profits .... 

. 1605m. 


Net per share.. 





[ FourUi Quarter 


W6 j 

1 Revenue . 

. 621.0m. 

526.0m. j 

iNet profits ... 

. 23.45in. 

19.08m 1 

! Nei per share.. 


.. 1.18! 




, 2 04bn. 

I .S3 bn ! 

iNei profits ... 

. 67.19m 

54.20m. L 

Net per share.. 


3.36 F 


First Quarter 1928 


M27 FoBft Quarter 

*193m. Revenue ...... 

Net share dil 0.77 *0.66 P^et per share... 

* Restated ror acquisition of *«*-; 

Oeden CbrporaTlbtfs first qti:, 
•'..'.net-income and "sales will-. 
- . " l:. higher than the .net -. of $15- ; 

dr S5J28 a share" oh satei 
- •' -‘ •' S410m. fdr fbe sitae qHartfrr ?: 

ivn if» year. Ralph "E. Abion: chair, ‘ 
oc«n ZcJa— - antf president,, told AV-- 1 . 

Z ^3 ; ^ nL Tones in' New York. He also 1i 
' 3L0m. 23^m. for. .full. year'-net Inca me 
1-51 ■ Li7 . saieg which wilt be “better” / 


FssrUi Quarter 1977 

; ■ S 

.•Revenue . l.Sbn. 

SSL ^ fertmn opttinistic 


"1976 prnSl oivw , 1977 ' wu and president of Brow n, the i 

5 ...-...' a- s .wem--grpup, ■ told the. .-aoi; 

i -6bn. Revenue 398.0m. 262.0m. 'meetfng-the dstapaoy expect “- 

9m. 90.2m. Net’profits U..,. -20.0in. i 4 . 0 m. report sales and^smtngs for ■. 
‘-55 1.74 ftet per shared; ’ 7- (AS 0J37 jfintt; ttoll. above . •. ■ 

5.8bn. Revenuetltig. 

ei on-, 1 v_* ■««. 1 r\s»wi*-**»!. ;«/*'.*rai iEBKS ^-.earnTaK. of S5.4ra 

6*. 19m 54._0m. f.Net profits .. 423-5ni. 353^m I Net' profits - 7.:„- 7I.0fta. “ BLOmi SSf «Sis :-ioff >sal«- <rfr 8215.' 

4.17 3.3b Net per share... 8 ~0 6,89 ' Net per share..;.-.-.5-30.. • 3,97■vrepftt to.Ari .nj.. , ,',4* 

-■ 'X v 

v .. ■ . v : ; ■ : 


financial and company news 

I; HAVrm* \ ; IfcANKFURT, F4fl». 16,* . 

the West Gerioaa from DBS85nu to DMSSm. , 

.nance _motor manu- yVolumq?'sales of - the:-*group's 
881 “5® yet .anotiier .cars ^Tb3e> from -30387 unite - in 
Today’s report on;i875-7» to 37,157 units. Porsche 
? e ? r _^®^8"77,'. which has; been'.able to seli as'inauy 
. that, .of its extremely expensive 
y J 42 cenL. while specialist cars as Lt --produces. 

'*® an Crop stronger, and demand for'its $11, Carrera 
.'.’.-.and Turbo modelsrose'Strongly 
;. to to-day’s report, from the previous year’s 12^23 
-turnover went up units to 13,890 units. ■ 
r,2!]f vious ■ b «s*ness 'Profit-..showed a- powerful 
5 L 9m - to 'DMflMm. surge- with 1 the net - up ‘'from 
The . bulk of sales DM7^m. to - DMITm. (383m.)— 
itable to the car sec- even more' strongly than • 1375- 
:h turnover .|n spare lS76‘s growth from the previous 
- Mmponentfl went' up year's level of DM2.5m. 

sti-Gas dividend hint 


Continental - Gas- tioh tax against West German 
- has told its share--income tax and. as the -hew 
expect "an appro- arrangement has had the effect cf 
b dividend for 1977 dividends, their .earn- 

ist Germany’s new 1D y hav e been cat - .- 
tax •- reform. This Judging the tihvklend aimounce- 
t they will get an ments:and predictions to date, 

15 per cent payout ContirGas will be one of the few 

a -corporation tax is West .German concerns to main-. «« 

ast - personal taxes, tam its dividend in the face.of Irnn <TpfC tin AT* TPriTlSl. 

domestic holders will rhe heavy'increase in taxation! Xi dll llllvl lllo 1 

bstantial rise In real «n-. earnings- Therefore it will 1 ** 

Tata replaced as 
Air-lndia chief 



MANAGEMENT -of Air-lndia, the 
country’s international airline, 
has been shaken by the Govern¬ 
ment’s decision to dispense with 
the services of its chairman, Mr. 
J. R. Tata, who bad been its head 
since It was nations 1 <ed in 1053. 
Mr. Tata fa chairman of the Tata 
group of companies. 

The highly successful airline, 
which made a profit oF 819m. in 
the 1976-77 financial year, will 
now be headed by the former air 
chief. Air Marshal P. C. Lai, who 
has also been appointed, chair¬ 
man of the domestic.Indian Air¬ 
lines. There is speculation on 
whether this win eventually lead 
to the merger of the two airlines 
since both are Government- 
owned and Indian Airlines also 
Bies to some neighbouring 

Both airlines have plans In add 
ti> their wide-bodied jets. Indian 
Airlines, which already operates 
three Airbuses on its domestic 

BOMBAY. Feb. 16. 

routes, is to acquire three more 
in the next few weeks. 

There Is much to be said for 
a common policy for the two air¬ 
lines but AirJndia’s top manage¬ 
ment, which was surprised by 

the peremptory manner in which 
the services of Sfr. Tata were dis¬ 
pensed with—he was not told 
that he would be replaced—does 
not think a merger is imminent. 
The appointment of Air Marshall 
Lai as the common chairman will 
enable the two to work in a co¬ 
ordinated manner, but a merger 
cannot be effected within the 
two-year term of the new Board. 

"Air-lndia plans to pbase out its 
fleet of Boeing 707s which were 
acquired in 1963 and add to its 
present fleet of Boeing 747s (now 
depleted following a crash of one 
of.its Jumbos off the coast of 
Bombay on January l). Hones are 
that seven of the nine 707s will 
he replaced within the next ten 

Bright light in the dollar sector 


THE ONE bright light in the 
generally- dismal climate of the 
dollar sector of the Eurobond 
market at present is the market 
in floating Tate notes fFRNs). 
The two latest issues were in 
heavy demand when they came 
on offer'and have held up well in 

the secondary market. 

In general, prices of FRNs 
have strengthened since the 
beginning of the year, while 
secondary market activity has 
reportedly been at a high level. 

The FRN market dates back 
to 1969 but new issue volume 
really took of in 1975 when 
banks started to raise capital on 
it. It bas a special attraction 
for banks In that the interest 
rates payable on FRN S are effec¬ 
tively indexed to the rate they 
can. charge their international 

It has always been argued by 
the proponents of FRNs that 
they would be more resilient 
than ordinary fixed interest rate 
bonds because the interest rates 
on them would rise with rates 


Although there has tended to 
be more liquidity >□ the FRN 
secondary market than- in the 
straight bond market—investors 
could generally buy and sell 
FRNs bas risen. One says that 
they could straight bonds—the 
argument about resilience bas 
not always been borne ool In¬ 
deed, in periods of genera! weak¬ 
ness in tbe dollar sector, dealers 
have often detected a tendency 
for investors to offload FRN’s 
first, if only because they were 
easier to sell. 

Two factors seem t& have 
been crucial in changing this 
recently. Ofle is the fact that 
the weakness of the dollar on the 
foreign exchange market has 
been accompanied by a con¬ 
tinuing glut of dollars in every 
international portfolio and in the 
banking system. 

The other new development is 
that interest rates on FRNs 
which have had their coupons 
adjusted in reeent month* are 
now offering Tates which in 

absolute terms are much closer 
to fixed rale bonds of comparable 
maturity than for some years. 
Thus the coupons on the two 
most recently issued FRNs— 
four-year and five-year bonds 
respectively for Basque 
National? de Paris (BNP) and 
Long Term Credit Bank of Japan 
fLTCB)—were set at 8 per 
cent., only half a point below 
the indicated coupon on the only 
five-year bond on offer,, which 
is guaranteed by Sanwa Bank 
(although tbe pricing is indicated 
at a discount i. 

Given ihai FRN coupons are 
tied to short-term inter-bank 
rales, this is a general product 
or the flattening of the yield 
curve which ha<? occurred in the 
pa=t nine months. 

The fly in the ointment is Ihe 
shortage of new issues. So far 
this year the two issues men¬ 
tioned above, which totalled 
$l35m.. are the only ones to. have 
come on offer. One reason is the 
liquidity of the money markets 
and the low spreads on syndi¬ 

cated loans which mean firstly 
Thai banks and other borrowers 
need less money than before and 
secondly that they can get it 
more cheaply elsewhere. 

For Japanese and French 
banks tbe FRN, since last spring,, 
has been increasingly replaced 
by floating rate CD’s. One dealer 
this week estimated that the 
volume of the latter outstand¬ 
ing bas now reached as much ns 
SI I bn.. 

For those who forcce tbe like¬ 
lihood of having to issue FRX’s 
in the forseeable future the 
omens are extremely favourable. 
Tbe minimum rale payable on 
the LTCB issue was cut twice to 

6 per cent iFRNN usually have 
a minimum or floor rale intere-'t 
rale attached lo ihcin.t The Mir- 
ceas of the BNP uffpring. which 
has no minim urn rate and has 
ns interest rate attached to » 
lower than usual inonev market 
rale suggests that borrowers 
could get away with substantially 
better tcrrn^ at present than for 
some years. 


he one of the few corporations 
■ - a . to give foreign shareholders the 

1 “P 1 “riicularly good same rate of return as in previous 
shareholders who years. - 

red heavily as a * Last year Conn-Gas’s turnover 
Tporatton tax reform, rose by 7 per cent to DMlfibn. 
new West German The. concern, which operates in 
tax levied on aistrt- the energy, power generation and 
i nas been increased chemical sectors, reported that 
cent, to the 52 per profits had improved partly as 

«i^>5 ed - earar Ml s ‘ a result increased power 
lareftoldera. unlike supply prices, hut also because 
ubue residents, have of rationalisation measures which 
* to take advantage had held the effects of rising 
-got to offset corpora- overheads at bay. 


loans oversubscribed 


NUING strength Of 
ermari bond market 
in the. reception 
:est Federal Govern- 
which has been on 
past three days, and 
i. by dealers' yester- 
wen over-subscribed, 
or the two-tranche 
-m. of 5 j per cent 
ands. and DM400nr. 
-□L 15-_year has re- 
e expectation of 
in West German 
d rates, now at their 
• years. . 

the indicated price 
icbe, ahead of the 
>al quotation to-day, 
against the Issue 

irther Federal ioatfs 
to be floated in;the 

near future, the widespread 
.expectation of further - Interest 
rate fails is-apparently 'restrain- 
Jhg tbe flow of borrowers onto the 
German market, though it: was 
reported by Reuter yesterday- 
that LastnausgJeichsbank ls plan- 
ning to . raise DM4Q0m. 1 .. 1 . 

‘ “■ 

. The standard coupon forBxst- 
class borrowers on Switzerland’s 
domestic bond market has now 
dropped to per cent, after 
having declined to 3i per cent 
little' more than a fortnight ago. 
writes John Wicks. ;* 

: The Swiss banks’ mortgage 
unit Pfnndhflefhanb SchWeirer. 
i sober Hypo the karinstftrrte, has 
antiounced the ‘ Issue' ,-ot 
Sw.Frs.lOOm. 31 per cent bonds 
from February 21 to 27 at sf.pftde 
df r'Sfl per cent V ■ - 1r ,-v 


THE Industrial Credit Bank of 
Iran is raising 3200m. for eight 
years on a split spread of j per 
cent, for the first five years, 
rising to 2 per coot for the 
remainder. These are the finest 
terms achieved by an Iranian 
borrower in the present cycle. 

Lead managers are Chase 
Manhattan Ltd„ Citicorp Int, 
and Grindlay Brandts, with the 
first mentioned bank running the 

This borrower has raised three 
loans in the medium-term market 
in the past two years or so. two 
of which were led by Chase Man¬ 
hattan Ltd. and one by Grindlay 
Brandts. Iran raised over 
S1.2hn. in medium-term credits 
last year. 

Another borrower bas 
achieved finer terms on Its 
borrowing: -The Ivory Coast, 
which is raising $50m. for seven 
vears bn a spread of 1J per cent. 
Joint lead managers are Chase 
Manhattan Ltd. and Credit Com¬ 
mercial de France. 

• The proceeds of this loan wiH 
help finance the buildlnff of tt 
hydroelectric dam at Buyo. 

Union Electrica, ' Madrid's 
water utility company, is rais; 
Ing DMITOm. for eight years 
through a group of banks led 
by Westdeutscbe Landesbank. * 

The borrower will be paying 
a spread over the six-month 
D-Mark rate of U per cent. ■ The 
current six month rate on 
D-Marks is 3i per cent, which 


Borrowers urged to tell more i International Energy Bank uplift 

means that the interest Union 
Electrica is paying for these 
funds is 4J per cent., markedly 
cheaper than what it would have 
to pay were it raising a dollar- 
denominaicd loan- The currency 
risk Is not negligible, however. 

No guarantee has been pro¬ 
vided. Spanish utility companies 
have recently decided that they 
will tot in future provide any 
guarantees to foreign banks, 
whether state or INI ones. 

It is hoped that they will thus 
be able to compete for Funds 
on a more equal footing than 
bas been tbe case up to now. 

Union Electrica is ap rivately 
owned company, but INI has a 
minority stake in it. 

The same German bank is 
arranging a DM500m. medium 
'-term credit for Venezuela, hut 
rhe funds will be raised domestic¬ 
ally and hence carry a fixed 
intenMf rate.' This operation, 
which amounts to DM700m. in 
all. includes a DM200m. bonds- 

Conforming to tbe current wish 
of rhe French Treasury that 
loans raised by French borrowers 
on the Euromarkets should not 
take the form of syndicated 
credits, at least until the election 
is out of the way. the state 
owned oil company ELF is rais¬ 
ing S50m. for a minimum oF five 
years on a spread of S per cent 

Banque Europeene de Credit 
is arranging this loan, ihe terms 
of which are in line with 
those for other prime French 

i m 

he Tokai Bank Ltd 

jotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series A Maturity date ,v ; 
20 August i 980 > r 


rdance with the provisions at the Certificates,. ■ 
sit notice is hereby givaj that for the six;month 
rom 17 February *1978 to 17 August 1978 tbe 
ates will carry an Interest Rate of7£*% per 

Agent Barak - ; 

The Chase Manhattan Bank, N.A., 


BM Offer 

Alno ABOrall* SiDi- UH®... 86 M| 

AMEV-Spc 1887 ..5 -. 86* 8 V 

Australia Ripe 1892 . 85 HI 

Australian M. «t S Woe W 88 88* 

Barclays Bank Sine 1*82 86* 97* 

Btnvaier Bipc I8H 97* 98 

Can. J*. Railway 8flpo 1986 #6* B7i 

Civdlt Rational «pc UM 97* 89* 

Denmark Woe 1884 V—- »* ion 

ECS BPC IBW .i....: 88* W 

ECS Sine 1887 . 8R4 07 

ElB Sine 1983 . M* M 

EMI tgpc 1W9 -.. 94* W 

Ericsson WP* I0» .- 96 Bfi! 

Essn Spc 1988 Nov. ...... 10U* 101* 

Hi. Lakes Paper Bipc IBM 9»: 1«| 

Hamenler 8*pc 1 »? . .. HM . WU 

Hydro-Quebec Spc 1982" — 96 

ICI «pc 19«7 - . »W ' s7 

ISE Canada ««■ Wfi ... 102! 1034 

VlacmiBon BtoedcJ hik- ‘8- -86* H<1 

Matter *'<TSn*on §?pi- 1H1 994 

U.rlK-Hn Bjpe 19SS 101* - WJ 

Midland, int Fin S;pc *W 97 MI 

Xational Coal Bit Spv W7 0* 941 

National Wsumnsir. 3W "86 IK 1021 

VnrlMtiOiml 9pt- 1989 89* 100 

None** Korn. Bk Wpc 1BK HI WJ 

Vorpipe 84 pt 1988 . - • 95* 96* 

Norsk Hydro 84pc 18R1 .. "3* 8* 

Oslo 9pC 1988 . 1«>* 1«1 

POrtS AutOUOOU-5 9pc 1891 BSJ 98J 

Prov. Quebec Bpc IMS M * .5** 

Prov. Saakaich. 8 Ipc llgd 55* 

Rpt-d InwnurtlonaJ 9 pc 1887 9* 931 

RHM Bpc 1882 ... 9W 94 

SclrcUon TbI. Wpc IAS* 81* J2* 

Stand. BostIWa Bpc 1891 Wj 89* 

STCF,too 1987 ^ 

Streden OCdoaiJ Wpc l«7 HI Bfi* 

Untied BtecnK*-Spc 1888 - »* 

Volvo Spc UW7 March- «* 93 


AintmUa Ijoc 18H . w W8 

Ben Canada 7loc 1897 
8 r. Columbia Hpd. 7*pe '84 
•Can firaijc raw "" 
Dow Chemical spc IMS ... 

ECS "*PC 1982 . 

ECS 9JPC 1888 . 

EEC Tine 1082 .. 

EEC 7Spl- IBM. 

EnsO CimeJr SiPC 19M ... 
Gouverken 7tpe 19R .... 

Kockums Spc 1983 . 

Midn-lhi 8 Joc 1993 
Mouireai Crbao 8 {pc 1981 
New Brunswick Spc 19M 
Kpw Bruns. Prov. FJia- ta 
Nw Zealand S{pr lBSfl 
Xnrdlc Ini- Bh 7ipe IBM 
Norsk Hydro 7ipr I8R2 ... 
Norway 7*pc 13«2 
nmano Hydro Rpc 1P5«. . 
Sincr-r 8 ,pc IW 2 _ 

S. or Scot. Eli-c K-PC 1991 
Sweden iK-flomi TJoc 19<’ 
Swedish Slate C»». »;pe 8 J 
Telmos 9Jpc 1994 
Teimeco 7*pc MS7 May .. 
Volkswason 7l»c 1837 ..... 


»w Banking Corporation 




’000s Swiss Francs 

■ Discounts and; overdrafts 

nd due from banks. 

issets ......... 










ts . 

q term notes ...._ 

977/87 Bond Issue 
stock .......v.-;,,..,,, 

■eserves . 

T reserves ... 

*.d earnings 




- 100,000 






r 2,550 

•nings after taxes .. 10,201 

/ ' Copies of the 1977 Annual Report will shortly be «&itable upon request 

Head Offiee 
4. Lirmnalquai 

. : • •••.' ■ S02L\ ZURICH . 


liondoii . _ 

■108 Fenchurch Street; 
EC3M5LN ' - . 


350 Siraddvejpn. 
DK-2950 Vcdbaek 



ECS B5OT 1888 .- 

EIB 8Jpr IB8S . 

ElB Bjpc 1B6S . 

Flnancv fnr Ind. Blpc 1887 

Flams 19*pc IBS? .. 

1NA 19pc 1998 . 

Rowittree IDipr 16BS . 

sears IDlPe I6S8 . 

Total OU Bjpc 1SS4 .. 


Austria 6lpc 1985 ■'. 

BFCS 7pc 19S7 . 

Dwimart 61 pc 1983 . 

SIB. 6*DC 1864 . 

'Qrand Mat. 7pc IBM .... 
HydnKmcber (Hue 1987 .. 

ICI BSpc 1B87 . 

Montreal 7po 1987 _ 

Nonmr Gas Tpc I9S9 .... 
UoTsJt Hydro filpc 1989 _. 

Norway 5Jpc 1982 .— 

Shell filpc 1988 .. 

Spain Hpc 1984 .. 

Sweden Mpc 1984 - 

World Bank Bloc 10S7 .... 

Bank of Tokyo ?4 7U|6PC 

BFCS 1884 7pc _.... 

HNP 1883 7pc __ 

CCP 1988 Spc..— 

CGMF 1984 7tpc .. 

Creditanstalt 1994 7Vpc 
Credit Lyonnais 1883 Spc.. 

DO Bank 1083 7i3&pc- 

OZB 1881 7lpc. 

Inti. Wstronanv *84 715)6 DC 

Lloyds 1983 71 pc- 

t TCB 1883 Sue .. 

Midland 18*! Spc ...... 



. Wi 





















W- 1 



















































































«9l ' 



























ORB 1983 7J0C ... 

■WCF 1883 SJPC . 

■?md. and died -si 7Up:pc 
Wins, and Gtyns. 1884 7oc 

. Source: While Weld Securities. 


\mortcan Express 4* pc r S7 88 * K 2 j 

'Upland _5pr 1988 -.88 M 

Rabcocft fr Wilcox filpc Vf 83 94 

Rcattire poods 44 bc 19#? ■ M • 97 

Roairtae Foods 4lpe 1892 194 IDA 

loorham Sloe 1992 . 97 98 

>M 1992 I» - 102 

droidway Bale 41pc 19B7 7s 79 

Carnation 4pc IS87.-- 77 79 

damon Spc 1888 .• 119 121 

Dort 4fpc 18S7 . 77* 78* 

"laVinna Kodak Mpr WW ks 5 * 

Economic Labi . 4 jpc 1997 W Sfl 

win-aooe 5 pc 1998 . W1 82 

Vord 5nc 19W . . . *>A - 844 

firni-ral til-iirlr 44 pc IflW 79 » ‘ 31 J 

P.IUMf 4fpr I9S7 ...- IhI 79* 

Gnulil 5pr rtfi? . 119* H 2 * 

Onif and WrRlrm Spc 1988 TS 98 
Harris 6 w 18M ...134 ' 128 

tiancnreU W 19Sfi .t*.;.. 83* 874 

TCI Wpc « 8 ? . 87 88 

ISA 'Inc 1997 . Sa pil 

inrhcaiw «'nr 1»2 . 1 U .1 104 

ITT «no 1587 . SKI ■ M* 

inw-o fine 1992 Itei ' • iWf 

KUmsin 7lpc 1990 .... 1123 113I 

1 Ray McDonnon JJpc ’R7 Ms* 148* 
ii.mniftlra 19911 . J27 

Mitsui 7*pc 1999 lftfi, 107* 

l P. Aforgan 4 »pr 1«7 94 ' SM 

-■-ihKrn l|pr i9AS inn .in; 

Mfinri lIlljHil® «pr Iffr? . tin ns 

i. fL Penney Upt 1987 Ti 

'Ci-rhin 4!pr 19S7 ... Hw |U 8 
■/ornnlrla* Ape 198* «3' 83 

■antlrtk flfpr IBM .... 10 n> 108 

'Jnnrrr Hand 4!nc 1387 . 814 • «3j 

soiiibb 4lor ill*? . 7? 90 

TVfjro 4»pr W 7fi . 75 

TnaWb* B»pr US’ . .. " Wf . laij 
1‘nlmi Csrhlrto 4|pr 984 92* 

•Vafnpr Umhrn 44pr 1997 ?W . fll* 
*»■ »rn«r .-1 Jinhcpt Jlpr 1 . 6 M 7l* 734 

-.lor' 1988 .... .774 »* 

Source: Kidder. Peabody Becunnes. 


(THE chairman of First Xational 
i Bank of Chicago. Robert 
lAbboud, has called for an inter¬ 
national standard for financial 
disclosure by national govern¬ 

He said that countries seeking 
to borrow in international mar¬ 
kets should be encouraged or 
required to supply debt and 
other balance sheet Information 
similar to that furnished by the 
U.S. as a precondition for new 

The call by Mr. Ahhourl is in 
line with the moves under way; 
under the auspices of the Basle-' 
based Bank for International 
Settlements to draw up a check-; 
list of questions which bankers : 
should be expected lo axkj 
potential borrowers. I 

The U.S. Comptroller of the! 
Currency lias also called on U-S.; 
lending banks to seek morei 
information on a continuing : 
basis from their country debtors 
throughout the life of loans. 


A FURTHER increase in profits 
was announced yesterday by 
International Energy Bank, the 
specialised consortium group. 
Pre-tax profits for 1977 rose to 
£2.07in. compared with 

£l.55m. in the previous year, and 
net profits were up frum £880.000 
to «tA4.000 (Sl.Pm.i. 

Tbe bank's total assets rose by 
21 per cent- from £l25m. fo 
£151 m., and its loans for more 
than one year increased from 
£53 9m. to £G1.5ni. The bank bas 
paid its first dividend to share¬ 
holders since it was set up in 

197.-;. ifitrillinc £250.000. 

Mr. Gordon Ahali. the presi¬ 
dent and thief executive, experts 
that external finance will make 
- increasing contribution to the 
financial requirements of the 
energy industries. 

After the annual meeting on 
March 17. Mr. T. \\\ Walker.'who 
hat been chairman of the bunk 
since 1973. is to retire and will 
h« appointed a director emeritus. 
Mr. C. P Lunn. director and 
Bank International, one of the 
main shareholders, will become 

Substantial Growth in Profits 

■c.'-T'*-'-;.:-*. - 

Corporation Limited 

i- 7 Sontltainplon Place, London WC1S2DE 

E. G. Spearing, Executive Chairman, 

“The Group is strong, and will 
continue to grow, by making its own 
opportunities and with acceleration 
when market circumstances permit” 



- 31.12.Z7 


. Twelve 



1977 on 1976 




Pre-tax Profit 




Earnings per 




U.S. $83,000,000 

Medium Term Loan 

Matthey Finance Limited 

guaranteed by 

Johnson, Matthey & Co., Limited 

arranged and managed by 
S. G. Warburg & Co. Ltd. 

• Morgan Guaranty Trust Company of New York 
Bankers Trust Company Bank of America N.T. & S.A. 

Bazik of New South Wales . - Banque NationaJe de Paris Limited 

Barclays Merchant Bank Limited Chemical Bank 

Citibank, N JL Continental Illinois National Bank and Trust Company of Chicago 

International Westminster Bank Limited 
The Royal Bank of Canada 

Dresdner Bank AG 

London Branch 

London & Continental Bankers Ltd. 

Johnson Matthey Bankers Limited 

participated in the loan 

Agent Bank 

Morgan Guaranty Trust Company of New York 

This announcement appears as a matter of record only. 

January, 1978 


The Property Market 


City offices—the big units go 

THE choice of large modern 
offices in trie City of London hats 
been dramatically cut this week 
by Morgan Guaranty Trust’s 
letting of Angel Court, and the 
move of Midland Bank's inter¬ 
national division to Cannon 
Street House. 

These two deals take a net 
256,000 square feet of offices from 
the letting market and, according 
to Richard Saunders and 
Partners' latest City Floorspace 
Survey, that leaves just 2S9.QOO 
square feet of empty City offices 
in units of 50,000 square feet or 

In fact, Saunders' figures over¬ 
estimate the choice for large 

space users. Legal and General’s 
85,000 square foot St. Mary’s 
Court scheme in EC3, and the 
Fishmongers' 71,000 square foot 
Seal House in Upper Thames 
Street are both now understood 
to be under offer. 

In the financial heart of tbe 
City that leaves just three major 
empty modern blocks; Berkeley 

Hambro's 58.500 square Toot 
55 Bishopsgate; Land Securities 
66.500 square foot London House, 
London Street in EC3; and the 
53,000 square foot Jubilee Centre, 
Fringe City space in Hoi bom. 
Fleet Street, and northwards up 
City Road, add a few more large 
units, and Sun Life's 100,000 

imo m tt s, .... _ 


Cannon Street House, 81,000 sq. foot to Midland Bank. 

square foot development at 39 to 
99 Cheapside wiil be available 
within a year or two. But other¬ 
wise. the long anticipated dearth 
of large City office units is upon 

Just what effect tbe shortage 
will have upon City rents 
depends upon the pace of new 
developments, the backwash 
effect of moves releasing older 
space, and the underlying 
demand for Q'ty offices. 

On the development front, the 
shortage of large units confirms 
tbe sense of Wimpey's decision 
to build the 95.300 square foot 
second phase oT its £22m. Win¬ 
gate Centre development in one 
unit. But here, as with Trafalgar 
House and Whitbread’s 520.000 
square foot Chi swell Street 
scheme and Standard Life and 
Greycoat Estates’ 790,000 square 
foot project at Cutler Street, the 
development looks ahead to 
office needs in the early 1980 s. 

There are plenty of City 
developments shelved over the 
past three years that will now 
■be dusted down and recosted. 
But in the short term, these will 
not curb prime rent increases. 

The backwash effect is more 
difficult to evaluate. At Angel 
Court, for example. Morgan 
Guaranty plans to wave its 37,000 
square foot freehold offices at 
33 Lombard Street and the net 
14.000 square feet it leases from 
Bowater at 49 Berkeley Square. 
Internal memos to London staff 
sent with the announcement of 
tbe Angel Court Jetting confirm 

Angel Court, the letting of the year. 

that it will not move from the That could be partially sub-let, 
100,000 square foot Stratford or the move could release well 
Centre in East London, nor from over 100,000 square feet of space 
its personal banking office at 31 around in the City's banking 
Berkeley Square. centre. Office shifts by the other 

Morgan is. howerer. consider- clearing banks, and further relo- 
fng sub-letting pan of Angel cation moves of insurance com- 
Court itself. Its £7ni. fitting out panies' staff from the City could 
programme will t:»ke until also significantly affect the 
September 1979, at which time supply of space, 
it Hill decide how much of the But the one clear fact is that 
net 175.000 square font of offices moves Hill tend to release older 
it needs. At the moment the offices, accentuate the two-tier 
bank anticipates that it will use nature of the rental market and 
“over half'* of the net area. again, not curb the rise in rents 
A wider and even less calcul- for prime space, 
able backwash effect will be Richard Ellis estimates that 
made by National Westminster tbe take-up of office space in the 
Bank’s move to its new tower. City this year will, as in 1977. be 

around 3m. square feet.- Bat 
only around a third of that- let- 
ting total represents net., new 
tenancies because “of moves 
from, and within the market. M 
there is still over Sm: square feet 
of City offices .standing empty, 
and another 2m. square febt of 
speculative space is due for com¬ 
pletion before 1980. it is clearly 
unrealistic to talk of a significant 
imbalance of overall demand 
against supply. . •_ 

That rough equilibrium, after 
three years of gross over-supply, 
would Tseem to ensure steady, but 
not explosive City.rental growth 
and an increasing differential in 
rents between large prime and 
smaller secondary offices. 

This week’s lettings tend to 
confirm that view.- At Angel 
Court, Morgan; advised by 
'Weathers 11 Green and Smith, 
seems to have negotiated an 
initial rent free period for six 
months followed by a graded 
increase in rents to around the 
f3m. level by the first five yearly 
rent review. That falls short of 
the £3.275m. rent (£17^0- a 
square foot) asked by Richard 
Ellis and SL Quintin Son and. 
Stanley for the Clothworkers' 
and Electricity Supply'Nominees. 
But for the speed oF the letting 
(Morgan started detailed nego¬ 
tiations at Christinas) for its 
scale, and the quality of the 
tenant the discount an a 35 year 
lease with an option for a further 
35 years, seems nominal. 

At Cannon Street, Midland, 
advised by Healey and Baker, is 
believed to have undercut tbe 
£1.3m. asked for Land Securi¬ 
ties' block, bat again, not by. 

Debertham Tewson and Chin- 
nocks, acting for Land Securities’ 
City of London Real Property 
subsidiary is believed to have 
agreed to the standard rent free 
period for fitting-out. and a 
phased rent, rising from £13.50 to 
over £14 a square foot by the 
first review date. Here again, a 
35 year lease on 81,000 square 
feet in what has been an off- 
centre location puts the discount 
into perspective. 

Financial Times- Frid^ Feb,niaiy ; 17 .1978 f 

1 >'■ jr' ’ - V - tenants JO etahn -against / 

III ■ Drier «. .» ■} mlums paid* fbr tong ieasefcd.if 

SINCE • Ainalgahrate^In^ aij^ ' v? nl 

and Property's collapse in March 

l?T8 o™ 1 ;- ® 0 P*; am* at the.moment that inter \ 

is. In-effect the freehold, or.* f 
—has been leasehold s existence aft- * 

£ r ; Bo “5 °LjEF rt 52 , .«». construction. As m , 
Deloilles, has warned .. that industrial space is built on pa’jl) 
second line **$”*■-*%■; land, where tenants cannot’® 

. * . ... . — « _ ■' VI . « a^vwvuviu VV jcain 

the initial rush, of sales, erau- more ^ , 
tors with first charges on AIE .. .. . . # 

properties have been g^antly estate- AGENTS have , 
surprised by pne^acmeveA;; opportunity*• -of renting 

Mark Homan, of Price Water- ^ 



ties - ?, ad ST 'SiZST*£ 

t0 «?liSif^2£ r iifSt'’ c, ‘ ltion qf Agents. 

such as the. £12am. sale .of lw-.. persuaded n-- 

S w vl : 

£5.5m. sale .of .Chancel .Jiouse, jgp to discuss, and to tutw' • 

detail. But on u l€Sg dramatic Tnember’Q Bill -to mim 

' scale the £900.000 sale of an- AXP “SIS*™!SJJJ* ***" . * 

factory in Vulcan - Way, -New T} n 

Addlngtohj-Croydon, better Illus- v* v 8 ™ 

trates the jmte and bolts of the 

disnosal nrm»ramm#i “• for-the meeting and for hi:'- 

Knight Frank and Rutiey, who. jjjjf 
with Richard Ellis, have acted S ViSmS U 

for Homan on most of the ALP Stanley Cohen, on 01-555 fl 

sales, found the 70,000; square" W(TTn .- kx-vtctpc 

feet factory'on a 74-year rever- MH«TON KEYNES Devetopn 

sionary leasehold. The agents Corp ?” t1 ?? 
persuaded, the hanking censor- openmg- of its lm. square 
tium that -held title to -tin? pro- !. 

perty to spefed a further £150.000 Tbe.£36m. development--^: - - 

buying but the" leasehold and. ®f wMcn comes from tfce'r.0' 
subsequently, the. freehold- * By Office s - -pension fund -fw*x 
reletting the -24-year-old building bav 0 ape&ea ip 
on a standard 25-ye ar lea se at 'T 11 ••52SS n6 £ 

£05 a square foot KFR man- SetKember 1979 when/the Jr 
aged to sell the freehold to' anLewv • Partsembap■.•t^iens 
industrial group’s pension fund, r ^00 souare foot store, 
a client of Prevezer and, Com- The centre’s contractor, Ir 
pany, to show an- initial yieM of Laing. has^ . re solve d; the Ial i 
95 per cent The cleaning ;np - problems -that forced it to a (y 
operation cost the mortgagors: don a topping out ceremony ji 
more money and addltibnal'time. : October. - Bu t the^ ■ sn 
Bat the sale proceeds paid off ! sgftgdttie ^ 

the loans, and released-a surplns^by-:Chn$naas; 
for the receiver of over £200,000.- Jh.e Development .Co 
_• . ;- has^ now V-bowed,;!® 

RULES for indnstriai building suggestions that the-’oi 
allowances will be changed in further postponed ncrtil. 
the April Budget to enable 1979. 

r 411 


k ■ ,'^a 

•- f 




| -i 


K) for industry 


New single storey Warehouse with Offices 
9.150 sq. ft. 


^1:14:11 A 

from 5.000 sq. ft. 



3.270 sq. ft. 


Modem single storey Factory 
25.000 sq. ft. 



New Warehouse/Factory 
40.000 sq. ft. 



Modern single storey Warehouse 
50.000 sq. ft. on 3i acres 
Rent 70p per sq. ft. 


from 13.000 sq. ft. 


New Warehouse with Offices 
34.000 sq. fr. 


Chartered Surveyors 
1 Snow Hill, London, EC1 

01-236 3000 Telex885485 
Manchester, Leeds and Brussels 


Last two units remaining on new 
prestige Warehouse/ Factory development 


Unit Unit 2.21,726sq.ft. 


^Phoenix ; Chamberlain 

Beard &Wiflows 

15 Hanover Street I Haie House G'*sen Lanes 

LorJor iVfR ?Hi3 0t ASV& , London 5tTT 01 882 -t£Z3 


fljtl-'*:n r KC'imi.jtnn HUjb Mnvi 

::.osu sq. FT. rrfurln*h«‘il iitiii.-r-i Intnir-ii.ii-' ■n.» 

l.'-ui^p 'hi hr- a^-iqnc'd. iii< prvmi’-Mi. Sok- Aucnr 


LCH Barlow-Graham 

y & Company 

91-734 It IP 


ID ill 

Buckingham Street WC2.6,250 sq.ft. 

Carnaby Street W1 .2,765 sq.ft. 

Hill Street W1..'8,445 sq.ft 

Newton Street WC2.5,540 sq.ft. 

Pall Mall SW1 .7,705 sq.ft. 

Clients' property requirements 

Buildings in Central London 
suitable for re-furbishment 

The ^ 
edition of 
our survey % 
of the West End 
office market 
is now available. 
Telephone for 
your free copy 

... .« . -. •«->» 


••• Vwi r - - 4 

The former Royal Naval Stores Depot 

20,000-500,OOOsq. ft. 

I Henry Butcher&Col 

U incorporating • •• ■ 

Brae Leopold Farmer & Sonea J 

59/62 High Holborn, London WC1V 6EG Tel: 01^405 8411 
79/83 Colmore Row, Birmingham B3 2AP Tel: 021-236 5736 

Welsh potential;' 

:. Wife Its laigtj, multi- / 
drille d Workforce, proxim- [A 
' ity to nkqor markets and 'A 
national/mtcrnatianal com- [a) 
tmm i raftn wl haWrnlrs, tfa Ls M 
progressi v e WdHi county 
dominates , tins nortiMvest- 

era de velopment scene Tho ^. 

news In dwyd Is.about . 
sales, not strikes - aad y L 
i^s -a great place to.fc.ijl 
. -.tpo^.' . •v 4. V- n» 

. ..Talk to us about tna^ a 
low-cost sites and factories - j 
- -.pins -extensive financial aid I 
avafiahfe lo incomiug fit- I 
dnstries - well make you 
■ deal ^you can’t refuse. ■’ 
Contact'Wayne'S.Morgan, > V 
Couniy lndostrid Officer, ^ ** 
■Clwyd * County Conncfl, ft 
Sftiie jHaS,’iIoJd {teL Mold U 
212 |j‘ .'for fiee colour [j 
brochure; "1 

• I • 

W; | ' i.^r ..' T- •h 

| T* J 


For sale freehold 





There's still some room for you oh 
this fast developing site at Altens. We can 
offer fully serviced plots, and a complete 
design-and-build service to your own . 

Altens is on the outskirts of Aberdeen 
and, as the offshore oil industry continues 

to grow.-the^trea is becoming increasingly 
attractive, tf you have plans to expand 
with it, contact the Cdmmerciai_Property 
Development Manager (Scotland), ■„ 
George Wimpey &Company Limited, 
Braehead Way, Bridgeof Dbn^ AB2 8RR, 
or.telephone Aberdeen 703751, 

Totally constructive . . - ‘ r 

18,142 sq. ft. CROYSOK — FOR SALE 

Modern Factor, oH Fur:-,- ti i/ 

6,050 sq. ft. GHERTSEY — TO LET 

FrfCisr.- with .‘CQ’2 Yard 




01.49? 5141 

(Opposite Conference Centre) 


7,300 sq. ft. 


* Automatic Passenger Lift 

* Gas Fired Central Heating 

* Private Car Parking for 15 cars. 

Sole Agents 

I : I 


0ruc« Hcuac 

EST 1 23 Manchester Square 

1822 J London WtAIDD 

T»i oi-*eo 



* 7 1 

Ml iW 
* l 1 } [ j ^ ** 


27,000sq ft approx 

Immediate Occupation 

Close to London Ajrport/M4/M40 
Mptieratg, relit,;-. new lease,ijjiost 
contemporary . - amenities* -first 
flpor offices, good loadings central 
Keying.; f %■’; "Sr- 

For ftrtW- detail* cbntact the 
letting agents:'. "" ■' " 

- • B R E MDONS-f/3'As H b ou rrt e. 
Parade*.-Balings London. 

• .-Telephones QJ-998 2711 


City of London EC3. 






;li Hi 

p— ....u«.H- i"' 

*t \ 

jli ! |;j 

ii i <I 

! • * ■} . ’.1 



^iaripaces^ Automatic ^L^ftiil.central heating 

ahtca Goidhi’J & Partners i 

[liMIM ih 

amiim i 

> - ; : ; 

This self-contained air-conditioned tower block, 
offering approximately62,000sq.ft of prestige 
offices, has been specifically designed for a major 
commercial organisation headquarters. 

London House occupies an extremely important 
location in the heart of the City of London, close 
to Fenchurch Street Station and within walking 
distance of all the City Institutions. 

The building is arranged on 10 floors and has 
been designed to allow maximum flexibility in 
occupation, in addition there are facilities for 9 car 
parking spaces, arranged at basement level 
London House provides the high standard of 
services and finishes 
demanded by a major tenant 
and companies who would 
like further information 
should contact 

Richard Ellis, Chartered Surveyors 

64 Comhill, London ECS V 3PS 
Telephone: 01-283 3090 

London Wl, Scotland, Belgium ,France,HoHand, 

Spain, South Africa, Australia, U^. A.,Canada, 

Singapore, Hong Kong. 


