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ESPLEY-TYAS 

CONSTRUCTION LTD 



B u tid i r»g&;Civif#^ 
Engineering 

• PX>' Bo$& Pji tfcjjH i or^Pti oj3t SvJiSva 

' ... 


Up 


C O^NptTAtmilNG raiOS: AUST RIA Scfartiti •aaCIUM Fr.lS 8 DENHAUX Xr,J.5? FRANCE Fr.3.8f GERMANY DM2.®; ITALY L.5B9; NETHfflWNDS Fl.2.9,- NORWAY KrJ.5; PORTUGAL EK.20; JTMtN Pfatf.ao.- SWEDEN Kr.3.2S; SWITZERLAND Fr.3.0; EIRE 15j> 


I Top White House | Leftstffl I CBI worried 

; ~ J * • I -®T j I 9 

talks as coal peace » French 1 by slump in 

moves break down! £ 2 ** \ export OT der 


S SUMMARY 




a commandos, in -an 
-style action, stormed 
Airport in Cyprus in 

free 11 hostages-bet ns _ w ir ,.„ 

Arab tearorists in a daring "the ^gbt.^It r£ BY STEWART FLEMING: NEW YORK, Feb. 19 ! 

Airways jet. fused permission to land in * ! 

gun-battle wiG^the .'Vlgeria and other ' v,,h on * of *hc most severe March ruts of a half can be anrj- or another p^ituhty forJnq 

\nritot National rnlrd * I?L, COm S. a “ d ® S ^ lai S ed _ > in w,nler# , 10 meraor >’ gripping cipaled. Such cuts would sreni both parties adr-at hindinc 

, n “ l v| alto ° al Larnaea without the Qvpnot parts of the country, and exten- unavoidable given the two-weeks arbitration. * nuld require new: 

e Syptians Government's permission, aK s» v c power cuts and jnb lay-offs it takes for the 160.000 miners to legislation and tin-: would take 

leu as the guardsmen though Egypt claimed that threatened in the Middle West, ratify am- agreement. time. 1 

back the Egyptian Mr. Mamdouh Salem, its i°P ^ite House and admimstru- Mr. Marshall said mat rie^pitp Another pnij-n.-.-i) in-ing dis-: 

Prime Minister, had- eon- [* on ufhciais met to-day to tlecidc t he breakdown he intended to cussed is rcumr.-i- u, thv exist-. 

■ fracas the U hos- tacted the Cypriot authorities -?j’ M ,j e:jk the stalemate in the keep in touch with bmh sides in mg U.S. labn.j t - |.i 4 s. in purlieu- 1 

d fonr crew members to Ml them that an Egyptian ,0 - aa >’-oia com dispute. the hope that the prospect or laf the Tafi-11.inlet Act. Th:> 

rescued. The -two jet would go lo Cyprus to help Amid growing concern about further Government intervention allows the Prcsidvoi in a national ‘ 

ans holding them release the hostages. ' ,he in, l IHCt °f the strike on the would soften the positions br.-ms emergency to jsk the courts for 

surrendered tho r™™. m economy. Mr. James Schlesinger, taken. an injunction forcing strikers: 

C.uxrT - Cy P rUS ***** that 3S Energy Secretary. Mr. George The current impasse has been back to work for :, r to SO days! 

. __ . , tgypn»B commandos. • wno Schultz, chairman of the Council reached In spite of concessions while neqnu.uiiris •.•ontinue. 

tostages were, seized went into hitting in a Jet at of Economic Advisers, Mr. Bay by the coal companies, which .. , h „ . 

■ *7??. £he tsl '° • the ^nmrt after the failure Marshall. Labour Secretary, and offered noi to impose financial dfl *, , '' .,.,1. ^ 

killed Mr. Yousef of their raid, had given Mr. Robert Strauss. Special Trade penalties on unofficial strikers apvpi.ai'uft.,]' ( ,- llf i.,..7n ■ 'nid-V r e>i • 

, leading TgypHan poti- themselves up to the Cypriot Represenlativc were locked in and to restore the cost of living- .. . warn.d ih ■ -V- mineral 

t .. conference in . .nthorities after negedafionn. l&tSZ "SUX “is >» 

it biieiuEce %a,A«2T "* ""'LtiZr'XZ? W 

IL BUSINESS ” ...... ni .. , (invcmmcni seizure nf the mines, that the la a .i 1 1 ^ Sl,t ; 

.... Dg,,RCM *. mfih V a . f,cr , more although this is thousht m he ecssfully u«cd in - c.c.l industry; 

lhan 40 hours of almost con- un ijijp| v ,1 this sta"e dispute and d-'.-.-nned r--<ori to. 

• 4Hk*I • I «i. tmuoua efforts to mediate in the . * TrilIllo „ Tafi-Harticy .r- “:< major Joss' 

jATA I III 1*1 CFC nrf dispute between the United Mine- J" J 4b - n . P , 1 S ,,.?,.for our countr. 

'C/iV la ' vU llga Ull workers nf America and the * cl7Cl1 lh / c u oa, w ,n . c n 1’ r , h .. ->n 

VAiV JLkJ . . RiinniinfMK Tnai /iniM-itnri:' terms of rhp Wartime Lnhiiur “ would -• i-<» Jiwken an. 

1 . ,i» . a-. ... AssoriaLiori Mr M-irshall tie- Disputes’Act. In ihc act I lenient already strain*.-! rebtmn-inp be-! 

a hV Hared 1 "There is no hasis for which the Government lhen tween th<- Pr-’-idem and; 

4 CJt UW^IIIlv . further ne-’otiati/in" reached with John I.. Lewis, organised I:-!m-.ii r. niuiicilly j, 

•' . ,u'* uninn president. Ihe miners won powerful su;»n.--rtcr of Demo- 

AVA1* rorlirb Jl, 1 major enneessmn. including the cratio President- 

Over radio bur pmhibly necessary" altera- %t. a _p" n pn a . f [“"'Js'™ 11 health and Thc re ham wen tw« deaths 

olives to negotiation in.the dis- rctirp mem funds. by .shooting On ins}!'«■ disniiip 

T vH|3 man 7 C fiQV ’ pills al the hear of which are dif- r*s J|_,r ^ in fiqhtshein union nnd nnn- 

*J - lllCftl ij lidY Terences over a basic wape and I WO UG2LtllS union min,?'. «:--:.l harecs mi thej 

lATnc-f j ■ ... ■. JL _ LI ^ * ■*' benefit increase of 37 per cenL Dhin River h.:v»- been fired on.: 

vwest was described • .OPERATIONS on about.a i 0 about #10 an hour. The coal companies effort* to- apparently .inking miners. 

• antic Siberian waste- dozen North Sda oil rigs will-be Because of the protracted day to change the structure of it will he d-ffi-tiit now tin- the[ 
the RAC as the worst disrupted' to-day as radio con- strike, state troopers have been these funds 'and brinq them Administration m avoid severe; 
or many years cut off trollers start a work-torule protecting trucks moving coal by under individual company rather jf localised power problems; 
villages in Dorset and because of a pay dispute. The 44 road in Indiana. Ohio Edisnn. than union controls is pp<? n[ unless major concessionare! 
I Mocked h»mdriiH« nf radi0 “ntrWiers, employed .by Which produces electricity in the the key factors in the dispute, fnrthrominq at the bargaining; 

uuuurtrtia oi Marconi Marine, have key: jobs, key Cleveland industrial area of The miners sec this as a step table. ! 

■. . maintaining communications the stale, has forecast power towards company-by-company John LraHl writes from! 

;as water, authority with shore bases, heiicoptera and cuts this week, of 25 per cent, to bargaining in the nest contract chicane: America's Middle West 

• 00,000 homes to have supply vessels. . big industrial users. and thus a threat to the union s ' here niUch , lf t i, e country's 

given VLSSw ffS iSJ "ilitlfSir. .r .he mine,. Contimu>,l on Back Page ' 


eze is 
*st 

years 


Nicosia hotel. 

. The aircraft had. returned 
to Cyprus after landing: at'the 
Red 'Sea republic of Djibouti 
daring the night. Xt .was're¬ 
fused permission to land- in 
Algeria and otber Arab states. 

The commandos landed in 
Earnaea without the Cypriot 
Government's ■ perinission, al- 
ttiougk Egypt claimed that 
Mr. Mamdoulr Salem, its 
Prime Minister, had- con¬ 
tacted the Cypriot authorities 
to tell them that an Egyptian 
jet would go to Cyprus to help 
release the hostages. /' - 

Cyprus Jtadio said that 3S 
Egyptian commandos, who 
went into hitting in a Jet at 
the airport after the failure 
of their raid, had given 
themselves up to the Cypriot 
authorities after negotiations. 


talks as coal peace! 


BUSINESS 

Oil rigs hit 
by dispute 
over radio 
men’s pay 


_ Many TV Screens |given 7 warei-vg that by early However, seizure or the mines. Continued on Back Page 

□lacked out. . oi j companies have said-they - ■ .* * wttw--:- 

idvised employers in are taking the action seriously p" s T‘- ce \ 

ie South-West to tell because a prolonged dispute y’ ^ i -m . 

oyees not to travel to could threaten tlwir supplis. v 'B s h wr^vutlr Awn •zrf'KTP* 

.... UPim& workers mre^iten 

er notice. 91381 has setup a working party- 

icopters dropped sup:- —coiydsting of senidt executives . . * 

industrial action on pay 


idvised employers in are taking the action seriously / 
Tie South-West to tell because a prolonged dispute j ’ 
oyees not to travel to could threaten ■ their supplies, y 
y. Somerset County-Back Fage ■ _ / 

mots are being dosed _••• ....._ U- V' 

er notice. -' 9 *381 has setup a working party * 
icopters dropped sup:- —ednasting of senidt executives - 
iarooned honsehpldeffs from, companies with experience- 
□imats. In the Bourne- in Government contracting—-to 
i Poole area; thieves prepare a detailed ease against 
tage of the conditions the Government's plan to enforce 
series of smash And pay limits through public sector 
.■rie&, contracts. Page 4 i 




BY PAULINE CLARK. LABOUR STAFF 


--' r - uu cvtuio Ml Iiuu'vinu- _ . . ' - __ i ■ r mvuiiv -uaiiii — , 

Commons statement peting. companies.- says the CBI last autumn are stepping up the structions to ail power stations , _ .. . I 

• consulting the Prime A n suontemeirtarv'evidence to the pressure for industrial action rf and depots to prepare for action. The acceptance last Fridaj li\ 

? Cbequere yesterdi^ -Wilsoa - Comnuttee on City their pay demands are not met. The shop stewards, many of the Electrical Power Engineers! 


l Gnequers yesteraay ■Wilsda - Committee on City tneir pay aemanas are noi mn. me snop aewums. many oi me c.iecir»caj ruw« 
rily in Ulster In the inatitutlons. Back Page Mr. Frank Chappie, general whom say they are disenchanted Association—the technicians and 

? week-end restaurant • . secretary of Ihc Electrical and w, *h the four untnns tn the in- managers union—of u 1_ per 

hich killed 12 people 9 DIRECTORS'Of companies pinmMn’o Trades Union has dU! »VT> because they feel the cent. pa;, rise including 2 per| 

1 30. Back Page with management difficulties will waTned that the Government shoplloor is not being.adrnuatejy cent from productivity is bound 

- be able td:-raise the problems ^ emnloyers will ignore the represented. also demanded to add in the manual workers’ 

lecklace with the City’s Institutional militants' dMnanri= ai Their oeril. “ f “H consultation" with the difficultic.-> around the Degoifj;- 


tecklace 


Cartier’s 


Investors? Committee. Until now, 
the committee, formed in 1973. 


workers before any settlement ing tabic-, 
is reached. 


J SS taken action only when Intensify ^ And to press home their deter- * 

i in St. Moritz. Swill 3S 'JTfSLZS J** week be rejected an offer If'SE 1 Ar ? ument 


PARIS, Feh. 1». 
WITH ONLY three weeks to 
go in the first round of the 
French General Election on 
.March 12, the parlies of the 
Left have maintained a sub¬ 
stantial lead in the public 
opinion poll*. 

But Ihc Jafesf survey shows 
that the fin3l outcome of the 
election remains verv much in 
doubl. 

A Louis Harris poll, due to 
he published by the news 
magazine L'Espress to-morrow 
shows little change. 

The parties of the Left com¬ 
bined are given some 31 per 
cent, or the total vole in the 
first rouud—26 per cent, for 
Ihe Socialists, 20 per cent, for 
the Communists. 2 per cent, for 
the Left-wing Radical-, and 
3 per eenl. for a number of 
extreme Left-wing groups. 

The Government coalition 
parties and other Riehl-wing 
groups are accorded 45 per 
cent, with 22 per cent, or the 
volers opting for the Gaulltsts, 
19 per cent, fur President 
Giscard's Republicans and 
their centrist allies, anil 4 per 
cent, fur the extreme Right. 

The poll shows thai flic 
Communists hold the key to 
the filial result. If. in the vital 
run-off on March 19. they 
sianri down in favour or 
Socialist candidates in ihe con¬ 
stituencies in which ihc latter 
are the leading' representatives 

or the Left in Ihc first round, 
ihc Left should win an overall 
parliamentary majority. 

Rut if the Communists re¬ 
fuse to make an electoral pact 
with the Socialists between the 
two rounds, the present Gov¬ 
ernment coalition parties are 
exported to obtain a large 
majority. 

TiiE Government's hopes 
that the improved perform¬ 
ance of Ihe economy in recent 
weeks would help their clec- 
tiiou prosppefs have suffered a 
sharp setback with the an- 
nounccnieni that ihe trade 
balance swung bad- into 
deficit in January, after mov¬ 
ing steadily into surplus in the 
last quarter of 1977. 

Seasonally adjusted, the defi¬ 
cit last mouth amounted lo 
Frx.l.SSIm. tahout £2Hflni.). 
compared with a surplus of 
Frs.).66bii. in Ifcemher. 

The Trade Ministry said that 
last month's shortfall was 
almost entirely due to a 
deic-rinration in ihe balance of 
agricultural irade. itself the 
result in changes in the Com¬ 
mon Market's price mech¬ 
anisms and the devaluation 
of the "green franc.** 

Oil the prices front. too. 
fresh problems are appearing. 
After dropping Ip only 0.3 per 
cent. in December. the 
monthly rate of in fiat inn is 
again expecied io jnmp in 
January and February this 
year. 

Feature Page 23 


BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT 


THE deterioration in manufac¬ 
turing industry's export order 
hooks continued during the past 
month and the Confederation of 
, British Industry says to-day that 
|“the picture is worrying." 
r The CBI s monthly industrial 
trends inquiry, carried out be¬ 
tween January 31 and February 
15, showed that only producers 
of consumer goods were rela¬ 
tively less pessimistic than in 
the past. 

Overall, there has been a con¬ 
siderable fall :n export order 
J books during the past 11 months. 
| This win be disturbing for the 
| Government, v.hicb is still puzzl¬ 
ing over the January balance of 
trade statistics which reflected 
a marked decline in the volume 
I of exports uncc the late summer. 
! The trend is not fully ex- 

■ plained by the slow growth in 
world trade. Veuher would the 
erosion of the l‘.K.'s relative 
price advantage since the recent 

f rise 13 sterling normally he ex¬ 
pected lo have impact until 
; laler in the year 
j Total ovd'-r hooks among 

■ the 2.025 companies questioned 
| remained veak up to February 
1 15. although riirhtly less so than 
was typical in the previous six 
: months. 

1 In only a few industries, in 


particular electrical engineering, 
did more than a third of partici¬ 
pants regard the volume of their 
present order books to be “above 
normal.” 

The indications about prices 
are reasonably good. The 
balance of companies expecting 
to increase home prices during 
the next four months remains 
very low by the standard of the 
past four years .ind is much as 
it has been for the past two cr 
three months. 

The four-month forecast for 
the volume of output is also 
much the same as in the months 
since September, suggesting that 
most companies do not expert 
an acceleration in the growth 
rate of production. 

The CBI »ays. however, that 
in some dp-env area>—includ¬ 
ing electronic goods, furniture, 
resms. and plastics — activity 
seems likely to pick no. 

Stocks of finished goods 
remain more than adequate in 
manufacturing industry as a 
whole and it does not seem that 
any widespread running down 
of finished goods stocks is under 
way. In only a handful of the 
44 detailed industry groups were 
there more than one in five 
companies with inadequate 
slocks. 


Nationalists likely 
to back Scots Bill 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 


city rower wonrers Associa- jn advaBft . an ar . ument by the 
„r Electricity Council that mis must 

fnn jifh^r L necessarily place lower limits on 

■ „ ^ nnlnmon' thc manual WOrkCTS’ Cldim. 

ray union or as a supplomen- 

ry pressure group for union Mr. Jack Biggin, national power 
embers is scorned in some indusliv negotiator in the 


- raised wittin fe investment of 1Q ^ cmt ^ an ejctra account of feelings at the grass Bm the unofficial rewards 

. - . cooynumty. Back Page £3.60 productivity payment. He committee iMued a committee and union negotiator* 

rtSiln Iran - f is pressing instead for more than untit-d this week-end tn rejecting 

yuflj .... i,- L rt lJ three times that amount, to Hj! c,ty Power Workers Associa- jn a{ jva nev an argument by the 

Pv VilVIiniSlCrS 0.01(1 bring bonuses in tine with those ti0 "; ^ Electricity Council that ihis must 

V ,, of surface workers in the coal TJe *’° f SJJJ. 1 ^ necessarily place lower li.nits on 

*- llllH a A t t a) 1? € industry: Negotiations resume ^. o a ,^ 1 ^ 1 i “ 1 t ‘ 0 ° e j l ? e f the manual workers' claim. 

^m-West.Iran, The OUllgCl lallid on'March 2 with settlement due *‘ w aJ “°»o“ or a» a aupplemen- , „ . „ . 

JUid ..to' be Islamic ... ... . . . a tm-tnieht after that lar - v pressure group for union Mr. Jack Biggin, national power 

jwrfPfrfpped up -parking • CABDIET Ministers spent niitnign members is scorned m some indusliv negotiator in the 

f*! set lour hotels alight, ttiore than-, four hours at Plans by militant shop q UarIers within the unions as General and Municipal Workers 

I i .tailed its ambassador Chequers yesterday discussing stewards to intensify pressure on heing unlikel> {0 serve a lwefu i Union, pointed oul that such a 

{ | alter Kenya, protested t* 1 ® Budset which Mr. Denis- their negotiators hecame clear p Urpose . percemaut? rise for lecimicinns 

i f fe^5uppdrt for Somalia Healey will present on April 11. over the week-end. r jj C constitution and terms and managers already on between 

jkjhnfft Ethiopia'. The Chancellor is leaning ^ meeting in Doncaster of of membership proposals de- £7.000 .ind £10.000 a } ear, meant 

m B m■ towards a more cautious a h D ut 100 shopfloor representa- liberately come at a delicate □ great deal more lhan it did 

nvi flixarters approach than seemed prooahle ^ thp industry’s national stage in Ihe industry’s pay for a manual worker on £u£» a 

a few weeks ago. Back Page unofficial stewards' committee negotiations. week. 

lr j4riari 15,000 forces! _ _~--- 

ffct»rters arc unoccupied, 9 CONSUMERS are adopting a 

i \ *> the latest official slightly more cautious view of ■ 

Cost of Soeke closure mav be 

amilies cannot afford according to the latest FT survey ' ”X LJ|JVIAV VIVijUA V 

t was claimed. of consumer confidence. Page 2$ 

& in Leyland’s 1977 accounts 

e d top floor^d^S fundf^llo^^bJ-^over*E?ta. 

form, in PaH Mall, hlgher ^ 1 year a8 °’ Page 4 By’TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 
9 ALFA ROMEO. Italy's State- 

? Rambert, founder of controlled car maker, is to build BRITISH LEYLAND may take other overseas businesses, has which has been steadily losing 

ompany which bears a new plant at Naples — pro- ^ of closing its Speke yet to take place. market share in the U.K., and 

c 9ft to-day. Tiding up to 1,400 new jobs — in Ti j VprnonT im 0 its Speke case. Mr. Michael coming under increasing pres- 

w a , dSpite the bekvy losses ot its “ ^e^ODl «no ip Edwirdes LeyJand’s new chair- sure overseas is believed to have 

iAlfa Sud operations in the area, scwwnts for last year. The marit j s f ace d with the additional made only about £15m. 

in??' C «f him. mtSi- The decision is part of a new elpsure is due within the next problem of having insisted to The Gar division made lev* 

. s labour contract agreed after few months. the trade unions that the com- than £jt»m., in spue of the more 

' , , cawM . nearly a year’s negotiations. jThi highly unusual move is P»ny did not make up its mind favnuranle transfer pricing 

^ rage 25 being considered as part of a ™ until February this agrce.m-nt with Luyland Inter- 

■ ^ . plan to deal wtih as many of - vt?ar - national 

u.4KX(U73S4. '9 JAPAN has obtained a con- LeviamTs financial problems as * £ .. Tht,s<? ro!i,lll5i come in a yt-ai 

ganda material was tract to build a SSOm. gas gather- p Doable in an exceptional items L,eSS tavOUraDle- in which most of the world's 

u*ea_pollce broke up ing and processing plant, m pm jgi on m thc 1977 accounts. ' Sn cannD , areuc rhat 1he moior companies were able to 
/iti a West Berlin bar, Bahrain. Page 3 p “ “ . _ . . _ an c >* nn . D ‘ ^ r e‘}f tnai ine d ec | arc . record profits. 

an a m u • ^ According to Ley land cxecu- financial provision falls logically 

Al > _L tives. -towos written off in this within thc 1977 year on the Dpfi.cA wrtrir 

^ CflU j^ range between £50ni. ground that the decision was I ' CIU3C WU,R 

wVfnMTCMTC rte TAJMiVie iceur ■ £100m- Beforc taking that taken then. Our Labour Staff adds: 

1 tN IDUF ■ lurilm-'D-. KJDU6- Into' account, Ley land’s trading Whatever the final decision on Ley land shop stewards on thc 

IIguLit-s .:...- 2" Arts page ... 1 ..11 profit Is expected to'be about the exceptional items, the rest of powerful stewards combined 

■y®5c news S . Leader page .1.—v- 1® th ^ accounts, due to be cora , m tiee will ask workers in 

PP^fL-generil .. 4 UJK. companies .-.24. _ published in March, will show the ^hc Midlands to refuse work 

tf!Li—labour .. » Jnteraatioaal companies 25 RestructDrin? H ecd r 0r ,. lhe ra,i,cal fe^ruclur- trunvfciTed from Liverpool if an 

lufli# 9 FurpiffB tvAMiPK ... 25. ® company s finances 3( ,.,,r,i ; ihi« fonniti.-, f nr rinsinn 


: LEADERS OK the Scottish 
National Party are likely to 
: decide to-day to support the third 
reading of the devolution Bill in 
thc Common? this week, thus 
making n highly probable that 
j it will pas*. 

| In the vote—on Wednesday 
i night—Ministers *-.ij he able lo 
count on Uie ngsi-L'nco of the 
Liberal Party and tin? loyalty or 
al; but a handful or Labour back¬ 
benchers, in spite of the fact that 
49 Labour MPs helped to defeat 
thc Government over amend¬ 
ments to thc Bill last week. 

If it survives thc third reading, 
the Bill will have come through 
toe must dangerous part of its 
passage. It will still face amend¬ 
ment in thc Lords, however. 

The Nationalists have been 
angt-rud hy the proviso inserted 
into the Bill against the Govern¬ 
ment’s wishes requiring 40 per 
cent, of the total Sc^tlivh elec¬ 
torate lo vole for devolution in 
the preposed referendum heforc 
a legislative assetnhly can be set 
up in Edinburgh. 

Senior Parly official-- and some 


of its MPs have claimed that this 
amounts to rigging the refer¬ 
endum in advance and there has 
been talk of the party washing 
its hands of the whole affair by 
attempting to vote down the BiJ} 
or abstaining. 

Parly leaders and MPs. bow- 
ever are expected to agree at a 
meel'ng in Glasgow to-day Ip 
continue support for the Bill, in 
spiic- ol its defects. 

The mast powerful arguments 
for this course arc that the 11 
Notionalist votes at Westminster 
might not be decisive in killing 
the Bill and that a general elec¬ 
tion would hot necessarily follow 
if the Government were defeated 
on Wednesday. 

Mr. James Callaghan has said 
that he will not treat the vote 
as an issue of confidence. Labour 
MPs will, however, be subject 
to a three-line whip. 

The Nationalists would 
welcome an election now. They 
foci thv Government would be 
vulnerable in Scotland, because 
of its failure to reduce 
unemployment. 

Editorial comment. Page 12 


Cost of Speke closure may be 
in Leyland’s 1977 accounts 


Instant buildings in 

/ / i v 


flat-pack'format 



INTENTS OF TO-DAVS ISSUE 


Bus .:..—. 2 

c news .5 

—general ... 4 

—labour . 5 


lit page 
page - 


Arts page .. “ 

Leader page ,1 . 12 

UJK. companies .-.24 

International companies ..,25 

Foreign Exchanges.25 

Mining Notebook .25 


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dilemma. 12 

neral election... 23 


28 Lw . 

A Lombard 


roges.25 ° ‘ n W °*. jnc company s unanreii a£ . t . t . p i^fij e formula for dosing 

aok . 25 Although - the- company has for which Mr. Edwardes is now TR7 sports rar produ^on al 

-adopted these accounting tech- pressing. Speke is not reached. 

etiDurve ninues before — notably when Losses were particularly heavy Aftcr a niee ij nE „« ii, e wec i.. 

FT SURVEYS ^ I975 ai:countjS were used for in the imenatlom.1 division. 

■ransport losses incurred in dosing, or P. ar !“ S2" r ’ "iSJ™ f “ 11 ^PPort Tor “any action" 

sirttms 13-22 . Part closing. 16c nnipws bus.- H S,7, e ,‘ B - umon lndara or Spoke workers 


Ffetght and Transport 

Systems 13-22 
Conference Centres.27-29 


}) Unit Trultl _. 
u WtaiMr 


« Men ud Hritun ... - 12 W*rld Cwn- luL 

U Parliament Dterjr * umUag Nauw 

U Share lnfarmatiaa ~ .32>35 . 

5 Sport » . ANNUAL- STATEMENTS 

S Ttnlay'i EwMs ..... » Uajril* Bank 

21 TV «MI itadift .... U Pflua»B* CScar'broU) 


^ losses will be incurred In the ^nThoJn^Ti . n i" taken 00 whether to call off the, 

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2 


Financial Times. Monday. Febrnaiy 20.1978 




<>\ IRS 1 AS MANS 



Rhodesia talks still facing 

overnment hurdle 



Debate call 
on Israeli 
links with 


Egyptian intervention ends ia 



BY TONY HAWKINS 


SALISBURY. Feb. 19. 


,-DELEGATES FROM 


the four have reached a consensus on lcrly (in terms of the white 


parties engaged in Rhodesia's what they would like to see— 
domestic settlement talks meet in and the Smith government on 
full plenary session to-morrow the other. 

-to try and resolve the final out- Qf disagree- 

standing major hurdle to an m " nt is Mr . Smith’s fear that 
agreement. That is—the struc- anv . ma j 0 rity rule executive 


electorate) elected legislature. 

But the Prime Minister is 
being told by at least some of bis 
advisers that what matters nnwj 
is winning black rather than 
while acceptance. His advisers 
that if the interim 


By L. Daniel 

JERUSALEM, Feb. 19- 
AN URGENT ” 
has been called 
minent member 
Labour Party 
tion. on Foreign Minister 
Dayan's statement in an inter¬ 
view in Zurich a week ago. 
that Israel was rendering 
limited military- aid to 


I ... . IARNACA,-Feb." 19. 

ALL THE hostages aboard a com- second major diplomatic inter- November. Bombings qgjgg*; I 

)mandeered Cyprus .Airways DC-S von tion recently made by Presi- in B s agamst Egypnan embasaes ^tgid major inmdeut^vo^.! 
plane escaped safely to-night dem Sadat. have so far,resulted Jn-little mg -Cyprus, . m. past six 

after a fierce gun battle between Only a week ago he detained damage. • • ^sTseDtember the Nicosia 

! Egyptiim coimnandus and Cypriot two Kenyan passenger planes at . That four Palestinians, incrad- rn Tl mnie ^ t permitted an 
security forces at Larnaca air- Cairo after an Egyptian plane fre two PLO■ officials, known to . d * 3 - ^-pLjeori nt !r 

._ stsatpjk " **2s*.a& sks ssrtofs--frU : srsg 

had hijacked : V - plane f«na 


.upemse Ere,electionsandpave |! ould d ;„,. e P r011s , } . Ermine bis W« *g*“* , 8 * n ,u .SS'whSfe- 1 It Jm'.UiI. ^Ulwnc..i_ »tlcb i ““ gSt*?— 15 E *n ,U "« Mak'.rios. 


the way for a one-man-one-vote 30 S j^ rin a - 
government late this year or ^he blacks 
early in 1979. 


that referendum- 
want a 


Way " paunej imru UIC v*iim:t» ■«. »' »■■ ---- 

plan wiiJ collapse. This is caused the Ethiopian Govern* 
The Blacks want a system believed to he a much more real: mem tn expel all Israelis 

whereby *o per cent of the dan2er than t hat nf rejection at! within 48 hours, M.K. (Men*: 

At last week's talks the strictly ministerial posts would be held th(f referendum hy whites. : her 

constitutional problems were by the nationalist; and only to QifncuU though the problems, stated on Israeli television 

.solved “in principle" i though per cent, by Mr. Smith's ruling of caching agreement nn ani last night. He said that no 
there is detailed drafting to be Rhodesia Front. interim administration may yet 

done) and the delegates reported jhev sa; also that parliament turn out to be. there is little 

also that they had reached agree- s j 10 u j ( j j,g recessed and the doubt here that there will be a 

meat in principle on a coun try governed by degree deal fairly soon. 

statement of intent about tbe pending the anal drafting of the $ Black leader the Rev. 

future composition of the cons titution f registration of Ndabaningi Sithole said in 

security forces. voters and determination nf London over the week-end he was 

This leaves the interim govern- coostituences. Only when all “quite optimistic" and that the 


U » A serious, because tives have been have Mg™, iUrawlLess Germany, when Nicosia- refused 1 

He said tbe Lvpnots immedi- JflSt and becausc j t has put at m _ a °y permlssioit for a ‘ West Gerraait. 

J:f at* oS* ri5k ^ 3 °od relations between of their political colour. commando team/ including 

action and kti.ed at ! .ast fiv. Nicosia and Cairo, which were ' One of the factors which may British men from tbe Special.Air 

commandos and wounded many f os * ered s0 carefully and sue- have encouraged the Egyptian service, which had landed jt 

cessfully by ihe late Archbishop Government. t to tty to intervene Larnaca' . to attack the plane 

who strove 


to keep at .Larnaca is that Cyprus has which.was subsequently stormed 

Cyprus out of the Arab-lsrael gained the reputation In extre- dramaticallyat Mogadishu 

The official said: “Tbe tarmac disputes. mist Arab circles as a soft observers believe it was the 

.. .. _ __ is ,ike a battlefield, but all the The murder in Nicosia of Mr. Government following the break- Mogadishu incident and the 

of Knesset) Yossi Sarid j hostages and the crew are safe.” yusef Sibai the prominent down of a secret agreement nego- anger felt in Egypt aftec'tha 
• Michael Tingay writes from Egyptian writer and former tiated by the late—Archbishop murder of .Mr. Sibai in Nicosia 
i Nicosia: Tbe Egyptian interven- Minister of Information, was the .Makarios with Israel ls and Pales- which led to President Sadat’s 
'tion in the Cyprus hijacking and most violent anti-Egyptian inei- tiuians to keep Cyprus out ot decision to-send in commandos 
; the fighting with Cypriot security dent since President Sadat's their disputes. • ■ • . . regardless of the attitude of {be 

I forces which it triggerred. is the -peace initiative with Israel last The Sibai incident and the Cyprus Government. 


Israeli nationals have remained 
In Ethiopia, hut some sources 
here claimed this morning 
that several commercial repre¬ 
sentatives had been allowed 
to stay on. 

Gen. Dayan's statement was, 
until last night. almost 
studiously ignored both by 


meat problem to be resolved and this has been done can the plan British Government would accept: < D ress and Israel 

politicians here say that this be put to tbe 100,090 white voters the constitutional agreement .. . wr white the fact 

_ I J__ « r~_ _ TW- Cm if H loet Worln^cHav hs’u'PPTl [ rall, 0 » na 1 *- V *“ ,e UM -- * . 


Begin is ‘crying for the moon’says Sadat 


could be done in time for a at a referendum. Mr. Smith reached last Wednesday between 
signing ceremony within the fears he could lose that referen- Rhndesdia’s Mr. Ian Smith and 
next fortnight or possibly within dum if he has already accepted moderate nationalist leaders in- 
a few days. The disagreement on a majority rule executive—with eluding himself, 
the interim government is many more black than white Mr. Sithoie is to have talks 
between all three nationalist ministers—and has agreed to with Mr. David Owen, tbe Foreign 
parties, on the one hand—wbo government without the popu- Secretary on Monday. 



BY MICHAEL HOLMAN 


LUSAKA, Feb. 19. 


T7-/?3 VISIT of Mr. Joaquim four-point declaration which in- over recognition of a predomi- 
Chissano Mozambique Forei-n eluded sunport for the “ positive nantly black administration in 
Tn’ -ter to Lusaka this weekend " of the Anglo-American Salisbury. 

.i.n. ier to Lusaka this ee . * settlement plan for Rhodesia. A third issue may be the in-: 
carrying a message tor President and 3 rca ffi raia tion of its com- creasing!}* important role of. 
Kaunda from President Machel. ciiunem to ihe guerilla-backed Zambia in the five-year war. l r p| 
ha-: led to speculation that the Patriotic Front led by Joshua io now the main guerilla offon- i 
fiv#* front-line states mav meet Nkomo and Robert Mugabe. sive has come from the Mozam-j 
soon to consider the imolications _ Although ihe Governments of hique bases of Robert Mugabe’s | 

. ... e ... ..._'__ Zambia and Mozambique have Zimbabwe African National 

.-f ihe Salisbury agreement be- conderaned tbe Salisbury agree- Union army, of whom some 3.000! 

tween Prime Minister lan Smith nient—and there is no sign that arc inside Rhodesia. I 

end three internally-based olack Qj e other front-line members However, only 500-600 guerilla? 

leaders. differ—the presidents may share nf Joshua Nkomo's Zimbabwe 

The five—Mozambique. Zambia, the concern of nationalist officials African Peoples Union are in- 
T<.n?ania. Botswana and Angola here over the wait-and-see atti- ?fde the country. Yet the Zapu 
—Urt met in the Mozambique rude of Britain and the U.S.. and army is estimated at 6 .C00 (with 
Iftvn of Be'ra shortly before the possibility of a split in the at least as many in training) 
Cb-.istmas Th* outcome was a Organisation of African Unity based in Angola and Zambia. 


that Israel has rendered 
limited assistance to Ethiopia 
in the past had been known, 
it was not given any publicity. 
This assistance, according to 
reports published abroad, in¬ 
cluded the training or Ethio¬ 
pian troops hy Israeli instruc¬ 
tors on Soviet tanks at their 
disposal. 

John Worrall adds from 
Nairobi: The Kenyan Govern¬ 
ment liiis week-end said it had 
not been informed that Iran 
was recalling its ambassador 
from Nairobi and closing its 
embassy. The announcement 
was made in Tehran on Satur¬ 
day hy the Iranian Foreign 
M ! nister. Mr. Abbas Ali 
Kha’afbari. 

Acting Kenyan Forcien 
Minister, Mr. James Osogo, 
said the Kenyan Government 
had not been informed of any¬ 
thing officially. 

A row erupted after Kenyan 
protests' on television about 
Iran’s involvement In the war 
in the Horn of Africa on the 
side of Somalia. “Iran is not 
an African country to. take 
part in African issues,’- it was 
said. 


BY ROGER MATTHEWS 


CAIRO. Feb. 19. 


[PRESIDENT SADAT of Egypt have been a much better nego- offer they are equally well a wane-of sabotage and fomenting 

said to-day that he could not tiabng partner than Mr. Begin, that Mr. Sadat's. initiative -has tion among students. A man-! 

understand how the United ft is becoming increasingly failed to alter the balance 'of her qf Communist leaflets are] 

States could support his peace clear that Egyptian officials power in the Middle East and said to have been found in thfeir 

efforts while at the same time believe that Mr. Begin is person- that the U.S. does-not intend to-possession. ... 
lavishing arms on Israel. ally responsible for tbe lack of match the Soviet Union’s-arms • Syrian. President Hafez Al¬ 

in an interview with the progress in the Middle East peace supply role during the: early Assad leaves to-day on a three¬ 
weekly " October” magazine Mr. talks, and they intend to con- l'970s. :- day visit to Moscow seen as part 

Sadat argued that Israel could tinue “courting the Israeli _ Another reported coup threat of efforts toinCTease i fehe : politicaI 
play with the idea of peace public.'' came In an .official- statement and military standing of the fivfr 

simply because of the enormous Mr. Sadat is reported to have from the military prosecutor yes- member Arab.“ resistance front" 

quantitv of military equipment recovered some of his optimism terday. He stated that 34 mem- forced last year.. .- 

that had been received from since his talks with President bers of a Communist organisa- Information- Miinster Ahnwd 

Washington. Carter. There is also satisfaction tion, whose arrest has been pre- Iskander, told Reuters to-dar the 

He once again dismissed the that Dr. David Owen, Britain's viously announced, were to: stand President’s'talks would focus on 
F-5E Gginers which President Foreign Secretary, is to visit rrfai on charges qf attempting to a strengthening of Syrian-Soviet 
Carter has agreed to sell to Israel. Lt_ is supposed in Carlo stage a coup. They, are accused relations add their “joint struggle 
Egypt as “tenth-rate planes." that ms trip is aimed at persuad- 0 f trying to change.tbe. system against impeiialirt: aims ih Arab 
He argued that Israel objected mg Israel to be more flexible on 0 f Government by preparing acta'territories-" •• tv' '. • 

to the sale of the F-5's because the issues of settlements in Sinai, __ • ■ ' j ■ ■ v " . 

it wished to monopolise links a homeland for the Pale- 
with the U.S. and feared that air- stinians. 

craft sales might be followed by Mr. Andrew Young. Washihg- 
the supply of equipment to Che ton’s Ambassador to the Untied 


W. German terrorism law 
threatened by the liberals 


Egyptian army. Nations, has nevertheless caused 

Mr. Menahem Begin, was some irritation here with his 
“ crying for the moon.” President weekend remarks that the U.S. 

Sadat said, if be thought he had ro provide Mr. Sadat with 

could have both territory and aircraft in order to forestall the 

peace Mr. Sadat thought that threat of a military coup. While *xrm*m=rriT,«Tvr^i< ' ' '• ' ' 

Mrs. Golda Meir. the former senior generals have undoubtedly AiVI I-TTIRKORISM. mea- the .second chamber .-grouping 

Israeli Prime Minister, would been pleased at Mr. Carter’s arms ®H r es passed by the Bundestag representatives of the provinciai 

with a majority of only one vote states,; to; prevent rejection there 


BY JONATHAN CARR 


BONN, Feb.-19. 




The figures show a useful increase over those for1976, 
but because of inflation are worth much the same in real 
terms. More came from international activities; less came 
from UK banking because of lower interest rates in the 
second half-year and iackof demand from industry for loans. 



Tax at home and abroad is slighdy higher than last year. 



This is the maximum permitted, but again no increase inreal terms. 



This goes to support world-wide operations and a balance sheet 

jwhich now totals £13,500 million. 





Peru loan 

negotiations 

contiiipe 


which will help that country 
repay principal and interest pay¬ 
ments falling due in 1978. 

These payments will amount to 
some S30Om. If all other forms 
of borrowing in foreign currency 
are included, debts to Western 
Governments, international insti¬ 
tutions and banks worth about 
51bn. will fall due for repayment 
this year. Some of this however 
is tbe kind of short-term trade 
finance which is automatically 
rolled over, but it is not known 
how much falls into this category. 

Figures published last year by 
the Bank for International 
Settlements in Basle showed that 
major International banks had 
claims worth 32.09bn. on Peru 
while unused credit commit¬ 
ments only amounted to S590m. 
Of the S2.99'nn M S1.22bn. was due 
to mature in 1977. 

The banks negotiating with 
Peru are considering a loan of 
at. least 8260m. for five years 
with the grace period likely to 
he two years. Drawdown periods 
would be closely tied to that of 
the loan- which the IMF is 
currently negotiating with the 
country. The spread the 
borrower will pay “ is not ex¬ 
pected to reflect the state of 
Peru’s finances," one banker 
said. Essentially the banks will 
be trying to help Peru avoid a 
default on its debt which would 
have far-reaching repercussions. 


Mrs. Bhutto 
re-arrested 


By Simon Henderson 

ISLAMABAD, Feb. 19. 
THE wife of Pakistan's detained 
former prime minister, Mr. Zulfi- 
kar Ali Bhutto, was put under 
house arrest to-day for the fourth 
time since the military ruler. 
General Zia ul Haq. took over 
last July. Mrs. N us rat Bhutto, 
who - is leading the Pakistan 
People's Party during her hus¬ 
band's trial on a murder charge, 
has to stay in her Lahore home 
until Tuesday night. Previous 
house arrests have prevented 
her leading demonstrations 'in 
protest against. Mr. Bhutto’s de¬ 
tention. Mindful-of a riot that 


authorities military government’s 
action enabled the India/Paki¬ 
stan hockey international to pass 
off in the city without iocident 
this afternoon. A large crowd 
including General Zia watched 
India win 2—1, 


China’s Parliament 

PEKING. Feb. 19. 


may not become law in their of the'measures. - It has sue! 
present form — and will con- leverage-because ini two statei 
tinue to be a source of-friction it is 1 in coalition with it* 
between the West German' opponents, at national. leveL th* 
government coalition partners.- CDU. 

This became clear following But to-day. Herr Genscher saic 
an interview given to-day by -he could not prejudge the atti 
Herr Hans Dietrich Genscher,-tude of these States, addinf 
leader of the Liberal Free Demo- sharply that.lt was not up to the 
crafs (FDPJ, junior-partner, in FDP to juse- its provincial coaii 
the coalition. He was'noticeably tions with the CDU to correct 
cautious about the FDP’s atti- the internal problems of tbe 
tude during the .rest of the SPD ' 

le £, is L at T£ P\ocess ...through ^ statement is one of tb< 
?.!?_*• “WWPB-W dearest^exaSles yet o£: f, 


By Franer * uU 

NEGOTlA“ t 5 ini .?5H. 
gross hetV 2-0 

national t* .... _ _._ 

authoriq^ib ' - greater coolness Between tin 

a. sizAe 

partn^were Ubwsls *hen Chancellor Hclirm 

decided to vote against them. ^oi^V .replaarig only SPL 
The" conservative' CDU-CSU Mimstel* . . " ; “ 

opposition '• voted en masse -, Tbe anti-terrorism measure: 
against -ihe, measures, saying^seera bound to go to the.all-part! 
they werff too weak. . -. Parliamentary arbitration com 

The FDP could now try to use mittee ..where the CDU will seek 
Its influence In the Bundesr&t, to strengthen them. /. - 


Italian Communists call 
truce for all-party talks 


BY DOMINICK J. COYLE 


ROME. Feb. 19. 


ITALY’S Communist Party today to aspects tjf his outline economk 
temporarily set aside rts political progEgnimei/ . 
demands, as tbe country’s six: But the nub of tbe crisis, wbicl 
parties try to reach -a compro- has. left. Italy without a Govern 
mise agreement on the terms of ; menf for just over one moqth 
an emergency economic-pro-'remains- political.The Com 
gramme. ] mimists. whn ar first demandec 

The PCI is not dropping its. -seats So ■ the next 'Cabinet now 
demands—for a dear - and on- insist' that their support for * 
ambiguous place-In the next aew adihimstratlon will depeoi 
governing;: . majority-rrbut . the^pa. -.the Christian Democrats 
party signalled over-the- week- accepting the PCI foir. the-firsl 
end that- it.-was agreeable to a Uiae in 30 years as pdrt of a Par : 
“pause", in the political dl 3 '-tiamentary majority sustain in g s 
logde on the precise-shape of the new minority DC Government 1 
next ItaEan 7 Government, - to . i- wKit , ^ . 

allow- Sig. Giulio Andreotti. the Christian Democrats, whe 

Christian Democrat (DC) Prime traditionally have rampaiguec 
Ministei>designate. to- try to ® n ® .strong anti-Communlsi 
win all-party agreement on an-ticket, are reluctant to concent 
economic plan. - such enhanced political status tc 

Sig. Andreotti will resume in **» Ppl.' in part, because ovei 
the morning hi 5 talks with ex- onerflurd..Of; the. Party’s back- 
perts of the main opposition benchers ''■■have warned Sig 
parties, including the Com- Andreotti that they will rejecl 
munists. The negotiations will such a,proposal. . 
tackle the mounting public see 1 Following ;a fresh round o< 
tor deflat, moves to avoid a talks • with ■ party experts tins 
number of pending referenda week, Sig; Andreotti is expected 
(including -one on the sensitive- to call another collegial meetios 
question of abortion>y steps to - of -party readers and it is alsc 
combat rising unemployment, likely, that the DC Parliamentsrs 
and measures to improve the. Partyif- not,’ - -indeed, the 
maintenance of law and OTder.‘‘ Party’s national executive—will 
The Prime Ministerd^sigTtate .be.: .summoned - * into special 
is also expected to -'meet : Wills' session lb determine finally what 
trade union readers Is ter this if-; any, com promise is to be 
weak, to discus* their oppo 3 ition ( agreed with the .Commurusts. 


Very iow poll in Suweio 


BY QUENTIN PEEL 


JOHANNESBURG, Feb. 19. 


?»««.- influential 


ONLY 492 voters went to. the to boycott the elections. They 
polls in Soweto tbis week-end to were supported by Chief Gatbsha 
elect a. Community Council 7- Butheleii,' the- influential Zulu 
the 'body proposed: by the Gov-. leader*, who forbade- -any-of- his 
eminent.as a municipal authority foUdweVx train standing-as* can- 
for the lm. -plus black township didstes. - 7 .' 
complex. The voters .re presented -Dr. Connie Mulder, the minis- 
just 6 pto ■cent-; the ellglbTtf ter . j^orisible foif-.'blafk' affairs 
electors in -.two Soweto^wards, (as. Minister.of:Phiha} Relations 
where there was a contest- while :'and. DevelopmentL has announ- 
another nine candidates were ced that.he plans- rto .. call 
elected : unopposed. There were by-elections in ’the Vapght' seats, 
no: candidates in 19 of the739 m spite -oi 1 the- apparent Iack of 
wards. . inter^L :$oweto has 126.700 

The stay-away follows calls by registered votsrs-oiit of an esti- 


CHIXA'S parliament will meet ] several radical black .movements, mated ^;0G lelfitibie to vote, 
on February '46. the New China I including the Soweto'Committee 

i c /r. i 3 .r ,c - v {NCNA; annouu-; of Ten. yfarte mem bers. are. an '«»• 


National 


ui detention, and the 


^ -puWMJwt* e “*SLS?S; 

Snwetd tfie^na hblWiir* l*.S. *ofajcrfjjtioti SXKUW 

r .. . Peoples 1 Action Committee, its su.:ccssor.:;&!^ 

Congress, the countrys rubber .-..-v.--.- .. r .-. : _r AV .•%. t / 


ced to-day. 
The fifth 


stamp parliament will pui 
official seal of approval on the 
rhanges that hav*. taken place 
in the country since tbe ‘death 
of Mao Tse Tung in September 
197« and the battle against the 
extremist influence that s till 
continues. 

The session is also expected 
fr> siv» the clearest insight ret 
Into the country's preseat power 
structure. 



RoofiTiantei}atacyemef^.^re^p^ 

- Robseaf.can fix itfest anrf.gu’arant^- : 
ft for _ 

. Pobseaf Ltd. £«coudAve,£aiieviSea^a^ 1^0734 ffi&Z .- 
Bedfora .(SanoylF)- ■' - i-v'-' *•" - 




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FfeaBCisT Times' Mooday F^&ntarv 20 1978 





m • 

*ti y 


, r . 1 

*-* » 0 


Japanese win $ 80 m. order 
or Bahrain gas project 


ARGENTINA 


protest over Crisis days for motor industry switches to 


BY ROtiSRT UNDUE? M MJBNOfi ARS 


' DOfMA THOMAS 

AIN'S gas gathering and 
>ing facility involving an 
aent-of more than SSOnw 
! constructed by the Japan 
»mpaoy. This is the first 
industrial contract Tor the 
se in Bahrain and is the 
?’s first sizeable industrial 
3 since its participation in 
lumin'ium smelter* the 
■ful Aluminium Bahrain 
ny,. in 1968. 

gas gathering project, 
will collect the associated 
mi Bahrain's, onshore oil 
and produce propane, 
and naphtha for export, 
* first major project 
e 18-monthroJd Bahrain 
u Oil Company fBanocoi. 
is the youngest Slate oil 
ry in the Gulf though 
i ranks as one of the 
"oil producers. At present 
■socfated gas is either 
■ >r vented at an estimated 
around 100 m.- 110 m. cubic 
day. 

'bsidiary company is to 
up by Banoco to manage 


the project. The proposed capital 
of the new company is S20m. 
with minority stakes of 12.5 per 
cent, each being ' held, by the 
Arab Petroleum * Investment 
Corporation and Caltex, whose 
subsidiary, the Bahrain Petro¬ 
leum Company, manages the 
island's oil fields. Apicorp is the 
8300m. capital organisation or 
Arab Petroleum . Exporting 
Countries investment -company 
which lends at commercial rates. 

The Japanese bid is understood 
to have been in the region of 
$70m., and the total project in¬ 
cluding (and reclamation and 
other construction work- is ex¬ 
pected to cost around-$90ra. The 
financing of the new company 
has not yet beeo completed but 
it is known that many of the* 37 
active banks in the $15.7hn. 
Bahrain offshore market are in¬ 
terested in managing the finan¬ 
cing. Construction is expected 
to start in the autumn and the 
plant to. come on stream in 19SQ. 

This gas gathering and process- 


. BAHRAIN'. Feb 19. 

ing facility is.seen as a move by 
Bahrain to conserve its hydro¬ 
carbon resources as well as a 
further step towards diversifying , 
its sources of foreign exchange: 
income. Although no news or 
possible purchasers of the gas 
products have been announced 
the project is considered highly 
viable and likely to repay its 
initial borrowings within five, 
years. 

Bahrain's oil fields, which pro¬ 
duce around 65.000 barrels a day, 
are estimated to have a further 
life of about 110 years which 
means Bahrain will be the first 
Gulf oil exporter to exhaust its 
known reserves. But Lhe island's 
natural gas reserve.*- - have been 
placed in the 6,000-10.000bn. 
cubic feet league. 

In the 1978 budget Bahrain's 
own oil. together with revenues 
from the offshore field of Abu 
Saafa. which is shared with 
Saudi Arabia, is expected to pro¬ 
vide an income of $404.5m. nut 
of total estimated revenues of 
8700m. 


K. machine tool success in U.S. 


CENNETH GOODING, INDUSTRIAL CORRESPONDENT 


: -S- remained the British 
e tool industry's best 
market in 1977. according 
analysis of the official 
tatistics b.v the Machine 
rades Association. 
Germany continued to be 
p provider of imported 
? tools. 

U.K. industry exported 
of new and used 
; tools to the American 
last year and was there- 
Te to return to a balance- 
! surplus with the U.S. 
; from the U.S. totalled 
compared with 1976 when 
ached £23.7m. and exports 
&lm. 

interesting factor to be 
by the statistics is the 
oc newer machine-tool 
during countries are im- 
tbeir performances. For 
Spain last year 
ed a significant trade 
with the U.K. Exports 
n were down from £S.4ra. 
to £2.8m. while imports 
cm £3.7iu. to £5.1m. 
MTTA warns that the 
-s can often be distorted 
i things as the existence 
ogle order for a partieu- 
pensive machine or. some- 
ty political pressures, 
in st a background of 


TRACTS 

Cbem has been awarded 
act by Jugovioil for the 
and supply of equipment 
?VC plant to be bum at 
Sucurac, Yugoslavia. 133e 
n stalled cost including 
•v components will be 
40m. Export credit for the 
t has been arranged by 
1 Bank supported by the 
Credits Guarantee Depart- 

lyssen Henschel has 
i a DM.SOm. order for 29 
locomotives from the 


general recession in the world's 
leading industrialised - nations. 
1977 results are considered 
reasonable. However .the indus¬ 
try' is by no means self-satisfied 
and has set itself an export-to- 
production ratio of 60 per cent, 
by 1980. M a spokesman added. 

As previously reported,-export-; 
of U.K. machine tools ini 1977 
reached £184.9m. (£176.7m. in 
19761 while imports totalled 
£114.4m. (£l42.4m.). This gave a 


favourable trade balance or: 
£4Q.5m. against £34.3m. and took ! 
the industry's ten-year positive j 
Cfintrihution to just under' 
£400m. 

Among the newer export terrr-, 
tories last year were Iran • 
i£9.5m.l in fifth place and I 
Turkey (£5.9m.l in sixth place.! 
While exports to Japan remained : 
negligible, imports, loo. showed 
only a minor increase, up' 
£400.000 to £6.5m. ! 


Fake ‘Sheffield’ cutlery 


BY LYNTON McLAfN, INDUSTRIAL STAFF 


BRITISH CUTLERY makers are 
importing cheap, foreign goods-, 
stamping them " Sheffield ” and 
selling them against genuine 
British products, Mr.'John Price, 
chairman of the Cutlery Federa¬ 
tion said yesterday. 

He plans to ask Mr. Roy 
Hatters ley, the prices and con¬ 
sumer protection secretary to 
amend the law to protect the 
public and the .Sheffield 
industry. 

“A11 you need to get' round 
the law as it stands is a plating 
plant in Sheffield.” he. said. 
•' British manufacturers can buy 


Egyptian railway authorities, ten 
of which should be delivered by 
the end of this year.' 

• BTR's American subsidiary. 
Permalt, has won a S4.25m. con¬ 
tract to supply wind-tunnel fan 
hlades to the National Aero¬ 
nautics and Space Administration. 

• Societe Azote et Produits 
Chimiques, a subsidiary of CDF 
Cblnrie, has been awarded a 
Frs.23m. contrast to build a 
plant in South Africa for the 
production of purified sodium 
phosphates, -scheduled to bej 
operative in.4980. ' 


Indicators 


INDUSTRIAL PRODUCTION-1*70= 


rmany 

Kingdom 


Dec *77 

Nov. 77 

Oct -77 

Dec 76 

% change 
on year 

113GZ 

1245 

12B.1 ' 

1293 

-12.7 

129 JO 

125 JO 

' 126-0 

131.0 

- 13. 

1153 

- 124.9 

120-5 

109.9 

4- 4.9 

102.1 

. 1013 

1013 

1033 

- 1.0 

123.0 

127.0 

12X0 

125 J) 

- 1.6 

133.2 

1333 

1323 

126.7 

+ 5.1 

Oct. *77 

Sept-77 

Aug. 77 

Oct 76 

- 5.0 

118-0 

1183 

10B.7 

124.2 

Sept. 77 

Aug. 77 

July 77 

Sepc 76 

1302 

1293 

12S.0 

126.7 

-*• 2.7 


Dfls. 50,000,000.— 

6V£% Guaranteed Bearer Notes 1972 
due 1976 /1979 
of 

ELECTRICITY SUPPLY 
COMMISSION . 

Johannesburg 

REPUBLIC OF SOUTH AFRICA 

Third annual redemption instalment 
(Redemption Group No. 1 and No. 4 
fell due on A pril 1.1976 and 
April l. 1977 resp.) 


As provided.in the Terms and Conditions 
Redemption Group No. 3, amounting to 
Dfls. 12,500.000.—, has been drawn for 
redemption on April 1. 1978 and 
consequently the Note which bears number 3. 
and all Notes bearing a number which is 4 or 
a multiple of 4 plus 3, are payable as from 




April 1, 197* 


AJgemeae Bank Nederland N.V. 
(Central Paying Agent) 
Amsterdam-Rotterdam Bank N.Y. 

Bank Mees & Hope NV 
Pierson, He Wring & Pierson N.V. 
in Amsterdam: 

Kredietbanfc S.A. Luxembonrgeoise 

in Luxembourg: 

Credit Commerdal de France 

in Paris; 

Aigemene Bank Nederland (Geneve) S.A. 

. in-Geneva; 

Algemene Bank Nederland in de: Schweiz AG 

in Zurich. _ 

February . 


I 

this cheap outlery. plate it and 
stamp it “ silver plate.; 
Sheffield'." Mr. Price wants io; 
see the Trade Descriptions Aci 
slren^hened to stop the current, 
practice. 

He claimed that Sheffield may. 
now be producing as little as 5 ; 
per cent, of lhe cutlery sold in, 
Britain, as a direct result of ; 
the cheap imports. 

In Che decade to 1976 the pro¬ 
portion of imports more chan 
doubled to 77.5 per cent, by 
value. In volume terms the 
number of imports almost 
trebled to SS percent, in 1976. 

/Chin.?* shows 
interest in 
/Indian pact 

By K. K- Sharma 

NEW DELHI, Feb. 19. 
CHINA WOULD like to conclude 
a long-term Yrade agreement with 
India, the Chinese trade delega¬ 
tion now here on a two-iweek 
visit has indicated. The matter is 
expected to be ’taken up at diplo¬ 
matic level after the delegation 
reports back to 'Pekin®. 

Ia discussions the team has 
indicated that China would trade 
on a balanced basis and that an 
agreement would heJfl) in achiev¬ 
ing this. However, the Chinese 
have said they have no objection 
to settling deals in convertible 
currency. 

The most promising area of 
collaboration is steel and iron 
ore and the Chinese have told 
India of their plans to increase 
imports of steel plant machinery 
. and iron ore to quickly laisc steel 
capacity in their country. They 
said that Indian ore is belter 
suited to their needs than thal 
imported from Australis. 

A delegation of Indian busi¬ 
nessmen is to visit.China in April 
to follow up contacts made while 
the Chinese delegation has been 
here. This is also expected to 
improve political relations al¬ 
though this process is expected to 
be slow. 

Pakistan to 
import, buses 

KARACHI, Feb. 19. 
PAKISTAN WILL import 400 
buses to meet an acute transport 
problem in Karachi, General 
Zia-ul Haq, chief martial law 
administrator, said that 200 buses 
would he imported from Britain 
and 100 each from Iran and 
Turkey. 

A British expert from London 
Transport would be asked to 
study the traffic problems and 
recommend ways to solve them, 
he added. 

General Zia said he told British 
Prime Minister Janies Callaghan 
when he visited- Islamabad, last 
month, that Pakistan would Pre¬ 
fer buses, rather than cash from 
Britain. 

Reuter 


PARIS. Feb. 19 

THE FRENCH Bolt and Screw 
Manufacturers' A.ssociaiion have 
protested against low-priced 
imports which have resulted in 
French sales- of domestically- 
produced products falling by 20 
per cent, in the last four years. 

The Association's president 
Henri Lurrain pointed out that 
while national production of 
bolts and screws totalled 160.000 
tons in 1977 tjjr Frs.l.2bn. in 
value terms', this only accounted 
for 70 per cent, of French sales 
of 200.000 lent. . 

. importers are gel Ling 30 per 
cent, of the French market by 
selling their products between 
50-75 per cent, below those of 
French manufacturers, be re¬ 
marked. 

The industry, which is suffer¬ 
ing front cash-flow problems, has 
turned to the French authorities 
"not in obtain subsidies, but in 
urge them to halt the entry into 
France of any product at any 
price.” hr said. 

M. Lor rain noted that the recent 
increase of steel prices by 
between 3-17 per cent, tviil widen 
the price gap between French 
bolls and screws and those 
from abroad. 

The biggest exporter to Fi ance 
is Italy, followed by Wesi Ger¬ 
many. which together account for 
two-thirds of French imports of 
boils and screws. France also 
imports from Japan. Taiwan and 
East European countries. 

AP-DJ 

Swiss deficit 

By John Wicks 

ZURICH. Feb 19. 
THE SWISS Foreign Trade 
balance showed a deficit of 
Sw.Fr.2I6.4m. for January 
after surpluses for the two pre¬ 
vious mouth*.. But foreign-trade 
figures are not fully comparable 
with those for 1977. ^ince indus¬ 
trial gold movements have at the 
start "of this year heen taken out 
of the statistics, while certain 
alternations have been made lo 
chemical trade figures lo put 
them in line with international 
standards. The absolute Lotals 
were higher by 5.6 per cent, for 
exports than those recorded for 
January, 1977 and by 7.S per cent, 
for imports. 


THE ARGENTINE tnAWir indus¬ 
try. which ctiuriHuies more than 
1 10 per cent, of the country's 
! gross industrial product, is in the 
[deepest crisis of ns 18-year 
, history. 

1 Deliveries of finished units to 
! dealers declined 27 per cent, in 
j November and 39 per cent, in 
! December, when uoly 9,000 units 
■were sold. In the -same month, 
i only 633 traciors were sold, a 
i record monthly low. It is 
j estimated that stocks totalling 
'about 30.006 unsold units are 
piled up. plus what are in the 
: hands of the dealers—30.000 
i units is the equivalent of about 
'six weeks of normal production. 

The 11 plants which make up 
'the Argentine motor industry 
i employ 592.000 people, all but 
156,000 of them employed by 
! suppliers. But the manufac- 
' turers have iieco forced to intro- 
iduce rationalisatiun measures: 
reduced wages and prolonging 
[and antici mi ling holidays. if 
i there is no unforeseen increase 
jin sales the next stage will be 
ja shorter working week and, 

! eventually, dismissals. 

; “The automotive industry 
' here.” Sr Ftayinundo Podesta, 
Secretary of industrial Develop- 
j inont, commented the other day. 
•“always bring.- problems, never 
! solutions.” The Car Dealers 
1 Association. ACARA. puts it in 
i another wa>: “We've never had 
■an automotive policy in this 
I country, and it's time we did have 
I one.” 

If there has been a policy at 
all it has been one of protecting 
the Argentine industry from 
foreign competition Recently a 
high functionary in ibe palace 
\of the Treasury noted the circum¬ 
stance that all the motor vehicle 
! companies manufacturing here 
• are part oi bis multinational 
'companies "which did not get 
to occupy the positions which 
'they occupy in the world market 
I by means of official benefits." 
| “"Here.” the official continued. 
j“they have been operating for 
1 18 years in a protected market, 
sheltered b:- special rules and 
benefits of different kinds, and 
they have not been able to come 
iup with a product that can be 
isold on the world market for 
reasons or both price and 
quality. This is the case even 
though they have at their dis¬ 
posal the cheapest skilled labour 


force in the world. They don't 
even really compete amongst 
themselves, because all they do 
is divide up tranquilly—io some 
rases even by zones—a sure mar¬ 
ket. Now it turns out that they 
can't sell, so they cry out to high 
heaven and keep increasing their 
prices,” he added. 

But at last the Government 
appears to have decided io act. A 
commiuee appointed by the 
Economy Ministry has devised a 
project calculated to lower costs 
and stimulate competition. The 
committee proposes a reduction 
of the quotas of local industry 
components in motor vehicles, 
which are now fixed at 96 per 
cent, for cars. 93 per cent, for 
pick-ups and 90 per cent, for 
trucks. Also proposed is the 
elimination of the edict which 
prohibits manufacturers From 
importing parts which are identi¬ 
cal to those already produced in 

Argentina. 

The worst news for Lhe 
country's motor vehicle manufac¬ 
turers.’ however, is the commit¬ 
tee's recommendation that im¬ 
portation of finished units be 
permitted now on the payment 
of a 95 per cent, tariff. The 
Committee's proposal for the 
tariff on imported engines is 
70 per cent, and on parts 65 
per cent. It is believed that the 
only differences within the team 
of " Economy Minister Jose 
Alfredo Martinez dc Hoz about 
the Committees recommenda¬ 
tions are on whether they should 
he applied immediately or 
gradually. 

Out of every 155 pesos which 
a buyer pays for a new car in 
Argentina 30 go to the manufac¬ 
turer of the finished product. 70 
to the suppliers, between 15 and 
21 to the dealers. The rest goes 
in taxes—VAT. the highway. 


steel, municipal and merchant 
marine funds, and ihe luxury tax. 
The Manufacturers Association 
claims that “ only a gradual pro¬ 
cess. which necessarily must 
begin with Lhe slate," can bring 
dawn the costs of supplies and 
raw materials which would 
permit the industry itself to 
attain a greater efficiency, result¬ 
ing in the production of vehicles 
at prices more in tine with inter¬ 
national prices." The co-ordinat¬ 
ing Council of the Auto-parts 
Industry is decidedly opposed to 
the recommendations of the 
Committee ” and to anything else 
which is no more ihan a pretence 
at increasing efficiency.’’ The 
Council maintains that, warts and 
all, the Argentine motor industry 
is the “most dynamic” of the 
country's manufacturing activi¬ 
ties. 

Notwithstanding the 10 per 
cent, which the motor industry 
here contributes to the gross in¬ 
dustrial product, it is not a 
growth industry and has not been 
one for more than a decade. In 
1976. the industry produced 0.5 
per cent, fewer units than it did 
in 1965. while in the same period 
of time the Brazilian motor in¬ 
dustry grew 432 per cent, and 
Mexico's by 234 per cent. 

The Buenos Aires daily La 
Nacion. commeming on tbe sad 
state of the car industry in 
Argentina said that it had been 
possible for the industry to hold 
its own for so lung under these 
conditions thanks to inflation 
“because inflation paid hair the 
price of the car. Inflation im¬ 
peded the practice of saving, and 
the only way for one to safe¬ 
guard a modest surplus in in¬ 
come was to go into debt by buy. 
ing on credit." the newspaper 
said. 


Pre-shipment finance 


FINANCIAL TIMES REPORTER 

THE LONDON Chamber of Com¬ 
merce and Industry is organising 
a seminar on pre-shipment 
finance on Wednesday, March 22. 
aimed at helping small and 
medium-sized companies. Accord¬ 
ing to the Chamber, problems 
connected with pre-shipment 
finance are one of the greatest 
worries for smaller companies 
going into the export field. 

The seminar is to be chaired 


by Mr. John Boisseau of Tennant 
Guaranty who is Chairman of 
the British Export Houses Asso-' 
nation's export finance houses 
committee and the speakers will 
include Mr. R. Froomc. croup 
adviser to Barclay's Bank Inter¬ 
national. Mr. M. A. Maherly. 
marketing director of Credit 
Factoring and Mr. T. K. 
Bridgnan. a director of the 
Credit Insurance Association. 


i By John Lloyd 

! THE GOVERNMENT of &a 
:United Arab Emirates is to put 
out a contract r °r a number jaf 
, eleci ronic, rrunputer-controHed 
; telephone exchanges to ioter- 
‘ national tender. 

The decision was taken at:*, 
i Board meeting of Emir tel, 

) ibe UAE telecommunications 

;authority, Iasi week. The Board 
j approved a budget for J97S jof 
lover £lrt0m. (740m. dirhamsj; 

| At preseut, Emirtel relies 
largely on semi-electrome 
iPentex exclungos. supplied by 
;Plessey However, the authority 
> has recently taken delivery- of 
i two small fully electronic 
;exchange.* from NEC n f Japan 
at what was described as “ highly 
, competitive " prices. 

i Emirlel's general manager, Mr. 
: Geoffrey Downer, said over the 
week-end that lhe authority had 
decided to install the most 
modern equipment presently 
! available on the world markers. 
: Thi .5 means going over to the 

• stored programme control ex¬ 
changes iSPCi. which no U.K. 
company mjnuf.iel ures at 

. present. 

Emirtel plans to increase its 
pit*Sent 52.000 lines to 124.000 
: linos hv the end oi this year. By 
! J9S1. it plans to have a capacity 
. of 3UO.OOO lines. 

Mr. Downer said that the com¬ 
pany was looking for “proven 
, SPC exchange equipment.* 
•which would bring Emitters net- 
; work up in the highest inter- 
. national standards bv the early 
lfiSOs. 

| He •.-unturned ihat the exten¬ 
sion of the system would b* 
kept under Emirtel control, and 
that contracts would be awarded 
for the various parts of the net¬ 
work bit bv bit. 

The deci'ion to move beyond 
the U.K.-made Pea lex equipment 
I—which is a modified version of 
•the TXE4 exchanges manufac¬ 
tured for lhe Prist Office—high- 
1 lights the present weakness nr 

• the British telecommunications 
;suppliers in the richest markets 
; nf the developing world. System 
1 X. il»o SP(' exchange cnrrenjly 
.being developed by the Post 

Office and b; Ple^cy. GEC and 
: STG. will noi he available fnr 
! export until ihe early 1980s on 
the most optimistic forecasts. 




t-GYc - * , ; V- . 


b'S-'V' 1 'Z' r 



, 4 . 

ITtl 


Honda in 
Yugoslavia 


TOKYO. Feb. 19. 
HONDA MOTOR said ;L is con¬ 
sidering a plan to establish a joint 
venture in Yugoslavia to produce 
ipetrol engines fur use in machines 
Other than vehicles. 

Honda said lhe plan was first 
proposed by Yugoslavia's Meial- 
Ska Induslrija Standard two jet.rs 
ago, but refused further details. 

The Yugoslav company has 
6een 'assembling small engines 
’from parts supphed by Honda 
since 1975. It ha* assembled 500 
engines for general use, 9.500 fur 
agricultural machines and 1.400 
engines for small generators in 
the first half nf calendar 19><, 
-Honda, added. Reuter, 


When you've got a store in almost 
every High Street in the country distribution is 
ineviiably an expensive business. 

And thats why \Afoolworth have 
contracted an exclusive distribution fleet to 
deliver from their manufacturers and regional 
warehouses to every store every fortnight. 

Our Contract Service is the most 
economical way to handle distribution 
because there's no need for a costly in-house 
transport department. 

At National Carriers, we can supply the 
right number of trucks at the right time, so 


there’s no payingforthe upkeep of trucks It doesn't matter if your transport 

that may languish in the depot at slack times problems aren’t as big as Woofworth's. We’ll 
-of the year still give you big value. 

We can plan out the most efficient — 

routes, and help out with problems like ware* figj 

housing and security “ ____L 

And we can run our trucks in any £§&( 

livery as we do for Woofworth. So not only do # \ 

the goods arrive on time, but they’re actually . . . 

seen to arrive^ (I j 

National Carriers Contract Services, call Brian „. 



NHHONH. CARRIERS KNOW HCM - 


3, 

r. 


•> 




















Fin&pcial Tim^s 




State 


Hopes rise of drop 




BY OUR INDUSTRIAL STAFF 


j BY PETER RIDDELL ECONOMICS CORRESPONDENT. 

iHOPF.S THAT thci unemployment which i* equivalent to P per: 
! figures for mid-Februarv puu- eenL of the workforce. This whs 
llished to-morrow will snow a 90J200 higher than a year earlier, 
stabilisation and possibly a Moreover, the number of; 
of argument' about why tie onn- in 5 on July SUhis year - Other-! decline in the total have in- notified vacanciesi has b«n rlflng. 

a tract clauses are unworkable wise contractors are in effect:creased after the 2 h»Vh*»st livel- 

it meets civil servants being asked tn give- a blank,optimism of Mr. Denis Healey- month was at its highest evel 


THE CONFEDERATION' 

British Industry has set up 

P=«l- .«» prep?« » Antin'; thi7'w%ci‘:" 5r " i " m TVaS—-?*":dbanceUoroftheEackeguer.lad -nen March. 1975. 

jJUjJ}!* 1 There are 11 members under There should be the right of;week. Significant 

nifents plan u >*n force ,<i. 1 in I. >u ^ „h.iirm.m«hin nf c.r T/uhn a urn'sl m an uuiside agent: In a speech on Friday. Mr. olgnincani 

suggested that " d could The other main 


National 
Savings 
bring in 
£194.7m. 


PAUL 

on the odd ownership problems 
surroundingHemerdonMining 

Attempt to unearth 
the grubstakers 


By Adrienne Glccson 


FORTY BROWN shopping Tja^/by the Comiimsitm, Which'has- 
stuffed with documents, seized Power of' seizure but. not of 

_ ocoaomic STABLE . inwrasl rates offered!by Ibe Ontario Securities 'Om- 

-- indication this week is the pro- by National Savings when;.mission, could provide the tie job," the •Commission said. 

. He saw there visional estimates for capital retums elsewhere w;ere nuetuat- clues for deci&ng who owns the indicating that the work would 

> indk-auons that unemploy- spending and stocks m the fourth f? ri t“' B “ ,n ‘'^“^^.Companv working, on what coutd take months rather than weeks: . 

, l W bicb,ha S been dre.in.nj 7^—the Tr^ee : become'the biggeut. U.K. ufeul -There; are Sm. Hep.ee** 

sl111 manufacturing- expenditure ra j - The «impaay is Hemerclon vhije dte- re«' are held in -w 

.- - - - . g | - . . the first nine months of last year.; ^ Department For National! Mining and Smelting, which is by. a Bermuda bank. Only when 

- - demnify a major company valving a significant number nf. The Jhanuellor phi* ^ compared with the same period g aV j n2s amounted to £9.74bn. ai i registered tn 1 Bermuda, 'hiit ^wternhip is" settled and a dis- 

nent Secretary. a g ;i ; n? t' problems it might cause, employe*'* directly employed on.lhe increased uncertainty a ■ • of 197ft. has been sustained ; 0 f month — more I backed laraelv by Canadian and trihution has taken..place will 

ie pay guiriel.nc• an( j frjj mam coruractor in ihe contract in question. relation, ip between - The stock figures are sie- £2hn higher than the total US nionev. Its 'minin' 7 ■ pros- the company be-able to go ahead 

, .. a1 !-’ '" <?n ' U,tal ' l - C t;, k^ iv*p*<n>;hiiity far H> sub- Moreover. conirauloi^ siouUijeiiip o>men an .. " l i l p ul . , mfii.-ant a ^ r .' h ^ la l"? e the corresponding period lasti.pect is the tungsten-tjii-china With-* its ‘plans for over-the- 

u n work able in many corm-aciois' business affairs. not he held responsible for. maintained^tha _ifthi./uojti Ury siockbiiiJdms of__ the first vpar 6 ! «-i ar ™rn«,.rtv-nr Hemerdon Bali, counter tradinc hi the UA 



pScts ■’ and cnuld have serious s u a 4 


nominated" nr indirect sub-con- ■ economic growth was above :l per bf Vast'"year. The recent»- ve ^ 


ejects on the civil engineering ■”*j n » 3l- * i-.-uer. Sir Maurice ?ug- tractors, nor for a breach by a:cent, this year, a steadily industrial production figures 


Most of the increase comes‘outside Plymouth. 


clay property at Hemerdon Ball, counter trading rd the U.S: and 


industry. 

^The CBI 
expected to 


working party 


e«s,« the clau*** could he maifii direct'V u b-ti. nir act nr if the sub-[declining unemployment rrend suggesVthat th'erc'’may havelieen; SL^VgUrtoliKl' The problem is that those who 

is workable iF n was limited ro the contract contains the clause, should oe firmly pstn binned m S nuie rundown in the level of 


air eventual listing In London. 


present detailed present phase of pay policy end- *ayi Sir Maurice. 


the course of the year. 
Although there was 


I uie ssanimai o-vuijis u<uiixa . - |h mDne v have not re¬ 
investment accounts last summer SLfr -it Jir/S 


...hi holdings in thp nuliimn. influ i-. which was cu t back, 

■duhi Botn these estimates are. w j lf?n the department imposed! 


celved formal proof ; of share Estimates vary 

ownership. This has led to legal ^ , 

— ... . • lit 1 . Richardson apparently has 


engineers 



BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT 

THE Institution of Municipal The institution sugsesrs that a 


State training 
scheme for 
accountants 

Financial Times Reporter 



1 the previous three month-. noon. National Savings has improved.! «n ininiiuiu^.siuc w '“■“*•***““ 

In the U.K. the number of This is likely to show that the j anuarv figures, in parti-.: taw ft aS bee h n r rinmer' panv from him ar that timaV ^ 

adults out of work last month economy grew by a negligible j cular- sh0tt . a big increase in 5 ecllQ " .the case of H^ra^- Pa^trom tum time. . .. 

[ was 1.43m.. season ally adjusted, amount last year. deposits placed in ordinary f~ on - The origins or the prestm^ Estimates' of . the amount of 


VERY high success rare* for a 
liiivcrnnit-nf accountancy train¬ 
ing scheme are claimed by the 
Civil Service Department to-day.> 
Last year. Whitehall trainee! 
accountants scored a 100 per; 
. . , . . - - . . . .. cent, success rate in the Army' 

In its recommendaLions t»* the shcuiln be a register under the Pay (j or p S p\amrnaiion 5 at! 


Entiueers, wj-h 10.000 members, register "f chartered engineer!- 
l. .. . , . should be maintained t*v the 

has added it? backm, t-. tn. CriUncj | of Kncmeering Institu- 

incers'' 


suggestion that there should bn ,-j prj4 . t j irn u 2 h' its eng 
siatutorj- registration for profes- re? i s , rat i,jin board, 
siftnal engineers. dismisses the idea that rliere- 


Top tax indexation would 
cost less than 1 per cent. 


deposits placed in ordinarvf a° n - me nnjsiiw ui p»m«» Mmnaies oi .rae arauunt of 
accounts with the month's!situation Ur m a provision of money invested- ra ■ Hemerdon 
£28.7m. net deposits the best for I Ontario law. - over about lS yeare-while it was 

thirty years. ' under Hr. Blcl»rdson.s conti>)l 


Investigation 



vary but average out at between 
$3m. and S4m.Mr. Carl Schwatz- 
« , , — . . , valder. the present chaarraaii'-of 

Harkine back a.century when the coihpanv, put-up 4150,000 
.individuals would provide funds • . - .. 

} for a muierals prospector—grab- . S. com P 1 ^ 

i stakP Sm-the law. ™ides that by Mr. Schwarwalder, . and ah- 


Thc upsurge. which the 
department attributes to the fact 
i that the first £70 nf interest on 
, an ordinary account is tax free; 
lake® total inflow into' ft SB 
ordinary accounts during tfte* ••. .. 

flre, 4? wee^ ter'«g±^. ' «££ 





BY PETER RIDDELL ECONOMICS CORRESPONDENT [financial year to ESI An. In the |«(?‘Strati on is not rapunn wum ^e^dore''Bei^an”*a Toronto 

THE TOTAL yield to the Govern- man on industry. Mr Sheldon first 10 months of the 1978-77 1 11 es a re lawyer.' contain about - 14KJ0 

ment from income tux would be disclosed that, with an inflation, financial year, there wa« a net|w finance a prospecting «cpeo>- nam eg -rhostly from Ontario, 

menu ' reduced bv les; than 1 per cent, rate of 10 per cent.. For example, out flow uF £n 0 . 6 m. j| UOn ‘ . Both Mr.-Sch'warzwalderand Mr. 

registration “would make en-method of undertaking the task- The traininc scheme, set tip by. if the level uf the higher rate indexation of personal allow- The high interest rate altered i i n jtr. Richardson s-case. .the Be 1st an'Vr ant Ktchai^On's 

g Uaeers readily identifiable to the of reel miration.” T ^ e C j Vl i scmcc to cn timer the bands was adjusted to fake ances would reduce the yield by the ' MSB’s investment i prospecting expeditions .centred list but* a re-acting'independently. 

puWic and employers and would The municipal* a!*a supp-'.n p ro biem of recruiting account-.account of the current rate of from income lax nv about 5 per accounts—9 per cent, until the]on Hemerdon Ball and Parys 1 

This amounts to roughly end of this month-^has _cnn-JMountain 
£!W 0 m. on. the same basis 
-•c. 

increase m sperific duties' 

includes a year of postal tuition i Sheldnn. Financial Secretary. <m —notably on alcohol, tobacco ■ well short of the inflow in the! the application or me law iviais limired 

and a year of residciuial study 1 1 j ie ' estimatf'ri enst nf vanou"* lav and petrol—of 10 per cent.! middle of last year. lease. 

for a series of examinations. 1 and economic change* would add roughly 4 per cent. British Savings Bonds, which; . ir-vin* tn e«tablisH^ from , w.w-w 

Th.. schemes ore ?alri to• mSSSiion of ih? higher rx.o m the yield of central govern- offer a return of Si per cent/ ^^ ‘s not the subject :of any.Ittiga- 
*• nrhu-vf thi’ best of ”°th • hands to take account inflation m**ni indirect taxes This w-ould ■ have also attracted investors, and . •• lion. ■ Indeed. lasj December it 

- 0 aCC unT 01 {,5* an estimated £500m. on 1977-‘ net receipts of £18.7m in January the grubstakers. ... j announced a joint venture -with 

- - - I were the highest since June: The 4fl paper bags were seized Amax. a U:S. mining ;hpose, to 

move haj been sue-■ 197 '- ; - _ 'from Mr. Richardson last month explore Hemerdon BaTUn detail. 


petqncc.’ 


Uonally at risk. 



iritish Rail to let part of 


However = the- company Itself. 


both 


.Lm. 


,-.Mrids. because ih*>y produce lla!f | 0n q hcen urged 
Professionally trained account- conservative spokesmen and by •* yields. 
! ' ,,TS - also knnw their way var j t , us business and manage- Such a 


around the public sector. 


FINANCIAL TIMES REPORTER 


Firemen face 
expulsion 

firemen 


in i 


THE LARGEST office complex square, feet to house overspill; 
available in London, in front of from its Marylebone nead-i 
Easton station, is to be let by quarters. The balance of 23<.000; 
thP British Rail Prnoertv Rna^ sf lU ar * feel ^ ,l be rented at a 1 EIGHTEEN 

a; £3 -’m a rear P * ra ™ 1 _ of l 1 ^ -5 per u Squar ! fee I' i Northamptonshire face expulsion 1 Laraont, Tory M.p. for Kingston- roughly a "i3 per cent, rise 

, The £.,0tn scheme has beenjf r0 m the Fire Brigades Union upon-Thames and a party spokes- total tax revenue. 

The Euston Square complex under construenon by Sir Robert- because they worked during the 

has a total office area of 307.000 Mc-Mpine ami Sons since 1974. 1 nine-week strike. Their jobs are 

square feet, of -.vliich the British It has two blocks io front of the'unlikely to be affected, as there' 


manage¬ 
ment groups. zested a* a means of offsetting 

According to the last Budget the revenue loss from income; 
estimate of the total expected tax cuts in the Budget. ; 

income tax yield, adoption of this Mr. Sheldon also disclosed 1 
change would have meant a that a rise In prices of 10 per 
revenue lo<u> of less than £180m. cent, would, if reflected In ai 
in 19i I-197S. similar increase in money: 

Writing to Mr. Norman incomes and profits, lead to| 

in 



Railways Board i? lo :a/e 70 (W0 station. 


unlikely 
is no local closed shop. 



Financial Times Conferences have established a unique authority of 
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countries. Speakers who have addressed theni have included many 
heads and otiier members of governments and leaders of political, 
economic and business communities throughout the world. They are 
recognised internationally as providing invaluable opportunities for 
informed public discussion of matters of substantia] current interest. 


Forthcoming Financial Times conferences include 


April 3-4 
April 6-7 
April IQ-11 

May S-9 
May 15-16 

June 14-15 
June 19-20 
July 10-21 

August 30-31 
October 2-4 


Hong Kong 


Asian Business Briefing 
The. ?pleade Report and Tax Reform London 


Business and the European 
Community Directives 


London 



The 1978 Euromarkets Conference London 

The North Sea and its 

Economic impact London 

Paris in World Finance Paris 

W’orld Insurance London 

Financial Management for the 
non-Snancial executive' London 

World Aerospace London 

Financial Times— 

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The Financial Times Limited, Conference Organisation, Bracken House. 

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Please send mo further details of . 

Name (Block Orpifcif* Pfeo.<r • . . ... . 



U.K. TRADE FAIRS AND EXHIBITIONS 


Date 


. . t'tTtie 'i ■% : 

Current' ...4 International Knitwear Fair.(cl. Feb. 23 } . 

Current .. lot. Men's;* Boys' Wear fekbn: (cl. FeB. 23j ' - 

To-day . Spring Flharcoverings Exhibition f.cL Feb.._23> 

To-day . Furniture Production Exhibition (cL Feb.'24) i 

" ■ •"i n g l ® a IS Feb. 21—23 :. British .Growers Look. Ahead Exhn, and Coni:. ; 

i l*AliQPf An Mar. 5—10 . Oceanologlcal Equip. & Services Exbnu 

ffl 1 1 vlvVtvU Mar. 6 —9 . National Carpet Fair v 

w ! Mar. 7—April 1... Daily Mail Ideal Hbmt Exhibition: - . 

complaints by Mr .ibhn njjcw mir «uu.h.|gS : '£z }? KSgS.&Sw'a S^bittoli’. • • 

Devine, president of tne National somg out through the ■ Mar. 13-17 . International Pneumatics & Hydraulics Ertn'.' 

Union of .Tuurnalisis. against the J r !;-.. F L^ er _ a .“ ld _^? I 1 ? 1 ® 1 ?? 0 !!Mar. 13-17 . Tnt. Instruments. Electronics jk Automation Exbn- 


Council. 


Exhn. 


Venue, 


Metropofe' Centre, Brighton • 
NaL Exbn. Centre, B’ham. ■’ 
i Harrogate 

Metronole Centre, Brighton 
• Blackpool 

Olympia . ' . ... ± 

Earls.Court - • 

Nat Exbn. Centre, B’him. . - 
NaL'Exbn. Centre.-BTratt.. ; 
Nat. Exbn. Centre,-B'hara. - • 
Cunard Int. HoteL W .6 
Cumberland HtrteE MT.l 


Fln.ncl.l Tl'jibi. The Cuirdian Jd not run umtl' ■X'TJf'Sfl 1 '*«'■ W-l* lm. p7bll7 aKT! ' 

been '%ened fSZ b~n ed.S' Sal Mr. | Mar ' >•-« v “«»* BefreAmeu;Service, 

OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Feb. 21—24 


Offshore South-East Asia Show 


international Motor Show 
European Fashion Fair 
international Agricultural Exhibition . 
British Industrial Exhibition - ; 
International Audio Exhibition 
Powder Technology & Bulk Solids Exbn. 
Int. Oil & Gas Heating Exhibition 
International Shoe Fair 
International Spring Fair . 

Mar. 14—18 . . .. Int. Printing & Paper Industry Fair 
Mar 15—18 . International Building Exhibition 


Mar. 

7—12 

Mar. 

6—11 

Mar. 

6—12 

Mar. 

7—10 

.Mar. 

S—12 

Mar. 

12—14 

Mar. 

12—19 

Mar. 

J4—18 

Mar. 

15—18 


Singapore. 
Frankfurt 
Dubai. 
Basle 7 
Geneva 
. New York' 
. Paris . t> . 
KmvJoon •' 
Paris. .■ 
-Basle 
; Stuttgart/. 
yUtrecht/.. 
Leipzig 
Zagreb 
Singapore 


BUSINESS AND MANAGEMENT CONFERENCES 


Devines letter was “seriously; 

Mr Twi„,_ ,l„„ defamatory." It was privately, 

Mr. Devine contended there acknowledged, 
w^ an. onus on the newspapers The roUoving day the Ftnan .i 

S ciai T,me * published a statementL . ouuu.-^^ .vm o« 

mm. nn P 7hl Saline h > Lord 1 ***»»" on the Darling- i Feb. 2d—Mar. 2... International Spring Fair - 

TiVIhliSe^.vfPi" ton dis P ule and Save Mr. Morgan ; Feb. 26—Mar. 4 .. Middle Easi Transport Exbn. and Copf. 

MP J «« * n opportunity io comment. The. Feb. 2S—Mar. 3... Int. Tunnelling Industries Exbn. & Conf. 

statement issued on the nuto* Editor said Mr Morgan made) Mar. 2—12 

day. rtiiernativelv he thought points Mr Devine had made! Mar. 5—S 
they should have publisheo hts j n j,.rier. but without being;Mar. 3 —i-j 
letter to set tne record <iraighl. defamatory 
Report; in all three newspapers -Mr. K. G. Dodd, 
weie similar: talks the previous editor of The Guardian, said in j Mar. 7—10 

day between the NUT and West- his paper's view Mr Devine's Mar. S—12 

minsier Press- to resolve the ''‘tier was over-long. Mr William Mar j 2 —14 

closed shop dispute ai Darling- Deedcs. Editor of The Daily 
ton had oroken down Reasons Telegraph, said a quote from a 
for 1 he frrenkduwn were kn-al NU.I spokesman appeared 

explained. Each gave the manage- more than one million copies 
ment view, ar.d rjur.ii-d a West- London and Manchester 

minsier Press statemem editions. Ho said he considered 

_ . . Mr. Devine’s 1ett°r very longi 

M u r * , D ,t. vine j S nnv M,,pr , ,ri and it would mystify a high! 
each of the editors criticised in n ro p lirr j on of hjs readership 'Feh 21 ... 

strong term? their suppression pres? Council's adjudt-- 

of a statement by the N'O.I. cal j on was: 1 Feb. 21 

issued ! o the Pres# Association. Unfortunately the NUJ state-! 

None of the newspapers pub- ni i>nr was not available in. time - Feb. 21 —24 
lished the letier. f ( , r newspapers 10 include it*Feb. 22 

Mr. M. H. Fisher, editor of the in ihcir general editions as part' Law in 197S ' Manchester 

Financial Time*, lotri the council of *hc original story, and the clr-(Feb. 22—23 Financial Time?; Business with Spain ... - Madrid 

that his reporter had tried a cular letter that Mr. Devine.Feb. 23—24 . European Study Conferences: EECGnmpetitioritJw .Royal'Laijcaster-Hftfel. W2‘;. 

number of times to make wrote was couched in such Feb. 24 . Thames Polytechnic: Business Trends in France ■ pgrtford '. 

contact w-iih the NX’.*, terms that the editors were Feb. 25—Mar. 2... British Transport Staff College: - Finance & ' v " ' 

Eventually Mr. Ken Morgan, then entitled to say they would not _ Accounting for Management “ ./. Wnkitfg . 

general secretary, returned the publish it. The complaints • Feb. 27—Mar. 2... ICA; Personal Income Tax course • ' v.-Grantf HtL ’Eastbourne ._ 

call, and had x general off-the- againsr the Financial Times. The : Foh. 27—Mar. 3... London Chamber of Commerce & Industry: .Under/’’ -V.Vv /> 

record talk about Ourlington. Hp Guardian, and the Daily Tele-’ standing the Arab-World -- . . >69.'Cairbon.:5t^E.C.4 

told the newspaper that an graph are rejected. ; Feb. 27—Mar. 10.. P-E Consulting Grnnp: Production Engineering / . ; Traiihjng Centre. -Egham 

__| Feb. 27—28 . Financial Times. The Banker; Investors Chrontrie: v V : •; 

! -• World Banking in .1978 • ^v ; =Groswehor Hou 5 e, W.l . 

Feb. 27—Mar. 1 ... AMR International: Creating: Business Growth irC-' ./. ' >■ 

Europe Royaj Westminster Hti„ SAV1 

: Feb 2S . Institute of Directors Annual Convent !oik The,^ ^ 

State & the Individual' . Royal Albert Hall. .S,W.7 

Feb. 2S . Executant:-Weights & Measures -. - Bussell Hotel, W.C.I ' 

Inbucon . Croup: -N^uonat Policy an ft; Pay 

Restructuring -- , Dorchester Hiitel, W.l 

int. Assoc, for Students of Economics A- Manage- - 1 ... . " :. : - . . : 

ment: Business Education Seminar. ^ ..Birmingham .. 

Investment & Property. Studies: Design ‘Llafiility’. ‘ 


Henley Centre for Forecasting: The Future of the 
U K. Property Markets 
British Council nf Productivity 
Office Productivity—Microfilm 
Bradford Umv Financial Control of R & D 


Associations: 


Institute of Personnel Management: Employment 


Bowater Cinema. S.Wi 

: Metropore Hotel W.2 
Bradford V 


This week in Parliament 

"TO-tlAV' WEI1AF.SUAY 

COMMON'S — Second Reading of COMMONS — Scotland Bill, third Feb. 28 

the House Purchase As-istance readmu. 

LORDS—Deba:e nn Prorii Sharing., \jar. 1 


Corporation Bill. 
Em piny mem Sub- 


and Houfem 
and of :)ie 
sidies Bili 

SELECT COMMITTEE: Exprnrti- 
lure. Education. \n> and Home 
Office sub-commituv Suhjcct 
Kt-duetiun <if Procure nn ihr 
Prison "ty-ieni Wunov: Sn 
l.ovii- PeU-H. chairman >if in< 
Parole Board '-i.il p.m.. K«mn 
til 1 

lUJIllllRlin 

COMMONS—Debau- on Uppnsilioil 
mntmn on lax.iTion Mehate nn 
the -evfii:(i report «•! thi- Hoiim> 
nf Cnmmno> Survii-v- Cnmniiiten 
Session U»7o-77 on Mcnibers' 
beur-.-tanrs ?n.l Monarch 
A-iSKtam.-. 

LORDS — Participation Agree- 
nu-ni- Bill. :ii)jp Sup- 

I'rv—inn Torn-.n-tm Bill, cnni- 
miiiee. >oip|i'jiidm^ iRcdnn- 
•l.iiicy r.i>im*ni-i> Ri!I. >i:riind 
reading Dehau- mi di-arma- 
tiicoi. 

SELECT COMMrn El'S. N:ili«nu- 
lised l»dli>irie>i. snii f.immiriee 
A Subi'Vi. birif:--h l-i.-if Hepuri 
and Acviimr*. Wilne-xt-i' Briiirh 
Kan 1 4 p.m.. Ro*im hi. Science 


Debdje on ihe repon or Hie 
uorkins group on rhe Library 
SELECT COMMITTEES: Naliona- 
Used Industrie*. Sub-committee 

F. Sul c’.i-nir.il r ircTiruy 

'•oneratiiic Board and Accounts. 

\t line-;-.*.-' « EC.H il(i.4.Vam.. 

P n,, m S|. Kx|K‘ndflure. Siiri.'ii 
Service- rtiid Empluymeni suh- 
'.ommiii.-i- Snhjoct: Employ- 
mem an.I Tr.iimng ‘.Viine^e-i J 

A—.cm. .if Municipal Auihnn- | Mar. n 
rirw. Av-cifi uf Coiucy taiunciK:: M.ir. in 
A«cln of tii.-dricl Giiuncils i4.;n 
p.m . Room lii j. Science and . Mar. 13- 
Technulugy. . Witnesses: Mr«. ; Mar. - lir 
Shirley William*. Education: 

Seerulary. and Mr Gordon j yj ur 14 
Oakes. Minister of State t.l p.m... 

Room 1-7 1 

THURSDAY 

COMMONS — Debdic* on cfere.Vp- 
m*-n 1 -. m ihe European Coin 
niunn ii*!. .1 it!v-Dccember. 1U• •. 

Second read in” of 1 Ik* Ommion- 
wi’Kllli Hevvliipmeiu Corporation 
Bill 1 Lord< 1 .inti of :hi- Northern 
I re 1 .uni 1 Emergency Pi «r« ision>l 
Kili 1 1.nril«% 1 . Muipm on EEC 
iJucumfiil un t>mflici of Ijiwn 
on Em ploy mem Relationship-. 

. in the Community. 

and Technology. General Pur- I.ORHS—Thr-fi P.i|J. repori Rla»- -Mar. 22 


Mar. 1—2 

Mar. 2 .. 

Mar. o—S , 
Mar. ft—ff» 
Mar fi— in 
Mar 7—8 
Mar. S ... 


■14 


Mar. 14 .... 

Mar. 13 .... 
Mar. 15 .... 

Mar 1 0 —— L 1 

M..r. IS .... 

Mar. 20—22 


in the Con struct 1 op industry 
McGraw-Hill: Corporate Fraud- .. t - 
World Re-cyclinu Conference ; - 

Urwfckr Project illanagement; . • 
DeparJnitni nf Industry: Flow Measure mom 
Lennfcrn Cvst-Eff. Print in’ Marketing'. 


Royal Lancaster HoteLW.2 
Royai Garden Hotel. W.S 
Basle"- . 

-Skill eh - • 

'Glasgow : •. t .' 

Inst. Marine Eng.. E.Cl|3-. 


pose.*: -Hb-eommittun Snhjj»*f 
DurahiiiP 1 ^n- - ' ®ffi'-:eney .if rfi-:. 

'.V:rr»«»c Mr 

1 r» \t .Meikiejohn t? 

F*Mir. Hff. 


phemy 
Bill 

FRtllNV 
p.m, COMMONS — Private 
Biiix. 


1 Abolition of Offence 1 


Mar 


.Memhsrt 


Henley Centre, fnr Fore easting: Forecasts for.the 

UK. Leisure Murkets to 19R3 / ? Carliori touer HnJel. SAV.l' 

Gnnfeapralinn ul British Industry: .Viucru 1S7S 21i Tuthill St S.-WA 
College ’for the Dixinbuiiye -"Trarfes: fnflalfirti.. ; 

Accounting • . . 30; Leicester JSqyare. wrC.2 ^ 

State of the Art: Technical'Marketing Conference - Rhyal Gatdfio Holei. W.S . - - 
Kepner Troaot*: Decision Making for. Senior: ' . • L ’. . v 

^. Nlanriuenienl Haitley'r.Wintney-.«•' .•.. 

Bunding Advisory. Service. (RAS♦: Arbitration.-of 

Building Deputes’ •* / CfawridishConf.Geotrei W.1 

Anthony Skinner:. The Dou*etion and Prevention' 

r . ? f . Fra r'i J V-'- "-'PiTOddihy ^‘ 

[iv-'t 1 lute iif Credit vfan.Tjempnt National r.onf. -. .. Hilton Hotel,-'W.l' i - ' ‘ “1 
Centre fnr Inierfirm CompariWn: Management 

Ratios and Imerfirm Comparison . .• .. Mafiagcbftrif HouseVW.C^ "‘ 

Keith .Shiplnn DcvHoiMnenls: Marine Risk ” '••••• 

Management * Y r-V-‘Rr^l :€artf^TioieI;'AV:s " V * 

Inv«*«iniem A- Property Studies; CdrpfiNl'e.^redti A*--r.r:r.f-. ■ 

Risk Assessment ' - ''Priif.'CeBireVE.jWi “''/‘ :T : : 

Reaourcus Policy The Eeunomtcit,- Palitfca *. . , * j 

Social Itnultnlions of- Resource Usfe J&.' ■&’-??’ m'. " 

Connervairnn . ; V •• • .1 • 

London Chamber ;vf Com mere e A-Industry'- Prei . - ..j. ‘ - -T.--:;.".. r' v • 
Shipment Finance for Small jk/JHtedTufti -Siz^. f v^ : ’ ° v ' 

Firms -.'r.'C*9 H^-SKi ... 

Gresham Mana?f*m»m ."'.Serviws: Employeer‘-...vv- : ';y.•-'■•v' /••' • 

Partin pan bn iq the Retail- & •Disfributfv.e'-.Tv'-;' 

Industries - * * - 1 —• -^.1 " 


/ 



























••'N W-. 


puilil: 
m mmm§t 


. 


3&grS$3S- 


l^’V^fjLv-.f "I V + 

. * ** * j 

■ ■• . . - 

; + \> * 






"Financial Tidies Monday: ^February. 20 1978 


Ford strike 
ends after 
six weeks 

By Our Labour Staff 
FORD'S HALEWOOD plant in 
Liverpool should, be back in 
production to-day for the first 
time in six weeks, alter the 
unanimous decision by a mass 
meeting of workers at the week¬ 
end to end their strike over work 
schedules. 

The stoppage by 1.000 press- 
shop workers caused 9,000 others 
to be laid off in the factory's car 
body, assembly and transmission 
sections. Production at the 
Transit van plant in Southamp¬ 
ton was also hit 
The strike—the longest in¬ 
ternal dispute in Halewood’s 
15-year history—is estimated to 
have lost Ford about £60m.- 
worth of vehicles at showroom 
prices. 

The breakthrough in the dis¬ 
pute came late last week when 
agreement was reached on con¬ 
tinuing hourly job rotation for 
heavy work in return for a 
guarantee of increased produc¬ 
tivity. 

Airports policy 
talks 

THE GOVERNMENT’S White 
Paper on future airports policy 
is expected to come under dis¬ 
cussion when Mr. Stanley Ciin-i 
ton Davies. Under-Secretary of 
Trade, addresses a symposium 
organised by the Royal Aero¬ 
nautical Society on Wednesday. 

Mr. Neville Ledsome. the 
officer at the Department of 
Trade.primarily responsible for 
the White Paper, will also speak 
at the meeting. 


The right way to go about 
your business in winter 

Fog, rain, ice, snow... right lines as surely as if it’s on rails. Guess why l 

Yet, throughout the winter, the regular No train is ever diverted to an out-of- 

Inter-City trains carry you to your distant your-way airport because of the weather.. 

business meetings at up to 125 mph. And next time you hear someone talk 

Smoothly and reliably. In warmth and about Motorway Madness, remember it 

comfort In the restaurant if you’re hungry. doesn’t just mean the stupid things other 
When it’s foggy, your driver has an people do on motorways, 

advanced system of signal lights s hining clear It could be the decision to take the 

to tell him what’s ahead. ^ motorway in the first place. When it's ihekzsf 

On ice and snow, the train follows the place you ought to be. 


Inter-City, 


Offshore recruitment dispute averted 

Y OUR OWN CORRESPONDENT 


ITENTIALLY damaging die- 
over offshore recruitment 
been averted between the 
ah Seafarers' Joint Council 
the Aberdeen-based Inter' 
□ Offshore-Oil Committee, 
e two multi-union group's, 
seating largely -the same 


unions, came into conflict over 
which one Should organise semi- 
subersibles. 

The Department of Energy and 
offshore employers were con¬ 
cerned over the two organisa¬ 
tions competing for the same 
class of offshore vessel. 


Tie following is a record of the principal.business and financial 
lements during the week. The Board meetings are. mainiv 
ie purpose of considering dividends and official Indications 
ot always available whether dividends concerned are Interims 
als. The sub-divisions shown below are based mainly on last 
; timetable. 


A compromise solution now 
allows the joint council, which 
has agreements covering 13 semi- 
submersible® and drill-ships, to 
keep all semi-sulrmersiMes under 
its sphere of Influence other 
than those being used as per¬ 
manent production platforms. 

The only other exception made : 
by the inter-union committee is 
the semi-submersible St ad rill, 
already organised by the Abeer- 
deen office o»f the TGWU through 
the committee. 

The committee will also recog¬ 
nise the priority of the Sea¬ 
farers' Joint Council over driU- 
slvos ;»;H piue-layine barges. 


TO-DAY- 
PANT MEETING— 
n. Buminsham, 12 
ID MEETINGS—_ 
•1 

i Commercial In*. 

■ict 

Ims: 

ir Industry In*. 
IdCi 


Jr.e'cpment* 

Knifing 

ijiifphi 

DEMO & INTEREST PAYMENTS— 
;(d Dairies Q.45p 
u:i -nd Gen. Tct Ord. and A Ord- 
; line. SHOP diltttn. Of 0.115p 
. ended 31 3 775 
1 1 305a 

*r,d Welch 6.74*60 
G. Recovery Fd. Ire. Units 0.8P 
■ iStartocrc-Qhi 4.Bo 
TO-MORROW 
PAN Y MEETINGS— 
can, Atcrcorn Roams, E.C.. 12 
(Frederick W.i. . EoBtWSlon. 
insm. 12.15 

um Brxk. Nottingham. 12 
Reo.i Organisation, Renfrew, X. 
_ID MEETINGS— 

' 5 

ccurities 
ink* Ion 

• '■ .T-J»enture Com. ... 

v - -• l lay. Trust 
'■ - l I mi. Trust 

l. If- (Great Britain) 

.'■L ast and mu Regional In*. Ttt. 

ms 

i..‘ Car Auction 

.END A INTEREST PAYMENTS— 
san 2.2183SP 
■ * ld-Naryev i.125p 
. BpcPf. 2.8pc 

• • iouie 1.1 P 

and New York T*t. DUS. 2 2'*. 
rederick W.' 0.S33P ' 

Bank* Float. Rate Cap. Note Issue 
1 \auc 

IOpc 1992 £2.64 
P • ' 

EDNESDAY. FEBRUART 22' 

ANY MEETINGS— 
oet Fabrics. Leicester. 11 
de Properties.. Winchester House. 
1.05 

China Clays. Hyde Park Hotel, 
12.30 . 

indries. Derby. 12 _ 

hfil?. Basingstoke, 12.4S 

tone, Newoort. Isle of Wight, 

3 MEETINGS— 

n VtveUa 
i Holdings 
is: 

i Percies _ 

• Corp. 

iND A INTEREST PAYMENTS— 
■pcBcIS. Red. 22/2:78 £6.2618 
, I2i|pc*ds- Red. 2212179 £ 6-2618 

- - 2I.OCB0S. Red. 22(2.78 £6.2618 

• Gwent IZisPCBdS. Red. 22(2.78 

i2<*pcBds. Red. 22'2(7B 

mshire i2>«pcBds. Red. 22(2(78 

or path 12’ypcBds. Red. 22 '2/78 

IZifPcBdS. Red. 22(2(78 £6.2618 
\2>aoc iii'- Red. 22.'2.70 £62613 
-Street 12iiPcBds- Red. $2(2(78 

rating Rate 1928 £4.09375 _ 
pshire 12**pcBds. Red. 22(2.78 

i 1 2 i*ncBai. Red. 22 2(78 

■MKBds. Red. 22 2/78 £8.2618 
id Lauderdale 12'iOCBds- Red. 
£6.2618 

lZpcBds. Red. 2212(78 

12>«ocBds. Red, 22(2(76 

imcBds. .Red. 22(2/78 £6-2618 

2ikPCBos- Red. Z2J27B £6.2618 
tircBds. Red. 22-2(78 £6 2818 
12 ■cpcBds. Red. 22/2.78 

i 2lsPcBds. Red. 22 2(78 £6.2618 
' -.pcBds. Red. 22(278 £6.261 B 
^ J T2 toKBds. Red. 22(278 

■nt Agency and Music . 3-66p 
12iiPcBds. Red- 22(2(78- 

ND A INTEREST PAYMENTS— 
-ugh IZiaocBds. Red. 22/278 

ley 12<<PC8ds. Red. 22(2/78 

2■oecBds. Red. 22(2(78 £6.2618 
tsbire ISWcBds. Red. 22'27B 

IZiapcBds. Red. 22>2|76 

i 12'ipcBds. Red. 22/276 

i Brick 7.7p 

dating Rate £4.09375_... 

I'PCBdS. Red. 22 2/78 £f-2f}8 

■>pc8ds. Red. 22IZ 78 £6261B 
TdorsUure 12>ipcBdt. Rad. 
£6.2616 


So'rthampiDn 12‘uieBds.- Red. Z2.ZI78 
£6.2618 

Stirling 12i-pcBdc. Red. 22:2 78 £6.2614 
Test Valin 12'wxrBtfv Red. 22(2 78 
£5.2618 

Three Rivers 12Speeds. Rad. 22 2 78 
£6.2616 

Tunbridge Wells iZ’tocBds. Red. 22 2 78 
£6.2518 

Vk-cus Stone 0.884 0 

THURSDAY. FEBRUARY 2A 
COMPANY MELTINGS— 

Caslan Preble. Winchester. House.- - E.C. 
11 

Charterhouse. ■ Aherearn Rooms-' E.C.. 12 
BOAP.D MEETINGS— * ' 

Finals: 

-Allied Insulators 
Barclays Bank 
Ber.stords - 
Card.nal lnv_ Trust 
Hoover 

Imperial Chemical Industries 
Lancashire and London Inv. Trust 
RatciiBe -Great Br.dgei 
Squirrel Horn 
Wwwood Dawes 
Interims: 

Aoercom toe. 

Cooimerrlal Bank of Australia - 
Estates Propeny Inv. 

Johnson and Firth Brown 

Neepsend 

Smftn.Bros. 

DIVIDEND A INTEREST PAYMENTS— 
Hatley's of Yorkshire Ip 
Clydesdale Trans. Collieries 6 as. 
Coventry. 13>ipcBds. Red. 17(2 bz 6J«pc 
D over I2\pe6ds. Red. 21(2(79 .6 ’i»pc 
F or minster- 2.0724p . • ■ 

GrlquaUncf Expltn. and Finance. 14.71773p 
M. anti G. 2.0B4P 
McCorquOdale 9.74s 
Trans-Natal. Coal -Com. - B -eta. 

Victoria Carpets 0.4379P 

FRIDAY. FEBRUARY 24 
COMPANY MEETINGS— 

C.G.5.B- Newcastle upon Tyne. 2.30 ; 

French (ThomOS}- Manchester, 12-30 J 

Grange ■ Trust. 70. Finsbury Pavoment ! 
E.C:. 12-30 

Lowe [Robert H.l. Cheshire. 12 ! 

Raeburn Invest. Trust. 21. Moo rft elds'. 

E.C..' 2.30 . • - ■ •.•••> 

Turner Manufacturing, Wolriyewnuton. 

*2-30 /. - 

Ward (Thomas W.). Sheffield. ‘-3 
Wear™. Kettering. Nortbants, 12 
Willoughby's. Cheapsidc Hook. E.C.. 12 
BOARD MEETINGS— 

Interims: 

Austin (F.l (Leyton) 

Telefusion 

DIVIDEND A INTEREST PAYMENTS— 
Allendale 6>«DCBds. Red- 30(8.78 4«i*0C 
Ansron 16(12(77 0.7Sp 
Associated Tooling l.lp 
Baker intL. 16 cts. ■ 

Berkshire 7 ««bc Red. 78-79 3*»«_ 

Blaenau' Gwent lIpcBds. Red. 20(8(80 
5 <;dc 

BrsrtkJand 12>NX8dC Red. IB/B'82 6'isPC 
Cap I an Profile 3.292p 
Charterhouse 2.12fio 

Coelite and Chemical Ord. O.OISp (Inc. 

supp. - dlstbn. for yr. ended 31;3(77> 
'Compair 2.12210 __ 

Coventry B'tfCdBs. Red. 3018(78 4'lsPC 
Danse Invest., TsL Inc. Shs. 1.35p 
DIstHlea 2.695P 

Durham HipcBdS Red. 19'8'BI 

Dyfed 8'ipCBds. Red. 30(8.78 4'iiPe 

Eaton Corp. 56-25 cts. 

Energy Services and Electronics 0.1 p 
E ver Ready Ln. 3pc 

Forest Heath B'speBds. Red. 30/878 
4>UPC ■ 

Geevor-Tln Mines 8.41 5 p 

Greater London 8laecBda. Red. 30/8(78 

4 1 itiOC 

Hereford - and Worcester 8'aPcBds. Red. 
30*878 4iwPC 

HKHngdon B'speBds. Red. 30(6*78 4 «iMC 
Kmuinoton and Chelsea 9 hPcBds. Red. 

22/879 '4»»pc 
Lee (Arthur* 1.05P 
Letraset Inti. D.897P 
Lincolnshire BIspcBSs. Red. 30^76 4i«pc 
Liverpool aiapcBds. R ed. 30/878 djwpc 
Lothian BlmcBdi. RecL 22'8(79 4'."i»pc 
Mans on Finance Trial 1 -Sp 
N orthampton B'iPCBd». . Red. 30/8/70 

41 io pc ' 

Northern Foods 2.1P __ __ 

preseli 8'BPCBds. Red. 3018(78 4<itOC 
Royal Bank of CMada 36.S ns. 

St. Albans BUPcBds. Red.,*0/878_£'«*■ 
St. Helens lIpcBds. Red. 20(878 5 'jpc 

Sommervlle (Wm.1 0.5p 

South HerelortlBhlre 9 -spcBds. Red. 

Bom/h^North'awurtonshlre B'sPcBds. Red. 

Sorth^^twnhrokeshlro B’lpcBdi. Red. 

South' 7 Riwlle" 6 9 y pc Bets. Red. 22/8(79 

S»kS5n-Trem flispeBds. Red. 30/8/78 

Tevrt.Sbury BisncBds. Red. 30/8(78 4'wpc 
Three Rivers 8 iiPcBds. Red. 30/878 4ii«pe 
UUco Pis. 3>« and 4 pc 
W alsall'8iwcBds- Red. 30(878 4 'i.pc 
W r Aft'B Q.9P 

Williams and Glyn's Bank Fling. Rale 
Cap. Nates 1984 535.78 
Worthington iA. J.) OJDTp 

SATURDAY. FEBRUARY 25 
DIVIDEND A INTEREST PAYMENTS— 
British Pet role tin Br. Bds. 78-87 3pe 
Mid-Southern Water 3.59C (fmty. SpO 

Cons. Ord. 1.75pc . 

Ranks Hovls McDongall Lns- 4>ia and 
4 ‘mdc 


{TRACTS AND 
DERS 


DON BOROUGH OF 
HILLINGDON 
OCAL LOTTERIES 

accordance with the 
s and Amusement Acts, 
te tenders from persons 
ed in operating a Lottery 
half of the Borough 

■rs should be made on 
uncil's Form of Tender 
an be obtained from the 
ecutive. London Borough 
ingdon. Civic Centre, 
e. Middlesex UB 8 1UW 
n the completed tenders 
be returned in a plain 
nvelope marked ‘Tender 
I Lottery.' not later than 
. Tuesday. 28rh February, 
■lephone Uxbridge 5011.1 
3 for tender form. Terms 
tance are subject to the 
t normal terms and con- 

George Hooper 
Chief Executive 

mtre, 

a. Middx. UB 8 1UW 


REPUBLIC OF NIGER 
Ministry of Public Works 
i Transport and Town Planning 
Office of Public Works aid 
Town Planning 
Equipment Division 

'FINANCING 

1 IDA Loan Agreement 612/N1R 
of March 5, 1976. 

2 Bade a Loan Agreement of 
June 28. 1976. 

3 B.N. 1977—458-5-03. 

NOTICE OF INVITATION TO TENDER 
NO. 77/S2 OF SEPTEMBER 15, IW7 
SUPPLIES OF HIGHWAY MAINTEN. 
ANCE EQUIPMENT TO NIGER 
CORRECTION 

The completa IBB of cander docu¬ 
ment* wiH be Mint following ■ 
request transmitted to the Office of 
PubHc Works and Town Planning. B.P. 
235 NIAMEY (Republic of Niger), 
against the payment of the amount of 
TWENTY THOUSAND CFA FRANCS 
(20.000 CFA F.), and not 200 000 
CFA-F. at stated in the initial invin- 
uon to lender, by a bank check 
made out in the name of the 
" Tresorier General du Niger ” In 
Niamey.' 

Submission of the tender* should 
be made to Niamey, Office of Public 
| Work* and Town Planning, by March 
16, 1978. prior to 1800 bOutt local 
I time. Instead of February 17. 1WB. 
J mi stated in cbe initial in*ltlt>Ort to 

| tender. 

I The opening of the candor* will take 
place on March 17. 1978. ax D9no- 
local time, instead of on February 18. 
1978. local eime. 

The remainder icays unchanpd. 


Thkannexmcsrr&nt appears as a maaer of record onty 

ROMANIAN BANK FOR FOREIGN TRADE 

VS. $53,000,000 

MEDIUM TERM LOAN 

To finance a payment by Mineralimportexport for 
development of a coal mine in the United States of America 
undertaken by the Island Creek Coed Company 

Provided by 

THE FIRST NATIONAL BANK OF CHICAGO 
ANGLO-ROMAN]AN BANK LIMITED B ANQUE EUROPEENNE DE TOKYO 
BANQUE FRANCO ROUMAINE DG BANK DEUTSCHE GENOSSENSCHAFTSBANK 
THE FIRST NATIONAL BANK OF BOSTON INTERNATIONAL COMMERCIAL BANK LIMITED 
LLOYDS BANK INTERNATIONAL LIMITED MANUFACTURERS HANOVER TRUST COMPANY 
THE NIPPON CREDIT BANK. LTD. UBAF ARAB AMERICAN BANK 
BANQUE COMMERCLALE POUR L’EUROPE DU NORD (EUROBANK) 

Arranged by 


FIRST CHICAGO LIMITED 

Agent Bank 


February 1978 


association 


soon 


f 'l BV. I BY ALAN P,RE > LABOUR CORRESPONDENT 

British. Ship- off a recognition decision until ft 
* I f X j tders Board will be faced had approached the ' Advisory. 
■, m with the bighly-sensitive Conciliation and Arbitration Ser- 
. , 0 - I L- Of reeogmtton of the vice. These discussions have 
JbuiWing and ■ AUied .Indus- taken place. 
s Management,'. Association. When they meet .on Thursday, 
n they meet on Thursday. Board members will have before 
eccignirion o£ the manage- them a recent letter written on 
it association is being resisted behalf of the TUC general 
ngly by the. Confederation or council iby Mr. Le n Murray, 
(building .' and Engineering general secretary,, to Mr. Michael 
3 ns and the full TUC general -Casey, chief executive of British 
icil and, although it has been Shipbuilders, 
ve issue since before the This expresses concern that 
onalisatibn of the'industry, the Board has not come, to a con- 
Board has deferred' a filial elusion on the > issue and says 
sion. Union leaders believe, that “ an early decision not to 
ever, that this may come recognise . the management 
- soon. - association is essential in the 

December, the Board put interests of good industrial rela¬ 


tions in the industry.” The TUC, 
says Mr. Murray, firmly main¬ 
tains that the proliferation of 
unions sbould he avoided, with 
recognition of staff grades res¬ 
tricted to confederation-affiliated 
unions already in shipbuilding. 

The management association is 
part of the Engineers' and 
Managers’ Association, which is 
in the TUC but is not affiliated 
to the confederation. The associa¬ 
tion's members are banning over¬ 
time in protest against delays by 
Brltisb Shipbuilders in reaching 
a recognition decision. Members 
of confederation unions have 
been instructed to ignore the 
ban 










Financial Times' Monday Febn iaty^ vlBTS 



DIVIDEND DECLARATION 



Notice to Authorised Depositaries and to owners of 

BEARER DEPOSITARY RECEIPTS 
Representing units of one twentieth of a deposited share of 
Common Stock ■ 


NOTICE IS HEREBY GIVEN that resulting from the Corpora¬ 
tion's Declaration of a DIVIDEND of S1.00 (gross) per share 
of the Common Slock of the Corporation payable on 10'ih 
March. 197G. there will become due in respect of BEARER 
DEPOSITARY RECEIPTS a gross distribution of 5 cents 
per unit. 

The Depositary will give further NOTICE of the STERLING 
EQUIVALENT of the net distribution per UNIT payable oo 
and after 15th March, 197S. 

CLAIM FORMS for completion by Authorised Depositaries only 
are now obtainable from Barclays Bank Limited (as below) 
and may be lodged forthwith. 

THE CORPORATION'S ANNUAL REPORT FOR 1977. 
Authorised Depositaries arc assisting in the distribution of th's 
re-port to holders of Bearer Depositary Receipts. Copies may 
also he obtained from Barclay's Bank Limited. 

Barclays Rank Limited. 

Securities Services Department, 

54 Lombard Street. 

EC3P 3AH. 


CITY OF 

10% 1975/1553 UA 10,000.OCO 

Notice is hereby given co Bondholders chat, during the 
twelve-month period ending January 30. 1973. no Bonds have been 
purchased. 

Outstanding ama-anc: UA 18.000.000- 

The Fiscal Agent. 
KREDIETBANK S.A. 
Luxembourgeaise. 

Luxembourg. February 20. 1978. 


CADBURY SCHWEPPES OVERSEAS LIMITED 
US$30,000,000 7jj per cent. Guaranteed Bonds 1SS0 

Notice is hereby given that Swiss Bank Corporation. 
1 Acachcnvorstadt. Basle CH 4002, Switzerland has been duly 
appointed an additional paying agent. 

Cadbury Schweppes Overseas Limited 


£3im. work 
in Canada : 

The Toronto office of George 
Wimpey Canada has announced 
contracts totalling more, than 
£3j5ih. for work In Ontario and 

A !*Tbe l largest of these, worth 
over £1.25ra. * for office _build- 
ings for Bramaiea in Bramalea 
city centre, Ontario. - Also -in 
Ontario the company has won 
a contract for roads and services 
at Milton for Headsborougn In¬ 
vestments Inc. at a value of 

in West Edmonton, Alberta, 
the Alberta Housing Corporation 
Has awarded a £830,000 coolract 
fora 60 -unit community bousing 
project while the remaining con¬ 
tract, valued at £400,000 is for 


World leaders 
in steel framed 
"o; v industrials ^ 
v iyuildings 

Cbriderinte 

/.Mdchidstc^'T?i: i09G^$8ZZ£ 


r~m ’iCc m? yrary-.Ci'-iC^io 

■ Bcrtbr oii-Irirr;’ 






sewers, drains and water wp 
for a housing development Wfrl 
Beaumaris Developments in Ed¬ 
monton, Alberta- 7.*g 

in Trinidad George- V/im 
(Caribbean), has been awarded; 
a £ 500 , 060 -contract for the co ’ 
s traction of an office building i _ 
Port of Spain, by William 11^ 
Scott 4 . • _ 

.This contract is For a two-* 
storey building of about 24.00K 
square ' feet with -a structural^ 
steel frame and precast concrete-; 
floor slabs, reinforced party waQg- 
and roof slab. .Architects are Gif’; 
lespte-and Steel Associates. . 


£Um. for Land & Marine; 


EC WORKS 11936) LIMITED 
i Incorporated In the 
Reouiiic n! South A!rical 

DECLARATION OF DIVIDENDS— 
DIVIDEND NO. 62 
Notice Is hereby aivcn that dlvltfeoCs 
fia»e been ooelarea on tno Ortinanr 
-A" Ordinary. C par cant. Cumulative 
Frelurcnce snares ana 7 per cent. 
Cumulative Preference shares ol the 
Company as follows: 
i a) On tr.e Ornmarv ana "A - Ordinary 
shares —an interim Cm-aeno ol 
20 per cent, iequivalent to 2.0 
cents nor 10 cent sharei lor the 
periui >1976—10 per cent!. 

»bj On the 6 per cent. Cumulative 
krelcrcnte snares—a di»iu*na In 
rusaect ni iw hall year endcs 
U January 1976. ol 3 per cent, 
teem-jlent to 6 cents per R 2 
sharcl i1977—3 per cenLj. 

•c) On the 7 per cent. Cumulative 
Preference snares—a dividend In 
respect ol the hall -ear ended 
31 January 1978. ol 3 • per Cent, 
f equivalent to 7 cents per R2 
Share) >1977—3*s per cent ). 

Dividends are payable to the share¬ 
holders registered In the backs ol the 
Compinv at v-e close cf business on 
31 March 1978 and the cheques In 
PEymanl thereof will be posted on 
or ^bout the 1 Ma» 1978. 

Dividends arc parable in the currency 
ol the RcpuMic of South Africa, a.itf 
dividends irom the London office will 
be pud in British currency calculated 
at me rate o> wchange ruling an the 
13 April 197B. 

Dlvleend cheques despatched Irom 
the London office to persons resident 
In Great E-italn or Northern Ireland 
is ill Be subject :o a deduction ol 
United Kingdom Ireemc ta* at rates 
to be' arrhetf at alter aI.'owing lor 
relief ns a.syi In rcrccct ol South 
African '.!•«. 

TH) Comoanv will (fog-jet the non- 
rcoloent shareholder-!' l.-is o! hltecn 
per cent. ■ 1 5 ■’« i from all dividends 
DJ,ab.c to shareholder* nro'.? 
asrresses In the shirs register are 
outs ice the Itapubl.c cl South Air.ca. 

The share transfer boohs «no share 
rcg siers ol the Company will be clesed 
trim 1 April 1976 lo 7 Ap-ll 1973. 
bain aates inclusi.e. 

By Prior ol th: Beard 

D. H. EDGE. 

Secretary. 