; r scotios AC^EIVIY 



Frontage to Main A8 Glasgow Road 
in excess of 1,000 ft 



- Suitable for occupation or-development 
Soli'Agenta’’ ” '■jr'" * 

5 South Chariorte St. Edinburgh EH2 4AN, 
Telephone 03L225 $988. !: y.. V ' 


Office Building 

25/35,000sq. ft. 

Between Gty & Wfest End 
Fbssessfon-Summer 78 

detafe to retaheef arveyexs 

Office sites 



Ext 326 

Quel Estates Sunwyor 




PO Box 3 Petertwwgh PEI 1LU 

Richard Ellis 


°jsc°u r s d \\£i 



Self-contained Office & Showroom building 
approx. 5,824 sq.ft, 


# New lease sfc Part central heating 

24 hr. access # Newly decorated 

# New fitted carpets 

RENT ONLY £3 per SQ, FT, 

Sole Agents 

$j\ Healey & Baker 

I ■&} £sMb*s/Wd«S20 in London 

\Wy 118 Old Bread Street, London EC2N1AR 
Telephone 01-628 4361 

r»ii 27*7TB *] 



With outline planning permission 
Total area approx. 96 acres 

\SL Philip's Place 
Binningham B3 2QQ 
: 021-238 8238 V 

31 Manor Row 
Bradford (0274) 34688 


(Unless previously sold) 



Closing date for Tenders—Wednesday, 8th March, 1978 

All Enquiries to Sole Agents: 


199 Piccadilly, London W1V 9LE 01-437 3446 

By Direction of the Heatrae Sadia Group 


Southern England . 

London 85 miles Southampton 21 miles 



Floor Area of 48,300 sq. ft. 

SITE about 3.78 Acres 



39 High St, Salisbury SPl 2PB 49 High St, Salisbury SP12P3> 
Telephone (0722) 23055 Telephone (0722) 4211 





Ot'dvnrd Cushion 

1 liliier Parker, 

-jf , . ■. I C : ‘ 

i rJ . - -U- j~~. 

at the touch of a button. 

A Selection of Properties Currently Available: 


2,000 sq.ft, approx. 

Air-conditioned Banking Hall. 

2.000 sq.ft.approx. 

Air-conditioned office suite. 


87/95 MANSELL ST.,El.Units from 
3,000 sq.ft, approx. 

Newly refurbished office building. 

3,250 sq.ft.approx. 

New air-conditioned office floor. 

City Offices 
One of the 



4,175 sq.ft.approx. 

Renovated period building, 


11.375 sq.ft, approx. 

Self-contained building. 


8,816 sq.ft, approx. 

Self-contained bank/office building. 
Newly refurbished. 

1.5/30 GRANGE RD.SE1. 

17800 sq.ft, approx. New building. 
Air-conditioned offices on two floors. 

Prime City 

16 St. Martins Le Grand, 
London EGI. 



offices To Let. ® 

Ground Floor: 

Offices>Banking j 

7,023sq.ft. yyg|p|pfij I 

First Floors : F jLji H | 

6,975 sq- ft. jl |?j I #| I j | 

Plus: Ancillary M [ 3 j j j j j I ■ S j 

Accommodation S I' ? M 12 ; a 

in bosementond ■§ 13 jd j ; 8 ; 9 

sub-basement. - i ! I ■ I I ' I '■ I 

One car bay ’I ! j * ? 1 }1 

available. ]B -j ; g| j 8 ; 1 

Lease:Approx. jg |j|JtLI8 

Terms on application, tj j i TwjjHjj” I ® ] 

StQuintm Wilif lLl 

Sod & Stan iev 

-Cbartwd So nr? nr. *' 11 

Vintry House, Queen Street Place. London EC4R1ES. 
Telephone^ 01-236 4040 _ 

? V Chartered Surveyor's 

City Oftfc e Depart men' 

33 KingStreet.LonrJor EC.TV SEc 
TeL01-606 4060 Tele> 305557 

Cavendish House. Colliers tft 

1 f .igo ft. ot OHicsr t>mral Heating and Parking TO LET 

turn-key services 

;ag Sniia-e. Gorham. Su-rev CR3 6-<E Tel: .0883 46401 
T^ir*>. 94751 r; _ j 

r ismmi 

.•? r 

* v Tnv^.- 




Central Area Phase II! 

40,000 sq. ft. New Offices 

To Let. 

Private Car Parking Facilities 

Occupation Late 1978 

Joint Agents: 





Chartered Survevws 
103 Mount Sheet. London W1Y 6AS. 
Tel: 01-493 6040. Telex: 885557. 

Doble ft 


Scato House. Holloway Circus. Btrmingham. 
B 1 IE H. Telephone: 021-6438822. 

Offices 42,000 sq.ft, approx 
Garaging 27 r 000 sq.ft, approx 


Close to Euston and Kings Cross 


frcp."' vV /.XN*• 

\ ■ s 

,,,, ^ * 

As a whole or in part 

Retained Survevors 

Walker Son & Packman 

Chartered Surveyors 111 S3 Established 1867 • 

Chartered Surveyors 1 11 E3 Established 1867 
Blossoms Inn 3-6 Trump Street London EC2Y 8DD 
Tel 01-606 8TH 

34 5L James's Street London SW1.A Ih'D Tel:01-839 /451 

Also at J..el*r1u:ic> Ea:; Crinilrad Edinburgh Leeds and Overjsaj 

City Borders EC1 
Redecorated Offices 
Approx. 3,750 sq.ft, 
only £4.80 per sq.ft. 

For details apply: 

Jones,Lang,Wootton 33 King street, London 

Ref; C/KGP EC2VSEETel;01 -6064060 


f\7ft0 sq, ft. Offices 

available nn new 9 year lease. Very compeHfive 
rental. Further details from E. S Campsie and- 'Ik),, 
?Q Feasc/sd Street v» T indsor 690-5-5. 



f»»ar Ml. MIC Mntorways S. HERTS 

64,000 sq. ft. READY NOW 
15,000 sq. ft. READY MAY 


London EC4R2RA 
Tel: 01-248 4205 


- m r . '_' Afi tbey aamL'liw building 

ISeWSPaner • purley yraylby Hie main Loi 

^ ^Bdghtiw.roaa, produce £72 

CrnPniP &-year. Reversions should 

M,UClUv . . ^jbe rents to £140^)00 or a ; 

■Srfci- Horhv ■ 19SL But there are-no rei.. : 

IU1 JLJC1UJ.(dons on 4eoM)lisJdng tbe-exh: ‘.. 

VXKESrG J^C^ESTY ’Gr^pIis^nriinai’buildings, and 'as p . ^ 
to budid a fSm. newspaper" ptont^"Croydon . Industrial sites now 
and offices at Meadow Road, •to'fina.'an acre, Relf esj A 
Derby for Associated - News- offers ia tttc £} to film, rang y , 
paoers* -Derby Evening Tele- .. . 9 *. ■ 

graph. The 75,000 square *<*&■ KNIGHT Frank and R; 
scheme, forward funded by vanished from last week's re : ' 
dated on- a 5 acre freehold site of Merchant Investors A 
acquired from . British Rail, is ance’-g £L38tc. purchase t 
due for completion in Jane 3979: 78,160 square foot Enfield v 
The Telegraph's -move^raises, house. The agents raid. 
interesting development Ipossibi- space- to the fund which 
Mties for its Nbr&diffe House represented hy Richard I t 
huilding oh the corner of Derby's Harnett Baker, and D- E. ar ■ 
Exchange and Albert Streets. Levy introduced the propen * 
Marks and Spencer recently the fond, 
acquired, -and demolished, the .oh* • . 

Co-operatire store -on a site TWO years after comple ... 
opposite NorttkcUffe. A new store Montague-Burton Property ■ 
there ; would -cleariy give the vestments'. 46,000 square ■ ■ 
newspaper site added appeal. mirror- glassed Europa^H . : 

Last week Viking announced a block in Riagston upon Hull :■ 
£7m 250 000 sauare foot shop- attracted a tenant Eagle 
pinfi’centre on British RaH-tond Insurance i& movaag from.H' 
in Walsall, funded by Prudential traditional, but now decii. 3 
^ financial. centre at Lowgate P la 

Pawn at V TOWER, the island’s -EuropaV 15,750 square feet \ U 
&ST purpose limit office- Wpcfc and-SGcnmi floors. . Eagle jf 
isnnw atbird'prv-Ie^. Bank of plans - te. gutHlgt around 
America-is'the latest taker, rent- square feet- of the space wl 
ine 18,500 sauare" feet 5n the with as asking - rent of £il 
S3 000 square foot IS storey tower square foot, 1 represents the f : - 
thrmi^h Debenham Tewson and bf the market in Hull.. St 
SimTnck’s local office- Ismail U. nm> Son and Stanley; and 
Balucb's- development.. mpJI be Leeds office of. StewartrSe ^tf 
completed In' April Oiis year. and acted for-Burton. . Netriss fe " 
rents a new 1 local record at. fident'of;-lettinggtbe'rest of 
«*» a square foot - - block -soon: as there- is now i X 

• .50,000 square feet of new d. ; : ! 

Iti<\vrD Heath's private property roace available. ufH ull. 30,06:'..d 
1 "rniirt Vine Cross! Investments, tbiropa.and unit# 
‘has sold a -4.000 «q. foot^i*op ieis tiian7,0GO square“feet. 

I development in Union -Street, ■ ■. "* ■ ■ W-'- • • m i ■ 

! Warrington to the Civil Aviatron SOUTHWARDS p Counci> is r: j ; 

I Association’s - StiperaiiHBatwn coming-jpmtmanAv^ refect* LJ 
Fund for £280.000. - •. tb finance. ^nailer Jactery r . 

I Vine Cross, advised by Man- hy a.-neatsate addJ^iSe-^'ackTyr 
| Chester agents Elliot Fifield let with the privare/dcveloper, f 
'the sliop—which faces Wiring* Pronerty.and^;Tnvestment. 

■ tnn'^ new Alarkirt .H-all—So Asst> -1PC 3^vi§ed -by Goddard-/ 
i ci-«ted Brimh Foods’ subsidiary. Smith.: 4s to Twtad.20^100sqi 
1 Coasins Confectioners. for-^lfiiOOO feet of industrial; 

1 a vea r That eives the Fund; ad-. aery unite, of between 900. - 

■vised by Clive Lewis 'andr Part- 2.500 square' feet .on a one-: 
inei-s an- initial’retitrii of >^st The to ... 

‘ uiutp'r 7 per cent. ' ~ ings. :due' fnr cnmplctiqn 

Mr Heath- concentrates . -autuTtru^'W^l- bo rented b?" 
i small industrial developments in Coondl to: local bus!riesses^gi 
! Greatcr- Manchester - Ait*e .marked repts .of. Wind £2^"^ 

jgrve'-a graphic ^llialration naT Brllish-^tTOEt: ■' v 
1 risina site costs. - A "year ago he No matter bbw concerned 
i could’hutld aBdiSeU:for ■&jx s ag 

fool.- Xow Site-arid rising tHtBd^b^.esres: m. 
ins costs have pushed 1 the basic few in^tifutibns will ‘MITlf 
■ sale price for small factory unitsfpd- nurseiy-umt* and acr^Ji 
! to E13 a scr, foot, and to? says therrpotfential nMiiagementpr 
i that around £2 .of that increase letos. .- In This case, Soutira 

1 has filtered through m-'lbe patt 1*“ 

mnnths • - . .and leaseholder. . The Can,.- 

three months.. . ^ taken ."up .the institutic^ 

TWENTY years ago tlie last plane :Iease-and. , «dlFpay_n rent st . 
took off. Jroth Croydon akport ^JI^ 

Now the teamnar- bualdirigs^^f• 

what was once London’s principal ^ ^ a^^TiU 

airport are'for sale. Sole agente ® ^ 

Conway Retf. acting-for a pri^te 

investment, company, are selling . 

66,500 sq. feet of offfce. mdnsfntal ™5? u a ** 

and showroom sparo oa the ter- re “\ ; *^3 

minal’s 356 acre site. “ "J. 



mfoorself contained Mocks 


IN. UNITS FROM ? ; y: : ’*:r;.y ; : 


-i ,k- :. % /. . 

- - - t •* .. 

Apply Joint Agents .1^ 

1 :)N h i V/ 

^V. v oC\>3^ 





Ask ror BILL COBB (Hastings Borough Council; 

;.ENTREiii &e J3fiart:bf. ; the p^IANTI. hetweGn Florence and Siena, offers two possibilities 
•»:enthusiasts;dftms beautifiilregionr a 


; new form of'pnrGha^'wbicIi will convert your holiday expenses into a modest investment 
• will give ybuthe annual use of a Mt for your selected holiday period for ever. 


. L opportunity to try out tie facilities and installations prior to possible purchase. 


. *! comfortable holiday apartments, completely furnished and equipped‘with, central heat- 
• ;g,.3 , V, refrigerator, dish-washer; 14 acres of parkland, heated swimming pool, floodlit 
i .,nhis courts, riding.facilities, sauna, golf-driving range, basket- and volley-ball courts, 
staurant; bar, reception lodge, kindergarten, lounge and reading room with a wide selec¬ 
ts of literature' oin the historical and cultural aspects of Tuscany. 

SAN LUIGI: ‘“Shs,,, 

A project of one of „tiie leading Swiss financial groups 
- »r information please contact: CUENDET SPA 1-53030 Strove (Siena). Tel: 01039577/30.41.25 

:Up diS°" ed \ 



Piccadilly SWl 
4*750 and 9,650 sq.ft 

Lifts * Carpeting * Lighting 
* Acoustic Ceiling. 

Sole Agents 


Estate House, 

130 Jermyn Street, 
London SW1Y4UL 



84,000 sq. ft. 
95p. per sq. ft. 



Tot: Watford 92 39711 

Prestige Self-Contained 
Office Suites 
, I0,300sq.ft.(approx.) 


IB Seymour.S«t«. Plxtmm Square 
■London W1H 5WB 
01-935 6856 



If you are seeking—or selling—office space, 
business, commercial or industrial property, this is 
where to get good results at a reasonable cost. At 
as little as £4.50 per line, these columns get your 
advertisement in front of the most widespread 
business audience in Europe, in a business environ¬ 
ment where decisions are made. To start things 
mov ing now, contact Cliff Caunter on 01-248 8000 
(ext. 234). 


PER7Y ■§ 




irominent position 
single storey • 

.... iCTORY & 

Canteen • - • 
ing and bprinklers 

*300_sq, ft. 
f4> LET l 

y/: f030S7/SCI '1 

Ight Frank &.Rudey j 
»hone 01-629 8171 



f New Factory/ 1 
Warehouse Units 

5,000 to 100,000 sq.a 

_ TOLET j 

^Rfeheird Ellis 



• 01-4934371 



2100 ACRES 

. Principally Comprised in 



18 Angel Hilli 
Bury St. Edmunds. 

Suffolk IP33 1XQ (Ref. SFP) 
Telephone (0284) 62131 


Compnune appro*. 13.000 id- *t- of 
■ rtudjiioraze accemmodation ■«* to 
Wnirosc. and petrol U*nw 

lea to Tocal 0.1. Currans iflioipe 
£13,000 p.a. SoD»unt>n reversion in 
jttl and »0R8. Freehold iubje« w 
\ leaie. 

'■/ Further ttelolk OOOly 

I5-T7 Atawusdir* 5t.. *fS**™**"£*fi 
E*s*x. (0703) 330Q73 





Comprising self-contained 
block of 

Five Retail Shops with 
1st & 2nd Floor Offices 
Let on Leases, 
Producing £13,185 p.a. 
Rent Reviews In 3 Years 
Further particulars from: 

Eric J. Dudley, FRICS 
1 Colon Road. Nuneaton 
Tel. (0682) 383771 


For Retaining Clients 
Up to £300.000. 

Data'll ptemt to.-—- 


3/3. Athbonmc P*r*d*. Ealing, W.5. 
Wf 2711 

AtTrCfo"- Ml 




2430 sq. ft. 
Finchley Rd. 

WE - ARE ACIIVELV Mnrttlne 10 OurelMS# 
Commercial Pro«n* ""BB’ES 
Iwnn £?a.03D ana CSOO.OOO tor 
' etlenti. Detail* to N. Coni*. Corea * 
Partners. 285. Edgrnre Road. London. 
Vt.i T«. QT-72S J675 
. tomUv trust fund lor resteential "roP*** 
Inveslmenu. taro* or small. Immediate 
dMIlionk. T Pathncarv. 258. HIBh Road. 
■ SWl 6 769-2066. 


Currant income £6.450 p.a. Substan¬ 
tial -arljr- reversions. Pnce £85,000. 
Further details opply: 

15-17 Alexandra St- Southend-on-Sea, 
Essex. (0702) 330073 

loflM In- Lonaofi & Midlands. Produc- 
In, £1.150 D.a. me. ana £1.4 IS Da. 
n. resaeetlvelv. For Sale as a whole 
PARTNERS. Tel: 01-854 8454. 

SHOP INVESTMENTS. Wo specialise mi 
tnese and nave a "ride **t««*i* Jn we 
price ran*}.- L5.000 id £29 OOO Detail* 
from Pppolatl and Co. 6, Did Kins 
Street. Batti. 022S 26947125177. Telex 





AMer <5ureter) & Price, r 5;e3Mns 
Sirnel BS1 tE^- T„|- Rnsrol «HT2» 


Walker Shi A Pitchman. Charterri*, 
Surveyors. Conmiercial. tidnsiridl anti 
Residential ProptrtT. ?a WhiteUdies 
Road RS* 2L.G iWfci STl'li 


Canned* Commercial. Esui Asezts, 
Vuluers and Survi-yar«. I.tpotr Ctor.s 
Srrset. Lwon. «n>2» oissm. 

Kllrey. Estate M Sl Lu»c5, 

BreHord. Triepihise: •i>J£4s 50962. 


ChanceRer* aod Co.. CnmmeTcia: Pro- 
party Olflcf- I'r^Tfrars Road. Rtad- 
mp S8WI3 4 



Ekinta DUlcy and Handley, Chartered 
Surveyors, CeniLcarv House. Hemns- 
dou PEIS 6P0 at BiUlesiea-te. 
Cambridge. El>. St. iv v * and Sl Neoui. 
Tel: Boniiiwdon aiillL 



Dixon Henderson E> Co- Cbanerni 
Surveyors. 22 V.'idici Rd. ">51) 423 12Z7. 



Wshcar Sop 81 Packman. Chartered 
Surveyors. Conunc-rou) and Indurinal 
Properly. 1‘ Pl'lit Sl. Tel *0:72 . 772K7. 



Walker Sot A Packman. CUaner-d 

Surveyors. Cuararriial aud 
Residemial Pn.i- ;•» U’^ierbecr St. 
F.X4 3EH- TU: ‘KMi iii'.n. 



Clcnny (A.) a Son, ChaNerei*. Sur- 
VL-yors. 53 E.«•: Sir. t-i-jiU a0!7. 


Clccny (AJ & Son. Cuu-ered Sur¬ 
veyors. 123 '• •• I Koad. 51374. 

Taylor A Co., rii.tri-.-red SitirveFor*. 
Commercial jud Iidd.-im: .V-nis a'ltl 
Vjlm-r... 17 Du)-.- S'. T- I 'O.fti 5556: 

Derrick. Wade & Water*. Tumi mis 
House. The Rarjow, Esse* 

•■.Min lUT Tel 18191 Tel-s -I751*. 
WMEon, Temple, Talbot & White, 
rhanered Surv.-iori. 54 Clarence St. 
Tel- itfTtfii sin: i: 


Povrell and PDwell, uum-red Sunnoo. 
Cnnunerdal and llnlucirul Speciallsu. 
37'41 ClarcdO- ?:?•>.*. G-.m-.-.-Ser GUI 
IK A Tel I644J jIwi ai Lard] IT ITotf. 
Lawton & Lawiin. dianered Valujlioo 
Survuyon A liiUIe AC<'ni» 3 F.-:-n-_r.i 
Strt-cl. Chelientiim. GL50 1HF 0242 

SutMM. Chart--red Surwiuo. M somu 
Gardens. 0617192 
Vim- branch^, m r.orth Cbesaire. 




Hall Pain & Foster. Uian-Tcd Sur- 
vuyors. Valuers EUnate scents. 39 
London Rtiid Souriumpion 10702, Ih9I5. 



Moult 3, Co.. R.I.C^-. Com. and ind 
Property and Dei'lepment ConmiltanuL 
Salisbury Sq.. Haiii.-M Tel: 604T9. 
R. J. Altcitlson. >;r»jrterad Surveyura. 
63 Marlowvs Hcmel Hernpsiead 3446. 
Gordon Hudson & Co.. 4-fr Queemway. 
Hcmel Htrmpsicad 50356 i7 lincst. 

Hendaies, luuininal Depi.. M Broad 
way. LeKliwurih 5773. HilChln 50645. 
SievenaKe ssum 

Canton Hudson a Co.. 147 The Parade, 
l-.’ailonl 38711 1 10 lines). 



Derrick. Wade and Waters. Ualctsirc, 
Lords V.’-llt. Preston. Ljaea-'h-je PR2 
1DH. Telephone: 2773E. 

Walker Waltao Hansen, Caarlered 
Surveyor?. Estate Aieuts. Auctioneers. 
CamcBerctal ti Industrial Property. 
Plata &■ NaebiaetT Sales & faluauoni. 
27 Market Plar,-. ileltou Moubrar. 
Lciccsiershlre. Tel. < f t664t 67555. 


Broaden e. tn, ijtar- Sunrjs.. Esraie 
Aacms, Silver Sire?I. Lmtols. 0322 3132L 


James Eles A Son. Era:»* AmxVJs. 
surveyors. Main PJdee. iu205> 61657. 



Chcstenons, Chartered Sarveyors and 
Esiai^ A*Jiis. City. Holborn ard 
t'eo-n trail 3td i.tfflct-s. 8 Wood Si.. 
t:C2V 7AK- 0L6M 3055. 

City Asettts, Office Specialists. 12 Well 
Court. E.C.4. Tel: 215 3751. 

Collier A Madge. Cbariered Surveyors 
and Property Consultants. 5 S: Bnd<? 
Sircel. London EC4A 4DE. 01-352 9161. 
Conrad RIIMat A Ct. CdDaUkum Sur- 
vesurb and Valuers. Plantation House. 
Pencil urch Street. EC3. in-623 7747. 
De Cruet CdIUs. Estate Asenis. Valuers 
and Sum yon. 162 Uoursai,. EC 2 M 

liXE. ni-iijS 47CJ. 

Kemslcy. Whlleley & Ferris. Chartered 
Sur,*-ynrs. M Kopemaker Sreei. E C 3. 
03-625 3573. 

Newton Perkins A Forbes. Surveyors. 
Valuers and Estale .Afrc^. lu 
North umbo rland Alley. EC3. Tel: 01-4.-S 

Smltn Motrack. Surveyors. Vti'iiK ai d 
Es-Me -Lsrots. il St. Helen's Place. 
EM. Tel: 'll-tST* 

Walker Sou & Packman, Chartered 
Suiwv'hn Comnterctal. la.lnsrnal and 
Hn-sideniUI Prouerty. Blo>so~i lu:. 2 -o 
Trump St.. EC3V *DD. Tel: Olt'416 sill. 
John D. Wood. Surs-yors. AUCtiSOe-.-rs. 

Valuer^ .<tid Acea». Wantiarl 

Court. Thro^-morLun Sl. ECTN 3aJ. 
Tel: 01-62- 47l»4. 


Richard Corey A Partners, Chartered 
Suneyery. IS ]•', F.uctinah^m S’xi. 
Strand. London WC2N ®DU -ll-CTA 
On Croot Collls, fc'sf.ife A cents, fa liters 
and Surveyors. 353 MO Hiab Ho'.bom. 
WC1V TLX. 01-521 765! 

Kemp & Hawley. Chartered Surveyors. 
12 Monmouth Street. WC3H 9DA- Tel: 
fll-105 *161 

Lander, Bnrfleld. Chartered Surveyors. 
Ilarpor Rouse. M/.'ci Lamb's Conduit 
siro-l. wr.iN ill Tel: 01-521 ffin 
Mi gel King & Puer**-. Surveyors. Esi. 
Agents and Valuer*. 61 Carey Street. 
ivcia rrc ni~:-ij *i9i. 

Tuckers & Co., Chirr! Suits.. 35* Floral 
SITU4I. WCI 01-340 1351. 


James Andrew & Pmra.. Consultant Sur¬ 
veyors i Ena:- A Kent s. 279 AVf Rond 
Sl.. W1Y ?PD. nt-np St*! TtieX 2<1U74 
Anthony Barriman & Co„ Suncynrs t 
Prooom 1 Consultants. Standbrook Rouse. 
!-5 Old Bond Siren. OT Tel- 01-409 '«9l 
Ayion Hooper, Chan>?ri.-d Surveyors and 
Estate Aa^nts. 1 Albrthar!; St. tflX 
3HF 01-490 611! And branches in West 
London and Blrmmsharu 
Connells ConunerclaL Esiate Asenir. 
Valuers and Surveyors. 62 Grossennr 
St rent. W1X aOfl. 01-493 4932 
Conrad Rltblat A Co., Consoltadf Sur¬ 
veyors and Valuers. Milner House, will 
AAA ill -935 4459 

Davis & Co.. 62 Berners St.. W 1 Est 
Agents, valuers & Surveyors Dl-637 lofil. 
De Groot Cellis, Estate Agents Valuers 
jnd Surveyors. 9 Cllllord Saeet. WLX 
SAL. 01-734 1334 

Granby Hunter. Industrial and Office 
Property. 97 Usbrtdae Road. W12 6NL 
01-74S 7175/9.-0 and London E.Cs 
Harrison 8/ Pinna, OlHev Spetia lists, 
37 Elandford Si . W1H 7.AK M -M 5121. 
Leavers, n Bruton Street, wix FAD 
TrI- 01-629 42*1 in EdinbnrBlt 

and Avsoe. office in Dublin and Malta 
Anthony Llpton Sr Co.. . industrial 
and Lnvesmiw:i'Surveyors. 35 Curson Sl. 
W.l. 61-491 2706. 

Raw Diner & Co. lOfflc" and 'Coauner- 
cial Property SarcUUsB-. 179 -New 
Brad Stmt, W1Y 9PD. 01491 3154. - 
Ian Scon A Co., Eaalt Agents and 

surv^s'ors. ia Park Latii.-. ism. oi4S3 


Smith Helxacfc, Star.. ■yors, Valuers 3rd 
Estate A coots. & Co ft Street, W-L Tel: 
(11439 Q531. 


Walker Son A Packman, Chartered 

Surveyors. ConunemiL Industrial and 
Residential Propurty. 34 St. James'* 
SlneeL SWIA IUD. Tel: 01-S3J T«5L 

David Baxter. Wing & kiddn, - Cotn- 
mercul Evpt.. ibsito Hitft StreeL 
Pciue. SE20 705. TeL 01-653 1638. 

Michael Borman A Co.. Shco. Office A 
lndusmal Soeclallsts. 258 Regents Park 
Road. Finch ley. Nj. 01-549 S21L 


Bennett A Co, 1CT Crlckinvood Broad¬ 
way. KW2. 0L452 5666. SpedhUsts in 
ivmnetcul and residential oropeitles. 
Sahnr Rex. induvrtat. Shop. Commercial 

4. - Restdemlal SbedBllsre. 269 Kentish 
Town Road. S.Wi Ul-2a7 SOTL 



Dixon Henderson A Co.. Chartered 
Surveyors, 44 Oid Hall StreeL L3 9PP. 
Tel: 051-236 4456. 

Ramsey Murdock A Puiw*. Commercial 
PKtotaty and lnv^nnent Valuers. 46 
Castle Sl. Liverpool L2 7LO. 051-336 14«. 
R. F. Spark A Cl. chartered Surveyors. 
21 Dale StreeL Tel: 051-336 0681 

Dixon Henderson A Co., Chartered 

Surveyors and Estate Aetna*. A Cl a ngh - 
too Street. V.'AIO 1RR. Sl Helens 54417. 


Granby Hunter, indusiriul and Office 
Prnp>u-9. 97 Gibrldr.e Road. W32 SNL. 
ui-7-19 7173 kD and London. E.C.3. 


APC International, industrial and Com- 
wercicJ. Surveyors. Proje-a Managers 
ar.d Proper y Consul isms. Heathrow 
Housx-. Bath Road. Cranford. Tel: 
01-739 0966. 


Horne A Son*, Chancre] Surveyors. 
!«.! High street. Tel: 01-57U 3244. 

Richard Brampton A Co., Surveyors. 
A cents anH Vdaen. 25 Wiadsor Road. 
Wraysbnry Tel: Wrarsburr 33S9. 
Ermnht Raihbone, CummerdaL Indus¬ 
trial and Kefudeunal Sur-'eyors. Valuers 
aLd Estate A^eni-. is Clarence StreeL 
Snmeo Tel: Si awes 31136'61309. 



Turnbull A Co., Charered Surveyors. 
* 19 Bank Street. Tel: e03Cl and IS 
r;o. j Pound Rouse. Market Place. Holt. 


5. □. Ellison & Partners, 34 Northumber¬ 
land Ro.:d. Ne*casile uoon Tyne. Tel: 
106331 24024. .Mao at Edinburgh 
Sanderson Towuend A Gilbert, Middles- 
brnuch tJ&U 244161. Neucaotle 0632 
6172681. DarlinsiQn IA25 62S45. 

Storey Sons A Parker. Chartered 
Surveyors. Newcastle D$32 2C29I, 

Mildlesbroush u642 4330L Darlhupon 
1125 6it»r4 



Arnold Bennett. ARILS. 20 Sheep St- 
Northam^ion Tel- liwtii 25517. 



Walker. Walton Hanson. Chartered Sur- 
v..-yors, Esiat? Agents. Auctioneers. 
Commercial and Industrial Property. 
Plant and Machinery. Sale jmd Valua¬ 
tions. 45 Siockwell Gale. Mansfield i<HS23> 


Beardsley Theobalds. Commercial and 
Residential. Martel Suvel 0662 4S751 
Cavanagb & Co., Commercial Property 
As-.-nis. Friar Lane Te«: i0602» 40T47. 
Lindsay FroBgntt. Bank Chambers. I 
Mourn Street. Nortinunam. I 0602 i 4I1R3- 
Associaied with Edward Symmons £ 
Parmvrs or l.nmjan and Manchester. 
Neales of Nettumham, Chartered Sur¬ 
veyors. Estaie Agents. Aocttoneurs. 
Commercial and industrial Pronerry. 
Plant and Machinery Sales and Valua¬ 
tions. By ard Lane. Rndlesmith Gale. 
NonlnBlam iM02i 54272. 


Lacy Scan. Commercial. Agricultural 
and Residential Surveyors and Auo. 
nonet-rs 3 Hatter Street. 10284 63531. 


. -'LtlFORD 

Cuhltt A West, commercial Surveyors. 
41 High Sircet- Guildlord. Guildford- 
i54S3» 77277 or BOS65. 


Borrows A Day, Chartered Surveyors 
and Es'.ue AueuLE. "-9 41 Bank Sln-vl 
Tel Ashford m233 > 24321 
G coring A Cntyer, Chartered Sur ivy are 
Bank Streci. Asluord Tel: ihiiii 24361 
Baxter. Payne A Lower. Chartered 
Surveyors. 19 East Street. 01-464 lLij 
Loonard Ralph Commercial. Chartered 
'Surveyors, i East St. Tel. 01-460 swfi 

Frank Wood A’Co- Char»errd Surveyors. 
Auctioneers A Estate Agents. S4 Waillog 
Si reel. Tel 66401. 


Prall Champion A PraJL Chartered 
Surveyors, Auctioneers and Estate 
Agiois. 78 spital Street. Tel- 28S9] 


Goer Ing & CoUwr. Chartered Surveyors. 
5 Colman House. King Street. Mald- 
swne Tel 10622 ■ 59591 
Tkuley A Clutch. Valuers and Estate 
\gcnis. -n'i-w Romney Tel 06793 3164 

Hodslns A Son. KRICS House Agents. 
Estate nouie ScvenoaKs Tel i-33il 


Dyer Son A Creasey. Chanered Snr- 
veyorf. 11! Station Road. Oi-300 2272. 
Gcerlng * Colyer. Chartered Surveyors. 
22.24 Kiuh StreeL Tunbridge Wells 
Tel- iOS92< 2SU6. 

Clerkenwell Rd., EC1 
From 2J00 sq. tr. 
Stratford, ETS 
I4JOO sq. ft. 
Thurrock, Essex 
From 13,000 sq. ft. 

From BJWJ s*3. ft. 
Potters Bar 
43.000 sq. ft. 



Balreuw Eves, Valuer* anl Auc- 
nuntere ol Pi jar & Machinery and 
Trade Stocks throu^'iour the L' K . 
Aldermans Walk. EC2M SUL. 01- 
623 1321. 

Frank G. Bowen Limited iEst. 1624' 
Auctioneers Valuers and Estate 
‘Uenii. 15 Greek Srreei London 
WIV SNY Tel: 01-417 3244-5 

Henry Butcher A Co. Inc. Leopold 
Farmer A Sons, auctioneer St 
Valuer*. 59/61 High Kulbcm. London 
tVCIB 6EG Tel: 0I-4K S41I .Also 
ai Birmingham 4 Leeds 

Eddlsoos. Chartered Surveyor* In¬ 
dustrial Building Plant St Machinery 
Auciloneers and Valocre 10 Greet 
Slreel Leeds LSI 5RZ Tel- MKS2* 
10101 Aim ar Huddersfield. Bradford 
and Halifas 

Edwards, Biywood A Bewley. 78 
Colmore Roh-. Eiraisiham Tel¬ 
ia 1-234 8477. 

John Foard. Chartered Surveyors. 
Cl Queen's Gardens. V/.2 01-462 <36!. 
Fuller, Horsey. Sens A Cassell, 52 
Raw Lane London EC4U 9LT Tel: 
AI-24S 7954 

Foller Petser. Qurtered Surveyors. 
9 Leopold Slreel. Sheffield Sl IRW. 
Tel: i0742 > 34331 Tele*: 517098 
Head niEce London. 

Goddard and Smith. 22 KUm Slreel. 
St. James's. London Swiy 6Q2. 
Tel: 01-930 7321. 

Kenyons, Lamb Lane. Audenshaw. 
Man Chester M34 5GW. Tel- 061-370 

King A Co., Chartered Survey-.-rs. 1 
Snow Hill. Loodoa EC1A 2DL. Tel: 
D I-2M Wi Tele*.- 885485 
G. F. SlogieUHi A Cs, Auctioneers. 
Surveyors and Valuers of Plant. 
Machinery and Factory Pr« mines. 
Lloyds Bank Boildliuu. 53 Km St.. 
ManrhcPter 2 (M1-S32 am. 

Edward Symmons A Partners. Auc- 
tioneera -Sr Valuers. S6.-62 Wilton 
Road. London SW1V IDH Tel: 
01-514 8454. And ar Manehcsier & 

Weatberail Green A Smith. ChartcrM 
Surveyors • Estate Acenis. 22 
Chancery Lane. London. lf.C.2 Tel 
01-405 urn 

WealhcraH Hollis A Gale. Charrred 
Sun. eyarvEsiaie Agents. CM..4. 
House. 29 King Slreel. Leeds. Tel: 
«32 442066. 


David Snthfayas PartncnWPr Cont&erual 
CoBsultanta, 1 West Street. Woteug. 
Tel: WoWhi 23344. 

M«n A Co.. Chartered Surveyors. 22 
Commerciul Way. Woking CU 2 i lUD. 
Tel: Wokuw 1 04562 • 70tl7L 
Newtons, Chartered Purveyors. Com¬ 
mercial Property and Design Con¬ 
sultants. Woking (04*62) £56b6- 


Clifford Daon. Commercial, Commerihal 
Deuanments. Albion Boose. Urres. 
(D791G) 4373 . iSn local offices, i 
Stiles, HtrlM, Ledger, Surveyors, 
Brighton (C273< 21561. Sore Turn. 
East noun* 36244. Worthtes 37992. 

Geo. White A Co- (Commercial Depart¬ 
ment i. 7i.'29 Ship Street.. Brtchitu. 
0273 29116 18 local Offiri-Si. 


David Partners, Commercial-'lndustrlal. 
-4 Gloucester Place. Brighton. Tel: 

Field & Thomas, Commercial and Rest 
deotial Estate Aaects. Stmreto rs. 
valuers and Auctioneers. 19 Martei 
Scrom, Brtghiou. Tel: 1 02771) 29211. 


Philip James Associates. 12 High St.. 
I029U) 21156. Teles: S75G6. 

John Stickles A Co- Chartered Sur¬ 
veyors. 14 Brighton Road. Tel: 26423. 


Walker Sea & Packman. Chartered 
Surveyors, Commercial. Industrial and 
Residential Proitony. 2 London Road. 
RU1B LAQ. Tel: (03-121 !M22 or 24666- 
Cccrlao A Cohrcr, Chartered Surveyors. 
133 South Road. Haywards Heath 
Tel: 10444) 573LL 


King and Chasemore (Coimnerclgl). 
Carfax. Horsham. Tel: UkAOi 64441- 


Powell and PowelL Chartered Surveyors 
Commercial and Industrial Sped ill sis. 
6-7 Sr. Johns Square. Card id CPI 2SB 
Tel: 27664. also at Gloucester 26444. 

David E. LltUc Putere., Chart. Sitrrys.. 
"6a Canillne S:.. Mid Clam. 0656 56445. 


Cooke A Aitcwrlght, Chartered Sur- 
tcyors, • Windsor Place. Cardifl 


Fisher Ahlltl A Co- Auctioneers. High 

S-lrii-I. LLSfi 9.LD 10*34 1 TllfcsS. 



Ayion Hooper, Chartered Surveyor*. 
9-1-443 3614 tft-e West London - 
Geo. Fisher A Son. Est. Agents. 20-24 
High Street. Harborne. BL7 9NF 031-427 


Walker Son A Packman, Chartered 
Surveyors, Commercial and Industrial 
Property. 94 Vicar Lane. Tel 459614. 

T. Saxton A Co„ Chartered Surveyors. 
Estaie .Agents and Valuers. S3 Queen 
Street. Sheffield tlt7l2i 77635 
Eadon Lockwood A Riddle. Chanered 
Surveroni- Properly Con*u!tau». Sales 
and Advise in conn--ctioi< nub Commer- 
clal A industrial Properties. Portfolio 
and Property Mana^eciem Investments. 

2 St. James' Siren. Sheffield SI IXJ. 
Tel" 71277. Tele* 5474WI ELR 

Broader A Spencer, Surveyors. Valuers 
Estate Agents. Auctioneers and Rating 
Surveyors, fi/7 Bridge Slreel. York. Tel- 
10904• 21441 Telex: 57756 


Help Ingram. Chartered Surveyors. Aber¬ 
deen, Edinburgh. Glasgow. London. 
Penh. Walker Sl, Edinburgh 031-225 


Burnett (F. G-). Chartered Surveyors. 
Valuers and Estate Agents. 1! Rubt&Uw 
Terrace. Tel: <0224 i 572661 
James R. Thomson {Properties j Ltd, 
23 Crown Street Aberdeen. AB1 2BA. 
Tel: U224 52466. 

Webster & Co.. Chartered Surveyor*. 
60 Union Street. ABI IBB i0224 i 526S3.-S. 


S. □. Ellison A Partners. 51 Castle 
Street. Tel- 031-226 6021. also Newcastle 
Hlilier Porker May & Rowden. s South 
Charlene Street 011-225 SOSs 
Leavers. 91 George Street. Edinburgh. 
Tel- 031-226 4791/2. 

Ryden. Kenneth and Partners, 
Chartered Surveyor*. 71 Hanover Street. 
EH2 1EP. Tel- U3L225 6533. 

Walker, San A Packman, ChanereB 
Surveyors. Commercial and Indtutria) 
Property. 45. Hanover SL. K71-225 5129. 

Conrad Rltblat. Consll. Surv. and Vlrs.. 

3 Royal cres . U3 7SL. 041-C32 3677. 
Ryden. Kenneth and Partners, 
Chartered Surveyors. 121 West Geonse 
Street. Glasgow. G2 IOS Tel: 641-221 

Webster A Co« Chartered Surveyors. 
2) West Kile Sl.. CIS PS MI-204 0771 



Lisney A Son, 19-CD Donegal! Square 
East. Beifasi l. tOI32> 38941 


Lisney A Son. 3S Grand Parade, Cotk- 
Tel: 25079. 


Jooes, Lana Wooaon, 60 '68 Dawson Sl, 
Dublin 2. Tel: lOOOIt 771501 
Leavers, 9 Dawson Street. Dublin. Tel: 

100011 774323. 

Lisney A sons, 24 Si. Stephen's Gn.. 
Dublin 2. Tel :.-1 woti 764471. Telex: 5604 



Le Fosse Estate Asency, G late any 
Chambers. Gtateeny Esplanade. St. 
Peier Port. Guernsey. Tel: 04?l 21949. 




W. H. Bosley A Co. Ltd., 2522 Yonxe 
Street. Toronto. M4P 2E4. Tel: i418* 
466^770. Telex: 2U6-23:0d. 




Pueruirolu Malaga <Cost del Soli. Tel: 

1 952 1 46172L Estate Agents. Valuers. 

Specialists in villas. Land, noiclx. 