Head O Ices 
7-b - Road, 

P.O. Box £69. 

PORT ELIZABETH. 6000. 

Transfer Secretaries OAce: 

Republic Registrars 'P:,i Limited. 
lOih Floor. St. Marvs Building. 

85 Eloff Street. F.O. Bp* 1370. 
JOHANNESBURG. 2000. 

London Trans'er OKuk 
6 Srccncoat Place, 

London S.V1P 1 PL. 

ENGLAND. 

17th February. 1978 


JU3CO CO. LTD. 

At a meeting ol the Board ol Director* 
c! ;..e above Compsnv nclo on 3rd Fcbrujrv 
1378. it nas .csclyto that a Ircc distri¬ 
bution ol sully paid shares common 
Sloc, »o si,a,c'-oic-ers on t.-e re;i«cr ol 
Ji.archcidcrs is at 20:h February. 1978 
to msit on si-c basis ol one new- snare 
tor e-.cr, ten snares then held. 

Tie Depositary Snares ol the Company 
evidenced or Eurepean Depositary Receipts 
i" EDRs "> will, subject to the luihlment 
ol ail necessary legal requirements in 
Jaaan participate In this Distribution 
through the issue ol new EDRs. One 
Depositary Share i» eauwaicnt so ten shares 
ol comnisn stock of the Company, and 
rein EDRs Can he issued only in multiples 
ol ten dcrcsILarv snares. Accordingly 
any shires representing tractions of ten 
Depositary Shares will be sold and the 
aroccecs distributed to th? persons entitled 
Sr.crclQ. 

Holders ol EDRs are aevlsod that In 
order to claim tnolr entitlement pursuant 
to the free share distribution coupon 
number 7 should be lodged as Soon as 
possible alter 20th February. 1976 at the 
o luces o' either :— 

Hill Samuel A Co. Limited. 

/5. Beech S-reet. 

Lon-on EC2P 2LX: 

KrodietBvnL. L>i,embburgeolSe S-A.. 

37. ru« Notre Dame. 

Lu,cmbourg 


HEPWORTH CERAMIC HOLDINGS LTD. 

Notice :s hereby Qucn Hint the Transier 
Scots lor the lO*% Debenture 5>ocic 
1«r?ri97 ol the abo>c njir.o-I Company 
will DC closed Irom the 14th March, 
te 15th March. 1973 inclusive, tor the 
preparation ol Interest Warrants. 

J BIRTWHIS7LE. Secretary. 

Genets* Home. 

Shchidd S10 3FJ. I 


AKT GALLEGES 


ACNtW GALLERY. 4 3, Old Band St.. 
W 1 01-329 8175. 105lh ANNUAL 

WATEZC3L3URS EXHIBITION. Until 24 
Fell. Mon. -Fri, 9.30- 5 30 . Thurs. until 7 

COLNAGHIS, 1 £ . o7d Bind St.. W.l. 
491 7408. A Ljan E«n tntion cl Works 
tv SESasTIANO RICCI in Britain m 
a d ol Ihc UDINE ART RESTORATION 
FUND. Until B March. Men.-Fri. 9 30-6. 

bit. 10-1.___ 

FC7 GM-LEXIES. Evnibitlaa el the punt- 
inns o- British and Eunc-Jin Art.stj 
Ir;-n irOj-'.QjS. 5-6. Cork 5:ren. 
LcnJcn. W.l. Tc’l 01-734 2626. Woe»- 

e.-.rs 10-6. Suts. 10-1-__ _ 

WATsncbiriiRS on “the mall 
F.ryjl InMitutC'S 166 H 1 Annual Cxhbn, 
MjH Ari Galleries. The Mall. 5 W.l 
Dj.H inc Sundays 10-5. Unti 2 
MirCh. Asm. 2Op. 


BUILDERS INVESTMENT 
GROUP 

Notice to Warrant Holders 

EhLCtive finui.y 2/, Iv78. First 

Pennsylvania Bank. N.A.. P.O. Box 
£070. Ph'lzdelphia. Pennsjr'vama. 
19101. U.S.A. will be successor 
Warrant Ajent tor the warm no issued 
by Bunderi Investment Group evidenc¬ 
ing the right to purchase id common 
shares c! beneficial interest priar to 
December 8. 198b. Warrants lor 

exercise or transfer may bo delivered 
to the bank »n PH ladelpHia or eo its 
Agent. Manufacturers Hanover Trust 
Company- Stock Transfer Department. 
4 New Yo.k Piaza. New York. New 
York 100IS. 

CHARLES E. DELONG 

Secretory 


7',% TREASURY LOAN 2012*15 
7'.*-. TREASURY LOAN 1905.86 

BONOS TO BEARER 
The Bank of England ohm notice that 
new COUPON sheets 'or the above- 
mentioned Loans will be available on 
or after 28th March 1S78 In exchange 
lor TALONS. Listing lerms for talons arc 
available irom the Chief Accountant’s 
Qlhcc 'Bank Buildings). Sank ol England. 
2 Bank Buildings. Princes Street. London 
EC2H 8EU. and talons should be presentee 
there lor mchange by Authorised Deposi¬ 
taries on behall of the holders, irom the 
21st March 1970. Talons should not bo 
sent through inc post. 

Authorised Depositaries are listed In 
the Bank of England's Nonce EC1 and 
induce most banks and •'tecl brokers and 
solicitors practising In the United King, 
lorn, the Channel islancs or the Isle of 
Man. 


RHONE POULENC 7.50- O 1972.1987 
Loan of FF lOOOOCOOOOO 


We Inform the baniholders that the 
IS April. 1978 rcaa»mcnl Instalment 
ol FF 330300000 mi been made 
bv purchase on the Martel 
Amount o>i*tandlna: FF 8500000000. 

The Principal Paving Agent. 

SOCIETE GENERALE 
AL5ACIENN2 DE BANQUE 
15. Avenue Emile Reuter. 
LUXEMBOURG. 


HOME BREW ERY COMP ANY LIMITED 
CUMULATIVE PREFER ENCE SHARES 

NOTICE IS HEREBY GIVEN that the 
Transier Btroks of the above Company will 
be closed irom ZQtn March 1978 ts Hie 
31 si Msrcn 1978 <brth days inclusive 
>n ccder that the dir.ltad warrants may 
be prepired lor the hall-year ending 31st 
March 1978. 

Bv Order ol the Board. 

_ B DAVYS. Secretary 

The Brewery, 

Dirtoropk. 

Noil ugh am NG5 6BU. 

17th February. 197B. 


Artist’s nnpresslOQ of the Midland Bank’s 
proposed national computer centre which 
is to be constructed In Wentworth Indus¬ 
trial Park (a Henry Boot development) at 
Tankersley. near Barnsley, Yorks. Tenders 


Mm 


1 ompkins 

RUSH and Tompkins is to start 
worK soon on a £3.1 ra. contract 
for the construction of 169 
dwellings in nine low rise blocks 
for tfee London Borough of 
Camden. The site adjoins SL 
Pancras Station and the work 
wifi involve consthiction of 
retaining walls and operations on 
railway arches. 

At Exeter, Devon, the company 
has started on a £700,090 con¬ 
tract for 60 Oats For the Raglan 
H-iusin? Association, while up in 
the north it has named a £275.000 
award from the Cunningham 
District Council for the modern¬ 
isation of tOO bouses at Irvine. 
Strathclyde. 


Upgrading 


milllUV uliuiiki mi,—- —----if 

for construction of the centre, which will work is expected to start this spring, side, a member of the Bos Kalis 
occupy a 10-acre site, have gene out from When completed the centre will have two Westminster Group, 
would-be main contractors and In the completely independent computer suites, -.Among the larger jobs is the 
meantime Henry Boot is negotiating for It is expected to become fully operational ..construction of 60 two-bedroom 
the site preparation contract on which in about two. years time. .- 'flats in five three-storey blocks 

:■ for the Maritime Housing Asso- 


CONTRACTS worth nearly fljm. 
have been awarded to Land and 
Marine Construction of Mersey¬ 
side! a member of the Bos Kalis 
Westminster Group. 

••■Among the larger jobs is the 


ciation -of Liverpool. This Mr, 
Valued at £520.000. • r*: 

Other contracts' Include the: 
building of single-storey factor- 
units (City of Liverpool), sheef. 
filing . (Vosper Thnrneycroft 
.Portsmouth), yacht haven 
pairs tCowes. IpW), and factory- 
extensions (Van Leer, EHesmere 
Port). - . ' X 


TLEMCEN I an historic city in 
western Algeria, has been 
chosen as the site of a major 
new university centre. 

Consultar.ls, the W.S. Atkins 
Croup, have been chosen by 
Algeria’s Ministry, of Higher 
Education and Scientific Research 
to design the university complex 
and supervise the construction 
contracts. Plans call for a 
university lo meet the needs of 
S.Q90 students, with associated 
halls of residence. 

After the design and tender 
stages, it is anticipated that con¬ 
struction will begin in 1931. 

It is, of course, very early days 


to talk about a total construction 
cost. But it is thought to be at 
least £40m. 

The architectural work is to be 
carried out by the Atkins Group's 
in-house practice, AG Sheppard 
Fidler and Associates, in colla¬ 
boration with architectural con¬ 
sultants Shepheard Epstein and 
Hunter, deeds are the quantity 
surveyors. 

Atkins is already working on 
another major university project 
in the Arab world—providing 
civil and structural consultancy 
for the medical faculty complex. 
University of Riyadh, Saudi 
Arabia. 


£3m. shops 
and offices 
complex 

PART OF the site of the old 
Pontings department store In 
Kensington High Street, London, 
is to be redeveloped by Trollope" 
and Colls under a £3m. contract 

The company has just started 
work there for English Property. 
Corporation for which a 3-storey 
office block and shops are to 
be built. Two 3-storey blocks 
will be constructed and joined at 
all floor levels by a link block, 
which will house the main stair-j 
cases and other general facilities 
The buildings will he topped by 
a mansard roof. The whole com¬ 
plex is to be of reinforced con¬ 
crete construction. 

Architects are The Golltns! 
Melvin Ward Partnership. 


Refits for shops 


THE shopfitting division of J.-E. 
■WUtsfaier and Co. has won orders 
worth over £470,000. , 

- In Doha. Qatar, a. jewellery 
boutique called M Arts and Gems ”• 
is being fitted out at a cost of 
£58,000. Back - in the U JK. 
£352,000 worth of work Includes 
fitting out a new unit in- Chelms¬ 
ford. Essex, for. R ussel l Jewel Jers ■ 
(£70,000) and further work In 
connection with the refurbishing 
of Norwich Union Insurance 


Group offices ;in Fen church 
Street London (£200,000) fan 
which Sidney Kaye Firmin Patt: 
nership are architects.. • ^ 

For Amberday Fashions, three 
contracts call • for' a -complete 
refit of the existing 41 2007 ” shop 
in Oxford Street London, and a 
refurbishing of the King's Road 
“Just Looking” shop . both ol 
which are being undertaken fa 
association with Nicholas 
Etiierlngton-Smith and quantity 
surveyors Campbell and Matches 


SIR Robert McAlpine and Sons 
has been awarded a £3m. con¬ 
tract tc modernise an office Week 
in Wlgmore Street, London. W.l. 
Completion Ls planned for late 
1979. Installation of paasenger 
lifts, full air-conrHrioning. new 
electrical and alarm systems and 
a total refurbishing of the 110 
feet high building, which has a 
floor area of 120,000 square feet 
Is called for. 

Architects are Fitzroy Robin¬ 
son an i Partners. 


4m. 


OVER £2>m. worth of industrial 
building contracts have been 
awarded to Wincott GaUifnrd. 
The two largest are in the Mid¬ 
lands. 

At Garretts Green, Birming¬ 
ham. the company is to extend 
Harding's Bakery for R. H. M. 
Bakeries, under a contract worth 
over £0.6m.. while at Ansty. 
Coventry a two-storey office block 


for Rolls-Royce Industrial and 
Marine Division is to be built, 
worth £0.6m. 

Other major contracts, each 
worth over £0.3m., are a ware¬ 
house at Aylesbury for Galli ord 
Brindley Properties, and a ware¬ 
house for Livingston Allpak 
(U.K.) at V. r atford Gap, near 
Rugby. 


of the 


MEARS Construction has been 
awarded a £2.7m. contract by 
Dover Harbour Board for the 
provision of a new imported 
freight handling area. 

The work, scheduled to iast 74 
weeks, involves construction of a 
double-walled, ballast-filled sheet 
pile cofferdam in the Eastern 
Docks. By this moans and the 
use of sand fill dredged from the 
Goodwin Sands some 45,000 


square metres of harbour area 
will be reclaimed. 

A total of 390.000 cubic metres 
of sand and ballast fill will be 
placed during the contract, over 
3.000 tonnes of steel sheet piling 
driven and 30.000 cubic metros of 
silt dredged- About 40.00Q square 
metres of interlocking concrete 
paving blocks will have to he laid. 

Mears has just completed a 
£5m. contract for a new hover- 
port in Dover's Western Docks. 


CONTRACTS worth £3ttl for a: 
plant to he operated by the Arab 
Aluminium. Company of Jordan, 
designed by the P-E Consulting 
Group, are going to Gcrman antl 
Italian contractors. . >£,; 

British companies corupetlR^j 
says P-E. were apparently unable 
to match Continental offers so far 
as prices were concerned. But 
British equipment is likely to be 
supplied to the successful Ger¬ 
man and Italian tenderers. 

This new plant is to be a major 
expansion to the aluminium 
manUlacturing.capacity of Jordan 
and will, when completed, turn 
out some 6,000 tonnes a year of 
anodised aluminium extrusions. 



APPEALS 


HELP SAVE OUR EX-SERVICEMEN 
FROM FURTHER SUFFERING 

Wars rutin up uoul Northern 
Ireland linlay muan that hundreds 
0 / thousands ol uur victims srifl 
•wist. Ex-sarviccman. widows, 
orphans desperately nt?ed homes. 
Jobs. load. luri and other roson- 
tlals. Please amd donations to: 
Tho Royal British Legion Bene¬ 
volent Fund, Maids lone. Kent. 
ME2D 7NX 


HORAE AND 

GARDEN 


TRADITIONAL brick construc¬ 
tion is »o bp used throughout in 
the 136 tiwel'ings worth £1.252,000 
which M. J. Shanlcy {Contract¬ 
ing) is to ereci under contract to 
Leicester City Council. 

The Rupert Estate, North, is 
the site and the homes will 
include two and thrcc-storey 
units providing 20 two-person, 
one-bedroom Dais for the elderly: 
26 three-person twn-bedroora 
flats; 37 two storey, four-person, 
tivo-bedroom flats: 46 two-storey 
Eve-person three-bedroom units 
and seven three-storey seven- 
person four-bedroom units. 


Conversion 


mmmmm 


MIDDLESEX Polytechnic is hav¬ 
ing part of a warehouse converted 
lo educational use by Coslain 
Construction in a job which 
entails a great deal of alteration 
work, including the installation 
of a new concrete mezzanine slab 
with columns and foundations 
through the existing floor. 

For Coventry Climax at War¬ 
rington, Costain is to erect and 
complete a large single-storey 
building with concrete founda¬ 
tions on ground stabilised by the 
vihro flotation method. 

The two av/ards together come 
to around £lm. 



wplipi 

ND S'® *6^121 


v-.; v i\: ,\v. r ^ 

jjirC. \i. } x 

:-a V: 




1978 SEED AND SEED POTATO dCJ- 
chpt.vc CJUloguc ngw ivuilablc. Sont 
on reouesl. PnUOe 7n. B. V. ROGEB 
LTD.. The Nurseries. Pickering. North 
Yorkshire. YOIB 7HG 


CLASSIFIED 

ADVERTISEMENT 

RATES 


Crown 


Industry needs its buildings quickly and cheaply. 

It also wants them maintenance free and fire resistant. 

Crendon structures offer all this and more. They are 
engineered to be adaptable and capable of almost any 
elevational treatment. This way Crendon structures fit the 
architects plans as well as the customers needs for factories, 
warehouses and offices. The Crendon 4° frame for example, a 
thoroughly flexible system allowing almost any combination of span 
sizes and roof levels to be achieved in a single structure. An important 
consideration where, as is frequently the case, factory or warehouse and say 
a two storey office block are to be combined. Our technical leaflet explains 
some of the structural variations and the design freedom which the Crendon system 

can always provide. 


orders 


CUiSS 


EYE. 189. Rugent Street. 734 5675. A la 
C.irfe ar All-in Mem Tnree ^occucular 
Floor Shorts 10.45. 12.45 ana 1-45 and 
music oi Johnny Hawkes'-orth & Friends. 

GARGOYLeToB. Dean s-jvet London. W.l. 
NEW STRIPTEASE FLO OO SHOW 
THE GREAT BRITISH STRIP 
Short at Midmsnt alaa 1 a m- 
Mon.-Fri, Closed Saturday*. 01-437 6455 


Sin ole 
Per enltmm 
tee cm. 

£ £ 

Commerrtal ft [nlusmai 
PrupiTiy 4.30 14.00 

R-siduitil.i] Property 2.00 8.00 

ACPSIDimenls 4.50 14.08 

Business & iDvrtnneni 
tipporiuniira. Corpo.-Jilon 
Lon(K PmdiicilOn 
Capacity. Businesses 
For Sate-Warned 5.25 18.00 

Edura:lon. 3lo:cn 
Contrails t Tenders. 

Pcrsncai. OnrtJcnlnjt 4 25 12.00 

Holds and Travel l.Tn 10.00 

Book Publishers _ 7 00 

Premium positions available 
(Minimum size 40 column cms.l 
0.59 por single cdumn cm. extra 
F'tr lurtlW icrtlu to. - 

Classified Advertisement 
Manager. 

Financial Times. 

10, Cannon Street, EC4P 4BY 


LATEST orders received by 
Crown House Engineering 
include electrical services for 
GEC Mechanical Handling at coa! 
preparation plant, extensions at 
Rawdon Colliery in Sculh Wales 
(£406.000) and mechanical 
services in connection with air 
conditioning at Hertford House, 
London, which houses rhe 
Wallace Collection. HertFord 
House will remain open while 
thy work, costing £275,000, goes 
ahead. 

Two oiher orders are for 
mechanical services for the 
United Kingdom Atomic Energy 
Authority at Daresbury near 
Manchester (£117,000) and for 
power and lighting services in its 
chassis dynamometer building 
for Shell Research (Thornton), 
Manchester (£53,000). 









Crondon Concrete Co.Ltd. Thama M., Long Crendon, Aylesbury. Bucka.HPIB BBQ.Trf: Long Crendon 208481 
-.'Aw-i^/R.-NvtJtfeRd Goote NHunihor5idu.Ti-l Goote 4201 feprtand/Shans.L.^arL'JmQ Ml?SBPTrt Shon20261 


“■ - r ***** 



Description 


8 BLOCK (400 mrnjTNiJNE, NON5UP.WIRE - 
DkaWInG Machine in excellent condition 
0/2u00it/miii variable speed .10-hp per block 
(I9t>8). 

24" DIAMETER HORIZONTAL BULL BLOCK 
By Farmer Norton (1972). 

RuiArtt SWAGING MACHINE : 

by Farmer Norton (1972 j. • - • ' 

SLITTING UNE 500 mm x 3 him x 3 ton capacity. 
TWO VARIABLE SPEED FOUR HIGH ROLLING 
MILLS Ex.&JKJ" wide razor blade strip , 

production.' . • . 

MODERN USED ROLLING MILLS, wif^rod 
and. tube djrawmg pjant-rcoii formlng^inachmeA— 


by Noble & Lund with batch control. 

. 1970 CUT-TO-LENGTH LINE max. capadty 
1000 .mm 2 mm x 7 tonne coil fully: . 

.. overhauled and. in excellent condition!; 

1945 TREBLE DRAFT GRAVITY WIREDRAWING 
machine by:Farmer Norton 27"—29^-lf" : 
diameter dra w blocks. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE ' 
by. Max capacity 750.mm x 3.mm. 

9 BLOCK WIREDRAWING MACHINE and 
1000 fb spooler— non slip cumulative t/pe with 
double tiered 22"ndia. x 15 hp draw blocks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 
5.000Ft./ Min. with spoolers by;MarsNalI Richards: 

3 CWT MASSEY FORGING HAMMER 
—pneumatic single blow _ 

9 ROLL FLATTENING MACHINE 
1.700 Bim wide. 

7 ROLL FLATTENING. MACHINE ■ 

965 mm wide. • 

COLES MOBILE YARD-CRANE 

6- con capacity lattice jib. 

RWF TWO STAND WIRE flattening, and 
STRIP ROLLING UNE. 10" x 0" rolls x 75 HP 
per roif stand. Complete with edging roils, “ 

■ turics head flaking and fixed recoiler. air 
gauging, etc - Vai Table line speed 0/750ft./min. 
and 0/l500ft./mirL 

HARROW STRIP STRAIGHTENING AND 
CUTrTO-LENGTH MACHINE (1973V by 
Thompson and Munroe 

YODER ROLL FORMING MACHINE 30" wWtb, - 

7- siand. Excellent. • I- -: 

DRUMMOND MAXIMINO^ MULTT TOOL LATHE 

Auto cycle, 12V dia. x 18". RECONDITIONED. 
BOLEY PRECISION CENTRE LATHE 
10" dia x 24 fc . 28-3550 rpim ; EXCELLENT. 
HORIZONTAL BORER 80 mrii PEGARD. 

Table 49" x 33“*. facing head 33". 'Optics. . 
HERBERT BPRE-OPTIVE TURRET LATHE ! 

20" dia x 56". 13-1000 rpm. REBUILT. 
CINCINNATI No3 HORIZONTAL MILL. ' 

Table 68" x 15". 16-1600 rpm. REBUILT. ' . : 

M" Dia. COLD SAW. NOBLE & LUND. • 

Max caoacity 40" x 18"; EXCELLENT. - . 
AUTOMATED TURRET DRILL—HERBERT 
6 station, 2 M .T., Plugboard control. Co-ordinate , 
table. New 1974. Almost new. : 

BUSCH AUTOMATIC KEYWAY MILLER V 
Automatic cycle. Hydraulic. EXCELLENT. " 
INTERNAL GRINDER—JUNG C8. 

reconditioned; ' 

BLANCHARD No. 1? GRINDER. : 

17V dia. REBUILT. Very. accurate^ V 
4A CHINING CENTRE. Capa dry 5ft.V 4fe x 
3ft. 5. Axes, continuous path. 51-automatic tool 
changes. 5 tans main,table.load. Main motor . 

27 hp. Had less than one yeari.use and in. 
almost new condition. For sale at one third . 
of new price. 

ACME GR1DLEY (BSA) 6 SPINDLE AUTOMATIC.- 
2$" rebuilt and not used since. Wiir turn ■ 
and.index to maker's limits. . 

WICKMAN 31 SINGLE SPINDLE AUTOMATIC. 

Extensive equipment. EXCELLENT;CONDITION 
WICKMAN 21" 6SP AUTOMATICS 196) and 1963, 
EXCELLENT CONDITION. - 

VICKERS 200 TON POWER PRESS. Bed 40" x 
36". StroktS". NEW.COND. 

200 TON PRESS BRAKE ff x J* by SedjjeWTdc. 

Air brake, ah clutch, light gauge. 

' EXCELLENT CONDITION. 

HME 70.TONS.PRESS DCP3. Bed 36" x 34"," 
stroke & ■ EXCELLENT. . - -i- 

COLD HEADERS BY NATIONAL 
i" ahd r i>SSD. EXCELLENT. ' 

LUMSD6N VERT. SPI.NDU GRINDER. 

Mag. chuck 60” x I8**. Model 71L6. Reconditioned 
LUMSDEN VERT. SPINDLE GRINDER. 91MLT. . 

Retractable Table 36"dijV .FXCFL1FNT.. . ; A . 

IINClNNATI CENTRELESS GRINDERS. 

5l7es 2 and5. .EXCELLENT. ' 

H^Y No. 3 FACING A CENTREING. 1 
Between centres 35i7,'reconditioned.' 


/ WANTisb 


MODERN USED ROLUNG MR1S, wire rod 
and xube drawing plant—roll forming machine?— 
slitting—flutehing and <ut-tcHenath 
cold saw*— presses—guiliotines; etc. - . 


Telephone 1 


0902 42541/2/3 
. Telex 336414 
0902 42541/2/3 
Telex 3364(4 
0902 42541/2/3 
Telex 336414-' 


0902 42541/2/3 
. Telex 336414 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 

Telex 336414. 

0902, 42541/2/3 
Telex 33«pg 

0902 42541/2/& 

- .Telex 33^1?; 

0902 42541/2/^ 
Telex 3364H. 

0902 "42541/2/3_, 
Telex 3364 f4 : 

0902-.4254J/2/3 
Telex 336414 

0902 42541/2/3--' 
Telex 336414' 

0902 42541/2/3r 

0902 42541/2/3 . 
Telex 336414 : 


0902 42541/2/3" 

- Telex.3364)4 

0902 42541/2/3 
. Tefex 336414 : 
' 01-928 3131' 

- Telex 261771’. 

01-928 3131 
Teftx 261771V 
07-928 3131 
•: ..-Telex 261-771.: 
s: Oi-928,3131'. 
' Telex- 261771' 
.01-928' 3131' 
Telex 261771 
01-928 3131 
. Telex 261771 - 
.01-928 301 
/ Telex' 261771 

01-928 313) 

: Telex 26177V! 
- 01-928 313/: 
• Telex 26177)1 
, .01-928 31 IV- 

Telex 26I77J 
•. . 0J -928 3131 
...Telex 26L77J-. 


. 01-928 3131 
Telex 26f771 

01-928 3131 
Telex 261771 
01-928 3131. 
Telex 261771; 
■ Or-928 3m. 
Telex 26J 771 
01-928 31 It 
Telex 261771; 

01-928 3131- 
-Telex 261771- 
. 03-.928 313J. 
Telex 261771 
0i:928 3131 
Telex 261771 
V 01-928313I 
Telex 261771 
-01-928-3121 
Telex 261.771 
r -01-928 ; 313f: 
-Telex 261771 
' 0ti928 3ijt 
Telec 26177V 
























































































P§3 


W-*' 






! oM; 


cusR^L-ifiaferais 


'inancial Times Monday Februarv 20 I97S 




















































- Financial -Times Monday^ 


Mitt BY ARTHUR BEHWETTAHD TED SCHOFIERS 



SCIENTISTS from the Ames Re¬ 
search Centre of the U.S. Nat¬ 
ional Aeronautics and Space 
Administration in California and 
the National Oceanic and Atmos¬ 
pheric Administration’s Environ¬ 
mental Research Laboratory in 
Boulder, Colorado, are now test- 
flying an instrument concept de¬ 
signed to give airliner pilots 

several minutes warning of an 
impending encounter with “ clear 
air turbulence." 

This atmospheric phenomenon 
has been a problem since the 
beginning of the jet age. These 
naturally-occurring tempestuous 
air currents can add unexpected 
bumps—sometimes exceptionally 
severe—to an aircraft’s smooth 
passage, even though the sky is 
cloudless, causing sometimes in¬ 
jury to passengers. It Is because 
of the possibility of CAT, as it is 
known, that passengers arc ad¬ 
vised when in flight to keep their 
safety-belts fastened. 

Because CAT cannot be seen, 
there has long been a need for 
a simple instrument to detect it 
in advance. The device now to 
he tested uses an infra-red water 


vapour radiometer to measure 
the amount of moisture present 
in the atmosphere. Early experi¬ 
ments have shown that it is pos¬ 
sible with this device to detect 
CAT from 2$ to 5J minutes be¬ 
fore it is actually encountered, 
giving the crew lime to steer 
iheir aircraft round the problem, 
as they would round thunder¬ 
storms.* and so gain a smoother 
ride. The Joint NASA and NOAA 
tests will use a Lear Jet research 
aircraft. 

The two organisations hope 
that the flights will lead to de¬ 
velopment of a low-cost system 
which can be installed in any 
aircraft. It would operate un¬ 
attended and require minimum 
maintenance. If it is found feas¬ 
ible. it will produce a visual 
signal in the flight deck from 
four to 15 minutes in advance of 
a prospective CAT encounter. 
Both the U.S. agencies believe 
that such a device would en¬ 
hance the safety and comfort of 
civil aviation—and also military 
oocrations—by giving pilots 
ennueh wamine of imminent 
turbulence. MICHAEL DONNE 


© ELECTRONICS 

Games on 
a chip 

REVEALING that it has now pro- 
produced over 15m. of Its first 
generation of television game 
microcircuit chips since manufac¬ 
ture starred in 1978. General 
Instrument Microelectronics has 
taken the trend one step further 
with a game chip that allows 
images of motorbikes to be 
driven across the screen. 

The circuit generates a tiny 
Image of a motorbike which 
moves across horizontal “ roads " 
on the screen at a speed deter¬ 
mined by a throttle control 
potentiometer setting. Obstacles, 
including a line of eight buses 
are provided, yielding a total of 
four games. There is an “ easy/ 
hard ’’ switch to select the num¬ 
ber of obstacles per track. 

The company says it has 
further games in the pipeline, 
including shooting, games of 
strategy and games of chance. 

The 23-lead package, called 
Stunt Rider is officially desig¬ 
nated AY-3-3760A and is suitable 
for both colour and monochrome 
sets. 

More from 1 Warwick Street, 
London W1R 5WB (01-439 1891). 

@ COMPUTERS 


© processing 


© COMMUNICATION 


Light helps refine materials leleaans ja 


IS IS 


OPERATING TIMES with an all- 
up weight of 6.98 tons and a pay- 
load of 9.02 tons are 35 seconds 
for loading and 45 seconds for 
unloading ~ on an improved 
version of the Edbro skip- 
handling equipment for 16-ton 
gross trucks. 

A fast lift-off valve permits 
off-loading an empty skip in 104 
seconds. A redesigned jackbox 
has reduced rear overhang by 8) 
inches, and the strengthened 
jacks are mounted at angle of 
12 deg. instead of vertically. The 
platform now has a uniform 
length of 19 fL 4 ins. to suit 


¥ S 


short as well as long wheelbase 
trucks. 

Axle weight distribution has 
been improved by altering the 
geometry' of the lifting arms to 
lower skips further forward on 
the platform. Servicing has also 
been simplified, in particular by 
replacing the full width hinge 
bar by outboard bearings at the 
pivot points. 

Maximum lift capacity of the 
new equipment is 11 tons from 
the ground and 9{ tons from 
2 ft. 6 ins. below ground level. 

More from the maker at Lever 
Street. Boltnn, Lancs., BL3 6DJ 
(0204 2S8SSU 


LATEST HYDRAULIC aerial 
work platform in the range made 
\v ACS Engineering is the 
Acl-lift 1SOOO. which has a lift 
height of 182] metres. It is 
intended particularly for local 
authorities and contractors main- 
taking 60ft. lighting columns. 

The units can be mounted on 
any chassis with a gross vehicle 
weight of 10 tonnes or over a 
wheelbase minimum of 4 metres. 
It is provided with four hydrauiic 
stabiliser legs, which both relieve 
the chassis of torsional stresses 
and level the unit on slopes. 


Capacity is two men plus a 
load of tools and equipment to 
a maximum total of 265 kg. The 
cage measures 0.6 by 2.0S by l.l 
metres. Controls are fitted in the 
cage with a duplicate set on the 
chassis. Horizontal reach is 
10.4 metres. Slew is through 360 
deg. A hand pump is fitted 
capable of stowing the unit if 
the power fails. 

Optional extras include inter¬ 
com. spot and floodlights, tool 
boxes and safety belt anchor¬ 
ages. Details from the maker 
at the Sheepmarket, Stamford, 
Lines., f0730 51815), 


COMPUTER control will allow a 
Sheffield drop-forging company to 
react to changed steei prices 
across the whole range of their 
3,000 products in less than 30 
minutes. 

Operating manually, Firth- 
Derihon. estimates that such a 
change previously meant up to 
three months’ extra work for staff 
at its Darley Dale and Sheffield 
plants. 

At any one time, the firm has 
about 3,(100 “live ” part numbers 
made from up to 300 different 
materials and sizes. InHation 
over the past five years has had 
a significant effect on internal 
management costs. 

Now, using an ICL 2903, the 
company .can completely update 
the price of every forging in 
about 25 minutes. The system 
used has been developed jointly 
by Firth-Derihon and GMS Com¬ 
puting of Sheffield, both com¬ 
panies within the steel division 
of Johnson and Firth Brown. 

Using distributed data pro¬ 
cessing. the system brings operat¬ 
ions under local control so that 
they become of more practical 
help to industrial management. 
The specialist task of providing 
technical support is left to the 
computer bureau which backs up 
the 2903. 


THE LASER is taking over from 
the Bunsen burner in the 
chemical laboratories of the 
University of Illinois. It is a 
move which will have important 
industrial implications in the 
refinement of chemical sub¬ 
stances where purity is the major 
factor. This includes highly 
refined silicon lor the manufac¬ 
ture of electronic circuits. 

In the University of Illinois 
laboratory, a team led by Robert 
Gordon has set up a computer- 
controlled laser system which 
bombards substances with power¬ 
ful light beams. This excites 
selected molecules- and causes 
chemical reactions. la the 
process, light is used as a 
catalyst. 

The important aspect of the 
process is that the laser excites 
only those molecules which are 
tuned to its own wavelength: in 
this way impurities can be 
extracted from a compound to a 
level of less than one part per 
million with very big savings in 
cost 


Pre-set coil 
winding 

USING SIMPLE tooling, and con¬ 
trolled by a microprocessor, the 
latest Aumann linear winding 
machine can accommodate wires 
from 0.04 to 0.2 mm diameter 
and produce coils up to 45 mm 
dia. and 50 mm long. Maximum 
speed is 12,000 rpm. ' 

A pivoted frame carries 12 
coils, and when winding is com¬ 
plete the frame is turned through 
180 degrees. Wound coils are 
unloaded while a pre-loaded new 
set are being wound. Start and 
finish wires can be automatically 
wrapped round radial terminals. 
A special pivot frame can be sup¬ 


plied if the wire has to be wound 
round axial tags. 

Ail specifications can be pre¬ 
set such as pitch, winding width, 
position of tags for wrapping, 
winding speed, number of turns, 
etc, wilb the program fed to the 
microprocessor either by tape or 
pushbutton. The machine is said 
to be suitable for small or 
medium size batches, as well as 
for coils which although similar 
in size have a variety’ of winding 
specifications. 

Marketing in the U.K. Is by 
Cole Electronics, Church Road, 
Croydon, CRO 1SG (01-686 75S1), 
an R. H. Cole Group company. 

Coping with 
effluent 

FOLLOWING successful trials 
in the tanning industry, low 
cost industrial cavitation aera¬ 
tion equipment is now available 
which could help small manu¬ 
facturing companies minimise 
their water authority sewerage 
charges by Improving the stan¬ 
dard of liquid effluent discharged 
into sewers and streams. 

Costing from fSOO to £860 ac¬ 
cording to size, the lightweight, 
easy to instal units are avail¬ 
able in 1. 1) and 2 metre lengths 
for fitment to processing tanks. 

A lj or 2 hp electric motor 
is mounted at the top of a cen¬ 
tral shaft down which air is 
blown for discharge through the 
four arms of a rotating ejector 
head at the base. This produces 
a mass of minute bubbles, reduc¬ 
ing the level of air-dispensable 
chemicals in the effluent and 
lifting solids to the surface. 

Sulphide levels in tanning 
effluent in a 2,000 gallon tank 
have been reduced in 3) hrs. from 
2,099 ppm to a level acceptable by 
water authorities, according' to 


become a ESJba. 


the makem Running costs are 

stated to be two or three pence „ 

per hour LIKELY to become a 

Details from Rizzi (U.K ), part industry by 1980, tetecompunitt- 
of Barrow and Hepburn Machin- tions is to be the subject of-a 
erv, 3SS, Meanwood Road, Leeds conference at the Amsterdam 
7,(0532 620332). Hilton on April 2, 2 and 4 

organised by Arthur.D. Little* 



TW*fwttqaa.*iOT.6teaaz«- 

- /teM Company ( 


. *0? 


Tate on technology 


© RETAILING 

Laser gets 


NOW well established in the 
U.K. and with plans well 
advanced to set up a manufactur¬ 
ing unit in Ireland. Data 
Terminal Systems of Massachu¬ 
setts since its inception in 1970 
has reached a sales figure world¬ 
wide of $42m. in 1977 and ex¬ 
pects to top 5S0m. for 197S. 

DTS has concentrated on the 
idea of a stand-alone electronic 
cash register -which enables both 
the small store manager and the 
large chain store operator to re¬ 
place mechanical cash registers 
with electronic registers with-' 
out investing in a complete 
computer-based . point-of-sale 
system. 

Customers for the 400 and 500 
systems, launched in Britain 


about a year azo include Trust 
Houses Forte. EMI and Holiday- 
Inns and in the hotel and cater¬ 
ing business DTS, through its 
U.K. subsidiary Transaction Data 
Systems, claims to be lead 
supplier in the U.K. 

It is now attacking the super¬ 
market and department store 
market: a £Jm. system for 
Habitat involving 148 machines 
and SOCO stock items will go live 
in April. 

Latest system to appear in the 
U.K. is the 510. which makes 
use of a laser scanner. 

At the check-out. the assistant 
simply passes the customers’ 
purchases over a rectangular 
hole in the surface of the 
counter, with the bar code label 
roughly pointing at the hole. 
The label Itself can be :n any 
orientation, and items can be 
dealt with at the rate of about 
one a second. 

A mirror below the orifice 
rojects a scanned beam at about 
degrees to the horizontal: the 


15 


-jr-i 1 ' It wUI focus.on the major com- member of-Philips,' and "Dialer 

■gH f&rmif S3lJllll Petiteissues and market oppdc-.LVoh Saiidea, managing'director 
JL tuniltos in The' IndflstifeUaed oC.^iem^qs' telecommunicati^a 

- J ^. . countries. ‘ r --"i- 'l- : - L'. 

n?a jf|P easv Introduced by Arthur D.LittieFurther . details of “the coin, 

uiuuv . ■ senior exe<mdyes, the^m^ 'and registraiiOn' fQitoa 

ORIGINALLY designed for use will include .presentations' by rfroxn Valerie' Zebedee, Arthur'D, 
in' the dyeing and printing areas Bjorn Svedberg, president ' of 7 Little, Berkeley Square, Louden 
of the textile industry a check- Ericsson, ,W. Dekfcer,.--Board WIX 6EY, 01-493 6801}, 
weighing system from Nelson. • •• . ■ /•'" .. ’■ :it«rr 

Computer Services is.now being T • ' - ■,» : 

s&d Light beam links bid 

recipes by weight have to be kca has Introduced its first Of ultra-feln straCd^' or fibres-of 
“iSwmLvJ M.A. riMriij i.- tore" optics data, link designed iglass or plastic: . 

riv.^ e am!” ; (1use & dig! tal data computer'. Dr,:Ralph"iE. .Simon,-- dfrisfoa. 

links, digital telephony, secure-vice-president of RCA -^leefrtK 
mtended for 10 . comunications, process control; op tics : and' '.Devices,"ajj: tfia 

di£l “ OPUeal communications ^ VOl^o o^oyer 

printer and indicator i&ttt. ; «™ PP«cs enable the irons- 
The operator keys in batch mission of light waves from one-^, feiectrorrics - mctaS- Ariir 
number, material reference point to another through light-.'grow to more than SSSOql 
number and target weights he weight flexible cables consisting, annually. . . . . _\ 

wishes to achieve.. He then . . "y - ^' 

dispenses' material .info the' ‘ ; •/' “ 

pans of the balances, to ©. CONFERENCES- " 

tolerances pre-programmed Into - -••••■ -■ - . r-vi.-:v?; 

the microprocessor. Visual and' 
audible indication is given when 

apwoacWM o^SiSSfthl TO BE heW at Kent umrisrsfty, tubes' aid caff-alsbifc 

Snn S S Irea£o Canterbury, from April 12 to 14, carried ; ckpsuies- in ^ ferS 
number to tak! ^ fourttl international sympb- (&anib£ex.'liiies. - \ Both’ ibetlwls 

tte ^t^iSr^uch the c^ ™ ° n Jet Cutting Tectaology^wfll -i^-^ 

Slte SSldure^ 8 ^“’ .organised by BHRA.-will-deal presented,:the.;fourth W 

Twrtnh with a wide range of &ppllcations natiQ^ >con^cn^- on -^ae 
from hydraulic ,coai ; toining ; to. Phetrinatfi'lYanspbrt (rfc.SoHdsLb 
l !2jf l iS2lf , 5i a 22.' Q^erwater^.cleaning' of o^shote Pipes, ,tbLbe held at Cannel-by- 
weight actual ^weight and P structures . . ^ - 'th^Sea. /Caltfomla; VS? from 

Engineers sfbd seientisto from June^6 tp'-28.-: a - • ■ -** - 
and totals can also be produced. G en:nan y t Japan, the U.S. and meeting;- organised >.by 

the -USSR will be pr^enting BI^RA^will be beHl in conjunc- 
papers. There ; .will- - also, he -tioo. with .the Colorado School of 
papers from UJC workers, £ncIud- B5nJ& and .iyltfi'tfie co-operation 

_ - . — lng one dealing with the;pre-.«f tSe-^Materiiils Handrmg Divi* 

cision- jet cutting ■ of flexible si bn of the- American Society of 
beam scans several lines in both materials, using very fine high Mechartical. Engineers.A paper 
Icft-rishl aod op-down direcUoim. ^ 

so that It is bound to pick uo Hvorof ranspprt : .r-f "; ."s^urebrook Colliery^50 tonnes of 
the label and scan it. even sfde>- The fifth international- con-’jaiateriaT/hour can bo carried, fdr 
on. The machine then looks up ference on the’hydraulic Trau^ periods up to-20-Tjours/day. 
the name of the item and Its po rt of Strflds. in'T^pes. will be ~. Farther. details "of the above 
price and shows them in half- held jn Hanover, West Germany.'fereg ' conferences ' from the 
inch characters on two displays, from May R -to : 11. Orcraaised -BritishKydromechanicsResearcb 
one for the assistant and another by BHRA .in conjiinction wife the Associaticfh,'^ Cfanfield. Bedford 
for the customer in the form of Franzius InstitutedIheetmferBDce MK43!t)AJ t >(9234 750422). 
a rotatable “flag” on a short will cover both'.'theoretical^and 
pole adjustable for best ens- practical aspects,'.Including plltft CaSllllg , 
tomer visibility. plant xtiidies,'lai^plicatiaW and NfotbV ;'international pressure 

All the kevs on the 510 are economics. V,^-. die casting conference will.be 

programmable so that the device' Among the papers will be one held -at .the London Hilton on 
can deal with any method of from Warren: Sitting Laboratory, May12,.to coincide with 
payment, tax additions or excep- TRRL and 'Imperial. College-the iitie casting exhibUien- at 
tions. discount, a'nd refunds. Any which indicates ti'at Oven'when Olympia^ May.9- to 12. -The Con* 
of them can be pre-set to refer pumping large^.-particles. overall ference is being^ organised by *the 
to a specific product' Up to 30 costs are combaiable .wkh Aose .European Pressure Die Casting 
of the registers can be ibtereon- for heavy lorries, wfille a contri- Coimni^e.e- iii, co-operatioff-with 
nected. and on any one of them button from-the U S. shows that American and other 3 overseas die 
an executive can ' call up a a five mile line transporting'sand casting groups. The Zinc Devrtop- 
variety of updated store-wide will repay its ropitel cost to less meirt AssbciBtibn mid thtf Light 
reports at any time. Data can he titan five years.. - Met&l Fouhdere’ and Zl nc Alloy 

sent to a mainframe computer As an alternative to water Die-. Carters* Association^ >*o 
if necessa-.-v. More from" Trans- transport in -pipes, powder# and ;roaklak^"4etailed' arrangement 
action on 9626 S65QS3. ' particles can be blown along Mo^erfririn. ZD A on 01-499 663^. 


More from St. John’s Court, 
Rawtenstaff. Lancs. BB4 7PA 
(07062 29125). - 


A. 





< - '.i-...-. . ..- 



i* -- 





•‘-t 












[j ■ H* fcl QHP »M 1 




The Executive’s and Office World 


EDITED BY CHRISTOPHER LORE M2' 


v-RE IS.a storyAhat 1 ah uhusnal degree r ” says Pro 
vmg_ Kound U-S- ^anafto fessor I-en Tipr ft .Sales of 
. circles for many yeapsz f altzmbia Uoivers/ty Graduate 
* *■ at certain -hallpwedSchool of Business, who has 
V , ,e °ts the • middle and senior close-, contacts. .with-. • the com- 
utryes of IBM, dressed..-in pany. “ Their massive commit- 
e hutton-down shirts;; dark meot to management education 
i £ n "‘ s ^ lort hair,.sing Special gives them a common, culture 

■ hymns: , ;.. /..v " arid consistency of operations.” 

' ch behaviour' taay : be cLe Out ’’of its- near-300,000 em- 

ir in Japan, but in the U.S. ployees . round.' the world, 

- m^dered deviant. Rumour; of tfiem in theU.S.,IBM classes 
ier has it that “file company 35,000 of them as.:" managers,” 

■ 5 were written bygone of of whom 20,000 are in the U.S. 
founding Watson elan, and Unlike inany other" companies 

their themes'; urge .the IBM does, not define -a “man- 
• itives onward and upward ager ■' according to Ibis salary 
e pursuit of excellence and level, or the. Intellectual content 
lij,- •- Whether the story is. of-bis * work; but according to 
, true, or ever baa." beeni is whether his or berjobincludps 
^•be point. For in a'crude, responsibility-for a wUe range 
Tphal ■ way - .it., underlines of : functions!. concerned with 
a large, disparate corpora- the supervision; of people: their 
needs to weld" its- top .people hiring-and firing, the formula- 
her. tioti nnd evaluatinn of a per- 

. IBM to-day this corporate fiance 1 Plan lor eatcfi of them, 
ral acculturation, thfe pro- adm ^terlng their.sdaries and 
it!on and maintenance of °^ raI1 “compensation.”and ad- 
d attitudesand procedures, ***** °^ em on their career, 
bally done largely through . Zt 18 -* stated company objec- 
the company calls Qve each and every one of 
-agement development.” these mana ^ ers should have at 
. . r least one week of formal man¬ 

's term is one of -the agement' training every year— 

. st and most over-used in covering -such issues , as. motiva- 
?ement textbooks, but in tion, communication and “in- 
as in most big. UB- teractidn quite apart from 
■~ s '* rations, it is taken to cover any/ training in skills such as 
v •-. .ill inter-related procedures, accounting, marketing, prograra- 
which theoretically con- ming or whatever. - 
e to the - individual's . As if to show how 1 seriously ; 
Serial growth. These-iri—- if takes its_educational mission, 
job counselling by- man- the company is currently build- 
®.t superiors to their ing five structures on a. campus- ; 
• linates; appropriate job like ' area. bn • its headquarters i 
m and job assignments; property at Armonk,.New york, : 
mance evaluations;. and which will be used for nothins 
• the subject of this article else except management educa- 
agement.education. “ IBM tion—all 18^200 square feet of 
y training conscious, to space. Up to no\t it has used a 


rearing a common 
culture at IBM 






wide range of accommodation, 
some of it rented, at scattered 
locations in New York and 
Connecticut. 

IBM's educational courses in 
the U.S. -are structured as fol¬ 
lows. All new recruits to its 
management ranks — whether 
from within the company or 
outside—must attend a week's 
intake training will)In 30 days. 
At middle management level, 
school covers three periods of a 
week each. Higher up the lad¬ 
der there are no fewer- than 
four different programmes, in 
addition to an external training 
programme that uses more than 
two dozen outside sources, such 
as the MIT- Sloan School of 
Management, or the Aspen In¬ 
stitute for Humanistic Studies. 

As the executive moves up¬ 
wards. the content of the educa¬ 
tion subtly changes, its empha¬ 
sis moving from the specific to 
the more general, and, finally, 
touching on such cosmic issues 
as the course of civilisation it¬ 
self. But the most valuable 
stage of training from tbe com¬ 
pany’s standpoint is that first 
week of indoctrination for the 
tollers who have succeeded in 
moving from the ranks of the 


BY JOHN THACKRAY 

managed — salesmen, clerical 
workers and others—to those 
of the managers. 

The course has a strong prac¬ 
tical edge. Heavy emphasis is 
placed on the U.S. equal oppor¬ 
tunity laws and other employee 
rights: on the technicalities of 
merit pay; and the development 
of a wide range of communica¬ 
tions skills. Participants are 
also told about the latest legis¬ 
lation affecting handicapped 
workers, pension and safety 
rules and about the effect of 
IBM organisational changes. 


Methods 


Many large U.S. corporations 
have approached IBM to en¬ 
quire about its management 
training methods. “ People 
from other organisations ask us 
to tell them about our pro¬ 
grammes." says Edward F. 
Kreig, the company's director of 
management development. 
" After we tell them about our 
‘ nuts and bolts ’ approach to 
emphasising basics, they are 
surprised that's all we do. We 
don’t do a lot nf esoteric train¬ 
ing. We believe in plain funda¬ 
mentals" 


Ed Kreig is a medium-sized 
man with broad shoulders and 
rimless glasses who talks in a 
slow, deliberate drawl. He likes 
words like " fundamentals.” and 
he sees IBM as the creation of 
traditions in management which 
have been modified but never 
corrupted since ihe tabernaclc-s 
were laid duwn by the founder, 
Thomas Waunn Snr.^In a com¬ 
pany widely reputed on tbe out¬ 
side to be a very conformist 
institution—the “ no alcohol " 
rule on company premises be¬ 
ing only ihe must obvious illus¬ 
tration—Ed Kreig will oddly 
talk at length about IBM's “ re¬ 
spect for the individualthis 
is one of the “fundamentals" 
that the new management re¬ 
cruit must embrace. 

IBM sees it as an indication 
uf its inherenr strength, that 
most of its training is done in- 
house and not. like several other 
big corporations, largely on the 
outside. 

" We are a company with a 
certain amount of universality 
to it The concept of the merit 
system of pay and promotion 
exists in Europe essentially as 
it does in Akron, Ohio. Tbe 
employee-manager relationship 
is as important in Israel as it is 




Ak. 


I 

It says do we do requests t 




talk that causes heartaches 


EXECUTIVE HEALTH BY DR. DAVID CARRICK 


1/fAVl mi 

■XOMMON , 

\COl2 J 


Sotr/ct/s 


THE UNDERSTANDING physi¬ 
cian is, alas. - becoming a 
stranger from the past With not¬ 
able exceptions, the "bedside 
manner,” which may be just as 
useful as a pocketful of pills or 
an infinite number of intricate, 
impersonal investigations, is as 
modem as the dinosaurs. 

The introduction of the NHS 
when the invaluable honorary 
physicians and surgeons ceased 
to be, began the slide. The 
selection of medical students on 
the grounds of technological 
meritocracy. chosen only 
because of their high "A” level 
scores, hastened the process: 
and the regrettable tendency to 
. ape American computerised 
medicine certainly has not 
reduced the angle of the fatal 
slope. 

Too often—perhaps because 
the doctor has more patients 


than time—a patient may be 
frightened badly by some 
hurried, careless comment: then 
there is the one who examines 
in grim silence, or talks in tech¬ 
nological terminology; or, I 
regret to say. adopts a callous 
attitude, ail of which can cause 
the ignorant sufferer to be much 
affrighted and further convinced 
in his own bleak conceit. 

Examples are so numerous 
that I can cite a mere handful. 
Take callousness. I know norh- 
mg worse than placing a large 
card above the bed of an aged 
person giving the name and age 
—a desperate revelation to 
elderly females in particular. 
Recently I visited an o»d doc¬ 
tor in hospital. A doctor of fame, 
both for his medical skills and 
gallantry, who had been awarded 
an M.C. in World War one., 
and then had gained an M.D. 


He lay in a bed above which 
were the words; H. R. Forbes, 
aged 85.” which piece of beastly 
bureaucracy distressed me and 
brought melancho’y to the old 
man's last few days. 

The silent or terse physician 
may. by a solemn shake of his 
head, a few ‘tut tuts" and a 
"humph** or two. create dread¬ 
ful anxiety in the apprehensive. 
Technical language, without ex¬ 
planation. can likewise be pe¬ 
culiarly pernicious. Of the 
numerous exarap’es. I choose a 
few of the more dangerous 
samples. If a patient is told 
that he “is in heart failure.” 
that is as sweet as the sound 
of a funeral bell to him What is 
meant is that ihe heart is failing 
to do it's job efficiently: it does 
not mean that it is about to 
stop. •- 

Sometimes a patient is told 


in Cleveland.. Promotion-from- 
within, another basic tenet, is as 
important in IBM Germany as 
it is in Belgium. We believe this 
universality would be com¬ 
promised if we departed from 
our-internal training.” 

In-keeping with the “nuts 
and bolts" approach to its man¬ 
agement education. IBM has a 
minimum of full-time teaching 
staff; Some are needed to pro¬ 
vide continuity, and to enhance 
the lecturers’ skills; the com¬ 
pany prefers most of the 
educating to be done by IBM 
line managers. Lecturers on the 
intake courses will be assigned 
a two-year stint in the manage¬ 
ment development sector. At the 
higher reaches of the training 
process the working manager's 
role as pedagogue will be just 
for a week or two at a time. 
Here even the chief executive 


he has a “ heart murmur." If 
it is not explained that benign 
murmurs greatly outnumber 
those of significance, then one 
may expect even the boldest 
patient to develop cardiophobia. 
Again, the word “thrombosis" 
is terrifying because the patient 
usually thinks only of the 
dreaded "-coronary thrombosis. 1 ’ 
whereas thrombosis of super¬ 
ficial veins in the legs or arms 
are as common as they lack 
importance. 

Now I saw a very worried 
man recently who had been 
examined for assurance pur¬ 
poses (upon which a mortgage 
depended) and had been care- 
lessly (old that he had “sugar 
in the urine” and so had 
diabetes me Hit us. In fact, he 
had dio holes iwnocens because 
his kidneys had a lower than 
usual threshold and simply 
leaked sugar. In rhe absence 
of excess sugar in the blood, as 
with this man. diabetes meilitus 
is not present. 

The patient with a sore 


has a role to play as teacber. 

How does IBM know that its 
approach is the best? It goes 
to considerable trouble to 
evaluate the programmes, using 
one of rhe company's favourite 
tools—the opinion-survey. Ap¬ 
proximately every two years, 
each IBM worker is given a 
chance to state anonymously 
his answers to a series of ques¬ 
tions about bis concept of his 
job, his manager, the company, 
his future. 

These replies arc crucial in 
formulating tbe kind of man¬ 
agement education that takes 
place, as well as giving a feel 
for the results of management 
education. Thus if tbe surveys 
showed that IBM brass were 
viewed as better at manipulat¬ 
ing skills than managing people, 
the whole educational,structure 
would be promptly revamped. 


throat whose adjacent lymph 
nodes (commonly called 
"glands") are enlarged, can 
have sinister thoughts. There is 
no need, because these nodes 
are draining the infected area 
and battling with the organisms. 
Without being told this, his 
sinister thoughts may increase 
alarmingly. 

I once saw a pregnant woman 
who was upset and insulted be¬ 
cause she was described on the 
notes as an “elderly primipira.’' 
Being but 31 she was much 
aggrieved. It is a bad term but 
merely means that a woman 
over 30 is expecting her first 
baby. 

Tbe list is endless.- but 1 will 
close with a tale of misunder¬ 
standing. The patient was a 
fine-looking immigrant He was 
much fussed about something 
until I asked, bluntly: “Just 
what is bugging you ? ” 

"Wen," he burst out, "This 
morning I went to a casualty 
department and the doctor tells 


In addition to this samples of 
the attendees at these courses 
are surveyed in person six 
months after, and their evalua¬ 
tions collated and used to amend 
the curriculum. As Ed Krieg 
says. “We make something of a 
fetish of communication.” 

By the time the executive 
reaches middle management he 
will be well on the way to ab¬ 
sorbing the corporate culture. 
YeT at this time in his course, 
the culture and basic skills by 
themselves begin to be inade¬ 
quate for grappling with many 
aspects of tbe world outside. So 
this group is taught such things 
as decision making In an ill- 
structured environment—one of 
the more sophisticated IBM 
offerings. And at senior manage¬ 
ment levels, civil rights leaders 
will talk about class and race 
in America: or an academic on 
how to do busness in a highly 
legislated environment. 

Yet these more refined in¬ 
gredients are not the substance 
of the programme, according to 
Krieg. “If you depart from the 
fundamentals of respect for the 
individual and equal oppor¬ 
tunity. the merit system, ana 
good communication skills, the 
employee’s perception of his nr 
her manager is going to deterio¬ 
rate. We’ve proven that with 
our employee opinion surveys.” 
he says. “When we’ve seen the 
the morale factor contributing 
to a dip, and we’ve gone back 
and asked how much of the em¬ 
phasis is on the fundamentals 
there, we've sometimes seen a 
watering down of them. And 
what happens then? We say: 
'Back to fundamentals.’ It works. 
It's historic. It's irrefutably cor¬ 
rect." 


me ‘You've got a common 
cold !' " Surprised. I said: “ So 
what ? ” He dismissed my 
query hotly, adding: “I am of 
great importance; how then 
could I have a common cold V " 

I saw the problem and. for 
once, employed medical jargon. 
“ Supposing we called it an 
afebrile coryza of idiopathic 
origin ? ” 

“That is beautiful. Doctor.” 
he beamed, “please write it 
down, it sounds very cultural!” 
I refused and told him he must 
learn it by heart, and he 
marched happily away repeat¬ 
ing; "Afebrile coryza . . ." Then 
he turned back. "What was 
that last piece? That I really 
like!" 

I told him and realised that 
I had learnt a lesson. One who 
does not possess a perfect gra«p 
of a language, may feel that he 
is being insulted and. as racial 
relationships are somewhat 
delicate, one must tread as care¬ 
fully as a cat lest it jumps 
violently out of a smouldering 
bag. 


* JJ,'? COUNTRY 

March 1st is 




March 1st is the day of the inaugural flight of the "very first Non-stop jet 
service from London to Dallas-Fort Worth, Texas. The Braniff International 
flight (p&inted a distinctive bright orange) will be the only daily 747 Non-stop to 
thwestem USA, providing the fastest routing for passengers and cargo from 
ain to many cities in the Southwest, West, South and Mid-America—and to 
dco. v; 

From Arizona’s Grand Canyon to New Orleans, from Colorado’s majestic 
mtains to the sprawling ranches and Space centres of Texas, from the great 
ields of Oklahoma to the rolling deserts of Nevada and New Mexico. To 3,000 
sof California beaches. To the tropica! splendors of Hawaii. To the ancient 
teries of Mexico and the glamour of Acapulco- Tb.dpzens of. dynamic dties. 

»is Big Country. And from Marchlst,Braniff is the big tray of getting there. 

V NEW DALLAS-FORT WORTH . 

TSWAY • 

^^ BramfFs3^)&ptn.Non-stop arrival 

■ in Dallas-Fort Worth arid its 7:00pm. return departure for 
Ion are both scheduled to meet connecting flights throughout Big Country. At 
own Arrival and Departure terminal in Dallas-Fort Worth, US Immigration 
Customs formalities are rapidly dealt with when you arrive. 
i What's more, whether you’re in the United Kingdomor the States, we 
r immediate confirmation for reservations on the daily transatlantic flight and 
mnecting flights on Braniff and other US airlinei And a choice of seats in 
nee when making reservations or return flight confirmations. (There’s a cargo 
package service on an equally organized footing. Call for details.) 

EDAHY NON-STOP AND CONNECTING SCHEDULES 


INSIDE OUR BIG ORANGE 747 

The Economy Class traveller could well be surprised at Braniff’s special 
touches: wingback chairs for privacy in flight, generous enclosed over-head 
storage room, wide-open spaces for stretching the legs, a succulent choice of 
entrees. As for First Class, the comfort is in the five star bracket the cabin con¬ 
tains just 24 chairs with (if you get to feel the need for society) a civilised interna¬ 
tional bar upstairs. To precede your luncheon you’re served complimentary 
‘cocktails: to accompany it; you’re offered a choice of wines. Before, during and 
after, there are films and 8 channel stereo—at £L50 per headset in Economy. 


Stockholm 


'JIAberdeen 
Glasgowa ^Edinburgh 


i Amsterdam 


.Brussels 


i Frankfurt 


loo 1145 am. 
prick) 


Arrive 

Daflas-Fort Worth 
Houston 
San Antonio 
Oklahoma City 


Arrive 

3:05pm. Tulsa.'. 5:10pm. 
4:50 pm. Denver 5:30 pm. 
4:47 pm. Kansas City 6:40 pm. 
5:00 pm. /Mexico City 7:50 pm. 


e Dailas-Fort Worth 7:00 pm. Arrive London (Gztwick) 9:30 am. 


BRANIFF’S LOW FARES (Subject to Government Approval) / 

The special Braniff air fares, when combined with the lowest fare j 

' on the best connecting flights on Braniff or other airlines, make the Dallas-Fort Worth Gateway / 
very .economical for travel from Britain to Big Country. There will be no lower fares than / 

Braniffs Advance Purchase Excursion fores and Group 100 fores. / 

BRANIFF’S BACKGROUND 4 Madrid 

The London to Dallas-Fort Worth connection is amply Braniflfs newest service. As well as 
being one of the oldest airlines in the States (founded 1928), Braniff has one of the largest route-mile 
systems, with over 90 jets covering some 48,000 kilometers of routes within the USA, Mexico and South 
America (where we're the leading US flag carrier). At the Dallas-Fort Worth Airport alone we have some 
300 flights in transit every day all over the USA. 

RESERVATIONS 

Braniff is taking reservations now, for flights beginning March 1st Call your travel agent or connecting 
airline for further information on Braniff flights, fares or holiday tours. Or telephone B raniff in London ^ 

for a brighter,, faster and more economical way of reaching the Big Country. 

TELEPHONE: 01-4914631 outside London dial 100 and ask the operator for freefone 2276 for 
reservations and details of connecting flights. 


>Rome 


From the 
S. Middle 
\East 










Mainland U.S.A., Alaska, Hawaii,Mexico, South America##* 






















10 

LOMBARD 


Financial Times-Monday February' 20 1978 




BY JONATHAN CARR 

A few years ago the then Vest 
German Finance Minister Helmut 
Schmidt made a remark which 
he has since been trying hard to 
live down. The sense of it was 
that his countrymen could pot 
up with 5 per cent, inflation 
hetter than they could with 5 per 
cent unemployment. To-day it 
looks as though that may be 
almost exactly the reverse of the 
truth. And that point is worth 
hearing in mind by those 
foreigners (we’ll mention no 
names) who feel interna] 
pressures may force the German 
Government to reflate lo create 
jobs—even if this means taking 
a bit more inflation on board. 

The Germans have now had 
three successive years with an 
average of around lm. unem¬ 
ployed and art- embarking on a 
fourth during which, if anything, 
the situation may slightly worsen. 
Wouldn't you think that by 
this.time the trade unions would 
be agitating fiercely, confidence 
in the Social Democrat-Liberal 
coalition Government would have 
evaporated and—to pul it 
bluntly—the stability of German 
democracy would bo in jeopardy? 


Agitation 


The truth is the unions arc 
agitating in ivhar. for Genii an 
unions, is a rather fierce way. 
But their main concern is to 
obtain higher wage increases for 
those in work rather than lo 
ensure that those who are job¬ 
less find work, i We’ll skirt the 
fruitless controversy on whether 
increased wages mean a net loss 
of jobs through higher costs or a 
net gain via increased consumer 
purchasing power. You pays 
your money .. .1 

The unions are probably right 
v ith their priorities. They can 
hardly have failed lo notice that 
solidarity between those in work 
and. those out of it is not all it 
might be. Take a skilled 
mechanic (one of those labour 
groups in the Federal Republic 
for whom there is still a crying 
need) who puts in a good day's 
work and sees a fair slice of his 
gross pay going in tax and deduc¬ 
tions—including unemployment 
insurance. Nearby lives a rather 
less-skilled labourer, out of work 
for a few months nnu—but not 
apparently very much the worse 
off. Thanks to tlie excellent 
social security system he is 
receiving 68 "per cent, of his 
former net income—and seems 
to be doing a bit of remunerative 
** black " labour on the side. Our 
mechanic would not wish real 
hardship on anyone. But he does 
have the uneasy feeling that the 
system may be making a fool of 
him. 

Two types of criticism are 
usually made of those who draw 
this picture. The first is the 


hostile and sweeping demand— 
Do vqu therefore propose the 
dismantling of the social security 
svstem? The answer is that it 
is surely better to err m this 
case on the side of excess—but 
that an imbalance either way 
brings its own problems. And 
after three years of high un¬ 
employment combined with a 
high level of protection for the 
unemployed—it is the problems 
of excess which are starting to 
show up more clearly. Take Die 
dramatic decision last week hy 
the Government that pension* 

will rise over the next three 
years by much less than they 
have increased over the In*: 
three. There is talk of a belra>ni 
of the “solidarity pact between 
the generations ” — that is 
he tween those who work and pay 
contributions nt-day and lhe 
elderly nr infirm who once did 
the same. B»'. the fact is that 
over the last few years pensions 
fuve increased by around 10 per 
cent annually — considerably 
more than the rise in wages and 
•salaries. Solidarity is a fine 
senlimcnr — h m cannot be 
strained too far. 

Th<» second type of criticism is 
more detailed. It is claimed that 
the picture of the mechanic and 

his unemployed neighbour is an 
extreme one. After all. the job¬ 
less in Germany only receive that 
68 per cent, of former net income 
fov a year, after which the sum 
drops and is subject to a lough 
means lest 

Higher prices 

Finally it would seem slightly 
3 hsurd io attempt to assemble 
accurate .rtatistics of the extent 
of " black " lahmir. but the dili¬ 
gent Germans have just had a 
good try. It is estimated that the 
annual loss in turnover because 
of “ moonlighting’* total? more 
than DMdOfcn.—to say nothing of 
the loss tu the state in tax 
revenue and insurance contribu¬ 
tions. Clearly many of those 
doioa illegal work on the side are 
not registered unemployed Just 
as clearly many nf those vho are 
unemployed would have the 
opportunity nf a job if “ black " 
labour could be stamped out. 
The official estimate is that 
roughly 200.000 extra places 
would' be available—a figure 
hardly likely to render most 
honest trade union members 
more susceptible to arguments 
that granting their higher waee 
demands will increase the job¬ 
less total. The phrase “more 
than one million unemployed" 
no longer scares as it used lo. 
But the recognition that prices 
are higher this year than they 
were last hurts the Germans as 
much as ever. 


THE WEEK IN THE COURTS 



commercial man 


BUSINESSMEN IX commercial 
depute are not always 
separated fas are ordinary 
litigants) by quarrel or griev¬ 
ance. They generally seek lb® 
resolution of their disputes 
without rancour and in frientl- 
mainly because they 
that they will continue to 
trade with on^ another in spite 
nf tneir dispute. 

Any emnoinic system worth 
?t> salt provides for the settling 
of cvnunercial disputes in 
accordance with the ideas of 
commercial men. which are very 
different from oilier litigants, 
[f the ordinary courts dn not 
adapt their procedures and pro¬ 
vide a satisfactory forum, then 
bu-'iiessmcn will turn to others 
whu will provide a swift and 
understanding service. Hencs 
the growth of tho system of 
trade arbitration tribunals. 

Thus in 18P5 the judges 
established the Commercial 
C urt within the confines of 
the Fcyal Courts of Justice in 
the Slrand. That court has 
aiwnys prided itself upon being 
a< murh a part of the City of 
London as it is of the machinery 
or justice administered in the 
ordinary courts. The part that 
London has played in inter¬ 
national shipping uid insurance 
has benefited enormously from 
the willingness of foreigners to 
litigate in the Commercial 
Cmir:. 


Working party 

But from time to time the 
lawyers are made aware that 
there is a degree of disenchant¬ 
ment among commercial men 
with the workings of the legal 
process. The speed, efficiency 
and economical service of the 
Commercial Court is not always 
as apparent to businessmen as 
it appears to -the legal profes¬ 
sion. The announcement last 
Wednesday hy Mr. Justice 
Donaldson, therefore, that the 
Commercial Court Committee 
has set up a working party to 
review the court's procedures 
will be widely welcomed. And 
as an earnest of how much 


BY JUSTINIAN 

lawyers desire tn go on improv¬ 
ing the procedures. Mr. Justice 
Donaldson took a first not 
unimportant step in that direc¬ 
tion. In a case where he had 
reserved his judgment, he 
handed down his written 
judgment instead of occupying 
valuable time by the traditional 
process of solemnly reading 
the elaborate reasons for his 
decision. 

Si-ice that enterprising judge 
inrites suggestions for improve¬ 
ment from those with experi¬ 
ence of the work of the court. 
Justinian, while not claiming 
any expertise irr commercial 
litigation, feels moved to offer 
some general observations. One 
fact is starkly dear: any 
improvement in the service the 
law offers to businessmen in dis¬ 
pute must take account of ihe 
basic difference in approach of 
lawyer and businessman. 

Written word 

The lawyer inevitably has an 
attachment to the written word. 
He may let business practice 
influence his thinking in the con¬ 
struction of a business contract: 
but he cannot so easily allow it 
to contradict or add a new 
matter to the language that 
businessmen have used in their 
written contract. The business¬ 
man is prone to treat the formal 
contract—rhe document that he 
rarely bothers to read — as 
simply the seal upon the bargain 
that has been arrived at through 
the common understanding 
between the parties. 

It is not easy to effect a recon¬ 
ciliation between these two 
approaches. Businessmen as a 
rule like the idea of a written 
contract: it gives them the feel¬ 
ing that they have neatly- 
wrapped up their deal, like some 
parcelled gift. But they do not 
often give the time and thought 
that is necessary for the drafting 
of precise and comprehensive 
terms. Indeed they display 
little taste for the task of drafts¬ 
manship; they like the solem¬ 
nity of the contract, but care 
too little for its details. 

To the lawyer the written 
word has the supreme virtue of 
certainty and permanence. He 


tends to presume that the con¬ 
tract is the embodiment of the 
wishes of the .contracting 
parties. The refusal by lawyers 
to look behind the contract to 
see what were its ingredients 
provides a rigidity under which 
businessmen sometimes chafe. 
In any proposals for reforming, 
the Commercial Court must thus 
meet the business attitude. 


Market place 

In recent years there has 
been a tendency to admit into 
the contract tho custom and 
practice of trade. The written 
contract has vinully killed the 
application nf the custom of the 
trade. When trading was done 
in the market place and con¬ 
ducted by word of mouth, 
custom was supreme: those who 
came there were expected to 
inform themselves of the 
custom. But with the expansion 
nf trade, when buyer and seller 
no longer meet face to face, the 
written word has superseded 
the spoken. Identification of 
custom common to both parties 
became more difficult, indeed, 
they may have traded against 
the background of differing 
market custom. With the deve¬ 
lopment of telex arid tele¬ 
communication. the pendulum 
ha a swung back. Communica¬ 
tion is less impersonal than it 
has been in the recent past, 
although it has a long way 10 30 
before it simulates the market 
place. 

The most healthy develop¬ 
ment has been the standard 
form contract, easily adaptable 
to any commercial transaction. 
The increasing resort to the 
incorporation into contracts of 
international conventions, such 
as the Hague Convention on the 
Carriage of Goods by Sea. has 
helped to provide accommoda¬ 
tion between lawyers' precision 
and the businessman's desire 
for uncomplicated expression of 
his bargain#. 

At root, the lawyer must be 
the handmaiden of the business¬ 
man. The former must con¬ 
stantly bow to the needs of the 
latter, while retaining his own 
.art for clarity and certainty in 
the language used. 



f Indicates programme ia 
black and white 

BBC l 

6 . 10 - 7.55 a.m. Open University. 

9.25 For Schools. College.--. 10.45 
You and Me. 11.32 For School#. 
Colleges. 12.45 p.m. .Ye" s. I.IM* 
Pebble Mill. 1.45 Bod. 2.01 For 
Schools, College®. 3.15 Songs of 
Praise. 3.53 Regional Yev.g for 
England (except London). 3.55 
Play School. -1.20 Deputy Daw". 

4.25 Ji.-sanory. 4.40 Hunter's Gold. 
5.05 .1 >:n Craven's .Yen-ground. 
3.10 h*,.,. Peier. 

5 40 *.eus. 

5.55 Nationwide 1 London and 
South-East only >. 


fi.20 Nationwide. 

6.50 Ask Tiie Family. 

7.15 Blake's .Seven. 

R.IO Panorama. 

D.OO News. 

9.25 Robert Bedford In 
“Jeremiah Johnson." 

11.10 To-niaiit 

11.50 -11.52 Weather . Regional 
News. 

All Regions as BUC-l except at 
the following times:— 

Wales—1.45-2.00 p.m. Pi!i Pah. 
2.18-2.3$ For Schools. 5.55-6.20 
Wales To-day. G.50-7.15 Heddiw. 
11.50 News and Wealher for 
Wales. 

Scotland— 10 . 00-10 JO a.m. For 
Schools (Around Scotland!. 5.55- 


6 JO p.m. Reporting Scotland. 11.10 
Public Account. 11.45 News and 
Weather for Scotland. 

Northern Ireland—5.53-3.55 p.m. 
Northern Ireland News. 5 . 55 - 6.20 
Scene Around Six. 11.50 News and 
Weather for Northern Ireland. 

England—5.55-6.20 p.m. Look 
East 1 Norwich 1 : Look ‘North 
(Leeds. .Manchester. Newcastle); 
Midlands To-day 1 Birmingham!; 
Points West. (Bristol): South 
To-day 1 Southampton!: Spotlight 
South-West 1 Plymouth). 


F.T. CROSSWORD PUZZLE No. 3,598 



9 

10 

11 

12 

13 

15 

18 

19 

21 

23 

25 

26 


ACROSS 

Rides roughshod over a 
live by marriaae 1 7* 

Splendid dwellings for 
friends about one (71 
Flies aboard when jolly c5i 
Vne of a former era is a win¬ 
ner to a Scot (9 1 
Fleet Street includes certain 
strong demands (9i 
There is obviously courage :n 

the Artillery-man (51 

Pen the French article in 
fashion (5j 

Picture an usher getting on 
(3,6) 

Dodges promotion 
teams (4-5) 


DOWN 

re la- 1 Predicant 0 ms associated v. itli 

rabbits t7• 

the 2 Siau- of Gorier, startn? at the 
Pacific to. 4» 

3 Distress signal includes the 
ri.f;h; groups (5i 

4 ** Quoth llie raven. ’- 

(Poe! i9> 

5 Chooses tools for road- 
wurkvrs <5> 

6 Richard had a name for 
courage (4-5 1 

7 Tea gets round in a fir- 
eastern country (5i 

S Possibly Nor-east luertiber of 
legislative body (7) 
among 14 For one who seeks credit and 
the lazy school hoy ( 4 . 51 


A card the sailor must return 16 Reveals lhe record is unsuc- 
lo 1 51 cessful ffii 

Indicate there’s nothing in the 17 Sailor meets saint in water- 
measure 1 5 1 proof (!*> 

Elia's tali: could be uncom- 18 To have ('tie evening meii 

fortable (3. 2.-»> wjih wine i- :» help <’n 

Method remains whh ho-piia 1 . 20 Tin- j;:rl bring> v.w appeal to 


for the 



•iiienilanL- (9 

Find me shelier in the affray 
1 51 

The opening nr ice Tor x imtel 
<71 
i 

wdtkngs? f.7 

Tin* solution of la-I Saturday's prife puzzle will be published 
ih names ul winners next buLurdaj. 


'ini plat--* (7 1 
The type uf p.soer 
country i5i 

*' And burn: the (npips« 
JOv-’rs of -——“ c Marlowe 1 (5i 
As Mo^om seen at mock 24 I ;.m in a hill and all af sea 

here (51 


BBC 2 

6 . 4 n . 7.35 a.m. Open University. 
31.00 Piny School. 

3.00 p.m. Word power. 

3.30 Children Growing Up. 

4.00 Parents and School. 

4.35 Open University. 

7.00 News on 2 Headlines with 
sub-tide-:. 

7.05 Children's Wardrobe. 

7JO N'ewsday. 

$.10 Drama 2. 

9.00 Harry Mortimer's World of 
Music. 

9.50 Americans. 

10.40 Just A Ximrco. 

11.10 Open Dour. 

11.35 Late News on 2, 

11.45 Tele-Journal. 

LONDON 

9.30 a.m. Schools Prorrammcs. 
12.00 Noddy. 12.10 p.m. Stepping 
Stnne-:. l2-5i> Indoor League'. 1.00 
New s plus FT index. 1.20 Help! 
1.30 About Britain. 2.00 After 
Noon. *2.25 Monday Matinee: 
" Background.’' 3-50 Couples. 4JH1 
Clapperboard. 4.45 Warrior 
Queen. 5.15 Survival. 

5.45 News. 

6.00 Thames at 6 . 

6.40 Help! 

6.45 Opportunity Knocks! 

7310 Coronation Street. 

6.00 A Sharp Intake of Breath. 

5.30 World in Action. 

9.00 Hazell. 

10.00 News. 

103)0 The Big Film: " Shane.” 
starring Alan Ladd, Jean 


Arthur. Van Heflin and 
Jack Palance. 

12.40 a.m. Close: Neville Jason 
reads a psaim. 

AH ISA Regions as London 
except at tile following times:— 

ANGLIA 

1.25 p.m. An»i;3 .Vtn-s. Z.B0 Hi^os^pjrr. 
2.25 Familr. 3.20 Arm?. 515 I'nixont:? 
ChaJI<03%. V00 .tbow Anriia. 10JO wish 
Von VCVk H.T-. 11.00 Mvjeerr .Movie: 
McCoy. 1425 a.m. RoBectiO'i. 

A TV 

liM P.m. Crtor*: Hamilton TV. 1 JO 
•'TV Xe-vadMfc. 2J5 JJasies io Renum¬ 
ber '• pnrrjft of .Vnn!..'." Kiarrinp 
.kr.nf-r Jki-,- 4. vne Jaft-pl: cou-n 5.15 
Unli Chall-i-n; OHO ATI" Today. 

*■»•» L.-fl Right and Conu-e. UM Mo 
MKIan and Wile. 113 a.m. Somethin*: 
Di3-.r?r.t. 

BORDER 

U SO p.m. The Fl’ntfftoiKA. tU 3 F-ort'-r 
N#wJ- 100 Housi party. 13 Matlnev: 
*' What Are Best Friends For? " 5.15 

Carr.ori- Way. 6.00 Loo* a round Mon day. 
605 University Cbailetue. 10J0 Film: 
The Proud and the Damned.” 112.35 mn. 
Border News Summary 

CHANNEL 

T.06 p.m. Channel LniK-htunc News and 
Wfiat's On Whcr.\ 13 The Monday 

Mittme: - F.llldwKr." 5.15 University 
ChaOn^e. 6.00 ChannrI News. 6.10 
CartooRTi-ne. 10.28 Channel Lwiv News. 
WW Thomas flardy —a Man Who NoMe't 
Things. 711-30 {.aie Ntebi Mori- "Maria 
Marten, nr Murder In tho Red Barn." 
1140 a.m. Channel Gazette followed by 
News and Wcath-.w In French. 

GRAMPIAN 

9.23 a.m. Firsi Thin*. 1130 p.m. Hoar- 
dor on Snnoter. 129 Grampian News 
llearfUnea. 2 3 Monday Matinee: "The 
Xlaht w- r.oi Use Bird." stamna Brian 
Plx. 5.15 fnlversii* Chailrnj<-. 6410 
Grampian Today. 6JO Tin; Mary Trier 
Moore Show. 6.91 Help: lOJfl Reflections. 
10.3' Fcanir*- Fflm: ■- The Merc-nams." 
siama£ Rod 7>rlor. 


Report West. 6J2 Hi port Wales 10J5 
The- Monday Film: “ Deadiiir Than tho 
Male." hiarrlns Richard Johnson and 
Ei>e Sommer. 

MTV Crmru/tVafes—As KTV Ger.,-ra/ 
Servite except: ua-1.3 p.m. Penawdaa 
XoHTd'fWn y Dydtj. 100-13 Hamddcn. 
64W-6J2 V Drdd. £30-9.00 Vr Wythnos. 

HTV West—As HTV General Service 
except— L2OU0 p.m. Repon West h'sad- 
Lnts. 6.22-6.45 Repon West. 

SCOTTISH 

L3 p.m. News and Road Report. t2JB 
Monaay Matinee. " Barnacle Bill." nrar- 
nns Alee Guinness. 5.15 Umv-rsiiy Chal- 
1- nee. 64M Feotlantl Today. 6J0 Crime- 
di.—t;. 10JO Th- Bin Break Iniemutional 
11.00 Master Golf. 11J0 The Odd Couple. 
1100 Late Call. 1105 a.m. The BnUln’S 
Grand Masters Dans Championship. 

SOUTHERN 

12-30 p.m. Farm Proems. L20 Southern 
News. 100 Uaiucnany. t13 Mondav 
Matinee: “ The Monolith Monsters.” 5J5 
Mr. and Mrs. 6 00 Da» hr Day. 10JO 
Music io Camera, mo Souibern News 
Extra. 11J0 Etll Brand. 

TYNE TEES 

9.30 a.m. The Good Word, followed hy 
North East News Headlines. 1.28 p.m. 
North East News and Look a round. 2 3 
Power Wrthnur Glory. 3JD G>-nera;lvn 
Scene 3J5 Thv Lllilr Rascals. 5-15 
University Challenge. 6.00 Northern Life. 
6M Pollee Call tajo Northern Scwnu. 
1100 Monday ,\lphi Movie: " Whoever 
Slew /.untie Hoo? " starring ShUler 
Winters. 11® a.m. Epilogue. 


ULSTER 


GRANADA 


HiO p.m. How to Stay Alive. 1J0 
Dodo. 12.3 Monday Mauno;: "The f un- 
away Bu?." starring Frank 1* Kowerl. 
5 is fniixrsity Qi a liens-:. 6.00 Gran:-da 
Reports. 10J0 Reoons Politics. 11J5 
Mystery Movie: Binacek. 

HTV 

12J0 p.m. Gardeninu Mr War. 1-3 
Report W-.-jt ncMdlliK-a. L2S Repurt W’aJes 
KeadTlnea. 100 Housoparrr. 1125 Mon¬ 
day Ma»int.*: " r.jjhj*,," starring Th-: 
Crazy Gaoa. 5J5 Mr. and Mrs. 6.00 


UB p.m. LuriiJmme. ZOO Sec Von i!on- 
dar. 2J0 Monday Marine*: "Joe Dakora.” 
slamnc Jock Mahoney. 413 Ulster Sim 
Headlines. 515 University ChaJlenae. 6.00 
MfliT Television News. 6-05 L’p^uarcs 
and Do-*-n. 630 Ritnm. 1BJ0 Two at 
10.34. 10J5 Review. 11.05 Lott a: Sea. 

followed by BedMme. 

WESHVARD 

1127 p.m. Gns Honcyhuu’s Birrhdays. 
130 Westvan! News Headlines. 125 Th-: 
Monday .Matinee: " Kll'dorcr ” (TV 
m.-vic5.15 University Cha>:.;tuv. 6J» 
West ward Diary. 6JS0 Sports Desk. UL23 
Westward Lau- News. 10.33 Thomas 
Hardy—A Man Who ,\orii-ed Things. tIIJO 
Laic Nicht Movie: •' Mana Marten or 
The Murder in the Bed Barn.” i:amnc 
Tud Jlauchter. nao a.m. Faith Cor Life. 

YORKSHIRE 

1130 P.m. Vvra. The B- a'inful Sr -. L20 
Calendar News. tl3 tinniliy i-ilni Mati¬ 
nee: " Barnacle Bill.” Warring a|i»c 
i.uinn-ss. 5.15 University Challenae. 6J0 
C-ii.-ndar thnil.-y Moor and Belmont mil- 
fens-. 16JO TTin Savaze West- " Marhp 
Callahan " starring Davit] .lansson. Lee J. 
i»no and David Carradlne. 


RADIO 1 

(SI Slereoahonie broadcast 

6.00 a.m. as R.idln ; 7.02 Noel 

rdmnnd* 0.09 Sinitni “b-.-.. IIJl Rani 
Piirrri; ;nc ,, 'il'nr 12 JO p.m. ■'■—■stmai. 
IDO Tor.- F.1.1. Hh-ni a 31 D.v.-- 1 ,- 

TrsvU meU'dinq 5.30 Ne-7.M BBC 
■'iirh-Tn Ritl'n 'irrliesrr., ,o. 
v-dm 10.02 John Peel 1100. 

’I'v a.m. i' r.idl.i 

VHP Radies 1 and 2—4.00 a.m. Wnh 
T, niilv .. in'liidine U5 p.m. Gned r.;sr«n. 
m: 19-07 wi.h Radio j. 124)0-12.05 a.m. 
Wlih R .dln 2 . 

RADIO 2 LJnOm and VHP 

6.00 a.m. r'umrn^rr 6.02 Hnv 

Moore neh Thr Early Show ■?■. irnyiJnc 
6.15 Pause for Th.nj.jh?. 7.32 Dl-i irj Alton 
■‘SL inclitdii.t 8.27 racing fl'j|l.\iR 
8.45 Pau-e fur Thnu*.hl. 10.02 Jimmy 
Vnnnv «S.. 1115 p.m. Wiv^oners' WaiJr. 
12JO Peu: Mumy'5 iip-n liutite <$t 
Includlnr 12-33 I - . 1 . Cun Draw :d: ih.- 
Sisth Re'ind and 1.45 Scons Desk. Ut 
n ” Hamlltna i‘S. m, ludln; 2.65 and 
fpfru P ■ik. 4J0 Wa^.tiiurs' Walk. 
Mi Sr^iTis Disfr. 4.47 John Dunn >S, 
mcludinz 5.65 Spons D, sk 6.45 Spnrr. 
P-sh 7 02 "F.C N>inh-rn R:>.lw iif-tu-vra 
■S 7.30 Alan D. I1: 7.33 Trv Dirn- Band 
D.:r . 6.02 Th-' Bii B.inil >oiir„1 -Si. 4.02 
Hunr.fcr-; I :1!-l!flli- Tie !>*? «f Ju.-z 
•■n r : c . OJS ?Mr.s IO.M 

V-HI--.. <:.« hr s it>y.|i- 10J0 Slur 
snui. I 11.02 Li nan Matihf ••• vilh Tb* 
I.'.I fh-e. 32 00-12.05 a.m. S-'<*y 

RADIO 3 464m. Siereo J: VHP 

IliJS a.m. w.ath.'r. 7.00 '> -vs. 7.C5 
flTiTUi-e ■■»-. 8.80 2ii wy. 8.05 
1 nnr rr •> . 4.00 N'wi 9JJ5 Tnh W. -I: s 
•'on-.n9>*r: <j]a?iciQr iS‘. 45# Talking 
annul Mut'.i- 10JO jr-rr.i-i fteniy 

n a-n rrej;al nar I ><' 10.55 In 

■•r. —. -.i.,r:.n r«,«r*r n.on Mwr.. 1 
r. ri!' ;ar; .* S 12.00 EEC Welsh S:m 


247m nhonr ijrrhrsyi ,S‘-. LOO P.m. N.--.. 
1JI5 BBC Lunchtime Concert <S-. 2 05 

r, rsan ?.tusi: 3j>o ^launce Vnsicaie 

>S>. 4.00 Handel. nr-i:al f S>. 4JS w 
Records hv jrn-jn e.. s 1 g Rv.irii.iar.il 
• c - 15.45 Hdni-.v or;l Round 25.05 Nv-"*-s 

?6J0 Eiiis'-art Bound ■ eemuiu. •! • _6.3o 
Lifelines; [.err..- j-ij lamily. 7 30 1-cr- 
najdo Sur • i#.--Isis - .. F.iccnirnarr ;onc«»rt. 
part J 8.15 Zn/rrr.il R-idins. 8.29 
Kerr.andc Snr part — 4.05 The Enzulma 
rales. 4.35 BBC Symphony r.rA-Mra at 
ih.- Reund Hfl.'Se. tart I: Sayton. Mad^rna 
,Sl . 10-10 Invrva] Rrmlmc. 1CJ5 BBC 
SO. part 2: Reyn. 1055 j aa i„ 5r;ra!n . 
Pon V.Vi:,-T5 - Major Surc,-ry rS■. mi 
UJft-lUS and Tranlpht's Schubert 

Son;. 

Radi* J VHF *nly—6,00-7,00 a . m . 2rj i 
5.45-7. Jo p.m. Open Univcrsily. 

RADIO 4 

434m, 33flm, 28,im and VHF 

6.15 a.m, Nrtt 6J.7 Karmuia Week. 
6J5 L’P ;o the Hour. 6JC .‘vnFi Redan U 
News. 7.P8 News. 7.10 Today. 7J5 Up 
:o the Hour ccnni!nu>sl*. 7.52 iVliF* 
Regional Xrvs. B.OD ,%>w«. 8.10 Today 
lie.Hid 1 nc iir'.s tv.<«ilIm--,. weather. P6P>'r*. 
'Port, t.45 F .ay ihisliiu with the BBC 
Sooiul Archives. 9JM S-.v s. 4.05 Si,irr 
ih" w. rfc wj‘h Richtrd B.ifr- r <:tr r 'm 
QA-\ 110.00 .V.ws, f 10.85 V.-jlrtiiie. 1«J0 
Djiiv S'P'lce. fio.u ilorniiu St«ry. 

J14JJ5 Sh;fr,Tt;f. IIIJO Announce. 
TietBs. 1100 ' •••«. 1102 p.m. You :m*l 
'•'■■•J-s. 12JT T-.n ef ’h- 'corm. U1SS 
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DESPITE THE glacial conditions 
Wales's match against Scotland 
on Saturday was splendid enier- 
lainmenL full of sood intennnns 
and intersper^d - with some 
exhilarating rugby. . • 

Wales won 22-14. hut bcntland s 
supporters could well argue that 
a draw might have been fairor, 
Morgan missed two easy penal¬ 
ties'in each hair and failed to 
convert Fenwick's and Tomes s 

tries. - . v , • 

The Fart is that the Welsh for¬ 
wards were sn far ahead oF the 
Scots in lechniquc that the. claim 

would 1‘*> spuriOli*. . . 

Not that the Scots.gave their 
neck and indeed. Wales made 
ac manv prrors in the‘second‘half 
rvc Scot 1 and. Wales, however, had 1 
the points tn play with, thanks 
io a devastatin': burst of scoring 
st the beginning. Df the second 
half. 

At half-time. Wales, led 8-7 
through tries by Edwards and. 
Gravelt to a penally by Morgan 
and a Try by Renwick. No" sooner 
had the match restarted lhan 
Bennett dropped a goal and then’ 
Fenwick scored a try and Bennett 
kicked a penalty. Ten points in 
ieven minules was fearful punish¬ 
ment yet amptly denjonslraled 
Wales"ability to change gear. 

Wales may have relaxed sub¬ 
consciously! particularly when 
Quinnell added another try from, 
some brilliant thinking by Gareth 
Edwards. Edwards was about to 
pass To Bennett but then whipped 
the bail back to J..J. Williams.- 
who sent Quinnell careering 25 
yards for a monumental try. 


However. Scotland .also had a 
lot more to say, and after a 
ghastly miss from Mbrgan,.Hay' 
ran .right through, supported hy 
Biggar. who-.uafortunateiy^urted 
inside with men to spare.. Deci¬ 
sions have to be taken .instantly, 
and those fractions of seconds' in 
choosing options are the differ¬ 
ence between success and failure. 

Biggar again hammered away. 


RUGBY UNION 

BY PETER ROBBINS* 


as did Hay, Gajmneti. and McGee- 
chan., but there was no way 
through: Yet that Scottish pres¬ 
sure • gave Morgan- - .another 
penalty and then, ten 1 minutes 
froth time Teraes crashed over 
from a set-piece penalty similar 
to 'that used for GrareH's try. 
Wales enjoyed' the., closing 
moments, but everyone was so 
numb with cold that the final 
whistle was very- welcome- 
Wales owed their victory to a 
tremendous forward display, 
especially in .the- trijht strum, 
where Windsor took four strikes, 
against the head. . ; onee..crucially, 
on his own line. -The drive m 
the scrum was irres is table, and 
committed the Scottish back tqw 
lo a tighter role than was 'really 
acceptable. In turn, it released 
Cobner. Quinnoll and 5quire.”to 
lend some outstanding support 
to Edwards and the^- three-' 
quarters.. .1 • . 


' Quinnell had'a superb, match, 
Tmt it was'in the-collective play 
■wber? yrales' were : so mq<' 
superior. When a Welsh fowi 
advanced, he was. followed by 1 
wave of red jerseys,, where 
Bigg* and McLaugblan. . wertj 
bravely isolated. r' 

Edwards was as masterful .^-' 
ever, .hut there was'some aloppji- 
passing from : Fenwtcls -■ 'and? ■ 
Gravel! tiat a quicker side woulffr 
punish more severely, if coHscfs 
tive discipline and individixal.; 
flair won- tiie game for Wales,-- 
they -.vrere' also helped by- some.: 
solid defence - and tackles by- 7 
Cobner on GammeiL and .Quii*- 
neil' on Hogg {SheddenV eariyi 
replacement) • rn - Scotlantfa.-r 
purple patch. - Both-were 
savers.-Graveil appeared to be-* - 
mobile fortress^ ' •-, *: 

Scotland.; although gtiilty of- 
serious defensive lapses, have 1*” 
rather Exciting' pack;, .ditisfqi}'^ 
Thev used Cranston..to come^ 
inside and. Ren wick's pace tg 
and exploit that .punch.- ■'But£; 
like.Wales, they lost themselve^" 

Scotland's best forward effw^ 
was at the line-out with McBaygus 
Tames, and Macdonald all wiir-.c 
njngVtlieir fair share, but often,.: 
non-productively. Certainly, the w 
Scottish pack-won enough baH, 
for Morgan and: McGeecban’ta..’ 
control the game, more emphait-, 
cally than they actually did. ^ 

Now Wales go to Tfdlarid. tftM 
sieaircb of their third succe£si$€~ 
Triple Crown, .-and France cotberi 
to Cardiff looking for the Grand:) 
Slam.“■ 

■'.'•cca 


Irish find victory in defeat 


:^.s 

■.w.l 


IRELAND . .are convinced -they 
had found victory in defeat 
after they were beaten by 
France. lf>—9. Considering the 
pre-match predictions, they were 
probably right 

The Fare *le*' Princes was 
scarred by old Soccer markings 
and was so hard that 35 minutes 
before kick-off the match was 
in doubt . 

Ireland, having made a late, 
substitution of Harry - Steele, 
normally a No. S. in the'second 
row, were reluctant lo play.' 

But the French federation 
insisted, and while the conditions 
cried out for safety first the 
crowd, which braved freezing 
weather, was treated to a remark¬ 
able and exciting game. 

France put Ireland under 
pressure yet they were unable 
to turn the pressure into points 
with Ireland managing to win 
the ball when they most needed 
to. 


.At the end, in.typical fashion., 
they broke away : io an attacking 
position - on the. "edge.-.pf the 
French 25, to try: and. snatch a 
win.- .... 

. The French would bav® won by 
much more were it not for 
Aguirre, the fullback, who 
missed six out of his eight kicks 
at goal. 

The Irish pack was beaten in 
the line and it had trouble very. 
early controlling the; set scrum: 

Scrum half and captain 
Moloney coped, well, while Ward, 
playing his second international, 
looked like a seasoned profes¬ 
sional. 

Ward is undoubtedly a player 
to watch for the futin^ He 
combines some of his.'skills as 
a soccer player with the sort of 
tactical kicking thatfis associated 
with one of his predecessors. 
McCann, and Gareth Edwards, 
the Welsh' scrum-half. - 


The Irish Iback divmon playetf.j 
and Xbe.’cectrea showed same.: 
attacWttgi fiair.in addition to the 
d ef eh si ve-quajffies.' 

. GltEon.-.^who played for tlxsf 
first rime ‘on* the- wing, : showed-* 
that" at-35 and after 63 : caps 
is still "a hungry player and 
dangerous one. - " ' ir - 

Ireland's T next rarftcb Es; at • 
home against Wales on March 4,'i 
mercifully without, addltionar' 
injury problems and in a bouyant * 
mood. They, could easily rock 
,the heads that wear the triple' 
erbwn. ... 

'For France; there *aS a maD- ' 
vellous-^display by the back row 
of Rives Skrela and captain 
Bastiaru - It is to be hoped that" 
the . rumoured ’ retirement bj'* 
Sfcrela'from international rngby . 
proves tb- be false. 

. - Gallibn' produced a. dazzling’ 
try when he scooted through off-... 
impeded from a set' scrum. 3B 
yards 1 out from the Irish. line. 

STUART ALEXANDER 


Forest only need defrosting 


THE EVER-BUSY Gemnull 
spurted down the left flank to 
receive a long forward pass from. 
Barrett and his floated . centre 
enabled O'NeiU-rwhb had raceef 
unnoticed from midfield—to beat 
Parkcs from close range with his 
bead only two minutes from the 
final whistle. 

This splendidly conceived and 
executed goal means that 
Nottingham Forest are still very 
much in the FA Cup after this 
J—1 draw at Queen’s Park 
Rangers. 

Provided the replay is not 
staged nn a booe-hard pitch 
which inevitably reduces the 
effectiveness of this stylish team, 

I expect them to beat Rangers 
by at least three goals, an indica¬ 
tion of the gap that exists 
between the mo teams. 

Forest made most * nf the 
early running. «o that it came 
as something of a surprise when 
the Rangers took the lead in the 
Wfh minute. Busby flicked borne 
an inswinging corner at the near 
post which, possibly. Shilton 
should have intercepted. 

This setback, combined with 
conditions which made standing. 


let alone control, difficult caused 
Forest to lose some of their 
poise and Busby squandered a 
great. opportunity to put his 
team further ahead from’ only 
a few' yards. 

The second half belonged 
largely to Forest, who mounted 


SOCCER 

BY TREVOR BAILEY 


attack 'after attack on a broad 
front, but were kept but by a 
resolute defence. . in which 
Clement was ‘outstanding, .and 
some superb goalkeepicg by 
Parkes. who brought off a num¬ 
ber- of brilliant saves.- before 
being beaten in the closing 
moments... 

The conditions demanded 
brave players, and one important 
reason why Forest have been so 
successful is that their team 
contains no cowards. This was 
epitomised by Burns, who in 
spite of having one leg .hurt for 
most of the match, provided 


cotfer Cor a back four wbicb wis 
less convincing than usual. 

• He'alsir demonstrated the self- 
control he" has learned untfe* 
"Brian Cltragh, whicVwas aeihoh- 
fttrated when - he did not rci 
taliate after being kicked by 
Givens, an incident which would 
have reduced- Rangers to ten 
men had the referee seen it. 

• On this showing, the London- 
side will avoid relegation. They 
have a strong, uncompromising 
defence, with Parkes. outstanding , 
in coral; while Bowies,- wetlf-« 
supported by the bustling Hollins 
and Shanks, has brought a new • 
dimension to - theiirmidfield trio 
with his class and skifL 

Rangers’ real need is a sharp 
finisher to ^capitalise orr. the 
ability of Givens to win : the ball 
io the .air. , . 

Can Forest achieve tbe'treble? 
They possess thV class, com¬ 
posure and courage. The big-: 
gest 'threat to this objective 
could prtiye to jbe an increas-’: 
i’ngly congested fixture List, 
which is exactly what sank tb'e 
great. Leeds" side., when -they 
were chasing' three titles a few 
years ago. ... -- 


Guilt on Arsenal gingerbread 


HISTORY, of course, did not 
repeat itself. Third Division 
Walsall. 2—0 conquerors in 1933 
of Arsenal, League champions 
that season, were brushed aside 
4—1 at Highbury on Saturday. 

Walsall looked an astute, well- 
blended side, worthier of higher 
things than their tenth place in 
Division III, and undeserving of 
Arsenal's last-minute goal that 
unbalanced the score. 

Alan Buckley, Walsall’s chirpy 
striker who has scored 22 goals 
this season, looked well worth a 
fat fee front a First Division 
club. Maybe that is why Walsall 
have reputedly awarded him a 
nine-year contract; what logic is 
there in a Third Division club 
anu a star player tying .them¬ 


selves for such a time? 

Buckley moves well. "lays off 
the ball wisely, arts decisively,, 
and took his goal splendidly. 
Incidentally, he had 16 .First 
Division games for Nottingham 
Forest, scoring only one goal, 
and leaving them after^they were 
relegated to Division H in. the 
1972-73 season. 

After the 1933 upset, the great 
Herbert Chapman, whose bust 
surveys Highbury's marbled 
entrance ball with the intensity 
of a Sutherland Churchill, sacked 
an Arsenal player. The; man, 
playing bis first senior game, 
kicked a Walsall player to con¬ 
cede the penalty that made-, it 
2 — 0 . 

Certainly no Arsenal prayer 


.will -he sacked after Saturday’s 
stroU. Biut I jdo hope that Mr 
Terry -Neill rebuked his" fellow 
Ulstermen.' Nelson and Rice for 
two ugly foulsithat were worthier 
in ray judgment, of referee Gow's 
yellow-card than a late tackle 
by,-Walsaffs Evans,- formerly of 
Wolves,. Lfverpoot. and 'Villa.* ‘ 

I crldgied at these pieces of 
guilton^Arsenal's gingerbread 
and 'I rued Mr. Gow^s incon¬ 
sistencies. Early in- :he game a 
Mac d onald ball dealt him a rasper 
on . fhe'.'.ruxnp: ..It .later seemed 
appropriate-ri; but being un¬ 
sigh trtl at the time, perhaps be 
felt that it was Walsall who 
deserved; retribution. Which, s 
indeed* was bow it worked.-' " 

' JAMES FRENCH^ 



AFTER a week of hotly disputed 
matches In ' arctic conditions’ 
the two BP Cups for men and 
women under.the age of 21 . were 
won by Britain and Lhe U.S. 

Britain's men's team, cap¬ 
tained by Paul Hutchins, 
regained the trophy they last 
won in 1974 and the American 
girls won the international team 
trophy for the first time after 
three successive losses to 
Britain in tbe past three years. 

Tho key 10 Britain’s success 
in this event involving 42 players, 
from nine countries was the 
7—6. 6—4 win by the No. 1 
pbyer Rohuu Beven over Italy's 
No. 1 Gianni Oeleppo, considered 
(he outstanding player of the 
week. 

In the three days of Rnnnd 
Robin pJay and in lhe ierai-final' 
on Thursday. Oclpppo won his 
iMjigies matches and. partnered 
by Granano Risi. won lhe decid¬ 
ing doubles (0 carry Italy -into 
the h'nal for the second year 
running. 

Bui the fa.?i wooden courts of-’ 
the Palace Hotel. Torquay, suited 
Devon's aggressive game. By 
«erving a high percentage of first 
balls in and decisive volleys.-he 
kept (he pressure on the talented- 
Kalian. 


In last year's semi-final, Beyen * .Two • itinei.-feame sets went 
engineered a similar victory against Miss Hobbs to awe 
against Oeleppo and it was the America a 3—1 winning lead- 
memory of that success that scs- thoroughly., deserved by virture 
tamed the Sussex left-hander in ofr .a -greater "American cohsisl-Y 
the vital ue-break of the. bpep- encyV 

lD ^ eL - Four new awards were' insti-- 

Oeleppo led -five points to Cufod tflis yean two for the most.: 
three.- but. from that moment promising newcomers.' 

■ .- joch'en Settelmayerof •• Ger-,“ 

many, who was. wilhin one point\ 
of takiug bis countty intol the 
semi-finaL"with the men’S award. 

The women's^ award. went ro 
.Lotta Stenberg of Sweden, the . 
playing'captain .who was within • 
two ponia of . scoring ; a .- win ■ 
against Czechoslovakia. ■ • ”■ 

The oQier .twb : awards were J 
for' the most -vakiahle players • 


TENNIS 

BY JOHN BARRETT 


Seven raised hfs game to win 
the sequence nine points to 
seven. , 

The British girls, led. by Anne iivolwd ‘in^tbe'T finals. ‘"They. 
Hobbs or Cheshire, swapped the were awarded to-Beven for bis 
(wo sjnsiw matches on Friday.-win against TJrtdppo. and to Miss ! 
But when Deborah Jevans iost Eo Lteas^ who wae-undefeated all > 
the L.S. No. 2 Barbara Jordan we^k. - . ' . 

6-tG. 6—2 on Saturday the odds Aft^ six^ yea're. ihe corhpeti- 1 
■ on .; aE1 Amencsn. iion -Has/.batfome.X;“aior.-event; 
victory. - : ' and bas ^t^qvm the.sarnevhat • 

In the,top".single* maich. M.Jys:TimiLedr-a'CM'mMb'dafloh In Tor-', 
Hobbs fought. valiantly . • 

the US..No. 1 Zenda Liess. but' There, 'are - plans ' to.'Stace it 
despite winning-.the opening -set>nesV yoar -elthet in-the U.X or ■ 
tie-break- seven points to Tbuc'.'.ln/EufnJje or tbree- 

she could riot destroy'tfie relent: countries‘fire'plannihe to launch >• 
Ipsj! arrnrari- nf the American^ Fcilnwsii^jf. siihRar to -thr RP 
drives and lobbs. • t : - • - ' Jntematfohal Terniis'F.enowship \ 


■) 

/ 














7 inaiiCial. . Tunes Monday February 20 1978 
fit* K®«S Arts Festival 



from the Orient 


Covent Garden 


ll 


[Garrick 


:-by. Antony thorncroft 


Mayerling II 


by CLEMENT CRISP 


mg SSS.'S£ t S St ^idVd^ S felfia^^ succeeds in leaving you despon- wh^l.pped It up. 
rt ewirin* 3EI K? d ^ rather than hysterical at early [an of those 


' On Frida> piglit: there came the further and further along the Leslev Collier's Mary has all 
first change of cast in Mauerling, way to the Hunting Lodge. the fresh eagerness the role 

__ Ai i very Wayne Eaglinc lending a new What was underplayed, and needs, and she manages its 1 

t exciting cities in the have heen'oreVented 'durine**th*p V 1 ®? nyfterical at early fan of those two shilled ■ group of principals as a palelv seen,s 10 mo crucial to Rudolf's girlish extravagance with com-. 

— ™*nv JEJT if!? the double suicide climax. The actors George Logan and Patrick' haun i ed , nervoi.*!" i character, was the sexual force Pjete conviction. But like' 


** '-i: 


— -visually excitins first- S ti. aiutiuc cum ax. me George i^ogan ana Patrick, 

■ally exciting, physically 5X but eVen so Fn^o«w°” h ( ? d *J ,rlie ^ been seen Fyffe who have created two most. 

The creation, and firm. ; W,at deemed London fwith » ™or«. tnvahl* i« .v- -r 


hment, ol an annual 


“z—*«“ "** u ““*c umwu i»u uiusi• y-im tile last scene with lllarv MacMillan's Juliet Mary must! 

:_^° n< ? or L ( wtb a more ill us- lovable monsters in the pair of ; n // beaut, f uI sl > f f Vetsera. Wall/Seym our make awaken to sexual feeling andi 


was the eS£uS«SL SttiTStLrf Y l0US i, S a3t) and tbe set onIy r * fin * d musical ladies. 1 felt that, t'beautiful in its speed, musi- physical passion a fevered 
far wSn tTa ^l Ued margmaJly well; it. was they are rather dragging out the-callty. largeness and ease of fetation of the folie d deu 


Side by 
Side by 
Sondheim 

by Michael Coveney 

Any ajuong you who have not 


Jonai arts festival there fo7 thPiT ™ a - w* £ vzveuea marginally well: it. was they are rather dragging 

another example of Che an o 1hei !_ 1 Williams-Koltai effort material: what began as 

ability to exam' «»•" P erba P s happier as the and although the fiaohanous derful skit is raoidiv h 


mani- respond vividly to it*, at this first • followed the advice of Clive 


_ . deux that performance Collier's crystalline 

.... - — - - -«,— as a won- articulation, and clear muscula- consumes the.lovers; Eagling and dancing seemed too pure, ton 

... . every stiff You no' >^ough the diaphanous derful skit is rapidly becoming I ture: one can sec how movement Lesley Collier (the Vetsera of virginal for the final burst oF 

ible experience into its down It. front iw 1 baclcdTD P °f oppressive forest is institutionalised. The singing is! develops, how energy is-born the performance) miss something eroticism that preceded her 

area. It is also an attempt luneinpT "2 aglna1 } v , e ll ,s not used t0 f,11! finc; ^ siting is fine: but they; and expends itself i Eagling is an of the hysterical abandon that death. 

' ct any visitors deterred hut h5 *?*' o ct ' Michael Culver makes tending to camp it up with: artist who can justify a role should mark their farewell to The production has now played ..... 

ig Kong’s image, us- a nart Rosmer a weak character and the reminiscences — something J merely by hh dancing. This is passion and to life. Further per- Itself into the theatre, and it has.Iexcellent trio strike hard at the 

■hakmg maelstrom. • nharmio- Kitfn.,? bard . ly th, i lk h,m capable of which it js all too easy to do. the case with hi s Solor, his formances will also enable Eag- for me. gained in speed. A | heart of Stephen Sondheim's- 
estival exhibits all the raarnuD e *aie mracasue.-. Hut the passion of bis end: Joanna «?n by reviewers. : Floriraund. In dramatic ballets ,in S l ° explore the long moment section which I have heard des- marvellous songs I am still ~ 


Bames . (or. for that matter, 
Sheridan Morley) 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:. 


’V 


in dg 


ffidency typical Of the 
-and what it lacks in 
tion it compensates with 
The sixth festival ended 

:y- and -was-by convers- 
st and arris the most 
ul ever, not least in hot 
nans, with over 90 per 
the .seats sold/- In the 
e festival, has suffered 
ii biting venues—-the City 
as two auditoria—the 
one 'for concerts, the 
for theatre—but their 
ire solid, and death to 
.ancers. ..This year the 
n. Arts Centre is func- 
giving another arena, 
he festival director, 
Chardet, spread his 
net further to gather in 
diet - Folklorico from 
the Compagnie Philippe 
puppet show from 
as well as the very 
Bournemouth Symphony 
. a. and productions of 
.-1. : ho/m. She Stoops to 
and Happy Days. In 
there were peripheral 
ns like the Lucerne 
Strings, the Charlie 
in. Hinge and Bracket. 
Warwick and Chiu chow 

> Warwick provided the 
rsy which is essential to 
ival by infuriating the 
s by singing for only an 
nd, by all accounts, 
ng it. London audiences 
quite so sensitive, and 
almDy such.rhort shrift 
men can'** names,” but 
are of Hong Kong is the 
f any suggestion that It 
incial. rather out-of-lhe- 
e. a one night stop over 
av to somewhere. Rather 
ther performers were 
applauded even though 
■n seemed to he playing 
oadly than they would 
-.n London. 



I missed the next production he needs incident io fire his of immobility in the Hofburg crifeed as a M longueur "—the' uneasv about the preachy format ■ 
at tne Arts Centre theatre, City: imagination: his Romeo and des P a '7 J, '„? ccne “ the stil! *>'* of Emperor's birthday party with I to the' show as Robin Rav (in the 
os Broken Promises, a musical Grieux have d density or « udolf s storm—when, during its song—I think essential in compere's role initiated* by Ned - ‘ 
set in 19th century Macau and, emotional texture which I do not tbe se cond and third stanzas or that it allows Rudolf to reveal i Sherrin and recently occupied bv 
a completely local creation.. find in his account of the more F 1 ® l 0 . 1 ?®: .»“« be able to a great deal about himself. CutsjR USSe H Harty and Bernard 

Indeed tt was billed as Hongrsratic role of Siegfried in Siran read we Prince* few. <1 am are needed: the snow-scene; the) Braden — did’ no one think of’" 
Kongs first musical and was a, Lake. not persuaded that the beard tavern sequence: a reprise of! as kinc Sheridan Mor!ev n i eivea 

SSI •,h Ce , eS !i: ft - is in 8Ucb ven- Thb. the Cmw» ”»* E»E»ng here., the opening waits fsplendidly S ^S5SwS I ^CS^l; , ."KS' 

rures that the impact of the! 
festivals can be felt. Six years' 
ago the arts were, if not a dirtvl 

word, at least an unconsidercd “uSEX “ ““X^r JUUilu ‘- v Wlin introspective pathos even ness of certain -scene changes: • „ ftU . c :„„ - n 

trifle in Hong Kong, attended. s k otch- w-*s ^j-ven 3 magnificent a t ju S most desperate and fern- there are lone moments spent! 00 " s,n E the numbers originally 
if at all. for social rather than ! dyn3 “l c ., 1 ™P e,u * took cious moments. It is a verv fine staring at P suns at w -* 

mental pleasure. There was also* Eagling without apparent trouble achievement. cloth a mis- 

a great divide between the Euro-! t. rora . tIie °P en 'n? wedding ccle- 


iong moments spent ; SUIlg at llle Mermaid in May'-.' 
i= nUl ’■ 197B by Millicent Martin and .' 

A »,nrwi - Julia McKenzie. I miss Miss ' 



cultural divide and ibe audien-i tavern, the tormented solo with found depths of characterisation ballet .Mnper/tnn grips th^ • ess pbv ious t-anip; I doubt if 

ces for the Bournemouth" Elizabeth in tnc Hofburg. showed q rP a s vel unplumhcd hy Vergie imacination ami lightens its hold even '* ex * s Smith on Broadway. 

Symphony were large and character exactly expressed—and Derman and Ann Jrnr.cr as with successive viewings: rditin- brought more caustic bite to 

mixed. The great interest in : he suggested all the corrotMnc Flizabeih of Austria and will but sharpen its impact still "Could I Leave You?” than . 


classical music in Hong Kong - loneliness 
today owes much to tbe festival.- 
and it w&s good to see a mainly, 

Chinese choir tackling Faures 

Requiem along with the Bourne- GlaS&OW Citizens 
mouth Symphony under the 1 “ 

control of Paavo Berglund., 

There was an obvious disparitx-- 
in the professionalism that* 
voices and instruments took to! 
the task but it was a commend-j 
able venture and the orchestral 
was in marvellous form, as it; 
was. apparantly. throughout its i 
stay. J 

No one need now worry about, 
the state of the arts in Hong! 


that drives Rudolf Countcs* Larisch. 


further. 


No Orchids for Miss Blandish 

by MICHAEL COVENEY 

^ Recognising the problems nf lion. Mr. MacDonald presents the gibbering victim wi 
Kong. Next years festival is! transferring James Hadley Ma Grisson as running the show frightening panache. ' Once the 
being planned at the biggest ever [ Chase's classic thriller to the fr0m 3 cocktail bar: a bullying, ransom money has been 
and in a few years a new cultural! S ia g e, Robert David MacDonald sophisticate who. in the person received, Sh'm gets his way. and 
complex to due to open on thej sra ^ hjs _ prsj of Sian Thomas, swings around the first haLf ends with an extra- 

* ,de .w? I Blandish flat on a trollev in ®r di " ar >- 1»*»leau as _Ma oversees!^ hear a better tumult of lyrics in 


.does Mr. Flynn. 'Both songs are ’ 
■from Follies which never made 
, it, alas, to London. Nor did /’ 
: Pnci/ic Orrrfurea and w'e are the . 
more reminded of our niisfor-" 
tune by the company’s rendition 
; of “ Pretty Lady " than by Robin ' 
Ray’s quotation from Alistair 
1 Cooke on the. subject. 

Company and Follies are still ' 
: the best represented shows, the'. 

I former isolating the curiously ... 
affecting misogynist streak in * - 
Sondheim tEric Flynn, who was 
in the original London company, 
gives a superb interpretation of 
■with i ** Being Alive." the sexual loner's ^ 


cri ric cocur); the latter, bis. 
plaintive, elastic way with' 
themes of showbiz nostalgia. 
You will not, quite literally. 


harbour to .ensure that the J ®]*"** fldl 00 .* t f r ° nc> *" warder. Not at all like Chase's S i im - s SO bbing. apologetic rape I any other current West End 

facilities available can match- e nding sheets and a face-pack, foul old hag. though suitably scpne t0 ^ accompaniment of 1 show. You may. on the other' 

rvoiw t-eder- the ambiboos of the planners: atl-AIready the girl has no chance, grotesque in her own way. The Gounod's "Ave Maria." One orl hand - flnd man >' niore dramatic"- 

George Logan as Dr. Endne Hinge and Patrick Fyffe as Dame « .Jl 10men , t ^ haI1 ? are not ! and when she dons tbe diamonds I 3 *" 1 ® 6 15 small, though, for the two people in the stalls on Fri- occasions. 

Hilda Bracket flexible, or large enough, to cater) she mutters unhappily about her show succeeds on its own terms. became uuite upset. I For Sondheim aficionados . 

numbers are still included from 


flexible, or large enough, to caterishc mutters unhappily about her show succeeds on its own terms. became ouite uD?et 

for the most ambitious arts- restrictive social whirl. The creating an atmospheric 

- ..... such as opera talihougb the manicurist— who just happens to shadowy underworld: Geoff Rose .uif u-5 onfl * , " a faH . 

as especially true of She for once the older generation Dunham speaks, and looks, various varieties of Chinese! be Anna Borg, the strioDer who has designed a back wall ?"i _ vo ^. 

i Conquer which can all P* a F more at ease, John sayidenl beautifully as Rebekka West but opera are enjoy 
ly be performed as a *b ein B completely sympathetic as was not quite at ease with the again stimulated 
\ Hardcastle instructing^ardcastle and Phyllis Calvert part. It was indicative of valsi. Although the Arts Centre 
servants in waiting at adapting superbly to thfc condi- theatre in Hong Kong that Frank is used as a venue during the 
ie scenes of mistaken lions as his wife. Tony Lump- .Middlemans won tbe ovations as festival its contribution is much 
which ravel up the first *un is an ungrateful part but the drunken Ulrik Brendl. the more to the permanent cultural 
lumpish Lumpkin who p era ™ Murphy is right in play- dissipated former tutor of life of Hong Kong; its site and 
both a buffoon and the mg him less..as a down and Rosmer. He over-acted the rest structure (it soars up 17 storeys) 


, -K-' - uiuiauiuk—"UVJUM urtH^vu.-. tu -- r-- - — ,, nut with her crano-et-or lnvpr an j AnifOTie L.OTI wnixiie. UO I 

varieties of Chinese j be Anna Borg, the stripper who has designed a back vail Waite? (music by Ri 

ire enjoying a revival, eventually falls in with the covered in poster advertising }iavman» SxSf:i lead hv no^nS dodgers) and The Mad 
prison gang-r™ils In fake gW" 5*" *»« * e ouirageoUlv L a Lhowhi! (miisic b T Mary Rodgers). 


_ . a :• >. • quire—all lend them- more-as a spoilt but ultimately of the cast off the stage. Still on a land-hungry island creates 

% * superficial laughter, worthwhile, Prince Hal-type. both productions were verv a challenge but under Neil! 

- - ford Williams produc- A different company of actors worth while. They mav not Duncan, an ex-Arts Council 

ch began life in Billing-had a harder time-of it with have been the most inspired executive, it offers around a 
s cheerful rather than Rosmersfiolm. Although written choices but at Teast they gave thousand events a year. So in 
ited. Ralph Koltai’s set more than a century, after. She the local theatre going public a very short period of time Hong 
s a collection of props Stoops, Ibsen's most dismal play serious classics, professionally Kong has established an inter¬ 
attempt to.create any seems light years more removed done. Slacking a touch of magic, national arts festival, at a quite 
but -at .least the from our own experience. .That. - The- commercial hit of the reasonable cost for such a 
of furnishings gave such apparently intelligent festival was undoubtedly Hinge wealthy place. It is a festival 
e Hall the appearance people should behave so bizSrrely and Bracket who packed out the which rarely breaks new ground 
n which sparks off the is beyond the comprehension of small theatre at the Arts Centre, but which is always interesting, 
e of. the evening. But a modern audience and.it is all Their musical nostalgia and and it is an arts festival which 
Playing have been quite bat impossible to take'the plot pointed double entendres are has stimulated a new confidence 
1—even down to the un- seriously. And yet Ibsen's genius just the 'stuff for expatriates, in the cultural life of the colony 

■- i 


In the second act, Anna falls . ... ,. r . „ _ „ 

1 Anyone Can Whistle. Do J Hear ■ ■ 

Richard-j- 
Show , J 

- - •*"“ «—““J “«■* “““ -*«* nutracenuslv a shnw/hi^ 1 (music oy jyiary nongersi. The - 

wonder at the necklace. A saxo- locations are: either^.trucked on r is oneraHn?^ the i s pttin 8 is tufaular coot with ' T 

phone wails as tuxedo-clad hood-or conjured by lighting. behest of^^ Luci? who fn turn '‘Shts, the piano accompaniment ' 

turns bicker among themselves. The chief design success is Ihe ; D _enest oi nr. i^ucie wno, in turn.; _j. ce j lenL 

The Grisson gang snatch Miss white box where Miss Blandish I s . f £T t * ie x . ™iJ ,0 T na, f e ! 

Blandish and the jewellery after is imprisoned. At first she is z’i? o t f’* 0 hi _ Kl ,„® ooe i!'A' 1 i c,e l 

wiping out their rivals in a alone with a naked bulb and a foath'n ^*Ind * little sexua 

country shack. bare bed, but as the hideously need e i^ wholly the creation o 

There is little fat on the bone psychopathic Slim Grisson (Peter M r MacDonald It works well 

of Chase’s original (in either -Jonfield) is urged on by Ma to placing the grislv shoot-outs in : _ - _ 

tbe 1939 model or the less- despoil has drugged captive, the almost comic perspective and appointed general secretary of- 

flavoured 1961 re-write) so once room is decorated with a lamp- shaping the entire plav around The Poetry Society following the 

you lose the cars and the heat shade, a gramophone, a small the figure of Fenner as a self- resignation of Robert Vas Diaa ' 

of reckless pursuit, a whole curtain-wardrobe and a religious -regarding loner, with more collar to pusue his activities as a free, .-t- 

dimension disappears. In addi- picture. Pauline Moran plays than cboler. lance writer and editor. 


Poetry Society 
secretary 

Michael Beckerraan has been- 


al Hall 


Vienna Philharmonic 


by DAVID MURRAY 


Wed. & 541. 7.SO B.m, Madame Butter¬ 
fly. 65 Amrtii' uas for all p«rr* an sale 
trowi io a.m. on day al pen. 


SADLER-5 WELLS. THEATRE. Rosebery 
Awe ECt. BS7 167Z. until March a. 

BALLET THEATRE CONTEMPORAIN 
Evs. 7.30 Sat mats. 2..JO. Tonight—Sal. 


i'Ai 


01 


gnifleent sound of the special emphasis. No continuous pointed. From my (excellent) expects Romantic-size orchestral 

rcbestra on Saturday exhortation/ hut sudden whole- seat, they tended to disappear sound as the norm. I fancied that 

iced the usual envious body gestures recalled the stop- under their warm blanket o-f Bernstein was trying to elicit a 

■thing like that collec* flasb technique of Balanchine's strings, and such dialogue crisper, nervier performance from 

z tone deep full and '"Webern ballets. between ‘the different bands as his monster forces than 

ous is to be heard secured, nonetheless, a the Symphony offers was often emerged: what we heard was 

in 'Festival Hall Bv sustained blaze in the finale of unequal. These days, surely, the impressively secure and dean-} ffijgjt., 5a A?k»Sr e riX rt r^L 1 i 

n London strings- ^ “ Eroicawhich _ rightly average concert-goer no longer lined, but a trifle bland. 1 Tr * un,i ‘ ui “" ,n FWd ' Cot,k,nB French '' 

verj' special occasions brought the house to its feeti . . 

med to sound ropey; if and at a proper AUegro moJto Rirmin^ham Art Gallerv 
iroduce such burnished whK ^ exorcised notions of the mrmingnam Art uaiiery 
y. the circumstances of monumental -Pie■ open- 

•in<» bene rare It let ,ng was seamless, though 

t conceTwaTof SuSeVg^- J£Sh ' 

event- anv aobearane^ / UT1 «brc had assured breadth. 
th?‘ ViennTphilhi hut mucn detailed delicacy too. , r . 