<Can?i Art 

Tel' 01-499 6066 


Fletcher King &. Megran 

tt>;2Cofk’Streer.Lcr-doriW! 0-73-5 -770}^; 


' . : ^700 SQ. FT. 

• . . ' Apply: 

<4 Hfch Street Golldford 
Td: Gaud ford (MBS) 77177 



The 22-story Delaware Trust Building is for sale. 663,500 square 
feet of modem office space in the prestigious corporate head¬ 
quarters sector of downtown Wilmington, Delaware. Convenient 
to the Hotel DuPont, parking, banking, restaurants and shops. 
Over 99% occupied. Strong office market. 

For information, contact Robert F. Bowman, Sr. Vice President 
(215) 561-8930 



9 Residential Sites 

of between 0-2 acre and 23 acres 
with planning permission for about 600 units 

2 Industrial Sites 

of 3.5 acres and 10 acres with 
plannins permission. 

Tax Loss Available 


Knight Frank&Rutley 

L 20 Hanover Square London W1R 0AH 

+ K fife Telephone 01-629 8171 Telex 265384 


Profitable Campiirv opera ting from 
long leasehold premises in she Mid¬ 
lands and specialising in colour «D>k 
with offset litho and letter press equip¬ 
ment. Turnover £220.000 p.a. The 
reason for sale is that the present 
owner is tooLin; to retire in about 
two years time. 

fiep/iei from ertiKiooit only to: 

R- J. Bom, G. R. Dawes & Company 
(Marucement Services 1 Limited. 
Neville House, Hagtey Road. 
Edgbatton. Birmingham Blfi 8PZ. 


Planning consent for 114 Chalets, one- 
third developed. An excellent oppor¬ 
tunity to phase further development. 
A gains concern with excellent 
Bo. for I9?8 
£209,008 Freehold. Offer* considered 
RAYBOULDS. Estate Agents, 
Hotel/Chalet/Caravan Park/Specialists, 
66 Babbaaunbe Road, Babbacontbc, 
Torquay, 5. Devon. Trlr 0803 39375 

! EQUIPMENT tor Processing Cathode Rav 
Tubes. Complete oijnt to be sold, 
whole or in pari. Write Bo* G.145S, 
Financial Times. 10. Cannon Street. 
EC4P 4BV, 

> Apartments- Flats. Sale or Purchase. Can. 

I suit the Specialists. Frank I Ravbould. 
I 66. Babbacombe Road. Babbacombe. 
Torquay Phone TorquJv S9375-6 

a m 



2000 Market Street, Philadelphia. PA 19103 




500 hactares of beamy 

Overlooking tea with mountain bash- 
drop. Orange graves and 300 days of 
sunshine. Less than * an hour’s drive 
from Malaga Airport. Planning per¬ 
mits ton for full urbaniiation a va •Sable. 

Write Bor 7.4825. FiacKiol Trres. 
10. Cannoa SbeM. £C4P 4Sf. 



A long established publicly quoted industrial holding company 
would be pleased to consider total or majority acquisitions of 
sound private companies having good six Figure profits. 

Please write in full confidence to Chairman, 

Box G.f+f3. Financial Times. 10, Cannon Street. £C4P 4BY 


Financial Ttoes Fricfey February 17 1978 


Russia may 
timber offer 


By A Correspondent ; 

INDICATIONS arc that the firsti 
offer of Russian softwood on the j 
U.K. market for shipment P PRirF c fpl , rtn lhp 

vear has none well. I COFFElj PRICES tell on the 

Depending on the outcome of London fwtores market y'fc 
negotiations on specificationst JW lo ^ n& ™ p0 5j® h jS 

with individual importers it ap-! 0 ™„H' S nriof ntS ° ff ,ta 

pears likely that the Russians t effective export Pnce. 
may supply almost double the r The May position slipped to 
nominal quantity of 450.000 cubic I £1.570 * tnnne at one stage* 
metres contained in the formal before posing £13.5 lower on the 
offer. f d»y at u.9y*. 

That would set them well oni Tr ? de in . J? in . tt dc 

the way towards their target of« Jancii^'the olficral mmimiiim 

around 1.4m. cubic metres Tor the cx P p ^ ? ,if,u°t6 ii * ! r V «+.ic 

Xi.K. market this year and pro- pound, kutuntit the end of this 
vide a good base for the orderly month a 20 wnts^ a pound dn- 
development in the rest of the 11,01101 tt,u be offered - 

Brazilian discount move 
depresses coffee market 

Lead hit 
by U.S. 

By John. Edwards, 
Commodities Editor 

Prices in lhe offer showed a 
reduction of ‘20 per cent, aver-! 

it is not clear whether the 
discount is additional to those 
offered under “special deals/' 

to make its coffee more attrac-j 
live. ; 

The new indemnity will be psy - j 
able in coffee credit notes 
<“ advisos”) and will equal, for 
North American buyers, the 
difference between the average 


Rumours of a possible cut in 
the LUS. producer price for 
lead brought fresh losses on 
the London Metal Exchange 
market yesterday. 

Cash lead closed £5 lower at 
£300.50 a tonne. Us lowest level 
since last June, and Is £80 

-other railde' and ££3Z\ *■ »” «™ —«» 

indicators plus five cents and-| 
Brazil’s minimum export price, 1 
ulus nine cents. West European: 
buyers will get an extra It cents, 
to raise the. price to ex-dock! 

In New York, meanwhile. Hills 
Brothers Coffee said it plans to 
introduce a new high yield coffee 
which it claims brews 20 per 


Demand for lead remains un¬ 
expectedly depressed in view 
of expectations that the eold 
weather in the U.S. and Britain 
would boost purchases of 

But.the main reason for the 
sleep decline In values. has 
been persistent selling by dls- 

r couciion or per wm. aver- , traders in London have hrM , th , Hjl . |n .. 

aged over the five mam grades' umed tha t it is br ^ 

cent, more coffee a pound than! appointed speculators, who 

when compared with the last 
Russian offer in April last year. 
A complicated currency clause 

New York market sources 

The “bullish'' implications of 

standard roasts.. 

The San Francisco-based 

. r! ; ^ «.i' hP this reading of the Brazilian the *■" Francisco-oaseu 

lw»he\e the new discount \u,l be teQ reflected in the roaster, which last vear became 

SSttwIy^r.lSS^ietton.f » «b.ldl.ry or lh, Bn»llton 

Sounts ^have SP be"n ihc"‘\e«- 'virt" mLS" Copcrsucar group. the new 

■■ffer ,0 protec,buyers and Kjl«*, oto «d only ,o roasters. coffee pneea^hileyo ^^ults rnSTa w roast- 

from steep variations in general; fhe nn»ve is seen in London 33 

soft-wood price levels which I an attempt inject some life m is dble limit'decline yesterday, mg procestvhu 
might result from fluctuations in j n tn a moribund coffee market. 'The bearish effect of lhe news ° r ™ 
the Sw edish currency. : cnoonl:,tion on the nrosnerts for could wear itself out quite Mr. Paul J. 

ing proces which raises the yield 

World sugar 
prices down 

By John Edwards, 

Commodities Editor 

WORLD SUGAR prices fell again 
on the London terminal market 

On the futures market ihc 
March position closed over £3 
down ai £109.325 a tonne, and 

Speculation on the prospects for could wear itseir out quite air raui a. Miller. 

,a cut in the Brazilian price is quickly,” one London dealer of Hills Bro^ said th? wholesale ( 
believed to have dissuaded many said. price 15 ..f“ a6 a J 3 ,,|,nce “ ‘ l 

roasters from burina coffee in Brazil is alsn modifying its which will brew rhe nine amount • 
reccn» weeks despite declining price guarantee system, rhe Rm of coffee as a pound of Hills 1 
stockc The limited duration of sources said, and introducing an Bros. Regular ground, 
the offer may reflect a desire to indemnity for overseas buyers at 53.18 a pound. 


Farmers’ chief to head FMC 


chief pf a 

the return The bacon side of FMC is il 

a-js There has been considerable the root of must of the com- 
ppointed uroup speculation that the NFU was pany’s problems. The i.iovern- 
!?.TpKif.Prf to «Pii : nwMsiiW director of Britain's planning to buy up the remain- mem is paying temporary em 
2!l ^ l °n™hblMe« meat business. FMC. ing 27 per cent, nf stock still m play men t subsidies in mnl 

private hands 3 nd run the FMC f.MC curing plants, and there 

£105 a tonne, down £1. 

The fall was 
ing pressure prior to the immi¬ 
nent closing out of the March 
positions in London and New 

Many traders, and speculators, 
are believed to have purchased 
March and May futures in antici¬ 
pation that the International 
Sugar Agreement would bring 
a general rise in market prices. 

That has failed to materialise j 
so far so these “long" positions 
are having to be closed out with 
matching sales. 

.It is also feared that traders, 
who made '* hedge" sales 

ho ugh 1 heavily In anticipation 
or a substantial rise in prices. 

Dealers claim that lead has 
the best fundamental supply- 
demand balance in the 
depressed base metal markets, 
hut thev admit that U became 
ov^r-priced at the end of last 

Tin nrices also lost ground 
yesterday with cash tin clo«ifUt 
£102 Jo lower at Efi.195 a tonne. 
Thic was attributed to freer 
offerings of Cash metal and a 
downturn overnight In the 
Penang tin market. 

Conner remained steady 
desnite confirmation from San¬ 
tiago that C.hil! will not cut 
production even If other 
exuofrine conntries eventually 
agree to do so. 

The fait in the value of 
sterling aealn«t the l>en»xche- 
mark. " however, brought In 
West German buying Interest. 

Soviets back 

JSSSS^’ZSZ world wheat 

union and takes over as head of Asked what he would regard marg i ns caused by subsidised i 
the troubled FMC on April 3. as an “adequate return Mr. E g£ imoorts I Dll 

Present managing director. Mr. Catteil said he would like to see Sir Henrv _ — 

Jack Ciarfelt steps down lo - a per cent - j 0 ?™ 1161 ta, ]S , M e action “may entail a 

become executive deputy chair- g * r °™^«° m ' LaS year P™Miig.” . , v , -- 

man of the company and also Apure was -3m. • Mr. Asher Wmegarien. deputy | mum world wheat prices, which 

joins the Board of the farmers’ In the first half of the present director general of the MU j C0U j d he revised, should be 
holding company NFU Holdings, vear FMC registered a loss of succeeds Mr. Catell Mr. H. R .; adopted under arrangements to 
Mr. Cattell’s first job will be £423.000. but Mr. Cattell expected Haynes and ! stabilise world market fiuctua- 


Mr. V. N. Polezhaev. Soviet 
delegate at the negotiations on 

that future 

price range 

GENEVA, Feb. 16. 
THE Soviet Union believes a 
system of minimum and maxi- 

lo assess the implications of a this to turn into a profit by the become deputy .directors generaL 
speclally commissioned report, end of the year. _ _ 

prepared bv Manchester Ex- “ The key year will be 197S-79. 

aiminst March deliveries maTbe ' chan - e and ' Investment Bank and 1 wall have to try to exer- 
against mart.n aeliveries, may oe luiW . ffVi h , jr ,,-hnt d-c a« much influence as 00 s- 

templed to close out the con 

tracts by delivering the actual 
sugar in to the market, especially 
in New York. 

That would leave a surplus 
amount of sugar available, which 
few buyers want at present since 
they are well stocked with pur¬ 
chases made at the end of last 

The only way to dispose of the 
surplus sugar will be to offer 
it cheaply enough to arouse buy¬ 
ing interest. 

market plan 

MANILA. Feb. 16. 

which has recommended what ciso as much influence as pos^ 
the NFU describes as “funda- sibje." Mr. Cattell said. But, he 
mental restructuring of the cor- insisted, the FMC was basically 
porate relationships” between sound. “There's not an awful THE POSSIBILITY of establish- 
the NFU Development Trust and lot needs doing. j ng a regional commodities 

various commercial and financial Sir Henry Plumb, president of market is being considered by 
enterprises. the NFU rejected suggestions the Philippines Association of 

Mr. Cattell said he bad no that the farmers were putting Securities Brokers and Dealers, 
immediate plans for a change in their own man in to run the meat an association spokesman said, 
the company's status, and business as they would like to The market, which could open 
stressed that he saw no chance see it managed. But he gave by the middle of next year, may 
of pulling in extra finance until guarded warnings that some deal in sugar, gold, copper, 
the company started to prove it "unpopular decisions” might timber and other raw materials, 
could produce an adequate have to be made. Beutec 

an arrangement to replace the 
existing international wheat 
agreement said supply and pur¬ 
chase obligations should be res¬ 
pected at the limits of an indi¬ 
cative range of wheat prices. 

Delegates noted that Russia 
has not made clear whether or 
not it will participate in discus¬ 
sions on coarse grains at this 

However Argentina said it is 
willing to participate in discus¬ 
sions on coarse grains as well 
as u-beaL Reuter 



A COMPOUNDER told me.'this 
week that he hoped the present 
frosts would;, give the grass a' 
good setback to enable 1 him .to 
sell more compound feeds for 
cows .and sheep. A rather .unr 
charitable thought in my view: 

Grain farmers with storks to 
-sell must be of the same persua¬ 
sion because the market, particu¬ 
larly for feed barley, is far;from 
strong. Even with a price today 
of just about £70 at farm there 
is no great pressure to buy. ,11 
is specially galling For farmers 
who may remember tbat.'this 
time last year the futures price 
for barley was £93 for January 
this year. 

The barley market would/be 
much weaker were it not¬ 
tervention buying and the export 
trade which is taking a sizeable 
amount every month. Export? 
might well reach lm. tonnes-'by 
the end of the crop year. Little 
bar ley is going into intervention 
at the moment. 

There has been ah intake of 
10.000 tonnes this year, bat. the 
fact that this outlet is available 
at a price ex-farm which returns 
around £70 a tonne this month. 1 is 
sufficient to stop the market fall¬ 
ing lower. 

The market for feed wheat :of 
which there has been a large pro¬ 
portion due to the poor quality, 
has been rather stronger, rarid it 
is quoted at just under £S0 9 

A reflection of Its comparative 
scarcity, and its higher valtu* as 
feed. But wheat prices have also 
eased significantly over the-last 
few days. 

Traders put much of the weak¬ 
ness down to poor demand from 
feed compounders — the jnain 
users of grain apart from the 
exporters—and the fact-'thaL the 
harvest was a vary Iarge.irnp; of 
predominantly feed . grain 

Also that' compounders had 
made future commitments at 
high prices which covered them 
well into the new year, and so 
were not active in the autumn 

Compounders are also experi¬ 
encing a fall in sales, which, 
although other materials are 
used in their formulations, would 
affect their overall gram pur¬ 

The fall has not been catas¬ 
trophic. From January to Novem¬ 
ber last year total ; compound 
sales at 9.86m. tonnes were only 
down 34 per cent, on-the pre¬ 
vious year, and that it must be 

remembered followed 1 the -1976 
drought when fodder stocks were 

To-dav's stocks of fodder are 
high, and no fanner will buy 
compounds at present. prices if 
he can make dp with home-grown 
fodder supplies. 

One large compounder says 
that since November he had 
revised his estimate of produc¬ 
tion for this year and felt that 
bis cattle compound sales would 
improve but the pig sector would 
remain rather dull. Some 
strengthening • of compounder 
demand for grain, _ however, 
should come from tbe need to 
replenish stocks purchased for¬ 

The pessimists point out that 
the use of substitute materials is 
growing, and that these are very 
price competitive with barley. 
They include sugar beet pulp, 
tapioca, cereal by-products, etc., 
all of which can be included In 
rations in varying degree. 

A further bearish . factor is 
that the barley intervention 
price, which rises to £78.14 .in 
May. falls to £70.43 in June and 
July. Then it rises to..£77 in 
August for the new crop. 

That could mean a. .flood..of 
selling pressure before the end 
of May to take advantage of tbe 
higher intervention price. It is 
also said that the futures stores 
of physical . grain are .TulL but 
the actual quantities held are 
hard to determine. 

That lack of precision about 
stocks is the key to tbe problem. 
No one knows-the size of -the 
harvest, the‘consumption q! grain 
since it was gathered in, and the 
stocks remaining on farms. 1 
The harvest estimates are 
based on guesswork-* 
fanners expectations Of what the. 
heaps in ihelT hams' will even* 
tually weigh* - * 

The total harvest was believed 
to be a record IfiJhxr.. tonnes, up 
3-5m. tonnes on 197Bv most, of 
tbe rise being - barley at 10.7m. 
tonnes. ‘ ' • 

From conversations ' with 
farmers, most of whom like my¬ 
self are optimistic, the actual 
outturn from the harvest could 
well be exagerated by S per cent 
Losses between harvesting, 
February and say March, can 
easily amount to 5 per cent .on 
intake weight, by reduction .of 
moisture and wastage. This 
could reduce the total outturn 
down by at least a million, tonnes. 

If exports of barley , should 
reach lm. tonnes, this will be 
900,000 more than last year. •The 

Home-Crown Cereals Aut 
says imports of all grain v 
down by 2.2m. tonnes. 

It could be interpreted t) 
the end of the crop year the 
all stock of grain should 1 
unduly high. But no one 1 

The latest Ministry flgu 
grain stocks on farms—tbe 
of a sample survey—was 
lished In. February and 
covered the period up tt 
October. JM 

There , is no estimate a « 
accuracy as to amounts us 
farms, either purchased 
other farmers or home proi 
•' Sales, which go throug-1 
trade are monitored undeX 
Corn Returns Acts.' But 
are not believed to cove 
whole volume of sales. . 

I don’t believe that thei 
very large stocks oa farm 
there is dot I understand 
much, pressure 4o sell eithe 
or forward. Although a f 
the-larger farmers may be f. 
ing stocks over the end of f { 
financial year. - 

My own view, that thf- 
years .harvest could, be 
pletely cleared by the sb - . 
next - ; harvest, and there \ ' 
even be a tightness- ef -sfi' 
or homegrown grain'ln th 
Intervention months ot Jun 
July. V. 

But that is a jjersonai: 
founded on - the inforh 
given above and of -suet 
certainty as not to be be 
Pure guesswork you may sa- • 
in such, a welter of iinpv 
ablest any one’s-’guess migi* 
right 1 ' 

Dead Sea 

• V ■-. 


By Our Own Correspondea 
. ' JERUSALEM, Feb. ' 
12 m. tonnes of Potash last ' 
—up 14 per cent on 197&- - 
soW i;3m. to'nMHH-70 per' ■ 
more'than fn the preceding. 

Income from exports rot 
per . cent to £I800m. (550m. 

Dead Sea Works is now ir -* 
Jng £1300m. 1818.75m.) lb 
construction of a feeder cha . 
a plant for the produces 
table 5alt_and additional pi 
processing plant. 

It,expects to submit plai 
the Government. in, about • 
months for an increase in p* = 
production - capacity, of 50- 
tonnes..-:... ■ 



COPPER—Barely changed after a 
quiet days iradltiR on Mu? fa»nd»n atet3l 
Exchange. Forward UKtal iiperwd at 
K52 and came off lu MIS. reSeciina the 
strength -nf •terlins against the dollar 
and reports Uiai Chile Intetid^ t-. main¬ 
tain copper production at the 1517 level 
However, a steadier trend developed in 
tlw morning Rinas with the weakness 
■rf aterliDR asain-t the Deuuchmarfe 
prnmptnu s-iod Wo-t German demand, 
which lifted the price to £632- during 

which large vn|umc« were traded. In 
the aftcrti-^nn the twice moved narrowly 
and was finally fiiS2 on the late kerb 
with lumnver on C-mex down to minimal 
tervlv. Turnover -J.lX tonnes. 

Amalgamated- Metal Tndins reporied 
that In the momttu cash wirehars trad-d 
at £633. 33.3. 3k. three month' £649.3. 
9. 9.5. 8.5. S. S.3. 9.3 Cathodes, ca-h 
IK6.3. three months chu. 3. W. Kerb: 
Wlrebars. three months £649.3. 49. After¬ 
noon: Wtrcbar*. ca-h Id3f. ihree months 
£649.3, 50. 30.3. KVrb. v.'irebars. three 
momhs £031, SO.o. 4i. 31.3. 

TIN—Lost around. Forward nandart! 




+ i.i p.m. ,f+*nr 
— ' I'rn.fTtcia : — 




+■' or - r.m. :l4-*i 
— rnoffn-lsi — 



a nn<n»hi..' 



S month*., 
I’.s. ml.. 

f Hivb Grade 

636.5 -.5 
649-5.5 -*.5 
636.5 -.5 

650 .5 

- 1 


639.5 40 r .25 639.5-40.5 
6Z6.5 . . - 


a iwnrli«. 

Ci .. 

} in«nth-.. 

MlHIts K... 

Xea York. 

623540 -57.36190-200-1117 
6150-60 52.5 6125 55 -92.5 
6240 -60 — . 

6235 40-57.3 6190 200-709 
6145-50-47.3 6120 30-60 
6240 -60 - 

;*1695 -10- 
- .... 560 -4.0 

material opened Inner at £6.150. reDect- 
ing the overnight downturn In the Penang: 
market. Cnnunemai demand was met 
by frc ! h celling and hedge selling but 
in lhe atiern-'on the pnce fell bad( w 
£6 .ICS until i.'.S. and European physical 
irtcrobl Idled i» to X3.140 on the late 
kerb. Frc.«h ofTennts or nearby dates 
represented rurthcr .*hipmenLs from the 
East Into London Meta! Exchange ware- 
houw. Turnover 2.160 tonne*. 

Morning: Standard, cash £6J40. 33. 
ihree in.inlh' £6.160. 30. 60. 53. 30. 45. 
Kerh: Standard, three mnittK* £6.133. HO. 
.\fternfon: Standard, cash fO.ies. three 
mentli* £6.160. 30. 40. 30. 35. Kerb; 
Standard, three months £6.i:m. 33. 40. 43. 

LEAD—Weaker again. Heavy selling 
pressure nn the pri marVet prompted by 
talk «r T...S producer price cuts took 
Jon.ard nti'Ul lm*n from £113 to £705. 
a i which level -.hari-c-orcrlng caused a 
rally i*i £1DP. In Hie niornina Rinc*. 
however, further selling dcvclnped and 
tlje price dipped r*» £30/ 5 Selhnc saln-d 
momentum on the Ijre herb, taking for¬ 
ward material hack dawn to £3«S bef jre 
fre-h riinn coverlns lifted the prict to 
£“.f«4.5 a; li.e close. Turnover F 500 


Robusta futures fell sharply and the 
May contract touched now lows tor year 
an nre-iuneb call. Dreiel Burnham reports. 
Trade «.ale-down buying gave firmer tone 
ro msri-i-t m afternoon and averted 
threatened collapse. At close, market 
was up lu £40 lower from previous days’ 
levels. Dealers commented on particular 
strenath of March position in ar.emooa 
and thl« possibly refl.-cicd roaster interest 
prompted by Ion stocks. 

purchases developed. Minor Interest was 
taken In Russian. Turkish and Colombian 
qualities, with occasional support in 
various African styles. F. W. Tauenadl 

par -nalsBB - ot her w is e 


Cuff el 

\io>leul«>"- i 

t'l-w-e ' + or Hn«ines> 
' — Done 

STEADIER Qpeiilog oo. the London 
physical market. Fair interest through¬ 
out th* day. cloxing nncertaJp. Lewis, 
and Fiat reported that the Malaysian 
god own price was 204 tsamei cents a kilo 
(buyer. March'. 


345.0, 346.0-343.0: July 331.3, 332.0, 3S3S- 
352.0: Oct. 334 X 355-0. 357.1-355-0; Dec. pricou 
360.7, 36L2, 363.04»1.0; Mart* SGiB, stated. 

365.0. 367.1-365.0; May 367.2. 3674. 36S X- 
367.5: July 5684, 370.0, tnunuled. Sates; 


BRADFORD—Tradars said market 
more subdued In past day or two 
despite nunc sharp uses In prices paid 
for British- wool at Oils week's Bradford 
sale, and reports nf negligible buying 
support ' by the Wool Corporation - in 
Au-siralta. This relates partly to reduced 
demand from spinners now that 

.s: ter tonne - 

No. 1 Yerierday'e Prerioua j Busmen 
K.5.6. cli»o I cl"*** * done 

Atnmtntnn y * 

_ Free Marie 

_ _. _ top- CoppeicaahW., 

makers are quoting, and attempting to £ moorin' dado, 
sell at. higher prices. - Cash Cariiods.-. 


Mai?h ... 
'1 st.. .. 

J-IV . 



Mum h .. 

1739.0-W 30.0 —6.0 1 1798-1770 
1593.0- 1&B5.0- 13.& 1600-1570 
MM.0-1495.0 ■ 35.0 1505-M71 
MJ5.0 1453.0 - 27.5: 1442-1420 
13&0.0 1586.0 -29.5 1535 

1335.0-1550.0 - -32.5' 

1290.0 1540.0 -40.0 - 

l.G. index Limited fil-351 3466. 

29 Lamonl Road. London SWIO OHS. 

Ma; Sosar 112.75-114.35 


■ Chancery Division> companies Conn. In 
the Matters ol 

No. 0WW of 1P7S 

No. WMW of l!*!: 

and in the Matter or THE COMPANIES 

F'ellllons for th-.- Wtndina-up of th'* above- 
named Comnanivs by the Hmh Court of 
Justice wi-tv. on th* nh day of February- 
197v. present m the said Courr by the 
EXCISE of King's Beam House. 39-41 
Mark I.ani. Lrndon F.C3R THE. and that 
the said Petitions arc directed to b.. 
hoard before the Coon slums at the 
Royal Courts of Jusno?. Sirand. London 
WC2A ILL. no ihc I'th day of March. 
19TJ 1 . and any creditor or comrlhiitory of 
any of the said Comcames d>:sirens to 
support or opnose the making of an 
Order on any ot tbe said Petitions may 

appear ar rhi? lime of hearing In oersoa 
or by he. Counsel far that purpi'tt..; and 
a copy or the Petiyon trill be furnished 
by the undersiinert" io any creditor or 
contributory of any of the said Companies 
renuirtng such copy on payment of the 
regulaied charao for die same. 

G. F. GLO.VK. 

Kirn;'! B^ani House. 

39-11 Mark Lane. 

r.nndon, EiIJR THE. 

SotUlior for the rc-iluoners. 

NOTE.—-Alt'- person «ho Intends lo 
appear on th« hvanne of any of the 
.'aid Petit long musl y?rre nn. nr send by 
post to the above-named, notice in oriling 
of his Intention so ;■> dn. The r.ntlci- 
miiM slate the name and addref> of th-. 
perron, or if a Arm. the name ard 
address nf the firm, and must be yigiivd 

hy in-, person or nrm or his or :neir 
Solicitor nf any. and mup he served or. 
if posted, must be 'rut by post m 
. sufficient urn*: to reach the ahpT-.-.namrri 
nm later than 4 s clock in lhe afternoon 
I of lhe tOtb day of March 19TS 


ACNEW GALLERY. 4 3. Old Bend St.. 

W I._01-323 8173 ICSih ANNUAL 

Feb. Mon.-fri. 9.30-5.30. Thyrs. until 7. 

COLNAGHI'S. 14. Old Bond St. W.1 
491 7408 A Loan Extiiottion of Works 
bv SEBASTlANO RICCI In Britain, in 
FUND. Until a Murcli. Mon.-Fri. 9.30-6. 
Sat. 10-1. 

FOX GALLEP.IE5. Evhibitlon of the oaint. 
Inps by British and European Artists 
Iram 1700-1965. S-6. Corie Street. 

London. W 1. Tel. 01-734 2616. Week¬ 
days 10 - 6 . Sals 10 - 1 . 

GALERIE AZIZA. 7 Church Road. Wimble- 
den Villaoe. S.W 19. Tcleonnne 946 4727 
THE 19rt, CENTURY, an exhibition of 
importani Viciorian pointings. Daily 10-6 
closed Mondavi adc Tuesdays. 

floral Institute t t66th Annual 

.... _ .._ Exfibn 

Map Art Galleries The Mall. S.W.I 
Daily Incl. Suneavs 10-5. Until 2 
March. Adm. 20 p. 


Qualified araDTransiators 
Tvoesetters and Printing for Sal»s 

Literature. ETftrBitiTn Material fer 
tne Middle Ease. 
Pan-Aran Publications Limited 
TElBDtlOne 01-553 8316 










4 "? 

immercial and Industrial Property 
isidential Properly 
ipoi rumen is 

fsiness « lnvcsuuem Op pur turn ties. 

Corporation Loans. Production Capacity. 

Businesses For Sale/T'"anted 
lueation. Motors. Contracis & Tenders. 

Personal. Gardening 
riels and Travel 
ink Publisher* 

Premium positions a'ailahlr 
(Minimum size 40 column cmy) 

£1.30 per single cnlumn rm. csira 
Tor further ficlntls icriin (q- 

Classified Advertisement Manager. 

Financial Times. 10. Cannon Street. EC.4F 4EY. 





IS 00 

I *.m. ’ s|« •■•i- n.r.i. ■+ 

Lfc'ALl in 1 . — L'ni'HHh ■ - 

C C C C 

«.A-h . .. 301.5 Z —6 300 1 —5 

MlK’Dlh-.. 308 .5 —6 . 306-7 -5.75 

302 -6 — 


Mornirs. Oath LVi;. J 5. ihrw mmibi 
rri*.;.. s. s. S3. S. 7 3. «. Kerb; 

Three m'mthi \fi«rir-on: Cfi.b 

noi. Ihror mnntb., rm. 7.3. 7. ii.3. 

Kerb: Cash i_iw. :hre*? m"nOis UW. 6.3. 
n. j. 3.x Ij, "j X 

ZINC-— Quietly steady. Forward 
mvM tn EA| .in :hr pre-marker hi line 
with the L-end id ',iher ba<e-nieiaU. But 
ihurt-TOicrln* ard Influenuof borrowing 
oatraUon helped die Drive r«"vcr ro 
vn ill-- mar nine k-rb. in ih . 1 jft--r- 
nooc values came oil mar finally with 
forward metal final!v £254.5 at the clo=e. 
Turnover 13.55U lonnes. 

K An: " >” HHi Img of M tonnes. 

ICO Indicator prices Mr Fob. 15. >115. 
routs D-.r Donnd' Colombian Mild 
Arabtcas iw.oo H'lrLlMi; un»va*ho«j 
Arahiiss 71'i.uo •.'-amei: oths-r miW 

Arahirns "iKtSa ■2 i>1.Vi; Rabusias 176.00 
• Sam?.. Daily a-.,Ta;~ ti8^ (|g«.i!7>. 

LONDON ARABICA5 — ?ul(m,H>i 
Rnbusi as lead and toltUDo way light 
Dri.l fiiirnham r-^>>rts. Vaiuot up -o 
i.l.nn inii'T ai irreauiar ilose. 

Prices *in order humr seller, chaneo. 
bu«in-v«>— \pni J0J.jO-2t0.5fl, 

no.' .inn-: iw.w-i9l.3P.— ■j.n.i. 
1 1 , l. 2 .V 1 «JS 0 : Aus. -0.7H 
tyn o«.173.IHI: .■■:?. ics.oo-109.00. -1.73. 

nil; D*'c. i6fWK.iKf.iin, nil: Fob. 

f.U0H-lJ7.iai. — tl.;,r m|. Sales: 42 t»2i 
lots of J7.2VI kib- 1 . 

Marvh... 46.70-46 
April.... 1 47.05-4? 
Apr-lnc Af.40 47 

llv-avv*. •9-11-49 

C.V-t-D*.- au.EWu. 

in-'I . 52.25-cB 
Apr-Inr’ 55.35 4 
4iv-S*u. i5.4>- 5 
Oct-Her. 56 36 7 


75 «6 70-47.0f 
Ik 47.00-47.10 
5 47.65-47.60’ 

la 43. 5-49.10 
65 Mi.5'-6LV60 
50 <120 52 2 
5 3 35-65.S0 
50 >9 40 6-45 
05 56J9D-S6J6. 

47 05 46 75 
4/.30 4|.06 
«7 65--*7 45 
2 50-12.20 
4 I5-.4 0D 
55 45 99.40 
7 00-56.95 

SMITHFIELD (pence per pouncll—Beef: UtdJM- -, 

Scotch klDcd sides 49.0 to 52.0: Diner. 6 months^.. 

hindquarters 5S.0 to 62.0. forequarters 3»_B Nlctw.L- 

in 42.0. ' FVoaMavIk* (cfr»..-'pi-8B : 2-0 

'-'.Ci*.. - . 


+ L01M54TJ5 

(£65QJ5f-fO;B JE809.73 



[£6£6.6 1 




^ — -,__ F -HL78-M 

Veal: Dutch binds and ends-M.0 to 102.0. Ptectaum dwoz-AClbejS U_...|BS6 - ' 

arted frazea: SZ PL now sea- trS BaaSP 

46.0. PM new season 44.0 to -VS 1 ’ 

Sales: 2Ss (2S5i lots of 15 iDnncs 
rhyrical closing prices 'bUFcm, were: 
Spn: 46 jp ■ 46.23 1 ; March 4?p (47.73>: 
April 4a.C3p >4S.n>. 


Aiarfcei consolidated on Wednesdays 
gams dosnlte some light selling ai 
nmnung session. Lale recovery in 
CJncago helped London ruture orices to 
close* nn highs of da 3 -. SNW Commodities 

keeteniji- + or 1 business 
Uio« • — I Done 


1 ’+ ■.■T. -4- pr 
ZINC Oili'-i* 1 — I’nidVim '• — 

'.aih. 252.5 -1 

5 months.. 255-.5 -.5 
252.5 -1 

252.5- 3 

254.5- 5 


■ 1.5 

■jprned h'sher nn '.ih-ral on good short- 
i-menn: SuiercFt and buyers generally 
ruled. By *> 10 -- \ ,-i1u.- 5 had moved up to 
40-'i0 higher uiih .-hon-corering In ypo: 
month leading. Old ,.rop barley In narrow 
range and after trading 13 higher, closed 
■» lower b:catu>: »f large scale Interest In 
vh*-a 1 -barley spr-Md. New crops quiet, 
although tvh.'.ii »-i-i«ir-d steads at 20 points 
higher, repori? 


4 |irtl. 


A iqiH»r. 


Uwmlef .. 


iKtiertruine 1 

. 113.00-19.0 + O.JB 119.00 
. 105.30-65.5 0.25 I05.6D-04.BD 
. 104.20-04.5 —0.10 104.50 03.30 
. 104.90415.0 —0.S6 106.00414.60 
105.40-06.0 -O.M - 

. 105.60416.4 —0.25 100.50-0.60 
.-'106.50 B.60-0.16 — 



Sales: 125 (97/ lots of 100 tonnes. 


Spania; 3.UKL20. Maudarins-Spanla: ^ 
2.90-3.00. Apoha—French: 40-lb Granny 

Pnn. IVest 



■ Cents per pound. t On previous 

i,h,(Rpi 4 i 1 Via o mr Bln ]1 

Miming. Cash £2ii2. 2.5. three mnnihj 
—31- 0 . 1 . Kerb: Three inontfh E.ti, 
i.I. Aftemonn: Cash £!52. three m*intlL5 
—34j. 4 . Kerb: Three roonlbb 3253. 


YerieidM • 4 -*-r !Yesterday’' +•• 
M nth i*l-v— — 1 . — 










-0.50! 71.65 

'*0.40 74.10 

*0.20, 78.60 

+ 0 20 81.20 




_ _ ; + 

-O. 20 ! 83.70 1+0.16 

SUver was iuved i «p an ounce hither 
for -pot delivery in the London bullion 
market yesterday, ar ?.>/..5.5p. L.5. cent 
equivalents of ihc fixing level", wik: 
Spot 4»9.6c. up 5c: ihree-muntlt, 
up J^c: yi.v-mnnth stJ 4c. up s 1c; and 
12-ntcnih 537.Sc. un *<-C. The mcinl 
opooed ai 2382-?!W2p 1 300-501 L <-1 and 
clo-cd at C3S.6-2.59 6p '.i'tCj-joiri. 

-II.VKH Bullion ■+ * 1 . L.M.E. + -ir 
w fLnin*: — c L '"e — 

»i""V-i*. pricing ' 

pui. 257.55t" -1.6 258.25|. -0.S5 

5 rnnnthi.. 26I.85j. -1.6 Z6Z.95[. -O.r 
jnvHtilif.. 267.3). 41.8 ■- .... 

1 : tii'irnli.-. 278.5p —1.8 

LME—Turnover 246 -IdS. lots of 10 06*1 
ounce*. Morning: i-ash ?3£ S.I: ihrre 
mnniSs 36C.3. 2.1. 2-. 2-1. 2.1. 2. 2.2. 2.x 
14. C.j. 2.5. Kerb: Three mam Its 26? 7. 
2.6. Afi. rnoon: Three nionths 242 fi 2.7. 
2.9. r.. 3.2 S.I. 3.2. 3 2 9. Kerb: Thres 
months 263. 3.1. 5.3. S.2. 3 5. 


v fllu-.-f, flucruarrd in narrow r»ri.?e witli 
r.+.iriij prices -it one stage trading near 
recent lows before runyor; '•■.cadicd 
marker m einre iu<-r bvlmv middle of 
dar'f range, repuns Hill an-i Duffus. 

Business dom—Wheal: March S3.25-S2.93. 
?Tay «4.?i-f-L43. S.-nl. *2.9040.70- ’Nor. 
‘ Jan. :7.>.vs7.yu. Sales: 1W. 
Barley: .March ifay 74.30-7#. 10. 
R"-or. TJ.tit-T+.UU. JCnv. 31.uo-78.60, Nov. 
«IJP«i.lft. .Ian. 51 1 . 0 . Sales: S3. 

IMPORTED—Wheat: CWRS Nu. 1 15j 
per cut.. F-.i-. si 11 I iTarch fSfi.75. Tilburi-. 
1 . 5. Dart- Northern Sonnst No. 2. 14 per 
i-eiu. f. h i»k Mjrdi £52.50. transtiip- Kan i'ohsl l.-.s. Hard Winter 
■Vdmary Australi.m. Argentine, Soviet and 
KFi; CTii.i- i uni,uo'..u 
Malic: i .S.-l n-ntli i-vh. rift-.JO. March 
Iton 1 r.- 1115 bInni-.m liast Coast, s. African 
Y,-Jlriii- and While unnuoied. Xenia Grade 

Barley. Sorghum. Oats: Uoqunted 
EEC IMPORT—EiTee;ive tiKlay in order 
current Iwy pins 'larch. April and Mav. 
P rev ion, m i n units of account 
per tonne. Common wheat—47.03. nil, 
nil. -j Hi nil ml. 1 921. Durum 

Wheat—J 13.20. 71:1. il:1 12.36 1 115.1)0. fill, 
n.i. IC.Si-. Rye-73.72, ml. nil. 2.IS. 

• Mine-f. Barley—T9 So. nil. nil. 0.b7 
•MMi.-., Oau—rr.,',3. mis ,r2K. niisi. 
Maize fother than hybrid fur sectllitg)— 

• *_•«. nils- • 77.43. Iiilyt. Millet—77 i9. B.!4. 
ft.'-4. n .34 is-dflei. Grain satflhum—31 4^. 

*51.4?, 3.3a 135- 3Jii. 
lor flours. Wheat ar mixed wheat 
and rye floor—nj.jj ■ same'. Rye now— 
*".7 l ?im;i. 

LONDON DAILY PRICE, for raw sugar 
£1*5 (flihii a loone ctf fur Feb.. March. 
April shipment. White sugnr daily price 
has fixed at £11^.50 i£116.50i. 

Easier immediately an opening with 
March accounl noticeably under pressure. 
After LDP reduced to £105 Irs hi west 
level this year, further keen long liquida¬ 
tion developed which could not be 
absorbed and by mid-day market was 
around 200 points b.-lovr first traded 
levels. Despite later support on arbitrage 
basis, particularly. In distant accounts, 
prices continued to fall although final 
quotations slightly above low points, C. 
Czarnlkow reports. 