■/something like a staYe ^ ^ Scherzo was as « nForced ^ 


Allegri Quartet 


Birmingham 


Chamber Allegri QuarteL with a new work 
■ ‘7hp/ 1J h/iT "/ as n was swift and. Vital. In this Music Society would appear to by John Joubert of the Unive r- 

'* #k tf» r^niS»iI«t ^'0 r ^ tb c wind section—Bern- be the model of a vigorous sity of Birmingham's music 

itv nf thp' nlavinn 5164,1 ch ose to use quadruple institution of its kind. With 400 department. To. use the current 

y . . - i 1 v aaig> : woodwinds—came into its own. seats at its disposal in a pleasant - curious phraseology, his String 


to speak, signalling necessarily more piercing than what rare classics. 
and there for a two, only denser and less'-'The performers were 


tbe 


y-jfVl 

i 5 > 


Tit* 


s 




FINANCIAL TIMES 

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from Snbwrfpiibn Department,.Financial Times, tendon. 


i_J WIWUBIUUS- tame imv »is u«». au 115 uispuniu . 

Solo display is hardly called for, concert hall, it has a full 400 Quartet No. 'J was “commis 
□nte-in-a-season enort. ^ ut they fulfilled Beethoven's: members—and a waiting list, sioned by, the Society with funds 
-layed Beethoven, the. demands (and Bernstein's) Hopeful non-members habitually provided by the Arts Council of 
id Third Symphonies, roundly and stirringly — the queue, as they did last Saturday. Great Britain.** (In former days, 

s readings of the works horns in particular had all the to occupy such seats-as members to commission a work was to 

?trating and balanced, triumphant sonority one had.may chance to leave empty- P^J for it yourself.) Lasting 
noticeable idiosyncra- hoped for. ... Fainthearts on London’s South some 25 minutes, it is music 

his own performance In. the D.major Symphony, the Bank may cleave .to the familiar, which argues thematically, in a 
trained. In many pas- supernumerary winds were a but here a full h'ou6e greeted a traditional way. and uses as its 

vas satisfied to let the doubtful -asset Except in -fortis- programme consisting of one motto the ‘Muss es sein?” theme 

run on automatic simo, four reeds are not : quite new work and two some- from Beethoven's Quartet Op. 

135 

In four movements, ft Is fluent 
resourceful, and welt varied in 
, sound. It has, moreover, that rare 
quality which one may call musi¬ 
cal wit (reminding me of Alan 
Rawsthorne). by which a com¬ 
poser swiftly confronts you with 
something which is unexpected 
but strangely logical. Thus when, 
after three rather dissonant 
movements, the fourth begins 
with relaxed jollity in a major 
key, it seems no capricious act 
but a clever, convincing permuta¬ 
tion. 

I think it unfortunate that 
this particular 11 trirk " is worked 
twice, the tune returning later. 
But the whole work is a welcome 
addition to the steady and 
estimable output built up by 
Mr. Joubert over the past 20 
years. By accident or cunning 
plan, it was well paired with 
Mendelssohn's Quartet . in A 
minor, where similarly a pre¬ 
existent theme (from one of the 
composer’s songs) turns up re¬ 
currently throughout. 

In personnel, the. .' Allegri 
Quartet ha6 undergone several 
successive changes, though not 
yet recalling the proverbial 
“aid bicycle" of which only the 
bell is found not to have-hcen 
renewed. The present members, 
well matched, are Peter Carter. 
David Roth. Prunella Pacey. and 
Bruno Schrecker. Miss Pucey‘$ 
predecessor as viola player. 
Patrick Ireland, rejoined the 
group for Mozart's Quintet in D. 
not so often played and not so 
deeply touching as tbe Quintet 
in G minor, but, nevertheless, 
serving admirably in this per¬ 
formance tn round off a stimu¬ 
lating concert. 

ARTHUR JACOBS 


DUKE OF YORK'S. 


ENTERTAINMENT 
GUIDE ! 

c - c '—Tlwtr Uwrtfi accept certain credit ! 
cards by telephone or at the box ofllte ( 

OPERA & BALLET [ 

COLISEUM. Credit cardt 01-240 5258. I DUKE OF YORK'S 


01-836 3122. i OLD VIC. 


Evcnlnoz B.OO. Mat. Wed. 3.00. 

QUENTIN CRISP 
Tickets £2.50 Inc. glut of wine. 
“This la without doubt the most extra¬ 
ordinary entertainment in London." 
Evening News. 

Due to enormous success will transfer to 
Ambassadors Theatre 27th Feb. 


.928 7616. 


Reservations Ol-B3fi 3161. 

. ENGLISH NATIONAL OPERA 
Tcmor. & Fri. 7.30 Tosca; Wed. 8. Sat. 
».30 Duke Bluebeard's Castle. Gianni 
5Cnicc.nl new prBdn. Visit nary Gdn. 
“ Plenty ol wit ” Tms : Thurs. 7.3D Don. 
Giovanni. 104 balcony seats always) 
always avail, day ot Performance 


01-836 5122. 
Limited season from • 1 March lorcvs. : 
28 Feb.. 1 Marrt,,. j 0 hn Gielgud In ' 
Julian Mitchell's HALF-LIFE. A National . 
Theatre Production, "A dl ale Oi fe<Ul 
comedy 11 'J. C. Trewin*. Instant Credit [ 
card reservation*. Dinner and too price I 
seat £7 00. ■ 


COVENT GARDEN. CC. 240 1066. 

(Garden charge credit carps 836 69031. 

THE ROYAL BALLET 
Tonight 7.30 p.m. La 8ayadtre, A Month 
in the Country. Elite Syncopations. 
Tomor.. Thiir. & Fri. 7.JO p.ir *— —— 


FORTUNE. 836 2238. Evas. 8. Thurs. J. 
Sat. 5.00 and B.OO. 

Muriel Pavfow as MISS MARPLE In 
MURDER AT THE VICARAGE 
Third Great Year. 


THE ROYAL oA f RA M * y ' rl,nS ' i GARRICK THEATRE. 01-036 4601. 
. _■»_* sreeitas . Ewfls B .0. Wed. Mat. 3.0. Sat. S.1S 8JO. 

JILL MARTIN, JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 
It* the 

“ BRILLIANT MUSICAL 
ENTERTAINMENT." People. 

SIDE BY SIDE BY SONDHEIM 
”■ GO TWICE.” S. Morley. Punch. 

” GO THREE TIMES.” C. 8arnes. NYT. 


PROSPECT AT THE OLD VIC. 
Soring season 10 March 25th. 

In rep: ANTONY X CLEOPATRA opens 
tomorrow 7.30. Wed- Thurs. 7.30; 

5AINT JOAN Fri. 7.30. Sat. 2.30 & 7.30: 
HAMLET returns Marcn 2: ALL FOR 
LOVE returns March 6. 

Thurs. Feb. 23 al 5 p.m. 

BETTINA JON 1C sings 
-ODYSSEY IN BLUE. 

Sunday. March 26 at 7.30 
THAT MIGHTY HEART 
with Barbara jeBord. John Turner. 

PALACE. 01-437 6834. 

Mon-Thun. 8.00, Fri.. Sat. 6.00 & 3.40. 
_ JE5US CHRIST SUPERSTAR 

PHOENIX. 0I-C3G 8611. 

Red. price nrevs. evgs. at 8.0. Opens 
March 1 at 7.0. Subs. evgs. B.D. Wed. 
Mat. 3.0. Sats. 5.0 and B-O. 

FRANK FINLAY In 
The Leslie Bricusse Musical 
KINGS AND CLOWNS 
Directed by Melt Shapiro. 


WAREHOUSE, Donmar Theatre. B36 6808. 
Royal Shakespeare Company. Ton't 8.00. 
Edward Bond's THE BUNDLE <so<d out)- 


WEMBLEY EMPIRE POOL. Last week. 
LAVISH ICE PANTOMIME 
HUMfTY DUMPTY 

Nightly 7.45. Sats. 2. 5 and 8. Special 
HALF-TERM MATINEES Mon. to Thur. 
at 3. Children & Senior Clis. hall price, 
tnnl Sats. at 2 & S. Pay at doors. 
Spacious car park. Enoalrles 902 1234. 

WESTMINSTER THEATRE. CC. 01-334 
0283. Evening* 8-00. Mat. Thun. 3.00. 
Saturday 5 and B. 

T.c-eis Li -SO tn L4.00. 

PAUL JONES m 
DRAKE'S DREAM 

England': G-eatcii Musical Adventure." 
"Eyeillnn.- Fin. Timet. “Many Merrv : 
Refrains " E ” 


Ev. News. -'Bouncing Vigour."' 
Ev. Standard. 


WHITEHALL. 01-950 6S92-776S; -. - . 

___E*gs. 8.30. Sat. S.45 and 9.0. 

! PICCADILLY 4SV i*nc i-mxi- ! Paid Raymond presents the Sensation*!- 

B36 1071 Eras * cSi C i*ai* Sin Se« Revue of me Century 

, Bit* 1071. E*w. a. Sat. 4.48 and 8.15 , DEEP THROAT 

REST coMtfnvnr TUB vrio Now Live on 5lage. Limited Season. 

BESTCOMtDY OF THE YEAR 12-wcclc season p-lpr to World Tour. - 


THEATRES 

ADELPHI THEATRE. CC. 01-836 76! 1. 
Erfli. 7.30. Mats. Thun. 3 0. Sat. 4.0. 
- LONDON'S BEST NIGHT OUT. 
IRENE 

THE MUSICAL MUSICAL 
SPECTACLE. CAPTIVATING TUNES 
AND RACY COMEDY." s. People. 
IRENE 


! GLOBE. 01-437 1592. Opens Wed. 22 at 
• 7.0 Subs. evgs. 8.0. Mats. Wed. at 3-0. 
| BARRY FOSTER. CLIVE FRANCIS, 

i DONALD CEE. JEREMY IRONS and 

! SIMON WARD in 

THE REAR COLUMN 
A New Plav bv SIMON GRAY, 
i_Di re.led bv HaPOLD-PINT ER 

I GREENWICH THEATRE. OI-SSE 77SS 
Evgs. 7.30 Mar Sals. 2 30 AN IDEAL 
HUSBAND by Oscar Wiide "Wo app'auri 
an entertaining earning." □ Tel. 


Evening Sid. Award and SWET Award 
Royal Shakespeare Company in 
PRIVATE5 ON PARADE 
bv Peter Nichols 
' hugely ENTERTAINING 
EXTRAVAGANZA." S. Time*. 


PRINCE OF WALES. CC. 01-930 «68f 
Monday-.to Friday at P P.m 
Sat. 5‘30 and 8.45. Mat. Thurr J.OO. 
'• THE STAGE IS AGLOW." 

Dally Telegrann 
RICHARD BECKINSALE 


WINDMILL THEATRE. CC. 437 6312. 
Twice Nigmiv 9.0 and 10.00. 

OPEN SUNDAYS 6.03 and B.OO. 
PAUL RAYMOND preset!!! 

RIP DFF 

THE EROTIC EXPERIENCE OF THE . 

MODERN ERA 

"Taties to unprecedented limit* what ** 
permissible en our siages “ Evo. New*. 
Ydu ma, drink and sm-lVe in the — 
Aud'torium. 


in 


IN5TANT CONFIRMED CREDIT CARD maymaruFT at an* opt-— PZ — 
-BOOINGS ON 01-8 36 7611. . ' 30 **8 D0*'° 


ALBERT. 836 3878. CnrrfT card b*gs I 
836 1071 iexcept Sat.l. Mon.-Fri. 7.45. 
Thurs mat. 4JO. Sats. 4.30 and a , 
"A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 

MIRACULOUS MUSICAL." Fin. Time*. ■ 
OLIVE 1 ' 

with ROY HUDD. JOAN TURNER 
•• CONSIDER YOURSELF tUCKY TO BE 
ABLE TO SEE IT AGAIN.” Daily Mlrrnr. * 
NOW BOOKING THROUGH 1978. 1 


ALDWYCH. 836 8404. Info. 836 5332. 

ROYAL SHAKESPEARE COMPANY 
In reaenolre. 

Tonight, lomor. 7.30 Jpnson'l THE 
ALCHEMIST " masterpiece ol rampant 
knavery.” D. Tel. With; Congreve'* THE 

WAY OF THE WORLD iWcd. m*e>. . _ 

Brecht's THE DAYS OF THE COMMUNE ! HEB maifSTV'S 
(Thur* Pro RSC also at THE WARE- 
HOUSE * sec under Wi and ai Piccadilly: 

Theatre in Peter Nlchol*' PRIVATES ON I 
PARADE. 


INCRIO BEPCMAN 
WENDY HILLER 
DEREK DORIS FRANCES 

GODFREY HAPE CUKA I 

WATERS OF "the MOON 
'• Ingrid Bergman makes the stage: 
radiate—unassailaolc charisma." D Mail , 
•*Wrndy Hiller is superb." S. Mirror. ' 

HER MAJESTY'S. CC. 01-950 6606. ' 
Evgs. 8 00. Wed. antf Sat. 3.00 and 8.00. ' 
GLVNI5 JOHNS. 1 

LEE MONTAGUE, HELEN LINDSAY t 
In TERENCE RATTIGAN'5 i 

CAUSE CELEBRE 

” RATTIGAN REVEALS HIS MASTERY." i 
5. TM. '■ GLYNI5 JOHNS plavsl 
brllllanrlv.” D. Tel LAST 2 WEEKS 


■ HAIIRHTV L «Mt Kin H uni a , WYNDHAWS. B36 J0;8. Credit Card. ; 

U J N, CE. WITM * LOT 1 hookings 836 10T1 *e»ceoI Sal.i. Men.. 
INtT*M A T U r&n!&n a VS?n?r ,r r i .nn Tnu.J 9 Fr.. tnd 5a* 5 15 and 8.SO. 

s CARD "ENORMOUSLY RICH 

BOOKINGS ON 01-930 0846. VERY- FUNNY." Evening New*. 

---- Mar, O Mailer s smalh-hi: Comedy 

QUEEN'S THEATRE. 01-734 1166.' ONCE A CATHOLIC 

Evgs. B.0* Sat. 5.0. 8.3D. Mat. Wed. 3 0.'._ — ; 

„„AL8C GUINNESS 
BEST ACTOR OF THE YEAR 
Variety Club of GB Award In 
.. THE OLD country 

-A New Plav By ALAN BENNETT _ 

Directed bY CLIFFORD WILLIAMS I 

BEST PLAY OF THE YEAR I YOUNG VIC STUDIOS. 

Pieyi and Players London critic* award. Dannie Afcae's GONE 


! YOUNG VIC (near Old V.*., 928 6363. 

■ Tonight at 7.45 ROSENCRANTZ A. 
I GUILDEN5TERN ARE DEAD <SCJH 90p1. 


RAYMOND REVUEBAR. CC. 01-734 1593.. 
At 7 p.m.. s p.m.. It p.m. 'opens Suns *' 
PAUL RAYMOND piFXMl ' 

THE FESTIVAL OF 

. _ „ _ EROTICA , 

Fuliv Air Conditioned- You mav 
drink pr*d smoke in the auditorium. 


IN 

Tonight al 8.0. 


K 1 6365:- 
NUARY 


CINEMAS 


LV9- 

as 

m iTTr: - 


°li 830 B60& - ; ROUNDHOUSE. 
WWififl Mjr.h A □ Prav VVnfl a 

BRUCE FORSYTH 

In Leslie Bricusse and Anthony New ley's 
TRAVELLING MUSIC SHOW 
with DEREK GRIFFITHS 
Directed hr BURT SHEVELOVE 
Previews from March 16. 


AMBASSADORS. 01-836 1171.. 

Evgs. a OO Mat*. Tue*. 3 00. Sats. £.00. < 

SIOBHAN MCKENNA ,_ 

” 5,1 «nh^u££ r L M BUGGY '“° ,R I KJNG ' S ROAD 3S2 7488. - 

-perfect. A ^|g!SP E. New*. 

“LyPPDL "C«et* __ I NOW IN ITS Sth ROCKING YEAR • . 


ABC 1*2. SHAFTESBURY AVE. ___ 

8861. Sep. Peris ALL SEATS BKBLCTL' 
1: THE CHOIRBOYS *X>. Shut Oewn iU) - 
Wk. and Sun.: 1.15. 4.30. 7.50 Hast '. 
3 day si. 

2: ABBA—The Movie 'U». Wk. * Sons- 

2.00 S.15. 8 15. 


LIMITED SEASON. ENOS FEB. 25. 


_ . ,- 267 2564 

ftev. Wed at B. Opens Thurs. at 7., 

1 Subs 8 dm nlghtlv. 

THE LIVERPOOL PLAYHOUSE COMPANY 1 

JAMES AUBREY * - ‘ 

N WARRINGTON j CAMDEN PLAZA 'dee. Camden T«*n ’ • 

London nremlvn. at ' Tube*. 485 2443. Roden Bresson's ! 

STTCEAMERS ! maslerplece THE DEVIL. PROB4 3LY -X*. I 

BY David Rlbe I 4 45. 6.50. 9.00. SEATS BOOKABLE.— 

--—-J- I- * 


THE GREAT ROCK 'N' ROLL MUSICAL. 

A ^ LO fhurs^. D 2 LV D S.C fZd I:88:!«““¥>AL i ^O.yM. e CC T 437 7373.! 

C A tier of the Year." E. Standard) 

"IS SUPERB" N, of World. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY." Times. 


KO*AL COURT. 730 1745. Prev. Ton't 
SITi Subs evs 8. Sal. S 
THE BEAR by CheFhov. THE 
KREUpER SONATA by Tolstoy. See 
also Theatre Upstairs. 


ARTS THEATRE. 01-836 2132-- 

TOM 5TOPPARD-S 
DIRTY LINEN I 

" KHarlous ■ ■ . lee it." Sunday Time*. . 
Monday to .Thursday 8.30. Friday and ! 
Saturday at 7.00 and 9.15. | 


LAST 6 DAY5I ENDS SAT. FEB. 25. 

Evgs. 7.30. Mats Wed. and Sats. 2.45 l 

TOMMY STEELE 1 

SALLY ANN HOWES ) 

AND ANTHONY VALENTINE In | 

HANS ANDERSEN 

" DAZZLING SUCCESS. RICH. COLOUR¬ 
FUL MUSICAL. REAL FAMILY ENTER¬ 
TAINMENT.” E. News. 

Good scats available now at Theatre and 1 
Agent*. 'Also al Doors, evceot Sat.). I 

CREDIT CARD BOOKING 01-734 B961.1SAVOY. OI-S3E BBSS. 

' Previews from ISlh Feb at 3.00 p.m. 


ROYALTY. CC. 01-405 8004, 

M or, a a_y-Thursday Evening B.OO. Friday 
5.30 & 8.45. Saturday 3.00, and 8.00. 
Lcrnlon critics vote 
BUBBLING BROWN SUGAR 
_ , Be** Musical of 1977 
Tel. bfcgs. accepted. Malor credit cards. 


ASTORIA THEATTHE, Charing X Rd. I 
01-734 4291. Nearest Tube: Tottenham) 

Ct. Rd. Mait.-TIrurs. B.O p.m.. Fn. A 
Sat EDA 8.45. 

ELVIS 

Tickets S1.50-C5.50. Instant Credit 
Cam Re*. Eat In our fully licensed. 

Restaurant or Buffet Bar lunchtime and 1 
before or after -show—bookable In 1 
advance, combined dinner and lop price I 

,iC5CM - EB5 °- ELVIS I 

“infectious, appealing, inM-*lomplng and I 
heart.thumping . -—Observer. I 

BEST MUSICAL OF THE YEAR ! 

EVENING STANDARD AWARD ! - 

Halt hour before Shaw pnv available' MAY FAIR. 
tOP_ price ticket* £2.50. Mon.-Thurs. | Mon. *0 Fri 

4 . Fn. 6.0 p.m pert, only. 


LONDON PALLADIUM. CC. 01-437 7373 
THE TWO RONNIES 
FROM MAY 25 to AUGUST 19. 

---I 

LYRIC THEATRE. 01-437 3686. Evs.-8-O. I 
Mats. Thur*. 3.0. Sat*. S.D and 8.30. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
' and PATRICIA HAYES lit 
FILUMENA 

by Eduardo d> FHilppo 
□•reeled bv FPANCO ZEFFIRELLI 
"TOTAL TRIUMPH.” Ev. News. 

" AN EVENT TO TREASURE." D. Mir. 

'■ MAW )T FILL THE LYRIC FOR A 
HUNDRED YEARS." Sunday Times. 


CC 629 3036. 

8.0. Sat. 5.20 and 8.45. 


Sat. 5.00. B.OO. 

Open* 23rd Feb. 7.00 p.m.. then nlghtlv 
at 8.00. Mat W«d. 2.30. Sat. 5.00. 8.00. 
JOHN FRASER 

. LADY HARRY 

An uiual play bv Norman Krasna. 
Preview* and_Wed. Vats. £3 to £1. 
Regular prices £4 to £1. Credit booking 

accented. 


SHAW. 

No Pert. 


Tonight 
.. _Thur». 


□ 1-388 1394. 
Evgs 7.30. Mat. 

AN INSPECTOR°CALLS 
by J. 0. Prlestiev. 

Highly Entertaining." D. Tel. 

Low Prices. Easy Parking. 


CAMBRIDGE. CC. 01-836 6056. Man. to 
Thurs 8.00. Fri.. Sat. 5.45. 8 JO. 

IPI -TOMBI 

" PULSATING MUSICAL.” Evg. News. . 
THIRD GREAT YEAR 
Seal prices £200 and £5.00. ! 

Dinner and ton-price seat £8.25 me. 1 


GORDON CHATER " Brilliant.” E.N. In | STRAND. 01-836 2660. Evenings 8.00 


THE ELOCUTION OF 
BENJAMIN FRANKLIN 

hs Sieve J. Spear* 

‘ A compassionate tunny fiercely elonuent 
plav." Gdn. "Hllar.ous " E.Std. "Wickedly 
amusing.” E. New* "Spellbinding." Obs. 


01-930 2578. ! 
Tonight at B-O- | 


COMEDY- 
Red. Price Prev. 

Opens Tomorrow, 
at 7.0.' sum. eras. ft.o. Mac Tnura. 3.0 
Sat. 5.30 and 8.30. 

MOIRA LISTER. TONY BRITTON 
Margaret COURTENAY. D^ rr oot WALSH 

MURDER AMONG FRIENDS 
A NEW COMEDY THRILLER 


CRITERION. CC. 01-930 3216. 
Evenings B. Sats. S.30. 8.30. Thurs. 3.00. 
LESLIE PHILLIPS 

" Impeccable . . .a master. ' S. Times 
In SEXTET 

" HIL ARIOU SLY FUNNY." N. dl Wor^d . 

DRURY LANE- 01-836 8108. Every night: 
8.0b. Mallnee Wed. and 5at. 3.00 1 
A CHORUS LINE 

"A rate devastating. lOyou* asten^nina, 
stunner.” S. Thne*. 


MERMAID. 248 765E. Res: 248 2G35. 
Mon-Sat 8.15. Mat. Wed 8 Saf. 5 30. 
DAVY jr'/ueK MICKY DT'.EhtZ 
In HARRY N1 lS50N'S 
THE POINT 

" A WINNER " D Mirror. 

Stall ticket* £1.25-3 SO. Combined 

dinner-theatre ticket £5 9s 

Mint end Sat 

N«t Prnducrinn Tom CONTI • Jane ASHER 
,n WHORE LIFE IS IT ANYWAY 
0pms Mar 6. 7. Prev*. irom Mar. 1. 8.1 S 


Mat. Thur. 3.00. Sats. 5.30 and 8.30. 
NO. SEX PLEASE— 

THE WORLD? 1 GREATEST 
LAUGHTER MAKER 


NATIONAL THEATRE 
OLIVIER iDoen staggi- Ton'r i Tonigr 
7.30 THE PLOUGH AND THE STARS 
by Sean O'Caiev. 


ST. MARTIN'S. CC. 838 1443. Evs. B.OO. 
Mat. Tucs. 2.45. Sat- a. Good Fn. S*S. 
AGATHA CHRISTIE'S 

world^ HE lo M n 0 g u e^e p r RUN 

_ 2Bth YEAR- 

TALK OF THE TOWN. CC. 7S4 5051- I 
8.00 Dining Dancing. 9.50 Super Rc.ue - 
RAZZLE DAZZLE I 

and at 11 p.m. 

_ VINCE HILL _, 

928 2252 i THEATRE UPSTAIRS. 730 2554 Eri. 7.30 1 
~ I IN THE BtOOO 


CLASSIC 1. 2. 3. 4, Oxford St. (Opp_--.‘ 
Tottenham Court Rd- (Tube*. 636 0310. 

1: ABBA THE MOVIE iU). Stereophonic ' 
Sound. Progs. 1.30. 3.50. 6.10. 8.30.— 
2s THE HIDING PLACE IA). Sep. Peril. 
2.00. 5.00. 8.00. 

3: THE DUELLISTS (AJ. Prog*. 1 JO. '. : 
3.05. 5.40. 8.15. ; 

4s Last 3 Days' YOUNG FRAN KEN-— 
STEIN lAA*. 1.45, S.20. 8.50. TH1 

ADVENTURES OF SHERLOCK HOLMES' 
SMARTER BROTHER LAV 3.35. 7.10. . 
Closed tomorrow only. 


CURZON. Curran Street. W.l. 499 3737. 
PARDON MON AFFAIRE OC>. (Eng^Ni 
seub-tlties.* '■ A Sparkling New French 
Comedy. Directed with finesse by Vvea 
Robert." 5unoay Express. Progs, at 1.50 
(not Sun.). 3.5S, 6.10 and 8.30. 


GATE TWO CINEMA fFormerly l.M.l: 
Internet] on a ll. Russell Square Tube. 

Starts Thursday 23 Feb. World Premier ot 
DEREK JARMAN'S _ 

JUBILEE OO 


LEICESTER SQUARE THEATRE (930. 
5252'. STAR WARS (U). See. prog*; 
Dlv. 2D0. 5.15. 8.35. Seats bkble ter 
5.15 & B-35 prog*. Wk*. A all progs. 
Sat. & Sun. BOOKING ONLY UNTIL 
lit MARCH. 


DDEON HAYMARKET <930 2738/2771). 
Jane Fonda vcncssa Redgrave in a Fred 
Zmnemann film JULIA iA). 5ep. progs, 
□ly. 2.30. 5.45. 8.45 Feature Dly. 2.45, 
6.00. 9.00. All seats bkble. 


DDEON LEICESTER SQUARE 1930 6111). 
THE DEEP ■ A*. Sen. prog*, every day. 
Sea:* mav h- rooked Doors open al 
1.20. 4 30. 7.45. 


ODEON MARBLE ARCH (723 201112).' 
AUDREY ROSE i AAi. Sep. progs. 

Wk*. 2.50. 3.30. 6 30. 


by Lenka Janlurcl'. 


DUCHESS. 836 BJ43. Mbn. to T.-*ur*. i 

,v„. > “" oj; 1 Muctrnv 5 
** The Nudfry it stunning.” n, i. tu. 

Bill SENSATIONAL YEAR. I 


LYTTELTON 'praieenium nage*' 

2 30 n m Tomor. 10 30 a.m & 2 Dm 
SIR GAWAIN AND THE GREEN 
KNIGHT. To.- 1 'l A Tomor. 7 45 THE 
LADY .FROM MAXIM'S by Feydeau 
|r*ns bv John Mortimer. 

COTTESLOE <*mall auditorium < Ton’! A 
Tomor 8 LOVE LETTERS ON BLUE 
PAPER bv Arnold Wesker. 

Many exeHont '.hpan v>ah ail 3 fh"a"n*t 
da< ol rerl Car t**ik. Restaurant gjfi 
2033. Credl! Card bkgi 92S 3052. 


I VAUDEVILLE, 836 99B8. Eves, al 8. 
I4ab. TueS. 2.45, Sits. 5 and 8. 
Dinah 5HERIDAN. DulCie GRAY. 
Eleanor SUMERFIELD. James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT HIT 
by AGATHA CHRISHE 
•; Re-enter Agatha will* another who- 
dunit . . Agatha Chnslir \s Jlallmg 
•he Wnt End »ef again witn another 
oi her - fiendishly inacnou* murder 
m.lterie*.” Felu B|ri.er, E-3. New*. 


! PRINCE CHARLES. Leic So. 437 8181. 
Final Weeks. MUst End Mar. 8. 5ALON 
KITTY ix.. Sep. Peris Daily {me. 5un..l 
! 2 45. 6 15. 9 00. Late Show Fn. and 
j Sat 11.55. 5eais Bkblo, Uc'd Bar. 

1 SCENE 2 Leic. So. fWardour Si.* arn 447 a 
' THE FINK PANTHER STRIKES AGAIN 
I IU1. Sun Tnt-r. 1 jq. 5 35 . g 35 , Kr'7 
Sal. 13 40 -4AB 8 45* T2.4S. tHE-i'- 
"'TURN OF THE PINK PANTHER u. 

, Sun .Thur. J 25. 7.30. Fr, A Sjl 2 r«l 
6.4 3 10 40. 2 - i5 > 


3 '-. 


V 







12 


.. financial Times Sfontfeyl February ~ 26 1978 


FINANCIAL TIMES 

BRACKEN HOUSE. CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantimo. London P54. TpIpx: 886341/2. 88389? 
Telephone: 01-248 8I>00 


Mondav February 20; 1978 




the Bill 


THERE CAN hr little ctouhl that 
if the House of Commons were 
allowed a free vote on the Third 
Reading of the Scotland Bill 
this week, the Bill would be 
roundly defeated. It has been 
clear for many months that the 
House as a whole either does 
not like the BUI. or has no 
interest in it. In fact MPs tend 
to divide into three groups on 
this issue. The large majority 
simply show their dislike or 
ls;k of interest by declining to 
turn up for debates, except when 
it comes to crucial votes on 
which they tend to follow the 
party line. There is a minority 
which is passionately against 
the Bill and which has shown, 
by rigorous attendance, that it 
is possible to amend it almost 
■a: will. And there is another 
minority, niain'v consisting of 
the Scottish Nationalists, which 
is in favour of the Bill, but 
■only as a stepping-stone on the 
road to independence. 

Biller 

It is al?»» dear — even more 
so now than it was at the star; 
— that the Bill ha* major 
derents. There are certain key 
(tueiiwns about i! »h;ch have 
riot heen answered, and which 
are perhaps incapable of being 
answered. For example, is it 
conceivable that a Scottish 
Assembly would rest content 
without the power to raise 
revenue? Yet no satisfactory 
way of allowing independent 
revenue-raising has been found. 
No way has been found either 
of reconciling the proposed new 
level of Government with the 
existing regional and district 
authorities: it is arguable that 
Scotland is already over- 
governor! and cannot possibly be 
helped by the addition of une 
more tier. 

Not least, there is the so- 
called ‘-West Lothian ques¬ 
tion": what arc to be the 
powers of Scottish MPs at West¬ 
minster in relation to English 
affairs when the powers of 
English MPs in relation to Scot¬ 
tish affairs have been reduced? 
Again, no answer ha.* been 
produced, even though it is not 
difficult iu imagine the outcry 
that would arise if. after devo¬ 


lution. a Government that relied 
for it; majority on Scottish 
Members attempted to impose 
its way on purely English 
matters. 

For those reasons alone, the 
Scotland Bill is a bad Bill and 
ought to be defeated. What is 
more, the majority of MPs know 
that it is a bad Bill, and almost 
certainly would defeat it if they 
voted according to its merits. 
And yet other considerations 
persist. The»e can be divided in¬ 
to the respectable and the dis¬ 
reputable. 

The respectable case for 
allowing the Bill to go ahead is 
that there is a perceived de¬ 
mand in Scotland for something 
that tails short of independence, 
but goes beyond regionalism. 
The Assembly might be the 
answer. At the very least, goes 
the argument, the Scottish 
people ought to be given the 
choice and. civcn the 40 per 
cent, clause, they can have the 
Assembly only if they vote for 
it in great numbers, which is a 
way of hoping that they will 
not. 

The trouble wnh that course, 
however, is that it stores up 
trouble for the future. The 40 
per cent, clause will make the 
referendum campaign even 
more bitter, as the SNP strives 
to bring out the vote and at the 
same time alleges that the rules 
have been rigged. Wliat will 
happen if the majority falls just 
short? And even if the majority 
is adequate, the abjections to 
the deficiencies of the legisla¬ 
tion would remain. 

Confidence 

The disreputable case fur sup¬ 
porting the Bill is that the 
Government believes that it 
must do something to buy off 
Nationalist support in «»rdw to 
maintain its position in Scot¬ 
land. Even if that reading were 
correct, it would be only at the 
price of more trouble ahead. Mr. 
Callaghan is rightly not making 
the vote an issue of confidence: 
he can afford to lose without 
being driven immediately to the 
country. Safe in dial knowledge. 

Laboui MPs who 3re aware that 
the Bill is dangerous can afford 
to vote against. 



a buys 


anese 


THE MOST immediately strik¬ 
ing aspect of the new $20bn. 
two-way trade agreement 
between China and .Japan is 
that the Chinese leadership 
now ha- the confidence and 
authority to make long-term 
coin mi imen is which run against 
the gram nf much recent policy 
■*n ihe export >»f natural 
resources and the purchase of 
foreign technology. For *-iaht 
years i> a lung time in the poli¬ 
tical life ot a njtion with a- 
lurbulem a recent past as 
China. 

Tin* agreement al-o reflect 
Japan':- confidence that ilie new 
Chinese leadership ha< the 
power to carry ii through. As 
a result of the deal the Japanese 
will be looking to China as a 
continuing supplier of oil and 
will now have rn invest in ex¬ 
pensive refinery equipment to 
remove it ? high wax content. 
The Chinese have nut agreed 
such a long-term trade package 
"Mice the planned equipment 
purchases from Russia in the 
1 Ironically, it i.-, the 

Russians who have most reason 
to he worried by the new deal 
with Japan. For the agreement 
promises an unwelcome increase 
in China's industrial strength, 
and could pave the way fur a 
Japan-China treaty in which the 
Chinese are anxious to insert 

an anti-Ru'Sian clause that 
would .stipulate that the two 
sides would oppose the attempts 
• r another power (Russia) io 
>eek hegemony in the region. 

Cnclear 

From the conflicting accounts 
of the agreement i! is still 
unclear whether it marks an 
addition to existing trade or 
whether China's current sales oF 
oil and Japan's of steel have 
been included. But the 
integrated steel mid that China 
will obtain at Shanghai, the 
modernisation of two existing 
?ieel plants, the fertiliser and 
pelro-chcmieal plants all pre¬ 
sent simiftivant addition*- to 
China'* industrial capacity and 
technology in areas where at the 
moment iherc arc considerable 
r-horuigc* The further dtimo¬ 
rion in Chin:, is that -,t would 
have had difficulty m finding 
PlObn. of foreign exchange to 
finance it- --;do of the package 
outside the framework of * 
barter agreement with Jap*n. 


The major constraint on any 
expansion of China's trade 
remains its lack of adequate 
foreign exchange. Exports of 
manufactured products are 
limited by the depressed state of 
world mirkets and the barriers 
oT protectionism as well as by 
the growth of domestic consumer 
.spending that will conn? with 
rising income*. There is also 
no great demand overseas for 
China's oil or nun-coking coal 
—the most readily exportable 
of its natural resources— 
because of either ns quality 
ur transport difficulties. Thus 
m the Pacific region, at least. 
Japan, anxious io diversify its 
energy supplies and merely a 
shuttle service distance awa}\ is 
the only obvious partner. 

Prices 

The agreement say* that the 
barter trade will take place at 
prevailing international prices. 
The chances are that the Japan¬ 
ese. who have already sold *ieel 
Lo China at about 20 per cent, 
below international prices, are 
selling more cut-price steel and 
equipment. The incentive to do 
so is the magnitude of new 
orders Tor their depressed plant 
and steel industry—orders that 
will hopefully relieve pressure 
«»n Europe. AI.su they will be 
establishing their presence in a 
great trading i-enire ihai could 
bceoiu-j immensely valuable it 
China does fulfil its ambition of 
becoming a major industrial 
power. 

There is lutle the Russians 
can do to prevent the drawing 
together of these two major Far 
Eastern countries. They have 
already told the Japanese of 
their hostile attitude to any 
friendship treaty that did 
include an " anti-hegemony" 
clause. The Japanese response 
in public has been to point our 
what they regard as Russian 
intransigence in the territorial 
disputes over tilt* northern 
islands, which is bolding up a 
peace treaty between Tokyo and 
Moscow. But tin* Japanese have 
no wish lo incur ihe long-term 
anger of Ihe Russian*. who arc 
also potential major suppliers of 
energy, in tin* coining months 
ihere is likely io be a lot of deli¬ 
cate negotiation by Japan cither 
to tone down th** “nnti- 
hegemony'" i-lai;** or in make a 
parallel peace treaty with the 
Russians. 


The Po 




System 



T HE Post Office's latest 
attempt to persuade more 
people to use the telephone 
highlights the wav in which its 
move into the computer age 
threatens to produce a conflict 
of interest between its sub¬ 
scribers and its suppliers. 

On the one hand, the com¬ 
panies which supply exchange 
equipment and employ 65.000 
people desperately need the 
Post Office to move quickly into 
a new computer-based switching 
system. The speed of the Post 
Office's change will largely 
determine whether they have a 
suitable product to catch the 
world markets in the IflSUs. and 
whether they can keep their 
labour force at reasonable levels. 
Because of the huge costs in¬ 
volved. Post Office sponsorship 
is the key to their development 
programmes. On the other hand, 
the Post Office has To consider 
the interests of subscribers in 
keeping costs, and therefore 
tariffs, as low as possible. 

The multi-billion-poiind in¬ 
vestment needed to replace the 
present Victorian technology 
with computerised equipment is 
certain to push up telephone 
charges jf it proceeds too fast. 
For the Post Office “ ton fast" 
means raster than the rate 
which can be justified by thp 
expansion of the system and a 
normal replacement programme 
for old exchanges. 

Bm the manufacturer;, who 
are already at least five years 
Uhind their foreign competi¬ 
tors. need the fastest possible 
uevelopment followed by sub¬ 
stantial home orders to provide 
a credible base Tor exports. 

Unfortunately, there is no 
magic formula which will match 
the rate of investment deter¬ 
mined by the Post Office's 
traditional criteria and the 
speed of development which the 
manufacturers must achieve if 
•hey are to obtain any place at 
all in the world market. In¬ 
deed ;h- rate of expansion of 
telephone traffic has slowed 
down to about 4 per cent, a 
year, only about half the rate 
of the late 1960s. And much 
of ihe old electro-mechanical 
Strowger equipment in the sys¬ 
tem will remain serviceable for 
many years to come, even 
though ii has nmv been made 
obsolete by computer tech¬ 
nology. Then* Strowger 
switches still make SB per cent. 

telephone connections in the 
V K. 

The Post Office is therefore 
faced with a major dilemma. 
Hov. w it to justify investment 
demanded by' the worldwide 
revolution in switching tech¬ 
nology if the scale of investment 
is not strictly ** needed ’’ by sub¬ 
scribers? It is a dilemma which 
the Government has so far given 
no signs of understanding. 
Indeed, its decision last year 
that the Post Office should hand 
back f 100m. “ excess profits " as 


BY MAX WILKINSON 

a £7 rebate to each subscriber 
demonstrated a narrow short¬ 
term view of the industry. 

Ironically IlUOm. is the sum 
allocated for the development of 
the new *• System X “ on which 
future export hopes must be 
pinned: “System- X" is the 
code name for the fully disitai 
computerised range oF exchan¬ 
ges expected to be. introduced 
into service in the 19S0s. 

The most obvious way the 
Post Office can hope io match 
its investment programme with 
the needs of manufacturers is 
tn try to stimulate demand for 
The telephone service. If demand 
for telephones is expanding 
rapidly the System X pro¬ 

gramme will be justified and 
even accelerated by the Post 
Office's own need for new 

capacity. 

These considerations un¬ 
doubtedly lie behind the state¬ 

ment of Sir William Barlow, the 
new Post Office chairman, that 
he wants to see faster growth in 
both the domestic and business 
telecommunications sectors. 

At the same time the Post 
Office has found itself, like it or 
not. at the centre of discussions 
about how to tailor its new 
digital computer controlled ex¬ 
changes tn the needs of foreign 
customers. 

There are signs now that the 
old Civil Service approach is 
gradually giving way to the need 
to become part of what might be 
called ■* U.K. Telecoms 
Incorporated." an amalgam of 
interests between the public 
service and the private manu¬ 
facturing sector. 

Since the 1950s. the Post 
Office has made a series of 
disastrous decisions which left 
the General Electric Company. 
Plessey and the U.S.-owned 
Standard Telephones and Cables 
at least five years behind their 
overseas competitors. 

Huge contracts for Saudi 
Arabia. Australia. Korea and 
elsewhere have been cun tested 
in the international arena, while 
British companies watched 
helpless from the sidelines, or 
at best tried unsuccessfully to 
enter on the coat tails of a large 
U.S. supplier. 

AH these contract* have 
specified the new type of " stored 
program control" (SPC) switch¬ 
ing. This is a radical advance 
on the Strowger electro¬ 
mechanical switches which date 
from the nineteenth century* 
Even the most advanced British 
electronic exchange, the TNE4 
does not have computer control. 

Following the introduction of 
stored program control by Bell 
in America in May 2965. 
several European systems have 
been dereloped. Ericsson of 
Sweden produced the successful 
AXE system. Philips has the 
PRX and ITT produced Meta- 
conta. In addition Siemens of 
Germany is developing the EWS 
1 and Fujitsu and Nippon Elec¬ 


tric in Japan have the DEX2 
and 10. The Post Office’s answer 
is System X, which combines 
computer control with a new 
type nf digital switching. 

However, the Post Office has 
been engaged in what seemed 
an interminable round of dis¬ 
cussions and squabbling with its 
suppliers about the basic con¬ 
ception of System X. These 
t.slks started in 1972, yet it was 
only last summer that some 
development contracts were offi¬ 
cially awarded, and it will not 
be until at least the early 1980s 
tha* the new exchanges are in 
operation. The development 
contract for large urban ex¬ 
changes has still not been 
announced. Manufacturers have 
been worried not only by the 
slowness in . awarding the de- 
\j?!opment contract, but by the 
Post Office’s reluctance to give 
any firm commitment about the 
si;e of orders it will place for 
the new equipment. However, 
ii aoes now appear that a sense 
of urgency has crept into the 
programme. Next month for the 
first time, the Post Office is ex¬ 
pected to release some details 
of how the hitherto secret sys¬ 
tem will Work. Sir William has 
also promised that firm orders 
for production exchanges v.-ill 
be placed shortly, probably by 
Ihe end of the year. 

A computer controlled net¬ 
work is immensely complicated 
and decisions on the basic 
framework or ••architecture" 
are of crucial importance to its 
eventual success. On the other 
hand Ericsson of Sweden, which 
won the Australian and half the 
Saudi Arabian contracts, took 
only five years to develop its 
own AXE system. It now looks 
as if System X could take twice 
a* long. 

The chanse-over to a com¬ 
puter controlled system is not 
reauired merely to keep up with 
international fashion. The in¬ 
vention of stored program con¬ 
trol was one of the most 
important developments in the 
history of telecommunications. 
It offers the prospect of a 
cheaper, more efficient and 
much more flexible telephone 
service. The Post Office will 
certainly need it at some stage, 
partly to cope with expansion— 
for one thing it takes up far. 
Jess space—and partly to re¬ 
place the outdated Strowger 
gear. 

The difficulties of designing 
a computer controlled network 
are enormous, and there have 
been a number of disasters in 
the early stages of most systems. 
Large numbers nf different pro¬ 
grams in large numbers of 
exchanges are a!! using the net¬ 
work at once to control 
thousands if not millions of 
simultaneous conversations. Un¬ 
less the greatest care is taken 
the bleeps generated by the 
different programs all start 
getting mixed up and different 


THE DIFFERENT TYPES OF SWITCHING 


9 STROWGER. nr “ step by 
steps" switches invented in. 
the last century and still 
manufactured, are'reasonably 
reliable and efficient but' 
slow in operation and expen¬ 
sive to maintain. The digits 
dialled on the telephone 
receiver send, pulses- down . 
the wire which activate 
electro-mechanical switches 
one after another until a com¬ 
plete connection is made. A 
delay between dialling and 
connection is inevitable 
while the switches are setting 
up the calL Contacts must 
he cleaned frequently and 
the mechanism kept free 
from dirt Stroweer ex¬ 
changes are bulky aiid 
require intricate wiring 
networks between racks of . 
switches, 

• CROSSBAR was the next 
development of switching 
technology widely introduced 
in many countries during the 
1950s and 1960s, but not to 
any great extent in the UJC. 
where the Post Office made a 
disastrous attempt to. leap¬ 
frog into the electronic age.' 
It consists of a grid of hori¬ 
zontal and a grid of vertical 
bars which both have switch- 
contacts at the crosspoints. 
Contact Is made at only oh& 
crosspoint when a vertical 
and a horizontal bar is given 
a half turn.' Crossbar 
exchanges are more compact 
than Strowger and allow 
more rapid control of switch¬ 
ing sequences. 

0 REED RELAY-—The -most 
recent development in con¬ 
ventional switching has been _■ 
to replace the mechanical 
bars and switches with 
miniature metals springs or 
“ reeds ”■ enclosed in glass 
bubbles. An electro-magnet: 
wound round the bubble 
pulls the reeds ■ together' t(T 


connect speech paths. Seed 
relay exchanges are still, 
smaller than Crossbar, and, 
because the switches are en¬ 
closed, require-ress mainten¬ 
ance. 

■9 STORED PROGRAM CON- 
TROlr—(SPC) is the. use of 
computers to .controT .ex¬ 
changes. In ; traditional 
.systems, the dialled pidses 
are .used directly to bpen;and 
dose switches to connect 
calls. In the most modem of 
these systems, sophisticated 
electronics interpret these 
pulses and re-transmit'them 
to the various' exchanges 
through which the call will 
pass. SPC, however, replaces 
these control - mechanisms 
with a computer. The number, 
.dialled by -a- caller - goes 
straight to the computer, 
which " calculates, the- best 
route for the calls and sends 
Out appropriate instructions 
to .the switches, \ ' ■ 

This system- .is- faster. and- 
more flexible, because ".the 
'computer can instantly calcu¬ 
late the best route 'for a call; 
when the lines are busy The. 

. computer can provide many 
'extra facilities and • allows 
changes—like disconnection 
o£ a subscriber—to bel made ' 
by a simple instruction from 
a keyboard'rather than:the" 
physical alteration of, wires 
. in the exchange, 

■ From-, the subscribers*- 
point nf riew, SPC is capable 
nf providing a range of r new 
services, in fact many of the 
. services at present provided 
by a personal Secretary, For 
example ~ the telephone can 
be instructed by punching in 
the appropriate code: r“ Do 
not allow any incoming flails - 
: .until 4 n’clock, except if Mr. 

_ y . rings." It -wiJl allow calls . 
to be transferied automatic¬ 
ally to another number, and 


if a number is engaged, can 
, gutomatkally.[Ting back as 
soon as it is free. Because 
such services are controlled 
by -computer programs, th$y*£§ 
can be .altered or expanded 
relatively easily, from a 
central office, and different 
subscribers'- may choose to 
liave different facilities: 

*- DIGITAL SWITCHING 
represents. the complete 
■ integration- with computer 
technology. SPC is only a 
computerised way of con¬ 
trolling switches. Speech is 
conveyed between telephones 
by ordinary' electrical cur- 
rents . (analogue signals) 
which exactly mirror the 
vibrations of the voice. In a 
fully digital exchange, how¬ 
ever, these analogue currents 
are converted into a series of 
“digits ” or Weeps. The 
bleeps are the same as the 
signals used by computers for^j 
their, internal .operation. .Coibjj 
versations coded in a - digits* 
form tain, therefore be routed* 
to. different, destinations by. 
an internal switching system . 
within - a computer. These ? 
switches are 'millions.,.bfcjj 
limes faster and' millions of 
times smaller than the. older 
electTO-mechaiJical.: switches.-;j 
Moreover they are connected ';j 
on tiny micttHtireuite ' with'? 
hardly any: wires between 
them. .; .. . 

• PRESENT SYSTEMS—till | 
existing SPC systems- -hr- 
Europe including ErlcssoriV 
AXE , Philips’ ' PRX .-cknff£| 
ITTs Metacbnta combiti#^) 
computer control with aha? 1 / 


reed relays^Thtf British. Posh? 
Office’s System X will cbm-- 
bine SPC •• with digital? 
switching, -aJ though analogue' - 
exchanges may well-be: incor¬ 
porated ‘ Into the system mV 
the early stagesu • - -,; 


routines start interfering -with 
each other. 7- .ys 

After an initial failure with 
what is now described as 
“ spaghetti programming,” Eric¬ 
sson of Sweden pioneered a rigid 
modularity which means that, 
every part of the system is com¬ 
pletely self contained and 
isolated. This produced the 
AXE exchanges which are now 
acknowledged to be reliable and 
efficient, even though the', ap- 
preach led to a great deal of 
duplication. 

So far most of the computer 
controlled or Stored Program' 
Control systems — including 
AXE. Philips’s PRX and TIT’S 
Metaconta—combine computer 
control with the more tradi¬ 
tional reed relay mechanism for 
actually connecting calls. Tele¬ 
phone conversations are still 
carried by ordinary electric,- 
currents which foUow the'rpat- 
tern of sound waves. 

System X aims to leapfrog 
these developments to;.a new 
type of digital switching which 
can be carried out.within the 
computer on microscopic elec¬ 
tronic switches. Such switches^ 
ran operate estremejy fast and 
require very tittle maintenance: 
Dr. Kenneth Corfield, managing 
director of Standard Telephones 
and Cables, estimates a fully 
digital exchange in ten years’ 
time will occupy about a thou¬ 
sandth of the volume of tradi¬ 
tional exchanges and require 


about a tenth . of the . direct 
labour in mainzfactnre.'. 

Apart from the gains in speed, 
size and eventually in cost* there 
are enormous advantages in 
flexibility. The. computer can 
be constantly searching "for an 
unengaged tine. Different parts 
of a conversation may go by 
entirely different routes .without 
the subscriber ' noticing any 
imperfection.■ ,y.; 

Initially only the larger ex¬ 
changes will be- fully digital, 
with conversion apparatus at 
either end. Gradually System 
X will be extended as an “ over¬ 
lay." to the existing exchanges, 
until eventually, the conversion 
to digits . will probably take 
place in the subscriber’s own- 
telephone. ; J 

At present the' only company, 
to have a substantial number of 
.digital .exchanges in ser¬ 
vice the giant AT and T in 

thettSiV r . : - 

Oneof th<3 majorudcertrinties 
about System X is whether the 
formidable difficulties of-' storied 
program, ^control; and Ibf .digital 
switching' can be overcome by 
the research * teamsin : '. one 
Simultaneous jump: - . " ' '• _ ' 

On this point, plessey, .fpr 
example, is';.-' 'moderately 
optimistic. _If points'.Jb- the 
successful development -oF the 
British military comfiuihicatiqns 
system • called - Ptarmigan, which 
is fully, digital and '.computer, 
conwptied. : r s 


On the other hand the record 
oh System X so fat. is not en¬ 
couraging. The Carter Cpqt 
mittee reported: “ The situation 
as we-have found it cansesi he 
the gravest misgiving. Ihe thrpe 
manufacturers are not a natural 
team. In particular, the British 
owned firms (GEC and Ptess^yi 
are suspicions _ of. co-operatior 
with_ the. American owned 
STC. ... • 

. “ The.preject is falling: behind 
schedule-retarded: by a compKp 
apparatus of committees and dre 
missions.' /Minor details, we ari 
told; pass upwards far considers 
lion at high level in .the Post 
Office. - Crisp and final decisions 
oh specifications are difficnlt:tc 
obtain.” - . . . . r- 

/. These delays are occurring a- 
a time of unprecedented advano 
in -component technology 
Computers- the size of a filing 
cabinet in 1972 will be etchei 
onto silicon smaller than ; 
postage Stamp in a few years 
time: Prices-of processors anc 
memories are continuing tr 
tumble, while their reliability 
increases. Consequently designs 
which have too'long a .gelation 
period risk being obsolete 
before they are tested. To be in 
the race at all,..manufacturers 
must be 1 continually jostling 
among the leaders.._ . - . 

- But in spitej of its : :advanced 
concept. System XiSin/develops 
ment terms*- ar jap^ .behind' 




Keep smiling 
in Whitehall 

Naturally enough, inflation ha* 
left its mark «*n the i-.i>t of the 
Prime Minister's own staff, as 
upon wage*, everywhere. In a 
written answer in the Commons 
last week. Mr. Callaghan di— 
closed that in 1974 the total hill 
fur such staff was £234.00n. 
whereas in 1977 is was £43o.0U0. 
The numbers were much Ihe 
same — 71 last year compared 
with ng throe years earlier, hui 
only mic part-timer instead of 
three. 

So the average pay nf prime 
ministerial aides has gone up 
from r?..441 a year tn £6.126. 
The latest figure may seem 
quite a lavish average tn the 
man in the street, but then nnc 
cannot blame Jim for wanting 
the best. Bui it tines represent 
an increase of 76 per cent. The 
average national wage in April 
1974. "ivas £41.70 a week: in 
April 1977 il was £70.20. That 
u*a* an increase of 68 per cent. 
N’icc to know thar Downing 
Street is setting such a good 
example tn us all. 



Now Jim is threatening a 
•Buy British (Scottish Ex¬ 
cepted) Campaign’.” 


Bosses' boss 

In France 

ir the French left wins next 
month's elections, the view from 
the top floor of number 31. 
avenue Pierre I de Serbia, will 
be distinctly murky. H is per¬ 
haps because of his talent for 
feeling his way forward in 
gloomy surrounding* that 
Francois Ceyrae has been 
unanimously reappointed head 
of the national employers' 
federation. Ihe Palronnl. f»»r an 
unprecedented Third term. Since 
1973 he has managed io Fleer 
between tint aggressive small 
business lobby and the big con¬ 
glomerates heavily represented 
on ihe Parronal's governing 

body 

l'cjifa«: ha; also maintained a 


dialogue with government and 
unions about industrial anrl 
social reform. Now 65. and with 

:i deeply-lined face, he was born 
in the Corrcze. a poor region of 
south-central France. Since tiu> 
murder of his German opposite 
number. Hnns-Martin Schleyer. 
he has had a hodypuard on 
presidential orders. 

Predictably. Ceyrac has been 
bitterly condemning the econ¬ 
omic programmes of the Left- 

wing parties. But he k al.su 
warning the present govern¬ 
ment that it must stimulate 
faster industrial growth to 
combat unemployment amons 
the young. Whatever happens 
at the polls, the man tile French 
papers call the -• boss of the 
bosses" ii certain io find his 
third term the toughest uf them 
all. 

Don f t call us— 
we’ll call you 

The Post Office hai shaped up 
in the looming menace of *' se¬ 
quential diallers.” j,, vrihicli I 
drew attention early last Decem¬ 
ber This is the U.S. innovation 
whereby advertisers can call 
every number "n an ctciian^e 


rn deliver a sales message. The 
Pnst Office told me that they 
had ne*-er heard of it and while 
being sceptical would not like 
in offer a premature judgment. 
John Cartwright, a Labour MP 
who specialises in consumer 
affairs, has now won an assur¬ 
ance that the “telephone terror' 1 
will nut bp allowed into Britain. 

Just in time. Up lo 27m. calls 
a day are being made in the 
U.S.. delivering a variety of 
four-minute spiel.*: according to 
which advertiser has bnught 
timo on private lines. Until the 
message ends you are unable 
in dial out—one subscriber has 
stirred public anger by telling 
how she could not call a doctor 
for several minutes when her 
mother had a heart attack. The 
State nf Illinois is now leading 
a nationwide drive to have 
computer-based sequential dial¬ 
ling made illegal. 

Light on lead 
at Lloyds 

Heavenly harmony has ■ been 
restored between the London 
Metal Exchange and Lloyds 
Bmk. Followers of this colmup 
will recall how a lead price 
poser in the bank's competition 
for sisTh-fnrmers has inundated 
ihe LME v.uth letters. Now one 
or the ring-dealing members on 
the exchanEe—Associated Lead 
Manufacturers—is stepping into 
t' • breach. It says it will give 
the answer needed by students 
—as long as their requests 
arc accompanied^ by stamped 
addressed envelopes. 

This is a considerable relief 
hoTh tn the L3WTE and the Finan¬ 
cial Times commodities depart¬ 
ment: there seems to have been 
an amazing increase lately in 
vmithfu! FT readers studying 
lead for a special thesis nr a 
" forthcoming examination "— 
all seem coy about admitting 
that they want to win one of 
those Californian holidays being 
offered by Lloyds. To avoid mak¬ 
ing things too ea.\»- for the sixth- 


formers, I shall leave them tn 
find the address of Associated 
Lead. 


Stockholm 
stick-up 

Residents in a south Stockholm 
suburb have .received an official 
letter saying that their . local 
post office was being dosed as 
the staff went in fear of their 
lives due to a continual'run of 
armed hold-ups^rdne since 
1969. In future, residents are 
to use another completely new 
post office about a mile away, 
which has been equipped with 
the latest aids to deter robbers. 
Last week the new office had its 
first taste of reality when two 
men. one armed with .a pistol 
and the other brandishing an 
axe. got away with ' Kr.20,000 
( about £2.400). 

About 30 sub-post offices in 
the Stockholm area are* being 
shut as staff are scared to work 
alone or in small numbers. In 
the last three years Sweden has 
spent about Kr.60m. to deter 
postal bandits, - ' but It appears 
that this sort.of crime does pay. 
Already tHe number of such 
hold-ups in 1978 is well into 
double, figures. 


Hope at fast 

Dr. Alan Bond, director of the 
artificial intelligence, laboratory 
at Queen Mary College, London 
University, is going to unveil 
a new kind of robot on Thurs¬ 
day. He says: “It will be 
responsive to - its environment 
and will learn from its. mis¬ 
takes.” 

I trust Bond will be able to 
Set some ready to stand in the 
next general election. Perhaps 
he cnuid also offer one to Sir 
Charles Viiliers at British SteeL 


Observer 




; t. -y. inry'-ys: 

;v; t- '- i'iv’-':) 

'• '4%'m . -7-- rr,. *■ yr • f,- 

' : :: *t.’..-.‘V i-J. 

■ A;'->■ 


V-“’ r ' ’ ■ 1 " y* ' ’ 



' You must fiaturaBy be concembd to ; 
ensure that your bequest achieves : 
maximum benefit, and that it is hot eroded - 
by inflation. •• ti'" i f:■/?: 

Help the Aged shares your^cbncwii and- 
does a great deal to meet it ’ . - f 

. First, the chanty mobilise hundreds of 
devoted volunteers at home and. abroad-— 


They enable us to achieve inutih with every 
£1: entrusted to usi' ^ - 




thosemtent onkeeping 
n 4 r Tjyoviei^eaSih: 


r.r-V i I-.'i'.. -.te' L.J . 

Or 


Among the well-1_^ 

ehdorseffie value of 

-• V s l_i r=* -Z-- Wl* 


t*,-.. :a- 


iWame.vera Uyim^n(t€ei»rai:-^ f "; 

■" Sir BrjanlHorto"^] 

- ; Write or ’phoneforlntei^rtn&afl^" ^ ^ 



Tax (Estafelhity RreeonTe^u^tfronr 
The Horn Treasurer, The Rt- Hohl Btijv; 
Maybray-King, HelptheAget BoomlFT^L, 
32 Dover Street, London 
Telephone; (01) 490 0S72./; ' ^ 







A 











'.'I " -r ^ ^ ‘ . - 

*^E^0K^I;;7£%t^ = :Felwiiajcy. 20 1978, 





SURVEY 


Monday February 20 1978 








Systems 



In all the main sectors world transport is having to cope with a welter 
of change — a problem not eased by the recession. An increasing degree 
of regulation seems to be a distinct probability throughout. 


it a 

oubled 

ne 


a Hargreaves 

yrt Correspondent 

N. THAT ; trade pro- 
5m is a symptom of a 
1 economy, it is no 
•. that the last year has 
he. .symptoms spread, 
transport Is no excep- 
d from the efforts of 
dent oil tanker owners 
*» a chronically over- 
d market to the argo- 
of British hauliers in 
of a -tougher licensing 
. 1978 looks like being 
ed by a succession of 
jes. 

'act that some of these 
ats assume the status 

- blooded Internationa]; 
confrontation whereas 

ire merely tiffs between 
;tions of one domestic 

- represents a difference. 
» rather than of type, 
s to the first variety are 
>.o involve, tariffs and 
“and the latter Govern- 

gulations or preferential 
ent 

arguable, however, that 
transport industries 
regulation of competi- 
..at .least to a degree un- 
e, regardless of .eco¬ 


nomic climate. ‘Within air 
transport, such regulation is 
accepted on. the grounds of 
safety and the need to give 
carriers some ’ assurance that 
very large capital' investment 
will not.- be jeopardised by 
excess of competition. iThis is 
not to say that the .forces of 
regulation may not occasionally 
be subject to criticism. 

In an ar& such as road and 
rail transport,' views differ 
widely. EEC transport - policy 
is founded on - a -dirigiste 
approach to such matters and 
in the U.S. trucking is regulated 
to a degree unthinkable in this 
country. The IOC’s' liberal 
system is. however, under 
challenge From the hauliers, 
who are arguing to the‘Foster 
Committee on operators’'licens¬ 
ing that they too cannot cope 
with such a free tide of com¬ 
petition and from the Com¬ 
munity, whose regulations about 
drivers^ hours the British haul¬ 
age industry will have to learn 
to live with during the next 
three years. At least ’for the 
moment, though, the EEC is not 
pressing the question of bracket 
or reference tariffs-. in, road 
haulage, although curiously the 
demand for minimum tariffs is 
one which the Foster Committee 
will bear from some - XJ.K 
hauliers. 

In shipping, the traditional 
regulatory medium for the liner 
trades, the conference, is-under 
attack again in the TJ.S^where 
a Grand Jury investigation is 
expected to begin later this 
year — a factor which: .would 
seemingly contradict the ^argu¬ 
ment about the growth of the 
regulatory spirit But-at the 
same limp as the U.S. authori¬ 
ties have supported the antF 
trust zeal of the Grand . Juiy, 
they have toyed, seriously but. 
so far unsuccessfully, with the 


notion of cargo preference for 
oil trades. Cargo preference, 
dormant rather than dead in the 
minds of the oil-producing 
States, could yet present a 
fundamental challenge to the 
whole concept of the freedom 
of the seas. 

Elsewhere in the shipping 
industry. European govern¬ 
ments are talking of regulatory 
ways to halt the expansion of 
the Soviet incursion into liuer 
trades. Then, although it does 
not come under the strict head¬ 
ing of regulations, the growing 
Government involvement in the 
financial support of shipping, 
as in Norway, or in the con¬ 
nected area of shipbuilding, in 
almost every nation possessing 
a shipyard, both mean a louder 
government voice in the way 
things will he run. The fact 
that developing nations have 
become particularly fond of 
creating State shipping lines 
means that the private ship¬ 
owning sector is bound to go on 
declining. 



The French port of Dunkirk-West, with car, train and container terminals linked 
to U.K. ports like Dover, Harwich and Felixstowe. 


Burden 


These developments mean a 
great burden of responsibility 
on national governments and on 
their supra-national equival- 
ents to -get their relationships 
with the freight transport indus¬ 
tries right The penalties of not 
doing so are obvious enough. 
Britain’s transport users alone 
spent over £ 10 bn. on goods 
transport last year and any 
unwarranted interference with 
the efficient movement of in¬ 
dustrial goods has serious 
consequences for the consumer. 
Sir David Orr, the Unilever 
chairman, said recently that a 
single day’s disruption in 
Unilever’s world-wide trans¬ 
port and distribution operation 


would cost the company £16m. 
in extra slock requirements. 

As the pace of freight 
throughput, from merry-go- 
round coal wagons to self- 
packaged supermarket goods, 
has increased, so have the 
penalties for disruption. The 
consequences of international 
regulations for oil tankers,re¬ 
cently proposed by the U.S. to 
IMCO would have been a 2 per 
cen t increase in the price of oil 

Although principled debate 
on the subject of freedom of 
competition is at the heart of 
almost every EEC proposal on 
transport matters, the parallel 
requirement for fairness creates 
endless problems. In theory, 
the system of a quota of road 
haulage permits, administered 
almost entirely on a national 
rather than a community basis, 
is a nonsense, but it is a non¬ 
sense with no end in sight be¬ 
cause the penalties of giving the 
heavy lorry freedom of the 
European motorways is more 
than a number of nations dare 


contemplate. West Germany, 
with its £2.4bn. a year support 
for its railway and, like others, 
its influential anti-juggernaut 
anti-new roads environmental 
lobby, is a case in point For 
the foreseeable future, the 
argument is going to be about 
not whether there should be a 
quota system, but simply how 
it can be operated most fairly. 

The other big European road 
haulage issues—lorry drivers’ 
hours and maximum vehicle 
weights—present bigger chal¬ 
lenges still. The first has been 
more or less resolved, with 
Britain accepting a three-year 
phase-in of the eight-hour day 
from last month, but the asso¬ 
ciated issue of compulsory tacho¬ 
graphs continues to divide 
Britain and Ireland from the 
rest of the Community. At least 
In the opinion of many in the 
.British industry, this is a case 
of the Community enforcing 
uniformity on a purely domestic 
matter which has no bearing on 
fairness of competition for 
mtra-Community movements. 


A solution on vehicle weights 
seems some distance a way, with 
permitted gross weights varying 
now from 32 tons to 44 tons. 
Meanwhile the truck producers 
are becoming increasingly trans¬ 
national and the freight carriers 
more committed to inter- 
modai unit road tTaffiic. Both 
would benefit considerably from 
harmonisation of weights. 


Railways 


When it comes to railways, 
the Community has made vir¬ 
tually no progress, which is a 
pity if only for the lack of con¬ 
sideration it implies for the 
degree to which railway finan¬ 
cial problems ruminate the 
minds of several member 
governments. Britain's Trans¬ 
port White Paper last June was 
the first for some time not to 
have been sparked off by a cash 
crisis at British Rail. More 
positively, the quagmire of road 
haulage permits and the tighter 
limitations on the driving day 
suggest a wider role for rail in 


the immediate future and in the 
longer terra, energy pressures 
may offer an even greater oppor¬ 
tunity. The lack of constructive 
European debate on the subject 
is disturbing. 

Of course it is possible to take 
all this cloak of regulation too 
seriously. Transport operators, 
freight forwarders and their 
customers are able to circum¬ 
vent many requirements of even 
the most determined bureau¬ 
cracies. An example of an offi¬ 
cial exercise which proved to be 
largely pointless wa.: the “ little 
Neddy '* report on through 
transport to the EEC last year. 

This document, although 
accurate enough in many of its 
observations about the trend to¬ 
wards through transport and 
the need for industry to grasp 
this trend, had almost nothing 
to say by way of conclusion. Its 
suggestion that carrier; should 
make sure they offer clear, door 
to door delivery terms, partly in 
the interests of balance of pay¬ 
ments gains, was interesting, 
but is not likely to be much 
needed by operators. 

In shipping, the EEC is only 
just beginning to consider the 
idea of some sort of all-em¬ 
bracing marine philosophy, but 
it will probably not get through 
1978 without divisions over the 
UNCTAD liner code coming to 
■the fore. This is mainly an issue 
of straight self-interest between 
community members wanting 
more crnss-tTade and the larger 
cross-traders like Britain not 
wanting to sacrifice what they 
have, but it is one where the 
Community would do well to be 
able to present a united face to 
the developing world. 

Shipowners themselves look 
most urgently to the Community 
in 1978 for some action to stem 
the flow of grants and cheap 
credit from member Govern¬ 


ments to their shipbuilders—a 
flow which in the view of the 
shipping industry is having a 
disastrous effect in delaying the 
re-balancing of supply and de¬ 
mand in shipping markets. 

The U.K. Government’s re¬ 
sponse to some of those develop¬ 
ments, as summed up in last 
June's Transport White Paper, 
has been to declare a regime 
of no subsidisation for freight 
carriers, steps to ensure less 
environmentally hazardous lor¬ 
ries and so far as possible fair 
terms of competition between 
road and raiL In philosophy, the 
policy bas much to recommend 
it—not least because its rejec¬ 
tion of traditional Labour Party 
arguments opens up the prospect 
of avoiding wild swings of 
policy between administrations 
of different parties. When the 
Opposition's transport policy 
document is agitating strongly 
about a matter of such narrow 
concern as the information in 
British Rail's accounts, we can 
be sure there is not too much 
difference of basic policy. 

The general prospects for the 
freight transport industries in 
1978 remain unavoidably tied 
to the rate of economic growth 
and the increase in world trade. 
There are few grounds for opti¬ 
mism in most sectors, but at 
least now the pace of innova¬ 
tion in ports technology, new 
ship designs and road-based unit 
load systems has slackened, giv¬ 
ing everyone an opportunity to 
take stock and adjust to the 
consequences of a decade of 
rapid change. Only as the pace 
of world trade quickens will it 
be possible to judge the extent 
to which the growth in the spirit 
of regulation and trade protec¬ 
tion has become a permanent 
feature of the freight transport 
industries. 


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*4 


FREIGHT AND TRANSPORT SYSTEMS H 


Financial Times 





deals 


FREIGHT TRANSPORT had 
'been one of the fastest growing 
activities in recent decades both 
/in Britain and in the world gen¬ 
erally. The raLe of increase has 
•^slackened or disappeared alto¬ 
gether during the post-1973 
'.world economic recession, but 
■in the 1950s and 1960s, accord¬ 
ing to some estimates compiled 
’■ by the Transport and Road 
‘ Research Laboratory, the total 
‘.world demand for freight 
^.transport—as measured by the 
.■somewhat unsatisfactory yard¬ 
stick of ton-miles of work done 
r —was probably growing by 
‘ almost 8 per cent a year. This 
Vas faster than the increase in 
both world population and 
: world income during the same 
period—and faster too than the 
: growth in passenger transport 
.as measured by the total 
volume of passenger-miles. 

This rate of increase was not 
: ail that surprising. The 1950s 
-and 1960s witnessed the longest 
sustained wave nf economic ex- 
: pansion the world has so far 
seen, and the most notable fea¬ 
ture of that expansion was the 
‘V 2 St growth in trade between 
-countries, and especially be- 
■ tween the industrialised coun- 
- tries. Whereas internal freight 
. movements tend to grow in 
-volume in rough correspondence 
to the growth of a national 
ecnnnmy—subject to the evolv- 
.ine changes in the location and 
'techniques of manufacture—the 
volume of international freight 
movement will be affected by 
the volume of international 
trade anrl the distance between 
trading partners. 

As one might expect, this 
expansion has been accom¬ 
panied by marked technological 
and operational changes in 
freight transport systems. The 
shipping industry has invested 
in large hulk carriers to move 
oil and an increasing range of 
dry cargoes. It has ronverted 
most of the world's major deep 
sea and short sea routes to con¬ 
tainer and other unitlsed cargo 
handling methods. The ports 
have invented heavily in new 
and more efficient berth and 
cargo handling capacity to 
match the changing techniques 
and volume of maritime freight 
movement. In the air, the 
development of air freight has 
created an entirely new com¬ 
petitive mode large enough to 
justify the design and operation 


of large specialised jet air 
carriers. 

On the railways, freight hand¬ 
ling systems have been trans¬ 
formed by the adoption of con¬ 
tainer and other fulJ-train load 
systems and by improvements 
in signalling, communications, 
and motive power. On the roads, 
unit costs have been reduced 
by heavy investment in new 
road systems and by the design 
of larger, more efficient trucks 
with bigger pay-loads. Pipelines 
—a relatively new and speci¬ 
alised freight carrier — have 
arrived on the scene. And in 
the organisation and control of 
freight movement, automatic 
data processing techniques have 
facilitated the development of 
more sophisticated, more 
economical and more responsive 
systems for regulating the flow 
of supplies to factories and out 
again to customers and shops. 


Specialised 


As a result of all these 
developments, freight transport 
services have become increas¬ 
ingly specialised and the differ¬ 
ent modes have increasingly 
become complementary. That 
does not mean competition has 
become less intensive. Far 
from it. both within and 
between modes. But the services 
nn offer have become not so 
much transport sen - ices as 
distribution services using, 
mnre often than not. more than 
one mode or type of service. In 
short, intcr-modal operations 
are becoming increasingly pre¬ 
dominant. Just as road carriers 
in this country are offering 
highly specialised services for, 
to take some examples, moving 
fashion clothing or refrigerated 
foods or complete distribution 
services including storage, ware¬ 
housing, and stock control, so 
freight forwarders and other 
transport interests are provid¬ 
ing inter-modal door-to-door 
sendees For exports. 

P. & 0. and Ocean Transport 
and Trading, Britain’s two 
largest shipping groups, have 
for example diversified into a 
wide range of other transport 
activities. including inter¬ 
national freight forwarding, 
road haulage, air freight, and 
land distribution services. Many 
U.K. road hauliers, both large 
and small, have moved into 
cross-Channel operations, 
acquiring a substantial share of 
that market. 


Some have gone further 
afield, opening up overland 
routes to Eastern Europe or to 
the Middle East in response to 
the demand created by port con¬ 
gestion in that region. Both 
hauliers and other companies 
are participating in joint ven¬ 
tures in the Middle East so as 
to be able to provide onward dis¬ 
tribution services. Several U.K. 
firms are also offering special¬ 
ised road carrier services in 
different parts of Africa. 

Tlic railways, both here and on 
the Continent, have meanwhile 
been vastly improving their 
cross-Channel container and fun- 
train load services. In journey 
times and cost these services 
have become much more com¬ 
petitive in recent years, for ship¬ 
ments of 'a size, loadability, 
distance and route suitable for 
rail hauls. In some sections of 
the market, too, the cost and 
delivery times offered by roa fl¬ 
air-road services have also 
become highly competitive. 

For Eritlsh freight carriers 
and forwarders Western Europe 
provides the biggett single mar¬ 
ket. It is now the source or 
destination of just ner half of 
Britain's total visible trade, as 
against barely a quarter two 
decades ago. It is one which, 
because of the application of 
roll-on. roll-off techniques t« 
surmount the sea harrier and 
because of the relatively short 
distances involved, lent itself 
most readily to exploitation by 
mad based freight systems. In 
the last ten years the tutal ro-ro 
tonnage crossing to the Conti- 
net has grown from barely half- 
a-miilion tonnes a year to more 
than 13m. tonnes. 

This docs not mean it has 
been an easy market to break 
into or to make a profit out of. 
Several haulage companies, in¬ 
cluding some of the biggest in 
the iand. have burnt their 
fingers. And there has also been 
the perennial problem of acquir¬ 
ing licences to operate—both 
under the EEC Community 
quota and the system of 
bilateral inter-governmental 
permits. There has never been 
a year when the quota nr the 
number of permits negotiated 
by the Government for U.K 
carriers has been sufficient to 
match the demand—which does 
not make it surprising that there 
should be a fringe of black 
market operations using forged 
permits or none at all, especially 
on the Middle East run. 


To meet the permit problem 
some carriers have gone into 
partnership arrangements with 
a Continental firm. Some have 
used “kangaroo" rail services 
—putting the loaded trailer on a 
train for part of the way. But, 
while this may be useful on 
the longer routes, including 
those to the Balkans or 
further, the height, roof design, 
and loadability of the trailer 
and the question of an accom¬ 
panying driver need careful 
consideration. 

Pressure from the European 
Community and from national 
governments such as the British 
and Dutch for a more liberal 
attitude to cross-frontier opera¬ 


tions by road has been 
continuous. But for a variety 
of historical, economic, social 
and political reasons the French 
and- German road haulage 
industries have always been 
tightly regulated. Neither -the 
French and German railways 
nor. for that matter, many of 
the French and German hauliers 
within the privileged ring are 
keen on a more open system. 
Because of taxes and insurance 
costs (and the exchange rate) 
West German hauliers are 
virtually priced out of the cross¬ 
frontier haulage market: and, 
compared with the Dutch, 
British (and to a growing extent 
in recent years, the Swiss), 
French hauliers are not a par¬ 


ticularly strong competitive 
force in this market. 


The pressure of demand, as 
intra-Cpmmunity trade ' has 
grown has been gradually 
prising open more cross-frontier 
opportunities for road-'carriers 
just as earlier it led 'to improved 
procedures for cross-frontier 
rail -freight movement. Progress 
may be slow, but It is exporters, 
and- Importers that want' effi¬ 
cient, speedy, and reliable 
door-to-door delivery services 
and they will use the forwarders 
and carriers that Irrespective' of 
mode, offer the most competi¬ 
tive service providing these 
requirements. 

Colin Jones 


: In the warehouse the 
materials handling industry is 
waiting with some awe to see 
how the £7.5 m. warehouse at 
LeCds developed for Elida 
Gibbs, Unilever’s toiletries sub¬ 
sidiary works out. Probably tha 
most : highlv automated plant of 
its kind in Britain, on foe goods 
inward side there will be a 
fully-automated Teletrae train 
system to convey pallets, with 
transfer to driver-controlled 
loading trucks to put the goods 
into, the correct pallet bay for 
order piefcing- 


Another idea which" appealed 
to MHN readers was the 
Modular Distribution Systems' 
.Transfer. Frame, These are lift 

frames with built-in hydraulics 
which can be .used to provide 
mobile, height-adjustable, load¬ 
ing docks, work and elevating 
platforms and mobile gantry 
cranage for large and awkward 
loads, as well as fcjr converting 
-containers into a form of.mobile 
warehousing and- discharging 
bulk materials from containers. 


Materials handling 


equipment 


On . the ordering side there 
Will be two huge Qrdermatie 
SI’ order-picking machines by 
SI.Handling Systems, each able 
to control up to 1,500 goods 
slides from as many product 
racks in the. system. 

At last year’s Movement 77 
i materials handling equipment 
exhibition. SI Handling launched 
another idea—called -Itematic-— 
for automatic order selection of 
single' items. This is ideal for 
■any^distribution centre handling 
small packs— toiletries, pharma¬ 
ceuticals. films, tobacco products 
arid go on. The claim- is that, 
it is an economical and practical 
Way of having automatic order 
selection of items of both regu¬ 
lar and irregular shapes in less- 
than-full case quantities. 


Capacity 


lift -capacity -is <iip;.to.=do 
tonnes, operation cafl bfr carried ' 
out on rough or smooth '-sur¬ 
faces, level- or sloping*- ‘Ttij." 
placed loads can be coped wtth - 
and the manufacturerssay 
bumps by ’vehicies have been 
shown not to. dislodge ‘ lie 
frames which ■ can • travel wSh 
a container? ""// r d " 


MANUFACTURERS TO-DAY 
aim to produce the most econ¬ 
omic quantities and to trans¬ 
port products to distributors 
and customers in large and effi¬ 
cient loads. The general trend 
is for mare loads to be uoitiseri 
or palletised, which in turn 
gives more opportunity for effi¬ 
cient handling at both ends of 
the journey and on the way. 

But there is still, plenty of 
room for improvement A De¬ 
partment of Industry survey of 
30 engineering companies pro¬ 
vided enough evidence for the 
Institute of Materials Handling 
(IMH) to suggest that U.K. in¬ 
dustry was spending £lbn. 
more than it needs to on stor¬ 
age and materials handling. 

Much of the needless expendi¬ 
ture could be cut by the intro¬ 
duction of better handling 
methods rather than the pur¬ 
chase of new mechanical hand¬ 
ling equipment, according to the 
survey. 

But that concentrated only on 
waste. If manufacturing in¬ 
dustry is to improve its 
efficiency, there will have to be 
investment in reliable handling 
equipment, investment in data 


handling systems and invest¬ 
ment in training. 

Tbe mechanical handling 
products are already available 
to do most of the jobs. “ in 
specialised areas it will be justi¬ 
fiable to try out the new and 
grand concepts which appear 
from time to time from basic 
or applied research. But for a 
long time to come our goods 
will be mainly handled and 
carried by refinements of the 
equipment and principles 
which, in one form or another, 
are familiar to us now," said 
Mr. Geoffrey Butcher, a direc¬ 
tor of Modern Materials Man¬ 
agement. in a paper presented 
to the IMH recently. 


Compare 


To develop his point further, 
you have only to compare the 
number of lorry-mounted cranes 
in the U.K with those seen on 
vehicles in Continental Europe 
to understand just how far 
Britain has to go before getting 
the full benefits of this 
mechanical handling device. 

The concept. that a lorry 
should have its own small crane 
to allow the driver to load and 
unload without other human aid 


has been around for many years 
yet has not made too much of 
an impact in Britain, possibly 
because of union resistance, to 
changes . in existing working 
methods and manning levels. At 
the moment the Swedish Hyab 
lorry-mounted crane has the 
major market share and it is 
distributed in the U.K by the. 
600 Group. 

In some handting - areas the 
debate continues about which 
equipment is best for a particu¬ 
lar purpose. For example, there 
are two schools of thought 
about bow containers should be 
shunted about on the dockside. 
Should it be by straddle car¬ 
rier, which is mounted on four 
tall legs, moves over tbe con¬ 
tainer and clasps it up^to its 
belly, or by the, big sideloading 
1 if trucks designed for container 
handling? . ... . 

Britain is represented in both 
these product areas. Ferranti 
Enginering, a recently-formed 
subsidiary of the Ferranti 
group, is making straddle car¬ 
riers, while Lancer Boss has 
gained a worldwide reputation 
for its sideleaders. These 
machines helped the container 
revolution on its way at the 
docks. 


- Another product . yrhlch 
-caused some. favourable com¬ 
ment in the materials..handling 
industry and which was Intro¬ 
duced at the show waa the Hi- 
Racker developed by Barlow 
Handling for pallet picking full 
loads and order picking indivi¬ 
dual items to and from., the 
pallet. The Hi-Racker embodies 
..the principle of elevating. the 
cab of the . vehicle, with the 
operator. He can store, arid re¬ 
trieve complete loads tip t<x 
3.080 lb at lift heights of up to 
30" feet In aisle widths : of 
57 inches, depending on pallet 
dimensions. The “walk through” 
cab allows the operator to stand 
close to the. racking and pallet 
to select individual .items... 


One of the few geiwiu&ty new 
machines launched at Movement 
77 also made theMHNliStit 
is a universal narrow-aisle track • 
from Narrow A isfe^ .(UKb- 
wbich aims- Jo. comftfoe pie . 
'virtues of the" reach truck:'apd: 
the narrow-aisle stadc£i\ /-The’ 
track can be used. as.reach - 
truck, in the normal;^Way^W 
when'. used - for 
stacking scores OTer riie-noinKil 
stacker by having r - a ! muidL 
reduced length —- the ; neces¬ 
sary transfer, gangway 4t. 9’feet \ 
is only 60 per cent, of that "of . 
most narrow-aisle stackers..; r 


A method of safely Biting a 
man into the air'On the'forks 
of a lift truck, was one of the 
“ top ten " items of equipment 
nominated by .Materials 
Handling News Iasi month: The 
magazine monitors readers’ 
inquiries it receives about new 
products and one of - those 
. which claimed Attention, in 1877v 
was an ‘attachment from E. Vv. 
Leonard which .is secured to the 
forks and used as a maintenance 
platform. The: manufacturer 
stresses it is not an order 
picker so that the. truck should 
not be moved while the. plat¬ 
form is raised. .It also; says the 
safe maximum. working height 
is 16 feet. • "... 


Capacity is 1,000 kg. arid.,the:, 
lift height is 6m. which : ifae'i 
makers reckon is enough for 
most British warehouses:" Tie- 
price is 10 per bent r to -per... 
cent more than a reach' tttfck' 
■compared/with - a eckiyeiftiouai- 
narrow&isie stacker which tea 
■ be up to 80 per cent - mole." '• “ 
Sad to say, customers tend; 
to regard technologkaJ develop¬ 
ments in the mechanical handt 
ing sector conservativaly—tihey l 
prefer to see equipment work- 
ing in someone -rise's warehouse * 
or plant before they order it for 
themselves. Bat obviously, as 
the MHN experience shows, it 
is still possible to succeed with 
something completely now. 


Sad to say, customers tend to 
regard technological develop¬ 
ments in the- mechanical band- ' 
fing. sector consent ative ly—-They 
prefer .to. see equipment work-/, 
ing in someone Rise's warehouse 
or plant 1 before they.-order 3t ■: 
for themselves. But obviously, - 
as the MSN experience shops, - 
-it is still possible to succeed. 
with something comjrietoiy nbw. 


Kenneth Gooding 



Movement 




*.vV 


WITH THE first oil due to lines to link northern fields like 
arrive at the Sulloro Voe ter- Thistle, Ninian and Murchison 
minal in the Shetland Islands to the Brent system, and Piper 
in the early summer, the first and Tartan among others to the 
stage of one of the biggest pipe- Frigs line. This limited first 
line networks in the North Sea stage appears to be necessary if 
will gradually be brought into oil companies are to avoid 
service later this year. Two flaring and wasting natural gas. 
pipelines now run from the Much of the gas will be pro- 
groups of fields around Brent duced along with the oil. A 
and Ninian reaching separate number of the fields that could 
landfalls on the mainland of be brought into the initial first 
Shetland. They serve as a major phase of the programme are due 
reminder of the importance and to come on stream in the next 
advantages of pipelines for the couple of years so the limited 
transmission of liquids and gas gathering network would 
gases. have to be built quickly if the 

Oil flowing through these Government is to avoid further 
pipelines wiii eventually turn flaring. 

the Sullom Voe terminal into This part of the project might 
the biggest of its kind in be approved in the first half of 
Europe. The first oil through this year so that it could be in 
the terminal will come from operation by 1980. Even the 
the Ninian Field's southern mini-network will represent an 
platform, some 100 miles to the important business opportunity 
north-east of Shetland and this for the pipeline industry, but 
will then be followed by pro- major questions are still to be 
Auction from the Heather Field answered. It is, for instance, 
and in tbe autumn the first unclear as to who would pay 
supplies from the Brent Field, for the network and who would 
the largest discovery in U.K be the operator, 
waters, will arrive. But this scheme is almost 

By the time the UK reaches insignificant beside the larger 
self-sufficiency in oil in 1979-80 fSbn. complex. The cost has 
most of its supplies will be escalated dramatically since the 
flowing ashore through first evaluation was carried out 
hundreds of miles of pipelines by Williams Merz nearly two 
through the Brent, Ninian, years ago. Their report sug- 
Forties and Piper systems, gested that a fairly comprehen 
Added to this almost the entire sive gathering system capable 
supply of -'atural gas to the of handling between lhn. and 
UK is brought ashore by pipe- l.obn. cubic feet a day of gas 
line, either from tbe clutch of and 6m. to 9m. tonnes a year 
fields in the southern sector of of heavy gases could be con- 
the North Sea developed in the structed for £1.6bn. to £2bn. 
1960s. or as will increasingly Several of the participants in 
*“ toe case from the large the latest study are far from 


be 


These days Companies that can justify- 
aylng cash for a fleet of trucks are few and far 
tween. 

And with so many other demands on cash 
flow, can you really afford to exhaust your capital 
and bank overdraft facilities? 

Consider Truckiease as an alternative funding 
option. Truckiease is a complete leasing package 
for fleet operators backed by the expertise and 
immense resources of Lombard North Central, 
a member of the National Westminster Bank 
Group. With known rental commitments, . 
Truckiease will enable you to plan more accurately 
whilst conserving your capital for ocher needs. 


So our message is simple; if you really 
know the ropes you don’t have to tie up capital 
in your transport fleet. Call us at any one of our 
110 branches (we are in your telephone book) 


or at the nearest Regional Office below. 



l cm M/a ha C :y •••. k~ if. j 
Anv?rroc-; ol iri>-: v. Ba-J- Iv-cup 


North East & Scottish C709 iW.NwttlWsi 061-4/9 C551, Midland oat -744 8577. South Vriti 0;< 2 2M961, North Thames 0l.jA9 3131. S?'/hSaslK72 50"Tr!. 
Further details 0 : all cw credit and hire fad'iiiss are available mtheui oMijatcn tree si chares apm reqjKl Credit or lure terns ae i»t a* ailatte to pejsws under ?&j eats cf 


northern fields Frigg and Brent, convinced that such an ambi 
Considerable though these tious, costly project is worth 
achievements might be, how- while, but it is known that there 
ever, they pale when put is considerable political sym- 
against the ambitious £5bn. pathy for the project and it is 
pipeline scheme to collect North plain that the Government does 
Sea gas from many pockets not want to see the gas wasted 
around the North Sea, which is and flared, 
currently being studied by a 
company set up by the Govern- OllSIflril'nf 
merit. Gas Gathering Pipelines V uaui tilll 
(North Sea) is a consultative So the scheme that la now 
company with both private and being evaluated could include 
State-owned interests. Its final the construction of a new trunk 
report on the options open to line' running from St Fergus 
the Government »is expected in to a point north of the Forties 
the spring, but the preliminary Field. From here one line could 
report presented two months run northwards possibly collect* 
ago recommended that a start ing gas from fields in quadrant 
should be made on the first 16 such as Maureen, Brae and 
stage of a pipeline network Thelma and others-dose to the 
costing an estimated £250ra: UK/Norwegian median line. 

More time might well be. Another line could go south 
needed to study the merits of a towards the Lomond Field. One 
much bigger collection system, of the major problems, however 
but it seems almost certain that is that the reservoir character- 
rhe Government will sanction istics of the fields that would 
1 hi- construction of an initial be rapped by such a network 
-y.ucm based on ihe Frigg aas- are all different, and so at this 
line, already in operation, and stage it is difficult to foresee 
the Brent sr.s line that is now what type of pipeline might be 
under constriu-tinn. built in the late 1980s nr earlv 

This in Mia I prrrjrammp would 19905. 
involve the building of spur- Pipelines might «t fl*# sight 


appear,to.Bfe the,mrist pronifoirig ’.be : caraled to St. Fergus. Thus ' 
way .of' collecting .the gas from. as pajt of.vthe £5bnl scheme, a■_ 
the many, -differ'erit fielas, but new gas tounk liiie has : 
the- Goyesrinneiit is also study- Thclu<fed 'v; that - ■ would jiqo. 
ing alternatives.. Davifl Brown through. Britain wijElL a : cross-" 
Vosper Offshore has^.toeeh com- ^Channel link - to. France: and 
missioned-to study. tie.possl-Belgium... This would gteethe. 
bility. of .liquefying natural gas Norwegians • access ... to ’the 
offshore, and .Preece- .Cardew - energy-hungry, cbhtineiUal jdaair- 
and. Rider is examing the use-ket . r .. . —: , .V_ -‘V’..-’ : ~V' r 
of gas. ;for offshore,-'.power 7 The existence of;K{Kth/Sea . 
generation . ‘ As/ . Dickson . pfl and gas is /of ariajt^/.iiiaiio.tt- 
Mahon, - the .Minister*'.of.. State ajnee' tor the: pipeline iiidpstty, 
for "Energy, has. poiritei. out, and.just on tb^ baris offaistiiiff 
- the.fqfaLquahttty of associated programmes toe network should 
gas Is Very large,.the fact, that reach 2jD0o miles ,by49S0. Un¬ 
it occurs in, many small accnmu- fortunately : from., .the /U.K . 
lations/poses considerable .prpb- baiance of payments^point /Of 
leras when, trying to devise'an . view only a : smalT percentage 
economic .pipeline system, TVe "of the main, dffshore plpewoik 
have 7 therefore beeri irivesti- has: - been manufactto»fi T i*V 
gating vbtoer possihfo /inetfiods: Britain. - However ; 1 : /British 

of transporting ibe gas ashore.;” Steel'sfinal , entry 2 in to;/.the 
One ynportant factor : ib rnarket for heavy.piE^presiira-..' 
whet her.: the main gathering ably irifl u eneed-hy- the possl h le 
scheme>goes, ahead is the atti-;ga? gathering network/; 
tude. of the Norwegian Govern- ensure that a biggeri$j^nl?ge : 
ment, for the economics ;of the of. future-work remains .in( the 
network .could be enhanced 7 if UK- ‘- r -: / > / •.: 

gas from the median-line Stat- Onshore:.th& . 

fjord Field mid other folds, in moving-towards.ilre point wherei 
the Norwegian sector could also it will eventually, have/a/pipe* ' 

CONTINUED on NEXT page* 




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responsible for distribution/transoort. 
storage,, .date/pre-eessing and 
-financial control.' ,/ "../ 


Data 

processing in 
physical 
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management 


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FREIGHT AND TRANSPORT SYSTEMS III 



CONTINUED PROM PREVIOUS PAGE 


E MOVEMENT, storage, and 
idling of freight is a large 
siness and a major element 
industrial costs. Reliable 
.ires are hard to come by. 
- the best estimates suggest 
t it probably represents 
ut 8-10 per cent, of the total 
l of manufacture and distri- 
ion. It is an area of activity 
;re cost pressures have been 
less strong than in other 
as in recent years. The cost 
fuel, vehicles, drivers, and 
re parts has been rising 
rply, and so have the over- 
ds and cost in-management 
3 of running one's own in- 
se transport fleet. 

is an area where manufac- 
ts and distributors are p re¬ 
ed with a bemusing choice 
different services by an 
easingly specialised and 
egated range of outside con- 
tors. And it is an activity 
:h, in many businesses, does 
often command a high and 
inuing priority in tbe allo- 
in of senior managerial time 
attention. 

i many firms, distribution is 
ocess which looks after the 
of moving supplies into the 
iry and moving finished 
s out to the customer or 
»■ which ordered them. It 
1 area with its own peculiar 
Dlexity of problems which it 
is is best delegated to ex- 
s taken on for the purpose, 
n the pressures for cost 
lgs is on. distribution will 
xpected to make its contri¬ 


bution: aftef- all, the- money it 
absorbs is substantial enough. 
When a new factory or plant is 
being considered, transport and 
distribution facilities may be a 
factor that is taken into 
account, especially if the sup¬ 
plies required or. the products 
to be made are likely to pose 
a problem—as. to give an ex¬ 
treme example, at a-steel works 
or power station. 

Consideration may even be 
given to the question of whether 
it is worth going on running 
one's own distribution fleet 
rather than contracting more of 
the business out. particularly in 
these days- of increasingly 
onerous penalties for faulty 
maintenance or operation of 
lorry fleets. But generally, 
there is still a widespread tend¬ 
ency to regard transport and 
distribution as a compartment 
unto itself. 


Integral 


It is, however, much more 
than That It is much more 
than a support service for the 
marketing effort—a service that 
aims to operate at maximum 
reliability for the lowest pos¬ 
sible cost. Physical distribution 
management—to adopt the 
awkward and off-putting termi¬ 
nology which is increasingly 
being used—is an integral part 
of any business. It is a process 
that needs to be looked at as 
a whole embracing the entire i 
flow from raw materials to the I 


final point of distribution in¬ 
cluding handling. storage, 
inventory management, data 
processing, packaging. mer¬ 
chandising, and customer ser¬ 
vice 

It is a process that needs to 
be given as much close consid¬ 
eration as marketing and distri¬ 
bution. which needs to be 
related to them and them to 
it. and in which the full range 
of options needs to be consid¬ 
ered afresh, for the full value 
of this adjunct of a business to 
be realised. None of these 
activities can be considered In 
isolation. They are all part of 
the balanced mix in a com¬ 
pany's business strategy. 

This approach to the role of 
physical distribution manage¬ 
ment may not be universally 
evident, bnt is also far from 
new. There are countless ex¬ 
amples of companies which 
have achieved savings in cost 
or improvements in customer 
service—or both—by taking 
PDM seriously. In many in¬ 
stances. they were prompted by 
the dramatic changes that hare 
taken place in the marketing 
and retail distribution of manu¬ 
factured food and other branded 
consumer products. 

Tbe success of these products 
depends upon mass advertising 
and attractive packaging to 
build new markets and repeat 
purchases, upon high volume 


*»Jes and rlo'r slock control to 
ensure low nmi <-n<ts. and upon 
a rapid and flexible responsive¬ 
ness to consumer needs. These 
developments have in turn been 
associated with a large-scale re¬ 
shaping of the structure of 
wholesale and retaM distribution 
—the decline nf ihc small, over- 
the-counter shop and the arrival 
of the self-service store, the 
supermarket, the multiple, dis¬ 
count house, cash-and-carry, 
hypermarket, and out-of-town 
shopping centre. 


Prompted 


In other instances, a new 
appreciation of the role of 
physical distribution manage¬ 
ment may have been prompted 
by changes in the nature ot 
services offered by outside car¬ 
riers. A growing number of 
hauliers have been developing 
more and more specialised ser¬ 
vices to meet the requirements 
of particular customers or par¬ 
ticular sectors of industry. 
Many are also providing a full 
range or distribution service- 
including not oniy delivery but 
also warehousing, stock control, 
invoicing, account collection, 
sales analyses, cost breakdowns, 
and a&seismenls uf the HVects of 
changes in packaging frequen¬ 
cies of delivery, lead times, 
special promotions, and so 
forth. 


Example-: are always invi¬ 
dious—there are so many that 
could he gh>?n. But perhaps 
one might be cited as illustra¬ 
tive boih of a L-onsumer-cnods 
group and a specialised trans¬ 
port group. if ] S of course 
Unilever—a world-wide group 
in which a single day's delay 
throughout ihe group’s opera¬ 
tion would require an extra 
il6m- worth of stock. Most of 
Unilever's transport interests 
were set up or acquired to pro¬ 
vide the group with a standard 
of service they could not obtain 
elsewhere. They soon moved on 
from storage and delivery to the 
provision of a whole range of 
services, and this in turn Jed 
to the provision of similar 
sendees for outside customers. 
SPD- one of the Unilever com¬ 
panies in thi« country, now pro¬ 
vides a high-street distribution 
service for ;;5 outside firms as 
well as 19 Unilever companies, 
and the number of outside con¬ 
tracts i- growing ail the time. 

Companies or Unilever’s size 
have a relative wealth of man¬ 
agerial talent to be able to fovus 
on such maner'!. Companies con¬ 
siderably smaller in size are 
often not .-u well-placed. The 
distribution manager is too 
busy running his parish and his 
colleagues in the hierarchy too 
pressed with their own prob¬ 
lems. Even if the need for a 
fresh appraisal is felt there is 


not the time—or it is hard to 
judge the relative merits of dif¬ 
ferent outside carriers offering 
different levels or ranges of 

service. 

This is when* the distribution 
consultant can come into his 
own. There are not many in 
this country. But the Freight 
Transport Association. the 
representative body for indus¬ 
trial users of freight transport 
ser.-ictjs, is now running a con¬ 
sultancy service in conjunction 
with three firms of consultants. 
The consultant may take any¬ 
thing up to a year to complete 
his investigation. But at the end 
of that time the consultant will 
have acquired a comprehensive 
grasp of his diem's operations 
and its management and moni¬ 
toring systems. He will present 
the options and evaluate them. 
He will be ready to assist in the 
establishment of a new system 
and the recruitment of a man¬ 
agerial team to run it. And his 
fee will be paid for many times 
over by the savings produced 
by the changes stimulated by 
his recommendations. 

The first step however is for 
distribution—or rather physical 
distribution management—to be 
regarded as a sufficiently im¬ 
portant matter to be considered 
seriously right at the top of the 
company’s managerial hier¬ 
archy. 

CJ. 


I line nerwork for the most 
| important petrochemical buiid- 
1 ing hlock. ethylene. Such grids 
; already exist in continental 
i Europe. 

I In lhe U.K. there Is already 
an ethylene pipeline crossing 
! tbe Pennines from JCI's peiro- 
;chemicals sue at. Wilton on 
Teesside. to its plants on Mersey¬ 
side and also connecting with 
Shell installations at Carring- 
; tun. Now a second pipeline is 
almost complete between Wil- 
I ton and BP's petrochemical site 
| at Grangemouth on the Firth of 
I Forth. The 155-mile pipeline 
[from Teesside to the Forth is 
i pari of a £150m. scheme which 
! includes tbe building of a 
[500.000 tonnes a year ethylene 
[plant. This complex should 
I come on stream towards the 
end of the year. 

The pipeline will give the 
chemical companies involved a 
welcome new flexibility in 
moving around the country 
[large tonnages of ethylene and 
[ in balancing the needs of dif¬ 
ferent sites. If the planned 
! cracker for Mossmorran goes 
ahead in Fife, it would not be 
surprising if this were to be 
joined by a short pipeline 
across the Forth to the BP site, 
thus connecting both Shell and 
Esso to the northern end of the 
line. 

The proposed Mossmorran 
plant is to be joined to its feed¬ 
stock source •■ta a 135-raile pipe¬ 
line to St. Fergus, near Peter¬ 
head. which is due to carry 


natural gas liquids, ethane, 
butane ana propane from the 
North Sea Brent Field. How¬ 
ever, this line is currently run¬ 
ning into a lot of local opposi¬ 
tion from planning authorities 
and residents. 

But it is not only liquids and 
gases that will be carried by 
pipelines in the future. Indus¬ 
tries which depend ou the 
constant supply of raw 
materials such as coal, ores or 
limestone are showing increas¬ 
ing interest in the use of pipe¬ 
lines for the rapid movement 
of solids. First applications are 
expected to be in the transport 
of bulk solids, such as coal, in¬ 
dustrial wastes or gravel, and 
feasibility studies have been con¬ 
ducted for uses such as the re¬ 
moval of colliery spoil. It has 
been shown that when road or 
rail facilities are lacking it-is 
cheaper to install pipelines, 
especially in difficult country. 

The obvious growth 3rea for 
pipelines in the U.K. may he 
for crude oil and gas develop¬ 
ments in the North Sea. but-in 
1976 pipelines already took a 
share of more than 18 per cent, 
in the transport of refined 
petroleum products in the U.K. 
And with systems for the move¬ 
ment of solids such as iron ore. 
mixed in a slurry with iron 
sand and water, already in use 
in Pern and New Zealand, pipe¬ 
lines arc set Tor an era or major 
■development. 

Kevin Done 







M aj or role for | 









TRADITIONAL rallying 
>f successive Chancellors of 
Exchequer has been to 
rt British industry to 
-t more. Yet it takes a lot 
than words to convert this 
for action into actual 
■ts. One of the most im- 
nt factors — if not the 
al one — is the ability of 
anies to get their products 
teir destination. In this 
, ise the freight forwarder 

„ a leading rale.. 

- international freight 
\ • rder must be responsible 

- i Vproviding the range of 
i e and service to companies 
lg in world markets to 
them mainly with their 
button problems but also 
other aspects of their 
latiooal trading. 

• capacity to develop 
t markets depends in- 
ngly on the ability to 
lise and to respond ira¬ 
tely to short-term market 
tunities. The maximising 
ifit In a market may in no 
way be influenced by the 
f distribution, 
re are seven main func- 
which the efficient freight 
rder has to carry but 
are:— 

i planning and costing of 
by land, sea, or air, to 
'e the correct blend of 
ility. speed, and economy; 
; pre-booking and co¬ 
tton of transport and 
t space. 

i preparation of docu- 
.tion relating to shipping 
■ Customs clearance, 
j presentation of goods 
ttoms where required, 
i provision of ancillary 
38 when required, such as 
g, warehousing, marine 
nee. charter, etc. 

: provision of advice to 
Lers . and exporters con- 
. gdistribution links to 
- ^ can. world markets, and 
*-**s|provision of. quotations 
ng to buying or selling 


insurance, chartering, and 
packing. 

Of the private companies re¬ 
viewed by the Jordans survey, 
it selects Mann and Son 
(London) “as-being tbe out¬ 
standing performer” even 
though its activities were not 
confined to freight forwarding. 
-Not only did this : company 
achieve a sharp improvement in 
profits in 1975-76, but its sales 
improved steadily and its bank 
borrowings weret sharply- re¬ 
duced during the yean” com¬ 
ments Jordans. 

" The industry itself is at a 
crucial period in .its develop¬ 
ment as it responds to new 
technological developments and 
tbe pressures caused by rising 
costs and competition. 











Replace 


£££,.idee -concerning any 
££■ ™ . J \-dS-s in. procedures, 

rif. =S L J. 'a injg if freight forwarding indiis- 
'/"dominated by privately- 
j ;' H companies, which in¬ 
i’ i - however, of the 

tbe industry. 




! <: to a-xecent survey 



freight' forwarders by 
■*4=0 Dataguest.the unplica- 
e that airfreight. com¬ 
are smaller,less 
si and also. ■ less- profit- 
average than the surface 
^rid cbtnpani^w”; But it 
;hle /rider that the'sample 
1> -small to place’ any. 
,v - significance: . ou; the 

zoay also be the case that 
ivately - owned companies 
t primarily concerned to 
'se profits, ana for tiffs 
the profit margins' are 
■; would. not. explain, 
why as many as 49 of 
5 companies reviewed 
gf?Firing lbsses according 
r latest years’ accounts," 
■veyadds. . . ;• 
of the few quoted com- 
|.' directly involved' -in 
forwarding is the-Lap 
winch has over 30 offices 
/tout the UJL and a net- 
rgf associated companies 
‘&gents throughout the 
git also has a nmttber'.of 
.*..^,-il2l companies which Took. 
.^'.J'Jpuch ancillary services as 


For example, the Customs and 
Excise is .planning to replace 
tbe LACES air cargo data pro¬ 
cessing system with the updated 
A CP 80, as well as their own in- 
house computer system. 

■ The industry is well served 
by the Institute of Freight For¬ 
warders which is helping its 
2,700 individual and 620 cor¬ 
porate members to maintain 
control over the pattern of de¬ 
velopments which are pointing 
the industry in a new direc¬ 
tion. 

A detailed study of the over¬ 
all forwarding requirements for 
the next decade had identified 
the real training needs of the 
future. Consequently the Gov¬ 
ernment's Training Services 
Agency, has just set up the in¬ 
ternational freight forwarding 
industrial training council under 
the leadership of the Institute. 

The setting up of a training 
council, however, does not mean 
that the Institute will cease to 
have its own. education and 
training committee which pro¬ 
vides its present training needs. 
This will continue but will work 
closely with the new council. 
The Institute is also reviewing 
its membership pattern and the 
professional requirements -tor 
membership as part of the over¬ 
all package of training and 
other changes which are being 
introduced. 

The Institute. is also keen to 
see much tighter controls exer¬ 
cised over people who operate 
forwarding services without any 
proper'qualification or backing. 
But it acknowledges that ■ the 
final arbiter of standards in the 
industry is the user. 

But if companies using 
freight forwarding services base 
their decisions on price rather 
than service, and . professional 
expertise, then standards will 
suffer. The Institute points out 
that far too many organisations 
judge their own shipping depart¬ 
ment’s performance on the 
actual cost of freight charges to 
send their goods overseas: But 
this is only one narrow element 
loldecision-making in tbe overall 
distribution process. 

The question remains whether 
the U.K freight forwarding in¬ 
dustry may be subjected to 

■ Government intervention in. the 
. form of a licenmng system, as 

operates in the U.S. The Govern¬ 
ment is understood at present 
to. be reluctant to bring In legis¬ 
lation'on this issue. But .the 
EEC is'also looking «t the prob¬ 
lem of regularising the activities 
of .freight forwarders between 
member. States. 

David Churchill 



The new Dodge 300 Serie s is a range of tough 
36.5 and 38 tonne GCW/GTW trucks built for hard 
work on p unishing long-distance routes. 

They’re fast j but as they eat up the motorway 
miles, you’ll find the 300 Series trucks give you 
a high performance with impressive economy. 

'Ihey’re dependable. The Chrysler 11.9 litre 
turbocharged diesel. Fuller RTO 9509A nine-speed 
range-change gearbox, Lipe-Roll way twin-plate, 
clutch andCbrysler double-reduction axle are a' 
power-packed combination already proven in 
rigorous reliability trials in Britain and across Europe. 

And they’re superbly comfortable. 

The 64° tilt cab is roomy and well designeriandis 


m 

wk 


m 




impressively equipped, giving drivers everything 
they need. Standard fittings include a suspension 
seat and even a radio. The R38 models have 
sleeper cabs. 

The new Dodge 300 Series range comprises: 
R36: 36.5 tonne GCW tractor unit. 

R38: 38 tonne G CW tractor unit. 

R38D: 38 tonne GTW drawbar rigid. 

All are backed by Chrysler’s new heavy-truck 
warranty package which includes 12 months* 
unlimited-mileage on the entire vehicle, plus 
a second year’s unlimited-mileage warranty on 
designated power train components. Full details 


:. The 64° tilt cab is roomy and well designeriandis i_ ! ' " _ _ - ! available from your Dodge truck dealer, 

1 WKW DODGE 300 SERIES RAHGEJUXXH 6 MORE WEIGHTTODODSEMAItSHIR HKSS 



























16 


FreigHtipg to 

Umem? 



profit from our 

Experience 

Quay port firmly believe that experience is ihe V;e''to many of 
ihe problem* associated with Ireiahtira to Nigeria. 

We funher believe -nat wiin over47 successful conventional 
cargo discharges m ms port ol Laces. ever the pas! two years, 
Ouayport are one ot ine most eitoerienced i>nes currently 
operating ?. Europe to Nigeria service. 

Using our own sr,allow draft vessels eouipped with self 
powered leiescopic cranes with a heavy nr! capacity of uplo 
72 tonnes, we can achieve the rapid bertninc and unloading 
required.iodav. Whatever the port conditions. 

And with our own .staff on site ic co-ordinate vessel discharge 
v:e can ensure a raoid and profitable turnround for you. 

We have loading facilities at most European pons. and agents 
in Sweden. Germany. France and Spain. Our rates are more 
than competitive and our service now includes vessels to 
Warri and Port Harcourt. So call us and profit from our 
experience. 



Alleyn House, 23/27 Carlton Crescent, 
Southampton, Hampshire, England. 
Telephone: Southampton {0703)36644/5/6 
Telex: 477710 


Finaiicial Times' Mprnlay February“-2'0 1978 

SYSTEMS IV '' 








AMID THE general sis'ns of 
relief among Ministers and in¬ 
dustrialists that the ten per 
cent* pay guideline looks in¬ 
creasingly as if it w *ll stick, 
Britain's road hauliers are feel¬ 
ing in low spirits. 

One section of the industry, 
predominantly that in the Mid¬ 
lands. has run into Government 
blacklist problems because it 
could find no concerted way of 
resisting the pressure for a 15 
per cent settlement from a sec¬ 
tion of the transport workers 
noted for its toughness. Another 
section, which srill has not 
settled is wondering at the finan¬ 
cial consequences or its labour 
costs increasing out of fine with 
other industries at a time when 
margins arc too fine for comfort 
anyway, while yet another sec¬ 
tion has dug its heels in over 
the 10 per cent, and provoked 
Strike action. 

All thi? has happened at a 
time when the industry is in a 
slate of some disarray. It has 
lost its wages council, without 
finding any central bargaining 
alternative: it has lost its fight 
against EEC drivers’ hours and 
faces the cun sequential erosion 
ot productivity: it has lost its 
argument with Government that 
lurries are overtaxed and it has 
lo-ii the last vestiges nf any 
ability fur central guidance >»n 
tariffs. Moreover, as a .sequel to 
several of these events, although 
mainly to do with inability or 
nowillingne^ to obey the in per 
cent, limit, the industry is being 
investigated by the Price Com¬ 
mission. 

If these developments were 
nm enough, road hznlage is. 
like the economy in general, still 
in the trough of recession and 
punch-drunk with the pace of 
inflation in its capital equip¬ 
ment. The heavy lorry and its 
spare parts have increased in 
price by between 150 and 200 
per cent, in six years. 

It is not surprising that in 
this climate remedies which 
_ppear desperate to outsiders 
are being nought. The recently 
appointed Foster committee of 
inquiry into operators' licensing 
wifi hear many demands for a 
return to something like the 
pre-196S licensing regime, when 
public hauliers were protected 
against competition from own 
account fleets: pleas for mini¬ 
mum tariffs in the industry and 


for control over the flow of 
entrants into a profession which 
remains one of the most inviting 
for the entrepreneur with 
limited financial backing and 
limited skills. 

It will be for Professor 
Foster and his team to assess 
the desirability of the various 
restrictive practices under 
debate against the alternative, 
forthrightly argued by the 
transport users’ group, the 
Freight Transport Association, 
for the continuance of the pre¬ 
sent system in the interests of 
keeping transport costs to a 
minimum within the bounds of 
safe and efficient operation. 


Forged 


In looking at the details of 
operators’ licensing, the com¬ 
mittee will also no doubt be 
bearing In mind the economic 
pressures under which the 
hauliers' case has been forged 
in tiie last three years. Precise 
figures are not available on this 
subject, but last year’s Jordan 
Datquest survey on haulage 
companies ffew of which are 
publicly quoted) showed an 
average return on capital em¬ 
ployed of ar-jimd 11 per cent. 

Views vary on what consti- 
tnrr> an adequate return. The 
chief executive of the National 
Freight Corporation has sug¬ 
gested that allowing for a divi¬ 
dend payment of 10 per cent., 
the target should be 33 per cent. 
Mr. James Duncan, chairman of 
one of Britain's most success¬ 
ful hauliers, the Transport De¬ 
velopment Croup, did not men¬ 
tion a specific target in a recent 
renew of the subject, but he 
did join ranks with those who 
are loudly urging the industry 
to adopt replacement cost 
accounting TDG's return on 
assets, including that in its im¬ 
portant nan-haulage business, 
was 15 per cent, in 1976. An¬ 
other large hauiier says it m*w 
requires a 20 per cent, return 
compared with 14 per cent, 
three years ago. 

No one really knows to what 
extent these warnings, which 
have been the subject of a 
thorough Road Haulage Associa¬ 
tion campaign in the last 
12 months. have been 
heeded, especially by the 
owners of the almost 4h per 


cent, of vehicles which are in 
fleets totalling fewer than six 
lorries. The Freight Transport 
Association's monitor of haulage 
rales suggests that last year 
hauliers priced a couple of 
points ahead of inflation a;:d 
certainly loss-making companies 
within the NFC have been 
pricing aggressively. But the 
industry's leaders say that their 
own information puts beyond 
doubt the claim that hauliers' 
charges are far from keeping 
pace with inflation. 

This raises the question of 
how hauliers are actually 
surviving. Although road 
haulage's record of 400 bank¬ 
ruptcies was one of the worst 
in 1976. it is hardly a large 
proportion of the almost 40.000 
operators. 

Probably the answer is that 
corners have been cut on 
maintenance and. among the 
small operators, overheads will 
have been reduced and payrolls 
cuL Total employment by road 
haulage has been falling 
steadily by about 3 per cent, a 
year since 1973 to a figure 
below 200.000. The truck sales 
figures between 1973 and 1976 
bear witness to the fact that 
purchases of new vehivies has 
been put back—3 process which 
can oniy go so far without 
disastrous consequences in 
term; of efficiency and ulti¬ 
mately finance. In the last 
year, a piefc-up in rbe market 
suggests this point has been 
reached for many opcraiors. 
Given recent rates of inflation, 
it is probably sound practice to 
keep the age profile of a fleet 
to a minimum. P and O Road 
sendees, for example, runs at 
an average oF three years only. 

So far there has been less 
hard evidence that the industry 



Heart/ duty equipmet it being loaded "for transport to Norway. 


has slid into financial ruin than 
there has been clamour that it 
is about to do so through what 
Mr. Duncan describes as ‘‘a 
monumental cash flaw problem.” 
What some in the industry fear 
is that the present unrest on 
pay—and even those employers 
who have settled will not rest 
easy that they can count on 
holding that settlement for a 
year if the guidelines are sub¬ 
stantially uverturned elsewhere 
—will push some hauliers over 
the edge. 

Added to these most pressing 
difficulties of the economic 
scene and price/pay code prob¬ 
lems, the industry does not feel 
it is getting much support from 
the legislators. Mr. John 
Silbermann. a national vice- 
president of the Road Haulage 
Association, said not long ago 


that the thre? factors, together 
constituted “the most serious 
peace-time threat to Britain’s 
road haulage industry.” 

The roost costly piece of 
legislation in the air is the 
change to the EEC eigbt : hqur 
driving day. a transition to he 
'spread over three years, but 
which has already - placed 
serious restrictions on .long¬ 
distance trunking lor non-rigid 
vehicles. 

. In addition, the industry will 
not be surprised to find a 
further increase in vehicle 
excise duly for the . heaviest 
lorries in April's Budget, 
although it entirely rejects the 
road track calculations on the 
basis of which it -would be 
justified. ’ 

Within the Transport ^Bill 


now before Parliament there ... 
'is "not much for hauliers to" 
worry., about,!, although the in- ; _ 
crease in powers for the authori-,-;; 
ties to divert, lorries.suspected. :., 
of over-loading to weighbridges., 
will only be the first shot in 
the Government’s campaign .to,;'; 
as last year's'White Paper put 
it, “civilise the-heavy, lorry.", 
Many hauliers do not object to; 
this, theme of higher environ-”, 
mental standards for lorries, but 1 
they feel that -the' Government. 
is not offering much in return: ‘ 
What they would like roost as 1 
compensation is some sign dE' „ 
movement ' towards ..'•.higher.' 
maximum vehicle weights and. , 
less urgently, a re-think, of the 7 
cuts in the road building.?., 
budget. -7.^.'* 

Ian Hargreaves 




“'We’re the firstio admit that using containers enables us io exploit the flexibility of 
road plus the speed and economy of rail. 

It ensures that our customers gel ihe best ol both worlds in a unique freighting 
package that’s almost impossible to match. And our advantage is increasing all the time. 

So. before you lose sleep over the legislation restricting drivers' hours and mileage 
limits, it could pay you to give us a call. We're always opal to a little exploitation!” 

Freightliner - today’s answer io tomorrow's regulations. /*. „ 

/■A^ 

Ftciziiriinrr; liwt.'t : 






r 

f 


4r ( 







— the best of road and rail put together 


IT IS a curious coincidence 
that the middle decades of this 
and The two previous centuries 
should all have witnessed a 
transport revolution. Two 
hundred years ago the age of 
canal building was in full swing. 
Last century was the age of 
railway building. This century 
the major change has betv in 
roads and road transport—or. to 
be more precise perhaps, in the 
availabilty of private transport 
for the individual business or. 
household. None of these 
revolutions lasted for very long. 
There was a great flurry of new 
construction—on the Continent 
as well as in Britain—which 
after a few decades peaked out 
and gradually waned. Each of 
these revolutions in turn 
generated social pressures and 
criticism which to one degree or 
•>iher played a part in setting 
limits to the extent and rate to 
which the new mode of trans¬ 
port was developed. 

It we look back to 'ec what 
the VIvtorians were writing and 
saying, for example, we can 
conic across much of the same 
kind of environmental criticisms 
of the railway builders as are 
nr.v levied at the road planners. 
We can even find similar argu¬ 
ments being made about the 
need to preserve and make 
fuller use nf canals a.? are now 
said about the railways. 


Peaked 


To this extent, therefore, we 
ought not to be surprised by the 
fact that the volume of road 
building has peaked out or is 
likely soon to peak out in most 
industrialised countries as well 
as in Britain. Once the -main 
networks have been laid down 
and the aspiration of having 
nne's own transport has become 
close to being a reality for most 
businesses and households, then 
the pace of new construction is 
bound To begin easing off. 

Nor should one be altogether 
surprised by the -a el ter of 
criticism which road building 
lias aroused. The planning and 
construction of now roads may 
promibe both sucial and econo¬ 
mic benefits to those who will 
use them—including, one must 
add. the benefit or cheaper and 
speedier deliveries to shops and 
.-tores. But the process causes 
very considerable disturbance 
to >jie cr-mnitimtie-j through 
v.h'-.-h they ere being cut. 

To some extent, too. the 
opposition was simulated by 
ihe particular manner in which 
mad planners? sot about their 
task in the 1950s and 1960s. 
They tended to fiuild roads on 
the cheap to suit civil and traffic 
'.rigim'yrmg cuns-iderations and 
ttttit jnMdJidenf regard for the 
impact ihey would haw upon 
ili«* neighbourin'’ environment 
Mutiidinv, in yi.-vi-ral instance*, 
inc v.cU-hvmu "f thu-v who 
1 ’vi‘d i»r worked in ' riparian’ 
n: v . mi.The »*arly wave nf 
cntiinxiasm For marl-bullding, 
which nil cell'd nxliiu'ian-. and 
>h<- pn!»ii>- cc:icrally a- well .4-. 

the engineers, led to dizzy 


ideas about earring magnificent 
new concrete expressways 
through our congested cities. 
Was it not Dr. Buchanan who 
argued that this was the way to 
preserve ihe urban environ¬ 
ment, just as the way to safe¬ 
guard the peace of a hospital 
ward was by having corridors 
through which staff and visitors 
could circulate? 

Other factors contributed too 
—for example, the - trend 
towards larger lorries (some 1 
thing else to which the 
politicians initially gave their 
blessing). Bigger vehicles 
helped road carriers to limit the 
growth in the size of their fleets, 
far more so than the growth in 
the volume of freight they 
carried as well as in the 
numbers of cars and vans. 

Indeed, the actual Bgures 
show a 10 per cent fall in the 
number of lorries of more than 
1 i tonnes unladen weight in the 
last ten years, a period during 
which freight ion-mileage by¬ 
road grew by 30 per cent, and 
The number of cars and vans 
increased by 55 per cent. Bui. 
perhaps because to-day's lorries 
are' bigecr. there is a .wide¬ 
spread beiier that the number 
has in fact increased. 

Then there was rue shock of 
the OPEC nil cartel and. the 
Midden realisation that perhaps 
one day the supply of fo^il 
Fuels—especially oil—might be 
exhausted; the desperate search 
tor public expenditure cuts at a 
time when road-building m 
longer won many cotes; the dp- 
sire to case by subsidies and 
other mechanisms the threat 
that the use of cars for leisure 
and travel to work was increas¬ 
ingly posing to the economics 
of bus and rail passenger opera¬ 
tion; and the growing doubt 
about the ways in which the case 
For particular new road schemes 
have been evaluated and pre¬ 
sented, doubts which the recent 
Leitch report has in part sup¬ 
ported. 

All these factors have con¬ 
tributed to one degree or 
another to the decline in the 
roads programme. In the. past 
four years expenditure on new 
construction by local and cen¬ 
tral government has been 
reduced by 40 per cent in real 
terms and expenditure on main¬ 
tenance has been cut back by 
20 per cent Compared with 
planned levels of expenditure, 
the cut-backs have, of course 
been even greater. 

At one time in the early 
1970s, the construction of some 
3,500 miles of strategic routes 
—motorways: and dual carriage¬ 
ways—was envisaged by the 
early 1980s and a total of 4J2UO 
miles by the mid-19S0s. by 
:he mid-1970s the initial target 
had been reduced to 3.100 miles 
and deferred Jo Jhe second half 
of iIn* Iflsn#. which the later tar- 
eel <0 U.S. nries had been put 
off to ilie 1990$. To-day, with 
>om? -.300 miles of motorway 
■ind dual carriageway roads in 
use. :ho iarrets arc even more 
uncertain. 


The programme, last year’s 
transport policy White Paper 
declared, will now be a flexible 
one. Routes are to be improved 
piecemeal with different 
stretches being improved in dif¬ 
ferent ’ phases to differing 
standards. Parts: of some 
schemes will- be built to motor¬ 
way standards and other parts 
to dual carriageway or even 
single carriageway standard. On 
some routes it will be a case of. 
a staggered construction of by¬ 
passes around the worst trouble 
spots, leaving the -gaps in 
between to'be tackled later—if 
at all. In any case, following a 
decision announced a couple of 
years ago. new roads are now; 
being built to reduced design 
standards in relation to the 
volumes of traffic that are ex¬ 
pected. 


Peculiar 


It is difficult to resist the con-, 
elusion that the pendulum has 
swung too far too quickly. The 
case for a particular size of 
road-building and maintenance 
programme may not be an easy 
one to establish. But it always 
seemed a poeuliar.form of logic 
lo argue, as Ministers did. that 
investment in new roads should 
be /rut hack in order to make 
more resources available for 
the subsidisation of bus and 
rail passenger operation, when- 
ihe case for these subsidies 
routed upon the need to assist 
public transport against the 
competition of the private car 
and the case for road construc¬ 
tion had rested on the need to 
expedite and cheapen the cost 
of moving freight. 

Similarly* .one is bound, to 
suspeqt that road-building'.be¬ 
came a natural target for.spend: 
ing.cats.because .it w.as capital 
expenditure; and it is always 
much easier politically for gov¬ 
ernments to cut back on capital 
expenditure, rather than current 
expenditure {and thereby pass 
the problems.of redundancy to 
the private sector). ; ■ 

Furthermore, the: .reductions 
in spending have had.the effect- 
of delaying even. further the 
achievement of. the. ■.Govern¬ 
ment's own c«rriBnt road pro¬ 
gramme priorities. The regional 
needs of -Scotland and Wales 
have to a. large extent been in¬ 
sulated from the cuts but not 
those. of - the'- South-East The 
M25- orbital route ■' around 
Greater ..London and the\ MIX 
towards East-.; Anglia, which 
featured In the original LQOt) 
miles target .of the Macmillan 
Government, will now not be 
completed before the mid-i930s. 
The improvement ;of routed {to! 
ports,.vsuch; .as Southampton, 
Harwich, Tj Ibiiry. -and ; • FoHce-; 
slope, 'is still a long -way short-; 
of'becoming a reality. The: in¬ 
dustrial needs of the Midlands 
hare still io ; be property served,. 
and there .are 7 - a' yeiyjJerge 
number • of. towns; and. vtitages' 
awaiting. to bp. relieved by by¬ 
passes. •' • • •• [}-■r-'-'- 


The . critics of road building 
•may say it Is all. very well bas¬ 
ing priorities upon industrial, 
regional and environmental con¬ 
siderations but road, users—in¬ 
cluding road carriers especially ' 
—must pay their full proper 
share of. the cost s of the infra¬ 
structure they. use. In principle, 
there is everything to be said 
fox this last point. But one must- 
have regard for the practicali¬ 
ties. 

First, it is hot easy to ealeu-. 
late precisely what" each, mode . 
and what each user should bear.. 
Attempts have, been made 'for'., 
well over two decades’both'here ■ 
and on the Continent to-arrive 
at a workable formula for idenr 
tifying. measuring, and allocati 
Log road.track costs. Even if the- 
direct costs—construction, main¬ 
tenance, policing, accidents and 
so forth-r-c&ir. be identified and 
measured, the allocation be¬ 
tween and within different cate-, 
gories of- users is bound to be 
arbitrary;' ' • 

Then there is" the question of 
the indirect or-, external costs : 
■r-such'as noise, pollution and. 
damage :io, amenity. Should one 
try to .evaluate and charge ' 
these, or would the better ap^ 
preach be to tackle these prob¬ 
lems directly through progres¬ 
sive- improvements m vehicle; 
technology aud. design? Wherl? ‘ 
would the incentive-, for im-'- 
provement-be if .these aspects , 
were subsumed in vehicle and 
fuel taxation? Is it not. better to 
set progressively higher-stan-' 
dards 1 through legislation. The • 
cost of .iraproyements and the - 
reseacch that led to them would ' 
still -be. borne, by the, -user ‘ t and : 
thus - by :;lfis customers, which 
means j?ou and. me)!.';- Bat. in 
the meantime the-problems of 
-bolM-iabd pollution'would have 
been reduced. . r. - , 

; . Furthermore: It is hot .the 
road-' ; carriers fault.if the-ratio.-.: 
between track costs and fuel 
srnd. vehicle, taxation^alls. _it is •- 
thefault; ofx rdvernmeiyts. for . 
fai ling to - adjust; these'- taxes da - 
line-with.the rate-otrinflatibn. s 
In- any case, !the ratio can 
change: betireeb; a boom, and, a 
recession, is .well as .-according;. 
•.to. whether read 'investment.;is-, 
charged on a: ^ pay^yoirgp'”' 
or*. “ public, -enlprprise ”'- basis* 
Above.ail, the - idea-of-rixarguig. 
track costs through the taxation. 
system is intended to ptpvide a 
measure' of- parity of eotnpeti;. 
five opportunity- to'>.air freight 
carriers.: irrespective of mode/ - 
rather than "simply ~ ta protect 
railways: ;■ '■ •'• ' £-'•>"• •;.•’ 

practice, ^McSse", :ftUl. 
freigbt-is nowexpectedto -meer 
only--jts :•*. avoidable' Costs ”, -ft * 
makes -bardlyVany .'.contribution' 
to jrail-trade cofetk?Jnd 0 SJ 4 tlies* 
-costs -- 

seaser; *opgrationS ; '...are how- 
wholIy*borirfr.^ ^ taxpayer; - 
One/maybe -ihclpdf^-1°- a wept: 
this, ; fima: itroiigb justice. 

Bui. i i underlines;the; difficulties : 
‘of tryTng^i-^i 5 ?^ 't^pr tnjck . 
-cOs^aBErojBr^i^itb^^o^-deeree.; 






. J 


' r ^ •; v . 






Financial Tiipes . Monday February 20 1978 


y\ 

« *: * 

•• s n =• 


FREIGHT AND TRANSPORT SYSTEMS V 


*'■' 


:^ 5 







•SfvSi’ 


*$, •’ 2OMBINAT1 ON. of -more.' 

--t irade with Europe and 
Oidugh lass' urgent* 
- . ;I ^vd for road transport 4o 
‘jiddle East continues to 
. conditions *-\ resuT;ting in. 
. . i ^^i'es of pqijnits for vehicles 

"^V^g&ugh the difficulties of 
have beB'n lessened by 
;{>^ v-Y»^iat easier, conditions in' 

producing countries 
valves, the* basic, objections 
Si tries with heavy transit 
have not changed. _ If 
g, ■ there has beeti a 
mg of environmental 
ion. 

also clear that from the 
■r’s point of View, , the 
of different transport 
has increased, the need 
s of cost to get the right 
ation. This choice, de- 
in a number of factors- 
» the speed of delivery 
type of goods concerned, 
riew of the Department' 
isport on the future of 
perations is that permit 
?s will continue for the- 
ible future. . It will 
■e be necessary for 
contractors to continue 
icipate in co-operation 
i and use road-Tail ser- 
Lheir operations are not 
stricted. 


iator 


epartment, in its irapor-. 
; as mediator on routes, 
ruing to anticipate areas 
i difficulties may arise, 
e. It said in a recent 
‘ n permits that experi- 
i shown that a sudden 
,. of road traffic can lead 
5 to impose heavy taxa- 
l capacity restrictions, 
extremely short notice, 
this .happens those 
i without bilateral 
its are at a double dis- 
* e; they have no legal- 
protection against the 
tsures and find them- 
: the end of a long 


queue .of countries seeking bi¬ 
lateral agreements,” Jt said. 

' : The most recent developments 
are. the negotiation of agree¬ 
ments is varying stages with the 
Soviet.. Union - and~ a’-: large 
number of countries to the east 
■ranging from Turkey, to Afghani¬ 
stan. Ttfe department is also 
■ watching developments in north¬ 
west Africa on the grounds that 
this could become a .key route 
Mo West Africa, although nothing 
has yet happened there to any 
great extent : 

As in Enropepn countries, the 
old problem is that most.of these 
countries send virtually no 
vehicles to the U.K., so the 
U.K.'s bargaining position is not 
strong. 

Discussions have also taken 
place with the Republic nf 
Ireland where, until recently, 
-the' balance of .advantage 
appeared to lie in not having an 
agreement with the Republic, 
since in practice most British 
hauliers could obtain. licences 
from Dublin without difficulty. 
buMhis position has shown signs 
of changing. 

The most consistent cause of 
discontent among hauliers is the 
allocation of permits, on which 
the Department of Transport's 
stated aim is-to get the best use 
out of the scarce permits avail¬ 
able. However, this policy is 
open to a certain degree of 
interpretation. 

Ideally,., it is suggested, 
vehicles should be fully 1o;>!ed 
in each direction with goods of 
the highest value and the 
original allocation system sought 
to put these principles into 
practice. But as traffic volumes 
grew the system was found to 
be tpo cumbersome. 

It was therefore progressively 
replaced with the block alloca¬ 
tion system, based. on the 
number of. permits received in 
previous. years. But- this, too. 
presented a major problem by 
creating a closed shop of' exist¬ 
ing operators—one which in 
turn was partially resolved by 
the use.of increases in quotas. 


Ha if of quota increases is now 
used to improve the existing 
block'allocations and the other 
half to. admit companies with¬ 
out block allocations, providing 
opportunities for growth to 
those already in the market and 
at the same time admitting new 
companies. 


Policy 


As the department points out. 
however, the selection of these 
new companies is extremely 
difficult, given that only a 
limited number of permit* is 
available. The first of these de¬ 
cisions is whether to give rela¬ 
tively few operators a relatively 
large number of permits or 
whether to share them more 
thinly among a larger number 
of companies. The decision as 
to which operators should be 
chosen is even more difficult. 

In general, the policy pursued 
by the department is to assist 
those companies which have 
demonstrated some degree of 
self-help, particularly by .use of 
co-operation quotas of the road- 
rail systems. 

In Ii>76, however, after a sub¬ 
stantial easing of the French 
quota, an experiment was 
attempted nnder which any 
operator who chose to apply 
was given eight French permits. 
More than l.tfOO companies did 
so and. despite complaints about 
the limited number, they were 
at least allowed into the market. 

One of the must important 
rpeent developments has been 
the increased traffic through 
East Germany (the German 
Democratic Republic). This 
growth was encouraged by the 
move from Ludwigsherg to 
Munich of the W. German 
Federal Railway's piggy-back 
terminal, with a substantial 
increase in the price charged. 

Of the countries on the route 
only Hungary imposed a quota, 
or which in previous years only 
about one per cent, had been 
used by British operators. How¬ 
ever. use of that route grew to 


such an extent that in the 
summer of 1976 its use had to 
be resincied because of 
pressure on the Hungarian 
quota. Although the restrictions 
were subsequently eased later 
in the year, it became clear that 
Austrian and Hungarian permits 
would have to be added to those 
for which annual allocation 
systems had to be devised last 
yea r. 1 

The most recent negotiations 
have taken place with Iraq 
Syria and Jordan, and meetings 
with representatives of each 
country have taken place. An 
agreement has been reached 
with Turkey, operating from the 
start of this year, which pro¬ 
vides a quota large enough for 
British needs 
The department has also 
received a surprise approach 
from Afghanistan to negotiate 
an agreement, largely because 
of that country's new policy of 
transporting exports such as 
skins and similar goods over¬ 
land through Europe. Cyprus 
has made a similar approach for 
negotiations. 

Within Europe itself the most 
significant change Tor some time 
has been the 20 per cent, 
increase in the EEC quota, the 
first since the 1975 ruling which 
pegged the number of permits 
at 272. A meeting with Italian 
representatives has also taken 
place, again for thp first time 
in three years, which resulted 
in an increase nf 30 per cent, in 
the quota and a generally more 
relaxed altitude on their part 
The major concern in Europe 
at present is the attitude of 
Austria, which is seeking to 
impose a large increase in tax 
from -July l—assuming that this 
measure is passed by the Aus¬ 
trian Parliament. The EEC is in 
the meantime bringing consider¬ 
able pressure to bear on the 
Austrians and has made hints 
that EEC aid Tor infrastructure 
developments may be available 
if a softer line is taken. 


Lome Barling 


Trucks of the future 


«y v wi-v ■ v «y . 

i L . i*f' 



tried ■ to. WPtm 


FIGURES for the first 
1978 are anything to go 
he heavy goods vehicle 
as come through the 
of the end of 1977 .and 
3 the'growth trend it 
iished'for most of the 
id of that This is 
>rice rises, increased . t . . A 
costs and .the prospect \ 

antial increases in . *’.<“'£■ 
ay. . ' lv - yV ™ 

?ctor has 

its car-producing 
y. venturing the hope 
increases in vehicles 
ie kept to two a year 
T, again as with cars, 
mg up.four times a 
he industry struggled 

viih high inflation m , , , . , . . , 

basically a depressed Demountable refrigerated box van bodies by Crane Fritelumf Rigids. This par¬ 
ticular consignment, destined for Iran, has refrigerated devices in the side walls 
the all-important ' which are completely §elf-regulating. 

are^thp pvfen^nf S thp w **ere commercial vehicle manu.- ever, and is also dependent on diesel power-packs for refrigera- 
recawrv Ih» Mftnr to ^turers will be working to a good marriage with the right tion such at Pelter—while at 
at will benefit mick the Same standards of driver gearbox, axles and tyres. the other end of the scale the 

and -which truck TOir, f nrl as a PPb’ cars - " In all of these areas more cost of building 1 ankers has 
rill benefit In the past - At the same time, however, work is being done but perhaps meant that users now want to 

although the small- operators are still cost-conscious the single most significant move be able to use them both for 
i’um lorry-buyer has and there will come a time when forward will he European agree- liquid and dry goods, 
largely faithful to'the'all' manufacturers will have iment °n standard specifications There is some evidence now 
■jmduct. the market at reached an acceptable standard at the heavy end. . that some of the recent surge 

• end has become a of cab comfort, at which point - * --At the moment the strongest in buying has been caused hv a 
nd in which the Euro- other considerations will come rumour of many that have number of people coming inin 

mers have reaped an to the fore. emerged from the depths of the ihe market who have held off 

harvest, at least in Already in Europe one of the fEC Commission 'h* replacing their vehicles for as 

market penetration if main selling points is on' cost ^ ,D " S as POwWcjHit can hold 

? in profits per kilometre. This takes in not n F J! ™ J onper - . T ^ 1,s haR been 

•e UK builders are only the fuel consumption and J* 1111 a oF helped by optimistic noises from 

ick with Ley land nre* servicing Charge but average tonnes.^ndouhte.dly this would rhe politicians ahead of the 

new version of the downtime due to breakdown and ^tVuTL thrVwnTaS 

for the recent truck time lost in waiting For parts. ~»«„L on? IS T ? d find 11 

Amsterdam and Manufacturers are keen £ IVilf /wish among u "? a,nta,n , wape re¬ 
aving already iipdated only to emphasise reliability bb 7h e ?ac t or and traUer manu voluntary or 

^o- but also to MUI up their spares St ~er happens it seems 

^Joden, ER F - and and service back-up to .the Eurotruck, although here certain^hat the Sea^ foods 

Atkinson have all This is happening in Bntaln rt rou]d be lhe trad itjonal vehicle will remain the orin 

the^ vehiciesm order-too.-with most of the major attitude of the operators look- c ipal means S b h medium' 
e with the European manufacturers offering a 24- ing ror a bc5>pol<e lorry , rather and hm"Tstance transnor! Tn 
m in Britain and to hour emergency breakdown ser- than t j le intransigence of ,hj s country and that we shall 
.heir own chances of vice and a priority parts nationa , legislaiors. which will be liring 'with bio^ lorries for 
the Continent. delivery service in order to hold up uniformity. some tTme to con,? \7thm,"h 

all this activity has persuade buyers to use their Trailer and body manufac- the re are periodic outbursts of 
revolution in the tomes. ? ■ - turers in particular would like protest, it seems that lhe lorn- 

of comfort provided yy/r .v- j- to see. some standardisation-- will have to be accommodated, 

-ivers. Previously lhe jVi^tuOdS- recently Crane Freubauf though its operation is likelv t« 

were able to adopt a formed Freuhauf Europe to be improved and the routine of 

valier attitude which Other persuasive methods of look at overall European oppor- roads j t uws uan pJ • a 
ed the mollycoddling a more traditional nature have tunities—but progress is likely large part in making it more 
•jvers, who were ex- also been the. order of the day to be slow except in certain acceptable, 
shake their, bodies —sometimes for a distributor it areas like curtain nr aluminium- Must people do not want 
their eardrums to is worthwhile making very littTe sided tilts which are used on a heavy lorries in the centre uf 
n. freez'mg : in the^ profit on the "initial - tractor sale" paii-European basis. their communities, but then 

l being nearly roasted, if he can make it up in future There is also some growth in m QSt i orry drivers would rather 
ie summer. parts and service sales—blit the the market for demountable avaid going into them, 

is a result of.-union manufacturers can ill afford i© bodies..but as an alternative to on the technical side'emission 
tft mainly as a result squeeze their margins by too. a fifth - wheel articulated trailer and n(> - ise controls coupled with 
manufacturers setting much for too long: .it will be some time before they smoother and more economical 

gher standards, cab In the meantime engine arc a serious challenge. performance are the main goal* 

have been improved manufacturers seek to improve .There isr also thd question of and the industry is striving hard 
J.K. industry has now the fuel consumption figures— an increasing amount of iegisla- t 0 advances in these 

gh't up. This is likely Cummins.for instance recently tinn, particularly where a lorry directions. If for no other 
tc downwards so. that Introduced a'big-eam version of is being used to transport food. rea son success with one nr 
of all cab interiors, their 290 hp engine which the More and more countries now anther should produce com- 
.short-haul smaller company claims .will improve require refrigeration of more merclal success as a'result. * 
likely to improve over miles per gallon by 10 per cent and more varieties of fond— - . • . , 

five, years to the.pointThis has yet to be proved, how- good business for the small MUBTt Alexander 


Blazing 

the trail for 

Britain 

to keep industry 
on tile move. 





Irail-Blazers stand for the 
independent British tradition that 
culminates in ERF... a tradition carried forward 
by design and engineering leadership. 

With a long track-record of major innovation, the ERF tradition has been built 
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HThe ERF SP cab. built of corrosion-proof moulded SMC glass fibre on an _ 
immensely strong steel safety frame specially treated with rust inhibitors So it retains 
its new condition year afteryear of service. 

■The remarkable new ERF non-reactive suspension bogie designed for 
multi-wheel chassis - which simply and effectively equalises the load between 
rear axles and thus eliminates undesirable road behaviour under 
braking or acceleration. 

HTvvin ram, hydraulically operated cab tilt mechanism,designed with 
safely first 

" BOne of the finest integral power steering units in the world. 

B Comprehensive standard equipment including quartz halogen 
headlights and an air drying unit to process all air used by the braking system. 

Not surprisingly ERF has acquired a reputationwhichits policy of 
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It lias enabled ERF to achieve for operators and drivers alike, trend-setting 
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Every ERF Distributor plays a key role in ensuring that the total organisation 
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geared to~rhe basic needs of industry- expressed as Return on Investment 

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And to earn their keep dependably-yearafteryear! 

Assess the ERF flail Blazer range in this light for yourself-we have every 
confidence that your own business will find good reason to 
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ERF Limited Sun Works, 

Sandbach Cheshire CW119DN 

Tel: Sandbach [093 67) 3223 Telex: 36152 



-the best of buying British. 



J 













When it comes to moving freight, one word says everything 


With a name like ours there isn't much 
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over 



AS I watch these two different 
areas of niv responsibility, ship¬ 
ping and civil aviation. I ask 
myself whether perhaps ship¬ 
ping is not moving in the direc¬ 
tion of civil aviation, freedom 
by regulation instead of freedom 
by right.’* So said Mr. Edmund 
Dell, the Trade Secretary, in 
an address to" the General 
Council of British Shipping at 
the end of last year. The tone 
of his speech was one of hints 
rather than proposals, hut. it 
struck m the direction of a 
theme which, apart from the 
eneral condition of the econ¬ 
omy represent* the greatest 
source of anxiety to shipowners. 

The question raises itself from 
a variety of angles. On the one 
hand we have the long-drawn- 
out saga of confrontation be¬ 
tween L'.S. anti-trust philosophy 
and the self-regulation of liner 
shipping through the con¬ 
ference systems: on the other 
the free-bauting competitiveness 
of the Russian merchant marine, 
which has undercut its way to 
a significant presence in a 
number of the world’s most 
lucrative cross-trades. 

Surrounded by such diverse 
antagonists, European ship¬ 
owners are having the utmost 
difficulty m maintaining a 
systematic defence of their 
practices and indeed of finding 
anything like basic agreement 
among themselves. There 
appears tn be general support 
for the proposition, for example, 
that the best way to deal with 
ihc Eastern bloc threat is by 
concerted action through the 
EEC, but Ihere is little com- 
mnn ground about the funda¬ 
mental question of access to 
trades, as we have seen in the 
sometimes bitter differences of 
view between member States 
over the UNCTAD liner code. 

One of rhe problems is that 
shipowners have not tradition¬ 
ally welcomed the attentions of 
Government other than in 
strictly defined areas such as 
safety, crew standards and the 
like. :Vnvr the industry i« faced 
with a number nf international 
political issues which it does 
not possess the power to resolve 
itself. In no other industry is 
rhe world-wide debate about 
protectionism so pertinently 
focused. 

The timetahle for processing 
all these issues remains un¬ 
certain. but if last year was 
principally one for bilateral 
efforts to after Soviet policy— 
Ministers from West Germany 
and Britain visited Moscow on 
the issue—1978 will be the year 
of forging a common programme 
within the EEC. 

Mr. Richard Burke, the EEC- 
Transport Commissioner, has 
said the objective is more to 
repair trade defences within 
the Community in order to 
negotiate from a position nf 
strength than to seek a con¬ 
frontation. but there is a hody 
of opinion among shipowners 
which believes tougher direct 


action will be ealled-for sooner 
rather than later. Certainly 
there is agreement that firm and 
public commitments .to restrain 
expansion must be won from 
rhe Russians before the formula¬ 
tion of the next five-year plan 
ro run from 1980. By the end 
of the present plan, a further 
Im. deadweight tons will have 
been added to that fleet, which 
is now the sixth largest in the- 
world. 

The Western argument is that 
the Russians are using State- 
financed ships to undercut liner 
conference rates (although the 
Soviets are members of about a 
dozen conferences) in order to 
earn foreign currency and pos¬ 
sibly even to undermine the 
viability of Western merchant 
shipping. On some routes a 
Come con share of 35 per cent, 
has been achieved in a period of 
three or four years and in the 
last five years, traffic on the_ 
Trans Siberian Railway has 
quadrupled, amounting now to 
about 15 per cent, of the total' 
Europe-Far East trade. - 

So far the Russians have 
shown themselves willing to talk, 
but unwilling to produce tan¬ 
gible evidence that they intend 
to restrain their shipping lines 
or their railway. The Whitehall 
view is that this leaves the West 
with no alternative but to pre¬ 
pare the ground for action 
against the Russians, with the 
hope that the evidence oF pre¬ 
paration will itself jar the Rus¬ 
sians into a change of heart. So 
far this preparation has involved 
persuading governments, which 
lack powers to discriminate 
against a foreign fleet to take 
them and the Belgians have 
undertaken to fill the remaining 
significant gap within the EEC 
—a gap which has bestowed 
upon Antwerp the nickname of 
■■ the largest Soviet port in 
Europe." 


Token 


Once the national powers are 
in the statute books or dose to 
being there, we can expect'Some 
formal declaration of annoyance 
from the Community and per¬ 
haps eventually token acts of 
discrimination against the 
establishment of Eastern bloc 
shipping agencies in Europe or 
special levies or quota restric¬ 
tions on Comecon shipping 
movements. 

The EEC will also have to 
come to grips this year with 
divisions among its members 
over the UNCTAD liner code, 
which enshrines the principle of 
a 40/40 seaborne trade share- 
out between the countries of 
import and export, leaving 20 
per cent, for cross-traders. 
France. Belgium and Germany 
have already signed the code, 
which is anathema to a country 
like Britain whose merchant 
fleet is predominantly dependent 
upon cross-trading. Having put 
up several proposals in the past 
two years, all of them entirely 


unsuccessful. Britain b now try-' developing ;countries to expand , 
Ing to come up with a new their-bull; and general cargo, 
position in time tor the June flfeels .-rapidly-.at & time : vmZ 
Council of Transport Ministers.- virtually every.'sector . 

at which Whitehall.• fears an :market Is grosSy .pyfcrtonnaged: -, 
onslaught from the eode's : sup*._ - The shipbuilders defeneels. 
porters who'are'"anxious to win that-they. merely-toed ana-mot • 
for their own merchant fleets a create the maritime ambitions;, 
greater, sliced business.; of the developing;, world. But;. 

: On the U.S. front, European whatever the power ofjheargu- ; 
shipowners were much rdieyed ments^it is self-evident that the 
to see the heavy defeatof.tfte various" >.overcapacity -in.;- oil. 
Oil Cargo Preference legislation tattes which- developed irtitn - 
last autumn—a ’ move which tft,e.coLlaBte in world trade and 
could have had heavy reper- ;£^e ijnadrupHnfe of oil prices in 
cussions in the tradeprotection1J973-has' slowlyspread through 
scenario. But 1978 still holds dry -bulk'jshippinE into geheral - 
out the threat of the 43rand cargo'-^rade^; Some shipowner* 
jury investigation into prac-' fealthatthelast sector.is more 
tices by shipowner members^ seriously: -.threatened- than the 
the transatlantic freight' 1 con- ofbere. because the source of 
Terences. - - ' the new. capacity in the .develop- 

This has been a slow-moving ihg world. is less ^esponSive .tb 
process and even With 7 - 'the-the- .fie^e 7 market- pressures 
Grand Jury now empowered' which wtiLeventually re-balance^ 
and the first subpoenas -issued, :che' bulk trades: 7? 
it will probably be six months : ‘ •/ / ;'. v ; ._. 
before the Department of Jus- : ii'Il'' ~ 

;tire makes its representationS: ^OliaBScS . 7 " ' 

In -the meantime, shipowners? :• • •• . .'■ ■ ■■ _. 

and shippers are barred from . 50 * wfE*.*^* 1 * ^ 

exchanging views and informs- comfort tor th^.shipowners and 
tion to the considerable iraiio*-:™^ arq; Predicting */year .of 
ance of both sides,: It was'no .collapses among thOse compames - 
doubt in part this.lack .of com-/expotetU in- M 1 ®-' bulk^abipplng 
munication which Jed to . the sector^. Orriy^ the'; funds of the 
fiasco of the : •atianhc r :«ner-”N® rw «^ i * n Guarantee Institute ’ 
gency surcharge to cover ship* have, so" far prevented - wide* 
owners for losses sustained ,*Pm4| fibres among: tanker 1: 
during last autumn’s Iongshoje-*hd -bulk"ship owners in . that- 
men’s strike. This levy hast been country pad the re-scheduling of 
negotiated and re-negotiated as debts.-at the 1 ehd .pt last year by; 
a result- of theToiuirie of pro- Japan Line, one.of the world’s 1 ■ 
test from shippers. ; biggest voyage market; tanker 

But at least on these large---operators,: brought-a ; significant 
scale matters of international shiver to the Far .East, shipowir 
trade U.K- shipowners hare ihg community^ involving eveti 
been more or less at one with th* Hong Kong, magnate Y. K. 
their Government. ■ Even‘fnthe P®P through his extensive char*' 
recent deliberations of the ter ties with Japan Line. 

Inter - government Maritime . Within Britain it is. the’ 
Consultative Organisation con--smaller' and--mainly privately 
ference on - tanker- safety owned bulk operators .who are ’ 
and pollution, the Depart-under"most pressure, although" 
taent of Trade- negotia- one -quoted- company, Reardon’ 
tors had pretty solid backing Smith, has been struggling 
for a complex package, some of mightily in the. past , year to 
whose effects were problematic deal -with its: tanker Josses, 
for sections of the industry: .. Even the liner trades, on 
Such unanimity i$ far from be- whicji.the success of the larger 
ing the case in one of the mat- British companies has been 
ters of most pressing concem t /°hoded, face difficulties,, not 
to shipowners—the nature of onl y Trom the - .Russians, but 
Government subsidisation for from, niggling port labour prob- 
shipbuilding . lems in-iaontainer trades and 

About £380m. was spent on c “- 

such subsidisation, within - me S™ ‘5i Wesi-Arrlca. In the 
EEC alone last year and ship- Mldd ‘ e ■ congestion has 
owners are watching anxiously but. competition cen¬ 

to see whether the Brussels tI ” u ® s al a '^ eve tl J a - S^ce for 

Commission can- produce aa SLi 0 S*- 1 ? - e 

effective formula to get ship- ™dl? East, too. where tile iso- 
builders to reduce their lat^ boom m trade has fueJ/ed 
capacity. Viscount Davignon, the a a, ? S5 ? v ^_ increase in .shipping 
EEC' Industry Commissioner, 5 ^'^ that the o/d. conference, 
has declared his.favoured target structures have simply failed 
to be a cut of’48 per cent., In under thestrain.. 
overall capacity, by 1980; lot Many of Utese-probTeins will, 
Britain has been among Ui6Se o«..<am?e,.f»de in, slgnlB cajce, 
vigorously resisting such a pro-. “ v -" er d trade-poldteni, but 
srammp shipowners are worried, along 

H Mf * DeJI - the. Otd * 

As shipowners sre it, the | Shera) {hdjhg days'with rela- 

^ f^edbm'.from Government-- 

Brit !Sh P shinhHfifipr? fftHrrv Stakes- in shipping companies 
nnd t{S ^nd detailed regulation of their 

Vietnam, is simply encouraging : . I.tl* 


Worldwide surplus of 
bulk carriers 


TANKER OWNERS, accustomed 
lu the pressures of a deeply 
cyclical trade, are reluctant to 
lahel any one recession as the 
worst in their relatively short 
maritime history, but most, agree 
iliai the scale of the present 
crisis surpasses its predecessors 
if nniy because the scale of the 
looses has. reached such 
numerical heights. 

A VLCC af present 
worldscale rates can be 
losing its owner anything up 
to £250.000 a month and 
although in many fleets this 
drain is offset by the value of 
time-charters concluded when 
the market was higher, many of 
these period deals are moving 
close to expiry in what is now 
the fourth year of slump. 


Strength 


For the larger shipowners, 
such as P & O. the result is 
worrying but not critical because 
of the strength nf diversification 
in liner shipping and indeed 
non-marine activities, giving it 
tii-.- corporate ability to .survive. 
But fur iho.se Norwegian owners 
filially expu>ed to the climate of 
the ‘•pot market, trouble came 
early unri has only been pre¬ 
vented from yc-tl ing out or hand 
by the activities of the State- 
funded Norwegian Guarantee 
Institute. 

U is a matter of speculation 
just how long such a State fund 
and the private banks are keep¬ 
ing shipowners alive simply 
because this i* preferable to 
becoming mo owner of tonnage 
whose value ha.-? drnpned by 
between 25 and 50 per cent, in 
1977 alone. One theory is that 
when the private banks lose 
iheir *taytns power, govern- 
nn’nip wiih ricnifu am maritime 
iniere«ls will step in to take 
their place—a view which has 


been strengthened by the 
promptness with which the state- 
owned Japanese Development 
Bank led a group of commercial 
banks into a moratorium on 
debts for the ailing Japan Line 
in Decemher. 

No one knows to where this 
process is leading. It could pro¬ 
duce a number of large State- 
owned shipping companies for 
the first time in the West nr it 
could, as indeed it already partly 
has, simply give governments 
the opporunity to pick and 
choose who shall be saved and 
who shall merge with whom. 
These are almost certainly 
choices for Norway and Japan 
in 1978, but less clear is the 
fate of the Greek independent 
owners, heavily reliant on an 
increasingly depressed dry bulk 
market and whose flag loyalties 
outside their financial homes 
makes them less likely to be 
jjiven government props. Within 
Britain, which has 28m. dwt 
of tankers and 14iu. dwt of bulk 

ships, many in the industry are 

predicting collapses of smaller, 
mostly privately-owned owners, 
but until these things, happen 
and asset values are studied, it 
is impossible to say whether 
such companies will find buyers. 

Much depends of course on 
the duration of the crisis, a 
point on which there is some dis¬ 
agreement by brokers, re¬ 
searchers and owners, although 
almost everyone is resigned to 
the fact that for crude 1 oil 
carriers the upturn is at least 
two years away and a substantial 
number of forccaau say that 
supply and demand will, not 
balance before 1085, giving the 
industry a decade of losses; 
front which if cannot possibly 
(?m*r?e without radiral changes 
in sfrwcture. 

Traditionally It haa been a. 


/ 


slump which has broken the age-of deep-water ports, 
ground for new entrants into ' But everywhere there arei* 
bulk shipping and there is much'more’ factors .generating uncer*. 
speculation within the industry, tainty .than certainty. In the - 
as to who possesses the finan- product market,’ overcapacity of 
rial backing to venture inio a refining facilities makes future 
risky and extremely capital-' Import flows difficult.to predict 
intensive business when the up- and although President.Carter''&:■ 
turn comes. The obvious can- energy plin of last spring- has ■ 
didate^ are the Arab oil- sn far rhad little effect; its.goal 
producing countries, * whose of ..cutting- U.S.'-oil imports to 
maritime ambitions have already .SOObfc, tons"^by J?85 is still a 
led to the creation of a handful source of anxiety; • - ’ 

of single ' State or-. Psin-Areb ^ w mainly 'the 65m-ton 

entures. jncrease itv demand by tbe U S. 

T Irifiirn . last year, when imports totalled 

^pt-lirD ... ' . - . • 43fho. tons, wbteh-"gave-an esti-" 

: mated'6 per cent lift to world- 

f . The5 ?, u ve “ tl l r?£ , ***** wide' seaborne' oil - movements, 

their birUraUbe Uil-end 61 toe PorT ^itions itf the U.S.-bave 
boom, m 1973-/4, found, market .^ ensured aa ln&rease- m 
conditions very tough, but at employment for some 'smaller 
Jea5t the y ml ) enter the-npturo crude .carriers,which had begun 
with, some experience ^e 'toTonk ohsoIete. ,■"These, vessels, 
liquidity ..which many o^their areincreasingly usedforlighteri- 
Western ^cornpetitore will lack., into-snialier Vessels 

,T r ^ ba £ kBr? • ■ tha p-nfTfhe.U:S;.:fe 0 a^;^,.V7=. 

although the equity . base of- - ■*- , _ 0 ^ 

some customers may'have 

destroyed in the crisis. , _ 

European and American Banks prders . fnr uew; , - 

will he ready fn. advaare into ■ 

” floating - real .estate" again, although^ -r 

although for. the time being an 

their talk is of bo loans without botmi^^ea^ th^fle^by t -_ 
secure charters.: , . - ^ '- 1 

It is -true. also that, even .* 

41.5m. dwt of oil tankers ' and. ^*W mav- 
15-2m..dwt of dry -bulk-caps,' ■* ' 

starring .to’ : accept that ton- 
there .are small areas, of thfc^- fbr^arperiod "of 

market . where.. - shipowners tatr n»■ 

■HiffllM immediate dmidrranit; 



needed in fill cep,, in ? n . d : 

the U.S., where there is: a’sbp^ 1 )^ *: 1 /. 












19 


-nkncial Times Mojiday February 20 197S 


FREIGHT AND TRANSPORT SYSTEMS Vn 


Carriers 


NDEROUS " recovery' of 
ilish. economy from 
has had a clear impact 
rading performance of 
itry's ports in recent 
:d the climb back to 
pels" prevailing before 
been slaw and arduous, 
ith depressed trading 
s the ports have had' 
.'ith.a revolution in the 
of. handling general 
1 a dramatic change in 
of ships using : their 

problems . in some 
ports have • recently 
in congestion, with 
lines switching their 
o other destinations, 
las been overshadowed 
laos existing in ports 
other countries, where 
h in trading patterns 
he OPEC bloc has put 
edented burden oh the 
ities of these rapidly 
g countries, 
changes from mnven- 
go carrying to the use 
ere. either in specially 
■d cellular vessels or 
i roll-off ships has 
ken place. The -recent 
sation of the Europe 
Africa trade was the 
ist major conference 
o through this expen- 
•ngthy transformation, 
nt of cargo that can 
d will grow, but the 
be less dramatic than 
i in recent years. 

Id trade slowly ex¬ 
amount of inward and 
■eight through British 
be expected to grow.- 
.ccording to the latest 
y the National Ports 
an-fuel traffic is ex- 
grow by some 38m. 
the five years, from 
trough of the rcces- 
?0. reaching a total of 
14Bm. tonnes in that 

ucceeding five years 
i growth is likely to 


be at a rather lower rate,.with 
non-fuel traffic expected to 
expand by a further ‘ 36m. 
tonnes. By the end of. this 
period there is a prospect that 
some stability will return to 
the level ‘of conventional-traffic 
being loaded in and out of. U:K. 
ports. But for some' years to 
come ports will experience a 
slow but" inevitable decline m 
the amount of traffic handled 
across conventional berths as 
the change-over to unltised 
cargo is fully implemented. 

The total of conventional 
general.cargo handled in British 
ports fell by some 9m. tonnes 
from 1971 tu 1975.' and with this 
decline continuing, albeit at a 
slower rate, a further loss of 
3m. tonnes is expected by 1980. 
In 1975 conventional break-bulk 
vessels carried 12.7m. tonnes 
out of a tola) general -cargo 
traffic of 62.6m. tonnes. 

But if tbe traffic in conven¬ 
tional cargo will at. best 
stagnate, and at worst show a 
marked* decline, traffic moved 
by container .and ro-ro vessels 
and specialised bulk cargoes will 
grow significantly in the next 10 
years- Unit load traffic is 
expected to reach 53m. tonnes 
by -1985 compared with 27m. 
tonnes in 1975 and traffic carried 
on specialised shipping—mainly 
chemicals and forest products— 
will be about 39m. tonnes com¬ 
pared with 23m. tonnes in 1975. 


FOREIGN TRADE THROUGH UK PORTS 

(m. tonnes) 



Imparts 

Exports 

Imparts 

Exports 

Imparls 

Exports 

Total goods traffic 

213.7 

50.4 

175.1 

47.9 

181.1 

52.1 

Fui-ls 

133.4 

20.0 

jn«.7 

18.9 

102.6 

22.3 

Non-fuels 

8(1.3 

30.4 

68.4 

29.U 

78.5 

29.6 


Scope 


According to the National 
Ports Council’s . analysis, 
unitised traffic, which already 
accounts for 25 per cent. of-the 
non-fuel traffic, should have 
increased its share to 30 per 
cent, by 1985. It is on the deep- 
sea routes that this expansion 
can be expected to take place 
most rapidly, because of the 
scope which still exists for 
conversion to unitised services. 
But nonetheless even by 1085 it 


Source: National Ports Council. 


is still the short-sea and 
domestic routes which will take 
the lion's share of the total of 
unitised traffic, claiming some 
75 per cent. Of the unitised 
traffic ro-ro services already 
account for about 60 per cent, 
of the cargoes and there will be 
a gradual increase towards iwo- 
thirds by 1985. 

But whatever the increases in 
trade in coining years the port 
c apaciry should exist in the U K 
to cope with the demand. But 
doubts have recently been 
expressed about the quality of 
service available in British 
ports, especially in comparison 
with some uf their major 
Continental rivals, and shipping 
companies are known 1 o be 
understandably concerned at the 
level df port charges in the U.K. 

A report drawn up late Iasi 
year hv the National Ports 
Council in conjunction with the 
General Council of Shipping 
and the British Ports Associa¬ 
tion suggested for instance that 
the port of Antwerp could load 
and div.-harge ships almost four 
times faster than Londnn. On 
ship turn-round times Antwerp 
was three and a half times 
faster than Hull and three times 
faster than Glasgow. This con¬ 
troversial survey covered 11 
ports — Antwerp. Bremen. 
Hamburg and Rotterdam on the 
Continent, and in the U.K.. 
Londnn. Liverpool. Hull. Avnn- 
lnouth, Tecs, Glasgow and 


Grangemouth. Only Grange¬ 
mouth and Tees showed up 
reasonably well against their 
near European counterparts. 

For comparable export car¬ 
goes it is shown that a ship 
would spend at berth ihree and 
a half days in Liverpool, and 
two and three quarter days io 
Londnn. Glasgow and Hull for 
each day that it would spend 
in Hamburg. Bremen. <>r 
Antwerp. Other figures pro¬ 
duced in the report indicated 
that il could take about three 
times as long tu discharge the 
same cargo in Liverpool ««r 
Avon mouth as in any of the 
four Cominemal ports. On im¬ 
ports Antwerp again scored 
impressively against the Brfti-h 
ports. Dockers there handled on 
average 2.8 tonnes per gang hour 
as against one ton in Huil and 
1J tons in Liverpool. 

Not surprisingly The report 
has aroused considerable con¬ 
troversy in ilie ports industry 
and many charges have been 
levelled against the authors 
that they have failed to com¬ 
pare like with tike. 

The National Purls .Council 
has fur long been mindful of 
suggestions that there was a 
big difference in the produc¬ 
tivity performances of ports in 
ihe U K. and on the Continent 


and has heen studying the prac¬ 
tical! lies ol luak.ng such a com¬ 
parison for a number uf years. 
The report covers unly conven¬ 
tional general eargu. which is a 
small proportion of rhe total 
mnnage uf cargo now handled 
in major ports, ii is also often 
handled in ihe older parts uf a 
purl, where th»-re has been less 
emphasis on mvestmeni in new 
equipment. 

Furthermore, the industry has 
pointed out that a fair com¬ 
parison cannot be made because 
U.K. ports do not receive gov¬ 
ernment subsidies, as do their 
Continental rivals. Other factors 
can also affeci the performance 
uf one port against another, 
such as the si ate of stowage, 
whether a port is the first or last 
port of call for shipping tines, 
as is often the case in Londun. 
and the level uf wage aqree- 
menis with the dock labour 
force. 


Attempt 


However, ihe report was com¬ 
piled from material collected 
from the industry itself, and 
apparently every a<tempt was 
mark iu make the ba.tis uf com¬ 
parison a fair one. It is fell in 
some quarters that the report 
has done lixtl^ mure than add 
official stalls lies i-i a stare of 
affairs already known. 

Major invesimem schemes for 
new port facilities have al.*><» 
had their share of difficulties in 
recent months, bur at both 
Prism! and Southampton agree¬ 
ments have now heen reached 
which should allow these pro¬ 
jects tn prngie>5. 

At Bristol working operations 
at the new £37m. West Dock 
have received the go-ahead afler 
a six-month union boycott. The 
dock, which is equipped to 


handle container traffic and roll¬ 
on roll-off traffic, has never! 
commenced operations, despite' 
the official opening by the 1 
ijucen last August. It now faces' 
an uphill battle to attract new, 
services to the enclosed dock,! 
the largest in the U.K, but it: 
has already had some success,! 
attracting the attentions of the) 
Swedish-owned Tor* Line, thei 
Norwegian Gearhulk, and the ! 
Montreal-based container line' 
Cast. 

Ai Southampton a new man-' 
ning agreement should mean 
that the way is now open for} 
the container berths for the : 
newly unitised South Africa : 
trade to ‘be brought into use. 
Since the start of the service) 
last year Southampton trade fori 
this route has had to be trans-j 
shipped to continental ports. 

The small scale of congestion) 
that has occurred in some U.K. 
ports is minor compared to thp' 
way ports in the OPEC States) 
and in some of the poorer; 
developing countries have he-1 
come clogged with much higher; 
volumes uf trade. At times' 
delays reached extraordinary: 
proportions — at Lagos'Apapa.l 
Nigeria—as H. P. Urewryl 
pointed nut in its report on ■ 
Third World pori development 
—on suine occasions in 1975) 
more than 400 vessels were idle, 1 
with delays tor individual ships; 
exceeding 400 days. 

Recently many OPKC polls’ 
have seen the Truit of port ex-' 
pansion and improved manage- 1 
ntvni. and congestum has been; 
substantially reduced. The rush, 
to build new berths has even) 
given rise t» fears that there | 
v.ili he dangerous overcapacity! 
developing hv 1984 and moves 
are being made to cancel some 
of the more ambitious projects. 

Kevin Done 


CONTINUED FROM PREVIOUS 

build " schemes (a policy attrac¬ 
tive to Governments which are, 
for the most part, much more 
concerned to protect their ship¬ 
building industries than their 
shipowners) or simply by a 
boost for the scrap* price which 
would occur on the hint of a 
pick-up in world sreel trade. 

Iron ore and coal for the 
si eel industry' account for half 
the employment of the dry bulk 
fleet—a fact which gives instant 
explanation of why these trades 
were in such doldrums in 1977. 
Grain, tbe third big dry bulk 
commodity, was livelier last 
year thanks to another shortfall 
in the Russian harvest. 

Although it is at least argu¬ 
able that the steel industry will 
start to stimulate bulk ship¬ 
ping by the beginning of 1979, 
any optimism among ship¬ 
owners is quenched by the 
effects of new bulk tonnaee 
coining into the market. This 
amounted to 12m. tons or 13 per 
cent, of the fleet in 1977. largely 
as a result of tanker orders con¬ 
verted into dry bulk contracts, 
which in 1974 seemed a better 
at least hy the beginning of 1979. 
have now also dried up, there 
is still another 11m. tons in the 
yards to be delivered by 1980. 
There is. however, evidence that 
some of ihe.se orders are being 
cancelled. 

One of the few bulk sectors 
which did offer good returns 
last year was ihe shipment of 
cars, chiefly from Japan, but 
this is a market which cannot 
last as deliveries of specialised 
car carriers come on stream. It 
will be even more short-lived if 
heavy importers like Britain are 
persuaded by their domestic 
industries to raise trade 
barriers. 

All these factors suggest that 
hulk shipping markets as a 
whole are unlikely to be in 
balance heforp 1980/81. given 
that the fleet is relatively young 
(around 80 per cent of vessels 
over 18.000 dwt aged less than 
ten years) and that combination 


carriers which account for 
about 20 per cent, of bulk move¬ 
ments are unlikely to be drawn 
off into other trades. 

Given this surfeit of gloom, it 
is remarkable that shipowners 
are still capable of thinking 
about how to proceed when the 
tide does begin to turn. One of 
the most interesting questions 
at stake is whether tanker 
owners will go on building 
bigger vessels. 

A study last year hy con¬ 
sultants H. P. Drewry suggested 
that ULCCs (over 300.000 dwt) 
would probably have to get 
bigger if they were to be fully 
competitive with the VLCCs 
which will be able to travel in 
ballast through the enlarged 
Suez Canal from 1980. ULCCs 
frequently have to discharge at 
more than one port or lighten 
their cargo into smaller vessels, 
which increases costs. 

Certainly Mr. Ravi Tikkoo 
seems to believe the argument. 
He has recently renewed his 
letters of intent with a U.S. yard 
for the building uf three nuclear- 
pmvered 600.000-ton tankers. 
Others question. though, 
whether nuclear power in the 
present environment-conscious 
age will ever be an acceptable 
solution to the problems of driv¬ 
ing such large vessels. 

This is hardly likely to be the 
dominant theme of 1978, how¬ 
ever. A more likely candidate 
fur that is talk nf liquidity and 
the independent tanker owners’ 
ideas for rigging the market to 
cut out capacity. The latest in¬ 
dications from Intertanko about 
its lay-up pool idea suggest that 
it has promises of JBm. dwt of 
vessels, almost entirely from 
Scandinavians. Its ohject is now 
to bring in the Greeks and then 
start setting floor prices for. 
say. 250.000 tnnners of World¬ 
scale 28—about eight paints 
above present levels—a measure 
of desperation in a desperate 
year. 

I.H. 


rilbury handles 
the Thames 




"V ,.*• 


1 .■ 
)iu 




TON in Britain’s 
ds has beep, accom-. 
a transformation in 
idling techniques 
The new dock- 
^ondon. islands of 
activity amid pre- 
less hinterland, are 
es of _ rejuvenation, 
miles' from the old 
clivity. 

fer of Empire links 
partners in Europe 
mart of the trans- 
The clamour of 
'ily as far upstream 
bridging point in 
London has been re- 
,ie efficient .whirr of 
itainer cranes down- 
'Tilbury. Here the 
*15 years ago would 
e his 1978 counter- 
are far-fewer men, 
>serve, but it would 
sive machines that 
*. by their size and 

London's docks era- 
K». Last year the 
iummeted to 8,500, 
00 are employed by 
London Authority, 
ip modern Tilbury 
nd cargo-handling 

the most obvious 
luence arising from 
in Britain’s trading 
i from technical 
-argn-handling tech- 
e Port of London 
; justifiably proud 
participated in this 
1 surgery without 
i compulsory sever- 
must pay tribute 
operation of the 
I Mr. Noel Ordraan, 
rector of planning 
■ing for the Port of 
ithority. He ex¬ 
while the reduc¬ 
ing levels had been 
ler. there had been 
unrest and that the 
adapting to the 
the method and 
ork was beginning 


of these social up- 
changing nature 
of seaborne trade 
;re and sudden. For 
e has been a steady 
‘tonnage.of cargo 
rite major mechani- 
ts like Tilbury, 
hen Britain had an 
vltli the European 
.rket, but was not 

amber, the country 

50.4m. tonnes of 
the EEC. Of this 
cs • were - handled 
don. By 1976. the. 


total British seaborne trade ex¬ 
changed with the EEC had risen 
to 64.5m. tonnes. while the 
share of this handled through 
London had fallen to 6.Sm. 
tonnes. 

Officials at the Port of London 
Authority explain the reduction 
as a result of technical changes 
in the way freight is handled 
and shipped across the Channel. 
Approximately 80 per cent, of 
trade between Britain and the 
EEC is carried in containers. 
London has admirable facilities 
for handling containers, with 
Tilbury now one of the leading 
handling and transhipment 
centres in Europe. 

The problem for London has 
been that while it has the facili¬ 
ties to handle millions of tonnes 
of container traffic each year. 60 
per cent, of the container traffic 
bound between Britain and the 
EEC is carried on roll-oii/roll- 
off ferries. This is by far the 
biggest factor in contributing to 
the fall in the proportion of 
British trade with the EEC 
which is handled through 
London. 

The roll-on/roll-off ferries 
constitute a new mode of trans¬ 
port which has grown to 
dominate Anglo-European trade 
during the past decade. Its 
main advantage over other 
forms of container shipping is 
that it can give road haulage 
companies trading between 
British and European manufac¬ 
turers a 24-hour maximum sea 
passage time. This effectively 
rules London out of the race, 
in favour of Dover and the 
other Channel ports. 

These can offer virtually in¬ 
stant travel for a container full 
of exports. This appeals to the 
road haulier and his manufac¬ 
turing industry customer and it 
appeals to the Channel ports 
which are excused the expense 
of investing heavily in con¬ 
tainer handling equipment, for 
the container remains on its 
truck aboard the ro-ro ferry. 

This circumstance of geo¬ 
graphy may have robbed Lon¬ 
don or much lucrative European 
trade, but London itself has un¬ 
deniable advantages for long¬ 
distance freight destined Tor the 
four comers of the world and 
the regions of Britain. 

London and its river has one 
of the most enviable hinterlands 
in Britain for servicing long¬ 
distance . freight" transport 
There is an' efficient motorway 
network within 20 miles of the 
river at Tilbury. This, the deep¬ 
water fadliti.es in the Thames 
estuary and the major market 
nf London, encouraged world 
shipping tines to enter a fruit¬ 
ful relationship with the Port 
of London. Authority, resulting 


in the formation of the highly 
mechanised £60m. container 
port of Tilbury, now expanding 
on 1,037 acres. Of this. 114 are 
devoted to container handling 
berths, SO acres to forest pro¬ 
duct handling berths. 15 acres 
to a bulk grain terminal and, 
emphasising the relatively low 
priority given to ro-ru freight. 
V only" five acres for rn-ro 
terminals. - 


■*. V - ;••• V ''■:>>/' . ... • 

-.ViOv ■' .. ■ •• /r, . ' •• 

Vv ' t •• *. -'V* *.*.■ ‘ t ^ • • ;. v . * 




Shift 



WfcfflRT * 


The rest is either water, for 
future expansion, or general 
cargo, the small area for the 
latter again underlining the 
shift from old London's trading 
activities as a warehouse for the 
world to a highly specialised 
centre for handling bulk goods 
on the long-distance routes. 

This change has been de¬ 
scribed as a revolution, based 
on a major programme of 
mechanisation. Containerisation 
is the biggest change, pioneered 
largely by the shipping ■ com¬ 
panies rather than the ports. 
Next is the move to ever larger 
ships, up to one million tonip-s 
drawing 95 feet of water. Even 
bulk cargo ships are now up to 
250,00(1 tonnes deadweight. 

An idea of the changes in 
efficiency as a result of this 
mechanisation are clear from 
the performance of Tilbury. 
This can handle ten times as 
much -cargo as a conventional 
port terminal, with one-sixth of 
the men. On the debit side, it 
occupies ten times as much 
land and costs six times as much 
as a more conventional port. 

During its heyday. London’s 
old port and riverside wharves 
handled at most 100.000 tonnes 
of cargo a year. Tilbury can 
handle lm. tonnes a year. This 
makes it the heaviest worked 
container berth in Britain. 

The changes have resulted in 
simplification and rationalisa¬ 
tion of port layout. Tn the 195l»s, 
for example, 24 timber berths 
and a : landing dock handled 
600.000 tonnes or wood a year. 
Now four highly mechanised 
terminals can hadle I.3m. 
tonnes. •’ 

It is small wonder then that 
the Port of London Authority 
describes the structural changes 
over the.past decade as involv¬ 
ing “ferocious economics,” 
which would not have been pos¬ 
sible but for the support of 
shipping lines. The £35m. new 
terminal to be opened at Tilbury 
this September, for example, 
will have'been built with £15m. 
contribution from shipping lines 
with, the PLA fnnting the rest 
of the bill. 

Lynton McLain 








; ^- V t' >■ ■' : 








: X 


r * ,. •: ■ 


> * ■■ *.■ s' 


0 


\ \ ' 






^ ... 



We don't have to because we're there already, 

We-’re Roadline. Britain's biggest road-based 
carrier. We've over 6,000 vehicles operating from 
75 depots. Collecting and delivering to all comers of 
the U.K. 

You'll see us in busy city streets. In remote country 
lanes. Even arranging deliveries in Ireland, the Channel" 
Islands and all oft-shore islands. 

Our service is regular and reliable. Friendly and 
efficient. Fast and cost-effective. 

.Last year, we handled around 60 million packages. 

Let us handle yours. Ring Roadline on 
01-586 2210, day or night We're never far away. 

. Wherever there's a road, there's Roadline. 



moving Britain’s goods 

AMane«i Compani ol tho Natural Fieighi Catponsiion 



20 . 


Financial Times Monday February 20 1078 


FREIGHT AND TRANSPORT SYSTEMS VIII 


Policy decisions for British 



FOR BRITISH Rail's freight 
business, the big event of last 
year was unquestionably the 
decision to return to railways 
ownership the Freightliners 
container transport company 
founded by British Pail but 
controlled since 1969 by the 
National Freight Corporation. 

This was the climax to a year 
which was kind to rail freight 
in terms of Government policy 
but during which the deepening 
recession in the steel industry 
once again threw British Rail's 
planning into error and instead 
of the budgeted increase in 
traffic, total freight carryings 
fell from 176m. tonnes in 1976 
to 171m. tonnes. Final financial 
results for the year have yet 
to he released, but there is every 
indication that they will show 
a deficit of around hair last 
year's £35m. — a commendable 
improvement given the market 
circumstances. 

Another policy change in the 
past year winch win work in rail 
freight - '* favour is the proposed 
widening of the scope of grants 
towards the cost of private rail 
sidings under the t<*rms of 
Section S of the 1974 Railways 
Act. 

The immediate effect of pro¬ 
visions in the Transport Bill 
now before Parliament t<« firing 
into the scope of Section S pay¬ 
ments towards rolling stuck for 
use in such sidings has. 
inevitably, been to slow down 
the flow of applications until the 
more generous terms are avail¬ 
able—probably by this autumn. 
Bur it has also been encouraging 
for British Rail to see that even 
within the more restrictive 
interpretation of section S, a 
number of substantial grants 
have heen made on broad 
grounds of improving rail 
facilities in the interests of 
keeping heavy loads off the 
road, rather than for new 
sidings. 

The best example here was 
probably a £137.500 grant to 
Freightliners to meet part of 
the cost of relaying worn out 
crane tracks at its Stratford 
terminal, although under rail¬ 
ways ownership Freightliners 
will be nut of scope for such 
aid. The record so far is that 
section $ grants, on which there 
is no overall maximum limit, 
have involved . payments of 
£6.8m. and produced an addi¬ 
tional 5m. tons of rail freight. 

There have also been 


encouraging developments for 
rail freight in recent months 
front the EEC. which finally 
pushed Britain into accepting 
the «hnncr eight-hour driving 
day fnr lorry and bus drivers in 
a three-year phase-in starting 
last month. Even in the first 
stage of implementation, severe 
restrictions are being placed on 
long-distance trunking by road 
with the imposition nF a 450 
kilometre per day limit unless 
the lorry carries two drivers or 
a tachograph—the measuring 
device which the road trans¬ 
port unmns have so far refused 
to counienance in domestic 
work. As the rest of the provi¬ 
sions work through, the costs 
of trunking by lorry are bound 
to increase and with the U.K. 
Government also set on a policy 
of basing lorry taxation on axle 
rather than unladen weight, the 
heaviest lorries are also bound 
to face further steep rises in 
vehicle excise duty. 

So taken overall, the Govern¬ 
ment transport policy review 
which led to last June's Trans¬ 
port White Paper has done 
somethin? to improve the 
operating and financial climate 
Tor rail freight, even if it has 
not accepted the rail unions' 
case that there is any sense »n 
forcing traffic from road to rail. 
It was this latter fact which pro¬ 
duced the curious picture o: Mr. 
William Rodgers, the Transport 
Secretary, getting his roughest 
public ride of the year from the 
Labour Party Conference, even 
though British Rail was far from 
displeased with his White 
Paper. 


Promise 


There were, however, two 
other things said about rail 
freight in the Transport White 
Paper, one was a promise of a 
Government backing for a rol¬ 
ling programme of investment 
in freight—a device designed in 
make planning and stock- 
building programmes easier and 
more efficient to manage, but 
whose effect is limited in 
practice as the Government still 
has to give specific approvals for 
any capital investment over 
£2in. The second was a re¬ 
iteration of the Governments 
commitment to stop subsidising 
freight in the.form of grants to 
either British Rail or National 
Freight. 

This means that British Rail 
has to break even on its freight 


operations this year and from 
then on produce sufficient mar¬ 
gins to be able to ride the cycle 
of industrial production even 
when it turns into the kind of 
recession Britain has had since 
1974. It is a tall order For a 
business in which over 70 per 
cent, of volume and 68 per 
cent, of revenue comes from 
carrying coal, coke: iron and 
steel and which carries a high 
proportion of fixed costs which 
cannot be eliminated when the 
economic cycle turns down¬ 
wards. 

Mr. Frank Paterson. British 
Rail's chief freight manager, 
believes the target will be met 
this year, although he acknow¬ 
ledges that wiilihi the business 
there is still a fair amount of 
cross-subsidisation from profit¬ 
able to unprofitable sectors. 

He is budgeting to increase 
freight rolumc by 1.5 per cent, 
a year, moving to ISom. tonnes 
in 19S3—certainly not an over- 
ambitious goal given that the 
railways earned 197m. tonnes 
in 1973. He .-ays the volume 
forecast, which has not been 
met in the last two years, is 
based on a detailed and “Pres¬ 
byterian " study of major cus¬ 
tomers' plan=. Even Pres¬ 
byterian caution would, how¬ 
ever. have looked like gambler's 
confidence with regard to pre¬ 
dictions of steel output in the 
last two years. 

While British Rail is justified 
in emphasising its dependence 
upon the performances of other 
heavy industries and The protv 
lems of running an inflexible, 
fixed costs business, there are 
areas where co-ts can be cut 
and operations streamlined. 

In some areas. British Rails 
record in the past ten years has 
been good. The number of 
wagons in the fleet js now 
165.000. not much more than a 
third the number m 1967. and 
there as been an almost equal 
drop in the number of loco¬ 
motives and terminals. 

Mr. Paterson speaks of “a 
quiet revolution" in resource 
utilisation and in managing the 
switch from predominantly 
wagon-load business i69 per 
cent, of total in 1S6S/ to train- 
load (79 per cent, of total in 
1976). But even with dramatic 
changes like these, the un-. 
certainty persists as to whether 
rail Freight has moved fast 
enough to combat the savage 
competition of the lorry and 
whether it has been ahle to 


take sufficient advantage of an 
unparalleled restraint in costs 
during the past three years as 
a result of Government pay 
poiicy. Labour expenses amount 
to 65 per cent, of rail freight's 
total costs and 40 per cent, of 
its direct costs (that is. costs 
specifically attributable to 
freight rather than in support¬ 
ing the railway infrastructure 
as a whole). 

Total staffing levels within 
British Rail have fallen 
steadily since 1974. hut the 
target of 8.000 fewer jobs in 
1977 lias been missed hv almost 
half as the National Union of 
Railway men has withdrawn 
co-operation on de-manning, 
because it says its members 
are being called upon to do too 
much overtime and rest-day 
working. It may be that a 
renewed push can be given to 
the de-manning programme in 
the context r»[ the present 
round of bargaining on produc¬ 
tivity bonuses, hut British Rail 
still seems to be some way 
from agreeing with its unions 
an industry-wide formula for 
the measure and reward of 
productivity improvements. 

Less significant in terms of 
the number of men involved 
but of considerable psycho¬ 
logical importance for the rail¬ 
ways manpower strategy is the 


continued running battle over 
proper levels of footplate 
manning. The drivers’ union. 
ASLEF, has now switched its 
campaign on this issue from 
the High Speed Passenger Train 
to the new generation of freight 
locomotives, the Class 56. This 
matter, on which the Govern¬ 
ment would not risk a confronta¬ 
tion in the early winter, is also 
on the agenda for the present 
pay talks. 

Even the restructuring nf the 
rail wagon Beet still has a long 
way to go. Given that the aver¬ 
age resource utilisation of rail 
freight's competitor, the heavy 
lorry, is probably between 0.5 
and one loaded journeys per 
day. there is still no room for 
complacency in BR's wagon 
utilisation figures. This works 
out at 0.5 loaded journeys per 
day for the most heavily 
utilised merry-go-round coal 
wagons (the target is a 40 per 
cent, improvement): 0.75 loaded 
journeys per day for parcels 
wagons and 0.66 per day for 
Freightliner wagons. At the 
other extreme, the 1.300 brake¬ 
less pipe wagons manage only 
nne round trip per 28 days. 
Open goods wagons make one 
round trip in 17 days and the 
core oF vacuum braked vans one 
round trip per 14 days. 

This backlog of problems 


from the past Is a substantial 
handicap in British . Rails 
attempt to produce a compre¬ 
hensive rail strategy. It com¬ 
bined with problems of the 
present, such as the difficulty of 
arriving at a sensible rational¬ 
isation plan for its heavily, loss- 
making door-to-door parcels 
service because of lack of Gov¬ 
ernment interest in the prob¬ 
lem of over-provision . of- 
facilities elsewhere in the state- 
owned parcels sector- Then, 
would also be resistance by 
anions to the Joss of jobs which! 
would be involved in such a 
rationalisation. 


Facilities 


It is possible also that the 
return of Freigbtliners will, at 
first cause rather than . solve 
problems. The biggest worry' is 
that the company, which was in 
a ragged condition when 
National Freight took it over, 
has not been given the invest' 
ment in terminal facilities 
needed to meet the almost 
trebling in volume of business 
in the past decade because >of 
the cash-flow problems which, 
have bedevilled NFC since its 
formation: • 

The outcome is that the com¬ 
pany. now once more_ in the 
limbo of an ownership change. 


does not know whether, if will 
get the a. year- jf conser¬ 
vatively estimates it needs just 
to replace wont-out "containers, 
cranes and lorries. British: Rail 
has been given no undertaking 
so far from the .Government that 
there will be any contribution 
outside the existing freight 
budget for this purpose and 
within the break-even constraint 
it now faces, .British Rail 
simply cannot afford the extra 
interest burden which would 
result from borrowing for 
Investment in Frejghilaoers. 

In policy terms too there are 
doubts about the future of 
Freightliners. British Rail has 
publicly guaranteed that it will 
continue to be run aft a separate 
company—a guarantee which 
was necessary-to quell the alarm 
expressed by a number of 
Freightliners’ major customers 
that it would lose operational 
flexibility, for - example in 
balancing its use nf road and rail 
movements, under British. Hail 
.control. ; . . 

Freightliners is also keen to 
retain marketing .independence 
—an Independence which can 
only be meaningful if the com¬ 
pany is.allowed to compete for 
business with other divisions, of 
rail freight. British Rail has sfiD 
not expressed a firm view oa 



train 


the marketing.question, butpq 
of its justification for demote 
ing the return - of. the, organs 
lion was the railways'neeiTffl 
‘a ..comprehensive , marked 
strategy; with" Fralghtltri^.^ 
its primary carrier, ttf. do^c;;| 
door consignments.- ‘ . - j ? i 

. It is ,also useful .tb remgajjg 
that over half .of Freightt^e^ 
'business - is related; to- 
container movements—jau-aitp; 
lion which presents- BriTts^-Bi 
with’.the.'challenge oflimpunaj^ 
• its long-neglected apprq&ehij 
export-traffic. The appointra^ 
at a European traffic manage 
at'the end Of last-year is 
in the .right:.direction, tat! qj 
onef believes that the. esastis 

rail-ferry'shijw. With aTnaxhtm 
capacity of 22 wagons, 
equipped .to--, compete- hi "a 
world of modern ro-rq:. /f^r 
The. ;Channel- Tunneiretoah 
BR’s best hope, albeit, a pretj 
remote one., at. present, ..of. 
major boost, for its Europea 
business. It, is. at teast encoUi^ 
Jog. thaiBR’s planoeii. bas^m 
accepted that it would ; ba,be$j 
to get .the tunnel-on the 
existing rail links. on tit js .Jit 
:of ' the . Channel;.'rather 
: demanding a.Brand ,new.Jyt£ 
speed .task.. * :.y& 

>; jIan Hargrave 



IN THE pa't ten years, the big- 
gesl single change in the rail¬ 
way freight business ha 4 been 
the uninterrupted swing away 
from wagon load movement? :n 
favour of moving consignments 
in whole trains. 

The logic of this strategy i 4 in¬ 
escapable. deriving as it U"e$ 
from BR's analysis of rhe con¬ 
tinuous flows of heavy materials 
which form the bulk yf its ton¬ 
nage from the coal and steel 
industries. A 27-wagnn tram 
set linking the British Steel 
works at Port Talbot and Llan- 
wern. for example, is capable of 
a payload of 2.025 iminvs— 
equivalent tn 63 of the heaviest 
lorries permitted on British 
roads. 

Even within the. Freightiiner 
business, which is relatively well 



adapted to deal with smaller and 
less regular traffic flows, the 
most profitable kind of business 
is in contracted out whole 
trains, such as those which {ink 
the deep sea Maritime Terminal 
at Southampton with the main 
rail network. 

This is secure business whicn 
carries only one major disadvan¬ 
tage: th 2 t almost all its over¬ 
heads are fixed and not easily 
reduced during time? of econ¬ 
omic recession when revenue 
from the coal and steel Indus¬ 
trie? falls. The only remedy is 
pricing at a level which would 
give BR margins large enough to 
carry it through the trade 
cycle and although the railways 
cannot escape blame for Pricing 
policies in the pan. they have a 
powerful argument in terms of 
the extent to which they have 
suffered from Government inter¬ 
ference in this respect. 

Bui the bulk train load part of 
ra 1 freight, in spite oi t'_s over¬ 
whelming importance in terms 
of onth vo> nc and revenue, 
attracts far less attention than 
the 20 per cent, of wagon-had 
operations. This is in part be¬ 
cause there is more to criticise 
in the later department and no 
doubt partly because it is to the 
wagonload business that be¬ 
lievers in rail Freight loll: for 
effective competition with the 
heavy lorry to turn back the 
trend w hich has given road haul¬ 
age alums! 70 per cent.-of L : .K. 
freight bu->ine$s by ton-mile. 

Within British Rail, there 
appears to be some difference 
of view about how wise it is to 
push this road-rail argument— 
an argument which is certainly 
in poor esteem with Govern¬ 
ment. But leaving aside the 
worn conflicts about the extent 
lo which rail and road freight 
compete on equal terms, it is 
lair to observe that the real 
extent of competition lies in the 
area of the 24 per cent, of U.K. 


freight carried by heavy lorries 
on trips greater than 100 miles. 

Because this 'is an area of 
such intense competition, keen 
pricing, speed and reliability 
are critical. Neither of these 
qualities is offered by the tra¬ 
ditional brakeless or vacnurn- 
braked wagon, which is limited - 
to speeds below 40 mph for the 
most part. 

BR now has two weapon's in 
its armoury for this business: 
ils 16.300 air-braked wagons and 
the Freightliners system now in 
the process of being transferred 
back to railways ownership., har¬ 
ing been controlled since 1969- 
by the National Freight Cor¬ 
poration. -v.. 

The air-brake network, .will 
comprise 50 daily (or in: most 
cases nightly) services by the 
end of this year with running 
speeds over 70 mph. At the 
end* of last year, the service 
received, after a good deal of 
agonising, a new name: Speed- 
link—a title not long before 
associated with an experimental 
idea for re-invigorating small- 
consignment traffic by a new 
unloading method at terminals. 

This earlier Speedlink was 
given short shrift by the Rail¬ 
ways Board on the grounds of 
cost, with preference going to 
the more cautious air-brake 
wagon network which has been 
able over the last couple of 
years (o prove each of its routes 
in turn and where a particular 
service has not been cost effec¬ 
tive to quickly withdraw it. 
Such attitudes represent a com¬ 
plete transformation from the 
old concept of the railway as 
the uncuftable. almost un¬ 
changeable national network of 
sen-ices—a theme which still 
hampers progress in Future 
planning for* rail express 
parcels. 

' At the end of 1977, Speedlink 
had picked up 2.3m. tons of 
business, of which BR estimates 


200.000 would otherwise "have 
gone to road-hauliers. It hopes 
the tonnage will be 4m. by the 
end of this year andSm. hy. 1982 
at which point ite contribution 
begins to look significant in 
more than merely psychological 
terms. By this time. Speedlink 
should have a fleet of almost 
5.000 wagons. . 

One obvious consideration! 
now that British Railis to 
re-possess Freightliners is . the 
avoidance of wasteful competi¬ 
tion between the two.' There is 
certainly a degree of overlap ‘in 
types of consignment—whisky 
for export, for instance, goes .by. 
both systems—and although; 
such competition is. not ‘ m-r- 
herently bad, it raises the. 
pressing question' df priorities 
within a strict capital spending 
allowance. Speed link's £67m_ 
capital programme over-six to 
seven years is £51m. more than 
Freightliners has received dur¬ 
ing its nine years with National 
Freight': " 


Ideal 


There is a body of opinion 
which argues that with 98 per 
cent, of rail freight originating 
in. private sidings and 93 per! 
cent terminating in private 
sidings, Speedlinh’s modern 
wagons of versatile design .pro¬ 
vide..-tlK ideal system for lorry¬ 
load' size consignments. The 
opopsite view is that Freight- 
liners'can do anything which 
Speedlink can do plus, being 
able, through its own heavy road 
haulage fleet and by using haul¬ 
age subcontractors, to provide 
colection and delivery from- 
those terminals.. The problem' 
with this argument .is that 
Freigbtliners can Vonly serve 
terminals which- possess 7 heavy 
lift cranes, which cost over £lm. 
each and thus immediately re¬ 
open the question of investment 
priorities:. 

The official British Rail view 


Containers meet 
problems 


! CONTAINERISATION is now 
! established world-wide, and has 
j passed through its honeymoon 
! period. The problems have be- 
I gun to multiply. 

Historically, the concept has 
5 been around since the 1930s. 
! when a U.K. Royal Commission 
on Transport commented that 
it was a matter of some surprise 
to ii« menthers that the advan¬ 
tages of containers had uot be¬ 
come obvious to shipper?. They 
were perhaps obvious, but the 

hardware was fat-king. 

The Americans were the first 
to take Lhe risk. In 1956 an 
• American trucking company 
began taking cargo by sea in 
containers between New York 
and Puerto Rico. After a nine- 
year gestation period, contain¬ 
erisation i-ame to the transatlan¬ 
tic trade when Malcolm 
McLean's ships carried con¬ 
tainers between New York and 
Europe. The container revolu¬ 
tion had hegun. 

The effects have been spec¬ 
tacular. as Londoners well know/. 
The complex of Thames docks 
which began at Tower Bridge 
and stretched for miles down¬ 
river—St. Catherine's. London 
Docks, the Royal Group, the 
East and West Indian docks— 
have either closed or are run¬ 
ning at a fraction of capacity. 


The high unemployment in rhe 
East End labour exchanges, and 
the industrial desolation along 
the riverside, owe much to the 
good idea of putting cargo into 
boxes. 

But now the problems are not 
merely caused by thst good idea 
—they are part of the trade 
itself. Naturally enough, these 
problems are inseparable from 
the general world-wide reces¬ 
sion, a recession which has been 
particularly hard on the ship¬ 
ping industry and continues to 
be. Equally naturally, the con¬ 
tainer world has displayed some 
twists of its own to worry the 
major shipping lines, whose 
investment in containers is now 
immense. 


Massive 


Containerisation offers enor¬ 
mous economies of scale and or 
time. It ; also calls for massive 
investment, both in the con¬ 
tainers themselves and in the 
infrastructure of the ports. 
Finally, container ships them! 
selves are multi-million pound 
investments — the recently- 
launched Ellerman Harrison 
Container Line's City of Durban 
came in at around £60m. 

So container vessels need the 
work—and there are increasing 
signs that they are not getting 

\ 

/ ■ 


it. The City of Durban, hr a 
good case in point- Launched 
last September ■ from the 
Bremen yard of A. G. Wesef, 
the 48.000-ton ship is one of 
the largest container -vessels 
ever built, and one or the'-xnost 
sophisticated! It is designed to 
ca try 20-ioqt containers, many 
of them ,refrigerated- "stared. ten 
across below decks: A computer 
monitors the Refrigeration, and 
maintains correct temperatures: 

But it'was built for. the U.K.- 
South African, trade (hence its 
size .and advanced refrigeration, 
equipment) and- that trade ■ is 
not what it was. . . 

Ten . years ago the South, 
African "Government ordered 

. V CONTINUED ON . 

NEXT PAGE. 


is that the two .-servicesti 
complementary'' with . Xntyjj 
{iners-having a crucial edge! 
overseas business, because o£\ 
ready-made connections' w! 
deep-sea container shippi: 
and possibly in. the future.. 
increasing, usefulness in trai 
European, container movemer 
..owing to-the-_tfghtening.restt 
(Sons on lorry movements with 
Europe! Speedlink, it says, 
able , to link centres of ituh 
trial production with fast, tin 
tabled trains which are af 
to operate smoothly and wi; 
out recourse to the hazards a 
delays-of marshalling yards I 
cause- of the efficiency of B1 
real-time -computer syste 
TOPS.. V' .'. 

" In-', addition to'. the ‘ FrefgJ 
liner and: siding to sidi" 
wagon-load traffic, British H 
also has a residue of wage 
load business for which 
offers.- m conjunction wi 
National Carriers. . collecti 
•arid delivery by road. , v." 

- In 1977, this involved L8i 
tonqes .of goods, maistfy ste 
products. It accounted for ■ 
per cent:: of the. traffic passti 
through road-connected depo 
Although* customers!!- airesti 
pay a comparatively-high %a 
for this, service, income is'st 
inadequate to. meet all. the. *' 
sod a ted ; costs, even “' usii 
wagons whose value is ful 
written down. So the policy 
.to gradually price up these st 
vices and to seek new busine 
only- where !k makes co: 
mercial sense—which probata 
means for hauls of at least 2 1 
miles. 

/ • The hulk of the door-to-do 
services are* of eburse, pare* 
and jp this department: Brtri 
Rail's intentions are kill f 
. from Clear.- Last - Jutie'f.-Trai 
port White Paper > sptriT 
rejected a co-ordmated^so, 

■to:Josses among 
owned parcel carrteis^kn 
'-the- lin e: that ft 
companies. Wnvoivei^LioS^fal 
pricing action arid -rfedupe cos 
jrfrorder fo get the badness 
into surplus. - .• - 

-National CamVra bias bei 
given some specialy.belp wi 
investment . : m the ’ Traits pa 
Bill, having broken even 
trading terms for-the first tin 
,in -its .hi story. Jtoii 

linfiE. anbther ^G KHnpiai^b 
retiirned io, rfftiffng;pri)fit-!l ' 
Ibises in. 1975.' Tbe:'ot^"~ 5 


."carrier. 

jeering a sucpTusV'^g: 
business 

Rail.has L 

priced alvead!pf'iU 
tag fn -a i oss <S0gL 

tmriness. r Rc£S|^ 

express servtee parce 

can - he. booked 
passenger ■ r ■; triuns.Vi-^Cbntinue 
however,: to bxjand; /hidicatii 
how very sbuffdiy based tii 
sector .is.--v.- ;v-;h '•' ■ 

So" firus vra^fhffP^veritmer 
strategy seems' on "co«« 

although the contimring overa 
losses.. oi 1 . rail;;jwtreels repaai 
one 0 f?the;majfr :; tfireats : tc t! 
ability !of British. Raino survii 
this -yeac..without .giants tome* 
losses ta:its\freigfc£ business. 

r : 



For professlonal halp on ytafitmaf ^ " 

haulage and ndrihata 
. contect Arfe.ur. J WaHELca; i ”?' r ; ; 

Operations Director/ ; ' --1; 


A power-force lit haufatje^ 

Transport giflat&f pf'-fttelraxid- •j|jP 

... '' ' • • ' !~f r -..'I!' 1 f-? m ?! 




m. 














I 


•-V'rr'T'.-V 









20 1978 

' FREIGHT AND TRANSPORT SYSTEMS IX 



m air cargo 


in it-”; 

ii li\m i 


SHOUT'the. world; tbe 
>f cargo carried by; air 
sing: rapidly. Statistics 
e International Civil 

Organisation show that 
rail volume of cargo 
. y. the world’s scheduled. 
n 1977 rose .by 7.6 per. 
8_4*a. ' tonnes, tile Yng- 
ual increase ’Seen this 
At fiie - same time all 
able Indices for freight 
X, covering.- - Britain, 
.European and U.S. 

and- international 
ind indiuflng the .acti> 
if / .the - independent’ 
-5 ‘ confirm that' activity 
dng. Ohe estimate sets. 
* in the UJK. alone at 
per cent a year. 
set against' the bom- 
r slow recovery of 
World economies from 
don that followed the 
; of late 1973, the 
. ppears to indicate that 
1 more shippers and 
irers are turning to 
>lane as a swift and 
t means of transport- 
goods. 

factors are contrihnt- 
is growth. One is un- 
the.realisation on the 
nany. airline manage- 
a period of slow pas- 
affic growth, that the 
r largely neglected 
; of the business can 
o yield better returns 
>re than one airline 
carried through the 
conoxnic situation of 
w years by this timely 
to cargo. 

.Dve 


factor has been the 
into service of an 
number of new wide- 
rcraft, such as the 
7F, which make ideal 
carriers. In addition, 
cargo handling tech- 
some of the world's 
ports have helped to 
he cargo flows. The 
rcraft in particular 
ed a demand for dif- 
oes of bigger contain¬ 
ed to fit their larger 
1 this in turn has 
stumnlate air freight, 
ger containers have 
irwaiders to consoli- 
r loads from a wider 
shippers, creating in 
• handling and speed- 
nts. 

, the freight side of 
scheduled air trans- 
try still has a long 
before cargo is likely 
large a contribution 
nes’ revenues as the 
side . already ' does, 
’eakthrough into the 
; use of air cargo faci- 
aot yet arrived. . 
to it, there will need 
ral parallel develop- 
he air freight biisi- 
- is undoubtedly a 
r acceptance on an 
al basis of pricing 
at offer inducements 
to change their ways 
; as much as their 
■thods of distributing 
y customers for air 


freight 6tHi: only use it on an 
ad'-bd'c basis’ when traditional 
meins, of-surface transpoTt aro 
blocked by strike»r-sueh as the 
U.S, ports strike of ..recent 
weeks.' Par fewer ' shippers 
actively -use air transport as 
their sole means nf distribution, 
gearing their. production rates 
to the faster turnover. that air 
transport can .provide,;'.. 

Encouraging the ad hbc users 
of air freight to abandon, atti¬ 
tudes, of .mind built up over a 
lifetime will not be easy,- but 
the fixture growth of air freight 
depends as much upon this land 
of education. - campaign iamong 
shippers ' as it does on .such 
matters as pricing.' 

Another factor is the.need to 
develop a much greater number 
of regularly scheduled' all¬ 
freight services than is the ease 
' to-day over a much wider, spec¬ 
trum of international destina¬ 
tions. On some routes, such as 
the North Atlantic, .some of the 
present altcargo Jumbo jet 
sendees do . wen, but there are 
probably many more routes that 
are less competitive, but more 
lucrative. waiting to be 
exploited by the airlines.' 

On the ground there is 
undoubtedly a need for many 
more automated cargo terminals 
at major airports, like those at 
Heathrow, Schipol, and Frank¬ 
furt..- There are still far too 
many airports where cargo'is 
still relegated to old. draughty 
-and remote sheds, with inade¬ 
quate customs facilities,' and 
often almost no facilities for 
even temporary storage of any 
kind.' 

It is significant that this lack 
of adequate facilities is' fre¬ 
quently to .be found in the coun¬ 
tries of the Third World, where 
maximum benefit, could ‘ be 
derived from a substantial 
increase in the use of air cargo. 
But it is not difficult even in 
Western Europe to find cargo 
facilities at some airports that 
match the primitive arrange¬ 
ments found in the less deve¬ 
loped world. ■ 

A more liberal and under¬ 
standing attitude on the part of 
many governments would also 
do much to help.. It is still 
possible to find some countries 
where the- customs formalities 
axe 1 handled-almost as though 
the incoming cargo aircraft and 
its.crew were trying to.perpe¬ 
trate- a crime rather.'than 
stimulate. ..valuable business 
activity. -Even- where more 
enlightened attitudes exist, the 
documentation that is required/ 
is tedious and time-consuming, 
and .frequently unepmputerised, 
requiring considerable physical 
effort in preparation. 

These are some of the extreme 
elements in the world air' trans¬ 
port system that are mitigating 
against the development of air 
cargo, but' they are sufficient to 
slow the prospective growth rate 
unnecessarily. A concerted 
attack by the air transport 
industry, cm-these, problems, 
with the assistance of those 
more enlightened governments 
of the West who can see the 
value of . such a development. 


might work wonders. As it is, 
however, it seems that cargo 
will continue to develop piece¬ 
meal, gaining- strength and 
importance gradually, rather 
than achieving the swift and 
revolutionary breakthrough that 
many believe to be posable. 

- One breakthrough in file 
cargo rating structure which 
may go a long way towards 
boosting cargo development is 
the re-introduction by British 
Airways earlier this year of its 
low-priced contract-rates struc¬ 
ture—a modified, version of the 
scheme which ran for the first 
six months of 1977. Earlier 
opposition to file scheme by 
U.S. airlines and the U.S. 
Government forced British Air¬ 
ways to suspend the new pricing 
policy last June, after it had 
boosted business by 30 per 
cent But by modifying the 
scheme, and submitting it to 
Presid en t Carter, the a i rLi ne 
won his acceptance of it. and 
the over-ruling of the U.S. Civil 
Aeronautics Board’s objections 
—after some of the major U.S. 
operators, such as Pan Ameri¬ 
can. Trans World and Sea¬ 
board produced their own low- 
price competitive proposals. 

The BA scheme offers signifi¬ 
cant reductions in rates to 
agents who are prepared to 
contract for a minimum ship¬ 
ment of 800 tonnes of cargo a 
year. Under the scheme, the 
cheap contract rates are 40p a 


fcilo for containerised freight 
from London, Glasgow and 
Manchester to New York, with 
a 5p discount for off-peak ship¬ 
ments between 1800 hours on 
Sundays and 1400 hours on 
Tuesdays. Cheap contract rates 
are also available to Boston, 
Chicago, Detroit, Miami, Phila¬ 
delphia and Washington. The 
rates are available on BA only 
from Britain to the U.S., and 
not vice-versa. 


Contracts 


The airline said it bad 
devised the idea originally to 
stimulate trade between the 
two countries, and to turn un¬ 
used transatlantic cargo capa¬ 
city to good use. The majority 
of the U.K.-based freight for¬ 
warders, including some of the 
biggest in the business, have 
already signed contracts with 
BA, and the airline expects 
further deals to be signed soon. 
The airline is hopeful that 
once the success of the contract- 
rates scheme has - proved its 
value on the North Atlantic, it 
will spread to many other parts 
of the world. 

In addition to the scheduled 
airlines, which carry an 
immense amount of cargo in con¬ 
tainers In the holds of regularly 
scheduled passenger airliners as 
well as in their own all-cargo 
aircraft, a large volume of 
freight to and from Britain is 
Africa. By last year file fleet had 


carried by tbe independent all¬ 
cargo operators, of whom the 
three largest are IAS Cargo Air¬ 
lines, Tradewinds and Trans- 
meridian. 

Of these, the largest is IAS 
Cargo Airlines, founded by Mr. 
Alan Stocks in 1966. which now 
carries over 50,000 tonnes of 
cargo a year. From a turnover 
of £215,000 in 19T0-71, and only 
one Britannia aircraft. IAS has 

expanded rapidly and for 1977- 
1978 anticipates a turnover of 
over £32m. and a pre-tax profit 
of £lm. Its current fleet includes 
4 DC-8 freighter jets, three Boe¬ 
ing 707s. two Britannias, one 
CL-44, and a Hercules freighter. 

Tradewinds. founded in 1963, 
has also developed rapidly in 
recent years, and now has a fleet 
of two Boeing 707s, four turbo¬ 
prop CL-44s and a Bell Jet 
Ranger helicopter. Although still 
handling some single-entity 
work on specific contracts, the 
emphasis at Tradewinds is on 
split charter work to the Middle 
East, and to West and Central 
African markets. Earlier this 
year, it was announced rhnt lie 
Lnnrho group was planning to 
acquire Tradewinds. New routes 
include a proposed l.K-Latin 
American service and an exten¬ 
sion into Far Eastern markets. 

Transmeridian was founded 
by Mr. T. D. (Mike) Keegan over 
16 years ago, and also specialised 
in long-haul cargo work to the 
Middle East. Far East and 


grown to eigh t swing-tail 
CL44s. and in 1977 the Trans- 
meridian group moved into jets, 
with the introduction of two 
DC-8 freighters. 

In mid-1977, it was announced 
that Cunard Steamship Com¬ 
pany, a subsidiary of Trafalgar 
House, bad acquired the entire 
issued share capital of the Trans¬ 
meridian Group for £3.37m. At 
that time it was stated that a 
pre-tax profit of £lm. for the 
Transmeridian group for the 
year was anticipated. Trafalgar 
House said the deal would com¬ 
plement Cunard’s existing sea 
cargo operations at a time when 
the world-wide volume of cargo 
being carried by air was rising 
rapidly. __ 

Earlier this year the U.K 
Civil Aviation Authority' an¬ 
nounced new regulations For air 
cargo carried by aircraft 
operated by British airlines, de¬ 
signed primarily to make life a 
little easier for the independent 
operators. Just how these new 
regulations will work out in 
practice remains to be seen, hut 
they appear to be a step 
Towards that even greater 
liberalisation which tbe air 
freight market needs world-wide 
iF it is really to achieve the 
breakthrough nearly everyone 
engaged in this section of the 
air transport industry believes 
to be ultimately achievable. 

Michael Donne 

Aerospace Correspondent 


Containers 


CONTINUED PROM PREVIOUS PAGE 


report on the future pattern of 
its sea trade. The report, pub¬ 
lished two years later, said that 
the trade should be con¬ 
tainerised with all possible 
speed. There was a long pause 
while the expense of the move 
was considered. Then, in 1974, 
the South African Government 
and the Europe-South Africa 
Conference, the regulatory 
agency which establishes freight 
rates for the route, signed an 
agreement to go container by 
1978. 

But the intervening period 
has not been kind to the plan¬ 
ners. The 5m. tonnes of trade 
in 1974 has not gone up to 6m. 
or 7m. as bad been forecast 
Instead, it is expected to slump 
to around 3m. by the end of 
this year. The nine ships com¬ 
missioned by the conference 
lines—of. which the City of 
Durban was the first—repre¬ 
sented over-capacity. 

A lucky accident has re¬ 
duced that number to eight— 
but on the present estimated 
tonnage it is still too many. 
As the lines replace the 80-odd 
conventional- cargo ships which 
presently ply the trade, they 
will find competition for orders 
increasingly rough. 

Commenting on the state of 
trade-in bis speech at the City 
of Durban’s launch, EUerman- 
Harrison’s chairman, Mr. D. F. 
Martinjenidns said: “There is 
no doubt . . . that since we 


placed the order there has 
been, for political reasons, a 
considerable falling-off in the 
normal level of trade between 
Britain, Europe and South 
Africa. 1 believe this will be 
of short duration only, and that 
the basic strengths of South 
Africa in natural resources, so 
many of which are badly needed 
by the developing world, are 
bound to move in increasing 
quantities during tbe lifetime of 
the City of Durban. 

Mr. Martin-Jenkins* speech 
was an optimistic gloss upon 
the situation. Tbe “political 
reasons” which have caused a 
fall in the trade have, if any¬ 
thing, become more urgent, and 
look tike continuing to do so. 

A second major worry for the 
established container lines is 
the rapidly increasing strength 
of the Soviet Union in con¬ 
tainer transport A $27m. plant 
for the manufacturer of con¬ 
tainers In Abakan, Siberia, sup¬ 
plied by the Japanese firm of 
Kawasaki, is now nearly com¬ 
plete. The plant will have an 
annual capacity of around 
40,000 units, and will 
make the Soviet Union self- 
sufficient once it comes on 
stream later this year. Last 
year the USSR's first container 
plant at Odessa was opened, 
with a capacity of 5,000 units 
a year. 

Already Soviet shipping 
prices axe often considerably 
beneath those offered by other 


container lines, not only in the 
Far East but also on the trans¬ 
atlantic routes. The shipping 
prices are complemented by 
similarly low prices being 
offered on the Trans-Siberian 
railway. 

This rapid plunge into the 
market by the Soviet Union 
has, ironically, threatened the 
growing predominance in the 
supply of containers by Japan 
itself. The Japanese container 
manufacturers see fee Abakan 
plant as a threat not just to 
their own exports to the Soviet 
Union, but also to their other 
large export markets in Singa¬ 
pore, Hong Kong and Nigeria. 


Antidote 


The Middle East over the past 
few years has provided some¬ 
thing of an antidote to fee 
general gloom. Container trade 
there has gone through an 
entirely untypical boom—now 
beginning to taper off—and 
Cunard Steam Ships has 
invested around £25m. in its 
aptiy-named CAMEL line— 
Cunard Arabian Middle East 
Line. The £25m. investment 
will be spent on building up a 
new Arab road haulage opera¬ 
tion linked to an expanded 
container shipping service to 
Saudi Arabia. 

Elsewhere, and less spectacu¬ 
larly, investment in containeri¬ 
sation still proceeds. At Felix¬ 


stowe. capacity is being 
expanded by 60 per cenL, with 
the aid of £2m. investment. The 
port’s throughput has increased 
steadily from 1967, when con¬ 
tainer facilities were first 
installed: tbe present capacity 
is just under 250,000 TEU (20- 
ton equivalent units, the 
standard small container size) 
per year. By 19S1, the port 
hopes t o be handling around 
350,000 TEU annually. South¬ 
ampton, too, which will handle 
fee South African container 
trade, has been substantially 
re-equipped. 

However, UK. ports stjH lag 
in the world containerisation 
league. The latest figures (for 
1976), published by Containeri¬ 
sation International, shows the 
top four ports wife over 1m. 
TEU annually to be New York 
(1,720,000), Kobe (1,245.491). 
Rotterdam (1,224,725) and 
Hong Kong (1,029,059). 

London comes in 19th place 
with 317,148, while South¬ 
ampton stands at 254.0/«. 
Felixstowe at 235,084 and 
Harwich at 151,744. In Europe, 
the largest TEU growth last 
year was achieved by be Havre, 
Hamburg and Leghorn. 

A final note of perspective; it 
should be remembered that 
containerisation still has a long 
way to go. Around 90. per cent 
of tonnage is still carried by 
fee conventional cargo ships. 

John Lloyd 


21 


transporting granular 
dr powdered materials. 



One trip Lofift and Safex 
cargo slings 
Load and pre-sling bagged 
cargoes quickly and 
efficiently. 

Locking action of the 
slings overcomes 
problems of re¬ 
assembly. Load 
unitisedforthe 
duration 
of its journey. 


Lolift flexible semi-bulk 
containers. 

Sizes range from the 1 cubic 
metre bag, capable of 
carrying 1 tonne, upwards. 
Easy to fill, stack and 
discharge. 

I mmensly strong outer wall. 
Four lifting loops make 
handling by fork lift truck 
or crane simple. 



r. 


To: Captain P. Dymond, 'W r Ribbons Limited, 

12 Commerce Way# Pur ley Way, 

Croydon CR94HH.Tel: 01-68S 6032 
I have transporting problem. Please send me full details 
of your range of cargo slings and semi-bulk containers. 
name _ 


COMPANY .1 




ADDRESS- 


'W' Ribbons Limited 


Exports get going 
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going — fast. 

In Europe, MAT serves 35 towns and cities with regular 
departures from the UK and on-the-spot supervision by 
MAT-owned companies. Groupage, part-load and full-load 
facilities are available, using 12 metre trailers and 20, 30 or 
40 - foot containers. 

MATs Middle-East and North African schedules provide 
regular departures for groupage or full-load services. 
Specialised equipment for these routes includes 12-metre 
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large co ntra ct s we regularly charter ships — one popular route 
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The MAT Group backs up these popular export services by 
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Telephone or telex for full information and advice. 

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For Europe 

Telephone: 01-247 6500 Telex: 886384 and 883225 

For Middle-East and North Africa 
Telephone; 01-278 4353 Telex: 269478 


i J 


k l 


international' international 




Britain's 



A programme of sound commercial investment is 
essential to keep Britain’s ports competitive and 
profitable. That’s why the British Transport Docks Board 
is investing milli ons of pounds every year in its ports to 
help Britain’s overseas trade. Much of this money will 
be spent on specialised new berths-like the one just 
completed at Southampton for the United Kingdom- 
South Africa container trade. The rest is being 
used for improving facilities and installing 
new equipment in South Wales, on the 
Huxnbez; and at other Docks Board ports, 
hi a highly competitive market, the 
Docks Board has succeeded in 
increasing its share of trade, and 
ic today its nineteen ports handle 

-fc SMI CcOaga 


■ Deds tan! Pdrti 


one quarter of Britain’s seaborne traffic. At the 
same time the Board is generating the cash flow 
necessary to finance its investment progr amm e 
from its own operations, without recourse to 
borrowing. Over the last few years the Board has 
steadily increased its profitability, achieving a 
return on capital ofl5.5 per cent in 1976. 

British Transport 
Docks Board 

•profitably serving the nation’ 

Melbury House, Melbuiy Terrace, London NW1 6JY 
'telephone; 01-486 6621 Telex; 23913 



















22 






ute'.it. 


1 707 freighter at Houston Interca 
[need a weekly Texacdrgo service 


Airways Boeii 
recently intri 


London and Houston, Texas. 


be a decliu- total—and ,in _Ntfrftr Ahh 
B ritain and which accounts for a fir 
The -French, quarter' of: .the wprid totals 
[id Japanese in every other eputiheotn 


be talk* from Western Europe and S$S 
he grow- America, rail still-carriesjtj$ 
pport. of freight than road transport^ 
t in the - Nonetheless, rati remains? 
trays , are major international freight'^ 
. rier betweh .cotihdies' wiih'fie 
HJfls the tiguous land .frontiers, 
gbt, in in Western Europe and- Em 
oved. by America (where a; new. 


ment Has' recently been 
to. simplify crossfrontier-ri 
freight procedures). In M 
France and West Germany, 'f 
example,- more interna tioa 
freight traffic goes by. rail tin 
by either inland waterway 


THE PATTERN of changes in 
technology to cope with the 
airlines’ growing air freight 
activities is revealed dramati¬ 
cally in current plans from 
British airlines. 

The plans may not have an 
immediate impact on the in¬ 
dustries serving the world air¬ 
lines,. as much of the Tech¬ 
nology required for growth 
.already exists. Instead.the ex¬ 
pansion is likely to be handled 
through growing numbers of 

existing aircraft pallets, trucks 
and increasing attention in 
modifications in older aircraft. 
More computer equipment, how¬ 
ever. is on the way. 

Centrepiece of British Cale¬ 
donian's £lm. cargo equipment 
programme, announced last 
autumn, is a £250.000 semi¬ 
automatic mechanical handling 
system which will be fully opera¬ 
tional by this autumn. The 
system will handle freight 
through specialised storage and 
transport equipment. The 
equipment will be used to equip 
the new cargo centre under 
construction by the British Air¬ 
ports Authority at Gatwick. and 
able to handle 150.000 tonnes 
of cargo each year. The system 
enuid be expanded t<i handle 
500.000 tonnes and next year is 
expected to have a capacity of 
200.000 tonnes. 

The British Caledonian 
system wil! provide a means of 
moving all cargo, including 
igloos, pallets and containers in 
and out of B.Cal's new freight 


facility, with a minimum of man¬ 
handling. The system has been 
designed «nd produced by 
Masters Air Cargo. 

In the case of British Air¬ 
ways. the airline is entering a 
period of major change, when 
the long-awaited rationalisation 
of its long-haul and short-haul 
operations may be accomplished 
using new and as yet un-named 
aircraft. The future of the air¬ 
line's cargo operations, and the 
rate at which it can be ex¬ 
panded. depends to a large ex¬ 
tern on the outcome of these 
deliberations about new air¬ 
craft. 


Crucial 


Allied to these future multi¬ 
million pound purchases of new 
aircraft is the much more con¬ 
crete decision for complete com¬ 
puterisation of British Airways’ 
cargo operations by the early 
1980s. This scheme, known as 
BASfl. will have a crucial impact 
on the profitability and effi¬ 
ciency of cargo operations. 

Other airlines are known to 
he working on similar projects, 
designed to simplify cargo 
handling paper work, and in 
some cases to eliminate much of 
it all together. In most cases of 
airlines operating out of 
London's Heathrow airport, the 
move to a more comprehensive 
computer-based cargo handling 
system will be linked with 
changes in Customs clearance 


procedure. Her Majesty’s 
Customs and Excise is planning 
a central computer for all cargo 
into and out of Heathrow, This 
is the HMCSG computer project, 
also destined to go into full 
operation in the 1980s. 

This computer, the British 
Airways BAflO system and the 
other airlines’ equivalents will 
interface with the ACPS0 
* switch ' junction. The com- 
pleied systems have been 
necessitated by the forthcoming 
withdrawal of the National Data 
Processing Centre's LACE com¬ 
puter at Harniondsworth used 
for processing customs clearance 
for imports arriving by air. This 
i* now used by all airlines 
operating into Heathrow Airport 
—London. 

For exports. British Airways 
now uses its BACCHUS compu¬ 
ter at the Heathrow cargo 
centre. The computer's func¬ 
tion of matching consignments 
to available space on board air¬ 
craft will also be transferred to 
the BAS0 central computer. 

There is no doubt that these 
computers will be designed 
from the outset to handle a 
vastly greater volume of inter¬ 
national air cargo expected in 
the 19S0s. 

An idea of the expected in¬ 
creases may be given from 
figures published by the Inter¬ 
national Air Transport Autho¬ 
rity. Over the period 1976-1981. 
the growth in world air cargo 
is expected to increase by an 


average of 11.6 per cent., a 
higher rate of growth than for 
airline passengers. 

Thy most rapid growth is 
likely to be in the trade between 
Europe and the South Pacific 
regions, while there will prob¬ 
ably be a continued healthy 
performance in trade between 
Europe and central and 
soutl:era Africa. 

Forecast 

Moderate growth rates may 
be expected on the routes 
across the North Atlantic, with 
an average annua] increase of 
8.7 per cent, forecast. A 
slightly higher rate of growth 
is expected in eastboumi trade 
from the U.S. 

In terms of tonnage. Europe 
dominated by West Africa — 
was Britain’s biggest air cargo 
export customer, with 8.000 
tonnes per month fiov.n out. 
Next was the African market, 
dominated by West Africa — a 
total of 5.300 tonnes a mouth 
were exported on average last 
year. Approximately 4.400 
tonnes a month went to the 
Middle Easr from Britain, mak¬ 
ing it the third most important 
air cargo market, followed by 
the U.S. which received 3.300 
tonnes a month. The Far East 
received 1.400 tonnes a month 
and Canada and Australia each 
took below 1.400 tonnes. 

To cope with this current and 
anticipated demand. British 
Airways is investing steadily in 


ground equipment. Plans al¬ 
ready announced call for the 
spending of £90.000 over the 
next year, on 99 new complete 
igloo-shaped type 149 cargo 
packages. These are shaped to 
fit snugly inside the fuselage 
profile oF a modern jet trans¬ 
port. 

With no immediate plans to 
invest in cargo-only aircraft, 
mosi of the other capital spend¬ 
ing will be devoted to ancillary* 
freight handling equipment or 
on modifying existing Boeing 
707 aircraft to accept a greater 
proportion of freight. Work on 
these is already under way. but 
involves no new technology. 

The uncertainties within BA 
and other airlines over tbeir- 
pressing needs for replace¬ 
ment aircraft for an introduc¬ 
tion into service in the middle 
to late 1980s has to an extent 
hindered long-term planning. 
The airline would like to take 
a closer look at a purpose- 
designed combined freight/pas¬ 
senger aircraft. But a decisiou 
on this must await the other 
and more urgent problem of 
finalising a decision on its new 
passenger aircraft fleet. 

Ideally the airline would like 
to go ahead with the purchase 
of derivatives of the British 
Aerospace BAC 1-11. the Boeing 
727. or the latest Douglas DC-9 
in response to its most immedi¬ 
ate need. In the medium-term it 
firmly believes it will purchase 


A British Caledonian 
Airport . The airline 


a wide-bodied aircraft, possibly , 
from a European consortium,' 
for use on short-haul European 
routes. ' • ■ 

The choice of a wide-bodifed 
aircraft on the short-haul flights 
to Europe in place of the exist¬ 
ing narrow-bodied Tridents will 
open up even further the field 
ot air cargo equipment. -Most 
of this will be conventional* 
igloo pattern “ universal load¬ 
ing devices.” but wall provide 
valued work for the equipment 
makers into the I9S0s. '* 

L.McE 


The 


For the best Trailers 


Crane Froehauf Trailers Limited, 
Marketing Services Department, Toftwood 
Dereham, Norfolk. 

Tel: 0362-3331 Telex 97251 


For the best demountable 
systems 

Crane Fruehauf Rigids Limited 


Bentalls, Basildon. Essex. 

Tel: 0268-3151 Telex: 995138 


RAILWAYS MAY 
jng industry in 
North America. 

West German 
Governments may ail¬ 
ing of cutting back on the grow¬ 
ing bill for financial support, of 
their rail systems. But in the 
world as a whole railways. are 
it boom business. 

In the 1950s .and 1960s the 
total volume of ,' freight, in 
terms of ton-miles.'.moved. by 
the world’s railways- grew by 
about 4-5 per cent a year, a 
rate which means' that the total 
business being done doubled 
within 20 years.: The rate of 
increase may - have fallen in 
Western Europe and North 
America in the hist few years 
of recession. But elsewhere—in 
Asia, the Soviet Union, Africa, 
the Middle East,- and parts of 
Latin America—freight r traffic 
has continued to grow, X 

It is a business,, too. in which 
large sums are being invested 
In many parts of the world.. 
According * to estimates cord- 
piled by the International Rail¬ 
way Journal around ^U.SBbn. 
is likely to be spent.>n new 
■track or .equipment this year-hy 
48 of the world’s railway 
administrations;:and this ^figure 
does not take into account the 
sums which will be invested by 
some of the biggest. railway 
systems such as -. those in the 
U.S. nd the USSR. 

Of this sum, about $U.S.0.6bn. 
will be going on mew freight 
cars and some $U.S.3bn. will be 
spent on new or improved track, 
signalling, - and - electrification 
schemes. In. Latin: America, the 
Middle East, parts :of Asia and 
Eastern Europe new routes, are 
being laid specifically to carry 
freight. In the; developing 
countries .railways ire. seen as 
having a major role to play in 
the., creation of a new ' or 
stronger industrial base. Road 
based.* .freight distribution sys¬ 
tems are being improved too. 
But where the distances are 
long, the loads to be carried are 
heavy, and the flows of traffic 
are likely to be substantial, then 
there .is a place for rallwav con¬ 
struction and modern isation. 7 : 


majc 
rier 
tiguous 
in 

ment 
to 


by 

road. 


by. rail tja 
waterway- 


Longer 


In the industrialised coun¬ 
tries. where railways were 
established a century or more 
ago.. money is being spent" ip 
improve freight handling 
systems. In the U.S. and 
the - USSR where- ■ distances 
are long, in West Germany and 
France where average rail hauls 
are a good deal longer than in 
this country and where a very 
high proportion of rail traffic 
moves to or from (ot both) 
private rail sidings, and'in simi¬ 
lar circumstances elsewhere, the 
advantages of rail in. moving 
thick regular flows of; traffic 
come into their own. Improve¬ 
ments in track, signallingi roll¬ 
ing stock, and motive power and' 
the adoption of automatic data 
processing techniques for con¬ 
trolling freight and freight 
wagon movement—-such % as 
TOPS; in Britain and GCTJjff in 
France—are raisi vi the ^peed 
and reliability of full train load 
traffic . and "are. helping . to 
rationalise what in Britain is 
called wagon 'load traffic. 

As one . ’. would- • expect, 

geography sees that rail freight 
is . more dominant in inland 
transport than ini .International 
freight movement. ; But- it is a 
much - more dominant Inland 
carrier in the . world at large 
*han.' :might.' be generally 
assumed-in Britain where rail’s 
share of'the market , has been 
falling.- steadily- over the years. 
According, to a recent study.-by: 
the Transport and ' Road 
Research Laboratory, probably' 
about 70 per. cent . or'ij 
inland- freight, -movements—as 
measured In totmUes^m: the 
world is by ■ rail.. -Th&^gure 
may be boosted, "by the : very, 
large quantities of freight which 
are moved by rail uTthe USSR 
—sotne 8,790m. .ton-kilnmetTesa 
year dr about half the^.world 


The containerisation of. t 
world's main dry cargo rout 
in the . last ten years has'kj 
given rail freight systems' 
major rple. In Britain, 
ample, maritime container ftj 
fic : has been the saving; of t 
Freightlinerconcept. Of the 9 
tonnes i year of container** 
caigOxFreigh.tliners is no w eat¬ 
ing. something like two-thfc 
stems from the maritime Ci 
tainer:trade- On the Contina 
container traffic is also a raaj 
rail, business, and ihcreasinj 
so, Tn France, for -examp, 
special container services^ 
•run between Le Havre an&Bfe 
settles,.the.two major- powtafe* 
ports, and the prmdpalVejs 
bmic _centres: in -the v .count! 
Similarly, they run.from Roth 
dam and Antwerp - to7-des£h 
Qons in the Low Countries. (2 
many, Switzeria □ d,'. and Italy. 

-The services, offered tiy’-.S 
cross-Chanaef. traih, fernesfa 
also being much improved. 
years while the Channel Tunii 
prpject remainM aiive rBrift: 
Bail concentrated upoadevefci 
xng- its Harwich-Zeebriigge ,co 
tainor ship service, "A h 
tunnel across tp the..Cobtine 
would have - , transformed j-t 
. freight services rail could affi 
but this prospect has now, tfB 
disappeared (ft* the time.b£fl 
atfeast). Meanwhile, -theqp^ 

.ihg”o£the.'-new'ferry terriia 
at GrayeJiaes. to the w tisf* 
Dunkirk, has shortehSd-.ye 
=• crossing from'.- Dover- 
hours, which al lows - 
fcD ' ^ ..jnade “.each / da^j.^ 
■capacily available' here and-* 

the Harwich-Zeebrng^tuhjp 
be small compared 
roll-on roN-off alternative, B 
there is space to spaa^and qw 
could he provided. .' 

Further afield, more '.at 
posstbi lities are being: open 
up! One of-the mere-spectaqul 
hasr been, the Siberian: 
bridge ” to;;Japan. Since!.!# 
early 1970&ti^roHtehasrbfli 
up lts' shiM ’ .nf•'Japiai-Earo. , 
freight nmvements'to^’^o^t:! 
per. cent. ^Nbw i 

pantfes; 

ment witlt the -Russians:?? 
supervise thB~aasem bfy : 6frS i 
equipmen t: they'ha^fe 
for . what will 
largest confainer 
plant.' "ThV 

plant—some 4O,0OO umts AjfU, 
—togeiher-with; 

a year .bsing i)rp&ired'j«; 
another plaint campict&SM-^ 

year by -the West-Geniia^^ 

turh Russia rrorn-Ia 
to.a net exporter 
■These .containers are-'eaj^rtf 
to be compatible w3Qii' ' E . 
standards. -' -117-' i ^ v 

Other' agreemenfe fhitte. 
made or. are being 'disossi 
with Japanese-, companies^ 
equipping of new ccmtaipef^h 
minals-and the operation- '' 
.container, ;^tqss 

■Siberiam.... route.-,v: .Gjvwf- 
BuKian. ;jjracticep=of; ..qwtff 

tran^ori: aaus^rthe^U^K^ 
Sib€rian':Iand"t5ri^^ tiSsa. 

pettiiye'.-.forpe 


- - ---■.V-V • :-Zr-?$=/riS c. . . V. 

. i : Y-% 


raaadal limes Monday Fetonmy 20 1978 


FREIGHT AND TRANSPORT SYSTEMS X 








23 





***** \ M f « 

5 ^ rr< 

; $H VOTERS '; may _ *>e 
lagSI? \i for •- having, a. good 
^faen. tJiej-swiCch^orr their 

Has nn>miig and -hear’ 
: . ie ^campaign for the 

• ■ ESection on Maxch"l2 

officially; opened tihdayl 
_ ether Site blowing the 

'■ for the start of extra 

a seemingly endless 
tg&tffiuriag which both sides 
^SsEf/t.-:more. ■fffiort into kick-' 
-jg^gg r..team^nates and put- 
^■gg^^'tiaS-.intn their own net; 
i >|^^ | K^^ ga t *og- the opposition. • •, 

gE^^^or^thah- two; yfears now, 
;.T^ench ,:people: 
^ ,,i i a^W , ; iHvrf^chjed this strahge spec-« 
"•uaS^^jiQj -" growing‘ 1 fnltitioir- 
^wilderment^ while- ^on- 
To J>e fascinated by the ■ 
antics of the players, 
times, the public has 
symptoms of severe 
'indigestion, its interest, 
lys been revived in the 
. the knowledge that the 
^ [ ling election could well 

| r 4 • a turning-point In 
I \ , post-war history. 

1 stakes are much higher 
a British General Elec-; 
i spite of all their 
j 1 lifferences, the British 

I ■ ^ c itive and Labour parties 
I I * 1* ,> wedded to a mixed 

*■ V / 1 aQ d Preservation 
f e free enterprise sector, 
re, however, the voters 
d with a fundamental 
between a basically 
.’apitaiist society and a 
system in which the 
uld play a much greater 
□ under any existing 
mo era tic regime in 
Though the Socialists 
raunists are still deeply 
ever many aspects of 
amon programme, they 
agree on the principle 
country's nine major 

1 groups and the whole 
and financial sector 

2 nationalised, 
eryone's surprise, the 
neats between the 


<4al Tinjes. Monday February 20 1978 

r««_ 











.By ROBERT MAUTHNER, Paris Correspondent 


three parties of:the Left which 
led to the dramatic breakdown 
of tire negotiations on'the re¬ 
vision "o’f their 1972 programme 
last • September ’ only briefly 
affected- their support, in the 
country. T3us lias been grow- 
uig steadily smeff .the presi¬ 
dential election in M74, when 
M. Giscard dEstaixig .narrowly 
defeated, : 2C. . Francois - Mitter¬ 
rand. the Socialist leader and 
joint, candidate of the- Left,, by 
only, slightly more than i. per¬ 
centage point . 

v.if «an only be assumed that 
aftfer’ 20 years of conservative 
rule, the.’swing of the. political 



pendulum has been so • funda¬ 
mental that Left-wing voting in¬ 
tentions have become ’ much 
more firmly rooted. Clearly, 
too, the 'frequent and virulent 
quarrels between the GauUists 
and the other government coali¬ 
tion parties were not calculated 
to woo away even very discon¬ 
tented supporters of the Left 

Whatever the reasons, the 
latest French Institute of Pub¬ 
lic Opinion poll indicates that 
theLef t now stands a very good 
chance of winning the election 
if it can master its self-destruc¬ 
tive proclivities. Some 52 per 
cent of the electorate cnrrently 
intends to vote for the. three 
parties of the Left in' the first 
round, compared with only 44 
per cent, for the ' combined 
government parties—the Gaul- 
list RPR, the GiscarA'an Parti 
Republicatn and . - diverse 
Centrist groups. 

Yet, because of the complica¬ 
tions of the two-round voting 
system in France and the un¬ 


predictable behaviour of the 
Communist party, the Left could 
still throw away the victary 
which is now within its grasp. 

The French voting system has 
been tailored to fit the Gallic 
temperament People can vote 
with their - hearts in the first 
round, knowing that the results 
wifi not be final and that they 
can change their minds In the 
run-off a week later if they feel 
they have been too boisterous 
for the good of the country. 

In theory, any candidates who 
have stood in the first ballot and 
who have obtained at least 12.5 
per cent .of the registered vote, 
can run again in the second 
round. But in practice, the two 
main apposing camps have in 
most cases closed their internal 
ranks and have made arrange¬ 
ments under which candidates 
stand down in favour of their 
leading allies. Thus, the second 
round has in the recent past 
turned into a straight duel 
between the Right and the Left 
in the majority of consti¬ 
tuencies. 

This “ Republican discipline.*’ 
as it Is called in France, will 
be respected by all the Govern¬ 
ment parties who. in spite of 
all their disagreements, have 
realised that their only .salva¬ 
tion lies in unity before the vital 
run-off takes place. The hig 
question mark hanging over the 
election is whether the parties 
of the LeFt will be able to con¬ 
clude a similar electoral pact 

HI. Mitterrand has already 
given a firm unilateral under¬ 
taking that his party's candi¬ 
dates will withdraw in all con¬ 
stituencies in which the Com¬ 
munists emerge as the leading 
flag-bearers of the Left in the 
first round. But M. Georges 
Marchais, who is currently 
entertaining the country with 
one of the most breath-taking 
tight-rope acts of his long. 


acmbatic career, has posed so 
many conditions for bis co¬ 
operation with the Socialists and 
Left-wing Radicals, that the 
final outcome of the election 
still remains in doubt. 

It is not ton much to say th3t 
M. Marchais has suspended a 
sword of Damocles over the 
election and the future of the 
country- The public opinion 
polls are an eloquent illustra¬ 
tion nf how the Communists' 
attitude can influence the out¬ 
come. According to tlie same 
1FOP poll quoted earlier, the 
parties of the erstwhile Union 
of the Left will win 253 parlia¬ 
mentary seats against the 
government coalition’s 220 if 
there is a single candidate of 
the Left in the second round. 
This would give them an 
absolute majority of some seven 
seats in the 491-member 
National Assembly and perhaps 
a little more if extreme Left- 
wing members are included. 

But if the Gnmmunists do not 
withdraw in favour of leading 
Socialist candidates in the 
second round, the result would 
be completely reversed, with the 
government parties winning 201 
seats and the Left only 212. 
Because of the impossibility of 
calculating accurately the way 
people will switch their votes in 
the run-off, the findings nf this 
poll are necessarily subject to 
a great deal of caution. They 
do. however, give a general 
indication of the Communists’ 
capacity to swing the election. 

The reasons for M. Marchais’s 
attitude. which remained 
shrouded in mystery at the time 
of the breakdown of the negotia¬ 
tions on the updating of the 
common programme of the Left, 
have become clearer with the 
passing of time. The original 
theory, that he engineered the 
collapse of the Union of the 
Left under pressure from 


Moscow. because of the 
Kremlin's distaste for Euro¬ 
communism anti its purported 
preference for dealing with 
Right-wing governments in 
France which have always put a 
premium on good relations with 
the Soviet Union, has never 
been entirely credible. 

Ever since the 22nd Congress 
nf the French Communist Party 
in February 1976. at which the 
Communists shed their Stalinist 
mantle and adopted an aggres¬ 
sively nationalistic line, they 
have given every sign of being 
as independent of Moscow as 
the Italian Communist Party. 
They have nor hesitated tn 
criticise the Russians on fre¬ 
quent occasions for their treat¬ 
ment of dissidents and. during 
Mr. Leonid Brezhnev’s last visit 
to France in -Tune 1977, the 
Soviet leader did not even make 
an attempt to see M. Marchais. 
As far as can be established, the 
relations between Moscow and 
the French Communist Party 
are no'betler than pool; 

M. March ais's biggest worry 
is that his party should not, by 
associating itself with the 
Socialists, be drowned in some 
kind of amorphous social democ¬ 
racy which would undermine 
the foundations of its support in 
the country. Ho has already 
seen his party suooianted as the 
leading representative of the 
Left by the Socialist?. Never, 
during the Hi parliamentary 
elections between 1945 and 1973. 
did the Communist noil fewer 
votes than the Socialists. But 
tn-day. the public opinion polls 
give the Socialists some 28 per 
cent, nf the inTal vote in the 
first round comnared with the 
Communists' 2ti to 21 per cent. 

All the <oiijshhlin 2 between 
the Socialists and Communists 
over the extent of their nation¬ 
alisation programme, the cost¬ 
ing of their economic and social 
policies and nuclear defence 


can be explained by the Com¬ 
munist leader's desire to nail 
the Socialists to the mast before 
it is too late. After the elec¬ 
tion. with the Socialists in a 
dominant and confident position, 
the Communists will find it 
infinitely more difficult tn push 
their policies through against 
Socialist opposition. 

Unfortunately for M. Marchais. 
things have not worked out as 
he thought they would. He 
believed that the tough demands 
made by the Communists during 




last autumn's negotiations on 
the revision of the common pro¬ 
gramme would persuade Left- 
wing voters that the Communist 
party was the only genuine 
representative of tbe Left and 
would boost its support in tbe 
first round of the election to 
well over 21 per cent of the 
total vote. This would have put 
the Communists in a strong 
negotiating position when it 
came down to drawing up their 
common programme, which M. 
Marchais has proposed should 
take place between the two 
rounds of voting. 

In fact, it is the Socialists, 
looked upon by many moderate 
supporters of the Left as a 
guarantee against the applica¬ 
tion of extreme policies, who 
have benefited from the break¬ 
down of their alliance. The 
Communists, according to the 
polls, may not even match their 
score of 2L3 per cent in the 
first round of the last General 
Election in 1973. 

M. Marchais thus finds him¬ 
self in a Catch 22 situation. He 


constantly proclaims that tbe 
Communists intend to join a 
government of the Left and 
expect to be given at least seven 
ministerial portfolios. But at the 
same time, he continues to em¬ 
phasise that the Communists 
will participate in the govern¬ 
ment only on the condition that 
an agreement on a common 
government programme is 
reached before the vital run-off. 

Faced with an incessant bar¬ 
rage of criticism and insults 
from the Communists. M. Mitter¬ 
rand has never lost his cool. 
Though he knows only too well 
that he is taking a calculated 
risk, he appears to be con¬ 
vinced that Die Communists 
will at least agree to an elec¬ 
toral pact after tbe first round 
if only for fear of being held 
responsible of provoking the 
defeat of the Left And be has 
steadfastly refused to renegoti¬ 
ate the common programme 
until after the election is over. 

The least that can be said is 
that the prospects for France 
after the election are not very 
bright. If, as M. Mitterand be¬ 
lieves, the Communists will in 
the end agree to an electoral 
pact with the Socialists and 
thus ensure the victory of the 
Left, a government programme 
will still have to be worked out. 
Even the most committed Social¬ 
ists and Communists currently 
find it difficult to believe that 
such an agreement can be 
reached between their parties 
after all that has been said. 
“Just look around Europe.” M. 
Marchais thundered at a mass 
Communist rally a few days 
ago. “The Socialist governments 
of Schmidt. Callaghan and 
Soares have allowed big busi¬ 
ness to remain in command.” 

And even on the improbable 
assumption that the parties of 
the Left are able to agree on a 
programme, the country is likely 
to be faced with a serious con¬ 


stitutional crisis resulting from 
a permanent conflict between 
President Giscard d’Estaing and 
a hostile government and parlia¬ 
ment The President, it is true, 
can dissolve the National 
Assembly at any time he likes 
after a general election, though 
he cannot take such a step 
more than once within a year. 
Should the Left again win a 
majority at the ensuing election, 
the President can only knuckle 
under, which would be con¬ 
trary to all the traditions of the 
Fifth Republic, or resign. 

If. as is still possible provid¬ 
ing the Communists lend a help¬ 
ing hand, the government coa¬ 
lition wins the election, the 
country's economic problems 
will certainly be much smaller. 
Any new government of the 
Centre-Right can be expected to 
pursue the economic stabilisa¬ 
tion policies of the present 
Prime Minister, fif. Raymond 
Barre, though they will doubt¬ 
less be applied less rigorously. 

On the other hand, the main 
trade unions, who have been 
remarkably restrained in recent 
weeks in order not to prejudice 
the electoral chances of the Left, 
can be relied upon to unleash all 
their vindictive fury on a new 
conservative government. Nor 
would President Giscard find it 
any easier to deal with the poli¬ 
tical situation than he has since 
his eiection in 1974, since the 
Gau]li5ts, his constant critics 
inside the present coalition, are 
again expected to emerge as the 
biggest parliamentary group on 
the Government side. 

It has often been said that the 
most difficult task in the world 
is that of being the President of 
the United Stales. After the 
French general election M. 
Giscard d'Estaing may well be 
running President Jimmy Carter 
very close in the unenviable job 
stakes. 



Letteis to the Editor 


To-day’s Events 


d prices 
iosion 

V. Bradley. 

e are housebuilders and 
'ranted with massive 
in the price of build- 
wbich is beginning to 
as of the boom condi- 
1972—when too much 
ls made available for 
aase. 

iple-remedy would be 
lovernraent to issue a 
to banks and institu- 
tt they were not to 
oans for tbe purchase 
-thereby forcing those 

> and individuals to. use 
resources in acquiring 
:h a directive need not 
ildefs'from using this 
bilateral for building 

uild result in building 
ing up land as their 
permitted, thereby 
fly reducing tbe funds 
for land purchase at 
•bich is bound to have 
;d downward effect on 
s. Land would then be 
1 to those who have a 
i need and the specu- 
.d be by-passed, 
egoing can he equally 

> the commercial and 

sectors whether 
for rent or owner- 
is. High land values 
ie harmful in the long 

Bradley. 

!are Estates, 
juae, HifjJi Street. 
Surrey. 


the question “ Are those guide¬ 
lines significant to-day? ". 

If we are to be monitored by 
Dr. Witteveen's team,, the Govern¬ 
ment should at least extend an¬ 
other invitation to .the . IMF in 
order that more up-to-date, guide¬ 
lines are established and based 
on the current state of the 
economy. Perhaps, in doing so, 
the monthly money supply con¬ 
sternation and the inherent un¬ 
desirable volatility in the finan¬ 
cial markets—where judgments 
are being- made on facts super¬ 
seded - by events-rcould-- -'-be 
avoided. 

L. J. Kent . 

36. Rmgsiead Road. 

Sutton, Surrey. 