Smith Category I e.GIMLM. Category II wrepra May— 
4.50-5.00. Golden Delicious 4.SO-5.60: 26-|b Lotreo PataeM...- 

Delicious 2 ^ 0 . Stark Crimson l J5S*STT , w- 

Z.m-3.00. Jumble pack. p-?r pound. Golden 

Delirtous 0.10-6J4. Granny Smith O.U4U!t; ^BQ.. _ _ 

Italian: Per pound Rome Beauty 0.L1. “fbbw Wlo...._, 

Golden Delirious 0.11-6.12; U.S.: Red 9i*l£BA4L_ 

Delirious 9.00-9-TO: Eastern States: 


,;...Lc 609 : - 

1.6 166 O 6 ' 

medium 47.0 to SO.O. hoary SS.O ;o 
Scotch medium • 
to 45 0. Imported 

son 43.0 to .46.9. ™ *.-■«,» -«.» » ^ C^._:::^|£6,195'l-10Zi£dJa5 

ngNst!. under 100 lbs M (J to 410. 

lOlkttO lbs 36.0 ,0 41.0. 120-164 lbs 34.0 to BSSatlSf 

MEAT COMMISSION—Average fa-nock J montha!.-£36476 ....„4£27p75 

pnees representative markets Ftb. 16: rreriucers-:S56O-B0Q -3600 

CB caffJfl fi4.4Sp per kg- l.w. f-rl.SSK QUg t 1 

i m !?J ,cr 1 5 e - . cst a.e.w. Coconut (Phil)_!«B73.6si + ajS 

r-r4.2I: GB pigs 624P PCr kg. I.W. (+-I.SJ. wliinr - [CROP 

England and Wale*—Cart!e numbers linaeKLLVndBfto.. 8271 
donn 9.2 per rent., average 65.0Tp him m.u- TT "orqS. 
f+2.09); Sheep down 14.1 per cenr.. 3anwyan.-“.50k>TE 
average 154.1p it.".5i: Pigs down S.2 per 
cent., average 62.3p f+L?i. Scotland— I 

CaiOe down 10.6 per cent., average B3.02p pkiu„ 

f-rfl. 49 i. uofra rtulip.— 

COVERT GARDEN (Prices in sierbns »>?*»>«»*> W-80- 
ner package unless staled v—Imported 
produce: Orauae*—Span!*: Navels 2.70- Grains 
3-50: Jaffa: 3.50-3.95; Cyprus: Ovals Harley HHC— 

16 i 0 ® 5 , M/80s =0 kilos Homo Future*!TLe7LM 

1.N-3.S0: Egyptian: Ealadl 2JO-3JW: M»Im ___ 1 

Moroccan: 2^0. Lemon*—Italian: 100/120 Froneh Wo.3 Ani 
2 30-3.20: Cyprus: 2.56-3JU. Grapefruit- Wheat 
tTyprnS: 15 kilos 2.40-2.60 . 26 IriJrjs g jkj. w- 1 

3.60; Jaffa; 20 kilos 2^0-3.70. Sour*— NoX.HatriWinter^ 

Spania: approx. 40 lbs 2.90. Satsunia*- a^iShmiSSr 


+•1.0 1*254 



—O.B l£84 

£9B» J......'Lsil.S 




e 1,594 

(£I.48LB|+L16J £1,536.5 


m*-ml —^goeo-nH 

S.00-9.40: Hunflariaa: Red Delicious 7 06 : Woottmpa 84s fcifcx. 

Danish: Spartans 0 09-0.10; Orecoa; New- .' • - 

towns SUB. Pears—Italian: Per pound UmjuotetL o SeflertMTiial*- 

4.106' I—LC 


+ 0,15(84 JBi 



Passacrassane aoS-O.lO; Sooth African: SSi P«mtL P Br-te ift UhhIod 

. ■- t.itarctk 

tf AsrD- 

Clapps 3.00. William Don Chretien 6.80, F.-Feb"-March tUa 

Plama—South African: Gavlotaa 0 36-0 38 iP™ - ®March. ttA J 

Red Ace 0^8-0.30, Kelsey oi^koiis.' 1 * Per ton.. •■- --• 


Prcf. IVnt’ftliyV Prr*inur Buimeas 
(.'••inm.j ’ Cteae j Clcrae [' Dnoa 

• i.tii. 

t fvr tonne 

March .'109 50 09 55 112.65-12.60 112 65O9JJ0 
Jlar—|111 5»-l8 BQ : 116.73-16.80 MS BO 16 26 
An*.. . ill? SB 17 GS Il9.qs-I9.9u.i2fl 00-17.00 
iw. ... 1 a 55 -0.40' I23.t0-2S.BD I 2.90- 0.00 

Dec.' 1*2 70 . 2 75-124.76-25.00: I^OO-.Z-EO 

March .127.0 - 27 46 I2s.40-2a.4a i29 50-2S.H 
Mav1.0 00-; l42.O(W2.l0Ji2.|»-JO.OO 

Saks: 5Kfi 1 3.709 > lots of 2 lonnes. 

Tan? and Lyle cx-rcflnery price for 
aranutaicd basis white suger was £242.40 
(same :i tnnne for home trade and riTO 
■ ilTii tor expon. 

EEC IMPORT LEVIES—Clfeciive to- 
da? for dunaturod and nuurdenaiured 
.MiRjr In units of account per 100 klh» 
iprerluus In bracket* •: White: 54.17 
123.94 1 : Raw: 20.4s 120.351. 

International Sugar Agreement—Indica¬ 
tor pricos *U.S. cents per pound fab and 
•lowed Caribbean poni for Feb. 15: Daily 
prill* 9.3S f8.43i: lMay averaoe 8.54 

Grapes—Calif ora I an: Red Emperor per 
pound 0.38. Bananas—Jamaican: Per 
pound 0.13. Tomatoes—Per 6 kilos. 
Canary: 2.04-2^0. Melons—South African: 
White 4/'3a 5.80: Venezuelan; 4.00-6.00. 

Cucumber*—Canary: 2.50-3.00: Dutch: 
3.B0. Caulfnowors—Jersey: 7.00. French: 
fi.98-7.IM. Potatoes—Canary: 25 kJfov R.0K 
Cyprus: 3-00-3.20. Celery—Spanish: Iflf 
36s 3.80. Lettuce—Dutch: 24 j 2 . 90 . 
Caoslco ms—Kenya: Per pound; 
Israeli: 0J5: Canary: 3-33. Pfcatbq*— 
5. African: 2L249 3.10-3.40. 

English produce: Potatoes—Per 55 -]h 
WTutes/Reds 13UD. Lettnco—Po r 17 . 
Indoor' 1*0-1.40. Cabbage—Pc-r **a E 
Prlmo 0.90. BeetroM—e»er 28-lb 0 M. 

Carrots—Per ha* 28-K) 0.70-1 00. Onions— 
Per 56-lb 0^0-130. Swede*-Per baa. 
Dnm UMM. Apples-Per pound. Cox’s 
u 12-0.23. Bramley’B 0 . 11 - 0 . 18 . Spartans 
fl.HV0.IS. Edward VH 0.12-0.14. ^ebt»- 
Per pound. Conference. 0.10-0.14, Comice 
n. 12-0.14. Sprouts—F 0 r pound 0.07-fl.®’. 
ParreiIps-Per 2s-!b 1^0-l.M. T uri ilH- 
Pcr 2S-& 100. Jthubarb—Per pound 0-3). 




Argentine wool 
exports rise 

1,111. l.» \ 

Yt;-ier. 1* t"‘ 

1 lm.r 

+ ii> Hu-lirc*- 

• - l*. r.f 

'■•j.: '-‘nu 


M in.-n. 

1579 D SB 0 

■ O.jO .627.11 Ic.o 


MSS • 26 "i 

-6.D 449.. 30 0 

r :k i 

M21 0 22.0 

- 16.5 -4iB. 10 0 

re t .-i . .. 


- 16.5 1-29 0 10.U 

up . 

119 I.i 9! 0 

- K.5 >294 a MB 

'lurch... . 

1162 II 64.0 

• 9.5 1497 60 j 

'lu. .. 

.1:65.0 76.0 

17.25 1460 <1 72.0 

V il.'u- ; , 

!1D i Ifl"s nf ,i lutlili". 

DUNDEE JUTE—Quiet- hut very Arm. 
Prici-v l- and f 1 K for March-April -.hip- 

ni^m BWL !?ir. i:ud t2sr Tosm ijt*. 

iiflj pTD :24fi Calcutta SOOd* sieady. 
UUiimUdiis 1 and r U K. for Feb 4ltip- 
inmr 10-nr tu-jmh tiq::7 '.-or i7.!>ii n. r 
:nft rar/J* H.iri h -in 11 .m:l f7 ">7 \pn). 

M<i-Juili iluiiTi .111 [ L513. Fi IvilK 
i.’i.Ai £29 S5 and i.ai9l for ihv rrnupisivc 
shinmriii P" rn.js. Yarn and doth quiet, 
but prices Item. 

LONDON—Dull and. foot tireless. Bacho 


Intenqiional Core* Organisation if 5 
ents per pmind— Daily pnre Feb I« 
i:»43 * 1-7 .■>• InrlK+inr V«>h :«• 

13-Cay 129 ir mptji. j;.dz’- 

iverue 120 .it>. 

criTTON. Uverppni—ipq - j.nd jhinm'-n' 

4Tnounfo>] -n 111 ujnntc tvrinmip 

the total for foe sn far to W 

'"nnes OD°r*:or' v»re netmae vb-j'i' 
r± 2 ttur Lomimunenit $0 teal cmlf. small 

A*M rniini 

t ■ TFfl 1\ W* « It 

XffflffMfti "f 

U"’p — • 




2s4.0-£6.'J , _. 

11* V 

7q4.iM/.u . 



Jlo.L-af.u ... . 1 


II ‘liilnir 

2S6.C.4..Q . 

1 Iccu . 

Z42.U-44.0 . 


Mircb .. ... . 


Ui' .. . - 

«b.U-40.U ‘ ■ 1 


'•ll' . . . 

'45.0-49.0 , .. . 



during the^first four moaihs ol 

Financial times 

Feb-'iCj. Feb. Ifij 



820.94 |226.04 



.(Base: lm 

9 l- ustsion - 



p«- 16 

Month Bfifl 


1401. C 

lj 1403.X 

1410J4 H 






1 Pan. ; 

liootbi Year 





59 344.64*396.14 

UiWOQ&rS rZHjrt 



tfoh. Hmdl 
■ IB '• i*n ’ 


■iple Com'mtV 


907.6; 095 


U.S. Markets 


PRW3TO05', 'tobtefciAe 

dollar.., fiSner 
qiUbt, espdmons. yf ■ 



BHghtly fifeJrer 
Bache reports. - ; ., 

Cocna-Mari* 133-23 OSI.nj). May 
023.06), July 120JO, Sept. 113-SO. 
U6-«, March 1MA0. May 112.6* 
niJK. Sales:. 2.184. 

Coffee— 11 C " -Contract: March 
<19243). May lte.lfl-176J5 flTLSSb 
158^0-13348. Sept 152.50. Dec. . 

137.98. March 133^9-133.00, May 
08-51, JnJy liSJS-lCT.aO.. 

r C*Wte--Feb. 37^0 (57«). March'* 
‘5JLB8), April 5340. May July 
Sept. 60-90, Dec. 62.39.. Jan. tCSO. ! 
.53-50, MbX 54-60. July 63-SO, SepL 
D8C. <8J(U'.Sal8*: ajlO;; 

Cottao^Vd. 2: March SSJO OLSSi j 
55.44 July 57J5J7J8. Ocu 1 

58^0,-Dtt^ 58^508.98. March S9JE5 
MV. 0O.4MO.BO, July 0.5041.09. 

baJes.- : -. . , 

: Pet?: 188.80 (180.301. March 1 

franco J. April 182.58, June 18340, 

187.98, Oct. 196-50. Dec. 1SJL20. Feb, 
April 198.70, Jane SOLED. An*. 1 
Oct 907.08, tied 210-50- Sales: 14 

tLard—Chicago tooee 20.53 non. C 
Wear York prime - steam.' tmavalL 
traded), ' 

tMafae—March 2234-225* i22fi). 
299-228* t23»). July 22H, SepL 227K 
227-2281. Match 235. 

SPlalfnum—April 237.DO-23B.00 CX;:.. 
July 24UM-242J8. 1239JO). OcL —?< 
347.80, . Jan. 7 34MW4»^0. April l-.. 
ss-iftr.juiy-assjwmjn. safoK’Ujx 

JSllvfT—Feb. 50240 <499.061. I* 

503-AC (499.90). April 30BS8. MV 
W 518.09. Seat. XSM. Dec. 537JO, •' 
March 648.70. May 958J8,: 
564J9, SepL 572.18, Dee: 58SJ0. I . 
flrs.sssa.— Bandy and Barm an spot 
W9730K-. . 

Svabaots—March 587-567* <565i). 
575*576 t574*l, July 580J-58L Ang. 
SepL 074-573,- Now573i. Jan. SOI. I 


the 1977-78 trading season 
(October l to January 31) 

URIMS8V FISH—Supply- fafc demaud 
fan*; -«Prices .It jbip'a.iddt .unprocessed 

_ __ . Mo »1—March 140.6D- 

(148.701, May 15X30-133.48 C133.BB), ' 
iujo-ism Aug.', lsrjss-urjo, 
13X89037.70. Oct. 138J8, Dee. 16530, * 
lSU!MfflL5(t March. 183.90-10X50. 

Sanborn 014—March 2 LO 5 - 2 L 10 (! 
May 2ff.8D-20.9O '(20.391. July 28JIF 
Aug. . «L 6 X SapL 28OD-20 JO, Oct. 
Dec. 19J39-19J5. Jan. March 

19-85. : ■ ”, •- ; ;• 

Tin—555J»-363.(» asked (S5S.B0-; 

asked).-- - 

Siaiar—Ifo/ ll: March a.60-3.51 ~i 
Hay SS3-3.94 i?J4>, J July 9.18, SftpL 
B.S7, Ocl ff.e. Jan. DSfl Mm - a 
1004..- May. -10.30-1005. July . l«l- 
SaTw:' saw. ^ v^ 

*riWbeat-Ma rch-'. 28 ^S"-, fSSMK 
2685 <2mi. July.fln*3ttSsSaflL 275. 
Dec. 'jni, MaKp2____ 
WWSIPBC, Pefh ttZ:&* 
hw fiWJo wdL- war Horn., -Nov. -I87J 

_ft0ai»-M8y: .jtnfrfMd 
bid (T"L50i«sMl/r9«Lr 

. flfiutete-Miy 77-SC m.lW- 


Jnflr 224J0 adffiii ai£2Stif ‘ t “ 
asked, Nov. 

content of Sl LawrwcblU&lfcl 
. AB. aady: per . pobbS ;• 
unlm Wtenoia»”ft*wL'r."-j 8 -' 
oupce—190 Mbce 1 lets. 'tChieroa 
Se per IW tt»—Qept^nf. Ad. prlws - 
rtousi daff- Prijn*;.Steam f.b.b: NY 
tank -gara;, a craa -per. *5»‘ lb husbei, 

Sate'-- Nil isam“i low of 1.390 kllw. 
rrower CBfiAsr-rin order buyer. 
i-!It,r. bti*-ines5 &ale6i. Micron Contract: 
March 558 0, 539.5. 346£439.0: May 344A 

totalled 58.623 lonnes/ sr MS y S?'iiB5r»»a35draBE|___„ 

basis, compared with 35.875 2.89-ia«! medium lMdilocfc. t4.80;i4 1 5e i !*art!iwuse.- hmihej IMS. Bssqj 

»««* ,£• “wvwMBni 

period of the previous clip, medium oannetf dogfish c&n: eaitbej 
statistics from the Argentine iumi-so. 

Wool Federation show. ■ •* 

January exports totalled 21.666 

tonnes, compared with 12.254 in _ tohopij PALM Oiu-aoa^ Feb. and) 

Tanttarv last war March jraflffWBW; April. «ay. Juae. 

J Aim.. SepL.OCL aWJfWTO.SO. Sktesri 

Reuter Kit. ' . - ~ • r 

___ _ Cents 

troy ounce esrMawturiut. fl New v 
comraci- tn K »-shore ton for buft r. 
of lOO-.yhort'tone: delivered f.o.b. 
<3Hcake;:'T0Md7 St Louts aod A 

lb: b*8h*f in s 

rtctots w-24 - .4b-*bwhaL tt Ceine 

«• W hogfi^vdx-irwhwtee. ifCsns 

9. SktesriW:tb.biaJ»K**-*arM»we, 1^00 bt 

. t 


- \ 



Althoughhard work and efficiency are the common characteristics of Lombardy, its position as 
the industrial heartland of Italy meant that the economic recession hit all the harder. Yet 1977 
was not altogether a poor year, and the mood, at least for the short term, is optimistic. 



rinick J. Coyle 

Y IS, in a sense. 
Italy, although not 
2 extent which many 
is like to believe, 
a has the' largest 
(now dose on 9m.) 
highest per capita 
any in the country, 
-for roughly two-fifths 
■otal exports. If pne 
. reckoning the pro¬ 
filed by Milan-baged 
whether generated 
. the. region or. else- 
taly, then Lombardy 
»• getting on for half 
y’s total industrial 

■he capital of the 
taly’s industrial and 
-ecca. The province 
esident population is 
half of Lombardy's 
.. in turn, represents 
-t. cent, of the coun¬ 
hole. Greater Milan. 
at-last official count' 
16.000 industrial units 
almost Im. people. 
*dy region as a whole 
>0.000 factories with 
' labour force climb¬ 

ing towards the 2m mark. Cer- 
-tamly it is Italy s-induMnal 

' But it is more besides; for .the 
great Po Valley with ihe tower¬ 
ing Alps to the north and. the 
Apennines to the south isi vast 
fertile region which contributes 
some 12 per cent. oF Italy's total 
agricultural output and some t*f 
its most efficient and ’highly 
mechanised fanning. Industry 
and agriculture co-exist.-but not 
always happily—or free of .pollu¬ 
tion;—and the drift from .'the 
land into manufacturing employ¬ 
ment continues with farm, em¬ 
ployment full-time currently at 
little more than 5 per cent, of 
Lombardy's total working popu¬ 
lation. Industry, too. is making 
physical inroads with an esli- 
• mated annual loss of agi^cul- 
tural land of 10.000 hectares. 

•This industrial and agricul¬ 
tural mix makes Lombardy 
much more than ItalyV Ruhr, 
and besides the region also, has 
a developing tertiary sector in 
tourism. It. does not. of course, 
compare with . the counties 
great leisure playgrounds,along 
its vast coastline!! • easf/ and 
west,' and on the islands^" yet 
Lombardy does have -its :qvn 
well equipped winter-, sports 
resorts, - -while the . -.lakes 
— and not just Como —* ihave 
long been a favourite attrac¬ 
tion for regular tbdristS,espe¬ 
cially ' those .from Northern 
Europe. Overall.... Lombardy 
itself had getting on for one 
and a-half million- foreign 
tourists last: year. .Small beer 
perhaps when set against' the 
more than 3f)m. to Italy , as a 
whole, but a useful addition; to 
the regional economy. 

But above all. when you are 
in Milan or indeed elsewhere 
in Lombardi", you'are in' the 
North; Of course the people kre 

stiU Italian, but they are also 
European, and mostly ili^y 
think that way. Nowhere k the 
North-South divide iii Italy so 
apparent as here. Even Rome 
itself is far away, in the sense 
that Itombardy's hard-working 
and generally pragmatic indus¬ 
trialists view the national 
capita) as being remote from 
their own endeavours, a place 
nf politics and bureaucracy 
which provides more hindrance 
than help. In Lombardy, the 
Smith is seen almost as an un¬ 
wanted appendage which holds 
hack Italian economic and social 
development along European 
lines, and which - threatens ulti¬ 
mately to pull the country fur¬ 
ther into the Mediterranean. It 
is a crude yet basically accurate 
assessment that in the North of 
Italy people think in terms of 
money, while in the South the 
emphasis is more' on getting 
3.nd using power. Most of Italy's 
industrialists are Northerners. 
Much of the country's political 
power ;s in the hands of people 
from the South. 


People and most things work 
in Milan and indeed throughout 
the region. Business starts on 
time. Appointments are made, 
and generally, are kept. The 
afiemoon siesta is for Romans 
and those in the South — where, 
admittedly, it is hotter. The 
Milanese businessman goes back 
to his after lunch. Depart¬ 
ments of the regional adminis¬ 
tration function in the atier- 
noon, unlike in Rome. These 
are, of course, small compari¬ 
sons, but to the visiting foreign 
businessman, they do point up 
an essential difference, one 
which strikes him a great deal 
more forcefully when he mores 
down to Rome—as. increasingly. 

h*» land al.<o must Lombar¬ 
dians) roust do if he wishes to 
ger through the Italian bureau¬ 
cratic machine, further south 
still, in Naples or wherever, it 
is very much a different nor Id. 
and even t*» the casual observer, 
the turn-nations theory begins to 
take hold. 

In fact, of course, it is all one, 
and industrialists in Lnmbardy 
to-day have to share the same 
fare as the nation as a whole. 
Italy's developing economic 
recession knows no such divides. 
Indeed, since th" industrial cun. 
centration is nt the north, 
dearly Lombardy is. propor¬ 
tionately. hit all the harder. 
Theoretically, at least, the 
labour unions hern are better 
organised, henro. northern in¬ 
dustrialists do come under i hat 
much more pressure, hut. m 
fact, affairs day by day do not 
rum out that way. The dicrates 
of trade union headquarters in 
Rome, or for that matter of the 
national employer organi^arion. 
Confindustria. are intended to 
establish a national " norm/' 
yet employers in Lombardy do 
manage to work out their own 
satisfactory modus vivendi with 
union representatives on the 
shop floor. National wage 
agreements are all very well, 
but if a major export order is 
at stake, the region's employers 
—and especially those in the 
small to medium category—have 
nu apparent difficulty tn work- 
ins our a deal with local union 

This, often, may imply paying 
wages over the national odds in 
order to complete a particular 
contract; or it can invtdve shop 
stewards turning a blind eye to 
a degree of "black labour"— 
farming out sub-contracting 
work to a smaller unit, or even 
to former (often female) em¬ 
ployees for cottage industry 

manufacture. Pragntat-jm aai 
flexibility are hallmarks of the 
Lombardian industrialist, and 
the results sh'Ui. 

But the prvM-iii recession i* 
a bu hittiny Lombardy—in 
chemicals, te*.L'o> of course, 
steel, the mechanical sector ami 
food pntfessiuc. The crisis is 
much more pronounced m Lie 
major groups. Montvdisun and 
its subsidiary Montelibre. Fatek. 
Breda, Alfa Romeo. Motta and 
Aletuagna. Buiinni m Perugia 
among others but ihcrri- clearly 
a down-stream negative tpin-of? 
to Lhe satellite Mipp^rring com¬ 
panies, both medium-sired and 
small. At the top end of the in¬ 
dustrial scale, tin. 1 problems are 
almost chrome: rationalising the 
mixed siate-prnaiv chemical in¬ 
dustry sector, tor example, is tut 
just a matter fur the central 
government—ol which there is 
none at this writing'—but u» a 
wider basis, for the European 
Community a? a whole. Steel, 
likewise, is not currently just an 
Italian problem, and is dealt 
with specifically elsewhere in 

this survey of Lombardy. Like¬ 
wise. the food sector, and tne 
steps ro rationalise unidal are 
also outlined in a separate 
article on the?- pages. 

Yet what is clear is that at a 
lower level, industrialists in 
Lombardy are si:li demonstrat¬ 
ing a Temarkabic capacity to 
work out their own profitable 
salvation. All in all. 1977 has mi 
been a bad year, and the private 
projection; nf many medium* 
sized companies t perhaps up to 
4.000 employees, and with an 
annual turnover or. say. L50bn. 
or £30m.) for the current year 
are encouraging. 

But most companies are still 
holding off from new invest¬ 
ment. the small ones reluctant 
to grow bigger in the present 

uncertain economic arid pclr.wai 
climate. Mcdmm-sired groups 
prefer io *ray that way for the 
time being at leas:, seeing all 
too many problems being ex¬ 
perienced by the big boys. Then, 
of course, money i, >;;!! expen¬ 
sive. albeit somewhat cneapi-r 
than at nines fail year when 
shmi-icrm bank accommoda¬ 
tion could carry a coupon nf 
over 2rt per cent. And many 
fa in 1 1 y - owned businesses in 
Lombardy—ami that is most **f 
them even to-day—are often 
reluctant to reduce rheir degree 
of control through merger-. 
Short-term hank accommodation 
i? -ecu as being preferable in 
medium-term financing through 
the various credit institutions, 
for thi*. it':s feared, can involve 
an element of reduced personal 


Yet some companies are open 
to new partnership deal-, often 
with foreign concern? a* a way 
into new technology. Others are 
actually put on the market, 
often at book value or even less, 
by entrepreneur? who jusi want 
out and are looking towards re¬ 
tirement. Just. now. and for 
the first time in recent years 
anyway, a few American and 
some European concerns are in 
the market -— selectively nf 
course—to buy into Italian com¬ 
panies. There are also sign? of 
a return of direct foreign in¬ 
vestments. At lea.-: half a dozen 
roadside signs announce new 
project< along the road from 
Milan to Bergamo. 

The mood overall throughout 
Lombardy is a: bottom 
optimistic in the short term, 
and that in the region generally 
means the next couple of years, 
no . more. The Communist 

'■ noicy.' f*ar< r liar the Com¬ 
munist* will come tn a direct 
.‘■hare nf puwer in the central 
gmenuiieni. is something 
Milan'? financial institutions 
worry ahout. but not most indus¬ 
trialists. Many of the latter 
oven think u might nor be a 
had thing. Imr one suspect? the 
rationale i- that Communist 
part ici pal mn in enveroment 
cuuld somehow make the trade 
unions more moderate in their 
demands and might bring some 
improved efficiency to the 
bureaucratic machine. This is 
the kind of pragmatic self- 
interest which characterises the 
average Lombardian entre¬ 
preneur. except perhaps at the 
very top of The industrial scale 
where, in any event, the control 
—or a t least much of it—is 
probably <directly or otherwise) 
in government hand?. 

At the political level, the 
industrial North of Italy—Milan 
and Turin perhaps especially— 
has traditionally been the 
bridgehead of the left-wing fac¬ 
tion of the long-ruling Christian 
Democrat (DO Party. To-day 
it is different, in the sense that 
:: is the younger northern DC 
deputies, many of them elected 
to Parliament for the first time 
in the inconclusive 1976 general 
election, who are challenging 
mov».*« within the Christian 
Democrat leadership to accept 
greater Communist participation 
in rhe governing process, admit¬ 
tedly through almost back-door 
techniques which, essentially, 
are aimed at maintaining the 
DC in government. 

Some of these deputies 
appear to represent a reawaken¬ 
ing of almost a militant Roman 
Catholic action movement, yet 
one which is not based solely 
on an anti-Comraunist stance, 
but rather, they claim, on the 

need To provide a constructive, 

efficient and democratic altema- 

nvi- in Communism, une willing 
and able to provide acceptable 
safeguards against any form of 
dictatorship, while also being 
capable of creating the proper 
environment tor Italy's econ¬ 
omic recovery. They talk 
increasingly nf Die quality of 
life, a need for revival, most o£ 
ail within tiie Christian Demo¬ 
crat party itself. 

It is. ir seem?, a tentative 
search for a new political and 
social process, away irom the 
traditional patronage and cor¬ 
ruption policies of The DC. but 
without the real risks which 
are seen to be associated with 
the Communists coming to gov¬ 
ernment. even m some vague 
coalition, and certainly if alone. 
It is a mood which could take 
bold, although there are few 
tangible signs of this happening 
as yet, outside, that is. of the 
ranks of some of the younger 
politicians themselves. 

But then this attempt at a 
political and associated Roman 
Catholic revival may not fee 
altogether surprising coming 
from the North. It is in the 
relatively depressed southern 
part of the country where the 
Christian Democrats are trying 
to hold back tile Communist 
tide in a situation where the 
DC is still in the majority, in 
the North that majority has 
already gone to the Com¬ 
munists. and it is the minority 
there which is seeking new 
political ground and ideas. 
Down South the old DC estab¬ 
lishment is rather negatively 
defending the status quo. In 
Lombardy there is a feeling 
that the country needs urgently 
an alternative to that establLsh- 
roent’s fundamental philosophy 
of "it's or them!” 

14-23 April 1978 


M I 

—more Dusmess 
from banks 
and businessmen 

j please 

.Cariplo has* " 

3,800,000 deposit and current accounts 
’»11,500,000,000,000 lire deposits and funds.administered ° 
400 branches - 8300 employees . 1 > 

° including Mediocredito deposits and funds 

v’» s $ 

fe ** 

r fead Office: 

0121 Milan 

.aJy " . . 

’ia Monte di Pieta 8 

L (02)88661 

:lcx 31280/34451/33407 

Representative Offices: 

London. “ ' Brasses - 

Gunard House ' Avenue touise 327" 

88LeadenhaIl Street EC3 R-I050Bruxelles 
tel. (01 1 2832302 . tel. .6400080 

telex 887641 Cariplo Ldn telex 62446 Caribr B 

Frankfurt . 

• io be opened 

in the 2nd quarterofl97S 

akesup a lot of space in the Italian banking picture 


the answer to your questions; who to produce for; what to produce, how much to produce 

The very wide appeal of Milan Fair can be seen at once from these figures, 
in a twelve-month cycle: the 10-day April Trade Fair • 335 days for 56 specialized 
trade shows • 2,407.382 sq.m, of exhibition and display sites • over 33,000 
exhibitors from 90 countries • 85 countries officially participating. 

Plan a visit to Milan Trade Fair, and make sure of coming to the specialized trade 
show that covers your own line of business. 

For detailed information, also for Business Visitors' Cards and Advance Catalogue, 
apply to Fiera di Milano, Largo Dcmodossola 1, 20145 Milano (Italy), 
or to the Milan Fair Representative: Dr. V. Schiazzano, 

20 Savile Row, London W1X2DQ S 01>734 2411. 


Financial ilim^VWaay'PetH^aiT 17.1978 



International Gifts, Crystalware 

Ceramics, Silverware, Houseware 
Hardware and Tools Exhibition 

Trade only 
AUTUMN MACEF - 8/12 September 1978 
SPRING MACEF - 10/14 February 1979 
MACEF presents a rare opportunity for buyers not only 
to see the best and most original goods, but to meet and 
exchange ideas and notes on current trends and develop¬ 
ments with other top buyers from around the world. 

The exhibition halls themselves are carefully arranged and 
the goods clearly displayed to ensure that you see every¬ 
thing in the best possible light with the least possible 

MACEF - Via Correggio. 19 - 20149 MILAN (Italy) 
Representative of MACEF for the United Kingdom : 
Inter-Unie Publicity Service 

63 Leysian Building. 112 City Road LONDON EC1V 2NE' 
Tel. 01-253 7843-242 7829 



Sole Agents 


t-'jto-VCc:d Siofe-: ' 

£k.'~-ZC’ F-OaC •_ 

•.' ; '5-e / i. . 

• ; jp5^2V5Sr?»5\ . 

Contact Maunce Johnson 

33-s- S'. 

Contact: John Webb 


Farming ovcrmechanised 

LOMBARDV TO-DAY is, above 
all, an industrial region, it has 
effectively become the indus¬ 
trial belt of Italy with a broad 
range of industrial activities of 
varying shapes and sizes — and 
makes a sharp contrast with a 
neighbouring region like Pied¬ 
mont and its capital. Turin, 
where indust ry is polarised 
around one giant conglomerate, 
the Fiat car manufacturing 

Yet its agriculture, aJihough 
less significant than industry, 
makes Lombardy. logeLher with 
Emilia Romaena on iu southern 
flank*. the country's most im¬ 
portant agricultural region in 
absolute terms, it annual form¬ 
ate production amounts to 
nearly L2.000bn. <£l.3bn.), 

accounting for about 12 per 
cent, of the overall national 
total, some 25 per cent, nf 
national cattle production. 33 
per cent, of milk, and 30 per 
cent, of maize production. 

Indeed, agriculture in a sense 
formed the backbone for the 
industrialisation of Lombardy. 
In return, however, industry so 
Far has steadily undermined it. 
Every year an average of 10,000 
hectares of farmland are lost to 
industrial and urban develop¬ 
ment. Tiie intricate irrigation 
network of the Po valley, simi¬ 
lar in many ways to the. canal 
system of the Low Countries, 
suffers increasingly from indus¬ 
trial pollution. The disaster of 
Seveso is an extreme example. 

Farm labour is scarce and is 
continually lured to the cities, 
despite the relatively higher 
wages offered by agriculture 
compared with industry. The 
present full-time agricultural 
workforce represents only about 
5.4 per cent, of the region's 
total working population. And 
ndustry and industrial interests 
have heavily distorted the agri¬ 
cultural structure of Lombardy 
by encouraging a massive and 
often random over-mechanis¬ 
ation of die traditional Lom¬ 
bard farmsteads, the so-called 
4 caseinate." 

Agriculture in Lombardy is 
essentially centred on the Lodi- 
giano plain, or that part of the 
Po valley which cuts the region 
in half. The upland areas to 
the north have, to all intents, 
become marginal, except for 
some wine-growing in areas like 
the Valtellina, and also some 
forestry. The plain, in fact, 
accounts for as much as 90 per 

cent, of the region's production, 
which consists mainly of forage 
crops, milch cow breeding, and 
pig fanning on an intensive 

This structure of intensive 
fanning is the result of a con¬ 
tinual process of land improve¬ 
ment carried out over centuries 
that has exploited the region's 
large water resources by means 
'of one of the most extensive 
irrigation systems in the world 
— a system which still permits 
the cultivation of rice on a vast 
scale: While some 70 per com. 
of agricultural production con- 
>isis of products of animal ori¬ 
gin. a percentage ijuiie excep¬ 
tional for Italy, about 30 per 
cent, is made up by cereal cul¬ 
tivation. including rice and 
Forage crops. 

In general, agriculture is con¬ 
siderably more efficient and pro¬ 
fitable in Lombardy than in 
most other Italian regions — 
with the exception, perhaps, of 
Emilia Romagna. Nevertheless, 
it suffers From a number of 
structural deficiencies and other 
handicaps to its development. 


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: Monza 


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1 / y-vT X' \ A 

’■ \ / \ Cremona 

Wt! " x ^w 

:. a £. 


HfentaSKs’ 1 

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The coscinale. or Lombard 
farm, usually consists of an area 
between 50 and 100 hectares — 
a figure which Is much higher 
than the European farm aver¬ 
age. Such a farm would norm¬ 
ally require at least 20 full-time 
hands to run it efficiently. But 
because of the scarcity of farm 
labour, the Lombard farmer can 
normally count on no more than 
fire full-time hands, and he has 
had to turn to mechanisation in 
an intensive and often exag¬ 
gerated way. 

The Lombard farm is there¬ 
fore capital-intensive in most 
things. from buildings to 
machinery and cattle. However, 
since mo.>t concern? combine 
cereal production with cattle 
rearing, not much capital has to 
be laid out in ad ranee. On a 
typical farm, buildings are 
numerous and large bui struo 
turally old-fashioned. 

There are 1.88m. head of 
cattle, in the region (of which 
74(1.000 are cows> and some 
1.7m. pigs housed generally in 
large premises cfose :o the 
dairies. Poultry are aiso con¬ 
centrated in large industrial- 
style unit*. The consequence 
of ih:» over-capitalisation and 

mechanisation has been that 
while farms have achieved high 
productive capacity, their costs 
have continued to Increase.. 

But it is not just the shortage 
of labnur—to be attributed 
partly perhaps to the stigma ” 
resulting from the Mussolini 
period when the farming com¬ 
munity was discouraged from 
leaving the land, yet was not 
given the social and professional 
facilities they discovered existed 
iu the cities—which caused this 
insensitive mechanisation of the 
region's agriculture. Political 
and industrial interests also 
played a major part in the 

Industry saw the Lodigiano 
plain as a flourishing market. It 
was in its interest to promote 
mechanisation. At the same 
time, the politicians, at both 
regional and national level, saw 
in what became au indiscrimin¬ 
ate policy of subsidised credit 
facilities to agriculture pro¬ 
ducers a device to win votes 
both in the rural community a ad 
in the industrialised centres 
which supplied the new techno¬ 
logies lo the farmers. The bank¬ 
ing system, too. had a vested 
interest in such a policy. 

But while, at leas: in prin¬ 

ciple. this policy based on 
financial incentives could have 
been justified in terms of creat¬ 
ing a more modern and efficient 
farming structure, it was never 
accompanied by a careful 
monitoring of mechanisation to 
avoid waste and guarantee a 
rational long-term development 
of the sector. 

Simultaneously, demand for 
meat was growing in Italy. 
Compared with six kilos in 
1936, annual average per capita 
consumption reached about 40 
kilos last year. The emphasis 
has therefore increasingly 
shifted to quantity rather than 
quality. The domestic market 
could no longer keep up with 
domestic demand, which led to 
a dramatic rise in imports, not 
only of meat but also animals 
and’ fodder. The European 
Community's compensatory 
measures produced a further 
distortion of production in 
Lombardy, encouraging lower 
standards and acting as a 
brake to development and 
expansion, in productive and 
quantitative terms of the 
region’s agriculture. 

This over-intensive approach 
to farming is reflected, for 
example, in a fall in the animal 

fertility rate. The regional 
authority says that the fertility 
rate of cows in Lombardy is well 
below the European average. 
In Holland, for instance, about 
95 calves are born from every 
100 cows each year; in 
Lombardy the average is only 
about 70. 

To increase the fertility rate, 
the regional authority says, it 
would be necessary to give cows 
free-range facilities even for a 
limited period each year. This 
would also reduce the annual 
import bill for animal feed. 
But it would imply a serious 
programme to develop the 
region's northern mountain 
pastures which are currently 
not being efficiently exploited.- 

At tiie same time, although 
the use of artificial insemina¬ 
tion techniques are now becom¬ 
ing more widespread, the 
results so far are not considered 
generally successfuL However, 
this in large measure is the 
result not p£ the process itself 
but of regulations which up to 
now have required -injections 
to be done exclusively by 
veterinary surgeons—of whom 
there are not enough in the 
area. There are now. moves to 
allow farmers to undertake 
injections following a period of 
special training. 

There are other problems in 
the region's agriculture. While 
a growing number of co-opera-; 
lives exist for the processing of 
agricultural produce, especially, 
dairy products, and also re¬ 
frigerated warehouses for the 
storage of fruit, thrir influence 
on the market fe still not strong 


The wholesale' meat trade in 
Italy, for .exaniple, i ^control led 
by 13 major, companies. ; These 
wh ol esal ers—like tile whole 
food processing industry which 
has grown out of the region’s 
agricultural, wealth and has 
been stimulated by-its industrial 
development—^generally : main¬ 
tain closer links with, their con¬ 
sumer markets in the industrial 
centres than with the agricul¬ 
tural producer. The gap 
between the basic price of. the 
product and the cost to the con¬ 
sumer tends to be excessive* 
since it, includes the whole 

intermediary and faighfy j 
able process of traasf onnin 
marketing the basic prodm 

According to the reg 
authority, the standard of 
ness management on 
farms is poor and has not 
pace with tiie mechanisatioi 
technological advance of 
agricultural base of the re 
This often seriously ret 

The system of land tenu 
Lombardy is also not cond 
to long-term, improvement 
general, the. farms are ni 
“entrepreneurs* 1 who leas 
land from an owner and en 
what full-time labour thej 
find. For the landlord, his 
is little more than a long 
capital uivestment and a 
tection against inflation, 
while the value of land has 
steadily the return, becan 
a combination of factor! 
eluding not least frozen re 
is minimal. 

The average yearly 
according to the regional 
cultural bureau, of a hecta 
land is between L80.QQ0 
L120.000 (£50 to £80). Thi 
clearly hot encouraged 
owners to invest direct! 
their land, and has conseqn 
limited -the overall develop 
of agriculture. The farme 
lease-holder, has concent 
on producing for a ste 
growing market thro neb i 
sive mechanisation, often 
looking the business mai 
meat of his concern and < 
key long-term con side rat 
not least that of reactivatinj 
land itself through theadec 
use of fertilisers. 

Against this background, 
agricultural authorities hav 
themselves a number of tar 
including the rationalisatio 
mechanisation, the develop! 
of the co-operative system ai 
ait'-conditioning the market 
favour of the farmer, 
improvement of business ] 
agement standards in farms, 
the development of motuy 
pastures. - But they admif 
least in private, that the recc 
announced Italian Agricult 
Plan, the so-called “four, 
clover u plan, which proz 
all.'these concepts, has 
bit late in the day. 

Paul B.1 



MILAN FAIR (ITALY) - MAY 13-20, 1978 

nterbimall ’78 





Segreteria Generate: via Varesina 76 
Telefoni 391615 368219-391716 Telex37215-1-20156 MILANO 

Milan Bourse 

THE STRUCTURE of capital 
formation in Italy i< simply 
stated: families' savings are 
positive, those of industry 
generally are negative, while 
the Ceniral Government has 
increasing recourse to borrow¬ 
ings to finance its current 
expenditure. The result is that 
personal savings, which ideally 
should be channelled into pro¬ 
ductive investments, are being 
earmarked more or less arbi¬ 
trarily to finance (broadly 
speakingi consumer expendi¬ 

The results are visible on the 
Stock Exchange, its most im¬ 
portant component being the 
Milan Bourse, whose General 

Index hit a 22-year low last 

year. The situation now is 
better—but not by much—last 
week-end the Mediobanca Index 
(base I9fil = 100) at 31.5 was 
Mime 9 per cent, above this 
year's low. but more than 11 per 
cent, off the comparable day's 
trading of 12 months ago. Many 
Milan brokers, and certainly 
those with short memories, can¬ 
not recall when they last made 
profit—some other observers 
have categorised the Bourse 
more crudely — “ it is just a 
bucket shop.” 

The truth is that as a vehicle 
for Transferring private savings 
io productive investment, the 
Bour>e to-day is a non-runner. 
Of the fewer than 200 com¬ 
panies listed—the lone foreigner 
quoted remains Britain's C. T. 
Bowring — about three-quarters 
of tiie daily marks are in a 
do.ien companies fmami.i Italy's 
best names as it were: Fiat. 
Pirelli, and - a couple of big 
insurance groups) and an esti¬ 
mated 30 per cent, of the busi¬ 
ness is done outside the market 
anyway. Brokers' clerks at least 
are working — last year they 
went on strike for a spell, pro¬ 
testing over the absence of 
concrete Government measures 
to revitalise the Bourse. 