London’s 

docks 


adroit 

tions 


T. Winner. 

bis letter (February 
is the “ black list" and 
mt sanctions, Mr. J. H. 
;entiy states. “If cer- 
anies operate at a level 
icy that enables them 
newhat more than the 
ite at the same time 
the niost competitive 
then 1 would have 
lis was entirely whole- 

jo rt. currently issued, 
ith London conference 
Finns in the Inner 
at Lambeth during 
-. 1977, at which the 
Harold Lever was prln- 
iker, .records “A fur- 
stion related to the 
of getting sufficient 
d it was suggested tbat 
at levels of unemploy- 
l social security pay- 
ire a disincentive to 
find work. Mr. Lever 
ie answer to this prob- 
ot in reducing the pay- 
tde to the unemployed 
(sing the standards of 
for those in work.” 

: now, when and how, 
•> 

aer, 

njr.kinsoTT. 

Chemical Works. 
rroach. Deptford, SJSJi. 


to-date 

elines 

L. Kent. 

recent months and 
February 16. there has 
oendous’ concern over 
v supply in relation to 
lines stipulated by the 
during its visit to Lon- 
vember 1976. 
like to draw attention 
agaries of agreements 
forecasts made fifteen 
artier, especially after 
ipredlctable events tbat 
ured since then. 1 ask 


From flie header. 

Greater London Council. 

Sir,— David Wright (February 
151 covered the current state of 
play -in the. redevelopment of 
London's dockland very fairly, 
but I think one or two things 
need emphasising. 

What .can you do with a 
Government which promises all 
possible assistance, but stops 
short of actual help? For every 
step the ’Department of the 
Environment takes forward— 
and there have not been many— 
the Treasury takes rwo hack. 
Thus we have been lumbered 
with a refusal to let Greater 
Loudon Council back the Tram¬ 
mell Crow development at 
Surrey Docks; and it seems that 
Government will decide 
whether to lend its own support 
to the scheme solely on its indi¬ 
vidual and short-term profit¬ 
ability. 

. This is patent nonsense. This 
development is crucial to the 
whole strategy, not least as an 
act of faith. Do judge 
whether" or not to build roads, 
houses, schools and hospitals 
solely on whether they make a. 
short-term profit? It is not even 
as if the Government is being 
asked for money right now—all 
that is needed is loan guarantee. 
This makes it all the more .in¬ 
furiating that the development; 
rightly hailed as the catalyst for 
the whole scheme, should be 
held up or endangered. 

Meanwhile the GLC and the 
boroughs have recognised the 
urgent needs of docklands by 
rejigging the machinery. . I 
imply no disrespect to the 
present docklands, team, who 
have done a - magnificent job, 
when I say that the time has 
come to change the emphasis. 
So far we bare been in the 
planning stage: now we need to 
get on with the physical work. 
To do this the team needs to 
be commercially oriented, for 
such social questions as need to 
be decided in dockland? can now 
be left to the politicians and 
local people. 

Soon v/e - will have both the 
pl ans and the team complete; 
we have already made budgetary 
provision, as David Wright says, 
for a whole range of infrastruc¬ 
ture projects, including the ex¬ 
tension of the Jubilee Line; and 
we have, never lacked determina¬ 
tion. All we need, I repeat, is 
help from the Government, 
even If tbat amounts only,to 
letting us get on with the job 
unhindered, which we are more 
than willing to do. 

Horace Cutler. 

County Halt S.E.I. 


cultural land and family farms. 

1 wonder if it is reasonable to 
ask Mr. McLeod whai exactly he 
means by “ family farms.” Is he 
using the European definition 
where “the family" supplies all 
the labour as well as the capital; 
or more possibly be may be using 
the American .one where “the 
family” supplies tbe capital but 
the labour may well be paid 
employees ? 

In the former case. I wonder 
what possible, reason he can 
supply to suggest that family 
farms produce, a greater output 
than others. Lf the latter descrip¬ 
tion is intended then ! fail to 
see any possible way in which 
they should produce more than 
any other comparably managed 
farms. 

Mr. McLeod has also missed 
one vital factor in pension fund 
investment. A major portion of 
their purchases is from owner- 
occupiers on a “sale and lease¬ 
back “ basis. This provides much 
needed extra capital investment 
into agriculture for who- else 
to-day other than the institutions 
can have the slightest interest 
id purchasing tenanted farms? 

The Act in November 1976, 
purportedly backed by tbe 
National Fanners' Union, giving 
effective perpetual security of 
tenure to farm tenants, will 
prove to be one of the most mis¬ 
guided and- harmful legislative 
acts that tbe farming industry 
has ever had to bear. Tbe sad 
part is tbat one cannot find a 
single progressive tenant farmer 
who thinks it is in any way good 
for rite industry. This Acl to¬ 
gether with equally harmful tax 
discrimination against land? 
owners, when compared with 
owner occupiers, has signalled 
the beginning of the end of the 
landlord/tenant system w'hlch 
has been the historic reason for 
the success of British agricul¬ 
ture. 

. Let ns hope that a new Govern¬ 
ment has the courage both to 
rescind this Act and give the 
landowner parity with the owner- 
occupfer as far as boLh revenue 
and capital taxation is concerned. 
Anthony Rosen. 

Moor Hatches. 

West Amesbury. 

Salisbury. Wilts. 


The labour 
market 


Funds and 
farms 


From the Managing Director. 
Fountain Farming 
Sir.—Mr. N. . C. McLeod 

(Fehraary 35> -comments upon, 
pension fund investment in azxi- 


Fram the Prospective Parliamen¬ 
tary Candidate. East Surrey 
Liberal Association 

Sir.—Like most opponents of 
inconies policies, Mr. Samuel 
Brittan (February 13) ignores 
the fact that the labour market 
is already controlled by the 
“exercise of a great deal of 
monopolistic and coercive 
power.” and it is because of-this 
that- some form nf Government 
intervention is essential. 

■ The- method chosen by the 
present Government may not be 
the mosr desirable, but surely it 
is better tbat control should be 
wielded by tbe representatives 
of -the people, however in¬ 
adequately elected, rather than 
by the brute use of non-elected 
monopoly power. 

(Mrs.j S: Liddell. 

Dormans Corner. 

Lingfield, Surrey. 

Sorting out the 
standards 

From'Professor E. lone . 

Sir-^lt.is surely misguided lo 
suppose as Mr. C. W. Foreman 
appears, to (Sorting out your 
standards. • February 8) that 
accounting standards can be a 
cure., for both the. welter of 
“ misinformation" that is re¬ 
leased into . society by tbe 
accountancy profession and for 
its present low status and credi¬ 
bility ns a profession. 


In my opinion the basic prob¬ 
lem rests with the profession’s 
inability to take itself seriously. 
Aspects of the problem are 
suggested in the following kinds 
of observations. 

Although accounting has been 
taught within most U.K. Univer¬ 
sities for some decades now, it 
is still mainly as an “ adjunct 
subject to economics” and has 
not been fully integrated into 
the ’mainstream of ‘'social 
science” teaching, moreover it 
still seems that most of its 
teachers, and other practitioners 
alike, do not appreciate the need 
for a complete re-examination of 
its methodology tor lack of it!) 
as a social science. 

Teaching still often tends to 
amount to a more or less 
sophisticated description of so- 
called “ third-year enlightened 
criticism ** which may well have 
a "halo effect" of confirming 
present practice. 

Accounting does not even have 
a "scientific language” with 
which to describe the problem 
set to which- it is supposed to 
address itself, and worse still its 
practitioners do not recognise 
the need for one. 

Obviously all human en¬ 
deavours require “ judgment 
and opinion ” in coming to “a 
true and fair view" but any 
discipline, to be described as 
such, requires a “ scientific 
language and framework of con- 
cepts,’ - for the subject through 
which professional opinions and 
decisions are mainly derived. By 
and large accountants seem to 
have no awareness of this need. 

The accountancy profession 
has in my experience been 
distinguished by its (unsuccess¬ 
ful) attempt to obtain profes¬ 
sional education and its rules 
and codes of accountancy prac¬ 
tice on the cheap. 

E. A. Lowe. 

Division of Economic Studies, 
University oj Sheffield, 

Sheffield. 


An innovation 
council 

From, the Managing Director, 
Merchant Inventors 
International. 

Sir,—The announcement (Feb¬ 
ruary 15) that the Government 
grant to the Arts Council has 
been raised for the year 1978-79 
by £7.3m. to £49m. highlights tbe 
need for the support of indivi¬ 
duals in oth^r creative areas 
such as new product design and 
innovation. 

If. however, one accepts (and 
many will not) that employment 
is higher on the nation’s list of 
priorities than entertainment, 
the Government might reason¬ 
able be expected to give some 
thought to the fact tbat there are 
thousands of equally creative 
individuals whose “ fortf ’’ lies in 
the field of product-desien and 
innovation who receive no sup¬ 
port of any kind from Govern¬ 
ment sources. 

Unlike the Arts Council grants 
(which broadly cover losses) 
successful new products are 
directly related to employment, 
profits and export earnings and 
therefore there appears to be a 
strong case for an u Innovation 
Council " with a budget of (say) 
£5m. to assist equally deserving 
people in this important creative 
area. 

One nf the functions of rhe 
“Innovation Council” might be 
in make, annual awards for Ihe 
c ‘ best-” products in various cate¬ 
gories as a stimulus to innova¬ 
tion with the ami of providing 
employment so that people coni* 
enioy thp entertainment pro¬ 
vided by Arts Council grants. 

A. S. L. OwensmiTh. 

S7 B «rgk Heath Road, Epsom, 
Surrey. 


GENERAL 

Defence White Paper published. 

Dr. David Owen. Foreign Secre¬ 
tary. holds t.dks in London with 
Rhodesian nationalist leader tbe 
Rev. Ndabamngi Sithole. 

EEC Finance Ministers meet, 
Brussels. 

Scottish National Party MPs 
meet in Gla«cow to discuss their 
tactics for third reading of Scot¬ 
land Bill in House of Commons 
on Wednesday. 

Mr. AltTed Atherton, U.S. Assist¬ 
ant Secretary of State, due to 
arrive in Jerusalem. 

Transport and General Workers’ 

Union tribute to Mr. Jack Jones, 
its retiring general secretary. 
Royal Festival Hall. S.E.I. Those 
attending inc'iide the Prime 
Minister and Mr. Len Murray, 
TUC general secretary. 


gi 


Hi 

Pilip 

RfsT 


TL-C Finance and General Pur¬ 
poses Committee meets. 

Dr. Joseph Luns. NATO 
secretary-general, speaks on "The 
Future of NATO” at European- 
Atlantic Group meeting. House of 
Commons. 

Nominations close for Ilford 
North by-election (polling day 
March 2). 

Princess Amne attends Farmers’ 
Company dinner. Mansion House, 
E C 4. 

Mr. Robert Fell, chief executive 
of the Stock Exchange, and Mr. 
David LeRoy-Lewis. a former 
deputy-chairman of the Exchange, 
begin two-week visit to U.S. to 
study regulatory procedures in 
American stock markets. 

Rules governing sale of 
Advance Booking Charter flights 
from U.K'. to U.S. changed from 




to-day. Advance booking period 
now 30 days instead of 45, but 
time that can be spent in US. 
with this type of ticket is cut to 
seven days throughout the year. 

Second technical mission from 
Nippon Steel leaves for China fo 
discuss renovation of inland steel¬ 
works. 

Sir Peter Vanneck. Lord Mayor 
of London, receives Sr. Miguel 
Colas Plquer. Mayor of Reus, Tar¬ 
ragona. at Mansion House. E.C.4. 

. Furniture Production Exhibition 
opens. National Exhibition Centre. 
Birmingham (until February 24.). 

Spring Floorcoverings Exhibi¬ 
tion opens, Meu-opolc Centre, 
Brighton (until Fehruary 23). 

PARLIAMENTARY BUSINESS 
House of Commons; Home Pur¬ 


chase Assistance and Housing 
Corporation Bill, and Employment 
Subsidies Bill, second readings. 

OFFICIAL STATISTICS 
Preliminary estimate of gross 
domestic product based on out¬ 
put data: and turnover of motor 
trades (4th quarter i. 

COMPANY MEETINGS 
See Week's Financial Diary on 
page 5. 

BALLET 

Royal Ballet dance La Bayadere, 
A Month in the Country, and 
Elite Syncopations, Covent Gar¬ 
den, W.CX 7.30 pjn. 

MUSIC 

Philip Pilkington (piano) in re¬ 
cital of works by J. S. Bach and 
Beethoven, St. Lawrence Jewry 
next Guildhall, E.CX 1 p.m. 








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COMPANY NEWS 


T. Cowie well placed for more growth 


Liucroft Kilgour 
expresses optimism 


V : Financial *: i 

APPOINTMENTS v 


A. B.Ri 


MOTOR distributor*! and finance 
company T. Cowie is well placed 
to continue the progress made 
over recent years. Mr. Tom Cowie. 
the chairman, says in his annual 
report. 

Results for the first quarter of 
the current yeSr are satisfactory 
and he is hopeful that there will 
be improved supplies of ne-.v 
vehicles ensuring continued 
profitability. 

Following the unsuccessful 
offer for Colmore Investments the 
group has retained a ‘29.9 per 
cent, holding which is currently 
producing a 21 per cent, return. 
The directors policy of expansion 
will be maintained with prospec¬ 
tive acquisition being constantly 
explored, Mr. Cowie comments. 

As reported on January IS. tax¬ 
able profits for the year to Sep¬ 
tember 30, 1977, climbed SO per 
cent, to £1.4m. on «ilcs ahead at 
£37 05m. <£25.5Km.). The net 

dividend is raised to l.7044p 
<1.526pi. At year end net liquid 
funds were down £ 1 . 01 m. (up 
£Q. 22 m.) and ■ bank overdrafts 
stood at £5.99m. t£5.fllm.). 

Mercantile Credit Company, a 
Barclays Bank subsidiary, holds 
3.3tim. shares. 

A 70 per eeor. jump in profit 
to tl.05m. by the motor division 
was attributed io improvement in 
profitability of the company's 
dealerships. 

The vo'ume of motor cycle -nl>-s 
fell during the year and the num¬ 
ber of o Utiels ua< reduced 
accordingly, but ihr director' still 
fee!'that the fpeoidliq mrror cycle 
depots will continue to contribute 
:o profitability. 

Contract hire, where the group’* 
net investment ro=c S4 per rent, 
to £flj$9ni„ showed increased 
profitability, and ha* considerabl? 
growth potential -the vhaimian 
say*. 

If the more favourable level 
ol money costs *een .vneo in the 
second half i> maintained rho 
finance division will make further 
advance on Lite £357.000 prout 
reported for 1374 77. Banking and 
irtfl.'Jment ervdi-t made steady 
progress and net investment in 
this *ector was up more than £lm. 
at £5.1 dm. 

Meeting. Sunderland, on March 
10 at noon. 

A ng.- African 
£243,902 

Profits of Anglo-AFrican Finance 
Co., for the IS months to July 19 
1P77 emerged as £243,902 against 
£179,719 for the previous year 
after tax of £78,535 compared with 
£.17.772. 

E./rnings per 7Jp share are 
2.fi4p <1.95p) and the dividend is 
stepped up to 1.123p t0.73p) for 
the period with a net 0.5623p 
final. 

BENLOX HOLDINGS 

Bentos Holdings announces 
that as part of the reappraisal of 
the Benlox Croup follow ins recent 
management changes, it has been 
decided to call a meeting of the 
creditors of the wholly owned, 
subsidiary. Frederick J. Minns 
and Company. 


board meetings 

Tin? followin'! i.-umnanlcs have notUiad 
dates of Board mo.-unus to the Slock 
ExchanKO. Such nurmics arc usually 
h-ki for ttv purwse or considering divi¬ 
dends. OIKcbiI indications an- not avail- 
able ivhdli-.-r divide nds cou>.t:m«l »ro 
interims or final j and tilt- sub divisions 
hhnu-'i b-'.lu* arc based ntuwly on Iasi 

year's rlnu-iabk 

TO-DAY 

Interims — Foel'c'ar Industry ImcM- 
mcnii. firLwerrods. J«rtnw»\ Kursaat. 
Orm- Di-icl'ipnicaLs, Stirling Km;iin» 

J t -ph Slock.i. 

finals— Drarien Commercial Inreal* 
m>‘Dl. Marcnwi-i. 


An increase oT £ 6 m. in sales rn 
£ 2 Hm. with a profit incrra*e of 
£276.51!) to £548.764 is reported b.v 
Midland Shires Farmers, the 
Worcester based agricultural 
society. 

The director- arc recommend¬ 
ing an interwt rate of 12 per cent, 
on share capital and a bonus to 
member* on qualifying trade of 
2 per cent, plus bonuses on eggs 
marketed through the society of 
4p per case in addition to the 
bonuses already paid. 

Inicroal on loan capital has 
already been paid at 12 per cent. 
The total recoin mended distribu¬ 
tions of share inleresl and bonu* 
are £493.000 making such nMiirns 
to farmers over the past six years 
of over £ 2 m. 

Reserves are raised by £150.060 
to Il.U5ci.mm and Asset Replace¬ 
ment Reserves are increased he 
Efifl.non. strong support by 
member*, in reinvestment of 
bonuses paid placed the company- 
in a strong financial position for 
growth and *a!cs expansion. 

MXF iMeau. in which MSF 
has the majority shareholding, 
showed an improved trading pro¬ 
fit and is recommending a 
dividend at the maximum permis¬ 
sible level. 

in other marketing ai-iivim-ss. 
both at the fruit and vegetable 
market and the egg station, 
successful years were recorded 
and plans a r e in hand to improve 
grain marketing for members. 

The latest expansions in activi¬ 
ties—the wholly owned machinery 
business of Richard Colwili and 
the expanded seed processing 
plants—made worthwhile contri¬ 
butions. 

Turner & 
Newall on 
Rhodesia 

Turner and Ncwnll notats out 
that it has been cut off from its 
Rhodesian businesses since UDI 
in November 19fi5 and the direc¬ 
tors hope that the company will 
benefit when it can resume con¬ 
trol of its interests. However 
they say that until the Rhodesian 
Government of the day and other 
authorities permit access to Ln- 


FUTURE DATES 

interims— 

Apm Proper . 

Ausiiii iK.i 'Irfysom . 

Piploma Inr-'-wmi’ms . 

Pnaslas iKoVrt M < . 

Johnson anti KirUi Brown. 

Final*— 

Aon is Sciurlrn..’ .. . 

Cardinal lui catmint Trusr . 

Early ■ Charles 1 and flamoit 

(Witney i 

11 o.hJ.ti ■ Al.-xaii<l-r- . 

Simrrri Horn . 

Slum- Plan Industries .- ■ - 

VVuMhockJ Dav-t . 


formation and the silnation has 
been fully assessed, they cannot 
make any meaningful report to 
stockholders. It maj be some time 
before this is possible, they add. 

Norrington 


pany to offer, a further gOU.WO 
shares io existing shareholders on 
the same terms. 

EIH itself looked into sugges¬ 
tions {hat some institution* which 
took up part -of the placing sold 
shares in breach of the agree¬ 
ment to remain firm holder.* - for 
two years. However, rhe Stock 
Exchange Investigation is under¬ 
stood to have involved an 
examination of personal dealings 
in EIH by the Board and by 
Stock Exchange members. 

.Meanwhile, bn a separate issue 
the Stock Exchange has taken the 
unusual siep of alertine Member 
firms to possible abuses of the 
early disclosure requirements on 
companies in possible take-over 
situations. A letter was issued 
on Friday, mentioning specifiea'ly 
the eases of Senior Engineering, 
which asked for its shares to be 
suspended last summer following 
an approach, and the more recent 
case of Marshall's Universal w hich 
was approached by a Jlr. David 
iUaitz over a partial bid. In both 
instances firm bids have failed to 
materialise. 


Agricultural engineers, mer¬ 
chants and general ironmongers 
Henry Norrington and Son re¬ 
port/a decline in pre-tax‘profits 
from a peak £181 745 io £115.808 
for the year in September 30. 
1977 in line with [he forecast 
made at halfway, when the net 
surplus was lower at £65,000 
against £104.00*). 

Full-year mriinver a mourned to 
II3.«5m. i£10.l7m i and profit was 
stibjerl Io lax of £52.528 f£P5.902). 
Earnings per 7.p share are given 
as down from 2.27p io 1.4p and 
the dividend is 0.42S7p I0.4222pi 
net. 

Reiamed profit dropped to 
£3R.f‘0S compared with £69.670. 

S.E. Council 
to meet on 
share placing 

THE .STOCK Exchange Council 
will be meeting this week to dis¬ 
cuss the conduct of *)nckbrokers 
A. J. Bekhor and C.u.. which 
handled a controversial share 
placing last year for Eld inburgh 
Industrial Holdings. The placing, 
and subsequent dealings in EIH 
shares, have been the subject of 
a Stock Exchange investigation 
which began la.-n August and is 
now complete. 

Unlike three other reports pub¬ 
lished by die Stock Exchange dur¬ 
ing die past ten days, the EIH 
probe involves a member firm. 
The Council will therefore have 
to decide whether to treat the 
EIH affair as an internal matter 
or whether to continue the recent 
trend and publish details. 

The controversy arose when 
EIH annnunced in March. 1977. 
that it proposed to issue 2.3m. 
Ordinary shares to clients of A. J 
Bekhor at a price of 12Jp per 
share. This compared with a 
market price of 19Jp jusr prior to 
the announcement EIH share¬ 
holders subsequently approved 
the placing at an e*ir 3 «r*i—..-v 
meeting, bui also forced the com- 


progress to 


Sir Cyril Black, the chairman of 
Beaumont Properties tells share¬ 
holders in his annual statement 
that directors anticipate that Lite 
steady progress of the group will 
be maintained. 

As reported on February 3 pre¬ 
tax profits fnr the year to .Septem¬ 
ber 30. 1977, rose from £0 7!)m. 
to £1 fCm. and the dividend total 
is lifted to 3.4664p l3.1512pi with 
a final or 2.31 Mp net. 

■Sir Cyril adds that the croup’s 
Improving liquid position, coupled 
with proceeds of the recent one- 
for-Iour rights issue, which will 
raise some £l.S7m.. will enable 
Beaumont to examine the many 
opport unities of purchasing 
properties which offer a reason¬ 
able return nn present lettings 
but which have potential for the 
future. 

Included in pre-tax profits for 
the year was an exceptional credit 
of £117.190 being the surplus on 
redemption of mortgages repaid 
during the year. Auditors. Thom¬ 
son MdJniock and Co., say they 
feel this surplus should have been 
treated as an extraordinary item 
under the terms of SSAP No. fi. 

Meeting. Winchester House, E.C., 
on March 20 at 2.30 p.m. 

FT Share 
service 

The following securities have 
been added to the Share Informa¬ 
tion Service appearing in the 
Financial Times:— 

General Stockholders Invest¬ 
ment Trust (section: Investment 
Trusts) 

Sceptre Resources (section: 
O'lst 


fn hts annual statement with 
accounts. Mr. A. D. R. Holland, the 
chairman of Liucroft Kilgour 
Group says that the outcome for 
1977-78 is viewed with a measure 
of optimism, notwithstanding any 
unrealised exchange'losses result¬ 
ing from sterling appreciation 
since the year-end. 

Members are told that business 
in the merchanfin? division re¬ 
mains satisfactory, as does-demand 
for the products of all sections of 
the clothing division, and sales are 
presently running ahead of last 
year. 

As reported on January 20. pre¬ 
tax profits jumped 36 per cent, to 
a record £1.04ra. for the year to 
September 30. 1977. due to an in¬ 
creased volume of trade in the 
merchanting division allied with 
an upturn in demand fnr men's 
suits from the mail order trade 
during rhe second half. 

A statement of source and 
application of funds shows that 
at the year-end. working capital 
increased by £1.018.870 (£287,io3 
decrease). 

Mr. Holland reports that 80 per 
cent, of the merchanting divi¬ 
sion’s sales in the year, were 
either directly exported nr sold by 
its overseas subsidiaries and. of 
irs home sale*, a considerable pro¬ 
portion were exported indirectly 
by cloth shops and tailors. 

During the year the largest part 
of ihe clothing division, the 
Yorkshire-based section, hecan to 
reap the benefit of the rationalisa¬ 
tion of its production carried out 
in 1975-76. This has now hecn car¬ 
ried a stage further by the com¬ 
plete reconstruction of its man¬ 
agement team and further steps 
are in hand to achieve belter pro¬ 
ductivity and a higher quality 
product. 

The bespoke tailoring section 
hart a very successful year states 
the chairman. However, in search 
of growth, the showrooms at 33A 
Dover Street were enlarged. 

The shirt section in Ballymena 
had a difficult year hut. neverthe¬ 
less. traded profitably. Production 
was hailed by a move to a modem 
factory with the latest machinery 
for rhe bulk production of high 
ouality shirts, which should en¬ 
able the shirt section not only to 
enter export markets for the first 
time, but al<=o to expand its exist- 
inc U.K. trade. 

Meeting 6 . Be I grave Square, 
S.W ., March 21 a I 12.30 p.m. 

Tyndall to 
reorganise 

Tyndall, the Bristol-based unit 
trust and life assurance group, is 
planning a major reorganisation 
of its Investment department 
which will involve a larger por¬ 
tion of its £206m. worth of funds 
un-’er management being handled 
outs ; de London. 

The chances, which coincide 
v ; ih )hc departure of Mr. Ken 
Renton, the investment director, 
will mean that onlv £40m. of thr 
total investment funds will be 
manneed from London. Apnroxi- 
matpjv iiJfim. will be admin5- 
-lerH in Bristol, with the remain¬ 
ing H'Dm. managed in Scotland. 
The move to switch management, 
of the funds to Bristol has been 
a long-term objective of the 
Tyndsil Rrnard. which at the same 


time has been at pain* to stress 
that this does not. . inflect 
dissatisfaction with Ihe London 
operation. 7 .. . . ; 

Outlook at 
Glanfield. 
Lawrence 

DIRECTORS" OF Glanfield 
Lawrence repeat in the report 
and accounts their fear that'cer¬ 
tain freehold properties might be 
included In the accounts at more 
than their realisable value. 

They say that the figure of 
£1.328.628 for certain freehold 
properties shown Jn note 2 to' 
die accounts is based on a Sep-i 
tember, 1973, valuation. | 

One of these properties ‘wai; 
sold in December, 1977, after the : 
October 2 balance date, at less, 
than the valuation figure, but in; 
excess of rhe 1905 cost. j 

The directors are of the opinion - 
that the remaining properties! 
might not realise the full valua : 
tion figures if they were sold now . 1 

But because there are no plans! 
to sell these properties at the: 
present time they consider that! 
the cost of a current valuation is, 
unwarranted. They first aired the 
warning in last year's accounts.- 
The report of the auditors] 
Chantrey Button and Co. makes| 
no mention of the valuation and; 
says the accounts give a true an9, 
fair view of the state of affairs; 
at October 2. I 

The total value of freehold pro-! 
perties in the accounts is, 
£1.5732)71, which includes an at-, 
cost valuation of certain proper¬ 
ties of £244.943. 

At the 1973 revaluation of pro¬ 
perties a £783.527 surplus arose 
and was transferred to reserves.: 
With retained profits of £36.934 
it lifter) reserves from £447,064 
to £1,272.323. 

Glanfield Lawrence expects the 
current year’s results to show an. 
improvement on last year’s 
£S6,12S profit, and Mr. J: R. 
Glanfield. chairman, says sales 
and profits are following a similar 
pattern to 1976-77. 

. However, the heavy cost of the 
group's re-organisation is behind 
it, bank interest rates are lower, 
and it* manufacturers are expect¬ 
ing a further upturn in market 
penetration for both cars and 
commercial vehicles. '’ 

Cheltenham & 


Gloucester 


Another of ihe top 20 building 1 
societies. Cheltenham and Clou- i 
cester, has come up with record | 
results for 1977. A 50 per cent.' 
Increase in the deposits made 
durvrtg the year, to £263m^ has 
enabled the society to lend. a 
record £S7.Sm. on mortgage—with 
some £ 12 .5m. of it on new 
property, to increase its liquidity: 
ratio from 1 B.R to 24.9 per cent 
At end-December liquid-funds 
were entered in the books at 
£125.69m , and their book value 7 
w»« rSghi'lv Jr'ghcr. 


■ . . 'J. ■ -• 

.•i .• ; 


“Mr.* A. B. Richards has been meat services for the MERTOtg 
appointed chairman •(nou-eorecu-.HUGHESGROUP. ' 
t»ve> of UNITED POMINHWS - • . -£7i. 

TRUST (Scotland),. the • newly-. Mr-. ael P.;. Singer tag- 
formed UDT Subsidiary. Other jointed the Board of NATIONAL 
directors are Mr. A. R. Morrison ELECTRICAL.' SUPPLIES COM. 
fmanasinc). Mr. W. S. Turnbull PAJVY, part of thb .Crown House 
jsaks), Mr. C C Mudie (busmesa .Group, ; as; / Southern Regftfi 
finance). Mr. L-A. MAler and Mr. director.- 
E. R. Bishop (director and seerte- : -* : .- • 

tarv) FERODO, « subsidiary ■ of 

.-‘Turner and NewalL'Is creatm^Sh;,, 
Dr. Mike -Smith and Mr.- Ron' foternatlbnair divisionL from -Mardt 
Ogle have joined the main Board-LM*. E. currentiyjgj: 

of ARGOS DISTRIBUTORS; Both dbrector of_Ferodo, wilt be. 
were appointed associate : dlree- • new ■ dmsuta s general 
tors m March last year. Dr.-SmML chairman .of Fero&S 

is direct nr. marketing .planning". fFederal German/Repub- 

and Mr. Ogle is director; finance. and “Rector^_of;Fe«^ci7i 

' ^ ltdiiana.. Hr wBL'also oo^dm3ESr: 

A irnM E. rota.a.r-tfe 
been made technical director, of 
GEC-MARCONI PROCESS COX- “J 
TROL. In 1972, Mr. Fischbacher S 
was appointed technical- director 

sLs EC-EUiott ^ 

. 4. tnabaging director bfTerbdai 3ffl^ 

' ^ ■: : W. H. €#od now has TesponsT- 

Mr. Refold C. MacDonald has bilitr AriTaD UK. operations and: 
become a - non-executive director W ill replace Mr; F. G. Cajrter oh 
of rhe WELLMAN ENGINEERING the Board of Turner. and NewalTs^ 
CORPORATION. Iii addition to be- - subsidiary! Brake Linings:. He !w3i: 
uig a director of 1 Dexkm Comino become hod-executive- chairman 
Internationa] in this country, Mr. bf that company bn the retire- 
MacDonald is chairman and chief. ment at the eftd of March of the' 
executive officer of Inter lake, .present'chalrman.TIr: S. F. A. A., 
Ine.. U.SA. He is also a.member -Gosling. Mr- A. .C. C. Fergnson is.^ 
ol the Board of ARA .-Services, ' fr nm March. 1,' appointed to the^ 
Inc.. Parker-Hannifin Corporation new position of deputy'nianagiSgt 
and the Conference Board.- ’ ttireCtor ofrFerqdQ, arid R-. 

Ross and Mr. Locke-join tho 
Mr. Philip R. Caudill has been .Ferodo.Board. J 

appointed io the new post o( - V.-j* : '• 

direrior oF. public !_ affairs,' Mr—R. X CJayfon has been apr : 
PHILLIPS PETROLEUAr . 'COM-pointed a director of F.- and^Cf 
PANY EUROPE-AFRJCA.' ’ from MANAGEMENT. He wiff cbntfnmS. 
March 1. He was previoisly media to act as secretary. ■- 
relations coordinator in the eor- * 

pqrate public affairs department Ittr. C CottgreU. a director-of- 
in Bartlesville, Oklahoma.' - Machjn and Kingsley.part of the: 

’ * , Fitch Lovell group, Jias ' bteen’ 

Mr. Kenneth -.Phimmer ' has elected chairman -of. the panel- 
been appointed chief investment products importers*section of the 
manager of LLOYDS BANK invest- TIMBER TRADES ; F£DERATkHsLc 
nient department. Mr.'Pirimmer, ^ 

who has been manager of the - Mr. J.:C. Oakjey : BcdeatD^ r :■ 
bank’s West End- Trust-branch fortifier assistant efiitef’ aurveydr” 
since last August, was assistant of the Prudential "A^ftrimce Ge^ 
chief investment manager between has been^ appointed' consultant ‘on.’ 
1975 and 19* 1 . -.■ , 'property :invteslnient. "to T5ELD-' 

M * v i. , -ING, NEWSON ? SMITH ; -.-AND--COj? 

| Mr. Oliver Phi I pot, who.has be-* .. • ,->v * 

come a member of the NATIONAL - ■' |j r . P. A. Sabine, formerly assis- 
ADVTSORY COUNCIL- ON.. EM-, - tap t : director -(chief geochemist 

become depiity director (chief 
PEOPLE. Is managing director ot .scientific officer! of the- INSTT- 
Remploy. Mr. Geoffrey GObertson. xons - -QF ' GEOLOGICAL 
a Remploy non-exeentire director; SCIENCES in succession to *er 
has been re-appolnted chairman i ate Dr. .W. RuUerweU. -Mr. P. X- 
nf the Council and Mr. -IL-S. X Moore, formerly! head of analyti-. 
Potter, also a Remploy .non- ^ and ceramics unit Has - been" 
executive director; has been mad e -assistant- director (chiefj 
appointed a Council member. , geochemist} to succession to Dr. - 

* . Sabine. 

.. Mr. Glyn Lloyd, a member.of 
the TUC General Council and an 


[executive committee member, of 
the Union of-"’ Construction', 
I .Allied Trades and Technicians, 
has been annotated as a member 
of the OCCUPATIONAL PEN 
'•SIGNS BOARD. He succeeds Mr 
J. G. Hnlry, who resignedin. 
October 1977 as the Board member 
appointed after consultation with 
the TUC. - f 

-k 

Mr. T* Ci Walker has Joined’the 
Board of Mervyn Hughes, Alex¬ 
andre Tic ’ (International),;, as 
director of -engineering recrui 


SLMCO MONEY FENDS 

- -(Saturn'Investment 
Management Co. Ltd.) 





Afflhata tocurkla having 1mm nH this armouncomnl tppcm as a matter <4mcodpaiy .. 


Mnmy, 1379 


These securities having been sold, this announcement appears as a matter of record only. 


NEW ISSUE 


JANUARY, 397S 


Rowntree Mackintosh International 

Finance B.V. 

flncomarttml iwW limited Uatubty in U* MattmdusiaJ 

£18,000,000 

10? per cent. Sterling Foreign Currency Bonds 1988 




European Coal and Steel Community 

( U ECSC ?? ) 

U.S. $30,000,000 

8g per cent. Notes due 15th February, 1985 
Issue Price 99 per cent. 

Interest payable annually on 15th February. 


QP 


Guaranteed by 

Rowntree Mackintosh Limited 

(l.ycarpmtnti in England wtth limited liability under the Companies Acte 1662 to 1833} ■.' - 1 

J. Henry Schroder Wagg & Co. Limited. - - .. 

Algemene Bank Nederland N.V. Credit Suisse Wbite WetdLimited 

Deutsche Bank Aktiengesellschaft Soci6t6G6n6rale 

Socidte Generale de Banque S.A. ..v 


Abu Dhabi Investment Company Alahli Bank ol Kuwait (K.5.C.) A. E. Ames & Co. Amex Bank .’ ’ Amsteidara-BouanJam Bank N.V. . 

U an lad .. L.mitad " • ‘. ’ ' ‘ * - .“ 

The Arab and Morgan Grentell Finance Company Bank Julius Baer Iniemational Bance Commerciaie Italians . .. Bancadel.Gottardo. - 

L-mriec LuniHd 

Banca delta Svizzera ltalian 3 Banca Nazionale del Lavoro Banco Urquijo Hispano Americano . Bank bf America International -■ 

' Umltad ’ ‘ ; “ - Umtart : . 

Bank Gulzwiller. Kurg. Bungener Bank Leu Imamationai Lid. Bank Mees &. Hope NV ' ... Bankers Trust International , 

(OveriBiSi f.d M 1 ***)**) .*. . . " 

Banque Arabc et Imernationale d’lnvastissament (BAM.) Banque Bruxelles Lambert SA Banque Francaise.du Commerce E*i 6 rioiif- . 

Banque G^n4rale du Luxembourg SA Banque de rindochine'etde Suez Banque Internationale i Luxembourg's A. 


: Arnsterdam-Rouardam Bank N.V. 


Banca del GoOardo. ; 


i Banque G^n4rale du Luxembourg S.A 
Banque Nau'onale de Paris 
Banqus Populaire Suisse SA Luxembourg 


Kuwait Investment Company (S.A.K.) 
Abu Dhabi Investment Company 
Libyan .Arab Foreign Bank 
Societe Generale de Banque S.A. 


Hill Samuel & Co. Limited 
Arab African Bank - Cairo 
The National Commercial Bank. Saudi Arabia 
Swiss Bank Corporation (Overseas) Limited 


Barclays Bank International 
Limited 

Bayerische Vereinsbank 


Baring Brothers & Co., B 
Unwed 

Job. Betenberg, Gossler & Co. 


Banque de rindochine et de Suez . Banque Internationale ft Luxembourg SA . - 

Banque de Neuflize, SchIumberger. Mallei Banque de Paris ettiesPeys-Eat 

Banque Rothschild Banque de TUnion Europ^eone .Biinque WormsV 

& Co., Bayerische Hypolhaken-und Wechsel-Bank . Bayerische LatKlesbaTttG'TOzentrHla.r : m 


Berliner Handels- und Frankfurter Bank 


Caisse des D^pbts et Consignations 


Janies Cape! & Co, Caz 

Christiania Bank og Kraditkasse 


Cazenove & Co. 


Cemrele Rabobank 


Blyth. Eastman 4)jlion^ Co. 

.; Inwradonarf Clniraaf-* 

v CheseiM»iiwttari UmitedF' - 


Chemical Bank International Christiania Bank og Kraditkasse 

Linwsd 

Compagnie de Banque e: d'investissements Compagnie Monfigasque de Banque Continemal tflmbls' ;T ''..’71 ‘ County Bank '.7-f-T 

lUndtrwriKfi) SA ... ... -Linwad. - • • !•>"-> i. ■■■ y.%'- ■-•‘-‘ifttoad'-:’ • 

Credit Commercial de France Crfidit Industrie! if Alsace et de Lorraine Cr£dft Industrie! et Commercial f :.s.:-' r ;Cr€tfit Lyorwaisi.. 

Creditanstali-Bankverein Credito Italiano Daiwa Europe N.1E ' DG BANK 7: ^^-petffeth^GErozentrale : ' r ' : "--- 

Dautsch « G«»oaaai«crL^9l»&. : ^aiksdrTe Korrmwftelbai*- - l?! 
Dewaay & Assocife International S.C.S. Dillon, Read Overseas Corpora lion'' ' DresdnariBank' . .J Cdra'mb£ntpf^%. aA : 5 '.- , t’ £ 

AkiiangweBsrtrafr ’ i‘ ..v, ■.- v-T' 'Vr*-'. - irf*;- 

European Banking Company Finacor First Boston (Europe) First Chicago .' Robm Flaming Bi Cth J * Antony- 

timiwd Limned Umired Ltafted .x_- • 

Giroreniralc und Bank dar osterreichischen Sparkassen Goldman Sachs International Corn. Grcnjpemem des BanquieisBrivfe 

Artinmot^cHschalt . - "Tv 1 -” 

Hambros Bank Hamburg|sche Landesbank Handelsbank N.W. (Overseas)'' .. HassIsche^LatwJesbank S• T ^ • Hffl Semual - &<^-> -.":V 

Lim ' led —GnoiBnrrila— Limned . _^frfmintrrir 'i - ‘ -fjilikCii'. •’ i- ' 

E. F. Hunon & Co. N.V. IBJ Internationa! The industrial Bank of Kuwait ICS.C, ’ r -\ istituto BancaWSen PablbXfi^foritio S ^ 

LmilBd ; ■- ; . '}■^ ."*> 

Jardine Fleming & Company Kidder. Peabody International Kleinwort Benson - JtredietbankqLv. -- r-KredKibankriSA i-Mwnfiogn»^s »7 •*- 
Limilad Limiiad Linked •• . .. ■; Viuitf 

Kuhn Loeb Lehman Brothers International Kuwait Foreign Trading Contracting & Investment Co, (gAK,) ’ KuwaitIpternational Inv ? 

Lazard Brothers S Co., Lloyds Bank International L^bflhoatfie IhlemBtioiwl' 

McLeod, Your.g. Weir International Mend Lynch Intematiorial & Co. 8. MetzferseaL Sphn & Co.;^- ; r -.Samuef Monte^ijC^v ;i :C^ 


Citicorp International Group CtHrifnerzbarik 


Continental IUmg^i Z'7". 
■ .-. -. Linwad..r 


Creditanstalt-Bankverein 


Credito Italiano 


Daiwa Europe, 


Dewaay & Assocife International S.C.S. 


ALilili Rank of Kuwait IK.S.C3 
Amcrictin Express Middle Ea>l Detelopment Company 
S.A.L. 

Amsterdam-Rotterdam Bank N.V, 

Arab Finance Corporation S. A.L. 

The Arab and Morgan GrenteU Finance Company 

Limited 

B. A.1.1. iMiddle East! Inc. 

Banca Commerciaie Italiana 
Bank of Bahrain and Kuwait 
Banque Bruxelles Lambert S.A. 

Banque Inteniationale a Luxembourg S.A. 

Banque National? de Paris 

Banque Popul.iire SuK\e S.\. Luxembourg: 

HyWos Arab Finance Bank ( Belgium) S.A. 

The nc'.e!'?pnienl Bank ofSinsdpore Limited 
Dillon. Read Overseas Corporation 
Drcsdncr Rank Aktiengc*clKchaft 
First Boston AG. 

Frab Bank International 
Kleinwort, Benson Limited 


Kuhn Loeb Lehman Brothers International 
Kuwait Financial Centre S.A.K. 

Kuwait Foreign Tradinc Contracting & Investment Co. 
I S.A.K.i 

Kuwait International Tnxestmcnt Co. s.a.k. 

Kuwait Pacific Finance Company Limited 
Manufacturers Hanover Limited 
Merrill L>ncli International & Co. 

Morgan Stanley international Limited 
-National Bank of Abu Dhabi 
RiyadBunk Ltd. 

Salomon Brothers International Limbed 
SiTcietc Arahc Inlcrnalionalcdc Banque iS.A.I.B.) ' 
l: BAN-Arab Japanese Finance Ltd. 

Union Bank of Switzerland • Securities) Limited 
Union de Banque 5 Arahesct Ettropeenne* - L'.B.A.E. 
Union dc Banque.-? Arahcs el Francai*Cj - U.B.A.i-'. 
Wardlev Middle 1'jst Limited 
NVestdcul »ehc Landesbank Ciiro/entrale 
Wood Guildv Limited 


l-n-lei 

Morgan Grenfell 81 Co. Morgan Stanley International 

luniiyfl Lifmlsd 

The National Conmerciai Sank of Saudi Arabia 


MTBC & Schrotier Bank SA ■ " - V 4 

- • • ' " : . —'■ 


The National cornmerciai sank ot Saudi Arabia Noderlandsche Middenstandabank N.V, \ ; :trife)i!tonr- 1 'i 

T)»« Nikkei Securities Co., (Europe) Ltd. Nomura Europe N.V, Norddeutachfi Landesbank - •» SaL Qppenbeim Jr.^ cW.: w r rOrib*r®wiJiU' : - ? -£ 

Okoiafinale. • 1 mm ' -sf- 


Oaterreichische Lander bank 
Pierson, Holdring & Pierson N.V. 
Salomon 3>gihcrs International 
Singer and Friadlandef 

iKniKd 

Societe Gvne-raie (France) Bank 

Limited 

Sofia? S p.A. S 

Svensij Handelsbankon 


Oversea-Chinese Banking 

Limited 

PKbanken ■ Riyad 

Urn 

J. Henry Schroder & Co. SAL, 


Skandinavieka Enskilda Ban ken 


Socidte Piivfia de Gestion Financiero 


hrodere & Chartered y 1 - ^asner^dre.&tt^tat^riteFJ^drc^hrEt»&«Ui.-Fa l 

Limhfld ■ ' f': v : m&d >-?;7rkv rl'f-i ■ / 

nken • 'Sputil-08mey, Hanisr-Upbiffiitf <Obl ■- t'~J ; 

V . '- r , j- .J .’. 7 !"3-. v .>- ! . U 

ion Financiera- 7 '' - ' 1 ■■ 1 " t- - 


Sparbar.kernas Bank 


Strauss, TumbuB a Co." - : 
■? Trado Davetapmeot Banlq- 

London fililKtl 

Vereins- und Westbanfc ' , 

AKMno««Ufcruili •,; 


-.-VntonBjtnfc’qf 5S 


•* wuowao, r -.-\ % ^fraioniM rirwneo-joramiOQMfW . 

. -. • . . i. -' - - - - . ■ -f-" : i-.iv 1 * ■*.' f®T- : 1 

Svensta Handelsbanken Swiss Bank Corporation '7 Trade Development Bank, '. -Unmr> ; Banfe?»f j7 ^ - ■ 

( 0 ver»e«l Umtlfld Londofi finnch •;/ V t' 

Union do Eanques Arabes el Fran raises - U.BAF. • Vereins- und Westbanfc ' X ? .Yont6M'SiXA'^'J '-^-fSViisJ 7 <k- : 

A.kMno«a«U»rul( : ; v-' ^ 

S. G. Warburg & Co. Ud. Westdeuteche Landesbank Girozennale ’ WIULama, Giyn & Cct.- WoodI’Gundy •* 






















It, If 


—:>t 


• Vr.-T ^l^c .■ j; - .; 



$ 


f\, uncial: 20 1978- 

H, '. 



^Cwietabie 


'«-• ... . . 

a convenience of ;readers the dates when some of the 

rtaut company dividend statements may be'expected in 
ew weeks. axfc/gfveii the... following table. The; dales 

those ofl laa-year's ^aunoancements. : except '.where - the 
», S Board meetings (indicated thus*} * have been officially 
■. : • It - should be emphasised .itfaat r 'the. dividends - to bo 
ut not- necessarily be at the amounts or. rates per cent, 
le column headed'^Announcement last year."- Preliminary 
ss usually, -accompany, .final dividend-' announcements. 


Date 


Ammmcr- 
zocxit list 
year- - 

- ..Mar 38 r Final 9.137 
an " : ‘ 

>A Apr. 38 lots. due . 

.. ...Mar. 31 Final-4.6MI 


Auiofcncc' 

Dsn ■. ■ ment- last 

„ . •- . sear -. 

n p? t .... ..^-- 

Asset-_Mar. 38 Final *J» 

London Brick .. Mah 3ft Final 1.7576 
was- bats.'31 lov 3.-U3 - 
Marehu-td- ._...Feb. SB Final 4.13 
•Mcrcamiio • 

lav. Tst....3tar. 6 FBudOAS. 

MsOna ■ 

Trust . Mar. M Ftnal I.4J5- 

Int. 208.33 coots “Midland Bank ...Mar. IB Sec. tm. 7<fi582 

_"NatWest Bank Fob. 28 Final S.VCg 

.—.May 9 Final Up . .’Neepsend :.j.„..Feb. 29 Jnt/OJOTS • 

It jFeb. i» F&urS.USI .~'*FBacfcrir Pn?p; -jrar.FSec. tw. flJ3 
. / Peart. Assce. -Jiar. 30 Final 7,41771 

rD_Mar. H FbaJsxBK ’ “Plantation- V 

. . “V r- • : .B3tto>..Fe». Tt- Ftnal:UWE» 
n.. .Mar; 9 - Final 2JB9 fed; " Pnnrfdent'■ 


p, ..Mar. 14 Int- C.72S 
Jtfar. 23 J. Ftaal.5^« 

.-g-.Mar. U Pinal 1L2 
—filar. 7 


:„J4ar. 1 Final 3.2S ... 
..-.Mar. 7 FliiSl '9.833 -' 
-T.Mar. 24 Final 1.S338* 

.Mac. 31 Final 3JS 

.-Feb. 21 Final nil -- 

_Apr. 5. Final 4.35 - 

__ Jdar. 3 Final t- 
-.. Mar. is in. 0.75*23 

a...Mar. 31 Final 2.06615 

a... Feb. 22 Final 1.343. 


e...Mar. 10' 

. ..Feb. n 

s...llar. 31 

r....Feb. 23 

n. Feb. 27 
—Mar. 4 
:. Jlar. 31 
..Alar. 15 

•-..Feb. 23 
.'... Afar: 2 
....Mar. 6 
ad. 

i. Mar. 28 


Ftoal2.fi' 

Sec. tnr. D34 

Final 1.5239 

Ini. S cents- 

Final S.B81fcsL 
Flnat8.7 
Finals ." „' •. 
Int. 1.751 

Int. 6 J 
JBl. 71.41 
Fmal 6.7115 • 

Final 3.1211 


■i...Mar. 1 Final 4.1 


X.. Feb. » 
..Mar. 15 
...Mar. 18 

;...Fcb. M 
....Feb. 23' 

r.. Mar. 30' 
-.-Mac. 9 
... Feb. 23 
— Mar. 8 


Final SJ25 
Etna] 3 
Final 237B " 

Final 8HKC.44 . 
Final 7.3,.'; • ' 

Final 2.733*3 
Final 275 
Sec. int. G.7R6S5 
Fin. 52546 fesu 


u..Fcb. 23 1QL.4.8SS test. 

1- Mar. 15 Final 21759 ' '.* 
.—Mar. 22 Final 4 feat 
..Mar. 3 Final 1.317 ' 


Financial...Feb. II Sec. im. 4.4233 
Pmdeiulal ■ ; ■ "' * 

'... . Asset.. Mar. M 
Pye fBMss.i .'.Alar. 25 
TRansomes Sima 

- and-Jefferies ..Feb, 27 Final 5A« 

_# ReckJU and 

Colmaa .ATar. CH 

“Remokil ..Mar. 8 

Rocfcvrare . Mar. 73 

Bolls-Rarce' 

Motors ..Mar. 2 r Final 
Royal Dutch 

Petrolctnn .Mar. in Final n*.3.50 . 
•Boral Insce. ..Afar. 2 Final &.FW 

Scbroders .Alar. 30 Fmal 7.2425 

Scottish Met. 

-Prop-, .Mar. 211 
Scot. Uld. lnr....Fob. 5 
•Sedsarirfc 

Forbes. Feb. 29 
'. Shell Tnmspt- . Mafi. 10 
Slotmb Estates ..Mar. 30 
Smith and 

■ ICejdiew. -Afar. A4 

■Smith Bros.Feb. “t 

. “F-eeflCF •- Mar. S 

•Stone Platt .Jlar.CR 

Tilling iTbos.i..Alar. 17 
•Transport 

DerelopmenL-Mar. 9 

' Trlnlevesi .3lar. 3t 

Tube Tnv.Mar. 22 

•Tamer and 

ritwalJ—Mar. 2 

. 'Unilever -.Mar. 1 

Union Corpn. . Mar. 1 
United Biscuits ,-Mar.. 3 
“VS.. Debenture 

Corpn...Afar. I 
Weir Group ... Mar. 22 
Willis -Faber ...Mar. 29 
-Woolwortb 

iF.TVM-ASar. 8 Final 2.723 
Ymutbal . 

Carpel..Mar. 23 Final 4.00 

•Board nteetlrus Intimated. ■V'RIchts 
Issue-since made. 2 Tax fmo. i'Scrip 
Issue since made [rom reserves. 


Final 3752 
Final 29.. 


Final S-TU2 
Final 1.3; ■ 
Final 2.1872 


Int. Q&~'- ' 
Final li . 

Final fi.tf rest. 
Filial 6.778 
Final 1A7S . 

Final 1.4497 

Hit. 1.5. ' 

Final 3AT5 
Final LSI 
Final L3t» 

Final i>WM 
Final IM 
Final SABI 

Final A41S7. 
Final 7.01 
Tnr. dim. tfva 
Final 2.6864 

Final 2A6 
Final 3.IB 
Final i 


NEWS 


B IW KWLF q" m F m i ImjnvAi S HhIaI 1 

Alfa Romeo builds new Naples 


plant despite mounting losses 


25 


MINING NOTEBOOK 


BY DOMINICK J. COYLE 

ALFA ROMEO, Italy's; State- 
controlled motor manufacturing 
group which is part of the giant 
Institute per la Ricostnmone 
IndustriaJe (ITU) holding com¬ 
pany, is to build a. new produc¬ 
tion unit in.-the Naples area, 
despite the massive and mount¬ 
ing losses of its Alfa Sud opera¬ 
tions in the area. 

No Anal official figures for Alfa 
Romeo's overall operating losses 
last year have yet been published 
but losses will exceed the group’s 
L80bn. deficit f£4Sm.) in 1976. 
One unofficial estimate puts the 
operating losses last year at more 
than LHObn. (JES5m.l. and some 
company sources claim that Alfa 
Sud (South) alone had lasses of 
clf«e on L400bn. l£242m.j in 
offset of coarse by profits 
elsewhere in the group. 

The decision to build another 
production unit in the south is 
part of a new labour contract 
negotiated finally at the week-end 


arter almost one year's discus¬ 
sions between employers and 
trade unions. The new plant, 
which is scheduled to come into 
production inside three years, 
will provide up to 1.400 new jobs 
and is to concentrate on the 
manufacture of medium-sized 
cars and industrial vehicles. 

The decision to go ahead with 
another production unh in the 
Naples area, where Alfa Romeo 
has experienced some or the 
worst Industrial disputes in all 
of Italy, is said to he part of 
a reorganisation of labour and 
manufacturing uiilisa-tion in the 
region; 

The new labour contract, which 
in its final form will he con¬ 
sidered formally *liis week hoib 
by employers and trade unions 
directly concerned, provides an 
average monthly increase or £10 
for most workers, it.qether with 
a lump sum payment, mainly in 


ROME. Feb. 19. 

consideration of ihe delay in 
agreeing on a r.ew wa::e* pact. 

Alfa Romeo, with a combined 
workforce of more than 40.000, 
initially planned a doily output 
of 750 vehicles at its Pomigliano 
d’Arco plant near Naples. This 
production target was later 
dropped to 550 cars, while in 
practice the daily output now 
averages no more than 420 
vehicles. 

The Alfa Sud management has 
blamed the tack of industrial 
aptitude by workers who have 
come from a predominantly agri¬ 
cultural environment; the unions 
insist that the basic design and 
lay-out of Hie Naples plant is 
not conducive to reaching the 
kind of produciivity levels ex 
periepced by the private enter¬ 
prise Fiat company, nr anywhere 
near Lhat applicable genera My :n 
motor manufacturing elsewhere 
in Europe. 


$244m. committed by NIB 


c Works Loan Board rates. 


Effective from February 18; 


Quote-bans retrahf 


Noo-qnate baas A* repaW 



IwEIPt 

fay ER$ 

ax 

maturity 

hy ElPt 

by EU 

at •' 
maturity 


. n 

94 

io ’ . 

I0| 

ioj 

ill 

p 10 


m : 

Hi 

114 • 

Hi 

.lii-’i 

o 15 

• H : 

in 

31 * 

• III 

■Hi 

12^ 1 

.6 25 

m 

ui; 

n* 

13 

121 

, I2i j 


in. 

13 ■ 

12 

m 

124. 

12f ! 


*"ota loaps R are: I p?r cent, higher in each case than non* 
t Equal instalments of principal.' J Equal repayments. 


NT ISSUES 


EQUITIES 



\Umy- _ 


•IXED INTEREST STOCKS 


*+1 
j ; 4 


?• r, 

V ‘ 1 1 


4* • 

S'. 


1977J8 


High 


Low 


Stocr 


L {Sa| I 

'Is 


13] 


140 
I 
1 
ICO 
3« | 
598 

. t*5e; 
I 1001b 1 


153 i Automuort Sec*. B% Cnv.Cum. Pref.^™ 
iulp: Hatleys of Yoranhire 10% Oum. Ptef- 


Wp>C<Rinway 11% Com. Pref.-...-__ 

90U.>Giampwa Bq;. 103% 18H5.— 

S9614 .lacu blX Kote»:1884^—, ____ 

«96l 4 { Do. 9% Dab. J«C--. 


60i£!Ktnmnjrton £ Chelsea llJX 85-87... 

99Jb! Do. Do. ..Variable’S!- 

| lO0t«i JOOigjl^ieesterTariabJo J3S!_____ 

• ! 102 100 ;Pearwn (Sj 10in* Pty. Cnv. La. 198M8-. 

: £994, taBJeittowTOee Ixal, 10** 18B8.-_ 

1 £99 . £98: 3 Pte»)«L Fin. NlV. 10i»l8e8-;-. 

\ 597 p9e ‘shell 1ml. Fin. ^|V. fn% Q w> Not*. 1990 
HOG,* I t»»4 TernesWe Variable 1963... 

• ; Uiftsi 7«all>ci 10S, JtoJ ‘S4-6...... 

■ 105p ] 104phVhiU?bou« K3.) 11% Ciun. Pref..—.,.. 


asa i 
riMp,' 
nosy _... 

|100 . 

>97 - 

S97 . 

515 4 l ...... 

10036' . 

lOOUr_ 

|lOO .. 

j^aos*!. 

*»8ij - 

•sot ;. 

,100 '-Mb 
I 9u;+ia 
:104*pi + l2 


Bank of England Mini mom 
Lending Rate 6 j per cent, 
(since January 6,1978) 
Trade figures, money supply, 
and fears about re imposition of 
the “corset”' restrictions on 
banks dominated trading in the 
London Money Market last week. 

Conditions were as nervous as 
during the -previous week, and 
Interest rates were generally 
firmer. A rise in the money 
supply outside the official target 
was widely expected, and the 
figures were fairly calmly received 
by the money market 
' Special- factors played a large 
pfert in the rise, and following the 
Governor of the Bank of Eng¬ 
land’s recent comments on taking 
a longer tern view of published 
figures, the market was steady but 
cautious. 

Nervous caution was also evi¬ 
dent following publication of the 
■January- trade figures on Tues¬ 
day. The sharp increase in the 
UJC. trade deficit was not as 
easily explained as the poor money 
supply figures, and ' the market 
set its tone for the rest of the 
week from this. 

Discount houses became very 


Si 


RIGHTS” OFFERS 


jitnt 

StiCUUL 

law 

f • _ 

1077/8 

' Brock - • !*»* j- 

Hichl Lmr 

1 24/2 
1 10/3 

1 27/2 

2 10/3 

«! 17/3 
2i 30/3 

SIpml I9pra 

m 116 

70 1 CO 

f'l to 

52a pro [ 4i2pin 
11* pro 84pm 
4Eiz to 

28 | 283* 

AGJB_'__ 1 lBpni| . 

Arlia/rtoo lloioc.--_...) 116 ,—1 

LofaUtioroi---L-1 66 — 2 

Cbrlaty 8rm. M ...42 ■ . 

Comm. M&nlt cl Australia——' 44pm ■+2 

Cfypttlwr--—...1 9’? pro —1 

L-H-C. imenmioiuJ--f wig . 

MancLeatec Ganutes—.26 1 . 


■a 3i/; 
*!■ 3/8 


10/3 

3/3! 


'51 ITpmJ 
8 £01 I 

3 W 
3 84 


8pm) Midland 
Iftl Jv.rtrmmt 


181 £Kattan*l Bank of Aiutnbsl&.> 

81*3 >»iH (Ja a.)_-.. 

71 lfraedy lAKredl- 


10pm +1 

190 . 

B7 j. 

80 . 


date ocqsUr bst .dar ftar deahas free of stamp door. BFicnres 
tsa estimate. oAasiSDBd <Uvtdcnd'and .vleM. «.Forecast-dividend: 
■reviou rear's earidags.. .rDlrtdend and yield based on pros pectus 
estimates for 1B79. a.Gross.' rFleores' assumed. _! Cover allows 
shares not now raninng for dividend or ranking only for restricted 
■in* price to pobljc. jC Pence unless otherwise indicated- 7 Issued 
•ered io holders of Ordinary shares as a “nghis.”. ■• Rights 
jllsation- IT Minimum .tender price. IS Rcharochioed. El issued 
-ji reorganisation mercer or tako-over. U:! Introduction. □ Issued 
cnee holders. ■ Ahomtent letters tor folly-paid). ■ Provisional 
■Jorment tetters. * With wnam _ 


BASE LENDING RATES 

nk ........... ■Rill-Samuel -...I 6i% 

ii Banks Ltd. 6i% : C. Hoare & Co. —.f fii% 

Express 'Bk. .61^ Julian S. Hodge . 71% 

k . 64% . ..Hongkong'& Shanghai 6i% 

: Ltd; ... fij% : Industrial Bk- of .Scol 6i% 

sbacher 6*%‘ - Keyser Ullmann 6i% 

Bilbao ....... 64% . Knawsley & Co. Ltd.... 9 % 

redit & Cmce. 61% - Lloyds Bank . 6J% 

5 prus ... 6i% London & European — S4% 

IJS-TW- -. 61% London Mercantile. 6*% 

»]ge Ltd....... 61% Midland Bank .. 6J% 

j Rhone 7. % ■ Samuel Montagu 61% 

Bank -- 6g% ■ Morgan Grenfell.. 6j% 

hristie Ltd.... 81% National Westminster 61% 
loidings Ltd. Norwich General Trust 61% 

: of Mid. East 64% " P./S. Refson &- Co. ... 6*% 

iploy..;-- 61% Bossminstep Accept 5 cs 61% 

■rmanent ArT 61% ■ Royal Bk..Canada Trust ^ 64% 
Ss C Fia.-Ltd. fl % Schlesinger Limited ... "64% 

± .. 7 % E. S- Schwilb ............ 84% 

•dings . S % Security Trust Co. Ltd. 7j% 

use Japhet.^ 6J% Shenley Trust-.,.. 94% 

tes . 71% Standard Chartered ... 64% 

ed Credits... 64% TradejDev. Bank.... 64% 

ve Bank.* 61% - Trustee Savings Bank 6J% 

Securities— 61% - Twentieth Century Bk. 7»% 

mnais.- 61% . United Bank of Kirwait 64% 

5 popular Bk. 61% WhlteaWay Laidlaw ... 7 % 

awrie.Ii .64% Williams ^ Glyn's.’ 6J% 

.. 67 t *n * Yorkshire Bank .. fi*% 

ranscont-. s % b Members of the Accepting Bwises 

I 0 D Secs. Ccnuttinee. 

Fin. Corpn, Si% ""-dar deposte l-monUr dooosts 

Secs. Ltd. ... S % OT sums of no.oofl 

.DPS .. OlTt and.' nnder 3'5-. up -to £25.004 3iS 

I Guaranty-.-. 64% rone #w css.'ooo.<»%-- 
Hint ' t 61% r Call tiejMEiis over fl.KW 3V 

.**' + S .D«UBd deposits 4%. * • 

Iianon. OTVo « Kote-nlEO appUes to Srerthw JBd. 

Sank .6t%- : Secs. . 


FINANCIAL TIMES REPORTER 

THE NORDIC Investment Bank 
(NIB), established in Helsinki in 
1976, granted a total of 15 loans 
amounting to 105m. special draw¬ 
ing rights (SDR), equivalent to 
5125m. in the period June 1.1976, 
to the end of 1977. 

In addition, it is said in the 
bank’s first annual report, pre¬ 
sented to the Nordic Council of 
Ministers, NIB made four export 
financing commitments totalling 
S119m., so that the overall com¬ 
mitments total approximately 
'8244m. The export projects, 
which involve- power plant pro¬ 
jects in the Far East and Latin 
America, equipment for an oil 
pipe line in Latin America and 
a construction project in eastern 
Europe, are still in the 'tender 
stage and the commitments have 
not yet been taken up. 

During NIB'S first operational 
period special attention was paid 


in establishing a. functional 
organisation, building up a diver¬ 
sified loan portfolio, defining 
policy objectives for the bank’s 
lend operations and introducing 
the bank as a horrower on the 
international capital markets 
through a S40m. note issue with 
a coupon of per cent, and a 
maturity of 7 years on the Euro 
bond market. 

NTB—which finances invest¬ 
ment projects and exports in the 
common interest of two nr more 
Nordic countries — has an 
authorised capital stock of SDR 
400m. fS486m.l. which the Nordic 
countries have subscribed accord¬ 
ing to the respective countries' 
gross domestic products. As of 
December 81, the accounts 
showed a balance of SDRIOSm. 
(SIRlim.i. net interest earnings 
of S5.Sm. and a net profit nr 
S3.7m. which was transferred to 
the statutory reserve fund. 


Alitalia 
sees 1977 
profit 

ROME Feb. 19. 

ALITALIA. Italy’s stale-owned 
flagship airline, will post a profit 
for last year, the first since 1969, 
said its parent company, Istituto 
per la Ricostruzione IndustriaJe 
(3RD. 

If external faetnrs such as 
strikes do not intervene, the 
improvement in the company’s 
performance should continue this 
year. IRI said in a monthly 
bulletin. 

1RI did not give a precise 
figure for the expected profits. 
In 1976, the company lost L40bn. 

The number of passengers 
carried last year rose to 9m. 
from 7:Sra. in 1976. 

AP-DJ 


Money and Exchanges 


defensive, marking up buying 
rales for Treasury bills, and re¬ 
maining that way throughout. 
Three-month bills hovered around 
the trigger point for a rise in 
Bank of England Minimum Lend¬ 
ing Rate for several days, but 
this was more a reflection of the 
reluctance to purchase bills in 
the uncertain conditions rather 
than a pointer towards a rise in 
MLR. 

The recent rise In -the money 
supply has brought with it specu¬ 
lation about the reimposition of 
the "corset” restrictions, and this 
led to some very unusual trading 
on Wednesday, and the creation 
of a two-tier market, where day- 
to-day money lent to the discount 
houses was at a much lower rate 
than the interbank overnight rate. 

As third Wednesday in the 
month it was make-up day for the 
banks, and fears of new restric¬ 
tions produced a strong desire for 
the banks to lend funds to the 
discount houses, since these 
count as reserve assets without 
reducing eligible liabilities. 
Houses found money freely avail¬ 
able at very attractive rates, but 


the market was only helping tn 
fuel its own fears, by contributing 
towards a further growth in the 
money supply. 

Sterling also suffered under ihe 
cloud of the trade deficit and the 
money supply Azures, bur was 
stronger than the dollar on 
balance. The pound's trade- 
weighted index, on Bank of Eng¬ 
land figures, fell to 63.9 from 66.2 
on -the previous Friday, hut 
gained ground against the U.S. 
unit It finished at SI.9445-1.9455, 
a rise of 95 points on the week. 

• The dollars trade-weighted 
depreciation, as calculated by 
Morgan Guaranty, widened to 4.83 
per cent, from 4.43 per cent The 
German D-mark and Swiss franc 
were particularly strong, and 
central banks in Europe probably 
intervened during the week to 
prevent too sharp a decline by the 
doHar. The D-mark finished at 
DM2.0Bl7j compared with 
DM2.1055 on the previous Friday, 
while the Swiss franc closed at 
Sw.Frs.l.SSfiO. compared with 
Sw-Frs.1.0305. 

Gold touched its highest level 
since March and closed at 

S179-179i. up on the week. ■ 


Fob. 17 
107S 


Sterling 
Certificate 
of deporita 


Interbank 


Loin I Local Aulb 
Authority nezotlnWo 
itepcaito ] bond* 


Overnight—...,' 
.'days notice... | 
f days or i 
f day* notice... [ 
'hie momti—| 
ftrn monfb»..,l 


41 S -6 


5S»-6!i 

esa 6s$ 

6Se 67a 
7A-7U 


6*14 

»-*• ..PM»a. aao.—• OTr 0 ^ 

Three moot ha J 
alx manthk...! 7io-75a I 1 7,^-7'a 
Nine nionib.... 7ta-7Sa 75*8 

1 *ne .rear.__ i 7;| I 8-814 

Turn-TBarii — * — 


6s«-63t 

37«-6 

6)«.65a 

634.7 

7l4-7li 

73 t -8 

834-9 


! Z 


Finance • 

House j Cora pan v 
Depceit* ■ Depofthe 


z [ 


6Sp-63« 
634-63* 
7-61| 
7! S .634 
7Tj 71a 
816-714 


61*4576 
6»i-7 
7-71 j 
73*73, 
73,-814 
8i« 
8is 


6 

63, 

71* 


Discount 

market 

depmiit 


[ Treasury 
1 Bllla 4 


| Eligible 
1 Bant 
I Bill* $ 


iFrne Tradi 
Bill** 


4-5 


5U-6S* 

6V51 3 

6-6'e 

6U-63e 


- r - 



6ia 

; 65«-7 

5tb ! 

65* 

1 6:» 7 

5 a i-b 


' 7 

— 1 


• 7-7ia 




Local authorities and finance houses sewn days' notice, others seven dap* fixed. 
e nominally Ihiee years 101-104 per cent.: fonr years UH-101 per cent.' tire ye'r- 


"Lnnger-tcnn local amh-irtty mortgage 

ratc'inimlmtty three years lOi-lOJ per cent.: fonr years 104-101 per cent.- five ye-r- 10M1 per cent. * Rank bill rates in 
■able am buying rales for prune paper. Boring rales for f DOr-month bank bUie *lSw per cenL: four-month traoe bills 7-r* 

^ADWorimaie reUlng rate for one-racinib Treasury bills 5Uu-5I per cent.: two-month 5FW9j’ per cenr.r and three-mnntb 
5 »T 2 - 5 iSi 6 par cent. Approximate selling rate for one-month bank bills 6 per cent.: iwo-monib Si per cert.: and ibree-monib 
671*415*3 per C*HL One month trade bills 6MI per cent.: iwo-montb SI-61 per earn : and also ihree-nwntb SS per cent. 

Fiaan HoiBe w»«i> Rates (published by the Finance Houses Association^ 7 per cent, from February 1. IP73. Clearing 
wr-fc' Deposit Rates t'nr small sums at seven days’ notice) 3 per cent. Ocarina Bank.Erie* for lending 6t per cent. Treasury 
Bills: Average umder rates of discount &-973B per cent. 


GOLD MARKET 


Gold price knocks on 
the $180 door 


BY LODESTAR 

IT IS a curious twist of erreum- 
siances that in a lime of world re¬ 
cession. when prices of base- 
meials (apart from tin) have 
fallen to Ihe point at which many 
mines are losing money, buoyant 
conditions obtain in the more 
exotic markets. Gold, diamonds 
and platinum are all riding high, 
and further increases in their 
prices look likely in this "Let 
them cat cake " situation. 

As far as gold is concerned the 
recovery in the price from just 
over 9104 an ounce in August 1976 
lo its current level oF just under 
glSO is. of course. 7argely a re¬ 
flection of the weakness in the 
UA dollar. 

However, industrial buyins of 
cold has grown to the point at 
which it is reckoned to exceed 
production and last year's fabri¬ 
cation demand is estimated to 
have been 10 per cent, greater 
than in 1976. 

At the same time, the bullion 
marker has continued to absorb 
without difficulty Ihe Inter¬ 
national Monetary Fund's monthly 
-ales or 325.0IM1 ounces. Each move 
forward in the gold price has 
been followed by a period of con¬ 
solidation which, in chart terms, 
paints a picture of a soundly 
based rise. 

.According to the chans 
followers the market is now 
facing a testing point in the shape 
of the S1S0 price level. Last week 
Lhe New York gold price edged 
a few cents above this figure but 
failed to make any further head¬ 
way and on Friday it slipped back 
to SI79.70 while the Loudon close 
was S179.375. 

So this week all eyes will be on 
the price to see if H can break 
through the SI80 barrier 
decisively, which. say the 
chartists, would open the door 
to much higher ground. Most 
observers 'feel that this will 
happen in due course, but they 
also know thar any improvement 
in confidence in the dollar could 
cause a temporary sharp setback 
in gold. However, the dollar came 
under pressure on Friday to the 
extent that European central bank 
support was triggered off. 

Cheap for some 

While the nse in the gold price 
over the past few months has 
been almost entirety in terms of 
weak U.S. dollars, in terms of 
the stronger currencies such as 
sterling the price has risen much 
less and. indeed, hardly at all 
in the case of .Swiss francs. 

This suits the South African 
mines because their couutrv’s 
currency is tied to the U.S. dollar 
and Thus they reap the full 


momentary advantage; whereas 
European fabricators buying the 
metal with strong currencies are 
not being put off by runaway 
prices, as was the case in 1974. 

Much of The same reasoning 
applies to the Canadians, whose 
dollar is even lower in value than 
that of Lhe U.S. And the Toronto 
gold mines index has risen by 
62 per cent, since the beginning 
of hast year. 

The FT index of Sooth African 
golds, however, has gained -only 
hatf that much to its current 
157.1, and this despite the fact 
that the bullion price is now a 
few dollars higher than on May 
22, 1975..when the index hit its 
aff-thne peak of 442.3. 

Such is the power of political 
uncertainty in a shareroarket and. 
indeed. South African golds still 
have ro live with this problem. 
But mine earnings and dividends 
continue to recover from their 
past setback and risk capital is 
prepared to weiah this factor 
against the relatively low share 
prices, especially when the risk 
capita] is overseas-based and does 
not have to pay the investment 
dollar premium. 

U.S. buying has become a 
major force in South African 
golds, prices of which would be 
even lower if this demand dried 
up. A Johannesburg broker 
friend, however, reckons that 
U.S. interest Is about to increase 
against the background of econ¬ 
omic worries back home and, he 
says, this view is supported by 
many U-S. analysts. 

For the record, the shares he 
recommends are Randfontein. 
Yaal Reefs. Southvaal, Western 
Areas and, for income. Western 
Holdings, Free State Geduld. 
Libanon and Blyvoor. Current 
London recommendations are: 
East Driefontein. Randfontein. 
Western Deep and Vaal Reefs for 
the institutional investor and for 
the more venturesome Libanon. 
Kloof. Doornfontein and Western 
Areas. 

Meanwhile, last week’s discus¬ 
sion here of the possibility that 
a new gold-bearing area is being 
proved up by the Gold Fields 
Group in the vicinity of its West 
Driefontein and East Driefontein 
mines has brought Forth some 
further intriguing thoughts from 
Johannesburg. 

Richard Rolfe reports from there 
that Gold Fields of South Africa 
has put down no less than 10 
boreholes in the area between 
East Driefontein and Libanon. 
Usually the group is ■ meticulous 
about publishing drilling results 
and the fact that it has not done 
so on this occasion Is believed to 
be because the mining house dees 


not control ail the ground it thinks 
may be of interest. 

The story is that West Wit- 
waters rand Areas, the company 
that bec a me GFSA, allowed the 
rights to the area to lapse because 
the ground appeared to be beyond 
the reef outcrop. Some of the 
rights have been since acquired 
by other concerns including 
Texasgulf which has been looking 
for manganese, small deposits of 
which occur in the area. 

It would be bizarre, indeed. IF 
this U.S. company thus came in 
for a stake in a new South African 
gold mine. Unconfirmed reports 
suggest that borehole values have 
ranged up to 20 grams sold per 
tonne over 1 W 1 centimetres, equal 
to a reasonable 2,000 centimetre- 
grams. Whether or not a new 
mine will be warranted depends 
on how big a payable tonnage is 
eventually indicated. 

If it is large, it is thought that 
the Government Mining Engineer 
would push for a separate lease 
area to be set un. Otherwise. 
-Tnhannesburg is still sold on the 
idea that any new pay ground 
would form an extension to West 
Driefontein rather than East Drie- 
fontein. although the taTter seems 
geographically the more logical 
recipient in London's thinking. 

At ail events. Rolfe concludes 
that no one is rushing to buy 
sharps in West Driefontein yet. 
but this is definitely an old stager 
to watch: the mine started pro¬ 
duction back in 1952. 

Saintly Crofty 

Finally, last week's flurry cf 
interest in Saint Pi ran. which fol¬ 
lowed a Press recommendation, 
left shares of the group's 65 per 
cent.-owned South Crofty tin 
raining subsidiary little moved at 
58p. The other 35 per cent, of 
the Cornish tin producer’s shares, 
ft will be recalled, were offered 
by Saint Pi ran at 50p to an eager 
public last October. 

The offer was 45 times over¬ 
subscribed and South Crofty 
shares subsequently soared to 
90p before coming hack to earih. 
However, the half-time pro**? 
showed that the mine was well 
on its way to acliieving the fore¬ 
cast pre-tax profit of £2m. for the 
full year to March 31 next 

Proriding costs are being kept 
in check the mine should still 
be doing well because the 
January’ tin concentrate output 
brings the total for the past 10 
months to 1.S39 tonnes compared 
with 1,796 tonnes in the same 
period of 197G-77. Furthermore, 
the price of tin on the London 
Meta! Exchange has averaged 
£6,276 per tonne In the past 10 
monthst compared" with 14.885 in 
the full year to last March. 


INSURANCE 


Act which wipes slate clean 


BY OUR INSURANCE CORRESPONDENT 


THERE is a small but regular 
flow to the courts of disputes 
between policyholders and 
insurers about the fundamentals 
of the insurance contract—about 
the proposer’s / policyholder's 
duty to disclose all material 
facts and about insurers’ rights 
to rescind Ihe contract or refuse 
claim payments for non-disclo¬ 
sure. The principles were laid 
down long ago, so that to-day 
any dispute which reaches the 
courts concerns the application 
of those principles to the par¬ 
ticular facts of the dispute. 

A complicating factor in a 
number of these disputes is the 
Rehabilitation of Offenders Act 
1974,i which wipes clean the con¬ 
victed person's record. After 
the appropriate passage of time, 
lhe Act entitles him or her io 
assert a past as unhlemished as 
that of the most upright citiren. 
To this extent, the long-estab¬ 
lished insurance law as to 
materiality has been blunted: for 
example the motorist convicted 
of drunken driving in February 
1973 does not have to inform 
his newly-chosen insurers in 
February’ 1978. Different offences 
have different rehabilitation 
periods and all are set out in the 
Act. 

Ar first sight the Act is. for 
tite most part, simple, in opera¬ 


tion. But it is a complicating 
factor in insurance disputes 
which arise on contracts 
arranged before the Act became 
operative in 1975, because the 
Act applies a blanket of in¬ 
admissibility to evidence of con¬ 
victions which should have been 
disclosed in. say, 1973 but which 
have been wiped out by the lime 
the dispute comes before the 
courts. 

This blanket can be lifted only 
tinder the provisions of section 7 
of the Act which provides “if at 
any stage in any proceedings 
before a judicial authority jn 
Great Britain . . . the authority 
is satisfied in the iigbt of any 
considerations which appear to it 
to be relevant . . . that justice 
cannot be done in that case ex¬ 
cept by admitting evidence 
relating to a person's spent con¬ 
victions ... the authority may 
admit the evidence.” 

Last week the effect of this 
section of the Act fell to be con¬ 
sidered by the Court of Appeal 
in the case of Re?/Rold.s r Phoenix 
Assurance and others, a dispute 
over a fire claim made in 1973 
under a policy effected in August 
3972. It appears that the plain¬ 
tiff bad been convicted and fined 
for a criminal offence in 1961. 
which had not been disclosed to 
the insurers and which had heen 


discovered only recently. Th« 
insurers went to the Court of 
Appeal after Mr. Justice Forbes 
had refused their request to 
amend their pleadings to take 
account of this information. 

The Court of Appeal gave in¬ 
surers leave to amend, but Lord 
Denning emphasised that the 
court was making no decision on 
the materiality of the old convic¬ 
tion. only that insurers could 
amend their pleadings to bring 
the old conviction beFore the 
trial judge. Once the amendment 
was made and the action back 
in front of the trial judge, it 
would he for him to be satisfied 
that justice required the evidence 
of the old conviction to be 
acceplcd. Policyholder and in¬ 
surers would have to give 
evidence on this aspect and ii 
would he up to the judge to con¬ 
sider the parties' views and the 
law as to materiality. 

So, the action now continues 
back in the lower court and 
further comment at this stage is . 
precluded, but all insurers must 
watch its outcome with consider¬ 
able interest and hope perhaps, 
even lhat some clue may be pro¬ 
vided as to bow tiie provisions 
of section 7 might perhaps be 
invoked, in respect of convictions 
sustained, hut not disclosed in 
contracts made since 1975. 


FOREIGN EXCHANGES 


OTHER MARKETS 


Ftf*. 17 


F*b. 16 




Market Bale* 


Bank!- 

iKaten 

X 


|. XoUn Bates 

turn J1250-IBM 


Clan 


VewTork., 
Mon tread—". 

AnwMiihm 

CopoBbagenl 

Fnaikftir:-.! 

Lisbon__I 

Madrid.. 

Milan-. 

Osio_... 

Faria....:..- 

Stockholm.. 

Tokyo 

Vleutfc,_ 

Zurich— , •_ .. 


Dav'i 
Spread 

6 to'l.W 1B-T.W68I t.M«- 1.M6S 
71*?- T870-2-17*5(2.1750.2.1748 
41- 4.23-4.55 4.114-4.524 

B2.2S-&S.fi> B2.65-B2.flB 

1I.OM1.02 
4IWF4.D13 
. 78.10-70.50 
h66.65-lBB.73 


Argentina.! 1290-1284 [ArKHiir.inn.n2M-IBB 
Australia.. 1.7021-1-7195*Anttrm....! 281-284 

Brazil..., 8I.B4-32.B4 IBrijrinni J 67^643 

Finland .J 8.17 -8.1B -Braril-1 56-40 

Grw*»..68.864-70S62lCaniida..._te.n-2.2t 

BungKongi '6.93-8.98 'DenmaEk„|10.B-11.7 


fll S| - 

9 T0.98-tl.BS 

5 3.80-4.025 

13 77.90-78.40 

'8 1&6.90-1&6.M 

Higl 1.680- 1.GB6 


18.43-10.49 
8.35^.505 
8-975-9.834 

46M76 
Bill 28.fiS.2BJO 
llg! 5.B5-3.685 


8 , 
Ole 


1.804-7.883 
10.485-10^474 
5i.86i-a.87i 
9-012-9.023 
466-488 
. 28.70-28.86 
(73.664-5^74 


C.S_ 

Canada «... 

c«i_I . Ills- 

U.S. ranbkl 8B.4840.40 iTngoalaviaj 


9.S0-S.Bfl 
5.88-4.10 
60-74 

Italy-(1B50-17.50 


tnuT.152-138 (France..._[ 

Kuwait. 0.337-0^47 (Germany.. 

Luxsrab’tsi 62.M-82.66 [Greece —; 
Malaysia, J 4.B7^.B9i , . 

Ji. Zealand 1-8878-1JOSatiapan. 480^7B 

Saiull Arab 6.B7-6.T7 Lvetberi’nd 420436. 
Singapore-. 4.60-3-B2 [Norway I0.40-.60 
S. AJrlca- 1.G7B4-t.7B45lPr.m«al_. 7WS 

Spain- 166-163 

jSadtz']atidm.6D4k70 
ISS-ISS 


Gnld BallKm.l 

(a fine onni-e'i ■ 

Close..1S179 179J, (5l7fl»*-ieO 

Open!--'617819-18014 6179-1794* 

Morolnjrilx'a .*»'»9.60 1*179.25 

£92 401 I&C92U359) 

ASU »'nfis’KiS179.4B (5179.36 
;'£92-310) !(£92.544) 

Gold Coin ....1 : * 

domestically | 

CnigenatKl...! 18? Ig-1891 2 (S1875(-1893 4 
i(£B61 a .971 a - — 

Wew Sor'cns.'S 5814-601* 
l'£30-31i 

Old 6or'tnifif661i.B8lt 
!f£29 Mr 


i{£96it-97A 4 > 

SS8U-60I4. 

(£30-31) 

S68JJ8 

liS2BV 29S«) 


7 Rates given are for convertiUle franca. 
Financial franc C2.50-62.7B. 


374-684 Gold Coiiu... 

-- (fnlomai'llcr 

Bare Eton for Argentina Is ■ free rate. Krunmiui .18184-186 

,.£045,-8534) 

. irw9W£n»;sS7 Lt-SSU 
'£291{-301gj 
Old Sovr , gnfa,S56li-£i&!4 
;:£S9 3D 

|W Bag1e«.....lsg?B.g81 


S1&5-1B7 

(£ 0614 - 8614 ! 

;S57l4-09l4 

([£2912.50121 

066-bB 

(£283 4 -ag3«i 

S278-281 


EXCHANGE CROSS-RATES 


Six-month rnrvard dollar 'OSZ-O.iSc pm, 
12-momh |.6l4jjc pra. 


t-Pti. 17 I F r.fik inn .NPW York j Paris . tfniMeib ^ laradoa |Amn'd'm 


Zurich... 


_ I S£610-26 42.66-75 I &393-4C3 J.9W-4.00B B2.7M6 
H*' — I SD.6S.72 3.115.130 LB45&9460I 45.1040 

— 14JJ5&-993 -Aje«WB75l 317.10® 

1£l<&67 ’ 32^843 I 6.49-71 ! - ,G2.6*«SLB4; 14.4044 

4.0O*O!3! LS44&65 ! 93fth37i j 62.56^5 \ j aAH-SZi 


Frankfort J 
New York I 48^7-60 , 

FBria._! 235.81-^!!4£166-P286; 

LondeHL.._. 


<\n»l'dxnZj1D7.?4&-7B&! 2.2212-37 [ e*X!7fi-1251 6^25-75 |4.51753; 


9L297-609i I^8»8a8 [ 39.086-09S 5^3888636: 3JS606-T3 [M.72te«a - 


'flTn5r ' FORWARD RATES 


108^5-103 
63.263a 
256.00^8 
17.02-11. 
3.66^674 
117.486*35 


One mnatb . : Three noolhi 


Sw V.irfc iar O.IOr.dii rO.lBe. pm^ar. 
Mnorreal. par-0.10 e. dla '0.10 n. (im.-par. 
Arart'tlaml^a i". pm-Ur. dl»25s-lSs c. pin. 
Urn»Bols...:6 c. pni^ e. dll |3 u. pm.-S o. die 


O.5. 8 in Toronto C.S. 6=111.88-92 Cana d ia n eenti. 
s tn New Yorir = 80 j 636 cento. U.S. 8 la Milan 855.70868.00 
Steriine in Milan 1S6O£0-1663JO. 


EURO-CURRENCY INTEREST RATES 


Madrid. ..;30-lOOe. dii 130-210 c. dis 

Milan-j8-14llre dia 83-31 lire die 

.I3ij-Sle ore dta 8J-109 ore ,11a 

ftni..:3i*Ai4 c. dia |l4-Z5e.dl>> 

Blckhn'lm]414-614 ore dla ,113-133 urediti 
■ Vienna. ...,p*jr-10 ^roriig |4-18(^o<lra 
Zurich—:24e-ls« r. pm. i 67 b-St s e. pm. 


CURRENCY RATES 


Fte.lt 

Storting 

Canaman 

ifailkar 

f Short term .-. 
Vdaya hotiev 

Three DKjatin, 
dtx month*. 
Onevw.- 

6Bb-6t 8 

64*-7U 

8*4-ai* 

61.-71* 

61.-74* 

6i a -7U 

7-7 5fl 
7B(0.7i* 
7A-7* 


| "i)titcn 
|D.£.Dnlian Guilden 


“S5rS" 

franc 


W. Herman 
mrk 


Special 


698-6’B 

64«-7 

6i s .SS* 

ift-par 

Li-ii 

2H-3r* 

‘T* - 

Ruchui 
►'ah'iiarv 17 

«7a-7»i 

7i.-7ia 

75a-7T a 

7i B -ai 8 

64-31* 

fr-SSB 

5-6U 

5U-5i a 

*B-U 

iV-i% 

Sit 

ata-3 

2t b _5 

31. 31* 

3ri-3^ 

'Storting.-....- 

U.S. dollar.,... 
CaoaHInu....... 

Aiiatria Bolu... 

0.637818 
1.22086 
1.36443 
16.0474 


Unit 01 
&ranu>' 


'. Euro-French deposit rarest twfrday 104-U per cent: xaren-day KR-ll per cent.; 
one-men Lh 13-124.,per cKLI ihnMiooth lSi*14 per ■ cum.: sPt-nronUi' 121-131 nor 
corn.! ow pear 13M21 per. cent.- . 

Long-term Eurodollar deposits: two' pears 70[&-Sl;6 per cent: Three pears 
9lK-85ii par eenu: four years SJis-S'nfi per cent.: fire years SBu-9T» par cent. 

The foUovring nonttnal rates were qoored for London dollar cmiflcaies of deposit; 
onMQonth ojKI-T.oo per cent.; three-mopUl 7.1»7JZ3 per cenL: slx-raonth 7,45-7.59 per 
cent^ one-pear 7.7S-7JS par cool 

• -Rate* are nominal colling rate*. ’ 

. .. .t Shan-um. rate* are cat) fbr. steritne. C.S. dollus and Canadian doUan; two 
days' notice^ for raiders and Swiss franca. 


Belfcien franc.' 39.3361 
Danish iirone.i 6.91617 1 
Dwittli-inark I 2.61314 j 
Duu*li puililer- 2.713S6 
French franc.,; 6.88760 
Italian lira.. — 1 1044.75 
Japanese ren. 292^96 
Scirony krone 1 6.57006 
Vfisln imera.. 98.2768 
■Sxe-llrh kr-.-ne 6.66688 
Smo fmiir. . 2.30498 


0.658063 

1.24018 . 

1.38361 

1B.3297 

39.8587 

7.03011 

2.55442 

2.75386 

5.97914 

10el.ll 

296.649 

6.66478 
99.6751 
5.74325 
2 34087 


SHIPPING 


U.S. weather raises rates 


BY OUR SHIPPING CORRESPONDENT 


BAD WEATHER in the U.S., pos¬ 
sibly aided by growing effective¬ 
ness of the coahniners' strike, 
had the predicted effect of 
strengthening oil tanker charter 
rates out of the Caribbean last 
week. 

A 37,000 dwt vessel was able 
to obtain World-scale 110—which 
is 20 points better than the rate 
a week earlier—and a 67,000 ton 
unit received WS75. against 
WS44J rate for a 66.000 ton part 
cargo seven days earlier. 

Brokers, however, are not 
optimistic that the higher rates 
will hold. Galbraith Wrightson 
notes that Stateside stocks are 
still high and that in any case 
a good proportion of the voyages 
fixed were for discharge in the 
U.S. Gulf rather than the 
blizzard-hit North East Coast. 

In the Persian' Gulf, rates 
have not changed front last 
week's WS21 for VLCCs and 
WS17J5 for a ULCC. With 12 
vessels of about 3.4m. tons wait¬ 
ing for cargoes in the area and 
another teri of 2.4m. tons due 
to arrive, broker E. A. Gibson 
says there is not much prospect 
of improvement. 

Galbraith Wrightson puts .the 
likely vessel availability in the 
Gulf at the turn of the month 
at 35 ships, each over 150.000 
tons. 

There has, however, been 
some activity out of Indonesia, 
mainly for the U.S. West Coasts. 
Rates on this trade hardened 
slightly with an SO.OOO-ionner 
attracting WS42. 

Period chartering rates con¬ 
tinue tn be dull and the BP 
inquiry for a one- to three-year 


charter on an 80 , 000 - 1 50.000-ton 
vessel reported io this column 
last week has attracted dozens 
of offers. The oil company has 
not yet made a deal. 

One timecharter concluded 
was by Pertamdna, which fixed 
a 131,000 dwt vessel for 12/36 
months at a reported rate of 
80 U.S. cents per ton deadweight. 


The conferences rejection of 
a U.S. proposal for compulsory 
segregated ballasts in tankers 
has destroyed any chance of a 
significant cut in oil tanker capa¬ 
city. But brokers do feel that 
the requirements for new tank 
washing systems will accelerate 
the rate at which older tankers 
are scrapped. 


LOCAL AUTHORITY 

BOND 

TABLE 



Annual 





Authority 

press 

Interest Minimum Life of 


(telephone number in 

interest 

payable 

sum 

bond 


parentheses; 


— 





% 


£ 

Year 


Barnsley Metro. (0226 203232) 

Si 

4-year 

250 

4-7 

_T 

Poole (02013 5151) . 


4-year 

500 

4 

-V 

Poole (02013 5151) . 

*1 

J-year 

500 

5-7 

. - ito 

I| Reading (0734 592337) . 

10 

3 -year 

1,000 

5-7 

' _ 

Redbridge (0L478 3020) . 

03 

3 -ycar 

200 

5-7 

1 ^ 

Southend (0702 49451) . 

9 

j-year 

250 

3 

• .- 

Thurrock (0375 5122) . 

9i 

j-year 

300 

4 


Thurrock (0375 5122) . 

10 

1 -year 

300 

5-7 


Wrekin (0952 505051) . 

S 

j-year 

500 

2 


Wrekin (0952 505051) . 

10 

yearly 

1,000 

4 



FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1,000-£25.000 accepted for fixed terms of 3^10 
years. Interest paid gross, half-yearly. Rales for deposits 
received not Jater than 3-3.78- 

Terms (years) 3 4 •*> " S 9 10 

Interest % 91 9J 101.- 10$ 105 H lli 11§ 

Rates for larger amounts on request. Deposits lo and further 
information from The Chief Cashier, Finance for Industry 
Limited. 9i Waterloo Road, London SE1 8XP (01-928 7S22, 
Ext. 177). Cheques payable tn “Bank oF England, a/c FFL" 
FFI is the holding company for ICFC and FCI. 


I 



/ 


































26 

FT SURVEY OF CONSUMER 
CONFIDENCE 

Consumers feel 
more cautious 



BY EUNOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


A SLIGHTLY more cautious view 
or the future is reflected in the 
latest survey of consumer confi¬ 
dence carried out for the Fin¬ 
ancial Times. 

Afrer the exceptionally confi¬ 
dent feelings shown in January, 
consumers were feeling less 

optimistic at the beginning of 
this month. But people are feel¬ 
ing more secure than a year 
ago. and the long-term trend is 
still improving. 

In January, two of the main 
indices reached new heights. This 
month they have slipped back 
slightlv and worries about unein- 
pirn ment have increased. 

The survey is designed ,n find 
out how people feel shout the 
future and their present finan¬ 
cial position. 

Movement* in the indices 
usually lake three tn four 
months to he reflected in huy- 
ina patterns. The sis-mnnrh mnv- 
im a'-erase figures used in the 
table are a better snide to long¬ 
term trend* than the vnonthlv 
ficitres wFirh. as ibis months 
fi-Mire* show, can fluctuate 
widely. 

T tsi r"'i n l''i's inin-oveo'en* w*«j 
most noticeable in the Past Pros- 
neritv Tnri°s which «ne* m estab¬ 
lish whether neonle fp«?I hetter 
or worse off than a year aso. 

January was onlv the second 
month in seven years in wW**h 
the number of neonle feelins 
bettor off outni»mb“red fhn«e 
fe«*i<ns wo-se nff This month, 
fhneo fpeting worca off were 
again in the majority. 

Inflation 

Just over one-third of the 
sample said they were less 
affluent than a year ago and 27 
per cent said the were belter 
off. This gave a balance of S 
per cent who felt their incomes 
had not kept pace with inflation. 

Among the professional men 
interviewed, the balance of those 
feeling worse off was slightly 
smaller at 3 per cent, but this 
was still a deterioration on 
January. 

Of all the categories, women 
from working class backgrounds 
were feeling worst off. 

The six-month moving average 
figures for Past Prosperity are 
stir .improving, however, as 
people were feeling much more 
badly hit by inflation seven 
months ago. 

The Future Confidence Index 
also reached a new height last 
month. This month it has fallen 
back sharply though it is still 
we'.l above last February's level. 

Asked whether they expected 
conditions to get worse or better 
over the next year. 29 per cent, 
said better and 22 per cent, 
worse, giving a balance of 7 per 
cent, who thought things would 
improve. This is slightly lower 
than the December figure. 

This gloomy view of the future 
was expressed by all types of 


people interviewed. Professional 
meti remain more confident than 
other categories, with optimists 
outnumbering pessimists by 21 
per cent. Working class women 
were most pessimistic again this 
month with pessimists outweigh 
iog optimists by 4 per cent. 

The six-month moving average 
figures remained at about Iasi 
month's level. On this longer 
term basis, there is a balance 
of lfi per cenL expecting things 
to improve. • 

The most commonly cited 
cause of optimism was the 
fatalistic interpretation of events 
that ih>ng« must improve. This 
was followed closely by North 
Sea oil while the Government 
was mentioned more often last 
month. 

Slightly fewer people than last 
month attributed their optimism 
to the view that inflation was 
under control while there was a 
marked drop in the proportion of 
those t:ho thought that exports 
were going to help improve pros¬ 
pects over the next year. 

Among pessimists, rising prices 
continued tu be the main source 
of concern, although an increas¬ 
ing proportion hold the more 
general view that the "trend i? 
to get worse.” Concern 3bout 
strikes and the Government con¬ 
tinued to fall. 

The number of people expect¬ 
ing employment to increase also 
rose this month. Almost a 
quarter more of the respondents 
thought tin employment would 
get worse than those who though! 
it would get better. 

This was an increase of 11 per 
cent, on last month and was most 
noticeable in the North-east and 
Scotland where those expecting 
unemployment to rise out¬ 
numbered by 44 ner cent those 
expecting it to fall. 

Price rises 

The other question the survey- 
asks each month is whether 
people think it Is a good rime to 
buy major things for the house. 

Throughout the early part of 
last year, this index was standing 
at a very high level. It tends to 
move in the opposite direction 
to the trend in inflation, as one 
of the main reasons for saying it 
is a good time tn buy consumer 
durables has been that prices are 
bound to rise. 

This month, the Time to Buy 
Index feil back to show a positive 
balance of 22 per cent, in favour 
of buying now. Professional 
men were even more enthusiastic 
about the advisability of buying 
now than they were last month. 
Those in favour of buying out¬ 
numbers those against by 46 
per cent, on a monthly basis 
and by 46 per cent, on the six- 
month moving average basis. 

The survey was carried out by 
the British Market Research 
Bureau. A total of 1.026 adults 
were interviewed between Feb¬ 
ruary 2 and S. 



Price Commission 
seeks industrialist 


THE DEPARTMENT of Prices 
has approached tentatively 
several industrialists lo see if 
they would be prepared to fill the 
vacancy on the Price Commission 
created by the impending depar¬ 
ture of one of three deputy 
chairmen. Dr. Gordon Hobday. 

Dr. Hobday, the chairman of 
Eoois. has told the department 
that he wants to leave the Com¬ 
mission because the job— 
theoretically a part-time appoint¬ 
ment—is too time-consuming to 
fit in with his other commit¬ 
ments. 


Given the discretionary nature 
of the Coramision's powers, its 
make-up is regarded by industry 
as crucial to the way the controls 
are implemented. 

Tlie original appointments, 
announced last summer, gave the 
Commission a fair balance of 
industrialists, unionists and con¬ 
sumers. with the chairman. .Mr. 
Charles Williams, coming from 
banking. The two other deputy 
chairmen arc Mr. John Hughes, 
from Ruskin College, Oxford, 
and Mr. S. Sweetraan, from 
Unilever. 


FmaHei&T Times-"Ma 


iy:20f^978 


TREND OF INDUSTRIAL PROFITS 


Rise 


on tax 



THE TREND of industrial profit figures below is based on 
accounting periods ending in late spring and early summer, so 
the sample of 223 companies is small and the figures should be 
interpreted with caution. 

Given that provision, one of the more striking features is 
the way that the stability of the tax charge boosted earnings. 
While pre-tax profits rose 22 per cent, the tax charge only rose 
4 per cent. Consequently, earnings made a 43 per cent. leap. 

At its extreme, this trend was exemplified by the contract¬ 
ing and construction sector where a fall in pre-tax profits was 
translated Into a rise in earnings by the dramatic drop in 
taxation. 


The only other two sectors with enough results to be at all. 
reliable were clothing and footwear and engineering. The 
clothing and Toot wear sector performed particularly strongly, 
having a 36 per cent Jump in trading profits which came- 
through, after only a small Increase in tax. to a doubling of 
earnings. Engineering, however, generated a gain at the trading 
level of only 2 per cent, and the earnings improvement was of 

the same order. • 

The cash flow for all the industrial companies showed a 
substantial improvement of 34 per cent, and this was reflected, 
in a 21 per cent rise in net'current assets. But net capital' 
employed rose more sedately at 14 per cent- 


TREND OF INDUSTRIAL PROFITS 

ANALYSIS OF 223 COMPANIES 

The Financial Times gives below the tabD* of company prnfi ts and balance-sheet analj^is. This envers the results (with tht 
preceding year's comparison in bracketsi of 223 companies whose account year ended in the period between April 15. 1977. and. 
July 14. 1977. which published their reports up to the end of January, 1978. rFigures in £000.i 


nnfj|uu|jin/| 



Luxury Coach Body Builders 

A Year of Progress 

Results for the period ended 2nd October 1977 


1977 

(37 weeks) 

JtOOO’s 


1976 

(52 weeks) 
JsOQO's 

12,533 

933 

449 

».2p 

K.np 


Turnover 17.368 

Profit before tax 3.637 

Profit after tax 769 

Earnings per share 26.0p 

Dividends per share 7.Sp 

★ Turnover increased by 26^,', with pre-tax profits 
up eO”,', on an annualised-basis. 

■jV Exports lip from £470.509 to £1.040.209. 

■Jr Capitalisation issue creates trustee statu*. 

■Jr Current year started with a full supply of work- 
in all divisions. 

PLAXTOXS (SCARBOROrGHi UNITED 

ChsiIp Works. Seamcr Road. Scarborough "J'OIZ 4DQ. 


I >' DfSTRY No. "I 

Trailing Proht» 

Profit* 
i+n-K? Im 
i. Gt 

Fm-Tm 

Profit* 

Tat 

Karnp.1 l-.r 
("•r.lilinr.c 

i Dni-ltU'U 

«•!•*. 0;* larn'is 

Ca>L FI..™ 

\>i Capital 
Em |>!vj trl 

Not Ri’ 
mm on 
C«r 7> 

N*t Ctureni 
UaetB 



c. 

.1. 


- 


.+ • 

<C 

I'im nse 

Ml 

! ,£ ' 

0* 

(10) 


32.345 -rZ5.6 

23.463 

20.202 

7.014 

12.962 

+ H2.0 

8.497 

+ 33.7 

12.695 

. 105.228 

22.3 

27.198. 

M \TFKI A Li?. 

.'25.542;. ' 

•17.169) 

(14.126- 

■8.689) 

.5.227) 


i6.355> 


'7.1431 





31.473 -9.7 

24.668 

18.097 

6 705 

12.674 

-25.4 

4.266 

+ 7.8 ■ 

13,524 

• 150.388 

16.4 

73.581 

« ONSTHftTIUN; 

<34.8711 ■ 

'28.714. 

<22.790. 

.12.3091 

' 110.074, 


3.957< 


• 10.986) 

; 155.441) 

<21.2. 


FLKt.1 K1L Al«*i 7 

8,054 -23.4 

6.657 

* 6.104 

2.827 

3.277 

-39.0 

1.542 

+ 16.B 

2.634 

24.231 

27.4 

■' 12.461 

tKX KLKCTli.N KTC. 

>6.5271 

'.5.327: 

: (4.782. 

2,424. 

1 12.358i 


• 1.320. 


11.8501 




B.M'j IX EBBING ..." 21 

45.542 

36.765 

■ 32.201 

15.625 

14.884 

- 1.6 

4.533 

-13.6 

18.310 

187.527 

19.6. 

83,958. 

(88,697)' 

'44.529) t2.3 

>34.912. 

.30,397) 

14.3291 

i14.644i 


1,4.033. 


118.024. 



MALHlNt TOOUS 1 

694 >-21.8 

513 

412 

213 

199 

+ 13.1 

52 

-10.6 

249 

1.158 

44.3 

1.346 ' 

(570i 

(412) 

(321) 

• 145. 

.176) 


(47; 


.226; 

1 . (1.483) 



MISC. CAPITA 1. B 

31.476 > + 31.4 

25.987 

20.172 

5.15S 

14.338 

-1M.7 

4.135 

+ 29.0 

14.813 

160.991 

16.1 

69,947-- 

GOODS' 

I23.959i ; 

•18.525) 

(14.046. 

(7.224i 

•6.214) 


.3,186. 


■.7.649i 

(123.798) 

(15.0) 

(54.394) 

TOTAL CAPITAL 58 

149.584 1-10.0, 

118.055 

97.188 

37.539 

58.334 

+ 50.0 

23.076 

+ 22.1 

60.251 

629.573 

18.8 

268,491 

GOODS 

il3S.998i j 

• 105.059. 

(86.462. 

,45.ia0! 

138.893'. 


(15.898) 


(45.883; 


|18.1) 


KLECTUUXRS 6 

17.519 ' *-30.1 

9.244 

7,469 

2.323 

5.091 

-•■U6.5 

1.402 

+ 14.3 

11.496 

41.004/ 

22.5 

,5i 722 

11.4DIO £ TV 

tl3A66> 

(5.921) 

(4.285. 

•2.1B4> 

(2.065) 


■ 1.227.) 


(7.99C; 

135,175) 

116.8) 

. (2,743) 

HuL'sih'Hi.iLU GOODS ' 10 

13.090 —5.5 
(13.845t ; 

9.487 

<10.330) 

8.045 
. <9.288- 

3.576 

•4.832) 

4.418 

•4.3641 

'-1J 

1.237 

il.305> 

-5.2 

5.896 

.5.774) 

62.235' 

(52.857) 

15.2 
(19.St 

24,750 
(21,983r . 

UOTOHS i 2 

11.241 -37.4 

8.676 

6.775 

3.481 

3.219 

-32.0 

1.036 

- 111.4 

4,491 

44.181 

19.6 

17,032 

WMPmXFXTS 

iG. 184) ' 

(6.136. 

>5.198) 

• 2.718. 

• 2.438) 


-(490i 


■ 3.572) 

(33.196) 

(18.5) 

(9^16) 

UOTUK 

. 


_ 





_ t 

_ 

— 

— 

— I 

UI.^TKI HlTOKs- 

-l | ! 

I-- f 

(— • 

(-1 

(-. 


• — 


•—) 

c—; 

(-> 

<-) 

rOTAL CONBnUER 18 

41.850 1+17.9 

27.407 

22.239 

9.380 

12.728 

+ 43.5 

3.675 

-21.6' 

21.385 

147.420 

18 6 

- 47.504 

DUHABLES 

>35.4S5r ; 

<22.357. 

<18.771. 

•9.734) 

<8.057. 


<3.022< 


>17.336. 

(121,226. 

(10.5) 

)34,242v 

UKhWKKi&i I 3 

56.637 +11.7 

47.588 

i 42.395 

21.420 

20.389 

+ 22.4 

9.303 

-10.5 

19.453 

309.585 

16.4 

30.924 

I 

150.715i 

(42.051. 

j (36.125) 

.18.925) 

(16.651) 


-8.420; 


(16.266) 

; <289.1561 

(14.5) 

(27^54) 

Old'll LLBKIEa i 2 

3.293 +19.8 

2.706 

2.364 

1.082 

1.011 

+ 48.0 

311 

+ H.5; 

1.037 

13,829 

19.6 

6.855- 

H WINK.- 

>2.749,. 

>2.265) 

(1.9S5) 

• i.oce> 

■663) 


.279, 

) 

(713) • 

• 11.0161 

•20.6) 

15.304) 

HOTEL* x L ATKHKK-- ] 2 

2.272 +24.7 

1.901 

• 1.358 

634 

7J3 

+ 46.2 

188 

-11.2 

757 

9.012 

21.1 

-1.635 


tl.B22i . 

>1.498) 

(955. 

•472) 

•4911 


tl69i 

J 

<532) 

(9,168) 

116.3) 

(-2.401) 

UKIalHE i 7 

115.376 t22.4 

92.709 

77.083 

37.215 

35.538 

+ 25.6 

10.693 

+ 46.3 

44.381 

332.146 

27.9 

84.502 

l 

•94.2401 

(75.904. 

(66.943> 

•54.711; 

•28,203, 


.7.284) 


•36,874) 

■244.656) 

>31.0) 

(56.487) 

/‘•OU 7 

54.721 V1S.3 

29.421 

25.083 

11.931 

12,887 

+ 35.2 

4.056 

+19.9 

13.526 

150.317 

19.5 

71,996 

MANI-FACTCHINC:' 

'30.107t 

<25.246. 

>20.420. 

11.645. 

i9.534i 


• 3.564; 

’ 

>10.60Si 

■ 148.505; 

(17.0) 

(66.811] ' 

FOOD KfelAILIXi. 8 

59.394 + 48.1 

48.983 

45,607 

13.120 

27.424 

- 1C4.2 

5.177 

-30.1, 

31.570 

157.; 65 

31.1 

. 12.506 
(7,322) 


•40.112. 

31.819. 

i28.636i 

•17.542. 

(13.4a2) 


.4.312; 


115,364) 

(133,979) 

(23.7i 

NrW>PAl*Ht> AMI 3 

4.844 -r29.1 

5.182 

2.982 

1.177 

1.737 

+ 90.7 

647 

+ 12.7 

2.253 

14.085 

22.6 

3.531 

PI BU-HKKJ- 

l3.751t . 

'2.209 • 

*2,048. 

•1.103/ 

*937. 

<574* 


.1.576! 

(13.0201 

• 17.0) 

t2.222) 

PACK Alii XU AND 3 

6.425 -34.3 

5.287 

5.234 

2.750 

2.4B4 

+ 41.5 

443 

-13.3 

2.905 

12.421 

42.6 

8.409 

PA PH; 

(4.7831 

(3.815. 

•3.760, 

•2.001) 

(1.7551 


l3?l! 


>2.154; 

tS.848) 

•38.71 

tfl.949) 

10 

14.433 +23.5 

11.474 

10.491 

4.834 

5.641 

+ 63.0 

2.051 

-28.5 

5.615 

49.288 

23.3 

26.429 

~TOHE> . 

• 11.686] 

■ 8.868 ■ 

(8,067) 

4,597 • 

• 3.460. 


>1.506) 

1 

•3.702) 

•42.609) 

•20.8; 

•20,645) 

lUjihi.nuami 19! 

21.327 -36-5 

17.632 

14.975 

6.519 

8.954 

- 103.8 

1.B57 

-20.6 

9.291 

73.101 

24.1 

•35.372 

FOOrtVEAH 

(15.619. . 

.12.192. 

(10.216i 

15.782' 

I4.594- 


.1.433. 


>4.906) 

56.278 

(21.7- 

(24.940) 

ILXUI.b^ . 7 

11.260 -15.7 

9.646 

8.470 

3.650 

4.744 

-50.0 

1.101 

+ 12.7 

5.297 

35.744 

: 27.0 

19.030 


■ 9.7291 . 

(7.772. 

.6 898, 

.3.697. 

• 3.163. 


• 977. 


■ 5.652- 

•30.560) 

r85.4r 

115.021) 

lOIMlt’O . — 

1 ” 


- 

- 


- 

- 

- 

. — 1 

■-> 


(—» 

rolff \M»«.A>lkn 1 

4.791 +41.0 

3.963 

3.508 

265 

3.230 

- 1M.D 

443 

-42.0 

3.265 

17.637 

22.4 

6.451 


.3.397) l 

■2,790. 

■2.4>1. 

• 1.193- 

.1.243* 


312 


■ 1.226) 

• 11.535) 

(24.0i 

■4.1741 

TOTAL U0BSDKE& 72 
KOK-DUB ABLE 

334.773 - 24.6 
(268.710 1 

274.497 

216.429. 

239.550 
• 188.444. 

109.597 
• 102.674 

124.807 
£4.04 1- 

-48.5 

36 270 
.29.131. 

-24.3 

159.354 
• 9d.592,- 

1.174.780 •! 
• 1,000.197) 

33.4 

(21.6) 

304.289 

■234.328) 

t'HKMIC 4L-*. 4 

112.448 +17.4 

100.004 

91.713 

45.128 

45.090 ” 

-23.4 

9.133 

+ 11.1 

47.511 

370.S10 

27.0 , 

204.680 


'93.773 

•84.557. 

. 76.968> 

• 33.954 • 

• 56.551. 


■S.C23' 


.52.016) 

(311.185; 

•27.2) 

,162.6891 

OFFftt MJLIPMfcM 1 • 

7.626 -42.7 

6.319 

6.520 

3.399 

3.055 

-60.0 

6'?0 

r 14.9 

2.920 

13.421 ; 

50.3 , 

9,770 


• 5.343. 

4.702. 

>4.340. 

•2.312. 

• 1.910. 


• 522* 


.1.748) 

110.617) : 

.W.i), 

18.221.1 

-HIPPING . 1 

1.527 -56.2 

476 

-564 

_ 

--564 

- I5T.3 

175 

-12.2 

• £80 

28.542 ! 

1.7 

-3.550 


(2.394' 

1.610. 

• 1.111. 

•I99i 

'9 12> 


• 156i 


: 1.541) 

• 19.557; 

•8.2, . 

1-2.396) 

Mists INDLtTKIAL .. 12 

46.611 -30.7 

35.S43 

25.436 

12.44g 

11.782 

-57.5 

3.559 

-9.4 

17.966 

144.344 

24.4. 

49.419 


• 35.667. 

•25.592. 

<17.866. 

•9.563’ 

.7.490 


•3.234. 


• 12.851) 

■ 191,C94i i 

(16.9; 

134.839) 

L'OI AL I 166 | 

694.419 -19.9 

562.498 

402.132 : 

217.492 

£56.232 

+ 42.6 

76.468 

+ 21.0 

590.157 

2.508,990 

28.4 

880.597 

industrials! 1 

'579.380- 

460.336* 

>393.962. 

• 208.357. 

• 178.664. 


.63.186) 

. 

316.567 1 

■ 2.195.4001 

• 21.0(1 (738,737; { 

• ML. . 1 

2 79 -3D6.S 

216 

110 


HO 

-&I.I 


_ 

IAS 

4.004 : 

3.4 • 

447 


•91. 

■50. 

• —701 

•- ’ 

.. 70. 


■ —J 


i- 62i 

(3.C02i • 

<1.7; • 

.460) 

BANK'S .. - 

1- 

• -) 


« • l 

. . 

- 

- 

- 

<—1 

-> i 

«=> ! 

■—1 

DIBCuVNT HOl’y-h."?. 4 

20.861 +44.1 

__ 



8.934 

-51.5 

4.255 

x 3 7.5 

.. 

835.777* ; 

; 

21,003 

M KWH A NT B 4.NK?»;.•. 

.14.477, 

1 •* 


... . 

15.89S< 


.3.099' 


r- i 

•672.270)* . 

• t—» 

■ 16.0061 

• IIKb Pl'KLUAsb 1 

123.170 -3.5 

112.070 

12.200 

6.300 

3.700 

- 169.8 

_ 

_ 

15.900 

111.200 

100.8 

164.200 


•119.000' 

106,700. 

14.100) 

>5,600' 

1-5.300) 

1 

—> 


.6.100. 

il.sl.4G0> 

(87.9) 

12C 8.700) 

Nsl'K.U!i: h .. .. - 

- 

.T_. 

. -. 



- 

• —J 

- • 

.—i 

— 


(—1 

..NaLFLAMK BHtikh|f> - 

• 

- 

1 1 

1 — 1 

• 

(-• 

' ~\ 

- . 


- 

• — i 

— 

r-i 

(-1. 

XVIjjTMENI TKC»T.t 30 

28.796 +16.9 

28.412 

24.120 

8.321 

15.166 

+ 25.5 

12.720 

+ 17.2 

2.446 

££3,470 


5,750 


• 24.727. 

.24,450. 

•20.486; 

(7.904 

■12.088) 


■ 10.855- 


(1.263: 

•473.451) 

(5.2) 

(55,650) 

PlIi'PKHTl' . 11 

17.917 +16.0 

17 004 

7.782 • 

3.448 

4.337 

+ 33.6 

2.704 

-37.3 

1.537 

200.706 

8.5 

-5,990 


(15.3.53 • 

.14,449. 

>5.901. 

•2,538) 

(5.171, 


-1.970, 


(1.581) 

(221,296] 

^6.£) 

(-64) 

■II-* - . FINANCIAL ..." 8 

11.512 -26.5 

9.774 

6.316 

2-770 

5.284 

- 99.5 

2.208 

+ 21.3 

1.897 

140.588 

7.0 

13,642 


.15.663) 

(9.926. 

■4.S56. 

>2.637.' 

• 1.646) 


■ 1.821. 


,6L1. 

(123.0451 

(8.11 

(12.093) 

iUXAL fc liiAJMulAL - 54 

202.256 + 6JB 

167.260 

50.418 

20.7a9 

35.321 

r '.OI.S 

21.837 







.189.202, 

155.525) 

.35.043) 

• 18.679' 

■ 17.501-. 


>17.744. 


19.570) 

! (1929.192 

■ 16.6) (291.4751 J 

It UBKH^i. — 

- - 

— 

— 



_ 

_ 

_ 



- 



.—1 

1 — I 

- : 


— 


— ■ 


1-1 

l—i 

\—r . 

(—'■ 

1 EA. — 

. — 

-- 

- 


- 


_ 

- 

_ 


_ 

- 




‘ ’ 


— 




.— 

(— t 

r—> 

i—) 

UN.. — ; 

i-i \ 

,r. 

l - 1 

.- . 

. . 



— 


<■> i 

r-l j 


UIt*LtLLANful : > • — - 

— — 

— 








• 



MININ'- - J 

• —i 1 

• 

• -* 

. . 





>7-1 

-* :! 

(-) 

•—) .• 

I'VEIU'EA') lKAUfcllo ■ 2 . 

63.118 ,+ 18.2 

50.558 

32.871 

13.977 

15.749 

+ 57.3 

5.326 

-35.7 

21.621 

414.461 

12.2 

134.879 



•42.912. 

• 27,631. 1 

• 14.905' 

>10.014) 


• 3.926> 


>15.228) 

1283.915) 

(15.1)1 

(109.893) 

TOTAL _• 2 

63.118 +18.2 

50.358 

52.871 

13.677 

15.749 

+ 57.3 

5.516 

+ 35.7 

21.121 

414.461 

l 12.2 

: 134.879 



•42.912) 

• 27.631) 

• 14.905. 

• 10.014. 


• 3.FZ6. 


• 16.S2B') 

■ZE3.9151 

• (15.1 

! (109,893 




The advertisements below 
appear in-, 'assbriaticin 
the following pages 4n 
Conference Centres 


NOTES ON COMPILATION OF THE TABLE 


Th? rlassiiicanon follow« closely tha; 
of ihi* Institute ami Fncuiij or Atiuart+v 
which has rvn-n mlon'od hy lie Slurb 
F.x-rb+nise Daily • initial l.:« 

Col. I Rives [radiii* prod's plus itnvM- 
niu-ni ar.d o'Ii-t ii'inml uiinmc prum-riy 
hrlonvlpM io ;b+ linanrUS year «.«*•«v/f 
The ilnurc srrnih bcf'in: chanrin: 

di'prcddtion. | n,i 11 and mii'-r Hiton.-sl. 
illrrria'V .•ntiiliinn nn and ••llivr items 
iiiimiallj- shiiton up rtu- pnuit and ins* 
mint. KsOiidiC arc all l'XU'DUulijI ilr 
iiun-riMirrifiL- Imps su> h as. for <-xampin, 
carnal armi's unU-w (ho Liter anw- m 
ihc ordinary iransartion of biteiiHM 

M.R.—Certain companies. inUudins 
m-rcham Han**. discoum houses, 
irv-iiraiiiv and .chippinv u>miur>J.;i are 
t vnipi< <* irom iiv.ln-.lnc Hie full 


■ informant ti r-quirvd under Lhe Cum- ■ 

, panics Ail. IMS. 

Oil i -tiv.s prom* Di fon- Inieresi and 

■ 'ax.it inn ibar is in say uroiirs aiitr all • 
■.hare--* i-ki'i yt Inan whur inter- m 

i but M(ir> deilueimi: idxaiion nmi-i-unir.; 
[ and minor ii v tni-■[-■■« is In ilie easi; .if j 
; Kants tin heure can ly- shouii h.vauu-1 
j of uun-di-..Injure ■ ve l.ir --nir.^ tiara | 
i era on >. 

j Col “ iiv.-s Pre-nx Prortis Iba: ls in | 

■ say pr«ui:s am r all charts lucludinj! 
, dchemiire and loan mu.-n-'.i bui h-»nr.- 

j rterfun.ns taxation provision ami minority' 

■ t o! J -iroiipA all rijrpora'e laxaiion' 
i 3 rfi»(.'i D£ nniinr.iun t.alonnl and For.'«fr 
•4!ahi ::tv ^nd (uiun- lax provisions bui i 


■•xi ludes ddjustmtno relating :o previous 
rear*. 

Cul. .I Biv.-R the nei pmihs accruing on 
equity capital Jfier nieiLinu— 

!—Minority in; -r-.Tls. 

2—All pritT chimes—Sinn Ins Hind oa>- 
nienf*. it«. . and Preference ■lnfdeiuis 
and 

>Hrpvwu for stall Hlld crtlplorces 
pension* Hinds tenep; this is a 

-'taiMard anv.Ual acaldst Ovt 

n i i tide. 

i «i. s svu nm ih-' tie: com o: din- 
lii-nd im i-qui:}’ c-jpiijl 
Col. J is the capital fc tier3ted internally 
over a v.-ar’i trading. I’or the purpiw.-s 
nl i-unipansnn v'tuiiy I'.iriHii^s plus dt-pre- 
• ia’ion l « •■<m.-*e ifividcRO' I- rho r._..np. 
ni.-:hnd cl ..•ompuiiaa lilts haiir" 


Col. S cunsritutes ihv iota! net capital 
employed. This J5 the total til net ttted 
assets—cxclndins intad^llcs such as 
coodiwll—plus current assets less cnrr«ni 
ILhiliiH-f. exatpi tuufc orenirafis. 

F’nr ntcrehaiit banks and diwiwnr 
hou-vs a more realistic d^ure in unote is 

the bulance-sheei lOldl. 

Col. B Mireaenis the nei return ._ 
eapltal employed Cal 2 . as a PurcrnNutt 

it 0,1. > pTOudes a n indication of 
JVerve prnlHability. 

“ Excluding mcrchaDi baahs, discount 
house';, insurances, cic. 

’ Ho iteuro inveu. 

Col. ID del current assets- are arrived 
■it by the sabtradion 01 current liabilities 
and provision Irom clirrual assets. 


Bush Hill 
car park 


Wool trade ‘losing men’ 


The flrbt commuter*' wr |,srk u? 
Ire opened joimly bj the Greater 
London Council and British Rail 
s-iarl* nperaling io-day ai Rush 
Hill Park .Nation. Enfield, ii will 
be open for ear park season 
ricket holder; only and ha; space 
for 59 ears. i 


SKILLED Mfirkcr- in The York- 
-hire woof fcxnie industry arc- 
leaving to become postmen and 
dubbin men. a trade union 
leader claimed yesterday. 

Mr Fred Towers, sorrel ary of 
the Yorkshire Society of Textile 
Craftsmen. >aid in his annual 
report that there was a dearth 


of .skilled men because- of the 
inadequate pay for shift working 
which was vital in the economy 
of the industry and lo maintain 
production. 

Sovoniy ihrec skilled rraft.>men 
had left in the past year and a 
high rate of retirement and lark 
of job security had contributed 
lo the .shortage. 


I Egg packing 
plant to close 

• FORTY workers will lose their 
jfihs- m April when the Thames 
Valley Egg Company's, packing 

• stalion at Marsham, .near Nor- 
\ wich. closes- Production is. to’ be 
; concentrated on three.', other 
j stations in East Angha. •! , . ; 



ITS 



I 


Situated in the heart.qf London, tlose to aH arnenitfes - 
Including land, rail and air termini and offering,; during,t 
vacation periewfe, exhibUiori .space: ncie^iing roorps.seating^ 
up to 800: catering and, in some cases^ overnight- accora- - 
modation in our halls of^^resi.dence...What'COuH bfc better; 
than: .■■■■' 1 ’’ V- '.'■'••-.'.i,’" •! 