Getting on for one-fifth of 
private savings went into shares 
n the mid-I960‘s according to 
i Bank of Italy analysis—the 
most recent estimate puis ihe 
pn'srnt figure ai |r>s than two 
per vent., with half of all 
families' savings now going 
directly into hank deposits, a 
wu-thirds increase over the 
past decade. The avers ye yield 
nn equities hirers around the 
four per cent, mark—'bank 
interests and the yield on 
i^ernmeni paper have come 
back in recent mouths, but a 

bit of shopping around can still 
yield ten per cent, or more and 
Treasury Bills remain tax- 
exempt. In terms of competition 
for available savings, the 
Bourse comes in a sad last. 

The last minority Christian 
Democrat (DC) Government— 
we are for the moment in a 
political vacuum, with Sig. 
Giulio Andreotti's Administra¬ 
tion merely a caretaker, pend¬ 
ing the formation of a new 
government—did advance some 
proposals to revive the Italian 
stock market, including fiscal 
incentives for investments in 
new shares. The Bourse Regu¬ 
latory Agency. CONSOB, first 
established in 1975, is assigned 
some real teeth, but it has yet 
to show them, in part owing to 
an absence of adequate staff, 
and also because of delays in 
enacting legislative proposals. 

CONSOB has been in¬ 
strumental in suspending a few 
quotes and having other com¬ 
panies re-listed, and in a rela¬ 
tive wave of market speculation 
at one point last year it 
instructed that ail forward 
transactions be on a cash-only 
basis, a restriction which has 
since been lifted. But the 
enabling legislation insisting 
that all listed companies must 
have their accounts indepen¬ 
dently audited has yet tu be 
implemented, a deficiency which 
continues lo undermine the 
credibility of a market which 
is still viewed—however un¬ 
fairly—as little more than a 
private club for insider trading. 


Vet throughout Lombardy, 
and indeed in the northern in¬ 
dustrial triangle of Milan- 
Turin-Cenoa generally, although 
much less so in the rest of 
Italy, one of the present 
undisputed growth areas is. in 
facl, accountancy, an area 
dominated by the so-called inter¬ 
national “big eight.” including 
Price Waterhouse, Peat 
Marwick-Mitchell and Arthur 
Andersen. Their business righi 
now is literally booming and. 
interestingly enough, much of 
this growth is coming front 
Kalian-owned companies. 

The circumstances vary: in 
^ome cases, an Italian partner 
wants out of a company he has 
helped develop from humble 
beginnings to a profitable, 
medium-sized operation, and he 
is anxious to have bis portion 

of the assets verified. In other that individual bank partic 
instances, a son. has taken over tion in the consortia' would 
control from his - father and'limited to a maximum of 
acknowledges Immediately that per cent of its capital a: 
old-fashioned seat-of-th e-pants means of preventing direct b 

management is not enough for intervention in the managezn 
these changing times. A grow- of the companies concerned, 
ing number of Italian com- . The Banks; far their part,' 
pa Dies, and again especially m : faave already seen their notio 
Lombardy, are anxious to, 12 month overdraft facili 
arrange participation deals with' being rolled-over into virtu; 
European or American.groups-'(H3en-ended' funding, are n- 
in part as a relatively cheap way too happy with the prosp 
into new technology — and the apart from which the relal 
potential partner at least wants inefficiency of their own mam 
the full financial facts, men! does not suggest t 

Increasingly, too, Italian banks would have much to offer e 
are being approached by com-'on an arms-length basis—nt 
panies to-tnrn .the traditional than theiF money which 
pattern of currently expensive already committed any* 
short-term funding into Arguably, too, the quality 

medium-term credits, and they the banks’ own portfolio mi 
also want more accurate and be seen to suffer somew 
factual reporting. internationally from such 

And the banks and other scherae-their profits certai 
credit institutions ■ themselves .]£?"■ - 

are coming under increasing OvCfllGSLflS 
pressure to provide indirectly „ , . .. 

the kind of function, which in „ ®. ut If 18 . 1 * * 
other circumstances and other Italian banks. Meanwhile, 
countries wotildnormaiiy fail .to ™ aDy forei Sn banks opera t 
the stock .exchange.- Much 0 f m }**.' 

Italian industry, and especially .H 1 . an “ Ro . 1 

the . massive state-sector cbm- ?^® e { su Fk P 055 }. 

panies, is now saddled with so “^Wement, ■ concentrab 
much debt that it can: barely I hst?^d mainly- on the mu 
meet interest Jiabilitibs. ' IRI.. nals - T *? eir operating °v 
the state's industrial con- 11 ^ 3 ^ “iHUSCule relative 
glomerate, with interests ranging of . senerally ov 
from - airlines to highways®^staffed domestic banks, a 
motor manufacturing to banking P r °P°rtionatdy theirprpspe 
itself, has accumulated debte ^f e . much higher. They fa 
alone equal lo some 15 per. cenL Sl etr a 5 tl I 1 ? 1 f s a Iar ?? 
of all deposits in Italian banks f ? e U,caJ ™ 0Be ? ““J 

What is now being proposed; wber ®, generous Rab 
in an outline scheme first pro- spread, virtually - guaraate 
moted by Dott Guido. Carii, the balance-sheets at .yw 

former Governor of the Bank of 

Italy and .current president of . n banks .tend to sti 

the .employers’ .organisation, 1" S? 1 rtir 

Confindustfia, .’, and quality borrower?, and thf: 

somewhat- by his successor at op . era “ oas are often: simpfy «■ 
the Bank. Boft.- Paolo BaflL is SWES ° f vibes; 

for the banks and ; credit insti- ^ US ', head ” 

tittions'to exchange their exten- P5 nies with jin Italian affiha 
ded credit;.liner with Italy’s «■*“>**« 

major industries for equity: The while the 

idea is . that These shares would ^creasing 

be sold .Off to the public when ^ >ro ^ ect i ' <5 'rienta.-ed rather tiu 
—and it is'an important proviso geaerai Ien ding. -They won 
-the stnek exchange revives, ev ?, n “ore so. than their I tail 
and -after , the companies con* 5*?, e 5* l, . ttt r‘ ,- tb ? 
cemeci have ; gone through a 7tal,an - nsfc ' aod ^ P flSS,b 

period of reconstruction, and arrival of the.Communist Par 

direcily into government, whii 

renewal.'.".' , c . .. 

The Baffi proposal, is that the :l *-Jiy theyhave a tendency 
Government should encourage .where possible to the sbo 
the banks, through fiscal fncen- end 'Of^tn^ m aiJet. In terms < 
tives, to form consortia to con- Profitability., they- admit pr 
vert the chronic debts nf Italian Vef T aicel. 

companies Into* equity share- I0 ^ I 5 ,C T 01 ?* - ^ - _ _ 
holdings, withi _the .ceuaJiacatiaii ■ ;JPOHHniCK J. G oyl 

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the dictionary 
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In the Province of Varese 
since 1898 


an internationally orientated Bank 
in an internationally fast 
growing region: 

15,000 industries 
570,000 exports 

million lire 

316,000 imports 

million fire 

from 19th to 23rd 
may at the 
Milan Trade Fair 

international show of ; . — . - • 
high quality - •' 
furnishing fabrics of : V 

Italian and foreign production 

607 manufacturers from 26 
countries await you at STAB '78 


’ --'v ; : > •» . r' - ■■■■ill..- 

S-. ".:'!- -r : :;-?7 v ■■■. .'.v.?, ■ 

. -.-cits•>. - if-2. 

Banco Popolare 
di Abbiotegrosso 

Limited Liability Co-operative Society 

Head Office and Management in 
Abbialegrasso (Milan) 

Representative Office in Milan; in the Milan area 

CoiTespondents everywhere 
As at 31 December 1976: 

Total assets: Lit. 20.353,686.602 
Telex: 36235 ABBIBANK 


Varese shows the way 

THE BEARDED spokesman for 
the Varese Industrialists' Asso¬ 
ciation kept repeating the same 
word at the end . of ever? 
sentence — “Tremendo.” At 
times he muttered it in a stage 
whisper. Other time? it ramp 
nut as a Thundering exclama¬ 
tion it a- melodious yodel. It 
could he taken to mean a grear 
many different things. From 
terrifying nr horrific, in a 
literal sense, to terrific, in a 
more figurative way. It usually 
referred to some statistic or 
other. And in terras of 
£ tali sties, at least, Varese is 
palpably terrific or terrifying. 

In size, it is the smallest 
province of Lombardy and only 
S6th in the national league. It 
is. however, after Milan the 
richest. Flanking the Swiss 
border, it has the biggest con¬ 
centration of industry of the 
entire country. Its 1/2U0 square 
kilometres groups together 
more than 12.000 industries of 
all shapes and sizes operating 
in a vast range of manufactur¬ 
ing sectors from plastics and 
paper, to textiles, furniture, 
clothing. motorcycles. heli¬ 
copters and military aircraft. 
About 30 per cent, nf the pro¬ 
vince's total industrial output 
is exported to some I3S 
different countries. 

Industry accounts fur nearly 
60 per cent, of Varese's annual 
revenue. It has a higher per¬ 
centage of labour employed by 
industry than anywhere else in 
Italy. It has also grown faster 
than any other province. It 
is, to ail intents, a freak which 

has developed over flu* last "5 
years to become what, tts own 
inhabitants now call " the little 
Japan of Italy.” 

Varese, however, i* unlike 
most areas with an inrenso con¬ 
centration or industry. There 
are none nf those tenement 
blocks one associates with such 
centres. The house* are small 
and lend to be different from 
one another. Despile its lack of 
traditions and culture, the pro¬ 
vince has a highly individual 
quality. It is. in part, this 
individual spirit that explains 
the remarkable industrial 
phenomenon of Varese. 

The geographical position of 
the province has of course con¬ 
siderably assisted the develop¬ 
ment of industry. It. is serviced 
by a wide-ranging motorway net¬ 
work linking it to other indus¬ 
trial centres like Milan and 
Turin, the port of tienna to the 
south, and Switzerland to the 
north. But it is the nature of 
the industrial structure of 
Varese which is at the basis of 
its extraordinary development 


The “sciur padrun." or the 
"governor." is the central figure 
of tfiis structure. He belongs 
!o that breed of small entre¬ 
preneurs who set up a business 
with perhaps no more than leu 
employees, invert every penny 
they own in it. and use what 
profits they make for constant 
technological renewal. One of 
Varese's oldest industries. 
Aeronautic* Macchi. started in 

this way ft is to-day a major 
manufacturer of military air¬ 
craft with an annual 'turnover 
of some L30bn. i£30m.l. and 
has recently followed up ils 
highly successful MB-326 
irainer-fighfer-bomber with the 
new MB339. In the same 
sector. the serai-state concern. 
Agusta-Efim. has become a lead¬ 
ing helicopter manufacturer, 
winning substantial orders from 
Iran last year. 

Apart from disproving the 
generally-held theory that alt 
state-run companies in Italy are 
inefficient and on the verge of 
financial collapse, the Varese- 
liascd Agusta group has also 
played e central role in the 
development of the Italian heli¬ 
copter industry. Having estab¬ 
lished itself nn The hasis of 
lirpnsmg arrangements from 
the major U.S. producers, the 
industry has now developed 
sufficient skills to design and 
produce its own helicopters, like 
the Agusta 109 model, as well 
as adding ils own refinements 
to models made under licence. 

At the other end of the scale, 
the smaller concerns of the 
province nave displayed similar 
characteristics m making the 
best of the human and technical 
resources available to the in¬ 
dustry of Varese. The broad 
range’ of different types and 
sizes of industries has provided 
a highly elastic and integrated 
framework which has so far 
succeeded in acting as a barrier 
against the overall economic 
recession facing the country'. In 

a sense, Varese is a microcosm 
nf the Italian industrial struc¬ 
ture based predominantly on: 
small and medium companies 
which, in turn, depend on the 
larger groups. 

But even Varese's protective 
barrier is now beginning to 
crack. The. larger groups, which 
have evolved into more conven¬ 
tional economic models, are 1 now 
feeling increasingly the strain .of 
the recession. This has already 
had its consequences on the 
medium-sized industries, which 
have had to reduce plant capa¬ 
city and halt growth and invest¬ 
ment plans. Sig. Danilo CarabelJi 
chairman of the Varese Indus¬ 
trialists’ Association, for 
example, said he recently .had 
to accept a commercially un¬ 
sound order from Iran in order 
to maintain “reasonable” capa¬ 
city at one of his textiles plants 
so as to avoid redundancies. 

Although well below' .the 
national average, about 1.300 
people have been laid off in the 
province during the past year. 
Because several small' com¬ 
panies hare been forced to 
close, another 5,000 workers are 
on temporary state-subsidised 
salaries, and a further 5,000 
potential new jobs have been 
lost because of slack in produo 
tivity. with plants working on an 
average of about 60 per cent 
of total capacity.' 

Two of the main difficulties 
have been the limited access, 
especially for the smaller-and 
medium-sized groups, to fresh 
capital, and the high cost of 

labour. In .the places sector, 
for instance, between December 
1973 and December of last year, 
labour costs increased by. mors 
titan 2S0 per cent 

While the local banks have to 
an extent supported industry, 
the smaller concerns say that 
one of the main problems has 
been the heavy guarantees 
banks ask before extending a 
fcine of credit, however srnaH. 

To get round this difficulty, 
some 335 smaller concerns now 
form part of a locally set-trp 
financial consortium — the Con- 
sorzio Garanzia GoHettlya FUE 
fConfidi) — *o grant credits to 
its- members at lower interest 
rates then commercial banks. 


With the recession In- the 
domestic market and an increas¬ 
ing focus on -export perform¬ 
ance. local concerns have set up 
another type of export- 
orientated consortium called 
Provex. Until the recent reform 
of -the Italian export-credit 
system, which has yet to come 
into effective operation, the vast 
range of the country's small and 
mecfium-sized industries, repre¬ 
senting some 80 per rent of the 
Italian industrial base,, had 
iittle if any; help .froth, -the 
authorities in promoting export 
sales. They have therefore been 
left to their own devises. • 

Provex ia one example. 7;. 
provides assistance to small qL' ,! 
panies turning to - new- exfr 
markets. It also helps ^ ■" 
concerns to be rationally^ 4 
economically .. represented ' 
trade fairs. The trade. fete/ 
Lombardy/has a long tradM '. 
The- Milan International 
Fair to. this day is as imicft 
tourist occasion as an im m - 
ant -commercial -event Bu£i 
a small or medium ; 
participation at a fair is a cbii * 
exercise, and often the first m- 
tive results come only, after - 
number of years—as,n aiij g 
five.-one bustnessman,;saiifT,. 
constant and patient presence;. - 
the trade fair circuit: 
fairs, the chairman of thfi.vS., = 
Industrialists* Assodation-^|<-. 
plained, are - Important fbc3. • 
longer-term developmentofia • 
industry.. Proves is" one.wa^.-- 
attempting tb guarantee thli? 1 

It is with "such devices;-^ 
the self-made-man’s ; worlds.' 1 ' 
Varese is trying- to beat A. : 
present economic . crisis* 
odds are by. no means fegu. 
able.-- Pol iti cat u n^rfeinttas 
social tensions, have; alsq- fig •_ 
seeping through the’ thick 
tissue^ But its industria^&n'^ 
ture remains, a formidable^- ' 
individualistic one. As Ute’raJj" 
sentative of the-local =tndu^S' 
lists’ association kepLjrepWtn- 
it Is indeed " tremendp:”.. 

Paul Bel. 

Seveso today 

THE WORD Seveso In Lom¬ 
bardy Is synonymous with the 
biggest human and industrial 
tragedy the region has ever 
faced. Rut it is more than just 
a regional case. The enormity 
of ihe tragedy has turned it into 
an international affair. 

In local terms, it has radic¬ 
ally transformed the lives of the 
liOO.OOO nr so people who live in 
the neighbourhood of that 
community composed prin¬ 
cipally of small furniture arti¬ 
sans on the northern outskirts 
of Milan. In national terms, it 
has assumed the proportions of 
scandal that could sear Cor 
life the political system of a 
country- Internationally, it has 
aised a scientific problem thai 
n a more frivolous, context 
•onld form the basis of the most 
horrific science fiction novel 
ever written. Indeed a book ha< 
already been written ahnut the 
events of Saturday. Juiy 10. 
1976. It is called “The Poison 
that Fell from the Sky." 

Nearly 20 months after some 
500 kg of vapour shot up in the 
air from the Swiss-owned 
Icmesa plant in the Seveso area, 
work to decontaminate the 
neighbourhood has still to he 
completed. In those 20 months, 
some nt.'fi «-hildren have been 
afflicted hv clnracne. a severe 
skin disease believed to he 
caused by The poison. More 
than 30 w»men have heen 
aborted because of fears they 

might produce deformed babies. 

- About 60,«)00 animals have 
been killed or died. AH vegeta¬ 
tion has been destroyed and the 
top layer of the soil has been 
scooped up and dumped in a 
sealed area. The authorities 
and the scientists have yet to 
decide what to do with this 
contaminated material: whether 
to leave it for the dioxin to 
disappear eventually, over the 
course of years, or to destroy it 
in a gigantic incinerator. 

The area directly surrounding 
th • Givaudan Icmesa plant 
(until the poisonous leak no 
one quite knew what it pro¬ 
duced except for some cos¬ 
metics and some foul smelling 
substances, at least according 
to the local inhabitants) is still 
sealed by a yellow plastic fence. 
The families who were evacu¬ 
ated still do not know whether 
they will ever return to their 
heroes. Those a little further 
away from the most heavily 
contaminated zone have been 
relatively more fortunate. 

Of the 141 families .whose 
homes where in the so-called 
now decontaminated zone 6 and 
7—zones l io 5 being I he wor>[ 
hit — some Lit* have now 
rviurued hi their dwellings. 
Bui the furninire and the 
possessions they left behind are 
now part of lhai sinister pile 
that miw nn on,* knows what 
to do with. Th*- view from their 
windows is still that of a ghost 

town—a forbidden place behind 
the yellow plastic fence. 

In an area as heavily in¬ 
dustrialised as the suburbs nf 
Milan, where industries—small, 
medium and large—stretch out 
(ike a fan to the foothills nf 
the Alps, the Seveso disaster 
has generated a climate of 
profound unease. Industry at 
Seveso has been severely 
affected by the poisonous leak. 
In its aftermath, many local 
businessmen have repeatedly 
claimed that they have seen 
their orders radically decline 
because, in the words of one 
of them. "People think that 
since it comes from Seveso it 
must be contami tated.” 


Seveso has had another major 
effect. It has re-opened the 
fierce controversy about in¬ 
dustrial safely standards and 
pollution in Italy. While certain 
norms covering safety and 
environmental controls do 
exist, the system is surh that 
il leaves wide gaps open for 
abuse. This ia not so much the 
result of corruption but oflen 
of the huge bureaucratic 
machinery which defines the 
specific areas of responsibility 
of the various and numerous 
local and regional bodies. 

There has also been hidden 
resistance on the part of indus¬ 

trialists. especially of small and 
medium-sized enterprises, . to 
adapt to new norms. The more 
outspoken point out that at 
times of growing economic diffi¬ 
culties and scarce credit facili¬ 
ties, the cost of installing, for 
example, a depuration plant 
could seriously threaten the 
financial liability of a .small 

Yet Seveso remains a symbol 
of what a process of rapid 
industrialisation. like ‘ the 
example of Lombardy, can 
sometimes entail. The human 
tragedy is there for everyone to 
see — even for those in a hurry. 
If you drive along the motorway 
from Milan towards the region's 
lake district, you cannot help 
passing through Seveso. The 
place looks like nowhere else 
in the vicinity, although two 
years ago you would have 
hardly noticed it. There is an' 
ugly sign warning you not to 
stop. "Contaminated area.” it 
says. It is desperate — a -bit like 
driving past a lager. 



at your service-7 . 
where you live and work 

*• - - j 
•- St'. 

. - • I - ; 


: ; -=ToJ ; 


Since 1857* at ’tile rside of the citizen in defence 
of his. Wyrng^ of his WDr?c.V 

At 31 December 1976:.. .' - .V 

Trust deposits'. •' Lit. i06.895.825:8S3 : 

Grants for welfare and public works iitv555.U7.23& 


- VIGEVANO — Piazza Dutiale, 43 —j / 

Tel; (0381). S4.651 — Telex 36244 GASVIG.- 

CITY AGENCIES : : , 77’ ,7 
• P. amtirT^S4(k5 
' C. so MilanOi Tei. 72734- V : 
j . 7 ■ ‘.V. le d^.Mffle,Tej.73836' - v \ 

BRANCH ES-in :^.- ; -j 7 
’ . . Cassolnovo, Tel. (0381) *92115 
: GaraboKh T,el. CQ381>j93li7 .= V 

- Parona, Tel. (0384) 5311# 
Scaldasole, TeL <0382) 997124 

• r • ' Tromeno, TeL C0382V86023 ' v 



The Unidal case 

WHAT HAS become generally 
known in Italy as “ the state 
Christmas pudding controversy" 
could now turn into a major 
ndustrial case history. It con¬ 
cerns Unidal, the stale- 
controlled confectionery com¬ 

pany emplnying some 8.000 
people and which is shortly to 
be liquidated. The decision to 
liquidate the company, group¬ 
ing together Malta and 
Alemagna. two or Italy’s oldest 
producers nf the sn-called 



Head Office: 4 Piazza F, Meda—Milan 

Wp started banking in 1865 in Milan and our activity is still centred here; from here 
we cover the whole country. 

At lhe end of 1977 we had administered 3.000 billion Lire and made investment* for 
? 000 billion. Foreign business in 1977 almost reached 2.300 billion Lire. Total patrimonial 
funds exceeding 131 billion Lire. 

it -seems that a few figures can say a lot about us. 

If you decide tn start working with us. you will discover many other interesting facts: 
particularly that we are a reliable, dynamic bank to which you can easily entrust all 
your foreign trade problems. 

Representative offices abroad: 
Frankfurt am Main: Gutleutstrasse 5 
London : 52/54 Gracechurch Street 

" panettone ’* nr Italian Christ¬ 
mas pudding, follows nearly 
seven months of intensive nego 
(iations between the labour 
unions, the government and the 
state holding company Istituto 
per la Ricosrruzione Industrial 
(]RI), which controls Unidal. 
The agreement could mark a 
major turning point in the 
recent history of Italian 
industrial relations and hecome 
a possible model for the 
country's overall industrial re¬ 
conversion programme. 

Unidal, since absorbing Mona 
and Aiemagna, iwo Milan-based 
concerns whose trade mark 
became in its own way as much 
a symbol of the city as ils 
(jolhic cathedral, had accumu¬ 
lated debts totalling some 
L130bn., or about £8om. Over 
the past two years, the company, 
with losses in Uie region of 
some LiOObn.. had become one 
of the must dramatic examples 
of the crisis afflicting the Italian 
state sector. 

By the middle of last year, 
the authorities, who had already 
begun a substantial review nf 
the whole siructure of Italy’s 
stale industry, turned their 
alienliun towards Unidal, They 
indicated for lhe first time Iheir 
intention lo liquidate the group 
and restructure on more 
rational lines lhe entire state 
food industry. The immediate 
reaction of the unions w as one 
of angry protest. Unidal plants 
wore occupied, rallies were 
urbanised in the streets of Milan 
and in the South, where the 
company owned a number of 
factories. At the root of the 
(abuur agitation was fear of 
mass redundancies at a time or 
already growing unemployment 



'« .. /*■• 
' • • <*r 

Head Office: Piazza Vittorio Veneto, 8 ; >1 :':;t 

Telephone: 3921 il Telex: 50410.':' w" 


Capital and Reserves at 31st December 1B77 v 
L.66,887,125,358 .Z.r 

■ Deposits:. ?■£-" ; :•v\ - 

L.l,769,580,115,882—46,221 shareholdtfs '- 

2 Main Branches in Milan arid' - i : . ; v 

1 Main Branch in Brescia • 

We are a Bank operating mainly in' Lombardy,'‘ Italy’s' 1 most 1 
industrialised region, which alone produces 45 .per. cent, of 
export sales, with the .capacity to extend all our^activities- 
northern area. With 97 offices scattered throughout Lbmi>ardy,>wc' 
ha« been, since 1869, at the service of a discriminating : cifemSlei. 
which has increased steadily with Italian industrial development^- 

Foreign Department: : ■ 'M 

Telex:- 30275-30291 •' *' ' ' i 

Foreign Exchange Department • 

Telex: 30128-30404 

Partner of Gruppo NORDEST: ■ 




: is 


to remember for ECONOMIC HANDLING 



a choice of 130 models 7 

& ORMIC Fork Lift Stacker Trucks c&tianci^ 
all the small toads up to ; 2000 K^i safety 
and reliably af low post" 

The designs being- simple (but efeifer) ; 1;-: 

! operation and servicing is easy 

Can be used in very confined *-•> 

Telescopic models to 4tmetres, ^ ^ 

Distributors in most industrial ^ 

! H K.. Concessionairies: ‘ ’ -. ■■-.•; ; 


542 Ipswich' Road,_ Sfeugh* SL14FF 

•T. ‘’• : ' 

ORMIC S 43 A- 20060 MASATE(Milano)ltaIy- tel.95&1036/7'terejc 25209 ■ \ 

aw?al ISpes: Friday. FetajEay 17-JS78 



ia ‘miracle 

OF ttie Icily o£ 
ily’s oldest industrial 
• road winds along a 
& ‘up towards the 
to the small town of 
jart- from the' heavy 
on o£ slow-moving; 

lorries, ft is the 
iad which normally 
i to one of those 
esorts where remote 
timers , have made. 
/zonvertThg pastures 
» into ski slopes-and ‘ 
i6uses. Indeed; the 
uafly does lead to 
. .before ; it passes: 
iolo, and a number 
small centres in the 
rings' of the valley, 
miration of steel 
dwellings is grossly 
oportion. Odolo is 
-rnunple of- the so-, 
-ascia steel miracle.” 

■ its and purposes, the. 
> now niot only a 
- talian phenomenon, 

1 International case, 
in out of all pn^ 
5 become one of the 
. ujntroversies within 
:an Economic Com- 

- are 13 electric 
l Odolo and more 
ler plants producing 
■lates. The principal 
in the other valleys, 
action of steel bars 
?ed concrete. Odolo 
adty of about lm. 
eel a year, and much 
onns .of reinforced 
^ As for the region 
, - It' currently pro- 
tonnes of steel and 

has led to- their acquiring prac- known as the " mini-steel com- 
ticaliy the entire domestic pies ” appeared ridiculous at 
market pushing out of- the the time. Yet it was the elec- 
reinforced -steel bars■ -business trie furnace which enabled Ilfo, 
the Italian- : State steel' slant in j]jg limited space of 50,000 
Italsider. More recently;'their square metres on the edge of 
presence in the Wider European a torrent, to produce 200,000 
market has 'provoked, in the tonnes of steel a year and many 
words of another Brescia pro- more tonnes of reinforced bars 
ducer, a series of “ unaccepl- with a workforce of barely 200 
able protectionist arguments." people. It is this type of pro- 
: At the, root of the problem is Auction which to-day is sending 
the.European. Community, deci- industrialists from Hong Kong 
sion tQ:set.-mmimum'prices for an, l Japan to these- remote 
reinforced, steel bars, or as one parts to see whether they, can 
Odolo producer claimed,-'l 14 to adopt the same system in the 
protect the interests of-the East - 
large. North European steel 
complexes.” In Odolo [they Vflirit 
repeatedly refer to Article 3.^“ L 

^bie th '^ CePt Since ° W ”e 

commercial spirit, which hasin- 
“Bresciani." who have cmicen- id Jarirature of the 

trated virtually exclusively'on .. 

fte production' of rebforiwd de ta SISm “ti 

^ ° ff with his suitcase 
costs then, the-Bresciuu ay. it sazQ p| es aroun fl the world, are 

knot so much they whoshould _ ome f Unisons behind the 

restructure their mdustty but „ Bresda x miracJe> .. over 

*5 *“* “*“- the past ten years, the Brescia 

toes, additionally operating^ industry invested heavily in 
a much broader range, of-steel technology, especially in the 

products. . boom of the 1960s and early 

The Brescia steel phenomenon 1970s. While labour costs for 
goes against the grain, .of \am- the sector have increased by 345 
ventional economic ’wisdom, per cent during the past ten 
except perhaps for the- old years, the share represented by 
theory- of 41 animal spirits.” labour costs in the total pro- 
Twenty years ago the Dfo steel auction cost of reinforced bars 
concern was the first in Odolo in Brescia dropped by 10J3 per 
to instal an electric furnace for cent between 1967 and 1977. 
the relatively simple production Technological renewal has 
of reinforced steel bars. The meant that the 80 or so steel 
idea of what has since become producers in the province have 

not only maintained the advan¬ 
tages which go with medium or 
medium-small industry, but 
have been able to increase 
remarkably plant productuvty.- 

European Community statis¬ 
tics reveal the high produc¬ 
tivity rate of Brescia’s “mini- 
steel complexes." While the 
average rate in ECSC mem ber- 
States for the production of one 
tonne of steel is 6.33 hours, in 
France some 7.6 hours and in 
West Germany 6.37 hours, the 
Italian average is 5.49 hours. In 
Brescia the average is about 4 
hours, and some producers 
claim it is sometimes as low as 
3 hours and 50 minutes. 

At Community, level, one of 
the principal accusations made 
against the " Brescia mi" is that 
they represent " unfair competi¬ 
tion " because, particularly 
according to some French 
sources, they employ cheap 
labour. This accusation is firmly 
rejected by the Brescia pro¬ 
ducers who; like other indus¬ 
trial sectors in .Italy, have 
been bound by some of the 
most stringent labour regula¬ 
tions in Western Europe since 
the late 1960s. The fact that 
tfiey saw from the beginning 
the need to invest -in labour 
substitution technology, so 
maintaining the characteristics 
of medium-sized industries with 
the agility, elasticity and ability 
of adaptation of smaller con¬ 
cerns does not in their opinion 
constitute “unfair competi¬ 

But while these aspects of 

Brescia industry may n»t on the 
whole have been over exagger¬ 
ated, they have in general been 
clouded by banal misconcep 
tions and taken out of context 

Like the local steel industry, 
which effectively only represents 

about 13.5 per cent, of the pro¬ 
vince’s total industrial pro¬ 
duction, other sectors Like 
mechanical and vehicle con¬ 
struction, textiles, food process¬ 
ing, footwear and clothing 
manufacture, and arms, to 
mention some of the principal 
areas of industrial activity, in 
Brescia have a number of Im¬ 
portant common characteristics. 
There is, above all, close pro¬ 
ductive integration within the 
individual sectors and between 
different sectors. 

In substance. Brescia industry 
is young, with nearly 50 per 
cent, of the companies operating 
in the area developing after 
I960. The great proliferation of 
medium and small industries 
provide the connecting tissue of 
the Brescia industrial structure. 
Only 1 per cent, of the total 
industrial units m the province 
employ more than 500 people, 
barely 1.5 per cent, employ more 
than 250 and 4.6 per cent. em¬ 
ploy over 100 people. At the 
other end, some 39 per cent of 
productive units employ less 
than 10 people while 46.5 per 
cent, employ between 11 and 50 
workers. This last group 
accounts for 25 per cent of the 
entire Brescia workforce, or the 
largest percentage for any indi¬ 
vidual sector 


. . o nn es of reinforced 

- or between 80 and ■ ■ ■ ^g. • 

hSft lie people s opera 

production of rein- 
1 bars for. the con- 

dustry. • . NO'SURVEY of Lombanlr-can since then It has seen its own New York and London—to visitors, including very many 

he world steel reces- be complete—this year above share of strife—its -fur-coated ensure that the Teatro Alla regulars from Britain. 

Brescia producers— ail others-^without a visit'to La patrons occasionally mixing Seals is not solely the entertain- Milan, the regional capital, 

“ Bresciani have Seal*, the famed Teatro Alla with riot police and fighting ment ground of the elite. remains Milan, engulfed in 

t than most The Seals, the world’s most famous to hold off the sickening effects .... ar _, aKIv ,v- smog and fog for most of the 

me producer put it, opera house, which is currently of tear-gas as Left wing students winter months, a process which 

industry is a post-celebrating .its bicentenary. battled in protest against * this JJ* 1 * 1P “J'gives rise to a new guessing 

v 'menon, although it The Teatro Alla Seals (taking of the monied establish- Verdii.i lasptgame for businessmen as they 

.ed against the long its name from the Church of ment." rtJ£? r?mmuni?t Partv as he decide t0 which of the *** 

background of the Santo'Maria Della Scala which .No more, or certainly much wnndtinn asMusieat lw0 airports they will commit 

In 1957, it was pro- once occupied the same spot). less so. This correspondent, “ “ B "2JP With their chances and their hopes. 

- _ely lm. .tonnes qf :was officially opened on August .like many another occasional The state railways generally 

"dates. By 1987 the 3, 1778, a neo-classical building visitor to Milan unable to plan JJ, ’ win out, or at least share the 

■risen to 3.5m. and designed' by' Giuseppe Pier- bxs precise schedule in advance, iiiV.V s P° lls wiih toe ,ocal *“i-drivers 

eak of 9m- last year, marini under the auspices of has a friendly hotel hall portar „ c c s “ or ' —as often as not—or so it seems 

on in the domestic Maria Theresa of .Austria, vwbo. who, for an extra L1.000 or so "1." to regular travellers anyway— 

. industry hasmeanUad ordeied a design “to^ut-'can generally manage to find SETffJSSSft! ** f0E - b0und aircraft remain 

. . . orders have now&iiie even the moxt glorious. a-seat at the opera;- But not on Si ^dE verdS on thc taraac - 

’= about 40 per.cwt-theatees ofltojy”: ..... Ste^cIIfflAwtoinark But Milan remains Italy’s 

• the year before: At rlt .fltfdy does, - by Its IlMMfJiS*'*!! 6 ?* the openin'* of La Scala’s hi- foremost industrial and finan- 

. .me, however,4t:has.presence and its worldwide rq- 71 establishment_ help centej J , nial ° Von Karajan it cial centre and thus it captures 

Jhat the “ Bresciam " putation although not of course 11 was, they each ex- ha j mos t of the intended a vast, if indirect, tourist 

iked increasingly in - --longevity...:. One of/its somewhat apologetically indirectly under contract business through its hundreds 

w export markets, favourite .sons,. the late, great, trade union night at La Scala. through a Bav y arian Rroup for a of conventions and commercial 

account for 55 per Arturo Toscanini, returned to I was happy to mix it with the 5 j m jXa. r « Mondovision ” spec- exhibitions. Hotels, and much 

sales against only the-Milanese institution after natiyes-^they were not,' if only t cu]ar Not to be outdone, else besides, are more expen- 

it five, years ago. the xpUapse of,Fascism to de- because the demand for seats Grass i «„*! Abhado subsenuentlv slve than in Rome, and they 

ability to maintain claxo that Milan , without La from trade union members-was raountert own oro duction ne ®d to be reserved in advance, 

petitive prices, this Scala was mutilated, yet even more than enough for a capacity fo J u E U xovSion with a changed Unlike Rome, too, and for that 

London—to visitors, including very many 

> which 
u ess mg 

orders have n 
about 40 per m 
i the year before 

SSS?. a "d with La Scala benefit- matter most other Italian ciUes. 

wben a Left-wing Giunta ruling . fmm the TV Milan closes down early— 



when a Left-wing Giunta ruling . from ( }, e TV Milan closes aown eany— 

Milan (as r once again, It now w ” getting a meal after an evening 

does) ;temporarily closed down at L a S«la presents its diffi- 

! the opera, house^protesting that cultics. The 1 violence has also 

the' municipality should not KlCentBnHry taken its toll—city centre 

i spend money for the entertain- * streets at night after dark are 

ment of .the rich. Under the But if La Scala remains— for the brave, or the foolish, 
management of the Left-leaning more than ever perhaps in this And . towering—literally— 

Paolo „ Grassi, who has since bicentenary year—the jewel of above all is the famed cathedral, 
moved on ta head the state the Milan cultural scene, it is a ma rvel of while marble, an 
television network; RAI, La by no means Lombardy's sole architectural colossus standing 
Scala -earmarks up to a dozen tourist attraction. This is not, at one ent j 0 f a great paved 
performances each season exclu- admittedly, Italy’s prime tourist eS pianade. Best viewed in the 
sively for trade union members region, but the area attracted j ate afternoon in the light of 
and brings the opera and musi- getting on for one and a half ^e setting sun (fog and smog 
cal evenings out' into the mar- million foreign tourists last permitting). Milan's duomo 
ketpiace as it were, to factories year. The Upper Valtelline is seeDJS almost to qualify for a 
and workers’ headquarters, and to-day among the most p j ace amo ns the wonders of the 
1 to tie schools. developed winter sports resorts wor j<j. Many MilanesJ think it is 

In La Scala itself, admission in Europe—the lakes, and not aj rea dy one of them, 
prices "have been kept down— just Como itself, remain a D.J.C. 

. certainly well below those In powerful summer magnet for j 




Office: Piazza Garibaldi,^2 - 320S3 LEGCO Rafy 


. - Established 1872 ' 

tl and Resarvas: Ltt. 18J564.624J40 

branches ht:' . r - 
• LEGCO - Piazza Garibakfi, 12 
7.40,00 - 37.41.00 
38013 Popteoco " ‘ 



: 'COMO - Via CakoB,H r 27,01^4 •, 

' MILANO - via del Mwcana, 10 - TM. 869:04^1 
- 32280 Poplecco ' : : _ .. 

aentattvo Office lm 
BOMA - Via d Porta Fincfena, 38 - 

. 3J)7.27-43.40.55' . . ' ■■ ~ ■ ■ 

tnches in the main Industrial, commercial 
ourtet centres of the Como - Milano - Bergamo 

as. _ 

sized Bank for foreign exchange, 
mastic and foreign banking transactions. 

e Province of Pavia 

bn- of Pavh/wlth - more thin lnhabitanB. *r»d 

E sr 300,000 btetam, repr«eB« an economic zona of 
intereic. . 

nee of Pavla'j national-economic role Is chjraeterised 
-ial activities which "all contribute to Italy s exports. 

/ the footwear industry go to worldwide markets- The 
.■* igevano and its environs I* the centre for ,shoe production. 
.•>' cy of ittiian-mide -shoes Is acdalmed both In Europe 
.-ieas. Other exports are the sewing-machines^BWChine- 
, : vmachinery forth* footwear factories; bricks and budding 
' Export figures are consistent for knitwear, ready-made 
'-;: > n d furs; ic li these products which have made;the name 
' yorld-famous.^ . . 1 ^ _ . 

•• ’’ ■■■ilso has » proramient place: with many famous dairy 
■’ * /going abroad. The principal agricultural products arc: 
;<■■•-:■■■; (second in Italy) and corn. The Pavla wbe-growers 
. - ’ . srotect their wines, all are of documented origin (DOL 
v y Olcrepo) and are greatly-appreciated In Italy, and abroad. 

fruit trees, poplar-growbg and. animal husbandry.are 

^ .;^ .Ttant. • Write fDJ : 

- '." ’"'--Ob information on industry, products end exports. 

and declining industrial produc¬ 
tion. * . 

• In general, however, the 
unions eventually accepted in 
principle the decision to 
liquidate the financially 
troubled group. But for the 
unions, and indeed the Left- 
wing political parties, the 
liquidation of Unidal was con¬ 
ditional on firm guarantees of 
an -overall reconstruction pro* 
gramme for the state food 
processing industries which 

would.maintain employment 

levels and eventually create 
new., jobs, especially in the 
depressed South.- through a 
long-term programme of new 

Agreement was finally 
reached at the end of last 
month. It involved the dis¬ 
mantlement of Unidal and the 
establishment,' on a more 
rational, basis, of a new state 
company called Sldalm. Of the 
8.000 people Unidal employed, 
som.e 4.000 would be reabsorbed 
immediately by- the new com¬ 
pany. . The rest would be 
r&emipibyed within' the HU 
group'or In- other Industries 
with . the Government . giving 
guarantees to give priority to 
finding them new jobs. • In 
-return /-for these state 
guarantees* the unions accep¬ 
ted the principle, of labour 
mobility • to.: resolve' the Unidal 

in Italian trade union policies. 
It has been welcomed as • an 
indication that the unions are 
now prepared to adopt a more 
realistic approach to labour 
mobility, occupation and wage 
claims. This apparent change 
in policy was recently voiced by 
Sig. Luciano Lama, head of the 
country’s largest and 
Communist - dominated union 

-affair/- ' / ' 

Thh'attitude of the unions on 
the ’Unl.dal 'issue has been 
regarded as a significant shift 

In substance, Sig. Lama, 
himself a former Communist 
Deputy .in Parliament, had 
emphasised that measures tn 
reduce unemployment would 
have to take priority over wage 
claims and improving members' 
working conditions. He stressed 
the need for greater labour 
mobility and asserted that 
companies—both state and 
private—could not be saddled 
■ indefinitely with labour surplus. 
He advocated closer collabora¬ 
tion between- employers and 
workers whereby workers* 
surplus in one company might 
- be absorbed in another—a 
concept which until now has in 
practice not been acceptable to 
the unions and which has to 
some extent been given its first 
concrete expression with .the 
Unidal agreement 
However a number of doubts 
have been raised over the pos¬ 
sible political motivation of. this 
change in union policy at a time 
when the powerful Italian Com¬ 
munist Party is making a strong 
bid for direct participation in 
Government Indeed-the timing 

' ./V ■ 


1, Via Civifali - 20148 Milano Tel. (02) 4027 
Cable/TLX 37089 Recordat Milano 

The headquarters of one of the most tra* 
ditional” Italian chemical pharmaceutical 
industries: RECORD ATI S.pJL Is in Milan, 
capital of Lombardy. 

Established in 1926 In Correggio, as a 
pharmaceutical industry, it moved 27 years 
later to Milan; its founder. Dr. Giovanni 
Recordati, having died the year before, the 
conduct oF the business was taken over by 
his son Dr. Arrigo. who still holds the 
responsibilities of Managing Director and 
General Director. ; 

Miny a “classic" of pharmacotherapy has 
been associated with the name of Recordati 
Jn the memory of physicians, and many 

among them still remember Its brilliant 
presence in the history of medicine In the 
last fifty years. The international scientific 
circles have long recognized Recordati as 
one of the most advanced industries in the 
field of chemical pharmaceutical research 
and high technology. Among the original 
molecules synthesized by Recordati, 
flavoxate, a selective anti-spasmodic for the 
pelvic area, is present, under the trade¬ 
mark URISPAS. on the most important 
world markets, such as the U.K. and the 
U.S A where, moreover, it was the first 
Italian synthetic drug approved by tbe 
competent Health Authorities. 

Recordati Works at Campoverde d'Aprilia ichere fine chemicals and intermediates Jor 
the pharmaceutical industry are produced . 

Within the framework of a diversification programme, in 1962 another large plant wsa 
established at Campoverde d'Aprilia for the production of fine chemicals. Th ® 
occupies an area of 320.000 sqjn. and employs about 350 persons, who. together with.those 
of the Milan Works, bring the number of Recordati employees in Ita!y to TOO. Tn this 
figure must be added another 200 Employees of the associated company RECOFARMA in 
Brazil Over 80% o. the prod net Ion'of the Campoverde factory represents export sales, 
2SV V 4reve5n°e of Am .Recordati is the biggest worffi P^ucer.brim* acids. 

2 ^bi¬ 
chloride aritl, cyeiohexadienyl-gly.eine etc. 

The Campoverde factory, equipped with one 6f the most advanced water purification 
nlantscostinR In 1972 over 1 billion Lire, was designed for the production of fine 
dSSdcais andP Intermediates for the phanimreutiod industry as weU as ITor the 
tion of drugs from its own original research. Recordsti r ke ^ its 0 ^ ^ ru ” s LL 1 '^ 

and abroad through renowned licensees such as Syntex (IJ.K.). Smith Wine and French 
(UJ5.A), Dainlppon and Yoshttoml (Japan). Istituto Fannacologieo Latino (Spain), 
Med id menu (Portugal), Pharmacia and Astra (Scandinavia), Asche (Germany). 

Thus a Iarae part of Recordati products is sold abroad: from Europe to North and 
South America^ from Africa to Japan and Australia. Also many East European 
countries are C imporlant customers;,, in the USSR, for example, a number of original 
Recordati drugs are under experiment and one of these, efloxate, a coronary di^tor, 
has been registered' by the Health Authorities. In Milan, besides the Recordati Ilead- 
aasnerl thfre are also its Laboratories for chemical, pharmaco-toxicological. micro¬ 
biological and dtiilcal research as well as ks quality control department. Recordati 
also has a production plant where pharmaceutical specialities are* {J 0 * £ 
also sole licensee of important foreign'manufacturers such as Syntex Corporation, U.b.A, 

Alza Corporation, U^.A n Inters |)^A. and others. ' T . 

Recordati's stated policy is that the : rfrug non-absorbability; being tied to large 

IXriUlUULl O ore K ^ _« nalirmo* mn PPll PC Ihpv firp tint absorb™ 

mvwiuuu v r ——w — - . ■ ■ . 

market should turn to new produets of a 
high technological content and has backed securing the Sole Agency, for niar«mt. 
ing in Italy and Brazil, of the ALZA 
(California) self-controlled administration 
therapeutic systems; that is, of drugs 
applied locally which are able tn release, 
automatically, continuously and at the 

polymer molecules they are not absorbed 
by the gastro-intestinal mucosa and con¬ 
sequently do not enter the bloodstream; 
The most advanced Recordati research is 
directed towards the products active in 
the gastrointestinal system, such as 
mucolytics, anti-histamines, anli-bacicrials 
and anti-fungals, while it continues 

necessary le v’cl s!” to eoptim uni q u ami ty o f regularly in the traditional field of cardio- 
anGMiUj’ ic i n9M,n ,r inri ppntra nprvnn« svstflms. 

the product. 

Recordati also secured the rights of the so* 
called prondrugs of Inters (UJSA.), which 
in thc patient's body turn into the actual 
drug, with an easier absorption and above 
all one more suited for each individual case- 
Within the framework of its diversification 
and high technology programme. Recordati 
has under way studies and agreements tor 
a number of absolutely non-toxic food 

vascular and centra] nervous systems. 

In the field of applied chemistry, the re¬ 
search concerns continuous new techniques 
for the synthesis of important fine 
chemicals, used mainly as intermediates by 
the chemical and pharmaceutical industries. 
The gratifying results of this research and 
the remarkable penetration of Recordati 
fine chemicals already achieved on tbe in¬ 
ternational markets, represent Lhe most 
valid argument for a continuous and in- 

a nlimner or aoMjiuixij uuh-iu.»jv. u.c"**-- --- - — - 

additives such as dyes, sweeteners and creasing development of inis Company on 
anti-oxidants based on the principle of the world scene. 

of thc new trade union policy, 
which has been backed by the 
Communist Party, has provoked 
apprehension among the 
Christian Democrats, many of 
whom regard it as a deliberate 
" bargaining weapon" for the 
entry of the Communists in ai 
parliamentary majority. Both! 
for the Communists and' the 1 
trade union leadership, in fact, 
the concept of an " Italian 
social pact ” could only be justi¬ 
fied, it is generally claimed here, 
in exchange for some substan¬ 
tial political advance. 

At the same time, this shift 
in policy has not altogether been 
welcomed by the union rank 
and file. For them,-the concept 
of labour mobility is not on the 
whole an attractive one, not 
only as a result of the increas¬ 
ing threat of -more plant 
closures and redundancies but 
in great part, because inflation 
has nullified most of their 
recent wage improvements. 

Yet, despite these reserva¬ 
tions, thc Unidal agreement 
represents something of a mile¬ 
stone in Italian industrial rela¬ 
tions. It could well become ope 
of the formulas for thc coun¬ 
try's industrial reconversion 
programme. In any event it is 
a precedent, which could be 
used to resolve the complex 
difficulties of a number of 
major Italian companies, like 
the Montedison Chemical con¬ 
glomerate or the Alfa Romeo 
car group. 


io^N Bassett! 

Jean Bassett 


Jan Bassetti 

Job annes Bassett! 

, ANd to TkiNk tIjat ten yEARs Aqo we were ONly CiowJNi Bassetti 


Then, in October 1962 
in Lyon, Bassetti'France was 
bom and in September 1963 
inDussetdorf Bassetti 

It is the beginning of a 
new dimension, a European 
dimension, which was 
enlarged immediately 
afterwards with the 
establishment of Bassetti 
Limited in London- 
(May 1964) and of. 

Bassetti Espanola, towards 
the end of 1970. 

Today Bassetti S.p.A. 
is being expanded also in 
all the other European 

The leading motive of 
this fortunate expansion is 
the one and the same as 
in the first times of the 
Company: pursuit of 
quality at all levels in the 
textile field. 


e mnsEB 

Financial Tiraes feaa^' FefeTn'a^ 1T1978 ^ 


Gilts volatile but up despite money supply figures 

Share index gains 1.8 at 455.0 after 458.5—Trade quiet 


Fck" i Feb. i Feb 
.16 j 16. (. M 

QiwerameatSerel........ 74.7l|- 74.ll! 74, 

Fixed Interest.—.-- 

liriutrid Drain*ry— 

Hold Mines......— 

Oni. Pie. Tield. 

■77.56; 77.14 77.6Z) 
4SS.0 453.2; 45S.7 
l& 1S7.7; 155.2 
S.89r 5.69) B.81] 

Account Dealing Dates 

•First Declara- Last Account 
Dealings lions Dealings Day 
Jan. 30 Fch. 9 Feh. 10 Feb. 21 
Feb. 1.1 Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. if Mar. 10 Mar. 21 

* “ Kcw lime " dealings may lake place 
from 9.30 a.m. two business days earlier. 

Wednesday's late rally in British 
Funds was taken a goad stage 
further yesterday, but tbe market 
became extremely volatile after 
the bare announcement of the 
wursc-than-expected growth in 
money supply, before rallying late 
to close near the day's best on 
the accompanying statement 
regarding particularly large 
adjustments for seasonal factors. 
Gains ranged to J in short-dated 
issues and to \ in looser maturi- 
rie?, with the Government 
Securities index, at 74.71. regain- 
inc 0 60 of the previous three-day 
loss or U>[>. 

Leading equities made a good 
showing nt the start, but fairly 
widespread gains usually reflected 
a technical rally in line villi the 
early strength of the Funds. Lack 
of follow-through support was 
evident in the easier tone which 
prevailed in the early afternoon; 
5.3 better at 11 a.m., and only 2.9 
up at 2 n m.. the FT 30-share index 
an hour later reflected the-money 
cunpiy figures with a net loss of 
0.2 before a minor rally left a 
closina gain of I S at 455.0. Rises 
of a penny or two were usually 
reentered in the constituent 
shares but IGI ended 2 off at 342p 
after extremes of 3-jsp and 341p, 
while BP, S down at 7G0p, were 
also dull. 

Overall, rises and falls in FT- 
q tinted Industrials were virtually 
in balance Outstanding features 
were few. but firm spots included 
Ellis (Richmond l. 23p. and 
George 51. Whiley, 3fip, which 
sained B and 8 respectively on 
receipt of bids. Reflecting "good 
results. Albright and Wilson also 
stood out. risinc 8 to 04p. The 
quieter trade was illustrated in 
official mark mss of 5.577 com¬ 
pared M-iiii.6.197 on Wednesday 
arul 5.026 on Thursday of last 

The FT-Actuaries three main 
indices were slightly better, the 
All-share hardenin': 0.2 per cent, 
at I99.t>9. while Stores, up one per 
cent., reflected a revival of hones 
3hout higher consumer spendins 
Following the latest earnincs 
flqures which showed a con¬ 
tinuing acceleration in December. 

Funds erratic 

Volatility m British Funds was 
largely brought about by con¬ 
fusion regarding the latest money 
supply statistics. Prior to the 
news. Wednesday’s later recovery- 
had been extended by a full point 
in tho longer maturities before 
Jhe lone became slightly hesitant 
just ahead of the 2.30 p.m. 
announcement. This gave «ho 
bare me»3?e of a 2} per cent. 
ri.-,e in money slock, which was 
badly received and triggered a 

mark-down of a full point The 
accompanying Bank of England 
explanation for the Increase was 
not generally known until some 
while later and it seemingly re¬ 
assured buyers, as did the tone 
in sterling, encouraging a strong 
rallying movement which left 
quotations in business after the 
official close near the higbest of 
the day. Despite the sensitive 
nature of the market, demand wus 
sufficient to warrant the price 
gyrations, in particular, at the 
shorter end where final rises ex¬ 
tended to J: the longs settled a 
maximum of l higher. Corpora¬ 
tions were often J, and sometimes 
*. better with the recently issued 
Tameside 19J per eenL J9S4-S5 i 
up at £94, in £10-paid form. 
Southern Rhodesian bonds 
responded to the agreement in 
principle on the constitutional 
issue with fresh gains of two 
points before reacting late to end 
a point down: the fi per cent. 
1978-81 .'bed that much to £89, 
after £92 

Institutional buyers .were again 
drawn by initially lower rates for 
investment currency, which had 
reflected sterling’s better-than- 
expected opening tone, and in 
thin trading the premium 
improved from 791 to a close of 
SOS per cent., up g on balance. 
Yesterday's SE conversion factor 
was 0 7440 ( 0.7436 1 . 

Lloyds better 

Slightly more interest was 
shown in Home Banks which 
closed firmer for choice. Lloyds, 
which start the dividend season 
to-day. gained 3 to 263p. while 
Midland hardened 2 to 335p and 
the new nil-paid improved a 
penny to 9p premium. Elsewhere, 
Wagon Finance picked up a 
penny to 84p in front of to-day’s 
preliminary results. 

Composite Insurances settled 
with modest gains- apart from 
Eagle Star which softened the 
turn to !3Rp. Royals moved 
between extremes of 375p and 
5ti7p hefore ending a net 5 up 
ai 373p. 

Grecnall Whitley stood out in 
Brewerii-s with a rise of 6 to 
1 top in rcnly to the capital pro¬ 
posals. Allied closed marginally 
better at Sip. after 80p. following 
Jhp chairman’s view of rurrent 
prospects. Elsewhere, Ellis and 
Co. (Richmond) improved 6 to 
23p on the agreed bid from 
Gough Bros.: the latter finished a 
penny harder at 49p. Geo. 
Sandeman were in demand again 
and rose 3 to 60p. 

Buildings plotted an irregular 
course in moderate trading. 
Alfred Lockhart improved 10 to 
IfiOp in a thin market ahead of 
the preliminary results, expected 
next month, while London Brick 
hardened 2 to 64p. Richard 
Costain also improved 2 to ?Wp 
but losses of 41 and 6 respectively 
were seen in Rnwlinson. 87ip. and 
YibroplanL I68p. William Whil- 
tingham eased the turn to 31 p 
after the tower annual earnings. 

lip to 34pp in the morning ses¬ 
sion. 1CI reacted to 341p before 

closing 2 easier on the day at 
342p. Nervous and 7 down on 
Wednesday ahead of tbe annual 
results. Albright and Wilson 
recovered on satisfaction with the 
preliminary profits and touched 
IflOp before dosing 8 better on 
balance at 94p. 

Television concerns were not¬ 
able for a Press-inspired gain of 
4 to 66p in Scottish A. 

Wigfall down again 

Still on fading hopes of e 
counter bid and fears that-Comet 
Radiovision's offer may prove 
abortive. H. Wigfall encountered 
fresh selling and fell 8 more to 
228p: Comet eased a penny- 
further to I07p making the bid 
worth nearly 245p per share. 
Elsewhere in this'sector, leading 
issues followed tbe general trend, 
with GEC touching extremes of 
258p and 24Sp before settling at 

a rather mixed appearance. Still 
reflecting hopes of a bid from 
Aurora Holdings, which owns a 
near 30 per cent, stake in the 
company. S. Osborn were in re¬ 
newed demand and rose to 87p 
before settling at 83p. for a net 
gain of 2. Capper Neill found 
support at Gap, up 4, along with 
Ratclfffe Industries, a like amount 
higher at 69p. Birmid Qualcast, 
at 66p. regained 2 of the previous 

day’s fall of 5 which followed the 
disappointing preliminary results. 
Weir Group rallied 3 to 123p and 
gains of 2 were recorded in 
J. and' H. B. Jaekson. 24i>. and 
Whessoe, 90p. Birmingham Pallet, 
77p, and Tex Abrasives. 70p. the 
last-named again reflecting bid 
hopes. On the other hand. APV 
gave up 3 at 185p. while losses 
of a few pence were sustained 
by GEI International. 67p. and 
British Northrop, 93p. CompAir 


F.T. -Actuaries Index 


2o3p for a net gain of a penny. 
Telephone Rentals came on offer 
at 127p. down 6. while Louis 
Ncwmark gave up 5 to I70p and 
Lee Refrigeration 2 to 71p. Among 
Electronic issues. Farnell 
cheapened a few pence to I90p, 
but Racal contrasted with a gain 
of 6 at 204 p. 

Evidence that wages are cur¬ 
rently outstripping the rate of 
increase in retail prices helped 
leading Stores take a turn for the 
better on hopes of increased con¬ 
sumer spending. Gussies A were 
particularly favoured at 272p. up 
8. while UDS added 2 at 86p as 
did House of Fraser, to 13Tp. 
Marks and Spencer touched 144p 
but came back late to finish only 
a penr.y dearer at 142p. Else¬ 
where. Cantors A added 3 at 33p 
and Polly Peck cdued forward a 
penny to I04p. Among Shoes, 
Newbold and Barton were a frac¬ 
tion harder at 40p in response to 
the higher annual earnings. 

The Engineering majors moved 
erratically before endini: a shade 
dearer on balance. GKN closed 
2 firmer at 273p, after fluctuating 
between 275p and 270p. while 
Tubes finished similarly higher at 
370p. Secondary issues presented 

remained unsettled by the first- 
half profits warning and eased a 
penny more to 93p. The lower 
annua! profits left Henry Nor- 
rington a similar amount cheaper 
at 12p. 

Fitch Lovell continued to figure 
prominently in Foods, reacting in 
active trading to <®p folio wing the 
company's bid denial before rally¬ 
ing on renewed speculative in¬ 
terest and closing a penny better 
on the day at a 1977/78 peak of 
74p. Cullen’s Stores, a recent take¬ 
over favourite, hardened 2 to 88p 
and A 4 to 87p. J. Bibby. at 215p, 
regained 3 of the previous day's 
loss of 10. while investment de¬ 
mand lifted Pork Farms 10 to 
415p. Associated.Fisheries, at 46p. 
recouped a penny of the previous 
day’s fall of 6 which followed the 
gloomy statement on current 
trading losses, but Tale and Lyle 
finished without alteration at 
192p. after 194p, sentiment being 
little affected by news that the 
Price Commission had deemed the 
company's pice Increases as justi¬ 
fied. On a dull note. Robertson 
and Rowntree Mackintosh both 
closed 5 cheaper at 130p and 365p 

Grand Metropolitan finished 14 

firmer at 94p following the chair¬ 
man's statement Ladhroke were 
also prominent rallying to I79p 
before dosing without alteration 
at 175p. 

G. M. Whiley up on bid 

Marked higher at tbe outset on 
the belief that the reaction which 
followed the disappointing 
January trade returns had been 
overdone, miscellaneous indus¬ 
trial leaders continued to make 
progress until late afternoon 
publication of the poor iW3 money 
supply figures prompted a swift 
downturn. The closing trend was 
mixed with Glaxo closing 4 lower 
at 543p, after extremes of 552p 
and 537p. A couple of pence 
firmer on Wednesday following 
reports of a constitutional settle¬ 
ment in Rhodesia, Turner and 
NewaJI hardened hi Slip but then 
eased to finish 3 lower on the day 
at 207p. Beecham. on 'he other 
hand, improved 3 to 623p. after 
62gp, and Bools added 2 at 198p. 
after 200p. while Reed Inter¬ 
national picked up 3 to 105p. after 
107p. Secondary issues were also 
irregular but George M. Whiley 
were notable for a jump of 8 to 
36p in response to the agreed bid 
from Associated Paper, the turn 
off at 50p. Hoskins and Hurton 
gained 10 to 135p in a thin market 
following news of a substantial 
shareholding changing hands and 
renewed speculative interest 
lifted Talbex 11 to 21}p and 
Yin ten 3 to 85p. Caledonian 
Associated Cinrinas, still on bid 
hopes, put on 20 more to 450p in 
a restricted market and Homing 
Associated were wanted at 207p, 
up 7. Old bid favourite Pauls and 
Whites revived with an improve¬ 
ment of 3 at I14p. I. RargcL 
however. 4 down at 32p. became 
a late casualty following the Door 
annual results and Marshalls 
Universal fell 9 to 145p. after 
143p. on further consideration of 
the chairman’s statement on 
Wednesday that the puruorted 
partial bid from Atlantic Federal 
Investments could not be taken 

Plaxlons (Scarborough) featured 
Motors and Distributors with a 
jump of 10 to 130p following Press 
comment. Brown Brothers edeed 
Forward 14 to 24p on the satisfac¬ 
tory preliminary figures, while 
Lucas Industries, still reflecting 
recent brokers’ circulars, moved 
up 3 to 284p. British Leyland. at 
25p, recouped the previous day's 
loss of 2 which followed news 'of 
the planned closure of the Speke 
TR7 assembly plant. On a dull 
note. Hartwells fell 4 to 78p and 
Appleyard 9 to 73p. 

Still unsettled by adverse com¬ 
ment Thomson eased further to 
192p before rallying ’jte f» close 
a penny harder at 19fip. Else¬ 
where. McCorquodale came on 
offer at 230p, down 8. and 
Jefferson Smnrfit relinquished 3 
to I72p. 

Firm initially at 2l6p. Land 
Securities fell back to 210n before 
closing with a fall of 2 on 

balance at 212p. Other leading 
Property issues followed a similar 
pattern. -MEPC ending without 
alteration-at 119p, after moving' 
between extremes of 122p and 
117p. Second-line stocks con¬ 
tinued to give ground, but falls 
were of fairly modest amounts. 
Sporadic offerings left Chester¬ 
field. 298p, and Property and Re¬ 
versionary “A,” 295 p, down 5 
apiece, while Tails or 3 were seen 
in Land Investors. I26p, Samuel; 
Sip. and Apex, 222 p. 

Oils quiet 

Oil shares passed a rather quiet 
session. British Petroientn held 
up well before easing on currency 
influence to close 8 cheaper at 
7fi0p. Shell, however., edged 
higher to 436p for a rise, of-4. 
Among the speculative issues. 
Lasmo encountered selling and 
gave up. 9 to jB3p. with .the 
Option.-; falling 13 to 345p. 
Sicbens (U.K.) improved to 280p, 
but met scattered selling at this 
level and reacted to close.with¬ 
out alteration at 270p. 

Investment Trust had little to 
commend them. Negit SA were 
exceptionally firm at 705p. up 55, 
reflecting Overseas advices., while 
Capita) issues had M. and G. 2nd. 
a penny harder at I9£p and 
SPLIT 2 firmer at 55p. Financials 
had contrasting movements in 
Authority Investment up 24 to a 
1977/78 peak r ,f 34p, and Western 
Selection, 2 “cheaper at 26p. West 
of England Trust reacted 2j. to 
39Ap as hopes receded of a take¬ 
over bid for its associate Mar¬ 
shall’s Universal, but Dalgety 
hardened a penny further, to 228p 
for a two-day gain of 5 since the 
interim figures. Press comment 
directed attention to Grendon 
Trust Subordinated Unsecured 
Loan which was marked up 5 to 

BAT Industries Deferred earned 
the distinction of being tbe day’s 
most active slock but dosed' only 
3 better at 238p. 

Quiet Mines 

It was a disappointing day in 
mining markets, with most sec¬ 
tions drifting ini quiet trading. 
South African Golds were 
subdued despite the further 75 
cents ri«e in the bullion price to 
$179,625 per ounce, a five-day gain 
of $650 and its highest closing 
level since March 6. 1975 

Golds opened around their over¬ 
night levels and generally moved 
narrowly with small profit-takine 
sufficient to cause modest losses 
throughout the list Tbe Go'd 
Mines index reacted with a Ll 
fall—its first for five trading days 
—to 156 6. 

Heavyweights held up well and 
losses rarely exceeded 4 as in Vaai 
Reefs. £121. West Drieroulein. 
£18] and Western Holdings. £161 

Medium-priced issues showed 
St. Helena 13 off at 762p but 
Libanon continued to make head¬ 
way with a rise of 7 to 533b 
Among marginals profit-taking 
left West Rand Consolidated 8 
lower at 149p. 

&.rDi.:p\"ld17.94 17.95, -17.7 lj 17.59 
PtEKPti..iDrtlC«...- 7-87 7.87'.7,97| 8,12 

Detllngfc marked_5,677 0.197 6.0fl7j 5.980 

Bgiiiiv turnover £m„. — 80.53;- 62.92|. 43.55 

Bqulry tongalm total J - 1 4.617 14.429113.481 

16 a.«L 457.4. 11 Jtm. 138.5. Noon 453-4. 

‘ " ■ 2'p.m. 456.1. 8 IMU. 455.0. 

Latest Index 0)4246 802*. 

■ Based on 52 dot rent, corporation tax: 
Basts l OH Govt. Secs. IS/M/M.' Fixed lot. 1828- 
Minos 12/9/55. SB Activity JoJy-Oee. 1942. ; . - 

highs and lows . # • 

--i 1975771? fStace C-jiapilKt mn } 

1 p.m. 457.3. 

r wa=7.B2. 

Ini Ord. 1/7/55. Go) 

S.E. Acnvm 

1977,78 Htace Cora pilnt 'u 

FTigb | Low Hifik f Low 

uovt.^.-l 79.85 -60.45 
j jaCr* (4/1) , 

Fixol lui....' 81-27 i 60.49' 

I [ t*iir 

WON-! 549 8 j 357.6 
i (14/9) tlSIl. 

C.uld | 174.6 | 95.1 

i ( 18 : 10 ) i «i*a 

I 137.4 i 49.18 

j (fl;l/36» j tS/1/70) 

150.4 50.59 

lt28/!l/4ffi; «»1;75> 





tuny Av'ng 

I 549.2 [ 49.4 gTIu&IjIm 

i 442.3 . 43.5 JlfWuWtire.. 
! (22(6/7*1.138/10/711 JrtA .- 

Eel). . Feh. 
16 13 . 

..< 215.5 230C8 
.! 182.3 I 207.0 
■ 47.2 I 3SL& 
126:9 141.T', 

!| 213.a 21O.0 
. 202.0 ; 204.4 
. JS.DJ 57-3 
. 156.2 | 137(0 

Movements in South African 
Financials were minimal. Anglo 
American and Union Corporation 
both registered falls of 3 at 270p 
and 27Up respectively while 

-" were unaltered at 
44 (tp m front of the results 
which were not known during 
market hours. 

platinums also gave, ground, 
despite the recent firmness of the 

- free market ” metal price. 

London ■ domiciled Financ 
were barely changed with ie' 
rnent affected by the afterni 
decline in the UJ\_ equity mat 
following the money sup 

-Among Australians Omi 
fUetlnto fell 3 more to 155p ' 
further consideration of 
company's warning tJut • i 
year's results are unlikely . 
match those of 1977. 


iht following Mcurlacs quotcef In the 
Share Information Servtio 
attained new Highs a no Lows lor 1977-78. 

NEW HIGHS (19> - 

-BANKS fl> 

Commerzbank ^ 

Ellis i Rich mondr GreeraJi Whlttey 

Scottish TV "A" 

Cantors "A" Poflr Peck 

Birmingham Pallet Tea Abrasives 

FOODS (1) 

Fitch Lovell 


4ssoc. Sprayers Watson iKdvtn RJ 

Hoskins and Horton Whiley (G. 14.) 

Plastic Constructions 




Gresnam inv. - Park Place Inv. 

Authority Inv. ; _ 

Highlands S Lowlands 

Burroughs Carr- Ui> Steel 
. . . CANADIANS ll) 

Massey Ferguson 

Monsanto Six '82-86 

Rises and Fall 

British Funds .:. 

Corpus. Dom-. a 
Foreign Bonds 

ImJnstrloj .. . 

Financial and Prep. 
OUs ..—- 

Planuden .«... 

Mines .. 

Up Dows r 
71 —, 

32 4 • 

301 313 . 

161 102 

5 7 ; 

6 3 

» '54 ' 

'Recent issues 
Totals ... 

_ 18 4 . 

... 50. m 1 


First Last Last • For 

Deal- Deal- Declara- Settle- 

ings ings . lion rnent 

Feb. 7 Feb. 20 May 11 May 23 
Fob. 21 Mar. 6 May 25. Jun. ,7 
3far. 7 Mar. 20 Jim. S .Jun.21 

Siocks favoured Cor the call 
included Imperial Group, Turner 
and Ncwall. UDT. Consolidated 
Gold Fields. Grand Metropolitan^. 
Mills and Allen International, 

Norfolk Capital, Fitch Lev 
Sutcr Electrical, S. JLehoff Fol 
Cteed International, Hardy ■., 
Co. “ A,” KCA Drilling, Ladbr • 
Warrants, EL Wigfall aiid Tc 
and City Properties. Ruts w’ 
done in C E Heath, Fannins 
Grand Metropolitan, Dixi 
Photographic, I. Brown, Gt 
and Beecham, while doubles w- . 
arranged in Town and City I. 
perties, C. E. Heath, UDT, Fi 
Lovell, Formlnster, Norfolk C, 
tal and Dixon’s Photographic 


Manpower Employment Organisation 

For Ihe Construction oF two 12) Adult Vocational Training 
Centres and Apprenticeship Centres (KEKATE and KM I in 

The Manpower Employment Organisation intends to invite 
scaled tenders from contractors from all member-countries 
of ihe International Bank for Reconstruction and Development 
li.R.R.D.) and Switzerland for the construction of two (2) 
I KEKATE and KM| in Greece. 

The location, the construction area and tbe estimated cost 
per (KEKATE and KM) are as follows: 

Location Construction Area Cost 

(sq.m.) (dfs.i 

KALAMATA 5.500 S5.000.000 

KAVALA 7.000 100.000.000 

In order to proceed with the evaluation of foreign building 
and electromechanical contractors, interested parties are 
invited to submit not later than March 27. 1978 lo the 
Manpower Employment Organisation. Administration. 33 
Chalkokondili. Office 508, Athens, Greece, the necessary 
statements of interest according to the written Instruction 
obtainable from the above address. 

The anticipated construction period for each (KEKATE 3nd 
KM) is approximately 20 months. There will be one bidding 
for both building and electromechanical works and tenders 
will be accepted from prequalified bidders only. 

Bidding Documents will be forwarded to prequalified bidders 

The projects will be implemented in accordance with the 
Greek Laws. The cost of the projects is partially covered by 
the proceeds of a Loan agreed between the Hellenic State 
and the I.B.RJ3. (Loan Agreements No. 859-GR/10-S-72) and 
ratified by the Legislation Decree No. 1309/1972. 

The projects will be financed by tbe Public Investments 
Programme. Statements of interest can be made for one or 
more (KEKATE and KM«. 





(DR. J. G. 8. SICGERT & SONS) 

• Incorporated ,n Trinidad. W.l.) 

| NOTICE IS HEREBY GIVEN that a llnat 
I dlv,o»nd ol IS cents per unit, less *»lt»i- 
noldin; :n at the appropriate rate lor 
non-residents ol Tnnldad and Tobago, 
making a lo!al ol £2 cents per unit in 
■ respect ol the year ended 30lh Scpiember 
1977 as recommended br The Board ana 
appro, cd fc» the stockholders at the 
General Meeting, has been declared oa»- 
• able to all holders ol ordinary stock 
. registered In the books ol the Comoanv 
. in Trinidad at the close ol business on 
1st February 1978. 

Consolidated proht be'ore taxation 
TTSSQBE5 9J9 and TTv 4 .l 93 . 78 O alter 
cravls'On Isr taxation. 

Or,d;ri warrants mil be periled ,n 
Trended on or about loin February 1978 

Trunslcr Officer. 

Canadian linoeual Bank ol Commerce. 

- 2 Lombard Street. 

London EC3P 3EU. 


NOT'CE 19 HEREBY Cl«N that the 
■ Transfer Bools o! the Ordinary Shares 
, Ol 2 Sd t-acn ol Imperial Group Limited 
. ariTI be CLOSED lor one aar onW on 
6th March 1978. and ihat warrants In 
respect ol the nnal floierna lor the 
«ca' cured 31st October 1977 mill be 
posted on 501b Marcs I97B. lor par men! 
on 3rd April 1978 . to Ordinary Share¬ 
holders on the Register ai the close ol 
: business on 3rd March 197B 
1 By Order. 


1 Secretary. 

I London. 

1 1 th February 1978. 


2nd March to 31st March 1976. * 0 :h 
datej iiicl'nn*. (or Ihc nreparation ai 
. interest due J»t April. 1978. 

w. s. PAGE. 

PrtiKioal Ch,-I Octer 
and City Treasurer. 
City T-eiiurers’ D-cartm-il. 

Council H-use. 

Birmingham BJ SAD. 

Dennraina- of Closina Change 1977 .8 1977-78 
Stock tion marks price fp) on d3y high low 

BATS Dcfd. 25p 10 238 + 3 260 202 

Midland Bank ... £1 9 333 4- 2 S90 259 

Reed Inti. £1 9 105 + 2 233 100 

Filch Lovell . 20p 8 74 -f I 74 47* 

TCI . £1 S ' 342 - 2 445 325 

Libanon . R.I S 533 4-7 541 175 

P & O Defd. £1 8 107 — 175 104 

BP . II 7 750 - 8 966 760 

Distillers . 50p 7 166 + 1 193 120 

EMI . 5011 7 169 + I 254 18$ 

Grand Met . W«p 7 94 +1} 109 62 

G'.S A . 25p 7 272 - s 347 176 

GKN . II 7 273 - 1 - 2 3«9 2U0 

Lucas lnd.s. II 7 264 - :l 333 203 

Metal Box . £1 7 300 + li J64 246 

The cilm.-r l?,.i nf active stacks is based o» the number of bargains 
retarded ycstertin'j in the Official Ii.s( <ind under Rule 103it) ft’). 

*■ Premium. 

FT-ACTUAKIES share indices 

“* “ • ; . • ■ 

These indices are the joint compilation of the financial Times, the Institute of Actnaiie 

and the Faculty of Actuaries 



Figures in pnr»'ntheses aho«r number of 
Mucfc. per section 

Thurs., Feb. 16,1978 


Fch 16 


Danish A.l per inn . 1.1)30 

British A.l por ton . 1.005 

Irish Special per ion . 1.00.5 

Ulster A.l per tonV . 1.0O5 


NZ per 20 lbs . J0.91-11.05 

Ensllhh per cw it . 65.2? 

Danish sailed per c«’l7 . 70.15-72 41 

Wpcfc aco 

1 .005 




1.1 HI. 50 

Mnnih ,t"o 





1.1 til.50 

Danish sailed per cntT . 70.15-72 41 58.60-72.41 70.13-71 


NZ per lonne . 1.161.50 1.101.50 I.lfil.50 

English cheddar trade per lonne . 1.210.42 1.210.42 1.210.42 



Size 4 ..-. .141- 39« " fill 4 i«l .“SO 4 

Size 2 3.70- 4 40 3JW- 4. Hi 4 3U- 5 

Feb. 15 Week .M'mlh as 

BKKF p P p p p p 

Scottish killed Side« tes-KKCF) . 40.0—52H AS 0—52 0 4ii..>—4U.i 

fire forequarters . .’M.O— 1 U .0 3C.0—10.0 32.0—34.1 


Ensli.-ih . 47.0—5.10 47 0—53.0 47.0—54.1 

NZ PLs-PMs . 44.0—16.0 43.0—15.5 4G.O—455.I 


Epch.-h *»«*«■•• . — — _ 

FORK leM weish»-‘. 34 0—420 35.0—11.0 32.0—12.1 


Froiter chi<-k*?nt . 3 ( 15—543 30 o _550 soo—^41 

Bbs F-Arhnn;* prlr* prr l^n «rr* l D-ti-*(-4 ? F nr 4 «r|,,. P r Pchru-E'-.r t*-25 

is -20-yr. Red. Deb. Si Loans (15) 6i^o 

ti 2.11 

.6L21 i 


j 81.73 j 61.if7 

is Investment Trust Prefs. (15; S7.oe 




\ S7JJ3 r 67,10 

i? ComL and Indl. Prefs. (20) 77-«j 

j ji.74 

77.10 ] 


77i42 77.44 

na»T on omsp^eiu., esritnaie. g Assumed 3 on neW a Korecasr dirwieiH) 

w*er based un previous iuar's (■armnis. r Dividend jnd vield based on a r* is peer u? 
or oilier iirbi:ui esamates tor tsrs u Gmss. r Krsunta sssu/ned * Cover xiiow-* 
lor eonversiun ol shares nn now ranking lor dividend or ranking only lor resmcied 
ditideDds. i Placing price In public rC Pence unless mherwiae indiciied S ibwi 
os tender. . Offered 10 holders ol Ordinary shares as a “ rights *• Rigbr* 
bv w pi capl'aiitainn. It Minimum tender once. <4 Reimrnducrd If Issued| tRedempUea yWd. Htshs gaff lews record, base dates and values and aa«ltueu dense* ara pebOstftd KT SaOft 

■n cern-dinn virn r«<ir5(ni*atipn mer*-r or rekv-over. Hi: inrrMucu™ "i f-gnrt I Imn. A new list d H*e cwiftlwents Is avalbUe .rrem tte Pdffhiheny Uwr FItiancJBJ vyimei 1 Hwse, .Can 

-y fhr-h-t rNf«,, hp(d«r> (B AHptTheni i»»»r» (nr fulb-BAiiL. • PhtiuomI 15ire«t. Lvndee. CCA wlcn Un, by nuvi 22*. . .. 1 — ■ 

or caniT'DAid ailmmsm ietun. * With vunua. 

-** 7 ~ \ " . ■ 
1'-J * - - •. IL-V. *0. 
.- v : • 




Ski 00 ' dSitfiji.SSSlLjfSf"^*- Group 







. 109.5 



. Property&8MJ* '■ IU59 .. 172.H 

OJ-WTlffT PpRn >4 Nm-JtirhXR!JNG 

Swnbn Uff Assurance UniMl V 

YOtd P*rt L*8c.L*mdoE «| 

l _ 

*;• i t, .-• 

■*- e: 

Valuation* nomuilg Tu 
:l«tinnce Co. Ud. “ 

•t9s. W1 . SI4375M 

- - 180 M ♦q.iji _ 

fii! If-J 

full T° 

164 9 -0. 

Z»4 -L 

m2 -l . 

Plied Int Etep.". _ 

Eijiiit - ‘ 



JtouOfrrfftrr |15f4 
Owe«wj .... Moj 

Pen-SI Dcptj*p 

Ocp Atfi.. 

Pea Prop Cap 
Pea Prop Act 
P en.Mu Cap 
Pro. Gill Ede Cap 
Ptn ffihEdB Ace 
PhBS C*p , 

Pw «.a Ace. . 

Pen DJLF Cap .. 

Pep DA.P Acc . 






Eooitj Fund .. . 
Properly Fund 

as*** Rsswar 

•41) Nor roll Feb i: 



3474 2*.iJ 





m o 

312 71*044 - 
333 2 * 0^ 

1619 -1.4 

AMUfuCe Go. Ltd. 

Wealth .fcu. ..J1M5 1*9.5) . I 

|b> f*n am... ... 71*^ ^ 

■ Eb r ... |70 7 

in UI'W 




20o3) -0 

_ Hearts ot Oak Benefit Society 

Euoon Road. London. XWI 
Hurt* of Oak .- [353 

37 H 

***». Equity * Life Aii Ce.» 

- 110. Pnwford Street. W1K2AS. 01-4MGS? 

5j s aistf i -.i w i i 

Do Fi Mny Brf Fd | 1$2* | +0.l| - 

Property Growth Anar. Co Ltd.V 
QV387WS6 H ouse.Croydon. CTO ILU 01480 orffo 

Property Fund . . 
. . Property Fund IA«. 

Hll! Swawl Ufe Attar. U4.# 

NtATwr.. AddSteambr m^Cror 0148*4394 A6bej Nar. Fu»d.„ 

tssarauce Ltd.* 

B<L. Rebate. FUsuIr «HOl. 

BgJ JM- 1J) ~ 

Abbey Nat. Fd iai. 
!m raiment Fund-. 
Jnveiuncnt Fd-iAi 

Equity FUnfil_ 

Foully Fund >A) - 
Money Fund .... 
Money Fund (Ai. .. 
-Rtf — Actuarial Fund. . 

Olll-BfiodFd (Al. 
_ . SHetife Annulty _ 

_■ ■ • l re row! Ann 'ty_ 

♦Property CaM* „ 

Hanj«BdCnlta-~ J 

Money Units._ 

Mooes banea A . . 

Fixed InLSer A .. 

Pbs. MedLCaj. ._ .. . 

Pns. Med. Aee_diRS 

Pan ga. Cap-DA* 3 

PoaGULAec [1*SB 

Imperial Ufe An, c«. of Canada OAR w»,h^ri« 
tmperlal Hoaie.Cuildford. ‘ 71333 win' Id FU 

nrowthFd.Feb 10.IMY 73 U : t - PeniiooFtL Ui»... 

PWe Fd. FetL 10._Ki2 . M, I — Loin JVns. Fd . 

IJuSd Portfolio’ " C0 V Pox 

HuaeadFBad—no 4 
n.rdlnt Fd..-ml 
Secure Car Fd _ Mil 
rctutty Fund.. |«51 

Irish life Aigtmace Co. Ltd.- . 

7S.21 . . t 520 

Lssur. Co. LUL¥ 

,'C3 01423 USB 

r «»n [ .[ _ 


en Bar. HortJ PRar 51132 

“I I.... I - 

ance Ud.f 
anbley RA00KS 
. ..IE1AJB 

11. Finsbury Square. ECS. 
Bite Chip Feb U ..(44.7 
ManaeedFdod .13114 
Pioplfod Feh.X .0672 
Prop. Mnd.Gth-&81.1 

King it Stanton Ltd. 

3S*-mi fail1X03 014235433 

Bond Fd tel 1110 47 112-5JI-D29I - 
Next dealinc date M«e-b 1 
■ Gert Set Bd [KB 6 13000} . 1 —’ 

Man Pen* Vvf M. 
Man Pm* Cap. L'l. 
Prop Pen* Fd 
Prop Pena Cap 0 la 
UR S«c Pen IX 
Me Sot Cap IT 

Prop. Growth Pnulni A Anatlln IM 
All n iher An VIii|U1J - 13021 | — 


Provincial Ufe Assurance Co. Md. 
222. ntr.hop**M*. Z.K'2 01247*33* 

Prm- Man a»o*1 Pd.. |U4 a 120 

Pro*- L'afl. Fd .. IB 7 109. 