IMPERIAL COLLEGE 
CONFERENCE CENTRE 

Contact the Boolang^Manager forfurther,details 

^Exhibition Road, Londop_SW7 2AZ 


Telephone10T-f!89^ : nr 


■‘X.Py 

: v-. 






THANK YOU TO ALL OUR 
SPEAKERS AND FRIENDS 

European Study Conferences LUnited have, now beerf ln j 
existence for nearly four yea.es, specialising iB con- ,, 
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We have '"arranged meetings;i&i^'cpflaMrttlon. 7 'wfth "the 7 
following bodies, among othere^ during- this period - ' 

LICENSING EXECUTIVES ‘SOCiETT fOK) ‘ : ; 

REWARD = : " T. 5, *vt- ! V 

INSTITUTE OF PERSONNEL MANACEMENT 
INSTITUTE OF QUALITY^ASSURANCE 
SOCIETY OF OCCUPATIONAL MEDICINE (UR. 

AND NETHERLANDS)- : 

CHARTERED INSTITUTE OF .PATENT AGENTS 
/BRITISH INSURANCE LAW ASSOCIATION 
rNSTITLTE OF TRADE JttABK; AOENTS , : " 
-ASSOCIATION EUROPRENNE biETtfDES ’ . r . 

•; JUR1DIQUES ET FISCAI^S : / 7 ■/ 

• Some 10,000 delegates will : have ; . benefited^ from your : 
advice and experience this season Atone,"' *' 

• • ' v ‘i- -• ■ _ Thank you again. 

EunDpHgon Study Conferences Limitecf 

' Kirby Hcx^e, 31 High Street East, Uapin^mi, -- 
RutfaniIB5 SV/ 'fei W57 282| 77U fe-342375 



A QUESTION <3F 
CONFERENGEVENUE 

A problem in itself fartd’thwrare so manymore " 
besides../.. t. Christina Carhpbelf, tiie' Sales" 
and Conference Manager of. thi^Superbly situated 
Conference Hotel; offers a fascinating combination 
of solutions^ each complete in itself. 
<j/ye Christina a ring at 


SCARBORQl^:;Te&|kt^ 





•v. r-t . "-J 




■ v 1 


CORNISH 

:v- 

. Fast ;by MotoirwAy j o&R§iJ>to 6ie c mighty 

-v : -V-^r ' 

g;reat : wes , £e. 

;..... BLl^LA^OgN 

















;tancial Tiuies; 31011 day February 20 1978 



Monday February 20 1978 









CEHTRES 


V 3 tA \ i * 


Both internationally and domestically the conference market has shown 
remarkable vitality against a faltering economic background. Now the 
industry is thinking in terms of a renewed boom in convention business. 


sing 


3 little doubt that a 
years, ago the inters 
conference and exhj- 
siness stood a little 
There had been a 
lilding as a result of 
s optimism and com- 
'as growing. At the 
i the world economy 
ie wobble. The lead 
inference-planning is 
many in the business 
:emed that the un- 
of 1974-76 would 
tin to show in the 
£ 1977-78. In fact the 
ion has proved worse 
fact Convention and 
traffic has kept up 
sF well in spite of the 
problematic environ- 
oin which the inter- 
usiness community is 
the moment. 

;e can be Said of the 
istic conference busi- 
■h seems- to be as 
as - ever. However, 
ly the picture is 
mewhat "by the over¬ 
men conferences and 
?. There is no ques-. 
banqueting, parti cu- 
iociai gatherings, has 
adly during the past 


five years with a large .amount 
of trading down for such occa¬ 
sions as annual dinners and 
wedding receptions. -. Thus, 
although the conference busi¬ 
ness itself has held up 
reasonably well, there is 
many a banqueting/conference 
manager who would - prefer 
overall business to be a little 
brisker. The buoyancy, of the 
conference market itself is not 
difficult to analyse, with hind¬ 
sight. The need for communica¬ 
tion at a personal level, is still 
the driving factor. In most 
industries and other • activities, 
from engineering to medicine, 
social services to oil explora¬ 
tion, senior executives and par¬ 
ticularly those involved in prob¬ 
lem solving and innovation 
have an increasing need for a 
cross fertilisation of ideas. 
Although electronic and printed 
information is ' supplied in 
abundance, this is not sufficient 
to make personal exchanges of 
views and ideas redundant The 
importance of a conference is 
not only what is said from the 
platform, but. the . . total 
atmosphere of the event and 
the stimulation that is provided 
as a result. 

No one would doubt, nonethe¬ 
less, that conferences and incen¬ 
tive travel are -increasingly 
overlapping—much to the-irrita¬ 
tion of some tax : authorities,' 
notably the Americans. Confer¬ 
ences are frequently staged in 
exotic.(Birmingham and London 
are exotic, if you live in Los 
Angeles). locations partly be¬ 
cause attendance at them will be 


treated as a special reward for 
many of the delegates. This is 
particularly the case of corpo¬ 
rate conventions, with inter¬ 
national companies placing a 
very strong emphasis on soefal 
events which attempt to create 
a global “family” atmosphere 
among employees who are norm¬ 
ally separated by considerable 
distances and often consider¬ 
able cultural differences. 

But the need for personal 
contact is not confined to the 
international market. Domestic¬ 
ally, too. organisations and com¬ 
panies whose operations are 
spread have a driving need for 
frequent gatherings. 


•; 5fV - S r 



mw 


your 

conference 

abroad. 

Genevan 
Zurich □ 

Munich □ 
Dusseldorf □ 

Ptirisn 
Lisbon □ 
Copenhagen □ 

New York □ 
Algarve □ 

Ibizan 

Penta Hotels give you a choice of locations and first class 
Value-for-money hotels! 

Like the idea of holding your next conference in sunny 
Portugal? Or with the Paris nightlife to look forward to. 

Complete the coupon or phone Ascot (0990) 25931 and 
We can arrange your conference and travel arrangements for any 
of our hotels. Find out now about Penta Kotels and how yielding 
to temptation could make sound financial sense. 

And if that doesn't convince you there's always our 
successful London Penta Hotel. 

lam particularly interested in the Penta Hotels 
S^alsagBilr^x f * ticked above 



This Report was written by Arthur Sandies 


-‘■"-'‘Bath _ Road, Wick, . Bristol 

Telephone: Abson. (027582) 2251 

•'■'"'^gnificent Jacobean, .and. Georgian mansion 
.✓-—‘Over 200 acres of beautiful parkland on the 
western escarpment of the Cotswolds yet 
few minutes away from the principal towns 
- area. (Bath 5 miles, Bristol 8 miles, Junction 
‘ i 6 miles). 

\l- leal environment for conferences enabling 
tes to focus attention without distraction 
so offering relaxation in the form of golfing, 
i, swimming, tennis, horse riding, etc. 
g available. 

> to accommodate up to 120. Pending com- 
i of our hotel we Will be pleased to make 
—ations with other local hotels. 


With the optimism * that 
abounds in the industry at the 
moment (“There is plenty of 
business to be had. The more 
complicated the world becomes 
the greater the need for people 
to communicate," says Mr. Stan 
Fewster. director of the British _ , 

Association of Conference ’ Wembley Conference Centre. 

Towns! it Is not necessarily 

being churlish to ask if there air seat price war whirh has hard hit. Until now perhaps 
are any concerns for the future, been so much a feature of the many Americans had not reai- 
Nalurally enough there are. but market. Once demand soaks up ised that Canada was a foreign 
perhaps only small niggling supply on the longer haul routes destination, 
doubts. then it is likely that air fares Elsewhere the impact has not 

The first, naturally enough, win rise again somewhat faster been as severe as was feared 
revolves around the continued than the average inflation rate ^ut ssh ! in our eagerness to 
world recession. With the U.S. of the nations they serve. At ge t the rules changed we are 
still not back to its eager-beaver the moment the air content of not supposed to admit that), 
attitudes of the sixties, and the some foreign convention pack- rtoes ha „ e j ls jj„[ 1 t er 

stronger western economies ages is not necessarily a deter- side A pp aren tlv the American 
apparently unwilling to take a rent, but the conference busi- tairman has declined to define 
major plunge into reflation, ness may have to learn to live what jj e j s going to accept as 
there is concern that the sort with somewhat tougher demands prnof of attendance at the enn- 
of recovery which would indeed from the airlines in three or f er ence for which tax deduc- 
provide boom conditions in the four years’ time. tions are being claimed. Each 

conference business is still some Another continuing concern delegate must attend, and prove 
years away. However, conven- is the attitude of tax authori- attendance, for a certain num- 

;_ zL _ her of hours each day. I cm 

■ , assured that some Americans 

Tins Report was written by Arthur Sandies are seeking, and being supplied 

_____With, timed photographs of 

- - - business sessions with their own 

tion traffic has been such re- ties, with rumours flowing about hard working faces displayed 
cenGy as to suggest that even other countries possibly follow- Well to the fore, 
without full economic revival ing the example of the Ameri- Although Umre is talk of the 
there will still be enough work cans in taking a tough line to- fc e in~ relaxed the feet 

to go round. wards conference spending, the dollar is anything but 

Perhaps . more immediately Broadly speaking American healthy at the moment, and that 

worrying, particularly to those f>us,ness People are allowed two the American domestic conven- 

In the large scale long haul con- for , ei S n , conferences a year; can,- 

ference market, is the question ° nl *. clai ® tax deductions on 
of air fares. After those years tQU ™;. c . Iasa f lr an , d 

of recession, during which ]imit J V iejr deductions to 

period the airlines of the world expenditure allowed by 

have built up considerable Washington for its own em- 
surplus capacity, air fares are Payees when they are travelling 

currently extremely low by the abroa d- fc ‘ ln ^. e thB Iast a,1 ° vw " 
standards of a decade ago. ? nc T e “ ^ndon was $49 a day 
When airlines talk of a round m (and Jess than $30 

trip fare of less than £200 to ?. day outs.de the capital) at 
Los Angeles from London this the last count, and his sum has 
may be good news to the mj-ude all spending not just 
traveller, but it indicates an t h °‘ els * is hardly surprising 
attitude close to selt-at-any-price “ at A7n . encan Government 

on the part of the supplier. g™*' 10 COTlie for 

fleeting visits. 

Recently there have been The impact on some dcstina- 
agns of a wide revival in the tiohs of this rule, introduced 
air travel market. Already in a little over a year ago. has 
Britain, for example, it is sug- been dramatic. The Canadians, 
gested that this summer will who had sought special treat- 
see the end of The short-haul ment, have been particularly 


d§ 3 |L, 

i Hil.'» 




POST TO: Penla Hotels. 0!d Clock House, 
High Sheet. Ascot. Berkshire SL5 7 HE. 

Or phone Leslie Smith, Ascot (0990) 25931. 




tion business has a powerful 
lobby voice wfticli wants to put 
as many obstacles as it can in 
the way of foreign competition, 
suggests that they may be with 
us for some time. Other coun¬ 
tries might follow suit, al¬ 
though such uniformity would 
probably need a conference to 
exchange views. 

Most people seem to agree 
that the negative influences 
over the conference business 
are currently outweighed by the 
positive ones and in the fore¬ 
seeable future growth in traffic 
is likely to be the order of the 
day. Certainly as the conference 
business itself increases in 
sophistication, and conference 
centres offer more complete 
packages, then the attractive¬ 
ness of conferences themselves 
increases. It is unlikely that 
l he need for personal contact 
and exchange wiil diminish, 
whatever the advances in tech¬ 
nology, and therefore the mar¬ 
ket would appear to be set for 
continued development. 




CONFERENCES -THINK HARROGATE 


Harragau. al the centre ol BrileLn. first eta 

afters a unique compter of Cneferenca actnmm 

Halls, the large si sealfcQ 1.350. Three also oil 

Exhibition Halls provide over 10. WO iq. coniainr 
metres ol unrestricted space. With na 

Harrogate's exciting near good enl 

Conference Ssperceotrc - nstaun 

Opening 1979 - provides a 2JJDD scoter hospital 

auditorium to international standard! warmly > 

equipped with molii-lingsel translation Fcr all 

facilities and iirec;l| annexed U iha choost 

listing Eihihiimn Complex, pins an Superi 

extra 2.DD0 sq. metres of exhibition/ 
banqnei.ng space. 

Nowbooking 
for the 80's. 


first class hotels with eomf ortahla 
accommodation lw over 2.DDQ delegates 
also oiler excellent facilities forself- 
containod coni anmees; sales meeting*. 
With many interesting places to visit, 
geod onuruinmcni and atvard-v<nning 
restaurants. Horrogars is fimous for its 
hospitality, so you'll Is made 
warmly if elcoetal 

Fcr all these reasons you must 
choose Harrogate - Yorkshire's 
Supercentre Supreme. 




m 




Mmbtrtf 
BCtCtC^CBACr 











\r. 


■ lr ■ ■ i ■ M ■ ■ - I 







the cities 



FINLANDIA MALL 
HELSINKI 

, _IA HALL fh thecentreofHelsinkl.gn architectural 
/piece by Alvar Aalto, is one of . Europe's most 
takino conference halls. The main auditorium can 


riililfTaUHhUMir 


H30 people. _ 

-JDIA HALL offerh Ihe conference organiser the latest 
^1 facilities, including simultaneous 6 languages 
station, and sophisticated audiovisual equipment 
ot FINLANDIA HALL for your next conference? 

r information from: 

\JDIA HALL Karamzinlnkatu 4,001DO HELSINK110 
1, Telephone 90-40.241, Cables FINLANDIAHALL 

3r Bengt Broms, O.B.E, 



CLEARLY it is one thing to 
build a convention centre, it is 
quite another to fill it. If there 
is: one thing that follows all the 
publicity material about “why 
Bloggsville needs a convention 
hall * as sure as night follows 
day, it is a mountain df adver¬ 
tising literature urging organis¬ 
ations to make their bookings. 
Convention centres may bring 
considerable benefits to a com¬ 
munity, but they can also bring 
problems, not the least of them 
administrative and financial. 

The rush to build convention 
halls, worldwide has led to 
fierce rivalry between towns. 
The battle has no respect for 
boundaries. London, Paris and 
Hong'Kong will all be in there 
fighting for the next meeting of 
the AGanta Widgits League. 

The greatest attraction, of 
course, js the amount of money 
that conference delegates spend 
and the fact that they are likely 
to spend it at otherwise quiet 
times of the year. Although it 
is true that this is the time 
when they are quoted the 
lowest room rales, it is also the 
case that conferences are rarely 
staged at a time when the 
delegates would otherwise be on 
holiday with their families. An 
average ' conference delegate 
spends . much more . than a 
tourist from the same country. 
London, • largest conference 
destination in the world, earns 
CONTINUED 


something like £100m. a year 
from conference delegates. 

The cities themselves are not 
alone in their fight for traffic, 
in this they have allies in the 
hotel groups, airlines, ground 
transportation interest and. of 
course, the convention centres 
themselves. In all these fields 
life has grown more aggressive 
over the years. 

Time was when convention 
centres were thin on the ground. 
Largely an American idea the 
notion spread over the years. 
However, it was the develop¬ 
ment of mass air travel, and 
notably the introduction of the 
Boeing 707 jet in the late fif¬ 
ties. which revolutionised the 
business. Suddenly it became 
possible to cast the net wider, 
and thus to organise bigger 
conferences in more distant 
places. It was therefore in the 
sixties that the major modem 
meeting places started to come 
on stream, a-rapid expansion in 
capacity which continued into 
the seventies and might now 
have s’owed but still proceeds. 
Rotterdam. Hong Kong, Manila 
and Torreraolinos all jumped 
on what promised to be a luc¬ 
rative bandwagon. The huge 
McCormick exhibition.and con¬ 
vention centre went up in 
Chicago and the National Exhi- 
’bition Centre was planned for 
Birmingham, England. 

The growth of supply in 
ON PAGE IU 


Introducing Meeting Point, the new Trust 
Houses Forte booking service for conferences, 
exhibitions and banquets-or meetings of any 
kind.Meeting Points single telephone number- 
01-567 3444-notv puts you in touch with a choice 
of over 1,000 different venues worldwide for your 
next meeting or function. 

There’s no bigger variety: from luxurious 
citv-centre hotels and internationally famous 
night spots, to quiet country inns in picturesque 
settings. From piers and racecourse grandstands 
to an historic warship moored on the Thames. 

Call this single telephone number- 
01-567 3444-and you’ll speak to one of our 
friendly Meeting Point team.Teli her what you 
have in mind for your next 
meeting and she’ll tell Sro? & 

■you what THF can offer. ff 




Call Meeting Point whatever the meeting 
you're responsible for organising: a 1,000 delegate 
convention or a small management seminar, a 
sales conference or a Christmas party, a press 
reception or a product launch, a training course 
or a trade fair, an AGM or an annual dinner. 

Of course we won't guarantee we’ve got 
exactly what you need, but as were probably 
the world s largest hotel, catering and leisure 
group, with so many more venues in so many 
more places, were simply much more likely to 
have just what you want than anyone else. And it 
costs you only a single phone call to find out-to 
Meeting Point: 01-567 3444. 

Whatever the meeting or function you’re 
organising.vouowe it to yourself 
MjjB to call Meeting Point. Unless you're 
gF already dealing direct with the 

w 'XHf venue f or you! 



zmm s lakjE w m 






7 




PS- ff you’™ not sure yet what sort oF place you’ll be needing for yournc.U meeting, phone 
MeeLing Point anyway and ask fora copy of our brand new brochure called ’Meetings 
Made Easier! It includes a venue planning and price planning guide which you’ll 
find helpful when you start thinking seriously about that next meeting or function. 

Meeting Point Trust Houses Forte Ltd 71/75 Uxbridge Road London W5 5SL 























Financial Times Monday February 20 1978 


( Thanun 
\ Hall 


/mM'i 


FULCRUM 

CENTRE 
ouEEMSwem bunnw hi rat. 


CONFERENCE CENTRES II 


Administration: SLOUGH 39291 

* M 4 (I mile); M40 (7 miles); M 3 (12 miles); 
Heathrow (4 miles); London (20 miles) 

* Paddington 12 minutes 

* Visit Royal Windsor, Thames, Ascot Races, 
Chilterns, London 

* Colour Brochure and Technical Specification 
from : Fulcrum Centre, Queensmere, Slough, 
Berkshire 





Shops 


Bars 


Parking 


SLOUGH 

centre of industry 


ideal for 


Trade Shows \ 
Product Launch 
Conferences 
Exhibitions 
Lectures 
Seminars / 


Banquets 
Concerts 
Dances 
Theatre 
Star Shows 
Cinema 


Thames Hail 
1200 seats 


Fulcrum Centre 
0753 39291 


Berry Hall 
250 seats 


Planet Theatre 
400 seats 


ALTHOUGH central London is 
»tili without its modern purpuse- 
built exhibitioo/convention 
centre (but heller news of that 
later) several projects have been 
coming on stream recently. 
Wembley and Brighton are nuw 
(irmly established, as is the 
National Exhibition Centre at 
Birmingham. Several other 
(level op men is will be coming 
into fruition soon and, doubt¬ 
less to the delight of those who 
feel that. the South has had a 
lion's share of the traffic in the 
past, much of the expansion is 
coming from the north. 
Although the Barbican centre in 
London (with a capacity of 
i'.OOUj and that at Bognor Regis 
(55uj wilt soon be in operation, 
11 is projects such as Summer- 
land in ihe Isle of Man (2.000 >, 
Blackpool (1.50U) and Harro¬ 
gate (2.000) which will be pro¬ 
viding the buik of the new 
facilities. 

There is no question but that 
much of this new capacity was 
desperately needed. Many old 
conference halls have done 
sterling work, and will almost 
certainly continue to be used, 
but there has been an awful lot 
of creaking at the seams. While 
the conference halls themselves 
are serviceable enough for 
many uses, their lack of flexi¬ 
bility and poor services in such 
essential Reids as catering and 
tnilet arrangements have proved 
an embarrassment at times. It 
may have come as something of 
a culture shock to see union 
conferences, traditionally staged 
under chandeliers and 
surrounded by fading paint¬ 
work. held instead in air- 
condiibwd carpet-clad comfort, 
hut the adjustment is rapidly 
made. 


proud and delighted with its 
new centre but It has raised 
some eyebrows with its in¬ 
creased rales and has been 
watching staffing levels in order 
to "become viable” next year 
and move into profit by 1983-84. 
The NEC is having to work 
hard for its business, but it is 
a spectacular piece of initiative 
which deserves success. 

In this specialised field of 
large exhibition centres the 
NEC's main domestic rival is, 
of course, London and specific¬ 
ally Earls Court The capital 
seems to have backed off from 
any thought of attempting com¬ 
petition with the NEC in the 
form of new building. One 
recent estimate of such an 
exercise p'ut the cost of build¬ 
ing a London exhibition centre 
from scratch at between £150m. 
and £200m. and acknowledged 
that this would take several 
years to complete. 

Instead the London Conven¬ 
tion Bureau floated the idea of 
Creator London Council invest¬ 
ment in Earls Court renovation, 
an idea that seems to have 
delighted Town and City 

Properties. the exhibition 

centre's owners. The LCB 

pointed to Brighton's spending 
on its new facilities, talked of 
Harrogate spending £6m. and 
of Aherdeen investing £5m. It 
voiced its alarm in no un¬ 

certain tones: "The opening of 
the National Exhibition Centre 


in Birmingham provided a 
million square feet of excellent 
exhibition space, and effectively 
challenged London's long stand¬ 
ing leadership in trade shows 
and exhibitions. 

“Until then (1976) Earls 
Court and Olympia, which 
between them provide about 
"the same floor area as Birming¬ 
ham, had been Britain's prime 
sites; but within a year, five 
of Lobdon's biggest shows, in¬ 
cluding the Motor Show and 
Furniture Show, had moved to 
NEC—which also started to 
take other events from 
Brighton, Blackpool, Harrogate 
and elsewhere. The loss to 
Greater London of events of 
this nature is serious, and has 
underlined the problems. _ of 
maintaining a competitive 
facility here to withstand the 
attraction nor only of Birming¬ 
ham, but of''other new exhibi¬ 
tion hails developing both in 
the U.K. and abroad." 

What the LCB has suggested 
is that in addition to the £Lm. 
which Town and City Properties 
itself is spending over the next 
three years, there should be a 
minimum GLC investment of 
£5m., ** the minimum amount 
seen as necessary to make a 
worthwhile Improvement" But 
the significant suggestion was 
that another £5m. should be 
spent in extending the Earls 
Court exhibition area by a 


further 100.000 square feet . 

I understand that the GLC 
has reacted favourably that this, 
campaign, of which, the LCB 
remarks were but part and. 
that the announcement of some 
sort of GLC involvement in 
Earls Court is not now far away,- 
Whether it will be anything 
like £10ra.. however, remains to : 
be seen. 

The Council must he encour¬ 
aged by the optimistic words 
which are coming out of 
Wembley Conference Centre, 
the £14m. project which it was 
at one time popular to label as 
North London’s White Elephant. 
Now Wembley says that its first, 
year's figures are better than 
had been projected for the third 
year of operation. . - 1 

“ Figures for the year show 
that a total of over 300 events 
has been held in the Centres— 
one of which booked the whole¬ 
building for 25 weeks. Con T 
ferences were attended by 
350.000 visitors. It is estimated 
that approximately 45.000 of 
these delegates and visitors 
came from abroad and that they 
represented £6m of invisible 
earnings (including hotels, 
shopping etc.). Some-of these: 
events they came to would have 
been held in other locations op 
the Continent if Wembley’s new 
facilities had not been avail; 
able. An estimated 700.000 cups 
of coffee and 750,000 meals 


were, provided by Letheby .and 
Christopher, the Wembley' Com¬ 
plex caterers.” ■■ ? ’ 

Even WemWey' has discovered 
that one of the great attractions, 
of London is the very fact; that 
it is London. Whatever money 
is spent by rival destinations ft 
is difficult to match the facili¬ 
ties of London's cultural. and 
night life. This is why the 
capital has carved itself suc±l 
a sizeable place in. the interna¬ 
tional market.'' ■ 

One of the great demonstra¬ 
tions of this popularity came 
late last year with,'.one .-of 
Britain's more interesting .inva¬ 
sions.— the several thousand 
Sweet Adeline harmony singers. 
It has b.een estimated that 
besides memories of. their spets 
tacular hairstyles and nipped-, 
waisted, wade hemmed dressed,' 
the Adelines.left behind some 
83m. which they spent whale 
they were here.' 


' The Adelines provided an Jg 
djcaUbn of the sort of worf 
which any city has to do then 
days in order.to get business ® 
this magnitude. The Lorggi 
visit'was originally negotiate 
five years ago.'.and : involve 
repeated joaraeys to the'-U&^j 
finalise arrangement^ • 
Conferences (were the Adeline 
m conference?) have a 
shoxter lead time than this f : :ba 
two-three years is not uzutea 
■for a' 2,000-pios icteraatioaa 
meeting. •• ; \ : v 

Whether the capital 1 will*agi 
the like again .is doubtful. Thf 
year we have to makedb *$8 
the . International Gas Turbitti 
conference in April, followed^ 
the Sixth. World Cotiferencito 
Retailers and, to cap it 
international' gathering of di 
Salvation Army.. 'Well,-.at legs 
we would Hot be -short-of 
song.- t.-. 


DOES 


IRS 


AFY0UR 




iLLDERMASTON 
i COURT 


Incentives 


The every day 
of the week 
conference centre 

Although dating back hundreds of years, Aldermaston Court 
is verv much a conference centre of the present. You will find 
it set in !30 acres of beautiful Berkshire countryside just off 
theM4 and nine miles horn Newbury, Reading and Basing¬ 
stoke- here we have created an ideal study environment. 
M-i* only do we have the factbties to take tile worry out ol 
your anangerr.vMs but we can also provide the perfect 
setting to help make your next conference a success. 

O Full residential facilities 
O Accommodation for up to 40 delegates 
O Four well-equipped conference rooms 
Solus use guaranteed 
C Available for weekend and midweek 
conferences and seminars. 

Flexibility is tho key to the Aldermaston Court conference 
centreand al! facilities can bear ranged to fit intoyour schedule. 

To find out more, fill in this coupon and post today 
or telephone Natalie Eadon on 073-521 2241. 
ALDERMASTON COURT, READING RG7 4PW 


Company 

Address 


.Phone. 


The new eliv conference 
centre-; have been added to a 
large stock of modern conven¬ 
tion and exhibition facilities 
which sprung up in hotels as ■ 
a result of the hotel building 
incentives scheme of « few 
.'ears ago. Much has been said 
ibnut the bedroom capacity that 
this scheme provided, but an 
'•xtremely useful spin-off has 
been the provision of a con- 
■iderahle amount of small- to 
medium-sized conference space 
h**th in London and in provin¬ 
cial centres. 

The total meetings business 
in Britain will prnhably be 
wurih more than £3fl0m. this 
year, although precise figures 
are difficult tn find in this highly 
fragmented business. For 
some iowns the market is of 
considerable •;<>nscqnonrp to 
both the Incal business com¬ 
munity and the ratepayers. 
Brighton may have seen nearly 
£f»ni. on its new conference 
centre, but that is less than the 
animal spend of conference 
delegates in the seaside town 
anyway. This year Bright'»n 
reckons that spending will jump 
m £l5m. or more. The average 
*pend of a delegate in the ■ 
town during a three and a half 
day stay is £90. which puts him 
in a much more attractive 
league than the normal run of 
day tripper. 

Of course, investment in 
centres js not without ancillary 
worries. Birmingham may be 









^Sf^^CONFBREICE' 

. • H money talks? at- your- Conference, 
then the vote will be for Blackpool- the popular choice, which your 
delegates can'afford to enjoy, free Business Accommodationii. • : • 
Gvic Hospitality. Special Conference Hotel foies, Easy and. j X 
Economical fpieach by Rail, Road & Air. •' • ' • ’ • 

Professional know-how The cost-conscious Qnnfereri.ee' • ■ 

Centre in the heart of accommodation and.social life.. '• 

Fit .ill details apd :iH>peratiort c^niacb-' - -i 

Bob Battersby, Director of Attractions and Publicity, 

Attractions and Publicity Department. 

Town Halt Blackpool FY11LY. Telephone: 0253 22183 ''MBW 







; ‘ THE TOWN THAT 1 WENFfli;C(^ 







H i '•'.imii+jZi 

i-' 







k" '■■JgW 


Jr..,. 




The Hamburg Congress Centre. 


Combine business with leisure 
on The Great British isle* 


The professionals 
take over 


/ SUFFOLK;. 

/ • • . •••/..* 

' 

Have you considered us for your, 
convention or seminar? NO?-. ' 
Read on—you will find Some¬ 
thing to interest you!-- 

IPSWICH is.at the heart of East 
•Anglia within easy reach of 
London by ,road or rail.- the 
Midlands 'by' road or’ the Con¬ 
tinent by sea. ' It is set In the 
beautiful . Suffolk countryside— 
the Ideal touring base-' for the 
region. ' 

Hotel accommodation is excel¬ 
lent. offering friendly service and 
reasonable prices within easy 
reach of the town. IWe can 
even arrange your 1 transport.) 

NOW READ ON 
In the centre of Ipswich, the 
Com Exchange is ideal for your 
convention or business seminar. 
It offers— 


THE CORN EXCH ANGE 

_ Entertainments, Conference 
and Arts Centre '. X 


5:foV your meeting—a superbly- 
.equipped and air-conditioned 

• /Film -Theatre seating 220. 

* Plus "several ; other'halls (seat¬ 
ing 20-9001. 

'* Exhibition space (50-5,000 sq. 
, ft-), 

♦ Extensive banqueting facilities. 
WANT TO KNOW MORE? 

Contact:-Jim Gillies," 

" Civic Centre; Civic. Drive, 

- Ipswich^ • > 

Telephone: Ipswich (0473).S585!. 


CaMtIM&IT OF RfiCFEWKlN AMMHES 




Director f. C.:R. Bevan MSc JP. 


FairslnGoteborg 



Alth. »nah Jersey may bn heifer 
kn<>uit n - l'-i-«iirf aetr. Hies, ii ha- a 
fur hii-rnt.- 1 ?: iivi.S< ii-cnferpiii'e 
fnuliiin* ;:iv vnm- • •! ilie fint-sl t< ■ lie 
5> >mu! Miy-.’ hr-re. 

Thirff :u'»- hiitNs with conference 
n«iins iti ;uirquiifsin.ilI Turnings, 
in- u| * it i :<0t i |x?i ipli-. l'lK- Jei -ry 
Gtmenii'-n Hur«iu will hi' |»Ii.-:iseil l<> 
h in: :<rd v. u iheirainvni bMo'une 
which A-tiuW ihj- (iioliiii’Sut •*:»■ hv,-i.iie. 

Iran ip< ■« trim dr-lejm i t.. Jersey 

i- ,i iimiiKi hm—wiili rliiw' 

lliy'lu- In •:i: :>1l n\tTllwi:»iniIry.T'h>.Te 
aj'i. 1 in • innTfiKv ;ur.iiiji'.‘iu’-iiis I*»i« 
nvi'k-yiiiu-T. 

Nr. pn <1 ■lunr 1 . \nd in• 

!i-iiy!i ih.'it ih.- |k- ipti-• il’.fr-i -t-v will n».t 
jj** 1".I-■fiiMiivrh.il v.nir -Ui> tcilhr 

i-sl.'uv! i- a -... :iihI -mVf.—l'ul 

a-pit-rllilt-. 

I r, i •ini--r > .;iili-r:«lun! ri;i\ .it< .1 irul 
ihf- «'i •iili , i«.-iii'f i.-ihlf. y»ill'll Jv- L'lriii In I»t 
i hi lu’mie ~t- ii wi-rv. Wlu-n. -.mi 
rni: !m:y .i 'r-.il k:mli>h jnni."In• lieiiJ 
!«■? luiy.iiii.-.'lu Jt-i r--;. ihfir- :ir»- !*«•.- .-r 
duucr .'iikI ii-• '"A l M V \••ii iiiii in i.in 
• mt: n! ihct-uyll.iii ir-si.iui.inl-wii»-i«; 
fivsil oiiuiiii 1141 :irr I hr spcrwilitv 

l'hep* :u •* | ilt-i it v • t[ a* >» nl :v:in, >ns 
f«ir stiwiny \ mu iiiwl i m:iI-h-ih r in 
Ji-iVj.it r\rn!«' .-.litI lo.»g*«fl 

Inlkirrp piMirl. 





I In-c Mir. < ill i-ml I'li*. hi. 1 • ri i-.i 11 
f« tn. M> lu-r. 

j* i a 

Jersey 

-the right climate for a "W 
conference 


ONE OF THE most impressive 
changes ilial haj come over the 
conference business in recent 
years is the spread of profes¬ 
sionalism. To-day another ex¬ 
ample of the way in which the 
husiness is progressing can be 
seen at London's Royal Lan¬ 
caster Hotel when ihe Associa¬ 
tion of Conference Executives 
has a sort of busmen's break by 
opening a two-day conference 
on conferences—as usual the 
event has been given a trendy 
label. Contact 7S. 

The conference itself is heavy 
on the show-biz glitter (Wil¬ 
liam Rush ton. Gayle Himnicutt 
among other .-1 which should 
lead i.o some lively sessions. 

but the subject area* of the 
workshop discussions serve to 
indicate just whai it is that 
worries confi-rence planner- to¬ 
day: Are incentives stimula¬ 
tors nr just lax-dodges ? Are 
conference buyers treated tike 
pn..r relations who only fill off¬ 
season space? Are "purpose 
bm!t conference centres built 

for any particular purpose'.' And 
who needs all the razzmatazz or 
stage productions and audio¬ 
visual aids'.' 

In fad these subject headings 
indicate the sort of complexity 
that the conference organiser 
faces to-day should he be new 
to the game. He quite often 
feel3 he needs assistance but 
finds so much of it offered, at 
a price, that he can emerge as 
confused as when he staried. 
It is hardly surprising there¬ 
fore that ACE itselr is showing 
signs of increasing popularly, 
and increasing demands on ils 
service* as a c-ntval poini for 
'.be exchange of ideas. 

The trouble with describing 
the need for professional help 
in so many conferences is that 
much of the evidence sounds 
•ihvimis. None-iheless, it seems 
rhal many a pitfall ii no loss 
deep l'or being visible a long 


way off. For example, a major 
failing of the inexperienced con¬ 
ference organiser (and, dare I 
say it. of some experienced) is 
to try to pack too much into 
ihe programme. The advantage 
of such a piny is that it looks 
good on paper. It may help to 
sell tickets and will probably 
impress the boss, at lea it in 
anticipation. The event is likely 
to he less impressive. 

Few things irritate an 
audience more than a conven¬ 
tion which runs late, which 
leaves little nr no time fnr 
floor discussion, and above all 
which cuts meal and cocktail 
time down to nothing because 
the sessions are all over-run¬ 
ning. 

Surprising 

I enjoyed the doubtful honour 
on one occasion last year of 
speaking (very, very briefly) to 
an audience of a handful in a 
hall which an hour earlier had 
held 2.000 people. A couple of 
I'ther speakers suffered the 
.same Tale since we actually 
rose to our feet afler I.J5 in 
the afiernonu. By (hen every- 
one had gone In lunch. The 
'.hairman seemed not to have 
noticed. 

It is surprising how many 
conferences have inadequate 
audio-visual systems, unenmforti 
able chairs and chairmen have 
been chosen for their position 
in society rather than their 
ability in The chair. One nr 
'hr great advantages of an out¬ 
sider is that they arc allowed 
'•ccasiunally to tread unwarily 
through office politics, choosing 
speakers for their ability and 
subjects Tor their relevance 
rather than for some other 
mystic purpose. 

For many organisations the 
annual conference is the single 
most important event of the 
year, and yet so often it is 


completed with something of a 
nasty taste being left in a few 
mouths. Sessions among the 
organising committee afler a 
conference can often be more 
lively than those before it were. 

Clearly, however, there is a 
considerable eagerness to pick 
up tips. The ACE gathering will 
be almost sold out (could there 
be a more critical audience?) 
and there is an increasing 
supply of information, on con¬ 
ference techniques and tech¬ 
nology. 

The demand is present 
because more and. more com¬ 
panies and organisations realise 
that conference organisation is 
increasingly a speciaJised. art. 
This does not necessarily mean 
that more of them are buying 
in expertise. Such is the 
frequency that larger bodies 
are. called upon to involve 
themselves in conferences both 
large and small that more and 
more of them are making con¬ 
ference organisation a specialis' 
activity within the company. 

The firm that only a few 
years ago delcsated travel to 
3 junior secretary and let file 
youngest clerk organise Confer¬ 
ences. now probably boasts both 
a travel manager and a 
conference organiser. 


UA TERfA t TEKNHC : : 

Material Engineering ' 

'April4 •?. 

ISM fntonationafh Smndta Meson 
International Xvse'ca'? Trada Fmr 
Machines. Tools .’ i 
April20-25 • - 


(NTERF0Ciaffr(TEf1H£& ‘V 
Food pro&Xte arid Mat-binary . 
Restaurant equipment. Shop fitting _ 
October JO-TT '■ 

ANTIQUES FAIR 
International Arts and Antkpm Fair' 
October21-23 . ... 


PUBLIC TPAN&ORT SYSTEMS. ENERQfTEKNl^: = 
IN URBAN AREAS . Energy Engineering ." 

June27-30 - • October24-27-^ , 


KOMMUNA1 TEKNtSR MASSA 
Rublit Sendee ‘ 

August23 - September 1 ’. 

dagenshushAcl 

■ International Consumer GoodsFak 
September IS-24 

FL YTANOE BATHASSAN j 
- Floating BosrShaw, Langedreg '■. 
September 22-26 - 


XEM? ■ V- \ ." v\ 

Cbamntry, ' /.- --i--. '.^ 

Nwember7-fO j.T 

SCANAUTQMAJ1C 4''. : X 
Rydaufia.Fp^tiratks^ElEaranics, 
Tmnntksion Equipment , -' . 

Nomnber28-j3K&^vt: , ; 

Sw8dis(i jnde'.Fidr Fb’iiiasxJon . .■ - 
. *ok 5222, S-402%GWig(L" 

' Sw«den.TiH..031 .3000100: :.: ; - -'j 
! TH.ex 7r , 

'i '.v-.'V- 'y r ^-.' i.'.-i'i 1 


^HARROGJnE»tx 

©15 S’wan 
^otd 

BRITAIN’S MOST DISTINGUISHED 
CONFERENCE HOTEL, 
i* Conlermcc Secretary JJAff 
r-R Td» Hirracate 50405) 

4* 1H Room 120pb 

* 3 w mare Suita 

* Plenary Conference 308 
+ 4 Prreiti Boom x 75 

* Dining 300 

* Budget Qua rations 

V 3 RatanaiS 
* II j.m. to II fa. . 

Telex: Sim OkJcwan Harogat 
Ow .«f Britain's 

l PRESTIGE HOTELS J 


• BRITISH: 

•' ACCOMMO0A#^^,3;. 

Covering- : 

Universities - of BUAC off^/ah-. excellent^T^nge'-.pf _ 
meeting- and 1 - lecture; top ji^iic ogifq gabl^^^yai^e 
Idw cost residential - / • 

standard of. catering- for: Confer^c^'^OTd siirttlar 
bookings. ;For 

• -Cjeaera I Secrtrta iy,' BtJ AE^ Bgx^.U325^;" ^ it 

■ / • University Park; "Nottingham 

Tel.: PTO3r^457i: ' 




Tdearvenue for SMaHISecuf' 
in recodslrurted Georgian 

. .. .•; .. .l(L'inTies soiith : fl?'■ •; 

MIDDLfiTONl' : dE!ALL 

Gan accommodate up to 74r r ‘Tesk^^' f ©I^C^' : ^(^^steafe^0.- 
Ample syndicate -and. I^eT ;meertini: n)^^ 
facilities. Games raoni.' : ErteD^jye; : 'groi^d^;^ 
courts and croquet-Iawfi, E5i2 .cqatcaX. heatiaS.-.- rtsy. 
Lrrfonn.ation contact Janeh, 

Street Ed in burgh EH3' ;"J; 


















y». 

w 


-_J 



incial Times Monday February 20 1978 . . 

CONFERENCE CENTRES 


29 


III 










T ONLY the larger 
hotel groups which 
vered that there is 
for conference facili- 
laller independent 
[ many of the coun¬ 
ties of the larger 
ve found there isr a 
ed for pleasant, often 
accommodation for 
erings. The growth 
rfcet in recent years 
spectacular as -Ihe 
tk ” philosophy his 
creasingly companies 
hotels, particularly 
•perties, for week-end. 
living exercises. 

country hotel, of 
e development, has 
re than welcome 
□any of them have 
ratering for the small 
is not necessarily 


the simple spin off that might 
be expected. The. small cor¬ 
porate conference . frequently 
involves personnel, who are well 
used to very high standards of 
.accommodation and catering. 
Money is -not .usually the', major 
obstacle, but the hotels in 
question must have fully 
equipped rooms, pleasant meet¬ 
ing facilities, and a restaurant 
of -a very high standard indeed. 
Often the hotels involved. are 
those that find their way into 
such elegant listings ns the 
Relate de Campagne end' the 
British Tourist Authority Com¬ 
mended,Hotels. 

The dilemma for the country 
hotel which gets involved in this 
sort of business is often that of 
numbers. Just as a hotel with 
500 rooms can easily be swamped 
by a convention with 300 dele- 


•I-. V 



V . t 



Conference Centre 


C Clubin the heart of London has a lot to offer - 
s conference: 

# I • 

‘ bnference/reception rooms 

Opacity for 350 day delegates, andfull catering-facilities 
hibition facilities 

emight accommodation for at least 70 people 

unutes from Piccadilly 

minutes from Heathrowby direct tube 

ntral to all Londons train termini 

juash courts ■ 4 billiard tables 
ess and card rooms ■ Large swimming poo! 
rkish baths, sauna and steam rooms 
:teiy - :• 

, staurant with one of the finest 
lie lists in London 

interested or would like to find out 
Grite or telephone: The Secretary 
Pall MaDj London SWlY 5HS. 
e:01-9302345. 



► 

V \ 2.; ■'! •' 

\ l- 4 ; : i ■ ?i . 
U i i i W 11 



, Time Is a Jcsscrong cenunqdity ‘ 
and we must make me most of it. 

:d arranging a conference hi the Isle of Man, wc save yon 
irae by making il so easy. We will give you all Ihe lieip • - 
you need and prices are so competitive, 
ur scenic Island has wonderful conference facilities and . / 
(here is plenty to do and see! . 

5olf (seven courses); Fishing, Pony Trekking. Casino, 
carets and lots more to make your conference successful, 
further information telephone 0624 4323 or telex 627793 
or simply fill in the coupon'below. 


Mr. J. Kennedy, Sales Promotion Manager, Dept. MW 
of Man Tourist Board, 13 Victoria Street, Douglas, 
of Man. •• - 


rr 

e' 


ircss.. 


/ 



Travel by Sea 
to the 

Isle of Man 


FOR YOUR CONFERENCE 

il /arc reductions, for delegates, their wives & friends 
sailings: 

verpool—twice daily throughout Summer Season; 
during Winter. 

•nuent sailings during Summer Season from 
?AN, BELFAST, DUBLIN, FLEETWOOD AND 
DNO: 

[Y NOT BRING YOUR CAR WITH YOU? 

artictUars from: 

Dept. 200 

rhe Isle of Man Steam Packet Co. Ltd. 

(Incorporated in the Isle of Man) 

. Imperial Buildings, Douglas, Isle of Man 
Telephone: Douglas 0624 3324 


NSHAM POND HOTEL 

Zhurt, Famham, Surrey - Tel: Frensham 3T75 

:s independent country hotel approximately one hour 
ndon. Excellent facilities for Conferences and Semmars 
relaxed surroundings. Very competitive prices. 

Full details sent on request. 


gates, so a conference of only 
15 people can quickly take con¬ 
trol of a property with say 30 
rooms. Couples who have sought 
out their own quiet country 
retreat are not particularly en¬ 
thused by brandy-drinking, late- 
night groups that can easily 
emerge from even a small 
gathering. The conference 
people themselves too, often do 
not wish to .stand out among 
the visiting crowd, preferring 
instead to mix with the normal 
hotel guests. 

Marketing 

The marketing of this sort of 
operation is a slow, if finally 
rewarding, business. Some of 
the larger operations which 
have carved themselves a name 
for the retreat-type of gathering, 
such as the Sdsdon Park Hotel 
near London, can run to modest 
advertising campaigns. For most, 
on the other hand, it is a matter 
of cultivating personal contact 

Since the man who makes the 
final decision is going to end up 
bringing his closest business 
colleagues and their wives along 
to meetings he is likely to take 
some care in making the final 
decision. But that decision, when 
taken, has every chance of being 
a long-term one. Small confer¬ 
ence business tends to be ex¬ 
tremely loyal. A good country 
hotel operation can find itself 
with a List of companies who 
hold meetings for 10-20 people 
as often as monthly, and also 
use the hotel for small, inten¬ 
sive training courses. It does 
mean being willing to offer 
rooms in the peak season as well 
as the winter, but the invest¬ 
ment is very worth while. 

One type of accommodation 
which alsu tends to be in plea¬ 
sant surroundings and does not 
suffer from the difficulty of 
wanting to turn away conven¬ 
tion business in high summer is 
within the universities. Turn¬ 
ing over the campus to holiday 


Cities 


CONTINUED FROM PAGE ONE 

modem facilities has probably 
pow^^ched-,tbje..stage- where,, 
in a buyers market, the con¬ 
sumer is very much in a posi¬ 
tion to ask for rather more than 
just be latest in seating and 
audio-visual - systems—and most 
buyers do indeed seek more. 

Increasingly* as a result, the 
city convention bureau is of 
paramount importance In secur¬ 
ing the business. This is simply 
because the convention bureau 
tends to act not only as an 
initial stimulant to choice— 
making the sales pitch that pro- 


and conference business is a 
relatively recent development, 
but has proved very popular. 
The advantages are that the 
as far as the conference itself 
is concerned. The disadvantages 
that very often the student 
accommodation is not quite 
what many conference delegates 
have come to know and love. 
Too many of us these days feel 
a strong need for a room with 
colour television and telephone. 

It was only in 1970 that the 
.universities got together on 
anything like a formal basis. At 
the. time there were only 12 of 
them in a modestly run consor¬ 
tium which attempted to deal 
with a demand which was in¬ 
creasing almost without any 
promotional work being done. 
To-day there are more than 
three times as many members 
spread geographically from 
Aberdeen to Southampton and 
able to handle meetings of a 
considerable range in both size 
and nature. 

Revenue this year wall prob¬ 
ably easily exceed £6m. Biggest 
of the on-site university halls is 
that at Edinburgh (Pollock) 
with 1952 seats, but at Leicester 
there is accommodation of mar¬ 
ginally greater capacity dose 
by. Most universities can deal 
with conferences of several 
hundred delegates with ease. 
One of the benefits that they 
offer is extensive public areas 
and the frequent provision of 
numerous ancillary rooms to 
the main conference areas 
which can be used for more in¬ 
tensive workshop purposes. 

Another beneficiary from the 
44 away from it all** desire is 
Ireland. A country hutel for a 
conference is an attraction en¬ 
ough, but a country hotel in 
Ireland seems to add another 
dimension to the g;me. The 
Irish, in a current campaign to 
further increase tourism from 
Britain, are r'acing particular 
stress on the Republic's con¬ 


duces the first inquiry—but 
also as a co-ordinating centre 
throughout the planning of the 
conference or exhibition itself. 
Not least this is because a large 
conference will be seeking all 
manner of fringe benefits as a 
result-of bestowing its custom 
on a city. In its crudest sense 
this will involve seeking a 
direct subsidy from the city it¬ 
self, but more often in quoting 
a base price per delegate and 
asking the city to ensure that 
everything can be provided for 
that price. 

Obviously this Involves a con¬ 
siderable amount of co-ordinat¬ 
ing work. A typical interna¬ 
tional conference might say that 
For $40 a day it wants the con¬ 
ference facilities, coffee, meals, 
road - transfers to and from 
hotels, a couple of cocktail par¬ 
ties and a night at the theatre. 
How the city fixes all that with¬ 
in the price allocation is a mat¬ 
ter for long sessions between 
the various parties involved and 
the convention bureau—the con¬ 
ference organiser, who may be 
10,000 miles away and “ organis¬ 
ing** the event in his spare 
time anyway, is in no position 
to become directly involved in 
the arguments. 

Frequently, of course, some 
of- the bill is picked up by 
organisations eager to impress 
the delegates. Thus I have been 
dined ' (with several hundred 
others) by General Motors at a 
motor industry gathering, 
lunched by bisney at a travel 
congress (this time the total 
was 2,000)- and offered refresh¬ 
ment by'Rank at Cannes. 


In many industries there are 
numerous companies for whom 
the cost of providing -food is a 
tiny price to pay for the oppor¬ 
tunity to make a sales pitch to 
what is probably a highly influ¬ 
ential group of prospective cus¬ 
tomers. Unfortunately for some 
conference organisers, not every 
profession is .prepared to in¬ 
volve itself in 'such blatant 
commercialism. This particu¬ 
larly applies to medical con¬ 
ferences. The medical world is 
notoriously unwilling to sell 
even its meal and cocktail 
breaks to commercial sponsors 
—**your caviare to-day Ladies 
and gentlemen was by cour¬ 
tesy of nockcmout sleeping pills 
who will now show you a short 
film.” Nor is it very keen to 
have exhibitions allied to its 
conferences, another favourite 
way of generating cash. 

In cases such as this the con¬ 
vention bureau might attempt 
to enlist local counterparts of 
a professional organisation to 
play some form of hosting role. 

Some cities, notably resort 
areas in the off-season, will pay 
heavily for custom, not only 
subsidising the convention 
directly but also indirectly by 
providing city services, such as 
buses, for nothing. 


ference facilities. My own love, 
the Irish west, has an impres¬ 
sive array of accommodation 
and. if you like that sort of 
thing, you might be pleasantly 
surprised at how many recently 
built fully equipped modem 
hotels there are in the area. 

The trouble with Ireland is 
the additional temptations. 
Whatever else you are a long 
way away from. yr»u are never 
very far from fishing, golf, 
horseback riding and those 
amazing village pubs. It’s all a 
bit distracting if you are try¬ 
ing to get on with some busi¬ 
ness. but. after all isn’t a con¬ 
ference meant to inform, enter 
tain and also relax you? 

Even greater escape can be 
had. of course, by chartering a 
ship. Most shipping lines arc 
activly involved in the con 
vention business, willing to sell 
pari as well as full charters. 
It is not always realised that 
cruise companies are often quite 
keen to sell space at special 
rates, particularly in the 
shoulder months, to convention 
organisers. 

Like the small hotel, no com¬ 
pany particularly wants a con¬ 
vention which is of such size as 
to disturb the Life of the rest of 
the passengers, but even quite 
large gatherings can be inter 
rupted unless the organiser is 
determined that everyone 
should wear large badges or 
even corporate uniforms. I was 
recently on a cruise where a 
large section of the passengers 
were a religious group confer¬ 
ring (needless to say they were 
Americans). The only irrrta- 
tioa was that since their rules 
did not apparently baa either 
drinking r>r dancing it was.ex¬ 
tremely diEvult to tell who was 
a coave winner and who was 
not 

The more ambitious can 
always rent the QE 2 or the 
Canberra for a week or so — at 
least you know that the dele 
gates or employees cannot actu¬ 
ally leave in the middle of 
tilings. 

The real growth market, how¬ 
ever, is in more modest affairs, 
with getting away meaning 
simply country air. country food 
and a chance to talk in a relax 
ing environment. It is a busi¬ 
ness which is attracting an in¬ 
creasing^ amount of interest 





ACCES S Greater Manchester lies at the 

m 

1*^* 

very heart of the UK with a matchless 
motorway system,an airport 
acknowledged as England's major 
international air terminal outside 

London and inter-city rail only 2Vz hours 



from the capital. 



VENUES From intimate 5 star hotel suites 
to complete stadiums through public 
hails and universities Greater Manchester 
copes easily with conference needs from 

6 to 60,000. 

H 

m 

SERVICES Every service is available 
from audio visual specialists, display 
experts, catering on any scale to 
hostesses and translators. 

ft 


LEISURE Whatever your pleasures, 
theatres, restaurants, clubs, discos, sport 
Greater Manchester offers them all 
in abundance. 


Full details from: 

PAUL BARLOW 
Public Relations Officer 
Greater Manchester Council 
County Hall 


Greater 



Tickets 




0 Comfort Sslsdon Park Hotel is fully 
equipped for 4/5 day conferences, weekend 
seminars, etc. for10/I20 delegates. All - 
bedrooms with bathroom and colour TV- 
Good food, wines and friendly service'. 


0 Efftaency.wfth experienced Staff to 

help you-Seisdon Pack Hotel provides 
sectional stages, amplification, projectors 
etc., and full attention to the needs of 
conference organisers. 


E3 SoperbSmmdaags 200 acres of beautiful parkland. Free amenities 
for residents include; Championship IMi'ole golf course, putting green, grass and hard 

•**■"- tennis courts; open air heated swimming pooled ing (extra), 

sauna, and 4 full-sized billiard tables. 

Write or telephone Me F. T. Sanderson for colour brochure. 
ONLY KAN HOUMFROM LONDON 

Selsdon Park Hotel 
Sandersteatf 
South Croydon 
Surrey 

Tel: 01-657 88TI 
Telex: 946Q03 




Fortunately this Is the sort 
of game that the larger cities, 
tike London and Paris, do not 
have to involve themselves in. 
Nonetheless the flat-rate prin¬ 
cipal very much applies since 
organisers have got to quote a 
basic price to their members 
or other delegates, and some¬ 
times do this more than a year 
in advance. What the cities do 
become involved in is the nego¬ 
tiation of bulk rate purchase of 
theatre and sporting event 
tickets and of visitor books 
which contain discount cards 
for various local attractions and 
activities. 

In spite of all this rivalry it 
is surprising how friendly the 
major cities of the world are. 
The convention bureau heads 
all seem to know each other 
very well and be willing, occa¬ 
sionally. to pass business 
-around. This is not quite as 
stupid as it sounds. An inter¬ 
national conference that goes 
to Hong Kong, for example, in 
1978, is unlikely to pick the 
same part of the world in 1979 
and therefore Rotterdam, Hel¬ 
sinki or Harrogate are much 
more prominent candidates. 
Thus a sort . of convention 
mafioso builds up which en¬ 
sures (hat a conference, is not 
allowed to slip out of the 
circuit ■ 

First seen from the outside it 
is an impressively high-powered 
and sophisticated marketing 
world, one of fierce competition 
perhaps, but also one with a 
degree of oide world gentility 
—not that anyone is beneath 
spreading, a *mour • or two 
about a rival’s inflation rate, 
or rain record. 



Pretty soon, you'll come to the 
conclusion that, no matter what 
the number you first thought of, 
you end up with the answer- 
Wembley Conference Centre. 



Admittedly, ifs difficult to 
organise a conference of one, but 
2,500 is no trouble at all when you 
have all the facilities of the 
Wembley Royal Hall at your 
disposal. And whether you call it 
a conference, a convention, a 
symposium, meeting, debate, 
product launch, sales talk, AGM 
or seminar, we can cope at 
Wembley. 

The Avon and Severn Suites 
are versatile theatre complexes 
with seating for 130 to 500; they've 
got full projection equipment, 
closed circuit TV and 


simultaneous interpretation 
facilities for up to eight 
languages. 

On a smaller scale, the 
Westminster, Chaucer and 
Abbey Suites offer a series of 
rooms for 12 to 100 delegates, with 
the adaptability that makes them 
equally fitted for discussion, 
board meetings or sales reviews t 
and for dinneis-and you could 
always follow one with the other 
And if even this seems too 
ambitious, there are yet more 
small rooms that still enjoy all the 
central services available as a 
back-up for the 2,500 seat main 
auditonum; secretarial 
accommodation, personal 
paging systems, printing and 
reprographic facilities, banking, 
post office, parking, even 




photographic coverage of 
yourevent 

The inner man is not forgotten 
eitherThere’s a range of bars 
and complete adaptability within 
the catering fialcLWe can lay on 
anything from a finger buffet for 
25 to a four-course meal for 2,500 
at the Centre -and to a very high 
standard 

The potential of the Wembley 
Conference Centre is vast; ifs up 
to you to make the most of it, but 
even there we can lend a hand- 
in planning and presentation. 

So next time you!re planning an 
event, give us a ring and see just 
what we can do. Better still, ring 
Bernard Owen or Anne Banford 
on 01-002 8833, aridlet them help 
you realise the full potential of 
your conference, no matter what 
the number from the start 




Conference Centra 
London 



9 

























>7 !j; 





Financial Times 


si:M arkets 


decline 


r j : ,^.: r* t’ . :rv 'ir 


-■: * v -r/;- - 


, .. Y»' .V.I'- . .•: 




BY MARY CAMPBELL 


Borrower* 


Amount 

m. 


CURRENT EUROBOND.SOTS- 
Av. lift Couf 
Maturity year* 


Price 




TH E El TP. 0 BO NT) tn a rket 
reacted to ta>i week's re-accelera¬ 
tion of Lb? dollar's fall on the 
foreign exchange markets in a 
manner which is now only too 
familiar: dollar bonds fell, end¬ 
ing toe first sustained sign of a 
stabilisation in this sector since 
the autumn, while D-mark and 
Swiss franc bonds in particular 
romped ahead. 

The dollar Fell to DM2.0617* 
last Frida”, down from DM2.1030 
a week’ earlier. and to 
Sw.Frs.1.8860 (1.9505). Among 
Swiss franc foreign bonds, the 
recent Citicorp issue ended the 
week at 1055. U P from . 10 ° a 
week earlier (though this was 
perhaps a particularly strong 
performance). Norsk Industri- 
bank. the latest issue to start 
trading, was quoted on Friday 
at 1025 —it had been priced at 
par. 

In the D-mark sector, trading 
on Friday was described as 
"hectic.” Recent bond issues 
■were bid well up to and above 
tbeir issue price. 

Id the Yen sector, three lames 
ga moucced last week included a 
tjaie Y50bn. (about $210m.) 
Bering for Australia which 
marks a new low point for 
fleWs. However, the higher 
fields on the Finland and Oslo 
Offerings announced aubse- 


quentiy suggest tint tMs was 
more a tribute to Australia's 
special popularity with investors 
than an indication of a general 
trend. 

In the D-mark sector, the final 
terms on issues priced last week 
confirm a further erosion of 
yield levels. The New Zealand 
offering was priced at 100* des¬ 
pite having a DM50m. increase 
and a one-year extension of the 
maturity since it was originally 
due for scheduling a month ago. 
The most spectacular change was 
in the Fujitsu convertible, which 
started trading at a premium of 
about three points despite a last 
minute coupon cut by half a 
point to vj per cent. This new 
41 per cent, coupon level was 
reaffirmed in Friday’s announce¬ 
ment of a new Japanese con¬ 
vertible, for Nisshin Steel. 

Tbe 5* per cent coupon 
scheduled on the EIB's issue is 
the lowest yet for its maturity: 
the World Bank paid 5} per 
cent, at 99 to yield 5.86 on the 
twelve year bond iacerage life 
10} years* which was priced only 
three weeks ago. 

Due for announcement later to¬ 
day is tbe DMSOOm. offering for 
Venezuela for which WestLB will 
be lead manager. 

In the dollar sector only $55m. 
worth of straight bonds remain 
on offer, although the European 
Investment Bank has field a two 


tranche S200m. issue in New 
York via Merrill Lynch. One 
SlOOm. tranche is due in 1998 
and the other In 1995. 

The main surprise continues 
to be the lack of new borrowers 
wanting to take advantage of the 
current strength of the floating 
rate note market The one bond 
on offer, announced over the 
week-end, is scheduled to be 
placed solely via a Far East con¬ 
sortium. The rate will be tied to 
a quarter point above tbe Singa¬ 
pore offered rate—Asian issues 
and loans are usually priced on 
the London inter-bank rate, 
which tends to be lower than the 
Singapore rate. 

In the dollar secondary market 
the main developments of the 
week were the sharp falls in 
Massey Ferguson and Reed 
bonds, in the one case following 
the passing of the dividend on 
the preference as well as ordin¬ 
ary stock and in the other due 
to fears over Reed's Canadian 
operations. 


The only Issue to start trading 
was New Zealand Forest Pro¬ 
ducts which uppned firmly at 99 
bid. Dealers did not. however, 
expect this heartening perform¬ 
ance to be extended to tbe two 
bonds which start trading to-day. 

Experience In the sterling 
sector was mixed last week, as 
the fears of a resumption of the 
trade deficit even sooner than 
pessimists expected were re¬ 
newed with the announcement 
of a deficit for January. How¬ 
ever. Samuel Montagu took 
advantage of a rally in the 
sterling/dollar rate on Friday to 
bring out one of the issues 
which have been rumoured for 
several weeks. Allied Breweries. 

(Tbe borrower is technically 
called Financiering Maatscbappij 
d'OranjeboOm.) 

The 10j per cent, indicated on 
tbe bonds and indicated pricing 
of “ at or around par” nuke the 
terms identical with Town tree 
Mackintosh and Sears, both of 
which were bid at a discount of 


about 15 points on Friday. 

Although the final maturity is 
somewhat longer than on these 
other two recent British cor¬ 
porate issue?, the average life is 
marginally shorter due to the 
operation of a sinking fund 
which starts in 19S2. 

On tbe basis of tbe average 
life, the closest comparable gilt- 
edged issue, tbe 7J per cent due 
1938, is yielding 10.19 per cent 
The Treasury 13 per cenL of 
1990, however yields 11.66 per 
cent 


US. DOLLARS 
JNZ Forest Product* 25 

JAvco Overseas Cap. Corp. 25 
{Hitachi Zesen (g’t«ed •' 

Sanwa Bank) 30 

••EC5C 30 


Jutland Ftmen Elec. 
(ELS AM) 

{Ni ppon Credit Bank 

d-marks 

{§Fujit*J 
{Norcent 
{New Zealand 
**Escom_ 


25 

26 


1986 

198* 

1983 

1990 


1985 

1583 


T 

6 

5 

81 


9 . 
9t 

■i 


9 

6H 


100 

100 

99} 

99 


Lead, manager 


IGdder -Peabody, LBi - 

Kidder Peabody .. 

Nomura, S. S. Warburg 
Soc. Gen. de Barique, 
Salomon 

Blyth Eastman Dillon 
Daiwa 


Offe 

- % 
^ 9*0 

,JW3 

- ; :&3 

. ysia 




50 

50 

250 

25 


1986 

1985 

1986 
1981 


Medlowi fan 
Lens tern 


BONDTRADC INDEX AND YIELD 

me 

fthrowyn February lfl Htefc Lew 

. W.76 7AS *.79 IM **■» (13/23 WJM 03/D 

. WA6 8-35 9345 8JS ISM (2/1) ■ 93.55 04/1) 

The Index at cmivertJMe beads hen been dJscsflttoaed- 

EUROBOND TURNOVER 

(nominal nlw In Sai.) 

US. deHor beads 

[oat week previews week laetwBck pratriooe' 

3733 12L4 


Paribas Canada 
seeks stake in 
Power Corpn. 

By Robert Gibben* 

MONTREAL. Feb. 19- 
PARIBAS PARTICIPATIONS, 
wholly owned by the French 
Paribas banking group (con¬ 
trolled In turn by Compagnie 
Financiere de Paris et des Pays 
Bas). may take an equity stake 
in Power Corporation of Canada, 
the Montreal based holding com¬ 
pany which owns Consolidated 
Bathurst, Investors Group and 
other financial interests and 
publications. 


"“bnDE 1ST . 1986 

••GIS 40 1983 

•*5. Af. Broadcasting ... . .. 

(g'teed S- Africa) 20 1981 

EtB 200 1989 

§Nisshin Steel_ 50 198$ 


6.5 

4 i 
3 

9-9 


4i 

51 

1 

6. 


5i 

41 


100 

100 

TOO} 


Deutsche 

Deutsche ' 

Commerzbank 

Dresdner 


■..-Til.' 

m 

-53! 


100 

-* 

100 


Commerzbank ' \ 
Bayerische Landesbank 
»Bay erische YereJnsbahk,' 

Dean Witter ' 
Deutsche 
Commerzbank. : 


SWISS FRANCS 
{F. L. Smidth 25 

{New Zealand 120 

* Holme ns Bruk 30 

{**N«w Zealand 180 

tOert. Donaukraftwerke 

(g'teed Austria) -109 

Imatran Voima_ 80 


1989 

1993 

1993 

1983 

1993 

1993 


no. 

na. 

na. 

na. 

na 

na. 


a 

41 

3} 

n 

4 


100 Swiss Bank Conb . r 

99 ...ups v 

99 Banque Scand. en Suisse 

100 ‘ Swiss Bank Corp. 

9?i • CrM'rtrSuisw 

, . Ciddtt Suhse' '• 


} '•£« 

:&k 


'M 


,3j; 

ZB 


YEN 

{Australia 

{Oslo 

{Finland 


SObn. 

ISbn. 

25bn. 


1990 

1989 

1988 


10.32 

9.06 

9.00 


6^ 

6 J> 

6 J 


99 JO 
99.10 
TOO 


Nomura 

Nikko 

Yamakftf 


im 


STERUNG 
Allied Breweries 


15 


1989 


9.9 


101 


Samuel Montagu 


GUILDERS 

Denmark 


100 


1993 


73 


Algernon* Bank 


. * 


KUWAITI DINARS 

SAMIR (g'teed Morocco) 7 1983/8 

• Not yet priced t Fhil Tom 

S CowrortWo 


83 .100 ■ BAR, tCHC ■ 

t Boating rate nete . , | r Htata««* ; • l.lridw 
Note Yields an cefcal start w ABO. teto. ?■ 





I.TA8 ALL B3KBM 




I Feb. . Frti. ' Feb. ! Pat. 

■ 17 16 ' 15 I 14 


Industrial...' 762.69 765.29'' 761.091 766.16: 

89.641 
i 207.w| 
104.551 


H'meB'nrfi* SS.Si 6S.54| 89.61 
Transport....j 206.64. 2D5.60! 2M.6Sj 
rtllitlM.I 105.52 105.55' 106.96| 


Trxilinr njl.l 

»>» t 


! I 

18.600 21,670; 20.170| 


irmr 


Feb. 

IS 


Feb. 

10 


High Urm 


2fl.4ra 


774.43 775.98) 
83.77j S9.7B 
209.6« 212.66 
.05! 


996.76 . 752.66 
;(17l2lTO) 
fii.87 06.65 | 
f7,U> r26ri/78> 

246.64 I 199.60 
(15/6) I (35/10) 
119.67 [ 103.52 
IjZZ&Ti) 


I (lO/WI j I(W/lu; f ('(Mwj i (Ml■ n- 

104.67! 1B6.85, 119.67 , 103A2 165.32 lOi 

IZZOrm fr27/3/7S)k2D/4yi59i '(28/4/- 

16,8 IK 19.486 — — | — ! — 


itfinc* com pi (at 'd 


Fob. 

17 

Feb. 
16 | 

Feb. 

16 

Feb. 

14 

j vnm 

High 1 

Low 

48.9* 

48.34 

1 

46.54 

“ 

67.07 
(4/1/771 i 

48-B8 

<I7,S/7ft 


High 1 Iaw 


IKI.TOf 41-22 


\urum 


275.88 

Orzm 

165.32 



Feb. 17 

Feb. 16 

Feb. 16 

lesnee traded_ 

1.813 

1.848 

1.806 

Rite*.-. 

-656- 


479 

Frile.- 

676 

1,040 

834 

Unchanged.. 

New Hijrha....^— 
New Lnn... 

481 

439 

17 

105 

493 

15 

69 


I Prions 

-f- or 1 DIt. ITIn. 

Feb. 17 j Dm. 

-hi* 


(371/32) 


15.25 
(EI7/3S) 
1033 

!'(28/4/42) 


* Baals of Index changed from August 24. 

| Peb. 10 1 Feb. 2 1 Jan. 87 

Year ago (appro*.) 

| 5.94 | 5.98 | 6.02 

4.48 


MONTREAL 

iodoetriri 

Combined 

Feb. 

17 

Feb. 

16 

Feb. 

15 

Feb. 

H 

1877-7; 

9 

H/£b ' 

Low 

7S3.6B 

•172-42 

182.90 

171.741 

ISI.72 

171.76 

f 164-81 
| 172.43 

183.47 (17/3) 
107.36 aa.l'TTj 

158.02 (25/10) 
166.60 /ttfltfi 

TORONTO Composite 

1807.7 

1002.6 

1003.9 

1018.6j 1067.4 (19/7) 

965.0 (36/10) 

J0EAN7T28BURG 

Gold 

Industrials 

S10.7 

200.1 

211.6 

287.2 

215.1 

208.2 

211.7 | 212-7 IW/TC) 
208.9 | 214.4 (4/1/78) 

159.4 (24/6) 
169.1 (22/4) 


Fob. Pnr <977-78 d«7-76 
15 loos High i Low 


STANDARD AND POORS 



Feb. J Feb. 
17 ! IB | 

1 Feb. 

1 16 

Feb. 

1 ' 

Feb. 

1 15 

1 Feb. 
10 

—rams— 

Since C v o 

a pi lot’s 

High ! Low 

Elgb 

Low 

^IndustrtalJ 
JOoaapnrin- j 

_1 

80.811 9B.B4j 
! B7.se BS.OSj 

97.73 

Bfi.sJ 

98.81 

89.84 

98.91 

99.86 

j 89.12 
| 99.94 

118.92 i 99.91 

Z3/1/77) kl7/2/78) 
107.00 1 87.98 

1 (3/I/TTi M7/2(78) 

1 164.64 3.62 

lfll/1/73) 130/6/32) 

1 129.86 4.40 

I ill; 1/73)1 (1/6/32) 


j Fob. 16 j 

| Feb. 8 

Feb. 1 

Year ago (approx.) 

Ind. dir. yield % | 6.35 

6. IT 

5.88 

5.97 

Ind. P/B Ratio j 8.6T 

8.77 

8.69 

10.94 

Lira; G*ivu. Bond yield j 8.26 

8.80 

8.18 

7.65 


Aaatr&liA Cf)| 
Bolgisa (l> 
Deiusarkr'/ 
JYanee Itt) 
flarmaayin' 

Italy iW 
Japan ■ (o) 


465.85 1 482^5 
I 

94.06 | 93.87 


179.45 I 4195* 
/7Blkl 


(5/WBlkl6AT7i 
I 99.12 < dO.*i 
-<10/1/77(112/1/7* 
66J1 i 96.28 f 107.9i‘ 54.00 
(P.'S) |(6A7H) 


62.1 | 6L1 
603.:! 811.1 



Fee. 

17 

Pre- 

1977-ft |10//-it 
High j Los 

Spain (rfi 

93.06 

93.12 

lOt'jX'l BSJ06 
(30(12. ji.i7(Xf .: 

Sweden ir) 

369.76 

361.69 

416.dC i iH 6 jx 
tia.J, <?A)\ 1, 

SvriUrl'iK 

220.1 

322.4 

53.7 . iXL'J. 
14/1^ 7 ei. <iri. 


68.4 


(7/1/77J (10/6) 


215.3 


4iJj 


712-6 


80.6 [ 80.9 
467.90 
62.56 | 6202 

i 

381.8?. 284.80 


(17/1 ly 00/6/ 
83J: i 75^ 
(4(5) , (28/9) 
425.17 323.44 
,11/6) ,(15(1/76 
73.71 | 64 JO 
«Ml/77)l(Hl/ia 
390A3 i 360.49 
(23/9, t(54,ll) 


ST0.2B I 271.811 271.68 |i.*42^6 
1 .(UW731 (3*1 


IwUces and base dales (all base values 
100 except NVSE AH Common — 50 
Standards and Foots — 10 and Toronto 
300 1.000, tbe last named based on I9,a>. 
1 Excluding bonds. 1 400 Industrials. 
9 400 Jnds., 40 Utilities. 40 Finance and 
20 Transport. H> Sydney All Ord. 
l IS Belslan SE 3L'll/83. i**i Cocenbaaen 
SE L*l-'73. m> Parts Bourse 1961. 

Commerzbank Dec., 1953. < • Arosier- 

dam. Industrial 187D. ti]1 Kang Seng 
Back 31/7/64. t(ll|t Mflin 20^3. (c. Tokyo 
New SE 4/VB8. (b) Straits Times 1066. 

(c) Close. (d» Madrid SE 30 12 77—hian 
and low (Or 1978 only. ie> Stockholm 
Industrial ia/56. t/i Swiss Eonk Corp. 
iu) Unavailable. 


abg~ . 

Alltani Veralcb... 

BMW ... 

BASF... 

Bayer_ 

Bayer. Hypo.] 

Haver, VereloabkJ 
CltalDL3al.«rU| 
Commeribank.....; 

Conti H um ml- 1 

Uaimlex Benz_; 

Ueuuvaa-' 

Uema«- 

Deutaebe Bank.... 
Uresdner Bank... 
Uycaerttoff ZemtJ 

Outehoffnunf.) 

U/ipau Lloyd..—.1 
H/irpenerI 

HonJisl , „_i 

Hoew.-b —-: 

H o rt e n MiMI l 

bail and Sabs..—J 
bai-tadt—. —.< 

Kaufhof...._' 

KlocknerDm 100. 

ICELD__. 

Krupp___ | 

Linrte.. 

Loweabrao KK5_! 

Lixl t-hrt nyt __ 

MAS_i 

Manneemaon.I 

Ueunp*.. 

MuncbenerUack. 

Seekermann.< 

Freua rag Dm lOO.i 
ItheloWeat Elect.I 

Scbertnjj—. 

Siemens.—.1 

Sud Zncker. 

Fbysaen A.Q-1 

Van*.I 

‘KB A..1 

\ ereinkWeat BkJ 
VNImttn . I 


91.7,—O 
494 Ul 

232.5- 0 
159.9 -O 
140.3'—0 

290 O 
320 

226 ',4-6 

227.6— 0 
79 —O 

312.5 ; —5 
373 1—1 
16-i —O 

210.5— 1 

2S1 —O 

145.5— 4 

2 IB 1 

113.51._ 

291 .4-5 

129.4— 1 
44.6—0, 

118.5+0 
155 !-0 

296 |._ 

2C7 1+5 
95 8—1 

179.5— 0 
98.2—0 

242 —2 

1.560. 

112 •.. 

200 \-2 

1 74.5— 0, 

230.6— o. 

540 I_ 

ii4 ;+o. 
no - 2 . 

211.5+1. 
260 —2 
299.8 ->-0. 

250 '. 

124.4 —O. 
178 —0. 

299 1 . 

-09.6 —1 


3 - 

*18 

5 I 80 

6 17 
41 16 
.5 20 

20 

2 [ 18 
3 ! *“ 

19 
17 

14 
1 i 30 
.4 20 
5 4 
.5, 12 
....' 12 

«9 
.1 I 16 
21 4 
5! 10 
5 9 

J 20 
i 20 

.4! 12 
.8! - 
.5 16 

20 
,„.i 7 

' 12 
2. 14 
4, 10 

15 

s' ~1 


1.8 
I 4.4 
: 6 0 
5.7 
i 3.4 
! 3- 1 
! R2 


16 
. 20 
8 ' 16 
...; 17 
I. 11 
8 • 14 
12 
20 
. 10 


3.1 
■ 3.1 
| 4.3 

3.2 

I 

i 1.4 
i 2 ./ 

I S.2 
I 3.6 

6.9 
I 4.4 
| 4.2 

2.9 

3.3 
1 4-8 

! 6J! 

: 5.3 
i 1-2 
1 6.1 
| 3.0 
I 4.0 
' 2.2 
j 1.7 

' 6 A 

! 4.8 

5.8 

i 2 - 7 

1 3.4 

I 4 ' 4 

3.9 

I b.l 
, 5-3 
! 2.4 


February 17 

Anglo American Corpn. — 

Charter Consolidated - 

East Drielonteln-— 

Elsbnra ...— 

Harmony ..—- 

Kinross .-..— 

Kloof ..— 

Rust coburg Platinum . 

SL Helena .... 

Somhvaat .—-- 

"Void Fields SA —. 

Unton Corporation -- 

De Beers Deferred —— 

Blyvooniltmcbt .. 

East Rand Pty.. 

Free State Ceduld -- 

President Brand —.—■ 

President Stern —— 

Stlifcrrneln ... 

WeJkom . — 

West Driefonteln - - 

Western Holdings .—' 

Western Deep 


Send 

+cr- 

6.09 

—(UO 

SOS 

:“«J5 

12.00 


2.55 

- —9.90, 

7.15 


6.35 


8.95 


163 

-0.67 

13.90 

—BJO 

9.00 


21.25 

—6120 

5.03 

+0.63 

556 

4*0,81 

t5 30 

-0.45 

6.60 


2800 


17.00 

-9.55 

13.00 

-tO.10 

4 75- 

-0^5 

, 4.50 

+OJO 


534.50 

30.50 

12.75 


Inv. S Prem. at S2.60 to £—81)“b (80)%) 
Effective rate (at 1.9450> 35j% (34*%) 


YORK 


1977-78 

High j Low 


dtoek 


Peb. 

17 


PT7- 

Higb 1 


U*w | 


4tnck 


Feb. 

17 


56's 
15 H 
33L 
34."a 
43 5a 
an i a 
59i ( 
36>a 
aai< 
53/a i 

2 a i 4 - 
33i 4 ; 
59t 6 [ 
57 *b t 
14ss | 
48 I 
47 *r • 

41 i* ; 
29'8 I 
255s , 
41*a . 
31>* • 

20 I 

3<a . 
47 >4 
37 | 

36*8 ' 
69J(i 
5a ! 
23 >8 . 
30 V, | 
12*3 * 
3- *4 

3 Jl" I 

32 i s ! 
25-j • 
19 5, • 
2318 ; 
37'a i 
61i, ; 
3U'a ! 
1318 * 
19i : ; 
515, 
397a ; 
3-37, 
411, 
58V 
40 U 
28’- = • 
401? 
26*8 
47 

5i- • 
39U 
20** 
30j 

33 i, 
36 'a 

33 V 

HlA ‘ 

14 >, 
355a : 
161, * 
357 B : 
17L; 
27 
347g 

BU 
523, 
90S, 
39 5b , 

18 ij 
12*2 
78 i a 1 

15 

213, I 
595a I 
62 : 
521* 
173, I 

28t a ; 

34 

34S, ! 
47 , 

26>, : 

42 la . 
6358 1 
17ij • 
215, . 

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47 

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sea. 


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Aliegfaeny Power 
I Allied Ubeml-ai.., 

I Allied Stores.• 

j Alii? Uhnimen.... 

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I Amer. Bran.ls.... 

, Amer. BroadTO-t.' 

Amer. Can. 

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' v mer. Mdlloai.... 

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jAmer. lei. A Tel- 

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: A M P ..; 

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'Aaheu-er Bu*?h.’ 

' Ann r- t>teel_. 

' Ij.A..—_—■ 

I.Ammen Uil.1 

■ A«ir.n. 1 

] Ashland A'lL.. 

..Ati. Ui'-hlieU. 

Auto Data Pro.... 

•A VC.-. 

.Af'.«- 

Avon Prckiiu-ta.... 
dalt Has Eleut....) 
.bank America..... 1 
Bankers Xc. N.V.j 

Bucher Oil. 

'Baxter Trarenol. 

|8eacriue Fo>t. 

Be>.-tonOi>;Ken*on 
Ben 4 Howeii— 

1 rionlLx.. 

tteuuiiet, Cons'L 1 '. 
Hetijiebem steel-. 
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boeuu!.-. l 

dulse Caa**dc-..-.| 

Borden.■ 

ikin' Warner.; 

drumfl lot.- 

ilmcaa ‘A 1 .—..; 
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Idrlt. Pet- ADR...; 
drockway Ginas-.- 
'Llruoswiek.......... 

- liueyrus Brio.| 

' Juild . 

.iiiiU>n Ifilch —! 
I Burlington Ntbnl 
idurroiigtu .......—1 

'-Jampbell 3oup..J 
jjanaitiao Pacific; 

1 .Vnai Hutch 'lpb..[ 

I Jsnnltnu—.. 

j -larrle* -t General* 
I waiter Hawley...' 
• Jaierpillei rractaj 

\jas —..j 

J Jelaneoe Lorpu—| 


J ,'entrai X 5.W....! 

|Certain*ee>l-..I 

Ceesaii Alo-tufl 
! Chare Unnhatlan' 
Cbeiuic&i Bit. NYJ 
Ikjhasebrgh Pob-' .1 
Cbecsie system... 

L'biCTgo Brtdce...i 

Ldmiciallnr. 

Chrysler. 

Cinerama..: 

itiB'. Aliiaenjn..., 

•.'Hi.orjt........ 

One-t Se- , eu+.' 

•City Inveu'iu... 

'Cum r^/la. 

•. ni^atc Phi in. 

ollius Aikinaii .. 1 
1 -olnnibis (las..,..I 
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.i.^inliiHtinn Kiib.' 
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. 'n'.'w'tli kuUon. 
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Ivom roi Data.j 

‘Cooptw ladna_j 


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334 

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94 
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274 

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443, 

26 

414 

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26 

54 

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37 5b 

17 *< 
3 3 “6 

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£04 

15 

294 

235, 

295g 

264 

10 

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145g 

273g 

14Sg. 

161, 

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3 In 

37«g 

604 

524 

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104 

384 

124 
164 
495g 
435b 
305, 
134 
214 
317b 
27 7g 
387 3 
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164 
125 G 
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19 
194 

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524 
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224 

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274 

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544 

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29 
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194 

295a 
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134 
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31,9 i 
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1 264 

! 10 

384 
1 324 
36 
234 
374 

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: 94 

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16 

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227$ 

30 

53 

284 

3 

223, 
264 
184 
434 
21 5b 
331, 
144 
237a 
11 
171# 
29 
3lTg 


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224 I 204 
47 : 404 

19 i 16 
36 : 274 

£9 4 71, 

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314 ' 245$ 

123* ; 73 , 


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jUn/wnZellertMcbl 
ICu b: m! ns Nnguie! 
jCurt-Wrlj{bt.; 

iO*iii....„.„,„.j 

{Dart Industries..' 

I Deere__, 

:Oel Monte. 

; Deltona... [ 

Demsple inter_ 1 

Detroit. Sdison...; 
, Dian/ond Sbsmrkl 

j Diclapbune ..• 

iDiKiiai 6qulp_.... 
Disney lWslt)_.., 
Dover" Coqto 
Dow Chenik«l..„i 

j Dresser..' 

Du Pom . 

;Dymc* Indnatrie*, 

lEa^le Pusher. 

|hast .Airlines^.... 
Benraao fu»1ah..i 
I kalwa ......_ • 

!fL G. A G_' 

'Kl Paso Nat. Gai : 

fHItra.. ‘ 

[Knieraoo Kleotricl 
'HmeryAir Fr'gbt! 

Cm tart.. 

6-11./-- 

Bn^elberd 

. Bsuisrk__ 

•Bthyi _; 

J Hssm .. 

Pe i rub 1 Id Camera * 
jPed. Dept, btorea’ 
Finutone Tire.... 
F«. .Nat. Boston.! 

IFiuwi Van_ 1 

jFiimkote ..: 

■Florida Power....' 

; Fluor_..........._| 

IF.M.C..I 

Ford Motor. 1 

1 Fore most Melt....' 

J Fox two... 

Franklin Mint... 

!r'reejorx Mineral 

:Finehsul.. 1 

jtaqiu Industrie* 


134 

405, 

124 

34 

14ig 

614 

67lg 

363, 

344 

77 

2 ien 

294 

331, 

29t 3 

64 

375, 

2114 

304 

354 

234 

344 

SI 4 

145, 

34l e 

165$ 

18*8 

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67 

544 

253, 

465q 

364 

424 

865* 
16 
434 
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134 
29 '9 
364 
174 
175. 
274 
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234 
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141, 
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9 

i 24 4 
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26 4 
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1 284 

: 224 

1 34 

• 24 
|148 


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187J 
I 164 
; £6 
1 217 a 

f 73a 
! 195, 
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! 104 

24i, 

I 645, 

354 
! 15 
. 28 
: 281, 
. 22 

1 64 

114 
; 33 i, 

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234 
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114 

354 

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8 

27 5, 


2G 

11 

as4 


JU.A.F. 

stlnnuet*.. 

!‘.*ej.Araer.In. 

•G. A -T.A.. 

JUeo.Latie.. 

jGeo. D.vnamira... 
Wvn. Klelrkk.... 
jGeuexai Fc».nls.... 
'General Mili*„... 
lienenu Motors... 
|Geo. Patu UtiU.. 

iGeu. bigual. 

|Gea. Tel. Klecr... 

I'Jea. Tyr&. 

;Genn».*o. 

UeurKla l’scl£>: ... 
|Geuy *31U. 

;ffliieu*.I 

lUomlriub FJ. 

■Grant year Tlre._.'. 

GriuM.... 

■Grace W. 8. 

:Gt- Allan Hu-Tee, 
|Grt- North Iron.,.! 

iGrey bound. 1 

**ult A Western... 

(Gull ..' 

■Haiibnrtoo.._..' 

Hrtnua Ali n inn 
I HitrulscbleKcr 

|H.irrfi Curpa_ 1 

Hein* H, . 

i Houbiein. 

'Hewlett Psi^uiril' 
H.iliilgy lnnr„.... 

IHune-take.. 

Hun-vAvoli 

!H.veei. 

Hns:< I'iii nAmfi 
lloiMixn »i.ii4% 
Huniil'h.A.iCbni 

Hnll'in ikl.F.f. 

*. * . I nilimt r ie-*... 

ISA. 

" 1 "ill i‘0'li»!h«.... 

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.I n. . 

'I 111 vOnml tnen;i' 

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Inti. I'Lsl'inrs.... 
Inti. H».i VeiLci... 
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(nil. Mull it.. 

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inti. P*por. 

HNj . 

ini. K«vlmer. 

mi. r-i.k iei.... 

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Ill/ IllteMiSlloiuu.; 

M im Waiter_j 


464 

444 

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244 

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52 

17 

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23 
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164 

274 

12 

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40 

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394 

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17 

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434 

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304 

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54 

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26 

194 

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267b 

35 I 3 

144 

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17 

204 

304 

52 

feOe 9 

41*, 

174 

504 

74 

184 

254 

9J, 

11 

3578 

94 

247, 

121 . 

38*, 

45 

26 7g 

27 Tg 
674 
19i$ 
254 

KB4 

234 

S>4 

24 

, 1525, 

347$ 

191, 

164 

274 

24 7 S 

84 
257$ 
134 
114 
244 
584 
584 
151$ 
421, 
36 
26 T$ 


1977- 

H!gb^ 


78 

Low 


Stock 


I 


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644 

154 

3J-4 

434 

114 

244 

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354 

34:, 

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37 4 
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27; a 
10 
2;.'« 

■ ■* 
201, 
114 
28 


384 
771,-1 
304 * 
49 ‘ 

404 ' 
395, ; 
187 a 
36 
Bit 

30 7g ; 
733, ! 
30l a 1 
« i 
26 

507e ; 
286$ 
314 
367$ , 

364 ' 
474 
155$ 
184 

235, 

204 : 

314 

371$ 

I 64 

137$ 
114 
395, . 
41 
47 
584 
144 • 
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317$ I 
44 

294 : 

274 

195, | 

344 

677$ 

25 

47 

284 

67 

704 

B 84 

66 

555, 

391, 

557, 

334 

164 

254 

154 

454 

445, 

461* 

215* 

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174 

13 

23*a 

365, ' 

484 

304 

304 , 

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214 ; 

31 

415, : 
214 . 
22 


334 | 
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284 
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21 

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20 4 . 


384 
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93 
20 
355$ 
194 

cb=.f, 

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273, 

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214 

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225$ 

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44 

204 

4'g 

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404 

231, 

374 

20 

42 

23 
25 
25Sg 

264 

35 

U'« 

9 

165, 

177, 

20*e 

304 

15 
6 

77 S 

51s$ 

295, 

53 

415$ 

106 $ 

174 

SI 3, 
315* 
215, 

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154 

24 
504 
134 
31 

16 
455$ 
585, 
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39 if 
335, 

23 
46 

24 7$ 

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204 

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30 
ill; 
32 1 a 
124 
214 
516$ 
141$ 
91; 

156$ 

25 4 

354 

2 b 

194 

214 

17 

20 

51 

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155, 

S14 
683, 
201$ 
224 
184 
205a 
4 
21 
194 
204 
324 
261, 
71, 
32 5p 
Sill, 

16 4 
1191, 
24 
10*1. 
17J$ 
ait;. 
27 
354 
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tiu 
1U4 


23 4 
134 
234 
7s 4 
21 * 

24 
154 
2o:$ 

9% 

28 

224 

213* 


Johns Manvllle.. j 
U ohnaon Johnson! 
Jobnain Control.I 
!Joy Manufa-toj ’g! 

K. MaixCrrjx.. 

(vAiaerAlaminfm' 
,nriser Industries 

'Kaiser steel. 

•Kay.„_.i 

Kenne-orr. 

!Ke>r Ml-Gss- 

•Kidde Waller.^..; 
'Kimberley Clark. 
Koppen.. 

! Kraft__; 

|Kroger Co...._ 

Leri StraiiN. 

. UbbjDw.Food../ 

lUggeri Groep....: 

Lilly .J 

.Litton Induct.....; 
Loc*bee»1 Aircx'ftj 

L. ne Star Inds...; 
Is>n^ island Ltd.' 
iLuilnianaLand...! 

iLabrieol.. 

Lucky s h ires. 

; L’kssK'nmcst'wn. 

* MacMillan_—_, 

• Macr U- H._. 

iMtrs Bunorer_. 

,Mapa»................ 

Marathon *.hl._.. ; 
'Marine AiMlcn-l.- 
jMarabAlI Fielii ...j 

•May Dept. Store*-' 

MCA_ : 

'.VJlRIDNt,.__ 

M'-Donneii Douc. 

M -Gniw Hill.■ 

Memores. 

Men.'S..._. 

Memil Lyei'b. ... 
Me?* Petroleum 

,MGM..._. • 

M mn MineiMtc.' 

Mubii l 'ocp„.' 

i.'Ioassmo. 

Morgan J. P._■ 

klxlorvia __■ 

’MiirpnyOU. 

'NatllWO ..._ 

Nakv Cbemsri... • 
.NbUodaI Can.: 

-NnL. Distiller*....' 
Nat. berrice lud.' 
Nnilonai Steel....'. 

Natomas. 

NCR.' 

■Neptnne lmp..„. 
'Sew hnzlan.,1 El.' 
New England TCI 
Maearn Mobawk 
Nlac*ra slan 1 .,.' 
N. L. Industries. 
N oriol k& 'Ve» tern 
Norlb Nat. Gas... 
Nmu filuica Pwr’ 
Ncbweat Alrlhirs. 
N tli west LMn-xa-| 

jNortJ'ia Simon.; 

H/ori-leatai Peiroli 
i'Jeili-T Mather...' 
Ubio Ediann-...,,. 
i'JIIo ____ 

'Overseas Ship.....; 
lOwene Coniiiu:...: 
*.iwens Illinois....: 

IPfib. 1 Gas.. 

iPv-jHc U^btlQ-.J 

P*.-. Pwr.A L*_1 

'PuiAniWon>i.Air 
jParaer Uannifln. 

Pea&adv Inr..I 

Pen. Pw.* LL..... 

'Pennev «l,L_....... 

Peoples I i nis.. 

Peoples Uas.■ 

(Vrkin Elmer™..' 
PeL. 

I'liccr.. 

Plurl|a IJi-ti-e.' 

■ 'hila’leiplikn Kir.’ 
Ciuli|i 

. ■ *1 ■ III11 r* f , |>lllll I rii : 

iM»*-iin .' 

■ 'll■■■•I Ifrses. 

ruixiiHi. 

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Pl'ii linhiilrles 
i'iu.hi iiHin-'le 
. 1 'ul 1 Serve hied 
• ."ul 111*11 . 

Pi 1 re \. 

.’ualrt-rOara... . 
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■ll**tll 
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301, 

663, 

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31 

233, 

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22 

404 

273, 

427, 

201 , 

43 

«6?, 

285, 

£74 

271* 

385* 

141, 
131, 
18 
184 
204 
544 
134 
37$ 
it -4 
35Sg 
294, 
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415b 
131$ 
29Sg 

217, 

321$ 

24.4 
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534 

144 

36 

264 

46 

58Sg 

475g 

393, 

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341, 

497 8 

£67$ 

15.4 

214 
13i s 
304 
36 
404 
14 
22 5 ? 
347$ 
147, 
94 
155$ 
265g 
351$ 
254 
234 
221, 
175, 
214 
375, 
184 
155, 


19T7-73 

High I Low 


Stock 


Feh. 

17 


457, I 
445$ j 
705, 
264 I 
36$g • 
611, ! 

61 I 

15*$ : 

14 4 

18 

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431$ 

38o(i 

42 J, 

6 

6-2 

18 

74 

25 

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8 

29*$ ' 
24 
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414 . 
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40 
16 4 
263$ 
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27 
18 
54 
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303, . 
45 
573, 
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497$ 
165, ' 
51 
48 
424 
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124, 
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757$ 

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56i, ,Uevlon_.. 

26 |:fc.raoMa Metal*. 

524 sjheynolda H. J.I 

187$ Hicb'*>>u Merrell- 
377, 1 1 took well inter...! 
28*o |i(i«bm i Baa ...J 


I 2t 


9ig 
101 $ 
127j 
36*, 
261$ 
271? 
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34 

34 

104 

56?g 

165? 

13 

185g 

6 

123$ 

iai, 

107$ 

241, 

28 

264 

3u4 

24 

344 

10S$ 

184 

32 

13| 

15’, 

214$ 

15 ?a 
28 
314 
461$ 

204 

204 

154 

295$ 

215, 

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633, 

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151$ 

37 
364 
311, 
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54 

281* 

474, 

2 

234 

6 

254 
163, 
657 b 
225? 
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313, 
20 
43-4 
311$ 
134 
17 
324 
*1 
77g 
264 
lb 5a 
273, 
10 
167$ 
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17;, 
134 

274 

474 

11 

38 
64 

4Sbr 

41 


j Royal Dutch_I 

.IJTK. ' 

jttuse Logs....! 

1 Ryder System... ' 
-rifeway Store*... 
,y«. Joe Miners**.l 
SL Kettis Pkpei_.. 
iianta Fe 1 d.(».....! 
San. Inresj. 

iaxi-n ial,. 

a. blit. Prewine... 
S.-biutnben.'er..—' 

aC.AL__j 

S -«.u Paper..i 

s cnl Mrn._J 

* -uJr Dorr Vest. 


■ses^rram-—[ 

!S«rle iG.L-.Lm~.- 
sesrs lk*eb'iek...J 

5 K Li CD__! 

•Shell Oil. 

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oiuna -.. 

'SianoleLrirp- 

Si mill icily P$t„.j 


5 oiueer. 


; .amitb Kilne.... 
;o>?i!lr.jn. 


3uutb'1C'irii..._ M .i 
|Si>uihernLV,i. Ed.i 
southern Co -] 

sthu. Nat. Kee...; 
Southern Paciflr-! 
Southern Railway! 

I southland_J 

s'w't Ban-sharer 

Ispeiry HuMb..^.i 

'Sperry Kand.| 

Squib.. 

.smu-lard Brandal 

stil. iJllCalifornMl 
9bL «Jii I ndiana-1 
Std. Ull Ohl<> M ,..| 
Smu& 'riirmlcal. 
Sterliny. llrgj ...i 

■ sturttbaAei_I 

Sun t>v».. 

: Sumiotrarid..j 

Syntex 


- l'echnici-!'>r....-..] 

-I'eaczouiz-j 

taler.... 

.!■«««>•__| 

iTesoro Petroleom) 

resai*o.I 

1 resapuB ....._..j 

ITesas Instm..._• 

; Tejow Oil-s *.7as-.l 
' Texas l 'tilltieo....j 

'Time Ine..j 

:Iim« M irror—...I 
| Tim ken.. 

- Trane. 

Trnilbinerica ...—j 

' I rsD-.o .. j 

Trans Unmn....... 

;lrani*we v - Int'rnl 
Iran* Wifl-ld Air J 

I'rartdlera...._..] 

, Tn Cool Lnental-, 

II.K.W.| 

: jJCii i.Vnlury Pnal 

■UAL..I 

K.iAUGO._...J 

CGI...] 

'u«iH. 

Cnilcrer.....J 

L-uile.rer NY. ; 

Oil hia Irinu-rp...-' 

iGiii'-u iJart'ulH....' 

Cuivhi v'-nrrniprcci 
L;mon Oil Calif...i 
■On mi Paclfiu..■ 


41 

28 

545, 

204 

30*8 

29 4 

651, 

131, 

use 

135$ 
364 
264 
27 4 
344 
44 
5 

1S7„ 

66!, 

!65a 

15 

204 

63$ 

204 

214 

124 

24?$ 

324 

291$ 

384 

285$ 

341* 

11 

184 

471, 

13, 

2+Sg 

264 

163, 

294 

32*, 

47 

237$ 

24 

15N 

331, 

23 

234$ 

374 

464 

674 

367, 

13V 

51 

364 

35 

224 

&4 

334 

714 

54 

293$ 

95$ 

254 

163, 

66*4 

29*« 

194 

s5*, 

224 

-53$ 

=3 

134 

*9 

354 

234 

124 

284 

165$ 

a 4 

£ 13, 
197, 
21 
23 
14!, 
37** 
343$ 
IS 

38 

r5$ 

47.5? 

*♦24 


1971-78 

H;gb | Lew 


265$ 

24 

575$ 

267$ ; 

i! A 

6.54^i 


Stock 


Peb. 

17 


17a, j '.7+jl worth_I 1 77a 

5, *s'yly..«..fi, 

43 r B ! Xerox.. _J 447, 

101$ , >iprtts...._. : 16 

13 “>Rtlb Hallo_ 1 13 

925$ I^.S.I'rereHlfH. tB4 

tan* .LS.Tnw«,V7 * i *81 5 4 

4.38^t v.S. « Day bliis.f 6.4a* 


CANADA 




|bepuhlle Steel.23 



111 , 

71; 

■I.'nir..yi, 1 „_| ! 

lu 


Inih-i Kniidi,. 7 ’b . 

II'R 

10 

1 . Il|i«-I . 

1 ** ' 

♦a'n 

ilSi- 

1 . •; U-in'->-r[(..... 

iT-t ' 

1614 

Ll'fl 

b's. 'j V|r-um.... 

i'i* 


13 1 * 

•1 •?. t'-i. 



i5»; 

I.ri. Hi«-I. 

451; ' 


32U .1.. Ttvliin>i« 3 i^-... 4 

17>, CV , r .il9'-s 

14 *'ir-,iiiin h'ni.... 1 4 

15 IV,i c!>i-n. ISsg 

25-h 'Vane.--J. 1 Mil lull .[ 33 

241$ 'Viirii*. .I-iiiiIk-ii --6 

12 1 j llmi'iiuTii l«l- 

244 rt^iKI-M.-.... *5 

25sg ■I'.'-ii.fii U,i:i«>n ji-i? 

14*i U .Mitii A.Anin 1 rils* 

16 'I -ili-rii I -inn...' leit, 
16-jp ,'l ..-simjliM- liirtii, 17i = 

24 ■■"•-Maytt.ii.. 

21'-, '■' Hverbne..sej. £1>; 

20 is ." hirlj-<.|.. 21 

19;- «! •„,. Ci-n. IM... ;o», 

l’l( . w 'it I *am Li-.j 17 7$ 

214 1 Wisconsin KlectJ 276? 


*1*: . 
8 : 
5U5, ! 
19*2 ; 
421* • 
134 : 
221 * 
10 Sr 
E64 . 
244 1 

173, I 
155, I 
: 5.0 ' 

3 ® i 

17 4 I 
10 , 
143, 1 
25-4 1 

44*1 
19i* ! 
195, I 
593$ ' 
3.60 I 
94 I 

213, 
384 
297, 
171* ; 
84 j 
83, . 
6 U a 1 
78i, | 
697$ - 
244 I 
15!, . 
15i 0 ■ 
39 4 , 

95 ; 

273, . 
137, 
3J4 ! 

6 ?g :■ 

334 I 
473, 
195$ 

19 

484 1 
183, j 
305, 
233, 
341, 1 

104 

164 

18 7g I 
155b ■ 

a 

4.15 1 

25 ; 

24i$ - 
391* • 
37 | 

33 r a ' 

18 4 . 

35 , 

I 64 1 

63, 
3.10 ■ 

435* • 

36 

2 U 

71, 
1.43 ' 
23S$ 

lOie 
11*2 ’ 
1.54 ' 
01 
10 
68 
23 H 
la*B : 

R4i ? * 
174 

&i. 

31 ; a 

a- 1 . 

iO'f 

6.0 

41^ 

19 ■- 
16?$ - 
lai* 
131, 
IS.i 

87$ I 

555* j 
15 


8*, :Abitibi Paper—j 

5.55 i.A .-uxco Kssne-■ 

233, AlcsuAlumlnjum’ 
15 r, .Ai^cima Steel.—.i 

19*4 . 

133® i>-ok 'jT Momreai: 
17 4 .lank S ora .Scot is, 

5 diciL* Resonreef.. 
43i$ • Beil Telephone— 
16Jfc ;now Vilfcv (□'!».; 

85, 1 jP Canada..._ 

1U$ :jmsaa.. M . 

1.68 idrm -n. 

ill* Vsifcwy Pi^wer.... 

85, j'.'amrla Mine-_ 

75g I - ,On-la Lereeni..) 

6 |Canada AW Guiuj 
214 J-sn ImpUnkComi 
174 [-.rinada imluet..... 

167$ !Can. Ps.-/fi.->.: 

164 P+-I/I.- lor... 

59i, lean, super U 11 ....I 
2.51 j -ririin* (VKeeieJ 

54 j-'isslar AabestOf [ 

87, IChiettain .. 

25 iComidcc .. J. 

19** [•.'i-mib bat burst....! 
157$ IC-otisiimer Gs*_I 

4.1a!lVve4s Kew-iiuwl 

t6lg j Costa In Kicb.._i 

453$ |uenn»xi Mium...! 

423* :n.>meMine*..I 

38 lurane Petroleum! 
17 lAouroioa Bridce! 

127$ lutr.intAr__I 

113, ,L/up>^nt.! 

165$ Y«eoa'ce Nickpij 
70 ; *■♦ iJ Motoi L an_| 

223, 'Uensrai .. * 

512 .u unL L’ei'wknle.i 
233, 'LiuliUi 1 Canada..J 
4.50 'Hawkei ShL Lrin] 

271* :Ho!IInge;__' 

26*2 Hume Oil *A'.—- 

14 .Hudson Bay Mnci 
141, .Hudson Uay.......i 

333, HiktaootJii £ Gas 

15 I^.C__ 1 

24 'Inw^f.. | 

181, 'Imperial Oil_■ 

157g , I Ucti.. 1 

6>, lind.il. —...4 

9 jiuuuvl Nat, Gas.J 
125* lfis'|<r'yPlpeLiurt 
124 :.vai»er Rooup.-o. 

64 [Ltunn't Pin (Josr ■ 
2.6: ItjLiIjiaw L-jm.-t-v 

16 4 'Ic'niu’u Hioeii | 

101 $ Ui?aey Peruiisor’ 
21 .Uclntyre.. 

26 <f J'uriivr)n.. 

195$ .Ivnu-Ir. Mine,...: 

lilt, Aiwceu hump-.J 

25 .Mini. Ieie.vm....l 
lUL* Auiru. Oii.k'J-t-! 
1.90 | Kiiwnr»i PeLr'uj 
U.9o , iltcbo Lni>|vi 3li 

265* M'auincPetroleum! 
184 .Psu- Can. Pei'm 1 

113 ■ Palino^ . ■ 

4.00 ;i't*i|n*» Dept, a..' 
0.4*r A'.iu» Ga* k An ..1 
171$ PUcei DereiopinC 

75, Pi >» ei Lvipini 1 *n! 

84 Pine ... . 

0.62 Vnrlev Sturyenn: 
141* ubmner til.... 

61, riMij Shnw.—....j 

lili 1 A .“i.ifll. 

231; >f iy$ (tit. oi f.nnl 
14 >* .■b)i, I ru-r. 

20** .-Mi S nini? . _.i 

16 if t|ii*li Lsiin la.' 

4.jn . jlu-iriiil,. Mims- 

IM,- ?!-*iaeti- 11.1 . 

4.20 *:;i'jr.«iui>. 

23S$ -I— .1 l-*hA.|... 

1. 1-1 -le-.-l- IfiA'h Ir.i., ' 

t-l’ I •-*-■*. a ana •«.... 

i6 1 .1111110 Lh-iiii.i-s ' 

144 1 ran-c*n i*i, <Li-' 
0>s Irtlli.M'RllilUl.i' 

94 i’rtteu...• 

S7$ L*II5MI l.i v, fl ..I 

65* LM.si-.-oe Mine-i 
Vi. iV.ikcr UitMii.....; 
264 Wa$t i--rf.i Trt ! 

*> 3 $ >U'.-i|Aii G^n,..... 1 
■ 1 


T* 

251, 

163$ 

iB4 

181, 

195* 

cl* 

537$ 

145, 

151, 

ti.25 

6 SI 3 

lai* 

ri, 

203, 

255$ 

120 

i6<'a 

18 

n24 

6.6u 

9 

191$ 
*61* 
*3 
f?4 
67, 
94 
-04 
1 7 
86 
43S, 
147, 

13 
174 
72 

.57, 

1131, 

*7 

>* 

129’-2 
693g 
164 
173, 
42tg 

I . 4 

t50i fl 

18S, 

lcl, 

101* 

104 

14 

14 

t 

5.30 
16i« 
105$ 
21 
311, 
u3i s 
1-4 
t.57, 
164 
a .00 
2.15 

o55, 
J>2i 2 
tlai 2 
4.10 
0.86 

15 5$ 
1-4 
114 
1 50 
tflifl 

eig 
afill 
27ig 

16 

-35$ 

151$ 
3.55 
31 
- 65 
-3: e 
: .01 
21 
*ri* 

I** 

■55, 

II. >4 

1 '$ 

♦4 

31 

l‘»l- 

15 


* Asacnred. 
INew stock. 


r 8KL : Asked. S Traded 


INDUSTRIALS 

AECI . 2.15 

Anglo-Amer. Industrial ... 2.60 

Barlow Rand .——AM. 

CKA Inyestraems ---L25 

Currie Finance 0.83 

De Beers Industrial . S.80 

Edpars Consolidated Inv. LTD 

Edssj-s Stores . *21.00 

EverReady SA tl® 

Federate VoIks5eleE8fn@ .. 1.50 . 

Greatermans Stores ... . 2.09 

1 Guardian Assurance (SA) '-62 

'-(•ilerts .-.—- 2.10 

I lta - —-— n-rn 

l McCarthy Rodway-— 0.90 

NedBank . *27 

OK Bazaars . 5.55 

Premier Million ...—~ 78.40 

Pretoria Cement . 13.35- 

Protea Holdings -— LOB - 

vrabrandt Group - 3.15' 

Relco .— 0.38 

Sage Holdings .— TLM 

r G Smith Sugar ...- 7.00 

Sorer .. - 0-50 

. SA Brewerie, . L14 

! Tizer Oats and Natl. Mlg. 8.98*. 
Unjic . LD8 


Securities Rand JU.S.0.78} 
(Discount of 31.7%) 

AMSTERDAM 


+ajo 

-0J5 


-9A0 

-0J5 


+9.98 

-0.W 




+0.02 

+0.02 

40.10 

+0.93 

-ao5 


-9 02 

iO.OS 

-o.w 


Pe«.. 17 


PriL-e 

Fib. 


\ooi-i *F Ml .• 

\es» >F-. kOi 


li. 0.8 
2 j.d 


$tzii >r>. nm._| 

• rinHoWFl.lAM 345 
A1IEV iFi.10).... „ 80-1 
^..r.r-uiklPiJm 71.4j 


Miir.r^nklP'37l! 
i>uenki>n-J 

(.ViluWe-t'miPnO 

^ubrin Tettenylel 
Ki-ener iP.^0i...| 

bnn UlN .V. Beoreri 

turoAJumT-tPi. d 

Gi-t bnsxilftiFM 

Heloeken (F:J*)J 

Hoogo veust Fiaj/*] 
Hunter D.iF. rtXW 

l.H.C. H'dimn.i—j 

KLM (Fi I0A.! 

Ini Mu- er \120i.-l 

Vwsnien (F110)..J 

>siSeUns.(Ki.lOi 

Neu (Jr&l8k(Fl2D| 

»iJUM8b{F-«0! 

Joe (P'.UJl.—-.1 

»an Ommeren.,.1 

CuktuiedlPi^Ot... 
Philips (F..UJ).... 
dijnScbVerPi.itXJ 

lfa.<Oeia>tFi^0). 

iMtlinen (K'.aO).... 

Uurenu<(F‘.oO).... 
It-JTSI Dutch iFitCl 
Srsyenhurg. 

itevinGrp <P'.20> 

lokvul'ao Hide 8. 

Lmlerer (FIJO).. 

«'iking lies. InLS I 

umd'u.Hsnk 





m. 

t 

-0.8 

24 

4.8 

+“0.1 


— 

+ 2.5 

A22J 

b.6 

-0 3 

Aa44 

5.5 

+0.9 

22* 

6.6 

—0.(3 

da 

5.6 

r—0.4 

to 

9.i 

+ 0.6 

25 

7.6 

+ 5 

121 

1.8 

+0.4 

a2.i 

4.1 

.. . 

i+.t 

a.b 

+0.2 

22 

5.9 

+0.2 

14 

4.i 


AGJCIL (36 cent) — 

Aiktw Aostralbt._- 

Allied Mnt-Trrtg. fadna jlj 
Ampol KsplnraLton-—— 

Ampoi Petroleum__ 

Aw.’- Minerals--- 

A-sboc. Prop Pbper 81—^—! 
Asscc. Con. InHnstries.... 

Allot. Foondetion invest- 

AJf.l..— 

Audi moo..—. .. 

Ao-t. On A Gas....—....... 

Blue Metai lud. 

Boncnlnville Irirpper^.- 

Broken am Proprietary.. 

BH 6with____ 

Lhrlton United Brewery _.| 

U. J. Coles_—.. 

CtoB (81)- 

Cods. Goldfield- Am. 

Container (Sli__ 

Uonainc Hiotlnto.— 
UoBtaln i.iBwik- , 
Dunlop Rubber (01)—•- 

KMC OK. 

8 (der Smith. 


M. 0 
•rt.ui 
Imlbz 


+0. < 

vO.Ol 

-J. 

+0-14 

-C.02 


KJh. Industries.———- 

Gen. Property Trust__— 

HAmeraley — mT— 

Hunker...—,. T 

I.C.I. Aostirile..ri 

1 nter4>opper.-_->i- 

Jennin»s Indnstries—^—-I 
Junes (btTidi...— 
Leonard OUL_ , , 

Meu is Kxutnratlon^— 

MIU Holdings—=_- 

Alyur hmpirlum... 

^tcbolas Internsticnri—'ri 

North Broken HMings (60c| 

Dskbridge__ 

Oil search 


>uer EzfJontkui —:l 

Pioneer Cofecrete— 1 
lt+.-kllt AtTolmaa™— 

tL C. alrtgb.—....._- 

ui'utbland Mining-— 

L'outn 4Sl)..— 

Wslldni 


He*km M-lhlnaftO cental 

Wool worth» 


10.76 

(0.84 

t 2 .se 

tl.26 
tO.73 
1J.7Q 
(1.10 
11.87 
(1.1.6 ■' 
fl.47 
td-47 
(0.32 
|DJ>&. 
tl r 6 
tt>:40 
(O.tjQ 

tl.85 
(188 
ta .80 
tajW 
t2.ua'. 

(2.00 
fl.40 

. (1.32 

tLOO 

>1.90 

•' ti-ee 

•tl:a6 

! t (8.26 

• 10.7 3 
, (2.06 
(0,29S 
. tL2B . 

U.Ol • 
tOR2. 
to. IB 
tr.6s 
11.86 

■'1MB ... 

to.KS- h 
' 11.08 J ,- 

tl 88. 44.07 

-tOAM 

10.17 - 

tl.48 ,f1L04 

ta.62 huh 

' tu.79 . -41.02 
. (0.20 •'.».* 
'tl.6T HLB1 
10^6 -M'l 
- U-L3- mi , 
11.67 : WLOtr 


i-SlTa 

ZTi 

iTui 


TOKYO 1 


+0.1 | lu.2b| 6.2 


a.4 

69 


10 i 9.9 
10 : 2.b 
46.21 4.3 
2o i 7.3 


136.7^—1.3 
41.0 
25.5 
64.11+0.4 
163.5'-1.2 
116.2—0.8 
129.a|+0 1 

124.51- 0 1 
u4L2! + 0 3 

137.51— 2 

93-01. 

Idl.4 +0.1 
40.5-0.7 
425.5 -4.3 


20 

A34 

8 

31 

$1 

lo 

A 25.6 

14 

AOO 

iy 

37* 
30 
\ •- 
20 
Si 


3.0 

>4.3 

5.7 

10.1 

o.3 

7.8 

3.H 

a.o 

/.Sr 

0.9 

0.7 

1.2 

3.7 


COPENHAGEN + 


Pei-. 17 

Pnce 

Krouer 

+ dr 

Dir. 

4 

Yld 

VtrJer>ib« aken_ 


m 

m 

J.B 

ilurm'strW.a's 

432 

-1U 

16 

0.5 

D-uaeke lUnii 

134 

+ 31 * 

11 

s.2 


2503* 

+34 



•-iDMUtnaken ... 

11U 

13 

11.2 

For. Bryg/teriar. 

326 

+ 2t. 

12 

9.7 

Fnr.Papir. 

74 

— 

0 

10.7 

tUmlelsbank. 

134 »* 

+ 1 

12 

B.2 

G.N'tb’nB.tKroC 

2361; 

+ 1« 

12 

+ .2 

Nuni Keoet_ 

2681, 

+ 4 

12 

4 6 

Ulletnbrik. 

871; 

+ 1«3 

— 

— 

Prty-ttbank. 

157*4+1 

11 

7.9 

rrortUBbank . 

1435* +4* 

11 

7.7 


672 

. 

12 

3.2 

viper!os__ 

i88«$>+m 

1 

12 

6.6 

STOCKHOLM 


Price 

-Hw 

EU 


Feb. 17 

Kruae 


a 

JBj 

IGA Ab.dLr.30).. 

187 

-5 

6.6 

pri 

Alla LavaiU(Kr6i] 

168 




AaiEA(Kr.bO). 

87 

—2 

5 

97 

Ltita Copco(Kr2h 

116 

-1 

6 

5.2 

Liillcni'l. 

73.5 


46.8 

(3.6 






eilulnsB...^ . 

208 

—6 

Id 

48 

«i^-t’’ii*'B‘lK.DCi 

132 

—1 

5.6 

4.2 

hirii.-soon -B'lKrEn; 

148 

+ 8 

. 6 

43 






i-'suenvM.^ . 

94 

+1 

8 

8.5 


49.5 




Handel »hn 11 ken... 

290 

+ 1 

14.it 

6 2 

'lintrvm.. 

120 


8 

b 7 


65 




mil ivih A.U_ 

318 

+3 

3.03 

2.3 

>.K.P. *li’ Kts._. 

70 

—1 

4.5 

8 4 

7 kand KnaluMn... 

131 

—1 

e- 

60 

I'aadstik 'B‘ Ki« 

83.5 

-1 

6 

6.0 

lilehnlol.. 

43 

-2 

_ 


'rtvo (Kr.50). 

73 

+ 2 

6 

8.2 

BRUSSELS/LUXEMBOURG 



. 

... - 

■ 

Div. 


Pea 17 

f Price 

+ or 

Ft- 

rid. 


j F-v. 

“ 

Net 

* 

Artui..... 

|2.3SQ 

|+io 


_ 

uq. Bn, Lamb.. 

,1.-34 

+4 

6u • 

4.2 

Jekorl "H , 

11.736 

-6 

lid 

6.9 


1,16-1 

+ 2 

90 

/, B 

—A'KcrU . 

ibd 

,+4 



mm .. 

2.. 5 J 

+ 3 

177 

7.7 


Fere-17 " 

iTPriee* 

Yen 

' “ 

¥ 

Tid! 

% 



, ' ,1 

14 

2.2 

Lanoa—.——. 

442 

-17 

12 

1.4 


686 

-19 

Bo 

2.1 

Chlann.^__ 

361 

-9 

20 

2.8 

Dal Nippon Print 

514 

+3 

18 

1.8 

Fuji Photo- 

630 

rel» 

IS 

L4 

Hitachi.. 

210 

—5 

12 

2.9 

Hooita Motor*. — 

569'. 

-7 

38- 

1.6 

House Pool.....— 

l.<-80 

-10 

56 

1.6 

Ll. Itch ..«... 

240 

. 1T1If| 

12 

2.7 


1,260 

+ 10 

50 

1-2 

J BCVS . .. 

668 

+9 

15 

LO 

J.A.L.. 

2,710 

-21 

— 

— 

Kamal HkW-Pw. 

I. 1 30 

1—10 

lu 

4.9 

K. irruitan . 

321 

-9 

Id 

2.B 


281 

+ 2 

15 

d.i 

1M iV oL®- - 1 $■ *«Lm 

2.670 

-50 

5b 

0.7 


696 

-7 

20 

1.7 


ri/B 


10 

1.8 


133 

-6 

12 

4.5 


416 

-2 

13 

l.b 


316 


14 


Hitaiikoebi_... 

822 

-7- 

20 

1.9 

-V imxjtj Lon 00 

1.J6J 

-30 

lo. 

0.6 

Fiir?riTrTN 

■JJlA 

—St 

12 

1.0 

Ninesji UotOTM._ 

BOO 

—14 

lb 

1.0 

Pumeer- 

1.350 

—50 

48 

1.8 

ranyn Hiectrtc.... 

*■06- 

—1 

12. 

2.9 

sejnt-ui Pretab— 

876 

+ 3 

50 

1.'/ 




W'f'1 

pTij 


1.770 


Fi 

pi 

IHh.'.HITTTNBK 

*.47 

—9 

U 



K1LB 

—3 

15 

2.4 

I'DK ... 

1.470 

“60 

5U 

1 0 

iejtn..'„. 

110 

1—4 

IO 

4.6 

inVio Marine. 

496 

-3 ■ 

XL 

l.L 

tokloEiei-t Pow’r 

l.uBJ . 

+ 10 

H 

4.7 

tdkyo danyo 

£a0 

—1 

12 

f3J 

Lnkyci6hi5aura. 

126 

_ r . 

-ID 


.. 

126 

+ 1 

10 

4.0 

l"Vnta Motor..... 

897 

—14 

20 

1.1 


Source Nikko Securities. Tokyo. 


SWITZERLAND • 


r. tvtriJe 1 '. 6 .L 20 

.-'rirrwiup N«f_-...., - 2.-o0 
>.». li>in~Bm ,...|1.900 
'v»vn.... 

■ liJniki'ii. : 2,6b0 

minu'ui...,„.1 .806 

.1 e- icUhsIc .i 6 ,. 90 

Lit Ibu-B.e Beige..|:>. 19 J 

P*n H.-iMln-z.,2.4-u 

r'ot- ultns..j. 4 .L ,33 

■n Ci an Baiu|ue.jd.*9o 
'i> Gen Belgique I.U 60 

■" tin* .- 10 

Hi-ysy.12,435 

rm. linn Bie>-t....j4.610 

L.CB...J yu6 

UuMin.(llO). 712 

* teiiie Montagna 1 1.324 


-20 
-3 J 


1 

•I—M 

1+4 

+ 23 -- 

U-....I142 
+ 20 ;2 bo 
i+10 fido 


170 | 7.0 

|13^ ! u.b 


bu ; 

Ibd ] 5.8 

7.9 

5.8 

3.9 


Cio 

|+5J 


ifUsj 3.0 


>18 
lau 
+ 8 H- 
10 Uj3 
10 .Vl+i 
+ 85 ll&2 


F 1 

I—28 

’-36. 


6d 

100 


4.U 

0.5 

/.I 

6.7 

а. O 

б. 2 

j,E 

7.6 


Feb. 17 


ti irmlnln m , 1,360 

tUM;‘A*. 1.760 

Cite GelcretFr.lOO 1,386 
Da Pt- Certs-. 1,010 

Do. Keg_ 662 

Credit Shisse.—.. 2.040 
KiatrowMt. 1,850 
FIscherfGeome/- 758 
Haflmen Pt-Cextw SURdOj 

Do. ismal|).-..)8.975 

Interfood b__ 3,975 

Jeimo(l(Fr,l(0>-. 1.866 

Nestle (Fr.lOO)_3.710 

Da 2.400 

Derilkaa-ff.(PJ50 2.475 
PiraiU SIPiF.100) 897 
denduB. (FruSO).. 4,078 
Da Mur Certs.. 640 
subindlerOiePUX 840 ' 

irnizer ci r (F.100) 394 

Swissair <PJOO),.. o79 
own Baak(F.WO) . 4bl 
awl*, Uta.FJ&0l.J 3;175 

Uotoo Bank_3.025 

Zurich Ins._—. 12.000 


Price 

Fra. 


r-15 
+5 .- 
-25 
—12 
—30 
—20 
1-16 


+ OT 


—2SO! 550 


B 


-10 

r-15 

—4 ' 
-15 
-« 
-10 


+ 23 

\r-lO 


Div 

% 


55 

20 

80 

tSi 

U5- 
15 
88 
26 
. » 
14. 

18.37 

la 

AC 

20 

40 


rid. 

* 


2.2 

2.8 

1.6 
2.8 
4.3 

3.1 

2.7 

3.2 
a.6 
0.6 

2.5 

1.3 

8.3 

3.6 
1a2 
5.1 

1.6 

2.4 
IA 

3.6 
3 A 
2.4 
13 
• 2 .B 
13 


MOAN 


Pm*. 17! 


A me 

Auaonl&Ama_| 

dtatogt 

.. 

Da Prir. _ 

pinsidor 

itaiceraent.. 

i tl’sltler.. 
.\leiHoL«u«.+ u — 
iLjnt pdluon '——. 

t) ivelti PtIt_ 

I *i reiki 1 Go... 

Pirelli . 

inis Vincrae 


"Kt» 

Lire 


Div. ;r.d. 
Lire | 


144 

B9B 

2,1149 


1-42 
( + 2T 
+i8i 


+3.75[ - •) - 
+ il‘1 12 j!12.B 
+44 

+ 1T.^ ISof 7 j4 

.2 


139.75 
981 
358 
2,011 
1.62B 
83.751 
11^6001 
120.5, 

32.590! +490fl,rMi 3.T 


Rente <| 



Heayamei— ^ 
a.SJS. Qensii.- 

Cerrefonr__ 

C.G.K.. 

CJ.T.AintoL, , 
die 6uain+^.. 
UlnbMedUer— 
Credit Com Frice. 
Creusot Loire. ^-1. 
UinKt^m.-. 
Fr. Petxoles— 
Uea. Ooddnime 
Jmete 

Jscqnes Uacel 
Lstarge..^+— 
b'OlBSI—' 
Legranri 
Mri-tais Phenra... 
Michel in »1T 
Meet Heobesgr. 
titan lines 
Peribef 
Peel 
Fen 

PeageotrCitroeOi 
Hn Hriri.. : : . - 

TbAalctiieJ 
Kedoutn 
itbane Poulencs. 
)L fttalii- ^ - 
SkL. RaadgnoU 
Sues....__ 

rB lemn « m )q 1 

C b o ms on Bramttj 
Udibbc——— 

YKNNA 


-.771 U10. 
• r 320" +U- 
247.91+.3.9 
k 546.1—6.9 
'•494 f+16, 
308 
.346 
1.285 



.'.Mil 17 ■ 


CradUanstalt mi 

Pu Hnwimr . 

tteiecta.u—, 

ijemperit __r_ 

dteyrDrimler.^.; 
Veit MecnesiL' 1 


Price 

%, 


350 U. . 10 


860 

578' 

00 

196 

.855" 


> P* 


k-1. 