Gill Fund «l ... [l22S 12* 

Ul-hf. UJl 

;.si | - 

ill -231 - 

Langbam Ufr Anuntce Co. ltd. 
Xancbam H». Hnlmbrooi; Dr. NWA 41-303S?tl 
Langtaara A'Plan .M3* 

UFrop Bond-Il39« ' M 

WUoiSP) Man Fd|7«t 

r^rudcntlal Pensions IJmltedd> 

Hoi boro Bara EC IN 2NH ni-4<1M*222 

Equi 1 Fd Feb 15-IC23N 23 771 '| 

F*d Int. Feb l.v . 1(14*4 11 34 

Prop F Feb 15 . kiiio 24 fi! . 

Abbey Unit Txi Msrs. I.ld. 
724Q. Galehouw Rd . Ailnbury 
Abbe) i:a P .ir.l [HI & 12* 

Abhr;'Inrtune 3b 2 »J 

Abbevlm Tm. TV 31« 

MihevUen TpI M2 5 44 2^ 

U) i7i i.arunore Fnnd Manac^r* V 
11208 wi SM Marv A«e.FC34HhP 

a ot 



a as 



-0 J 







37 2 

- 0 ;. 



S2 7 







47 3 


-0 5 


110 6 

111 V 



Allied Hunbro Group lai igi 
Hainhro^ H»e, l|<iti'*n ftreinve-ul. Ew 
01-M8 2851 or Rn*m«N4 ilCTTi 2: liu 
■Wasted taad* 

Allied 1 x 1 

Frt: lod Fund 
Hitt * Iru 
Elrcf A Jr.rt n 
Allied Capiial. 

Hamhri* rund 
Hamiira Art Fd 

Interne >'undn 

High VhBld Fd. 
iawnadful Faada 
See* of Aamrica. 

Pacilw-pand . 

Special Ut. Fund* 

Smaller Co'!• FA.. 

2 nd Smlr c o » Fd 

Recot eiy hit*. . .. 

Met. Mm * rdey . 
iTveroea* Earninc*. 

Eampr SnUr Lo' 

•..\ie*Hc*Jl T»i 
Hn«ubT« ■ trr 
lUHtunodir. Share 
I.'. FarEa.'l TruU 
lllph InraarTxt 
Income Fund, •• - 
I nr Agenda' 

[ml. Lxempi Fd - 
•cilitrl Tm i.4er 

r.fhbs lAnionyt Unit Tsi. Mgs. 
jiLRlninfipln **l,EC2MT - ;j. •n.'iff«4ii: 

a■> e> IVrpriua! I.'nii Truxl .llajmi.v >ai 
SC 'IVI' 4n Hart xi HrolevnnTharse* nePlSHWF 


Income* 1H4 41 v 

i* 4 r; iir»mt.W- 13*0 K 7 

»a-A 0 Fat Ea'*‘ tM • 2. I- 

Deaiiiu: *Tuet -T'.te.i 

4 78 

Fd. ... |4S 7 M lut . I 


n mm 



A] -wflMfflU 
174 It . 223 
I 223 

! 35 { 

m * 
as a 

17*0 1 

»V9t -0.11 


n i 



- 01 , 

-a _v 


Goivit iJofanW 

T7 Land AVI WdJL FT- 
, S'hldr Feb .'s --1 *;^ 1 

7jb DoAeeuBiYim. U4J2 

-Next riealinr day pfi. i, 

240 Grierrson Management Co. 

Ill MGre*n»iof»t..EC2Psn- 

Bar utaFeblS . -Ml 

i XccLm. liniui- 7094 
Stt R7*n HY Feb. 1* 1M1 

3 2t i/.reunt t'ruixi - IB B 
a 04 Endea*. Feb 14 - HO 
515 i -Vccubj. Unlls*-IB j 
i 28 •irnchur Feb 10 - 77.3 

Ar-^.TJlr Fur.-) j“5 
Ycc'.r.oloi;. runr... 135 7 
F»" Fj.i I d . 23 2 

*. Irene* r Kuen 122 4 

Praetiral Invpci. Co. I.ld.9 lyrici 
44 ri‘.fx.-r.ix£uin .‘-<1 ”f.'l 2RA ill C3BT4-.»3 IB 4| J ‘ 32 
4cr..m I.Vits . MOO 2*0.4. i 4 37 

Prurinrial Life Inv. Co. Lirl.R 

222. n-tiuMnEile, ECU Vi -147 

Prvllfir!.nn.«. . .170 3 7S3j > 3H 

!ligMoro-w -11024 W:;-P‘l TOO 

‘“'T'Iib Prudl. Portfolio Mngrx. Ltd.V lahhVci 
HolhnnRar* ETIX2NH n'4H5P222 

Prodealul . 1114 5 X2S5'-:« 454 

iio tfuilter Management To. Ltd.V 

Tlseirl F.xehuiiqe.KT2N' IMF n|jn(l4|77 
Quadrant ilen IV 11010 104 7 

X Quailra-I incr^ne 1115 7 110 Sid 

Artaulhnot Securities Limited 

P •> l<n>3U 4 ! ileiier Irrin iJiMTSI” 
Lap 7>t. Jcrxej [lit.0 170 0' 1 3H 

Next dealtne date Feb 21 
Ea»! Ain:: Txt [W\ D 111 0| I 3 IB 

Sect -uh Fen 31 

Aaxiralian Selection Fund .YV 
M*r**i Opportutsine* / o iri.h Vcjh* * 
‘futbvtiite 127 Ker.: xi Srrtnri 

Keysrlpt Magt. Jerxev Ltd. 

PO Box PR St- Helier Jerxe ; .-7nq8l-W8WW» 

Fooscle*— ..-fFrXSffl 

Kttuin Inri. 
Keyiele* Europe 

Japan Gib. Fund tsaifls 

Kev«elrs Japan - 
■.'ml AMOUirap 


OL53 9J1| 
030 73 



3 88 


.m re*. 
Vrf a* 

. ■!« 

>«lu' Frftr.iar 


l - 

2QZ 8 i| 




-0 \\ 

7 59 


-0 2j 









2 43 

■3 91 





74 5! 



Rank of .America International SA 

li Ho ile. are Rota]; Luxembovr; GO 
Wadunest In.-ome IR'CMW ItTFIl {6 74 
Pricex At Feb b %oi xun d*x Fri> 

E3ng Sc Shaxsoa . Men. 

I i.'harlne Cr«t" Si. Helm. Jerxey 
1 Tbpma* Street. l>uclas. Isie 
iiiltFtaiHt‘Jmi^'1 110 00 10 Mb . 

•'.ill Trust H 0.34 1 JIUlM 119 b0* 
lull. Gevt Srtx Tut, 

Fine Sterling . - -lUM lb7l ( 

- - IS? 

of MIO 
J 1135 
11 25 

IU78 47 179 


Bilk, of Lndn. & s. America Ud. Heinwort Benson Limited 

IS. First Inti 

ItVdS.Queen Victoria5L. EC4 
.Vlesaidor Fund tVL‘-59k 

Npi atsr’ value F*h 

01-1)302313 20. Feschurch SI. EC3 


I - 


1H Accnm Unitai. 

Ln ABnit. Feb- IS.hi 

Anderun Unit Tnrnt Manager* Ud. lAnrum.L’ultai.. 17i o 7eo; ; on Reliance L„j, M*ri. Ltd.¥ 

13B Fenthurch M. EC3H OaA *=38331 Guardian W.'VJ Ex. 1'niL Mgrx. Ltd. Reliance Use. TuabndBe Aei.-. ht WRST. 

Anderson L T |«5 5 4*M | 4.B Rojal Ear hang*. EC7VPADN Ol«BRO!: Opponiint* Fd ..JM1 *331 | 597 

tap:GuardbUlTB--IW* «3TK-aJ[ * M ,*«/ igS 3?^! 

Henderson AdminixtrauaniaHzi 

Frcmler V.T-, Adeun.. Rnylrtgb Hoad, 

RrenlMooiL Earn 

Ansbacber Unit Mgari. Co. Ltd. 

1 Noble SL. ECCV 7JA n 1^2303TB 


Banqne Bruxelles Lambert 

2 Rue Dp la Rrsmc* R into Bruteb 

. Hen:a fund LF 11.917 2 007' -12| *J» 

| Barclays Unicorn Int. iCh. Is.1 Ltd. 

} 1. Cn»rtnfC , j»'3«. Sl HcIict Jr*;. 0534 73741 

| tV.erseaabtrwne !5QJ 52Jdj . .. | 1085 
I UnlriniiarTRu; . Wfaii IBto) .1*60- 
■Snbjec: to tee and Hiihnnldinit taxes 

Barclays Unicorn Int. (I. O. Mm Ltd.. 
: Thnm»'St.Poucla*.I.uAL 00344050 

Eurlovesl. Liu F 
Guernsey lac... — 
Do .xcmtra. . 

KB Far East Fd . 

FvElntl Fund.- 

KB Japan Fuad. .. 
R.B US Girth Fd. 

%% . 

ti. 1 

572 L01, J 


SL'SIB.47 -0.2^ 

« S3. 





tac Monthly Fund Ili2.0rt 172 M -S0[ 
Arhatbnot Secnritle* Ltdi cauci 

yA UftnllMtL. 

37, Queen ». London EWR1RY 

Extra inootne Fd. — 118 5 11131 - 

‘ Or.Fund . .. MS 419- 

. mn.l'niti.' .524 57 o -0.1 

ftijt. ■ Vdrol.tiu.i n.4 57 0 -*i 

Preference Fluid-. 23 4 27 5 

*i Arcuxi. Uniuri_37.9 Ml 

Capital Fund*-U* 170 

CammodKy Fimdtt SJL4 . MJ 4-0.4) 

(Accum. Unludl.. 7X3 713 -0.1' 

<10% WdnclUUJ Ml -rOa 

FmAPrapPdtT 1*9 113 1 

Gloats Fund. 359 18.7 -031 

'Accun.Untui.Q.4 14 7 -0 4 

Growth Fund-'- . .3*4 12J ,01 

AreunLUnlui_35.* 3*6 

Ionian GthFd~1266 135.9 -8 3 
.•Eastern ft Inti Fd M2 21 * 

-UT.. Wdrwl lltaj lb S IT r 
Foreign Fd.***.. ..*7 5 731 

IN. Aater. Jh InrFd [241 2*1 -Qj. ._ 

Heal *Mnn -Tue* n«nd sThur* s;m. 

Neat dies—Doc 82 —Dec IN Dail 

.. - Cap Growth Inc 
01-2385381 Cap Growth ACC 
*“ 10.45 uoE 



«. ,«,kSSS" ; _!| 

9 43 <xiFinan.klTU 234 
943 <jiH igh Income — 55 2 
12.01 uUnc. 4 ANCII — 30 5 

12 08 i gilntcreational —251 

— itbNtt.Animroti - n 4 
507 NA.GrwuFW 10-103 2 

5.87 011 It Not-07 

5.87 W.TOd.Frh.10 -732 

1X7 iClCalmt.— W2 

3*5 Cabot Extra 1st--p3 7 

Ridgefield Management Ltd. 
ilBTCiWA PORoi41? Binklilf-llihcrM! m:2368L21 

8*r;-;r, rts 
99 01-2 a; 925 

Rothschild Asset Management igt 

•For ucr *xcin[iT fund' -tulv 

JB mu Samuel Unit Tm. .Mgrs.t iai 

X.1B Rjetfeiiplrtlm IT 152 0 
3*7 Ridxefuiilfncomc.hi 0 
a si 


•j qft 

las Rothschild & Lowndes Mgmt- n 

JO Si IwiPusaLenr.Idn.BC4 CC 

,IU New Cl F tempt—[LU70 12101 ! 

Pruc on Feh. 1 '# Next rVilina 

\‘.C Equip Fund. 
N.C. Ecp- Rn T^ 
NCInMIi Fund 
X.C. Inil Fd (Lie. 
X.C. InU Fd ■Are. 

Liz:com Aunt Ext. 39 * 
Do. AuM Min . HI 
Ln> Or.: ParJir 5*1 
Po i3!l InroiDP M1 
fwi ; niMan in M7 ] 
Do Manx Miiiual . 122 ! 







A'lnLuf. rtStssDc: 


160 01 -Lfll 



98fti -r t| 


137 5 

l«3 -; 0 * 



77J[ -0 l| 



77^ -01 



LSIT| -O.'i 


Eishopsgale Commodity Ser. Ltd. 

:* O Fo> 42. Ik- iCifl;.. I O M- 0034-3381S 

ARMAr-Jar .1 | 51’92* 19 1 j — 

i.ANF.HO**Feb fi ■ £1010 . I — 

CGUVr- Feb 6 l OJMe I J — 

■ ■nsiaallv ixvurd at *sin and **£100. 

FlctM Permuda .1 5US4.2S t-033* 

*La Moods - DHi... _ rl*30 19301-020] .. 

■fvB act u London paring agents only. 

Lloyds Bk. fC.1.) L7T Mgrs. 

P(> Boa 185. hi Heller. Jrrxei 0534 n«l 
LlojdlTH. Creas ■ 1*4.0 505| 1 271 

Next dealing dale March 13 

Lloyds International MgnuL S_A_ 

7 Rue da Rhone. PO Bni I7B. IZI1 Gecexa 11 
Uevdalni Growth.|imtB jn.M| I 170 

Lloyds Ini Inemtio (S73S4*0 3B«| ... J *.» 

M & ti Group 

Three Quaxv Tn«er HI!] ECSR SBQ. 01-828 4H» 
ALlunUcExFeh 14. br.x24l 
AUML Ex. Feb. 13.- IL 51 n 
Gold Fx Feb 15 . . iU.nn 

Island_ 10*.l 

LAccum Units i - WSJ 

112 , 
157 8 

«| -1 4| *31 . 
*!-i| VJa* 

5-11 *5Be«: SL.EC3P2LX 
V-J6 tbi RrltuhTnal- ■ [J41 * 
■SJlniTTniai.-. [Ill 

10 * 

.Archway Unit Tst. Mgs. Lld-V 

317. High Hnlhom. WC1V7NL 


.ci Dollar Truct— M.7 

•hi Capital TrtMt— 774 

■ bi FiuancdalTruiT. Us 
•tti Income Trust - 2S5 

■ hi Security Trust .198 

rh> High Yield T*l_-[27 ■ 

Archway Fund . [7* 5 I14[ ° 1 ’^ 1 

1S3M-06I S 42 
W.21 -o: 

613 -0 4 
-a « 

12.4 -0 4 
17 1 -0 2 
52 5 -B2 
21* -«1 

7 41 






VW4. 4II-W9.1 


Reliance JHutual 
TunbndB* Wells. Kent. 
Ret Prop Rdi... - I 


Legal St General (Unit Assort Ltd. 

*£5£r™«r‘fi a '- “"■mSIftHSfiSJfc. RwhK ' hlld Asset Managnment 
££? a «|.L. nsr i ■ f 1 ^^ln»Um.BC4 

iisf cbJ -- 

OflCC 32271 

I - 

Cash laKiaL.- «5 7 

DaAeeum... H V 

Bwlty Initial . .. 1094 
Do Accum .... . ... 118.2 

Ftsrd InlliaL__ 1151 

Do a re u m .1149 

Managed Initial -.. U24 

Do. Accum___1332 

Property Initial.. _ 95.1 
Do. Accum-- IS J 

.7 valor Feb 


lapel Ash WLOD 

— Local M General lUnft Fgmhad 

Exempt 'Jash InlL .1994 

Do AecL'm -(95 7 

Exempt Edtp Imt [975 
Da Accum ... .. [99* 

Exempt Fixed IdLm 3 
Do Accum . . {97* 

Exenqit Mafrf IidLi99 5 
Do.Ac«ir. ... ..W9* 
Exempt Prop Inlt 195 4 
Do Accum 1957 

once osd 

S C Prop Dm- 3n, (JHU 121« . | — 

Next sab day Match .11. 


Royal Insurance Group 

Ne-eKall Plarr, LJtrrpooL 0912274499 

' Rm.-al Shield Fd . [130 a U7 9[ . | - 

Save Ar Prosper Group* 

4. w R| Helen A Lndn.. EC3P 3FP <11JS+ 8B» 
Bal In. Fd 
Prop-rtv Fd ■ 

ClHFd . 

Pepout Fdi 
Comp Pros Fd t 
E euftvProi Fd 
Prop Pens Fd * 

Gill Pen-s Fd 
Depot P«u» Fd.* 

Pure* on 


98 74 

<W 02286 ir 

LAGFrp F* Ft b «J970 1*11) Schroder U*" 

- • Ealirrrlw Rnum rwUMiilL 

Magna Gp.V 
- ; x hridfie UB81NE S2IB1 

. .DM . .. 

. 29.2 2*5 ... 

■ Ml* 40J ; _ 

155.8. • 

outer Anar. Soe. Ud. 

8. nUtahono .Road. ■ 


W Wr:l = 

liuter Am. Co. Ltd. 

8. Whitohane 


Legal A General Prop. Fd. Mgrs. Ltd 
..LL Qurea Uctona St- ECA.V 4XT 

«59 _ _ 

Next Sun Dav Murrh 1 

Equity F«b 14 

Ufe Aesur. Co. of Pennsylvaail* SSiSIpSh l< " 

304! New Baud St. W17ARQ ‘ 01-038300 Fixed Int. Frh 14 - 
LACOP UntW.-- |1*SS 19*5| . J. - Flx^Unt-Feb 14- 

Lloyds Bk. Unit Tst. Mngrs. Ltd. WS^rsSi: 

Exempt---HB4 . 18301 ...,1 ?JB ..fiowFeb*!* 4 " 

Uoyds Life Aaaorance .. eSSSSnpS u.ZL 

12 Leaden boll St,EC3M7LR 81-87*4821 P ro P en 7 FeblA... 

iWrokly doallngx 


MIL GUI. Feb 6 ... 

<L*J Prop. Feb. 76. 

Opt J Man. Fob. 16-UM.9 

, 1364*7 _ 

1225 U9JM . 

fes ■ mu 


147j)-0.4f ~ 

17*3 *tur - 

Property 3 Feb. 14. 
BOV Cp Feb. 14 _ 
BSPa.Acc Fob. 14 
Md JPo-Cp. Feb. 14 - 
Kii.Pin.Acr Feb 14 





116 9 








123 6 



' 132! 



L 2 LB 





11 U 





!. ; 

- „ Growth Fund , 

•gempt Flex-FiLl 


Inr. Trust Ftuid . 

' _ Property Pbnd . 

Ufe Insurance Co. 

WC3.A IKF- . .01-3420282 31 & G GroupV 
1549 1 


-OpLSDept Feb Uf 

Scottish Widows’ Group 
London IndemaltarAGnLIn&C^. Ltd, raBwcm£E]iliaNIKhE || MSRir mi^gsmoo 
IMO.^The Forbury, Reading983511 ' tevJTy Serle* l _ 

HJf-lf -■''BffitlTBfc 

Fixed intareec. - l34J 3* « -0J - - • — ExUt Tr. Feb. L_. 

Xgri Fen F«b. 1 .. 

-HOierLondon-Jk Manchester Apa.iyp.» - - 

Tbel>is r ) f «!ke*lbn*.Kept ■ ‘ ta&oTaA Solar Life AssorcBce Limited 

1 - 0 -ul - 

!* J 






ince Co. Ltd. 




174 Oj 

Three tjnwx. Tuner RVtl BOR 8WJ 9t4BB 45»f 
P*ro. Pension***.-.12D16 • — J ... — 

Com- Dnpo4r..-^_ U*J i M22 .. — 

E<JutoBon<f*»_... 599 .015*01 -- 

Fam% ■»»*-__. 1*7.* . -0.7 — 
FaialWaJ-JlO**^-.. 1*23 : — -ID — 

GiK Bond**-.1064, , 111* -. - 

Intern Mol Bcod** B4* ».« -»05 — 

Managed Bd—— TZLS 137J - 

Property Bd"--.. W*3 153.6, -tU — 

_ r-y.- n g0 4 

Ui ... — 

MS* 452 ... - 

M4* 44.91 . — 

JT -Feb Id —Feb. 10. 

AmnrieapFd Bd. 1 
Jap.-iaPd.Bd.* ... 
Prices on ^Fhb 

~ •iirr Cheapilde. KSV udii. 

“ * ' S-tlor Managed S |23 4 



SolarCashS . _ 993 
Solar InU S . . .841 
Solar Managed P ._ 1232 
Solar Property P.„ 1067 
Solar Equity P-. - MM 
Sohu-Fxd.Hrt.P- >. 1157 
Solar Cash P.. .....Kl 
Solar Irnt-P- s—199.1 

179 91 *0 5} 

112.7 *0.3 
157.4] *0.iJ 



1080. - , 

129.7) *05l 

U2« *oi) 

157?] *8« 




fierce Insurance 

dqo Wl RSFE 01-4397081 
11228 132 B* • . | — 

ance Co. Ltd. 

: <erPI.EC3 OJ-OBflOU 
•-WJ 7J4] ■ • 1 _ 

ir/Midland Aaa. 

Merchant Investors AsanracreV 

I3& Utah Street. Croydon OIWSITJ 



root. Deo Pd ...... 

Money MAT Fd _ 

Mcr Inv Man. fi* 

Mor. lav fly Fd : 
EqoUv Bond —. . - 

- Prop 1 Pens- -- 

Man-Pena .. — 

01-58*1213 Coov'tJ^'p'pcnn. Z~. 
4971 >0S| U7 Mmt Mkr Peas— 

145 8 


133 B 
1*3 7 

Snn Alliance Fnnd MangmL Ltd. 
Sun Alliance House. Horthroi 040384141 

Ecp.PdJm.FcbLft. 105390 UfijOj I - 

InL Bn Feb M...—! U0*4 | | — 

Snn Alliance Linked Ufe Ins. Ud. 

Son Alliance House. Horahwa 040304141 

F^pilry Fund 
Plied Imerest Fd.- 
ProprnarFtond .-- 
Intern sliMalFd 
Drprotl Fund . 

Menaced Fond _. 

Sun Ufr of Canada IV.fLi Ud. 












182 Bl 

- 2»4.C«fcspurSt.SWlV5pH 
_ Maple U Grth- ... [ 184.1 
_ MapldU MTOgd- 132.7 

-4.J] - 

“02 — 

Ufr Aits. Sec. Ud.V 
igh Wycombe <MtM MOT7 
1BJ 2 10CLM -M).: 

10ZJ 1078/ . 

109 2 . 1114 *1.: 

97.7 102.* . 



404 3371 


id Ufr Ins. C. Ud.9 

. Waltham Cross WX31P7I 

;;41J W, 437 ) v I - 

las: See. Ltd. 

' Rd. a mouth 0209 787453 
[75.1 100JI [ V. 

.Ei as ■■: = 

9*4 lOLS 
- 951 1SSJ] 

NEL.Pensions Ud. 

MUtno Court. Potting. Rarrey 301J 

Kelea E*.Cap -^-'gO 8. .H S , 

Nelrx Eq- Arcgm. .1104 5 US* _ «-3| 

Kelet Money Cap |*2 7 aS-jj 

N>Jr\ Mm 4rcj*5.1 *J3 

Seln Gth Inc ACc J475. 38 0J 

Kelrx Gth lor Cap .WS jflq 
fietrt sun day Fso 35 

For New Court Property «*• nndor 
• RsshseMM Amt Xanaaemaml 

Target life Ass a ranee Co. Ltd. 
TarxH House. Gatehouse Rd.. Ayksburr, 
Brow . AyiMbiunOaMimi 

Man. Pond Inc .. 

SlM.Ftaiid Ak ... 

Prop Ffllnr ... 

Prop- Fd Ace 
Prop Fd. tav . 

Fixed-foL Fd lac 

RrtJPUnCap Pen... 155 9 
Rrt Jlxn tUn-Arc . 


99 3 












-1 8 



-0 1 






-0 3 

117 8 








US 3 



NPI Pridslons Managrroent LUL ,~i.. ^ v._— 

HLGnKcchurcbSL. EC3P3HH. OIJJ2S4200 Gilt Pen Cap 
Manured Fund ; .il4*» • 13MI 1 — 

Paces Feb I Next dealing Marsh L __ _ , „ .j 

Transfiiternattonal LUr Ins. Co. Ltd. 
Nntr Zealand Ins. Co..fU.K.) Ltd.¥ 3 Bream Bldgs.. EC4 IN"V 0I-48M407 

_. MaiUxed House. Southend SSI !JS •' 0TD287M5 Tultnlnyw. Fd 

Ufr Ass. Soc. Ltd.V 
Thstnef. Berks Tol MMM 

119 0 . 122.1 

rxs Tel 34304 £. 

■l\: t 

Kiwi Key ln« Plan 
Small Co* Fd. . 
Technolpcy Fd- 
Extro Inr Fd .. 

American Fd-. 

Par East Fd ... .. 
r,i|t Edged Fd _ % _ 
Coe DnmiiW 


Tulip Mansd Fd . .1105 3 
__ Man RooifFd [1071 
_ Man. Pm. JM. Cap 1184 
_ ' Man rtajd Ace 111*8 

Trident LUr Assurance Co. Ltd.If 
ReniiadnBouaA,Glniire«ter 048230541 


c .. ■ Hill Samuel ..3 

| Banks Ltd. Hnarc & Co .7 6j% 

lx press Bk. Julian S. Hods? . • • 

. 6*°f» Hnnekong & Shananai 

Industrial Bk nf Scot. 

Keyicr Lllnumn.. 

Knnnrdlcv A- Co Ltd. . 

61^ ' Lloyds Bank . 

6j% " London & European ... 
London Moreen rile ... 

R;°?i Midland Bank.. 

Ltd . 

• taclin- . 


„ .' dit & Cmrc. 


v .5.W. 

’ ::’p Lid. 

5 Rhone . 

■> :':Tlk . 

Vislic L»d. 
Jdinc.4 Lid. 
if Mid. East 

.; |py. 

lianrn! AFT 
C Fin. Ltd. 

mgs . 

c Japher... 


l Credits ... 


■ yprurities ., 

■’npular Bk. 
cm* .' 

•, TJSron!.. 

/ n Secs 
. r m r.orpn. 
■;«. Lid. . 


ink i 

• -hon 
nfc . 

7 %.l 
fi’«% I 




P % 

7 °6 
S % 


n 1% 


fi % 

fi % 



a % 


i Samuel Monmnu .. d 10 o 

l Morgan Grenfeil.• fij% 

National WcsiminstPr 5'Ti 
Norwich ConcraJ Trust °h 
P. S. Ref Ann & Co. ... *>*7n 
Roisnunstor Acceot’cs 
Rnva! Bk: Canada Trust 
Schfesinger Limited ... 

E. S. Schwab.—.:. S{% 

Security Trust Co. Ltd. 

ShpniGJ' Trust. • q! ^’* 

Standard Chartered ... 

Trade Dev. Bank.,. Si^ 

Trustee . Savings Bank 
Twentieth Cwitury Rk.‘ 7*.T, 
'United Bank of Kuuail 
Wliitra*.vay L.-tidlaw ... 7 '» 
Witiiiin? js Giya's .... 
Yorkshire Bank .... «?*« 

* f-o-iF tieahMis 

t rwf.'j n" sun 

. ar.«! untf'f r-.ry up -q 

.'"i.'Pfl 4J-’- 

t eg:: Air 3 wn !». 

* 4*. 

p»'» •ppi|«i *« Srrrt'.ro- 


0.1* A- -:^p!iiur ii«a«97S 

r, ' li'-.'.tl: BfpiiiKt 

- -nr Slum 
do*) y-; 




Money — .. 

FisroL ___ .. 

Growth Cep :_ 


PmxGtdJj - 
Pros. Pwy 

-TraU CJ-BaiuJ . . 
"Cash > a!ur 


"lDenA« 1834 
ty Cap . .11117 

Tyadali Asaunuicr/PraSira«T 
18. Cauynge Road. Bnstol 0972.12941 

3-weyKi* 18.. 

Bepfrr Fell. 18 .. 

IluBdFA 18 . . 

Property fS. 18.. 
prWMl l FloT 18 . 

3-Waj Pfti. Frb 18 
■Jirulnr Frb 18 
Mn.Pbiwpirty ) . 

Tm Equir* Feb 1 . 

Po HdoilFrb I 

Po Prop Fob 1 .. 

100 * 
244 3 
1*8 8 

01 AM 4023 

Vanbrughj Life Asxuraiicr 
41-43Mrtffmtil.Ldn WIRSLA. 
MnoagerfFt). . 11391 

Eon tty FH EU.4 

IfltsLFund - . — B4 
Fixed taunt K4.. 1701 

srai« -.-at) 

Vaabrngh Pensions Limited 
41 -OWodcfnaS. Uin -WtftaLA 81-4889828 

Monoerii (958 1M.1| .( - 



-0 5 



♦ U 

154 . 





136 6 


- 0.1 



FA-, . - 
Kl'**! In!er«t 





II ■V = 

Guaruiifed tee In* Bi»e R«ro' i*ble. . Ltd-V 

riir Leas. Faihmtotii-, h>ni fiEas 

SlrtfiejmtluT F«i .[ 98.8 I ) 

Far mhar lumfir [<]«m refer in The Ijmrfon & 
MauidiMTer Croup - 

Windsor Life Aitsur. Co. Ltd 
J iiign Street"Windior ' .WincO*-8*1*4 

I.HMnw Fttn*. . 
F-jIunrAnd Gthcu 
FuiufeUtPl CHhihi. 
Ret ArntL-PiBl 

[*f 0 716, 


Flax ta« MJUU U4d 

Pnce* at Fel- IS \'e*i wih 0»y Mar | 

Barclay l ; nicorn Lid. langWci 
Crilvorn Hu 2T-3 Rnmford Rd £7. ni .Wi V-44 

2 45 
6 . 1 * 

I'nlrorn Aiwnn 28.5 396{ -0.1 

Do. Aunt Ac* .552 601 -fl_3 

Do MW. Inr . - O* 478 -8J 

Do I'oplul.IdJ 451a -0.5 

Do ExemptT* . .. 1054 107.7 +10 
Do. Extra income . 27J 214 -Q3 

Do Financial . 55 8 483-0 4 

Do.900.-. _ 67 5 Tit -02 

Do General - 210 3U -9.2 

Da Grnwfb Ace.. .37 6 49 8 rO.] 

Do. Income Tst. - 77 0 82.8a »Q* 

-Do. Prl A-B5. Tit... U5SJ 14171 

prices at Ju. 31 Nexr sub 
Do Rnw(r.. -.DU • 

Do Trustee Fun/f . Jl06* 115. 

Do WTdvtlde Trustfo.l *6 am .1 
BTrtJo.Fd.lnc... .HU ■ 6Lfi *0*1 4.' 

Do Accum . .165 8 61.51 *0 7) <H 

Boring Brothrra Sc Co. Ud.t (ahxi 
U. lyMdenhalJSt.EC.1 •tlJAR»30 

Heal ion Tst . . J164.2 173 g ) 487 

15. Christopher Street F.~Z 'll -2*77243 

Intel Ini Fund- -184 0 WSf! ! 610 
Key Food Managers Lid. langi 
2S Mllh5I.EC2VVF 

Kc> Cl 





fcGen. K2.9 

tempt Fd. 

Ker Income Fund. .[76 Z 

Key Fixed IM Fd 
K«>' Small Co’s Rd 


137 4 

72 21 

46 £i - 0 7 

‘Si Oi -0 4 

2$ 1 

Ronn Unit Trust .Mngt. Ltd. 
Ci^jTsio lire. Finsourv Sq. aim# ;f#A 
8m>L Vi Feb ;6)600 sZDj-Oh L22 
RoU'aiiSer.FeKI* ..(151D 159 H ! 

Rower fi;- Feb 8 SO 1 53 5 -1 * 

■ 4ce*ua f-nlu- 1614 73®l-:4' 

Rwi Mrt.i Peh :3 168 8 72J 

■ACCLia fllttil 1M0 EB2| ; 

IJl Rotui Tst. Can. Fd. Mgr*. Ltd. 

"A. Jermro Street, a V i 6: A29 ?Z?2 

■ jtp.lalFd ... [61.7 6S'.[ . *07 

f nr nine Fa . . |b*> « 781] I 8 09 

Sue & Prosper croup 
4. ilrear St Helen* Csmdrir FtTIP TP 
IW.73 Oiieen Sl_ Edinhurcr. e KT 4NV 
Dealing- le bl-354 W?» 'C.i Z 2 K 7.\“t 

Bridge Maaagrment Ltd. 
ll ! Pfi Bm 508. Grand Cayman. Carman Is. 

tiry. i •■-twifci Frb- ( VIS 837 . [ - 

jti ) i. PO Fo\ jW. Hare Kong 
.V J .N.pponFd Feb.l5..flPsu*S ‘.f i?; .. | 017 

i Ki-Slock Split 

Britannia Tst. Mngmi. I CL Ltd. 

A3 Rath St, S'. Helirr. Jersm 0534 T3114 

.r-r.ilb Inm: 315 

Ir.tnl Fd . .596 

Jvraet Energy Tst ‘ 1353 
l-cnol PlrTii... 55.07 
l an*I ST*- Stg S19 

Mid . 


VsI-jo Frb 10 Next denhne Frh 


i m 


Butterfield Management Co. Ltd. 

n >t Boi 1 I 1 S. Man-.iluin. aernrarla 
Rultrc-y Fouln . 12 0J- 117;. -J 204 

B'ittT'-** Income. .[199 1911 . I 

i Next 

Samuel Montagu Ldn. Agts. 

:J4. Old Broad ST. EC2 01-9888449 

Apollo Fd Feb 15.ISF«28 3 90 

Japfc-a Jon.31 . . ISilUSI <41 137 

JT7 Grp Feb fflfSMH llfl . ! 212 

117JrrvryJan 25. £451 «45i ' 088 

IITJttiOnFrh l |»48 4«| I — 

Murray. Johnstone Unv. Adviser) 

IBS. KopeSt.Cliignw CT 0412215925 

■Hopr St. Fd I 3L S2JS1 j — 

.■Murray l and f 41S9 01 1 — 

■*--AV Joe 31 

Nrglt S-A 

10* Rosilcrord Rnyx], UtTcizbourt 
NAV Feb 10 .. 1 SL'SIO 22 i 


ext rjb day March 13. 

4 08 

6.65 Save & Prosper Securities Ltd-V 


RIeinwort Benson l.nit Managersy 
«j| 20, Foorhurch St-E.L'3 <li«3ROOa 

651 K B Unit Fd Inc . RO 3 »7 Bdj I 457 

446 *KJB UrutFdAe -&002 :c3i3 

ilsf-Sa fn I. fc C Unit Trust Management Ud.v [»J^ ,urn 
13« ‘0^ 52J 77w 5«wk Ethamcr. JXSS .HF «;-3SS 28W» ‘ 

iW « LUJ Inc Fd .1027 5 133 6* 1 7 58 Ij-K 1 ' 

lumutlonil F««t> 
Capital .. [32 1 

«TL . . [22 0 

Unlr Grpath .. i5«4 

InertMllajC Income Fnnd 
HJgh-YieM JS2 7 

High Iproair Funda 


34 5J J 3 78 
23 61-01 SO* 

iii -ci 

S6ft;-r;; 6 85 

4J M -0 2! 
<4 in -a -.1 

8 59 

L&ClmliGftnFd'.'IcB 39 5ig 
Lawson Sec*. Ltd. voiici Eunme 

93Georg®51- Edinburgh LHZ2JG tn*.-238.’911 J‘P* n 
IRaw Maieriah) . 1131 J82J | 73! 1 

Da Aecum 



Nexl tub Use Pch 22 



34 7| 1 

Zlfl 8 

22.E 0 

52 P -0 6 U 

6 Annjp. L'niUl . 38 t 41^1 
*Growth Fund .. . 5*5 59 Ji 

’■Accum I'nlUi. .. 514 64 hi 

rrGlIt ui Warranr. 32 9 34 7( 

Bishopsgate. Progressive Mgmi. Co.V -• !?? 

o. Blshopaggre. tea ot-aeo 8280 SrjjSSSfcSf - '"*. as 5 

WgaiePr-Feb,? .DU.3 172.9) J 387 -(Aconn.UnltaK.(t4 6 _ 

Am Ub ■•Feh 7 .11917 *°%3_ I 1 > T Ooal *Mon *Tuei nWec rnnjr. — Fn 

SicnwuVeb^ 11 " I 1 T 2 3 ^SoS ■ I jJi Legal * General Tvndall FundV 

Next sub day Fob 91 -Fol.. 21 ifi.'. snyugeRoad Rnm.! iC72K=4i 

Bridge Fond ManagrrsVlftKri 5S4ff&« -.iB? Jill |soi 

King william jb.EL'in 0AR PJ4fS<«it Nest wih »m* sitr-n lb 

0 2b 

, a R 

2.61 -Ofii 1054 

j|- t.TfFruity Mil 

Oxcrien Pnwb't* 

[76 2 
(63 7 

..1J- 4*3 

—J - 

Negtt Lid. 

Hat*, of Rersiuds Bldg*., KpirJlles. Snin 
NAV Feb 3 . . . ;a.« 08!.. .1 — 

l*ncr« n Feb. 6 

Capitol International S.A. 

.77 nie Vwr«-I7ome. Luxrmba-irg. 

Capital 5m Fand ! 5UBU41 )—J — 

Charterhouse Japhet ^. 

l.Pucrnorter Row. EC4 « »”?£> Bn* 

Emperor Fund 



7 33 Srcw rund* 

J U ‘ ncipicdit' 
1 'j.frp 

Fir.ancibl Sec* 

165 3 
54 6 


3L4j -ce; 
83 5! i 

68*7-0 4, 

70 ZJ -Oil 
Mir.' -CZ 
i*tl -C] 


288 j 

313 j 


552 » 

Z 70 

278 G] -0 
53 61 -01; 

Bridge Inc.'_ 

Bridge Cap Inr.t 
Bridge Cap Acc.i 
Bridge Eaempl.T 
Bridge InU lne t 
Bridge 1ml Acv-t 
Prices Feb " 


t—5* 3 
,.»... iL24l 


14.15. D. 

51 4) 



DcbUbb Tugs tWkl 

Leonine Admliiisiratioti Ud 
341 2. Duke SL, London WIUA1P Ol^MWOl 

5.96 Leo Dirt.i ... Ml 71 fl[ -0J| 5 47 

4J8 Loo Accum. [73 2 7711 -01 51*. 


Britannia Trust ManagemenHaKg) 
3 London Wall Buildings. London Wall. 

London EC3M SQL 

Asset*_.... .[64.8 

Capital Acc,,. —M7» 



Domestic.,.. .. 

Exempt... . 


For East .. 

Financial Secs. 
Growth..— . . . 

Inc. A Growth. ... 

IMT Growth...... . . 

InvmtmRharoa. M.7 
Ulhorals,- ......385 

Nat. High Inc_ .. 725 

New Issue, 336 

North American .. R6I 

01-8300478THTO Do.'AecuBt) 


Lloyds Bk. Unit TM. Mngrs. (ai 

Registrar's DepL. imnng ■by-Sea, 

Worttlng. Wart .Susw> 

First (Rained -(463 

High-Minimum Fonh* 

Select Int^roti 12161 

Select lueuBie ■ [MLB 

Srothf:« S*rcunties LW v 
Sctut.lV- [35 1 37 4«S -' .! 

SuofleTC Wl 0 5L6J -* t 

Scoohare- [521 Shal-Oll 

Sent Kx'i . [1982 2C7 5i5 J 

4roL E* Vld *8 X6J5 175 . i 

•trice* ar Feh « %m *nb day Feb — 

Schlesinger. Tntsl Mngrs. Ltd. lartzl 

ilnc^roorrlina Trideni Trust*. 

140. .South Streel -(KMiJtAUt 

Am Esciant' 

Am. •irowili 

2 91 



4 73 
2 DR 







K9 1 
(50 7 

S4.6U *04 

38.4 -02 
413 -OJ 
* 02 a *tu 
177a -0J 
66.1 *0.1 
1815 -02 
79J *05 
4* 7c 

7BJ -051 
36Ja -0J 


165.0 67 7 

in SacondiCapl.[45.9 493 

ape Do tAc com. I-.U70 U2 . 

* 5 j Third (income).-. R8 7 824 -ojJ 

551 Do.lAcnim ■....[1029 1106 

44 A Fourth lExlni: 1 563 60 5 

|jj Do. lAreomi - . |625 671 


50 0[ -0 *| 458 

-3 .il 4W 

-0 5 

Income Oi-t . . . 

tnc Wt9dr»l 
t-46 Intel Gnjwtf. 

J “ Im Trt. Unit*. . 

Marimt Leaden - 
*>*> 'NilYield'... 

’fj Pref 8.'ill:fru5> . 

‘ B7 

Jg Lloyd's Ufe Unit Tu. Mngrp. Lid. 

Properp- Share* 
Spo;iaI Si! 7*1. 
t'.K Gnb Accum 

«48 72^0.GatehouseRd.Arle;h.,r-. <CMW1 C.K.r.rti, Dt 

2.70 EnaitpAcctmi . [1386 l«54| 1 438 

7 S « & G GraapV fyKeifXt 

| « Three Qna». TO»er Hu) &7SR flBg vsm 





24 5 

26*! -01 



26 * ] 867 


24 9 






•35 -0 i 
13 3l -0J 

9 27 




43 7rt -0T 








227 -IU 



M.ll -0J 



27 31 -0 1 


27 a 



si a 

5 91 




FJ>b 21 

5 91 


. jriM20J8 

_ _ _ .-litjaii 

Hispano- . WS*tD 

CernhiU Ins. iGuernseyi Lid. 