+1 


Divji 
% 


BRAZIL 


1 


Fer fc 17 


Amsite MM.H— 
banco HrarU BP.. 
belgoHlneira OP 
Doom UP— 
UquAmtr. OP_ 

Petrobes PF.- 

PireHlOP- , 

Soozn Ckb OP—I 
Vale RfaDoce PPj 
Dhip BP.—> 


TKEe 

Crux 


1.26 

8.64 

1.78 

1:35 

ajao 

3.60 

2.ia 

336 

1-68 

5.90 




THr7fl 


+0.B5j 

+O.M 


a.i* 9 
J:XS t. 

r _ JKI* 1 . 
11 

IJU' I. 
+O8S1-.10 L 
+ftMk.lb T; 
HRS t. 
r ‘ 


VoL CrJTB-Om. Sharee’1M8L 
Source: Rio d« JinSro. SE.. 


OSLO 


tfeb.17 


borfeg^atd. 


Kredltkaasen; 
NorekBylrob 
Storebrand— 


IIM 

m 

m 

• 98’ 
57.60 

. 315.0 
' 105. S 
18d.D 
(-.87.6 


e 

, 4 . 

11 

2 D 

11 

12 

9 

-ijB 

+5ji 

+ L5 
+ 0 J 


Per cent. 
f- »4S- 


276 


+ 2 . 

. -■*: 
.-•r 
f 

-'2 


SPAM 9 . 

Pebnury 17 . . 

Artaud —L..— 

Banco Bilbao —__ 

'Banco AtlanHcO. (LOW)' 

Banco Central . 

Banco Exterior 
Banco. Generdl.'—.:..^..' 

Sanaa Granada. OdMffl. IK 
Banco (nip*n« yo ff 

Banco tod. CaL'-O^W)-: Ytt. — 

B. 4ntL hfedtteiTaneo. . U2 —; 

Banco Popular __ 211 +■$■ 

Banco Santander CZ30) 324 — 

Banco Dtouilo 0,088) 228 ' — 

Banco.-Viscaita. _— 202.. — 

Banco Zaracouna 

Ra nfrniTln n 

Bknus A nd i ln cU.., 

Babcock wncos * 

ac --- 

Drasados .:- 

E 1 AragouesaB 52 

Espanoto zinc __In 

Expl. Rio Tlnto — L _ 

Pecsa 0.000)-- .- fff. 

Fenosa (U80) 4* — 

GaL Predadon. 3S-. -J —a 

Gropo Vdatfuex UMO US -r. 

HMnda -. *+«J 

Iberdoero ■ - - 62 + 0. 

iTTmnhmW XU- — 5- 

Olarxa . —. a — 

Paoeleraa Rcunidas — S7 — BJ 

PetroUber .„U..—. 134 ^2 

Petroleos ■:———IM +.* 

Santo - Pansjaha-- . M — X 

Siriaca —--- 393 rr 


IAS 

232 


1U 

2 U 


-M 

=f 
- 2 .' 
- •: 


+.Ii 


lefmica 


Toma a o rten Oi.. 

Tobaeax 

Ochm ziet —_ 


&1 

108 


- 1 

I-4J 


SINGAPORE 


'Fib. W ‘ 


irfdos^tfai* 

flora 


lOUl fJH 

l^-jj 9.3 


;+17 

4-3 

.+150(- 20Q| -2.7 


. llol54) 
1,084 |+ TO i - S5f..7v 
: 68S -20 | . IT} 


Bouatnd OoJ 
BcwteadBhdj 
p Hato p.— 

FteerKeMri 
Raw Pkr 
flunje IrnL—] 
ludirape—J 
UiSi te, 
Malay Browd 
Malay CmfatJ 

MaL Thbadcwl 
Uet-Budingj 

Uv'sChlrriBkl 
Pkn.BteoUlcJ 
KoUnaon CoJ 
ctbtbtnm^rJ 
dbeb— 
bhnnDivtry:.! 
CdlriSKBaRCj 
iitrai 

Siwirta'Ri 
09?fci'Lt£- 


Prt».I7 


OJ© 8BBC 
£.13 • tta» Fob- 
L60 .• flerisMS 8J« 

♦24 0. Bughraen 
:£6* C.OA.BL 2 M 
aSB TTrarea— v gJ» 
-0884. Etactdr^- 3JSJ 
14S6 Cbemtari-... «•« 
,L96',W01mJ«dni. LOg 
k-UKt-c SAbea- . . 

-■ABO' B i htT i n tanp 151 
\-t23B jJDanTjiBBtsgei.. , 3X5 

.■•W6. ge mp M. — 4.3.« 

e30JOT<di- ■ 

_1?73 ; Abatral. AmJ_ — 
.v SL20 . BtajmrtaLJ.. ,7.*5i 
3.70..’ Sira par_tZJf 

J ItlS ; KcrdxC.;.— — 
: :33(r tCm’tiri ^.—: ~K^ 
V& LowscPotail Mil 


PWaling.Tta-wrfO/5 


ur. . 

.-rJrangfcahHar-l 


2.3C 

2JEQ 


4 ff-Burer.- ; SdHcr. UamwiaL .: zd E 


f divideBtLV-. .- .* 



/ 




NOTES: -Ofsrseaa- nrhxs excladB s uremrnm.' ■ ^bBMifin^disIditKte' m aJtt 

wlihboHbiE la*.. . ‘ ■ ; 1 - t 1 .-•V.r. - ' ;.•••' : ... 

♦ DMSa-denom.' Unless 'otherwise '.stated.. 'tf ftnaSOO-, Betuna, tmlean gthuisfl 

stated. 4>Kr.lW denom. 'unless -otherwise- otatrah 

otherwise staled, s- Yu iff doMnu imle» tftberwtBo-.atetsd^' *Prihe‘ at time < 
auspennem. a Florins. bSchminga. . c Ceajia.r rdDtvttaal. -klter'-»eDdhw ^ rishi 
and/or scrip issue, ePer rttare. f Frtnca.-a hA&an&l vdivutoh 
after 5rrip sDd/or.rifihts'.I kue. ^Aflg jpeat taaefc tejft.W tea ■* Prana 
inctoUns Unifac .dta. ,pNtak <t Satin -^Oiir^andTjSi octafei mert 
.naymenu f Indicated dvr. « [TpoEdal. tradhjR-.^fajJnorits-'^oldera ^rv^Wwt 
pandlinr.- • Asked.- t-BB: - JTraded. ;*'^1 
diridrad. zfi Ex nertn tea*.: - ^Kr aOL .';* pj-5- 

;—■> ■'•-> y rv 

. • .: v - 











































































































































































































Times Mo'tiSay.-February 20 1978 


— -i.. __ 


31 




VSURANCE, PROPERTY, 
BONDS 


AUTHC 

1RISE1 

) 1 

UNIT T 

R1 

US1 

rs 

— 


snrapce Co. U<jL 

'-hjiinXECft. . 012430111 


.at* 



Gqijrdiw Tt«p*lE«Wlte' V . Norwich Unfm. Inuruce Group*- 

EP3. .. •--JttSBTim pob*x 4 NowcbKRl JKG. nSKJSatM 

rrowi c> Bond* 1265.4 172*1 I — MaoazM Fund_Q02 « 2U0 1 ^0 5 _ 

_ • - Equity Fund._5lSJ 331 a!-0*. — 

Hunhre life Atsoxwce lifqJMV Property Fund-P22J 12* 

OWfeALrae. LooAw, W1 - 0HW0OO31 SSSoUt'fJSKf'rSa 197 

“ Nw. liait Fab. I5-.I 1949 


FIxadkLDcp. . 

Equity___ _ 

Property___ 

lliueedAn _ 
Oversea* ... 

CIU 


ralaaUcBS normally 


Tut**, 


ssuranoe Co. Ltd. 
'SL.W.L ' 01-4373*62 

-.171.0 1SB.W 
. 134.7 143.9 .... 

.1127 Ul.fi 1. 

. .977 M2J ,. 

uu m.7 .. 

... 1567 . -lfifi.9 
. 199.9 . 210^ ..- 

' . 1712 180.2 ..... 

. 1261 1324 ■_ 

~. 103 2 10*fi ..... 

U90 1252 «... 

. 1SBJ2 2002 


UR2I 

m3 


su 
eu 

GIH bleed_1213 

Pen JXDep.Cap_^ L2&.4 

fVn.P4.Den ACC.- 145.6 

Pm. Prop-Uap.__ 1974 

Pen. Prop. Act-Z5U 

Pen. Uaa.Cap_Z*92 

Pen. Uan. Arc.- 2532 

Pen.ClltBd 2 .Clp.. 124J 
Pen. Gill Eds. Act. 129.4 

Pen. BA Cap __1249 

Pen. B.S. Ace.-. - _134.9 

Pea. Djfi V. Gap. HO 
Pttc.DJLK.Acc:_ 100 


__ ‘ Hearts of Oak Benefit Society 




Wocnl* Auniure Co. Ltd. 

King William SU FC4P4KR- (H «2g K78 

-|MM 1095J . I - 

>t W * i42i 


Eb'r Ph Air.'_“j «4 

Ebr.PtEqJE_[7*7 


Prop- Equity ft Life Ass. Co.V 

1!*. Crawford Street. W1R 2AS. ai-ASSOCT 

MBBBK.tI S, 3 I . 

“W. EM. F4J 157 0 | . 


- 1 - Do Fx. May. 


Hatton Road. London. NW1 
Hearts of Oik._]35.5. 


Property Growth Aasur. Co. LuLV 
01-3055820 Ifdn Hoiue.L'roydon T C3UlLU tt OlABOOfiW 


3751 _....! £»**«>■ Fund- 

...... ' V Property Fhnd |A). 

Hin Samuel Life Assox. Ltd.* \ aK™ 

NLATarr, Add racombeRcX. Cray. <mW4-'S3 ABhey Nat Fund— 

- AI.heyNaLFd.tAl. 

Invrstmeol Fund_ 

jnrasujOTnlFd (A/. 

Equity Pond_ 

Equity Fond LA' „ 
H*ess Fund.„ 
Money Fund (A - ...-. 
Actuarial Fund..— 
Gilt-edged Fund _ 
Cill-KdCBd FA fAi- 

•Retire Aurally_ 

•ImmeA AnnYv._ 


^Property Unit*—|M5£ 1523 

prance LW.» SSSS/i 3?±:S6 " ri, ‘ 

fiSwStSlSd: £7 

^*72 1&9 *•-!■•- MoneyTJnllB—.—UU I 

,1*35 10&9 “. 

ljlOS.0 105.4 .... 

1100.7 106.1 

997 . 104.9 . 


su ranee 

wra niTtfoui 

:|S.7 loii!j i_ 

As®or. Co. Ltd. 

01-5345544 
177.11 ,.| 

1187 yOA 

117.6 ~DJ\ 

102 ...1 

107.6 «02i 
1A25 _ 

1023 .. 

:: 

100 9 . 

1024* . 

uiii. 


Money Un II fi 

BSKSESSfcM 

Pn& Ugd-Cap_1425 

Pqo. Mud. Ace._- 1«*5 

Pas.Gtrf.Cm._1045 

PuCULAct— 1B8.S 


m J 

945_ 

934_ 

aa = 

w.i —. 

1502 . -■ 

»j'r; 

Ufijff—4.r? 


11159 
11051 
0147 

0022 
W7J 

W7.1 

m 

O B 
W77 

_)96.4 __ . . 

jmt raise Feb. 13. 


tssqr. Co. Ltd-V 

^3. 01-523128B 

.1 12*53 I f - 

BOqrance Col 

n.Bar-Hen*. PJUn-51132 oKeaBond'_ 

.1 571 I I — 

| 1108 t -...j - 


Imperial Life Ass. Ca uf Casada 
IraperialHonM.Guii(lford- 
GranthFA Feb. 17.167.9 7Ul-4.1l — 

Pens.Pd.Feb J7_[5.7 *9S -iOJI — 

L'nlt lunkrd is-ortfollo. 

Mmueed Funcf.—(945 99J] 

FiaodJnt, FA_.feA S«a31 .... 

Secure Cap. Fd_ m 0 1003 -0. 

Equity Fund._196.1 

Irish Life Assurance Co. LUL 

1L Finsbury Square. EC4 01-018f®53 

Bine Chip Feb. 4-..{66.7 J702J 520 

Managed Fund_B115 

PrwjxMod. F **b.l-.. p7.2 
Prop. Mod. Gib. I_llBll 

King Sc Sluucseii Ltd. . . : v - 

S^. CornbilL BCS. 01-43JM33 

Bond FA Exempt— (11443 UJSCjtAJH - 
Next dealtne date Mar-n r. '. -■ - 
Gort.Sec.2d._11236 13&JLIH. (- 

Langham Life Assurance Co. tii 
LangbonH* Hoimbrook Dr, NWA ai-3B*621! 
LanglMm ".V Plan . 163.9 
.■ 4 146.7 


•Irv FA til*._ 

Pennon FA I.'ts- - 

Conv. Pen*. Fd_, 

Cn.. Pns. Can. Vl| 
3. m Pen*FtT_ - 
Man. Peiu. Cap. Ul. 

Pmp PentfU._ 

Prop Pen* Cap. UP. 
Hditfi. soe. Pen. t» 
BdR. Soc. Cap. UL— 


1718 
174 6 

fi^ 3 

1492 

1441 

B? 

1644 
137.0 
1164 
109 J 
125.0 
1250 
170 4 
13A5 


PWp. Gnaitb Praytons « Annul tin. U4. 

JIIW Iher Ail Uu. 13L3 13*?fT 

•All Weather Cap.. J25.4 13ZH . 


13*3 
U6 4 
140.9 
1292 
145.2 
1353 
141 1 
1303 
177 2 
11*1 


+0J 

+M 


-S3- 


* 0 .: 

■ 01 


Provincia! Ufe Assurance Co. Lid. 

222. RmhnpugaU*. tClt 01--J47 b333 

Prov Managed FA.11144 12041 I — 

Pro. (*di Pd_h*J 7 159R .. .- ... 

Gilt Fund 20.(1225 128# - _ 


- Prudential Pension* Limited^ 
Hhiborn Barr. EC IN SMI 01 - JOS 9222 

EouiiFA Feb. 16_103.06 1 25.771 .. ..1 — 

Fyt Ir.L Feb. 75_£1109 I9J« .. .) — 

Prop. F. Feh. 15 —E242Q 24 951 . ...| — 




Reliance Mutual 

Tunhndgo Well*. k*nL 

Rel Prop. Edn._| 


212.2 


190222571 
1 — 


mce Ltd.V 

mbley HAPQVB LH-4028876 
[£1507 - 

klf.69 1131 
. 02.54 13J7J 

0151 

1095 llS.ll 
1U - 
0X88 - 

4501 


.1861 

. 955 
. 911 
.171 
. 1003 
.*94 0 
.96 0 

.&L0 96i, , 

. 36.0 305 

».S 27 « 27.S 

t value Feb. 1* 


ssunorrO 
iapel Ash w un 
[ 9074 1 

I 10446 f 



Wisp ISP) Min Fd]74J 
Legal & General (Unit AsaurJ LW. 

fCines»«od Havise. Kin prowl.. 1 IhAjortL Rothschild Asset Management 

95 9 UIM - 1 — a.l. Prep. Dee.30.0141 12L4' .< — 

100.9 

_,_1M6 

Fixed Initial_114J 

Do. Acrum-- 115.0 

Managed initial_111 7 

Do.'Aninn._1125 

rroperTj lnuial — 951 

Dp. Aceum. _195.8 


Do. Accum._ 

Equity Initial 

DclAccuir 


— 4e*al A Genera] U nit Fonlnd 


Exempt Cafb blit -[95.4 

Do. Aixum._95.7 

Exempt Eqlv. Inil-. 99J 

. DaAucum. .. 99J 

Exempt Fixed InlL 973 
Da. Accum —. 97.6 
. Rxantpt Mncd. IniL 995 
Bo.Acnun l-- . 99.8 
Exempt Prop. Init, 95,4 
Do Aceum-|9i7 


-05 



Next aub. day March 3L 

Royal Insurance Group 

New Rail Plate. LlterpooL AS1 Z74432 

Royal Shield FA _|UM »79| _...J — 

Save & Prosper Group? 

4. Gt.5LHelen * Lndn_ EOP SEP Ol-SM 8*0* 


Ral lev. Frt _ 

. Property 6<i'. . _ 

Gilt Fd _ 

" Drpoalt Fdf . _ 

0.mp.IVni Fd.l .. 


m 

1202 


“■ Eqiilto Pecs FA.. —R63.0 


Prep ivn*Fd ■ —12050 
f.ill TVn* Fd „N3 1 

DeposTens Fit*_|%4 _ 

Prices an ‘‘February >5 
ru'eakli daaiinas. 


-oil = 


1246 
1549 
226.2 
127.8 

17^f —0 2| 

216.4 

9fi 0 -0 5^ - 
1045 


Abhet l'nit Tst. >lgr«. Lid. fat* I7‘ Gartmorc Funii ilanauers y iai(cJ Pcrpetiial Unit Trust Mngmt.y ia> 


12 AK. Gatehoute Rd . Aylesnun 
Abbey CdPIlo) — .ISO 4 72-31 -0J 

Abbeylu-oimi .—{361 18*[ —{.X 

Abbey fr.t Tn PA pi 3 33 S -0.1 

Abbey Gen T»t .[42.4 « _dl 


■■serMi e_st.Mnnr.Axo.Eca a am*. 


407 

570 

443 

406 


1 r 'American Tct 


BritishXst- tAeq ».. 148 9 


Allied llambro Group ■&< ig< 

Hamhxwt H>C- Hutton. Brentwood. Ftfer 
Ol-ias 3851 nr Bren wood tlCTTi 211*59 
Balanced FUnda 

Allied 1U__MB 2 

HnLlnd- Fund.. -1596 
CrUv&Inc. ... 

Elect, it Inil 

Allied CJapHM 
HambraFund. .. 

HambroAcc. FA 

Ineamc Frnda 

1»Eh Yield Ed-163.7 

Hleh Income —— 

.\-H.Eq!oc_ . -p3a 

laternailetial Fuads 

Inienuumal_1225 

See* ol .Amrrlea. _ ..H3.9 

Pacific Fund_pl 3 

Specialist Fund* 

Smaller Co.** Kd 


Cornmariliv Share.. 
■ ^■Far EaaLTxjist— 
ilighlneameTst — 
Income Pond— — 

Ir.s. AxenCies-— 

Inti Eoinpl FA — 
(i.fntl TA-iAca: _ 


Z2.5 


•’l-nCSSlI « Han St. Henley «n TtiamtH 

-n 14 094 r'patuuiL.p ... 136.9 394) 


mt 

24* 

546 

658 

12.05 

804 

26.0 


5E 3i> -0), 
708d -0 > 
12 8814 - DB 


t-tl'.CtiW 

J 409 


139^-0 372 Piccadilly i:ni< T. Mgr*. LId.y ialrti> 

iSf Wardc-lr Hr-e.sOa Lmulan W.-i.l E>.~ rndnou 


J 95 
697 
305 
565 
1 36 



b*3t 4 

-J 7 

590 


-0J 

557 

37J 

-0J 

S39 

32 *1 

-0.1 

5S 

701 

-02 

443 

UD 61 

-03 

550 

117.3] 

-01 

443 

6Eimt 


837 

63 2] 

-0.3 

702 

38 Zre 

-D j 

719 


fltlr» Inci-me JC 5 

Smnli iji - * Ed_3fl 0 

Capital Fiind.»7J 

.InL Em. \ ,v»«U 45 6 

Private Fund __35 3 

Arrumltr. Ftmri _ 60 0 

33 BIemlleldSL.F^M7M_ 01A884I-J K? h £S¥5^ g? 

lai.UJ-Growtflti —D6.D JR 7| . . J 4 70 

ia'A.C.PacE»«'—&a* 22 II . | 0 30 

Deal me “Tijej —rWcdl 


Gibbs 1 Antony) l.-nit Tst. Mgs. Ltd. 


32 6FJ -0.fi. 
40 91-1 <0 


6* 51 -0^1 


23 3| -D.l 


950 

553 

3.79 

3*0 

436 

576 

S.56 

300 

310 




l-O.li 

l:°.i 


Goveit fjobnw 

77. l«rdon Wall. 

S'hldr Feb 17-1119 b 

Do. Aceum. Cult—1143 Q ii0 7‘.-oa 

Neat dealica >1 bv March 3 

239 Gricroson Management Co. Ltd. 


MeLMIn-&C dry . 

Ovweaa Earning .|495 
Ex nipt Smlr. CoV.. 


117 

33 91 


397 

•2.4 


03.1 

88.8 

-0.4 

366 

395 


49.5 

52» 

-o'; 

1494 

209 4 

-oil 


3.X9 

299 

516 
530 
5 06 
5.85 
529 
571 


50 Gres ban 5U EC2P ans. 


American Fur.it.... 122 3 

Practical Invest. Co. Ltd.V lywci 

44. RIpOKc'hurySQ.UYTlAJLilA Ol^SaSBT. 

imartical Feh 15_ HJiJ ]*36i .. ' 432 

.‘MKD Aeeum ll'nHS... .Izsoo 300 6| . > 432 

-*41 Jl* Provincial f.ife Inv. Co. Ltd.V . 

222. B1shPf*i»te. E <: S. <1 J .347 ccra 

Prolific Units_170 3 75 3J . . .j 3 69 


245 


Bar‘puvFeb.15 _ . 
r Aceum. Unktxi—__ 
B1«nIITFab.l0..- 

■ ArcutEL Uiutal- 

EnArav.Fcb.14.— 

iAtvurl Units >- 

Gmriifitr.Feb.I7— 

■Ac-urn. Unliti.- 


[1936 
BPS 9 
1169 1 
1898 
,159 0 
1642 
[765 
708 


Anderson Unit Trust Managers Ltd. 
ISA Fenchnrch Si. Ent.u «aa 
A adeexon U.T.-[455 *8M 


Ln.6Brsl* Feb. 15.(69 5 


■ Act-tun. Unit**-- 


R»Jid_I 43* 


HIfihInoomn_"(1024 1097J ,._l 7.90 

Prudl. Portfolio Mngrs- LULV faHbilci 


2!98,' 438 Holborn fur* EG IN 2NH 

1771. ..J 739 Prudential --|U6 0 


1740 


198 
1662 
171 61 
Ml -13 
82 St 4 

71 4 ] . 

74 Oi 


739 

129 

129 

3.20 

320 

005 

0.05 


111-405922= 
-230} -0.5) 457 


linilier Managernent Co. Ltd.¥ 

The SiX Eveharjje. ECTN DIP Cl-W0 4177 

Quadrant 'Ten FA . 110X0 1042!_J 4.17 

Quadrant Inccmc—1115 7 1193ir,.| 7J0 

Reliance Unit Mars. Ltd.V 


Ansbacher Unit MgmL Co. Ltd. 

: NobleSL.EC=V7JA oi4=3sa;s. 

lac. MonlhW Food lUMOa 172 bat I 0 0 


Brentwood Ejmi 
i^'Aufitrallan.. — 

37. Onnm St landon EG4R1BV OI-23A 3281 iVpGro^b Aee..~~ 


K3B231 Guardian Royal Ex. Unit Mars. Ltd. Reiiane- use .Tuntnd-ewdis .kl (ascassrt 
« RtOttl Ebehan|re.EC3P3D:: ul^CBAOlt Opponnr.uy Fd. 159 1 63 21. .j 5.97 

r^GnanlWRXSL.W.9 W-BU ggStfiTf.-fe %iSZ 1 $ 

J5SSE »**«•“ «-■ 


Axhuthnot Securities Ltd. ta)(ci 


<1277 217238. DriBnv4IP. FUnlt H*-- .Miner 


2911 *0Xi 


Extra 1 neoroe Fd 

High Inc. Fund_ 

0 iAceum. UnlUi_ 


1110.3 

38.4 


-WlTi Wdrwl.Uu )(523 


Preleranee Fund—. 

t( Aceum. Unltai._ 

Capital Fund*. 
Commodity Kuiulf;] 
t.Vxum. L'nl't A ■ 


255 
137 9 
16 4 

m 


>■10% W’dr«rl.U.itri463 


FluLProp Fd-Tt 
Ciacu Fluid 
(Accum. Unit-: - - 
OrowthFunil ... ... 

'Aceum. Units-- 

Ionian GULP'S.** 
*EaM«ro tc !nd Fd 


i**6 Wd«rl.fi>Ml65 


Foreign Fd- 
IN. ,\mer JUnUFd 


169 
135 0 
Si 3 

30 2 
[35 6 
fL26b 
202 


675 

239 


U9JI 
440 -0.1 
56.9 -0J 
569 -0J 
275 .... 
405 .. 
17.0 

55.5 . 
7*3 ... 
500 . . 
183 . .. 
30 6 - 0 : 
44 6 —0 1 

32.6 -O' 
3*4 -Oj 

1369 . . 
21* . 

&§.• 

25 9j -0 


10 45 igj£aimeu-— 

945 tjoFarEasr _ 

9.45 (glFInan-kTITI 
945 1 c* Rich Income ... 
12 08 i-'Inc. & AsfiMfi .. . 
12 00 ijLilnternauiijial_ 

■niNth. Amertaui ... 
5 07 N.A- Gro*6 Feb 17. 

5 07- ml & Nat —. 

s 07 w md Feb.1T— 
317 
3 67 


3.67 

354 


UZiC^bM . . - 64 2 

Cabot Extra I«... [52 0 



-For lax event? ImA- only 


Ridgefield IdlUT WZ0 
3.94 RidsefleMIncome [930 


IT 0CTBrs»21 

B0 01 ; 2*5 

99 01 1 9.23 


Rothschild Anset Management fgl 
255 77*1. catebouM! Kti. .w'exbury. 


365 

821 

605 

223 

426 

216 

256 


N G. Equity Fund 
NT F.ngy.lU ■ T-t-| 

NC lucome rund 

N c ir.ll.Fd 'Inv..._ 

N r. Inti Fd fAcr [R 0 
>.C Smllr C«*js Frtll4L7 


[15X0 
192 0 
136 7 
73 0 


OSXSnSm 
160 Dj .. . 1 351 
97 8 -X: 2.94 

145.4 -4>;v 7.44 

7Tb -G ’ 

77.6 -05 
150 Bj -0.9 


494 

494 

461 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbuthnot Securities iC.L) Limited 

P.'.*. I»k 3U.K I feller. Teree;: 033472177 

Cjp T»:..kTvej.‘i _IU6J) J200r ...I 365 Feiuelet 
Next ileal*nc date ret* 21. 

F*si«iIn:LT*i.i.I .11016 JUUI-J 338 

Next sub. Feh. =3. 


Kryw.Irx MngL Jersey Ltd. 

TO B«t 98 SX Heller. Jerujy. (LnqO I-OOfiTOtfU 


364 Hill Samuel l^nit Tn. >Ipn».r <a't 


541 45 Bwv’bSt-KCZP2I m i 
143 7 
JIB 

Pi 

86 5 


4 14 Rothschild &- Lowndes Mgml. ia) 

3 42 M Sw. 11 l-. 1 ns Lane, idn- FA4. ■ <i|.iCM-l3r4 

New 1:1 Fvrtnpt. . iai3<I 120 01-10) 373 | 
I’nw '-n Fob. tr» »;c-x‘. nr Mar. 15 1 

Rowan Unit Trust Mngi. Ltd. i 


IbiBritishTnt«. . 

if. Inll Tnsst- 

?" iS'TiollarTruat. 

Deal tWon rtu**; rr^Ved sthuiv'. *Kr” ■ !h!Mnai»elalTSn>t 
Nexi dtff.—Dec. =1 -*Dec. 15 T>BJv .".IR?™? : 

Archway Unit Tst. Mgs. Ltd V lane) ! 

3L7 HishllnJhorn.UClVTNL. *il-33i VAX 

Archway Fund _ .176 5 SL4! . 1 6 08 

Prices at Fob 1.4 Nevt »ul>. lay M-r 1 . 


25 5 

489 

27' 


■6J 71 -0.1 
34 Id - 0) 
60 6 - 0 7 
29 -fi 1 

sl-*- 

52 »' - 0 :1 
29 7, -0.1 


•JI-bSHWl I CitjMiale Hbc . Flnshl.rv . KCT. 


542 
3 23 
107 
471 
469 
7 91 
535 
■ 33 


52 O' 
159 0 
£3 5 
734 
72 3 
382 


01-89* :*wr! | 
. | 122 
■! 4 10 

-I Z 2 

. , 773 


447 

442 


Barclays Unicorn Ltd. lahgW.d 

Unicorn NM'2 RemtordKA E7 01-004 3.961 


Unicorn Anenci ...|2*4 
De.Aust.Aro... ...155 7 

Do.AUEt-lnc._ |44J 

Do. Capital..-.1603 

Do. Exempt T‘». .11029 
Do. Extra Income ..127 2 
Do. Financial.. - 1 SS 6 

Do.500-167 3 

Do General .. ./ZB 9 
Dn.Growth Arc.. ..137.4 
Do. Income Tri.. ..J760 
-Do. Prf. A'lta. Ttx .1135. J 
Prines at Jan. 31. Next auh 
Do. Hoccicery... .13*4 4] 


Do. Trustee Fund - 


Do. W*ld«ide Tru»U4Ji 


Bhat.ln.Fd ln<~ 


1066 


58 4 



Intel.V (altgi 

is I'hrifiWphttrStre-i.F.rX AI-V477243 

Intel Inv >Und. . . |B« a 90 4,-. -,l 4[ 6 90 
Key Fund Managers Ltd. laiigi 
^JlilkSuECTURlE 

*78 
62 9 
137 4 
761 
615 


Rowan Am Frb 'lilbOO 
RnuanSts. Feb 14 >1510 
Ftouan He Feb 1 H .I504 

■ Acculn. L nili'- . jfc9 9 
Rim Mrl-i Feh 1.' 16 B 0 
t.tifum. Unit*' 104 0 

Ron-*] Tst. Can. t-'d. >lgrs. Ltd. 

f-4.Jem;re StreeL S *•' ; •• 1 -»C 0 F. ,c i 

■ 'aplinl Fn ... i617 651, ( 4 01 

Incomel-d ... (66 4 7011 . 4 

Save & Prosper Group 

4 Great St. Helen* Lnuden F.'^IP 1 KP 
S&-73 Qui-.'n £l. Edinb-rch El ill 4NX 
r«ulin£. io- m-KM a«x» o.- iL'i^as tt.-.i 


Australian Selection Fund NV 

M*rSi! LipponuniLiex. <z.o |nsh Voune It 
Oiithumuc !Z7. Kenr Sl. Sidney. 

L'SSISnare*.. ..ISISL4Z _^| ./ — 

Net axsei value February 16- 

Bank of America Internationa] 5JL 

r.i Emlevard Rcu). l.uxemtuuirc G JJ. 
IVldlcvest Income.ifTSUSn 10753] .... T *74 
PriCus at FcDb. a. Next sub. day Fob. li 

Bnic. of Lndn. & S. America Ltd. 

Queen Victoria 5*.ECU 01-0302313 
.AlexanderFund—BX.V595 i — 

Net axiet value Feb. J*. 

Bonqoc Bruxelles Lambert 

2. Rue Do la Ragcnro B 1000 Brussel* 

Renta Fund LT 11.946 25061 -« *36 

Barclays Unicorn lot. iCh. Is.) Ltd. 

I.CIitniiJ Tiom, S. Ildicr, Jny. 053173741 
Oterreas Income _|49.7 52-3sf —0-51 10X7 

VniriollarTrust. isiuai* 0W_I 460- 

‘Subject to fee and xnihbolding taxes 

Barclay's Unicorn InL (I. O. Man) Ltd. 

1 T7ioica»SL. DcrjjfJa.!. LcJt 06244856 

Unicorn Ann. Ext.. 40.3 43 . 41 + 0-8 2.10 

Dn.AusxMin_ 23 4 25.71 —0J 2-30 

Do. imr. Pacific— 56 0 • fitil. — . 

l-o Inti. In«"n». . 40.1 • 43JI .. ... flO 
llu.1 of Jtar.TM ... 464 49 9[ -<U 8«0 

Ho Manx!rtuiual .. 22.1 Z3.K . 210 

Bishopsgate Commodity Sec. lid. 

P.O. S..X42. )W4tlas,Lo.M. 0634-23811 

ARSIAC- Fclv 6_| 511£26 69 ]*05O| — 

C.IXWIO” Feb 6. £1010 |. \ — 

COUNT- F«.*lB...I £2J36nl : I — 

Oncinolly issued at -Sin ana —11.00. 

Bridge Management lid. 

!I '.* box UK. Grand Caiman. Cayman J*. 

N-hasr.iFeh.I Y13857 I-1 — 

•i.PlA Box SP0 I lone Kone 

NipliOnKtf Feb 15.|!>.jFlJ65 iCL'I.f 0.67 

F_\-Ntork SpbL 

Britannia TsL Mngrm. iCT) Lid. 

3n Rulli Sl. St. Helier.Je.-ae-. 055473114 

440 
L00 

. 150 
15] - 
LOO 

aa 


r rJ Jiff 
£5 90 
13 
92X02 
£*56 


isa 


. 71« 

J 459 


TO 6^9 _ a 59 

04 4.25 . 38* 

LOZ 22611 . - 

56 935 -OJM * 71 

ojo 75 *jc: _ 


Keyselex ln(‘J_ 

Kev selcv Europe... 

Japan tlth. Fund... 

Kenelev Japan . _ 

*. enL Afieli Cap_ 

King i Shaxsoa Mgrs. 

: Oiarirui Ciw*. Si. Heller. Jer*nr. 

! Thoma'. Sunex Iviuelas. Iv|e of Ms 

Gilt Fund 1 Jerseyi_|10 00 JOONkoI_I 1X2 

GiltTm«t■!n.M.i- |ll*60 119 60! .1112 

fall. Gael. Sees. Tst. 

First Fieriiac_[16 66 16.711 _... 1 — 

First InU._[£170.97 179 251.1 — 

Klein wort Benson Limited 

20, Fenchnrch Sl_ £C3 


Furinve.vL Du 
GuernAey Inc 

r*o. Aceum._ 

KBFarE.-ift.FtL. 

KBInU.ffund_ 

KBJapat: Fund_ 

K.B. UO? ''.wlh Fd_ 

Signet Bermuda_ 

■KrifoncUiD.il/_ 


L025 

!J8 6X6} 

00.4 7SJi 

SCS9 56 
SUS 10.47 
SUS2652 
51021 
5USC21 
1845 29 4fl)-D J, 



1.90 

*76 


■KB act as London paying agents only. 

Llot-ds Bk. ICJ.I L7T Mgr*. 

P.O. For 195. pt. Heller. Jure)-. 05342TSS1 

Lloyds Tst O'seas .. |48 0 505]_| 2.71 

Next dealing date JIarch 1* 

Lloyds International Mgnmt. S..L 
T Rue du Khonr. PO. Box IIS. 1211 Genera 71 
Lloyds InL Gn»7 h .l.vW a S1IH ‘ 1 70 

Uoyds InL Ini'omo.l6r3KU XJ00; .] 6 30 

H & O Group 

Three Quarr. Tn-ser Hii: EC3T. ffBC. 01-820 4VB 

AtlanlieEvFcb I4_|Ufi« 272[ .[ — 

Aust Fjc. Feb 15_. S’.-SIB 201 . — 

Gold Ex. Feb. 15. _ - S973 10«K .. . I - 

' 123W . «3S* 

1577^ -Oil 93*8 


Island__ 2061 

1 Aceum Unity_|248 2 


Samuel Montagu Ldn. Agts. 


i It Old K-nad it. f C 2. 
Apollo Fd Feh. 1.-.JSF44 10 

Jarteu Feb. 73_£M>311 

117 Grp Feh flT.sUn 
1173er»HV Feh.8 ..l£«55 
217Ji*yC< sFeb. I - . £9.40 


fiiwih Inved —.[30 3 

Intal. Fd. _ 622 

Jer*"? Energy Ttf. ;137 3 
I'nn «| Mr Tn .154 93 
LnivM. 5TA Mg .. |£211 


J 2 J«d - 1.2 
hT2ui -2.B 
140.4 4 -r2 1 
5.191-0 15 
2.22 -0 09 


•H^rjfiTiro. 

731|-»Jj 4 09 

i46i! ’| 6 65 Sate & Prosper Securities Ltd.V 

63 4 I lS^ ^hvnalianal Fund< 

80 7- t 6 79 


Feh. 28 


nu Key Energy In. Fd.- 
244 KeyKguityfiiGen.. 

I it tttiey Exempt Fd. 
fc1 S Key Income Fluid.. 

Sie Key Fixed Inv Fd.. 
sj| KeySmallLVeFd |03 4 

Klein wort Benson Unit Managers* 

437 2d, Fenchnrch It. T C 2 • iii«a»i«j fncreaslmt fanuor Fired 

652 K.R l’nit Fd. Inc.. 'SO : PTflrri . . J.57 Hi*h-Vieid.152 6 

445 OK-B.ljnitFd.Ai: —ilOO 2 100 5m ■ lligb Ineamc Fbpdi 


CapiBI.. . —. 
ITU. 

I'niv. Gr-iucin.. 


. 123 n 

Q3 D 
..157.0 


344- -9V 

22M ; 

61.21 -lO'.i 


379 
4 04 
2-24 


‘-'alur Feb. 17 Next dialing Feb. 

Butterfield Management Co. Lid. 

PO £q\ j&;>. li ami lion. Bermuda. . 

Rurtn-:., jiti .'LOS L77I ' 7 09 

Buttrsfn Inrienc; _|l.99 1 92) . I 7 «9 

Price*, at Feh. fi .Vet! ejh day 31a.-ch 13. 

Capital Internationa] S_4. 

37 rue Notrp-Damc. Luxembourg. 

Capital Im. land—I 5US25.41 i —-I — 

Charterhouse Japhct 

I. Paternoster Re - . - . IXI 
Adi ropa ... 

Adi - .erba._ 


01-583 fi4M. 
47 95i . .} 3 90 - 
1001-3.1: 130 

212 

4 97Mn:' 0 84 
9.90! ... .■ — 

Murray. Johnstone Hot. Adviser) 

103. Hope At, ijIafgnn.CS. 041-221 MJJ 

-Hopes! Fd SI>’2817 V6.»t' _ 

-Mcrray Fucd.. S'S9 31 1-3J5 — 

-NAV Jan. iX 

N'egit S.A. 

Ifta Bo>]iF~ard P.val. i.uxembe-jr* 

VAV Feh 10 _ St £10 22 ; ... ' — 

Negit Lid. 

?as'< of fternrada Bldgs, Fiamher.. R.'.Tri*. 
NAV Feb. 3.. 1-394 l394i __1 — 

Old Conrt Fund Mnffrs. Ltd. 

PiTM.ffLJulians 'L.Guernsey. WfiI2633t 


565| -0 :• 6 as 


Dp. Arcum __. [655 

Baring Brothers & Co. Ltd-V laifxf 

E8.Lcailcnh-llSt.EC-. 

Str»Uon TM . . 1166 2 171 

Do. Aceum.(2035 2X2 

Next “U h. day Feb. 


LAC Unit Trust Management Lrd.V 
The Stock Eriunge. E>'X‘- flip 01-503 £SMI """ 

L4cC Inc. Fd- 1129 5 X33Aii> .1 7 58 

LAC Inti* Gen Fri I35.B OBI 5i=- . 307 


(60 6 

ln.romr ____ 2 

i .K Fttwfs 

L'KKquiT 


65 US. -O 
442iei - 0 . 1 ! 


062 

865 


IT) 

01-34 

LT.O030 

32JW . [ 

ID 

58601 .... 

.MSi» 

nu-c.io 

X'42DD9 

2X101-0 10 

5VS2U 

3 ra „ 

"1 >U re 

#»7t| .i 


561 

534 

5.99 

616 


rq.FrJan.ai . ... 

lac Fd. Feb. i_ 

InU. Fd Feh. IB- 

Sm.Oo Fd. Jaa. .71 — 


4S3 

1542 

06.5 

-140.4 


5U _: 

165-5J .. .. * 

9io3 . ; 

149Jj .... I 322 


2A5 

659 


.141 0 44 o.f, -6 31 4 90 


ni-38928m tKa-or.StateriaL [36b 

a . I 4.07 fr Arcum. Umlfi ._;32 5 

.. j *07 -Grott-rti Fund-[54 5 

S iacciisr. t’nltsi... . 

rii Jilt nod Warrant. 

Bis hops gale Progressive Mgmt. Co.¥ fAtnericariFi--- 
8.RIfilmp!fate. E<'X* Ol-W-KSm fAccun.Dphx.. 


- . . iiciki- runduri 

Lavmn Secs. Ltd Viaiin Europe 

ta George St, &iiph.ir!;H F.H. 3J* i 0l?i-J2«»; 1 


OKC 28511 


Legal ft General Prop- Fd- 3ggn- lid 

lLQu««Tiero P .» E0*N4jP^ 01-2680078 Lifr Gn , upV 

hi- 


L&GFrp.Fd. Feb. 0 K7.B _ 

. Next Sub. D*j! March 


Enierpn&e Hriu»«. Panamoyth. 0T03377JS 


Oagua Gp-V 

x bridge UB8 1NE S2181 

L3S.B 3&« . 

ii Ie 

134.6 
153* 

osier Assur. Soe. Ltd-. 
fl. Whltehorxe Rood. 

014840*04. 

.BT Wlrj.z 

meter Am. Co. Ltd. 

9, Whltofaorett Brad. 

OI-dB400M- 

K - •- 60.01 

175J 

125.6 
. 176:3 

wed to new- loratwirf 

I 1910 . | .J - 


Life Assur. Ca, of Feunsylvapbi 

mAJ.Vo* Bond St, *17>nta 01-_ 

LATOP Units._P053 10851.J r- 


Equily Feb. 14_ 

Eq-tin-J KeH. 14 — 

B EquItyJFrb. 14_ 

xedtat. Feb. 14.. 
x«d lni.9 Fcb-14, 
ln«. LT Feh. H.. 
JSASUllLKeb 14— 
KftSGLSc.Keb. 14. 


2126 

te ms 


1145-5 


Lloyd* Bk. Unit Tst. BEngrv. JJO. _ 

71,LombardSL.KC3 «J*ai2n MMd.flv Feh 1*.. 

Rxmxpt— - fit* *Ulf4l »■» fetiSh*"— 

Lloyd* LUt Assurance 
ISLradhntallSL, EC3M 7LS. 
mm Fab.8_ 1264|7 

OpLAProp.Frt.18-122.5 129.1 

Opts Eqty: Feb-18. U.7.0 123. 

Opts Bv. Fefa 18. - 156.6 164. 

OptS Men. Feb. J6- 139.9 .147. , 

OptSDttfit-Feb.28 |U9.r 1263 

» . '■ . - . . „ _ . Scottish Widows’ Group 

ifimdoB indemnity ft GaL ins. Ut Lax. pnBn)«Bi)LKdiabiirgWEHi83Bt.-. osi-fiss6noo 

18-20.The Forburc. Reading583S1L .. >' invJTw.Sfrito l _..|95 2 

B 9 -- 1 '£ ' IStB&fSarW-:** 


. .Money3 Feh. 14— 

. Depo*HF«!b. 14 — 

Dl-SnOSJl Prepvrtr 7‘eb. 14— 

rf? BKSWSA: 

- SlaJn-Vc'.Feh.U.PttB 


m 


■• • •! - 


- SlAt Flexible-£ 

.— ' Fixed Imera-a-C 


The London ft Manchester Aft Gp.V 


.Mill 

KxLLTr.Feh.ia_l 
Mgd.Pen.Feh.IS -t 


wv. DJi^wtnc 

»■-! r 

Wi--U z 


Hie Leas. Folkestone, Kent 


uion Group 
taalirca 

49 09 
17-25 


r 


2 007 
1275. 

065. 

139.1. 

1857 

Ws 


ai 

si 

+£U 

+B. 

+0 


5 = 


Cap. Growth Fund, j 
eExerepi Flex.Fd. 

■8S7J — Flexible Fond.— 

-r- l«i.Tnaif)]HW, 

-• ' ■ ■ Property Ftmd- 

Life Insurance Co. 

WC2A1HE. 01-3420382 M ft G GrOUpV 

Three Qnayv Tew Hii! EC3R 6B0 91-82* 4M8 
• Pen. Peoeioa - *— 

Cobt. Depo»li» 

Equity Bond'*. 

Family 7880rt» — 

Funffror-apr „ 

- Gilt Bond—- 

. TniernaLnl Bond*'. 

Hanaced > M^7 — ta2 

Racwe/y Fd. Bd.* - 
American Fd.BR* 

Japan Fd Bd.*- 

f*nre« en *Keb. 


fiauBrm Solar Life Assurance Limited 


— UCCheapside. F.C2VBDP. 

— Solar Managed S—“ 

— Solar ProponyS^. 

— Solar Equity 5- 

** Solar Fed. I at 5— 




' - 194 6 j 


1784 . 

124 0 

3614 ! 

"2" 


*nce Co. Lid. ProperarBd 

01-8365410 &."VlH£W Bd. 
IS 

174 01 . 


49 8 _ 




Solar CasnS. -. -J?9.| 

Solar InlL S-— 

Solar Managed P— 

Solar rropen>- P._ 

SolarEquitjP — 

Solar FailntF- J 
Solar Cash P _ - _ 

Solar lull P —— 

Son Alliance Fund Mangnu. Ltd. 

Sun Alliance Houm. Ilwlinv MBMI41 

EvpFd.lm.Fah 0 IO5J90 lfiOJ0| . I - 

lnl Bn. Fob. W . .] £10 64 | I — 

Son Alliance Linked life In*, lid. 
Sun Alliance Houxe. Hornkam 0»0:i64i4l 


nerre Insurance 

don WIR5FV: CM-U07081 

12228 132 « . . j 


,1009 

1010 


Merchant Investors AasuranceP 


125 ■ High Street. Ccredon 


■ Coni Dec. Kd 
Money 3Irkt Fd. . 
Tier. Inv. Man. Fd 
Mer Inv. Prf. Fd .. 

Equity Bond- 

Prep. Pecs___ 

ortMfdlandAfis. • 

.EC2. . 01-588 13)3 Conv'Dop Ftttu 

[483 5911-041 612 Mon. Mkt Pena.. 


•ance Ca. Ltd. 

«r PI., EC.* 014208031 
.1665 73.4[ .. | - 


1278 

1429 
1014 
145 9 
550 
3500 
1311 
1561 
1369 

11)3 


01 fflfiPCTl 

I-fl! 

l *’ *4 _ 

-iei — 


-U\ ■: 

:°J = 


Equity Fund- 
FixedIntereii Fd 
Property Fund .. Ml 
International Kd. .M6B 

197 a 


Deposit Fu Ad 
Man sued Fund. 


msi | 

103 4] 

)S*3 -n 3 ] 

1*301 'DJ! 


Sun life of Canada Hi.lt.) Ltd. 

2.3.4 Coclupur S»_51V1VSBH Ul-BIWMft) 
MapleU.Grif|.. . j 104.1 .| - 

Mqple LLMoRfd.—I 132.7 1..J- 

MaplelXEniJ* . - J 122 5 • • [ - 

FvTsntrrcFa._] 196 2 1 l - 


Life Ass. Sue. Ud.8 MEL Pension* Ltd. 

Jgh Wycombe 0494 35077 Mlhon Court Doriunfi. Surrey. 

.VelexFq.Uap-MO-B 

NHer Eq.Aceum. . UU Xlfii 

NelttxMonQ'Cap 6J7. 65W 

Nelex Mon- Ac 65.1 ■ 68.51 

NeiexGlb Inc acc. 47 5 50 m 

-belex Ikb Inc Cap. *75 50.IIJ 

-Nexi cub. bar Feb. 25. 


Jgh 

I 


1027 

1023 

109.4 

Ml f 


108JJ -0 5; 
1076 . - 

10903] ^0' 


Si 


Uo Life In*. C. Ud.9 

-IVadihatP'^roM. WXit87L 

.I«i5 m9 43?i_. 

Ass. Soc. Ltd. 

Bd. B'mouth uni 767435 

.195.1 1001| . 

«61 101^ . _ - 

|v 


Target Life Assurance Co. Ltd. 

■all Target Hdobc. GMehonae Bd. Aji rabiuy ., 

Atjeabury iO 20 ff> 7041 
j.* 99 3) 

311 117ij 

.106 S 11)1 
13X0 
102.0 


Fbt V» Coen Pteperty ce- UBtter 
ReHiKhUd .4xc*i Hmaagemeai 


Bu 

Man. Fund Inc.-M3 

llnrPVH) Arr-fl) 

Prep. Fd. Inc. _■ — 
Pwp.FdAcT... . 

IVw Fd. tat. .. 
nxed Int. Fd 1ncft07 4 
Dep. Fd.AM.flt--. ' 
RetPlanAc-Pea.- 
RcXPlauCxpJVn-. 
Ret^anMknArc _ 
nctPlaoMiiD Cap US’! 
Gihpen. Arc.. - ' * 


1074 

113J 

472 

1021 

67 3 

T31 

557 

*0J 

1178 

1241 

104 8 

ii*.: 

134 0 

141 • 

[1203 

135! 


'•toll :: 


101 a . " 
iM x[ . . 


NPI Pensions-Management Lid. 

40 Grae-rhvrchJSt.fie3P.-iHH 0]4K»«2O0 Sit Fra Cap. i. 

Managed Fuad — 0*63 .“ 

Pnees Feb I. Nexi deai.nf Marfb TtawWtaMtawlI Life Ins. Co. Lid- 


New Zealand Ins. Ca, fL'JC.i Ltd-V . 3 Bnopm bU«a.EC4]-nv. 

Maitland House SenthendSSJ 2.1 S 0702028S5 Tuhplnvad M . [1312 


Kiwi Key Ini Plan .[140.6 144.4 

Life As*. SOC. Ud * S8 --iSSS 

■Ttiame* Berirt T*I 3428* jjttni toc^Fd._ 950 3004 

j 11097 j..;- Amiran Kd ... go -W8 

f 5601 . -- ParRaai Fd - - 950 IMO 

[1190 122 lJ . j - . Gilr Edged Fd »» -W.J 

I LB 166 I — Con. Deposit Kd. .[154 1000 


•i - 


W M :p 

Man. Pen. Fd. Cap 1204 
Man. Pen. PR Arr. 116 0 


131 21 

m 
1162! 
122 ll 


"p!-*0.Vi iP7 
.1 - 




Trident. Life Assurance Co. Ltd V 

Rmsloda Heuae Qourmter 045234.941 


4CIAL TIMES STOCK INDICES 


Fah. 

. .17. 


Feb. 

)6 


74.66, 74.71 
77:63; 77.5* 
459.3| .455.0; 
157.1. 15n.6' 


5.84 

17.79 

7.93 

4.589 


5.89 
17.941 
7 87‘ 
5.57T 
69.53- 


Fait. - 

i&. : 

74 . 11 ! 

77.14; 
453.2: 
157.7j 
b.BB~ 
1795' 
. 7 87 
6.197. 
sa52; 


Feb. „ 

. 14. . 

74.39^ 
77 62! 
459.7- 
155.2 
5.8l' 
17.71; 
7.97; 
6.067 
62J92 


Ftth. 

IS 


Fob. 

10 


A reei 

w 


76.16: 

77.89: 

469.9 ; 

152.3 

5.71 

17.39; 

8.12 

5.920; 

43.35 


75.40, 
78.1 61 
471 Oi 
146.Dj 
5.70: 
17.37! 
8 13. 
6,143 
76.971 


65.15 

64.75 

393.0 

107.8 

5.89 

18.81- 

.7.66 

5.578 

50.17 




m, 4»a. 


14.321' 14.6X7 14.429' 13.4B1 16.592! 13,344 

I p.m. «0F"- 


11 a m, 4 S 6 .L Nonn. 43* 3. 
1 o.m. 1571 a p.m. *j*.7. 
La leal Index B1-2M *B26. 
3«vb »r. 55 por (I’M roronrancm ta*. 
Sort Sect t.'-iarw. K««f Int. JOfeS 
SE AiflClry Julv-Dec. 1M2. 

GHS AND LOWS 


* yit —7 09 . 

Ind. OrU I ' M. 


Gold 


S.E, ACTIVITY 


1077.78 tSmre Cmnpitxuna 


Sigh j I High j Xxiw 


Feb. 

17 


Feb. 

J4 


9.85 

50i«> 

■ 1.27 

.1)1175! 

^9.2 

!*.«■ 

74.5 

jw.-IO 


60.45 

«,]. 

60.49 

.4-1 1 
357.5 

.til-1 1 

05.1 

-1 S. 


127.4 

•&,!*?. 

150.4 

<26rtl‘47' 

540.2 


49.18 

£j;I/7oi 
50.53 
fSil-lh. 

49.f 

442.5 -45.5 

c£f-j7>.i?6i!07li 


— Dulr . . 

niit-ftigei...' 
Inrtii-U-in*...., 
tpe'.'umLifie.. , 
1nu.li... 

n- lay Ar'rear. 
Kitr-Bngtki .. 
in>iii>trtai k .• • 

'Itt'IIIMII'l'. . 

Tiit«. 


186.9 

149.0 

39.2 

104.5 

210.2 

169.7 

40.1 

129.1- 


215.5 

182.3 

47.3 
126.9 

215.3 

202.0 

39.0 

136.2 


NCIAL TIMES STOCK INDICES 


Feb. 

'17 


F-b. 

If 


Feb. 

. Ifc • 


Feb. 

la 


Feb. 
. is 


Feh. 

lu 


! A Year 

i ^ 


195-771, 194.03' 198.32| 200.88, Z01,4of 183.60 

.! SULafij 214.79:2l4.88)"8I8.88j lj'’Alin] 179-40 

--5.79 1 ".0.TSj -5i76[- ,5 661 5--60j;' ■S.9B|- 5.92 

. 7.90' ‘ 7-03. lifl?; . 8-0*'. 8. lft B.40 : 9.1 S 

. 200.15; 199 09 lBB.86i 203.43: *0* 52 204 B5i 155.1! 


Gtd'^Sd- 

Propertr.. . . . 

EquICnAaierira". • 

l&ferr 1 ' 

fMeniaiimal.. _ 

Fiscal .. l. ... . 

Growth c*p •_ . 
Growth Act . - . 

Penn WnRiJ. Cap .. 

Penx Mnsd Acr 
Pens GtdDep tap . 
PanaGuLDen Arr 
Pern- Pptjr Cap " - 
Pena. Ply Arc .. 

Trdt Brad.,' -. •. p4 7 
'Trdl.GJ iBaqd 

alui 


[S?i 

1«3 

77 fi 
1004 
1374 
1222 
1204 
121, 
123.fi 
1253 
1290 
112-8 
US* 
150.7 
1034 
1112 
114 2 


124,71 
lSkl 
153 I 
B22 
106-3 
1453 i 

129.4 
126.V 

9fi 9 

138.4 
-133.0 
1366 

U2.fi, 

}»l 

117* , 
12X0 
36.7 


iJ^Bnod " r 1812 • 1 


r (nr rind pramiuin.. 


Tyndall- AsMiraapeiPenalensV' 

10 tad.n>ge Read Brifelo, «KV "Bia*j 

a-way Keh 18 ... 

HRStf ■ 

Prepeny F«*b 16 1 _ 
l*«MPl‘rtL 16 
3-WoyFni Feh IS 
O'was inv peh "is 
U» PitS-W Feh 1 
Do ISquItFFen I . 

Ito ttond Feh 1. . 
l*o Prop .Feh 1 v. 


114 4 

150k 
11*0 
ISO fi 
lZSfc 
1410 
U4 
lfi4 6 
744 2 
1100 
*1 > 


Vanbrugh Ufe Assurance 

41-43MjddttX -V.. Ldn WIRSl t 
Managed Fd 
Bqni^Fd__ _ 


* ■ iih*™ rn. P 

snss^-- 


1380 1*62 

-0 3] 

212 0 2241 

-0.6 

85 * 84.4 


164.2 170 2 

-04 

13*6 1J3.0 

„ 

1162 122 4 



Vanbrugh Pensions Linn led 

-H-43Maddox 1st.Ldr wlR0l.fi 1 H 460 vKS 

Managed_ 1450 JM1J . j 

Equ'tJ - :_N50 1804 

HwdlnlwpL.... m* 9841 -0 ■. •- 

ftppertv ____feiv IBOfl.. .1 

Guaranteed ue ’Ini tu«e Sai»*’ uble. 


Welfare Insurance.On..lid.¥ 

Tke Leti.Y'olkotofle Kent itft! ~LO 

Muoevinai:er Fd. . I . . .4* 9 i-oi; 
fST our or fonris.pIeB^ rner :o The Lmnon fc 
■ Manchester Group. 


jWTtidMr Lifc Assur. Co., Ltd 

IHlfh Strsax Windsor. - WnubordSW 
lUte Id*'W ans.-wfWB 


fFptvra-Aafd GfMo). 
FuhjreA*sd raWhJ 
Ite? .Ttafid-Fraa — 


1*0 n.t 

4?l> ■(... 

«d ■- 


**: .\%ul m* . 

Frex.Ia».0ro«th_llia4 ltf.ff.-f.- 


B'satePr -»K*b 
Arc.Lb, —Feb 7.. 
Bgatelni Feh. 14 
AcmnLi Feb 14 


162 3 
1«17 


172 4r 
20 * 2 } 
166 2x4 
1033! 


Next -ijh Feh 38 ■*)>'• 


307 
307 
3 21 
321 


?3 F -9 : . 
41 4[ i 
59 S| 

6* fi 
3* 21 ... 

*1 


177 1 
[77 4 
*3 4 


7 26 v ‘ " 

7 2 a Sertor Fund- 
j 11 i' ommedti. 

3 1 ; Enern 

Elnanct.i: <*r 
Hlgh-MIulmum Fnndv ' 
Select In'ern.* ... C15 4 

|50 7 


’ 95 
026 
026 
1C 44 
1054 


65 2 
543 
163 4 


Sfllrrrln-".i3w» . 

Scothits Securities Ltd V 

3B a.p - 0 : 


Bridge Fuud MaDagersVtsitn 

KUik William St. EC4R PAR oi«-.?49f) 

Bridge Inc.* _ .. *7.7 
BridgeCapultu.4 . 313 
Bridge Op. Are l. IM3 
Bridge Exempt*. .126* 

Bridge Inti Tnct 133 
BndgolnO.Ace.f . 147 


51*| .. .. 8.99 1 

33fit . . 341 " 

365] .... 341 L. 


115 Ort 

10 


,..j *20 


Prices Feb 14 IS. Dealing ~Tuex tU’eb. 


Britannia Trust Management(aKg) wnnhing-WeaSussex 

3 London Kali Building*. Lundon Wall, 


59* 

32<> 

[20 1 

_ , 21 ’ 

-HighYield _..40S 
—lAeciun L’olU , . 166.0 
Deal. IHnn. *Tuc ".yl jThur* "Fn 

loffgal ft General Ttndalt Fund¥ '"la-q 

T? CurovseHired. RrtJn: ICT^-CCWT ' ' I 52 D 

PtiJan-Ifi. . . :S4 0 57 2i . 5 09 ' 

iActum.l'nit*'. .[67 2 712] ... 5 04 

Next v»h nay Varch 

Leonine Administration Ud 

OuheSULendon V.VMdtK 01 - 4*8 9)01 

Jjeti Hist..169a 7301-05; 542 

LroAceum.-L.[^0 77 7| -0s| 510 

Lloyds Bk. Unit Tsi. Mngrs. Ltd.V (a) 

Registrar; 0*1*. Ghnna-by-Seo. 


S2 4- f, 
0321 -f-" 
fiS.ll -b.N 

to i| -e ;i 

64 Ob -(• : 
Mil -3 7 1 


127 8 r - t; 2| 
5331 -0 I| 


a u,r -ij 1 
51 Si -ii 1 
55 9 -0 y 


S:m.E» i.th’d _jl99 2 
Sent E-. Yld-6 Jlfi2 5 
-PTl.-r-r ai F*?»- 6 NttM 


785 
154 
3 14 

456 

300 

2.4G 

7 91 

7.33 


4 06 
T 13 
4 74 
2 00 
U 


J Fcipero-Fb/i-i ....._ - ... .. ... 

| Hirporo_ .hi 3MJJ «v7tj .S 1.45 

Corn hill Ins. 1 Guernsey) Ltd. 
i'.ti hex 1 ST 3t 7"->ter ftw. riuern^cs- 
Inlnl M.m fd. . 1163.0 1773| ^...| — 

Delta Group 

FO ho,. 3012. Noycau. Eaboma< 

licit* I nr. Feb 14 !51J7 I33i .! — 

Deulscher Investment-Trust 

Fo'llhcl. -J685 Ki eherga jn- MU (WO F rankfart.- 

H:-f = 


Londnn EC2M SQL 

cSpStoiAc^.::: .. ' StS 

Comm*clrd_ .. .. S8.& 

Commodiiy__57.9 

Domestic- ..353 

EaentpL.-JJi 

Extra Inrow. ... 373 

FarEaac-- 166 

Financial See* - H.4 

■Told tc ironeral • .969 

Growth.. .73 2 

lqc.lt Growth . 69.0 

ttn'ICRnrth.SO 7 

lrtvext.1>tSharaa.- 34 5 

lUnerals... -382 

Nat High Inc . .7Z.fi 

.NttwrUfiua.. 333 

North American 2b 2 


A!-fi38M7IMM7B 


69.7) ., 

503 - 0 2| 
544xl -oil 
730 -0.1 
38.1 -il2\ 
987 HM 
402a 
17 Jb -ClJ 
6*8 -0.3 
1043 -0J 
70 7 —0,4i 
T4J2 
545 
4ZSn -D2i 
411 -0 If 
780 -0.3^ 
36 8* -0J 
202 


5.29 

438 

439 
532 
4.40 
050 
977 
4.95 
*.49 
7.71 
438 


FirntBalned.1.— „ 
TV-.iAcriisni.— _ 


Second iC*p.) —... MS ft 


Do. lAcciur, 1 . 
TliinldtfcoiDCT. 
Do. IACCURI r. . 
Fourth lEalnc.V. 
Dtt.iA-jnim .1 - 




01-8S3 >38 

500' 

67 6 -01 
447 - 01 
*11 -01 
822 -03 
110 3 -0 3 
60.4 -fl 1 
67 flt -01 

Lloyd s Life Unit Tst. Magi*. Ud. 

T24K*.itotehomrel?... Ayleaburs icshmmi U K. ridth hk . 
Equity Ac«HT .. .IXS0 6 1«5V ‘ 4J3 


[56 9 
76 5 
1107* 
56 2 
^24 


287 6r.j 
i7D2i 

• «h c-i- Feb. S3 

Schlesincnr Trust Mngrs. Ltd. (aifz) 

ilncorpor jure TYiden* Trul 

140. bourn Street, Darkic-C. 

Am. Exempt-".-[104 

Am. Growln _ . _.[24 4 
Exempt High VIJ •’25 1 
Exempt MU. Urv 23 6 
Extrafnc Tst .. .1205 
5 *5 Income Dire . tJ94 

ff? Inc.llP.Wdrw! .(30.7 

3 6. iMnl Cmvili 

J-67 im.T*i l ull*._ 

7 ii Narhel leader' - . 

6|J * Nil Yield _ .... 

•®6 i*rei. 4 Gilt Trust .. 

• “ Property .shares - 


194] 

2b 2 -02 
264 
249 
n i..- 1 


403 
22.7 
268 
26.fi 
37 
256 
251 
20.0 
IE 1 


386.-: 

43 4[ -01 
33 4 -01 
43i.fi 
24 4 


n«<:.Ffi44l 
206 
264 
3 67 
450 
930 
929 


—0 4| 
-83 


20 
24 
27 

2L5[ 

14 5! -<1 1 


334 
449 
A71 
0.01 
1X64 
226 
279 
5 94 
59a 


7js 3* & G Group* tvjfcKtt 

J *5 <6>aSV Tower H:'|, ti'Sh 6F<" '.'1838 4f*» 


3.48 
2.40 
■ 02 
434 
2.02 


339 
251 
435 
510 
J 00 


Brixaema Tru)»—Caatinurd 
ProHw*renal... -|4B3 7 4*7 7| - 2ol 

Property Share* _ 13,6 14W-01 

shiiw.:-. 4493 - 0 . 1 , 

Statu* Change % - 27 4 - 295wl -9.2 
tJelv Cnergfi-. . .[29 5 . 31 7jj -0.1 

The British Life Office Ltd.¥ ia» 
Reliance H«_ Tunbridge Well*. KlCBK 27271 

RLBruish Life-|a*5 49.01-0 21 5 83 

BXBalanced*.. - N3.4 47tf J 5.49 

Bl.DMdend* . . M2 4fi2| .. | 8.61 

*Prieet Fen lb Next dealing da", tth. 22. 

Brown Shipley ft Co. Ltd.V 


See also Vtock E-charge DratnKf 
.vmencan. 

lAcrum. Units .....[994 

Australasian _*80 

1 Aceum. L'nlj*. .— 40 7 

Coimaodlty -*X0 

iAreum.Lnita<. ..65.0 
Compound Growth r 
Comerslon Growthl 
Cnnvcnlon Inc. 

Dividend... . _ 

(Accent Unit*.. 

Tii repeat!.. 

1 Aceum Uir.ts 
Extra Yiold 

1 Aceum. I.'niu: __ 

F«r Eastern . . .... 

(Aceum. L'niU' ... 

Fund otInv.T.-tr ... 1540 
1 Accuoi I ’niL*. , . tt&B 

Gcni'ral-- . (149 6 

(Accum. i'll Us-1228J 


New -*jS F^s 

J. Henry Schroder Wage ft fn. l.td.V 

l-kM'hvapMdi*. E 


2231U] 
274 4, 


fix 

Mini 


4 *3 

171 

18? 


4 TB 

422 

44 8 

-01 

515 

340 

36X 

-01 

5.15 

290 

ii 2 

-0 I 

410 

111 

14 S 


3 70 

227 

24 7rtj 

-01 

536 

159 

. 17.0; 

-01! 364 

518 

560 

■V H 5X5 

208 

221 

-fl 1 

5 75 

571 

59 5 


5 74 


omnjBSSO nighlnromo.. ...(1007 
465 fAceum. finis- 
4*5 Japan Income — 
(A«*cum. t."n)G'_ 
.tlnpiura 

1 Aceum. Emiv. . . 

Midland . _ 

iAccum.Cniu-< 

Recovery . . 

(Arcum. Units 
Second (Jen 
(.Arcum 
Special 
lAvciim X^nii*" 
Specialised Funda 
Trustee —t.. .-[1346 
1 Aceum. Cnits |2S5 5 
chan bond Feh 14 . 


Mrgrx Founder! CUF-Ci 
B5 L'nWs Feb 13—1709.7 
Oo.iAce.iFeb.1B .[2504 
Oceanic Tthmv 
F ltiaiM.ia: . 

General _ 

Growth Aceum 
Growth Ini-ome 
Hl^h Income. . . 

Index 

fwertea.- . . , 

Pertorou.nee . 

Recwerx. 

Eamnt.Feh 10 ....1571 . 

Trustee —t.. .-[1346 1428j -0 «] 

CuuuIb Life l-nit Tst.. Mngrs. Ud.V 1 AceumL'nia. »ss__ 2 M. 6 , —osj 
2*8 High Su Penan Bar. Herts p BarAl 12 a yjJSw^b l< '*i 148 lJ i 
Can GcnDi'L J34 7 . 366.aj-*0J| 444 1703 172$ 

StS^Ofi 7 75 rtan *" ^ r * h - ,3 "l 1 ^ 2 Laa.Ni . 

4521 ^0 Jl 



CuptMi Feb t4 
1 Accum. . 
Income Feb It 
•Accum. l’nlt*.. _ 
'"rcrirral Feh IA 
• Arcum fiiil** 

Europe Fi’Ufi. 

■Arcum t’niix' .. 
•f'r.V.hfi'.lai. 24 . 
•SpectEx Feh 7. 
•neeo-.erv F-b 7 . 

■For i.n 


|93 3 
1121 
17J 6 
3448 
74 5 
917 
269 
29* 
166 2 
7na 
177 3 


%6| 
116 1 
177 tej 
250 r 
77 6-1 
9SJ 
26 fa 
312' 
17X3^ 
218 Ti 
lOlb.-s 


«i lUtr-IM 
349 
249 
7 05 
70S 
345 
3 45 
140 
140 
400 
403 
516 


einj-i lund- roly 
96 X Scottish Equitable Fnd Mgrs. 

SR Si. Andrew^ sq . L-Jinburar iOi 
Income Units. [481 5X2' 

Accum. Unit- .1541 577, 

• De.ilnq •!*»• tCMtnouja^ 

Sebag Unit T«. Managers Ltd.V ia) 
Pi i Box.411. Beklhry Ilw.Et J i«: "iiflora 
SebacCapital Kd .[31 6 33 X 1 -fl q 3 76 

- - ■ -V. |2B9 3CJ( [ 


Seha^ Inrumc Fd 


tld.V 
aw bin; 

1 5.48 
I 540 


815 


iw S«fcarity Selection Ltd. 

H2 . li-IB. Lincoln", Inn Field* WCt *i;.ss* tm r-9 
in I’nvtfilhTfil \ec ,22 2 1371 .. , 3 4h 

7 09 X’nvl illh T*l Inc . J19 6 20 9| 

704 
470 
470 


•.cntenlni 
Int Renrcnfend. 


|fJ14«0 


Dre.vfu» Intercontinental Inv. Fd. 

FO Bee N37i2 Na.-..*"i. Bahama,. 

NAV Feh M. .. .jv jliT UK. .I - 

Emson ft Dndler 1 At.MjfXJrsy.Ltd. 

F O Bpv. 73 St Heller .tersoj.. UN 37501 

Uj.lt: T ... 11)71 124.7! . . | - 

F. ft C. Mgmt. Ltd. Inv. Advisers 

1 2 LaurencePoumnej- Hill. EC4K ORA. 

ni 40? 40811 

■>m Fd Feh.it . ‘ 5( 54 30 I — 

Fidelity Mgmt. ft Res. (Bda-t Lid. 

PO Box BT\). Comihon. Bermuda. 


Old Court Commodity Fd. Mgrs. Ltd. 

PO. Box 2J*.St JuI"jr's‘rt,Guen:wrM8l2ff74l 

o.C. Comrtry T.4.'_|17L3 129 M _ . | 5 CO 

l'i c Dllr 'Tm Tfii.r [S24.49 26 05! . - 

•Prices on Feb 14 N'<uT dealing Feh 2S 
♦Price 01 Feb. 7. Next dealing dale Keh. 31 

Phoenix International 

pr* Box 77 st. Peter Pert, Guerrffer. 
lnier-I*ol'.arFuad_llt‘f222 JJt)-9 0Zi — 

Property Growth Overseas Ltd. 

IT !n*h T»*"*r:. Gibraltar (Gro.-fiiCO 

I" S. Dollar Fund ..[ SKSM37 J . | — 

Sterling F uno . . I £ 126 B0 1 ... [ — 

Royal Trust »Cn Fd. Mgl. Lid. 

P O. Bo- I!M. RuvaJ Ttt. Hse. Jenee. 05S4 27441 

RT.lmT.Fe.[£i>4M 4i5». ' 3 00 

RT iml iJry..Fit [B4 M, .1 ?21 

Pr.ce* at Feh. IS. Net: dealing March ii, 

Save ft- Prosper International 

Dealin; to" 

37 Brna 1 tt.. St Kpl|er.Jcr«e"," 0534-3UPI 

VS. Itollar-denondnalril Funds 



Fide ity Am As* _ 
FidelUj- lm. Furd.. 
rideliij Pao. Fd ... 
Fidolto W rWFd .. 
hide-lire Sler. Fds.. 
Sene' A'lmni.v 
Series B*pac:lic . 
Seni'f D ,.\mA's.' 


m 

SXS12 13 

1307 

£*29 

tua 


-fa! 

-•*& 

-003] 


First liking Commodity Trusts 

H SL Gecrse < St.. Deu^la!. I all. 

C««J4 4HC Xdn Aria l-unhar b •:«■. Md. 

M. Pall Mail. • onden 4 W J7.UH OJ-fl3OT057 
F.n. v»k fa T'l |4X 1 a J 3n* 

X .107.0 


72 0! . .| 


2.00 

0 70 


Sterling denemirated Funds 


Channel Capita)*- I20E5 "2195ri -031 782 
CnannelIslands*- 134* 147S 507 

Comnwditj—rt-114.2 120Jm[ .j - 

St Fxd.lnl.--ri- 119 0 125.9].. '12 04 

Prices on "Feh 13. "Feh. In "“rcX 16. 

1 Weekly Dealings 

Sc hi esi tiger International Mngx Ltd. 

41. La ManeSx SL Heher. Jersey. 05W T358&. 

3W.« _W 

So 

15944 


Stewart Unit Tst. Managers Ltd 
45. CTiurlnRe S»|. Edi nbu: u 
5 37 sienn Ameriiren Fund 
j-Jj Standard t'niLv |54 4 
433 


154 4 57 4, 

A 1 -rum L'iiili .. ..150 6 *25j 

Withdraw it Unit* K4 5 *1 7i 

Stewart Ob-lush fapiiaJ Inmt 
-Standard . il27J JJff! 

15o Bl 


Do. Gen. Arrum 

Do. Inc. TilBl.__ 

Do lno. Aceum.... 


r» vi, i.MOr.Tht 

Fleming Japan Fnnd S.A. 

■*7 rue Nnm-liame. Lusenirtnuri: 

Kims Vet H ! 5L-S40B1 .| - 

Free World Fund Lid. 

Fuiicrtiejd F.'dg. Hanultnn. Bermjrta 

navJ on :::.; st;si64W ; . i ~ 

G.T. Management Ltd. Ldn. Agt*. 

rarfc tc." ’« Firiburj r,rra«. L.' 3 'Inn D72. 
Tel OI-eaH 8131 TL.T: 888100 
Management International Ltd. 

•j n 3k. of Bermuda hYonl St. Han::to. Kmda. 
Amhor B lnlU- .|K'<&18 • Nirt ... . ] 145 
Anchor Int Fd -fll'S3 02 4D5xJ . .1 199 
CT. Olermuiia Ud. 

hk. of herm.irta Front St, HamliL. Bmda. 
BerrcPacF. . . 530 36 -- J..1 IDS 

n 7 SKd- _ J SUS6.34 I .... I 0.80 

G.T. Mgt. lAsiai Ud. 
ilu:chi*on Use, Harcnurt Rd. Hong Koac 
■7T.AM.iF ISHK724 7M| ...I X47 

>1T Bnnd Fund .1 5US12.B2 530 

j G.T. Management l Jersey > Ud. 

I Rit-.d! T'.f. Hsr I’otiimliena st tMn-r J« 5 ^ex 
,ai jt;.T.A'..aS!Hrlioc-lU0.6O uiai .. .1 179 
- '■170.127; | Bank of Hmnuda ‘Guernsey 1 Ud. 

;.U tc. Is- I'.iIleL IllliTUtoV. IM81-2S.4K 
i 70 j Bern Pec Sulc .. I2C50 21520f . . ! 1 40 

1 Ancl>»c 1 fill F.dce .. E1B54 10.531-00 12 DO 

\ichiTln Jo Tst [22 4 24 aj -0.?[ 3J6 


S.A It-[74 __ 

■Tilt Fd...— 

Inll.Fd .tMr-f -..._ 
lntnLrri.t-unhrg.., 

Schroder Life Group 

Eaterr-roe House. Portsmon'di 

Onleraaclaual Fund* 

IFq.ntJ-- - 2034 

SF-quii; .-11J3 

IFreed lmere«L,_ 1397 
5Fixed Interert. _ 1029 

Manafied .. 1214 

SManaced_10ft 1 


24 3[ -C7 

99 d. -1 


99^-0071 _ 


070227:33 

109 .. .. ■ — 

m s - 

1406 .... 1 _ 

. .1 _ 
1243 .. . , - 
1M.9I - 


355 


7 75 MannLife Management Ltd. 

Sl Ocnrsa’ Fl). Stmciuc*. 

in ' :rD,rth -•*’ 09*i-:2i 4X1 11 . Gresham St. E.:: 

461 Mayflower Management C». Ltd. TarurtConanodiu-pi * 

tnonne ... [73 2 77 91 I 7 43 Grrshttm EC7V TAX' niJWHMO £."9 

Pnres (wi Feb. IS Next dealing Maroff I. imnsinr Feh 7 .1187.7 UJ* . I 7 79 TarariEx Fei> I3 - "U84J 

General Feh 7 . [67 7 J1 JI I 6 03 ttt iti Acc l ull) [2704 

Target'.ilt Fund. [1104 
TarriX Growth . (27 4 

30. Grrohani .-1 E>:2P2EB. «|,*»HSVi TaWlnll 


Capri ijamro) Mngx Lid.V 
KNOId Broad Sl. EC2N I BQ 
Capital - .1798 M?J 


G art more Invest. Ltd. Ldn. Agt*. 

2 > 1 . Man" Axe. 1 „,n don, W3 6 I-S 8 S 3331 

l.anmere Fund MugX fFur East* Ud. 
i'tn H'Jfrhifiuri list ID Harrniirt K.f tf.h'nnff 
UK A- Par C T«A.. KIIK2J9 :*2[-01l 3 00 

Ti<^n» ;i«if-'.I") — 

iisxm iua-P a — 

SrsMtt :o47uj-c.i::| - 

043854101 Target TsL Mngrs. Ltd.V lailgl jl.ajrunare lirownnenl Manx Lid 

Dealings- Q2A0£94; ( J * n Rr "- -72. . *WM J33J1 

34 oi ... 1 459 iSEPSK'ap* 1 ^'- 7 ®! |ijj • -I *HS 


6 Ii "Nflnnam . .- .**» • 

it"2? Aceum thus . ,.|l44* 

10 jx 

rn Sun Alliance Fund Mngr. Lfd. 

7 71 Sun Alliance H«e.. Her-ham (►in.. Oi;a| 

^F^TM. Feb8 .|a91B0 2B0_49i • *57 


597 


Kamih" Fd. -|B4« 


04.71 -n: 


394 


'.iparFri ..hlfilim 

^ AfThTH 1 ^ T •» _ 
liV (hind r'uml 


Cariial Unii.Fd. Mgrs. Ltd.V fanc» „ _ . „ , . 

Milburnllousv.NroreaaUe-upon-Triie 2H85 M'rcucy Fuad Managers Lid. 
LJVilel ^ [62 B 65 JJ .. I 4 72 

Dn A>:enm l'(UU..[74 7 77 2] ... [ 4172 

Bo. High Yield ,..M#5 «3.0} . J »19 

Do Accum L’niis .[Ml 516j ..J 819 

Nexi dealing dal* March I. 


Charterhouse JaphelV 

L J 1 *! ernoiter Row. K* 

CJ Internai'l ,|2DS 
Arcum Emu. . 

CJ. Income 
C J. Euro. Fin . . . 
rtptSDepi.FebO , 
•-J.Fd.lox Tst 246 
Ao-vm-Unlu-.128 2 


Mere L^en.FM 1 1 IS . 
Are Vte.FeK8 .... 
Were lm.Fel> IS . 
Acrm.Els.Hef" IA... 

Mrro.ExL Jan2>i. . 

Arrum IJls Jan 20.. 




234 
336 
250 
216 . 


ni^Asaom Midland Bank Group 
2i6| 1 - 339 Unit Trust Managers Ltd.V 


Sheffield.SI 3Br 
Cnounndilv* "-ffr. 
Do Accum . 
Growth. _ . 

Po Accum 
Capua!_ . 

Chieftain Trust Managrrs LULVtaiig) ^ eo A r ^“ m - ■ 

wat Queen Sl E'.MR IBB qiAMOauS Dn Acrum 


Pnee Feh 15 Next nettling F«h 


359 
704 
170 
178 
4 02 
402 


American - 
High Income _ 

International Tn 
Bafir Resrop 


.. |.za44 ntd-ou 272 

_ moo 4]a[-oi| 444 

T*i..|i7i21B 23 5] -Ol] 3.46 

■ To 123 4 25Tl | 4 03 

CUmfederstioo Funds Mgl. LitLv ut 

50Ghttncerv Linn WC2.fi 1 HE Ul-243 K282 

Growlh Fund - 138 3 40 31 | 4 37 

('jMxnopoliiaa Fund Managers. 


Interna* Inna I. 

Do AixTum - 
High Yield 
Po Aceum 
Equip. Exempt* 
Do Accum." - 
'Pnce* a* Jan 



*04 


rourrwood Silxer Rireet. Head 

Tei OT42 7WM2 

'562 
faS.I 
325 
344 
237 
236 
afifi 
53"l 
343 
415 
577 
544 
U034 
(1034 

l. Next deahne Feh 3» 

Minster Fund Managers Ud. 

Minster Use.. Arthur SL, EGA PIJR31 flflfl 

„ _ MiiiiterFob. 1-' |33 5 35 51 |. 562 

•JOMhttll .five . London EC2R 7JN 8209322 Exempt Dec :«l .{05 4 84 5j [5 92 

■ "osmoiwln Grh F>i J17 J U 5) J 5 06 


1 4 75 Do- Rein." l.ni» ... 26 7 
4 75 T»ri:ell«>‘ - -.271 

] 09 Target Pr F-h !."• . 150 8 
L09 T«t-lnc . . .2M 
I 415 Tgt Prol _ 14 

I 4.15 Onne Growth Fri . 175 

Tarspl Tst. Mfirs. (Scotland) 1 alibi 
ai l». Athol i.reurenL fcilin 3. mi -23) H62 1 "J 

Target Eaule . :22 a 24 6| .. [.139 

TurgclThwle [377 40 5j . 5.42 

Extra Ira-nme Fd |5SB 6iJtfi -3 )] ID 58 

fl* Trades Union Unit Tst. Manager«V 

156 i«i.W**dMii»rel.ECS ni-tSHUnii 

346 "njl.TFeS 1 _|4B9 5731 . I 5 22 

3 Aft 

*sa Transatlantic and Gan. Sees. Co.V 
* 5* ni-WNew lonrtan JW ^hrlnrlviii n2S',ff:n r .: 


HarPican Feh i* 

<Aceitn l'nlt- ■ 
Barb Euro Jan Si 
RiK-km Fnh it. . 

1 Aceum I niisi . — 
Colenwo Keh IT .. 
tAcrum l.'mifi" 
Cumrld In* IA. 

• Aceum. fniia; - 
G'en Keh 14 
■ Accum i.’nire- . 
Marlboro Fel. 14 
> fiffcum Inn* 1 . . 
Van troth Feb 14 
ficajm l.'niti 


1IL\ Uni* Trust Mgranot. Ltd. 

Crescent Unit Tst. Mgrs. Ltd. fang) . old Queen a-treej.swiHOjri 111-1007333 ~ 

4 MfllfixUe L'rM . EfUntwircn.t 031^384931 MIA Unite - |35J 37 01 | 4 54 Fch-Ys 

Groficeni Grawxh C5 7 flu —□ IJ 43*■ Mutual Unit Trnsl ManagrraV laKgl 

sC'JTwJl Bl2 Sa^fli s“ ISC-pthall fi-e EC3R7BU. . •»!■ fiM4803 

i/rttfi R^enefi fvfi 481^-01} 4 65 Mutuc]S«_rlu-.-[47 6 5L4) -D.lj 6.94 

Motiial Inc Tst. . 63 4 66 if -0 Jf 704 

Mumal Blue tinp 4X0 4a3et>cJ 606 

jiYiii -157 7 62 0 ) - 0 3) 853 Tyndall Managers Ltd.V 

18 Can>nce Head. Hnsinl 


Discmionary Unit Fund Managers 

32 Blam&el'iSt.EfTSMTfiL. ti'.-ICin443s 

Dtsrlnrrene 115*2 1*45| . I 520 


ang 
Accum rmifi 
Wlcfc-r Fell IO 
1 \erujr I'liiu. 
Wick Dp I-eh IT 
Du Vcc*rm 


1716 

1CB0 

801 

726 

804 

114.0 

1354 

51.5 

550 
509 
64.1 
464 
523 
466 
56.7 
67 9 
424 
433 
. 556 
bk.O ■ 
.620 
164 3 


7* 2d 
114 8 
025 
7*3 
92 8 
121 L 


_fi, 


143 9( -4tf 
54 6) 

504 

5*2 I 

683 

40 6 : 

549 ! 


49 1 

S5 

58 9»". 

7J0| -IS 


579 
5 79 
3.B2 
430 

4 JO 
574 

5 79 
657 
657 
554 
55* 
272 
2 72 
332 
J32 
7.76 

6 07 
6 07 
5 32 
5J2 
806 
80* 


E. K. Winchester Kund Mngt. Ud. 

f lid IrwTfi. El'S 01-ms 2187 

<irr*t K'lmh'nef 117 0 l)ti( . .1 *24 
ijt.Wmph er n »ea«IU7 20 int . I * 00 

Enunn ft Dudley Tot. Mngmnt. Ltd. 

20. Arlington SI S« 1 01-WTVfil 

EOHnn lhutlevTitt 1*7 6 72 7) ..-I 510 

Kquiias Sec*. I.ld.Vtailgi 

41 ttrehopiflale E*T Irt Aaft.WM 

Progresxifi- 1*81 *3«)-0 21 4 44 

Kquhy ft law l'n. Tr. M.V taHbhci 
.Amereham Rd. (Iicli Wyebmlw 4404 383TT Spitoj-Acriim 
Equitvgg Law - 1*0 3 *3 *) -0 3| 4J3 F.ctra Iiic_ 


Mutual High YU . 157 7 *2 a[ 

National and Commercial 

.t| M Andrew ffqiiare. Edlnbui-ci mii-VVi 6Jil f ,‘ 

Income Feb ir ,,-J " 

1 Aceum. Vnrts 
I apt. FffJi in 
.Actum l'nit* 


h I.'. 


oite’ 

Cat* Feh IA 

. \.-cum f"nite. 

Exempt j u n 2T. 
i.iictn 1'niii-' 
.ranengc Keh Iff 
\pT.m I niisi 

40.Graettehiircbai KGSP.iffH tiioCT-aSra j n( Fan, I'eh i,i 


54b 
54* 
3*4 
344 

National rrorident Ini. Mngrs. Ltd.V 


XPI iltMJnTS .144.4 • 47 31 . 3 75 

1 Arcum Uuili.." .. H3 3 5* « 3 75 

NPI 0'«ea.. Tni«t S1L4 U79 3 20 

i.ficeum Unit*.*” 11170 124 7 3 20 

"Prices on J»1 l 26 Ne« dealluc Feh Sl 
"'•nee.* Fel. Iff Next dcatinc Man-li I 


ficcurn. t-'niui 

rX«t i"ap l>b IT. 

1 fitviiir Unite, 
rot Inc Fell IS 

I on doe Wail 1'iIMp 


|45« 
1164 J) 
11*2 
1*12 
110 2 

tev 

|U«4. 
226 0 
2514 
1310 
1532 
153 0 


ioo ;; 

177 6) 
122 2 
1*9 4 
1158 
159 b! 
97 6) 
1292 
238 2 
264 0 
117 * 
1*1 D 
1*8 B 


q272rJ94l 

763 
7*3 
« 30 
430 
7 43 
743 
560 
5.60 
525 
525 

5.04 
504 
900 


t!i ... .154 6 
Ifamhrn Pacific Fund Mgmt. Ud. 
2'.in .'rmna.iih: Centre. Hone Knnc 
KJrl—*:Feh 11 ..[9*9 lOJM .) - 
Jnpan F.iii.i . ...ISl.fiaK d TT-O -M — 

Hamhrns ‘Guernscxl Ltd..*. 

Harobro Fond Mgrs. fC.I.' Lid. 

P o P^>. as 
Kurd 


5L32 


latnl. Fond. _5VCSJ9 

hit Equity . . i: S434 
lnl. ‘•at ingfi "A .. Sl'Sl 80 
l-.lSaiinji'R . irsiQS 


146 2) . 
!»f’i .. 
IHO' . 
103 
103' 
Next riuHlii.2 


•4*;-28S2I 
. . 1 3.90 
. . 050 

250 
B50 

....... ... 1 258. 

fiylffn. «n FeT, is 

Henderson Baring Fund Mgrs. Ltd. 

l’n Mn« N4T23.Nasfiaii. haham.-i* 

Japan Fd .lia 87 1532' ‘ - 

Inrifi on Fe.h. 8 \*i riealinr ria'e FpF 22. 

Hill-Samuel ft Co. iGuemsev) Ltd. 

K 1-eKel.vre Pful Port Gnererf-.. C.l 

•;-jeni%»y 7*t-_JI*3 7 153 71 -J Ii 358 

Hill Ramuel Overseas Fnnd S.A. 

t7. Rue Notre-Dame. Lufiembourc 

P.S1522 lirs-n: - " - 

International Pacific Inv. Mngx Ud. 

IU Bo* PJH7. Pin St. fhdn<9". Au*». 
Ja.oIinEq.jin T«. 16191 1011-0 01, — 

J.E.T. Managers (Jersey) Ud. 

i ” Bn\ 1*H. Dm a) T>i Hse. 27041 

tvm—Fxiroi.Tre ..{1080 116 0' 1 — 

A« a; San .11. \e\l fiub. dr- Feb 28 

Jardiae Fleminli ft Co. Ltd. 

■HAIi FliHir. I'onnauqltt Cetllre. Knr4 
J.inline Fj^n T t. 1 «HK209 40e : . '3 40 

Jani’ti^.l ri: Fdf SHK27492 .. ■ 

Jarrtlro-S FA S"SU79 i I 

JurdmeFlem lnl t.| 5HKB tin ' 1 

NAl J;«n Ifil -Fqui'.-aloct 5t'5."677 
Next i.ub Feh. Iff 

Kemp-Gee Management Jersev Ud. 

I < 'hanng Gros*. S» Heitor, Jer*«-y .0.V- 


J. Henry Schroder Wagg ft Co. Ltd. 

12(1.Chcu|i*iric KC2. «i;^f94mo 

1 fcwan S Feb. jfi — SI ;S10.44 |-0J3| 2 *7 

TrafuearJan.3i_ 51,^(1736 -J - 

Asian Kd Feb.S.„ SiTJffl 13M .367 

Darling Fad_SAX76 X07 ...1 5M 

Japaa Fc. Feb Id.. .pl'SSJJ *«H . [ 017 

Sentry Assurance Internationzl Ud. 

P.O. Box 328. Hamilton 5. Bermuda 
Managed Fund. (U.S4971 13N,' I — 

Singer ft- Friedlander Ldn. Agents 
20. ran non St_EC4. 01=489648 

Dekafonda_._|DM25J5 2*J0[-0J0| 6*2 

Tolt*oTsi Feh 1. 1 *1*30 00 I ..[ 2.00 

Surinvest (Jersey) Ltd. t*i 
P 0. Rov 08.5r Heller. Jcrto;.". WS4 7V71 

American tnd.TM—|L674 63K-D M 140 

«'enperTrjrt. . .[£940 10 20 -0 0) — 

Jap. Ir.deff T>t — |i0.75 1 931*0.0*! ~ 

Surinvest Trust Managers Lid. ix> 

48. Athol street. Douglas. l.it.Jt 0824 SH>;4 
TneSil.erTrust_.f48.fi lflXOj -*-0 JI — 
Richmond Bern .197. [lB6 4 1962i -1 3 10 2ft 

Ha Platinum Bd ._|lI22 llftS-D*! - 
Di.Gnld Bd._1995 1M5I .. .- - 

TSB Unit Trust Managers tC.I.) Ltd. 
BagaieHc KftSt Ssntour, 0534734M 

.leraey Find_M3 5 45.8d| | 4j* 

Guerr.sf'}"Fund _M35 45Jha| ... I 4 19 

l*rice* on Feh. 8. Net sub. day Feb. 15. 

Tokyo Pacific Holdings N.V. 
latimir ".lanajemen: Co. N.V. Curaca,i 
NAV per vtare Feb. 12. 5L’S4L20 

Tokyo Pacific Hldgs. tSeaboard 1 N.V. 
latlnus Manaffemetit Co .%" V. Curacaff 
NAV per mare Feb. 13. SI S31 48 

Tyndall Group 
P.O. Hn 1256 Hami I Ira 5. 

Oierteafi Feh. 13_BTS.JJ 

■ Accum. Unit:".... SIE 
3-Wav Int. Jan. 19. .'H siCj 
2New St.St- Keli-r. Jersey 


TOFSI.Feb. 15_ 

1 Accum. Sharei" 

T.VSOF Feh. 15- 

1 Accum.Snare*, -- 
.ler*e". Fd Feh 15. 


£AJQ 
£9 75 
76.5 
7*5 
non 


iNon-J. .Are Ua." _ [262.6 


Gilt Fund Feb lff._ 
lAccjm. Share*. 


, Oraiuda. 2-27** 

IMdf ...I 6 00 

r. • 

0504 37321.3 

W - 00 

“I- 

202 .W _... 

270? . 

U24i* . 

1412] . . 


700 

1068 


UOd 

IJ30.0 

Victor? Hon*e, Deuglra. tele of Man. M24 2582* 

Managed Jan. IP— 11272 134 01 ...: — 

fid. Intnl. MugmnL (CJ.I Ud. 

14. Muknrter Street, Sr. Ilelier. Jertty. 

LJ B. Fund -I SLS100 f | 8 25 

United Slates Tst. IntL Adv. Co. 

14. Rue AJdnng^r, Luxemheurz. 

U S.TM.tnv.Fnd .-i SI S93* i-60*i 8» 

Vet atfiel February 16. 


n;<fW*a55 

O.OS! — 


tie 

2*0 


KempCec'.'api'al ;B4 1 
KcmteOee Incttme 165 9 


86.71 
67 V 


r.iT4i 

827 


S. G. Warburg ft Co. Ltd. 

? r i.'jreshatr street. EC2 
Unv.Bd Fd. Feh 16 J SUF441 j 
Knay.lln Feb. 16 ...] SUMS 29 | 
rlrs! SFd Jan.3? .[ SU.S6.47 J 

Mur D.r Fit Feb Iff IV 51335 mill .| — 

Warburg Invest. Mngt. Jrsy. Ltd. 

I. '.'harms Croat. SL Hull er, Jsr. Cl 0554 73742 

CMFUd. Jin.2T. Kt 51177 12BS| J — 

•.ffrrxid. Jan.L-r. ui<s 11 fn . — 

Mrial.Td Feb. 10. £10.43 1X20 .1 _ 

T-ITFebi ...... . JVSMfi 9S8I __ — 

TUT I .id. Keh q — [tU 9 17[_I _ 

World Wide Growth Management* 

(flu. Tmalen'l -t«~al. Luxemtojrc. 
Worldoide Ulh r d| SUS12 79 |-S0i| — 


NOTES 


National WesuninMerVfa) 

IflJ. ChaoEtJSV BEU ni^a>> rinii 

15»8 61 31 -0.21 


Framlington Unit Blgx Ltd. ia) 

5 7 Inland Yard EC4RSDH 01 24AB9T1 

'Jopdol TM.1105 0 12X6). I 4.no 

loeomeTiEE _ . [%.« 182.41 . . . | 6J4 

Int. Growth yd. nib 474 .. j 7 56 

Dp ficeiim 143 B 44 6| . _ [ 2 *3 


Financial- 

Growth Inv 
Ineottic - 
rvrUTplloIn*. td -. 
Umverral Kd.d 


63.7 


^*0 51 .0.1 

05 M -Oil 
3661-01 
69 S -02 
50A-0 1 


ipital .iroi*Wj 
Dm Accuiil . 
Kfitralnr Growth 
r*i Aceum. 
Financial ITrty . 
Do Aceum 


74 9 
765 
35 3 
343 
'1&.0 
14 4 


llichliiv l*ruirir>_.|57 7 


)Tnernati...iial . _ 

Rpeeial SUfi . . 


624 
. .6 24 

37 4i -lUi 18 09 


60 1) -01 


m 


*Z2 -Ol 
17j -n.r 
20 8 -0.1. 
62.0 -0 3[ 
27 4 

31X1 -01 


10.09 

456 

4J6 

8.49 

405 

514 


iSiw ,'itnt incl jde 3 premium, excep' where indicated 4 and are in pence unleu othemM 
■ indicated Vh'lrit "fi> isFcmh in Ia.il folumn. allow for all eujmg expenaefi. a Offered prices 
'incl ideal! cipenfint. h To-dar"* i.nero c Yield bafied 00 offer price, d Estimated, g Te-day't 
j opening price, b DisuibulIon free ■>! i.Mi-tafie^.p Periodic premium Insurance plans, a Slng)« 
-premium Imuirum-e. » ijffered pr.cu include* all expense* except agent’s cotnmiMlon. 
s" I'Ucred pnee include, all if bought throurii manager^ x Previous day's price. 

Nm of 1 j. realised capital cam- unless Indicated Kj t> * '^uernaev gross. 0 Suspended. 

* Yield h."h"re Jersev U>«. T Ex-subrtifiiHtm. 


FriwiiJs 1 . Provdt. Unit Tr. MgraV 

Pixhara Knd' tairhint . M3tK.ve>'. 

KciendtPriH I V |M 2 «1 Vi - 0 11 4*0 

nu An urn • |50 0 53 4j -0 4 60 

G.T. Unit Manager* Ltd.V 

id Fimfum 1 ireius EC2M tdd nr-cGnarti 


li.T.Cu'Inr. 

Do. Ac- .. 

IT.Inc Kd Un . 
I.T. U.S. fk (ten 
G.T. Japan ft Gan 
J6Gt Fen*JRx.Ft}. 
(G.T. Inti. Fund 


1702 
93.9 
. 1577 
. 1322. 
, 227J 
13L0 
106 9 


hS,T. Four Ydf Fd... [S2 2 


99J 
1677 
148 S 
239.? 
1375 J 

113.T 
35 S 


-r2.3| 

-«1>J 


l l.W 


NEI. Tmsi fflutugarn Ud.V tang' 
Miiinr Court lierkini Kiirrej ."4>n 

Yelilor [57 9 60 91-0 41 5 00 

\elfilarH-jhIii" -W( 50 sl I 9 42 

For ,\pn ('sun Fond Hanagrr* l td. 

*ee Rnihffchild Awei Mauagemeni 

\nrwiph Union Insurance Group fht 

I’M Ue<4..V.T^iel..NRI 3.YG nflna-.e-yai 

3 ^' 'JrnupTrt.K.. [329 8 346.31-0 51 587 

3 M Pearl Trust Managers Ud. (alig'Hzi 
* 5 ® 2 S 2 HishHnlbern.Wt’jVTEB - i UI403H41 


2J2Q 

X2Q 

4.10 

2J0 

7*0 


pearl Growth Fd 
Accum Unite - - 

TVnri Inc- 

TNan UnitTM- —■ 


2X6 

250 

301 

326 


3 |VQ. ft a; Trust la) fg) 
IS. fU' Jclth Rd. Brentvrad 
a . 


a^-OJl 521 
2*.3 -DjJ 621 
32fl-nt] 70 s 

-.... _ . 35.ll -0) 5E 

(AccURfi. Unite. — KX4 44 6| -0 j] ft 23 

Pelican Units Admin. Ltd. CgKzi 

.-(BTff.araro «■ Fn U *faln«W Uan-heitoe nsi-SjOAnfi Incfi-.-ti-rr.it*..... [3 6 
JSJt-OJJ 4JJ Uulta—— |77J £L9[ -Oij 5 22 Accum. Imu .[32.4 


460 
7.43 
5.31 
5.05 
664 

joo TSB rail Trusts (v) 

1 VI.t-hanlrv"A h>. Andover Haul'. DV64G21RA 
fienling;. iffjTSM P343V 3 
.I'CTAR.Ieneral 
.lirDt. Arcum 

■ h" ISM In. ■'me 
loi lirum 

Tsh ffruOKI. 

-!»• L*o Afi'-utri 

Ulster BankV ui 

Warms Klrcyt. Bellast 

■ l.l'teler.'.ro.fii!" 134 9 

Unit Trust Account & Mgmt. Lid. 

KitW William St ET4RSAR O'.aCBWi 

Friar* H« Fund. .1136 0 144 On] . | 4 73 

meiernnh. Fnd . gB.* 
iKt.Ai-com . -132 4 

W irier Growth Fund 
Kine WtlhamSt EC4R 9 AH 



37 5ril -0.21 4 90 


UOd . 
m a . . 
»il .. 


342 

3.42 


30 2 


• ec;< 49ff'. 
. I 342 

...J X« 


LG. Index Limited 01-351 3466. Three month Copper 6S7ffi43 
2D Lamnnt Road, London SH'10 DBS. 


CLIVE INVESTMENTS LUIITEP 
1 Royal Exchange Ave.. London EC3V 3LU. TeJ.: 0I-2S3 2101 
Index Guide as at 7tb February, 1078 (Bane 100 at 14.1.77.) 

Clive Fixed Interesi Capital . 135.06 

Clive Fixed Interest Income . 123.37 


CORAL INDEX: Close 457-162 


INSURANCE BASE RATES 

t Property Growth . 7*% 

Cannon Assurance . _ 4i% 

? Vsnhrugh Guarani^ri . 7.123°J> 

* fiddres.fi «hr-.vn irirt iwirasea 3 rd Pr«t*er*fi" Rnnd Table. 



r 

















32 


' Financial Tini^ Mbnday February'^-1978 



FT SHARE INFORMATION SERVICE 


Dhiienfe 

Paid;... 


HOTSXS-^ContHmed 

| s»ock- !.Wee- 


Henry Boot Construction Limited 
Sheffield Tel; 0246-410111 


AMERICANS—Continued 


*9! 


BRITISH FUNDS 


Interest 

Due 


Sa± 


Pnce 

C 


Last! Yield 
if fiK. I Red. 


141 

•JKU 

PM 

ir.i 

1M 

15M 

2M 

MM 

1SI 

151 

2SM 

1ST 

isr 

i:i 

■if 

:if 

1 TM 

23 M 

1SJ 

15F 

1FM 

1S.1 

51 

2£M 


21F 
17M 
IAI 
I hi 
10.1 
1M 
2<ii 
U 
If A 
3 .VI 
I #U 
10.1 
5A. 

cTf 

25F 


‘Shorts 

l4Ju]Twfiiri lOtp-TBi;. 
■JESiLich. Apr 76 -Tetn _ .. 
Trea-uij lii'p T9S 
Trea.-ur ; 

Electric a^pc “4-79 _ 
Treason.- lri’pc _ 
FUev’tnc’SKpc TS-TS_ 

Trea.su? Ax l r J£K„, 

TTea-ur. 3>;pc 8K. 

TTeaMUySl’pc , ,-i3t ._ 
FLftlinsS-api-TrrirC 
Esehenuer ilpc IWOid 
Ttvafur l|:»nr I93!ti. 
TTfaJUir. X-JK 197343! 

H ifTreasur SfaDc 198:“- 

E’ifh 8>*pc 1581_ 

E’vChtP^p*; IG81'_..~ 

)E>cK 3pc 1301_ 

Treas variable Wf£._ 
£vHl _ 


»>l 

l 

MS 
i;: 
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HS 

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uni 

■JSN 

151? 

li,V 


120 ! 

4.4 

CIA 

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15-l»rTrea»dijpca)-£3£ 
15. \ _ 


(Lives np to Five Years! 

lfll 7 , ? 1310 31 
99**«a 228j S0« 
103k J 3111107 
9634 31 8.2 310 
973««d KB 4 35 
103>« a 9 10 17 
95 Yi 1010 3 65 
lDlVK 231 8 8 b 
lOlh 10.10 9.35 
99 611 373 

95» } en 5iQ 
107 ft 1? 10 12 08 
104'‘s 0 U 11.02 
9QW «.I 3B7 
100'* 2?8 9.73 
961; - 8.55 
99 At ?9.12 9 52 
87^ d 161 342 
96V, 1110 6.fc8 
208% 17 E 1177 
96U Qj; 8 81 
85^ 91 350 

112'jd 7212.42 
95 ft 811 6.73 
94'* U ; 8.71 
97!«m 132 9.46 


TreasuijftpeVEi*- 

l6S|Trrd£llirK|K‘aSt5 - 

I5Pi . 

MU 
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[Trea- \ anable -SC}#-. 

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569 

562 

7.53 

51 

5.74 

8 3 

6.03 

812 

8 53 

6 32 
739 

9 73 
5 72 

7 03 

9.64 

9.49 
9 59 
7 01 
748 
10 00 
939 
7.13 
10.11 
7.57 
5 73 
9.87 


CIA 
ITS 
’.a.; u 

I.VIj 
IWj 
IN 
It la! 
Hu 
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I.Via, 


Five to Fifteen Years 

Jbl 


Er.ih Dpc'8S-. __ 

Treasury lipc!98S»_ 

Treasury 9*47i-83._ 

FuMjnj.Vye 82-8475 . 
Treasur- 8-‘^c'6^881i 
FiinriinsOjpr 
Trej^ur-7Spr WJ3R. 
Trar,sport ftpcTlUB _. 

Treasury Se<: - 86«i_ 

Treasm? Upc l£W£_ 

l?D TreasiL-i ^JTSfta_ 

IOIj* Treasury uipe lWi_. 

SO Fundinr iW. 87-914- 
HilaTreasrt? UW92J; • 

Cl A Trfi-Lr !'cv 1°9C_ 

i'J.4 Ewb IC’-'fi- ,<C._ 


82%d 

lO^d 

8 b* 
931; 
£414 
85>: 
fc43 6 
701; 
109% 
85 l- 
101 
70*’ 
106% 
89*.nd 
102% d 


82 11.17 
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912 644 


543 

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20 . 1 a 

25. U 

84 


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512 

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lua 

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363 


919 
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912 
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0 1311 99 


587 
11.79 
842 
12.06 
11 21 
11.98 


7 20 
10.10 
10.04 

8 70 
983 
5 45 

10 1 ? 
8 24 
9.49 


ttridrwfe 

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X F Av. Aa 

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Ju.Oc.J..\, 

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J. Ap. Je. O 
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RelianceS02>- .. 

18U 

9 711 IJo 

— 

Pen N \. L'crp ia. 

18% 

1213 5100 



11 Vd 

80c 


Richdsn Abril 5U« 

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7J 90c 


’’aOl'RF'Sj. 

280 p 

22 74) - 

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SMll'TilSl . 

20’«c 

i JfhSl 6G 

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Smger-SW- 

13^ 

1611 60c 

— 


23<r 

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— 

TRB inc 5l-i 

21d 

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— 


20'« 

151^52 00 

— 

Ln i'll « 

137 

Z5.II? 10”o 


Tf-oro PI. 1150 If 

638p 

119)5100 

— 

T«a<e SSUi 

17’cdJ 

13 32 

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241; 

L ! n| 5110 



944 p 

313 80c 

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24b 

24^ 52.00 

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17%ot 

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M*a< 

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12>’d! 

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467 p 


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lit 

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llasl) I* J JTM 

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5 0 

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35 
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BUILDING INDUSTRY—Cont. 


DiiWwk 

Faid 


Sort 


jL»i nH j YTi! 
Prkf ( * Set ICSr CrslP/E 


S.E. List Pmniura 36 ! ; r c ibaseri an St'S 1.9+45 per £ 
Conversion factor 0.7350 (0.74401 


CANADIANS 


Dfr-idemb 

Paid 


Ma S.J.D. 
F.My Au.N 
AJyOJa. 
May Nov 
iPcl 

FJdyAuN. 
July Jan. 
July Jan. 
■I.ApJy.o. 
Ap Jj <Un 
TMy.AuN. 
Apr. 'let, 
jjtt Jan. July 

10 67 Vr.ieSp. 

11 tol JaitAHA 

M'i7 r.H?A«-V 

i: 89 


11 56 
1192 


Over Fifteen Tears 


14.1 

l-UulTreaSB! IZl’Pc'SEOi... 

105*t 

817 

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11 S 

vui>lini' 8 nc IRP^. „ 

65^<n1 

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915 

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12.07 

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1079 

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101 % 

19.17 

1193 

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r-: 

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49 

265 

6 74 

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25 

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646 

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91<d 

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130*4 

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91% 

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089 


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1035 

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1195 

13 54 

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12.10 
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1121 
11.911 
598 
11.65 
2200 
1127 
1127 
12 05 
357 
12 05 
2169 
11.51 
11.02 
1125 
1135 

life 
10.12 
1109 
10.81 
10 95 


June Dec 

June Dec 
M.le.F.D. 
SeDeMrJu 


Sock 

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bi< 1 Vid 

firm* [C’lT Gfs 

Rk-.MontreaJ 52— 


27 2 

SLOP 

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44 

Bk N'-iraScoUaM. 

29 ll 

V,V 

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3 fl 

Bell ''snada25r .. 

32-s 

Ul.' 

S4.2 


66 

Bo«\i*lleyli-- 

13 

c c 

10 c 

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04 

Frajranll - 

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5100 


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Car Ixnp.Bk S2.... 

7*17 

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47 

Can. Pacific S3... - 

IO"-, 

?»12 

97c 

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55 

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36-j 

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11 0 

GuITutt 1 . 3 n.il 

16V 

2 ° 13 

5106 


13 

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3^5p 

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7/11 

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86 4 C 

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950 p 

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65Dp 

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Mn.sev Ferdi 

625 p 

2411 

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Pacific Pet SL.. 

22 

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54n 

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17,4 

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44 

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37 

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— 

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&E. list Premium J6%*r (based on 52-J7J5 per £i 


BANKS AND HIRE PURCHASE 


Wridends 

Paid 

Ian. 

Apr. 

May 
Del 


Sock 


Prke 


l*?i 


K« 

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Undated 

'"onwt» Ip. - 

Wa. I >1311 .limpet;_] 

■.'"m 3';Pt Ml .Nit.| 

Trei-.ur Sp-.-iK.'Jl— 
koiual : dine ....— 


IF 
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1A I'llTroiAiry 5;pc. 


35*4 


11 4? 

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25-30 

990 

38 

25 R 

4 55 

27 

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1160 

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Ll? 

1121 

221.- 

253 

11.61 


15F 


^INTERNATIONAL BANK 

ISA ]5pc -ftoclt 77®_| 87 \ iij 5 75 | 


853 


^CORPORATION LOANS 


IF. 1A Sinn'iiasi9>jKTMl„ 
I My i\ cnnol7: ( x7Ml 

I’M 25.*:^ L«' 13-pc K- _ 

IDF 10ACC.I (V> lSijy 1983 ... 

1 SMv 11 N. ;|i:*i* of>«... 


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l.-.’S I5N 

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u>\lr. ins \e.tca.*'!n r -;prTMn 
l.v.l i$N Warwick I2': , : ism - 


97 

31 

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10 78 

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14 K 

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11.94 

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105 

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19 It 

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566 

912 

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COMMONWEALTH & AFRICAN LOANS 


1 \ 

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100 b 

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Financial 


July Jar 
Mar. Sep 
Mav .Aui 
A'ig. Fel 
Vm. Jill; 
; -yv. Ma 
A J. O. J 
Apr rici 
Nnr. .lul; 
Jan. .lul; 
Mac N*r 
Feb Sept 
May 
March 
July Oi 
May 

Tan. Apr 
May 
Jan. 1 


June Dec 
May Nov 
Mar. Aug. 
March 
ov Api 
April Ui 
Dec. Jvj 
D ec. Ju 


Mar 

Nov 

Nfrt 

Auc 


Sepr 
June 
June 
Feb 
June 
Mai 
Auc 
Jan 
Sept. 

Sew Apr 
June 
June 


„4p r 

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Ian 
June 
Jan 
Aug. 

May 
Jan. 

Vw 
Jan. 

June 
Sept. .Mar 
Mar. Oct 
J. A J>. O 


July 

Dec. 

lul? 

Mar 

Nw 

July 

June 

Aug 


• ANZSAI - - 

260 

in: 

tQlbcl - 

Alexander; P *1 

740 

dr 

12 33 

31 


£107 

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170 

:?.ii 

*801 


rCc.-ser lH-nanr, 

40 

77 1 

0 V. 


Krnci-ShlxL'rg 

60 

|4 11 

Ii 19 


h ieitrAPrt B.L . 

104 

>i'i 


_ ! 

f./rt'd’tl. - 

268 

JiZ 

orr> 

-f. 

Mansnn Fin 3>p 

■15 

?>] 

*2 7* 

15 

Mcrcui st-u . 

113 

■j? 

J?° 


Milliard Li . . 

11 8 

*1 

:i4 76 

5 t 

Do ri;> 0 33.?.: 

it- n 

1*31 


IIO 

Do lO^Oo-Si. 

»89*% 

•41! 

g'O-r 

220 

Mmcer .As s^f* 

60 

Mil 

(5 35 

:i 

Nal Bk AUttSAl 

188 

Mil 

nil* ^ 

♦ 

Nat Com Grp - 


in. 

2 6? 

51 

Nat. B •>-*£)._ 

268 

h*> 

T 10 4« 

44 

vhmdcr>£l ... 

398 

194 

IF) 40 

__ 

Seccwnhe Mi'Ll. 

230 

:s 11 

12.0b 

__ 

Smith SLAub -. 

74 

si ifll t-'.?5 

_ 

St 5 mid Chan tl 

395 

1212 

117 

3.9 

Trade Dei. SIM. 

sa*4 

JL? 

>>55c 

7 

t'mon Pisc£t 

425 

30.1 

2108 

39 

I'.DT... 

36 

167 

_ 


Uelh FareoS... 

£1734 

aiaonu 

_ 

BintrusOBp. .. 

62m 

13 21 

’03 

— 


|rw|nS|we 

Hi! 
itirJ 

O 4| - 

B- 

b 


(6 9 

ia 

5 5 

7 0 
4 8 

6 2j 

!5| 

51 

a 


14 3 
6^7 
^3 


75 


3717.4 


04 

7.6 

74 

10 . 0 | 


45 


'A 


9 4 
45 
to| 50 
(9o< - 


Jan. JolHFcb Istl lOp 
Jan. July Dp A I’jp 
\u\. May Fed Land k Bk. 

— Fidra Ic-.l it; 1 
Mar. Sept Frara::; Fkr. !0p J 
October Ity j 

lan. July French Kier 
Jan. July ijaiiilora Si 5p 
'>:hb>Dth A 10p 
July Feb. ijice.-ia.’/l !<Jp 
July Oct Gl«iopWij . 
Fen. Aug. G'd; Coupe; 20p. 
Mar Sept H XT Grp lnp . 
Feb Aor. Hamsoul li» . 

Feb. Sept. Helical Bar ... 
Jan. July h'end'sa ‘X IOp. 
Jan. July 3*nde»a J.V 
Jan. JuneHeauenFJ IOp 
Jan. July DoTpcCon .. 

■ - fiesMniVa 50p- 

C»ec. June Hlggifc Hill. 

Jan. lul;. Ha'.ermgJiam _. 
Jan July no Re< Ytg 
Mar Sept. Howard Sb« IOp 
Apr. Dec IRC 20p 
Nov. jlay ihaoclJoirasea. 
Apr. Oct In.Tinner 
Ian July J.E Hnldmcs 5p 
JC£C 

April Sept. Jani-iJ :_ 

Apr. Sept Icnnir.siiAOSO 
Feb. Aug. Jn-r-Rohd< . 
July Dec. Jone* Ed*d ICip 
May. Nov. Kent • Jl T i lira. 
Dec. July Lafarrc? AFiOj 
N ov .1 u ne Lain: 'John ■ '.4' 
Jan. Aug Latham J i Lt . 
Jan ila*Te=cP''V 


J 21 1.-14 uitdj.59! 1.711121 S3 Nov- JuiW } 56 

I 20J C jlJ lll+dl 5 Q I 17^118 7 9 — {rO»u3WIJ0o ] 16 

.1 36 19?| ,2 03 I 171 8.5 10 3 Oct. Aw|jAd»f Pnde2Bp 49 

i 23 I iiil :_I_ — Jan JuhmeeLDOpe: ...| 110 

£20 


Auc Dec 
Apr. Sept. 
Not. June! 
Feb. Aug 
Jan. July 
Apr. Nov 
July Not 
Feh. Aup 
Jan. June 
Nov. June 

Dec. Apr 


Auc 

.Mar. 

Feb. 

Mar. 

Jan. 


Mar 

■>L 

AUC 

Auc. 

Juk 


Fob. Sept 
rvt Feh 


\pr 

.'•-l 

Sm. 

Jan. 

Jan. 

Jan 

Jan. 

Auc. 

Apr. 

Nov. 


Not. 
Acr 
May 
.1 1 if v 
Juf' 


June Ne*art*iill£l 


luW 

Feti 

Ocl! 

.Iltiv 


Feh. Aiicg 
Jan -Jiif*. 


Mar 

June 

Jan. 

Ort 

July 

Dec. 

July 

Nov 

lan 

June 

Dec. 

OcL 


Sept 

Dec 

Oct 

May 

Dec 

July 

Nov 

May 

June 

Ovt 1 

Julv 

May 


OcL 

ov. 

July 

Julv 

May- 

May 

FeL 

Feb 

•Aug. 

Mar. 

» 

July 

Jan 

Jan 


May 
July 
Not 
'■CL| 
OCL 
• ict 
AUC 
Aug 
Feg 

Oct 

iV-L 

Jill’. 

No-; 

July 


June Sept, 
Nov. Mav 


.’•Ur. 

iVL 

May 


July 

Oct 


ILRech'T\ir.'2fp 
Le* land P-iW... 
LiflevFJ.C „ .I 
LinerC Teh lip 
London Brick 
Lovell'Y J ■ 
McNeill Graup- 
Mac net 6 Si hit?. 
.MallinEon-Denn? 
Maader'iHldg*. 
llarchvnel 
Marley - . 
Mar:-hall..'Hiv . 
May 4 Maxell 
M«r* Brw. 
Melville Ii 49T. 
Meter'Mont 1.1. 
Vi(bur> 

’Tiller-SJan- IOp 
Mtv.o.vrete... 
Mori Enjinee:?- 

Mont'A _ 

Mnrlm-J' 


,Norce:A Hold 
Aon. BnefcAJp _ 
'imvet'c.' TOp.. 
|Farte.‘TijT:ber. 
Pneera-.TiBher 
FVchuV' . . 

Rj-jJinzs Bio? .. 

a mg . . .. 

Rodland . . 

R cf 'b W all pip 
[Flubcrt? id lard 
RoMiiaJor.lOr*? 
Ro: co Group 
Ruivroid . 
RufcbcP Cement 
SOB<,roup . .. 
.-abaHT.n^r U 1 ;. 
Sharpe & richer 


44 

ft 

23 

64 
140 

33 

£220 

72 

81 

67 

55 

24 

113d 
138 
114 d 

56 

25 
175 
100 
322 

13 

39 

£.20 

145 

, 116 
104 
I 77 
62 
77 
32 

65 
83 
42 

185 

45 
92 

242 

83 

%d 

71 

22 

42 

B3 

98 

11 

55 

39 

83 

129 

150 

87 

2Z2 

55 

110 

154 


Dee. Jundsmn-J»I«p 


Southern Con. 3o 
ISirevier' l Op . 
(Tarmac-Vip. 
rtaflar’A«wir(« 
fTilhur Ctc£i 
JTra'.L* k A~Mld. 

nuiuielE^Op 
llTM Group . 

' ecu* Mane lop 
JYihroptori 
Ward Hide- tip 

IWiTIfUTOIl 

IWatvBUke . 

. We«ihni k Pr<>d5. 
June|W«tem Bro; . 
Wbat!in*2Sp_ 
Jw’hit’gh'p ljLp 
McLlWicnnyi on IOp 
'■■'-Jv.JaMvConnellT' 
Wunpeyt.-eo .. 


23 ! 4741 - 

ft - ni --- 
26 
58 

25 , . . 

1212 184 
1710 T3.49 
30J 5.28 

16.1 tl 95 
510 ♦TZ 5«] 

, 19.9 2.03 

31.10 t3.96 
<&Uj 734 

eL2? 
uxq Q7° 

9 84 - 
17 11 »3.1J 
3i ia tun 
33_10 t!89 
3tU tl56 
132 B.98 
310 t5.58 
13J t6.29 

14.11 m0.97 
277 ±1.51 
19.9 860 

33tQ20c 
16J 652 
<7i 0 92 
3LIC 2.06 
3.7 ill: Ty 
110 t2 66 
1112 th6.72 
14.11 6.5 
14.11 5.08 
19.9 53.7 
31JC u25 
1112 4131 
3110 +253 
301 3.89 
235 t!89 
301 +6.12 
14.11 T2.54 
310 J2 31 
1411 t31 
161 d2 49 
132 td 5 24 

3.1 12.78 
30.1 1.78 
1421 2.48 

31 14.18 
31 c259 
124 tdl.171 
59 T Z9 
3.10 IdhlJ 
31th3!9 
JUO t6 5 

9.5 d4.47 
2811 1-412 
161 1155 

59 2.62 

5.5 5.44 
31 *3.88 

1411 d4.61 
142 0A3 
1710 S5.77 
2311 t3 61 
19.9 td4.1 
1411 t3.96, 
1212 W2.23 
3110 ±101 
1710 2.07 
3110 t3.17 
228 5.25 
1710 1.48 
199 215 
3110 dhl81 
± 0.88 
3110 thL53 
3 M B.91 

88 169 


DRAPERY AND STORES-Cont. . ENGINEERING—Continued 


Dividends 

Paid 


Stgck 


Price 


Last 

l£ 


DU 

Net 


.Jan JjoiyiLtt. . 

i _ isfay Vov.fLibery.- 

59 ( d3 541 LblLl b| 3 llMa? Not. [v .ttos'jtc. 
2S lu fl" 5 2.7 8.7^ 6 4 Sept. Apr.lLmcn/t K IOp .. 

193307 I 3 0 S.O 6 . 3 * Nos. Apr 
3 77? 1.65 ! 2.2120-7! 6.6) 


ma 

CwGr'a PE 


251 


s.aio.o 

6.8 7 A 
7.l| <6 

15 6.7 
3.3 S.5 
3.3 3.8 112 
13 B 1-9 4.9 
3 4 JJ 7.3 



4 5! 


3L r :F-7-i"jrei0p* 
Manle Ito . . . | 

JulylMark; iSpence.' 

July Maran News— 

July MensesiJ - '- 

Michael-J-10b...} 
July J5i EdocaL 30p 
July Mori?Blakev.. 
Jan. Stotiercare lOp.. 
Feb. NS5Ne»£±0p — 

DecJOrer-One:. 

July Paradise‘S<10p_ 
Pa«ror. AfJ- 1 .. 
41|Jan. Apr. Feter?Stores IOp 
‘ - Poll;. Peck IOp... 

,Feb. Sept. Preedy.Alfred!.. 
Dec. June Rama.'Te.-C.5p._ 
Mar. Sept. RawerslOp — 

' ‘ RayfcedsJQp- 

Rsadicutap- 

Reed Austin'A'- 
Rrrik'TDiSilSp 

HosaUSp-- 

S&TaoresiTyp 
DaE".J9125i 

Sanud'iD'A'_ 

SeJmcaurt 5p_ .. 
ShenaaniFi IOp. 
SaittY H -A sop 
Stanley .V.G. 5a „ 
Status DiicL !0p 
Stein bers IOp— 
Sumrieajp —- 
.1 ulylllme Proas. lOp- 

Jnly DDSGroup- 

Dec. Upton »ErA‘- 

May Yaniona20p— 

J u ly Vernon FasxlOp J 
.Hay Wades A"ajp... 
Nov. Walker 'Jas.'— 

Xov. Do N.V- 

Jan. WaJJis IOp- 

Nov Waricg&CiHov. 
June tteamell5p 
Sept Wharf Mil I<W- 
NoV. Wllbisr Warirtn. 
Oct. Woolw.Yb.-^_ 


■o3l4.b 


115 241 
3 9110.4 
♦ 180: 

L4| S 2 


CHEMICALS. PLASTICS 


b. JuW 
r. July] 

Feb."~July 
May Nov. 
Sept Apr. 
OcL Apr. 