P il Box 157 St Wtr For. •‘iucrcscr 
Isitr.l. Van Fd __ [U3.0 Y7JS\ . , | — 

Delta Group 

PO Bex 3012. Na*«au Bahama* 

Delia Inv Feh l-t ..131.27 1331-801) — 

j Deutscher Investmeal-Tnut 
rVctlacS Z8B5 BiK«rure6 in 8000 FrxnWurt 
•.rrrrtltra IDM19 41 MMJ | — 

In; nca'i-ufcndi |[-V!6L33 70331 - I — 

Dreyfus Intercontinental Inv. Fd. 

PP r.ev NT712. Nassau. Bahamas 

NAV Feh 14 . llL ( S12rr iISI-0.111 — . 

Em son St Dudley TRtWfUrsr.Ltd. 

P O 3t-s 73 St. Heller. Jersey 0534 20301 
EDICT ... . [1171 124 7; . .1 - 

F. Sc C. Mgmt. Ltd. Inr. Adviser* 

1-2. Loutmce Pouutuey Hill. EC4R DBA. 
m n: j v»i 

Cent Fd. Feb B ..) SIS4.J8 | .... | — 

Fidelity & Re*. (Bda.) Ltd. 

po Be* 870. Hamilton. Bermuda 

Old Court Fund Magn. Ltd. 

POiSS! Julian*>7i .Giipiusc' 048 - . 25331 
Eo Fr Jan 31 . ..148.3 5111 

Ine Fd Pcb. l._ h56 2 2655] 

92 M 

Bill 68JM 5.61 ■«"- 14 *- 

TtSltoia Ii 7 olA Coort Commodity Fd. Mgrs. Ltd. 

3m” ] 613 Dr ‘ Dl ~' c * inii—'.o n*ni wtji 


J 65 
6 51 


P0 Bai aft Si Julian's CL Guernsey048120741 
O C-•TomdtS'Tst • _ 11213 1210rt[ ' 500 

aCDlir.Cm.T5i r |j24 4* 2&05J .. I — 

•Price* an Feb. is Sect dealing Feb. 28 
(Price on Feb 7 N'nt dealing date Feb 21 

Phoenix International 

PO Box 77. St. Peter port Gtaeraia? 

Inter-DollarFtaad-ttESLS 241] . J - 

Property Growth Overseas Ltd. ' 

ZB Irish Town, Gibraltar iGib',8109 

UF Dollar Fuad I Sl'58127 | j — ■ 

Sterlmc Fund 

£1ZB 80 

Rfttaaala Trust—CooUaued 
Profenunnal. . ...t45*» ITBSeJ.l 

Property Share* 13.7 .14 7] 

ShleldT,-_ .Ul.4 45 Bid *0 

Stain (Chan nr. .. -|g?6 29.7«s| 


z.« _ 

' Commodity . 

__ ■•Acann.umta; . . 
7(7 compound Growth , 
Conversion Crcivthl 
Jg Conversion Inr. 

Han-Energy''.” .[216 3ll4-0li xm gmw L'dtt- 

The British LUe Offlct Ud.V (a) Sceiim^L'nii/' 

Rdlance Hie, TunbridtoWellx.Ki.OWz 2=271 " 

BLBriUeh Life ... f4£5 492] -rl)A( I# SrSJiSl". .. 

Acttqji. Unit.' 
Fund cl In*.Trt* 
i Ai-riun. U,nt>< 
Ucncral —. . _ 
(Accum UnttM 

A^^.^^iTjSr’T 0“7 

53 -1^- -ss Ss e 

AusirelsalBn . 
lAccuuLUoibt .. 

K i~t.ll. 

\ 549 
] 861 

day Feb. 22. 

Brown Shipley St Co. Ltd.If 

Hiutrs. Founder*CU EC2 
B5 Units Fcbt 13 .B09.7 
Do (Acc.iFeb U „[ZS84 
Oresndc Trans iai 

Financial__ — 

General. _ .... 

Growth .Accum. 

Growth Iiuorar 
High Income 
1.T V _ . . 

Inde> . 

uianeu . .. 
Peifonaance. .. 
lUeoveijr.. - ...._ 

Exmpt Fob 10-J571 

0HM08S20 High Income 
223Jid 1 4 65 lAecunv L’nitaa 

Z749[ 1 4.65 Japan Intome.. 

■ Accum. UnlL-.i 
Xagnum . . 
i Accum. Unit' 
Midland. - 
■Accum Onl-> 
i Accum. L’nK*i 
Second I7en 
lAcriun. UbIII’ 


(Accum. Unit.*: 
SpeeMlted Funds 

133 1 




1 82 














18 3 

19 2 




*0 2 

,5 36 













, 595 















fa 5 

w5 9 
230 3 





&79 0. 

133 0 -02 
16640 -as 
2324 -06 
163 3 -05 

79 <: -12, 
163 i\ -1^ 
244 ll —2 ll 
ISC5A -2lS 
190.6* -zll 

66 0e -03 
711 -03 
1008 -05 
SI 5 —0.4 
- 54 9e -05 
115 J] -\A 
213 7) -3.fl 
48 7 

«1.i -DJI 
853 -U 
110.^ -U] 
41t.d -0.1 
45d -0 li 
SI 3 -o il 

J. Henry Schroder Wagg is Co. Ltd-V 


lapvide.L'C 2 
Feh 14 )93 3 



■ AcriiRl • - - 

Inc-aeFe** 14 

_■AKUta.L'niL" . 

2.85 'Jer.wal Felt. IS 
495 tAceum. Cniui 
A% Europe Feb B 
413 ■ Aceum. t nits ■- 
405 'FuCh> Jan.a4 
8*7 *SpectfciFeh7 
tie "Reenvervl-eh 7 







177 8.4 
258 Bi 
77 6d 

IK C* 



*]4 -For tax a*emj! funo* er.H 

Scottish Equitable Fnd. Mgrs. Ltd.V 
RJ9 SB Si Andrews Sg. Edinhurot qi-'6(W". 
*59 Ineninr Unit* ... ..fWl 5121 f 5 40 

3Q Accum Units.|54J 57 7' I 540 

321 Dealing Cns Wedre^y 


Canada Life Unit Tst. Mngrs. Ltd.v tA^cumi:alt*'- t . 

20 High SL, rotters Bor Uertv • P Bar *1 US H£DE?‘&R 14 

SVgttOW |»2 JW'M 2g SKlh’ . 

fearAar Mi ;« fr 1 *™" 

do tnc Accum. . H26 - 44.9] -0.21 781 IKuuLife Management Ltd. 

Cape I (Jamesi Mogt. Ltd.V 
lOOOId Broad St. Ert2N I BO 
Capital ... 179 8 aa.« 

taeonw . . 17X2 77 9| 

Price* on Frb 16 Next dealinc March 1 

70ft -06 4.72 Sebag Unit Tst. Managers Ltd-V fai 

1622* -0 5 Hi POBoxOH.BcblLry H-C..E.C4. bl-'JXSOiO 
~?T sm BebagCapitalFc. .1518 333J-03] 376 

1MC -19 |8 Sehacloci>raeFG. .|23.9 303<-01| 8J5 

1328[ -0 2 } 1 33 Security Selrcdon Ltd. 

IS-lB Luieoln * tun Field „*r* 01J13I H9SA-B 

4 K t f nvl Gth Tut Ace .[22 2 23 J] J J 96 

7 07 UniintbT-.llni .119 6 20.9| l 3 96 

JgJ Pie wart Unit Tst. Managers Ltd. >ai 

’* tso 95, ChorJerteSfl. FiJi^brrjfc. 031.J^6.‘‘27: 

S-JJ Stewart .American Fund 

H5 Standard L'mta (544 5^91-S4J 175 

is, Accum full* .58.6 52Jj-D4] — 

Withdrawal Una*-l«a 47 7j-C4, - 

Xirwsrt British Capital rand 

>standard __[127.7 JJ*2| ; 3J5 

Accum HnlB .. !l94 6 1566| ] - 

7.7i Sun Alliance Fund Mngt. Lid. 

773 SunAUsanceH*e.Hor*hem (»4ay(«*:*l 

F.xp.En Tjo. Feb B. U.191 *0 210 9C! I « 57 

JVTbc Family Fd IB4 5 89®. -O :• 3 93 

Silienrge'*Way.S4c‘en*ae maSNitoi Target TsL Mngrs. Lld.F latlgi 

£56 3 

134 Ort J 
1«0.1 102 rf 

1703 172 J 

1222 12891 

142 41 -.'?] 
27Bq-5« 6.74 
- ! " 1QJJ 


fli immin ^'omhUnllf J490 51W I 394 x, ,-. r „h*mM.F.C2 

l din Mayflower Management Co. Ltd. TaT^eiCnmmodity pi6 
' 7« t4.' 1R Gresham St FF5V TAIT 

Iiteuuie6"Cb T .11077 UI4j 1 7 71 To--c5eV'v‘A' l5- 
General Feh . ]67 7 .131 I 583 otta Ac. l.'nils .. 

rarert cm Fund 
Tsr*«*f (.rowtll 

M. Gresham SI Ci '-'f'JEU ul/*yi4V-S Target ind 

Carlin! Unit Fd. Mgrs. LttLV Uhci . ^ 

Mllfaurti Hou*e. Vewnraatla4jpoi»-1>iie 2JI85 Mercury Fund Mangers Ltd. 
carllal . .163 0 65 31 1 4 72 

Da Acrum Units -|74 7 77JI I *72 

no High Yield- Ml 41.81 I J14 

Do Affljm. 1'nlts ]411 U'6) 4 8-19 

Vest deal ins data March 1. 

Charterhouse JaphelV 

2. TAneniorter Row. EC4 ■ 

CJ Imernai'l 
Arcum Vein 
CJ Income. 

CJ.Euro. Fin _ 

Opts Depf.Fch J 
CJ Fd Inv.Tw 

Aceum Unit* .. ...- -_ 

Prico Feb 15 Next dealing Feb 

Merc. Gen I eh if. 
Acc I’ll Feh * 
Mere Int Frb IS 
Artml't- Feh !.'• 
Arcum Ut* Jsn.70 





175 Tj 



65 01 
63*1 .. 

arjet J 

4 75 IW- Tteiu. l.'mt* 

4 75 Tarc« iiai 

JOT TarceiPr Feb t5 . 

1 89 Tpilnc 

4 15 Tp Prd 

415 Coyne Growl b Fd 







22 7 
27 S 


23 0 
17 6 

Ceeltos* K2W5W1 
4 59 
4 91 



34 01 -0 71 
W.B| -O 2\ 
37 a -03( 
213-T* : 

200 7) 
a! -ft?: 
Ml| *-0 i] 

Royal Trust I Cl) Fd. MgL Ltd. 

PO Bo* 1W. Royal Tm. Hie.. Jersey. 0534274*1 

■ RT.Inri.FO._.Bl'5116 MB . I J 00 

S.T Jnl'J iJsr..FO IM *8, J 3 21 

Prices at Feb. 15. .Vest deallne Much 1ft . 

Save it Prosper lutematienfli 

Deal lag w 

37 Broad St-St Keller. Jersey 0534-20901 
ti& DotlaiHfeBsariniced Fuad* 

Dir Fxd. Int ***..._' 


Far Eastern"_ 

North American*! 


Sterling-drasmluoted Fends 

51 "SI S 45 
SLF39 70 

£6 29 

Channel <^ptlal«._ 
C bonne! Island** 


SLF*d Int**”*— 
Price* on "Frb. 

Fidelity Am Ai*__ 

Fidelity lot Fowl 

Fidelity Par. Fd. _. . . . 

FitleiivvWtidFri. ,| iL'Slilfc l-OOJl 
FidellSf Ster. Fds_. 

IvertesAGulul i._. 

Senes D iArlAk . 

Firat Viking Commodity Trusts 

.*.5> Gfnroa's Su Doufita*. 1 oJ! 

.KCJ «G2 Ldn Acts. Dnnbar b Co. Ud. .... 

33. rail Mall, London SW17&II!. 01-9307657 TninLFdxiSre. - 

Frt. VtkCot TM. -|41J 43J«I *l 4j 209 

209.8 220.0c* -LJ 182 
139.6 147*) -0-| 5 87 

114 2 128Jrf -QJi — 

(119.0 125.9! ”1104 

3 **Feh IS. *~Feh. IS 

CWeehly Deahnj*. 

Schiestnger Intenutlonnl Magi. Ltd. 
4Z.U Mode SUSL Heller. Jozsey. 0S34739SR 
aom-t-in 906 
0S6 .- 465 

24j -0.1 1122 

1MB *-L0i 360 
10.01 -08B — 

Gi£K v .. t 

ln!L F(L Jersey.. 

F*t \TtDb! Op Tst. Iff ft 91.0] ' | 0.70 

Flemins Japan Fund SJL 

37 rue Notre-Dsmc, Lo-cmhourz , 
r!.1l6 Feh 14 . .1 SUS40J1 | ... .4 — 

Free World Fnnd Ltd. 

BuUerfteM Bids ■ KamHnm. Bemuds 
NX’.'Jan.3].(. SCRIM 19 I | — 

G.T. Management Ltd. LdD. Agts. 
•■arii Ilws, IS Ftiuhoiy Clmir, London ECft 
Tti C1-0Z9 813I TLX 8801DO 

Nwucrrornl lalai ut l wil Ud. 
e o B* nf Benn ida Front S*- Hamlin. Bmda 
Anchor’S - Fnltt— .{SUSO 78 ■ Wirt -0 Oil 1.95 

Asrbcr lat. Fd — foSUa 4 83d +0JB! L99 
0.1. Benandj Ud 

IS. of Bernuuta. Front St. Hamlin. Brnda. 

McrtyPscF-UM.36 - ■ 101 1.05 

■J T iFd ..| SITS634 [-0261 0*0 

Schrader Life Group 

EnterpriseHotuus. F U rts m oaUt 078337733 

iBtenurthmal Fn 



6Flx«d Interest— _ 

JTTxed Interest.- —11029 

SManagrd-„| 121.4 


J. Henry Schroder ffi|| ft Co. Ltd. 
120. Chen pride. F.C2 71-5814000 

Cheap 5 Feb 15- 
TramlExr Jan. 31. 
Arian Fd.Feb. 6... 
DarllncFiul - 

Sl'510.62 |*01« 2 7 
SCS187J6 J I - 

SA176 1*71-0*1 

Japtm’^d. Fefa.JO—(SL’£5AJ 6064 

Sentry Assurance International Ltd. 
P D Bor 32ft Hamilton ft Bermuda 
Mac a*ed Fund-i.tSCam 19711.i — 

Singer'& Frledlander Ldn. Agents 

20. Can nun Sl. ED* 01-2*89040 

Dekafamds-[DM322 2U8|*OJfll S27 

Tokyo Tst. Feb 1 _] 5US3000 \ .1 300 

Surinvest (Jersey) Ltd. (x) 

P D. Bax D8. St Heller, Jcrxe>. 0S34 73073 

American lnd.Tst.JE6.7B 6 92]*-D*3f 145 

Copper Trust_(£18.08 10 71! . . .[ _ 

Jap. Index Tst.-kETl 8 891 *00?) - 

Surinvest Trust Managers Ltd. <xi 

4ft Athol Street. Douglas, lo H 0634 23074 . 
TheSllrarTrort ...MS 100« *0A) _ 

Richmond Bond B7.1BJ 194W-34UJ1 

Do. Platinum Rd._1112 6 1UJI *2.ffl - 

___ Do. Gold JW -,.[99 3 UMJ) -3 j| - - 

!K3 HuLchitnn Hji~. 10 Hnrcourt Rid. H.Koc> . . . . j 

inci r^c. i’ Tsl , fTHK736_ _w»j l 3» TSB Lnlt TruM Managers (C.I.t Ltd. 

G.T. MgL (Asia) Ltd. 

llu:chL*on Use, Harcourr Rd, Hone Kona 

■ 7.T AStnF.._«HiaJ9 76W-OOJ1 197 

CT Bond Fund -I 5TSU.97 | | 5J0 

C.T. Management Ueneyi Ltd. 

RoniTd. Hie.. Colaraheno. SS Holier. Jersey 
•7 T A’-iaMeritoC-..i£3O*0 1118|-C0?J V79 
Rook of Bermuda iGacraoryi Lid. 

37-Xn i «• pwiiet. Gtiornsey rnalatent 
Ift-r.T Par Stale- - - POS-0 215 2S]-1 04! LOO 
AnrtuirGiH Eoc* ,[0856 10611-0.12] It 97 

Ar.cborlaJsy Tst. .[22J ' 23.7*9. | 3*9 

GarUnore InvesL Ltd. Ldn. Agts. 

ft FL .Vary Axr. London. ECS ni.jga3531 

Ransuoro rand SlUL (Far Easti Ltd. 

trar Fd.. _ .. BiMSStS 0 RL 

N American Trt. _ ll’SUS 99S 

Inti. Bom) Furd ...|lCSM9l llttS] 

Cartaoro Inirotmcut IHafL Ltd. 
pi« Bop r? r«.iciar. io5c 

:n:rmou«mal Inc. .[Jl 0 224) 

Do Growth _p4 6 Ml] 

I 1150 
! 5J2 


3: I 215* 

lay Frh i5 

Z6 7t -07> 

29 zi -c.:; 

isa^ts l —-- - 

3® J; -02 915 . ;■ O Kit no ijurrn-cr 

l,ii ■* e i- 

Itzrabro Pacific Fund BCgmL Ltd. 
21 i0. Cnr.naught Centre. Hong Kocc 
r.rK»M . t*69 10J8| . I — 

Japan F’tad ... (Sl'55J9 &Jl{ . | — 

naur.bros (Guernsey] LtdJ 
Hatcbro Fund Mgrs. (CLj Ltd. 


21 6j 







7 a* 








26 6 





DI M** Midland Bark tironp 

~ Unit Trust Managers tJd.V fai 
Coonwood llnriir. rilrCT Ftrort. Hrs-I 

3001 QcronSI ,EC4R tBR 

Aaimron __..hzUIS 

Utah Income. . (40 2 

IntrouiloiulTa.. hzCl.9 
Basil* Rum T*lR3 9 





D 3] 4X3 

Sheffield.SI :»R(* 

Tel 07*2 7W42 

Commodity ft i>n 

56 1 



68 4| 







34 5 ' 

36 9] 

-0 J 



23 i] 



27 5] 

46 7” 


-0 I 

1 6 S3 


57 0 ] 




42 5 



44 9, 



Rish Yield . . 


61 S 

■ 60 



■ 60 

EguiirKiempt' . 

109 l] 

Do Accum ■ 

Target Tst. M*r.«. i.Scot land] 

:B. aiim; Crasernt. trim 7. 

T«r E riR*4lr . . 122 8 74 1 

TarcctTlu-tle-[37 7 40 S'-C i.w 

Extra Ir.rumf Fd ,]58 1 6150 -01] 10 48 

SE Trades Union Unit Tsl. Managers* 
toft Wild street. F. CJ o: ess an: l 

TUFT Frb I- . 148.1 52 11 J 5.Z2 

Transatlantic and Gen. Sen. C«,9 

rai! : : ®'S I Cl.F-mti ... |i37 
.89! . 4-5 . j rra ; Band .. . Igy 

an *> »*£» J1“ SSIw-a" 

n3.-snao’-s I intSai-mci B- . Ill'S 

74 6: I 139 1 rV.CC- .»r F-h 15 J 

« 5' -c :•! 5.92 ] __ 

11373 1461 

nnni a*t 

, _ .T919 10Z 

.. In; si» it 

mgi B’ . IHSXBfl 10.. 

Pr.rc- nr F-h 15 Nexl ObbUdc Fc 

[ IW 
| B50 

I 850 1 

L y* 

RanateUc Rd. 5(_ Ssnorsr. Jcr«r* 

.terse* 1 Fund _. ,_.(43 5 4Sftuf| 

Guernsey Fund - 143.5 45B 

Prices, on Frb ft Next sub day 

Tokyo-Pacific Holdings N.V. 

IntioUa Mioajtsuu Co N.V. Curoca" 

NAV per share Feb 13 SUS4JM 

Tokyo Pacific mdgs. (Seaboard) N.V.. 
Intlml* Stanaecmcnl Co N v. Curacao 
NAV per share Fab 13 JLSJI m 

Tyadai) Group 

P.o. Bow 135S HandRao 8. Bermndo. 

nrorrrs* Feb 1ft . Rl fft P IHrt-S.Ol] 4 00 
■ Arcum. L'nllsi . ltl«157 UV-ZOlJ - 

3 Way Ini. Jan IB- lira*75 UA5) J - . 

? New 4, IlcUer. Jersey 

Confederation Funds Mgu LttLV Iai 
50Chancery Lane, vres a tHE nj-aunasa 

Growth Fund .. . (38.3 40 g | 4J7 Minster Fund Managers Ltd. 

Cosmopolitan Fund Manager,.. »s\ “ 

Copthill Ave .LondonECZR7JX 0280283 Exempt f*e^ HI [854 894] 

Coamopoln wh Fi |17 1 U5) I 5°* MLA Unit Trust Mgnnnt. Ltd 

Crpseent Unit TSL Mgrs. Ltd. (agg) Old Quern Mrevi.imiHMG i»i-8f«nT333 
4 MrMUaCrca. Edinbursb 3 031^204831 MLA l'mta (39 2 J7 0| I 859 

■Prire* ■( Jnn 31 Next riniliny F«-t" & 


Cmmi Growth 
ere* lnternatT .. 
CVes High OlfL. 
Ores Reserves 





Discretionary Unit Fnnd Managers 

22. BlwuilelrtSl LX2M7AL (11038*488 

Disc Income . . |1542 IMS] | 32S 

E F. Winchester Fund Mngt. Ltd. 
■IM Jewiy. ECS Ul doe 2187 

Great Winchester [178 W*ot I 629 

Gt tVmcbVr iTaraslia 7 2D4ri| J 4JB 

Emson ft Dudley TaL MagmnL Ltd. 

20. .trliluion St '.!» W I i>l-4PB?95l 

Euuon tmdlrv Tsl 1676 J2 7[.._. | 518 

Equhas Seta. UtLV(aKg) 

41 Buhoptaaie L7» Ui Sa82Ml 

Prt«rfw w ie |MJ U6I-02J 448 

01-09 New irmdnn Rd Cbelmxfnrd Kl 

r f.BT.l 

Rxrhicnfi Feb IP 

!? lfc 

74 2*1. -c*; 

; ST* 

1 4CCD01 I'Wli ■ 

h-08 0 

:i4H-0.9l 5 7° 

WsrbEurn tan 26 


HS , 1 

i it 

Sriocw? halt lli 


1 * JC 

■ A-cum f.'cit-- 


92® -! « 

4 yj 

.'nlpaiic Feb TO 

pS8 3 

'.34 S 


i xrcum L cili* 


147 4 i 

5 26 

•. jmriit Feh 11 

St 5 



'Accum I'nta- 




lien Fob H . 

So 9 

542) ! 




68 3] | 


UarlboruFeb !4 


4S.4. ! 


Arc-in l nn«> 


W 91 ! 


Vuv 'Iwth Feh 14 1 



; i3 i 

: Accum. L'mta. 



Yar'H* Frh K i 


71 5^ 


V*bz Tec Feb ti , 


ts. 2 . 

* 97 

■ Accum Units • 

<3 3 

45 2] | 


Wiek'e Feh. IS .. | 


50 9m, -0 5- 

5 52 

Awom Unilj. 


699 -0 5l 


lVukDH Feb in 16*2 



!>» Accum 1 


753! t 

S 62 

Mutual Unit Trurt ManagersV laftgi 
IftCopthad t'f.t'TRIBl ul-riOHUKCI 

Mutual Sec Flu* (47 7 5IS(-fiIf 6 93 

Mutual Iru.TsL |63 7 U4j -<ti) 7 80 

Mutual RluriThiif. [40 7 44(hd-0.3| 691 

Mutual 11 icbYin ISft 42 5] 1 848 Tyndall Maitagw* Ud.9 

National and Commercial , 

31..St MMj««samrw.Bdlm8H»shBDS SM*»I , l ^SS UtV.J.V 
Incentr Feh tft .1144 0 149.4) | 5 96 ii-_u ■- 

• Arcum. ITril* 1 |»94B 232 3 596 , ,•?. un L'nitai 

SAW ydb.UA -1176 . IM 3 - 3« F.^mS.' 

i Accum. Lnit** |14Z4 147 6] | 3 44 l.'ritsi. 

National Prodiroi Inv. Mngrs. !!f"’; M £ t l /! & f3P3HH i)l«=343u« J'ni Karr t-H.'t: 

NP.IGlh.LnTM l*tA 47 31 [ ! 75 - \cxuci r.,n 

.Aecurn L'nif-* 53? 568/ . { 3 75 

SP10'sca*. Trust 1110 1173 1 3 20 

Arcum Hnirv- |ll7 8 624 t] | 3 20 

—PTltcii on Jsi< as Next deal inj; F»-h J* 

•Price* Feh !.• '■••xl ntajlme March ! 

National WerttninsterViai 

18 CAaysiK* HnAd. Pnuol 
169 0 
116 Z 
,110 2 
052 0 
121 o 
.153 2 

1C1. Cheap*ine Kl V\ BLU 014106 flow 

Sffilota..Fd. - 

f-}3 634 UnluerttiFdid'. 


Equity ft Lpw Un. Tf. M.V ia» bi(c) 

.\mcnham Rd.High Wycombe 9W43W7J c^ipiari Arciun 

Equhyfttaw.KI-6 63.7] *0.4] 450 Extra lac .... 

Fitts Petal 

Kramlington Unit MgL Ud. (a) t.nmui inv 
-•vZ.IrolandVard O'ABiDH. A*.-4B*wti Income 

CapitalT-J . [ 1 CSB 1U 

lWorooT*!,... . — J964 102.j — - __ . . 

int Growth Fd. . [916 97aJ-jj| 256 VEL Trusl Managers Lid.V lallgi 

43 J 
J2 0 

34 I 

6U ... 
686 -0 4, 
M4U >01 
856m -OJq 
367 - 01 
69g -0.4 
51 Of-01 

4 82 

<rm »~3,» KBh !.'• 

\reum \ niL-- 
>H-C4 llr Ft'b 15 

l^nAort Wall '.roup 
■ 'BPit-Xl liMlWtl. F7* I 

Ui 4> L'um [76 5 

16 0 
19 S 

1002 * 
97 6 
12D 2j 


:> _ 6 
ibl o; 

7 63 

[ 7fci 
, 4 36 

a ;r 

i . 

S 60 
. ftZf- 

Her demon Raring Fund Mgrs. Ltd 

[ i , .*t ,\4Tft) Na-*au. Bahama* 

| Japxn TA _11487 15J2) . I - 

] fniti K«-h F Next deaUnc d«»r F*>. Z2 

! Hill-Samuel & Co. iGuemseyi Ud. 
ft Irfr-rr St. Pcicr Port Gocraerr. '7 I 
«.>.e*a-e-. TM 11418 153 g-0 61 3 58 

HUI Samuel Oversea* Fund S.A. 

3T Hue Nivtie-Ciamr. Luxembourg 

isrsuji UMI-4C4I — 
Internationa I Pacific Inv. Mngt. Ltd 
IT. Brm S237. 3B Pitt Sl Sydney. Alm 
J a’.rhn EcliO-Tm. BL92 2,02* 1 — 

J.K.T Managers (Jersey) Ud. 
l-r. F-i» 184. Royal Trt Hse. JcnrxvftU ;-*41 
Jrr r.xtm! Tm R080 U6 0I .1 - 
a* Ji Jan 31 Next sub day Feb IS 

Jardiae Fleming ft f.4». Ud 
riJ-r Flo*- i.iinnau0hl Centre. Hone Ker; 

Ja-rtineKara Trt I 5HR209.iaa [ j 2*0 
}ardent "rn rdf*/ SKK274H 1. 110 

srtirry.t J 51SU79 I Z 60 

jA rdlri.-Fkalr.i r | SHKBTial I 1 - 
VVI i4r,_:': -Cnuiraient sussar: 

Next 'U6 Feh IS 

Kemp-tier Management Jersey Ud. 

: ■■isnns.-iiii SI Helier. Jersey OXta 72741 
Lenp-r^*Capita!. 184! 867]. * •- 

KcmviHVInmnc Id! 67ij [ 8 Z? 

TOFSf.Keh 15. - 
Aceum Shsrcsi _ 
TASOFFeb 13 - 
Aceum. Share* • . 
Jersey Fd Feh. 15. 

Si 75 

(Ntei-J Arc L«a.i. (2626 

GUI Fund Feb 15 


8coi -o:* 
sii -a.; 

172 ! 
2J.9 I 

7741 -Oi] 
30 Oi -CJ 

Tbi Anxim 



Friends' Provdl. Unit Tr. Mgrs,fp 

Ptahamtnn.UoriunE *008 ■was 

FriwtdvIToi- HI* pi3 42B-D11 439 

|Jo Aixxiin lJOl 4H 

G.T Unit Managers 
1 A.Finsbury (Urns 

Milton Court. Durkinc. surrev *»li 

Nol-asr . 15S3 61M-DM 5 68 

NelHorHighlm fa 0 MS) -01| 942 

For New Court Fund Managers Ud. 
xre RotEtarhild .3a*et Management 

Lscrstnc ■Iro-Ain 
Pu AyeUfTi . 
i'liuucial Priny . 

Po tr.'utr. 

Hithlnc Prierity 
.Jotemutumal . [23 * 

|J|-bpoeial^ta' iZ8J 

300 TSB I'oit Trusts ivi 

2l.Cfc*(»•*?■ Ray Anrlmes.ftari*. HW)42II8 

IVriilha* »■*_«*« GU3L-.1 

■ h.TSR'-»rcrj) 

• fc" ltd ■'.■'rum 

■ o' TUBlrr-'in*' 
i-> lx> sccum 

TSB swnil.r li 
Arc urn 

_ 1.2 

6 73ti-31 Cl 6 B0 

B -01« - 
+0.fJ - 
-oij - 

0.2 TOO 
-14 - 

-2 4 1068 
*0 >C — 

XSctanr Route. Doojtlsx. Isle ef Msu. 8834 2SST3 
itaaojed Jan 10 [127-2 134 0| . 1 — 

Utd Intel. MngmnL iC.l.i Ud 
14. Mulcuter Street. Sl Helirr. terse% 
r.lBFUn.l -I SCrtM | | 825 

United States Trt. Inti. Adv. Co. 

14. Rue Aldnnccr. Luxembourg 
VS Trt. In* FwL. I 51/39.60 1-0031 0.96 

Net airor Fchniaro 13 

S. ti. Warburg ft Cft Ltd. 

3fl.Grosbam Street EC2 
Cnr RrtFd Feb J5 I SVS941 
Lnsy.lin. Feb. 15.. Sl 51SJ3■ SVS6.47 

Me.-EurFd Feh.I5hi/¥H-B :tl5[-0(Ml - 

Warbnrg Invest. Mngt. Jr*;. Lid 

LCbarinpCrut* SI. Heller Js' CI 0554T3Z41 
CMFUri Jan 27 . (tt'SHU “El f _ 

OITttri Ian 27 |ai*a 117T - 

MnalsTsT Feb i« Itio 93 uzm-O^-i — 

TVTFcbJ . hrS926 15ffl _ 

T.MTLtd FobP - -i913 937] . i - 

World Wide Growth Management^ 

30a. Uonlerard RmsI. IjnmilMutx 
Wnrlduida Glh Fd| SUS1281 i . i — 

m ?- 


6 70 
ID 07 
*” fl 

c.-i * • . 1 .i i.n insljrl* i p.-crajunt "tcepi u-herc indicated + and are in pence anletr otttrmiam 
iM'Md \ ;elrt« '• -ihojrn in lari en'-nui' alio* fnr all bueir.s o<ptme> • Offered pnrn 
-.-.c. l, :ae b 1! i xpetic* b To-day's pnee- c Yield bs ed on offer price d Criimnled. g To-day's 
c-min.m: pruc h Dirinhuiion free ol r K uwt p Penodie premium ineurauee plans « SiBgla 
.■r. n-.iuri in'.innr. ■ nffered pni-e include, all expcr.'ey except ogsm's comnnerion 
. i»iJrr« d price iscludeg all exp^nto. if tau^h: thro-jch nuuiapent z Prevtou! day's pnrit_ 
“ 4 '0 r>( te. on realised rapical eains _nici» indicated by 0 * Uuenuey ernes t Suspended 
* ■-* befnrr Jyrsex * Ex-subdlvliaon 

♦ \ told 

Norwich Unioh Insurance Group H>> u nM t, M . 

, ‘* W P*j H»x4 Nnrvi-h NritftNi. IWG223W *'* Sl 

ara«7ft!> p|43«»131 rtnwoT i hi I3Z9S 3460 -0 51 511 ttannaMran Bel!»: 
[79.1 KOd | 3.60 ‘ , „ .T ib.i.'Mer..rouiU [35 1 





-0 ’4 





-II J- 


57 8 



7 V 

71 7 

7b 3, 

-0 ’ 

2 61 

76 0 




gT mu iw.. , 


95 Od 




ilTInr 6'd Un.... 

160 9 


liTl’S Stjeft-. 



» .... 

G.T Jinan LGm- 


lB1 . 

♦Gi Venn Ek.Fd 


137 5U 

GT Ini 1 Hand. . 



GT »nurYd*Krt.. 



340 Pearl Trust Managers Lid. ladgilz) 

8 DO SSJJfiehHeliwrn.U'T ;V7U 0Mtri8441 





Prsri Growth F.l 
Aceum l'mb. . 
Pearl lot 
Peat) Unit Trt 
.■Actum La'.(5' 

37 7.g -r ;i 4B7 
Unit Trim Account St MgmL Lid. 
wnfitt'iUfamW EC4PSAS 0l4U7«5f 

Friar. Hl«- F*u.-k 1 *136 0 1« 0d| . I 4 72 


¥*». * A. .Trusl ia■ (gj 

ft, Royl4l*t Rd., Br«i9ht<Hd 
C-A* psa 

Pelican Unit* Admin Lid. UtHal 

QBFTTi £1. JtX' 81 PeuauiBNL.Kinrr.esW 
SL8) +0JJ 445 Mdlcan Units-(76.7 

IM1.2MSW. income t. em 
82.4] -ojj 124 Accum Lima 

WirierC.rth Fnd 
Dr. scrum 

Wirier Growth Fund 

K.ns william «i tr4?. 9AJP 

128 6 


JO 71 , J« 
3L2] i 342 

1 Rdv*] Exchange Are, London EC3V SLU. Tel: OI-2S3 1J01 
Indrs. Guide as at Tib ti-hruan. 137? iBaje lOd al 14.1.77.) 

Hive Fixed Interesr Op Gal . 135.06 

'■.Inn Fixed Intercd hicnnie 12?.17 

CORAL INDEX: Close 432457 


t Property Growth . 

Cannon Assurance . 

t Vanhruert r,uarq n i?ed 

* 4ddro*w *h(vy7i iir.if-- inoirttm »ed Pr"5“' 

* 7 0 

r* Rn* Tih e 


Ffriaricial 'Times F^day 






Healey & Baker 

Esiabkstv d tSSOmLontfon 
29 St-George Street, Hanover Square. 
London W1A 3BG 01-6299292 




HOTEI^-Uontinneff f V *■ 

gtl .. •f ; WeeJ + - 6 i'W-|c3l '• '■ 

Iff: & 

210 i 80 


isr^T? i 

High Low | 

U or! Die. |V« 1977.W ]*«rl Pi* ! I™ 

£ ! - iGwsIrwiU'. High Lew toert Price} - j [Cw|Gr» 

30 Kfiffi Mar. ffT«i am* -% SI J! - 4 9 *5 <?;, Feb inti ! 0 p._ 21 % 

48 26% Sonar. •rp-l‘3S;» 28»,-V S 2 » - «0 25 21 | t«o A ’*0 - 201 , 

17V 12 Nonbrjin-s;'-. a 12V-V 76r; _ 3 5 -1C 13 Ired LardlcBM 34 


25 131; i.wen.41! ST- ; lAV , -»«. . *- i. iw.- ■•n ■■>¥ 

23 14C Quflfeer'iais I. >h 15 51 (M — 3 9 15 4 IFrann* Ft lup. 121, 

21*3 14% KelianieSn;i T • lg» *% W — 1 — 47 28 jFrotc.: GR ttp 46 

24 16V Bcp. N.Y.Cwp S5 ■ 18,* -{. SiOO j ;4 ifi 13 _ 27 

16% 10% Rexnoirili • - - ll%m .... 80 c —I 40 (>6;, 31 faiiu.ird 6: 5p_ 571 , 

22 14% Rjdiir-jMtfi 1*% -V «t - 35 ,1 l«% fc:|*sD<feAIOp 25 

tflfip 247p Saul-E Fi£l._. 2Hp - j - - 54 JO kteM ••fi.Wp. 44 

*4 4 A J W I I ^ I.' ' 1 V’l L4*-|4I a LTJ : ^ 

14.; -5: hSltt - 4 2 32 1 : jrsirf. W Mp 23 

'I *1 All _ 1*0 ic I J Ir _ m- i.L i3i 

High Lon 

*■ *r VHJ 
- lot ! 

“Shorts ’* (Lives up to Five Years) ?6ii 22 * 

47 !• [Treasury iwipf "itSti .. loi’i .. M.31 
40ii E\ch 5K TfrTft+f. _ 94% +,L 503 

95.; TKi:alJ'lll;pcl»_ 103'.;«d ■*■*; U 06 

84Treasure ape ^ 9bAioI *i s 3.10 

55% S3«tnr4^pcVi^_ 97% +% 435 

92 Treasure UJUwT9ii_ 103V +% 1017 

84% Electric 2 ]hx TcS-79 — 96 -V 3 65 

87 : t Traii-urrSfa- JSKQt; 201 Vu? + V 8 85 

88% Treasury 9%pc-flO=; __ 101% -3- 934 

Srf Tn»<uryS%|k-94 +V 3.7j 
83,; FunritiJc5>.pcT?tafc*. 95%: ■‘■V 550 

96',; Evhequer Opr l!Wt lort +% i2 05 

Treasuiy M'-.'Pc l99ltt. 104% U00 

77s Treasure ru-pc IFTP-81. 40% -t-V 3 87 

86-1 Treasury fVpclSilti.- 100% +% 9 73 

95% Esch.ffif>clPS!_ 8 54 

971; lach SUjx 1981_ 99% 9.52 

S7U Etth.3pcl»;_ 87Vffl + •!, 3 42 

? 6 ' s Trem VarlahleBI«_ ' 96* e 6 . 6 S 

96% Eneh. 12 ‘ipc I981ti-.- lOTs +% U.74 

82% Trea.«Rlj:c'80«S_ 96-V B.79 

71% Trea5un-3w^— - 857. -% 3.50 

101% Treasun-Wpc 112 %»d +v, 12L41 

95V Treas. A ariahle 1CJ$~ 95',S . ■ 6 -^ 

22 141 S Richd-r -jlrrilSi'* l *>:- ! j 19c _ 3 5 ’? I«>, GibblidjAlOo 25 

4fl6p 247p Saul-F F i61._. 277p 1-9 - — - 54 19 r&etf •-fi.iup.. 44 

'33% 18i, Shell 0:1 SI- 20 i.,H Ml M - M 4 5 ? 34 Gtosrfp »' *.»- 54 

20% 137 : singer,r.m.. lji : . ...... tOc - 2.6 & 37 G E hCooper20p_ 78 

?6% 22 Swrr Ran.1»iO 23-d I —4 SU2 - 2 8 44« 26% TLA T Grp Ku.- 3P 2 

33 . 1^5 Tmrfnc.S]‘j_ 28 ?*fl -** 5160 — 4.« 66 17 Himarc.l lOp— 59 

31% 1S% Teanao.. 2<h S2M — *5 30. 20 HdiodBsr.... 27 

151 133 PAlO J :!.tS->9l-r 1371;. . 10 e o - f7 4 fib 47 Rend ml A inp.. 64 

14% 50Sp re*oa»Pil'«M]Sv 6«9p -2 SIM - 6.7 142 8S Hender^inJ l\: . 140 

24-V 16% rreracoS625 .— 17Sj.Jj--. S2 - 64 « IS HwienN ]0p.. 53 

31'; 22% Time Inc.. 23 -1 $130 - j 2 £230 £80 Do IpcConv— E220 

13% 865p rf SI.. 943p -3 80c - 4 3 72 26 Rcv*dftai50p_ 72 

34 2JV FM Treb SL‘S— 24 -j, S3 00 _ 4 7 % 33 Hie-4rH:IJ — 81 

41V 17% L'i Steel 5L_ 17%-I -% SI 60 — 5 1 70 27 BoVerixuitura-. 67 

m 938p VetcoSPM.- W -vd. 20c ^ 0 3 64 20 Do.Re:.'ic_ 55 

W 111 IT I — L.B'. 1 Cl L. - 3 Id O... .J IIW 

95J, ^'4 5 50 

wrt +% 12 05 
104% 11 00 

901; i-V 3 87 
100V +% 9 73 

965? ^-v a 54 

99% - 1 - 9.52 
87V 10 +;>; 3 42 
96» s 6.68 

108% t% 11.74 
96-V +1? B.79 
857. ~h 3.50