£20 

54 

125 

25 

143 

235 

288 

U 

85 
48 

256 

106 

77 
20 
32 
38 
Utj 
80 
12 

104 

65 

ft 

15 

U 

Ub 

1T*3 

264 

23t 2 

10 

146 

117 

130 

16nl 

25 

115 

86 

30 

128 ' 
67 
36 
36 
83 
48 

78 
2012 
21 

66 

64 


31J|ld3.92 

f 232 , 
tbl.65 
r».?5 ... 
I17J0I129 75 87 
I 2.7 349 1 
I 31Ktd396 
1 5741 - 
31MJ3.86 
3-1 6.6 
R»ti +4.26 

33+4^4 
14114.37 , 
14.13*6266 
, 212 
1 54itl6 
!1313 ±1.07 

25111, dl 00 
17d - 
1212} 1285 
17 Iffl 0 63 , 
301'+hO 5B| 

161 t3 03 
1 -U 1 +^49 
1710+2.6 
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27« — 

— 

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2811(6122 

121211198 
llffl td5.5 
504.06 

53 '10.87 

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t!52 
4.87 
128 
j>4 68 
1A.11] 1279 
1710} +2.01 
19 « dZ15 
19.«d215 
311251 

127f( - 
2812(1.4* 

3 lffl 4.57 
22*4.01 


1Q.6| 

2 $ 
•> 3 
2.% 
102 


4.9^156 


3.01 


f.8 
2.2 
8.7 

33 

46 
46 


la 

ill 


5.4 

27.7 

h 

77 

6 


Drrldndf 

Raid 


S«k 


Last *r 
Wee i 8 Net 


ICNtIS^Ip.'E 


Nov. June Gaxto.*: Eng. IOp. 
Jafl. Aus Gen.EtfiRad.10p 
June Dec- Glymrea ...i.- 
Julv PetyGrtn Johcin.^ 


Apr. Sept 
Ma« OcL| 


Nov. JunejGreen'sEcon.- 


. May lan. C- &N.£l- 

+1172 Aug. Jan. BabJ PredMS Spj 
4 34 5.6 No7. June Ratten tone 1 _ 
2.^121 Apr. Oct Hall Eng 50p—- 

, — Feb. July Hail Matthew._ 

76 80 Mar Sept RalliteJOp 

132)113 Apr. Sept Hanpson- 

lffl 16J Jan. July HzitJrMflritf.— 

3.9 9.6 — Haste Sid- 

5.1| 7.7 Oct. Apr. Hll ftSmtth..-_ 

— June Dec. HopldflMnsSfc 

— Nov. Mar. Howard Mader^ 

13| 4 0 29.2 May OcL Horten Group-; 
— 4 Jan. May EautVascropSti 

5.4 1L5 May Oct 1 Ml . —_1.. 

_, 80 <251 Aug. Mar JacksnJiHBSpu 

12.61 OR 10.6 July Jan. Jenks.&CattIL.. 
7.110.1 Apr. OctJeiasCpa-lftL 

6.9 6.9 Jan. June Jobnsofl&FinfL 
5.4 7.6 Dec. June Jones Group Zpp.i 

0.8|12.0h 7I4' May OcL Jones Shipoaa - 
— June Nov. Laird Group — 


Crsft'niRiwd3)p 
Granges KttM— 
Greenbanl; IOp- 


ELECTRICAL AND RADIO 


Dec, AB.EecTOdc.. 
Oct Allied Icailaorc 
uary 4cdiafTdeIi6-Wc 
Mayi .AutdtecSec IOp 

■Fan. ElfCSOp- 

Nov. BSR IOp- 

Mar Betti May i‘0p_ 
June BoTihorpe l(^i_ 
Nov. BrivSs £<)p—— 

Nor. RBjpn'.VSp_ 

ne caaip'ceOhhwd. 
I»et OilorideGrp - 
Dec. "omei S ?e^ ap J 
1 Nov. CrayE'CTnicl^-' 

Oct Crefloc itfp- 

Nov. Crosfiand w. — 
May DaleD«t l«p„ 

Dec. Decra.__ 

Dec Da 'A'_ 

July Dentron IOp_ 

Apr. Centura‘A 10p 
Dec. D«r*din 2 irll jp 
June Drearalard 10p_ 
July lrab:lierjp._... 

Jan. EMIMp-- 

' ’ Da6b i ^oT..-81 


Feb. OcLjOecfcamp- IOp 328 
— fnwranir'Aacr. 24 
□et Renta!-' IOp 112 
tuerp IOp . 12 


Mar. Aue. net Rental* IOp 
August lr — £ *—- 
Julv Jan 
June Nov 
July Jan. 

May Not. 

Mar Oct 
January 
Oct Apr. 


Mar. Sept 
Jan. July) 


on 

July 

Jan 

ipr 

July 

He-' 

IJiilv 

>L 

.'o'. 

Mar 

Feh. 

•lan 

Fan 

•Jan 


May 
May 
Dev 
Junel 
Scni 
Not 
June 
Not . 
\br 
July 
Sepi 
Ang 
July 
Jul t 
May 


Dec. June 
•Mar. Sept 
Mar Sept. 


8 0 - Feh. .Mic 


_ .Jan JuWvoaiOTRrci 


5.1 
57 
52 
10 7 


Hire Purchase, etc. 


ru.ii 

I'M 

LTLI 


?JV 

J5N 

•Ml* 


.91 Mr An >1 
3! My 
ll.l 
11* 
i i-r 

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31 Mr 
AlMrSns 
2?F .ti.\ 


■•pi i-v ?; 

It> Mr--79 . 

[la Hpc o’. . 

. JirFO.iaf* f*-n AO®. 
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M 1 
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1051’ 

501212.31 

10?. ; 

171C 13.51 

1091’ 

2111 13 04 

BO<d 

132 6.88 

70 

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3 1 11 58 

99 

211206 

675-. 

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l?:il2J 

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15 J1169 

75-t 

ie.l 1183 


10 761 
1130| 
1219 
1120: 
12 40 
2148 
12 89 
22 20 
12 35 
12.30 
1230 
12.30 


Feb Aug.h.VUe •• Hi; : I ftp 
May i"i» B ere Fr KW.! 
■Tedii tala lira 
Au3. Jan IJoyc.-A :;n: Jiv 
Feh June LniJ^oi c ir. iOp 
’Joar^alcM*-.- WT'| 
Mar Fro' Financial 
Vr,\ c .trM Cre-ln !'Ip. 
S«P"* lirp 
April Wace.1 Firunc? . 


h'L 

lan. 


I 


35 

: 1 h; 05 

17 

68 

£35 

15 5 Q2J’« 


4.5 

Bn 

— 

_ 

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100 

: 1 t.'-95 

19 


>3 

53 1ft 17 

23 

7 4 

11 



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88 

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72 


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135 

72 

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FOREIGN BONDS & RAILS 


Ini"i>y I 
Pur l 


Slock 


Price 

£ 


Lssi I Uh r r 
ir I r.rtwt 


Red 

TWri 


— lAniararaa.aRl: 

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10 90 

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152 

1192 

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31 

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rruT'nPT.:l391,. . 
jliinr.^n- lffH 

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& DM price? exclude inv. s premium 


AMERICANS 


Piridrnds I 
Paid \ 

A pr Ori 
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I A I V 
April 

Peremher 
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V-aicelnc . 
Ravv--ir.tr! t..-rp il ; 
ra.-ne-f.Tp Sf-.. [ 
Rendu i’nn 55 .. 
Fein Steel 58 
BrwitFcrvlp.. 
Bninrmicktonmji 
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Sept Apr. Bensferds- 

Dec.- May EerstckTunpo. 
Oct May BcsJohft!i__^_ 
Oct May Biddle Blda _ 
Oct. -.M4y BtfurcaledEng. 
Jaa. • July ffiflamauito-: 
Dec. OcL BlKi'AmwaOp 
Man. -July BbdcEdgtnScfc 
May Oct BlackIP)mdffi_ t 
Jufr Nov. Bodvcotelnrt_f 
4;2 (May Oct BosodPcIA'lkif 
“ .Nov. June BweeviHaute- 
May "Nov. BwutJentviaOp. 
Jan. July Boots 
FeMj-AuNv Borg-TST. GSS50 
July Not. B«valer£l__ 
Jan...Ang. 

Jan. Aug. Bnadylods.- 

Oct - H^Branaer'fllSBp 


61 


70 


ENGINEERING 
MACHINE TOOLS 


April 
Oct June 1 
Apr. Sept 
Apr Sept 
May Nov 
June Dec 
N«v Feb 
OcL Apr 
Jan July 
Feb Aug., 
May Oct 
Oct May 


H9. 

12 ; 


CINEMAS. THEATRES AND TV 




Apr 
May OcL 


Mj; 


1 An.ilis TV V 

B2 

27ol4 16 

♦ B.ffl 

9 


102 

501 N>55 

b2j) 9 7 

7.0 

•■rasTH*". \ im; 

36 

?!C »2 0 

23* 8 9 

78 

Green Group lup 

65 

501 Q4 23 

25 6 5 

9.3 

H -a ollti djrp 

22 

76? - 


84 

HTY N V 

112 

195 ’6 u 

2.1 8 9 

82 

LWT A 

121 

- 619 

2.5 [ 3.0 

IA 

Red:i TV P* i\ 

73 

31 604 

19.6 12.5 


—Ort TA - A’ IOp 

65 

17 K t2 14 

55 5.0 

56 

7rtdlTA A iftp 

52* ’<1 

1:2 285 

2.8 8.2 

63 

UficrTt 'A'. . 

5? 

1*11 3 93 

2.yi0.4 

56 

jT^a.-nT.'lftp 

24l : 

i’ 5|Lo5 

171.10.7 

82 


BUILDING INDUSTRY. TIMBER 
AND ROADS 


DRAPERY AND STORES 


Mar. Aug 
Apr. Oct 
•Ian. 
■Tan 

June Jan 
Auc. Feb, 
June Sept 
May SepL 


June Nov 
July 

.June iJcL 
1 Feb. Oct 
'rici. May 
oet. May 
I'eh Aug 

Febmary 

May Dec 
July Dec 
Jan. Sept 
May Dec 
Feb. Auc 


May 

Mar. 

Aug. 

Apr. 

Ooc. 

May 

Jan 

Dec. 

Aua. 

OH. 

an. 

;p\. 


OcL 
Au 
Oct 
Xov. 

Apr 

Nov. 

Julv 

Jlay 

Jan., 

Apr 

June 

Julyk 


Ahmiw. '.'OTSI 
Ahenha-A Gem 
Alli-.ii risDl IOp 
.Anniiace ShnL: 
A.P.». orient £J 

a:.A3jp. 

BPBlm< SOP— 
Ba^sndceBrk. 
Bailey Ben lCp . 
Bambridit ifip. 
EsirtarLor. 
Earrar[>ev ivp 
teedr t«i ’.np. 
Ee.llr.\'D|ri 
Bealord MlOp- 

BettB.-')* ap... 

Elockle'.' Jjp _.i 
Eluodeil Pen...j 
Breedea Lime__ 
LrU.trcdrinc.. 
Btotb Jkj-ii. 3)p 
Rwslee . .. 
Bnan; HJJc : . 
BurneniH - 
BiL'iEcuitoniL 
g. rti' , .e:--.vi"p 
•w 


— ft-iJan. J-jHi.a^John'... 1 «3 

— 5 0i1une lan r*r>n j 53 

“ 5 “ |May Xo~.\ :r.’;r.r 123 


-I^Uar 

- i 

b 1 
6 3 
J9 
4.° 

33 

, -»S .... 
-! ^ 21 Mar 
4 5!Feh 
I 3 [Voi 
u..’ L»ei 

4.61 Dec 


. v ept.ii['Babtn'-.p lup 
lily i ostair F; ... 
‘•"PL .\pr..Goun~=:de. 15.. 1 35 

’iSV l>t li nw|.»' gin; T (,7 


April)' raich : I)Ojp 

i'rL|;-:fii)'Y.Grni J p 

sppt ] r "c-.v 


•ci 
Jlay 
\pr 

Apr Oi’i.|[»M¥l;.F..)i« ”4 
April i»i-i jD-j- t .r..i;i| «p| 
M?p« 'Scorn idp I 
Ocl IFIIi--A:E»era)ri J 
Mayt-un 

JundF P * v'c.as'n [ 
J unelfairc lot ^r. Gcni* 


93 

1 lffl t4 18 

36 

«R 

144 

M li| »b 14 

31 

h* 

Ibi’ifi 

1:4 IhO 7 

fa.J 

6.9 

65*’ 

5° 4 2 d 

12 

in: 

234 

3°1 !P 49 

2 - 

55 

120 

"^♦*226 

72 

.'5 

2Z4 

2311 *6*3 

46 

4 ; 

34 

sd:» 

U 

IU-* 

1* 

n iffl .10 55 

If 

1 

43 

1:12)411.6^ 

37 

6f 

4b 

1214 r2 9 

31 

9,t) 

113 

? lffl t8 06 

7 f 

■Of 

241, 

51 1.83 

2(1 

11 i 

78 

675 tO 75 

_ 

4 i 

52 

5^ hi 62 

4 4 

i 7 

65 

30l|ril.7 

54 

■U 

68 

slO! *346 

31 

t.J 

6i 

30.1J 2 89 

34 

7 2 

83 

:• iq h4 45 

19 

8.! 

24 

il 7fJ JO 5 



40 

ir i 2 *. 

53 

* 

50 

1112| it 05 

28 

6.2 

52 

•110 2.26 

2.1 

b.fl 

its 

iJg+dJc 

95 


190 4 

UJrtlO 15 

35 

81 

23 

1 - lill. 5 : 

? > 

ino 

23 

me! rii; 

27 

sn 

»3 

25 u|h>iG9] 

71 


5*3 

^11! 5.63 

1.7 

10 4 

125 

; c \ Qft.25 

20 

s; 

30 3ii il47 

? ? 

74 

262 

»'A ;>^6 
■Cl -11.19 

:■ is 4 »° 

95 

2(1 

15 

1.9 

5.1 

hi 

fl? 

9 1 

£6 

:4°l use 

2 7 

6 > 

67 [ 22S tri: 74 

25 

B 5 

167 

25.' M5 08 

37 

4b 

97 

i o «tdwai 

55 

49 

208 

22 8| 10 38 

34 

7 6 

62 

23 7| t3 *3#, 

54 

100 

a <n 

!3 3 5 Oi 

11 

90 

79 

17 id-'37 

3 lffl 1 14 
17.10 th2 2B 

17 

a ft 

24 

67 

1? 

3.7 

72 

52 


Mav 
I Feh 
J.iaiL 
6 2|Dec. 
64 1 4ii 
4 9: ^pr 
INlnrt 
11 6 ; Mel 

24 5 M,,y 
7.0] June 
10 4 ml!. 
13 3 \nv 


Allied Retail inp 
Amhc: D»y lira 
Aquasculua.Ap 
, I'D '.A .=P 

Audioirwiir ;iff.. 

Baker - ’Hr - Uto 
Beanie- T- A" . 
Bewail* IOp .. 

t'-taT.i ■ cr .-.if. 

BoeOTma: K*r3p 
BpkMTtn ".p 
Kreminr 
Bril lisrt fr. 
C'vLi 6 n«r 1 -N Djf, .. 
Apr iFAirtonGrn Vra 
Apr Ira 1 v. -<171 
\'mi {Camor-. »ajp 
Dev iCi-Lct S • inp . 


Sept 

Sept 

June, 

Ma. 

July 


Apr 

luly 

July 

Mi-; 

Xot 

Sc pi 

Jan 

Ju|y| 

Nov. 

•Jet 

Feb 

Noi 

Junei 

Oct 

July 

July 

July 

•Jet 


Jan 
, ‘rt’r 
LMay 
June 
luly 
Jan. 

Jun. 

Mar. 

.luy. 

June 

Not. 

- Vny 
8.5;.lan 
|10.9 .lan 
6.4] Jan 

54 May 

6 5 'tar Sepi 

7 lj.lan July 
66 June Dec 

■ - .,71; \pr Oi L 
S i[ 15.1'.luly - 
4'jlicc 
.7 9j.lnnc 
*i4 [Mar 
i-i Mar 

8 9: .\uc. 

4 5‘.lan. 

4 0;.Jan. 

5 7 1 >epl 

SOj.iune Dee 

,38'Feb. Oct 

I* O' jfav Not 

9 6* — 

Ocl 
Jul;! 


Feh 

I'Uiel 

Not 

Per 

Dec 

Apr 

net 

Met 


3“’ Apr 

8.01 Dec. 


rturch 

■«nn Enc trap 
Gftpe sport’ I4p 
[C ornsll Drej.- Sfv 
•.'run.* V 
[Guny- 

klL-mncfitc ii)p 

|Dcbraki»k:... 
rwhir a lup .. 
fhAiub Pholo IOp 
noiandfi^o. ? 0 p 
nllL.&G-flldnp., 
ErrpirtSwref.. 
E'cculeiLilp . 
FairrtaleText Sp 
, Ik ‘A 3p. 

Fine .Art Dots Sp 
Fori irtin-lOp 
|Fonaiucr!0r . 
FoaerBni? . . 
Freeman--I on> 

.Geiicr A J -Sip 
iGoldberc A . . 
/k»yinvin 8 r .ip 
G.-Jdar, V.jrt. ...[ 124 
hi Imperial .J 282 
ft- A orrt 
lire Milletififtp 
Hairtj 'Kuril'. . 

Ira A A 
IWeii ft l.«i 5"F- 
rv> I2pr'*ni Prl 
Hrn^r-onK Jir 
Hen.iqJK- A Ifrp. 
S^pv-'rt.i »V 
HnaK Ghana inp 
House of Fraser 


195 

35 

35 

34 

33 

30 

% 

29 
17 
12'; 
101 

i 50 

1B6 
32 
113 
1 113nl 

! 35 
40 
175 
> 81 
87 
10 
92 

1B3 . 
19 
99 
56 
146 
25 

152 

17 

16 

151’ 

42 

30 
128 

89 

250 

55 

64 

11 


j 22SM17.92I 29| 62] 85 


274 

42 

28 

27 

lfcs- 

lU 

61« 

23 

57 

118 

131 


14 9 Ml 95 
1-Jl 1 3£ 
14.U J.3S 

34 ;3.3 
Ibl iiO 85 

h2 10 
1 03 
104 
.093 

3811JO 92 
LL-d tJ.Ee 
iJJl t£ 71 
51 d2 55 
58 15 
1 32 1 5 
5:0 ir84 
•1 lffl 1.96 
I i9® »3 07 
• 310 

5511 d3048 

a ifa — 

5.) *318 
25 A 412 
13.5 ?0.46 

14.11 F5.22, 

3.10 M1.74 
301 12.1S 

116 47.75 
1710 11.73 
1710 }4.82 
M - 
2811 1.06 

28.11 1.06 
L’Ji «.8I 
ZLB 12.28, 
31 td 5.781 

14.11 2.59 
3110 t£ 4 
t2 57 

5.11 *7 3 
3.10 hO.75 
17 .10 i5 3 
16 I *7.43 
16 1 *7 43 

117 H75 

88 0 2 

35 02 
251 0 62 

2811 12M 
152 <12 21 
Jllffl dl 83 

- - 3 , 

199 td3 29| 

17.10 14.34 


3.0 8.5 
3.7 

3 7 6.2 

2 2 *, 

6 7 4.5| 

42 

a 123 
37.3 
3.0 
20.5 


m 

20 
13 ) 9.1 

43^ 7.4| 
7 7 3.7 
4.2 5 5 
7.0 0 9 

43f sS 
4.8 3.4 


24] 8 . 6 j 

3.7 4.7! 

6.7 23 
24 10.6 
0.9 13.4 
2.6 4.8 


2.9 lO.ffl 

2 9 103 
2.4 6.5 
U 11.5 
6.2 45 
3.0 

43 3 31 
L911 5 
141 9 .of 

3 1103, 
2 5 6 5 
3.1 4 Of 

3.1 4 1 

3.2 6 3 
11 
11 

5.4) S7 
117 115 
5 4 52' 
20 32.1 
2 7 6.1 

33 4.a 

25 5.0 


| Nov. SepL 1 
Apr. Aug. 
Apr 5ept. 
SeoL Mar. 
May I'ec 


9.9 

157 

8.7 


I 8 

74 

6.6 

29.0 

6 

5.8 

9.4 


Feb 

lune 

Jan. 

Jan 

Met 

Feb 

Feb 

Oct 

Jan. 

Dec. 

AUS 

Auc. 

June 


AH" 

Feb. 

June 

June! 

May 

Julv 

July 

Feb. 

May- 

May 

Feh. 

Feb. 

Dee. 


1661 
8.8 
7.0 
U5 
11.9 
12.1 
18.0 
5.Z 
5.0 
97 
12.5 

. 53 
4.4 113 


Feb. SepL! 
Feb. July' 
Mar. Sept| 
Mar. Aug. 
AU& Feb. 


\ f L MavhiHri 
AFV.JOp . . 
Acrov’Enpr* <_ 
Do A . - _ 
.Vhvwuimup. 
AJcaoSricCro. 
Allen 1 Ei Balfour 
Allen w r, 
Amal.Ptwev — 
And«n.5H'de - 

AnElwSwirs_ 

.\jhtUcv^_. 
A ai British Wjp 
.Vsrac.Toolins- 
\stralufl IOp- 
Aurora Kids — 
Anain'Jsmesi— 
Averys 

RahwkiW-.., 
Bailey >g R>_„ 
Bate Per* flOp. 
Bamford>20p. 
Bannu'ons. 30p 
BanoniSoD; . 
Beaufora IOp _ 
lEener L«n I9p 
Retsn'PF.’jp. 
BirmidQualcasl 
Mjm-. 
B ham Fillet lOp 
BUHwd Hodge 

Blaheri_ .. 

Bonier EngOJp 
BoLlIonWmlOp 
Graham Mill IOp 
Braitb«caite£l_ 

Brasnay »p_ 

Blwuse Du<L IOp 
BnsfokTunceJ. 
Bribih Northrop 
BriL Steam Up _ 

Brockhoose _ 

Brum's Ctui 5pr. 
Bronx Eng 10p_. 

Brool.e Tool_ 

Brwhera'dP Wp_ 
Brown &Taw<e _ 
Brmvn John El _ 

GulloufihDlp_ 

Ruroes> Prod 
Butreriicld H*t 

aahccEng lift 
Capper-NeiU III 
1 jrclo Ens 
ICaiTvTiAtR IOp _ 
,’asnnp IOp 

Cteanneap_ 

Christy Br«_ . 
Clayton Son 50p- 
Clufo(d>Cb)Elf. 
Cohen 1 A) 20p _ 

CctDpAir—- 

CetueoaiciOp... 

CooiT.SbnSp.. 
CooperiFnlOp. 
Cooperlnds.lOp. 
Comercroft20p_ 
Gonite Croup_ 


Fefi. JuIylCnwn Ftese_ 


June Dee 
Sept Apr.| 
I Jan. July 
Oct Apr 
.Vpr Oet| 
February 
Jan. June| 


10.7 

70 

12.4 

47 

92 . 

12j 


May 

Mar. 

Oct 

net-. 

Jan 

June 

Apr. 

Feb. 


119 ;j d n 
12 4] Jan. 
May 


4.6 

40 

62 

91 

UH 

11-9 


Dec, 

July 

May 

luly 

June 

Dec. 

OcL| 

July 

Junei 

Aug 

Ocl 

rtet 

OecJ 

May 

Oct 

Apr 


iAunmiio/i94_ 
[DankiGowerton: 
Dartmthlm.-ip. 
HrsiyittAl 
DavyInt _ . 

Dcl$oc IOp. 

DduMetaJ_ 

Demur -I.H. IQs— 

DaitendoOp_ 

Desoutter.. 

Dowmetrae fop' 

LmdllcSteeU:.- 

import. 

Edmo-Kldas'.. 
Elliott.. ... 
Efu'. are cloth'. 
Era Industrie} . 
Expanded Metal. 
Fatrpy . 
Fanneri 6 fc >. 
FinsiderUrcSOO 
rirth'GJMffl)... 
FIuidriveDJp.. 


Jan 
June 
Aug 
Mar. 

FeS. Aug. FoTkes Hfo ifvSp 

Dec. June Francis Imfc. 

Jaa. J unejGEl ImnL 3Cip_ 


HOtd 
185 
112at 
79m 
238 
□.42 
59 
42 
117 
W; 
33 
112 
Ut 
27 
W; 
84 
92 

152 
112 

8 

92 

ft 

49 

49 

zr 

27 

65 
62 

77 
76 

44 
2Z 
191’ 
35 

144 

33 

34 

ft 

78 
58 
33 
•34 
24 Bi 

116 

92 

294x1 

127 

38 

66 
62j4 
64 
64 
55 
27 

45 

42 
70 
86 

160 

92 

43 
27 <d 

IJ? 

18 

50 

35 
473; 

£86 

74 

W ! 

224el 
20 
69 

36 

153 
119 

32 

118 

62 

139 

91 

78 

94 

62 

ft 

58 

21 

57 

69 


iia 338 
3.10 h5.2 

131 2.28 

132 228 
?J0 F10.0 
Hll £41, 
2BJI 4.40 
19.9 eZ.82 

3 UB 152 
31 257 
475 - , 
17.10 td6.03j 
96fa B— 
301 23 
301 tlOl 
1710 t52 
59 15 3 
1710 15 28 
199 4525 
232 0.21 
1212 13.91 
1212 11.76 
193 h235 
19.9 1297 

3110 td3 03| 
21U W.75 
?.« gl. 33 

25.7 4.46 
212 4.42 
161 5.6 

5L10 t2.B6 
1212 ♦11.981 

11.7 1L31 
3U0 1-37 
1212 thl.45 

51 th3.87j 
114 dO.52 
an tut 
1411 h0.26 
467 16 JJ 
31 h4.67 
31 3^2 
2811 2D 
1710 gL57 


11 

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mi: 

26. 

131 
141. 
Ill: 

31( 

12U 

71 

31 
2811 
urn 

21 

161 

2811 

132 
12.12 
301 
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161 
31 

Mil 

3.1 

2811 

5.9 

132 

31 

14.11 

an 

161 


855.78 


2811 
3110 
3110 
51 
161 
12.12 

2 iii 

15121 

ii 

mu 

2811 


Mill 

75111 


10 


1418 
T8.58 
5.6 
13 3 
12.J3 
b3.51 
fttL^ 
cj.12 
W0 , 
tdl.63 
129 
12.31 
13.99 
12.03 
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3i>2 
239 , 

g0.9 
72.90 
142 
hi. 03 
0»96| 
115 
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19.9 
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4.56 
2.82 
49.02 


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2.11 
5.08 
t4.06 
15.69 
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(4.8 
43.67 
+1.22 
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332 
dl 24 
rtJ 37 
73.77 


t. 

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4.4 

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б. 6, 
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94 
5.4 


FOOD, GROCERIES, ETC. 


* 

.HlDec. JulyjAlptneSoftOlOp. 
V’SlJan. JuneLA's Biscuit30p- 
Tf Apr. Sept Ass Brit Fds.ap 
d.sIicak riMI- - -■— 


Feb. 

M eff¬ 


ort. Ass. Daines 
Oct .As.Fisheries.. 
5'2 Feb. Sept AvanaiftoupSp- 
72 May Nov. Eanks'SidneyC.i 
55 — BartetDlOp. 

,7 - zl Apr. Oct Bam AG 1 ... . 
7. June Dec. Parrot Milling. 

S-2 Jan. Aug BassettiGeoi_ 

uS Feb. Sept BatkyjYorklOp 

*? Oct AprilBejamlOp_ 

So May Sept Bibbytl.iEI- 

j ! Jan. July Bishop s Stores- 
a | Jan. lull Do "A" N Vl. 
5? Apr Ocl BluebirdCoofTI 

0 / Sept Mar BnLSnearEl ._ 
' ■ ■ 

6.4 
6.9 


10' 

10. ffl 

11. 
5.71 

7. 

9.01 
10 , 

» 
9.7 
5.1 
9 JO 
91 

21 

7.. 

73 

4.4 
67 
93 
4.9 
8.6 

4.5 

74 




131103 
19 


2.9U0.ffl 


4.8 

h3.4 

43 

31 

5.7 

3.5 

221 

4 

23 

JI 

33 

33 

2.0 


4.4 

4.4 

T.4 

6.7 

6.7 


10.0 

12.0 

8.9 

63 


6.5 

fl 

f| 

93 


Ji Not. Pri» Vend'cjpp. 
Jan June RrooteBorid _ 
C»ev. June Cadbury Sch'ps- 
Jan Carr's Milluu..._ 
Oct Cliiford Dames. 
Oct. Do-A'XT... 
May, CnDem-Xp-—I 

May Da v A"20p_ 

May Danish Bat.‘AXl. 
Dec Eas»DMi'3Bi9p_l 
Edvdstao-C -5fM 
June EnglaaltJ.E)5p 
OctFarT 


uan. 

Jen. 


At. ' ,llne 
7 ? May 
ll May- 

60 Der - 
* Dec. 

Jan. 

mill Feb - 
_ 5 .7 
11.7 

JX Apr. Sept FisberfA'iSp.— 
j, Mar. Sept RtrhLovell30p.. 
2 ? Nov. Apr. GlftK. Glover 3p_ 
Feb- Aug. Goldrei FoucanL 
71 August - HailWtfsPOOp., 
Jt-J Dec. July HiflbgatefcJ.aOp- 
®Ki Feb. Sept Hoards M»p-__ 
2, Jan. July HimcmAilOp-.’ 

UrJe.SU. Kraft 5250- 

2:? July Dec. EwvtS8Wj0p.„ 
f-S Dec. Aug. LomonsGp iQp. 
52 Jim . oct Uitfood 
® December Lockwoods __ 

— 7' iovdhG.FI-_ 

a««iMay Jan. LnrriV,'ra.>3Dp_ 

4-“'Dec. July D-onsiJj£1_ 

Oct May ^tbewsiBi_ 

Apr. Nov. Meat Trade Sup. 


5.6 


S?[Jiine Feb ifflbiAJ'u‘,1. 
•*" “ , Mar Aug. Morgan Eds IOp, 
Nov. MomsoWildp 


7 0 


Oct. Apr. NurdinPY 10 p. 
Dec. June PsnteiP'Mte..,. 
.Jan. June Pork Fannslop. 
— PSfceiWJilOp . 
— Rabusen Grp.lOp 
RU M__ 

Jan. July Robertson Foods 
June RountreeH5Ch). 

, n Jan. June Sains bury iJ 1 _ 

i > September Somportes_ 

§■? Feb. June Spillers_ 

oe Oct Apr. SquirrelH'nISra. 
| 'Apr. Sept Stocksfjcswb 1 
071 gi Oct Apr. raa&L)iJef]L_ 
7 /1 M Sept April Tavener Rut 20 p 

x r Mar. SeptTe«o5p__ 

J-? Apr. Oct Unigate__ 

si Jan. June GtritedBiscuits_ 


I* 

8.31 

Am 

8J 




116 

70 

57 

219 

47«I 

31 

75 

13i« 

200 

88 

140 

53 
63 

213 

170 

135 

154 

440 

071; 

54 
44 
44 

■37 

88 

86 

112 

57 
131; 
3A 

70 
101; 

71 
23 
48 
61 
60 

182al 

69 

V 

iS 

115 
30 - 
1<» 
99^ 
122 
86 

100 ' 
25 
170 

no ■ 

92 
23 
417 
34 
15 • 
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130 1 
362 
170 

58 

ft. 

180... 

I92rf 

108 


1212 F6.5 
2811 UuL73 
16! 12 3 

3.1 b0.78 
132 3.0 
1411 10.98 
3L10 d36 
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16.1 6.46 , 

3211 tQ1334 
1212 5.15 

301 td3.31 
110 bL45 
228 15.94 
1212td2.36^ 
12J2 td2.36^ 
310 4.62 
30-1 19.0 

39.9 mO.47 
31J0 2.76 
KU 276 

31 2 63 
19 9| 1.74 

19.9 L74 
au *57 

mi 4.57 

3212 tb6.03j 
303 3.92 
474 — 
3L1I t!29 
221 *±6.0 
301 064 

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17.lt td7.26 
301 43.06 
257 >1.91 
ilC td2 05 
161 31 
19917111.681 
2821 tl.56 
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11*741 — 
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£11115.2 
aiy t7.42 


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7 3 5 8| 
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1.4 9 
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28J! 279... 
5.9 138 r 
19 33Z 
132 1324 
19.9 td528^ 
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19 9J> 87 
4.0 3.5 73 
43 .4.2 38 
83 21 83. 

85 2.6 6.7^Aug 
45 '4.5 6.0 
63 65 2fc ; 

45 241*3 
" 37 
.97 


35 8,ffl 
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T4 4.0] 73 

3 .4 U _ 


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13 7.ti 

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65 6.9 


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56 3.7 


6 3 
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24 
24 


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34 

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5.4 
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3.9(132 


*26 7.7 
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13 133 
35l_4.fi 

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3.9 42 
47 28 
23103 
55 3i 
0.4 19 


61510.8 
32 41 
a-M 

3.0 4.9 
27 8 8 
171A9 
22 53 
-49.3.0 
52.9 30.4 
TO 7.4 
3.0 5.7 
21 9.2 
3.0 5.7 
29 6 M 
3A .9.5 


10.4 

16.11 

69 

57 

24 

13 

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144 

9.3, 

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98 

M3 

63 

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121 


'69 

8.8 

7.2 

9.0 

80 

65 


JndreffdPrtifcSpJ 

NOT. May Brionn:-- 

Jan. Joly Bri9purtG20p^ 

Fd). SepL BB&EA- 

Aug • BriLCmeT: 12 : uliI 


Jan. 

May. 

May 

Nor. 

Jan. 


Brit Steel Const 
June Brit Syptera 
NbvJEritisS Vila, 

Od Brittains-_2; 

May B:R. Pri>p.SA2^. 
July BrockSt Pr.l0p 


Nov. June BrooksWaLSfflt. 
December Brown Bov. Kent 
OcL Mar. BnmtonsiM&ast 
Feb. NOT. Bum>Dean_— 
Apr. Dec. Bcrnd«)e5p._„. 
May- Nov. Bcm-.tndihl0p4 
Nov. .Jfey Buiy Masco 17tp 
June Feb. f.'H Ind'k. JOp, 
Mar. Not. Dgo^riSOp 

May Nov. i.'boHex^OpL.'. 

Dec. Kay CannroKfWj- 

Jan. May Croc Industries- 
Feh. June CapJan Prof IOp. 
Mar. Sept Caravans IfltD^) 
-Jan. JuneiCarilbBlads- 
-Feb. Ang 
September h'aestkmlnd. 5p 

Jan. JulyjcestrzlKig. IOp., 
Dec. ’ JulyiTent SbeersA 5pJ 
Sept Nov-fri -^ —^ 

Dec. July.:_ 

Jan. Aug. CkanbluiPh. Ittp 
3Say Nov. Ctacge WaresW 
March- Da&nCtaaiflOp'. 
Oct arisrie-TJOp„ 
May Christtestat 50p 

Dec.- Aug. QniH) 20 p__ 

Feb. June OartetCfemenO 
June Dec: Cote iB-Rj...—. 
July Dec. Ctoptnffebba^ 
Mr3tS.D. CbutlGrp-SllL.,. 
Apr.'..July OmfSattoatlOp. 
June Feb. (rape Allman 3p_ 
NOv. May CopydetlOp—. 
Apr. Not Coral LoalOp^ 

[Jan.-- JulyGosak.—-- 

May Dec. Cacrtw Paj»28p _ 
Mar. Octkovan tfeGir IOp.- 
July Jan. CreamJ'5ft>— 
Apr. Nov rr«i Nkbnl Ito 
Nov. July Crosby Revise fl . 

Jan. ^whTSprglOp 
Jan. July BEtefcVwfen. 
Dec. July Dawsmnlas'... 
Dec. Aug. DeURuei.H— 
Apr. Aug Dcobyirare.- .. 
Mav Nov. Deacw9pcCi.a*5) 
‘eb.- Sept. DjaHyicdStrlOp 
Jan- June DhikteHeel 5p... 
Apr. SepL Diploma Invi.__ 
Oct. Feb. Dobson Pttt IOp. 
Jan. J lily Dom Hldks I0n_ 
MaJuSeDe DevB'Corp.CSti.. 
Jaa. May luma SafL I0$J 
DrabeiSMll— 
May Oct Dufay BrtunuOp' 
Nov. Apr. DtznbeeCom. 1 (% 
June Feb: DundonlanMp... 

Jan. Duple Int 5p— 

Aug. Apr^Ducaf 

Dwek Group IDp. 
Feb. Aug DjteslJ.)..— 

Apr. Oct Dyson I J. Je 
Apr. Oct 

Oct. May E.C Cases 10pL_ 
Dec. EistHuftDdMp. 
Mar. Nov ^aHIdgs Ite..! 
Apr. Nov. Errarlnds-Stip.. 

April Nov. QUielap:^—__; 

Mia.* Jan EtecoIIfli—:— 
Jan. July H«t fad.Sec.-JT 
July Jan. EUtottPTTw IOp. 
Jan. June Ebon*Bobbins 
Jan. June Sswrekffperflp 
Mar. Dec. OnbartCffp-SL 
Dec. .Sept Empress tev.l4p. 
February Bjg JrChort ibp ■ 
July 1 . Annl HBg.CbifcO«s- v 
Mar. No* E®e.-sa»lSa».: 
Jan. E»miFerries 


h5 5- 
13 S3.4 
UJ1.97- 
m +Q18 
Ha bCJT 
iHE *29 

jl7Jfi 40.76 
jalM il.64 .... 
K to nizrt i9| 
213 1433 
•'ll 1242 
lill <0.94 
1212 ^272 
275 — 

.--•&? 055 
1512 9.27. 

14J11216 
301 •«.» ... 

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l»K 5 
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25.7 g2.43 
132 1272 
19.9 “rf 43 
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2BJ1 *0.8 , 

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161 8.45 

1% 
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2811 {5.4 
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301 5:44 
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1212 
31.1C 
19 





Mar. Sept EmdfcHMgs 20p 
Feb. Aat Ewet George rop 
Jan.> JiUj Btg . -- — 


OcL' -June FairbsirnLnqmi. 
Jan: June Feedetlfej---^ 
Jan. FemieriT.H.),— 
Jaa:. July Ferguson Imi 
JaH- '-Sept Fetleniahajji ^ 
”—- Nov FrotflflyiAR-L^- 

Opt.. KiraCastlelOju 
June Dec Fiumltna -. .. 
July . Jan. FlewHoVfcff.- 
Not. June Foguty iL.»,. 
Dec.. July FosecoMinsep. 
Jan. May FtahernKItem«, 
MaJuSeDe Frantdm SD «rf_- 
Feb. Nov. French Thro IQp) 
Oct Apr. FTicdljnrrito— 
July _Jan. G.R(BdgsiSlp-^J 


7.1 
5.8 

6.1 
6.2 
8.1 
45 
35 
57 
5.4 


HOTELS AND CATERERS 



4-6 September Adda fat IOp 

6.01 Ju£y BordiJ (FrUJO, 

761 Dec. July Brent Walter Jp. 

Dec. Jun. City Holdjato.. 
.9 Dec. June DeTereHotels^ 

. - — Epicure5p..„.. 

| 9-1 Apr Oct Grand HEt3to_ 
8J 6-2 Mar. Sept Do !0pc CnrSl-Sflj 
g-2 12 - JuirsaaliMTlcOS 

9.0 5.0 May Oct LtflhrotelOn_._ 
8 J 92 May NOT.JtelaraGeiUop. 


/' 


JHU|»d051 



Apr. Sept Gestetner-A - _ 

Nov. -Mav GibfrwsIratDsy- 

Nov: June Gibbon IS}_w 1 

Dec.. -JfeyGieves Group. 

Jan. Aug. GUtzparlOp_ 

April - asssfcll^iepJ 
Jan. Oct Cteo.ann—J 
October GoomeTbotoKpl 
May • -Nov. GcJdmaniHUOp. 1 
Jan.. July GcmmieHkfc_^ 
Not. 1 Hay Grampian Btks. J 
Apr. Oct. Gracidfl-A^.- 
April Oct GrippcirodsWp. 
K>ct June GrwebeH Gp Sp, 
-Jan. Aug HsltaSWlghap. 
Feb. Aug. Halmaipn^ 

Nov. July H.TniiIborti€ 12^5.: 
p?ec: Apr. RariunnCpiSc. 
Feb.'- Am Kan?«lTrua„ 
Mar. Sept. no5>at-Cirf®ia 
Jail.- -July Hargreav»3Dp. 
.lap. -Aug. Harris(PhifiOr^ 
Mav .Nov, UamsiShelwi^ 
July FevEaattB&feTtefflC 

Oct. June Rar.vCorajIn' :aw 
Aug:., .tan HajiXllferffil; 

{SriSSSfe. 
rifii ■»*’*-- 

July Mo*, nmsteia.v 

Not. Apr HnrtMai’saBahu, 
Not Aug HoldemAlJ. 

Ftfj. Sept-" 

..Dec. July 
75 [Apr. Sept 

Mite OetBaizooMisaH 

July. Oct Hoskins &. 820 bv 
Feb. ..Oct HosariTtoisns./ 
Nov, July Hunting Assoe:.I 
July - Nor. Htttidghy 

December itebVbaal_ 

.July. . ByiaanfltJ>9ni 
-ApJyflJi S^-itHtaseiesfi-r 
July -Feb; rcUl-T.- i-r. 
April Sapt Imp Copt Gas £,1 
May--Nov. fagalltodtIto- 
Jan. .Aug tofijalSHviMsu 
Da.\.-June faier-t*y 2 f 5 i— 
■Mftr. ;.nec hanropohnr.- 
June. -Jan' (asds giBdOdp. 
Not.. June ;anhne5tSHre 
Apr.-"Dec. jartique-—^ 


K>cf -Apr. WmwnCffirs-'s' 
Feb. Aug Johpion?4Qit , £] 
Oct- -.Jnnq J trihbnrtL. - 
May - .Dec. Kahmamolflgi, 
June Jan. Krfwylnfe. " 


48 

•»V 

56 - 
87' 
48> 
18 . 
23 
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44 
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130 

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IS- 
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350 

-23:7 

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■8\. 

'<44. 

088-,; 

7.38/.. 

^ 21 -; 

*-82- 

’447 

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_bdsxrr. 

■U FZ. 
32J2 05 
33293: 
HT4 - 
136 fd3.15, 
B2 t36 
132 t36 
289 W65 
I7.M 2112 
3J£ 185 
19.9 410.0 
8-8 dl.02 
1412 01.75 

19.9 2 J2 
25.7 t2J9 
IU2 113 
14.11 1082 
8.12 <35180 

17.10 02 
3LI ZO-35 
276 355 
m 15.08 
1411 l2.8 

132 122 
D6 121 
911 14.92 
19.9 f365 
[Mil tl®, 
12J2 bJ~ 
2811 46 . 4 - 
31 KLL27 
31M 1173 1 
225 - 
M.U Qz3:54 
1112 2.76 
:ir 43.4 
1411 14.16 
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L12 Q30c 
Ml 2.55 ■ 
H 9 12.84 
1212 18-99 
15.2 3.95- 
295 1h£27| 

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222'234 
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31C 3.82. 
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racfal. TTnies K^raaiy 20 .1578 

USpiAIS-^^ • ■: ‘ INStnaANCE—Omtuined 


33 



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bo2Fobell$p 

bus Haris_. 

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suey Prods, fe 
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ndusfties 

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(tin {Lon)_ 

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rials 


well Duff. 5Dp. 
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liman RAJ. sp 
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lyon PBWS_ 

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JoUlnw- 205 

ribarSHartat. 26 
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apa Group— 100. 
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tftOn.rnw-1 
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tarafe Speak J 
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ire Pacific 60c 

tone 

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tb.-.-r 153 
twtasrsi. 91 


Wffaf 

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idePoociDji- 
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245. 

63 

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19.9 

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377 
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88 1556 ’ 
1H| 06092 

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V 21 182 

1212 0.93 
28J11!351 

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311C 8212 
19.9 S5.16 
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177 t4J9 
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1274 
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301 

3110 335 
275 132 
nit 

228 3._ 

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19.9 02 
5.9 tL42 
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19.9 

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19.9 1429 
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310 1439 
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1213 +1056 

112 202 
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4^ 8D1>52 
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5.9 th3.n| 

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191 



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, 117 
1710 
, 19.9 
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2811 

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13110 
3JflfL04 
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574 
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26.83 *73 
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33 93 '4.6 
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0.71U 175 
3l| 63 6.7 


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3.4 5.7 73 
41 65 54 

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23 8.8 77 
25.4 019 

19 95 83 
_ 35 3 

3.0 75 6.8 

6.4 22 83 
4.8.37 81 
56 9.9 

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26 7.9 67 
'27 53119 

24 9.0 73 

4.4 5.0'6.9 

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9.7 [64) 
41.4.8 
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22 H6 60 

3 7 OzH 

6d 6.7 


PROPERTY—Confirmed 



Price 

Lad) Dir 

4 1 Net 

TM 

C*vr GTs 

m 

546 

w.ui«aa2 


51 


% 

3u5Uh 

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721 

2M3Q30% 


07 

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165 

lUflj t7 64 


711 

_ 


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l7JL0j +7.61 

- 

3.6 


270 

2.6 

43 

13.9 


MOTORSj AIRCRAFT TRADES 

Motors and Cycles 


... - =- [BriLLtflmdSOp 
«rJeSJ>. Gdt.lQr Thdto- 
Jao. July UtnsCarlOp— 
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23 

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December 
Aug. 

Mar. Oct 
Oct May 


9.M fid 


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Feb. AOg. ERFUHMpJ— 
August FeSwflBW^— 
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Jan Wwiiwr —- _ 
OdjYntkTnflfir K)p. 


Commercial Vehicles 


243) December 
Apr.. Oct 
Apr.. Nov. 


X& 


99 

119 

63 
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128 

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September 
Aug. Mar. 
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in- JunelFbfix 
m. .Jonef 
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Autooioartj— 
BlaerndBros.— 
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Feb: AuS 


Components 


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Jan. JumSnps^ Group IOr 
J oiy -Feb.burner 
Jan. JujyfwitMt Breeden. 


50 

70 

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74-64 
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' Uoandau5p_ 
Not. May ftwkyirfGrp.- 
Fett Anfi AHStaiHrtur. 
|Jan. July BSG&LlOp 
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Ang. Apr. Hes(|a2Bp_ 

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May Novi Da lOpcGar.'-. 
Dee. Jane HuhtfuarimH. 
Jaa. Jultuessipe l<to_— 
Apr. OctiywiilMttT . 
Oct May LcxSemroGm. 
Oct April Lookers 
May Oct 

Aug Apr- 

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NEWSPAPERS, publishers 

an. Au{UAisoe.News_ - . 

Cow. MaylAstBodtESJp- 
Jay Dec.|BPMHLdfc.''A l — 



Jan. 

Now. 

(May . _ . . 

Apr. SepLpBafiaBnftfcaff-. 
[July Oct|Bls5kCAftej— 

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Oct. May fcrss 
Feb. Aug. DaDjt&iL'AV . 
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JOct May Hone 
[Oct Feb. Ic - 
Octr*-’ Apr. C. 

Nov.,Jub'UnAallCta:: . 
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PAPER, PRINTING 
ADVERTISING 


A+*. JnlvjAsHor.'Paper- 

Dee. May Bemrose- 

Jnne Jan. BrltPrintm 
Jan. Jnly BriraningC 
Jan. JiflS Do Resric.1 _ , 

Nor. June Bunzl Pulp-1 

Dec. June Capua Is Sp—T 
CanaonfSiri.)—j 
Jan. - - Aug. Chapman Bal. SbpJ 


[Sept MayknariWrtard-— 
(June. Nov.jCollewirBmlOp 
rihpr Guard—: 

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Sas Uncs. Ppr.. 

.Ferry Pi'^lflp— 


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Nov. July D1 _ 

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July Nor. 

Apr. Nor. _ _ 
Apr. .Oct HniasR. .iicgs. 
Jan. June Geers Gross lOp-1 
Dec. May Harrisaj*Sous., 
Mar. Sept IPG lOOt. 

Apr.. Sept. Im-ertskGrp 50p_ 
Dec. June L.*P.Pnaer50p 
Feb. UcCorqnodileU— 
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bvember SfilUt AlletfSt^ 
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27[^.ft(Jan. July Transparwrl Ppr. 
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6.7J 7.8 (Not. M*y.(n , «in™pta.---_| 


31 


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Jan. July 
Apr. Oct 
April Sept 

July Oct 




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SHIPBUILDERS, REPAIRERS 


Dec. Juni 
May Snpt 
Jan. 


1175 - 
1710 636 | 1 
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28J1 4.61 


7.5 115 
37 2 2 
26 64 


SHIPPING 


Dec. AnR.[Britt Com P0p> 


May 

Oct 

Dec. 

Jan. 

May 


Dec 

May 


May TFumess W;thj £1 


July. 


July 
Jan. July 
June Oct 


Oct jiaeobs [J. L. 20p„ 


Apr. 

Apr. 

Jan. 


July 
May 
July 
Oct 
Oct 


icnirn Bn* jfa 
Fisher' J:_ 


Hut’ingGilBii.il J 197 


IUn.OBeas FraiJ 
Lrle Shipping „ 
Han. Liacrf !0p. 
Merwv lit I nils 
Milford Docks £X 
Ocean Transport 
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Reardon Sm.50p 

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SHOES AND LEATHER 


Jnly Feb. 
SepL Feb. 
April Dec 


[AHehone I Opt_ 

budhilntn'l'— 
Fumwear lavs „ 


Oct JunektonarScoiblair 


December 
Nor. Mayj 
Mar. Sept 
Apr. Oct 
Apr. Oei 
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Jan. Mar] 
Feb. Aug 
Mar. 

July 


Sept 

February [Weana J up 


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Sept Mar 
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Apr. SeptiAberrom RUAl.. 
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Dec. Grinins '.V 50: 
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March Sept 


Dec. 

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Sept Mar. 
Jan. Auk 
D ec. July! 
May Nov. 
June Dec. 
Apr. Sept. 
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Apr. Sept. 
Feb. Aiifi 
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Jon. May QW-ProiMp.-. 
May Sept. Uo.6>j%Cmt— 
April Oct Da.12peCnv._-' 
jujy Eh*, t Aj«wy- 
Jan. June EsrifcGea,3Bp- 
Apr. Nov. Etta. Prop Inv— 
Jan. Au^EreS 51 -^—-:, 
Apr. Dec. FanviMrEsa.»p=( 

93 —' . GiJyieiOp- 

.Apr. Dee. Glinfield b«a«- 
Feb. SeptCLporSaodSOp- 
Jan. A pr. Green HO lOp—i 
[Jan. July Greeiawlap---, 
June Ha racer-son "A _ 

November Brab+MTstJ^ 

gk-iSi&arHSc 

December Inay Property ~ 
A pr. Sopt teMrenmwn lflp 
Angus* lenpyn Invest._/] 
July Oct band Inverts.— 
Jan. JulyLandSees 50n1- 
Mar. Sept DaSkpetnv fflJ 
Mar. Sept DnifoOrat 83-! 
Mar. Sept Do.lKW>rrrW 
[July Nov. Law Land3n>— 
'Ocl Mar. Land Lease 50c 
Dec. June Lon Pros ShpJOp 

%--£S£saBfc 

Dec.. June MEFC_i 
KarlerBs 

Mar. 

iSSKSfc 1 

- Jan.. Julj®5±lw{A.*Ui 
l Aug. -Oct 


151** (UTS 

' 3fc}:J74 


MCU* 


121 

-gam 

.48 ., 

19W 


1U2 hi 85 
1U1 (13.86 


*V 


2^353 1.9) 1.9452 


^|+228 


TASl'U! 


674 

C2 t!41 

475 : 

111 122 
3L10 v?P 
13.2 , 

12:4 8.99 Ll8j 


63(10 6 
2 8 25.9 


, 7.2 « 
112.2 9.4 

4.0 sf.6 
4 G 215 
4J 9.7 


151 


2.8] (32.7) 

' I 

13.7| 

i2ja 


1171 

«13A 


H.6 

(7 4 

3.3k»4> 


October 
Dec.. June^ 

OcL May 
Jan. July- 
Mar. SepL, 

: July 
Apr. SepL] 

Apr. Sept. 

June Nov. 

Nos. July 
Jan. July 
Apr. Nov. 

Feb. Sept 
July 

Jan. Aug. 

Inr. Oct 
'line Jan 
Oet Mar 
Ovt Mar.] 

Jan. Aub. ; .- t . 

Nov. Jla; U crone iKIdgs.). 

" ' .Leeds D>en_ 

LoirI .Villi 
Levin f^k — 

Dec.jJjfi*.'- - 

Julyh.vle'.5.)3tp—. 
“ ;Mart3‘-Hush .. 
IMof kmaon S«t+ 
[Martir.' .V ■ 20p . 
wltleriT.iWIp.— 
Mom/on..- — 
iNoiuilanJc— 

\OvnJcr>o> Mp. 

Il'arfciand 'A*_ 

Pickles 1 \V.:& Co. 
Da-A'NVIflp^ 

RKT.lOp- 

rtadley r«Wm 

;Hredt‘AsL)- 

Reiisrrf^KBiia+i, 
Rirharts lflp 

SPET.2)p- 

fcauHaberuon. 
SeienlnL 10p_, 
Vii« I'airrti lfip». 
Siiilawlmisiop. 

^rrdar___ 

iSmalliTiUfJKi-. 
,'n ViKoc LlS'ii- 
Hu fni-.UMi- 
•Spenceriljvo.t— 
ISInddard'A 1 ... 
!>U»md Kite brd 
Tern tu.miirii. 
■TeifrdJKjf iOp 
TVimkinsons—- 

Tonial . - 

>ra.YM .... 
TroR.'rtl 'arprta 
fTr'ir.tUeV'p .. 

.Teal.* Iflp^ 

.Vira-TeiSilp- 

)nrte Fmett 3Pp 
ougnai 


Apr. 

Jan.- 
May Dee 
Apr. Oct| 
Jan. July 
Nov. June! 
Sept Apr 
July Dec. 

f Mar. July! 
Jan. July[ 
Jan. Jnly 
Apr. Svpt 
Apr. July 
Aug: Dtc 
Apr. Oct 
May Feb 
Mar. Oct| 
Dec. Msr. 
Sept Jan. 
Feb; Aug. 
Mar. Sept 
Jan. May 
Oct. May] 
Apr. . Ang.1 
Apr. Aug.. 
Feb. Oct ! 
Apr. NorJ 
Jan. July 
Jan. May 


February 
Feb. July) 

April Ortj 
Jaa.“- July* 
Apr. Nov 
9ar. Sept. 
July 

Oct' Marl 


131m 

58 

55 

67 
25 

34 

35 
7«4 

12 

36>2 

44 
14 
42 
3® 2 
30 
69 
34 

121 

£73nl 

34 

109 

103 

62 

30 

27 
98 
87 
ID, 

.49 

54 
-52 

28 
77 

34 
52 

39 
15i, 
15>, 
38 
64 

46 

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40 
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111 

30 

66 

14 

9 

68 

47 
74 
40 

25 
52 
23 

22 

91 

52 

22 

56 
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45 

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26 
25 
23 

57 
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55 

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35 
45 


132 649 
1112 334 
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310 
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31 
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874 
376 
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26. U 


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2213 

rail 

§ 

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171C 
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0.82 

26 

2.46 


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23510.75 


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121 ? 

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303 
2313 
254 

177 

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161 

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0 

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279 


134 

134 

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hZ.77 

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dl55 

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P+2.88 

+057 

1057 

1.14 
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289 
1.03 
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tl.12 
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602 
d2 32 
^103 


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tl.32 
tl 01 
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t=48 
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2.33 

3.25 
157 • 
+08-76) 


85 

4.9 

5. 

144 

4.4 

121 

43 

13.7 

65 

49 

8.2 


24 

4.9 

L9 

43 

13.1 
82 

4.1 
45 
55 
24 
53 
5.4 
73 


- 7 -3 * 

27*1 8.g 65 
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62 
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8.2 
131 
65 
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8.9 

8.9 

26 

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18 
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0.4 

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32 
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7.6 

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8.0| 
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101 
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7.4 

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3.9 


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61 

117 

9.1 

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120 

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93 

7.4 

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7.9 
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5.1 

5.8 

5.9 

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65 


TOBACCOS 


Apr. SeptjEATfnds.. 


rn> Defd._ 

Jan. JunejOunhilhAj 10p^ 

Nov. Mar. Imperial .. 

Jan. SeptlRnittriions fiJbp.. 

Jan. Juiy|oiCBis«iHii.Ji^_j 60 


232( 1301 


93-51 


285m 

245 , 

340 (1112 t7 92 , 
73ni 132 5 66 qll 
50 \lUZ *2 04 | 9.< 
1212 12-75 


6.9 » 
— 52 
65 3.5 66, 
' .011.7 52 
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3 2 6.9 9 2 


TRUSTS, FINANCE, LAND 

* Investment Trusts 


Aberdeer. Imt_ 
!AovrdeeuTrj!4^ 
_ 

Alliance Inv_ 

Alliance Tcu<'. _ 
ACifimd lor Mp 
' Im vap:L-|J shp. 
Antirt'elr.w.tac.. 

Cap.. 

LA men can TniB. 

ta.- 'B 1 '_ 

[Anslu tra.Scr'.. 
Uncifrlnl On- _ 
lip AMilSte .. 
Ai^ic-Scol Inc.. 
lArrrjniKte Int. 
bo fjp i up 
Dee. JunelArMlni -SA1 

lAahdMii ln» . . 
AitaDUtalL lup. 
Atlantic A'-vei!- 
Alia* ElMl.. _ 
Ail-t.&int >5(ipi. 
Bankrrc lnr.. .. 

jEcrrcTrurt-_. 

H^-mpiVWePntp-l 
KifhopjjaeTw j 
[toMrrfc atari. 50» 

Do Cwn__ 

_ iEracil Fuad CrSl 

JulyfBrtuil Inv.CrSl ~ 
BrvnsrTit- — 
0r.d»ea*ierinp 


Oct ■ May| 

Aug- Mar, 
Sept: Apr. 

June Dec. 
Aug.' FeL 


Aug Mar. 
January 
November 
Dec. -Junej 
October 
Nov. July 
December 

Nov. June) 
May Dec 

June 
Jan. 


Ap JyOJan 
Feb. Aug 
Dec. June! 


Jan.' Aug. 1 
Apr. -Sew !|rit AtnlGen 


Priirh Ar<M» - - 
Bnt Ind.4Gen~ 
8r.l.lrvKi.- 


Oct. Apr|Rr«dBflnci3)pi 


Aug. 5Ijr.jBr-ir.ner lnv_.... 
DecemberjBryrourtiyp.. _ 

June * Dec.If L R.P.!nt-;• 

Dec. Aug.iCal«lnnia Im^-. 
Feb.- OcttCtuedoiuan 

. -Ito-IT- 

.Jnu. Stee-taffifirianaedGn., 
[316)'-: Mar JCaMliatara Up. 
Dec. jf!®efCHi.i Foreign— 
Apr. N«v.JC«»ttaI*.VaL_, 
j Do 

Sept 3tor Cardinal Did 
Aug. Apr.jCAriwliflv—, 




52 

123 

100 

80 

196 

121 

142 

59 
52 

35M 

48 

109 

37 

71 

32 

115 

113 

54 

73 

If 

5c 

^4 

153 

253 

122 

S9J« 

?95 

24 

7 

361, 

so. £ m 

)«l, 

131 

aim 

73 

58 

228 

62 

60 

83 

210 

93 

107ri 

MM 

95 

100 


frill 

3.1; 

2S.1I 

310 

3710 


14311 +2.08 
141! 45 


2J, 

2811 


i'H tb35 


1710 
1’JOl 
1411 

22£ 

132 


+4 12 
2.49 


+7J1 
t0.36 
t4.06 

IL2. 

30 


228 2 94 


If 

14 ll' 
alJOl 

l£i2j+5.33 
14 Ilf " ' 

67i| 


75 

'QS244 
I> 17)055 21 


28 Hi 
4.1 

22 i 

13? 

U i’J 

1 

281! 

21111 

.12J2I 

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35 

Mill 


VJl 


151 

5.15 

p589 
4.04 
05 
0 41 
L62 
27 
2.33 
0.67 


t05 

0.32 

T142 

22 

34 

6+4.37, 
3.57 
3 55 
2.14 
19 
+767 
tL42 

35 
1.84 
t335r 
4.0 

3.35 

+13.75 


11 

111 

11 

10 

10 

10 

Ti 

112 

* 

Ll 

Tbl 


6.1 


5.8 24.0 
6 2 225 

4 7 32 2 

5 0 29J 


9-3 


10.4113 5 
T7J29J 


lMllffl 




5.0i 

54j 

0 940.9 


1 0| 6 « 
l.« 2.8 


10 

111 

1.0 

LSI 

12 

Ll 

12 

111 

1.0) 

LI' 

«+ 

10 

n 

3 


a 


23.9 


162 


» 

15.2 

732 

13.7 

* 

♦ 

60.6 


30 J 
265 
214 
52 7 

225*8 


I.lbo.i 


37 

180 


3 2(32 6 


201 
[24 0 
26 0 
240 

33 0 
258 
+ 

232 
24 6 
24.2 
386 

JE3 


IW3 




275 


INV. TRUSTS—Contmued 

ftrlSslw 


FINANCE, LAND—Continued 


BMdrodt L 
Paid I Stock 

June Dec.(Cederlnr_ 


(Chan'l la. Inc. £1 

Do. Cap__ 

Charter Trust_ 

Mar. Sept City 4 Con. Icc.. 

Do. Cap -il._ 

City 4 ror. Ini _ 
rit}-*1nwra'i1_ 
CUj d0.Juni .. 
nsi'fffccwwSnp. 
'Jlifhm lo-.rlflp. 
May flrtesdile lm _ 

DO. “S'_ 

Colonial Secs i-id 
Coo tin vm'l lint 
Dec. June ConUBPiTl Unwa.] 
Cream Japa 50p_ 

Crossfriars_ 

Onraloslnv_ 

Feb. Aug.Duaennc.n50p. 

Do.(CapjlOp_ 
Deter Hire Cora. 
Derby Trt. Inc. Si 

D0.Qp.50p_ 

Dominion i <len. 


May 

Aug.. Mar. 


May Dec.' 
Nov.- Juneji 
Mar. Sept 


Jan. 

Ana. May 


Feb! Aug-| 


Mar. Ang-I 
January 


Ang. Mar. 
Aug. Feb. 

Dec~July] 


Feb. Ang. Diayton t-orn'c]. 

May Dec. Da Cons.- 

Apr. Aug- Da Far Eastern 
Apr. Aug Da Premier-„ 
Nov. Ape. Duahest Inc. 30p 
— Do. Capital E!_ 
Jan. July Dtuidee&Loo.-. 

April Edml»rirhAn.T!t] 
Nov. Apr. Edin.4 Dundee. 
Apr. Nov. 2dia.lnr.D5 £1_ 
Jan. July Hertra fm-. Tel. 

Feb. Aug. EkCl&Gea- 

July En? ilnremmi. 
-■■5g.iN Tn*t_l 

__;Enff 6 Sctr.Inv.. 

Jan. SeptlEqurhCoa* r£l. 
- - Do.DJ-d.iCT .. 
Equity Inr 3)p . 
Dec. June Erato Duties-;. 

F l-CEurotrjst 
FSmlrlnv f<t . 
Sept A prJFirei Scot Aai. _ 


Apr. 
July 
Nov, 

Oct Mar. 


(Fore ien6 Col... 
|P.U.GLT.iR0Im. 

Fundi Tires’. Ijc. . 

, Da Cap- 

{G.T. Japan_ 


Nov. AprJGen. i Cc-nin'r] . 


Aug. Apr.I 
S^it Mar.j 

Oct Apr! 


Ben. Consol did . _ 
(Geaeral Fund:.. 

Do.Cmu- 10? _ 
(Gen. Imrstori_ 


Dec. Jane Gea. Scrttisli_ 

Jan. Sept Era. Siw!±oy»n. 
Jan. Sept GteCc* Sittldrs—' 
Apr. Nor. Gleaderon Inv_ 

_ Da-r-z_ 

June Feb. Glenrtuirrar In'... 

— Do-Bn-i_ 

Sept. Mar. Globe tnv_ 

July Goseit Europe_ 

Mar. Sept Grange Tro r._ 

Sept Mar. GtNorh‘nlnv_ 

March Grecnfnar Inv_ 

Mar. Sep. Grsshzm 1 a v-_ 

Mar. SepLGn'opIn.-fiJnr?. 
Dec. July GuaniiinIn:.Ts_ 


July Dec.j 


DecJ 

Oct 


Hacibros__ 


JunelHarrrtis inv. lOp. 


OEJlrl+wIijv_ 

|Hiiii*Hds.“.V\. 
Do. -B-. 


,4 an. 
JuJy 
Apr. 


June Icohiodiy.- 

June Do.«£-- 

Dec. Juneil ndu ?j-, al 1- 'teu 
lnll'-c.5c.:+KS+_| 

SepL Mar. Internal'! Inv_ 

(Vl Mar. InL lai Tr Is? £i. 
Sept. Apr. tot. in Syrov' s._ 
June Nov. Invc-.or'Tap... 
Dec. JulylDi«ar.L7.’_‘jp., 


(lard me Japan .. 
uanlioeSet HK55 
[Jersey Ko PI :p 
Nov. juneljerie' Gen ?! .J. 

(v+JjcsHoldiiu* _ 

Uoreln--. lm-..'Bp 

DO. -p- 

Rey.'_re:ni Ji*p_ 

I Kin d* lav,— 
jVivAlnv.—i 

E l !t Lor. Inv. 
I'eMitturo.. 

1 Ir.v. Inc JO? 

uati?.5p-- 

[LeVailonct Inv.. 
ML* LVnhdapJ 
[Lon.AlianUc —|* 
LmiAuftlm-SAl 
Lnn. 6 Gan. Sip. 
la-fa. 4 H»!rrood_| 
Lm.& t/.-r..mv_ 
Lon t-Lir 
Lon.A Lomond _ 
Lcrfi Montrose. 

LoittPriiv- 

Lwl Frodentiai. 
Ion. i S'c!y.ie_ 
ion. Tf l L*fd— 
Loular.dlnv— 
WAG ■'•saint iOp 
Da Cap. IOp 
Do tuiilsa-lD 

Do Cap 4?- 

Wao.'iLon50p. 
Sleldrumlnv—. 
Mer.jntilelnv— 
Slerchaoisist— 
Monte Inv est— 
MontBouon IOp 
IM Wrrt' Cl— 
Mboloyaa!-—. 

iMaofgateiev_ 

>+00RrtdeTrti+- 
Negit &A 51 >1 - 
iN'tvThrojtlnv- 
Do.Can £1-^- 
Da Nev'A'rrti. 


May 
Mar. Sept 


May 
May Nov. 

July - Feb, 
Apr. Ocl 
Nov. Jun. 

March 
Apr. Oct 
Aug. Feb, 

January 
Dec. July 
Dec. July 
Mar. Sept 
October i 
Nov. July 
June Jan.' 
Feb. Oct; 
[Apr. Oct, 
Mar. Nov 
Nov. Junej 
Dec. July 
May Dec 
June Dec, 
June Dec, 
Sept Mar, 

July Jan, 

Jan. Junej 
Mar. Sep 
Apr. Ser.. 
Sept May 
Feb. .July 
May 


Jbn. Sep 
Aug. Mar. 

Feb IlyXta. 


_ ._ 15 

April NT £ Gartoore. 37 

Aug. Xtec. .msinvpii_188 

May Inv Sth. Atlantic Sec 81 
June Dec. Miui American. 83 
Dec. Ju!>'.'onhKT.Sec;— 98 
Ja.i. Aug ■AiftAMH.Irav- 55 

June Nov. nunnchlitv_ 50 

Apr. Auc renlland Inv. 103 

Dec. Aui! i+ot S... hv Pfa 68 
Mar. Sept i Termcial Cities 25 

Aug. Keii i.'jeli-j.T. —-1 1071, 

38 
29 

Ms? Ilii-.crA Merc — 


Price 

58 

127 

472 

86 

49 

90 

63 

7£<d 

10 

62 

60 

227m 

176 

100 

119 

73 

27 
39 

y* 

79 
206 
147 

176 
111 
127 

28 nf 
168 

63 

186 

871, 

167 

2D3 

99 

61 

80 
67 
63 
93 

103 

173 

268 

381, 

76 
791, 

135 

42 

? 

1014, 

126 

77 

13 IM 
102 
93 

97 
86m 

If 

Si 

100 

n* 

92 

70 
63 

49 

71 
82 
80 

J65 

74 

72 
£91, 

600 
44 5* 
130 
67 
152 
108 
66 

177 
1351, 

85 
103 
228 

.44 

50 
6 

130 

J9i, 

771, 

43 

92 
37 

? 

12>j 

56 

113 

541, 

98 
66 
17 
631, 

159ul 

95N 

66 

351, 

179 

51 
182 

93 

86 

iSi: 

a, 

63 

43 

55 

32 

46 

79 

90 

705 

Ml,: 


m 

366j 

M! 


JllGi 


Dir 
Set 

2.5 
Q1L5 

2.T5 
ri.fi 

4.07 

3'J0l t3 05 
3.8 


Z&U 


137| 8.1 


.JJ 

3U0 


Z2H3 32 




16L+Z87 


237 
30J 

1L10 
22.8 
MU 
132 
22J 
31.10 

i| 

iM 
121a 

3J RL45 
3110 3.55 


19 « 
22 S| 
31 

2S.nl 

n 

10 q( 
22. Si 

22 a 

Kill 

x.i 

?io| 

2.11- 

-J? 

Mil 

i£ri 

11 

30.H 

30.1| 

tl ! 

?ra. 

Will 
,1411 
Paul 
13110, 

2LBI 


Sept. Mar 
Apr. N«?-- 
Apr. Ntrt' 


Ang. Mar. 
Apr. Nnv 

Sep. Pec 
Dec. Junc| 
Oct Apr;l 
July Mar 
December 
Mar. Dec 
Apr. 1 Jet, 
Dec.. July 
| July Jan. 
June Dec 
[June Dec. 
May Dec 
| July Disc. 
Aug. Mar 
Apr. Aug 

Apr. -Oct 
Jan. SepL 

Dec. June] 
June 
Apr. Sent 
November 
Dec. June 
Dec." June) 

Jan. And. 
Aug. Apr 
June Jan 
SepLemher 
Mar. Oct 
April New 

Mar. Aug. 
May Not 
Mar. Oct 
October 
Feb. Mav 
Apr. Aug 
Ocl Apr. 


Feb. Aug 
Apr. Oct.- 
April 
Feb. Aug 
May .Nn* 
Ap> And. 
Mar .lui. 
June 
July 
March 
June J*M 
Aug; Mar 
Feb July 
July 
Apr. 

July 


titer PlweDf!. 
P.iihecptEr.FlSO 
UiiauL’Sh'sFlj 
RnlincoXVFIVi 
i*0 NUi.SstRi.-i 

to-nutey Trust_ 

Hosed unondInc. 

Inv Cap- 

SMtedtiWIaSlp. 

Saleguard Ind_ 

ft AndrewTst- 
i~t.Valor.5DpJ 
fcriifYwi.Inv. 

•3lbe*-A'.^ 

Scot EasL In«__ 

Sc-vl EUn»ear._ 
vroftishlnv_ . 

Scot Moil 6 Tst. 
5rot.Vaiiocai_ 

^cot Scrthern _ 

'couOrarro_ 

ScoLVtdlnv^ 
intol Weitent _. 
.bcotl'cstn. 'B _ 
ATlinreTc— 

I'jtc. Great Kthn. 

Dn “B 1 _, 

fvcuridft.T.Se. 156 
->'#:■ Rj«kIrr.Sl'f." | 350 
50p. 1 125 


155 

336 

£5W 2 

515 

Sf 

S’- 

55 

165 

68 

105 

78id 

fill, 

ft, 

36 

WIJ 

971, 

125 

881, 

1151, 

75«l 

75 

721, 

1641,0 

68 

631, 


•iireaell lnp_ .. 
Sphere Inv __ 

SPLIT Inc 10n_ 
SPLIT Cap. Fir. , 
'[3rimpeiVii_., 


62 

981, 

160 

52 

93 


SieriingTH_152 

h.-Um'ilMV . TO 


iov. -i 

[Tecbnolo#yr._ 

Nanple Bar- 

jThrog. Cirnwta— 

Do CajtEl_ 

tThrwfmortoo_ 

Dn S,*oL)ar„ 
Tor Invest lac.. 
Do. Cap. 


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SANWA 

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nvktads 

Paw. 

Nov. May] 
May 

Dec. July 
Jan. July 
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MINES—Continued 
CENTRAL AFRICAN 




lxsi| ri* 


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194 

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June Dec.lMessm 8050_| 85 (1222!+Q!0c| L9( t 

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Aug.' Feb 
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Nov. .July 
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9 

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420 

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jLMli- 


13.0 


2 Of a4 
* 14.1 


2.65 

+3.66 

558 
+3.6 
4.15 
25 
12 
8.0 
13.75 
FI. 5 
2 56 
iC5 
545 
2 8: 
14 0 
11 73 
220 

t5A7 


NlljU.79 


3110 

'-’tl 


31 :o 

:j.i: 


+5.JS 

Q25c 

&46 

If 

12 4.’ 
T9 39 


+2 78 
»*; 5.5 
23 111 2.05 
25-i 2 23 


318 


83 


iM| 

3L10 

31 

8?| 

?m 

Si 

?:c 

33o! 

"HP. 

b?b| 

o : 


363 

188 


4 38 

W<f J .’N 
- 05 
0.49 

^ 50 
132! 13.0 
+3W 


+2 84 
+4 06 
«3 74 
175 
b4D3 
tO 51 
3 II 
541 
ijIOc 
0 °i 


?: ■> 
’20 
o 3; -S 
6.11 ^ 


-v.jl 4, 
10.3|15.1 

, 5 71250 
111 8 5|17.1 


6 21 * 
45| 6 
30 484 
7 3118.7 
■I =131 6 

126 4 


321 
28 6 
32: 
29.7 
114 
46 7 
+ 

28.1 

354 


5 7127.7 
4?l - 


O 
* 
i: 

Ll 
10 
i 1 
10! 
ll' 

11 
11! 

10. 

0.9] 

6 

To 

li 
L0 
+ 

121 

3 

*, 

ID 

10| 

11 

0.9| 

* 

12 6, 

J 1’10 1 

— lo*! 

1 ll f. i 
0 j 3.5 

£_«{ Tbi 

L2i 4 6, 

111 5.n 
l.l! 5.0.26 4 
6 I la + 
10 5 127 7 
0 8 7 5,256 
111 5',24 5 
+ ’ 3-il * 

- 0 = - 


MINES 

CENTRAL RAND 


— jr^ihar.:wr>.'j:_| 373 
Attfi. Fer Fa : •idrdf'rr-R3 359 

ViC Fvr !i-av>r.;r.r.-’.Pc. £33:, 
Aug. For- j',:-:SandKi-1 150 


fft5c 164^ 
Q250C 3.5 
ftlic 


63 


EASTERN RAND 


Mar Sn~ | rr?-'--er ?•_I 

rennur: j+a- i‘---C-- f :i —j 

— r i:G<'> F/1.V1-1 

— !• t nrr.' Ar-as5:_ 

\ UC. Fc v - Ivrev- _ 

‘./k jvjr.-/.- H __ 

M.r. L-.-i-'.V.. 

Feh -iKn*. .Jf _ 

F-K I.i -Mr.-.-r U. .Sr . 

T,.-t.i.iU-,V>t-.‘. I”._ 

?«V. .j'-?, rt>:i.-.:a : c :-?J_ 

! - .*.ii N cd—-i- 


May 
'VI 
AUC 
\ lie. 
! And. 
May 


81 

23 

300 

140js 

131 

349 

4D, 

89 

60 

54 

670 

fill. 


19? 

Q25c 

15 

31 

tr )?0c 

_ 

— 

N25c 

— 

51 

OMr 

«■ 

!. i0 

ft 3 Jc 

18 


ftlc 

12 

3.1 

046c 

15 


WSJjC 

10.7 

.M 

Q25c 

* 


ftflbc 

1.7 

874 

— 

— 


1E.4 


10 9 
5.8 
3.f 
30.9 
♦ 

zt!: 


FAR WEST RAND 


Feb. Au? !. n! y.riorl?_i 

Fee. Aiij lE-fteii! i _ 1 

- [lit-.-llTsa! K-iCri — J 
Auc-ilK-or-ili-n’i -- 5:1 ., 
Fvr EwDr.vRS- 



Fr.oruary 
MiC I-'i-h 
Aafi. F<-l. 

Fee. A u 4 K t-sler* -a-t R1 — 

Feh. Aui;.] Ir.,: PJ.__ 

Fl-S) Aur. ,v.ys:e,.-n Area • Bi - j 
Feb Af fi jv.'iil-nro 1JW-,1 R2i 
Keb. Aug |2ar.u?aaH_| 


321 

872 

98 

290 

,660 

216 

141 

£.10*i 

492 
534 
503 
262 
£12 Je 
265 
£13*j 
230 
707 
195 


3I;«^6c 

3:lTfti2Cc 


t015c 

ft?8c 


U| 


iLiat/Biic 

IVP* 


Tftpy 
Q30c 
045c 
5 i| Q?ic 
31 Q22c 
3 ijftllSc 
il! te¬ 
ll. . 

13c 


12.H' 

31 

ill 


tQ22c 


231 8 6 
ira 8.9 


L0[ 3 7 
1-5 7.5 
23l 36 


I'nlni «hrrwi«e Indira.rd. priee< nd oet dtiMndu arc in 
peace anrl dranmiiialioiia are 'iSp. Etlinuicd prleneaniugi 
nlldl and mm ire Cased an latest anauaT reports anddccwnu 
and. where possible, are opdaifd on hatl-yeariT flfinrea. PfEi am 
calculated on the basic of net distribution: bracketed Ogam 
indicate 10 per mi. or mere difference li nteelated on “nil" 
diMribution. taivn are based on rieninain- dioribillion. 
Yields arc based ira middle priceo. are firocs. adjunted lo ACT of 
U per cent and allow for value of declared distributions and 
rtlJhls. Securities with dmomi nations «her than KterlinS Me 
quoted intiusirc ef the imnament dollar premtum. 

Sterlme denominated securities which include investment 
dollar vremunt 
-Tap' Stock 

ll.fihs and Lorn marked thus hare been adjusted to allow 
lor nehti I'ttttsier ca'h. 

Jnienra since tncr«n^ed or rev.imed. 
lutorini since reduced, passed nr deferred. 
t; Tar-free to non resident-: on atqjlicaiion. 

* Figiin-.t 11 r rvporz aujued. 
r+ Vnhc.cd security. 

Price at lime "f *uspen«fon. 

Indicated dirldend anvr pendiri;scrip aud/er ric+ita isstmc 
cover ri-l.iits lu preumis dividend or forecast 
Free of Siamp Dctv. 

Mercer bid r-r reersanisaiion in progress, 
a ::.v comparable. 

4 Same interim, reduced final andor reduced earnings 
indicated. 

Forecast dividend; cover cr, earning updated by Latest 
■nlvrtro >ta:uin«nt. 

Cover filters for conversion nf shares not now ranking tar 
di-.idnnd- or ranking or.lr tar rcstneted dividend 
Cwer does not allow lor share' which may air© rank fur 
rlo Irier.ri it j f-ilur- ,1-ic Vo V K ra-.io usually pro.ntel. 
1 f ici-idist .» fir.af dividend declaration. 

4 3*iil ion.it price. 

.*.'■• par value 

* Tar free, h Fifiur,.' h.v*-1 on crnsp»rnis Or other ftffieial 

esUmalr r L'vnt:. d Diudvnd r j:c paid or payable on part 
of enpilal; ro.-r Lnsi-n on divnlor.ti on ful: capital, 
e Ri-!vmpiiftn livid, f Flat neid. c -M^unird d.nriemi ar.d 
yield b /i-s'Jrcvd Hnulnr.d and Mold altar scrip issue, 
j t'ajoionl fri*m vacitfil sourv**l. k Kenya, m Interim hichor 
th.-.n previou-. local, n KichLs isauc pending 4 Earn Inc* 
I«scri sin r cell rein ar- l.;u!W r Au-.tral/an currency, 
s Di-.idenri ar.d yield escluac a special paymenL 1 Indiralod 
divulvrd: w«jr r,-lairs lit pres ions davidrr.d. I' E ratio hated 
on laiesi annual earrir.es u Foret ast dividend: cover based 
on preiiou* vear > cbrr.ioc-. v Tax Irrc ip to :alp in Uie i. 
w Yield allows f,ir currency cla-jsc y Dividend and ri B ;d 
■Ascd on mercer icrmr 1 Di>-id<*nd ar.d yield -nriude a 
■-pcCL.il payment: Orvvt.-r doc- r.,C apply In special [Ijintal 
A Nit dividend ar.il v lc 'd B t'rel,-rvr.ee dividend pasw-J ,ir 
deferred. C '.iir.h-liiin It •‘.cr.ir,,11" E ratiocscl.-lc protita 
ci l. : K. oerospner* >ur ri.|,jr„M E i. sur pnCft F fnriornd 
onii ,-ivld based nj. ;,r,vi,i,-,-»u. or . :hcr offina' catlma'rs- lor 
HCT-Tr.. <1 tvsun.ed div.diTid and yield aiicr peudinc scrip 
anrt«r nclils i'*-je. II I':-.idvr.-l yiv:il ba.-vd on 

prM|iec:u* or 01 tier o“:ei si i-<iiiiu'v< for :4TR-T7 K Figures 
bayi-d >,n pros peel u-. or mr,er oiticial -yrimaics for 1I/T3. 
JI [nvidenii and 1 ic'd Laved on prospvfllts or other official 
v.l 1 males Im- J-J78 v hi- i.t.-r.*! and yield ia.*>.*don pnmpeel js 
, ir o:lii-r oil* rift I ytimat*-. for iPTP. P rtvidead and yield 

jsnrt -,n pir-spctiu^ oilier oiluial csiiraars.-s for IJITT 
Q il.'V'. T Fifiur**' *,>ium-,| t Vo sign.ficanl Corpora tj 00 
T.,s ;-.ivai-lc 7 Divider d i,c.il 10 dole. 44 Yield bared on 
ass,!mptou Treatary Hill Kate stays unchanged u.iui maturity 
of stock. 

Abhrevfarionv dti dividenif xres scripissce. xrev rigbtr.wo* 
ale if e. capital di-Ir-.bjiior. 


"Recent issues" and "Rights" Page 25 


This service is available lo every Company dealt in oa 
Slock Fdfchanges tliroughout the United Kingdom for a 
lee of £400 per annum for each security 


O.F.S. 


3.3' 7 


65:.- 

777 

h 51 

Lit 

287 

12 W 

10.01 

6 

176 

JC 1 . 

4b 

10 

72 

1212 

tl<»J 

11 

b8l. 

;s* 

0 0ft 

— 

156 

i'i 

7 ?o 

•> 

28 

^ir 

L 53 

10 

7 

1C' T ? 


_ 

72 |KI! 

+3735 

L0( 


69 3 
UbJ 

* 

37 4 
348 

6 

204 
- I - 


e ent. rop |r»** e rite t W >1; ] 
.i ir.. D-: !:• i*:.e-i.djA: _ 
.lin. Doc |l-£ Jj.. >■,.< R-.. | 
! tla/ fifi i; ; ,>s-.,-'*ii y>._i 

lur r*-?c iiTi.v ■’lan-tiuv I 
Jar. !K -’ .iic. '-ty r ■-'■i . .. J 
Mav No-, j-t , 

— .1 pi-ei . .... | 

.t.ir.. Tier !-*.v j.i.n:'*-: . 

J in. Dtv Ht>:J.L*,:- :9c_J 


40«d! 333 
£M»«J 31D| 
K7 IfTjl 


Finance, Land, etc.. 


.Feb. JulylAkrordFra-tlier* 

tn'twrTsr. Hip. 
.u,!'»nt. lai 3h. 
Hniannia Arrri 

■Hotldcyliy _ . 


Ocl 

Mar AufiJ* nancrhuiiwnp 
Septctnbt j k'uT.nwn MkL Ip 
Jul*- Xovjlolgotyl; . 

Pecem'ior rm-a-nat Da;.- _ . 
Ai.g'i-l iFd'.n. lorf i 12Up 
Octonpr frj ■'•n> Vir.ms IOp 
Dec. JuI-'KDriioHnuje ,. 
Oct J .jlvl+'v i ani* It,*,. .. 

(irtobvr IF-p.a.-a:lao n 7 
Dec. Jul’ j'V‘'.J’r.tGei "r 
Juiv |+ .rjnt'ei itfl. ;0p 

— |r<'w. Iif.k! 

Grjrahan-hJup. 
HiSwoTrtiS .. 
frianpin 7p 
Has Par S.SI— 
Ifivenmeau'D..., 
KaSuakSf.—. 
Ki!chn.Tiylorl8p 

[Knealta Iilp.n^_ 

LrastaHldilCpf 
Ump»S««.50p 
Lou EoiaGrp. _ 
ijm Mere ham_ 


233 

7 

351, 
21 !j 
141, 


Mar j'-'KclIvncei.rpSi j 110 


Feb. Aug 

June 
Feb. Sopt. 
Feb. Sept. 

September 
August 
Dec. July, 


Jin. N«. 


5^(265(jun* JsA-PJ-fiG.2Od0t.5p. 


60 

£11 

230 

Ti 

S’ 

45 

14 

24. 

150 

28 

101, 

25 
30 
10 

26 
18 
85 
72 
21*2 
16 
29 
14 
77 

U4 


ir;! - 


21 


•2811 20.0 | 4.7113 9* 2 5 

§i! Z |“ j - 

4'o7 — I — j — 
:adQj;.. f l 3 0> 0- 
363 5 3o. i 14i 
S 71025 6 J 1' 

»9 til 76 21 
ill'll in | 2Oi 

27 H «!99 I Tfl 
ai'JL72- 
01 

.y to 4<> 

:?n] rs 49 
13b) 10 


F.0'-7 

J 


18 S 
10.1 
22 3 
GO 
101 


m: 




50! 

y<5. 

g: 

iTlsl 


41.M 


56] 
17;:!) 

1 J! j 5127 n 
1 9) 2 j{ a 8 

4 J E.i! 4 5 


lajUe 

1.65 

0.2G 


+1.25 


1U13.46 


13.6 

1.0 


5.7 

45 

Ml 


2 2111 7 
4.6(12.1 


387 

126 

434 

724 

768 

176 

204 

£16% 


310, 
9 7fl 
?1C| 


011c 

Q240c 

IftSOc 


ftl? 


31l»ft20c 


ftl 15c 
035c 


31fliQ2oOc 


141 


2JI10O 


L5 


7 s 


1« 8.6 


10.0 


FINANCE 


Apr 

Jan. 

Mar. 

Feb 

Jan 

May 

Jui..- 


Scpt'Anc At CmJ 
.l'lrteW.,- :0. —. 
A'.V>-ic '.m-k l-JF! I 
Aufi I'nf-'-. aalw«; . I 
Ju 1: Tioricr ■.‘or • . 1 

Ite (Ov-s i«t>H r:< It- j 
. |7 _l '. fUJ-.li t'-n lilp | 

Sep' (■••diliilnv jt-_. 

Ma J* li-r. Mai-r.hit; .1 

Ss*|it I in.J . | 

«'i l ii ■ mic 1 -r.< 32 -| 
Fe|.i\!,.’,1k-!fi;'A ...J 
Or.t|Vnor.-.j<ED; _! 


'!ar 
t.in 

Mnr 

,\j jr"- Sep: ''e« if r Vv _1 

- [Pa:iruSVFi.P_ 
Nov embt-r jhar.il Lfic.+ar. 

J.m. J-ji: i.4i-l“.;ti.«“ft _J 

F-. i’ 'V.'i-i.: _ • 

[‘i K f^f I%| ,■ 1—J.1T1. j 

Julv Jan [rtsa! Italic"! ! 

.Mar Sent jr !r.t~: ?! I 

\n. ]i nii.-. - V rpi ‘i 2*- ! 


440 

272 

£lK*ra 

6S0 

126 

1S8 

22 

248# 
f 14-'j 
£11«« 
£.12 
160 
137 


28111 


mojtuos 


13 7 
51 


59| 


112m; 137 


955 

56 

3S4 

195 

33 


+7.5 


10 

ft40e 


laflft.'lOc 


if 110c 
U170C 

orsjc 
«}?c 
Ml 5 c 1 


l.BJ 9 2 
2 3 7.3 
LS 7.0 


! cl 75IQCSI 


Vb. 

Sv.pt 


jrjo'ft£»c13o; 
ll911( 36721 IE! 
>:L!2itft28c| I.H 

: > k 13 ! 2 0 

W5c) 341 
226 i 1 5) l»3Dc i , 
277 : :?.5[ft36c 19j 
40d| 


9.6 

85 
5b 

8a 
81 
4.9 
8 0, 
31 
5.3 
67 

86 
lo 3 

At 
8 2, 
7 8 
IL2 


Nw. 

Juiy 

Mjv 

Jan. 

AO v , 

Nov. 


DIAMOND AND PLATINURI 

Mi>'|Aitg!i>-AQ.inv.aOe.. \ 

Jan ;f.iv.«p‘»lci'ij.l6c..i 


N»iv iIV R-e.-'. M 3c __ [ 
Aug ) run'll* pf S5__ 

M.v|;>i!cTioj r ,J5^_ 

filoy liuta. PliL n> '- 


306 

£10 

61 

91 


£31fe[ 19.q*O4I0c 
78 2SJlQ7.1e 
J 3 30 f035c 
31!ftl0Oc 
toTO.it 
1 !Z4|ft2l^ 


1.11 7.7 
♦ 5.5 
2« 68 
19! to, 
10 26 
xa| l& 


REGIONAL MARKETS 

The fel lowin' »sa selection or London quout ions at share* 
pre» inuvly li Jcd only m rreiou.il markets. Prices or Irish 
inmic... mnvi nf which are not olficiully listed in London, 
are as yuoted nn the Irish eschange. 


Ash Spir.mni! 

(tt-rlam... 

y.rifi'wir FxMp 
ClinvrCrnft. 

' 'rmc & Kosetl 
Il-.^on - ft 4 -.._ 
Filis& McHHv 
F\an> Kfli IOp 

F»«r.;>i . 

hit*. Fvree 
FinUi;. Pkc fip. 
■ir.<u: >+-ip t* • 
Hu:'.'"' Brew.. 

I i'i M. .>lm £1 .. 
I loll •Jwi.'—ip 
'. rhn iji’ll-n-itb 
rvarci-H.- . 
r-v! Mills . 
Sheffield DncL 


23 


42 


16 


2S0 


22 


400 


40 


ftO 


58 


17 


47 


19 


212 - 

-3 

B3 


150 


345 


63 

-3" 

131 


17 


47 



Skcft Hetrshaa.l SI 

Shiloh Spinn_1 19 

Sindall iiVm.t_I 85 


C«iv. P®» "80.B2. 

AtiianceGu_. 

Arnntl____ 

Carroll lP.J.l„ 

rtnnrialktn_ 

CnncrcivPredt.. 
Mellon iHldgt 1 

in-v-Cccp -! 

In*h Ropes — 

Jacob..-- 

Sunbeam-, 

T.U C. .. 

L'mdare.—. 


=1 




2B5 

-15 

100 


82 


130 


49*1 


162 


130 


60 


31 


185 

+5 

75 

-2 


OPTIONS 

3-month Cali Rates 


industrials 

A Drew - • 6 ! ; 

1 J" t eTi.jnl I 18 
H S It .. - , 9 
Hatwi.i V I IP 
Far*, la.-r Km'.Ii i 25 

lu-v-ch.-in 1 . | 38 


1 *rufi 

Jm-v ole-.. .. 

r'-.A 1 • - 

F;n:i•uv'Ci-r. 
Rra-.i :i >J 

puiton'A' 

. ...I'mI f.' 

■ ouria-i'd- . 

IV. i" n'lftmv . , 
Jtivtillen. ..... | 13 


1' _| 23 

; •: 1 . _. 20 

ll-verc<l(.„ . . 1 7 
hi. A 

I-ari’irnkr. 

I i*:jI Jt 'leu. 


1 ■ 

l.jnvilv F.unfe. 


1 ■-ir-io; 

K.iclv Star. . 
f. M.I 

»:..-n \c.-it!<-nt 

Hen. Ek-cuic -I 

i7ia>o.. •- 

Grand Met - 

C L : S A- 

Guardian . 

r. K N . 

llawker siifd 


I Jl|s 

l.nmjnn Brick 
I^inrhu 
I urn.. I nd* 

I .r,n* .» . 

M~m* .. . 

Mrltv. 4 Fpn:r 
Midland Rank 
N J-. I 

Vr JW Flank. t 
L>u U.irrunisi 10 
10 
9 
5 

18- 

14 
4 
4 

71 

15 


r.t I'Dfd .... 

1’ll‘WC! . . . 
B II.M. . .. .. 
Rank >'rj 'A', 
Bced Tnll....... 

Spillen- 

T__ 

lli*r. . - . 
Tru*t lliriMJS 


Tube InvnsL— 
I'lulo-.er .—_ 
t'trl Drapery. 

Vickero- 

Wool worth*.—! 

Property 

Rnt f And.__ 
Cap. Counttes. 

Inlreuropeon 

Und Sees._ 

MEPC_ 

f'oar nor | 

Samuel Props. 
Tow n i: City-J 

lOilfi 

RnL r>;ro!eu». 
Btirmah Oil ... 
;fharterhair_. 

Shell .. 

t.Ttramar..._ 


Mines 

Charter Cons..! lz 

Cone. Held..._[ 2 b 

R 10 T Zine-„„| 16 





r 


t 























Rush & Tompkins 


warmhearted 

heating 

«■ * >• .*i llvlrincl Jm itH’- 1, 


Mondav February 20 1978 





carnage 


BY OUR BELFAST CORRESPONDENT 


MR. ROY MASON, the Northern 
Ireland Secretary, had consulta¬ 
tions with the Prime Minister 
yesterday about security in 
Ulster, following the restaurant 
bombing which killed 1- people 
and injured 30. 

The Provisional IRA last night 
admired responsibility for bomb¬ 
ing the La Mon House restaurant 
at Comber. County Down. 

Meanwhile. Mr. Jack Lynch, 
the Republic's Prime Minister, 
denied suggestions by the 
Northern Ireland peace move¬ 
ment that IRA attacks are 
mounted from south of the 
border. 

A statement in the Commons 
is expected from Mr. Masnn to¬ 
day after his talks with Mr. 
Callaghan and senior Cabinet 
members, including Mr. Fred 
Afuiley. Defence Secretary, and 
Mr. Merlyn Rees, the Home 

Secretary. 


Late warning 


The heavy death toll was 
clearly ihc result of a bombing 
raid which went wmna. The 
attempt to destroy yet another 
popular nightspot became a 
nightmare because bomb warn¬ 
ings came loo late for anyone to 
be evacuated. 


North Sea 
oil rigs 


By Our Labour Staff 


ban in Ulster security Cabinet 

. , meets to 

ifter bomb carnage discuss 

The sruesome task of before the blast. They believe The Provisionals’ attacks, he* Slld fi Ct 
identifying the victims continued they have found the bombers' added, were “planned, generated! 
yesterday as the wave nf revul- getaway car: it was stolen in and perpetrated in the North." ! 

sion spread. The bomb was of a Republican area nT Belfast. He had^ been told by the) yyi Afl Q||y AC 
the blast incendiary type, used Pope Paul joined politicians British Government that only 2 BBS fiLa JriUB 
by rhe Proios with increasing and other church and community per cent, of Ulster' violence 

frequency. leaders who reacted swiftly io originated from border areas. Cornwell Lobby Staff 

The Royal Ulster Constabu- the tragedy. A Vatican spokes- £ ]i Mr Lynch had des- * 9 Y 

fary said cans of petrol were man said rbe Pnpe bad expressed cri ~ ed th ’ La M o„ h onlhe rs as THE CABINET yesterday spent 
strapped to the bomb, which had his sorrow and grief about the ** ca u ous beasts.” There seems more than four hours discussing 
been placed at a window in the bombing and other recent kill- dnubt " that the attack has: the strategy and shape of the 

restaurant. Most or liie victims mgs in Ulster. tad a moderating effect on dis-! Budget Mr. Denis Healey will 

died in the blaze which quickly Leaders of Ulsters Protestant oussions this we ek-end of the (.present on April 11. amid some 
engulfed the room at the paramilitary groups were meet- ulster question at Mr. Lynch’s[signs of Drogress towards a 
restaurant where members of the mg to-day. ihe . danger of Fianna Kail Party's annual con- consensus." 

Irish Cullie Club were meeting. revenge attacks by Protestant ferencc _ The la i ks> held at Chequers. 

. extremists is not thought to be -mrcwm a dUtinrt deoarture 

Shock tact.cs S‘'S‘r= ‘Think tank’ FE='% & 

S“ Th, expected SSSltar 

charred remains of a woman Giles Merritt in Dublin write*: debate on reunification was their own views while his pro- 
caught in the inferno, in a bid Referring to a charge made here dampened by the" e *JEJ P° sali are at lbe forra * ltlve 
to shock the public into giving by Peace Movement leader Mrs < r a?edy. The Prune Minjsr stage. . 

information Betty Williams that his recent Last m S. ht s . en,or * I1B . iaer ! 

Twenty suspected Provisional remarks on Irish unity had given V jncen j 3r \? r or i n ,;-„n r pd were stressing that no decisions 

IRA members were still being the IRA “the go-ahead to con- «"■ ^ ^ “ Ek were Tafccn and the posmon 

questioned in Belfast. They were tinue their campaign." the Irish , a f.„ a Ulster remams °P eB - 5Ir - Healey is 

arrested in a swoop after the premier said the Peace Move- » ] * of j leaning towards a more callous, 

explosion, hut the RUC admitted ment should not enter into con- JJ 1 ' 1 -*- ine im P‘ ICJl,,ns ° approach than seemed probable 
that nunc were suspected of rrnversial politics. I a few weeks ago — an attitude 

being directly involved. One of Mrs. Williams had also He had been exoected to | that will have been reinforced 
them is Gerry Adams, reputed implied that the Republic was a reveal that a White Paper was. by the disturbing economic Lndi- 
to be tiie top Republican in haven for Provo terrorists, and being prepared, but he explained cators issued last week, on the 
Belfast Mr. Lynch rebutted that in the 7.000 delegates that an j trade and money supply fronts. 

A team of 100 detectives began suggestion : “l am absolutely m-deprh study would be " a It seems likely that he will 
the ta-k of eliminating ever, satisfied that the IRA's campaigns necessary prerequisite to draw: have resisted Ministers, led by 

stranger seen near the restaurant are not directed from Dubl in." ing up a White Paper." _Mr. Anthony Wedge wood Benn, 

—-------- " the Energy Secretary and in¬ 

cluding, it is understood. Mrs. 

C -w-^-w- "H A A Shirley Williams the Education 

BI iirg0S closer contact 

w injection now said to he being 

o . H ■» -a HI 1 pressed on the Chancellor by the 

with shareholders 

and candid." produced a less 

bv Kiirnni ax roLCHESTER dramatic confronlation between 

BY NICHOLAS COLCHESTER , he than WM fearefl 

THE Confederation of British capitalisation nf quoted com- institutional shareholder*. and|j n < fimf quarters. 



The sruesome task of 
identifying the victims continued 
yesterday as the wave nf revul¬ 
sion spread. The bomb was of 
the blast incendiary’ type, used 
by rhe Protos with increasing 
frequency. 

The Royal Ulster Constabu¬ 
lary said cans of petrol were 
strapped to Lhe bomb, which had 
been placed at a window in the 
restaurant. Most of tiie victims 
died in the blaze which quickly 
engulfed tiie room at tiie 
restaurant where members of the 
Irish Cullie Club were meeting. 

Shock tactics 

Police yesterday distributed 
thousands of leaflets showing the 
charred remains of a woman 
caught in the inferno, in a hid 
to shock the public into giving 
information 

Twenty suspected Provisional 
IRA members were still being 
questioned in Belfast. They were 
arrested in a swoop after the 
explosion, hut tiie RUC admitted 
that nune were suspected of 
being directly involved. One of 
them is Gerry Adams, reputed 
to be the top Republican in 
Belfast. 

A team of IflO detectives began 
the task of eliminating ever;, 
stranger seen near the restaurant 


before the blast. They believe 
they have found the bombers' 
getaway car: it was stolen in 
a Republican area oT Belfast. 

Pope Paul joined politicians 
and other church and community 
leaders who reacted swiftly io 
the tragedy. A Vatican spokes¬ 
man said rbe Pope bad expressed 
his sorrow and grief about the 
bombing and other recent kill¬ 
ings in Ulster. 

Leaders of Ulster's Protestant 
paramilitary groups were meet¬ 
ing to-day. The . danger of 
revenge attacks hy Protestant 
extremists is oot thought to be 
strong, because the restaurant 
bombing, unlike other mass 
murders in Ulster was not 
blatantly sectarian. 

Giles Merritt in Dublin writes : 
Referring to a charge made here 
hy Peace Movement leader Mrs 
Betty Williams that his recent 
remarks on Irish unity had given 
the IRA “the go-ahead to con¬ 
tinue their campaign." the Irish 
premier said the Peace Move¬ 
ment should not enter into con¬ 
troversial politics. 

Mrs. Williams had also 
implied that the Republic was a 
haven for Provo terrorists, and 
Mr. Lynch rebutted that 
suggestion: “l am absolutely 
satisfied that the IRA's campaigns 
are not directed from Dublin." 


The Provisionals’ attacks, he 
added, were “planned, generated 
and perpetrated in the North." 
He had been told by the 
British Government that only 2 
per cent, of Ulster violence 
originated from border areas. 

Earlier. Mr. Lynch had des¬ 
cribed the La Mon bombers as 
“ callous beasts.” Tberp seems 
little doubt that the attack has 
bad a moderating effect on dis¬ 
cussions this week-end of the 
Ulster question at Mr. Lynch's 
Fianna Fail Party's annual con¬ 
ference. 

‘Think tank’ 

The expected forthright 
debate on reunification was 
dampened by the news of the 
tragedy. The Prime Minister's 
ow n keynote speech nevertheless 
concentrated on the Ulster prob¬ 
lem. and Mr. Lynch announced 
that be is setting up a “ think 
tank" study group on Ulster 
policy and the implications of 
reunification. 

He had -been exoected to! 
reveal that a White Paper was, 
being prepared, but he explained 
Ui the 7.000 delegates lhat an | 
in-depth study would he “a. 
necessary prerequisite to draw-: 
ing up a White Paper." I 


■: Combined 
livMarfoet 


I P ONT] 


January! 
?* 197* 


ers 


BY NICHOLAS COLCHESTER 


• Industry has again urged that panies 


thereafter, and as a last resort, j Ministers were .emphatic that 


.km.iri »<-i « Boards of companies should to he prepared to consult directly | quest Tor the correct balance 
OPERATIONS ON about a dozen executive director should act as ^ ^ initiative in develop- with such shareholders. j in the April package will, if any- 

Nortta Sea oil rigs, including; non-executive directors on the in3 contact with shareholders. “Because they cannns bei thina be more comiiiicated and 
platforms in the Brent and, boards of non-competing com- particularly with institutional expected to concern themselves J delicate this year than on pre- 
Tbistle fields, will be_disrupted panies. It suggests such arrange- shareholders—“there is scope with the day-to-day problems of V j 0us occasions—even if elec- 

fr-nm l-n.riuv £4 radio priflTTfll-! r r __. 1.~ I hr, Mmivinv nnnjiviipiitii'p __i _■ J_■_ __ 


from to-day as 44 radio control-, develop the for the number of these contacts the company, nonexecutive : , oral considerations are set 

ere start an o^ial work to rule ^ h'JLen comuames to he increased." the CBI says, directors have a special contri- asllie . 


because oF a pay dispute. 


relationship between companies 
and their shareholders — in 


The evidence maintains that billion to make to the debate The nQ b 0 f the dilemma for 


No major interruption to pro-; evidence t0 t h e Wilson Com- because the Institutional Share-about longer term issues. t t j, e Chancellor is that the 3.5 per 

ductinn of oil is expected; mittM studvinc the financial holders Committee must act because they are informed and cent growth for the economy 

initially, but there will be a , institutions with great discretion, its in- involved, but at the same time -forecast for this year is unlikely 

threat to supplies if action is ! " ' fl nonce is not fully appreciated detached and dispassionate, they ( m he met without an added boost 

prolonged. j The CBI proposal is a develop- ;in y ji s function is nol under-can contribute valuably different] f rom the Budget But this has 

ThP radio controller* hold kev ment L of ont ’ sub* 1111 ^* 1 18 stood by companies. views to board room discussions, become a riskier proposition 

™ - ° £° nr ouera-i monlhs ag0 t0 ,ht? Bul,ock In the extreme, m.l being afler lhe latest figures on 

K " « they handle M \ ttjHL'rRffrlS' Colleagues dependent on lhe company for .monetary growth and the espan- 

-with «uddU-> Companies should, the CBI feels. » their livelihoods, non-executive s i 0 n of imports. 


communications 


supply; 


responsible Tor radio communi-' tors - rh,s "cross-fertilisation executive director would be par- greater freedom of action." icellar has to decide bow he 
eatinns with helicootevs and'P lan should initially be applied ticulariy well-placed both Io call The evidence was prepared by. imparts the stimulus: although 

jupnlv vessels ro thc top British companies, the attention of his Board a working party headed by Sir i ax cuts are certain, the choice 

' The trouble has been brewing i whose equity accounts for some colleagues to decisions on which Arthur Knight, chairman ' of between action on tax allowances- 

since last October when the! SO per cent, of the market it would be desirable to cnnsult Courtaulds. ora cut in lhe bottom hand has 

National Maritime Board con-j ‘ to be made. The Governments 

eluded a Stage Two pay deal _ Liberal allies for their ' part, 

for officers working In the TV 0 A _ tf* • IL.! would like more done on the 

North Sea and also agreed V Tdirect tax front, if necessary off- 

to a self-financing productivity JLJ'M.M. 3 set by changes in VAT or other 

scheme to give between 12.5 per <c - > A indirect taxes, 

cent, and 14 per cent, extra from: ■_ ® j H Every sign is that the Chan- 

N ThT b R a dlo pnd Electronic i fi]aV RUMORCM CltV *\ 

Officers'Union claims that 44 of, see the picture lhal emerges 

jis members working on rigs; from the indicators between now 

owned by Shell. British National BY MARGARET REID an( j early April. 


• have at least three such direc- 


ood by companies. views ro board room discussions, become a riskier proposition 

In the extreme, n«.l being a fier the latest figures on 
’oifea^ues dependent on the company for. mon «tarv growth and the expan- 

° their livelihoods, non-executive • s \ on 0 f imports. 

The CBI declares: "Any non- directors can sometimes have ai j n tactical terms the Chan- 


Directors facing problems 
may approach City panel 


BY MARGARET REID 


Shares in Coral Leisure have., fi g a 1 "' j executive, direc 

dropped by a quarter—Tour , V^inbined. aroctc^;]^;^ "found; they 

times more, than the marfcfet as ' dra wr;;: -from 

a whole—since just before its -industry. .... ; 

bid for Pontin’s was announced - ^ But the working.paj^fi^^ 

early last month. There are.no/ ;qq M . at stating -.thkt 

signs that Its shareholders are.- : • ^ llPOWTlN’Si K] * directors’ could serve ak b?ar< 
going to register any serious- room anrfwssaddrs" 

opposition to the deal when they . #lH§ sha^irfididers, and aioid 

meet this week to approve the:. 1 B 1 ffH | i he jwojpdsied by 

capital increase necessary for it '! 501 1 1 I I 1 1-1 1 I S says 'that' ^ey-TVorctdv 
to go ahead. Bnt they, may still - ■ 1 | H BII '? piaded,:draw.tfae' 

have an uneasy feeling that they.'; . ^ ff H * Board ^dec^oj- 

are paying oyer the odds for r 7 B f-fi-fl f B'B-'-l'l ‘ '.dn which it woul^t 
Pontin’s. ! S I'S i I .1 I : tx> -opRc^zlt:> .jlizefi'.': 

While Coral's shares have-’ ® DEC;" JANUARY. T 'FBB.' diateholdiers:”i.oifly. 

been falling, the value of its 1977 ; 197B 

bid has been propped up by die 1 e . A ' 

cash element — which now - _ , • • - r Tf mstttu&ons am *;-ptJfas 

accounts for over a third of- the' S. rofits last . 

offer. SO whereas- the marfiet S? ■» «n»°W * 

oroms 5 '‘ST® hbe* 

i^nnw Sufis years to prove jts pomL Mean- know. eosSy 

« u X ° t h Se" t,b Pr, b l? S while-the enfarged group will ^affairs 

currently /worth £4Sm. Pen tins • qU it e .high -financial geafc already- a'-'idet'" It 

is everted to make just £7.Sm. i^__debt oTabotit f40m, com- desirable3,ttat ife'5: 
in iJfi i-< s. : ■: paj-gd with- tangible net worth ; i&oiild Iose: 

Moreover. while "Coral’s of £56m.—and/profits pf atfout pose ; of 
profits have shot ahead ; in ; £24m..' after finamdng '.costs.. already a fact;.Thc donse^u^t 
recent years. Pontin’s have With a combined ‘ market of -thesse truths - nS&y;:bel'vgu 
fallen well behind the rate of. capitalisation of.; £104m.. ; the major institutitohadjshatefeo^ 
inflation in terms of profits, per shares arc leanizig forrSUpport.heed" ' ^ ^ 
share. And its return on capital on their dividend yield' of-: 8 i^ abrerver" 
employed has not been itnpres- per cent. . ."-V ' identify. ' •: .- ^ • :: V ^ 

sive. which tends to throw cold__ ; . • . - -c : • ;./ .'i. f- - J;-':. 

water on the suggestion that’-its lUStlultlOiliS •';flniiillife 1 {at 
net UMt> ue worth consWer. „ s desirable In - theory to oir 
ably more than the book figure rjQser tfe c between com- 

of about £41m -- create closer, -ires., necween.com ' Jfee - .TntjwSr-ftlay? 

rHt . . . • • .. P?“ ie ® and-their- 1 P st ?n tl onal double treaty between Br 

Critics of- the bid argue 1 that shareholders, but it^1s ydry thATJS*vM-&£ttti 

there is little scope for iraprov- difficult in practice, .^he latest' 4 - form ' r ' Ceric 

ing this performance. They say. CBI evidence to tMe. WUsoo 

that Pontin’s marketing is Committee: doesJittje more^^than ]ir ea i a t 1 ih P tts- ' vmthhbkli# 

already good, and that Coral remind us of thif- It reads 

will be able to add 'little to almost as though ihe; CBI worit- 

the image created hy Sir Fred u,g party haTcast arotma for 

Pontin. Coral is still digesting a new proposal/and has finally 

last year's £l 6 m. takeover of fallen back Jn a reheated 

Centre Hotels, whose f chief version of an old CBL-idea— 

executive has just left ", the that more .British companies T^ trealy was o«giiially he] 
group. It is now proposing to should have'rion-executivedirec- 

absorb a much larger opera- tors from-other companies. .-'- 3eo ^ on ^ . ^ce _ woi^d/ ftat 
tion, which has been-managed The new evidence divides pr< r5 eat ^ Stete apjw^Jig J 
in a distinctive style by a man cleanly into two parts! There Is .system; -to ..prnas 

who is now in his seventies-— a cogent explanation why non- ba ? e ? r companies.; Unoer Jff 
and who made the initial executive directors are • a good system,: - British _.cot 

approach for the take-over. , idea./There is fresh CaJffora 

Against this. Coral thinks for industry, to establish closer;“\_ taxea ’ not nn tM basis t 
there is room for improvingthe contacts with--, shareholders. -Ht“T •■accounting; profits, biitj 
returns on Pontin’s overseas Linldpg the two there is nnlya ? proportton of theLE World-wic 
business, which produced about very- guarded "explanation ;pf tnt^e. iiai^.snpptwedl^ obje 
a sixth of this year’s profits, how the first-might : be a way^® 1 ^ criteria sudi as. Mrage cost 
Recent expansion by Pontin’s in of achieving the second. .. r. ';; tumoveiLand assets. ‘Hnasystei 
the U.K. is now reaching the The problem ia to fill^ the .-^ 11 ^ paiticulsudy’ 
pay-offstage. And there is also “ proprietorial gap/’r^tbe gap new businesses.fiaciBgiStartp 
said to bd room for developing, left r by. the fadthat, .-itnlike costs in lhe States' 
joint interests io such areas as theentreprtmeur-^iaresbdider of- >But now.-fife controversy hs 
licensed catering and bingo. - . old. . an institution does, not escatetpd into a duel bver 
Above all, the bid for Pontin's want, and is not able, to* act versus Federal righ^s.to tai con 
is seen as a unique opportunily as proprietor of a company in paniei So it is anybodies gu4? 
to use the enormous cash flows which it has a major iayest- what will happen ii.anff whe 
being generated by Coral's ment The CBI recognises that (the Inland ReVetraeVIs taik^i 
casinos as a means of broaden- non-executive directors could of early Spring) the-treat 
ing the base of the group into a provide the missing link comes before the !U;S; Senat 
solid, established business. The between the boardroom and the Foreign Relations- Comhiin* 


BAT rndustries- has ^ven i 


are ^ern^^exciud^Hfronf^thc DIRECTORS of public companies The cnnnn itie^ was created by reduced the scope for serious. 


nrnduetivftv deal because for the management difficulties will ihe British Insurance Associa- problem? arising, 
first iimp t’hpv have been olacfd 1 * n future &<? able in approach the tion. the National Association of So now the committee, whose 1 

tisidp ttiP Marinp Rnard settlr-i Gitys Institutional investors Pen.nnn Funds, the Association present chairman is Lord, 

t : Committee, set un to co-ordinate of investment Trust Companies Remnant, is to be open io! 

action among investing mstitu- and the Unit Trust Association, approaches in strict confidence’ y rr tO-D\Y 

fr»ro talLrc tion.-? over problem companies. The object was to stimulate from any director of any coin 'i.,... 

sure idifts Until now. the committee—of action by industrial and eommer- pany who wants to discuss its'MANLY dry. very cold. 

Marconi Marine which employs ! which little has been heard cia! companies to improve effi- management problems. ; London. S.E. and Cent England, 

... ■ i_...... AntHkli.-kAd Xr._ii.. _i. ...«b i ITiillannc 4 nan npl |C 


A „ Ici j 0 iviarinp RnaVd setfip-i City's Institutional investors Pcn.tmn Funds, the Association present chairman is 1 
' : Committee, set un ti> co-ordinate of investment Trust Companies Remnant, is to be open 




casinos could have accounted for institutions. It is also . aware, a gain. Ib the meantime. Hie o) 
as much as £llm. of Coral's that if enough able , non- treaty sttfi- applies ....... 


More talks 


U.K. TO-DAY 


Normally, though. 


work on oil rigs. To acted only when worries about tn dn go°dbj stealth—by keep- chairman, since any case com-,. Snow showers on coasts. 
■ same deal as that; an >' particular company have |"» l, . b act ^. v ' ll ff, th f* mi ttee formed to investigate lbe "intervals. Wind E.. model 

vr officprc on deep sea‘been raised wuhin the invest- ’h e > :,r ^ vrtuaHv unknown in maller would have to discuss lbe fresh. Max. 1C (34F). 


'oasts. Sunny 
moderate or 


the radio controllers is paying j publicly since ii was established dency. Normally, though, such an l Midlands. Channel Is. 

thp Sta«>»f Two increase but nas lin 1973 with tbe encouragement t „ initiative would be acted on only. Mainly dry. cloudy, wind £... 

tofd the union that a separate! of Lord O'Brien, former tlover- f But he comm.Uee has if the a p proach were niade with ’ strong or fresh. Max 1C 134F). 

productivity deal must be nego- nor of the Bank of England—has followed the pnncipkof seeking t f, e knowledge of the company;$ l £■ Anglia, E. and N.E. England 

tiatod for work on oil rigs. To acted only when worries about ln do good by btcalih—by keep- chairman, since any case com-,. Snow showers on coasts. Sunny 

adopt Lhe same deal as that aI, y particular company have activities ,<> sn.ret that m ittee formed to investigate the mtenrals. Wind E.. moderate or 

reached for & onlMrs nn deep s^,, ■ been raised wilhln the Invest- h'J »« *“ nll " 0 * n J matter would have to dimes Ihe fresh. Max. 1C (34FI 

ve«sels would it is feared, be ment community. .many qu«.iters—and have so prol> , e!1] vixh 0{her members or; S-M. England 

■in breach nf the Government s- However, according 10 a stale- ;r ,r nn nwiked impact nn lhe p oarij Mainly dry. cloudy. Wind E.. 

pay Sidelines mem to-day. " A company will me business scene. { . Drnpf , efl , ha , lhe : fresh. Max. 5C l4JFi. 

Separate negotiations for oil. itself he able to uw the machi- Although the cron mi ttee has committee should dn more to j Males, N.M. England. Lakes, 
rig work have^been in progress* i nery of the committee to facili- considered a number of problem encourage heller communication !■ or Man. N. Ireland 

since December but the union isitaie an approach by a Board tn cases over the last four years, between company Boards ‘and; _ Mostly dr>. sunny spells. Wind 

insisting that the Board payment I Us institutional shareholders fewer have come to it in the last shareholders, even where ertti-. S-E.. moderate or fresh. Max. 2C 

should be made in the interim. ! where contacts dn nnt already few months, partly because the cism of management may not be 1 (36Fj. 

Mr. Jack Bromlev. deoutv I exist.” better financial climate has involved. Scotland 


Mr. Jack Bromley, deputy I exist.” better financial climate has involved, 

general secretary uf the REOU.| 
said yMterday it was decided in 

ESSiHS Powell ‘guilty of race deception’ 

A further meeting was planned ** 

lat J e . r th j. s week b “ r m e anwh Jle. by RUPERT CORNWELL. LOBBY STAFF 
radio officers would be refusing 

to work longer than the stipu- Mr. Enoch Powell's insistence accuses others, and is adding to ment. he said, should cut the 


Scotland 

-Mostly dry. Sunny spells. Wind 
'variable, moderate. Max. I-2C. 
(34-J6F». 

Outlook: Very cold. 

BUSINESS CENTRES 


vdar 1 
mid-tidr: 


stint and meal breaks would be| 
strictly observed. 


means of curbing the growth ot 


households coming 


"■“J I Rriiuin'c immigration ivtmmiinirv a,r - wiiibiv. u v^iucik- impne-a tuiii me 

He said the “sudden' depar-j criticised^harolv vesterdav tive Home Office Minisler fiom present 
re from the NMB pay agree -1 n |'., nu Chairman between 1970 and J9T4 who was would be to reverse 


operating the complex pay 5 true-: p^wli iv 
ture because officers were often ; r 
transferred between deep sea 
vessel work and work on oil rigs. 

Average pay at present was- d ccci\e 
between fT.DOn and £8.000 a year.. mak111 ?. 


ment by Marconi raised 3 ! ^Cmnmfssioa C for^"Racial l ' ,osel - v inT0,ved w,th the HeaCh of Mr. Roy Jenkins to allrjw ^^ 
number nf difficulties ’ n ! Equality Pointin' 1 to Mr Government's immigration noli- male fiances srealer freedom of.nrnichm 


rejected as “absolute non- entry, 


.. j j Kim r, t I in migration ,utu [lie anu iimu^ mumai riuittas. i.«niai<i. 

He believed that his memhe.rs ^ c ™ sc ° n 1 m or number or people already here." “But we cannot and will not.^p»iwa 

could justify a similar pro-> mnleading people hnnself. ht , sald . --Mrs. Thatcher has heed Mr. Powell’s call for large. j££* 

ductivfty bonus on oil rigs to that | ‘ In apparent!} advocating the talked about reducing the rate scale repatriation or families who I Fr-irikfijr 

on deep sea vessels.- i mass expulsion of coloured nf new ini migration, but never have perfectly legally settled j Ccn«-\a 

The prospect of a build up to a | people. Mr. Powell must know of reducing the number already here. Rounding up coloured i 

strike by the radio officers is • that no British Government here. This could be done only men. women and children and !h'K ona 

expected to lead oil companies could contemplate policies of hy forced repatriation which packing them onto planes would ; J,J ' hur = 
to put pressure on Marconi for that sort. He himself is guilty of would not be acceptable." he totally repugnant to the vast' H?*?" 

an early settlement. I the cruel deception of which he The next Conservative Govern- majority of British people.” 


1 

°r 

'T' 

! .unsidm. 

C ~i 

2S, Luxe nib's 

Allu-ns 

S 13 

33<-Madr.d 

Bah ruin 

S 13 

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! Bari.i-lgnj 

S 19 

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Berlin 

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, Hnissuls 

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.12 Oslo 

Budan-sr 

c -n 

26 Paris 

D. Aires 

r n 

72 Perth 

Cairn 

s 21 

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Chirauo 

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Ctlhlitll.- 

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■ CopnliJan 

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' Dublin 

r 3 

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ill Toronto 


an early settlement. 


Continued from Page 1 


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HOLIDAY RESORTS 


Carter talks as coal peace bid fails 


industry is .situated, faces grim 
prospects if the strike is not, 
settled quickly. Although the 
effects of coal shortage and bad 
weather in the worst-hit Stab's 
have been localised, lay-offs nf 
workers have started and more 
than 500.000 .redundancies are 
threatened. 

The main reason for this is 


that it takes three weeks- from 
the resumption of mining to 
rebuild minimum stockpiles— 
and spring is still more than a 
month away in this most brutal 
of winters. 

Coal supply is at its worst in 
pans of Indiana and Ohio. How¬ 
ever. the state of Illinois, 
although heavily industrialised. 


is enjoying lhe fruits of recent 
heavy, investment in nuclear 
power stations. So much so 
that it is preparing to assist 
neighhnurs with reserve power. 

Illinois obtains more than half 
of its electricity from nuclear 
sources. From to-morrow, it will 
begin re-activating a number of 
surbme power stations which 


"’ere closed recently as surplus 
to requirements. 

These will b« used to channel 
additional power to Indiana, and 
on to Ohio if needed, in this 
wav. Illinois is capable of provid¬ 
ing an additional 400 megawatts 
of capacity to these states, 
although it is not dear whether 
inrer-state transmission lines 
could accept such an amount 


" Aimn 
ALi.-rs 
, Btirnt;- 
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BuMi-aut 
; Boiila-m- 
C.is.ibl'ii 1 


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Punnivnilr <- n 4$i \i<?nsla 
l-aro C IS 64 Ouonn 

' Flurcmv r in Bhmlc.* 

: Flinclial F If* *j-S althur; 
n.bi'aliar V 19 h-s Tcnvrire 

• Giieniscy P 2 ,W Turns 


• Guernsey P 2 ,W Turns 
. Innsbruck C -1 21Va|Hticia 


‘ Inverness K -S 23 Venice 
1 Tile nf Man r 1 37 
jS—Sunni. F—Fair. C—Cloudy 
l>—Drizzle. Sn—Snow, 


Y’day 
m ul-da v 
T *F 
D 3 37 

s 'll ?: 
d 1 .tn 
s 19 « 

F 21 70 
F !<! S4 
S 24 73 
F 14 37 
D 3 IS 
S 11 SI 

n 1 34 

S IS 64 
Sn -3 25 
R 17 PI 
S 24 .75 
R 22 7 .* 

r, 1 34 



Registered «r the. Post Office. PrbiMd ; ,br-Si, -Gismem's- 
hy lbe Financial ’ttnua Lt*. Bracken. Han»-...catomn' sa